# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-176709
**Filing Date:** 2025-7
**Character Count:** 151942
**Document Hash:** db53643c326542ef3b21ea459d54c18a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-176709.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001752724-25-176709

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251146302

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Preferred Securities & Income ETF (Series ID: S000072125)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000227886 | Fidelity Preferred Securities & Income ETF | FPFD            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Preferred Securities & Income ETF**

**May 31, 2025**

PSI-NPRT3-0725

1.9901715.103 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| Algonquin Power & Utilities Corp 3 month U.S. LIBOR + 0%, 9.6032% (b)(c) | 3000 | 76948 |
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| MicroStrategy Inc 8%  | 600 | 61740 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| PG&E Corp Series A, 6%  | 3000 | 129570 |
| TOTAL UNITED STATES |  | 191310 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $240,852) |  | <br> **268258** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 23.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 23.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 23.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 6.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| Rogers Communications Inc 7% 4/15/2055 (b) | 158000 | 159236 |
| Energy - 5.3% |  |  |
| Oil, Gas & Consumable Fuels - 5.3% |  |  |
| Enbridge Inc 8.5% 1/15/2084 (b) | 1575000 | 1709063 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (b)(d) | 195000 | 194448 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (b)(d) | 195000 | 196826 |
| TransCanada PipeLines Ltd 7% 6/1/2065 (b) | 135000 | 133667 |
| Transcanada Trust 5.3% 3/15/2077 (b) | 161000 | 156601 |
| Transcanada Trust 5.5% 9/15/2079 (b) | 128000 | 123484 |
| Transcanada Trust 5.6% 3/7/2082 (b) | 335000 | 315042 |
| Transcanada Trust 5.875% 8/15/2076 (b) | 129000 | 128093 |
|  |  | 2957224 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.2% |  |  |
| Emera Inc 6.75% 6/15/2076 (b) | 125000 | 125614 |
| Gas Utilities - 0.4% |  |  |
| AltaGas Ltd 7.2% 10/15/2054 (b)(d) | 200000 | 195608 |
| TOTAL UTILITIES |  | 321222 |
| TOTAL CANADA |  | 3437682 |
| GERMANY - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 5.875% 5/23/2042 (b)(d) | 200000 | 203210 |
| IRELAND - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Consumer Finance - 0.7% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (b) | 270000 | 266134 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.95% 3/10/2055 (b) | 150000 | 153856 |
| TOTAL IRELAND |  | 419990 |
| JAPAN - 3.1%  |  |  |
| Financials - 3.1% |  |  |
| Insurance - 3.1% |  |  |
| Meiji Yasuda Life Insurance Co 5.1% 4/26/2048 (b)(d) | 200000 | 198201 |
| Meiji Yasuda Life Insurance Co 5.2% 10/20/2045 (b)(d) | 200000 | 199834 |
| Nippon Life Insurance Co 2.75% 1/21/2051 (b)(d) | 200000 | 172717 |
| Nippon Life Insurance Co 3.4% 1/23/2050 (b)(d) | 100000 | 91769 |
| Nippon Life Insurance Co 4.7% 1/20/2046 (b)(d) | 200000 | 199035 |
| Nippon Life Insurance Co 6.25% 9/13/2053 (b)(d) | 200000 | 202985 |
| Nippon Life Insurance Co 6.5% 4/30/2055 (b)(d) | 400000 | 405954 |
| Sumitomo Life Insurance Co 4% 9/14/2077 (b)(d) | 270000 | 262619 |
| TOTAL JAPAN |  | 1733114 |
| UNITED KINGDOM - 0.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Wireless Telecommunication Services - 0.7% |  |  |
| Vodafone Group PLC 7% 4/4/2079 (b) | 400000 | 411452 |
| UNITED STATES - 12.1%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| Paramount Global 6.25% 2/28/2057 (b) | 80000 | 75446 |
| Paramount Global 6.375% 3/30/2062 (b) | 125000 | 122187 |
|  |  | 197633 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Energy Transfer LP 8% 5/15/2054 (b) | 35000 | 36687 |
| Enterprise Products Operating LLC 5.25% 8/16/2077 (b) | 126000 | 123980 |
| Enterprise Products Operating LLC 5.375% 2/15/2078 (b) | 67000 | 65021 |
| Enterprise Products Operating LLC CME Term SOFR 3 month Index + 2.986%, 7.5728% 8/16/2077 (b)(c) | 33000 | 32584 |
|  |  | 258272 |
| Financials - 4.0% |  |  |
| Capital Markets - 0.1% |  |  |
| Ares Finance Co III LLC 4.125% 6/30/2051 (b)(d) | 75000 | 73308 |
| Financial Services - 0.2% |  |  |
| Corebridge Financial Inc 6.375% 9/15/2054 (b) | 130000 | 126500 |
| Insurance - 3.7% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d) | 420000 | 406571 |
| Assurant Inc 7% 3/27/2048 (b) | 61000 | 61878 |
| Liberty Mutual Group Inc 4.125% 12/15/2051 (b)(d) | 150000 | 144413 |
| Liberty Mutual Group Inc 4.3% 2/1/2061 (d) | 125000 | 77270 |
| MetLife Inc 10.75% 8/1/2069 (b) | 128000 | 167522 |
| MetLife Inc 6.4% 12/15/2066 (b) | 319000 | 323232 |
| PartnerRe Finance B LLC 4.5% 10/1/2050 (b) | 67000 | 61944 |
| Prudential Financial Inc 3.7% 10/1/2050 (b) | 200000 | 181098 |
| Prudential Financial Inc 5.125% 3/1/2052 (b) | 150000 | 144118 |
| Prudential Financial Inc 6% 9/1/2052 (b) | 200000 | 199657 |
| Prudential Financial Inc 6.75% 3/1/2053 (b) | 250000 | 260634 |
|  |  | 2028337 |
| TOTAL FINANCIALS |  | 2228145 |
| Health Care - 1.0% |  |  |
| Health Care Providers & Services - 1.0% |  |  |
| CVS Health Corp 6.75% 12/10/2054 (b) | 429000 | 417585 |
| CVS Health Corp 7% 3/10/2055 (b) | 164000 | 165192 |
|  |  | 582777 |
| Utilities - 6.2% |  |  |
| Electric Utilities - 2.7% |  |  |
| American Electric Power Co Inc 3.875% 2/15/2062 (b) | 135000 | 128880 |
| Edison International 7.875% 6/15/2054 (b) | 15000 | 14432 |
| NextEra Energy Capital Holdings Inc 5.65% 5/1/2079 (b) | 234000 | 227879 |
| NextEra Energy Capital Holdings Inc 6.375% 8/15/2055 (b) | 263000 | 263327 |
| PacifiCorp 7.375% 9/15/2055 (b) | 81000 | 82412 |
| PG&E Corp 7.375% 3/15/2055 (b) | 271000 | 265367 |
| Southern Co/The 3.75% 9/15/2051 (b) | 400000 | 390919 |
| Southern Co/The 6.375% 3/15/2055 (b) | 135000 | 137203 |
|  |  | 1510419 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The 6.95% 7/15/2055 (b) | 140000 | 132826 |
| Multi-Utilities - 3.3% |  |  |
| CenterPoint Energy Inc 6.7% 5/15/2055 (b) | 138000 | 137732 |
| CMS Energy Corp 3.75% 12/1/2050 (b) | 409000 | 358128 |
| CMS Energy Corp 4.75% 6/1/2050 (b) | 150000 | 141878 |
| Dominion Energy Inc 6.625% 5/15/2055 (b) | 500000 | 500585 |
| Sempra 4.125% 4/1/2052 (b) | 710000 | 670231 |
|  |  | 1808554 |
| TOTAL UTILITIES |  | 3451799 |
| TOTAL UNITED STATES |  | 6718626 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $12,886,718) |  | <br> **12924074** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 31.9%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 31.9%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 31.9%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd Series G, 4.2%  | 1550 | 24102 |
| CANADA - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Finance Inc 4.625%  | 2500 | 40425 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Brookfield BRP Holdings Canada Inc 7.25%  | 2100 | 49056 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.0% |  |  |
| Brookfield Infrastructure Finance ULC 7.25%  | 1100 | 25531 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Brookfield Renewable Partners LP 5.25%  | 2395 | 41984 |
| Multi-Utilities - 0.0% |  |  |
| Brookfield Infrastructure Partners LP 5.125%  | 825 | 14025 |
| Brookfield Infrastructure Partners LP Series A, 5%  | 825 | 13613 |
|  |  | 27638 |
| TOTAL UTILITIES |  | 95153 |
| TOTAL CANADA |  | 184634 |
