| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES – 21.4% | ||||||||
| Banks – 3.3% | ||||||||
| 2,948 | Atlantic Union Bankshares Corp., Series A | 6.88% | (a) | $79,567 | ||||
| 300,032 | Fifth Third Bancorp, Series A (b) | 6.00% | (a) | 7,680,819 | ||||
| 56,961 | First Midwest Bancorp, Inc., Series A (b) | 7.00% | (a) | 1,563,010 | ||||
| 70,463 | First Republic Bank, Series M | 4.00% | (a) | 1,553,709 | ||||
| 143,945 | JPMorgan Chase & Co., Series LL (b) | 4.63% | (a) | 3,526,653 | ||||
| 272,168 | Pinnacle Financial Partners, Inc., Series B (b) | 6.75% | (a) | 7,484,620 | ||||
| 438,536 | Signature Bank, Series A (b) | 5.00% | (a) | 10,853,766 | ||||
| 205,000 | WesBanco, Inc., Series A (b) (c) | 6.75% | (a) | 5,604,700 | ||||
| 66,146 | Western Alliance Bancorp, Series A (c) | 4.25% | (a) | 1,668,202 | ||||
| 278,658 | Wintrust Financial Corp., Series E (b) (c) | 6.88% | (a) | 7,727,186 | ||||
| 47,742,232 | ||||||||
| Capital Markets – 1.4% | ||||||||
| 29,434 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 732,318 | ||||
| 173,946 | Affiliated Managers Group, Inc. (d) | 4.20% | 09/30/61 | 3,845,946 | ||||
| 369,562 | Carlyle Finance LLC (d) | 4.63% | 05/15/61 | 8,924,922 | ||||
| 269,834 | KKR Group Finance Co., IX LLC (b) | 4.63% | 04/01/61 | 6,624,425 | ||||
| 34,927 | Oaktree Capital Group LLC, Series A | 6.63% | (a) | 928,359 | ||||
| 21,055,970 | ||||||||
| Diversified Financial Services – 1.2% | ||||||||
| 187,368 | Apollo Asset Management, Inc., Series B (b) | 6.38% | (a) | 4,849,084 | ||||
| 508,291 | Equitable Holdings, Inc., Series A (b) | 5.25% | (a) | 13,027,498 | ||||
| 17,876,582 | ||||||||
| Diversified Telecommunication Services – 0.3% | ||||||||
| 132,294 | Qwest Corp. (d) | 6.50% | 09/01/56 | 3,335,132 | ||||
| 29,752 | Qwest Corp. (d) | 6.75% | 06/15/57 | 754,808 | ||||
| 4,089,940 | ||||||||
| Electric Utilities – 1.1% | ||||||||
| 245,850 | Brookfield BRP Holdings Canada, Inc. (b) | 4.63% | (a) | 5,613,985 | ||||
| 195,763 | Brookfield Infrastructure Finance ULC (d) | 5.00% | 05/24/81 | 4,655,244 | ||||
| 120,245 | SCE Trust IV, Series J (b) (c) | 5.38% | (a) | 2,952,015 | ||||
| 51,468 | SCE Trust V, Series K (c) | 5.45% | (a) | 1,289,273 | ||||
| 63,514 | Southern (The) Co. (d) | 4.95% | 01/30/80 | 1,620,877 | ||||
| 16,131,394 | ||||||||
| Equity Real Estate Investment Trusts – 0.5% | ||||||||
| 69,919 | Agree Realty Corp., Series A | 4.25% | (a) | 1,621,422 | ||||
| 4,335 | DigitalBridge Group, Inc., Series I | 7.15% | (a) | 110,673 | ||||
| 585 | DigitalBridge Group, Inc., Series J | 7.13% | (a) | 15,005 | ||||
| 173,153 | Global Net Lease, Inc., Series A (d) | 7.25% | (a) | 4,474,273 | ||||
| 17,466 | National Storage Affiliates Trust, Series A | 6.00% | (a) | 452,195 | ||||
| 6,673,568 | ||||||||
| Food Products – 0.7% | ||||||||
| 357,317 | CHS, Inc., Series 3 (b) (c) | 6.75% | (a) | 9,733,315 | ||||
| Gas Utilities – 0.3% | ||||||||
| 197,017 | South Jersey Industries, Inc. (b) (d) | 5.63% | 09/16/79 | 5,049,546 | ||||
