# EDGAR Filing Document

**Accession Number:** 0001174164
**File Stem:** 0000940400-26-014243
**Filing Date:** 2026-4
**Character Count:** 186295
**Document Hash:** 3d9064d2ce936c4cc42a07b03fb1eeda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014243.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000940400-26-014243

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20261130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC
- **CENTRAL INDEX KEY:** 0001174164

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21129
- **FILM NUMBER:** 26887836

**BUSINESS ADDRESS:**
- **STREET 1:** 301 E COLORADO BLVD STE 800
- **STREET 2:** C/O FLAHERTY & CRUMRINE INC
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101
- **BUSINESS PHONE:** (626) 795-7300

**MAIL ADDRESS:**
- **STREET 1:** 301 E COLORADO BLVD STE 800
- **STREET 2:** C/O FLAHERTY & CRUMRINE INC
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Flaherty & Crumrine PREFERRED SECURITIES INCOME FUND INC
- **DATE OF NAME CHANGE:** 20130307

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Flaherty & Crumrine/CLAYMORE PREFERRED SECURITIES INCOME FUND INC
- **DATE OF NAME CHANGE:** 20050708

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** F&C/CLAYMORE PREFERRED SECURITIES INCOME FUND INC
- **DATE OF NAME CHANGE:** 20020702

## Nport-Ex

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  **Preferred Stock & Hybrid Preferred Securities<sup>§</sup>** **— 75.5%** | **Preferred Stock & Hybrid Preferred Securities<sup>§</sup>** **— 75.5%** |  |
|  | **Banking — 31.8%** |  |
| $8720000 | American AgCredit Corporation, 5.25% to 06/15/26 then <br>T5Y + 4.50%, Series A, 144A\*\*\*\*  | $8656039<br>\*<sup>(1)</sup> |
|  | Bank of America Corporation: |  |
| $1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 04/27/27 then T5Y + 3.231%, Series TT  | 1881074<br> \*<sup>(1)(2)</sup> |
| $3825000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 07/26/30 then T5Y + 2.351%, Series UU  | 3938037<br> \*<sup>(1)(2)</sup> |
| 67600 | Bank of New York Mellon Corporation, 6.15% to 03/20/30 then <br>T5Y + 2.161%, Series K  | 1744756<br> \*<sup>(1)</sup> |
|  | Capital One Financial Corporation: |  |
| 78800 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, Series I  | 1547632<br> \*<sup>(1)(2)</sup> |
| $4950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3.95% to 09/01/26 then T5Y + 3.157%, Series M  | 4919885<br> \*<sup>(1)(2)(3)</sup> |
|  | Citigroup, Inc.: |  |
| 108400 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, Series II  | 2753360<br> \*<sup>(1)</sup> |
| $1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4.15% to 11/15/26 then T5Y + 3.00%, Series Y  | 1946173<br> \*<sup>(1)</sup> |
| $3385000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 02/15/31 then T5Y + 3.001%, Series HH  | 3501532<br> \*<sup>(1)</sup> |
| $3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 02/15/30 then T5Y + 2.572%, Series EE  | 3890193<br> \*<sup>(1)</sup> |
| $3405000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 08/15/30 then T5Y + 2.89%, Series GG  | 3493377<br> \*<sup>(1)</sup> |
| $3390000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 02/15/30 then T5Y + 2.726%, Series FF  | 3493263<br> \*<sup>(1)</sup> |
| $5060000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 08/15/34 then T10Y + 2.757%, Series DD  | 5337758<br> \*<sup>(1)(2)</sup> |
| $5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 08/15/29 then T5Y + 2.693%, Series CC  | 5544692<br> \*<sup>(1)(2)(3)</sup> |
| $6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% to 05/15/28 then T5Y + 3.209%, Series Z  | 7202167<br> \*<sup>(1)(2)(3)</sup> |
| $6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 11/15/28 then T5Y + 3.211%, Series AA  | 6813192<br> \*<sup>(1)(2)(3)</sup> |
|  | Citizens Financial Group, Inc.: |  |
| 154400 | &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Series H  | 4053000<br> \*<sup>(1)</sup> |
| 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 10/06/30 then T5Y + 2.629%, Series I  | 3622420<br> \*<sup>(1)</sup> |
| $10085000 | &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.41861%, 7.06838%<sup>(4)</sup>, Series C  | 10131018<br> \*<sup>(1)(2)</sup> |
|  | CoBank ACB: |  |
| $2498000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 10/01/26 then TSFR3M + 4.92161%, Series I, 144A\*\*\*\*  | 2509149<br> \*<sup>(1)(2)</sup> |
| $2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 01/01/30 then T5Y + 2.818%, Series M, 144A\*\*\*\*  | 2367290<br> \*<sup>(1)</sup> |
|  | Compeer Financial ACA: |  |
| $1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% to 08/15/26 then T5Y + 4.10%, Series B-1, 144A\*\*\*\*  | 1135665<br> \*<sup>(1)</sup> |
| $1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.875% to 02/15/31 then T5Y + 4.155%, Series C-1, 144A\*\*\*\*  | 1831774<br> \*<sup>(1)</sup> |
| 201500 | ConnectOne Bancorp, Inc., 5.25% to 09/01/26 then T5Y + 4.42%, Series A  | 4940780<br> \*<sup>(1)</sup> |
| 165000 | Dime Community Bancshares, Inc., 5.50%, Series A  | 3126750<br> \*<sup>(1)</sup> |
| $2745000 | Farm Credit Bank of Texas, 7.00% to 09/15/30 then T5Y + 3.01%, Series B-6, 144A\*\*\*\*  | 2848863<br> <sup>(1)</sup>  |
|  | Fifth Third Bancorp: |  |
| 121339 | &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, Series A  | 2967952<br> \*<sup>(1)</sup> |
| 654526 | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 10/01/30 then T5Y + 3.125%, Series M  | 16854044<br> \*<sup>(1)(2)</sup> |
| 1019596 | &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.97161%, 7.64355%<sup>(4)</sup>, Series I  | 26244401<br> \*<sup>(1)(2)</sup> |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | First Citizens BancShares, Inc.: |  |
| 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, Series A  | $1766280<br>\*<sup>(1)</sup> |
| 176920 | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 03/15/31 then T5Y + 2.83%, Series E  | 4453076<br> \*<sup>(1)</sup> |
| $5025000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 12/15/30 then T5Y + 3.301%, Series D  | 5177032<br> \*<sup>(1)(2)(3)</sup> |
|  | First Horizon Corporation: |  |
| 87500 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, Series E  | 2163875<br> \*<sup>(1)</sup> |
| 9 | &nbsp;&nbsp;&nbsp;&nbsp; FT Real Estate Securities Company, 9.50% 03/31/31, Series B, 144A\*\*\*\*  | 10327500 |
| 3730 | &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Bank, TSFR3M + 1.11161%, min 3.75%, 4.76129%<sup>(4)</sup>, Series A, 144A\*\*\*\*  | 2760200<br> \*<sup>(1)</sup> |
| 1005702 | Flagstar Financial, 6.375% to 03/17/27 then 3ML + 3.821%, Series A  | 22849549<br> \*<sup>(1)(2)</sup> |
| 47330 | Fulton Financial Corporation, 5.125%, Series A  | 910629<br> \*<sup>(1)</sup> |
|  | Goldman Sachs Group: |  |
| $3400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 11/10/34 then T10Y + 2.40%, Series Y  | 3505152<br> \*<sup>(1)</sup> |
| $2150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.85% to 02/10/30 then T5Y + 2.461%, Series Z  | 2252852<br> \*<sup>(1)</sup> |
| $1730000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 02/10/29 then T5Y + 3.156%, Series W  | 1850529<br> \*<sup>(1)</sup> |
| $6790000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 05/10/29 then T5Y + 2.809%, Series X  | 7231859<br> \*<sup>(1)(2)(3)</sup> |
|  | Huntington Bancshares, Inc.: |  |
| 130900 | &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, Series L  | 2816968<br> \*<sup>(1)</sup> |
| $1690000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% to 10/15/27 then T7Y + 4.045%, Series G  | 1679460<br> \*<sup>(1)</sup> |
| $1545000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% to 07/15/30 then T10Y + 4.945%, Series F  | 1584430<br> \*<sup>(1)</sup> |
| $1700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 10/15/30 then T5Y + 2.653%, Series K  | 1713714<br> \*<sup>(1)</sup> |
| 186800 | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 04/15/28 then T5Y + 2.704%, Series J  | 4800760<br> \*<sup>(1)(2)</sup> |
|  | JPMorgan Chase & Company: |  |
| $1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% to 06/01/26 then T5Y + 2.85%, Series KK  | 1495593<br> \*<sup>(1)</sup> |
| $6300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 06/01/29 then T5Y + 2.737%, Series NN  | 6707711<br> \*<sup>(1)(2)(3)</sup> |
|  | KeyCorp: |  |
| $1175000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% to 09/15/26 then TSFR3M + 3.8676%, Series D  | 1172409<br> \*<sup>(1)</sup> |
| 456653 | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 12/15/26 then TSFR3M + 4.15361%, Series E  | 11548754<br> \*<sup>(1)(2)</sup> |
| 359258 | &nbsp;&nbsp;&nbsp;&nbsp; 6.20% to 12/15/27 then T5Y + 3.132%, Series H  | 9197005<br> \*<sup>(1)(2)</sup> |
|  | M&T Bank Corporation: |  |
| 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, Series K  | 3074400<br> \*<sup>(1)</sup> |
| $3075000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% to 09/01/26 then T5Y + 2.679%, Series I  | 3040923<br> \*<sup>(1)</sup> |
| 89600 | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% to 12/15/26 then TSFR3M + 4.28161%, Series H  | 2261504<br> \*<sup>(1)</sup> |
|  | Morgan Stanley: |  |
| 393532 | &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, Series K  | 9771400<br> \*<sup>(1)(2)</sup> |
| 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Series Q  | 2138400<br> \*<sup>(1)</sup> |
| 519272 | &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Series F  | 13179123<br> \*<sup>(1)(2)</sup> |
| 181737 | &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Series E  | 4634293<br> \*<sup>(1)(2)</sup> |
| $2600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.42161%, 7.14481%<sup>(4)</sup>, Series N  | 2619955<br> \*<sup>(1)(2)(3)</sup> |
| 517613 | Pinnacle Financial Partners, Inc., 8.397% to 07/01/29 then T5Y + 4.127%, Series B | 13535580<br> \*<sup>(1)(2)</sup> |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | PNC Financial Services Group, Inc.: |  |
| $1700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% to 09/15/26 then T5Y + 2.595%, Series T  | $1681246<br>\*<sup>(1)</sup> |
| $15180000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% to 05/15/27 then T5Y + 3.00%, Series U  | 15314510<br> \*<sup>(1)(2)(3)</sup> |
| $3255000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% to 09/15/27 then T5Y + 3.238%, Series V  | 3315901<br> \*<sup>(1)(2)(3)</sup> |
| $5833000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 03/15/30 then T7Y + 2.808%, Series W  | 6053756<br> \*<sup>(1)(2)(3)</sup> |
|  | Regions Financial Corporation: |  |
| 562640 | &nbsp;&nbsp;&nbsp;&nbsp; 5.70% to 08/15/29 then TSFR3M + 3.40961%, Series C  | 13807186<br> \*<sup>(1)(2)</sup> |
| 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 09/15/29 then T5Y + 2.771%, Series F  | 6293700<br> \*<sup>(1)</sup> |
| $4250000<br>| State Street Corporation, 6.70% to 03/15/29 then T5Y + 2.613%, Series I  | 4452929<br> \*<sup>(1)(2)(3)</sup> |
|  | Synchrony Financial: |  |
| 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, Series A  | 4599420<br> \*<sup>(1)(2)</sup> |
| 269800 | &nbsp;&nbsp;&nbsp;&nbsp; 8.25% to 05/15/29 then T5Y + 4.044%, Series B  | 7047176<br> \*<sup>(1)(2)</sup> |
| 147500 | Texas Capital Bancshares Inc., 5.75%, Series B  | 3298100<br> \*<sup>(1)</sup> |
| 204100 | UMB Financial Corporation, 7.75% to 07/15/30 then T5Y + 3.743%, Series B  | 5469880<br> \*<sup>(1)(2)</sup> |
|  | Valley National Bancorp: |  |
| 35600 | &nbsp;&nbsp;&nbsp;&nbsp; 8.25% to 09/30/29 then T5Y + 4.182%, Series C  | 925600<br> \*<sup>(1)</sup> |
| 161650 | &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.8396%, 7.52519%<sup>(4)</sup>, Series B  | 4072772<br> \*<sup>(1)(2)</sup> |
| 100000 | Washington Federal, Inc., 4.875%, Series A  | 1640000<br> \*<sup>(1)</sup> |
| 59724 | Webster Financial Corporation, 6.50%, Series G  | 1485933<br> \*<sup>(1)</sup> |
|  | Wells Fargo & Company: |  |
| 97868 | &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, Series AA  | 1908426<br> \*<sup>(1)</sup> |
| 1353 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, Series L  | 1666882<br> \*<sup>(1)</sup> |
| $3825000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% to 03/15/26 then T5Y + 3.453%, Series BB  | 3823358<br> \*<sup>(1)</sup> |
| $6300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.85% to 09/15/29 then T5Y + 2.767%, Series FF  | 6649039<br> \*<sup>(1)(2)(3)</sup> |
| $10230000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 09/15/28 then T5Y + 3.606%, Series EE  | 10922550<br> \*<sup>(1)(2)(3)</sup> |
| 307600 | WesBanco, Inc., 7.375% to 10/01/30 then T5Y + 3.795%, Series B  | 7951460<br> \*<sup>(1)</sup> |
| 106500 | Western Alliance Bancorp, 4.25% to 09/30/26 then T5Y + 3.452%, Series A  | 2477190<br> \*<sup>(1)</sup> |
| 141720 | Wintrust Financial Corporation, 7.875% to 07/15/30 then T5Y + 3.878%, Series F | 3783924<br> \*<sup>(1)</sup> |
|  |  | 430158089 |
|  | **Financial Services — 2.8%** |  |
|  | AerCap Holdings NV: |  |
| $2370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 01/31/31 then T5Y + 2.441%, 01/31/56, 144A\*\*\*\*  | 2458569<br> <sup>(5)</sup>  |
| $5045000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 03/10/30 then T5Y + 2.72%, 03/10/55  | 5333622<br> <sup>(2)(3)(5)</sup>  |
| 124200 | Affiliated Managers Group, Inc., 6.75% 03/30/64  | 3061530 |
|  | Ally Financial, Inc.: |  |
| $5790000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% to 05/15/26 then T5Y + 3.868%, Series B  | 5778703<br> \*<sup>(1)(2)(3)</sup> |
| $3875000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% to 05/15/28 then T7Y + 3.481%, Series C  | 3665382<br> \*<sup>(1)</sup> |
| $3300000<br>| American Express Company, 3.55% to 09/15/26 then T5Y + 2.854%, Series D  | 3281795<br> \*<sup>(1)(2)(3)</sup> |
| 64400 | Carlyle Finance LLC, 4.625% 05/15/61  | 1132796 |
|  | General Motors Financial Company: |  |
| $3375000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% to 09/30/30 then T5Y + 4.997%, Series C  | 3408591<br> \*<sup>(1)(2)</sup> |
| $4400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 09/30/28 then 3ML + 3.436%, Series B  | 4473854<br> \*<sup>(1)(2)</sup> |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
| 122000 | Stifel Financial Corp., 6.25%, Series B  | $2946300<br>\*<sup>(1)(2)</sup> |
| 116533 | TPG Operating Group II LP, 6.95% 03/15/64  | 2850397<br> <sup>(2)</sup>  |
|  |  | 38391539 |
|  | **Insurance — 18.4%** |  |
| $9020000<br>| American International Group, Inc., 8.175% to 05/15/38 then <br>3ML + 4.195%, 05/15/58, Series A-6  | 10103546<br> <sup>(2)(3)</sup>  |
| $3075000<br>| American National Group, Inc., 7.00% to 12/01/30 then T5Y + 3.183%, 12/01/55  | 3050925 |
| 56500 | Arch Capital Group, Ltd., 5.45%, Series F  | 1174635<br> \*\*<sup>(1)(5)</sup> |
| 65962 | Aspen Insurance Holdings Ltd., 5.625%  | 1362115<br> \*\*<sup>(1)(5)</sup> |
| 75058 | Assurant, Inc., 5.25% 01/15/61  | 1540190 |
|  | Athene Holding Ltd.: |  |
| 114400 | &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Series D  | 1921920<br> \*<sup>(1)(2)</sup> |
| 552800 | &nbsp;&nbsp;&nbsp;&nbsp; 6.35% to 06/30/29 then 3ML + 4.253%, Series A  | 13477264<br> \*<sup>(1)(2)</sup> |
| 164520 | &nbsp;&nbsp;&nbsp;&nbsp; 7.25% to 03/30/29 then T5Y + 2.986%, 03/30/64  | 4129452<br> <sup>(2)</sup>  |
| 36301 | Axis Capital Holdings Ltd., 5.50%, Series E  | 740177<br> \*\*<sup>(1)(2)(5)</sup> |
| $3679000<br>| AXIS Specialty Finance LLC, 4.90% to 01/15/30 then T5Y + 3.186%, 01/15/40  | 3625424<br> <sup>(2)(5)</sup>  |
| 67400 | CNO Financial Group, Inc., 5.125% 11/25/60  | 1309582 |
|  | Corebridge Financial, Inc.: |  |
| $3410000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% to 09/15/34 then T5Y + 2.646%, 09/15/54, 144A\*\*\*\*  | 3412568<br> <sup>(2)</sup>  |
| $2375000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 12/01/30 then T5Y + 3.181%, Series A  | 2437329<br> <sup>\*(1)</sup> |
| $2830000<br>| CVS Health Corporation, 7.00% to 03/10/30 then T5Y + 2.886%, 03/10/55, Series A | 2978317 |
| 805950 | Delphi Financial Group, TSFR3M + 3.45161%, 7.10695%<sup>(4)</sup>, 05/15/37  | 19443544<br> <sup>(2)</sup> |
|  | Enstar Group Ltd.: |  |
| 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 09/01/28 then TSFR3M + 4.27661%, Series D  | 5753100<br> \*\*<sup>(1)(2)(5)</sup> |
| $2400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 04/01/35 then T5Y + 3.186%, 04/01/45, 144A\*\*\*\*  | 2509553<br> <sup>(5)</sup>  |
| $3060000<br>| &nbsp;&nbsp;&nbsp;&nbsp; Enstar Finance LLC, 5.50% to 01/15/27 then T5Y + 4.006%, 01/15/42  | 3040877<br> <sup>(2)(3)(5)</sup>  |
| $2680000<br>| Equitable Holdings, Inc., 6.70% to 03/28/35 then T5Y + 2.39%, 03/28/55  | 2795066 |
| $7310000<br>| Everest Reinsurance Holdings, TSFR3M + 2.6466%, 6.29914%<sup>(4)</sup>, 05/15/37  | 7045553<br> <sup>(2)(3)</sup>  |
| 101900 | F&G Annuities & Life, Inc., 7.30% 01/15/65  | 2245876 |
| $2475000<br>| Fortegra Group, Inc., 9.25% to 11/15/34 then T5Y + 8.72%, 11/15/64, 144A\*\*\*\*  | 2462365 |
|  | Global Atlantic Fin Company: |  |
| $4090000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% to 03/01/31 then T5Y + 3.55%, 03/01/56, 144A\*\*\*\*  | 3898872 |
| $3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% to 10/15/29 then T5Y + 3.608%, 10/15/54, 144A\*\*\*\*  | 2873393 |
| 67900 | Jackson Financial, Inc., 8.00% to 03/30/28 then T5Y + 3.728%, Series A  | 1755215<br> \*<sup>(1)</sup> |
| $6200000<br>| Kuvare US Holdings, Inc., 7.00% to 05/01/26 then T5Y + 6.541%, 02/17/51, Series A, 144A\*\*\*\*  | 6230707<br> <sup>\*</sup> |
| $24634000<br>| Liberty Mutual Group, 7.80% 03/15/37, 144A\*\*\*\*  | 28557860<br> <sup>(2)(3)</sup>  |
|  | Lincoln National Corporation: |  |
| 90600 | &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, Series D  | 2393652<br> \*<sup>(1)(2)</sup> |
| $2265000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% to 03/01/28 then T5Y + 5.318%, Series C  | 2421706<br> \*<sup>(1)(2)</sup> |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | MetLife, Inc.: |  |
| $18250000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% 04/08/38, 144A\*\*\*\*  | $21826854<br><sup>(2)(3)</sup>  |
| $15807000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% 08/01/39  | 20946741<br> <sup>(2)(3)</sup>  |
| $2250000<br>| &nbsp;&nbsp;&nbsp;&nbsp; MetLife Capital Trust IV, 7.875% 12/15/37, 144A\*\*\*\*  | 2511486<br> <sup>(2)</sup>  |
| 204400 | PartnerRe Ltd., 4.875%, Series J  | 3511592<br> \*\*<sup>(1)(5)</sup> |
| $1720000<br>| Prudential Financial, Inc., 6.75% to 03/01/33 then T5Y + 2.848%, 03/01/53  | 1847289 |
|  | Reinsurance Group of America, Inc.: |  |
| $1840000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% to 09/15/36 then T5Y + 2.344%, 09/15/56  | 1842499 |
| $1290000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% to 09/15/35 then T5Y + 2.392%, 09/15/55  | 1335977 |
| 224459 | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 10/15/27 then T5Y + 3.456%, 10/15/52  | 5746150<br> <sup>(2)</sup>  |
| 125310 | RenaissanceRe Holdings Ltd., 4.20%, Series G | 1999948<br> \*\*<sup>(1)(2)(5)</sup> |
|  | SBL Holdings, Inc.: |  |
| $6300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 11/13/26 then T5Y + 5.62%, Series B, 144A\*\*\*\*  | 5690942<br> \*<sup>(1)(2)(3)</sup> |
| $5450000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.508% to 05/13/30 then T5Y + 5.58%, Series A, 144A\*\*\*\*  | 5447017<br> \*<sup>(1)(2)</sup> |
|  | Unum Group: |  |
| $26660000<br>| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financing Trust I, 7.405% 03/15/38  | 29186477<br> <sup>(2)(3)</sup>  |
| 108373 | Voya Financial, Inc., 5.35% to 09/15/29 then T5Y + 3.21%, Series B  | 2608538<br> \*<sup>(1)(2)</sup> |
|  |  | 249192293 |
|  | **Utilities — 13.1%** |  |
| $4190000<br>| AES Corporation, 7.60% to 01/15/30 then T5Y + 3.201%, 01/15/55  | 4215006<br> <sup>(2)(3)</sup>  |
|  | Algonquin Power & Utilities Corporation: |  |
| $5750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 04/18/27 then T5Y + 3.249%, 01/18/82, Series 2022-B  | 5706155<br> <sup>(2)(3)(5)</sup>  |
| 360410 | &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 4.27161%, 7.93239%<sup>(4)</sup>, 07/01/79, Series 2019-A  | 9276953<br> <sup>(2)(5)</sup>  |
| $2845000<br>| AltaGas Ltd., 7.20% to 10/15/34 then T5Y + 3.573%, 10/15/54, 144A\*\*\*\*  | 2973813<br> <sup>(5)</sup>  |
|  | American Electric Power Company, Inc.: |  |
| $6010000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% to 02/15/27 then T5Y + 2.675%, 02/15/62  | 5926960<br> <sup>(2)(3)</sup>  |
| $2805000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% to 03/15/36 then T5Y + 1.94%, 03/15/56, Series D  | 2815981 |
| $5285000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 12/15/34 then T5Y + 2.675%, 12/15/54, Series B  | 5713608<br> <sup>(2)(3)</sup>  |
| $4070000<br>| CenterPoint Energy, Inc., 6.85% to 02/15/35 then T5Y + 2.946%, 02/15/55, Series B | 4326752<br> <sup>(2)</sup>  |
| $2030000<br>| CMS Energy Corporation, 6.50% to 06/01/35 then T5Y + 1.961%, 06/01/55  | 2122483 |
|  | Commonwealth Edison: |  |
| $6328000<br>| &nbsp;&nbsp;&nbsp;&nbsp; COMED Financing III, 6.35% 03/15/33  | 6699928<br> <sup>(2)(3)</sup>  |
|  | Dominion Energy, Inc.: |  |
| $3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% to 04/15/27 then T5Y + 3.195%, Series C  | 2987579<br> \*<sup>(1)</sup> |
| $4565000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 05/15/35 then T5Y + 2.207%, 05/15/55, Series C  | 4740853<br> <sup>(2)(3)</sup>  |
| $7045000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 06/01/34 then T5Y + 2.511%, 06/01/54, Series B  | 7669476<br> <sup>(2)(3)</sup>  |
| 136100 | DTE Energy Company, 6.25% 10/01/85, Series H  | 3409305 |
| $5140000<br>| Duke Energy Corporation, 6.45% to 09/01/34 then T5Y + 2.588%, 09/01/54  | 5417920<br> <sup>(2)(3)</sup> |
|  | Edison International: |  |
| $7744000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% to 03/15/27 then T5Y + 3.901%, Series B  | 7664110<br> \*<sup>(1)</sup> |
| $2350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% to 03/15/26 then T5Y + 4.698%, Series A  | 2351616<br> \*<sup>(1)</sup> |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | Emera, Inc.: |  |
| $12170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 06/15/26 then 3ML + 5.44%, 06/15/76, Series 2016-A  | $12281684<br><sup>(2)(5)</sup>  |
| $6275000<br>| &nbsp;&nbsp;&nbsp;&nbsp; EUSHI Finance, Inc., 7.625% to 12/15/29 then T5Y + 3.136%, 12/15/54  | 6628847<br> <sup>(2)(3)</sup>  |
|  | Entergy Corporation: |  |
| $2795000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% to 06/15/36 then T5Y + 2.013%, 06/15/56, Series 2025B  | 2819146 |
| $5780000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 12/01/29 then T5Y + 2.67%, 12/01/54  | 6051660<br> <sup>(2)(3)</sup>  |
| $3520000<br>| Evergy, Inc., 6.65% to 06/01/30 then T5Y + 2.558%, 06/01/55  | 3638804<br> <sup>(2)(3)</sup>  |
| $1570000<br>| Eversource Energy, 6.35% to 08/15/36 then T5Y + 2.325%, 08/15/56, Series B | 1580605 |
| $2030000<br>| Exelon Corporation, 6.50% to 03/15/35 then T5Y + 1.975%, 03/15/55  | 2125434 |
|  | NextEra Energy: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.: |  |
| $1400000<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% to 08/15/30 then T5Y + 2.053% 08/15/55, Series S  | 1455042<br> <sup>(2)</sup>  |
| $2138000<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% to 09/01/29 then T5Y + 2.364% 09/01/54, Series Q  | 2221299 |
| $3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 06/15/34 then T5Y + 2.457% 06/15/54, Series R  | 3192815<br> <sup>(2)(3)</sup>  |
| $717000<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 2.38661%, 6.10981%<sup>(4)</sup>, 06/15/67, Series C  | 649811<br> <sup>(2)(3)</sup>  |
|  | NiSource, Inc.: |  |
| $1710000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% to 03/31/35 then T5Y + 2.527%, 03/31/55  | 1786617 |
| $3150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 11/30/29 then T5Y + 2.451%, 11/30/54  | 3295215<br> <sup>(2)(3)</sup>  |
| $3255000<br>| Northwest Natural Holding Company, 7.00% to 09/15/35 then <br>T5Y + 2.701%, 09/15/55  | 3406351<br> <sup>(2)(3)</sup>  |
| $3500000<br>| PacifiCorp, 7.125% to 08/15/31 then T5Y + 3.292%, 08/15/56  | 3440747 |
|  | PECO Energy: |  |
| $2386000<br>| &nbsp;&nbsp;&nbsp;&nbsp; PECO Energy Capital Trust III, 7.38% 04/06/28, Series D  | 2498269<br> <sup>(2)(3)</sup>  |
|  | Sempra: |  |
| $6000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% to 04/01/27 then T5Y + 2.868%, 04/01/52  | 5926544<br> <sup>(2)(3)</sup>  |
| $3410000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% to 10/01/34 then T5Y + 2.632%, 10/01/54  | 3489293<br> <sup>(2)(3)</sup>  |
| $3425000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 10/01/29 then T5Y + 2.789%, 10/01/54  | 3530257<br> <sup>(2)(3)</sup>  |
|  | Southern California Edison: |  |
| 195025 | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.45% to 03/15/26 then TSFR3M + 4.05161%, Series K  | 4939983<br> \*<sup>(1)</sup> |
| 185800 | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust VII, 7.50%, Series M  | 4645000<br> \*<sup>(1)</sup> |
| 123400 | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust VIII, 6.95%, Series N  | 2996152<br> \*<sup>(1)</sup> |
| $2860000<br>| Spire, Inc., 6.45% to 06/01/36 then T5Y + 2.327%, 06/01/56, Series B  | 2922474 |
| $2850000<br>| TXNM Energy, Inc., 7.00% to 07/31/31 then T5Y + 3.254%, 07/31/56, 144A\*\*\*\* | 2896800 |
| $820000<br>| Vistra Corporation, 7.00% to 12/15/26 then T5Y + 5.74%, Series B, 144A\*\*\*\*  | 830330<br> \*<sup>(1)</sup> |
| 135600 | Xcel Energy, Inc., 6.25% 10/15/85  | 3383220 |
|  |  | 176650897 |
|  | **Energy — 4.2%** |  |
|  | Enbridge, Inc.: |  |
| $6200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% to 01/15/27 then TSFR3M + 4.15161%, 01/15/77, Series 2016-A  | 6251014<br> <sup>(2)(3)(5)</sup>  |
| $8920000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% to 03/15/30 then T5Y + 3.122%, 03/15/55, Series A  | 9546871<br> <sup>(2)(3)(5)</sup>  |
| $4210000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% to 01/15/34 then T5Y + 4.431%, 01/15/84, Series 2023-B  | 4860756<br> <sup>(2)(3)(5)</sup>  |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | Energy Transfer LP: |  |
| $2640000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 02/15/36 then T5Y + 2.475%, 02/15/56, Series B  | $2699693<br>|
| $7067000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 05/15/30 then T5Y + 5.306%, Series G  | 7336436<br> <sup>(1)(2)(3)</sup>  |
| $4700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 05/15/29 then T5Y + 4.02%, 05/15/54  | 5045516<br> <sup>(2)(3)</sup>  |
| $6800000<br>| Phillips 66 Company, 6.20% to 03/15/36 then T5Y + 2.166%, 03/15/56, Series B | 6895112<br> <sup>(2)(3)</sup>  |
| $2915000<br>| South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/35 then <br>T5Y + 3.667%, 03/01/55  | 3095812<br> <sup>(5)</sup>  |
| $2620000<br>| Sunoco LP, 7.875% to 09/18/30 then T5Y + 4.23%, Series A, 144A\*\*\*\*  | 2710246<br> <sup>(1)</sup>  |
| $8490000<br>| Transcanada Pipelines, Ltd., 5.50% to 09/15/29 then TSFR3M + 4.41561%, 09/15/79  | 8601813<br> <sup>(2)(3)(5)</sup>  |
|  |  | 57043269 |
|  | **Communication — 1.4%** |  |
| $4000000<br>| Bell Canada, 7.00% to 09/15/35 then T5Y + 2.363%, 09/15/55, Series B  | 4235756<br> <sup>(2)(5)</sup>  |
| $2365000<br>| British Telecommunications PLC, 4.875% to 11/23/31 then <br>T5Y + 3.493%, 11/23/81, 144A\*\*\*\*  | 2323276<br> <sup>(2)(5)</sup>  |
| $7900000<br>| Paramount Global, 6.375% to 03/30/27 then T5Y + 3.999%, 03/30/62  | 6241000<br> <sup>(2)(3)</sup>  |
| $3020000<br>| Rogers Communications, Inc., 7.125% to 04/15/35 then T5Y + 2.62%, 04/15/55  | 3200018<br> <sup>(5)</sup>  |
| $2460000<br>| TELUS Corporation, 7.00% to 10/15/35 then T5Y + 2.709%, 10/15/55, Series B  | 2596887<br> <sup>(5)</sup>  |
|  |  | 18596937 |
|  | **Real Estate Investment Trust (REIT) — 1.5%** |  |
| 130000 | Adamas Trust, Inc., 6.875% to 10/15/26 then TSFR3M + 6.13%, Series F  | 3088800<br> <sup>(1)</sup>  |
| 19210 | Annaly Capital Management, Inc., TSFR3M + 5.25461%, 8.92655%<sup>(4)</sup>, Series F  | 498308<br> <sup>(1)</sup>  |
|  | Arbor Realty Trust, Inc.: |  |
| 58799 | &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Series D  | 1009579<br> <sup>(1)</sup>  |
| 315025 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 10/30/26 then TSFR3M + 5.44%, Series F  | 6773037<br> <sup>(1)(2)</sup>  |
| 412300 | KKR Real Estate Finance Trust, Inc., 6.50%, Series A  | 7207004<br> <sup>(1)(2)</sup>  |
| 120700 | TPG RE Finance Trust, Inc., 6.25%, Series C  | 2305370<br> <sup>(1)</sup>  |
|  |  | 20882098 |
|  | **Miscellaneous Industries — 2.3%** |  |
| 198060 | Apollo Global Management, Inc., 7.625% to 12/15/28 then T5Y + 3.226%, 09/15/53  | 5086181<br> <sup>(2)</sup>  |
| $4170000<br>| FMC Corporation, 8.45% to 11/01/30 then T5Y + 4.366%, 11/01/55  | 2746238<br> <sup>(2)</sup>  |
|  | Land O' Lakes, Inc.: |  |
| $6800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, Series C, 144A\*\*\*\*  | 6086000<br> \*<sup>(1)(2)</sup> |
| $7900000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, Series B, 144A\*\*\*\*  | 7347000<br> \*<sup>(1)(2)</sup> |
| $9500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, Series A, 144A\*\*\*\*  | 9529693<br> \*<sup>(1)(2)(3)</sup> |
|  |  | 30795112 |
|  | **Total Preferred Stock & Hybrid Preferred Securities**<br> (Cost $1,021,990,244)  | 1021710234 |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  **Contingent Capital Securities<sup>†</sup>** **— 21.0%**  | **Contingent Capital Securities<sup>†</sup>** **— 21.0%**  |  |
|  | **Banking — 21.0%** |  |
|  | Banco Bilbao Vizcaya Argentaria SA: |  |
| $12800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 11/16/27 then SW5 + 3.87%  | $12962931<br>\*\*<sup>(1)(2)(5)</sup> |
| $8600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% to 09/19/29 then T5Y + 5.099%, Series 12  | 9599785<br> \*<sup>(1)(2)(5)</sup> |
|  | Banco Mercantil del Norte SA: |  |
| $3400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 01/24/32 then T10Y + 5.034%, 144A\*\*\*\*  | 3378304<br> \*\*<sup>(1)(5)</sup> |
| $1688000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 06/27/29 then T10Y + 5.47%, 144A\*\*\*\*  | 1744383<br> \*\*<sup>(1)(5)</sup> |
| $2970000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 01/10/28 then T10Y + 5.353%, 144A\*\*\*\*  | 3056956<br> \*\*<sup>(1)(5)</sup> |
| $4113000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% to 05/20/35 then T10Y + 4.299%, 144A\*\*\*\*  | 4532176<br> \*\*<sup>(1)(5)</sup> |
|  | Banco Santander SA: |  |
| $17200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 05/12/27 then T5Y + 3.753%, 144A\*\*\*\*  | 17193975<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $6200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 08/01/34 then T5Y + 3.911%  | 6862891<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $6600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% to 11/21/33 then T5Y + 5.298%, 144A\*\*\*\*  | 7961316<br> \*\*<sup>(1)(2)(3)(5)</sup> |
|  | Bank of Montreal: |  |
| $600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 11/26/30 then T5Y + 2.976%, 11/26/85, Series 6  | 619312<br> \*\*<sup>(5)</sup> |
| $2085000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% to 11/26/34 then T5Y + 3.01%, 11/26/84, Series 5  | 2220930<br> \*\*<sup>(5)</sup> |
| $4010000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70% to 05/26/29 then T5Y + 3.452%, 05/26/84, Series 4  | 4249577<br> \*\*<sup>(2)(3)(5)</sup> |
|  | Bank of Nova Scotia: |  |
| $3450000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 10/27/35 then T5Y + 2.734%, 10/27/85, Series 7  | 3563712<br> \*\*<sup>(2)(5)</sup> |
| $3205000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.35% to 04/27/30 then T5Y + 2.903%, 04/27/85, Series 6  | 3371541<br> \*\*<sup>(2)(5)</sup> |
| $4450000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 01/27/29 then T5Y + 4.017%, 01/27/84, Series 5  | 4764072<br> \*\*<sup>(2)(5)</sup> |
|  | Barclays Bank PLC: |  |
| $1975000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% to 09/15/28 then T5Y + 3.41%  | 1925166<br> \*\*<sup>(1)(5)</sup> |
| $3310000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 09/15/35 then SOFR5Y + 3.686%  | 3515915<br> \*\*<sup>(1)(5)</sup> |
| $2070000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 09/15/29 then T5Y + 5.431%  | 2208920<br> \*\*<sup>(1)(5)</sup> |
| $3350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% to 06/15/30 then SOFR5Y + 5.775%  | 3800100<br> \*\*<sup>(1)(5)</sup> |
| $2800000<br>| BBVA Bancomer SA, 5.875% to 09/13/29 then T5Y + 4.308%, 09/13/34, 144A\*\*\*\*  | 2832937<br> <sup>(2)(5)</sup>  |
|  | BNP Paribas: |  |
| $2050000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% to 02/25/31 then T5Y + 3.34%, 144A\*\*\*\*  | 1904810<br> \*\*<sup>(1)(5)</sup> |
| $4170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% to 09/10/34 then T5Y + 3.535%, 144A\*\*\*\*  | 4382186<br> \*\*<sup>(1)(2)(5)</sup> |
| $18400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.45% to 06/27/35 then T5Y + 3.134%, Series 1, 144A\*\*\*\*  | 19454338<br> \*\*<sup>(1)(5)</sup> |
| $4135000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% to 08/16/29 then T5Y + 4.899%, 144A\*\*\*\*  | 4403945<br> \*\*<sup>(1)(2)(5)</sup> |
| $1859000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% to 08/14/28 then T5Y + 4.354%, 144A\*\*\*\*  | 1988589<br> \*\*<sup>(1)(5)</sup> |
| $2340000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% to 11/17/27 then T5Y + 4.969%, 144A\*\*\*\*  | 2501427<br> \*\*<sup>(1)(5)</sup> |
|  | Canadian Imperial Bank of Commerce: |  |
| $2925000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 01/28/30 then T5Y + 2.833%, 01/28/85, Series 5  | 3026740<br> \*\*<sup>(2)(3)(5)</sup> |
| $3470000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 10/28/30 then T5Y + 3.00%, 10/28/85, Series 7  | 3610771<br> \*\*<sup>(2)(5)</sup> |
|  | Credit Agricole SA: |  |
| $2040000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 09/23/29 then T5Y + 3.237%, 144A\*\*\*\*  | 2000336<br> \*\*<sup>(1)(5)</sup> |
| $2970000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 09/23/35 then SOFR5Y + 3.584%, 144A\*\*\*\*  | 3125728<br> \*\*<sup>(1)(2)(5)</sup> |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | HSBC Holdings PLC: |  |
| $2100000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% to 05/22/27 then SW5 + 3.746%  | $2122012<br>\*\*<sup>(1)(2)(5)</sup> |
| $20770000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 03/23/28 then SW5 + 3.606%  | 21232865<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $2900000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 09/11/34 then T5Y + 3.191%  | 3068441<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $2750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% to 12/05/30 then T5Y + 2.987%  | 2865820<br> \*\*<sup>(1)(2)(5)</sup> |
|  | ING Groep NV: |  |
| $3050000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% to 11/16/27 then T5Y + 2.862%  | 2987492<br> \*\*<sup>(1)(5)</sup> |
| $3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 11/16/28 then T5Y + 3.711%  | 3125614<br> \*\*<sup>(1)(5)</sup> |
|  | Lloyds Banking Group PLC: |  |
| $2965000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 09/27/35 then T5Y + 2.681%  | 2954940<br> \*\*<sup>(1)(5)</sup> |
| $10350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 03/27/30 then T5Y + 3.913%  | 11250647<br> \*\*<sup>(1)(2)(3)(5)</sup> |
|  | NatWest Group PLC: |  |
| $1700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% to 12/28/31 then T5Y + 3.10%, - -  | 1583657<br> \*\*<sup>(1)(5)</sup> |
| $1215000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% to 05/10/34 then T5Y + 3.752%  | 1370759<br> \*\*<sup>(1)(5)</sup> |
|  | Royal Bank of Canada: |  |
| $5850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% to 11/24/34 then T5Y + 2.257%, 11/24/84, Series 5  | 5796859<br> \*\*<sup>(2)(3)(5)</sup> |
| $3995000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 11/24/35 then T5Y + 2.462%, 11/24/85, Series 7  | 3993489<br> \*\*<sup>(2)(5)</sup> |
| $2500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 08/24/30 then T5Y + 2.815%, 08/24/85, Series 6  | 2595558<br> \*\*<sup>(5)</sup> |
| $4016000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 05/02/29 then T5Y + 2.887%, 05/02/84, Series 4  | 4242897<br> \*\*<sup>(2)(3)(5)</sup> |
|  | Societe Generale SA: |  |
| $4150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 05/26/26 then T5Y + 3.931%, 144A\*\*\*\*  | 4162358<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $4150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% to 11/18/30 then T5Y + 4.514%, 144A\*\*\*\*  | 4033522<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $17750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 04/06/28 then SW5 + 3.929%, 144A\*\*\*\*  | 18063500<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $15640000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% to 05/22/28 then T5Y + 5.385%, 144A\*\*\*\*  | 16677511<br> \*\*<sup>(1)(2)(3)(5)</sup> |
|  | Standard Chartered PLC: |  |
| $1900000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 07/14/31 then T5Y + 3.805%, 144A\*\*\*\*  | 1814117<br> \*\*<sup>(1)(5)</sup> |
| $10355000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% to 02/15/28 then T5Y + 4.976%, 144A\*\*\*\*  | 10778830<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $2085000<br>| Toronto-Dominion Bank, 7.25% to 07/31/29 then T5Y + 2.977%, 07/31/84, Series 4 | 2181362<br> \*\*<sup>(5)</sup> |
|  | UBS Group AG: |  |
| $2800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% to 02/10/31 then T5Y + 3.313%, 144A\*\*\*\*  | 2550007<br> \*\*<sup>(1)(5)</sup> |
| $3600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% to 02/12/27 then T5Y + 3.404%, 144A\*\*\*\*  | 3587099<br> \*\*<sup>(1)(2)(3)(5)</sup> |
| $3340000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 07/08/36 then SOFR5Y + 3.321%, 144A\*\*\*\*  | 3363277<br> \*\*<sup>(1)(5)</sup> |
| $890000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% to 11/13/33 then T5Y + 4.758%, 144A\*\*\*\*  | 1043265<br> \*\*<sup>(1)(5)</sup> |
|  |  | 284209667 |
|  | **Total Contingent Capital Securities**<br> (Cost $273,041,464) | 284209667 |

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  **Corporate Debt Securities<sup>§</sup>** **— 1.9%** | **Corporate Debt Securities<sup>§</sup>** **— 1.9%** |  |
|  | **Banking — 0.2%** |  |
| 83600 | Dime Community Bancshares, Inc., 9.00% to 07/15/29 then <br>TSFR3M + 4.951%, 07/15/34  | $2186976<br>|
|  |  | 2186976 |
|  | **Insurance — 1.3%** |  |
| $13500000 | Liberty Mutual Insurance, 7.697% 10/15/97, 144A\*\*\*\*  | 15474808<br><sup>(2)(3)</sup>  |
| $2150000 | Universal Insurance Holdings, Inc., 5.625% 11/30/26  | 2129050 |
|  |  | 17603858 |
|  | **Communication — 0.4%** |  |
|  | Qwest Corporation: |  |
| 127729 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% 09/01/56  | 2474111 |
| 155921 | &nbsp;&nbsp;&nbsp;&nbsp; 6.75% 06/15/57  | 3096591 |
|  |  | 5570702 |
|  | **Total Corporate Debt Securities**<br> (Cost $22,967,306)  | 25361536 |
|  **Money Market Fund — 0.8%** | **Money Market Fund — 0.8%** |  |
|  | BlackRock Liquidity Funds: |  |
| 10448177 | &nbsp;&nbsp;&nbsp;&nbsp; T-Fund, Institutional Class  | 10448177 |
|  | **Total Money Market Fund**<br> (Cost $10,448,177)  | 10448177 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **Total Investments** (Cost $1,328,447,191\*\*\*)  | 99.2 | % | 1341729614 |
|  **Other Assets and Liabilities, excluding Loan Payable** (net)  | 0.8 | % | 11221601 |
|  **Total Managed Assets**  | 100.0 | %<sup>‡</sup> | $1352951215<br>|
|  **Loan Principal Balance**  | **Loan Principal Balance**  | **Loan Principal Balance**  | (502000000) |
|  **Net Assets Available To Common Stock**  | **Net Assets Available To Common Stock**  | **Net Assets Available To Common Stock**  | $850951215<br>|

---

------

§Date shown is maturity date unless referencing the end of the fixed-rate period of a fixed-to-floating rate security.

\*Securities eligible for the Dividends Received Deduction and distributing Qualified Dividend Income.

\*\*Securities distributing Qualified Dividend Income only.

\*\*\*Aggregate cost of securities held.

\*\*\*\*Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At February 28, 2026, these securities amounted to $317,023,524 or 23.4% of total managed assets.

<sup>(1)</sup> Perpetual security with no stated maturity date.

<sup>(2)</sup> All or a portion of this security is pledged as collateral for the Fund's loan. The total value of such securities was $861,784,907 at February 28, 2026.

<sup>(3)</sup> All or a portion of this security has been rehypothecated. The total value of such securities was $486,308,577 at February 28, 2026.

<sup>(4)</sup> Represents the rate in effect as of the reporting date.

<sup>(5)</sup> Foreign Issuer.

†A Contingent Capital Security is a hybrid security with contractual loss-absorption characteristics.

‡The percentage shown for each investment category is the total value of that category as a percentage of total managed assets.

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**PORTFOLIO OF INVESTMENTS (Continued)**

**February 28, 2026 (Unaudited)**

------

---

| | |
|:---|:---|
|  **ABBREVIATIONS:** | **ABBREVIATIONS:** |
|  3ML | 3-Month Intercontinental Exchange (ICE) London Interbank Offered Rate (LIBOR) USD A/360 |
|  SOFR5Y | 5-year USD ICE Secured Overnight Financing Rate (SOFR) Swap |
|  SW5 | 5-year USD Swap Semiannual 30/360 |
|  T5Y | Federal Reserve H.15 5-Yr Constant Maturity Treasury Semiannual yield |
|  T7Y | Federal Reserve H.15 7-Yr Constant Maturity Treasury Semiannual yield |
|  T10Y | Federal Reserve H.15 10-Yr Constant Maturity Treasury Semiannual yield |
|  TSFR3M | Chicago Mercantile Exchange Inc. (CME) Term SOFR 3-Month |

---

The administrator of U.S. dollar LIBOR, ICE, ceased publication of daily U.S. dollar LIBOR panels after June 30, 2023. For securities where (i) issuers have announced replacement reference rates or (ii) the Adjustable Interest Rate (LIBOR) Act of 2022 was determined by the Adviser to apply, the new reference rate (usually Term SOFR) has been listed as the benchmark. The spread over that benchmark includes any tenor spread adjustment applicable upon benchmark transition. For all other securities, the original reference rate and spread continue to be listed.

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**Financial Highlights<sup>(1)</sup>**

**For the period December 1, 2025 through February 28, 2026 (Unaudited)**

**For a Common Stock share outstanding throughout the period**

------

---

| | |
|:---|:---|
|  **PER SHARE OPERATING PERFORMANCE:** |  |
|  Net asset value, beginning of period  | $17.63<br>|
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income  | 0.31 |
|  Net realized and unrealized gain/(loss) on investments  | 0.06 |
|  Total from investment operations  | 0.37 |
|  **DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:** |  |
|  From net investment income  | (0.34 |
|  Total distributions to Common Stock Shareholders  | (0.34 |
|  Net asset value, end of period  | $17.66<br>|
|  Market value, end of period  | $16.57<br>|
|  Common Stock shares outstanding, end of period  | 48177896 |
|  **RATIOS TO AVERAGE NET ASSETS AVAILABLE TO COMMON STOCK SHAREHOLDERS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income†  | 7.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating expenses including interest expense  | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating expenses excluding interest expense  | 0.91 |
|  **SUPPLEMENTAL DATA:††** |  |
|  Portfolio turnover rate  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total managed assets, end of period (in 000's)  | $1352951<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of operating expenses including interest expense to<br>average total managed assets  | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of operating expenses excluding interest expense to<br>average total managed assets  | 0.58 |

---

------

<sup>(1)</sup> These tables summarize the three months ended February 28, 2026 and should be read in conjunction with the Fund's audited financial statements, including notes to the financial statements, in its Annual Report dated November 30, 2025.

\*Annualized.

\*\*Not annualized.

†The net investment income ratios reflect income net of operating expenses, including interest expense.

††Information presented under heading Supplemental Data includes loan principal balance.

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**Financial Highlights** **(Continued)**

**Per Share of Common Stock (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br>Dividends<br>Paid** | **Net <br>Asset<br>Value** | **NYSE<br>Closing<br>Price** | **Dividend<br>Reinvestment<br>Price<sup>(1)</sup>** |
|  December 31, 2025  | $0.1345 | $17.65 | $16.51 | $16.59 |
|  January 30, 2026  | 0.1005 | 17.69 | 16.70 | 16.74 |
|  February 27, 2026  | 0.1005 | 17.66 | 16.57 | 16.57 |

---

------

<sup>(1)</sup> Whenever the net asset value per share of the Fund's Common Stock is less than or equal to the market price per share on the reinvestment date, new shares issued will be valued at the higher of net asset value or 95% of the then current market price. Otherwise, the reinvestment shares of Common Stock will be purchased in the open market.

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**NOTES TO PORTFOLIO OF INVESTMENTS (Unaudited)**

------

**1.** **Aggregate Information for Federal Income Tax Purposes**

At February 28, 2026, the aggregate cost of securities for federal income tax purposes was $1,335,438,261, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $43,763,186 and the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $37,471,833.

**2.** **Additional Accounting Standards**

*Portfolio Valuation:* Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate a Valuation Designee to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available.

The net asset value of the Fund's Common Stock is calculated by the Fund's Administrator no less frequently than on the last business day of each week and month in accordance with the policies and procedures adopted by the Adviser, as the Valuation Designee of the Board of Directors (the "Board") of the Fund. Net asset value is calculated by dividing the value of the Fund's net assets available to Common Stock by the number of shares of Common Stock outstanding. The value of the Fund's net assets available to Common Stock is deemed to equal the value of the Fund's total assets less (i) the Fund's liabilities and (ii) the aggregate liquidation value of any outstanding preferred stock.

The Fund's preferred and debt securities are valued on the basis of current market quotations provided by independent pricing services or dealers approved by the Valuation Designee. In determining the evaluated mean value of a particular preferred or debt security, a pricing service or dealer may use information with respect to transactions in such investments, quotations (based on the mean of bid and asked price), market transactions in comparable investments, various relationships observed in the market between investments, and/or calculated yield measures based on valuation technology commonly employed in the market for such investments. Common stocks that are traded on stock exchanges are valued at the last sale price or official close price on the exchange, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available mean price. Futures contracts and option contracts on futures contracts are valued on the basis of the settlement price for such contracts on the primary exchange on which they trade. Investments in over-the-counter derivative instruments, such as interest rate swaps and options thereon ("swaptions"), are valued using prices supplied by a pricing service, or if such prices are unavailable, prices provided by a single broker or dealer that is not the counterparty or, if no such prices are available, at a price at which the counterparty to the contract would repurchase the instrument or terminate the contract. Investments for which market quotations are not readily available or for which the Valuation Designee determines that the prices are not reflective of current market conditions are valued at fair value as determined in good faith by the Valuation Designee, including reference to valuations of other securities which are comparable in quality, maturity and type.

Investments in money market instruments and all debt and preferred securities which mature in 60 days or less are valued at amortized cost, provided such amount approximates market value. Investments in money market funds are valued at the net asset value of such funds.

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**NOTES TO PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)**

------

*Fair Value Measurements:* The Fund has analyzed all existing investments to determine the significance and character of all inputs to their fair value determination. The levels of fair value inputs used to measure the Fund's investments are characterized into a fair value hierarchy. Where inputs for an asset or liability fall into more than one level in the fair value hierarchy, the investment is classified in its entirety based on the lowest level input that is significant to that investment's valuation. The three levels of the fair value hierarchy are described below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out of levels are recognized at market value at the end of the period.

A summary of the inputs used to value the Fund's investments as of February 28, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br>Value at<br>February 28, 2026** | **Level 1<br>Quoted<br>Price** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Preferred Stock & Hybrid <br>Preferred Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking  | $430158089<br>| $243384340<br>| $186773749<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services  | 38391539 | 9991023 | 28400516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 249192293 | 48157814 | 201034479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities  | 176650897 | 28650613 | 148000284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy  | 57043269 |  | 57043269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication  | 18596937 |  | 18596937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trust (REIT)  | 20882098 | 20882098 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Industries  | 30795112 | 5086181 | 25708931 |  |
|  **Contingent Capital Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking  | 284209667 |  | 284209667 |  |
|  **Corporate Debt Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking  | 2186976 | 2186976 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 17603858 |  | 17603858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication  | 5570702 | 5570702 |  |  |
|  **Money Market Fund**  | 10448177 | 10448177 |  |  |
|  **Total Investments**  | $1341729614<br>| $374357924<br>| $967371690<br>| $—<br>|

---

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

**NOTES TO PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)**

------

During the reporting period, there were no transfers into or out of Level 3.

The fair values of the Fund's investments are generally based on market information and quotes received from brokers or independent pricing services that are unaffiliated with the Adviser. To assess the continuing appropriateness of security valuations, the Adviser regularly compares current prices to prior prices, prices across comparable securities, actual sale prices for securities in the Fund's portfolio, and market information obtained by the Adviser as a function of being an active market participant.

Securities with quotes that are based on actual trades or actionable bids and offers with a sufficient level of activity on or near the measurement date are classified as Level 1. Securities that are priced using quotes derived from implied values, indicative bids and offers, or a limited number of actual trades—or the same information for securities that are similar in many respects to those being valued—are classified as Level 2. If market information is not available for securities being valued, or materially-comparable securities, then those securities are classified as Level 3. In considering market information, the Valuation Designee evaluates changes in liquidity, willingness of a broker to execute at the quoted price, the depth and consistency of prices from pricing services, and the existence of observable trades in the market.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Flaherty & Crumrine Preferred & Income Securities Fund Inc

- **b. Investment Company Act file number:** 811-21129

- **c. CIK number of Registrant:** 0001174164

- **d. LEI of Registrant:** 254900A8P8RQUXES1M50

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

  - **Street Address 1:** 301 East Colorado Boulevard

  - **City:** Pasadena

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 91101

  - **Telephone number:** 626-795-7300

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

- **a. Name of Series:** Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

- **c. LEI of Series:** 254900A8P8RQUXES1M50

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-27

**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:** $1366544871.50

**Total Liabilities:** $515573224.94

**Net Assets:** $850971646.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 43622.00000000 | **1-Year:** 154684.00000000 | **5-Year:** 157845.00000000 | **10-Year:** 83657.00000000 | **30-Year:** 24764.00000000

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

- **3-Month:** 18982.00000000 | **1-Year:** 61495.00000000 | **5-Year:** 56554.00000000 | **10-Year:** 45445.00000000 | **30-Year:** 18944.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -0.16%               | 1.76%                | -0.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $205837.12               | $-362946.73                                |
| Month 2  | $13892.30                | $3443241.86                                |
| Month 3  | $-49917.75               | $-469048.27                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BNP Paribas SA                                     | BNP V7.375 PERP 144A                                                                                                                                   | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4170000 | PA      | $4382186.28   | 0.51%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP V8.5 PERP 144A                                                                                                                                     | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1859000 | PA      | $1988589.03   | 0.23%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                       | Apollo Global Management Inc FIXED-RATE RESETTABLE JUNIOR SUBORDINATED NOTES DUE 9/15/2053                                                             | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |    198060 | NS      | $5086180.80   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole S.A.                               | ACAFP V4.75 PERP 144A                                                                                                                                  | CUSIP: 225313AP0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2040000 | PA      | $2000336.69   | 0.24%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.    | SOBOCN V7.5 03/01/55                                                                                                                                   | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |   2915000 | PA      | $3095811.62   | 0.36%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Voya Financial Inc                                 | Voya Financial Inc DEP SHS REP 1/40TH NON CUM                                                                                                          | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |    108373 | NS      | $2608538.11   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust Inc.                 | KKR Real Estate Finance Trust Inc. 6.50% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK                                                                | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |    412300 | NS      | $7207004.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                             | SRE V4.125 04/01/52                                                                                                                                    | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5926544.40   | 0.70%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                          | SUN V7.875 PERP 144A                                                                                                                                   | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2710245.90   | 0.32%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                   | PARA V6.375 03/30/62                                                                                                                                   | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   7900000 | PA      | $6241000.00   | 0.73%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                             | CNP V6.85 02/15/55 B                                                                                                                                   | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   4070000 | PA      | $4326751.88   | 0.51%             | 2055-02-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                              | SOCGEN V4.75 PERP 144A                                                                                                                                 | CUSIP: 83370RAB4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4150000 | PA      | $4162358.29   | 0.49%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                       | MET 9.25 04/08/38                                                                                                                                      | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |  18250000 | PA      | $21826854.00  | 2.56%             | 2038-04-08      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Qwest Corporation                                  | Qwest Corporation 6.75% NOTES DUE 2057                                                                                                                 | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |    155921 | NS      | $3096591.06   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                     | Citigroup Inc. DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF 6.25% NONCUMULATIVE PREFERRED STOCK, SERIES II                   | CUSIP: 172967242<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    108400 | NS      | $2753360.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc.                                   | TXNM V7 07/31/56 144A                                                                                                                                  | CUSIP: 69349HAJ6<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2896799.85   | 0.34%             | 2056-07-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP V7.75 PERP 144A                                                                                                                                    | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4135000 | PA      | $4403944.54   | 0.52%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Renaissancere Holdings Ltd.                        | Renaissancere Holdings Ltd. DEPOSITARY SHARES, EACH REPRESENTING 1/1000TH INTEREST IN A SHARE OF THE COMPANYS 4.20% SERIES G PREFERENCE SHARES         | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |    125310 | NS      | $1999947.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation                     | Wintrust Financial Corporation DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF 7.875% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL | CUSIP: 97650W702<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |    141720 | NS      | $3783924.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                               | RY V7.5 05/02/84                                                                                                                                       | CUSIP: 780082AR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4016000 | PA      | $4242897.49   | 0.50%             | 2084-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                       | BACR V9.625 PERP                                                                                                                                       | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3350000 | PA      | $3800099.30   | 0.45%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                 | STT V6.7 PERP I                                                                                                                                        | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4452929.00   | 0.52%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| LEHMAN BROS HLDG-ESCROW                            | LEHMAN BROS HLDG-ESCROW                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley DEPOSITARY SHARES, EACH REPRESENTING 1/1,000TH OWNERSHIP INTEREST IN A SHARE OF 6.625% NONCUMULATIVE PREFERRED STOCK, SERIES Q          | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     81000 | NS      | $2138400.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Company                  | NWN V7 09/15/55                                                                                                                                        | CUSIP: 66765NAA3<br>LEI: 254900PSJL6ZEC8FR782 | Long             | DBT              | CORP              | US        |   3255000 | PA      | $3406350.99   | 0.40%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Qwest Corporation                                  | Qwest Corporation 6.5% NOTES DUE 2056                                                                                                                  | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |    127729 | NS      | $2474110.73   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Operating Group II LP                          | TPG Operating Group II LP FIXED-RATE JUNIOR SUBORDINATED NOTES DUE ON MARCH 15, 2064                                                                   | CUSIP: 872652102<br>LEI: 2549001H9RJQNZT7MU11 | Long             | EP               | CORP              | US        |    116533 | NS      | $2850397.18   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                              | BAC V6.25 PERP                                                                                                                                         | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3938036.94   | 0.46%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Edison International                               | EIX V5 PERP B                                                                                                                                          | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   7744000 | PA      | $7664110.57   | 0.90%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                         | AER V6.5 01/31/56                                                                                                                                      | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   2370000 | PA      | $2458569.27   | 0.29%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Edison International                               | EIX V5.375 PERP A                                                                                                                                      | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2351615.86   | 0.28%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                      | ENBCN V6 01/15/77 16-A                                                                                                                                 | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   6200000 | PA      | $6251013.60   | 0.73%             | 2077-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                              | SOCGEN V9.375 PERP 144A                                                                                                                                | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  15640000 | PA      | $16677510.68  | 1.96%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc               | GM V6.5 PERP B                                                                                                                                         | CUSIP: 37045XCM6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4473854.00   | 0.53%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                               | JPM V3.65 PERP KK                                                                                                                                      | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495593.36   | 0.18%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                                         | EVRG V6.65 06/01/55                                                                                                                                    | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |   3520000 | PA      | $3638803.52   | 0.43%             | 2055-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| SCE Trust VIII                                     | SCE Trust VIII 6.95% TRUST PREFERENCE SECURITIES SERIES N                                                                                              | CUSIP: 80620A208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    123400 | NS      | $2996152.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                       | UBS V4.375 PERP 144A                                                                                                                                   | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2800000 | PA      | $2550007.24   | 0.30%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                          | GS V6.85 PERP                                                                                                                                          | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2252851.70   | 0.26%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                    | PSX V6.2 03/15/56 B                                                                                                                                    | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |   6800000 | PA      | $6895111.60   | 0.81%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                     | C V6.875 PERP GG                                                                                                                                       | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3405000 | PA      | $3493376.78   | 0.41%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MUNICIPALITY FINANCE PLC (KUNTARAHOITUS OYJ)       | Fort Real Estate Securities Co Inc. PFD CL B 144A                                                                                                      | CUSIP: 302663208<br>LEI: 0002671824           | Long             | EP               | CORP              | US        |         9 | NS      | $10327500.00  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CoMed Financing III                                | EXC 6.35 03/15/33                                                                                                                                      | CUSIP: 20035AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6328000 | PA      | $6699927.69   | 0.79%             | 2033-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | RY V6.35 11/24/84                                                                                                                                      | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   5850000 | PA      | $5796859.19   | 0.68%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                 | HBAN V4.45 PERP G                                                                                                                                      | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1679459.98   | 0.20%             | N/A             | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                  | HSBC V6 PERP *                                                                                                                                         | CUSIP: 404280BL2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2100000 | PA      | $2122012.45   | 0.25%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                | Synchrony Financial DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 8.250% FIXED RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STO | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |    269800 | NS      | $7047176.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cobank ACB                                         | COBKAC V6.25 PERP I                                                                                                                                    | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |   2498000 | PA      | $2509148.57   | 0.29%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc.                          | F&G Annuities & Life Inc. CALLABLE FIXED FOR LIFE JUNIOR SUBORDINATED NOTES DUE JANUARY 15, 2065                                                       | CUSIP: 30190A609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    101900 | NS      | $2245876.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                  | HSBC V6.95 PERP                                                                                                                                        | CUSIP: 404280EJ4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2900000 | PA      | $3068440.70   | 0.36%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                      | NI V6.375 03/31/55                                                                                                                                     | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1786616.55   | 0.21%             | 2055-03-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                | ALLY V4.7 PERP C                                                                                                                                       | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3875000 | PA      | $3665381.88   | 0.43%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                    | Xcel Energy Inc 6.25% NOTES ISSUED DUE ON OCTOBER 15, 2085                                                                                             | CUSIP: 98389B878<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EP               | CORP              | US        |    135600 | NS      | $3383220.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                  | WFC V3.9 PERP BB                                                                                                                                       | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3823357.58   | 0.45%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| First Horizon Corporation                          | First Horizon Corporation DEPOSITARY SHARES EACH REPRESENTING 1/4,000TH INTEREST IN A SHARE OF NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES E      | CUSIP: 320517402<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EP               | CORP              | US        |     87500 | NS      | $2163875.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE FINANCIAL PARTNERS INC                    | Pinnacle Financial Partners Inc. FIXED RATE RESET NON-CUM PERP PFD SER B                                                                               | CUSIP: 72348N307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    517613 | NS      | $13535579.95  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                     | C V4.15 PERP Y                                                                                                                                         | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1946172.93   | 0.23%             | N/A             | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | WFC V6.85 PERP                                                                                                                                         | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6649038.90   | 0.78%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                  | LLAKES 7.25 PERP 144a                                                                                                                                  | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   7900000 | PA      | $7347000.00   | 0.86%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Annaly Capital Management, Inc.                    | Annaly Capital Management, Inc. 6.95% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                            | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     19210 | NS      | $498307.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                                | BNS V8 01/27/84                                                                                                                                        | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   4450000 | PA      | $4764072.10   | 0.56%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS V7 PERP 144                                                                                                                                        | CUSIP: 902613BW7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3340000 | PA      | $3363276.46   | 0.40%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley DEPOSITARY SHARES EACH REPRESENTING 1/1,000 TH OF A SHARE OF FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES E            | CUSIP: 61762V200<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    181737 | NS      | $4634293.50   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc.                     | Dime Community Bancshares Inc. 9.000% FIXED TO FLOATING RATE SUBORDINATED NOTES DUE JULY 15, 2034                                                      | CUSIP: 25432X300<br>LEI: 0002487650           | Long             | EP               | CORP              | US        |     83600 | NS      | $2186976.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                 | BBVASM V9.375 PERP                                                                                                                                     | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   8600000 | PA      | $9599784.40   | 1.13%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                | NEE V6.75 06/15/54                                                                                                                                     | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3192815.58   | 0.38%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WaFd Inc                                           | WaFd Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 4.875% FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A     | CUSIP: 938824307<br>LEI: 0003065617           | Long             | EP               | CORP              | US        |    100000 | NS      | $1640000.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                     | BNP V7.45 PERP 144A                                                                                                                                    | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  18400000 | PA      | $19454338.40  | 2.29%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                      | Assurant Inc. 5.25% SUBORDINATED NOTES DUE JANUARY 15, 2061                                                                                            | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |     75058 | NS      | $1540190.16   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp DEPOSITARY SHARES REPRESENTING A 1/40TH OWNERSHIP INTEREST IN A SHARE OF 6.875% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRE | CUSIP: 316773837<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |    654526 | NS      | $16854044.50  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuvare United States Holdings Inc                  | KUVARE V7 02/17/51 144A                                                                                                                                | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $6230706.99   | 0.73%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                     | BRITEL V4.875 11/23/81 144A                                                                                                                            | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |   2365000 | PA      | $2323275.96   | 0.27%             | 2081-11-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wesbanco Inc                                       | Wesbanco Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 7.375% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SE | CUSIP: 950810887<br>LEI: 0001070448           | Long             | EP               | CORP              | US        |    307600 | NS      | $7951460.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Compeer Financial, ACA                             | CMPFIN V4.875 PERP QIB                                                                                                                                 | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1135665.25   | 0.13%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TPG RE Finance Trust Inc.                          | TPG RE Finance Trust Inc. 6.25% SERIES C CUMULATIVE REDEEMABLE PREFERRED STOCK                                                                         | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    120700 | NS      | $2305370.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                       | CFG V6.375 PERP C                                                                                                                                      | CUSIP: 174610AQ8<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |  10085000 | PA      | $10131017.86  | 1.19%             | N/A             | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                       | BACR V7.625 PERP                                                                                                                                       | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3310000 | PA      | $3515915.10   | 0.41%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated         | RGA V6.65 09/15/55                                                                                                                                     | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1335976.89   | 0.16%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Farm Credit Bank of Texas                          | FARMCB V7 PERP 6                                                                                                                                       | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   2745000 | PA      | $2848863.06   | 0.33%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Stifel Financial Corporation                       | Stifel Financial Corporation DEPOSITARY SHARES, EACH REPRESENTING A 1/1000TH INTEREST IN A SHARE OF 6.25% NON-CUMULATIVE PREFERRED STOCK SERIES B      | CUSIP: 860630706<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |    122000 | NS      | $2946300.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                               | RY V6.75 08/24/85                                                                                                                                      | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2595557.50   | 0.31%             | 2085-08-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCE Trust V                                        | SCE Trust V 5.45% FIXED-TO-FLOATING RATE TRUST PREFERENCE SECURITIES CUMULATIVE,SERIES ,K                                                              | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    195025 | NS      | $4939983.25   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                     | INTNED V7.5 PERP                                                                                                                                       | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   3000000 | PA      | $3125613.84   | 0.37%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corporation            | Algonquin Power & Utilities Corporation FIXED-TO-FLOATING RATE SUBORDINATED NOTES SERIES 2019-A DUE JULY 1, 2079                                       | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |    360410 | NS      | $9276953.40   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                               | MTB V3.5 PERP                                                                                                                                          | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   3075000 | PA      | $3040923.47   | 0.36%             | N/A             | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AXIS Capital Holdings Limited                      | AXIS Capital Holdings Limited DEPOSITARY SHARES EACH REPRESENTING 1/100 TH INTEREST IN A 5.50% SERIES E PREFERRED SHARE                                | CUSIP: 05461T305<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EP               | CORP              | BM        |     36301 | NS      | $740177.39    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                | ALLY V4.7 PERP B                                                                                                                                       | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   5790000 | PA      | $5778703.13   | 0.68%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                 | HBAN V5.625 PERP F                                                                                                                                     | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1584429.95   | 0.19%             | N/A             | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SBL Holdings Inc.                                  | SECBEN V9.508 PERP 144A                                                                                                                                | CUSIP: 78397DAA6<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   5450000 | PA      | $5447016.89   | 0.64%             | N/A             | Floating      | 9.51%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corporation                      | Regions Financial Corporation DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 5.700% FIXED-TO-FLOATING RATE NON-CUMULATIVE PERPETU | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |    562640 | NS      | $13807185.60  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                | NEE V6.375 08/15/55                                                                                                                                    | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1455042.40   | 0.17%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                           | LLOYDS V6.625 PERP                                                                                                                                     | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2965000 | PA      | $2954940.35   | 0.35%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                         | TCN V7 10/15/55                                                                                                                                        | CUSIP: 87971MCM3<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |   2460000 | PA      | $2596886.70   | 0.31%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sempra                                             | SRE V6.4 10/01/54                                                                                                                                      | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   3410000 | PA      | $3489292.73   | 0.41%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)           | First Citizens BancShares Inc (Delaware) DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.625% NON-CUMULATIVE PERPETUAL PREFERRE | CUSIP: 31959X400<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |    176920 | NS      | $4453076.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                       | Fulton Financial Corporation DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, | CUSIP: 360271308<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EP               | CORP              | US        |     47330 | NS      | $910629.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                     | C V7 PERP DD                                                                                                                                           | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5060000 | PA      | $5337758.58   | 0.63%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp DEPOSITARY SHARES, EACH REPRESENTING A 1/1,000TH OWNERSHIP INTEREST IN A SHARE OF SERIES I PREFERRED STOCK                         | CUSIP: 316773605<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |   1019596 | NS      | $26244401.04  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                  | PNC V6.25 PERP W                                                                                                                                       | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   5833000 | PA      | $6053755.72   | 0.71%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| American National Group Inc.                       | ANGINC V7 12/01/55                                                                                                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   3075000 | PA      | $3050925.21   | 0.36%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                          | GS V7.5 PERP X                                                                                                                                         | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   6790000 | PA      | $7231859.25   | 0.85%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                   | AEP V3.875 02/15/62                                                                                                                                    | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   6010000 | PA      | $5926959.65   | 0.70%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS V9.25 PERP 144A                                                                                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    890000 | PA      | $1043265.12   | 0.12%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                  | LLAKES 8 PERP 144A                                                                                                                                     | CUSIP: 514666AK2<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9529693.20   | 1.12%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UMB Financial Corp.                                | UMB Financial Corp. DEP SHS ECH REP A 1/400TH INT 7.750% FIXED NON-CUMULATIVE PREF STOCK SER B                                                         | CUSIP: 902788405<br>LEI: 549300MGEH3N3CUCV828 | Long             | EP               | CORP              | US        |    204100 | NS      | $5469880.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                                | BNS V7.35 04/27/85                                                                                                                                     | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3205000 | PA      | $3371541.42   | 0.40%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                 | HBAN V6.25 PERP K                                                                                                                                      | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1713713.90   | 0.20%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                  | The Bank of New York Mellon Corp. DEPOSITARY SHARES EACH REPRESENTING A 1/4,000TH INTEREST IN A SHARE OF SERIES K NONCUMULATIVE PERPETUAL PREFERRED ST | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |     67600 | NS      | $1744756.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc.                          | CRBG V6.375 09/15/54                                                                                                                                   | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   3410000 | PA      | $3412567.73   | 0.40%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | WFC V7.625 PERP                                                                                                                                        | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  10230000 | PA      | $10922550.54  | 1.28%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| American Agcredit ACA                              | AAGACA V5.25 PERP QIB                                                                                                                                  | CUSIP: 02369GAA3<br>LEI: 0002558989           | Long             | DBT              | CORP              | US        |   8720000 | PA      | $8656038.80   | 1.02%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                           | Arbor Realty Trust, Inc. 6.25% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                                   | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |    315025 | NS      | $6773037.50   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                                 | SANTAN V8 PERP                                                                                                                                         | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   6200000 | PA      | $6862891.60   | 0.81%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                        | VST V7 PERP 144A                                                                                                                                       | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    820000 | PA      | $830330.36    | 0.10%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                | BNS V6.875 10/27/85                                                                                                                                    | CUSIP: 06419GEE2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3450000 | PA      | $3563712.00   | 0.42%             | 2085-10-27      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dime Community Bancshares Inc.                     | Dime Community Bancshares Inc. 5.50% FIXED-RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A                                                     | CUSIP: 25432X201<br>LEI: 0002487650           | Long             | EP               | CORP              | US        |    165000 | NS      | $3126750.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                             | SRE V6.875 10/01/54                                                                                                                                    | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   3425000 | PA      | $3530257.13   | 0.41%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Webster Financial Corp.                            | Webster Financial Corp. DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.50% SERIES G NON-CUMULATIVE PERPETUAL PREFERRED STOCK   | CUSIP: 947890703<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EP               | CORP              | US        |     59724 | NS      | $1485933.12   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                | D V4.35 PERP C                                                                                                                                         | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2987578.80   | 0.35%             | N/A             | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                        | GBLATL V7.25 03/01/56 144A                                                                                                                             | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   4090000 | PA      | $3898872.50   | 0.46%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LEHMAN BROS HLDG-ESCROW                            | LEHMAN BROS HLDG-ESCROW                                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Connectone Bancorp Inc.                            | Connectone Bancorp Inc. DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF THE COMPANYS 5.25% FIXED-RATE RESET NON-CUMULATIVE PERPET | CUSIP: 20786W503<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EP               | CORP              | US        |    201500 | NS      | $4940780.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                          | CNO Financial Group, Inc. 5.125% SUBORDINATED DEBENTURES DUE NOVEMBER 25, 2060                                                                         | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |     67400 | NS      | $1309582.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale S.A.                              | SOCGEN V5.375 PERP 144a                                                                                                                                | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4150000 | PA      | $4033521.54   | 0.47%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | BMO V7.3 11/26/84                                                                                                                                      | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2085000 | PA      | $2220929.49   | 0.26%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | COF V3.95 PERP M                                                                                                                                       | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   4950000 | PA      | $4919884.70   | 0.58%             | N/A             | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | CM V6.95 01/28/85                                                                                                                                      | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   2925000 | PA      | $3026740.28   | 0.36%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                        | BBVASM V5.875 09/13/34 144A                                                                                                                            | CUSIP: 05533UAG3<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2832936.62   | 0.33%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                         | RCICN V7.125 04/15/55                                                                                                                                  | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   3020000 | PA      | $3200018.06   | 0.38%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Cobank ACB                                         | COBKAC V7.125 PERP M                                                                                                                                   | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |   2275000 | PA      | $2367289.93   | 0.28%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                       | MET 10.75 08/01/39                                                                                                                                     | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |  15807000 | PA      | $20946740.89  | 2.46%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch | BANORT V8.75 PERP 144A                                                                                                                                 | CUSIP: 05971PAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   4113000 | PA      | $4532176.40   | 0.53%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Provident Financing Trust I                        | UNM 7.405 03/15/38                                                                                                                                     | CUSIP: 743863AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26660000 | PA      | $29186476.49  | 3.43%             | 2038-03-15      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                     | C V7.125 PERP CC                                                                                                                                       | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5350000 | PA      | $5544691.85   | 0.65%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                       | Citizens Financial Group Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 7.375% FIXED-RATE NON-CUMULATIVE PERPETUAL PREFERRED | CUSIP: 174610600<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    154400 | NS      | $4053000.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                             | STANLN V7.75 PERP 144a                                                                                                                                 | CUSIP: 853254CM0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |  10355000 | PA      | $10778830.15  | 1.27%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                | ETR V6.1 06/15/56                                                                                                                                      | CUSIP: 29364GAS2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   2795000 | PA      | $2819146.01   | 0.33%             | 2056-06-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SBL Holdings Inc.                                  | SECBEN V6.5 PERP 144A                                                                                                                                  | CUSIP: 78397DAC2<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $5690942.02   | 0.67%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc                             | EQH V6.7 03/28/55                                                                                                                                      | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |   2680000 | PA      | $2795065.80   | 0.33%             | 2055-03-28      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                        | GBLATL V7.95 10/15/54 144A                                                                                                                             | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2873392.80   | 0.34%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                  | PNC V6.2 PERP V                                                                                                                                        | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3255000 | PA      | $3315901.05   | 0.39%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Valley National Bancorp.                           | Valley National Bancorp. 5.50% FIXED-TO-FLOATING RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES B                                               | CUSIP: 919794305<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |    161650 | NS      | $4072771.75   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.                   | AEP V6.05 03/15/56 D                                                                                                                                   | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   2805000 | PA      | $2815981.58   | 0.33%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PartnerRe Ltd.                                     | PartnerRe Ltd. 4.875% FXD RTE NON CUM RED PFD SHS SR J                                                                                                 | CUSIP: 000000000<br>LEI: 7LLHQS68KCIGNZBR7918 | Long             | EP               | CORP              | BM        |    204400 | NS      | $3511592.00   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co. 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L                                                          | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      1353 | NS      | $1666882.47   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Delphi Financial Group, Inc.                       | Delphi Financial Group, Inc. 7.376% FIXED TO FLOAT RATE JUNIOR SUBORDINATED DEBENTURES DUE 2067                                                        | CUSIP: 247131303<br>LEI: 5493001NGT0EEYMZG011 | Long             | EP               | CORP              | US        |    805950 | NS      | $19443543.75  | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd.                            | Arch Capital Group Ltd. DEPOSITARY SHARES EACH REPRESENTING 1/1,000 TH INTEREST IN A SHARE OF5.45 % NON-CUMULATIVE PREFERRED SHARES, SERIES F          | CUSIP: 03939A107<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |     56500 | NS      | $1174635.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                         | AER V6.95 03/10/55                                                                                                                                     | CUSIP: 00774MBK0<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   5045000 | PA      | $5333621.88   | 0.63%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Everest Reinsurance Holdings, Inc.                 | RE V0 05/15/37                                                                                                                                         | CUSIP: 299808AE5<br>LEI: 254900P29PM5UJR3VU91 | Long             | DBT              | CORP              | US        |   7310000 | PA      | $7045552.71   | 0.83%             | 2037-05-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                    | CVS V7 03/10/55                                                                                                                                        | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2978317.47   | 0.35%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                 | ET V6.75 02/15/56                                                                                                                                      | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2640000 | PA      | $2699693.04   | 0.32%             | 2056-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                       | Citizens Financial Group Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.500% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PRE | CUSIP: 174610808<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    142000 | NS      | $3622420.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Co. 6.250% JUNIOR SUBORDINATED DEBENTURES DUE ON OCTOBER 1, 2085                                                                            | CUSIP: 233331792<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |    136100 | NS      | $3409305.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                            | KeyCorp DEPOSITARY SHARES EACH REPRESENTING A 1/40TH OWNERSHIP INTEREST IN A SHARE OF FIXED-TO-FLOATING RATE PERPETUAL NON-CUMULATIVE PREFERRED STOCK, | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    456653 | NS      | $11548754.37  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                    | Affiliated Managers Group, Inc. FIXED JUNIOR SUBORDINATED NOTES DUE MARCH 30, 2064                                                                     | CUSIP: 008252827<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |    124200 | NS      | $3061530.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                               | M&T Bank Corporation DEPOSITARY SHARES EACH REPRESENTING A 1/400TH INTEREST IN A SHARE OF PERPETUAL 6.350% NON-CUMULATIVE PREFERRED STOCK, SERIES K    | CUSIP: 55261F849<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |    122000 | NS      | $3074400.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE Trust VII                                      | SCE Trust VII 7.50% TRUST PREFERENCE SECURITIES                                                                                                        | CUSIP: 783892201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    185800 | NS      | $4645000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                          | FMC V8.45 11/01/55                                                                                                                                     | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   4170000 | PA      | $2746238.57   | 0.32%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                   | AEP V6.95 12/15/54                                                                                                                                     | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   5285000 | PA      | $5713608.22   | 0.67%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)           | FCNCA V7 PERP D                                                                                                                                        | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   5025000 | PA      | $5177031.38   | 0.61%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                     | C V6.625 PERP                                                                                                                                          | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3385000 | PA      | $3501532.48   | 0.41%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co. DEPOSITARY SHARES, EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF NON-CUMULATIVE PERPETUAL CLASS A PREFERRED STOCK, SERIES AA  | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     97868 | NS      | $1908426.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Land O'Lakes Inc.                                  | LLAKES 7 PERP 144A                                                                                                                                     | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   6800000 | PA      | $6086000.00   | 0.72%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                             | STANLN V4.75 PERP 144A                                                                                                                                 | CUSIP: 853254BX7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1814116.39   | 0.21%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                          | BlackRock Liquidity Funds T FUND INSTL SHS                                                                                                             | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  15170656 | PA      | $15170655.97  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                       | BACR V4.375 PERP                                                                                                                                       | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1975000 | PA      | $1925166.01   | 0.23%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp. DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, S | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     78800 | NS      | $1547632.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd                                 | Athene Holding Ltd DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF THE ISSUERS 4.875% FIXED-RATE PERPETUAL NON-CUMULATIVE PREFE | CUSIP: 04686J408<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    114400 | NS      | $1921920.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                  | PNC V3.4 PERP T                                                                                                                                        | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1681246.11   | 0.20%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                          | TD V7.25 07/31/84                                                                                                                                      | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2085000 | PA      | $2181362.45   | 0.26%             | 2084-07-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp 6% DEP SHS EACH REP A 1/40TH INT IN A SHARE OF THE NON-CUMULATIVE PERPETUAL CL B PFD STK SER A                                     | CUSIP: 316773886<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |    121339 | NS      | $2967951.94   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                      | Aspen Insurance Holdings Ltd. 5.625%NON CUM PERP PFD SHS                                                                                               | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |     65962 | NS      | $1362115.30   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                                 | SANTAN V9.625 PERP _                                                                                                                                   | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   6600000 | PA      | $7961316.00   | 0.94%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                               | M&T Bank Corporation PERPETUAL FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES H                                                         | CUSIP: 55261F872<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     89600 | NS      | $2261504.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc.                                      | NI V6.95 11/30/54                                                                                                                                      | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3295215.00   | 0.39%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                | NEE V6.7 09/01/54                                                                                                                                      | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2138000 | PA      | $2221298.62   | 0.26%             | 2054-09-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                        | BCECN V7 09/15/55                                                                                                                                      | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4235756.00   | 0.50%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                   | Enstar Group Ltd 7.00% FIXED-TO-FLOATING RATE SERIES D PERPETUAL PREFERRED SHARES                                                                      | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |    254000 | NS      | $5753100.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                     | MS V0 PERP N                                                                                                                                           | CUSIP: 61745VAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2619955.00   | 0.31%             | N/A             | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | RY V6.5 11/24/85                                                                                                                                       | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3995000 | PA      | $3993488.69   | 0.47%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| American Express Company                           | AXP V3.55 PERP                                                                                                                                         | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3281794.56   | 0.39%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                               | JPM V6.875 PERP NN                                                                                                                                     | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6707710.80   | 0.79%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                             | CMS V6.5 06/01/55                                                                                                                                      | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2030000 | PA      | $2122482.74   | 0.25%             | 2055-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch | BANORT V7.5 PERP 144A                                                                                                                                  | CUSIP: 05971PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1688000 | PA      | $1744382.58   | 0.20%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bancorp                           | Western Alliance Bancorp DEPOSITARY SHARES EACH REPRESENTING A 1/400TH INTEREST IN A SHARE OF 4.250% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERR | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |    106500 | NS      | $2477190.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Bank National Association                 | Flagstar Bank National Association DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF WFIXED-TO-FLOATING RATE SERIES A NONCUMULATIVE | CUSIP: 649445202<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | EP               | CORP              | US        |   1005702 | NS      | $22849549.44  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares, Inc.                     | Texas Capital Bancshares, Inc. DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 5.75% FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRE | CUSIP: 88224Q305<br>LEI: 549300466Q2SXRX0YM48 | Long             | EP               | CORP              | US        |    147500 | NS      | $3298100.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                  | PNC V6 PERP U                                                                                                                                          | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  15180000 | PA      | $15314509.98  | 1.80%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EUSHI Finance Inc.                                 | EMACN V7.625 12/15/54                                                                                                                                  | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6275000 | PA      | $6628847.25   | 0.78%             | 2054-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley DEPOSITARY SHARES EACH REPRESENTING 1/1,000 TH OF A SHARE OF FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES K            | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    393532 | NS      | $9771399.56   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH | BANORT V6.625 PERP 144A                                                                                                                                | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | KY        |   3400000 | PA      | $3378304.26   | 0.40%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | BAC V6.125 PERP TT                                                                                                                                     | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1855000 | PA      | $1881073.88   | 0.22%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                          | AES V7.6 01/15/55                                                                                                                                      | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   4190000 | PA      | $4215005.92   | 0.50%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated         | Reinsurance Group of America, Incorporated 7.125% FIXED-RATE RESET SUBORDINATED DEBENTURES DUE OCTOBER 15, 2052                                        | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |    224459 | NS      | $5746150.40   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale S.A.                              | SOCGEN V6.75 PERP 144A                                                                                                                                 | CUSIP: 83367TBU2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  17750000 | PA      | $18063500.50  | 2.12%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                  | HSBC V7.05 PERP                                                                                                                                        | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2750000 | PA      | $2865819.83   | 0.34%             | N/A             | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | BMO V7.7 05/26/84                                                                                                                                      | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   4010000 | PA      | $4249577.45   | 0.50%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Universal Insurance Holdings Inc                   | UVE 5.625 11/30/26                                                                                                                                     | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2129050.25   | 0.25%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Altagas Ltd                                        | ALACN V7.2 10/15/54 144A                                                                                                                               | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |   2845000 | PA      | $2973813.07   | 0.35%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP V4.625 PERP 144A                                                                                                                                   | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2050000 | PA      | $1904809.78   | 0.22%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                       | BACR V8 PERP                                                                                                                                           | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2070000 | PA      | $2208920.29   | 0.26%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| American International Group Inc.                  | AIG V8.175 05/15/58                                                                                                                                    | CUSIP: 026874BS5<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |   9020000 | PA      | $10103545.54  | 1.19%             | 2058-05-15      | Fixed         | 8.18%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                      | ENBCN V8.5 01/15/84                                                                                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   4210000 | PA      | $4860756.54   | 0.57%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS V4.875 PERP 144A                                                                                                                                   | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3600000 | PA      | $3587099.40   | 0.42%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                           | LLOYDS V8 PERP                                                                                                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  10350000 | PA      | $11250646.65  | 1.32%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                 | BBVASM V6.125 PERP                                                                                                                                     | CUSIP: 05946KAF8<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  12800000 | PA      | $12962931.20  | 1.52%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                 | Athene Holding Ltd 6.35%DEP 1/1000TH PERP NON CUM PFD SER A                                                                                            | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    552800 | NS      | $13477264.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortegra Group Inc                                 | FRF V9.25 11/15/64 144A                                                                                                                                | CUSIP: 34962TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2462365.13   | 0.29%             | 2064-11-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                           | Arbor Realty Trust, Inc. 6.375% SERIES D CUMULATIVE REDEEMABLE PREFERRED STOCK                                                                         | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     58799 | NS      | $1009578.83   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                             | LNC V9.25 PERP C                                                                                                                                       | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   2265000 | PA      | $2421706.29   | 0.28%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                          | EMACN V6.75 06/15/76 16-A                                                                                                                              | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |  12170000 | PA      | $12281684.09  | 1.44%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                      | ENBCN V7.375 03/15/55                                                                                                                                  | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   8920000 | PA      | $9546870.84   | 1.12%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                | NEE V0 06/15/67                                                                                                                                        | CUSIP: 302570AX4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    717000 | PA      | $649810.71    | 0.08%             | 2067-06-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corporation            | AQNCN V4.75 01/18/82                                                                                                                                   | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   5750000 | PA      | $5706154.53   | 0.67%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | BMO V6.875 11/26/85 6                                                                                                                                  | CUSIP: 06368L8V1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    600000 | PA      | $619311.60    | 0.07%             | 2085-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | CM V7 10/28/85                                                                                                                                         | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   3470000 | PA      | $3610770.96   | 0.42%             | 2085-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)           | First Citizens BancShares Inc (Delaware) DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 5.375% NON-CUMULATIVE PERPETUAL PREFERRE | CUSIP: 319626305<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |     82000 | NS      | $1766280.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp.                           | Valley National Bancorp. 8.250% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK SERIES C                                                     | CUSIP: 919794404<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     35600 | NS      | $925600.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                                | ETR V7.125 12/01/54                                                                                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   5780000 | PA      | $6051660.00   | 0.71%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Insurance Co.                       | LIBMUT 7.697 10/15/97 144A                                                                                                                             | CUSIP: 53079QAD9<br>LEI: CNC20I6IOMGF7KY49D67 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $15474807.81  | 1.82%             | 2097-10-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Jackson Financial Inc                              | Jackson Financial Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF FIXED-RATE RESET NONCUMULATIVE PERPETUAL PREFERRED STOCK | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |     67900 | NS      | $1755215.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PacifiCorp.                                        | BRKHEC V7.125 08/15/56                                                                                                                                 | CUSIP: 695114DG0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3440746.72   | 0.40%             | 2056-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                | D V7 06/01/54 B                                                                                                                                        | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   7045000 | PA      | $7669475.85   | 0.90%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                   | ESGR V7.5 04/01/45 144A                                                                                                                                | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |   2400000 | PA      | $2509552.80   | 0.29%             | 2045-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                | D V6.625 05/15/55                                                                                                                                      | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   4565000 | PA      | $4740852.93   | 0.56%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                  | NWG V8.125 PERP                                                                                                                                        | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1215000 | PA      | $1370759.36   | 0.16%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                     | INTNED V3.875 PERP                                                                                                                                     | CUSIP: 456837AY9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   3050000 | PA      | $2987492.39   | 0.35%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley DEPOSITARY SHARES OF MONGAN STANLEY, EACH REPRESENTING A 1/1000TH INTEREST IN A FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK,  | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    519272 | NS      | $13179123.36  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                     | C V7.625 PERP AA                                                                                                                                       | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   6425000 | PA      | $6813192.08   | 0.80%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                 | ET V8 05/15/54                                                                                                                                         | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $5045515.80   | 0.59%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PECO Energy Capital Trust III                      | EXC 7.38 04/06/28 D                                                                                                                                    | CUSIP: 69331VAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2386000 | PA      | $2498269.41   | 0.29%             | 2028-04-06      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                            | KeyCorp DEPOSITARY SHARES EACH REPRESENTING A 1/40TH OWNERSHIP INTEREST IN A SHARE OF 6.200% FIXED-RATE RESET PERPETUAL NON-CUMULATIVE PREFERRED STOCK | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    359258 | NS      | $9197004.80   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                         | PRU V6.75 03/01/53                                                                                                                                     | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1847288.60   | 0.22%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TransCanada Trust                                  | TRPCN V5.5 09/15/79                                                                                                                                    | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   8490000 | PA      | $8601813.30   | 1.01%             | 2079-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Compeer Financial, ACA                             | CMPFIN V7.875 PERP QIB                                                                                                                                 | CUSIP: 20453QAC6<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1831773.39   | 0.22%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                 | SANTAN V4.75 PERP 0000                                                                                                                                 | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  17200000 | PA      | $17193974.84  | 2.02%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                            | KEY V5 PERP D                                                                                                                                          | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1172409.24   | 0.14%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MetLife Capital Trust IV                           | MET 7.875 12/15/37                                                                                                                                     | CUSIP: 591560AA5<br>LEI: 0004254959           | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2511486.00   | 0.30%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp.                             | Lincoln National Corp. DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF THE ISSUERS 9.000% NON-CUMULATIVE PREFERRED STOCK, SERI  | CUSIP: 534187885<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EP               | CORP              | US        |     90600 | NS      | $2393652.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                       | EXC V6.5 03/15/55                                                                                                                                      | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   2030000 | PA      | $2125433.67   | 0.25%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc               | GM V5.7 PERP C                                                                                                                                         | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   3375000 | PA      | $3408591.38   | 0.40%             | N/A             | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                 | Athene Holding Ltd JUNIOR SUBORDINATED DEBENTURES DUE ON MARCH 30, 2064                                                                                | CUSIP: 04686J838<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    164520 | NS      | $4129452.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                     | C V6.75 PERP EE                                                                                                                                        | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3890193.00   | 0.46%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                          | CRBG V6.875 PERP                                                                                                                                       | CUSIP: 21871XAU3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2437329.50   | 0.29%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                 | Huntington Bancshares Incorporated DEPOSITARY SHS EACH REPRESENTING A 1/1000TH INTEREST IN A SHARE OF 5.50% NON-CUMULATIVE PERPETUAL PREF STK SER L    | CUSIP: 446150757<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    130900 | NS      | $2816968.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                  | HSBC V6.5 PERP                                                                                                                                         | CUSIP: 404280BP3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  20770000 | PA      | $21232864.64  | 2.50%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                  | NWG V4.6 PERP .*.                                                                                                                                      | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1700000 | PA      | $1583656.42   | 0.19%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corporation                      | Regions Financial Corporation DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OFNON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES F    | CUSIP: 7591EP860<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |    243000 | NS      | $6293700.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated         | RGA V6.375 09/15/56                                                                                                                                    | CUSIP: 759351AV1<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1842498.63   | 0.22%             | 2056-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                | Synchrony Financial DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 5.625% FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SE | CUSIP: 87165B202<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |    233000 | NS      | $4599420.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Specialty Finance LLC                         | AXS V4.9 01/15/40                                                                                                                                      | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3679000 | PA      | $3625424.19   | 0.43%             | 2040-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Enstar Finance Llc                                 | ESGR V5.5 01/15/42                                                                                                                                     | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3060000 | PA      | $3040877.45   | 0.36%             | 2042-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                 | ET V7.125 PERP G                                                                                                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   7067000 | PA      | $7336436.44   | 0.86%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                     | C V6.95 PERP FF                                                                                                                                        | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3390000 | PA      | $3493262.79   | 0.41%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                  | ES V6.35 08/15/56 B                                                                                                                                    | CUSIP: 30040WBD9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1580605.07   | 0.19%             | 2056-08-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                          | GS V6.125 PERP Y                                                                                                                                       | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3505151.80   | 0.41%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch | BANORT V7.625 PERP 144A                                                                                                                                | CUSIP: 05962GAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2970000 | PA      | $3056955.66   | 0.36%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                               | ACAFP V7.125 PERP 144A                                                                                                                                 | CUSIP: 225313AT2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2970000 | PA      | $3125727.70   | 0.37%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                         | LIBMUT 7.8 03/15/37 144A                                                                                                                               | CUSIP: 53079EAN4<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |  24634000 | PA      | $28557859.95  | 3.36%             | 2037-03-15      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| First Horizon Bank                                 | First Horizon Bank CLASS A NON-CUMULATIVE PERPETUAL PREFERRED STOCK                                                                                    | CUSIP: 337158208<br>LEI: COOWI3L2W9TPYR3WJX37 | Long             | EP               | CORP              | US        |      3730 | NS      | $2760200.00   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Adamas Trust Inc.                                  | Adamas Trust Inc. 6.875% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                                         | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |    130000 | NS      | $3088800.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Finance LLC                                | Carlyle Finance LLC CARLYLE FINANCE L.L.C. 4.625% SUBORDINATED NOTES DUE MAY 15, 2061                                                                  | CUSIP: 14314C105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     64400 | NS      | $1132796.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                          | GS V7.5 PERP W                                                                                                                                         | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1730000 | PA      | $1850529.10   | 0.22%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                 | Huntington Bancshares Incorporated DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.875% SERIES J NON-CUMULATIVE PERPETUAL PREFE | CUSIP: 446150773<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    186800 | NS      | $4800760.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                     | C V7.375 PERP Z                                                                                                                                        | CUSIP: 172967PC9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   6900000 | PA      | $7202166.73   | 0.85%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                   | DUK V6.45 09/01/54                                                                                                                                     | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   5140000 | PA      | $5417919.80   | 0.64%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                          | SR V6.45 06/01/56                                                                                                                                      | CUSIP: 84857LAE1<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |   2860000 | PA      | $2922473.84   | 0.34%             | 2056-06-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP V9.25 PERP 144A                                                                                                                                    | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2340000 | PA      | $2501427.24   | 0.29%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-23

**Name of Applicant:** Flaherty & Crumrine Preferred & Income Securities Fund Inc

**Signature:** Bradford Stone

**Name of Signer:** Bradford Stone

**Title:** Chief Financial Officer, Treasurer and Vice President