# EDGAR Filing Document

**Accession Number:** 0001245648
**File Stem:** 0000940400-25-005550
**Filing Date:** 2025-10
**Character Count:** 153059
**Document Hash:** bb66f8a0ba7b11510e4e9655d5667b59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005550.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005550

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FLAHERTY & CRUMRINE TOTAL RETURN FUND INC
- **CENTRAL INDEX KEY:** 0001245648

**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:** 811-21380
- **FILM NUMBER:** 251428740

**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/CLAYMORE TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 20030623

## Nport-Ex

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
| **Preferred Stock & Hybrid Preferred Securities§ — 73.1%** | **Preferred Stock & Hybrid Preferred Securities§ — 73.1%** |  |
|  | **Banking — 30.9%** |  |
| $675000<br>| American AgCredit Corporation, 5.25% to 06/15/26 then <br>T5Y + 4.50%, Series A, 144A\*\*\*\*  | $659813<br>\*<sup>(1)(2)</sup>  |
|  | Bank of America Corporation: |  |
| $350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 04/27/27 then T5Y + 3.231%, Series TT  | 354128<br> \*<sup>(1)(2)</sup>  |
| $900000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 07/26/30 then T5Y + 2.351%, Series UU  | 903054<br> \*<sup>(1)</sup>  |
| 15800 | Bank of New York Mellon Corporation, 6.15% to 03/20/30 then <br>T5Y + 2.161%, Series K  | 408904<br> \*<sup>(1)</sup>  |
| 23546 | Cadence Bank, 5.50%, Series A  | 497762<br> \*<sup>(1)</sup>  |
|  | Capital One Financial Corporation: |  |
| 17820 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, Series I  | 351410<br> \*<sup>(1)(2)</sup>  |
| $1180000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% to 09/01/26 then T5Y + 3.157%, Series M  | 1157778<br> \*<sup>(1)(2)</sup>  |
|  | Citigroup, Inc.: |  |
| $600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% to 02/18/26 then T5Y + 3.417%, Series X  | 593749<br> \*<sup>(1)(2)(3)</sup>  |
| $300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% to 12/10/25 then T5Y + 3.597%, Series W  | 297936<br> \*<sup>(1)</sup>  |
| $450000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% to 11/15/26 then T5Y + 3.00%, Series Y  | 440332<br> \*<sup>(1)</sup>  |
| $850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 02/15/30 then T5Y + 2.572%, Series EE  | 859013<br> \*<sup>(1)</sup>  |
| $800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 08/15/30 then T5Y + 2.89%, Series GG  | 816007<br> \*<sup>(1)</sup>  |
| $790000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 02/15/30 then T5Y + 2.726%, Series FF  | 804135<br> \*<sup>(1)</sup>  |
| $1185000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 08/15/34 then T10Y + 2.757%, Series DD  | 1246730<br> \*<sup>(1)(2)(3)</sup>  |
| $1250000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 08/15/29 then T5Y + 2.693%, Series CC  | 1282892<br> \*<sup>(1)(2)</sup>  |
| $1550000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% to 05/15/28 then T5Y + 3.209%, Series Z  | 1614328<br> \*<sup>(1)(2)(3)</sup>  |
| $1420000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 11/15/28 then T5Y + 3.211%, Series AA  | 1488799<br> \*<sup>(1)(2)(3)</sup>  |
|  | Citizens Financial Group, Inc.: |  |
| 36100 | &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Series H  | 952318<br> \*<sup>(1)</sup>  |
| 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 10/06/30 then T5Y + 2.629%, Series I  | 832260<br> \*<sup>(1)</sup>  |
| $2325000<br>| &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.41861%, 7.70437%<sup>(4)</sup>, Series C  | 2332779<br> \*<sup>(1)(2)</sup>  |
|  | CoBank ACB: |  |
| $609000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 10/01/26 then TSFR3M + 4.92161%, Series I, 144A\*\*\*\*  | 610772<br> \*<sup>(1)(2)</sup>  |
| $535000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 01/01/30 then T5Y + 2.818%, Series M, 144A\*\*\*\*  | 549528<br> \*<sup>(1)</sup>  |
| 114300 | Comerica, Inc., 6.875% to 10/01/30 then T5Y + 3.125%, Series B  | 2891790<br> \*<sup>(1)(2)</sup>  |
| $285000<br>| Compeer Financial ACA, 4.875% to 08/15/26 then T5Y + 4.10%, Series B-1, 144A\*\*\*\*  | 277875<br> \*<sup>(1)</sup>  |
| 47900 | ConnectOne Bancorp, Inc., 5.25% to 09/01/26 then T5Y + 4.42%, Series A  | 1111280<br> \*<sup>(1)(2)</sup>  |
| 39000 | Dime Community Bancshares, Inc., 5.50%, Series A  | 745290<br> \*<sup>(1)</sup>  |
| $645000<br>| Farm Credit Bank of Texas, 7.00% to 09/15/30 then T5Y + 3.01%, Series 6, 144A\*\*\*\*  | 662617<br> <sup>(1)</sup>  |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | Fifth Third Bancorp: |  |
| 64064 | &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, Series A  | $1545224<br>\*<sup>(1)</sup>  |
| 169409 | &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.97161%, 8.26722%<sup>(4)</sup>, Series I  | 4328400<br> \*<sup>(1)(2)</sup>  |
| 19620 | First Citizens BancShares, Inc., 5.375%, Series A  | 419672<br> \*<sup>(1)</sup>  |
|  | First Horizon Corporation: |  |
| 21200 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, Series E  | 523004<br> \*<sup>(1)</sup>  |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp; FT Real Estate Securities Company, 9.50% 03/31/31, Series B, 144A\*\*\*\*  | 3432000 |
| 875 | &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Bank, TSFR3M + 1.11161%, min 3.75%, 5.44009%<sup>(4)</sup>, Series A, 144A\*\*\*\*  | 673750<br> \*<sup>(1)</sup>  |
| 241200 | Flagstar Financial, 6.375% to 03/17/27 then 3ML + 3.821%, Series A  | 5214744<br> \*<sup>(1)(2)</sup>  |
| 11400 | Fulton Financial Corporation, 5.125%, Series A  | 222984<br> \*<sup>(1)</sup>  |
|  | Goldman Sachs Group: |  |
| $800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 11/10/34 then T10Y + 2.40%, Series Y  | $803352<br> \*<sup>(1)</sup>  |
| $500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.85% to 02/10/30 then T5Y + 2.461%, Series Z  | 516187<br> \*<sup>(1)</sup>  |
| $830000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.379% to 08/10/29 then T5Y + 3.623%, Series Q  | 835700<br> \*<sup>(1)(2)</sup>  |
| $405000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 02/10/29 then T5Y + 3.156%, Series W  | 430463<br> \*<sup>(1)</sup>  |
| $1590000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 05/10/29 then T5Y + 2.809%, Series X  | 1673054<br> \*<sup>(1)(2)(3)</sup>  |
| $300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; T5Y + 3.224%, 7.56%<sup>(4)</sup>, Series R  | 303437<br> \*<sup>(1)</sup>  |
|  | Huntington Bancshares, Inc.: |  |
| $405000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% to 10/15/27 then T7Y + 4.045%, Series G  | 400077<br> \*<sup>(1)</sup>  |
| $1175000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% to 07/15/30 then T10Y + 4.945%, Series F  | 1200518<br> \*<sup>(1)(2)</sup>  |
| 43600 | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 04/15/28 then T5Y + 2.704%, Series J  | 1103952<br> \*<sup>(1)(2)</sup>  |
|  | JPMorgan Chase & Company: |  |
| $850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% to 06/01/26 then T5Y + 2.85%, Series KK  | 838977<br> \*<sup>(1)(2)</sup>  |
| $1700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 06/01/29 then T5Y + 2.737%, Series NN  | 1790569<br> \*<sup>(1)(2)(3)</sup>  |
|  | KeyCorp: |  |
| 78103 | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 12/15/26 then TSFR3M + 4.15361%, Series E  | 1949451<br> \*<sup>(1)(2)</sup>  |
| 84200 | &nbsp;&nbsp;&nbsp;&nbsp; 6.20% to 12/15/27 then T5Y + 3.132%, Series H  | 2088160<br> \*<sup>(1)(2)</sup>  |
|  | M&T Bank Corporation: |  |
| $725000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% to 09/01/26 then T5Y + 2.679%, Series I  | 702603<br> \*<sup>(1)(2)</sup>  |
| $445000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% to 11/01/26 then TSFR3M + 3.78161%, Series F  | 442560<br> \*<sup>(1)</sup>  |
| 23066 | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% to 12/15/26 then TSFR3M + 4.28161%, Series H  | 570883<br> \*<sup>(1)(2)</sup>  |
|  | Morgan Stanley: |  |
| 126844 | &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, Series K  | 3105141<br> \*<sup>(1)(2)</sup>  |
| 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Series Q  | 492670<br> \*<sup>(1)</sup>  |
| 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Series F  | 2257040<br> \*<sup>(1)(2)</sup>  |
| 35823 | &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Series E  | 914561<br> \*<sup>(1)(2)</sup>  |
| $540000<br>| &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.42161%, 7.74008%<sup>(4)</sup>, Series N  | 545019<br> \*<sup>(1)(2)</sup>  |
| 67000 | Northpointe Bancshares, Inc., 8.25% to 12/30/25 then TSFR3M + 7.99%, Series A  | 1649875<br> \*<sup>(1)</sup>  |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | PNC Financial Services Group, Inc.: |  |
| $400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% to 09/15/26 then T5Y + 2.595%, Series T  | $387346<br>\*<sup>(1)</sup>  |
| $3280000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% to 05/15/27 then T5Y + 3.00%, Series U  | 3310156<br> \*<sup>(1)(2)(3)</sup>  |
| $760000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% to 09/15/27 then T5Y + 3.238%, Series V  | 774071<br> \*<sup>(1)(2)(3)</sup>  |
| $1365000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 03/15/30 then T7Y + 2.808%, Series W  | 1384023<br> \*<sup>(1)(2)(3)</sup>  |
|  | Regions Financial Corporation: |  |
| 125350 | &nbsp;&nbsp;&nbsp;&nbsp; 5.70% to 08/15/29 then TSFR3M + 3.40961%, Series C  | 2998372<br> \*<sup>(1)(2)</sup>  |
| 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 09/15/29 then T5Y + 2.771%, Series F  | 1464330<br> \*<sup>(1)</sup>  |
| $1000000<br>| State Street Corporation, 6.70% to 03/15/29 then T5Y + 2.613%, Series I  | 1037473<br> \*<sup>(1)(2)(3)</sup>  |
|  | Synchrony Financial: |  |
| 55500 | &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, Series A  | 1088910<br> \*<sup>(1)(2)</sup>  |
| 63300 | &nbsp;&nbsp;&nbsp;&nbsp; 8.25% to 05/15/29 then T5Y + 4.044%, Series B  | 1636305<br> \*<sup>(1)</sup>  |
| 122848 | Synovus Financial Corporation, 8.397% to 07/01/29 then T5Y + 4.127%, Series E  | 3248101<br> \*<sup>(1)(2)</sup>  |
| 35900 | Texas Capital Bancshares Inc., 5.75%, Series B  | 740617<br> \*<sup>(1)(2)</sup>  |
|  | Truist Financial Corporation: |  |
| $870000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% to 12/01/25 then T5Y + 4.605%, Series P  | 868130<br> \*<sup>(1)(2)</sup>  |
| $585000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% to 09/01/30 then T10Y + 4.349%, Series Q  | 581388<br> \*<sup>(1)(2)(3)</sup>  |
| 47800 | UMB Financial Corporation, 7.75% to 07/15/30 then T5Y + 3.743%, Series B  | 1254750<br> \*<sup>(1)</sup>  |
|  | Valley National Bancorp: |  |
| 8300 | &nbsp;&nbsp;&nbsp;&nbsp; 8.25% to 09/30/29 then T5Y + 4.182%, Series C  | $213227<br> \*<sup>(1)</sup>  |
| 38203 | &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 3.8396%, 8.13522%<sup>(4)</sup>, Series B  | 952019<br> \*<sup>(1)(2)</sup>  |
| 25000 | Washington Federal, Inc., 4.875%, Series A  | 422500<br> \*<sup>(1)(2)</sup>  |
| 13416 | Webster Financial Corporation, 6.50%, Series G  | 329497<br> \*<sup>(1)</sup>  |
|  | Wells Fargo & Company: |  |
| 32938 | &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, Series AA  | 631092<br> \*<sup>(1)</sup>  |
| 325 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, Series L  | 394875<br> \*<sup>(1)</sup>  |
| $925000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% to 03/15/26 then T5Y + 3.453%, Series BB  | 916682<br> \*<sup>(1)(2)</sup>  |
| $1470000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.85% to 09/15/29 then T5Y + 2.767%, Series FF  | 1543657<br> \*<sup>(1)(2)(3)</sup>  |
| $2400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 09/15/28 then T5Y + 3.606%, Series EE  | 2569243<br> \*<sup>(1)(2)(3)</sup>  |
| 49000 | WesBanco, Inc., 6.75% to 11/15/25 then T5Y + 6.557%, Series A  | 1230390<br> \*<sup>(1)(2)</sup>  |
| 25300 | Western Alliance Bancorp, 4.25% to 09/30/26 then T5Y + 3.452%, Series A  | 576081<br> \*<sup>(1)</sup>  |
| 33200 | Wintrust Financial Corporation, 7.875% to 07/15/30 then T5Y + 3.878%, Series F  | 876812<br> \*<sup>(1)</sup>  |
|  |  | 97147353 |
|  | **Financial Services — 3.1%** |  |
|  | AerCap Holdings NV: |  |
| $550000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 01/31/31 then T5Y + 2.441%, 01/31/56, 144A\*\*\*\*  | 567165<br> <sup>(5)</sup>  |
| $1180000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 03/10/30 then T5Y + 2.72%, 03/10/55  | 1236141<br> <sup>(2)(3)(5)</sup>  |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
| 29800 | Affiliated Managers Group, Inc., 6.75% 03/30/64  | $736656<br>|
|  | Ally Financial, Inc.: |  |
| $1390000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% to 05/15/26 then T5Y + 3.868%, Series B  | 1355162<br> \*<sup>(1)(2)(3)</sup>  |
| $925000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% to 05/15/28 then T7Y + 3.481%, Series C  | 845856<br> \*<sup>(1)(2)</sup>  |
| $775000<br>| American Express Company, 3.55% to 09/15/26 then T5Y + 2.854%, Series D  | 757188<br> \*<sup>(1)(2)</sup>  |
| 15400 | Carlyle Finance LLC, 4.625% 05/15/61  | 281358 |
|  | General Motors Financial Company: |  |
| $800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% to 09/30/30 then T5Y + 4.997%, Series C  | 786259<br> \*<sup>(1)(2)</sup>  |
| $285000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% to 09/30/27 then 3ML + 3.598%, Series A  | 279122<br> \*<sup>(1)(2)</sup>  |
| $1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 09/30/28 then 3ML + 3.436%, Series B  | 984126<br> \*<sup>(1)(2)</sup>  |
| 21000 | Raymond James Financial, Inc., 6.375% to 07/01/26 then <br>TSFR3M + 4.34961%, Series B  | 532144<br> \*<sup>(1)(2)</sup>  |
| 29000 | Stifel Financial Corp., 6.25%, Series B  | 728480<br> \*<sup>(1)(2)</sup>  |
| 27380 | TPG Operating Group II LP, 6.95% 03/15/64  | 693261<br> <sup>(2)</sup>  |
|  |  | 9782918 |
|  | **Insurance — 18.9%** |  |
| $2150000<br>| American International Group, Inc., 8.175% to 05/15/38 then 3ML + 4.195%, 05/15/58, Series A-6  | 2390843<br> <sup>(2)</sup>  |
|  | American National Group, Inc.: |  |
| 30550 | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 09/01/25 then T5Y + 6.297%, Series B  | 767111<br> \*<sup>(1)</sup>  |
| $720000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 12/01/30 then T5Y + 3.183%, 12/01/55  | 738533 |
| 19300 | Assurant, Inc., 5.25% 01/15/61  | 393913 |
|  | Athene Holding Ltd.: |  |
| 28800 | &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Series D  | $511776<br> \*<sup>(1)(2)</sup>  |
| 123400 | &nbsp;&nbsp;&nbsp;&nbsp; 6.35% to 06/30/29 then 3ML + 4.253%, Series A  | 3068958<br> \*<sup>(1)(2)</sup>  |
| 38520 | &nbsp;&nbsp;&nbsp;&nbsp; 7.25% to 03/30/29 then T5Y + 2.986%, 03/30/64  | 976482<br> <sup>(2)</sup>  |
| 16100 | CNO Financial Group, Inc., 5.125% 11/25/60  | 323771 |
| $800000<br>| Corebridge Financial, Inc., 6.375% to 09/15/34 then T5Y + 2.646%, 09/15/54, 144A\*\*\*\*  | 811779<br> <sup>(2)</sup>  |
| $660000<br>| CVS Health Corporation, 7.00% to 03/10/30 then T5Y + 2.886%, 03/10/55, Series A  | 688781 |
| 224200 | Delphi Financial Group, TSFR3M + 3.45161%, 7.66299%<sup>(4)</sup>, 05/15/37  | 5453665<br> <sup>(2)(3)</sup>  |
|  | Enstar Group Ltd.: |  |
| 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 09/01/28 then TSFR3M + 4.27661%, Series D  | 1445700<br> \*\*<sup>(1)(2)(5)</sup>  |
| $575000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 04/01/35 then T5Y + 3.186%, 04/01/45, 144A\*\*\*\*  | 600684<br> <sup>(5)</sup>  |
| $720000<br>| &nbsp;&nbsp;&nbsp;&nbsp; Enstar Finance LLC, 5.50% to 01/15/27 then T5Y + 4.006%, 01/15/42  | 712848<br> <sup>(2)(5)</sup>  |
| $630000<br>| Equitable Holdings, Inc., 6.70% to 03/28/35 then T5Y + 2.39%, 03/28/55  | 644677 |
| $1519000<br>| Everest Reinsurance Holdings, TSFR3M + 2.6466%, 6.85799%<sup>(4)</sup>, 05/15/37  | 1457592<br> <sup>(2)(3)</sup>  |
| 23800 | F&G Annuities & Life, Inc., 7.30% 01/15/65  | 572866 |
| $580000<br>| Fortegra Group, Inc., 9.25% to 11/15/34 then T5Y + 8.72%, 11/15/64, 144A\*\*\*\*  | 578550 |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | Global Atlantic Fin Company: |  |
| $1590000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% to 10/15/26 then T5Y + 3.796%, 10/15/51, 144A\*\*\*\*  | $1564780<br><sup>(2)(3)</sup>  |
| $730000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% to 10/15/29 then T5Y + 3.608%, 10/15/54, 144A\*\*\*\*  | 770001 |
| 15800 | Jackson Financial, Inc., 8.00% to 03/30/28 then T5Y + 3.728%, Series A  | 412380<br> \*<sup>(1)</sup>  |
| $1000000<br>| Kuvare US Holdings, Inc., 7.00% to 05/01/26 then <br>T5Y + 6.541%, 02/17/51, Series A, 144A\*\*\*\*  | 998979<br> \* |
|  | Liberty Mutual Group: |  |
| $6351000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% 03/15/37, 144A\*\*\*\*  | 7292649<br> <sup>(2)(3)</sup>  |
| $940000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% to 12/15/26 then T5Y + 3.315%, 12/15/51, 144A\*\*\*\*  | 922345 |
|  | Lincoln National Corporation: |  |
| 21200 | &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, Series D  | 569220<br> \*<sup>(1)(2)</sup>  |
| $530000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% to 03/01/28 then T5Y + 5.318%, Series C  | 575449<br> \*<sup>(1)(2)</sup>  |
|  | MetLife, Inc.: |  |
| $5335000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% 04/08/38, 144A\*\*\*\*  | 6347375<br> <sup>(2)(3)</sup>  |
| $3640000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% 08/01/39  | 4871448<br> <sup>(2)(3)</sup>  |
| $577000<br>| &nbsp;&nbsp;&nbsp;&nbsp; MetLife Capital Trust IV, 7.875% 12/15/37, 144A\*\*\*\*  | 636073 |
| 47900 | PartnerRe Ltd., 4.875%, Series J  | 814300<br> \*\*<sup>(1)(5)</sup>  |
| $400000<br>| Prudential Financial, Inc., 6.75% to 03/01/33 then T5Y + 2.848%, 03/01/53  | 423168<br> <sup>(2)(3)</sup>  |
|  | Reinsurance Group of America, Inc.: |  |
| $300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% to 09/15/35 then T5Y + 2.392%, 09/15/55  | 306333 |
| 34725 | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 10/15/27 then T5Y + 3.456%, 10/15/52  | 887571<br> <sup>(2)</sup>  |
|  | SBL Holdings, Inc.: |  |
| $1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 11/13/26 then T5Y + 5.62%, Series B, 144A\*\*\*\*  | 1428750<br> \*<sup>(1)(2)(3)</sup>  |
| $1300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.508% to 05/13/30 then T5Y + 5.58%, Series A, 144A\*\*\*\*  | 1316250<br> \*<sup>(1)(2)</sup>  |
|  | Unum Group: |  |
| $5803000<br>| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financing Trust I, 7.405% 03/15/38  | 6284364<br> <sup>(2)</sup>  |
| 33000 | Voya Financial, Inc., 5.35% to 09/15/29 then T5Y + 3.21%, Series B  | 779460<br> \*<sup>(1)(2)</sup>  |
|  |  | 59339424 |
|  | **Utilities — 11.3%** |  |
| $975000<br>| AES Corporation, 7.60% to 01/15/30 then T5Y + 3.201%, 01/15/55  | 1004275<br> <sup>(2)</sup>  |
|  | Algonquin Power & Utilities Corporation: |  |
| $800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 04/18/27 then T5Y + 3.249%, 01/18/82, Series 2022-B  | $778682<br> <sup>(2)(3)(5)</sup>  |
| 104510 | &nbsp;&nbsp;&nbsp;&nbsp; TSFR3M + 4.27161%, 8.56396%<sup>(4)</sup>, 07/01/79, Series 2019-A  | 2666050<br> <sup>(2)(5)</sup>  |
| $665000<br>| AltaGas Ltd., 7.20% to 10/15/34 then T5Y + 3.573%, 10/15/54, 144A\*\*\*\*  | 675520<br> <sup>(5)</sup>  |
| $1235000<br>| American Electric Power Company, Inc., 6.95% to 12/15/34 then T5Y + 2.675%, 12/15/54, Series B  | 1316085<br> <sup>(2)(3)</sup>  |
| $950000<br>| CenterPoint Energy, Inc., 6.85% to 02/15/35 then <br>T5Y + 2.946%, 02/15/55, Series B  | 998121<br> <sup>(2)</sup>  |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
| $470000<br>| CMS Energy Corporation, 6.50% to 06/01/35 then T5Y + 1.961%, 06/01/55  | $480595<br>|
|  | Commonwealth Edison: |  |
| $944000<br>| &nbsp;&nbsp;&nbsp;&nbsp; COMED Financing III, 6.35% 03/15/33  | 973085<br> <sup>(2)(3)</sup>  |
|  | Dominion Energy, Inc.: |  |
| $650000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% to 04/15/27 then T5Y + 3.195%, Series C  | 639133<br> \*<sup>(1)(2)</sup>  |
| $1070000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 05/15/35 then T5Y + 2.207%, 05/15/55, Series C  | 1098796<br> <sup>(2)</sup>  |
| $1650000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 06/01/34 then T5Y + 2.511%, 06/01/54, Series B  | 1770021<br> <sup>(2)(3)</sup>  |
| $1200000<br>| Duke Energy Corporation, 6.45% to 09/01/34 then T5Y + 2.588%, 09/01/54  | 1245446<br> <sup>(2)(3)</sup>  |
|  | Edison International: |  |
| $1733000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% to 03/15/27 then T5Y + 3.901%, Series B  | 1553719<br> \*<sup>(1)(2)(3)</sup>  |
| $560000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% to 03/15/26 then T5Y + 4.698%, Series A  | 545188<br> \*<sup>(1)</sup>  |
|  | Emera, Inc.: |  |
| $2940000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 06/15/26 then 3ML + 5.44%, 06/15/76, Series 2016-A  | 2965807<br> <sup>(2)(5)</sup>  |
| $1475000<br>| &nbsp;&nbsp;&nbsp;&nbsp; EUSHI Finance, Inc., 7.625% to 12/15/29 then T5Y + 3.136%, 12/15/54  | 1544766<br> <sup>(2)(3)</sup>  |
| $1350000<br>| Entergy Corporation, 7.125% to 12/01/29 then T5Y + 2.67%, 12/01/54  | 1409337<br> <sup>(2)(3)</sup>  |
| $820000<br>| Evergy, Inc., 6.65% to 06/01/30 then T5Y + 2.558%, 06/01/55  | 834036<br> <sup>(2)</sup>  |
| $470000<br>| Exelon Corporation, 6.50% to 03/15/35 then T5Y + 1.975%, 03/15/55  | 485803 |
| $238000<br>| Nevada Power Company, 6.25% to 05/15/30 then T5Y + 1.936%, 05/15/55  | 239373 |
|  | NextEra Energy: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.: |  |
| $790000<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% to 08/15/30 then T5Y + 2.053%, 08/15/55, Series S  | 816371<br> <sup>(2)</sup>  |
| $500000<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% to 09/01/29 then T5Y + 2.364%, 09/01/54, Series Q  | 514855 |
| $875000<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 06/15/34 then T5Y + 2.457%, 06/15/54, Series R  | 926633<br> <sup>(2)</sup>  |
|  | NiSource, Inc.: |  |
| $400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% to 03/31/35 then T5Y + 2.527%, 03/31/55  | 411758 |
| $740000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 11/30/29 then T5Y + 2.451%, 11/30/54  | 771294<br> <sup>(2)</sup>  |
| $765000<br>| Northwest Natural Holding Company, 7.00% to 09/15/35 then T5Y + 2.701%, 09/15/55  | 777117<br> <sup>(2)</sup>  |
|  | Sempra: |  |
| $1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% to 04/01/27 then T5Y + 2.868%, 04/01/52  | 971657<br> <sup>(2)(3)</sup>  |
| $1400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% to 10/15/25 then T5Y + 4.55%, Series C  | 1401039<br> \*<sup>(1)(2)(3)</sup>  |
| $800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% to 10/01/34 then T5Y + 2.632%, 10/01/54  | 791652<br> <sup>(2)</sup>  |
| $800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% to 10/01/29 then T5Y + 2.789%, 10/01/54  | 813796<br> <sup>(2)</sup>  |
|  | Southern California Edison: |  |
| 44140 | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.45% to 03/15/26 then TSFR3M + 4.05161%, Series K  | 1038173<br> \*<sup>(1)(2)</sup>  |
| 43600 | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust VII, 7.50%, Series M  | 1013700<br> \*<sup>(1)</sup>  |
| 28900 | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust VIII, 6.95%, Series N  | 632910<br> \*<sup>(1)</sup>  |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | Southern Company: |  |
| $832000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% to 09/15/26 then T5Y + 2.915%, 09/15/51, Series 2021-A  | $822554<br><sup>(2)</sup>  |
| $405000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% to 03/15/35 then T5Y + 2.069%, 03/15/55, Series 2025-B  | 424778 |
| $185000<br>| Vistra Corporation, 7.00% to 12/15/26 then T5Y + 5.74%, Series B, 144A\*\*\*\*  | 187770<br> \*<sup>(1)</sup>  |
|  |  | 35539895 |
|  | **Energy — 3.8%** |  |
|  | Enbridge, Inc.: |  |
| $1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% to 01/15/27 then TSFR3M + 4.15161%, 01/15/77, Series 2016-A  | 1506716<br> <sup>(2)(3)(5)</sup>  |
| $2090000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% to 03/15/30 then T5Y + 3.122%, 03/15/55, Series A  | 2200849<br> <sup>(2)(3)(5)</sup>  |
| $1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% to 01/15/34 then T5Y + 4.431%, 01/15/84, Series 2023-B  | 1133714<br> <sup>(2)(5)</sup>  |
|  | Energy Transfer LP: |  |
| $620000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 02/15/36 then T5Y + 2.475%, 02/15/56, Series B  | 618512 |
| $2426000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% to 05/15/30 then T5Y + 5.306%, Series G  | 2495582<br> <sup>(1)(2)(3)</sup>  |
| $1100000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 05/15/29 then T5Y + 4.02%, 05/15/54  | 1172638<br> <sup>(2)(3)</sup>  |
| $1000000<br>| Enterprise Products Operating L.P., 5.25% to 08/16/27 then <br>TSFR3M + 3.29461%, 08/16/77, Series E  | 991990<br> <sup>(2)(3)</sup>  |
| $685000<br>| South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/35 then <br>T5Y + 3.667%, 03/01/55  | 716385<br> <sup>(5)</sup>  |
|  | Transcanada Pipelines, Ltd.: |  |
| $750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% to 09/15/29 then TSFR3M + 4.41561%, 09/15/79  | 741639<br> <sup>(5)</sup>  |
| $300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% to 08/15/26 then 3ML + 4.64%, 08/15/76, Series 2016-A  | 300934<br> <sup>(2)(3)(5)</sup>  |
|  |  | 11878959 |
|  | **Communication — 1.3%** |  |
| $940000<br>| Bell Canada, 7.00% to 09/15/35 then T5Y + 2.363%, 09/15/55, Series B  | 963768<br> <sup>(5)</sup>  |
| $1860000<br>| Paramount Global, 6.375% to 03/30/27 then T5Y + 3.999%, 03/30/62  | 1864460<br> <sup>(2)(3)</sup>  |
| $710000<br>| Rogers Communications, Inc., 7.125% to 04/15/35 then T5Y + 2.62%, 04/15/55  | 737391<br> <sup>(5)</sup>  |
| $575000<br>| TELUS Corporation, 7.00% to 10/15/35 then T5Y + 2.709%, 10/15/55, Series B  | 591492<br> <sup>(5)</sup>  |
|  |  | 4157111 |
|  | **Real Estate Investment Trust (REIT) — 1.5%** |  |
| 4540 | Annaly Capital Management, Inc., TSFR3M + 5.25461%, 9.55022%<sup>(4)</sup>, Series F  | 116996<br> <sup>(1)</sup>  |
|  | Arbor Realty Trust, Inc.: |  |
| 9792 | &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Series D  | 177039<br> <sup>(1)</sup>  |
| 67100 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 10/30/26 then TSFR3M + 5.44%, Series F  | 1489620<br> <sup>(1)(2)</sup>  |
| 95536 | KKR Real Estate Finance Trust, Inc., 6.50%, Series A  | 1871550<br> <sup>(1)(2)</sup>  |
| 30000 | New York Mortgage Trust, Inc., 6.875% to 10/15/26 then <br>TSFR3M + 6.13%, Series F  | 656700<br> <sup>(1)</sup>  |
| 28200 | TPG RE Finance Trust, Inc., 6.25%, Series C  | 507318<br> <sup>(1)</sup>  |
|  |  | 4819223 |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
|  | **Miscellaneous Industries — 2.3%** |  |
| 46420 | Apollo Global Management, Inc., 7.625% to 12/15/28 then <br>T5Y + 3.226%, 09/15/53  | $1227809<br><sup>(2)</sup>  |
| $980000<br>| FMC Corporation, 8.45% to 11/01/30 then T5Y + 4.366%, 11/01/55  | 1026339<br> <sup>(2)</sup>  |
|  | Land O' Lakes, Inc.: |  |
| $1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, Series C, 144A\*\*\*\*  | 1247572<br> \*<sup>(1)(2)</sup>  |
| $4350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, Series B, 144A\*\*\*\*  | 3739991<br> \*<sup>(1)(2)</sup>  |
|  |  | 7241711 |
|  | **Total Preferred Stock & Hybrid Preferred Securities**<br> (Cost $231,532,815) | 229906594 |
| **Contingent Capital Securities<sup>†</sup>** **— 22.4%** | **Contingent Capital Securities<sup>†</sup>** **— 22.4%** |  |
|  | **Banking — 22.4%** |  |
| $1500000<br>| Australia & New Zealand Banking Group Ltd., 6.75% to 06/15/26 then <br>SW5 + 5.168%, 144A\*\*\*\*  | $1521079<br> \*\*<sup>(1)(2)(5)</sup>  |
|  | Banco Bilbao Vizcaya Argentaria SA: |  |
| $3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 11/16/27 then SW5 + 3.87%  | 2992945<br> \*\*<sup>(1)(2)(5)</sup>  |
| $1800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% to 09/19/29 then T5Y + 5.099%, Series 12  | 1994064<br> \*\*<sup>(1)(2)(5)</sup>  |
|  | Banco Mercantil del Norte SA: |  |
| $800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% to 01/24/32 then T10Y + 5.034%, 144A\*\*\*\*  | 770758<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
| $727000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 06/27/29 then T10Y + 5.47%, 144A\*\*\*\*  | 735028<br> \*\*<sup>(1)(2)(5)</sup>  |
| $710000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 01/10/28 then T10Y + 5.353%, 144A\*\*\*\*  | 722353<br> \*\*<sup>(1)(2)(5)</sup>  |
| $1125000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% to 05/20/35 then T10Y + 4.299%, 144A\*\*\*\*  | 1186174<br> \*\*<sup>(1)(5)</sup>  |
|  | Banco Santander SA: |  |
| $6200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 05/12/27 then T5Y + 3.753%, 144A\*\*\*\*  | 6073481<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
| $1400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 08/01/34 then T5Y + 3.911%  | 1523165<br> \*\*<sup>(1)(2)(5)</sup>  |
| $1400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% to 11/21/33 then T5Y + 5.298%, 144A\*\*\*\*  | 1653784<br> \*\*<sup>(1)(2)(5)</sup>  |
|  | Bank of Montreal: |  |
| $490000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% to 11/26/34 then T5Y + 3.01%, 11/26/84, Series 5  | 514674<br> \*\*<sup>(5)</sup>  |
| $940000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70% to 05/26/29 then T5Y + 3.452%, 05/26/84, Series 4  | 982433<br> \*\*<sup>(2)(5)</sup>  |
|  | Bank of Nova Scotia: |  |
| $750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.35% to 04/27/30 then T5Y + 2.903%, 04/27/85, Series 6  | 772802<br> \*\*<sup>(2)(5)</sup>  |
| $1050000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 01/27/29 then T5Y + 4.017%, 01/27/84, Series 5  | 1121463<br> \*\*<sup>(2)(5)</sup>  |
|  | Barclays Bank PLC: |  |
| $475000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% to 09/15/28 then T5Y + 3.41%  | 449055<br> \*\*<sup>(1)(5)</sup>  |
| $1170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% to 06/15/26 then T5Y + 5.867%  | 1172888<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
| $775000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% to 09/15/35 then SOFR5Y + 3.686%  | 802467<br> \*\*<sup>(1)(5)</sup>  |
| $485000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 09/15/29 then T5Y + 5.431%  | 511481<br> \*\*<sup>(1)(5)</sup>  |
| $785000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% to 06/15/30 then SOFR5Y + 5.775%  | 882296<br> \*\*<sup>(1)(5)</sup>  |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
| $670000<br>| BBVA Bancomer SA, 5.875% to 09/13/29 then T5Y + 4.308%, 09/13/34, 144A\*\*\*\*  | $667893<br><sup>(2)(3)(5)</sup>  |
|  | BNP Paribas: |  |
| $475000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% to 02/25/31 then T5Y + 3.34%, 144A\*\*\*\*  | 425430<br> \*\*<sup>(1)(5)</sup>  |
| $975000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% to 09/10/34 then T5Y + 3.535%, 144A\*\*\*\*  | 1004696<br> \*\*<sup>(1)(2)(5)</sup>  |
| $4475000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.45% to 06/27/35 then T5Y + 3.134%, 144A\*\*\*\*, Series 1  | 4578202<br> \*\*<sup>(1)(2)(5)</sup>  |
| $970000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% to 08/16/29 then T5Y + 4.899%, 144A\*\*\*\*  | 1021146<br> \*\*<sup>(1)(2)(5)</sup>  |
| $511000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% to 08/14/28 then T5Y + 4.354%, 144A\*\*\*\*  | 544043<br> \*\*<sup>(1)(5)</sup>  |
| $560000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% to 11/17/27 then T5Y + 4.969%, 144A\*\*\*\*  | 601841<br> \*\*<sup>(1)(2)(5)</sup>  |
|  | Canadian Imperial Bank of Commerce: |  |
| $685000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 01/28/30 then T5Y + 2.833%, 01/28/85, Series 5  | 690684<br> \*\*<sup>(2)(5)</sup>  |
| $815000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 10/28/30 then T5Y + 3.00%, 10/28/85, Series 7  | 833048<br> \*\*<sup>(5)</sup>  |
| $480000<br>| Credit Agricole SA, 4.75% to 09/23/29 then T5Y + 3.237%, 144A\*\*\*\*  | 456868<br> \*\*<sup>(1)(5)</sup>  |
| $400000<br>| Deutsche Bank AG, 6.00% to 04/30/26 then T5Y + 4.524%  | 400047<br> \*\*<sup>(1)(5)</sup>  |
|  | HSBC Holdings PLC: |  |
| $500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% to 05/22/27 then SW5 + 3.746%  | 501362<br> \*\*<sup>(1)(2)(5)</sup>  |
| $4265000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 03/23/28 then SW5 + 3.606%  | 4348475<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
| $680000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% to 09/11/34 then T5Y + 3.191%  | 704666<br> \*\*<sup>(1)(5)</sup>  |
| $645000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% to 12/05/30 then T5Y + 2.987%  | 667007<br> \*\*<sup>(1)(5)</sup>  |
| $775000<br>| ING Groep NV, 3.875% to 11/16/27 then T5Y + 2.862%  | 738820<br> \*\*<sup>(1)(2)(5)</sup>  |
|  | Lloyds Banking Group PLC: |  |
| $2750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 09/27/25 then SW5 + 4.496%  | 2757796<br> \*\*<sup>(1)(5)</sup>  |
| $1800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 03/27/30 then T5Y + 3.913%  | 1937934<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
|  | NatWest Group PLC: |  |
| $425000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% to 12/28/31 then T5Y + 3.10%  | 382190<br> \*\*<sup>(1)(5)</sup>  |
| $285000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% to 05/10/34 then T5Y + 3.752%  | 316275<br> \*\*<sup>(1)(5)</sup>  |
|  | Royal Bank of Canada: |  |
| $1370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% to 11/24/34 then T5Y + 2.257%, 11/24/84, Series 5  | 1330797<br> \*\*<sup>(2)(3)(5)</sup>  |
| $590000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 08/24/30 then T5Y + 2.815%, 08/24/85, Series 6  | 600934<br> \*\*<sup>(5)</sup>  |
| $940000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% to 05/02/29 then T5Y + 2.887%, 05/02/84, Series 4  | 985160<br> \*\*<sup>(2)(3)(5)</sup>  |
|  | Societe Generale SA: |  |
| $1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 05/26/26 then T5Y + 3.931%, 144A\*\*\*\*  | 985494<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
| $1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% to 11/18/30 then T5Y + 4.514%, 144A\*\*\*\*  | 921778<br> \*\*<sup>(1)(2)(5)</sup>  |
| $6000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 04/06/28 then SW5 + 3.929%, 144A\*\*\*\*  | 5970351<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
| $4240000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% to 05/22/28 then T5Y + 5.385%, 144A\*\*\*\*  | 4536630<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
|  | Standard Chartered PLC: |  |
| $450000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% to 07/14/31 then T5Y + 3.805%, 144A\*\*\*\*  | 415977<br> \*\*<sup>(1)(5)</sup>  |
| $2420000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% to 02/15/28 then T5Y + 4.976%, 144A\*\*\*\*  | 2515227<br> \*\*<sup>(1)(2)(3)(5)</sup>  |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares/$ Par** |  | **Value** |
| $490000<br>| Toronto-Dominion Bank, 7.25% to 07/31/29 then T5Y + 2.977%, 07/31/84, Series 4  | $510278<br>\*\*<sup>(5)</sup>  |
|  | UBS Group AG: |  |
| $675000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% to 02/10/31 then T5Y + 3.313%, 144A\*\*\*\*  | 606890<br> \*\*<sup>(1)(2)(3)(5)</sup>  |
| $850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% to 02/12/27 then T5Y + 3.404%, 144A\*\*\*\*  | 838304<br> \*\*<sup>(1)(2)(5)</sup>  |
| $210000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% to 11/13/33 then T5Y + 4.758%, 144A\*\*\*\*  | 247147<br> \*\*<sup>(1)(5)</sup>  |
|  |  | 70425780 |
|  | **Total Contingent Capital Securities**<br> (Cost $68,988,827)  | 70425780 |
| **Corporate Debt Securities§ — 1.9%** | **Corporate Debt Securities§ — 1.9%** |  |
|  | **Banking — 0.2%** |  |
| 19600 | Dime Community Bancshares, Inc., 9.00% to 07/15/29 then <br>TSFR3M + 4.951%, 07/15/34  | 515284 |
|  |  | 515284 |
|  | **Insurance — 1.2%** |  |
| $3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Insurance, 7.697% 10/15/97, 144A\*\*\*\*  | 3375759<br> <sup>(2)</sup>  |
| $500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc., 5.625% 11/30/26  | 494801 |
|  |  | 3870560 |
|  | **Communication — 0.5%** |  |
|  | Qwest Corporation: |  |
| 29941 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% 09/01/56  | 595826 |
| 41820 | &nbsp;&nbsp;&nbsp;&nbsp; 6.75% 06/15/57  | 832218 |
|  |  | 1428044 |
|  | **Total Corporate Debt Securities**<br> (Cost $5,436,934)  | 5813888 |

---

---

| | | |
|:---|:---|:---|
| **Money Market Fund — 1.6%** | **Money Market Fund — 1.6%** |  |
|  | BlackRock Liquidity Funds: |  |
| 5168047 | &nbsp;&nbsp;&nbsp;&nbsp; T-Fund, Institutional Class | 5168047 |
|  | **Total Money Market Fund**<br> (Cost $5,168,047) | 5168047 |

---

Flaherty & Crumrine Total Return Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2025 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Value** |
|  **Total Investments** (Cost $311,126,623\*\*\*)  | 99.0 | % | $311314309<br>|
|  **Other Assets and Liabilities, excluding Loan Payable** (net)  | 1.0 | % | 3028497 |
|  **Total Managed Assets**  | 100.0 | %<sup>‡</sup> | $314342806<br>|
|  **Loan Principal Balance**  |  |  | (118500000) |
|  **Net Assets Available To Common Stock**  |  |  | $195842806<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 August 31, 2025, these securities amounted to $78,928,921 or 25.1% 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 $219,068,788 at August 31, 2025.

<sup>(3)</sup> All or a portion of this security has been rehypothecated. The total value of such securities was $98,763,403 at August 31, 2025.

<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.

---

| | |
|:---|:---|
|  **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 Total Return Fund Incorporated

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

For the period December 1, 2024 through August 31, 2025 (Unaudited)

For a Common Stock share outstanding throughout the period

------

---

| | |
|:---|:---|
|  **PER SHARE OPERATING PERFORMANCE:** |  |
|  Net asset value, beginning of period  | $18.57<br>|
|  **INVESTMENT OPERATIONS:**  |  |
|  Net investment income  | 0.86 |
|  Net realized and unrealized gain/(loss) on investments  | 0.19 |
|  Total from investment operations  | 1.05 |
|  **DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:**  |  |
|  From net investment income  | (0.89 |
|  Total distributions to Common Stock Shareholders  | (0.89 |
|  Net asset value, end of period  | $18.73<br>|
|  Market value, end of period  | $17.20<br>|
|  Common Stock shares outstanding, end of period  | 10456821 |
|  **RATIOS TO AVERAGE NET ASSETS AVAILABLE TO COMMON STOCK SHAREHOLDERS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income†  | 6.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating expenses including interest expense  | 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating expenses excluding interest expense  | 1.34 |
|  **SUPPLEMENTAL DATA:††**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total managed assets, end of period (in 000's)  | $314343<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of operating expenses including interest expense to<br>average total managed assets  | 2.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of operating expenses excluding interest expense to<br>average total managed assets  | 0.83 |

---

------

<sup>(1)</sup> These tables summarize the nine months ended August 31, 2025 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, 2024.

\*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 Total Return 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, 2024  | $0.1280 | $18.31 | $16.70 | $16.77 |
|  January 31, 2025  | 0.0937 | 18.35 | 16.93 | 16.96 |
|  February 28, 2025  | 0.0937 | 18.56 | 16.97 | 17.09 |
|  March 31, 2025  | 0.0937 | 18.27 | 16.78 | 16.92 |
|  April 30, 2025  | 0.0937 | 17.91 | 16.22 | 16.35 |
|  May 30, 2025  | 0.0957 | 18.15 | 16.63 | 16.60 |
|  June 30, 2025  | 0.0957 | 18.46 | 17.00 | 16.99 |
|  July 31, 2025  | 0.0957 | 18.66 | 17.10 | 17.13 |
|  August 29, 2025  | 0.0974 | 18.73 | 17.20 | 17.21 |

---

------

<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 Total Return Fund Incorporated

NOTES TO PORTFOLIO OF INVESTMENTS (Unaudited)

------

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

At August 31, 2025, the aggregate cost of securities for federal income tax purposes was $315,476,560 the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $7,987,091 and the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $12,149,342.

**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 Total Return 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 August 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br>Value at<br>August 31, 2025** | **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 Preferred Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking  | $97147353<br>| $50584778<br>| $46562575<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services  | 9782918 | 2971899 | 6811019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 59339424 | 10709208 | 48630216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities  | 35539895 | 5350833 | 30189062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy  | 11878959 |  | 11878959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication  | 4157111 |  | 4157111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trust (REIT)  | 4819223 | 4819223 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Industries  | 7241711 | 1227809 | 6013902 |  |
|  **Contingent Capital Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking  | 70425780 |  | 70425780 |  |
|  **Corporate Debt Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking  | 515284 | 515284 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 3870560 |  | 3870560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication  | 1428044 | 1428044 |  |  |
|  **Money Market Fund**  | 5168047 | 5168047 |  |  |
|  **Total Investments**  | $311314309<br>| $82775125<br>| $228539184<br>| $—<br>|

---

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

Flaherty & Crumrine Total Return Fund Incorporated

NOTES TO PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

------

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 Total Return Fund Inc

- **b. Investment Company Act file number:** 811-21380

- **c. CIK number of Registrant:** 0001245648

- **d. LEI of Registrant:** 254900OFZ9J1RLHWZQ22

- **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 Total Return Fund Incorporated

- **c. LEI of Series:** 254900OFZ9J1RLHWZQ22

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-29

**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:** $316220035.48

**Total Liabilities:** $120365137.85

**Net Assets:** $195854897.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 9813.00000000 | **1-Year:** 34981.00000000 | **5-Year:** 35561.00000000 | **10-Year:** 18526.00000000 | **30-Year:** 5057.00000000

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

- **3-Month:** 4699.00000000 | **1-Year:** 16776.00000000 | **5-Year:** 16364.00000000 | **10-Year:** 12679.00000000 | **30-Year:** 4669.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 2.80%                | 1.15%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-44171.47               | $2900797.94                                |
| Month 2  | $-5370.38                | $2569263.41                                |
| Month 3  | $0.00                    | $785473.70                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEVADA POWER CO                  | Nevada Power Co                                                              | CUSIP: 641423CH9<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |    238000 | PA      | $239372.55    | 0.12%             | 2055-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                | NatWest Group PLC                                                            | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    425000 | PA      | $382190.05    | 0.20%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC           | CenterPoint Energy Inc                                                       | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    950000 | PA      | $998121.30    | 0.51%             | 2055-02-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                 | Societe Generale SA                                                          | CUSIP: 83370RAB4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $985493.50    | 0.50%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                 | Paramount Global                                                             | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1864460.28   | 0.95%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP          | American National Group Inc                                                  | CUSIP: 025676867<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |     30550 | NS      | $767110.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC         | Liberty Mutual Group Inc                                                     | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    940000 | PA      | $922345.18    | 0.47%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CADENCE BANK                     | Cadence Bank                                                                 | CUSIP: 12740C202<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EP               | CORP              | US        |     23546 | NS      | $497762.44    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| QWEST CORP                       | Qwest Corp                                                                   | CUSIP: 74913G873<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |     41820 | NS      | $832218.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                      | BNP Paribas SA                                                               | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    970000 | PA      | $1021146.16   | 0.52%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC          | Goldman Sachs Group Inc/The                                                  | CUSIP: 38144GAB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303437.40    | 0.15%             | N/A             | Fixed         | 7.56%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA             | Royal Bank of Canada                                                         | CUSIP: 780082AR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    940000 | PA      | $985159.48    | 0.50%             | 2084-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                      | BNP Paribas SA                                                               | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    511000 | PA      | $544043.30    | 0.28%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                     | Barclays PLC                                                                 | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    785000 | PA      | $882296.04    | 0.45%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP          | Wintrust Financial Corp                                                      | CUSIP: 97650W702<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |     33200 | NS      | $876812.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                | State Street Corp                                                            | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037473.00   | 0.53%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                     | Comerica Inc                                                                 | CUSIP: 200340701<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EP               | CORP              | US        |    114300 | NS      | $2891790.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LEHMAN BROS HLDG-ESCROW          | LEHMAN BROS HLDG-ESCROW                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHWEST NATURAL HOLDI          | Northwest Natural Holding Co                                                 | CUSIP: 66765NAA3<br>LEI: 254900PSJL6ZEC8FR782 | Long             | DBT              | CORP              | US        |    765000 | PA      | $777116.84    | 0.40%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| QWEST CORP                       | Qwest Corp                                                                   | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |     29941 | NS      | $595825.90    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG OPERATING GROUP II           | TPG Operating Group II LP                                                    | CUSIP: 872652102<br>LEI: 2549001H9RJQNZT7MU11 | Long             | EP               | CORP              | US        |     27380 | NS      | $693261.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP             | Bank of America Corp                                                         | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    900000 | PA      | $903053.51    | 0.46%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL             | Edison International                                                         | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1733000 | PA      | $1553718.90   | 0.79%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                      | MetLife Inc                                                                  | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   5335000 | PA      | $6347374.94   | 3.24%             | 2038-04-08      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                    | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    550000 | PA      | $567164.95    | 0.29%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL             | Edison International                                                         | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    560000 | PA      | $545187.78    | 0.28%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                     | Enbridge Inc                                                                 | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1506715.50   | 0.77%             | 2077-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                 | Societe Generale SA                                                          | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4240000 | PA      | $4536630.40   | 2.32%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO           | General Motors Financial Co Inc                                              | CUSIP: 37045XCM6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984125.60    | 0.50%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EVERGY INC                       | Evergy Inc                                                                   | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    820000 | PA      | $834035.60    | 0.43%             | 2055-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VIII                   | SCE Trust VIII                                                               | CUSIP: 80620A208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     28900 | NS      | $632910.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                     | UBS Group AG                                                                 | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    675000 | PA      | $606889.73    | 0.31%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC          | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516186.50    | 0.26%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| COMED FINANCING III              | ComEd Financing III                                                          | CUSIP: 20035AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    944000 | PA      | $973084.84    | 0.50%             | 2033-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                   | Morgan Stanley                                                               | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     19000 | NS      | $492670.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FT REAL ESTATE SECS CO           | FT Real Estate Securities Co Inc                                             | CUSIP: 302663208<br>LEI: 0002671824           | Long             | EP               | CORP              | US        |         3 | NS      | $3432000.00   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA             | Royal Bank of Canada                                                         | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1370000 | PA      | $1330796.90   | 0.68%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    800000 | PA      | $816007.20    | 0.42%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES            | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    405000 | PA      | $400076.74    | 0.20%             | N/A             | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL              | Synchrony Financial                                                          | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |     63300 | NS      | $1636305.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| COBANK ACB                       | CoBank ACB                                                                   | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |    609000 | PA      | $610772.19    | 0.31%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC         | F&G Annuities & Life Inc                                                     | CUSIP: 30190A609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     23800 | NS      | $572866.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                | HSBC Holdings PLC                                                            | CUSIP: 404280EJ4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    680000 | PA      | $704666.32    | 0.36%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                     | Barclays PLC                                                                 | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1170000 | PA      | $1172887.56   | 0.60%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC               | ALLY FINANCIAL INC                                                           | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    925000 | PA      | $845856.45    | 0.43%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO              | JPMorgan Chase & Co                                                          | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    850000 | PA      | $838977.20    | 0.43%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                     | NiSource Inc                                                                 | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411758.40    | 0.21%             | 2055-03-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                | Transcanada Trust                                                            | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $300933.90    | 0.15%             | 2076-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY            | Wells Fargo & Co                                                             | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    925000 | PA      | $916681.85    | 0.47%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON CORP               | First Horizon Corp                                                           | CUSIP: 320517402<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EP               | CORP              | US        |     21200 | NS      | $523004.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY            | Wells Fargo & Co                                                             | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1543657.29   | 0.79%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC                 | Land O' Lakes Inc                                                            | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   4350000 | PA      | $3739990.80   | 1.91%             | N/A             | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC         | Lloyds Banking Group PLC                                                     | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2750000 | PA      | $2757796.25   | 1.41%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT              | Annaly Capital Management Inc                                                | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |      4540 | NS      | $116995.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NOVA SCOTIA              | Bank of Nova Scotia/The                                                      | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1121463.00   | 0.57%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                   | Morgan Stanley                                                               | CUSIP: 61762V200<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     35823 | NS      | $914561.19    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                | HSBC Holdings PLC                                                            | CUSIP: 404280BL2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $501362.50    | 0.26%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE         | Dime Community Bancshares Inc                                                | CUSIP: 25432X300<br>LEI: 0002487650           | Long             | EP               | CORP              | US        |     19600 | NS      | $515284.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG         | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   1800000 | PA      | $1994063.40   | 1.02%             | N/A             | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL           | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    875000 | PA      | $926632.88    | 0.47%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WAFD INC                         | WaFd Inc                                                                     | CUSIP: 938824307<br>LEI: 0003065617           | Long             | EP               | CORP              | US        |     25000 | NS      | $422500.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC                     | Assurant Inc                                                                 | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |     19300 | NS      | $393913.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| KUVARE US HOLDINGS INC           | Kuvare US Holdings Inc                                                       | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998979.20    | 0.51%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP           | Synovus Financial Corp                                                       | CUSIP: 87161C709<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EP               | CORP              | US        |    122848 | NS      | $3248101.12   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE FINANCE TRUST INC         | TPG RE Finance Trust Inc                                                     | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     28200 | NS      | $507318.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPEER FINANCIAL ACA            | Compeer Financial ACA                                                        | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |    285000 | PA      | $277875.00    | 0.14%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP         | Citizens Financial Group Inc                                                 | CUSIP: 174610AQ8<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   2325000 | PA      | $2332779.45   | 1.19%             | N/A             | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    450000 | PA      | $440331.66    | 0.22%             | N/A             | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                     | Barclays PLC                                                                 | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    775000 | PA      | $802467.55    | 0.41%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER          | Reinsurance Group of America Inc                                             | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306333.00    | 0.16%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| STIFEL FINANCIAL CORP            | Stifel Financial Corp                                                        | CUSIP: 860630706<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |     29000 | NS      | $728480.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA             | Royal Bank of Canada                                                         | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    590000 | PA      | $600934.47    | 0.31%             | 2085-08-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCE TRUST V                      | SCE Trust V                                                                  | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     44140 | NS      | $1038172.80   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ALGONQUIN PWR & UTILITY          | Algonquin Power & Utilities Corp                                             | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |    104510 | NS      | $2666050.10   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION             | M&T Bank Corp                                                                | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    725000 | PA      | $702602.58    | 0.36%             | N/A             | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC               | Ally Financial Inc                                                           | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1355161.46   | 0.69%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES            | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1200518.65   | 0.61%             | N/A             | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SBL HOLDINGS INC                 | SBL Holdings Inc                                                             | CUSIP: 78397DAA6<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1316250.00   | 0.67%             | N/A             | Fixed         | 9.51%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS          | Farm Credit Bank of Texas                                                    | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |    645000 | PA      | $662616.89    | 0.34%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL           | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    790000 | PA      | $816370.99    | 0.42%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                       | TELUS Corp                                                                   | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |    575000 | PA      | $591491.58    | 0.30%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                           | Sempra                                                                       | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    800000 | PA      | $791652.16    | 0.40%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| FULTON FINANCIAL CORP            | Fulton Financial Corp                                                        | CUSIP: 360271308<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EP               | CORP              | US        |     11400 | NS      | $222984.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                      | Southern Co/The                                                              | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    832000 | PA      | $822554.39    | 0.42%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1246730.21   | 0.64%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP              | Fifth Third Bancorp                                                          | CUSIP: 316773605<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |    169409 | NS      | $4328399.95   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES           | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1384022.64   | 0.71%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP          | American National Group Inc                                                  | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    720000 | PA      | $738532.80    | 0.38%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                     | UBS Group AG                                                                 | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    210000 | PA      | $247146.69    | 0.13%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                      | BNP Paribas SA                                                               | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4475000 | PA      | $4578201.60   | 2.34%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA              | Bank of Nova Scotia/The                                                      | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $772802.25    | 0.39%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| UMB FINANCIAL CORP               | UMB Financial Corp                                                           | CUSIP: 902788405<br>LEI: 549300MGEH3N3CUCV828 | Long             | EP               | CORP              | US        |     47800 | NS      | $1254750.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP           | Bank of New York Mellon Corp/The                                             | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |     15800 | NS      | $408904.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC         | Corebridge Financial Inc                                                     | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    800000 | PA      | $811779.20    | 0.41%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY            | Wells Fargo & Co                                                             | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2569243.20   | 1.31%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AMER AGCREDIT ACA                | American AgCredit Corp                                                       | CUSIP: 02369GAA3<br>LEI: 0002558989           | Long             | DBT              | CORP              | US        |    675000 | PA      | $659812.50    | 0.34%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                      | Vistra Corp                                                                  | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    185000 | PA      | $187769.82    | 0.10%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER         | Enterprise Products Operating LLC                                            | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991990.30    | 0.51%             | 2077-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE         | Dime Community Bancshares Inc                                                | CUSIP: 25432X201<br>LEI: 0002487650           | Long             | EP               | CORP              | US        |     39000 | NS      | $745290.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                           | Sempra                                                                       | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    800000 | PA      | $813796.00    | 0.42%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC                  | Global Atlantic Fin Co                                                       | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1564779.87   | 0.80%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP           | Webster Financial Corp                                                       | CUSIP: 947890703<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EP               | CORP              | US        |     13416 | NS      | $329496.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC              | Dominion Energy Inc                                                          | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    650000 | PA      | $639133.30    | 0.33%             | N/A             | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC           | ConnectOne Bancorp Inc                                                       | CUSIP: 20786W503<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EP               | CORP              | US        |     47900 | NS      | $1111280.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO FINANCIAL GROUP INC          | CNO Financial Group Inc                                                      | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |     16100 | NS      | $323771.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL                 | Bank of Montreal                                                             | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    490000 | PA      | $514674.44    | 0.26%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO         | Capital One Financial Corp                                                   | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1157777.41   | 0.59%             | N/A             | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION             | M&T Bank Corp                                                                | CUSIP: 55261FAH7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    445000 | PA      | $442560.07    | 0.23%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK           | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    685000 | PA      | $690684.13    | 0.35%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS           | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 05533UAG3<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    670000 | PA      | $667893.45    | 0.34%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN         | Rogers Communications Inc                                                    | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    710000 | PA      | $737390.68    | 0.38%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                      | BNP Paribas SA                                                               | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    975000 | PA      | $1004695.58   | 0.51%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP           | Regions Financial Corp                                                       | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |    125350 | NS      | $2998372.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297935.52    | 0.15%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBANK ACB                       | CoBank ACB                                                                   | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |    535000 | PA      | $549527.71    | 0.28%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                      | MetLife Inc                                                                  | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   3640000 | PA      | $4871448.40   | 2.49%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE         | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   1125000 | PA      | $1186174.13   | 0.61%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FINANCING TR I         | Provident Financing Trust I                                                  | CUSIP: 743863AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5803000 | PA      | $6284364.30   | 3.21%             | 2038-03-15      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1282892.50   | 0.66%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC           | Standard Chartered PLC                                                       | CUSIP: 853254CM0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   2420000 | PA      | $2515227.00   | 1.28%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SBL HOLDINGS INC                 | SBL Holdings Inc                                                             | CUSIP: 78397DAC2<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1428750.00   | 0.73%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC           | Equitable Holdings Inc                                                       | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |    630000 | PA      | $644677.11    | 0.33%             | 2055-03-28      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO           | Global Atlantic Fin Co                                                       | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    730000 | PA      | $770001.08    | 0.39%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC          | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1673053.65   | 0.85%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES           | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    760000 | PA      | $774070.64    | 0.40%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP          | Valley National Bancorp                                                      | CUSIP: 919794305<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     38203 | NS      | $952018.76    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL          | Raymond James Financial Inc                                                  | CUSIP: 754730406<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EP               | CORP              | US        |     21000 | NS      | $532144.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERRE LTD                    | PartnerRe Ltd                                                                | CUSIP: 000000000<br>LEI: 7LLHQS68KCIGNZBR7918 | Long             | EP               | CORP              | BM        |     47900 | NS      | $814300.00    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY            | Wells Fargo & Co                                                             | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |       325 | NS      | $394875.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                  | CVS Health Corp                                                              | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    660000 | PA      | $688781.28    | 0.35%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    600000 | PA      | $593749.20    | 0.30%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                    | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1180000 | PA      | $1236140.66   | 0.63%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HLDG         | Everest Reinsurance Holdings Inc                                             | CUSIP: 299808AE5<br>LEI: 254900P29PM5UJR3VU91 | Long             | DBT              | CORP              | US        |   1519000 | PA      | $1457592.15   | 0.74%             | 2037-05-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                      | Southern Co/The                                                              | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    405000 | PA      | $424777.77    | 0.22%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA               | Banco Santander SA                                                           | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1400000 | PA      | $1523165.00   | 0.78%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP               | Energy Transfer LP                                                           | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    620000 | PA      | $618511.60    | 0.32%             | 2056-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP         | Citizens Financial Group Inc                                                 | CUSIP: 174610808<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |     33000 | NS      | $832260.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                          | KeyCorp                                                                      | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     78103 | NS      | $1949450.88   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROU         | Affiliated Managers Group Inc                                                | CUSIP: 008252827<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |     29800 | NS      | $736656.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORP                         | FMC Corp                                                                     | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |    980000 | PA      | $1026339.30   | 0.52%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER          | American Electric Power Co Inc                                               | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1316085.16   | 0.67%             | 2054-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY            | Wells Fargo & Co                                                             | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     32938 | NS      | $631092.08    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LAND O'LAKES INC                 | Land O' Lakes Inc                                                            | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1247572.20   | 0.64%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC           | Standard Chartered PLC                                                       | CUSIP: 853254BX7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $415976.58    | 0.21%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds T-Fund | BlackRock Liquidity Funds T-Fund                                             | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   6207064 | NS      | $6207064.27   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE                 | Societe Generale SA                                                          | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $921778.06    | 0.47%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP            | Truist Financial Corp                                                        | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    585000 | PA      | $581387.74    | 0.30%             | N/A             | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                     | Barclays PLC                                                                 | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    475000 | PA      | $449055.12    | 0.23%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO         | Capital One Financial Corp                                                   | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     17820 | NS      | $351410.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES           | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    400000 | PA      | $387346.40    | 0.20%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK            | Toronto-Dominion Bank/The                                                    | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    490000 | PA      | $510278.16    | 0.26%             | 2084-07-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP              | Fifth Third Bancorp                                                          | CUSIP: 316773886<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |     64064 | NS      | $1545223.68   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION             | M&T Bank Corp                                                                | CUSIP: 55261F872<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     23066 | NS      | $570883.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA               | Banco Santander SA                                                           | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1400000 | PA      | $1653783.60   | 0.84%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I         | Northpointe Bancshares Inc                                                   | CUSIP: 66661N308<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EP               | CORP              | US        |     67000 | NS      | $1649875.00   | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NISOURCE INC                     | NiSource Inc                                                                 | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    740000 | PA      | $771293.86    | 0.39%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP         | Citizens Financial Group Inc                                                 | CUSIP: 174610600<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |     36100 | NS      | $952318.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC          | Goldman Sachs Group Inc/The                                                  | CUSIP: 38148BAE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    830000 | PA      | $835700.44    | 0.43%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL           | NextEra Energy Capital Holdings Inc                                          | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514855.00    | 0.26%             | 2054-09-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                      | Bell Telephone Co of Canada or Bell Canada                                   | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |    940000 | PA      | $963767.90    | 0.49%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                 | Enstar Group Ltd                                                             | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |     61000 | NS      | $1445700.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO              | American Express Co                                                          | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    775000 | PA      | $757187.79    | 0.39%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO              | JPMorgan Chase & Co                                                          | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1790569.20   | 0.91%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                  | CMS Energy Corp                                                              | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    470000 | PA      | $480595.21    | 0.25%             | 2055-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE         | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    727000 | PA      | $735027.92    | 0.38%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP         | Western Alliance Bancorp                                                     | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |     25300 | NS      | $576081.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FLAGSTAR FINANCIAL INC           | Flagstar Financial Inc                                                       | CUSIP: 649445202<br>LEI: 529900HVXOTLY61GL030 | Long             | EP               | CORP              | US        |    241200 | NS      | $5214744.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DELPHI FINANCIAL GROUP           | Delphi Financial Group Inc                                                   | CUSIP: 247131303<br>LEI: 5493001NGT0EEYMZG011 | Long             | EP               | CORP              | US        |    224200 | NS      | $5453665.00   | 2.78%             |  |  |  | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES         | Texas Capital Bancshares Inc                                                 | CUSIP: 88224Q305<br>LEI: 549300466Q2SXRX0YM48 | Long             | EP               | CORP              | US        |     35900 | NS      | $740617.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES           | PNC Financial Services Group Inc/The                                         | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3280000 | PA      | $3310156.32   | 1.69%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP            | Truist Financial Corp                                                        | CUSIP: 89832QAE9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    870000 | PA      | $868130.20    | 0.44%             | N/A             | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VII                    | SCE Trust VII                                                                | CUSIP: 783892201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     43600 | NS      | $1013700.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AUST & NZ BANKING GRP/UK         | Australia & New Zealand Banking Group Ltd/United Kingdom                     | CUSIP: 05254HAA2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   1500000 | PA      | $1521079.41   | 0.78%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                 | Deutsche Bank AG                                                             | CUSIP: 251525AX9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $400047.24    | 0.20%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD               | Athene Holding Ltd                                                           | CUSIP: 04686J408<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     28800 | NS      | $511776.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC           | Arbor Realty Trust Inc                                                       | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     67100 | NS      | $1489620.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                   | Morgan Stanley                                                               | CUSIP: 61745VAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    540000 | PA      | $545018.22    | 0.28%             | N/A             | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                | EUSHI Finance Inc                                                            | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1544766.03   | 0.79%             | 2054-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                   | Morgan Stanley                                                               | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    126844 | NS      | $3105141.12   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO MERCANTIL DE NORTE         | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    800000 | PA      | $770757.58    | 0.39%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                     | AES Corp/The                                                                 | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1004275.43   | 0.51%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER          | Reinsurance Group of America Inc                                             | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     34725 | NS      | $887571.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE                 | Societe Generale SA                                                          | CUSIP: 83367TBU2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   6000000 | PA      | $5970351.00   | 3.05%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                | HSBC Holdings PLC                                                            | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    645000 | PA      | $667006.76    | 0.34%             | N/A             | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                 | Bank of Montreal                                                             | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    940000 | PA      | $982432.54    | 0.50%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL INSURANCE HLDS         | Universal Insurance Holdings Inc                                             | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494801.51    | 0.25%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                     | Enbridge Inc                                                                 | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1133714.00   | 0.58%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                      | AltaGas Ltd                                                                  | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |    665000 | PA      | $675519.64    | 0.34%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                     | Barclays PLC                                                                 | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    485000 | PA      | $511481.00    | 0.26%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                      | BNP Paribas SA                                                               | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    475000 | PA      | $425429.95    | 0.22%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP              | American International Group Inc                                             | CUSIP: 026874BS5<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2390842.89   | 1.22%             | 2058-05-15      | Fixed         | 8.18%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                     | UBS Group AG                                                                 | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    850000 | PA      | $838304.43    | 0.43%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC         | Lloyds Banking Group PLC                                                     | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1800000 | PA      | $1937934.00   | 0.99%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG         | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAF8<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   3000000 | PA      | $2992945.20   | 1.53%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD               | Athene Holding Ltd                                                           | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    123400 | NS      | $3068958.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| THE FORTEGRA GROUP INC           | Fortegra Group Inc/The                                                       | CUSIP: 34962TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $578550.00    | 0.30%             | 2064-11-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC           | Arbor Realty Trust Inc                                                       | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |      9792 | NS      | $177039.36    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP             | Bank of America Corp                                                         | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    350000 | PA      | $354128.39    | 0.18%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP            | Lincoln National Corp                                                        | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    530000 | PA      | $575449.09    | 0.29%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EMERA INC                        | Emera Inc                                                                    | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |   2940000 | PA      | $2965807.32   | 1.51%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                     | Enbridge Inc                                                                 | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2090000 | PA      | $2200849.42   | 1.12%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE         | First Citizens BancShares Inc/NC                                             | CUSIP: 319626305<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |     19620 | NS      | $419671.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK           | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    815000 | PA      | $833047.36    | 0.43%             | 2085-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                           | Sempra                                                                       | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1401038.24   | 0.72%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP          | Valley National Bancorp                                                      | CUSIP: 919794404<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |      8300 | NS      | $213227.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                     | Entergy Corp                                                                 | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1409337.20   | 0.72%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC            | Jackson Financial Inc                                                        | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |     15800 | NS      | $412380.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY MUTUAL INSURANCE         | Liberty Mutual Insurance Co                                                  | CUSIP: 53079QAD9<br>LEI: CNC20I6IOMGF7KY49D67 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3375758.70   | 1.72%             | 2097-10-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| WESBANCO INC                     | WesBanco Inc                                                                 | CUSIP: 950810705<br>LEI: 0001070448           | Long             | EP               | CORP              | US        |     49000 | NS      | $1230390.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC              | Dominion Energy Inc                                                          | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1770021.00   | 0.90%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                 | Enstar Group Ltd                                                             | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    575000 | PA      | $600684.10    | 0.31%             | 2045-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO           | General Motors Financial Co Inc                                              | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    285000 | PA      | $279122.25    | 0.14%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                     | ING Groep NV                                                                 | CUSIP: 456837AY9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    775000 | PA      | $738819.67    | 0.38%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                | NatWest Group PLC                                                            | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    285000 | PA      | $316274.48    | 0.16%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                   | Morgan Stanley                                                               | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     89000 | NS      | $2257040.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1488799.00   | 0.76%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP               | Energy Transfer LP                                                           | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1172638.50   | 0.60%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KEYCORP                          | KeyCorp                                                                      | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     84200 | NS      | $2088160.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC         | Prudential Financial Inc                                                     | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $423168.00    | 0.22%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY          | Algonquin Power & Utilities Corp                                             | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $778682.16    | 0.40%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                | Transcanada Trust                                                            | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $741638.78    | 0.38%             | 2079-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV         | MetLife Capital Trust IV                                                     | CUSIP: 591560AA5<br>LEI: 0004254959           | Long             | DBT              | CORP              | US        |    577000 | PA      | $636072.68    | 0.32%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP            | Lincoln National Corp                                                        | CUSIP: 534187885<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EP               | CORP              | US        |     21200 | NS      | $569220.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS FINL CO           | General Motors Financial Co Inc                                              | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    800000 | PA      | $786258.88    | 0.40%             | N/A             | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                      | Exelon Corp                                                                  | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    470000 | PA      | $485803.10    | 0.25%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD               | Athene Holding Ltd                                                           | CUSIP: 04686J838<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     38520 | NS      | $976482.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    850000 | PA      | $859013.40    | 0.44%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                | HSBC Holdings PLC                                                            | CUSIP: 404280BP3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4265000 | PA      | $4348474.58   | 2.22%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP           | Regions Financial Corp                                                       | CUSIP: 7591EP860<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |     57000 | NS      | $1464330.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL              | Synchrony Financial                                                          | CUSIP: 87165B202<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |     55500 | NS      | $1088910.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA               | Banco Santander SA                                                           | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   6200000 | PA      | $6073481.56   | 3.10%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENSTAR FINANCE LLC               | Enstar Finance LLC                                                           | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $712847.81    | 0.36%             | 2042-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP               | Energy Transfer LP                                                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2426000 | PA      | $2495582.53   | 1.27%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    790000 | PA      | $804134.68    | 0.41%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC          | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    800000 | PA      | $803352.00    | 0.41%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE         | Banco Mercantil del Norte SA/Grand Cayman                                    | CUSIP: 05962GAJ8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    710000 | PA      | $722353.29    | 0.37%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC         | Liberty Mutual Group Inc                                                     | CUSIP: 53079EAN4<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   6351000 | PA      | $7292648.48   | 3.72%             | 2037-03-15      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON BANK               | First Horizon Bank                                                           | CUSIP: 337158208<br>LEI: COOWI3L2W9TPYR3WJX37 | Long             | EP               | CORP              | US        |       875 | NS      | $673750.00    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW YORK MORTGAGE TRUST          | New York Mortgage Trust Inc                                                  | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     30000 | NS      | $656700.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLYLE FINANCE LLC              | Carlyle Finance LLC                                                          | CUSIP: 14314C105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15400 | NS      | $281358.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC          | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    405000 | PA      | $430462.76    | 0.22%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC              | Dominion Energy Inc                                                          | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1098795.84   | 0.56%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES            | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150773<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     43600 | NS      | $1103952.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                    | Citigroup Inc                                                                | CUSIP: 172967PC9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1614328.10   | 0.82%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                 | Duke Energy Corp                                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1245446.40   | 0.64%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                      | BNP Paribas SA                                                               | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    560000 | PA      | $601841.52    | 0.31%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA               | Credit Agricole SA                                                           | CUSIP: 225313AP0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    480000 | PA      | $456867.84    | 0.23%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT         | Apollo Global Management Inc                                                 | CUSIP: 03769M205<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |     46420 | NS      | $1227809.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD         | South Bow Canadian Infrastructure Holdings Ltd                               | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    685000 | PA      | $716384.65    | 0.37%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC               | Voya Financial Inc                                                           | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |     33000 | NS      | $779460.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR REAL ESTATE FIN              | KKR Real Estate Finance Trust Inc                                            | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |     95536 | NS      | $1871550.24   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                           | Sempra                                                                       | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $971657.20    | 0.50%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Flaherty & Crumrine Total Return Fund Inc

**Signature:** Bradford Stone

**Name of Signer:** Bradford Stone

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