| Independent Power & Renewable Electricity Producers – 0.3% | ||||||||
| 161,321 | Brookfield Renewable Partners L.P., Series 17 | 5.25% | (a) | 4,041,091 | ||||
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES (Continued) | ||||||||
| Insurance – 5.9% | ||||||||
| 431,164 | Aegon Funding Co., LLC (b) | 5.10% | 12/15/49 | $11,003,305 | ||||
| 494,256 | American Equity Investment Life Holding Co., Series A (b) (c) | 5.95% | (a) | 13,246,061 | ||||
| 247,874 | American Equity Investment Life Holding Co., Series B (b) (c) | 6.63% | (a) | 6,816,535 | ||||
| 193,648 | AmTrust Financial Services, Inc. (d) | 7.25% | 06/15/55 | 3,718,042 | ||||
| 210,480 | AmTrust Financial Services, Inc. (d) | 7.50% | 09/15/55 | 4,152,771 | ||||
| 192,000 | Arch Capital Group Ltd., Series G (d) | 4.55% | (a) | 4,644,480 | ||||
| 52,243 | Aspen Insurance Holdings Ltd. (d) | 5.63% | (a) | 1,338,466 | ||||
| 343,285 | Aspen Insurance Holdings Ltd. (b) | 5.63% | (a) | 8,650,782 | ||||
| 28,910 | Athene Holding Ltd., Series C (b) (c) | 6.38% | (a) | 784,328 | ||||
| 133,393 | CNO Financial Group, Inc. (d) | 5.13% | 11/25/60 | 3,334,825 | ||||
| 584,250 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (d) (e) | 3.35% | 05/15/37 | 12,853,500 | ||||
| 165,124 | Global Indemnity Group LLC (d) | 7.88% | 04/15/47 | 4,169,381 | ||||
| 137,860 | Globe Life, Inc. (d) | 4.25% | 06/15/61 | 3,403,763 | ||||
| 193,528 | Phoenix Cos. (The), Inc. | 7.45% | 01/15/32 | 3,508,759 | ||||
| 160,945 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (a) | 3,738,752 | ||||
| 85,363,750 | ||||||||
| Mortgage Real Estate Investment Trusts – 0.3% | ||||||||
| 6,592 | AGNC Investment Corp., Series C (c) | 7.00% | (a) | 165,591 | ||||
| 117,083 | AGNC Investment Corp., Series F (c) (d) | 6.13% | (a) | 2,872,046 | ||||
| 73,779 | Annaly Capital Management, Inc., Series F (c) | 6.95% | (a) | 1,837,097 | ||||
| 4,874,734 | ||||||||
| Multi-Utilities – 1.7% | ||||||||
| 46,889 | Algonquin Power & Utilities Corp. (c) (d) | 6.88% | 10/17/78 | 1,242,559 | ||||
| 997 | Algonquin Power & Utilities Corp., Series 19-A (c) | 6.20% | 07/01/79 | 26,660 | ||||
| 84,154 | Brookfield Infrastructure Partners L.P., Series 13 | 5.13% | (a) | 2,005,390 | ||||
| 159,033 | DTE Energy Co. | 4.38% | 12/01/81 | 4,001,270 | ||||
| 670,375 | Integrys Holding, Inc. (c) (d) | 6.00% | 08/01/73 | 16,776,134 | ||||
| 24,052,013 | ||||||||
| Oil, Gas & Consumable Fuels – 1.6% | ||||||||
| 35,235 | Energy Transfer L.P., Series C (c) | 7.38% | (a) | 863,610 | ||||
| 1,879 | Energy Transfer L.P., Series D (c) | 7.63% | (a) | 46,129 | ||||
| 568,533 | Energy Transfer L.P., Series E (b) (c) | 7.60% | (a) | 14,156,472 | ||||
| 172,376 | NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (e) | 6.97% | (a) | 4,242,173 | ||||
| 8,648 | NuStar Energy L.P., Series C (c) | 9.00% | (a) | 215,076 | ||||
| 135,233 | NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (d) (e) | 6.98% | 01/15/43 | 3,409,224 | ||||
| 22,932,684 | ||||||||
| Real Estate Management & Development – 1.6% | ||||||||
| 242,025 | Brookfield Property Partners L.P., Series A | 5.75% | (a) | 5,506,069 | ||||
| 371,898 | Brookfield Property Partners L.P., Series A2 (b) | 6.38% | (a) | 8,973,899 | ||||
| 381,918 | Brookfield Property Preferred L.P. | 6.25% | 07/26/81 | 9,536,492 | ||||
| 24,016,460 | ||||||||
| Trading Companies & Distributors – 0.6% | ||||||||
| 19,820 | Air Lease Corp., Series A (c) | 6.15% | (a) | 520,077 | ||||
| 285,957 | WESCO International, Inc., Series A (c) (d) | 10.63% | (a) | 8,715,969 | ||||
| 9,236,046 | ||||||||
| Wireless Telecommunication Services – 0.6% | ||||||||
| 75,137 | United States Cellular Corp. (d) | 6.25% | 09/01/69 | 1,928,767 | ||||
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES (Continued) | ||||||||
| Wireless Telecommunication Services (Continued) | ||||||||
| 253,239 | United States Cellular Corp. (d) | 5.50% | 06/01/70 | $6,291,647 | ||||
| 8,220,414 | ||||||||
Total $25 Par Preferred Securities | 311,089,739 | |||||||
| (Cost $306,468,639) | ||||||||
| $100 PAR PREFERRED SECURITIES – 3.0% | ||||||||
| Banks – 3.0% | ||||||||
| 80,000 | AgriBank FCB (c) | 6.88% | (a) | 8,580,000 | ||||
| 179,000 | CoBank ACB, Series F (b) (c) | 6.25% | (a) | 18,669,700 | ||||
| 54,250 | CoBank ACB, Series H (b) (c) | 6.20% | (a) | 5,872,562 | ||||
| 102,000 | Farm Credit Bank of Texas (b) (c) (f) | 6.75% | (a) | 10,582,500 | ||||
Total $100 Par Preferred Securities | 43,704,762 | |||||||
| (Cost $42,908,750) | ||||||||
| $1,000 PAR PREFERRED SECURITIES – 3.9% | ||||||||
| Banks – 3.0% | ||||||||
| 7,719 | Bank of America Corp., Series L | 7.25% | (a) | 10,868,352 | ||||
| 23,451 | Wells Fargo & Co., Series L | 7.50% | (a) | 33,396,804 | ||||
| 44,265,156 | ||||||||
| Diversified Financial Services – 0.9% | ||||||||
| 12,000 | Compeer Financial ACA (b) (c) (f) | 6.75% | (a) | 12,600,000 | ||||
Total $1,000 Par Preferred Securities | 56,865,156 | |||||||
| (Cost $54,528,152) | ||||||||
| $1,000,000 PAR PREFERRED SECURITIES – 1.2% | ||||||||
| Mortgage Real Estate Investment Trusts – 1.2% | ||||||||
| 12 | FT Real Estate Securities Co., Inc. (g) (h) (i) | 9.50% | (a) | 16,943,124 | ||||
| (Cost $15,990,000) | ||||||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES – 112.3% | ||||||||
| Banks – 50.2% | ||||||||
| $12,935,000 | Australia & New Zealand Banking Group Ltd. (b) (c) (f) (j) | 6.75% | (a) | 14,433,326 | ||||
| 8,800,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (c) (j) | 6.50% | (a) | 9,163,000 | ||||
| 2,000,000 | Banco Mercantil del Norte S.A. (c) (f) (j) | 6.88% | (a) | 2,017,760 | ||||
| 5,000,000 | Banco Mercantil del Norte S.A. (c) (f) (j) | 7.50% | (a) | 5,106,875 | ||||
| 8,000,000 | Banco Mercantil del Norte S.A. (c) (f) (j) | 7.63% | (a) | 8,182,840 | ||||
| 7,400,000 | Banco Mercantil del Norte S.A. (c) (f) (j) | 8.38% | (a) | 8,122,425 | ||||
| 10,800,000 | Banco Santander S.A. (b) (c) (j) | 4.75% | (a) | 10,405,800 | ||||
| 12,600,000 | Banco Santander S.A. (c) (j) (k) | 7.50% | (a) | 13,417,803 | ||||
| 6,114,000 | Bank of America Corp., Series RR (b) (c) | 4.38% | (a) | 6,068,145 | ||||
| 7,900,000 | Bank of America Corp., Series X (b) (c) | 6.25% | (a) | 8,378,937 | ||||
| 10,300,000 | Bank of Nova Scotia (The) (b) (c) | 4.90% | (a) | 10,763,500 | ||||
| 7,300,000 | Barclays PLC (b) (c) (j) | 4.38% | (a) | 6,910,180 | ||||
| 11,200,000 | Barclays PLC (b) (c) (j) | 6.13% | (a) | 11,924,640 | ||||
| 49,560,000 | Barclays PLC (b) (c) (d) (j) | 8.00% | (a) | 54,130,423 | ||||
| 8,550,000 | BBVA Bancomer S.A. (c) (d) (f) (j) | 5.88% | 09/13/34 | 9,096,430 | ||||
| 15,000,000 | BNP Paribas S.A. (b) (c) (f) (j) | 4.63% | (a) | 14,782,500 | ||||
| 4,300,000 | BNP Paribas S.A. (c) (f) (j) | 7.38% | (a) | 4,811,679 | ||||
| 13,370,000 | Citigroup, Inc. (b) (c) | 3.88% | (a) | 13,049,120 | ||||
| 5,041,000 | Citigroup, Inc. (b) (c) | 5.90% | (a) | 5,173,326 | ||||
| 3,022,000 | Citigroup, Inc. (c) | 5.95% | (a) | 3,089,995 | ||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Banks (Continued) | ||||||||
| $9,937,000 | Citigroup, Inc., Series D (b) (c) | 5.35% | (a) | $10,110,897 | ||||
| 8,600,000 | Citigroup, Inc., Series P (b) (c) | 5.95% | (a) | 9,116,000 | ||||
| 7,486,000 | Citigroup, Inc., Series W (b) (c) | 4.00% | (a) | 7,411,140 | ||||
| 7,381,000 | Citigroup, Inc., Series Y (b) (c) | 4.15% | (a) | 7,220,242 | ||||
| 2,850,000 | Citizens Financial Group, Inc., Series F (b) (c) | 5.65% | (a) | 3,063,750 | ||||
| 6,800,000 | Citizens Financial Group, Inc., Series G (b) (c) | 4.00% | (a) | 6,689,500 | ||||
| 25,000,000 | CoBank ACB, Series I (b) (c) | 6.25% | (a) | 27,562,500 | ||||
| 5,000,000 | Comerica, Inc. (b) (c) | 5.63% | (a) | 5,393,500 | ||||
| 2,800,000 | Commerzbank AG (c) (j) (k) | 7.00% | (a) | 2,941,868 | ||||
| 20,000,000 | Credit Agricole S.A. (b) (c) (f) (j) | 6.88% | (a) | 21,497,800 | ||||
| 7,600,000 | Credit Agricole S.A. (b) (c) (f) (j) | 7.88% | (a) | 8,259,490 | ||||
| 28,240,000 | Credit Agricole S.A. (b) (c) (f) (j) | 8.13% | (a) | 32,747,810 | ||||
| 3,000,000 | Danske Bank A.S. (c) (j) (k) | 4.38% | (a) | 2,904,375 | ||||
| 9,080,000 | Danske Bank A.S. (c) (j) (k) | 6.13% | (a) | 9,426,693 | ||||
| 6,740,000 | Danske Bank A.S. (b) (c) (j) (k) | 7.00% | (a) | 7,253,588 | ||||
| 3,450,000 | Farm Credit Bank of Texas, Series 3 (b) (c) (f) | 6.20% | (a) | 3,726,000 | ||||
| 7,500,000 | Farm Credit Bank of Texas, Series 4 (b) (c) (d) (f) | 5.70% | (a) | 8,025,000 | ||||
| 4,689,000 | Fifth Third Bancorp, Series H (c) | 5.10% | (a) | 4,747,613 | ||||
| 18,000,000 | HSBC Holdings PLC (b) (c) (j) | 6.38% | (a) | 19,054,710 | ||||
| 1,600,000 | Huntington Bancshares, Inc., Series G (b) (c) | 4.45% | (a) | 1,656,000 | ||||
| 14,092,000 | ING Groep N.V. (c) (j) | 5.75% | (a) | 14,825,982 | ||||
| 13,920,000 | ING Groep N.V. (b) (c) (j) | 6.50% | (a) | 14,915,698 | ||||
| 16,200,000 | Intesa Sanpaolo S.p.A. (b) (c) (f) (j) | 7.70% | (a) | 17,820,000 | ||||
| 16,646,000 | JPMorgan Chase & Co., Series Q (b) (c) | 5.15% | (a) | 17,034,851 | ||||
| 7,667,000 | JPMorgan Chase & Co., Series V, 3 Mo. LIBOR + 3.32% (b) (e) | 3.53% | (a) | 7,684,784 | ||||
| 13,045,000 | Lloyds Banking Group PLC (b) (c) (j) | 6.75% | (a) | 14,344,086 | ||||
| 21,213,000 | Lloyds Banking Group PLC (b) (c) (j) | 7.50% | (a) | 23,047,712 | ||||
| 5,400,000 | M&T Bank Corp. (b) (c) | 3.50% | (a) | 5,090,094 | ||||
| 2,900,000 | NatWest Group PLC (c) (j) | 6.00% | (a) | 3,061,240 | ||||
| 1,200,000 | NatWest Group PLC (b) (c) (j) | 8.00% | (a) | 1,353,390 | ||||
| 24,400,000 | Nordea Bank Abp (b) (c) (f) (j) | 6.63% | (a) | 27,160,372 | ||||
| 6,300,000 | PNC Financial Services Group (The), Inc., Series T (b) (c) | 3.40% | (a) | 5,953,437 | ||||
| 5,150,000 | Regions Financial Corp., Series D (c) | 5.75% | (a) | 5,549,588 | ||||
| 9,200,000 | Skandinaviska Enskilda Banken AB (b) (c) (j) (k) | 5.13% | (a) | 9,464,914 | ||||
| 26,700,000 | Societe Generale S.A. (b) (c) (f) (j) | 5.38% | (a) | 26,940,300 | ||||
| 21,710,000 | Societe Generale S.A. (b) (c) (f) (j) | 7.88% | (a) | 23,307,856 | ||||
| 1,300,000 | Societe Generale S.A. (c) (f) (j) | 8.00% | (a) | 1,468,916 | ||||
| 19,940,000 | Standard Chartered PLC (c) (f) (j) | 4.30% | (a) | 18,693,750 | ||||
| 9,400,000 | Standard Chartered PLC (c) (f) (j) | 6.00% | (a) | 9,846,500 | ||||
| 65,000 | Standard Chartered PLC (c) (k) | 7.01% | (a) | 87,913 | ||||
| 14,346,000 | SVB Financial Group, Series D (b) (c) | 4.25% | (a) | 14,148,742 | ||||
| 4,800,000 | Swedbank AB, Series NC5 (c) (j) (k) | 5.63% | (a) | 5,025,000 | ||||
| 2,779,000 | Texas Capital Bancshares, Inc. (c) | 4.00% | 05/06/31 | 2,867,394 | ||||
| 580,000 | Truist Financial Corp., Series L (c) | 5.05% | (a) | 575,650 | ||||
| 21,201,000 | UniCredit S.p.A. (b) (c) (j) (k) | 8.00% | (a) | 23,013,664 | ||||
| 5,000,000 | UniCredit S.p.A. (c) (d) (f) | 5.46% | 06/30/35 | 5,232,075 | ||||
| 14,681,000 | Wells Fargo & Co., Series BB (b) (c) | 3.90% | (a) | 14,549,972 | ||||
| 730,901,060 | ||||||||
| Capital Markets – 13.8% | ||||||||
| 12,296,000 | Apollo Management Holdings L.P. (b) (c) (d) (f) | 4.95% | 01/14/50 | 12,346,969 | ||||
| 3,300,000 | Bank of New York Mellon (The) Corp., Series G (b) (c) | 4.70% | (a) | 3,485,625 | ||||
| 8,340,000 | Bank of New York Mellon (The) Corp., Series I (b) (c) | 3.75% | (a) | 8,110,650 | ||||
| 12,294,000 | Charles Schwab (The) Corp., Series G (b) (c) | 5.38% | (a) | 13,265,226 | ||||
| 21,590,000 | Charles Schwab (The) Corp., Series I (b) (c) | 4.00% | (a) | 21,356,396 | ||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Capital Markets (Continued) | ||||||||
| $16,600,000 | Credit Suisse Group AG (b) (c) (f) (j) | 5.25% | (a) | $16,595,020 | ||||
| 2,000,000 | Credit Suisse Group AG (c) (f) (j) | 6.25% | (a) | 2,102,500 | ||||
| 14,700,000 | Credit Suisse Group AG (b) (c) (f) (j) | 6.38% | (a) | 15,379,875 | ||||
| 1,629,000 | Credit Suisse Group AG (b) (c) (f) (j) | 7.50% | (a) | 1,740,578 | ||||
| 28,250,000 | Credit Suisse Group AG (b) (c) (f) (j) | 7.50% | (a) | 29,447,518 | ||||
