PFD Flaherty & Crumrine Preferred and Income Fund Incorporated

Shares/$ Par

​

​

Value

​

Preferred Stock & Hybrid Preferred Securities^§ — 76.4%

​

​

​

Banking — 36.1%

​

​

$500,000​

​

American AgCredit Corporation, 5.25% to 06/15/26 then
T5Y + 4.50%, Series A, 144A****

 $485,000​

*⁽¹⁾

​

Bank of America Corporation:

​

​

$3,400,000​

​

4.375% to 01/27/27 then T5Y + 2.76%, Series RR

 3,285,211

*^(1)(2)(3)

$1,800,000​

​

6.125% to 04/27/27 then T5Y + 3.231%, Series TT

 1,822,586

*^(1)(2)(3)

$400,000​

​

6.30% to 03/10/26 then TSFR3M + 4.81461%, Series DD

 404,646

*⁽¹⁾⁽²⁾

23,100

​

Cadence Bank, 5.50%, Series A

 494,109

*⁽¹⁾⁽²⁾

​

Capital One Financial Corporation:

​

​

13,875

​

5.00%, Series I

 291,375

*⁽¹⁾

$880,000​

​

3.95% to 09/01/26 then T5Y + 3.157%, Series M

 817,406

*⁽¹⁾⁽²⁾

​

Citigroup, Inc.:

​

​

$450,000​

​

3.875% to 02/18/26 then T5Y + 3.417%, Series X

 433,539

*⁽¹⁾⁽²⁾

$200,000​

​

4.00% to 12/10/25 then T5Y + 3.597%, Series W

 194,935

*⁽¹⁾

$350,000​

​

4.15% to 11/15/26 then T5Y + 3.00%, Series Y

 331,516

*⁽¹⁾

$460,000​

​

5.95% to 05/15/25 then TSFR3M + 4.16661%, Series P

 460,324

*⁽¹⁾⁽²⁾

$950,000​

​

7.00% to 08/15/34 then T10Y + 2.757%, Series DD

 995,192

*⁽¹⁾

$1,010,000​

​

7.125% to 08/15/29 then T5Y + 2.693%, Series CC

 1,035,659

*⁽¹⁾

$1,400,000​

​

7.375% to 05/15/28 then T5Y + 3.209%, Series Z

 1,469,545

*^(1)(2)(3)

$1,250,000​

​

7.625% to 11/15/28 then T5Y + 3.211%, Series AA

 1,328,451

*⁽¹⁾⁽²⁾

​

Citizens Financial Group, Inc.:

​

​

29,000

​

7.375%, Series H

 766,760

*⁽¹⁾

$1,820,000​

​

TSFR3M + 3.41861%, 8.73287%⁽⁴⁾, Series C

 1,816,033

*⁽¹⁾⁽²⁾

​

CoBank ACB:

​

​

10,000

​

6.20% to 01/01/25 then TSFR3M + 4.00561%, Series H, 144A****

 1,003,750

*⁽¹⁾⁽²⁾

$447,000​

​

6.25% to 10/01/26 then TSFR3M + 4.92161%, Series I, 144A****

 446,224

*^(1)(2)(3)

$5,075,000​

​

Comerica, Inc., 5.625% to 10/01/25 then T5Y + 5.291%, Series A

 5,006,862

*⁽¹⁾⁽²⁾

$250,000​

​

Compeer Financial ACA, 4.875% to 08/15/26 then
T5Y + 4.10%, Series B-1, 144A****

 240,625

*⁽¹⁾

35,800

​

ConnectOne Bancorp, Inc., 5.25% to 09/01/26 then T5Y + 4.42%, Series A

 730,320

*⁽¹⁾

29,000

​

Dime Community Bancshares, Inc., 5.50%, Series A

 538,240

*⁽¹⁾

​

Fifth Third Bancorp:

​

​

48,650

​

6.00%, Series A

 1,225,494

*⁽¹⁾⁽²⁾

164,935

​

TSFR3M + 3.97161%, 9.30317%⁽⁴⁾, Series I

 4,228,933

*⁽¹⁾⁽²⁾

104,600

​

First Citizens BancShares, Inc., 5.375%, Series A

 2,338,856

*⁽¹⁾⁽²⁾

​

First Horizon Corporation:

​

​

15,600

​

6.50%, Series E

 386,568

*⁽¹⁾

1

​

FT Real Estate Securities Company, 9.50% 03/31/31, Series B, 144A****

 1,150,000

​

795

​

First Horizon Bank, TSFR3M + 1.11161%, min 3.75%, 6.41624%⁽⁴⁾, Series A, 144A****

 552,525

*⁽¹⁾

8,300

​

Fulton Financial Corporation, 5.125%, Series A

 153,716

*⁽¹⁾

Shares/$ Par

​

​

Value

​

​

Goldman Sachs Group:

​

​

$250,000​

​

4.95% to 02/10/25 then T5Y + 3.224%, Series R

$248,611​

*⁽¹⁾

$600,000​

​

7.379% to 08/10/29 then T5Y + 3.623%, Series Q

 603,070

*⁽¹⁾⁽²⁾

$325,000​

​

7.50% to 02/10/29 then T5Y + 3.156%, Series W

 346,942

*⁽¹⁾

$1,275,000​

​

7.50% to 05/10/29 then T5Y + 2.809%, Series X

 1,340,778

*^(1)(2)(3)

31,600

​

Heartland Financial USA, Inc., 7.00% to 07/15/25 then T5Y + 6.675%, Series E

 799,796

*⁽¹⁾⁽²⁾

​

HSBC Holdings PLC:

​

​

$800,000​

​

HSBC Capital Funding LP, 10.176% to 06/30/30 then 3ML + 4.98%, 144A****

 997,000

^(1)(2)(5)

​

Huntington Bancshares, Inc.:

​

​

$300,000​

​

4.45% to 10/15/27 then T7Y + 4.045%, Series G

 285,739

*⁽¹⁾

$875,000​

​

5.625% to 07/15/30 then T10Y + 4.945%, Series F

 870,683

*⁽¹⁾⁽²⁾

34,920

​

6.875% to 04/15/28 then T5Y + 2.704%, Series J

 885,222

*⁽¹⁾⁽²⁾

$1,000,000​

​

TSFR3M + 3.14161%, 8.44298%⁽⁴⁾, Series E

 994,916

*⁽¹⁾⁽²⁾

​

JPMorgan Chase & Company:

​

​

$1,825,000​

​

3.65% to 06/01/26 then T5Y + 2.85%, Series KK

 1,758,031

*⁽¹⁾⁽²⁾

$1,200,000​

​

6.875% to 06/01/29 then T5Y + 2.737%, Series NN

 1,274,838

*^(1)(2)(3)

​

KeyCorp:

​

​

83,910

​

6.125% to 12/15/26 then TSFR3M + 4.15361%, Series E

 2,072,577

*⁽¹⁾⁽²⁾

29,000

​

6.20% to 12/15/27 then T5Y + 3.132%, Series H

 703,540

*⁽¹⁾⁽²⁾

​

M&T Bank Corporation:

​

​

$575,000​

​

3.50% to 09/01/26 then T5Y + 2.679%, Series I

 500,031

*⁽¹⁾

$355,000​

​

5.125% to 11/01/26 then TSFR3M + 3.78161%, Series F

 346,180

*⁽¹⁾

17,600

​

5.625% to 12/15/26 then TSFR3M + 4.28161%, Series H

 445,632

*⁽¹⁾

15,700

​

Merchants Bancorp, 6.00% to 10/01/24 then 3ML + 4.569%, Series B

 393,285

*⁽¹⁾

​

Morgan Stanley:

​

​

58,380

​

5.85%, Series K

 1,446,657

*⁽¹⁾⁽²⁾

15,200

​

6.625%, Series Q

 406,600

*⁽¹⁾

154,665

​

6.875%, Series F

 3,914,571

*⁽¹⁾⁽²⁾

58,216

​

7.125%, Series E

 1,474,029

*⁽¹⁾⁽²⁾

$476,000​

​

TSFR3M + 3.42161%, 8.76083%⁽⁴⁾, Series N

 488,208

*⁽¹⁾⁽²⁾

183,628

​

New York Community Bancorp, Inc., 6.375% to 03/17/27 then
3ML + 3.821%, Series A

 3,727,648

*⁽¹⁾

50,000

​

Northpointe Bancshares, Inc., 8.25% to 12/30/25 then TSFR3M + 7.99%, Series A

 1,118,750

*⁽¹⁾

​

PNC Financial Services Group, Inc.:

​

​

$310,000​

​

3.40% to 09/15/26 then T5Y + 2.595%, Series T

 274,021

*⁽¹⁾

$3,155,000​

​

6.00% to 05/15/27 then T5Y + 3.00%, Series U

 3,161,848

*^(1)(2)(3)

$605,000​

​

6.20% to 09/15/27 then T5Y + 3.238%, Series V

 609,141

*⁽¹⁾⁽²⁾

$1,093,000​

​

6.25% to 03/15/30 then T7Y + 2.808%, Series W

 1,090,574

*^(1)(2)(3)

Shares/$ Par

​

​

Value

​

​

Regions Financial Corporation:

​

​

117,980

​

5.70% to 08/15/29 then TSFR3M + 3.40961%, Series C

$ 2,805,564​

*⁽¹⁾⁽²⁾

$575,000​

​

5.75% to 09/15/25 then T5Y + 5.426%, Series D

 573,525

*⁽¹⁾⁽²⁾

46,000

​

6.95% to 09/15/29 then T5Y + 2.771%, Series F

 1,172,080

*⁽¹⁾

$800,000​

​

State Street Corporation, 6.70% to 03/15/29 then T5Y + 2.613%, Series I

 821,064

*⁽¹⁾⁽²⁾

​

Synchrony Financial:

​

​

41,500

​

5.625%, Series A

 815,475

*⁽¹⁾⁽²⁾

50,500

​

8.25% to 05/15/29 then T5Y + 4.044%, Series B

 1,304,920

*⁽¹⁾

92,727

​

Synovus Financial Corporation, 8.417% to 07/01/29 then T5Y + 4.127%, Series E

 2,360,829

*⁽¹⁾⁽²⁾

60,200

​

Texas Capital Bancshares Inc., 5.75%, Series B

 1,243,130

*⁽¹⁾⁽²⁾

​

Truist Financial Corporation:

​

​

$810,000​

​

4.95% to 12/01/25 then T5Y + 4.605%, Series P

799,881

*⁽¹⁾⁽²⁾

$440,000​

​

5.10% to 09/01/30 then T10Y + 4.349%, Series Q

 429,275

*⁽¹⁾⁽²⁾

​

Valley National Bancorp:

​

​

6,700

​

8.25% to 09/30/29 then T5Y + 4.182%, Series C

 171,386

*⁽¹⁾

29,400

​

TSFR3M + 3.8396%, 9.17419%⁽⁴⁾, Series B

 739,410

*⁽¹⁾⁽²⁾

18,000

​

Washington Federal, Inc., 4.875%, Series A

 312,840

*⁽¹⁾

8,494

​

Webster Financial Corporation, 6.50%, Series G

 199,270

*⁽¹⁾

​

Wells Fargo & Company:

​

​

23,787

​

4.25%, Series DD

 464,084

*⁽¹⁾⁽²⁾

30,000

​

4.70%, Series AA

 630,900

*⁽¹⁾⁽²⁾

241

​

7.50%, Series L

 294,502

*⁽¹⁾

$700,000​

​

3.90% to 03/15/26 then T5Y + 3.453%, Series BB

 681,225

*⁽¹⁾⁽²⁾

$1,200,000​

​

6.85% to 09/15/29 then T5Y + 2.767%, Series FF

 1,234,711

*⁽¹⁾

$1,920,000​

​

7.625% to 09/15/28 then T5Y + 3.606%, Series EE

 2,068,418

*^(1)(2)(3)

36,500

​

WesBanco, Inc., 6.75% to 11/15/25 then T5Y + 6.557%, Series A

 903,375

*⁽¹⁾⁽²⁾

18,900

​

Western Alliance Bancorp, 4.25% to 09/30/26 then T5Y + 3.452%, Series A

 380,646

*⁽¹⁾

35,500

​

Wintrust Financial Corporation, 6.875% to 07/15/25 then T5Y + 6.507%, Series E

 887,500

*⁽¹⁾⁽²⁾

$1,225,000​

​

Zions Bancorporation, TSFR3M + 4.70161%, 10.04083%⁽⁴⁾, Series J

 1,218,657

*⁽¹⁾⁽²⁾

​

 89,525,985

​

​

Financial Services — 4.3%

​

​

​

AerCap Holdings NV:

​

​

$2,165,000​

​

5.875% to 10/10/24 then T5Y + 4.535%, 10/10/79

 2,163,575

**^(2)(3)(5)

$660,000​

​

6.50% to 06/15/25 then TSFR3M + 4.56161%, 06/15/45, 144A****

 658,469

^(2)(3)(5)

$950,000​

​

6.95% to 03/10/30 then T5Y + 2.72%, 03/10/55

 980,716

⁽⁵⁾

24,000

​

Affiliated Managers Group, Inc., 6.75% 03/30/64

 614,640

​

​

Ally Financial, Inc.:

​

​

$1,030,000​

​

4.70% to 05/15/26 then T5Y + 3.868%, Series B

 939,293

*^(1)(2)(3)

$700,000​

​

4.70% to 05/15/28 then T7Y + 3.481%, Series C

 584,532

*⁽¹⁾

$575,000​

​

American Express Company, 3.55% to 09/15/26 then T5Y + 2.854%, Series D

 539,655

*^(1)(2)(3)

11,500

​

Carlyle Finance LLC, 4.625% 05/15/61

 227,125

​

Shares/$ Par

​

​

Value

​

$650,000​

​

Discover Financial Services, 6.125% to 09/23/25 then T5Y + 5.783%, Series D

$ 648,338​

*⁽¹⁾⁽²⁾

​

General Motors Financial Company:

​

​

$600,000​

​

5.70% to 09/30/30 then T5Y + 4.997%, Series C

 577,519

*⁽¹⁾⁽²⁾

$192,000​

​

5.75% to 09/30/27 then 3ML + 3.598%, Series A

 183,006

*⁽¹⁾

$775,000​

​

6.50% to 09/30/28 then 3ML + 3.436%, Series B

 765,016

*⁽¹⁾⁽²⁾

17,700

​

Raymond James Financial, Inc., 6.375% to 07/01/26 then
TSFR3M + 4.34961%, Series B

 448,606

*⁽¹⁾⁽²⁾

​

Stifel Financial Corp.:

​

​

16,000

​

4.50%, Series D

 307,200

*⁽¹⁾

21,500

​

6.25%, Series B

 535,780

*⁽¹⁾⁽²⁾

21,900

​

TPG Operating Group II LP, 6.95% 03/15/64

 564,363

​

​

 10,737,833

​

​

Insurance — 17.5%

​

​

$1,610,000​

​

American International Group, Inc., 8.175% to 05/15/38 then
3ML + 4.195%, 05/15/58, Series A-6

1,780,059

⁽²⁾⁽³⁾

50,000

​

American National Group, Inc., 5.95% to 12/01/24 then T5Y + 4.322%, Series A

 1,228,500

*⁽¹⁾⁽²⁾

10,500

​

Arch Capital Group, Ltd., 5.45%, Series F

 243,600

**⁽¹⁾⁽⁵⁾

13,100

​

Assurant, Inc., 5.25% 01/15/61

 287,545

​

​

Athene Holding Ltd.:

​

​

21,200

​

4.875%, Series D

 407,040

*⁽¹⁾⁽²⁾

97,070

​

6.35% to 06/30/29 then 3ML + 4.253%, Series A

 2,412,189

*⁽¹⁾⁽²⁾

12,800

​

6.375% to 09/30/25 then T5Y + 5.97%, Series C

 321,792

*⁽¹⁾⁽²⁾

30,920

​

7.25% to 03/30/29 then T5Y + 2.986%, 03/30/64

 781,658

​

17,500

​

Axis Capital Holdings Ltd., 5.50%, Series E

 386,925

**^(1)(2)(5)

$655,000​

​

AXIS Specialty Finance LLC, 4.90% to 01/15/30 then T5Y + 3.186%, 01/15/40

 618,390

⁽²⁾⁽⁵⁾

​

Chubb Ltd.:

​

​

$975,000​

​

Ace Capital Trust II, 9.70% 04/01/30

 1,183,872

⁽²⁾⁽³⁾

12,500

​

CNO Financial Group, Inc., 5.125% 11/25/60

 269,000

​

139,279

​

Delphi Financial Group, TSFR3M + 3.45161%, 8.5697%⁽⁴⁾, 05/15/37

 3,360,106

⁽²⁾

​

Enstar Group Ltd.:

​

​

45,000

​

7.00% to 09/01/28 then 3ML + 4.015%, Series D

 919,800

**^(1)(2)(5)

$560,000​

​

Enstar Finance LLC, 5.50% to 01/15/27 then T5Y + 4.006%, 01/15/42

 515,962

⁽⁵⁾

$425,000​

​

Enstar Finance LLC, 5.75% to 09/01/25 then T5Y + 5.468%, 09/01/40

 416,973

⁽⁵⁾

$125,000​

​

Equitable Holdings, Inc., 4.95% to 12/15/25 then T5Y + 4.736%, Series B

 123,378

*⁽¹⁾

$885,000​

​

Everest Reinsurance Holdings, TSFR3M + 2.6466%, 7.7647%⁽⁴⁾, 05/15/37

 859,685

⁽²⁾

​

Global Atlantic Fin Company:

​

​

$1,180,000​

​

4.70% to 10/15/26 then T5Y + 3.796%, 10/15/51, 144A****

 1,109,286

⁽²⁾⁽³⁾

$600,000​

​

7.95% to 10/15/29 then T5Y + 3.608%, 10/15/54, 144A****

 615,267

​

12,700

​

Jackson Financial, Inc., 8.00% to 03/30/28 then T5Y + 3.728%, Series A

 335,280

*⁽¹⁾

$750,000​

​

Kuvare US Holdings, Inc., 7.00% to 05/01/26 then
T5Y + 6.541%, 02/17/51, Series A, 144A****

 753,750

*

Shares/$ Par

​

​

Value

​

​

Liberty Mutual Group:

​

​

$3,736,000​

​

7.80% 03/15/37, 144A****

$ 4,059,594​

⁽²⁾⁽³⁾

$700,000​

​

4.125% to 12/15/26 then T5Y + 3.315%, 12/15/51, 144A****

 657,241

⁽²⁾

​

Lincoln National Corporation:

​

​

16,900

​

9.00%, Series D

 462,891

*⁽¹⁾⁽²⁾

$420,000​

​

9.25% to 03/01/28 then T5Y + 5.318%, Series C

 459,480

*⁽¹⁾⁽²⁾

​

MetLife, Inc.:

​

​

$3,600,000​

​

9.25% 04/08/38, 144A****

 4,240,375

⁽²⁾⁽³⁾

$2,703,000​

​

10.75% 08/01/39

 3,726,191

⁽²⁾⁽³⁾

​

Prudential Financial, Inc.:

​

​

$845,000​

​

6.00% to 09/01/32 then T5Y + 3.234%, 09/01/52

 868,053

⁽²⁾⁽³⁾

$321,000​

​

6.75% to 03/01/33 then T5Y + 2.848%, 03/01/53

 341,559

⁽²⁾⁽³⁾

43,520

​

Reinsurance Group of America, Inc., 7.125% to 10/15/27 then
T5Y + 3.456%, 10/15/52

 1,134,131

⁽²⁾

24,900

​

RenaissanceRe Holdings Ltd., 4.20%, Series G

 454,674

**^(1)(2)(5)

​

SBL Holdings, Inc.:

​

​

$1,100,000​

​

6.50% to 11/13/26 then T5Y + 5.62%, Series B, 144A****

 924,410

*^(1)(2)(3)

$975,000​

​

7.00% to 05/13/25 then T5Y + 5.58%, Series A, 144A****

 877,117

*⁽¹⁾⁽²⁾

​

Unum Group:

​

​

$5,160,000​

​

Provident Financing Trust I, 7.405% 03/15/38

5,508,155

⁽²⁾

25,000

​

Voya Financial, Inc., 5.35% to 09/15/29 then T5Y + 3.21%, Series B

 643,750

*⁽¹⁾⁽²⁾

​

 43,287,678

​

​

Utilities — 10.1%

​

​

$785,000​

​

AES Corporation, 7.60% to 01/15/30 then T5Y + 3.201%, 01/15/55

 809,227

​

​

Algonquin Power & Utilities Corporation:

​

​

$1,700,000​

​

4.75% to 04/18/27 then T5Y + 3.249%, 01/18/82, Series 2022-B

 1,581,912

^(2)(3)(5)

48,175

​

TSFR3M + 4.27161%, 9.60317%⁽⁴⁾, 07/01/79, Series 2019-A

 1,228,462

⁽²⁾⁽⁵⁾

​

American Electric Power Company, Inc.:

​

​

$1,060,000​

​

3.875% to 02/15/27 then T5Y + 2.675%, 02/15/62

 988,203

⁽²⁾⁽³⁾

$995,000​

​

6.95% to 12/15/34 then T5Y + 2.675%, 12/15/54, Series B

 1,040,022

​

$765,000​

​

CenterPoint Energy, Inc., 6.85% to 02/15/35 then T5Y + 2.946%, 02/15/55, Series B

 769,864

​

​

Commonwealth Edison:

​

​

$1,163,000​

​

COMED Financing III, 6.35% 03/15/33

 1,193,231

⁽²⁾

​

Dominion Energy, Inc.:

​

​

$565,000​

​

4.35% to 04/15/27 then T5Y + 3.195%, Series C

 542,786

*⁽¹⁾⁽²⁾

$1,325,000​

​

7.00% to 06/01/34 then T5Y + 2.511%, 06/01/54, Series B

 1,412,760

​

$965,000​

​

Duke Energy Corporation, 6.45% to 09/01/34 then T5Y + 2.588%, 09/01/54

 989,115

​

​

Edison International:

​

​

$1,351,000​

​

5.00% to 03/15/27 then T5Y + 3.901%, Series B

 1,310,259

*^(1)(2)(3)

$420,000​

​

5.375% to 03/15/26 then T5Y + 4.698%, Series A

 412,518

*⁽¹⁾

Shares/$ Par

​

​

Value

​

​

Emera, Inc.:

​

​

$2,180,000​

​

6.75% to 06/15/26 then 3ML + 5.44%, 06/15/76, Series 2016-A

$ 2,195,326​

^(2)(3)(5)

$1,175,000​

​

EUSHI Finance, Inc., 7.625% to 12/15/29 then T5Y + 3.136%, 12/15/54

 1,220,712

​

$1,090,000​

​

Entergy Corporation, 7.125% to 12/01/29 then T5Y + 2.67%, 12/01/54

 1,112,639

​

​

NextEra Energy:

​

​

​

NextEra Energy Capital Holdings, Inc.:

​

​

$400,000​

​

6.70% to 09/01/29 then T5Y + 2.364%, 09/01/54, Series Q

 407,924

​

$700,000​

​

6.75% to 06/15/34 then T5Y + 2.457%, 06/15/54, Series R

 733,671

​

$595,000​

​

NiSource, Inc., 6.95% to 11/30/29 then T5Y + 2.451%, 11/30/54

 604,313

​

​

PECO Energy:

​

​

$500,000​

​

PECO Energy Capital Trust III, 7.38% 04/06/28, Series D

 534,325

⁽²⁾

​

Sempra:

​

​

$1,200,000​

​

4.125% to 04/01/27 then T5Y + 2.868%, 04/01/52

 1,122,340

⁽²⁾⁽³⁾

$1,020,000​

​

4.875% to 10/15/25 then T5Y + 4.55%, Series C

 1,001,775

*^(1)(2)(3)

$645,000​

​

6.875% to 10/01/29 then T5Y + 2.789%, 10/01/54

 653,106

​

​

Southern California Edison:

​

​

132

​

SCE Trust II, 5.10%, Series G

 2,719

*⁽¹⁾

32,270

​

SCE Trust V, 5.45% to 03/15/26 then TSFR3M + 4.05161%, Series K

 796,101

*⁽¹⁾⁽²⁾

34,900

​

SCE Trust VII, 7.50%, Series M

 921,011

*⁽¹⁾

23,200

​

SCE Trust VIII, 6.95%, Series N

 605,288

*⁽¹⁾

$700,000​

​

Southern Company, 3.75% to 09/15/26 then T5Y + 2.915%, 09/15/51, Series 2021-A

 668,176

⁽²⁾

$150,000​

​

Vistra Corporation, 7.00% to 12/15/26 then T5Y + 5.74%, Series B, 144A****

 151,745

*⁽¹⁾

​

 25,009,530

​

​

Energy — 4.1%

​

​

​

Enbridge, Inc.:

​

​

$292,000​

​

5.75% to 07/15/30 then T5Y + 5.314%, 07/15/80, Series 2020-A

279,598

⁽⁵⁾

$1,120,000​

​

6.00% to 01/15/27 then TSFR3M + 4.15161%, 01/15/77, Series 2016-A

 1,096,384

^(2)(3)(5)

$1,670,000​

​

7.375% to 03/15/30 then T5Y + 3.122%, 03/15/55, Series A

 1,714,081

⁽⁵⁾

$800,000​

​

8.50% to 01/15/34 then T5Y + 4.431%, 01/15/84, Series 2023-B

 878,808

⁽⁵⁾

​

Energy Transfer LP:

​

​

$1,275,000​

​

7.125% to 05/15/30 then T5Y + 5.306%, Series G

 1,278,407

^(1)(2)(3)

$900,000​

​

8.00% to 05/15/29 then T5Y + 4.02%, 05/15/54

 958,120

​

$500,000​

​

Enterprise Products Operating L.P., 5.25% to 08/16/27 then
TSFR3M + 3.29461%, 08/16/77, Series E

 488,705

⁽²⁾⁽³⁾

$550,000​

​

South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/35 then
T5Y + 3.667%, 03/01/55, 144A****

 567,009

⁽⁵⁾

​

Transcanada Pipelines, Ltd.:

​

​

$1,700,000​

​

5.50% to 09/15/29 then TSFR3M + 4.41561%, 09/15/79

 1,600,930

⁽²⁾⁽⁵⁾

$1,400,000​

​

5.875% to 08/15/26 then 3ML + 4.64%, 08/15/76, Series 2016-A

 1,380,502

^(2)(3)(5)

​

 10,242,544

​

Shares/$ Par

​

​

Value

​

​

Communication — 0.7%

​

​

$540,000​

​

British Telecommunications PLC, 4.875% to 11/23/31 then
T5Y + 3.493%, 11/23/81, 144A****

$ 494,879​

^(2)(3)(5)

$1,470,000​

​

Paramount Global, 6.375% to 03/30/27 then T5Y + 3.999%, 03/30/62

 1,345,130

⁽²⁾⁽³⁾

​

 1,840,009

​

​

Real Estate Investment Trust (REIT) — 1.5%

​

​

3,440

​

Annaly Capital Management, Inc., TSFR3M + 5.25461%, 10.57921%⁽⁴⁾, Series F

 86,929

⁽¹⁾

​

Arbor Realty Trust, Inc.:

​

​

4,576

​

6.375%, Series D

 81,865

⁽¹⁾

61,614

​

6.25% to 10/30/26 then TSFR3M + 5.44%, Series F

 1,141,091

⁽¹⁾⁽²⁾

71,000

​

KKR Real Estate Finance Trust, Inc., 6.50%, Series A

 1,422,840

⁽¹⁾⁽²⁾

23,000

​

New York Mortgage Trust, Inc., 6.875% to 10/15/26 then TSFR3M + 6.13%, Series F

 475,410

⁽¹⁾

21,700

​

TPG RE Finance Trust, Inc., 6.25%, Series C

 402,535

⁽¹⁾

​

 3,610,670

​

​

Miscellaneous Industries — 2.1%

​

​

38,400

​

Apollo Global Management, Inc., 7.625% to 12/15/28 then T5Y + 3.226%, 09/15/53

 1,013,376

​

$325,000​

​

Apollo Management Holdings LP, 4.95% to 12/17/24 then
T5Y + 3.266%, 01/14/50, 144A****

 324,187

​

​

Land O’ Lakes, Inc.:

​

​

$260,000​

​

7.25%, Series B, 144A****

 216,338

*⁽¹⁾

$3,900,000​

​

8.00%, Series A, 144A****

 3,519,165

*⁽¹⁾⁽²⁾

​

 5,073,066

​

​

Total Preferred Stock & Hybrid Preferred Securities
(Cost $193,274,125)

 189,327,315

​

​

​

​

Contingent Capital Securities^† — 19.9%

​

​

​

Banking — 19.7%

​

​

​

Banco Bilbao Vizcaya Argentaria SA:

​

​

$2,400,000​

​

6.125% to 11/16/27 then SW5 + 3.87%

2,293,931

**^(1)(2)(5)

$800,000​

​

6.50% to 03/05/25 then T5Y + 5.192%, Series 9

 799,633

**^(1)(2)(5)

$1,600,000​

​

9.375% to 09/19/29 then T5Y + 5.099%, Series 12

 1,751,662

**⁽¹⁾⁽⁵⁾

​

Banco Mercantil del Norte SA:

​

​

$600,000​

​

6.625% to 01/24/32 then T10Y + 5.034%, 144A****

 554,220

**⁽¹⁾⁽⁵⁾

$455,000​

​

7.50% to 06/27/29 then T10Y + 5.47%, 144A****

 460,053

**⁽¹⁾⁽⁵⁾

$530,000​

​

7.625% to 01/10/28 then T10Y + 5.353%, 144A****

 536,956

**^(1)(2)(5)

​

Banco Santander SA:

​

​

$5,600,000​

​

4.75% to 05/12/27 then T5Y + 3.753%, 144A****

 5,255,483

**^(1)(2)(3)(5)

$800,000​

​

8.00% to 08/01/34 then T5Y + 3.911%

 826,316

**⁽¹⁾⁽⁵⁾

$1,400,000​

​

9.625% to 11/21/33 then T5Y + 5.298%, 144A****

 1,626,724

**^(1)(2)(3)(5)

Shares/$ Par

​

​

Value

​

​

Bank of Montreal:

​

​

$390,000​

​

7.30% to 11/26/34 then T5Y + 3.01%, 11/26/84, Series 5

$ 400,815​

**⁽⁵⁾

$755,000​

​

7.70% to 05/26/29 then T5Y + 3.452%, 05/26/84, Series 4

 792,200

**⁽⁵⁾

$840,000​

​

Bank of Nova Scotia, 8.00% to 01/27/29 then T5Y + 4.017%, 01/27/84, Series 5

 892,947

**^(2)(3)(5)

​

Barclays Bank PLC:

​

​

$350,000​

​

4.375% to 09/15/28 then T5Y + 3.41%

 310,271

**⁽¹⁾⁽⁵⁾

$1,805,000​

​

6.125% to 06/15/26 then T5Y + 5.867%

 1,795,381

**^(1)(2)(3)(5)

$385,000​

​

8.00% to 09/15/29 then T5Y + 5.431%

 402,578

**⁽¹⁾⁽⁵⁾

$630,000​

​

9.625% to 06/15/30 then SOFR5Y + 5.775%

 695,092

**⁽¹⁾⁽⁵⁾

$500,000​

​

BBVA Bancomer SA, 5.875% to 09/13/29 then T5Y + 4.308%, 09/13/34, 144A****

 485,395

^(2)(3)(5)

​

BNP Paribas:

​

​

$350,000​

​

4.625% to 02/25/31 then T5Y + 3.34%, 144A****

 300,352

**⁽¹⁾⁽⁵⁾

$5,315,000​

​

7.375% to 08/19/25 then SW5 + 5.15%, 144A****

 5,368,278

**^(1)(2)(5)

$770,000​

​

7.75% to 08/16/29 then T5Y + 4.899%, 144A****

 801,909

**^(1)(2)(5)

$500,000​

​

8.50% to 08/14/28 then T5Y + 4.354%, 144A****

 531,084

**⁽¹⁾⁽⁵⁾

$420,000​

​

9.25% to 11/17/27 then T5Y + 4.969%, 144A****

 456,249

**^(1)(2)(5)

$370,000​

​

Credit Agricole SA, 4.75% to 09/23/29 then T5Y + 3.237%, 144A****

 339,663

**⁽¹⁾⁽⁵⁾

$400,000​

​

Deutsche Bank AG, 6.00% to 04/30/26 then T5Y + 4.524%

 384,957

**⁽¹⁾⁽⁵⁾

​

HSBC Holdings PLC:

​

​

$350,000​

​

6.00% to 05/22/27 then SW5 + 3.746%

 350,002

**^(1)(2)(3)(5)

$3,710,000​

​

6.50% to 03/23/28 then SW5 + 3.606%

 3,739,168

**^(1)(2)(3)(5)

$575,000​

​

ING Groep NV, 3.875% to 11/16/27 then T5Y + 2.862%

 505,709

**^(1)(2)(3)(5)

​

Lloyds Banking Group PLC:

​

​

$200,000​

​

7.50% to 09/27/25 then SW5 + 4.496%

 201,968

**⁽¹⁾⁽⁵⁾

$1,940,000​

​

8.00% to 03/27/30 then T5Y + 3.913%

 2,057,130

**^(1)(2)(3)(5)

$540,000​

​

Macquarie Bank Ltd., 6.125% to 03/08/27 then SW5 + 3.703%, 144A****

 538,953

**^(1)(2)(5)

​

NatWest Group PLC:

​

​

$300,000​

​

4.60% to 12/28/31 then T5Y + 3.10%

 251,347

**⁽¹⁾⁽⁵⁾

$230,000​

​

8.125% to 05/10/34 then T5Y + 3.752%

 244,231

**⁽¹⁾⁽⁵⁾

$755,000​

​

Royal Bank of Canada, 7.50% to 05/02/29 then T5Y + 2.887%, 05/02/84, Series 4

 784,926

**⁽⁵⁾

​

Societe Generale SA:

​

​

$750,000​

​

4.75% to 05/26/26 then T5Y + 3.931%, 144A****

694,165

**^(1)(2)(5)

$750,000​

​

5.375% to 11/18/30 then T5Y + 4.514%, 144A****

 629,701

**^(1)(2)(3)(5)

$1,100,000​

​

6.75% to 04/06/28 then SW5 + 3.929%, 144A****

 1,023,681

**^(1)(2)(3)(5)

$3,230,000​

​

9.375% to 05/22/28 then T5Y + 5.385%, 144A****

 3,366,264

**^(1)(2)(3)(5)

​

Standard Chartered PLC:

​

​

$350,000​

​

4.75% to 07/14/31 then T5Y + 3.805%, 144A****

 300,065

**⁽¹⁾⁽⁵⁾

$1,920,000​

​

7.75% to 02/15/28 then T5Y + 4.976%, 144A****

 1,994,391

**^(1)(2)(3)(5)

​

Toronto-Dominion Bank:

​

​

$395,000​

​

7.25% to 07/31/29 then T5Y + 2.977%, 07/31/84, Series 4

 404,909

**⁽⁵⁾

$400,000​

​

8.125% to 10/31/27 then T5Y + 4.075%, 10/31/82, Series 3, 144A****

 427,199

**⁽⁵⁾

Shares/$ Par

​

​

Value

​

​

UBS Group AG:

​

​

$500,000​

​

4.375% to 02/10/31 then T5Y + 3.313%, 144A****

$ 429,191​

**⁽¹⁾⁽⁵⁾

$2,700,000​

​

4.875% to 02/12/27 then T5Y + 3.404%, 144A****

 2,581,393

**^(1)(2)(3)(5)

$200,000​

​

9.25% to 11/13/33 then T5Y + 4.758%, 144A****

 231,459

**⁽¹⁾⁽⁵⁾

​

 48,818,001

​

​

Insurance — 0.2%

​

​

$500,000​

​

QBE Insurance Group Ltd., 5.875% to 05/12/25 then T5Y + 5.513%, 144A****

 500,562

**^(1)(2)(5)

​

 500,562

​

​

Total Contingent Capital Securities
(Cost $49,470,078)

 49,318,563

​

​

​

​

Corporate Debt Securities^§ — 1.8%

​

​

​

Banking — 0.4%

​

​

15,800

​

Dime Community Bancshares, Inc., 9.00% to 07/15/29 then
TSFR3M + 4.951%, 07/15/34

 413,170

​

18,000

​

Zions Bancorporation, TSFR3M + 4.15161%, 9.49083%⁽⁴⁾, 09/15/28, Sub Notes

 459,360

⁽²⁾

​

 872,530

​

​

Insurance — 1.1%

​

​

$2,000,000​

​

Liberty Mutual Insurance, 7.697% 10/15/97, 144A****

 2,375,255

⁽²⁾⁽³⁾

$375,000​

​

Universal Insurance Holdings, Inc., 5.625% 11/30/26

 364,781

​

​

 2,740,036

​

​

Communication — 0.3%

​

​

​

Qwest Corporation:

​

​

22,170

​

6.50% 09/01/56

 311,488

​

28,330

​

6.75% 06/15/57

 414,185

​

​

 725,673

​

​

Total Corporate Debt Securities
(Cost $4,233,135)

 4,338,239

​

​

​

​

Money Market Fund — 1.1%

​

​

​

BlackRock Liquidity Funds:

​

​

2,603,706

​

T-Fund, Institutional Class

2,603,706

​

​

Total Money Market Fund
(Cost $2,603,706)

 2,603,706

​

Total Investments (Cost $249,581,044***)

99.2

%

 245,587,823

​

Other Assets and Liabilities, excluding Loan Payable (net)

0.8

%

2,096,256

​