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Shares/$ Par
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Value
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Preferred Stock & Hybrid Preferred Securities§ — 76.6%
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Banking — 33.6%
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$450,000
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American AgCredit Corporation, 5.25% to 06/15/26 then T5Y + 4.50%, Series A, 144A****
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$436,500
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*(1)(2)(3)
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Bank of America Corporation:
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$1,550,000
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6.125% to 04/27/27 then T5Y + 3.231%, Series TT
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1,569,450
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*(1)(2)(3)
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$300,000
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6.30% to 03/10/26 then TSFR3M + 4.81461%, Series DD
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303,484
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*(1)(2)
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18,800
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Cadence Bank, 5.50%, Series A
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402,132
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*(1)(2)
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Capital One Financial Corporation:
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13,085
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5.00%, Series I
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274,785
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*(1)
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$820,000
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3.95% to 09/01/26 then T5Y + 3.157%, Series M
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761,674
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*(1)(2)
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Citigroup, Inc.:
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$425,000
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3.875% to 02/18/26 then T5Y + 3.417%, Series X
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409,453
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*(1)(2)
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$200,000
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4.00% to 12/10/25 then T5Y + 3.597%, Series W
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194,935
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*(1)
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$300,000
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4.15% to 11/15/26 then T5Y + 3.00%, Series Y
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284,157
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*(1)(2)
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$430,000
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5.95% to 05/15/25 then TSFR3M + 4.16661%, Series P
|
430,303
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*(1)(2)
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$810,000
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7.00% to 08/15/34 then T10Y + 2.757%, Series DD
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848,532
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*(1)
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$860,000
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7.125% to 08/15/29 then T5Y + 2.693%, Series CC
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881,848
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*(1)
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$1,200,000
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7.375% to 05/15/28 then T5Y + 3.209%, Series Z
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1,259,610
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*(1)(2)(3)
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$1,225,000
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7.625% to 11/15/28 then T5Y + 3.211%, Series AA
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1,301,882
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*(1)(2)(3)
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Citizens Financial Group, Inc.:
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24,600
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7.375%, Series H
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650,424
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*(1)
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$1,600,000
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TSFR3M + 3.41861%, 8.73287%(4), Series C
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1,596,513
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*(1)(2)
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CoBank ACB:
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9,000
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6.20% to 01/01/25 then TSFR3M + 4.00561%, Series H, 144A****
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903,375
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*(1)(2)
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$415,000
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6.25% to 10/01/26 then TSFR3M + 4.92161%, Series I, 144A****
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414,279
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*(1)(2)
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$4,375,000
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Comerica, Inc., 5.625% to 10/01/25 then T5Y + 5.291%, Series A
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4,316,260
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*(1)(2)(3)
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$250,000
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Compeer Financial ACA, 4.875% to 08/15/26 then T5Y + 4.10%, Series B-1, 144A****
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240,625
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*(1)
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32,800
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ConnectOne Bancorp, Inc., 5.25% to 09/01/26 then T5Y + 4.42%, Series A
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669,120
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*(1)(2)
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27,000
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Dime Community Bancshares, Inc., 5.50%, Series A
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501,120
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*(1)(2)
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139,104
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Fifth Third Bancorp, TSFR3M + 3.97161%, 9.30317%(4), Series I
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3,566,627
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*(1)(2)
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13,600
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First Citizens BancShares, Inc., 5.375%, Series A
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304,096
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*(1)
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First Horizon Corporation:
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14,500
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6.50%, Series E
|
359,310
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*(1)
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1
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FT Real Estate Securities Company, 9.50% 03/31/31, Series B, 144A****
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1,150,000
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|
750
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First Horizon Bank, TSFR3M + 1.11161%, min 3.75%, 6.41624%(4), Series A, 144A****
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521,250
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*(1)
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7,700
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Fulton Financial Corporation, 5.125%, Series A
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142,604
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*(1)
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Goldman Sachs Group:
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$225,000
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4.95% to 02/10/25 then T5Y + 3.224%, Series R
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223,750
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*(1)
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$560,000
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7.379% to 08/10/29 then T5Y + 3.623%, Series Q
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562,865
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*(1)(2)
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$270,000
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7.50% to 02/10/29 then T5Y + 3.156%, Series W
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288,229
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*(1)
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$1,080,000
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7.50% to 05/10/29 then T5Y + 2.809%, Series X
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1,135,718
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*(1)(2)(3)
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