| NETHERLANDS - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| AEGON Funding Co LLC 5.1%  | 3950 | 76788 |
| UNITED STATES - 31.5%  |  |  |
| Communication Services - 3.1% |  |  |
| Diversified Telecommunication Services - 2.3% |  |  |
| AT&T Inc 4.75%  | 23900 | 454578 |
| AT&T Inc 5.35%  | 10600 | 234207 |
| AT&T Inc Series A, 5%  | 18800 | 375060 |
| Qwest Corp 6.5%  | 5900 | 108206 |
| Qwest Corp 6.75%  | 7400 | 137751 |
|  |  | 1309802 |
| Wireless Telecommunication Services - 0.8% |  |  |
| Telephone and Data Systems Inc 6%  | 3500 | 61460 |
| Telephone and Data Systems Inc 6.625%  | 1500 | 29220 |
| United States Cellular Corp 5.5%  | 3500 | 77560 |
| United States Cellular Corp 5.5%  | 3500 | 76965 |
| United States Cellular Corp 6.25%  | 8500 | 205530 |
|  |  | 450735 |
| TOTAL COMMUNICATION SERVICES |  | 1760537 |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.4% |  |  |
| Ford Motor Co 6%  | 5300 | 109816 |
| Ford Motor Co 6.2%  | 2600 | 53768 |
| Ford Motor Co 6.5%  | 2400 | 52296 |
|  |  | 215880 |
| Financials - 17.7% |  |  |
| Banks - 7.6% |  |  |
| Bank of America Corp 4.25%  | 17000 | 283050 |
| Bank of America Corp 4.375%  | 23200 | 398808 |
| Bank of America Corp 4.75%  | 3800 | 71326 |
| Bank of America Corp Series PP, 4.125%  | 25500 | 412845 |
| Cadence Bank 5.5%  | 2000 | 40340 |
| Citizens Financial Group Inc Series E, 5%  | 2000 | 38080 |
| Fifth Third Bancorp Series K, 4.95%  | 800 | 16279 |
| Huntington Bancshares Inc/OH 4.5%  | 3100 | 52948 |
| Huntington Bancshares Inc/OH 5.7%  | 1200 | 25824 |
| JPMorgan Chase & Co 4.55%  | 22900 | 430978 |
| JPMorgan Chase & Co 4.75%  | 5200 | 102752 |
| JPMorgan Chase & Co Series MM, 4.2%  | 15100 | 266817 |
| KeyCorp 5.625%  | 5400 | 112860 |
| KeyCorp 5.65%  | 5300 | 110664 |
| KeyCorp 6.2% (b) | 3300 | 81873 |
| M&T Bank Corp Series J, 7.5%  | 4100 | 107051 |
| Regions Financial Corp 4.45%  | 3600 | 61236 |
| Regions Financial Corp 5 year U.S. Treasury Index + 2.771%, 6.95% (b)(c) | 3300 | 84431 |
| Regions Financial Corp 5.7% (b) | 3000 | 68220 |
| Truist Financial Corp 4.75%  | 5900 | 109327 |
| Truist Financial Corp 5.25%  | 3800 | 79116 |
| US Bancorp 4.5%  | 2800 | 52500 |
| US Bancorp Series K, 5.5%  | 3500 | 79380 |
| US Bancorp Series L, 3.75%  | 3500 | 52745 |
| US Bancorp Series M, 4%  | 5300 | 86152 |
| Webster Financial Corp Series F, 5.25%  | 750 | 13649 |
| Wells Fargo & Co 4.25%  | 7200 | 118656 |
| Wells Fargo & Co 4.7%  | 9400 | 170328 |
| Wells Fargo & Co Series CC, 4.375%  | 7000 | 118405 |
| Wells Fargo & Co Series Y, 5.625%  | 4700 | 103941 |
| Wells Fargo & Co Series Z, 4.75%  | 20800 | 381680 |
| Western Alliance Bancorp 4.25% (b) | 1500 | 33728 |
| Wintrust Financial Corp 6.5% (b) | 2000 | 50200 |
|  |  | 4216189 |
| Capital Markets - 4.1% |  |  |
| Affiliated Managers Group Inc 4.75%  | 3000 | 49110 |
| Affiliated Managers Group Inc 5.875%  | 2700 | 55404 |
| Brookfield Oaktree Holdings LLC Series A, 6.625%  | 7000 | 147000 |
| Brookfield Oaktree Holdings LLC Series B, 6.55%  | 7000 | 149870 |
| Charles Schwab Corp/The 4.45%  | 4500 | 83970 |
| Charles Schwab Corp/The 5.95%  | 4300 | 105307 |
| KKR & Co Inc 6.875%  | 3300 | 82797 |
| Morgan Stanley 3 month U.S. LIBOR + 0%, 6.875% (b)(c) | 600 | 15192 |
| Morgan Stanley 3 month U.S. LIBOR + 3.708%, 6.375% (b)(c) | 6400 | 157568 |
| Morgan Stanley 5.85% (b) | 16000 | 367200 |
| Morgan Stanley 6.5%  | 4200 | 107436 |
| Morgan Stanley 6.625%  | 14500 | 372360 |
| Morgan Stanley Series L, 4.875%  | 5400 | 106110 |
| Morgan Stanley Series O, 4.25%  | 12800 | 216960 |
| Northern Trust Corp Series E, 4.7%  | 1500 | 29220 |
| State Street Corp 5.35% (b) | 1000 | 22280 |
| Stifel Financial Corp Series D, 4.5%  | 13000 | 218140 |
|  |  | 2285924 |
| Consumer Finance - 1.0% |  |  |
| Capital One Financial Corp 4.25%  | 3300 | 53625 |
| Capital One Financial Corp 4.375%  | 4900 | 80458 |
| Capital One Financial Corp 4.8%  | 7400 | 131646 |
| Capital One Financial Corp 5%  | 9900 | 185922 |
| Navient Corp 6%  | 1500 | 27540 |
| Synchrony Financial 5.625%  | 4600 | 81282 |
|  |  | 560473 |
| Financial Services - 1.2% |  |  |
| Apollo Global Management Inc 7.625% (b) | 4100 | 105903 |
| Carlyle Finance LLC 4.625%  | 7400 | 125430 |
| Corebridge Financial Inc 6.375%  | 4400 | 100320 |
| Equitable Holdings Inc 4.3%  | 1000 | 16490 |
| Equitable Holdings Inc Series A, 5.25%  | 5700 | 112917 |
| KKR Group Finance Co IX LLC 4.625%  | 5000 | 88000 |
| Voya Financial Inc 5.35% (b) | 5000 | 120600 |
|  |  | 669660 |
| Insurance - 3.8% |  |  |
| Allstate Corp/The 5.1%  | 10000 | 207300 |
| Allstate Corp/The Series I, 4.75%  | 2000 | 38060 |
| Allstate Corp/The Series J, 7.375%  | 4100 | 109101 |
| American Financial Group Inc/OH 4.5%  | 6000 | 97200 |
| Arch Capital Group Ltd 5.45%  | 2000 | 40880 |
| Arch Capital Group Ltd Series G, 4.55%  | 2250 | 38025 |
| Assurant Inc 5.25%  | 2500 | 49250 |
| Athene Holding Ltd 7.25% (b) | 8800 | 217800 |
| Athene Holding Ltd Series A, 6.35% (b) | 6000 | 140340 |
| Athene Holding Ltd Series B, 5.625%  | 4300 | 83678 |
| Athene Holding Ltd Series D, 4.875%  | 4000 | 67640 |
| Axis Capital Holdings Ltd 5.5%  | 2800 | 56000 |
| Brighthouse Financial Inc 5.375%  | 4000 | 68040 |
| Brighthouse Financial Inc 6.75%  | 2000 | 42300 |
| Brighthouse Financial Inc Series A, 6.6%  | 2000 | 41220 |
| Brighthouse Financial Inc Series D, 4.625%  | 4000 | 61040 |
| Enstar Group Ltd 7% (b) | 3900 | 84045 |
| F&G Annuities & Life Inc 7.3%  | 2100 | 48825 |
| Hartford Insurance Group Inc/The 6%  | 300 | 7464 |
| MetLife Inc 5.625%  | 4500 | 104985 |
| MetLife Inc Series F, 4.75%  | 6400 | 124160 |
| Prudential Financial Inc 4.125%  | 3100 | 52762 |
| Prudential Financial Inc 5.625%  | 3800 | 87286 |
| Reinsurance Group of America Inc 7.125% (b) | 4000 | 103040 |
| Unum Group 6.25%  | 3500 | 85470 |
| W R Berkley Corp 4.25%  | 5000 | 80650 |
|  |  | 2136561 |
| TOTAL FINANCIALS |  | 9868807 |
| Industrials - 0.6% |  |  |
| Trading Companies & Distributors - 0.6% |  |  |
| FTAI Aviation Ltd Series C, 8.25% (b) | 4000 | 99360 |
| Wesco International Inc 10.625% (b) | 9000 | 229680 |
|  |  | 329040 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| MicroStrategy Inc Series A, 10%  | 700 | 72380 |
| Real Estate - 2.6% |  |  |
| Office REITs - 0.3% |  |  |
| Vornado Realty Trust Series L, 5.4%  | 8800 | 156904 |
| Real Estate Management & Development - 0.3% |  |  |
| Brookfield Property Partners LP 5.75%  | 1900 | 24719 |
| Brookfield Property Partners LP 6.375%  | 1700 | 24650 |
| Brookfield Property Partners LP 6.5%  | 1700 | 24480 |
| Brookfield Property Preferred LP 6.25%  | 4700 | 71957 |
|  |  | 145806 |
| Residential REITs - 0.0% |  |  |
| American Homes 4 Rent Series H, 6.25%  | 1000 | 23800 |
| Specialized REITs - 2.0% |  |  |
| Digital Realty Trust Inc 5.25%  | 4350 | 91089 |
| Digital Realty Trust Inc Series L, 5.2%  | 12600 | 256032 |
| Public Storage Operating Co 3.875%  | 3600 | 55656 |
| Public Storage Operating Co 3.95%  | 3500 | 54950 |
| Public Storage Operating Co 4%  | 20000 | 318000 |
| Public Storage Operating Co 4%  | 3300 | 52602 |
| Public Storage Operating Co 5.05% Series G  | 2600 | 52702 |
| Public Storage Operating Co Series H, 5.6%  | 1500 | 34087 |
| Public Storage Operating Co Series I, 4.875%  | 1500 | 29107 |
| Public Storage Operating Co Series J, 4.7%  | 1700 | 32096 |
| Public Storage Operating Co Series MM, 4.125%  | 3300 | 54615 |
| Public Storage Operating Co Series O, 3.9%  | 3500 | 54320 |
| Public Storage Operating Co Series S, 4.1%  | 3400 | 55284 |
|  |  | 1140540 |
| TOTAL REAL ESTATE |  | 1467050 |
| Utilities - 7.0% |  |  |
