| | Coupon Rate | Rating† | % Weight |
| BARCLAYS BK PLC | 8.13% | BBB+/Baa2 | 8.82% |
| BANK OF AMER CRP | 8.20% | BB/Ba3 | 7.94% |
| ING GROEP NV | 8.50% | BB/Ba1 | 5.44% |
| WELLS FARGO CO 8% PREFERR | 8.00% | A-/Ba1 | 5.19% |
| HSBC HLDGS PLC | 8.13% | A-/NR | 5.05% |
| JPMORGAN CHASE | 8.63% | BBB+/A2 | 5.00% |
| CREDIT SUISSE GU | 7.90% | BBB+/Aa3 | 4.59% |
| BANK OF AMERICA 8.625% PD | 8.63% | BB/NR | 4.51% |
| METLIFE INC | 6.50% | BBB-/Baa2 | 4.07% |
| ING GROEP NV | 7.38% | BB/Ba1 | 4.06% |
| SANTANDER FIN PFD | 10.50% | A-/A2 | 3.29% |
| BANK OF AMER CRP | 7.25% | BB/Ba3 | 3.11% |
| ING GROEP NV | 6.38% | BB/Ba1 | 2.89% |
| ROYAL BK SCOTLND | 7.25% | CC/B3 | 2.89% |
| GOLDMAN SACHS GP | 6.20% | BBB/A3 | 2.61% |
| AEGON NV | 7.25% | BBB/Baa2 | 2.52% |
| BANK OF AMER CRP | 6.20% | BB/Ba3 | 2.32% |
| US BANCORP | 7.88% | BBB+/A2 | 2.11% |
| REPSOL INTL CAP | 7.45% | BB+/Baa3 | 1.98% |
| ING GROEP NV | 6.13% | BB/Ba1 | 1.92% |
| HSBC FINANCE | 6.36% | BBB/Baa2 | 1.82% |
| NATIONAL BK GREECE PRD | 9.00% | BB-/A2 | 1.61% |
| HSBC USA INC-NEW | 6.50% | A-/A3 | 1.50% |
| ROYAL BK SCOTLND | 6.35% | CC/B3 | 1.41% |
| AEGON NV | 6.38% | BBB/Baa2 | 1.37% |
| ROYAL BK SCOTLND | 6.60% | CC/B3 | 1.22% |
| PARTNERRE LTD | 6.75% | BBB+/Baa1 | 1.07% |
| ROYAL BK SCOTLND | 6.40% | CC/B3 | 1.06% |
| PRUDENTIAL PLC | 6.50% | A-/Baa1 | 1.04% |
| BARCLAYS BANK PLC PFD STK | 7.75% | BBB+/Baa2 | 0.96% |
| RENAISSANCERE | 6.60% | BBB+/Baa2 | 0.96% |
| AXIS CAPITAL | 7.25% | BBB/Baa3 | 0.93% |
| BARCLAYS BK PLC | 6.63% | BBB+/Baa2 | 0.92% |
| PRUDENTIAL PLC | 6.75% | A-/Baa1 | 0.88% |
| ROYAL BK SCOTLND | 6.75% | CC/B3 | 0.83% |
| RENAISSANCERE | 6.08% | BBB+/NR | 0.71% |
| AEGON NV | 6.88% | BBB/Baa2 | 0.60% |
| AEGON NV | 6.50% | BBB/Baa2 | 0.57% |
| ROYAL BK SCOTLND | 6.25% | CC/NR | 0.23% |
