| | Coupon Rate | Rating† | % Weight |
| BARCLAYS BK PLC | 8.13% | A-/Baa2 | 8.82% |
| BANK OF AMER CRP | 8.20% | BB/Ba3 | 7.27% |
| ING GROEP NV | 8.50% | BB/Ba1 | 5.70% |
| BANK OF AMERICA 8.625% PD | 8.63% | BB/Ba3 | 5.08% |
| WELLS FARGO CO 8% PREFERR | 8.00% | A-/Ba1 | 5.07% |
| HSBC HLDGS PLC | 8.13% | A-/NR | 4.84% |
| JPMORGAN CHASE | 8.63% | BBB+/Baa1 | 4.67% |
| ING GROEP NV | 7.38% | BB/Ba1 | 4.18% |
| CREDIT SUISSE GU | 7.90% | BBB+/A3 | 3.84% |
| METLIFE INC | 6.50% | BBB-/Baa2 | 3.61% |
| HSBC HOLDINGS PLC 8% PFD | 8.00% | A-/NR | 3.34% |
| ING GROEP NV | 6.38% | BB/Ba1 | 3.03% |
| SANTANDER FIN PFD | 10.50% | A-/Baa2 | 2.83% |
| BANK OF AMER CRP | 7.25% | BB/Ba3 | 2.82% |
| AEGON NV | 7.25% | BBB/Baa2 | 2.55% |
| HSBC FINANCE | 6.36% | BBB/Baa2 | 2.01% |
| GOLDMAN SACHS GP | 6.20% | BBB/Baa2 | 2.00% |
| ROYAL BK SCOTLND | 7.25% | C/B3 | 1.95% |
| BANK OF AMER CRP | 6.20% | BB/Ba3 | 1.94% |
| ING GROEP NV | 6.13% | BB/Ba1 | 1.93% |
| DB CONT CAP TRUST III PFD | 7.60% | BBB+/Baa2 | 1.84% |
| HSBC USA INC-NEW | 6.50% | A-/Baa1 | 1.70% |
| REPSOL INTL CAP | 7.45% | BB+/Baa3 | 1.60% |
| US BANCORP | 7.88% | BBB+/A3 | 1.43% |
| ROYAL BK OF SCOT GRP PLC | 5.75% | BB-/Ba3 | 1.41% |
| AEGON NV | 6.38% | BBB/Baa2 | 1.37% |
| BARCLAYS BANK PLC PFD STK | 7.75% | A-/Baa2 | 1.26% |
| NATIONAL BK GREECE PRD | 9.00% | B-/B1 | 1.06% |
| BARCLAYS BK PLC | 6.63% | A-/Baa3 | 1.02% |
| DB CONT CAP TR V | 8.05% | BBB+/Baa2 | 1.00% |
| PRUDENTIAL PLC | 6.50% | A-/Baa1 | 0.90% |
| PARTNERRE LTD | 6.75% | BBB+/Baa1 | 0.84% |
| PRUDENTIAL PLC | 6.75% | A-/Baa1 | 0.81% |
| AXIS CAPITAL | 7.25% | BBB/Baa3 | 0.78% |
| RENAISSANCERE | 6.60% | BBB+/Baa2 | 0.70% |
| DEUTSCHE BK CAP | 6.63% | BBB+/Baa2 | 0.63% |
| ROYAL BK SCOTLND | 6.60% | C/B3 | 0.63% |
| AEGON NV | 6.88% | BBB/Baa2 | 0.63% |
| AEGON NV | 6.50% | BBB/Baa2 | 0.59% |
| RENAISSANCERE | 6.08% | BBB+/NR | 0.57% |
| PRINCIPAL FINL GROUP | 6.52% | BB/Baa3 | 0.56% |
| ROYAL BK SCOTLND | 6.35% | C/B3 | 0.43% |
| ROYAL BK SCOTLND | 6.75% | C/B3 | 0.37% |
| ROYAL BK SCOTLND | 6.40% | C/B3 | 0.35% |