| Electric Utilities - 5.4% |  |  |
| Duke Energy Corp 5.625%  | 13500 | 332775 |
| Duke Energy Corp 5.75%  | 6400 | 158880 |
| Entergy Louisiana LLC 4.875%  | 1000 | 20300 |
| Entergy New Orleans LLC 5.5%  | 7400 | 161279 |
| NextEra Energy Capital Holdings Inc 5.65%  | 5600 | 125048 |
| NextEra Energy Capital Holdings Inc 6.5%  | 4400 | 110000 |
| SCE Trust II 5.1%  | 8331 | 146542 |
| SCE Trust V 5.45% (b) | 1550 | 35480 |
| Southern Co/The 4.2%  | 66098 | 1149444 |
| Southern Co/The 5.25%  | 5084 | 107171 |
| Southern Co/The Series A, 4.95%  | 7838 | 155741 |
| Southern Co/The Series A, 6.5%  | 20300 | 516432 |
|  |  | 3019092 |
| Multi-Utilities - 1.6% |  |  |
| CMS Energy Corp 4.2%  | 1600 | 26528 |
| CMS Energy Corp 5.875%  | 4700 | 104387 |
| CMS Energy Corp 5.875%  | 2400 | 53304 |
| DTE Energy Co 4.375%  | 10425 | 179102 |
| DTE Energy Co 4.375%  | 8600 | 147490 |
| DTE Energy Co 5.25%  | 5000 | 106900 |
| SCE Trust VI 5%  | 9975 | 169625 |
| Sempra 5.75%  | 5700 | 121010 |
|  |  | 908346 |
| TOTAL UTILITIES |  | 3927438 |
| TOTAL UNITED STATES |  | 17641132 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $19,156,643) |  | <br> **17926656** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 41.5%** | &nbsp;&nbsp;**Preferred Securities - 41.5%** | &nbsp;&nbsp;**Preferred Securities - 41.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 1.0%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Enbridge Inc 5.5% 7/15/2077 (b) | 126000 | 125465 |
| Enbridge Inc 5.75% 7/15/2080 (b) | 126000 | 124469 |
| Enbridge Inc 6% 1/15/2077 (b) | 68000 | 68691 |
| Enbridge Inc 6.25% 3/1/2078 (b) | 123000 | 122873 |
| Enbridge Inc 8.25% 1/15/2084 (b) | 100000 | 107950 |
| TOTAL CANADA |  | 549448 |
| FRANCE - 0.6%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BNP Paribas SA 7.375% (b)(d)(e) | 135000 | 138093 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Electricite de France SA 9.125% (b)(d)(e) | 200000 | 234149 |
| TOTAL FRANCE |  | 372242 |
| JAPAN - 1.4%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Rakuten Group Inc 8.125% (b)(d)(e) | 300000 | 298888 |
| Financials - 0.9% |  |  |
| Insurance - 0.9% |  |  |
| Dai-ichi Life Insurance Co Ltd/The 4% (b)(d)(e) | 200000 | 199809 |
| Dai-ichi Life Insurance Co Ltd/The 6.2% (b)(d)(e) | 260000 | 264126 |
|  |  | 463935 |
| TOTAL JAPAN |  | 762823 |
| UNITED KINGDOM - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Barclays PLC 7.625% (b)(e) | 200000 | 197873 |
| Standard Chartered PLC 7.625% (b)(d)(e) | 200000 | 205433 |
| TOTAL UNITED KINGDOM |  | 403306 |
| UNITED STATES - 37.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.4% |  |  |
| General Motors Financial Co Inc 5.7% (b)(e) | 252000 | 244178 |
| Energy - 8.0% |  |  |
| Oil, Gas & Consumable Fuels - 8.0% |  |  |
| BP Capital Markets PLC 4.375% (b)(e) | 125000 | 125549 |
| BP Capital Markets PLC 4.875% (b)(e) | 525000 | 515133 |
| BP Capital Markets PLC 6.125% (b)(e) | 275000 | 278201 |
| BP Capital Markets PLC 6.45% (b)(e) | 215000 | 219775 |
| Energy Transfer LP 6.625% (b)(e) | 2275000 | 2283510 |
| Energy Transfer LP Series G, 7.125% (b)(e) | 190000 | 191442 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.6979% (b)(c)(e) | 285000 | 284232 |
| Venture Global LNG Inc 9% (b)(d)(e) | 640000 | 613490 |
|  |  | 4511332 |
| Financials - 25.1% |  |  |
| Banks - 10.7% |  |  |
| Bank of America Corp 6.125% (b)(e) | 100000 | 101261 |
| Bank of America Corp 6.625% (b)(e) | 535000 | 546659 |
| Citigroup Inc 3.875% (b)(e) | 400000 | 392420 |
| Citigroup Inc 4% (b)(e) | 285000 | 284654 |
| Citigroup Inc 4.15% (b)(e) | 89000 | 86657 |
| Citigroup Inc 6.75% (b)(e) | 200000 | 198477 |
| Citigroup Inc 6.95% (b)(e) | 275000 | 278225 |
| Citigroup Inc 7% (b)(e) | 270000 | 277987 |
| Citigroup Inc 7.125% (b)(e) | 220000 | 223191 |
| Fifth Third Bancorp 4.5% (b)(e) | 50000 | 50069 |
| Huntington Bancshares Inc/OH 5.625% (b)(e) | 226000 | 226968 |
| JPMorgan Chase & Co 6.5% (b)(e) | 255000 | 261230 |
| JPMorgan Chase & Co 6.875% (b)(e) | 145000 | 153562 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 7.0426% (b)(c)(e) | 1005000 | 1017205 |
| KeyCorp 5% (b)(e) | 155000 | 153707 |
| M&T Bank Corp 5.125% (b)(e) | 50000 | 49506 |
| PNC Financial Services Group Inc/The 3.4% (b)(e) | 195000 | 186983 |
| PNC Financial Services Group Inc/The 6.25% (b)(e) | 160000 | 162744 |
| Regions Financial Corp 5.75% (b)(e) | 75000 | 75829 |
| Truist Financial Corp 5.1% (b)(e) | 403000 | 396991 |
| Truist Financial Corp 5.125% (b)(e) | 60000 | 60329 |
| US Bancorp 3.7% (b)(e) | 140000 | 134095 |
| Wells Fargo & Co 3.9% (b)(e) | 556000 | 551917 |
| Wells Fargo & Co 7.625% (b)(e) | 75000 | 81105 |
|  |  | 5951771 |
| Capital Markets - 9.6% |  |  |
| Bank of New York Mellon Corp/The 3.7% (b)(e) | 1370000 | 1353296 |
| Bank of New York Mellon Corp/The 3.75% (b)(e) | 96000 | 93105 |
| Charles Schwab Corp/The 4% (b)(e) | 200000 | 199605 |
| Charles Schwab Corp/The 4% (b)(e) | 831000 | 758163 |
| Goldman Sachs Group Inc/The 4.125% (b)(e) | 779000 | 760330 |
| Goldman Sachs Group Inc/The 5 year U.S. Treasury Index + 2.85%, 7.186% (b)(c)(e) | 200000 | 204200 |
| Goldman Sachs Group Inc/The 5.3% (b)(e) | 79000 | 78980 |
| Goldman Sachs Group Inc/The 6.125% (b)(e) | 480000 | 470025 |
| Goldman Sachs Group Inc/The 6.85% (b)(e) | 680000 | 702013 |
| Goldman Sachs Group Inc/The 7.5% (b)(e) | 160000 | 167340 |
| Morgan Stanley 5.875% (b)(e) | 435000 | 432120 |
| Northern Trust Corp 4.6% (b)(e) | 155000 | 154666 |
|  |  | 5373843 |
| Consumer Finance - 3.9% |  |  |
| Ally Financial Inc 4.7% (b)(e) | 685000 | 599817 |
| Ally Financial Inc 4.7% (b)(e) | 470000 | 445065 |
| American Express Co 3.55% (b)(e) | 217000 | 211477 |
| Capital One Financial Corp 3.95% (b)(e) | 560000 | 549021 |
| Capital One Financial Corp 5.5% (b)(e) | 315000 | 306495 |
| Capital One Financial Corp 6.125% (b)(e) | 105000 | 105227 |
|  |  | 2217102 |
| Insurance - 0.9% |  |  |
| Markel Group Inc 6% (b)(e) | 200000 | 206000 |
| MetLife Inc 3.85% (b)(e) | 275000 | 274727 |
| SBL Holdings Inc 6.5% (b)(d)(e) | 34000 | 30964 |
|  |  | 511691 |
| TOTAL FINANCIALS |  | 14054407 |
| Industrials - 1.9% |  |  |
| Trading Companies & Distributors - 1.9% |  |  |
| Air Lease Corp 4.125% (b)(e) | 261000 | 253736 |
| Air Lease Corp 4.65% (b)(e) | 300000 | 301492 |
| Air Lease Corp 6% (b)(e) | 70000 | 68783 |
| Aircastle Ltd 5.25% (b)(d)(e) | 416000 | 417607 |
|  |  | 1041618 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 0.6% |  |  |
| Edison International 5% (b)(e) | 219000 | 197742 |
| Edison International 5.375% (b)(e) | 186000 | 178652 |
|  |  | 376394 |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| Vistra Corp 7% (b)(d)(e) | 470000 | 491851 |
| Vistra Corp 8% (b)(d)(e) | 100000 | 103659 |
|  |  | 595510 |
| Multi-Utilities - 0.7% |  |  |
| Dominion Energy Inc 4.35% (b)(e) | 225000 | 221133 |
| Sempra 4.875% (b)(e) | 170000 | 169979 |
|  |  | 391112 |
| TOTAL UTILITIES |  | 1363016 |
| TOTAL UNITED STATES |  | 21214551 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $22,900,862) |  | <br> **23302370** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $1,611,743)<br>| 4.32 | 1611421 | **1611743** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $56,796,818)<br>| <br>**56033101** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%** (f)  | **102043** |
| **NET ASSETS - 100.0%** | **56135144** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT US Treasury Ultra Bond Contracts (United States) | 1 | Sep 2025 | 116281 | 3045 | 3045 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,222,837 or 11.1% of net assets.

(e) Security is perpetual in nature with no stated maturity date.

(f) Includes $36,050 of cash collateral to cover margin requirements for futures contracts.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 271437 | 21776295 | 20435989 | 33980 | - | - | 1611743 | 1611421 | 0.0% |
| Total | 271437 | 21776295 | 20435989 | 33980 | - | - | 1611743 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Non-Convertible Corporate Bonds and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

**Derivative Instruments**

Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk(s):

Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.

Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fidelity Covington Trust

- **b. Investment Company Act file number:** 811-07319

- **c. CIK number of Registrant:** 0000945908

- **d. LEI of Registrant:** 549300JFYFTF85QAQR28

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

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

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

- **a. Name of Series:** Fidelity Preferred Securities and Income ETF

- **b. EDGAR series identifier (if any):** S000072125

- **c. LEI of Series:** 549300ECXORNOGQYEX95

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $56373308.50

**Total Liabilities:** $244377.40

**Net Assets:** $56128931.10

**Cash Not Reported:** $4770.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 192.58872880 | **1-Year:** 1481.40138620 | **5-Year:** 4497.73592660 | **10-Year:** 4759.81240800 | **30-Year:** 2908.47400530

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

- **3-Month:** 80.76202020 | **1-Year:** 895.72455480 | **5-Year:** 1510.68412850 | **10-Year:** 1229.38236200 | **30-Year:** 1022.10664560

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227886 | -1.08%               | -1.23%               | 1.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-27839.66               | $-819460.95                                |
| Month 2  | $-187072.22              | $-689512.55                                |
| Month 3  | $-28529.23               | $490985.17                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ENBRIDGE INC                                              | ENBRIDGE INC 6%/VAR 01/15/2077                                            | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |     68000 | PA      | $67146.97     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/THE                          | HARTFORD INSURANCE GROUP INC/THE                                          | CUSIP: 416518603<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EP               | CORP              | US        |       300 | NS      | $7464.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST 5.6%/VAR 03/07/2082                                     | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    335000 | PA      | $315041.67    | 0.56%             | 2082-03-07      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 6.2%/VAR PERP PFD                                                 | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      3300 | NS      | $81873.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                                           | CMS ENERGY CORP T5Y+NA 06/01/2050                                         | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141877.59    | 0.25%             | 2050-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE SER S 4.1% PFD PERP                                        | CUSIP: 74460W396<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3400 | NS      | $55284.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MTRS FINL CO INC                                  | GENERAL MTRS FINL CO INC 5.7%/VAR PERP                                    | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | EP               | CORP              | US        |    252000 | PA      | $241745.72    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                            | AIR LEASE CORP 4.125%/VAR PERP                                            | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    261000 | PA      | $251512.91    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC 5.625% PERP PFD                                               | CUSIP: 59156R876<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      4500 | NS      | $104985.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE SER M 4.125% PFD PERP                                      | CUSIP: 74460W537<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3300 | NS      | $54615.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 7.125%/VAR PERP                                             | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    220000 | PA      | $222467.30    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 6.5% PFD PERP                                              | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      4200 | NS      | $107436.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORP                                   | WINTRUST FINL 6.5%/VAR PFD PRP                                            | CUSIP: 97650W405<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |      2000 | NS      | $50200.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC                                    | EQUITABLE HOLDINGS INC SER A 5.25% PFD PERP                               | CUSIP: 29452E200<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |      5700 | NS      | $112917.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                    | VENTURE GLOBAL LNG INC 9%/VAR PERP 144A                                   | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |    640000 | PA      | $603629.16    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AT and T INC                                              | AT and T INC 5.125% PERP PFD                                              | CUSIP: 00206R508<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     18800 | NS      | $375060.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                  | COREBRIDGE FINANCIAL INC 6.375% PFD 12/15/2064                            | CUSIP: 21871X208<br>LEI: 549300XY1661QCIA7J65 | Long             | EP               | CORP              | US        |      4400 | NS      | $100320.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                             | GOLDMAN SACHS GROUP INC (THE) 4.125%/VAR PERP                             | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    779000 | PA      | $758583.47    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                       | DOMINION ENERGY INC 4.35%/VAR PERP                                        | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EP               | CORP              | US        |    225000 | PA      | $219876.03    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                      | EDISON INTERNATIONAL 5%/VAR PERP                                          | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |    219000 | PA      | $195481.59    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC T5Y+NA 03/01/2053                                     | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260633.75    | 0.46%             | 2053-03-01      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                           | CVS HEALTH CORP 6.75%/VAR 12/10/2054                                      | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    429000 | PA      | $417585.13    | 0.74%             | 2054-12-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| AES CORP                                                  | AES CORP 6.95%/VAR 07/15/2055                                             | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    140000 | PA      | $132826.76    | 0.24%             | 2055-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SCHWAB CHARLES CORP                                       | SCHWAB CHARLES CORP 4%/VAR PERP                                           | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    831000 | PA      | $750034.67    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURANCE CO                            | MEIJI YASUDA LIFE INSURANCE CO USSW5+NA 10/20/2045 144A                   | CUSIP: 585270AA9<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $199833.46    | 0.36%             | 2045-10-20      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INS CO                                      | SUMITOMO LIFE INS CO 4%/VAR 09/14/2077 144A                               | CUSIP: 86564CAB6<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    270000 | PA      | $262619.01    | 0.47%             | 2077-09-14      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4% PFD PERP                                                | CUSIP: 74460W420<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3300 | NS      | $52602.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                    | BP CAPITAL MARKETS PLC 6.45%/VAR PERP                                     | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | EP               | CORP              | GB        |    215000 | PA      | $216308.28    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 4.75% PREF PERP                               | CUSIP: 06055H871<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      3800 | NS      | $71326.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL INC                                 | BRIGHTHOUSE FINANCIAL INC SER B 6.75% PFD PERP                            | CUSIP: 10922N509<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      2000 | NS      | $42300.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC SER F 4.75% PFD PERP                                          | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      6400 | NS      | $124160.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                                           | CVS HEALTH CORP 7%/VAR 03/10/2055                                         | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    164000 | PA      | $165191.79    | 0.29%             | 2055-03-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 6.25%/VAR 03/01/2078                                         | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    123000 | PA      | $120993.39    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COMPANY                                          | SOUTHERN COMPANY SER A 4.95% PFD 01/30/2080                               | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      7838 | NS      | $155741.06    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATN                             | WESTERN ALLIANCE BANCORPORATN                                             | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |      1500 | NS      | $33727.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST VI                                              | SCE TRUST VI 5% PFD PERP                                                  | CUSIP: 78410V200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9975 | NS      | $169624.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD                                | RENAISSANCERE HLDGS LTD SER G 4.2% PFD PERP                               | CUSIP: N/A<br>LEI: EK6GB9U3U58PDI411C94       | Long             | EP               | CORP              | BM        |      1550 | NS      | $24102.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINL CORP NEW                                     | REGIONS FINL CORP NEW 5.70%/VAR PFD PERP                                  | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |      3000 | NS      | $68220.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                                       | FIFTH THIRD BANCORP SER K 4.95% PFD PERP                                  | CUSIP: 316773860<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |       800 | NS      | $16280.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP                                     | STIFEL FINANCIAL CORP SER D 4.5% PERP PFD                                 | CUSIP: 860630862<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |     13000 | NS      | $218140.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AT and T INC                                              | AT and T INC 5.35% 11/01/66 PRFD                                          | CUSIP: 00206R300<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     10600 | NS      | $234207.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                         | ENTERPRISE PRODS OPER LLC 5.25%/VAR 08/16/2077                            | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    126000 | PA      | $123979.77    | 0.22%             | 2077-08-16      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                    | CENTERPOINT ENERGY INC 6.7%/VAR 05/15/2055                                | CUSIP: 15189TBP1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    138000 | PA      | $137731.70    | 0.25%             | 2055-05-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                         | RAKUTEN GROUP INC 8.125%/VAR PERP 144A                                    | CUSIP: 75102WAM0<br>LEI: 529900IMXUCQKUL1H943 | Long             | EP               | CORP              | JP        |    300000 | PA      | $287503.09    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR        | AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR 6.5%/VAR 01/31/2056    | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    270000 | PA      | $266133.58    | 0.47%             | 2056-01-31      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| WESCO INTERNATIONAL INC                                   | WESCO INTERNATIONAL INC SER A 10.625%/VAR PFD PERP                        | CUSIP: 95082P303<br>LEI: 529900TXOGREY3WNJ434 | Long             | EP               | CORP              | US        |      9000 | NS      | $229680.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                    | BP CAPITAL MARKETS PLC 4.375%/VAR PERP                                    | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | EP               | CORP              | GB        |    125000 | PA      | $124523.48    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                               | BNP PARIBAS 7.375%/VAR PERP 144A                                          | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EP               | CORP              | FR        |    135000 | PA      | $135847.67    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN | MUNICH RE GROUP 5.875%/VAR 05/23/2042 144A                                | CUSIP: 62582PAA8<br>LEI: 529900MUF4C20K50JS49 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $203209.60    | 0.36%             | 2042-05-23      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION LTD                                         | FTAI AVIATION LTD 8.25% PFD PERP                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | KY        |      4000 | NS      | $99360.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERA INC                                                 | EMERA INC 6.75%/VAR 06/15/2076                                            | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $125614.00    | 0.22%             | 2076-06-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP 7.125%/VAR PERP                                        | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |    190000 | PA      | $190816.62    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO 2.75%/VAR 01/21/2051 144A                              | CUSIP: 654579AH4<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $172717.24    | 0.31%             | 2051-01-21      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                        | ATHENE HOLDINGS 5.625% SER B PFD PERP                                     | CUSIP: 04686J200<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |      4300 | NS      | $83678.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CO                                             | FORD MOTOR CO 6.0% 12/01/2059 PFD                                         | CUSIP: 345370837<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |      5300 | NS      | $109816.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROUP INC                             | AFFILIATED MANAGERS GRP INC 4.75% 09/30/2060 PFD                          | CUSIP: 008252843<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |      3000 | NS      | $49110.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 5%/VAR PERP                                                       | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    155000 | PA      | $152064.15    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SCE TRUST V                                               | SCE TRUST V 5.45%/VAR PFD PERP                                            | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1550 | NS      | $35479.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY SER O 4.5% PFD PERP                                        | CUSIP: 61762V861<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     12800 | NS      | $216960.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GLOBAL                                          | PARAMOUNT GLOBAL 6.25%/VAR 02/28/2057                                     | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75446.23     | 0.13%             | 2057-02-28      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| MICROSTRATEGY INC                                         | MICROSTRATEGY INC 8% PC PERP                                              | CUSIP: 594972887<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |       600 | NS      | $61740.00     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                             | DTE ENERGY CO 4.375% PFD 10/15/2080                                       | CUSIP: 233331826<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     10425 | NS      | $179101.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                           | BROOKFIELD PROPERTY PARTN LP PFD 6.375% PERP                              | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |      1700 | NS      | $24650.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INC                                         | MICROSTRATEGY INC SER A 10% PERP PFD                                      | CUSIP: 594972879<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |       700 | NS      | $72380.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| QWEST CORPORATION                                         | QWEST CORPORATION 6.5% 09/01/56 PFD                                       | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |      5900 | NS      | $108206.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 5.625% PFD PERP                                                   | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      5400 | NS      | $112860.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINL CORP NEW                                     | REGIONS FINL CORP NEW VAR/6.95% PERP PFD                                  | CUSIP: 7591EP860<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |      3300 | NS      | $84430.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP 3.95%/VAR PERP                                 | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |    560000 | PA      | $543612.94    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC 10.75%/VAR 08/01/2069                                         | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    128000 | PA      | $167522.05    | 0.30%             | 2069-08-01      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRASTRUCTURE PARTNERS LP                     | BROOKFIELD INFRA PARTNERS LP 5.125% PFD PERP                              | CUSIP: N/A<br>LEI: 549300WEH5R2OODI7Y90       | Long             | EP               | CORP              | BM        |       825 | NS      | $14025.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD PROPERTY PREFERRED LP                          | BROOKFIELD PROPERTY PREFERRED LP 6.25% 07/26/81 PFD                       | CUSIP: N/A<br>LEI: 254900N07TR905Y0G344       | Long             | EP               | CORP              | BM        |      4700 | NS      | $71957.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                           | BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP                               | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |      1900 | NS      | $24719.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                            | PNC FINANCIAL SERVICES GRP INC 6.25%/VAR PERP                             | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    160000 | PA      | $160624.64    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 5.5%/VAR 07/15/2077                                          | CUSIP: 29250NAS4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    126000 | PA      | $122842.45    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP DEL                                            | US BANCORP DEL SER L 3.75% PFD PERP                                       | CUSIP: 902973734<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      3500 | NS      | $52745.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH                              | HUNTINGTON BANCSHARES INC/OH 5.625%/VAR PERP                              | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    226000 | PA      | $225326.20    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                            | PNC FINANCIAL SERVICES GRP INC 3.4%/VAR PERP                              | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    195000 | PA      | $185614.26    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                        | ALLY FINL INC 4.7%/VAR PERP                                               | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    685000 | PA      | $598329.01    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP NEW                                      | DUKE ENERGY CORP NEW SER A 5.75% PFD PERP                                 | CUSIP: 26441C501<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |      6400 | NS      | $158880.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DAI-ICHI LIFE INSURANCE CO LTD                            | DAI-ICHI LIFE INSURANCE CO LTD 4%/VAR PERP 144A                           | CUSIP: 23380YAD9<br>LEI: 3538001235ACEIORUV72 | Long             | EP               | CORP              | JP        |    200000 | PA      | $196980.76    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ASSURANT INC                                              | ASSURANT INC 01/15/2026 5.25% PFD                                         | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |      2500 | NS      | $49250.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP T5Y+NA 05/15/2054                                      | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36686.62     | 0.07%             | 2054-05-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERN PIPELINE MLP                             | PLAINS ALL AMERN PIPELINE MLP FRN TSFR3M+437.161 PERP                     | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | EP               | CORP              | US        |    285000 | PA      | $283060.95    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO and CO                                        | WELLSFARGO SER CC 4.375% PFD PERP                                         | CUSIP: 95002Y202<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      7000 | NS      | $118405.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| M and T BANK CORP                                         | M and T BANK CORP 7.5% PFD PERP                                           | CUSIP: 55261F864<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |      4100 | NS      | $107051.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                                       | DOMINION ENERGY INC 6.625%/VAR 05/15/2055                                 | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500584.59    | 0.89%             | 2055-05-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP NEW                                      | DUKE ENERGY CORP 5.625% PFD 09/15/2078                                    | CUSIP: 26441C402<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |     13500 | NS      | $332775.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORP                                       | NORTHERN TRUST CORP 4.6%/VAR PERP                                         | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | EP               | CORP              | US        |    155000 | PA      | $153478.12    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHWAB CHARLES CORP                                       | SCHWAB CHARLES 4.45% PERP PFD                                             | CUSIP: 808513865<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |      4500 | NS      | $83970.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNER RE FIN B LLC                                      | PARTNER RE FIN B LLC T5Y+NA 10/01/2050                                    | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |     67000 | PA      | $61943.93     | 0.11%             | 2050-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 3.875%/VAR PERP                                             | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    400000 | PA      | $391872.11    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 6.625%/VAR PERP                               | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    535000 | PA      | $543478.68    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC T5Y+NA 03/01/2052                                     | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144118.97    | 0.26%             | 2052-03-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY SER L 4.875% PFD PERP                                      | CUSIP: 61762V804<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      5400 | NS      | $106110.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY CO                                             | DTE ENERGY CO 5.25% PFD 12/1/77 PAR= 25                                   | CUSIP: 233331859<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |      5000 | NS      | $106900.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GRP PLC                                          | VODAFONE GROUP PLC USSW5+NA 04/04/2079                                    | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $411452.00    | 0.73%             | 2079-04-04      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP 4.25% PERP PFD                                 | CUSIP: 14040H733<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      3300 | NS      | $53625.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC                             | APOLLO ASSET MANAGEMENT INC 07.625/VAR 09/15/53 PFD                       | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |      4100 | NS      | $105903.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                    | BP CAPITAL MARKETS PLC 4.875%/VAR PERP                                    | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | EP               | CORP              | GB        |    525000 | PA      | $503866.91    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 5.875%/VAR PERP                                            | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    435000 | PA      | $426843.82    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                                               | ALTAGAS LTD 7.2%/VAR 10/15/2054 144A                                      | CUSIP: 021361AD2<br>LEI: DR5LKEURSR8SXLM64266 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $195607.54    | 0.35%             | 2054-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PG and E CORP                                             | PG and E CORP 7.375%/VAR 03/15/2055                                       | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    271000 | PA      | $265367.29    | 0.47%             | 2055-03-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS INC                                 | ROGERS COMMUNICATIONS INC 7%/VAR 04/15/2055                               | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    158000 | PA      | $159236.73    | 0.28%             | 2055-04-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                  | DIGITAL RLTY TR INC SER L 5.2% PERP PFD                                   | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     12600 | NS      | $256032.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP 6.625%/VAR PERP                                        | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   2275000 | PA      | $2240629.53   | 3.99%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 6.625% PFD PERP Q                                          | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     14500 | NS      | $372360.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC                                    | EQUITABLE HOLDINGS INC 4.3% PFD PERP                                      | CUSIP: 29452E408<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |      1000 | NS      | $16490.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                                        | WELLS FARGO and CO NEW 4.25% PERP PFD                                     | CUSIP: 95002Y400<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      7200 | NS      | $118656.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CO                                             | FORD MOTOR CO                                                             | CUSIP: 345370845<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |      2600 | NS      | $53768.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AEGON FUNDING CO LLC                                      | AEGON FDG CO LLC 5.1% 12/15/2049 PFD                                      | CUSIP: 00775V104<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | EP               | CORP              | US        |      3950 | NS      | $76788.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 4%/VAR PERP                                                 | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    285000 | PA      | $282083.08    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 5.85% PFD PERP                                             | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     16000 | NS      | $367200.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB CHARLES CORP                                       | CHARLES SCHWAB CORP NEW 5.95% PFD PERP                                    | CUSIP: 808513600<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |      4300 | NS      | $105307.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 5.6% SER H PFD PERP                                        | CUSIP: 74460W644<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      1500 | NS      | $34086.75     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                                           | CMS ENERGY CORP 5.875% PREF 10/15/2078                                    | CUSIP: 125896852<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |      2400 | NS      | $53304.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                         | ENTERPRISE PRODS OPER LLC 4.875%/VAR 08/16/2077                           | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32583.98     | 0.06%             | 2077-08-16      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINANCIAL INC 4.125% PFD 09/01/2060                            | CUSIP: 744320888<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |      3100 | NS      | $52762.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP SER L 4.375% PFD PERP                          | CUSIP: 14040H758<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      4900 | NS      | $80458.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES CELLULAR CORP                               | UNITED STATES CELLULAR CORP 5.5% 03/01/2021 PFD                           | CUSIP: 911684801<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $77560.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO 6.25%/VAR 09/13/2053 144A                              | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $202985.09    | 0.36%             | 2053-09-13      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                              | ASSURANT INC 7%/VAR 03/27/2048                                            | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61878.60     | 0.11%             | 2048-03-27      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD            | SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD 7.625%/VAR 03/01/2055 144A | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $196825.40    | 0.35%             | 2055-03-01      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 5.65% PFD                                                         | CUSIP: 493267876<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      5300 | NS      | $110664.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COMPANY                                          | SOUTHERN COMPANY 3.75%/VAR 09/15/2051                                     | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    400000 | PA      | $390919.24    | 0.70%             | 2051-09-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                             | GOLDMAN SACHS GROUP INC (THE) 4.4%/VAR PERP                               | CUSIP: 38144GAC5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    200000 | PA      | $199792.66    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COMPANY                                          | SOUTHERN COMPANY 4.2% PFD 10/15/2060                                      | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     66098 | NS      | $1149444.22   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                                       | SYNCHRONY FINANCIAL SER A 5.625% PFD PERP                                 | CUSIP: 87165B202<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |      4600 | NS      | $81282.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 3.875% PFD PERP                                            | CUSIP: 74460W511<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3600 | NS      | $55656.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY NEW ORLEANS LLC                                   | ENTERGY NEW ORLEANS INC 5.5% PFD 4/1/2066 25                              | CUSIP: 29364P103<br>LEI: 1Q8BAFRNDFTDI3IGJH73 | Long             | EP               | CORP              | US        |      7400 | NS      | $161279.30    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA INC                          | 7.125% Fixed-Rate Rst Sbd Dbtrs due 2052                                  | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |      4000 | NS      | $103040.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO 4.7%/VAR 01/20/2046 144A                               | CUSIP: 654579AE1<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $199035.06    | 0.35%             | 2046-01-20      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| US BANCORP DEL                                            | US BANCORP DEL 4.5% PERP PFD                                              | CUSIP: 902973668<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      2800 | NS      | $52500.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                                     | TRUIST FINANCIAL CORP 4.75% PERP PFD                                      | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |      5900 | NS      | $109327.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                                        | WELLS FARGO and CO NEW SER Y 5.625% PFD                                   | CUSIP: 94988U656<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      4700 | NS      | $103940.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                                           | CMS ENERGY CORP SER C 4.2% PFD PERP                                       | CUSIP: 125896837<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |      1600 | NS      | $26528.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP SER J 5% PFD PERP                              | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      7400 | NS      | $131646.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                  | LIBERTY MUTUAL GROUP INC T5Y+NA 12/15/2051 144A                           | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144413.08    | 0.26%             | 2051-12-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                     | TRUIST FINL CORP SER O 5.25% PFD PERP                                     | CUSIP: 89832Q745<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |      3800 | NS      | $79116.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE BANK                                              | BANCORPSOUTH BANK 5.5% PFD PERP                                           | CUSIP: 12740C202<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EP               | CORP              | US        |      2000 | NS      | $40340.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4% PERP PFD                                                | CUSIP: 74460W461<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     20000 | NS      | $318000.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLYLE FINANCE LLC                                       | CARLYLE FINANCE LLC 4.625% 05/15/2061 PFD                                 | CUSIP: 14314C105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7400 | NS      | $125430.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                             | GOLDMAN SACHS GROUP INC (THE) 6.125%/VAR PERP                             | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    480000 | PA      | $468267.55    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD OAKTREE HOLDINGS LLC                           | BROOKFIELD OAKTREE HOLDINGS LLC SER A 6.625% SER A PERP PFD               | CUSIP: 674001300<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |      7000 | NS      | $147000.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LTD                                 | AXIS CAP HLDGS 5.5% PFD PERP                                              | CUSIP: 05461T305<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EP               | CORP              | BM        |      2800 | NS      | $56000.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP DEL                                            | US BANCORP DEL SER K 5.5% PFD PERP                                        | CUSIP: 902973759<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      3500 | NS      | $79380.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORP                                    | WEBSTER FINL CORP WATERBURY CT 5.25% PFD PERP F                           | CUSIP: 947890505<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EP               | CORP              | US        |       750 | NS      | $13650.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC 6.4%/VAR 12/15/2066                                           | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    319000 | PA      | $323231.85    | 0.58%             | 2066-12-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                  | DIGITAL RLTY TR INC 5.25% PFD PERP                                        | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      4350 | NS      | $91089.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DAI-ICHI LIFE INSURANCE CO LTD                            | DAI-ICHI LIFE INSURANCE CO LTD 6.2%/VAR PERP 144A                         | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | EP               | CORP              | JP        |    260000 | PA      | $258069.10    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                             | GOLDMAN SACHS GROUP INC (THE) 7.5%/VAR PERP                               | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    160000 | PA      | $166622.72    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP PFD 5% PERP                                    | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      9900 | NS      | $185922.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                             | GOLDMAN SACHS GROUP INC (THE) 6.85%/VAR PERP                              | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    680000 | PA      | $685618.16    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JPMORGAN CHASE and CO FRN TSFR3M+274.5 PERP                               | CUSIP: 48128BAH4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |   1005000 | PA      | $1005212.06   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                       | AMERICAN EXPRESS CO 3.55%/VAR PERP                                        | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | EP               | CORP              | US        |    217000 | PA      | $209850.61    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| BERKLEY WR CORP                                           | BERKLEY WR CORP 4.25% PFD 09/30/2060                                      | CUSIP: 084423888<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |      5000 | NS      | $80650.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                  | COREBRIDGE FINANCIAL INC T5Y+NA 09/15/2054                                | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126500.24    | 0.23%             | 2054-09-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                     | TRUIST FINANCIAL CORP 5.1%/VAR PERP                                       | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |    403000 | PA      | $391965.05    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                       | NORTHERN TRUST CORP SER E 4.7% PFD PERP                                   | CUSIP: 665859856<br>LEI: 549300GLF98S992BC502 | Long             | EP               | CORP              | US        |      1500 | NS      | $29220.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH                              | HUNTINGTON BANCSHARES INC SER C 5.7% PFD PERP                             | CUSIP: 446150781<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |      1200 | NS      | $25824.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                                      | EDISON INTERNATIONAL 7.875%/VAR 06/15/2054                                | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14431.84     | 0.03%             | 2054-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE                                     | ELECTRICITE DE FRANCE T5Y+NA PERP 144A                                    | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | EP               | CORP              | FR        |    200000 | PA      | $225725.60    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                      | VORNADO RLTY SR L 5.4% PFD PRP                                            | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8800 | NS      | $156904.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GRP INC                                | CITIZENS FINANCIAL GRP INC SER E 5% PFD PERP                              | CUSIP: 174610402<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |      2000 | NS      | $38080.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 6.5% 06/01/2085 PFD                          | CUSIP: 65339K837<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |      4400 | NS      | $110000.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION                                               | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     23200 | NS      | $398808.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION SER PP 4.125% PFD PERP                        | CUSIP: 06055H608<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     25500 | NS      | $412845.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY CO                                             | DTE ENERGY CO 4.375% 12/01/2081                                           | CUSIP: 233331818<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |      8600 | NS      | $147490.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK NEW YORK MELLON CORP                                 | BANK NEW YORK MELLON CORP 3.75%/VAR PERP                                  | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |     96000 | PA      | $92390.86     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                            | AIR LEASE CORP 4.65%/VAR PERP                                             | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    300000 | PA      | $295091.49    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SCE TRUST II                                              | SCE TRUST II 5.1% PFD PERP                                                | CUSIP: 78407R204<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8331 | NS      | $146542.29    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC 5.625% 08/15/2058 PFD                                 | CUSIP: 744320805<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |      3800 | NS      | $87286.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                    | BP CAPITAL MARKETS PLC 6.125%/VAR PERP                                    | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | EP               | CORP              | GB        |    275000 | PA      | $269163.59    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 6.375/VAR PREF PERP                                        | CUSIP: 61761J406<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      6400 | NS      | $157568.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFICORP                                                | PACIFICORP 7.375%/VAR 09/15/2055                                          | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     81000 | PA      | $82411.78     | 0.15%             | 2055-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                    | STANDARD CHARTERED PLC 7.625%/VAR PERP 144A                               | CUSIP: 853254DF4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EP               | CORP              | GB        |    200000 | PA      | $199703.54    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 3.9% PFD PERP O                                            | CUSIP: 74460W487<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3500 | NS      | $54320.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                         | ENTERPRISE PRODS OPER LLC 5.375%/VAR 02/15/2078                           | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     67000 | PA      | $65021.25     | 0.12%             | 2078-02-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL INC                                 | BRIGHTHOUSE FINANCIAL INC                                                 | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      4000 | NS      | $68040.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK NEW YORK MELLON CORP                                 | BANK NEW YORK MELLON CORP 3.7%/VAR PERP                                   | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   1370000 | PA      | $1343240.75   | 2.39%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO and CO                                        | WELLSFARGO CL A SERIES Z 4.75% PFD PERP                                   | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     20800 | NS      | $381680.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC 3.85%/VAR PERP                                                | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |    275000 | PA      | $272541.28    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES LTD                                 | TRANSCANADA PIPELINES LTD 7%/VAR 06/01/2065                               | CUSIP: 89352HBG3<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |    135000 | PA      | $133667.24    | 0.24%             | 2065-06-01      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JPMORGAN CHASE and CO 4.55% PERP PFD                                      | CUSIP: 48128B580<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     22900 | NS      | $430978.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINL GROUP INC OHIO                              | AMERICAN FINL GROUP INC OHIO 4.5% PFD 09/15/2060                          | CUSIP: 025932864<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EP               | CORP              | US        |      6000 | NS      | $97200.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD FIN INC                                        | BROOKFIELD CORP 4.625% PFD 10/16/2080                                     | CUSIP: 11271L102<br>LEI: 549300XH8D8K6OYWGD17 | Long             | EP               | CORP              | CA        |      2500 | NS      | $40425.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL INC                                 | BRIGHTHOUSE FINANCIAL INC 6.6% PFD PERP SER A PAR=25                      | CUSIP: 10922N301<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      2000 | NS      | $41220.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB CHARLES CORP                                       | SCHWAB CHARLES CORP 4%/VAR PERP                                           | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    200000 | PA      | $197649.44    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 8.5%/VAR 01/15/2084                                          | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1575000 | PA      | $1709062.43   | 3.04%             | 2084-01-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER CO INC                            | AMERICAN ELECTRIC POWER INC 3.875%/VAR 02/15/2062                         | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    135000 | PA      | $128880.09    | 0.23%             | 2062-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                             | ALLSTATE CORP SER I 4.75% PFD PERP                                        | CUSIP: 020002812<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |      2000 | NS      | $38060.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                                             | ALLSTATE CORP SER J 7.375% PFD PERP                                       | CUSIP: 020002788<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |      4100 | NS      | $109101.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD                                        | ATHENE HOLDING LTD SER A 6.35%/VAR PFD PERP                               | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |      6000 | NS      | $140340.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES CELLULAR CORP                               | UNITED STATES CELLULAR CORP PREF 06/01/70                                 | CUSIP: 911684884<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $76965.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                     | ENTERGY LA 4.875% PFD 9/1/66                                              | CUSIP: 29364W108<br>LEI: 0V5453U14HDZO63CGH17 | Long             | EP               | CORP              | US        |      1000 | NS      | $20300.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAPITAL GROUP LTD                                    | ARCH CAPITAL GROUP LTD SER G 4.55% PFD PERP                               | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |      2250 | NS      | $38025.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                               | VISTRA CORP 7%/VAR PERP 144A                                              | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |    470000 | PA      | $476756.25    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                              | Fidelity Cash Central Fund                                                | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   1611421 | NS      | $1611743.33   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORP                                            | AIR LEASE CORP 6%/VAR PERP                                                | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |     70000 | PA      | $67916.44     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COMPANY                                          | SOUTHERN CO 5.25% 12/01/77 PFD                                            | CUSIP: 842587404<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      5084 | NS      | $107170.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                                     | TRUIST FINANCIAL CORP 5.125%/VAR PERP                                     | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |     60000 | PA      | $58917.93     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AT and T INC                                              | AT and T INC SER C 4.75% PFD PERP                                         | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     23900 | NS      | $454578.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP 5.5%/VAR PERP                                  | CUSIP: 14040HDK8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    315000 | PA      | $306495.00    | 0.55%             | 2199-12-31      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 5.65% 03/01/2079 PFD                         | CUSIP: 65339K860<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |      5600 | NS      | $125048.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 6.95%/VAR PERP                                              | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    275000 | PA      | $277341.63    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COMPANY                                          | SOUTHERN CO SER A 6.5% 03/15/2085 PFD                                     | CUSIP: 842587867<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     20300 | NS      | $516432.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JP MORGAN CHASE 4.75% PFD PERP                                            | CUSIP: 48128B622<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |      5200 | NS      | $102752.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP DEL                                            | US BANCORP SER M 4% PFD PERP                                              | CUSIP: 902973718<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      5300 | NS      | $86151.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                                        | WELLS FARGO and CO NEW 7.625%/VAR PERP                                    | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     75000 | PA      | $79893.08     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| QWEST CORPORATION                                         | QWEST CORPORATION 6.75% PFD 6/15/57                                       | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |      7400 | NS      | $137751.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC                                        | VOYA FINANCIAL INC SER B 5.35%/VAR PFD PERP                               | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |      5000 | NS      | $120600.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                              | BARCLAYS PLC 7.625%/VAR PERP                                              | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EP               | CORP              | GB        |    200000 | PA      | $197576.52    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRASTRUCTURE FINANCE ULC                     | BROOKFIELD INFRASTRUCTURE FINANCE ULC 7.25% PFD 05/31/2084                | CUSIP: 11276B208<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |      1100 | NS      | $25531.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALGONQUIN PWR and UTILS CORP                              | ALGONQUIN PWR and UTILS CORP 19-A 6.2%/VAR PFD 07/01/2079                 | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |      3000 | NS      | $76948.20     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | US ULTRA BOND CBT FUT SEP25 WNU5                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |         1 | NC      | $3044.85      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRISURE LLC / ACRISURE FINANCE INC                       | ACRISURE LLC / ACRISURE FINANCE INC 6% 08/01/2029 144A                    | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $406570.50    | 0.72%             | 2029-08-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                             | AIRCASTLE LTD 5.25%/VAR PERP 144A                                         | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | EP               | CORP              | BM        |    416000 | PA      | $413097.19    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JPMORGAN CHASE and CO SER MM 4.2% PFD PERP                                | CUSIP: 48128B523<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     15100 | NS      | $266817.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC T5Y+NA 09/01/2052                                     | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199656.54    | 0.36%             | 2052-09-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                        | ATHENE HOLDING LTD SER D 4.875% PFD PERP                                  | CUSIP: 04686J408<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |      4000 | NS      | $67640.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                                             | ALLSTATE CORP SER H 5.1% PERP PFD                                         | CUSIP: 020002838<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |     10000 | NS      | $207300.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINL CORP NEW                                     | REGIONS FINL CORP NEW T5Y+NA PERP                                         | CUSIP: 7591EPAR1<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |     75000 | PA      | $74938.85     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL INC                                 | BRIGHTHOUSE FINANCIAL INC SER D 0% PFD PERP                               | CUSIP: 10922N889<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      4000 | NS      | $61040.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 6.375%/VAR 08/15/2055                        | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    263000 | PA      | $263326.91    | 0.47%             | 2055-08-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH                              | HUNTINGTON BANCSHARES INC SER H 4.5% PFD PERP                             | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |      3100 | NS      | $52948.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINL CORP NEW                                     | REGIONS FINANCIAL CORP 4.45% PERP PFD                                     | CUSIP: 7591EP886<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |      3600 | NS      | $61236.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST 5.5%/VAR 09/15/2079                                     | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    128000 | PA      | $123484.21    | 0.22%             | 2079-09-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                               | VISTRA CORP 8%/VAR PERP 144A                                              | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |    100000 | PA      | $102631.20    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4.7% SER J PFD PERP                                        | CUSIP: 74460W594<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      1700 | NS      | $32096.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 6.75%/VAR PERP                                              | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    200000 | PA      | $197853.82    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD RENEWABLE PARTNERS LP                          | BROOKFIELD RENEWABLE PARTNERS LP 5.25% PFD PERP                           | CUSIP: N/A<br>LEI: VA8DFMRI2GY8Y7V79H93       | Long             | EP               | CORP              | BM        |      2395 | NS      | $41984.35     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                                    | SEMPRA 4.125%/VAR 04/01/2052                                              | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    710000 | PA      | $670231.41    | 1.19%             | 2052-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                              | NAVIENT CORP 6.0% PFD 12/15/2043                                          | CUSIP: 63938C405<br>LEI: 54930067J0ZNOEBRW338 | Long             | EP               | CORP              | US        |      1500 | NS      | $27539.85     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                                      | EDISON INTERNATIONAL 5.375%/VAR PERP                                      | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |    186000 | PA      | $176587.75    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ARES FINANCE CO III LLC                                   | ARES FINANCE CO III LLC 4.125%/VAR 06/30/2051 144A                        | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $73307.58     | 0.13%             | 2051-06-30      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 4.15%/VAR PERP                                              | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |     89000 | PA      | $86486.62     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 6.875% PFD PERP                                            | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |       600 | NS      | $15192.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                                    | SEMPRA ENERGY 5.75% PFD 07/01/2079                                        | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |      5700 | NS      | $121011.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 7%/VAR PERP                                                 | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    270000 | PA      | $277113.42    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COMPANY                                          | SOUTHERN COMPANY 6.375%/VAR 03/15/2055                                    | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137202.66    | 0.24%             | 2055-03-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4.875% SER I PFD PERP                                      | CUSIP: 74460W628<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      1500 | NS      | $29106.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST 5.3%/VAR 03/15/2077                                     | CUSIP: 89356BAC2<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    161000 | PA      | $156601.24    | 0.28%             | 2077-03-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO and CO                                        | WELLS FARGO and CO NEW 4.7% PFD                                           | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      9400 | NS      | $170328.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MARKEL GROUP INC                                          | MARKEL GROUP INC T5Y+NA PERP                                              | CUSIP: 570535AW4<br>LEI: 549300SCNO12JLWIK605 | Long             | EP               | CORP              | US        |    200000 | PA      | $200000.00    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                          | PARAMOUNT GLOBAL 6.375%/VAR 03/30/2062                                    | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122187.15    | 0.22%             | 2062-03-30      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO 3.4%/VAR 01/23/2050 144A                               | CUSIP: 654579AG6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $91769.07     | 0.16%             | 2050-01-23      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC 3.7%/VAR 10/01/2050                                   | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181097.56    | 0.32%             | 2050-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP 6.1251%/VAR PERP                               | CUSIP: 14040HDL6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105227.45    | 0.19%             | 2199-12-31      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO 6.5%/VAR 04/30/2055 144A                               | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $405954.00    | 0.72%             | 2055-04-30      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                       | FIFTH THIRD BANCORP 4.5%/VAR PERP                                         | CUSIP: 316773DB3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |     50000 | PA      | $49683.54     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP DEL                                            | US BANCORP DEL 3.7%/VAR PERP                                              | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    140000 | PA      | $133426.28    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURANCE CO                            | MEIJI YASUDA LIFE INSURANCE CO USISDA05+NA 04/26/2048 144A                | CUSIP: 585270AC5<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $198201.48    | 0.35%             | 2048-04-26      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)                             | GOLDMAN SACHS GROUP INC (THE) 5.3%/VAR PERP                               | CUSIP: 38148BAC2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     79000 | PA      | $78752.66     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                     | AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD                                | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |      1000 | NS      | $23800.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 5.65%/VAR 05/01/2079                         | CUSIP: 65339KBK5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    234000 | PA      | $227879.00    | 0.41%             | 2079-05-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                                                | UNUM GROUP 6.25% 06/15/2058 PFD                                           | CUSIP: 91529Y601<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EP               | CORP              | US        |      3500 | NS      | $85470.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPHONE and DATA SYSTEMS INC                            | TELEPHONE and DATA SYSTEMS INC 6% PFD PERP                                | CUSIP: 879433761<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $61460.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAPITAL GROUP LTD                                    | ARCH CAPITAL GR 5.45% PFD PERP                                            | CUSIP: 03939A107<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |      2000 | NS      | $40880.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| M and T BANK CORP                                         | M and T BANK CORP 5.125%/VAR PERP                                         | CUSIP: 55261FAH7<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     50000 | PA      | $49290.08     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                           | CMS ENERGY CORP T5Y+NA 12/01/2050                                         | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    409000 | PA      | $358128.46    | 0.64%             | 2050-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                           | BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD                                | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |      1700 | NS      | $24480.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                                        | WELLS FARGO and CO NEW 3.9%/VAR PERP                                      | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    556000 | PA      | $547440.16    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                        | ALLY FINL INC 4.7%/VAR PERP                                               | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    470000 | PA      | $444044.86    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR GROUP FINANCE CO IX LLC                               | KKR GROUP FINANCE CO IX LLC 4.625% PFD 04/01/2061                         | CUSIP: 48253M104<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5000 | NS      | $88000.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JPMORGAN CHASE and CO 6.5%/VAR PERP                                       | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    255000 | PA      | $258452.45    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 3.95% PERP PFD                                             | CUSIP: 74460W446<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3500 | NS      | $54950.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD BRP HOLDINGS CANADA INC                        | BROOKFIELD BRP HOLDINGS CANADA INC 7.25% PFD PERP                         | CUSIP: 11259P307<br>LEI: 549300NSPD7QJ50GZW26 | Long             | EP               | CORP              | CA        |      2100 | NS      | $49056.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                                    | SEMPRA 4.875%/VAR PERP                                                    | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |    170000 | PA      | $168915.06    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 6.125%/VAR PERP                               | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    100000 | PA      | $100689.60    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                  | LIBERTY MUTUAL GROUP INC 4.3% 02/01/2061 144A                             | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    125000 | PA      | $77269.74     | 0.14%             | 2061-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR        | AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR 6.95%/VAR 03/10/2055   | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $153855.99    | 0.27%             | 2055-03-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE SER G 5.05% PFD PERP                                       | CUSIP: 74460W669<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      2600 | NS      | $52702.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES CELLULAR CORP                               | UNITED STATES CELLULAR CORP 6.25% PFD 09/01/2069                          | CUSIP: 911684702<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8500 | NS      | $205530.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| F and G ANNUITIES and LIFE INC                            | F and G ANNUITIES and LIFE INC 7.3% 01/15/2065 PFD                        | CUSIP: 30190A609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2100 | NS      | $48825.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD INFRASTRUCTURE PARTNERS LP                     | BROOKFIELD INFRA PARTNERS LP CLASS A 5% PFD PERP                          | CUSIP: N/A<br>LEI: 549300WEH5R2OODI7Y90       | Long             | EP               | CORP              | BM        |       825 | NS      | $13612.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST 5.875%/VAR 08/15/2076                                   | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    129000 | PA      | $128093.09    | 0.23%             | 2076-08-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 4.250% PFD PERP                               | CUSIP: 06055H806<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     17000 | NS      | $283050.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 8.25%/VAR 01/15/2084                                         | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    100000 | PA      | $104827.90    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CO                                             | FORD MOTOR CO 6.5% 08/15/2062 PFD                                         | CUSIP: 345370811<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |      2400 | NS      | $52296.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR and CO INC                                            | KKR and CO LP 6.875% PFD 06/01/2065                                       | CUSIP: 48251W609<br>LEI: 549300JOHU21WRN2Z451 | Long             | EP               | CORP              | US        |      3300 | NS      | $82797.00     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD OAKTREE HOLDINGS LLC                           | BROOKFIELD OAKTREE HOLDINGS LLC SER B 6.55% PERP PFD                      | CUSIP: 674001409<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |      7000 | NS      | $149870.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                                         | STATECRP 5.35%/VAR PFD PERP                                               | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |      1000 | NS      | $22280.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 5.75%/VAR 07/15/2080                                         | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    126000 | PA      | $121726.86    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD            | SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD 7.5%/VAR 03/01/2055 144A   | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $194448.42    | 0.35%             | 2055-03-01      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                          | ENSTAR GROUP LTD 7%/VAR PFD                                               | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |      3900 | NS      | $84045.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PG and E CORP                                             | PG and E CORP SER A PC 6% 12/01/2027                                      | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |      3000 | NS      | $129570.00    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                        | ATHENE HOLDINGS 7.25%/VAR PFD 03/30/2064                                  | CUSIP: 04686J838<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |      8800 | NS      | $217800.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPHONE and DATA SYSTEMS INC                            | TELEPHONE and DATA 6.625% PFD PERP                                        | CUSIP: 879433787<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1500 | NS      | $29220.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROUP INC                             | AFFILIATED MANAGERS GRP INC 5.875% 03/30/2059 PFD                         | CUSIP: 008252850<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |      2700 | NS      | $55404.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                                           | CMS ENERGY CORP 5.875% PFD 03/01/2079                                     | CUSIP: 125896845<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |      4700 | NS      | $104387.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JPMORGAN CHASE and CO 6.875%/VAR PERP                                     | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    145000 | PA      | $151069.70    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SBL HOLDINGS INC                                          | SBL HOLDINGS INC 6.5%/VAR PERP 144A                                       | CUSIP: 78397DAC2<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | EP               | CORP              | US        |     34000 | PA      | $30849.67     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer