# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-23-014661
**Filing Date:** 2023-1
**Character Count:** 85349
**Document Hash:** 040441c81fbc8b09ef991ca51ec238d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014661.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014661

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908
- **IRS NUMBER:** 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:** 23556505

**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**<sup>®</sup> **Preferred Securities & Income ETF**

**November 30, 2022**

PSI-NPRT1-0123

1.9901714.101 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Nonconvertible Bonds - 10.9%** | &nbsp;&nbsp;**Nonconvertible Bonds - 10.9%** | &nbsp;&nbsp;**Nonconvertible Bonds - 10.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| COMMUNICATION SERVICES - 1.7%  |  |  |
| Media - 0.4% |  |  |
| Paramount Global 6.25% 2/28/57 (b) | 153000 | 127842 |
| Wireless Telecommunication Services - 1.3% |  |  |
| Vodafone Group PLC 7% 4/4/79 (b) | 400000 | 398484 |
| TOTAL COMMUNICATION SERVICES |  | 526326 |
| ENERGY - 2.2%  |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Buckeye Partners LP 6.375% 1/22/78 (b) | 59000 | 46610 |
| DCP Midstream Operating LP 5.85% 5/21/43 (b)(c) | 12000 | 11740 |
| Enterprise Products Operating LP: |  |  |
|  3 month U.S. LIBOR + 2.980% 7.6299% 8/16/77 (b)(d) | 33000  | 30246  |
|  5.25% 8/16/77 (b) | 126000  | 102301  |
|  5.375% 2/15/78 (b) | 67000  | 50726  |
| Transcanada Trust: |  |  |
|  5.3% 3/15/77 (b) | 161000  | 134779  |
|  5.5% 9/15/79 (b) | 128000  | 109120  |
|  5.625% 5/20/75 (b) | 95000  | 88855  |
|  5.875% 8/15/76 (b) | 129000  | 121081  |
|  |  | 695458 |
| FINANCIALS - 4.8%  |  |  |
| Diversified Financial Services - 0.9% |  |  |
| Apollo Management Holdings LP 4.95% 1/14/50 (b)(c) | 324000 | 274590 |
| Insurance - 3.9% |  |  |
| American International Group, Inc. 5.75% 4/1/48 (b) | 129000 | 121131 |
| Assurant, Inc. 7% 3/27/48 (b) | 61000 | 58255 |
| Liberty Mutual Group, Inc.: |  |  |
|  4.125% 12/15/51 (b)(c) | 50000  | 39454  |
|  4.3% 2/1/61 (c) | 75000  | 43947  |
| MetLife, Inc.: |  |  |
|  6.4% 12/15/66 (b) | 319000  | 300442  |
|  10.75% 8/1/69 (b) | 128000  | 168160  |
| PartnerRe Finance B LLC 4.5% 10/1/50 (b) | 67000 | 55610 |
| Prudential Financial, Inc.: |  |  |
|  3.7% 10/1/50 (b) | 150000  | 120750  |
|  5.125% 3/1/52 (b) | 150000  | 128236  |
|  6% 9/1/52 (b) | 200000  | 184408  |
|  |  | 1220393 |
| TOTAL FINANCIALS |  | 1494983 |
| UTILITIES - 2.2%  |  |  |
| Electric Utilities - 1.3% |  |  |
| Emera, Inc. 6.75% 6/15/76 (b) | 125000 | 118281 |
| NextEra Energy Capital Holdings, Inc. 5.65% 5/1/79 (b) | 329000 | 289386 |
|  |  | 407667 |
| Multi-Utilities - 0.9% |  |  |
| CMS Energy Corp. 3.75% 12/1/50 (b) | 359000 | 265660 |
| TOTAL UTILITIES |  | 673327 |
| <br> **TOTAL NONCONVERTIBLE BONDS**<br> (Cost $3,988,074) |  | <br> **3390094** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Nonconvertible Preferred Stocks - 29.1%** | &nbsp;&nbsp;**Nonconvertible Preferred Stocks - 29.1%** | &nbsp;&nbsp;**Nonconvertible Preferred Stocks - 29.1%** |
|  | Shares | Value ($)<br>|
| COMMUNICATION SERVICES - 2.4%  |  |  |
| Diversified Telecommunication Services - 2.1% |  |  |
| AT&T, Inc. 4.75%  | 34625 | 635715 |
| Wireless Telecommunication Services - 0.3% |  |  |
| U.S. Cellular Corp. 5.50%  | 6000 | 97860 |
| TOTAL COMMUNICATION SERVICES |  | 733575 |
| CONSUMER DISCRETIONARY - 0.5%  |  |  |
| Automobiles - 0.5% |  |  |
| Ford Motor Co. 6.00%  | 7000 | 165900 |
| ENERGY - 1.2%  |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| DCP Midstream Partners LP: |  |  |
|  7.95% (b) | 775  | 19569  |
|  Series B, 7.875% (b) | 775  | 19290  |
| Enbridge, Inc. Series B, 6.375% (b) | 2425 | 58782 |
| Energy Transfer LP: |  |  |
|  7.60% (b) | 5755  | 132423  |
|  7.625% (b) | 2960  | 68820  |
|  Series C, 7.375% (b) | 2623  | 60696  |
|  |  | 359580 |
| FINANCIALS - 19.9%  |  |  |
| Banks - 10.6% |  |  |
| Bank of America Corp.: |  |  |
|  4.25%  | 4750  | 84788  |
|  4.375%  | 32775  | 606993  |
| Cadence Bank 5.50%  | 1000 | 21230 |
| Cullen/Frost Bankers, Inc. Series B 4.45%  | 3000 | 60240 |
| Fifth Third Bancorp Series K 4.95%  | 1500 | 32250 |
| First Republic Bank: |  |  |
|  4.125%  | 14000  | 243880  |
|  Series M, 4.00%  | 18775  | 317673  |
| Huntington Bancshares, Inc. Series H, 4.50%  | 7950 | 147552 |
| JPMorgan Chase & Co.: |  |  |
