# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-26-000468
**Filing Date:** 2026-1
**Character Count:** 166592
**Document Hash:** acd58f5abd02cc643bc32fdf2580e73e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-000468.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0000035402-26-000468

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260831

**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:** 26555412

**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**

**November 30, 2025**

PSI-NPRT1-0126

1.9901714.104 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| Algonquin Power & Utilities Corp 3 month U.S. LIBOR + 4.01%, 8.6591% (b)(c) | 3000 | 77129 |
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Apollo Global Management Inc Series A, 6.75%  | 800 | 55362 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Strategy Inc 8%  | 600 | 52272 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp Series A, 6%  | 1300 | 52975 |
| TOTAL UNITED STATES |  | 160609 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $231,522) |  | <br> **237738** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 5.9%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Bell Canada 6.875% 9/15/2055 (b) | 140000 | 145313 |
| Bell Canada 7% 9/15/2055 (b) | 140000 | 147293 |
|  |  | 292606 |
| Wireless Telecommunication Services - 0.9% |  |  |
| Rogers Communications Inc 5.25% 3/15/2082 (b)(d) | 510000 | 507177 |
| Rogers Communications Inc 7% 4/15/2055 (b) | 158000 | 164226 |
|  |  | 671403 |
| TOTAL COMMUNICATION SERVICES |  | 964009 |
| Energy - 4.2% |  |  |
| Oil, Gas & Consumable Fuels - 4.2% |  |  |
| Enbridge Inc 8.5% 1/15/2084 (b) | 1575000 | 1806952 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (b) | 195000 | 206821 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (b) | 195000 | 202066 |
| TransCanada PipeLines Ltd 7% 6/1/2065 (b) | 135000 | 137774 |
| Transcanada Trust 5.3% 3/15/2077 (b) | 161000 | 160376 |
| Transcanada Trust 5.5% 9/15/2079 (b) | 128000 | 126892 |
| Transcanada Trust 5.6% 3/7/2082 (b) | 335000 | 329843 |
| Transcanada Trust 5.875% 8/15/2076 (b) | 129000 | 129107 |
|  |  | 3099831 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.1% |  |  |
| Emera Inc 6.75% 6/15/2076 (b) | 125000 | 125914 |
| Gas Utilities - 0.3% |  |  |
| AltaGas Ltd 7.2% 10/15/2054 (b)(d) | 200000 | 206920 |
| TOTAL UTILITIES |  | 332834 |
| TOTAL CANADA |  | 4396674 |
| GERMANY - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Allianz SE 5.6% 9/3/2054 (b)(d) | 175000 | 179301 |
| Allianz SE 6.35% 9/6/2053 (b)(d) | 140000 | 150647 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 5.875% 5/23/2042 (b)(d) | 200000 | 209572 |
| TOTAL GERMANY |  | 539520 |
| IRELAND - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Consumer Finance - 0.2% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.95% 3/10/2055 (b) | 150000 | 157307 |
| JAPAN - 3.1%  |  |  |
| Financials - 3.1% |  |  |
| Insurance - 3.1% |  |  |
| Meiji Yasuda Life Insurance Co 5.1% 4/26/2048 (b)(d) | 200000 | 202426 |
| Meiji Yasuda Life Insurance Co 5.8% 9/11/2054 (b)(d) | 150000 | 153012 |
| Meiji Yasuda Life Insurance Co 6.1% 6/11/2055 (b)(d) | 290000 | 301301 |
| Nippon Life Insurance Co 2.75% 1/21/2051 (b)(d) | 200000 | 181165 |
| Nippon Life Insurance Co 3.4% 1/23/2050 (b)(d) | 100000 | 94723 |
| Nippon Life Insurance Co 4.7% 1/20/2046 (b)(d) | 200000 | 199999 |
| Nippon Life Insurance Co 5.95% 4/16/2054 (b)(d) | 260000 | 271452 |
| Nippon Life Insurance Co 6.25% 9/13/2053 (b)(d) | 200000 | 212190 |
| Nippon Life Insurance Co 6.5% 4/30/2055 (b)(d) | 400000 | 429502 |
| Sumitomo Life Insurance Co 4% 9/14/2077 (b)(d) | 270000 | 267516 |
| TOTAL JAPAN |  | 2313286 |
| UNITED KINGDOM - 1.3%  |  |  |
| Communication Services - 1.3% |  |  |
| Wireless Telecommunication Services - 1.3% |  |  |
| Vodafone Group PLC 3.25% 6/4/2081 (b) | 170000 | 167836 |
| Vodafone Group PLC 4.125% 6/4/2081 (b) | 180000 | 169275 |
| Vodafone Group PLC 5.125% 6/4/2081 (b) | 215000 | 170625 |
| Vodafone Group PLC 7% 4/4/2079 (b) | 400000 | 419217 |
| TOTAL UNITED KINGDOM |  | 926953 |
| UNITED STATES - 11.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| Paramount Global 6.25% 2/28/2057 (b) | 80000 | 77870 |
| Paramount Global 6.375% 3/30/2062 (b) | 125000 | 122483 |
|  |  | 200353 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Energy Transfer LP 8% 5/15/2054 (b) | 35000 | 37320 |
| Enterprise Products Operating LLC 5.25% 8/16/2077 (b) | 126000 | 125746 |
| Enterprise Products Operating LLC 5.375% 2/15/2078 (b) | 67000 | 66770 |
| Enterprise Products Operating LLC CME Term SOFR 3 month Index + 2.986%, 7.0994% 8/16/2077 (b)(c) | 33000 | 32921 |
|  |  | 262757 |
| Financials - 3.8% |  |  |
| Capital Markets - 0.1% |  |  |
| Ares Finance Co III LLC 4.125% 6/30/2051 (b)(d) | 75000 | 73436 |
| Financial Services - 0.2% |  |  |
| Corebridge Financial Inc 6.375% 9/15/2054 (b) | 130000 | 131097 |
| Insurance - 3.5% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d) | 420000 | 412498 |
| Assurant Inc 7% 3/27/2048 (b) | 61000 | 62872 |
| Liberty Mutual Group Inc 4.125% 12/15/2051 (b)(d) | 150000 | 147092 |
| Liberty Mutual Group Inc 4.3% 2/1/2061 (d) | 125000 | 80628 |
| MetLife Inc 10.75% 8/1/2069 (b) | 128000 | 170538 |
| MetLife Inc 6.35% 3/15/2055 (b) | 130000 | 137323 |
| MetLife Inc 6.4% 12/15/2066 (b) | 319000 | 335201 |
| PartnerRe Finance B LLC 4.5% 10/1/2050 (b) | 67000 | 63166 |
| Prudential Financial Inc 3.7% 10/1/2050 (b) | 200000 | 186665 |
| Prudential Financial Inc 4.5% 9/15/2047 (b) | 125000 | 123469 |
| Prudential Financial Inc 5.125% 3/1/2052 (b) | 150000 | 148708 |
| Prudential Financial Inc 5.7% 9/15/2048 (b) | 120000 | 121502 |
| Prudential Financial Inc 6% 9/1/2052 (b) | 200000 | 207270 |
| Prudential Financial Inc 6.5% 3/15/2054 (b) | 120000 | 126421 |
| Prudential Financial Inc 6.75% 3/1/2053 (b) | 250000 | 266025 |
|  |  | 2589378 |
| TOTAL FINANCIALS |  | 2793911 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| CVS Health Corp 6.75% 12/10/2054 (b) | 429000 | 444589 |
| CVS Health Corp 7% 3/10/2055 (b) | 164000 | 172423 |
|  |  | 617012 |
| Utilities - 6.2% |  |  |
| Electric Utilities - 3.1% |  |  |
| American Electric Power Co Inc 3.875% 2/15/2062 (b) | 135000 | 131379 |
| Edison International 7.875% 6/15/2054 (b) | 15000 | 15601 |
| NextEra Energy Capital Holdings Inc 3.8% 3/15/2082 (b) | 140000 | 136893 |
| NextEra Energy Capital Holdings Inc 4.8% 12/1/2077 (b) | 140000 | 136999 |
| NextEra Energy Capital Holdings Inc 5.65% 5/1/2079 (b) | 234000 | 236822 |
| NextEra Energy Capital Holdings Inc 6.375% 8/15/2055 (b) | 263000 | 272976 |
| NextEra Energy Capital Holdings Inc 6.5% 8/15/2055 (b) | 140000 | 148131 |
| NextEra Energy Capital Holdings Inc 6.7% 9/1/2054 (b) | 140000 | 145487 |
| NextEra Energy Capital Holdings Inc 6.75% 6/15/2054 (b) | 140000 | 150235 |
| PacifiCorp 7.375% 9/15/2055 (b) | 81000 | 82364 |
| PG&E Corp 7.375% 3/15/2055 (b) | 271000 | 280174 |
| Southern Co/The 3.75% 9/15/2051 (b) | 400000 | 394778 |
| Southern Co/The 6.375% 3/15/2055 (b) | 135000 | 142927 |
|  |  | 2274766 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The 6.95% 7/15/2055 (b) | 140000 | 136573 |
| Multi-Utilities - 2.9% |  |  |
| CenterPoint Energy Inc 6.7% 5/15/2055 (b) | 138000 | 141634 |
| CMS Energy Corp 3.75% 12/1/2050 (b) | 409000 | 376366 |
| CMS Energy Corp 4.75% 6/1/2050 (b) | 150000 | 146674 |
| Dominion Energy Inc 6% 2/15/2056 (b) | 307000 | 310617 |
| Dominion Energy Inc 6.625% 5/15/2055 (b) | 500000 | 517458 |
| Sempra 4.125% 4/1/2052 (b) | 710000 | 691529 |
|  |  | 2184278 |
| TOTAL UTILITIES |  | 4595617 |
| TOTAL UNITED STATES |  | 8469650 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $16,241,877) |  | <br> **16803390** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 32.7%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 32.7%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 32.7%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd Series G, 4.2%  | 1550 | 24691 |
| CANADA - 0.5%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| TransCanada PipeLines Ltd 6.25%  | 7100 | 173240 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Brookfield Finance Inc 4.625%  | 2500 | 40700 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Brookfield BRP Holdings Canada Inc 7.25%  | 2100 | 53109 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Brookfield Infrastructure Finance ULC 7.25%  | 1100 | 27489 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Brookfield Renewable Partners LP 5.25%  | 2395 | 42835 |
| Multi-Utilities - 0.0% |  |  |
| Brookfield Infrastructure Partners LP 5.125%  | 825 | 14075 |
| Brookfield Infrastructure Partners LP Series A, 5%  | 825 | 13711 |
|  |  | 27786 |
| TOTAL UTILITIES |  | 98110 |
| TOTAL CANADA |  | 365159 |
| NETHERLANDS - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| AEGON Funding Co LLC 5.1%  | 3950 | 78329 |
| UNITED STATES - 32.1%  |  |  |
| Communication Services - 3.9% |  |  |
| Diversified Telecommunication Services - 2.0% |  |  |
| AT&T Inc 5.35%  | 18706 | 419763 |
| AT&T Inc Series A, 5%  | 18800 | 375812 |
| AT&T Inc Series C 4.75%  | 23900 | 453383 |
| Qwest Corp 6.5%  | 5900 | 113752 |
| Qwest Corp 6.75%  | 7400 | 143930 |
|  |  | 1506640 |
| Wireless Telecommunication Services - 1.9% |  |  |
| T-Mobile USA Inc 5.5%  | 17600 | 410080 |
| T-Mobile USA Inc 5.5%  | 14745 | 343411 |
| T-Mobile USA Inc 6.25%  | 22700 | 564322 |
| Telephone and Data Systems Inc 6%  | 3500 | 65940 |
| Telephone and Data Systems Inc 6.625%  | 1500 | 31200 |
|  |  | 1414953 |
| TOTAL COMMUNICATION SERVICES |  | 2921593 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Ford Motor Co 6%  | 5300 | 109763 |
| Ford Motor Co 6.2%  | 2600 | 55042 |
| Ford Motor Co 6.5%  | 2400 | 54720 |
|  |  | 219525 |
| Financials - 17.8% |  |  |
| Banks - 7.8% |  |  |
| Bank of America Corp 4.25%  | 6032 | 105017 |
| Bank of America Corp 4.375%  | 9062 | 162935 |
| Bank of America Corp 4.75%  | 11500 | 224020 |
| Bank of America Corp 5%  | 8700 | 181395 |
| Bank of America Corp Series HH, 5.875%  | 14600 | 362956 |
| Bank of America Corp Series KK, 5.375%  | 8000 | 179040 |
| Bank of America Corp Series PP, 4.125%  | 7500 | 127425 |
| Cadence Bank 5.5%  | 2000 | 43000 |
| Citizens Financial Group Inc 6.5% (b) | 5200 | 132496 |
| Citizens Financial Group Inc Series E, 5%  | 2000 | 38280 |
| Fifth Third Bancorp Series K, 4.95%  | 800 | 15808 |
| Huntington Bancshares Inc/OH Series C 5.7%  | 1200 | 26700 |
| Huntington Bancshares Inc/OH Series H 4.5%  | 3100 | 53351 |
| JPMorgan Chase & Co 4.55%  | 22900 | 446321 |
| JPMorgan Chase & Co 4.625%  | 12100 | 239943 |
| JPMorgan Chase & Co 4.75%  | 12500 | 254000 |
| JPMorgan Chase & Co 5.75%  | 24781 | 621755 |
| JPMorgan Chase & Co Series MM, 4.2%  | 15100 | 276028 |
| KeyCorp 5.625%  | 5400 | 117450 |
| KeyCorp 5.65%  | 5300 | 115010 |
| KeyCorp 6.2% (b) | 3300 | 83589 |
| M&T Bank Corp Series J, 7.5%  | 4100 | 109224 |
| Regions Financial Corp 4.45%  | 3600 | 63144 |
| Regions Financial Corp 5 year U.S. Treasury Index + 2.771%, 6.95% (b)(c) | 3300 | 84414 |
| Regions Financial Corp 5.7% (b) | 3000 | 71250 |
| Truist Financial Corp 4.75%  | 5900 | 112395 |
| Truist Financial Corp Series O 5.25%  | 3800 | 82232 |
| US Bancorp 4.5%  | 2800 | 51492 |
| US Bancorp Series K, 5.5%  | 3500 | 80045 |
| US Bancorp Series L, 3.75%  | 3500 | 53410 |
| US Bancorp Series M, 4%  | 5300 | 87026 |
| Webster Financial Corp Series F, 5.25%  | 750 | 14614 |
| Wells Fargo & Co 4.25%  | 10522 | 180242 |
| Wells Fargo & Co 4.7%  | 9400 | 178600 |
| Wells Fargo & Co Series Y, 5.625%  | 12626 | 302394 |
| Wells Fargo & Co Series Z, 4.75%  | 20800 | 400608 |
| Western Alliance Bancorp 4.25% (b) | 1500 | 33210 |
|  |  | 5710819 |
| Capital Markets - 4.9% |  |  |
| Affiliated Managers Group Inc 4.75%  | 3000 | 52260 |
| Affiliated Managers Group Inc 5.875%  | 2700 | 58212 |
| Brookfield Oaktree Holdings LLC Series A, 6.625%  | 7000 | 152670 |
| Brookfield Oaktree Holdings LLC Series B, 6.55%  | 7000 | 150500 |
| Charles Schwab Corp/The 4.45%  | 4500 | 84825 |
| Charles Schwab Corp/The 5.95%  | 4300 | 107414 |
| KKR & Co Inc 6.875%  | 3300 | 84117 |
| Morgan Stanley 5.85%  | 30700 | 759518 |
| Morgan Stanley 6.375%  | 6400 | 161280 |
| Morgan Stanley 6.5%  | 40100 | 1036581 |
| Morgan Stanley 6.625%  | 14500 | 381640 |
| Morgan Stanley 6.875%  | 600 | 15186 |
| Morgan Stanley Series L, 4.875%  | 5400 | 112482 |
| Morgan Stanley Series O, 4.25%  | 12800 | 226048 |
| Northern Trust Corp Series E, 4.7%  | 1500 | 29340 |
| State Street Corp 5.35% (b) | 1000 | 22380 |
| Stifel Financial Corp Series D, 4.5%  | 13000 | 228540 |
|  |  | 3662993 |
| Consumer Finance - 0.8% |  |  |
| Capital One Financial Corp 4.25%  | 3300 | 54747 |
| Capital One Financial Corp 5%  | 9900 | 189684 |
| Capital One Financial Corp Series J 4.8%  | 7400 | 134754 |
| Capital One Financial Corp Series L 4.375%  | 4900 | 82467 |
| Navient Corp 6%  | 1500 | 29669 |
| Synchrony Financial Series A 5.625%  | 4600 | 90160 |
|  |  | 581481 |
| Financial Services - 1.1% |  |  |
| Apollo Global Management Inc 7.625% (b) | 4100 | 108322 |
| Carlyle Finance LLC 4.625%  | 7400 | 130314 |
| Compass Diversified Holdings 7.875% (b) | 4000 | 73000 |
| Compass Diversified Holdings Series C, 7.875%  | 4000 | 73000 |
| Corebridge Financial Inc 6.375%  | 4400 | 104588 |
| Equitable Holdings Inc 4.3%  | 1000 | 16170 |
| Equitable Holdings Inc Series A, 5.25%  | 5700 | 114285 |
| KKR Group Finance Co IX LLC 4.625%  | 5000 | 87275 |
| Voya Financial Inc Series B, 5.35% (b) | 5000 | 121300 |
|  |  | 828254 |
| Insurance - 3.2% |  |  |
| Allstate Corp/The Series H 5.1%  | 10000 | 212100 |
| Allstate Corp/The Series I, 4.75%  | 2000 | 39200 |
| Allstate Corp/The Series J, 7.375%  | 4100 | 108814 |
| American Financial Group Inc/OH 4.5%  | 6000 | 104220 |
| Arch Capital Group Ltd 5.45%  | 2000 | 42300 |
| Arch Capital Group Ltd Series G, 4.55%  | 2250 | 38509 |
| Assurant Inc 5.25%  | 2500 | 49500 |
| Athene Holding Ltd 7.25% (b) | 13100 | 330120 |
| Athene Holding Ltd Series A, 6.35% (b) | 6000 | 148560 |
| Athene Holding Ltd Series B, 5.625%  | 4300 | 85398 |
| Athene Holding Ltd Series D, 4.875%  | 4000 | 68180 |
| Axis Capital Holdings Ltd 5.5%  | 2800 | 58072 |
| Brighthouse Financial Inc 5.375%  | 4000 | 53880 |
| Brighthouse Financial Inc 6.25%  | 1600 | 27584 |
| Brighthouse Financial Inc Series A, 6.6%  | 3800 | 62662 |
| Brighthouse Financial Inc Series B 6.75%  | 3700 | 62900 |
| Brighthouse Financial Inc Series D, 4.625%  | 4000 | 46960 |
| Enstar Group Ltd 7% (b) | 3900 | 92625 |
| F&G Annuities & Life Inc 7.3%  | 2100 | 48636 |
| Hartford Insurance Group Inc/The 6%  | 300 | 7494 |
| MetLife Inc 5.625%  | 4500 | 105750 |
| MetLife Inc Series F, 4.75%  | 6400 | 126752 |
| Prudential Financial Inc 4.125%  | 3100 | 53816 |
| Prudential Financial Inc 5.625%  | 3800 | 91124 |
| Reinsurance Group of America Inc 7.125% (b) | 4000 | 102280 |
| Unum Group 6.25%  | 3500 | 83435 |
| W R Berkley Corp 4.25%  | 5000 | 85736 |
|  |  | 2336607 |
| TOTAL FINANCIALS |  | 13120154 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| FTAI Aviation Ltd Series C, 8.25% (b) | 4000 | 103159 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Strategy Inc 9% (e) | 1600 | 154832 |
| Strategy Inc Series A, 10%  | 1200 | 130464 |
|  |  | 285296 |
| Real Estate - 2.0% |  |  |
| Office REITs - 0.2% |  |  |
| Vornado Realty Trust Series L, 5.4%  | 8800 | 155672 |
| Real Estate Management & Development - 0.2% |  |  |
| Brookfield Property Partners LP 5.75%  | 1900 | 26125 |
| Brookfield Property Partners LP 6.375%  | 1700 | 25194 |
| Brookfield Property Partners LP 6.5%  | 1700 | 26061 |
| Brookfield Property Preferred LP 6.25%  | 4700 | 72991 |
|  |  | 150371 |
| Residential REITs - 0.0% |  |  |
| American Homes 4 Rent Series H, 6.25%  | 1000 | 24060 |
| Specialized REITs - 1.6% |  |  |
| Digital Realty Trust Inc 5.25%  | 4350 | 95396 |
| Digital Realty Trust Inc Series L, 5.2%  | 12600 | 267750 |
| Public Storage Operating Co 3.875%  | 3600 | 56772 |
| Public Storage Operating Co 3.95%  | 3500 | 56280 |
| Public Storage Operating Co 4%  | 20000 | 324200 |
| Public Storage Operating Co 4%  | 3300 | 53592 |
| Public Storage Operating Co 5.05% Series G  | 2600 | 54340 |
| Public Storage Operating Co Series H, 5.6%  | 1500 | 34755 |
| Public Storage Operating Co Series I, 4.875%  | 1500 | 29655 |
| Public Storage Operating Co Series J, 4.7%  | 1700 | 32351 |
| Public Storage Operating Co Series MM, 4.125%  | 3300 | 55406 |
| Public Storage Operating Co Series O, 3.9%  | 3500 | 55510 |
| Public Storage Operating Co Series S, 4.1%  | 3400 | 56372 |
|  |  | 1172379 |
| TOTAL REAL ESTATE |  | 1502482 |
| Utilities - 7.6% |  |  |
| Electric Utilities - 5.5% |  |  |
| Duke Energy Corp 5.625%  | 20900 | 520410 |
| Duke Energy Corp Series A 5.75%  | 6400 | 159360 |
| Entergy Arkansas LLC 4.875%  | 8600 | 179740 |
| Entergy Louisiana LLC 4.875%  | 1000 | 20680 |
| Entergy Mississippi LLC 4.9%  | 8600 | 182406 |
| Entergy New Orleans LLC 5.5%  | 7400 | 167758 |
| NextEra Energy Capital Holdings Inc 5.65%  | 5600 | 134344 |
| NextEra Energy Capital Holdings Inc 6.5%  | 4400 | 110880 |
| SCE Trust II 5.1%  | 8331 | 144543 |
| SCE Trust V 5.45% (b) | 1550 | 39138 |
| Southern Co/The 4.2%  | 66098 | 1181502 |
| Southern Co/The 5.25%  | 5084 | 110017 |
| Southern Co/The Series A, 4.95%  | 7838 | 157936 |
| Southern Co/The Series A, 6.5%  | 20300 | 525364 |
| Xcel Energy Inc 6.25%  | 15700 | 392657 |
|  |  | 4026735 |
| Multi-Utilities - 2.1% |  |  |
| CMS Energy Corp 5.875%  | 4700 | 109792 |
| CMS Energy Corp 5.875%  | 2400 | 56184 |
| CMS Energy Corp Series C 4.2%  | 1600 | 28320 |
| DTE Energy Co 4.375%  | 10425 | 185044 |
| DTE Energy Co 4.375%  | 8600 | 149554 |
| DTE Energy Co 5.25%  | 5000 | 106500 |
| DTE Energy Co Series H, 6.25%  | 26300 | 657763 |
| SCE Trust VI 5%  | 9975 | 169874 |
| Sempra 5.75%  | 5700 | 125685 |
|  |  | 1588716 |
| TOTAL UTILITIES |  | 5615451 |
| TOTAL UNITED STATES |  | 23767660 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $24,950,888) |  | <br> **24235839** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 40.3%** | &nbsp;&nbsp;**Preferred Securities - 40.3%** | &nbsp;&nbsp;**Preferred Securities - 40.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Enbridge Inc 5.5% 7/15/2077 (b) | 126000 | 128255 |
| Enbridge Inc 5.75% 7/15/2080 (b) | 126000 | 130077 |
| Enbridge Inc 6% 1/15/2077 (b) | 68000 | 69759 |
| Enbridge Inc 6.25% 3/1/2078 (b) | 123000 | 126404 |
| Enbridge Inc 8.25% 1/15/2084 (b) | 100000 | 109963 |
| TOTAL CANADA |  | 564458 |
| FRANCE - 0.5%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BNP Paribas SA 7.375% (b)(d)(f) | 135000 | 142308 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Electricite de France SA 9.125% (b)(d)(f) | 200000 | 239829 |
| TOTAL FRANCE |  | 382137 |
| JAPAN - 1.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Rakuten Group Inc 8.125% (b)(d)(f) | 300000 | 319502 |
| Financials - 1.5% |  |  |
| Insurance - 1.5% |  |  |
| Dai-ichi Life Insurance Co Ltd/The 4% (b)(d)(f) | 200000 | 202115 |
| Dai-ichi Life Insurance Co Ltd/The 6.2% (b)(d)(f) | 260000 | 278170 |
| Nippon Life Insurance Co 2.9% 9/16/2051 (b)(d) | 190000 | 171483 |
| Sumitomo Life Insurance Co 3.375% 4/15/2081 (b)(d) | 220000 | 207176 |
| Sumitomo Life Insurance Co 5.875% (b)(d)(f) | 200000 | 209002 |
|  |  | 1067946 |
| TOTAL JAPAN |  | 1387448 |
| UNITED KINGDOM - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Barclays PLC 7.625% (b)(f) | 200000 | 214324 |
| Standard Chartered PLC 7.625% (b)(d)(f) | 200000 | 218191 |
| TOTAL UNITED KINGDOM |  | 432515 |
| UNITED STATES - 36.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| General Motors Financial Co Inc 5.7% (b)(f) | 252000 | 254510 |
| Energy - 7.9% |  |  |
| Oil, Gas & Consumable Fuels - 7.9% |  |  |
| BP Capital Markets PLC 4.875% (b)(f) | 525000 | 534649 |
| BP Capital Markets PLC 6.125% (b)(f) | 275000 | 291253 |
| BP Capital Markets PLC 6.45% (b)(f) | 335000 | 361507 |
| Energy Transfer LP 6.625% (b)(f) | 2800000 | 2859637 |
| Energy Transfer LP Series G, 7.125% (b)(f) | 190000 | 195669 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.2234% (b)(c)(f) | 285000 | 285880 |
| Sunoco LP 7.875% (b)(d)(f) | 755000 | 780367 |
| Venture Global LNG Inc 9% (b)(d)(f) | 640000 | 554687 |
|  |  | 5863649 |
| Financials - 25.8% |  |  |
| Banks - 13.8% |  |  |
| Bank of America Corp 4.375% (b)(f) | 350000 | 346539 |
| Bank of America Corp 5.875% (b)(f) | 340000 | 347344 |
| Bank of America Corp 6.125% (b)(f) | 440000 | 446757 |
| Bank of America Corp 6.25% (b)(f) | 584000 | 594104 |
| Bank of America Corp 6.625% (b)(f) | 30000 | 31273 |
| Citigroup Inc 3.875% (b)(f) | 400000 | 398962 |
| Citigroup Inc 4% (b)(f) | 285000 | 287248 |
| Citigroup Inc 4.15% (b)(f) | 89000 | 87607 |
| Citigroup Inc 6.25% (b)(f) | 230000 | 235584 |
| Citigroup Inc 6.75% (b)(f) | 200000 | 202122 |
| Citigroup Inc 6.875% (b)(f) | 735000 | 754496 |
| Citigroup Inc 6.95% (b)(f) | 275000 | 282329 |
| Citigroup Inc 7% (b)(f) | 270000 | 287514 |
| Citigroup Inc 7.125% (b)(f) | 220000 | 226175 |
| Citigroup Inc 7.625% (b)(f) | 220000 | 230677 |
| First Citizens BancShares Inc/NC 7% (b)(f) | 110000 | 111407 |
| Huntington Bancshares Inc/OH 5.625% (b)(f) | 226000 | 231196 |
| JPMorgan Chase & Co 6.5% (b)(f) | 255000 | 266116 |
| JPMorgan Chase & Co 6.875% (b)(f) | 145000 | 155431 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.7303% (b)(c)(f) | 1005000 | 1016461 |
| KeyCorp 5% (b)(f) | 155000 | 155672 |
| M&T Bank Corp 5.125% (b)(f) | 50000 | 49909 |
| PNC Financial Services Group Inc/The 3.4% (b)(f) | 750000 | 733694 |
| PNC Financial Services Group Inc/The 6% (b)(f) | 170000 | 171538 |
| PNC Financial Services Group Inc/The 6.2% (b)(f) | 200000 | 205594 |
| PNC Financial Services Group Inc/The 6.25% (b)(f) | 160000 | 166513 |
| Truist Financial Corp 5.1% (b)(f) | 403000 | 409384 |
| Truist Financial Corp 5.125% (b)(f) | 60000 | 60929 |
| US Bancorp 3.7% (b)(f) | 815000 | 795048 |
| US Bancorp 5.3% (b)(f) | 170000 | 171453 |
| Wells Fargo & Co 3.9% (b)(f) | 556000 | 558013 |
| Wells Fargo & Co 7.625% (b)(f) | 75000 | 81091 |
|  |  | 10098180 |
| Capital Markets - 9.4% |  |  |
| Bank of New York Mellon Corp/The 3.7% (b)(f) | 2055000 | 2056666 |
| Bank of New York Mellon Corp/The 3.75% (b)(f) | 96000 | 95015 |
| Bank of New York Mellon Corp/The 5.95% (b)(f) | 225000 | 230921 |
| Charles Schwab Corp/The 4% (b)(f) | 200000 | 200474 |
| Charles Schwab Corp/The 4% (b)(f) | 831000 | 782793 |
| Goldman Sachs Group Inc/The 4.125% (b)(f) | 1109000 | 1092455 |
| Goldman Sachs Group Inc/The 5 year U.S. Treasury Index + 2.85%, 7.186% (b)(c)(f) | 200000 | 204913 |
| Goldman Sachs Group Inc/The 5.3% (b)(f) | 79000 | 79444 |
| Goldman Sachs Group Inc/The 6.125% (b)(f) | 480000 | 493181 |
| Goldman Sachs Group Inc/The 6.85% (b)(f) | 680000 | 719625 |
| Goldman Sachs Group Inc/The 7.5% (b)(f) | 160000 | 169576 |
| Morgan Stanley 5.875% (b)(f) | 435000 | 442925 |
| Northern Trust Corp 4.6% (b)(f) | 155000 | 154850 |
| State Street Corp 6.7% (b)(f) | 250000 | 263005 |
|  |  | 6985843 |
| Consumer Finance - 2.5% |  |  |
| Ally Financial Inc 4.7% (b)(f) | 685000 | 633168 |
| Ally Financial Inc 4.7% (b)(f) | 130000 | 127548 |
| American Express Co 3.55% (b)(f) | 217000 | 214795 |
| Capital One Financial Corp 3.95% (b)(f) | 560000 | 557377 |
| Capital One Financial Corp 5.5% (b)(f) | 315000 | 316885 |
|  |  | 1849773 |
| Financial Services - 0.1% |  |  |
| Corebridge Financial Inc 6.875% (b)(f) | 110000 | 112480 |
| Insurance - 0.0% |  |  |
| SBL Holdings Inc 6.5% (b)(d)(f) | 34000 | 32408 |
| TOTAL FINANCIALS |  | 19078684 |
| Industrials - 0.8% |  |  |
| Trading Companies & Distributors - 0.8% |  |  |
| Air Lease Corp 4.125% (b)(f) | 261000 | 254999 |
| Air Lease Corp 4.65% (b)(f) | 300000 | 303386 |
| Air Lease Corp 6% (b)(f) | 70000 | 68841 |
|  |  | 627226 |
| Utilities - 1.7% |  |  |
| Electric Utilities - 0.5% |  |  |
| Edison International 5% (b)(f) | 219000 | 219991 |
| Edison International 5.375% (b)(f) | 186000 | 187494 |
|  |  | 407485 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| Vistra Corp 7% (b)(d)(f) | 470000 | 491726 |
| Vistra Corp 8% (b)(d)(f) | 100000 | 103229 |
|  |  | 594955 |
| Multi-Utilities - 0.3% |  |  |
| Dominion Energy Inc 4.35% (b)(f) | 225000 | 223518 |
| TOTAL UTILITIES |  | 1225958 |
| TOTAL UNITED STATES |  | 27050027 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $29,005,309) |  | <br> **29816585** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $3,000,763)<br>| 4.02 | 3000163 | **3000763** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $73,430,359)<br>| <br>**74094315** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **2770** |
| **NET ASSETS - 100.0%** | **74097085** |

---

**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 $8,230,750 or 11.1% of net assets.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(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 | 1815336 | 9758998 | 8573631 | 26330 | 60 | - | 3000763 | 3000163 | 0.0% |
| Total | 1815336 | 9758998 | 8573631 | 26330 | 60 | - | 3000763 |  |  |

---

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.

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.

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:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $74398876.86

**Total Liabilities:** $317080.67

**Net Assets:** $74081796.19

**Cash Not Reported:** $961164.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 272.78850830 | **1-Year:** 1836.72460020 | **5-Year:** 5773.18376220 | **10-Year:** 5676.41653810 | **30-Year:** 3452.27978650

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

- **3-Month:** 93.53515850 | **1-Year:** 995.86856550 | **5-Year:** 1630.31569710 | **10-Year:** 1278.46066300 | **30-Year:** 1237.82604760

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227886 | 1.53%                | 0.18%                | -0.25%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-46641.36               | $653998.60                                 |
| Month 2  | $44010.16                | $-181381.33                                |
| Month 3  | $54124.78                | $-521771.54                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fidelity Revere Street Trust                              | Fidelity Cash Central Fund                                              | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   2039191 | NS      | $2039598.71   | 2.75%             |  |  |  | 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      | $335201.05    | 0.45%             | 2066-12-15      | Variable      | 0.06%                 | 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      | $170537.98    | 0.23%             | 2069-08-01      | Variable      | 0.11%                 | 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      | $161280.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 6.875% PFD PERP                                          | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |       600 | NS      | $15186.00     | 0.02%             |  |  |  | No            |                  1 | 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      | $144542.85    | 0.20%             |  |  |  | No            |                  1 | 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      | $155672.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO USISDA05+NA 01/20/2046 144A                          | CUSIP: 654579AE1<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $199999.48    | 0.27%             | 2046-01-20      | Variable      | 0.05%                 | No            |                  2 | 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      | $167758.00    | 0.23%             |  |  |  | No            |                  1 | 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      | $39137.50     | 0.05%             |  |  |  | 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      | $107414.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 6.25%/VAR PERP                                            | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    230000 | PA      | $231365.74    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                         | STATECRP 5.35%/VAR PFD PERP                                             | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |      1000 | NS      | $22380.00     | 0.03%             |  |  |  | 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      | $125914.63    | 0.17%             | 2076-06-15      | Variable      | 0.07%                 | No            |                  2 | 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      | $199289.36    | 0.27%             |  |  |  | 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      | $79200.98     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                       | NORTHERN TRUST CORP 4.6%/VAR PERP                                       | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | EP               | CORP              | US        |    155000 | PA      | $153655.11    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST 5.875%/VAR 08/15/2076                                 | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    129000 | PA      | $129107.07    | 0.17%             | 2076-08-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| QWEST CORPORATION                                         | QWEST CORPORATION 6.5% 09/01/56 PFD                                     | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |      5900 | NS      | $113752.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY ARKANSAS LLC                                      | ENTERGY ARK 4.875% PFD 9/1/66                                           | CUSIP: 29364D100<br>LEI: KYX6QEFGFXUFFAWLGG05 | Long             | EP               | CORP              | US        |      8600 | NS      | $179740.00    | 0.24%             |  |  |  | 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      | $20680.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                   | ENTERGY MISS 4.9% PFD 10/1/66                                           | CUSIP: 29364N108<br>LEI: FKUZOUT82DOBGXFS6K20 | Long             | EP               | CORP              | US        |      8600 | NS      | $182406.00    | 0.25%             |  |  |  | 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      | $49696.64     | 0.07%             |  |  |  | No            |                  2 | 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      | $58072.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 6%/VAR 01/15/2077                                          | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |     68000 | PA      | $68218.89     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 5.85% PFD PERP                                           | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     30700 | NS      | $759518.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP DEL                                            | US BANCORP DEL 5.3%/VAR PERP                                            | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    170000 | PA      | $170289.17    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                          | PARAMOUNT GLOBAL 6.25%/VAR 02/28/2057                                   | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77870.00     | 0.11%             | 2057-02-28      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST 5.3%/VAR 03/15/2077                                   | CUSIP: 89356BAC2<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    161000 | PA      | $160376.33    | 0.22%             | 2077-03-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 5%/VAR PERP                                                     | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    155000 | PA      | $154032.32    | 0.21%             |  |  |  | No            |                  2 | 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        |     12226 | NS      | $292813.92    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| QWEST CORPORATION                                         | QWEST CORPORATION 6.75% PFD 6/15/57                                     | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |      7400 | NS      | $143930.00    | 0.19%             |  |  |  | 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      | $169874.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 5.5%/VAR 07/15/2077                                        | CUSIP: 29250NAS4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    126000 | PA      | $125636.93    | 0.17%             |  |  |  | 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      | $54340.00     | 0.07%             |  |  |  | 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      | $32921.34     | 0.04%             | 2077-08-16      | Variable      | 0.07%                 | No            |                  2 | 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      | $125746.14    | 0.17%             | 2077-08-16      | Variable      | 0.05%                 | No            |                  2 | 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      | $42300.00     | 0.06%             |  |  |  | No            |                  1 | 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      | $267516.30    | 0.36%             | 2077-09-14      | Variable      | 0.04%                 | 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      | $95395.50     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC 4.5%/VAR 09/15/2047                                 | CUSIP: 744320AW2<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123468.85    | 0.17%             | 2047-09-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERN PIPELINE LP                              | PLAINS ALL AMERN PIPELINE LP TSFR3M+437.161 PERP                        | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | EP               | CORP              | US        |    285000 | PA      | $284838.63    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 4.8%/VAR 12/01/2077                        | CUSIP: 65339KAV2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136998.61    | 0.18%             | 2077-12-01      | Variable      | 0.05%                 | 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      | $110017.76    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP 6.625%/VAR PERP                                      | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   2800000 | PA      | $2805182.80   | 3.79%             |  |  |  | No            |                  2 | 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        |     17406 | NS      | $390590.64    | 0.53%             |  |  |  | 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      | $106500.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORP                                              | NAVIENT CORP 6.0% PFD 12/15/2043                                        | CUSIP: 63938C405<br>LEI: 54930067J0ZNOEBRW338 | Long             | EP               | CORP              | US        |      1500 | NS      | $29670.00     | 0.04%             |  |  |  | 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      | $14613.75     | 0.02%             |  |  |  | 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      | $66769.93     | 0.09%             | 2078-02-15      | Variable      | 0.05%                 | 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      | $124492.85    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 5.875%/VAR PERP                             | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    340000 | PA      | $343095.36    | 0.46%             |  |  |  | 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      | $62872.77     | 0.08%             | 2048-03-27      | Variable      | 0.07%                 | 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      | $202425.80    | 0.27%             | 2048-04-26      | Variable      | 0.05%                 | 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      | $152670.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC 5.625% PERP PFD                                             | CUSIP: 59156R876<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      4500 | NS      | $105750.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION SER HH 5.875% PFD PERP                      | CUSIP: 060505195<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     14600 | NS      | $362956.00    | 0.49%             |  |  |  | No            |                  1 | 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      | $150500.00    | 0.20%             |  |  |  | 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      | $91124.00     | 0.12%             |  |  |  | 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      | $80045.00     | 0.11%             |  |  |  | No            |                  1 | 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      | $24060.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC 5.7%/VAR 09/15/2048                                 | CUSIP: 744320BF8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121502.88    | 0.16%             | 2048-09-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JPMORGAN CHASE and CO 5.75% PFD PERP                                    | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     24481 | NS      | $614228.29    | 0.83%             |  |  |  | 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      | $56184.00     | 0.08%             |  |  |  | No            |                  1 | 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        |     20900 | NS      | $520410.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSTAR GROUP LTD                                          | ENSTAR GROUP LTD 7%/VAR PFD                                             | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |      3900 | NS      | $92625.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 5.65% PFD                                                       | CUSIP: 493267876<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      5300 | NS      | $115010.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/THE                          | HARTFORD INSURANCE GROUP INC/THE                                        | CUSIP: 416518603<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EP               | CORP              | US        |       300 | NS      | $7494.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                                | UNUM GROUP 6.25% 06/15/2058 PFD                                         | CUSIP: 91529Y601<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EP               | CORP              | US        |      3500 | NS      | $83434.75     | 0.11%             |  |  |  | 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      | $109792.00    | 0.15%             |  |  |  | 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      | $34755.00     | 0.05%             |  |  |  | No            |                  1 | 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      | $134344.00    | 0.18%             |  |  |  | No            |                  1 | 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      | $26061.00     | 0.04%             |  |  |  | No            |                  1 | 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      | $159360.00    | 0.22%             |  |  |  | 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      | $419217.20    | 0.57%             | 2079-04-04      | Variable      | 0.07%                 | No            |                  2 | 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      | $236822.27    | 0.32%             | 2079-05-01      | Variable      | 0.06%                 | No            |                  2 | 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        |      3800 | NS      | $62662.00     | 0.08%             |  |  |  | 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      | $71250.00     | 0.10%             |  |  |  | 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      | $58212.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 5.625% PFD PERP                                                 | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      5400 | NS      | $117450.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CO                                             | FORD MOTOR CO                                                           | CUSIP: 345370845<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |      2600 | NS      | $55042.00     | 0.07%             |  |  |  | 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      | $121300.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION SER KK 5.375% PFD PERP                      | CUSIP: 06053U601<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      8000 | NS      | $179040.00    | 0.24%             |  |  |  | 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      | $148560.00    | 0.20%             |  |  |  | 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      | $125685.00    | 0.17%             |  |  |  | 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      | $212100.00    | 0.29%             |  |  |  | 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      | $25194.00     | 0.03%             |  |  |  | No            |                  1 | 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      | $189684.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4.875% SER I PFD PERP                                    | CUSIP: 74460W628<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      1500 | NS      | $29655.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 5% PERP PFD                                 | CUSIP: 06055H202<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      8700 | NS      | $181395.00    | 0.24%             |  |  |  | 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      | $126892.16    | 0.17%             | 2079-09-15      | Variable      | 0.06%                 | No            |                  2 | 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      | $15808.00     | 0.02%             |  |  |  | No            |                  1 | 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      | $85398.00     | 0.12%             |  |  |  | No            |                  1 | 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      | $267750.00    | 0.36%             |  |  |  | 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      | $78328.50     | 0.11%             |  |  |  | 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      | $38280.00     | 0.05%             |  |  |  | No            |                  1 | 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      | $29340.00     | 0.04%             |  |  |  | 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        |     12500 | NS      | $254000.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                                             | ALLSTATE CORP SER I 4.75% PFD PERP                                      | CUSIP: 020002812<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |      2000 | NS      | $39200.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4.7% SER J PFD PERP                                      | CUSIP: 74460W594<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      1700 | NS      | $32351.00     | 0.04%             |  |  |  | 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      | $90160.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY SER L 4.875% PFD PERP                                    | CUSIP: 61762V804<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      5400 | NS      | $112482.00    | 0.15%             |  |  |  | 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      | $114285.00    | 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      | $109763.00    | 0.15%             |  |  |  | No            |                  1 | 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      | $375812.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS DIVERSIFIED HOLDINGS                              | COMPASS DIVERSIFIED HOLDINGS SER C 7.875% PERP PFD                      | CUSIP: 20451Q401<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |      4000 | NS      | $73000.00     | 0.10%             |  |  |  | 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      | $59517.47     | 0.08%             |  |  |  | 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      | $157935.70    | 0.21%             |  |  |  | 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      | $126752.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP 7.125%/VAR PERP                                      | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |    190000 | PA      | $195145.96    | 0.26%             |  |  |  | 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      | $400608.00    | 0.54%             |  |  |  | No            |                  1 | 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      | $94723.01     | 0.13%             | 2050-01-23      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CADENCE BANK                                              | BANCORPSOUTH BANK 5.5% PFD PERP                                         | CUSIP: 12740C202<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EP               | CORP              | US        |      2000 | NS      | $43000.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS DIVERSIFIED HOLDINGS                              | COMPASS DIVERSIFIED HOLDINGS VAR PFD                                    | CUSIP: 20451Q302<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |      4000 | NS      | $73000.00     | 0.10%             |  |  |  | No            |                  1 | 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      | $200500.00    | 0.27%             |  |  |  | No            |                  2 | 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      | $134754.00    | 0.18%             |  |  |  | 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      | $26125.00     | 0.04%             |  |  |  | No            |                  1 | 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      | $453383.00    | 0.61%             |  |  |  | No            |                  1 | 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      | $42834.81     | 0.06%             |  |  |  | No            |                  1 | 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      | $1005000.00   | 1.36%             |  |  |  | No            |                  2 | 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      | $146673.95    | 0.20%             | 2050-06-01      | Variable      | 0.05%                 | 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      | $82232.00     | 0.11%             |  |  |  | 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      | $229572.38    | 0.31%             |  |  |  | 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      | $404273.88    | 0.55%             |  |  |  | No            |                  2 | 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      | $523320.89    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 5.75%/VAR 07/15/2080                                       | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    126000 | PA      | $127340.14    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL INC                                 | BRIGHTHOUSE FINANCIAL INC SER B 6.75% PFD PERP                          | CUSIP: 10922N509<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      3700 | NS      | $62900.00     | 0.08%             |  |  |  | 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      | $55406.01     | 0.07%             |  |  |  | No            |                  1 | 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      | $53816.00     | 0.07%             |  |  |  | No            |                  1 | 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      | $186664.80    | 0.25%             | 2050-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                     | TRUIST FINANCIAL CORP 4.75% PERP PFD                                    | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |      5900 | NS      | $112395.00    | 0.15%             |  |  |  | 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      | $104220.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COMPANY                                          | SOUTHERN COMPANY 4.2% PFD 10/15/2060                                    | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     66098 | NS      | $1181501.75   | 1.59%             |  |  |  | No            |                  1 | 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      | $14074.50     | 0.02%             |  |  |  | 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      | $63165.62     | 0.09%             | 2050-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 3.875% PFD PERP                                          | CUSIP: 74460W511<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3600 | NS      | $56772.00     | 0.08%             |  |  |  | No            |                  1 | 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      | $85736.00     | 0.12%             |  |  |  | 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      | $52260.00     | 0.07%             |  |  |  | No            |                  1 | 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      | $53410.00     | 0.07%             |  |  |  | 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        |   2055000 | PA      | $2042043.02   | 2.76%             |  |  |  | No            |                  2 | 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      | $40700.00     | 0.05%             |  |  |  | No            |                  1 | 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      | $185043.75    | 0.25%             |  |  |  | No            |                  1 | 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      | $178600.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 3.9% PFD PERP O                                          | CUSIP: 74460W487<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3500 | NS      | $55510.00     | 0.07%             |  |  |  | No            |                  1 | 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      | $376365.85    | 0.51%             | 2050-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 5.875%/VAR PERP                                          | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    435000 | PA      | $437489.07    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION                                             | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      9062 | NS      | $162934.76    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 4%/VAR PERP                                               | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    285000 | PA      | $284679.38    | 0.38%             |  |  |  | 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      | $774575.02    | 1.05%             |  |  |  | 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      | $68180.00     | 0.09%             |  |  |  | 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      | $16170.00     | 0.02%             |  |  |  | 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      | $13711.50     | 0.02%             |  |  |  | No            |                  1 | 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      | $181165.44    | 0.24%             | 2051-01-21      | Variable      | 0.03%                 | No            |                  2 | 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      | $553425.89    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL INC                                 | BRIGHTHOUSE FINANCIAL INC                                               | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      4000 | NS      | $53880.00     | 0.07%             |  |  |  | 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        |      7500 | NS      | $127425.00    | 0.17%             |  |  |  | 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      | $87026.00     | 0.12%             |  |  |  | No            |                  1 | 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      | $80627.98     | 0.11%             | 2061-02-01      | Fixed         | 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      | $398414.00    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| TELEPHONE and DATA SYSTEMS INC                            | TELEPHONE and DATA 6.625% PFD PERP                                      | CUSIP: 879433787<br>LEI: 5299003YZW5BE2NNLO37 | Long             | EP               | CORP              | US        |      1500 | NS      | $31200.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORP                                            | AIR LEASE CORP 4.65%/VAR PERP                                           | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    300000 | PA      | $296982.93    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                      | EDISON INTERNATIONAL 5.375%/VAR PERP                                    | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |    186000 | PA      | $185367.66    | 0.25%             |  |  |  | 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      | $446321.00    | 0.60%             |  |  |  | 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      | $198496.62    | 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      | $84825.00     | 0.11%             |  |  |  | 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      | $252049.64    | 0.34%             |  |  |  | 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      | $87275.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL INC                                 | BRIGHTHOUSE FINANCIAL INC 6.25% PFD 09/15/2058                          | CUSIP: 10922N202<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |      1600 | NS      | $27584.00     | 0.04%             |  |  |  | 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      | $77129.70     | 0.10%             |  |  |  | No            |                  1 | 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      | $53351.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC                                              | ASSURANT INC 01/15/2026 5.25% PFD                                       | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |      2500 | NS      | $49500.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO LIFE INS CO                                      | SUMITOMO LIFE INS CO 3.375%/VAR 04/15/2081 144A                         | CUSIP: 86564CAC4<br>LEI: 549300I5OQCDADQSPI57 | Long             | EP               | CORP              | JP        |    220000 | PA      | $206216.93    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                        | ALLY FINL INC 4.7%/VAR PERP                                             | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    130000 | PA      | $127315.24    | 0.17%             |  |  |  | No            |                  2 | 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      | $63144.00     | 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      | $82467.00     | 0.11%             |  |  |  | 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      | $394777.28    | 0.53%             | 2051-09-15      | Variable      | 0.04%                 | No            |                  2 | 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      | $130314.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                                     | JPMORGAN CHASE and CO 4.625% PERP PFD                                   | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     12100 | NS      | $239943.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                                        | ALLY FINL INC 4.7%/VAR PERP                                             | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    685000 | PA      | $631943.12    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| VODAFONE GRP PLC                                          | VODAFONE GROUP PLC T5Y+NA 06/04/2081                                    | CUSIP: 92857WBV1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    170000 | PA      | $167836.17    | 0.23%             | 2081-06-04      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| VODAFONE GRP PLC                                          | VODAFONE GROUP PLC T5Y+NA 06/04/2081                                    | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    180000 | PA      | $169275.01    | 0.23%             | 2081-06-04      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| VODAFONE GRP PLC                                          | VODAFONE GROUP PLC T5Y+NA 06/04/2081                                    | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    215000 | PA      | $170625.08    | 0.23%             | 2081-06-04      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4% PERP PFD                                              | CUSIP: 74460W461<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     20000 | NS      | $324200.00    | 0.44%             |  |  |  | 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      | $551908.17    | 0.74%             |  |  |  | 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      | $32298.35     | 0.04%             |  |  |  | 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      | $73435.74     | 0.10%             | 2051-06-30      | Variable      | 0.04%                 | No            |                  2 | 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      | $26700.00     | 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      | $38508.75     | 0.05%             |  |  |  | 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      | $24691.50     | 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      | $228540.00    | 0.31%             |  |  |  | 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        |     10522 | NS      | $180241.86    | 0.24%             |  |  |  | No            |                  1 | 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      | $276028.00    | 0.37%             |  |  |  | No            |                  1 | 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      | $54747.00     | 0.07%             |  |  |  | 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      | $412497.80    | 0.56%             | 2029-08-01      | Fixed         | 0.06%                 | 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      | $213147.77    | 0.29%             |  |  |  | No            |                  2 | 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      | $72991.00     | 0.10%             |  |  |  | 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      | $28320.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 3.95% PERP PFD                                           | CUSIP: 74460W446<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3500 | NS      | $56280.00     | 0.08%             |  |  |  | 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      | $147092.36    | 0.20%             | 2051-12-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TELEPHONE and DATA SYSTEMS INC                            | TELEPHONE and DATA SYSTEMS INC 6% PFD PERP                              | CUSIP: 879433761<br>LEI: 5299003YZW5BE2NNLO37 | Long             | EP               | CORP              | US        |      3500 | NS      | $65940.00     | 0.09%             |  |  |  | No            |                  1 | 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        |    750000 | PA      | $728299.28    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO 2.9%/VAR 09/16/2051 144A                             | CUSIP: 654579AK7<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | EP               | CORP              | JP        |    190000 | PA      | $170326.41    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATN                             | WESTERN ALLIANCE BANCORPORATN                                           | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |      1500 | NS      | $33210.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORP                                            | AIR LEASE CORP 4.125%/VAR PERP                                          | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    261000 | PA      | $252721.37    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA CORP                                               | VISTRA CORP 8%/VAR PERP 144A                                            | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |    100000 | PA      | $102196.30    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY SER O 4.5% PFD PERP                                      | CUSIP: 61762V861<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     12800 | NS      | $226048.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 4.250% PFD PERP                             | CUSIP: 06055H806<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      6032 | NS      | $105017.12    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP DEL                                            | US BANCORP DEL 3.7%/VAR PERP                                            | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    815000 | PA      | $791197.03    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 4.15%/VAR PERP                                            | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |     89000 | PA      | $87466.29     | 0.12%             |  |  |  | No            |                  2 | 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        |   1109000 | PA      | $1089801.10   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                      | EDISON INTERNATIONAL 5%/VAR PERP                                        | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |    219000 | PA      | $217661.38    | 0.29%             |  |  |  | No            |                  2 | 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      | $94322.93     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                            | PUBLIC STORAGE 4% PFD PERP                                              | CUSIP: 74460W420<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3300 | NS      | $53592.00     | 0.07%             |  |  |  | No            |                  1 | 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      | $46960.00     | 0.06%             |  |  |  | No            |                  1 | 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      | $131379.34    | 0.18%             | 2062-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                    | SEMPRA 4.125%/VAR 04/01/2052                                            | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    710000 | PA      | $691529.14    | 0.93%             | 2052-04-01      | Variable      | 0.04%                 | No            |                  2 | 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      | $149554.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                                       | DOMINION ENERGY INC 4.35%/VAR PERP                                      | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EP               | CORP              | US        |    225000 | PA      | $222253.85    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA CORP                                               | VISTRA CORP 7%/VAR PERP 144A                                            | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |    470000 | PA      | $476625.59    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 3.8%/VAR 03/15/2082                        | CUSIP: 65339KCB4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136892.60    | 0.18%             | 2082-03-15      | Variable      | 0.04%                 | 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      | $56372.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 4.375%/VAR PERP                             | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    350000 | PA      | $345082.47    | 0.47%             |  |  |  | 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      | $51492.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS INC                                 | ROGERS COMMUNICATIONS INC 5.25%/VAR 03/15/2082 144A                     | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    510000 | PA      | $507176.03    | 0.68%             | 2082-03-15      | Variable      | 0.05%                 | 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      | $148707.71    | 0.20%             | 2052-03-01      | Variable      | 0.05%                 | 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        |     11500 | NS      | $224020.00    | 0.30%             |  |  |  | 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      | $329842.07    | 0.45%             | 2082-03-07      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                          | PARAMOUNT GLOBAL T5Y+NA 03/30/2062                                      | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122483.28    | 0.17%             | 2062-03-30      | Variable      | 0.06%                 | 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        |    440000 | PA      | $444193.64    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                            | PNC FINANCIAL SERVICES GRP INC 6%/VAR PERP                              | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    170000 | PA      | $171094.12    | 0.23%             |  |  |  | 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      | $209571.90    | 0.28%             | 2042-05-23      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY 6.5% PFD PERP                                            | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     40100 | NS      | $1036580.99   | 1.40%             |  |  |  | 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      | $207269.60    | 0.28%             | 2052-09-01      | Variable      | 0.06%                 | 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      | $54720.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                            | PNC FINANCIAL SERVICES GRP INC 6.2%/VAR PERP                            | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    200000 | PA      | $202970.60    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYCORP                                                   | KEYCORP 6.2%/VAR PERP PFD                                               | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      3300 | NS      | $83589.00     | 0.11%             |  |  |  | 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      | $102280.00    | 0.14%             |  |  |  | No            |                  1 | 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      | $103160.00    | 0.14%             |  |  |  | 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      | $164398.88    | 0.22%             |  |  |  | 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      | $266024.50    | 0.36%             | 2053-03-01      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                             | ALLSTATE CORP SER J 7.375% PFD PERP                                     | CUSIP: 020002788<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |      4100 | NS      | $108814.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRICITE DE FRANCE                                     | ELECTRICITE DE FRANCE T5Y+NA PERP 144A                                  | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | EP               | CORP              | FR        |    200000 | PA      | $231401.40    | 0.31%             |  |  |  | No            |                  2 | 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      | $79881.53     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC                             | APOLLO GLOBAL MANAGEMENT INC SER A PC 6.75% 07/31/2026                  | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |       800 | NS      | $55361.86     | 0.07%             |  |  |  | No            |                  2 | 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      | $108322.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANZ SE                                                | ALLIANZ SE 6.35%/VAR 09/06/2053 144A                                    | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    140000 | PA      | $150647.42    | 0.20%             | 2053-09-06      | Variable      | 0.06%                 | No            |                  2 | 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      | $212190.40    | 0.29%             | 2053-09-13      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 7.625%/VAR PERP                                           | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    220000 | PA      | $229947.96    | 0.31%             |  |  |  | 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      | $1806951.83   | 2.44%             | 2084-01-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC 8.25%/VAR 01/15/2084                                       | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    100000 | PA      | $106846.70    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                      | EDISON INTERNATIONAL 7.875%/VAR 06/15/2054                              | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15600.95     | 0.02%             | 2054-06-15      | Variable      | 0.08%                 | No            |                  2 | 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      | $37319.80     | 0.05%             | 2054-05-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INS CO                                      | SUMITOMO LIFE INS CO 5.875%/VAR PERP 144A                               | CUSIP: 86564CAE0<br>LEI: 549300I5OQCDADQSPI57 | Long             | EP               | CORP              | JP        |    200000 | PA      | $204660.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                         | STATE STREET CORP 6.7%/VAR PERP                                         | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |    250000 | PA      | $259461.75    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                    | BP CAPITAL MARKETS PLC 6.45%/VAR PERP                                   | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | EP               | CORP              | GB        |    335000 | PA      | $356075.19    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 6.7%/VAR 09/01/2054                        | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145487.02    | 0.20%             | 2054-09-01      | Variable      | 0.07%                 | 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        |     13100 | NS      | $330120.00    | 0.45%             |  |  |  | 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      | $152939.48    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINL INC                                       | PRUDENTIAL FINL INC T5Y+NA 03/15/2054                                   | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    120000 | PA      | $126421.20    | 0.17%             | 2054-03-15      | Variable      | 0.07%                 | No            |                  2 | 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      | $53109.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON LIFE INS CO                                        | NIPPON LIFE INS CO 5.95%/VAR 04/16/2054 144A                            | CUSIP: 654579AN1<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    260000 | PA      | $271451.53    | 0.37%             | 2054-04-16      | Variable      | 0.06%                 | 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      | $168879.84    | 0.23%             |  |  |  | No            |                  2 | 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      | $109224.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 7.125%/VAR PERP                                           | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    220000 | PA      | $225493.18    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRASTRUCTURE FINANCE ULC                     | BROOKFIELD INFRASTRUCTURE FINANCE ULC 7.25% PFD 05/31/2084              | CUSIP: 11276B208<br>LEI: 984500CDDWC47U7DBA74 | Long             | EP               | CORP              | CA        |      1100 | NS      | $27489.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 6.75%/VAR 06/15/2054                       | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    140000 | PA      | $150235.26    | 0.20%             | 2054-06-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATION TRUST | 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      | $157307.49    | 0.21%             | 2055-03-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 7%/VAR PERP                                               | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    270000 | PA      | $286692.48    | 0.39%             |  |  |  | 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      | $381640.00    | 0.52%             |  |  |  | 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      | $84414.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANZ SE                                                | ALLIANZ SE 5.6%/VAR 09/03/2054 144A                                     | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    175000 | PA      | $179300.98    | 0.24%             | 2054-09-03      | Variable      | 0.06%                 | 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      | $140053.05    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURANCE CO                            | MEIJI YASUDA LIFE INSURANCE CO 5.8%/VAR 09/11/2054 144A                 | CUSIP: 585270AD3<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $153012.15    | 0.21%             | 2054-09-11      | Variable      | 0.06%                 | No            |                  2 | 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      | $131096.94    | 0.18%             | 2054-09-15      | Variable      | 0.06%                 | 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      | $280174.43    | 0.38%             | 2055-03-15      | Variable      | 0.07%                 | 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      | $206919.80    | 0.28%             | 2054-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                            | AIR LEASE CORP 6%/VAR PERP                                              | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |     70000 | PA      | $67953.43     | 0.09%             |  |  |  | No            |                  2 | 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      | $491475.84    | 0.66%             |  |  |  | No            |                  2 | 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      | $544822.03    | 0.74%             |  |  |  | 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      | $141634.37    | 0.19%             | 2055-05-15      | Variable      | 0.07%                 | No            |                  2 | 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      | $283613.28    | 0.38%             |  |  |  | No            |                  2 | 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      | $517457.50    | 0.70%             | 2055-05-15      | Variable      | 0.07%                 | No            |                  2 | 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      | $104588.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 6.75%/VAR PERP                                            | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    200000 | PA      | $201534.90    | 0.27%             |  |  |  | No            |                  2 | 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        |      1300 | NS      | $52975.00     | 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      | $308247.32    | 0.42%             |  |  |  | No            |                  2 | 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      | $172423.86    | 0.23%             | 2055-03-10      | 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      | $444588.57    | 0.60%             | 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      | $136572.67    | 0.18%             | 2055-07-15      | Variable      | 0.07%                 | No            |                  2 | 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      | $48636.00     | 0.07%             |  |  |  | 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      | $272124.32    | 0.37%             |  |  |  | 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      | $212472.40    | 0.29%             |  |  |  | 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      | $525364.00    | 0.71%             |  |  |  | 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      | $705321.84    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| STRATEGY INC                                              | STRATEGY INC 8% PC PERP                                                 | CUSIP: 594972887<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |       600 | NS      | $52272.00     | 0.07%             |  |  |  | No            |                  2 | 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      | $263368.08    | 0.36%             |  |  |  | No            |                  2 | 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      | $272974.80    | 0.37%             | 2055-08-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC                              | NEXTERA ENERGY CAP HLDGS INC 6.5%/VAR 08/15/2055                        | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    140000 | PA      | $148131.34    | 0.20%             | 2055-08-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC 6.95%/VAR PERP                                            | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    275000 | PA      | $281498.25    | 0.38%             |  |  |  | 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      | $164225.83    | 0.22%             | 2055-04-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BELL TELEPHONE CO OF CANADA OR BELL CANADA/THE            | BELL TELEPHONE CO OF CANADA OR BELL CANADA/THE 6.875%/VAR 09/15/2055    | CUSIP: 0778FPAP4<br>LEI: 549300O5ZKB2MUUSKB97 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $145313.00    | 0.20%             | 2055-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BELL TELEPHONE CO OF CANADA OR BELL CANADA/THE            | BELL TELEPHONE CO OF CANADA OR BELL CANADA/THE 7%/VAR 09/15/2055        | CUSIP: 0778FPAQ2<br>LEI: 549300O5ZKB2MUUSKB97 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $147293.44    | 0.20%             | 2055-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                              | BARCLAYS PLC 7.625%/VAR PERP                                            | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EP               | CORP              | GB        |    200000 | PA      | $211097.80    | 0.28%             |  |  |  | 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      | $137773.98    | 0.19%             | 2065-06-01      | Variable      | 0.07%                 | 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      | $142927.34    | 0.19%             | 2055-03-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURANCE CO                            | MEIJI YASUDA LIFE INSURANCE CO 6.1%/VAR 06/11/2055 144A                 | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    290000 | PA      | $301300.72    | 0.41%             | 2055-06-11      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC T5Y+NA 03/15/2055                                           | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    130000 | PA      | $137323.03    | 0.19%             | 2055-03-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| STRATEGY INC                                              | STRATEGY INC SER A 10% PERP PFD                                         | CUSIP: 594972879<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |      1200 | NS      | $130464.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFICORP                                                | PACIFICORP 7.375%/VAR 09/15/2055                                        | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     81000 | PA      | $82364.12     | 0.11%             | 2055-09-15      | Variable      | 0.07%                 | 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      | $429501.60    | 0.58%             | 2055-04-30      | Variable      | 0.07%                 | 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        |     30000 | PA      | $31111.32     | 0.04%             |  |  |  | No            |                  2 | 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      | $110880.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                | CAPITAL ONE FINANCIAL CORP 5.5%/VAR PERP                                | CUSIP: 14040HDK8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |    315000 | PA      | $315362.57    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR and CO INC                                            | KKR and CO LP 6.875% PFD 06/01/2065                                     | CUSIP: 48251W609<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |      3300 | NS      | $84117.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                          | T-MOBILE USA INC PFD 6.25% 09/01/2069                                   | CUSIP: 87264A105<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |     22700 | NS      | $564322.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                          | T-MOBILE USA INC PFD 5.5% 03/01/2070                                    | CUSIP: 87264A204<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |     17300 | NS      | $403090.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                          | T-MOBILE USA INC PFD 5.5% 06/01/2070                                    | CUSIP: 87264A303<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |     14345 | NS      | $334095.05    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD            | SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD 7.625%/VAR 03/01/2055    | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $202066.22    | 0.27%             | 2055-03-01      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC T5Y+289 6.875%/VAR PERP                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    735000 | PA      | $752298.96    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORPORATION 6.25%/VAR PERP                              | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    584000 | PA      | $590533.21    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| STRATEGY INC                                              | STRATEGY INC 9%/VAR PERP PFD                                            | CUSIP: 594972853<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |      1600 | NS      | $154832.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GRP INC                                | CITIZENS FINANCIAL GROUP INC 6.5%/VAR PFD PERP                          | CUSIP: 174610808<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |      5200 | NS      | $132496.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                                       | DOMINION ENERGY INC 6%/VAR 02/15/2056                                   | CUSIP: 25746UDZ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    307000 | PA      | $310616.66    | 0.42%             | 2056-02-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD            | SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD 7.5%/VAR 03/01/2055      | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $206820.51    | 0.28%             | 2055-03-01      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BANK NEW YORK MELLON CORP                                 | BANK NEW YORK MELLON CORP 5.95%/VAR PERP                                | CUSIP: 064058AR1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |    225000 | PA      | $227902.28    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                 | SUNOCO LP 7.875%/VAR PERP 144A                                          | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | EP               | CORP              | US        |    755000 | PA      | $768212.50    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                             | DTE ENERGY CO 6.25% SER H PFD 10/01/85                                  | CUSIP: 233331792<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     26300 | NS      | $657763.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                                           | XCEL ENERGY INC 6.25% PFD 10/15/2085                                    | CUSIP: 98389B878<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EP               | CORP              | US        |     15700 | NS      | $392657.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA PIPELINES LTD                                 | TRANSCANADA PIPELINES LTD 11/01/85 PFD                                  | CUSIP: 893526681<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | EP               | CORP              | CA        |      7100 | NS      | $173240.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES INC/NC                          | FIRST CITIZENS BANCSHARES INC/NC VAR PERP                               | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111407.01    | 0.15%             | 2199-12-31      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                  | COREBRIDGE FINANCIAL INC 0% PERP                                        | CUSIP: 21871XAU3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112479.95    | 0.15%             | 2199-12-31      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer