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No. of Recommendations: 1
The advantage some of these funds have over an individual buying their own preferred is timing. They bought preferreds back when interest rates were much higher. You try buying the same preferred and your yield won't be close to what the fund has because you'll be paying a huge premium compared to buying that same preferred, 2, 3, 5, 10 yrs ago.

At CPXIX I see things such as:
Metlife Inc 9.25% 4/8/2038 144A
JP Morgan 6.75%
Prudential Financial 5.625% 6/15/43
Emera 6.75% 6/15/76-26

I'm guessing none of the above were purchased recently.

For example some of us were lucky enough to get Wells Fargo Preferred L at under $1000 (par), now it is 1300+ (still not bad).

My 2 cents on a topic I don't know well :)
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