|  4.55%  | 47900  | 932613  |
|  Series MM, 4.20%  | 725  | 13275  |
| KeyCorp: |  |  |
|  5.625%  | 1738  | 40443  |
|  6.20% (b) | 6000  | 148860  |
| Regions Financial Corp.: |  |  |
|  4.45%  | 2500  | 47075  |
|  5.75% (b) | 3000  | 69660  |
| Truist Financial Corp. 4.75%  | 4025 | 79091 |
| U.S. Bancorp: |  |  |
|  4.50%  | 3000  | 60330  |
|  Series K, 5.50%  | 3000  | 71970  |
|  Series L, 3.75%  | 2000  | 33740  |
|  Series M, 4.00%  | 6000  | 107400  |
| Wells Fargo & Co.: |  |  |
|  4.25%  | 1200  | 20400  |
|  4.70%  | 3600  | 66924  |
|  Series Z, 4.75%  | 5000  | 93850  |
|  |  | 3300237 |
| Capital Markets - 4.3% |  |  |
| Affiliated Managers Group, Inc. 4.75%  | 1000 | 18655 |
| Charles Schwab Corp. 4.45%  | 43150 | 873788 |
| Morgan Stanley: |  |  |
|  Series K, 5.85% (b) | 11275  | 267105  |
|  Series O, 4.50%  | 2300  | 41607  |
| Northern Trust Corp. Series E, 4.70%  | 1000 | 20980 |
| Oaktree Capital Group LLC 6.55%  | 1000 | 24675 |
| SCE Trust III 5.75% (b) | 1550 | 31434 |
| Stifel Financial Corp. Series D, 4.50%  | 4000 | 69760 |
|  |  | 1348004 |
| Consumer Finance - 0.1% |  |  |
| Navient Corp. 6.00%  | 1000 | 18330 |
| Diversified Financial Services - 1.2% |  |  |
| Equitable Holdings, Inc. 4.30%  | 2000 | 36180 |
| KKR Group Finance Co. IX LLC 4.625%  | 15000 | 274050 |
| Voya Financial, Inc. Series B, 5.35% (b) | 2550 | 56062 |
|  |  | 366292 |
| Insurance - 3.7% |  |  |
| Aegon Funding Co. LLC 5.10%  | 3950 | 80027 |
| Allstate Corp.: |  |  |
|  5.10%  | 10000  | 217000  |
|  Series I, 4.75%  | 2000  | 41480  |
| American Financial Group, Inc.: |  |  |
|  4.50%  | 900  | 17154  |
|  5.125%  | 1000  | 20830  |
| American International Group, Inc. 5.85%  | 2000 | 46740 |
| Athene Holding Ltd.: |  |  |
|  Series B, 5.625%  | 1500  | 32985  |
|  Series C, 6.375% (b) | 4000  | 100280  |
|  Series D, 4.875%  | 5425  | 99549  |
| MetLife, Inc. Series F 4.75%  | 5500 | 112365 |
| PartnerRe Ltd. 4.875%  | 3150 | 63473 |
| Prudential Financial, Inc. 4.125%  | 3000 | 58485 |
| RenaissanceRe Holdings Ltd. Series G, 4.20%  | 1550 | 27420 |
| Unum Group 6.25%  | 500 | 12405 |
| W.R. Berkley Corp. 4.25%  | 11000 | 218460 |
|  |  | 1148653 |
| TOTAL FINANCIALS |  | 6181516 |
| REAL ESTATE - 1.7%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 1.5% |  |  |
| Digital Realty Trust, Inc.: |  |  |
|  5.25%  | 750  | 16193  |
|  Series L, 5.20%  | 1500  | 32135  |
| Public Storage 4.00%  | 23500 | 407960 |
| Summit Hotel Properties, Inc. Series F, 5.875%  | 775 | 13392 |
|  |  | 469680 |
| Real Estate Management & Development - 0.2% |  |  |
| Brookfield Property Partners LP: |  |  |
|  5.75%  | 1550  | 23266  |
|  6.375%  | 825  | 14008  |
| Digitalbridge Group, Inc. Series I, 7.15%  | 600 | 11322 |
|  |  | 48596 |
| TOTAL REAL ESTATE |  | 518276 |
| UTILITIES - 3.4%  |  |  |
| Electric Utilities - 2.3% |  |  |
| Duke Energy Corp. 5.75%  | 5000 | 122150 |
| Pacific Gas & Electric Co. Series A  | 2205 | 45599 |
| SCE Trust II 5.10%  | 705 | 13043 |
| SCE Trust V 5.45% (b) | 1550 | 30520 |
| Southern Co.: |  |  |
|  4.20%  | 13000  | 243620  |
|  Series A, 4.95%  | 11825  | 240994  |
|  |  | 695926 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Brookfield Renewable Partners LP 5.25%  | 2395 | 42942 |
| Multi-Utilities - 1.0% |  |  |
| Algonquin Power & Utilities Corp. Series A, 6.20% (b) | 2000 | 45020 |
| Brookfield Infrastructure Partners LP: |  |  |
|  5.125%  | 825  | 13167  |
|  Class A 5.00%  | 825  | 12581  |
| CMS Energy Corp. 5.875%  | 3000 | 70170 |
| DTE Energy Co. 4.375%  | 2825 | 52559 |
| NiSource, Inc. 6.50% (b) | 3000 | 73590 |
| SCE Trust VI  | 2375 | 42513 |
|  |  | 309600 |
| TOTAL UTILITIES |  | 1048468 |
| <br> **TOTAL NONCONVERTIBLE PREFERRED STOCKS**<br> (Cost $10,959,869) |  | <br> **9007315** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 58.7%** | &nbsp;&nbsp;**Preferred Securities - 58.7%** | &nbsp;&nbsp;**Preferred Securities - 58.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CONSUMER DISCRETIONARY - 0.6%  |  |  |
| Automobiles - 0.6% |  |  |
| General Motors Financial Co., Inc. 5.7% 12/31/99 (b)(e) | 227000 | 196355 |
| ENERGY - 5.3%  |  |  |
| Oil, Gas & Consumable Fuels - 5.3% |  |  |
| BP Capital Markets PLC: |  |  |
|  4.375% (b)(e) | 125000  | 118906  |
|  4.875% (b)(e) | 450000  | 395888  |
| DCP Midstream Partners LP 7.375% (b)(e) | 263000 | 263053 |
| Enbridge, Inc.: |  |  |
|  5.5% 7/15/77 (b) | 126000  | 110490  |
|  5.75% 7/15/80 (b) | 126000  | 112042  |
|  6% 1/15/77 (b) | 68000  | 62195  |
|  6.25% 3/1/78 (b) | 123000  | 111539  |
| Energy Transfer LP: |  |  |
|  6.25% (b)(e) | 125000  | 106257  |
|  7.125% (b)(e) | 300000  | 252000  |
| EnLink Midstream Partners LP 6% 12/31/99 (b)(e) | 31000 | 25575 |
| Plains All American Pipeline LP 3 month U.S. LIBOR + 4.110% 8.7161% (b)(d)(e) | 95000 | 82413 |
|  |  | 1640358 |
| FINANCIALS - 48.1%  |  |  |
| Banks - 31.4% |  |  |
| Bank of America Corp.: |  |  |
|  5.875% (b)(e) | 863000  | 770228  |
|  6.125% (b)(e) | 100000  | 96750  |
| Citigroup, Inc.: |  |  |
|  3.875% (b)(e) | 511000  | 426366  |
|  4.15% (b)(e) | 89000  | 71868  |
|  5.95% (b)(e) | 418000  | 389699  |
|  6.3% (b)(e) | 745000  | 696575  |
| Citizens Financial Group, Inc. 6% (b)(e) | 247000 | 226589 |
| Fifth Third Bancorp 4.5% (b)(e) | 50000 | 46808 |
| Huntington Bancshares, Inc.: |  |  |
|  4.45% 12/31/99 (b)(e) | 574000  | 508022  |
|  5.625% (b)(e) | 351000  | 317462  |
|  5.7% (b)(e) | 184000  | 169740  |
| JPMorgan Chase & Co.: |  |  |
|  5% (b)(e) | 351000  | 324836  |
|  6.1% (b)(e) | 321000  | 311370  |
| KeyCorp 5% (b)(e) | 75000 | 65602 |
| M&T Bank Corp.: |  |  |
|  3.5% (b)(e) | 30000  | 22962  |
|  5.125% (b)(e) | 450000  | 392063  |
| PNC Financial Services Group, Inc.: |  |  |
|  5% (b)(e) | 1592000  | 1376096  |
|  6% (b)(e) | 225000  | 211500  |
| Regions Financial Corp. 5.75% 12/31/99 (b) | 75000 | 72700 |
| SVB Financial Group: |  |  |
|  4.25% 12/31/99 (b)(e) | 125000  | 82263  |
|  4.7% 12/31/99 (b)(e) | 60000  | 38970  |
| Truist Financial Corp.: |  |  |
|  4.95% (b)(e) | 50000  | 48250  |
|  5.1% (b)(e) | 478000  | 428288  |
|  5.125% 12/31/99 (b)(e) | 1130000  | 929425  |
| U.S. Bancorp: |  |  |
|  3.7% (b)(e) | 275000  | 219373  |
|  5.3% (b)(e) | 100000  | 85460  |
| Wells Fargo & Co.: |  |  |
|  3.9% (b)(e) | 141000  | 122846  |
|  5.9% (b)(e) | 1371000  | 1257893  |
|  |  | 9710004 |
| Capital Markets - 14.2% |  |  |
| Bank of New York Mellon Corp.: |  |  |
|  3.7% (b)(e) | 225000  | 200607  |
|  3.75% (b)(e) | 96000  | 76380  |
|  4.625% (b)(e) | 200000  | 172834  |
| Charles Schwab Corp.: |  |  |
|  4% (b)(e) | 831000  | 650258  |
|  5% (b)(e) | 75000  | 67345  |
| Goldman Sachs Group, Inc.: |  |  |
|  3 month U.S. LIBOR + 2.870% 7.466% (b)(d)(e) | 616000  | 597520  |
|  4.125% (b)(e) | 29000  | 23635  |
|  4.4% (b)(e) | 894000  | 745460  |
|  5.3% (b)(e) | 279000  | 267143  |
| Morgan Stanley: |  |  |
|  5.3% (b)(e) | 1265000  | 1232639  |
|  5.875% (b)(e) | 125000  | 121848  |
| State Street Corp. 5.625% (b)(e) | 263000 | 244590 |
|  |  | 4400259 |
| Consumer Finance - 2.1% |  |  |
| Ally Financial, Inc. 4.7% (b)(e) | 200000 | 144875 |
| American Express Co. 3.55% (b)(e) | 232000 | 184440 |
| Capital One Financial Corp. 3.95% (b)(e) | 300000 | 231000 |
| Discover Financial Services 5.5% 12/31/99 (b)(e) | 100000 | 78500 |
|  |  | 638815 |
| Insurance - 0.4% |  |  |
| MetLife, Inc. 3.85% (b)(e) | 125000 | 113516 |
| SBL Holdings, Inc. 6.5% 12/31/99 (b)(c)(e) | 34000 | 25840 |
|  |  | 139356 |
| TOTAL FINANCIALS |  | 14888434 |
| INDUSTRIALS - 1.0%  |  |  |
| Trading Companies & Distributors - 1.0% |  |  |
| Air Lease Corp.: |  |  |
|  4.125% 12/31/99 (b)(e) | 56000  | 36890  |
|  4.65% (b)(e) | 200000  | 170080  |
| Aircastle Ltd. 5.25% 12/31/99 (b)(c)(e) | 126000 | 93240 |
|  |  | 300210 |
| UTILITIES - 3.7%  |  |  |
| Electric Utilities - 1.3% |  |  |
| Duke Energy Corp. 4.875% (b)(e) | 225000 | 202500 |
| Edison International: |  |  |
|  5% (b)(e) | 64000  | 52792  |
|  5.375% (b)(e) | 191000  | 162253  |
|  |  | 417545 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Vistra Corp. 7% (b)(c)(e) | 295000 | 263855 |
| Multi-Utilities - 1.6% |  |  |
| CenterPoint Energy, Inc. 6.125% 12/31/99 (b) | 96000 | 90743 |
| Dominion Energy, Inc.: |  |  |
|  4.35% (b)(e) | 85000  | 71188  |
|  4.65% (b)(e) | 75000  | 64317  |
| Sempra Energy 4.875% (b)(e) | 276000 | 255990 |
|  |  | 482238 |
| TOTAL UTILITIES |  | 1163638 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $20,842,342) |  | <br> **18188995** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Cash Central Fund 3.86% (f) <br>(Cost $255,622) <br>| 255571 | **255622** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $36,045,907)<br>| <br>**30842026** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **169082** |
| **NET ASSETS - 100.0%** | **31011108** |

---

**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) 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 $752,666 or 2.4% of net assets.

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

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

(f) 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 ($) | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund 3.86% | 1165886 | 2383639 | 3293903 | 5252 | - | - | 255622 | 0.0% |
| Total | 1165886 | 2383639 | 3293903 | 5252 | - | - | 255622 |  |

---

Amounts in the 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. Nonconvertible 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.

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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $31185062.51

**Total Liabilities:** $174139.99

**Net Assets:** $31010922.52

**Cash Not Reported:** $285.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 212.53092815 | **1-Year:** 1452.46577055 | **5-Year:** 3201.78755820 | **10-Year:** 3905.73350390 | **30-Year:** 8031.28978230

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

- **3-Month:** 39.27253205 | **1-Year:** 278.74188865 | **5-Year:** 568.46081640 | **10-Year:** 679.27325510 | **30-Year:** 825.80370290

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227886 | -3.90%               | -1.40%               | 3.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-326003.23              | $-1060877.66                               |
| Month 2  | $-254514.75              | $-325388.46                                |
| Month 3  | $-234171.16              | $1153334.72                                |

### Schedule of Portfolio Investments

| Name                                  | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ENBRIDGE INC                          | ENBRIDGE INC 6%/VAR 01/15/2077                            | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |     68000 | PA      | $62195.35     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYCORP                               | KEYCORP 6.2%/VAR PERP PFD                                 | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      6000 | NS      | $148860.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD                    | ATHENE HOLDING LTD SER C 6.375/VAR PFD PERP               | CUSIP: 04686J309<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |      4000 | NS      | $100280.00    | 0.32%             |  |  |  | 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        |    227000 | PA      | $196355.00    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC BANK                   | FIRST REPUBLIC BANK 4.125% PFD PERP                       | CUSIP: 33616C761<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     14000 | NS      | $243880.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORP                        | AIR LEASE CORP 4.125/VAR PERP                             | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |     56000 | PA      | $36890.00     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                     | TRANSCANADA TRUST 5.625/VAR 05/20/2075                    | CUSIP: 89356BAA6<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $88855.12     | 0.29%             | 2075-05-20      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP NEW                  | DUKE ENERGY CORP 4.875%/VAR 12/31/2199                    | CUSIP: 26441CBG9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |    225000 | PA      | $202500.00    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS and ELECTRIC CO           | PG and E SER A 6% PFD PERP                                | CUSIP: 694308206<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | EP               | CORP              | US        |      2205 | NS      | $45599.40     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERRE LTD                         | PARTNERRE LTD 4.875 PFD PERP                              | CUSIP: N/A<br>LEI: 7LLHQS68KCIGNZBR7918       | Long             | EP               | CORP              | BM        |      3150 | NS      | $63472.50     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)         | GOLDMAN SACHS GROUP INC (THE) 4.125/VAR PERP              | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     29000 | PA      | $23635.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                   | DOMINION ENERGY INC 4.35%/VAR PERP                        | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EP               | CORP              | US        |     85000 | PA      | $71187.50     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                  | EDISON INTERNATIONAL 5%/VAR PERP                          | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |     64000 | PA      | $52791.89     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP INC      | AMERICAN INTERNATIONAL GRP INC 5.75%/VAR 04/01/2048       | CUSIP: 026874DM6<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    129000 | PA      | $121131.00    | 0.39%             | 2048-04-01      | Variable      | 0.06%                 | 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      | $650257.50    | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN FINL GROUP INC OHIO          | AMERICAN FINL GROUP INC OHIO 5.125% 12/15/2059 PFD        | CUSIP: 025932880<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EP               | CORP              | US        |      1000 | NS      | $20830.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH          | HUNTINGTON BANCSHARES INC 4.45%/VAR PERP                  | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    574000 | PA      | $508022.47    | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE INC                           | METLIFE INC SER F 4.75% PFD PERP                          | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |      5500 | NS      | $112365.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                          | ENBRIDGE INC 6.25%/VAR 03/01/2078                         | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    123000 | PA      | $111539.19    | 0.36%             |  |  |  | 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        |     11825 | NS      | $240993.50    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                         | CITIGROUP INC 5.95%/VAR PERP                              | CUSIP: 172967JM4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    418000 | PA      | $389699.03    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SCE TRUST VI                          | SCE TRUST VI 5% PFD PERP                                  | CUSIP: 78410V200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2375 | NS      | $42512.50     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                 | JPMORGAN CHASE and CO 6.1%/VAR PERP X                     | CUSIP: 48126HAC4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    321000 | PA      | $311370.00    | 1.00%             |  |  |  | No            |                  2 | 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      | $27419.50     | 0.09%             |  |  |  | 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      | $69660.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                   | FIFTH THIRD BANCORP SER K 4.95% PFD PERP                  | CUSIP: 316773860<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |      1500 | NS      | $32250.00     | 0.10%             |  |  |  | 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        |      4000 | NS      | $69760.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC     | ENTERPRISE PRODS OPER LLC 5.25/VAR 08/16/2077             | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    126000 | PA      | $102301.45    | 0.33%             | 2077-08-16      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                | BP CAPITAL MARKETS PLC T5Y 4.375%/VAR PERP                | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | EP               | CORP              | GB        |    125000 | PA      | $118906.25    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| EMERA INC                             | EMERA INC 6.75%/VAR 06/15/76                              | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $118281.25    | 0.38%             | 2076-06-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM LP                      | DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP                 | CUSIP: 23311P209<br>LEI: 52990024YYS3MLGW0E91 | Long             | EP               | CORP              | US        |       775 | NS      | $19289.75     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                    | ENERGY TRANSFER LP 7.125/VAR PERP                         | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |    300000 | PA      | $252000.00    | 0.81%             |  |  |  | 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        |    863000 | PA      | $770227.50    | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                    | ATHENE HOLDINGS 5.625% SER B PFD PERP                     | CUSIP: 04686J200<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |      1500 | NS      | $32985.30     | 0.11%             |  |  |  | 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        |      7000 | NS      | $165900.00    | 0.53%             |  |  |  | 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        |      1000 | NS      | $18655.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                               | KEYCORP 5/VAR PERP                                        | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     75000 | PA      | $65601.89     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| SCE TRUST V                           | SCE TRUST V 5.45%/VAR PFD PERP                            | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1550 | NS      | $30519.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                        | MORGAN STANLEY SER O 4.5% PFD PERP                        | CUSIP: 61762V861<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |      2300 | NS      | $41607.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC        | PNC FINANCIAL SERVICES GRP INC 5%/VAR PERP                | CUSIP: 693475AQ8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   1592000 | PA      | $1376102.32   | 4.44%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                      | VIACOM INC 6.25/VAR 02/28/2057                            | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    153000 | PA      | $127842.21    | 0.41%             | 2057-02-28      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                         | DTE ENERGY CO 4.375% PFD 10/15/2080                       | CUSIP: 233331826<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |      2825 | NS      | $52559.13     | 0.17%             |  |  |  | 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        |       825 | NS      | $14008.42     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB CHARLES CORP                   | SCHWAB CHARLES CORP 5%/VAR PERP                           | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |     75000 | PA      | $67344.58     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYCORP                               | KEYCORP 5.625% PFD PERP                                   | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |      1738 | NS      | $40443.26     | 0.13%             |  |  |  | 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        |    300000 | PA      | $231000.00    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| CULLEN/FROST BANKERS INC              | CULLEN/FROST BANKERS SER B 4.45% PFD PERP                 | CUSIP: 229899307<br>LEI: 529900V2E9G9AY665O34 | Long             | EP               | CORP              | US        |      3000 | NS      | $60240.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                           | METLIFE INC 10.75/VAR 8/1/69                              | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    128000 | PA      | $168160.00    | 0.54%             | 2069-08-01      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD INFRASTRUCTURE PARTNERS LP | BROOKFIELD INFRA PARTNERS LP 5.125% PFD PERP              | CUSIP: N/A<br>LEI: 549300WEH5R2OODI7Y90       | Long             | EP               | CORP              | BM        |       825 | NS      | $13167.00     | 0.04%             |  |  |  | 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        |      1550 | NS      | $23265.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                          | ENBRIDGE INC 6.375%/VAR 04/15/2078 PFD SER B              | CUSIP: 29250N477<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |      2425 | NS      | $58782.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                          | ENBRIDGE INC 5.5% 07/15/2077                              | CUSIP: 29250NAS4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    126000 | PA      | $110490.01    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP DEL                        | US BANCORP DEL SER L 3.75% PFD PERP                       | CUSIP: 902973734<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      2000 | NS      | $33740.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH          | HUNTINGTON BANCSHARES INC 5.625/VAR PERP                  | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    351000 | PA      | $317461.94    | 1.02%             | 2199-12-31      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP NEW                  | DUKE ENERGY CORP NEW SER A 5.75% PFD PERP                 | CUSIP: 26441C501<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |      5000 | NS      | $122150.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PLAINS ALL AMERN PIPELINE MLP         | PLAINS ALL AMERN PIPELINE MLP 6.125%/VAR PERP             | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | EP               | CORP              | US        |     95000 | PA      | $82412.50     | 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        |     43150 | NS      | $873787.50    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNER RE FIN B LLC                  | PARTNER RE FIN B LLC 4.5%/VAR 10/01/2050                  | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |     67000 | PA      | $55610.00     | 0.18%             | 2050-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                         | CITIGROUP INC T5Y 3.875%/VAR PERP                         | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    511000 | PA      | $426365.63    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINL INC                   | PRUDENTIAL FINL INC 5.125%/VAR 03/01/2052                 | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    150000 | PA      | $128235.83    | 0.41%             | 2052-03-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| VODAFONE GRP PLC                      | VODAFONE GROUP PLC 7%/VAR 04/04/2079                      | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $398484.00    | 1.28%             | 2079-04-04      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                | BP CAPITAL MARKETS PLC T5Y 4.875%/VAR PERP                | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | EP               | CORP              | GB        |    450000 | PA      | $395887.50    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                        | MORGAN STANLEY 5.875%/VAR PERP                            | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    125000 | PA      | $121847.93    | 0.39%             |  |  |  | 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        |    225000 | PA      | $211500.00    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC              | DIGITAL RLTY TR INC SER L 5.2% PERP PFD                   | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      1500 | NS      | $32134.65     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC                | EQUITABLE HOLDINGS INC 4.3% PFD PERP                      | CUSIP: 29452E408<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |      2000 | NS      | $36180.00     | 0.12%             |  |  |  | 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        |      1200 | NS      | $20400.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AEGON FDG CO LLC                      | AEGON FDG CO LLC 5.1% 12/15/2049 PFD                      | CUSIP: 00775V104<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3950 | NS      | $80027.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                    | ENERGY TRANSFER LP 7.6/VAR PFD PERP                       | CUSIP: 29273V605<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |      5755 | NS      | $132422.55    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                          | NISOURCE INC SER B 6.5%/VAR PFD PERP                      | CUSIP: 65473P881<br>LEI: 549300D8GOWWH0SJB189 | Long             | EP               | CORP              | US        |      3000 | NS      | $73590.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP MIDSTREAM LP                      | DCP MIDSTREAM LP 7.95/VAR PERP PFD                        | CUSIP: 23311P308<br>LEI: 52990024YYS3MLGW0E91 | Long             | EP               | CORP              | US        |       775 | NS      | $19568.75     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                        | MORGAN STANLEY 5.85% PFD PERP                             | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     11275 | NS      | $267104.75    | 0.86%             |  |  |  | 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        |      3000 | NS      | $70170.00     | 0.23%             |  |  |  | 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      | $30246.25     | 0.10%             | 2077-08-16      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINL INC                   | PRUDENTIAL FINANCIAL INC 4.125% PFD 09/01/2060            | CUSIP: 744320888<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |      3000 | NS      | $58484.70     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES CELLULAR CORP           | UNITED STATES CELLULAR CORP 5.5% 03/01/2021 PFD           | CUSIP: 911684801<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6000 | NS      | $97860.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC                          | ASSURANT INC 7%/VAR 03/27/48                              | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |     61000 | PA      | $58255.00     | 0.19%             | 2048-03-27      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)         | GOLDMAN SACHS GROUP INC (THE) 4.4%/VAR PERP               | CUSIP: 38144GAC5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    894000 | PA      | $745460.34    | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COMPANY                      | SOUTHERN COMPANY 4.2% PFD 10/15/2060                      | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     13000 | NS      | $243620.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP DEL                        | US BANCORP DEL 4.5% PERP PFD                              | CUSIP: 902973668<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      3000 | NS      | $60330.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BUCKEYE PARTNERS MLP                  | BUCKEYE PARTNERS MLP 6.375%/VAR 01/22/2078                | CUSIP: 118230AS0<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     59000 | PA      | $46610.00     | 0.15%             | 2078-01-22      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                 | TRUIST FINANCIAL CORP 4.75% PERP PFD                      | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |      4025 | NS      | $79091.25     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                   | DOMINION ENERGY INC 4.65% PERP                            | CUSIP: 25746UDD8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EP               | CORP              | US        |     75000 | PA      | $64317.46     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC              | LIBERTY MUTUAL GROUP INC 4.125%/VAR 12/15/2051 144A       | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39454.36     | 0.13%             | 2051-12-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                   | SVB FINANCIAL GROUP 4.25/VAR PERP                         | CUSIP: 78486QAP6<br>LEI: 549300D2KJ20JMXE7542 | Long             | EP               | CORP              | US        |    125000 | PA      | $82262.50     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CADENCE BANK                          | BANCORPSOUTH BANK 5.5% PFD PERP                           | CUSIP: 12740C202<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EP               | CORP              | US        |      1000 | NS      | $21230.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| M and T BANK CORP                     | M and T BANK CORP 3.5%/VAR PERP                           | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     30000 | PA      | $22962.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                        | PUBLIC STORAGE 4% PERP PFD                                | CUSIP: 74460W461<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     23500 | NS      | $407960.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                         | CITIGROUP INC 6.3/VAR PERP                                | CUSIP: 172967HQ7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    745000 | PA      | $696575.00    | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP DEL                        | US BANCORP DEL SER K 5.5% PFD PERP                        | CUSIP: 902973759<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      3000 | NS      | $71970.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                    | WELLS FARGO and CO NEW 5.9%/VAR PERP                      | CUSIP: 949746RG8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   1371000 | PA      | $1257892.50   | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE INC                           | METLIFE INC GLB 6.4%/VAR 12/15/66                         | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    319000 | PA      | $300442.10    | 0.97%             | 2066-12-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP INC      | AMERICAN INTERNATIONAL GRP INC 5.85% PERP PFD             | CUSIP: 026874768<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EP               | CORP              | US        |      2000 | NS      | $46740.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST III                         | SCE TRST III 5.75%/VAR PFD PRP                            | CUSIP: 78409B207<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1550 | NS      | $31434.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC              | DIGITAL RLTY TR INC 5.25% PFD PERP                        | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |       750 | NS      | $16192.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                 | TRUIST FINANCIAL CORP 4.95%/VAR PERP                      | CUSIP: 89832QAE9<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |     50000 | PA      | $48250.00     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                   | AMERICAN EXPRESS CO 3.55%/VAR PERP                        | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | EP               | CORP              | US        |    232000 | PA      | $184440.00    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| BERKLEY WR CORP                       | BERKLEY WR CORP 4.25% PFD 09/30/2060                      | CUSIP: 084423888<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |     11000 | NS      | $218460.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                 | TRUIST FINANCIAL CORP 5.1%/VAR PERP                       | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |    478000 | PA      | $428288.00    | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                   | NORTHERN TRUST CORP SER E 4.7% PFD PERP                   | CUSIP: 665859856<br>LEI: 549300GLF98S992BC502 | Long             | EP               | CORP              | US        |      1000 | NS      | $20980.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION           | BANK OF AMERICA CORPORATION                               | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     32775 | NS      | $606993.00    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK NEW YORK MELLON CORP             | BANK NEW YORK MELLON CORP 3.75/VAR PERP                   | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |     96000 | PA      | $76380.48     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                        | AIR LEASE CORP 4.65%/VAR PERP                             | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    200000 | PA      | $170080.00    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK NEW YORK MELLON CORP             | BANK NEW YORK MELLON CORP 4.625/VAR PERP                  | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |    200000 | PA      | $172833.59    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| SCE TRUST II                          | SCE TRUST II 5.1% PFD PERP                                | CUSIP: 78407R204<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       705 | NS      | $13042.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                    | ENERGY TRANSFER LP 7.625%/VAR PERP PFD                    | CUSIP: 29273V506<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |      2960 | NS      | $68820.00     | 0.22%             |  |  |  | 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      | $50726.36     | 0.16%             | 2078-02-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                    | ENERGY TRANSFER OPERATING LP SER C 7.375%/VAR PFD         | CUSIP: 29273V407<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |      2623 | NS      | $60696.22     | 0.20%             |  |  |  | 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        |    225000 | PA      | $200607.05    | 0.65%             |  |  |  | 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        |      5000 | NS      | $93850.00     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                           | METLIFE INC 3.85%/VAR PERP                                | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |    125000 | PA      | $113516.25    | 0.37%             |  |  |  | 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        |     47900 | NS      | $932613.00    | 3.01%             |  |  |  | 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        |       600 | NS      | $11436.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                 | JPMORGAN CHASE and CO 5/VAR PERP                          | CUSIP: 48128BAF8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    351000 | PA      | $324836.46    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP DEL                        | US BANCORP DEL 5.3/VAR PERP                               | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    100000 | PA      | $85460.00     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                    | ENERGY TRANSFER OPERATING MLP 6.25%/VAR PERP              | CUSIP: 29273VAH3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |    125000 | PA      | $106257.39    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                         | ALLSTATE CORP SER I 4.75% PFD PERP                        | CUSIP: 020002812<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |      2000 | NS      | $41480.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                           | VISTRA CORP T5Y 7%/VAR PERP 144A                          | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |    295000 | PA      | $263854.99    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust          | Fidelity Cash Central Fund                                | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    255571 | NS      | $255621.82    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                 | TRUIST FINANCIAL CORP 5.125%/VAR PERP                     | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |   1130000 | PA      | $929425.00    | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GRP INC            | CITIZENS FINANCIAL GRP INC 6%/VAR PERP                    | CUSIP: 174610AP0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    247000 | PA      | $226589.26    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| AT and T INC                          | AT and T INC SER C 4.75% PFD PERP                         | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     34625 | NS      | $635715.00    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES INC           | SUMMIT HOTEL PPTYS INC SER F 5.875% PERP PFD              | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |       775 | NS      | $13392.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH          | HUNTINGTON BANCSHARES INC 5.7%/VAR PERP                   | CUSIP: 446150AL8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    184000 | PA      | $169740.00    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                        | MORGAN STANLEY 5.3%/VAR PERP                              | CUSIP: 61745VAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |   1265000 | PA      | $1232639.44   | 3.97%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP DEL                        | US BANCORP SER M 4% PFD PERP                              | CUSIP: 902973718<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      6000 | NS      | $107400.00    | 0.35%             |  |  |  | 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        |      2550 | NS      | $56061.75     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER FINANCIAL SVS                | DISCOVER FINANCIAL SVS 5.5%/VAR PERP                      | CUSIP: 254709AN8<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EP               | CORP              | US        |    100000 | PA      | $78500.00     | 0.25%             |  |  |  | No            |                  2 | 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        |      2000 | NS      | $45020.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRCASTLE LTD                         | AIRCASTLE LTD 5.25/VAR PERP 144A                          | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | EP               | CORP              | BM        |    126000 | PA      | $93240.00     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE and CO                 | JPMORGAN CHASE and CO SER MM 4.2% PFD PERP                | CUSIP: 48128B523<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |       725 | NS      | $13274.82     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                   | PRUDENTIAL FINL INC 6%/VAR 09/01/2052                     | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184408.17    | 0.59%             | 2052-09-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM LP                      | DCP MIDSTREAM LP 7.375%/VAR PERP                          | CUSIP: 23311PAA8<br>LEI: 52990024YYS3MLGW0E91 | Long             | EP               | CORP              | US        |    263000 | PA      | $263052.60    | 0.85%             |  |  |  | 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              | BM        |      5425 | NS      | $99548.75     | 0.32%             |  |  |  | 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      | $217000.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINL CORP NEW                 | REGIONS FINL CORP NEW 5.75%/VAR PERP                      | CUSIP: 7591EPAR1<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |     75000 | PA      | $72699.87     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH          | HUNTINGTON BANCSHARES INC SER H 4.5% PFD PERP             | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |      7950 | NS      | $147552.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINL CORP NEW                 | REGIONS FINANCIAL CORP 4.45% PERP PFD                     | CUSIP: 7591EP886<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |      2500 | NS      | $47075.00     | 0.15%             |  |  |  | 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      | $109120.00    | 0.35%             | 2079-09-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RENEWABLE PARTNERS LP      | BROOKFIELD RENEWABLE PARTNERS LP 5.25% PFD PERP           | CUSIP: N/A<br>LEI: VA8DFMRI2GY8Y7V79H93       | Long             | EP               | CORP              | BM        |      2395 | NS      | $42942.11     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP MIDSTREAM OPERATING LP            | DCP MIDSTREAM LLC 5.85%/VAR 05/21/2043 144A               | CUSIP: 23311RAH9<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11739.63     | 0.04%             | 2043-05-21      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                     | STATE STREET CORP 5.625/VAR PERP                          | CUSIP: 857477BA0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |    263000 | PA      | $244590.00    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC BANK                   | FIRST REPUBLIC BANK SER M 4% PERP PFD                     | CUSIP: 33616C720<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     18775 | NS      | $317673.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORP                          | NAVIENT CORP 6.0% PFD 12/15/2043                          | CUSIP: 63938C405<br>LEI: 54930067J0ZNOEBRW338 | Long             | EP               | CORP              | US        |      1000 | NS      | $18330.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                  | EDISON INTERNATIONAL 5.375%/VAR PERP                      | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |    191000 | PA      | $162252.59    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                         | CITIGROUP INC 4.15/VAR PERP                               | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |     89000 | PA      | $71867.50     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                     | TRANSCANADA TRUST 5.3%/VAR 3/15/77                        | CUSIP: 89356BAC2<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    161000 | PA      | $134779.16    | 0.43%             | 2077-03-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO and CO                    | WELLS FARGO and CO NEW 4.7% PFD                           | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      3600 | NS      | $66924.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                   | PRUDENTIAL FINL INC 3.7%/VAR 10/01/50                     | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    150000 | PA      | $120750.00    | 0.39%             | 2050-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                   | FIFTH THIRD BANCORP 4.5%/VAR PERP                         | CUSIP: 316773DB3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46807.50     | 0.15%             | 2199-12-31      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                   | SVB FINANCIAL GROUP 4.7/VAR PERP                          | CUSIP: 78486QAQ4<br>LEI: 549300D2KJ20JMXE7542 | Long             | EP               | CORP              | US        |     60000 | PA      | $38970.00     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC               | DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD              | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |       600 | NS      | $11322.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP DEL                        | US BANCORP DEL 3.7%/VAR PERP                              | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    275000 | PA      | $219373.00    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| APOLLO MANAGEMENT HOLDINGS LP         | APOLLO MANAGEMENT HOLDINGS LP 4.95%/VAR 01/14/2050 144A   | CUSIP: 03765HAE1<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |    324000 | PA      | $274590.00    | 0.89%             | 2050-01-14      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)         | GOLDMAN SACHS GROUP INC (THE) 5.3%/VAR PERP               | CUSIP: 38148BAC2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    279000 | PA      | $267142.50    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP HLDGS INC          | NEXTERA ENERGY CAP HLDGS INC 5.56%/VAR 05/01/2079         | CUSIP: 65339KBK5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    329000 | PA      | $289386.48    | 0.93%             | 2079-05-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                            | UNUM GROUP 6.25% 06/15/2058 PFD                           | CUSIP: 91529Y601<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EP               | CORP              | US        |       500 | NS      | $12405.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC                | CENTERPOINT ENERGY INC 6.125%/VAR PERP                    | CUSIP: 15189TAS6<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EP               | CORP              | US        |     96000 | PA      | $90743.29     | 0.29%             |  |  |  | No            |                  2 | 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        |    450000 | PA      | $392062.50    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                       | CMS ENERGY CORP 3.75%/VAR 12/01/2050                      | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    359000 | PA      | $265660.00    | 0.86%             | 2050-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTRM PRTNRS LP              | ENLINK MIDSTRM PRTNRS LP 6%/VAR PERP                      | CUSIP: 29336UAH0<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | EP               | CORP              | US        |     31000 | PA      | $25575.00     | 0.08%             |  |  |  | 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        |    141000 | PA      | $122846.25    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                    | ALLY FINANCIAL 4.7/VAR INC PERP                           | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    200000 | PA      | $144875.00    | 0.47%             |  |  |  | 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        |     15000 | NS      | $274050.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)         | GOLDMAN SACHS GROUP INC (THE) 5%/VAR PERP                 | CUSIP: 38148BAD0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    616000 | PA      | $597520.00    | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SEMPRA ENERGY                         | SEMPRA ENERGY 4.875%/VAR PERP                             | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |    276000 | PA      | $255990.00    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION           | BANK OF AMERICA CORPORATION 6.125%/VAR PERP               | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    100000 | PA      | $96750.00     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC              | LIBERTY MUTUAL GROUP INC 4.3% 02/01/2061 144A             | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     75000 | PA      | $43947.00     | 0.14%             | 2061-02-01      | Fixed         | 0.04%                 | No            |                  2 | 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      | $12581.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA TRUST                     | TRANSCANADA TRUST 5.875%/VAR 8/15/76                      | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    129000 | PA      | $121081.28    | 0.39%             | 2076-08-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION           | BANK OF AMERICA CORPORATION 4.250% PFD PERP               | CUSIP: 06055H806<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      4750 | NS      | $84787.50     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| OAKTREE CAP GROUP LLC                 | OAKTREE CAP GROUP LLC SER B 6.55% PERP PFD                | CUSIP: 674001409<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | US        |      1000 | NS      | $24675.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                          | ENBRIDGE INC 5.75%/VAR 07/15/2080                         | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    126000 | PA      | $112041.77    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SBL HOLDINGS INC                      | SBL HOLDINGS INC 6.5/VAR PERP 144A                        | CUSIP: 78397DAC2<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     34000 | PA      | $25840.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer