1

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS

August 31, 2024 (Unaudited)

 

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)


2

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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)


3

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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


4

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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

*


5

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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)


6

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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


7

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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)


8

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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)


9

 

Flaherty & Crumrine Preferred and Income Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

August 31, 2024 (Unaudited)

 

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