Shares
Market
Value
PREFERRED STOCKS (Continued)
Financial Services (Continued)
72,189
Bank of America Corp., 5.375%
.......
$ 1,620,643
109,396
Compass Diversified Holdings, Ser. A,
7.250%
......................
2,420,933
97,590
Compass Diversified Holdings, Ser. B,
7.875%
......................
2,197,727
47,868
DigitalBridge Group Inc., Ser. H, 7.125%
.
1,142,131
15,487
Enstar Group Ltd., Ser. D, 7.000%
.....
322,749
19,757
Enstar Group Ltd., Ser. E, 7.000%
......
400,474
226,086
JPMorgan Chase & Co., 4.200%
.......
4,146,417
3,500
MetLife Inc., Ser. A, 5.561%
..........
83,195
5,000
PhenixFIN Corp., 5.250%, 11/01/28
....
117,500
14,616
State Street Corp., Ser. G, 5.350%
.....
329,445
3,753
Stifel Financial Corp., Ser. B, 6.250%
...
90,673
90,142
The Allstate Corp., Ser. H, 5.100%
.....
1,892,982
74,038
The Charles Schwab Corp., Ser. J, 4.450%
1,436,337
17,750
The Goldman Sachs Group Inc., Ser. D,
5.229%
......................
392,275
46,962
Truist Financial Corp., Ser. R, 4.750%
...
917,168
18,284,377
Health Care — 0.0%
2,296
XOMA Royalty Corp., Ser. A, 8.625%
...
59,489
Real Estate Investment Trust — 0.1%
20,064
Arbor Realty Trust Inc., Ser. E, 6.250%
..
334,467
55,281
Chimera Investment Corp., Ser. A, 8.000%
1,215,629
74,991
KKR Real Estate Finance Trust Inc., Ser. A,
6.500%
......................
1,433,078
2,983,174
Telecommunications — 0.1%
126,633
AT&T Inc., Ser. C, 4.750%
...........
2,414,891
TOTAL PREFERRED STOCKS
........
29,350,888
MANDATORY CONVERTIBLE SECURITIES(b) — 0.4%
Aerospace — 0.0%
6,594
The Boeing Co.,
6.000%, 10/15/27
...............
394,519
Energy and Utilities — 0.2%
102,000
El Paso Energy Capital Trust I,
4.750%, 03/31/28
...............
4,963,320
Energy and Utilities: Integrated — 0.1%
103,483
NextEra Energy Inc.,
6.926%, 09/01/25
...............
4,204,514
Specialty Chemicals — 0.1%
49,576
Albemarle Corp.,
7.250%, 03/01/27
...............
1,767,385
TOTAL MANDATORY CONVERTIBLE
SECURITIES
................
11,329,738
Shares
Market
Value
WARRANTS — 0.0%
Diversified Industrial — 0.0%
32,000
Ampco-Pittsburgh Corp., expire 08/01/25†
$ 413
Energy and Utilities: Oil — 0.0%
12,257
Occidental Petroleum Corp., expire
08/03/27†
.....................
339,151
TOTAL WARRANTS
..............
339,564
Principal
Amount
CONVERTIBLE CORPORATE BONDS — 0.0%
Cable and Satellite — 0.0%
$ 200,000
AMC Networks Inc.,
4.250%, 02/15/29(c)
.............
176,600
CORPORATE BONDS — 0.4%
Financial Services — 0.4%
1,500,000
Capital One Financial Corp., Ser. M, (5 yr.
US Treasury Yield Curve Rate T Note
Constant Maturity + 3.16%),
3.950%, (d)(e)
.................
1,435,644
1,500,000
Citigroup Inc., Ser. X, (5 yr. US Treasury
Yield Curve Rate T Note Constant
Maturity + 3.42%),
3.875%, (d)(e)
.................
1,468,847
1,500,000
Citizens Financial Group Inc., Ser. G, (5
yr. US Treasury Yield Curve Rate T Note
Constant Maturity + 3.22%),
4.000%, (d)(e)
.................
1,440,655
1,000,000
Comerica Inc., (5 yr. US Treasury Yield
Curve Rate T Note Constant Maturity +
5.29%),
5.625%, (d)(e)
.................
996,184
1,000,000
Discover Financial Services, Ser. C, (3 mo.
Term Secured Overnight Financing Rate
+ 3.34%),
5.500%, (d)(e)
.................
964,891
1,500,000
Fifth Third Bancorp, Ser. L, (5 yr. US
Treasury Yield Curve Rate T Note
Constant Maturity + 4.22%),
4.500%, (d)(e)
.................
1,490,226
1,500,000
The Charles Schwab Corp., Ser. H, (10 yr.
US Treasury Yield Curve Rate T Note
Constant Maturity + 3.08%),
4.000%, (d)(e)
.................
1,331,778
1,000,000
The Goldman Sachs Group Inc., Ser. U, (5
yr. US Treasury Yield Curve Rate T Note
Constant Maturity + 2.92%),
3.650%, (d)(e)
.................
971,874