| 13,900,000 | Deutsche Bank AG (c) (j) | 6.00% | (a) | 14,073,750 | ||||
| 3,400,000 | Deutsche Bank AG (c) (j) | 7.50% | (a) | 3,616,750 | ||||
| 7,850,000 | EFG International AG (c) (j) (k) | 5.50% | (a) | 7,967,318 | ||||
| 15,449,000 | Goldman Sachs Group (The), Inc., Series Q (b) (c) | 5.50% | (a) | 16,182,828 | ||||
| 300,000 | Goldman Sachs Group (The), Inc., Series R (b) (c) | 4.95% | (a) | 309,360 | ||||
| 4,680,000 | Goldman Sachs Group (The), Inc., Series T (b) (c) | 3.80% | (a) | 4,512,877 | ||||
| 8,326,000 | Goldman Sachs Group (The), Inc., Series U (b) (c) | 3.65% | (a) | 7,940,923 | ||||
| 4,266,000 | Goldman Sachs Group (The), Inc., Series V (b) (c) | 4.13% | (a) | 4,167,882 | ||||
| 10,000,000 | UBS Group AG (c) (f) (j) | 4.88% | (a) | 10,011,000 | ||||
| 4,800,000 | UBS Group AG (c) (j) (k) | 6.88% | (a) | 5,225,366 | ||||
| 2,165,000 | UBS Group AG (c) (f) (j) | 7.00% | (a) | 2,289,650 | ||||
| 200,128,061 | ||||||||
| Consumer Finance – 1.6% | ||||||||
| 12,861,000 | American Express Co. (b) (c) | 3.55% | (a) | 12,346,560 | ||||
| 11,339,000 | Capital One Financial Corp., Series M (b) (c) | 3.95% | (a) | 11,112,220 | ||||
| 23,458,780 | ||||||||
| Diversified Financial Services – 3.9% | ||||||||
| 15,000,000 | American AgCredit Corp. (b) (c) (f) | 5.25% | (a) | 15,337,500 | ||||
| 9,300,000 | Ares Finance Co., III LLC (b) (c) (f) | 4.13% | 06/30/51 | 9,261,719 | ||||
| 9,350,000 | Capital Farm Credit ACA, Series 1 (b) (c) (f) | 5.00% | (a) | 9,630,500 | ||||
| 3,800,000 | Compeer Financial ACA (c) (f) | 4.88% | (a) | 3,876,000 | ||||
| 1,850,000 | Depository Trust & Clearing (The) Corp., Series D (c) (f) | 3.38% | (a) | 1,793,344 | ||||
| 11,949,000 | Voya Financial, Inc. (b) (c) | 5.65% | 05/15/53 | 12,189,354 | ||||
| 4,781,000 | Voya Financial, Inc., Series A (b) (c) | 6.13% | (a) | 4,960,287 | ||||
| 57,048,704 | ||||||||
| Diversified Telecommunication Services – 0.8% | ||||||||
| 11,222,000 | Koninklijke KPN N.V. (c) (d) (f) | 7.00% | 03/28/73 | 11,715,768 | ||||
| Electric Utilities – 3.4% | ||||||||
| 5,116,000 | Edison International, Series B (b) (c) | 5.00% | (a) | 5,109,247 | ||||
| 26,976,000 | Emera, Inc., Series 16-A (b) (c) (d) | 6.75% | 06/15/76 | 30,516,600 | ||||
| 8,586,000 | Southern (The) Co., Series 21-A (b) (c) | 3.75% | 09/15/51 | 8,400,285 | ||||
| 5,110,000 | Southern California Edison Co., Series E (b) (c) | 6.25% | (a) | 5,093,689 | ||||
| 49,119,821 | ||||||||
| Energy Equipment & Services – 1.6% | ||||||||
| 22,600,000 | Transcanada Trust (b) (c) (d) | 5.50% | 09/15/79 | 23,814,750 | ||||
| Food Products – 5.0% | ||||||||
| 6,000,000 | Dairy Farmers of America, Inc. (b) (g) | 7.13% | (a) | 6,262,500 | ||||
| 17,788,000 | Land O’Lakes Capital Trust I (b) (d) (g) | 7.45% | 03/15/28 | 20,534,734 | ||||
| 10,000,000 | Land O’Lakes, Inc. (b) (f) | 7.25% | (a) | 10,809,950 | ||||
| 33,000,000 | Land O’Lakes, Inc. (b) (f) | 8.00% | (a) | 35,557,500 | ||||
| 73,164,684 | ||||||||
| Insurance – 14.3% | ||||||||
| 3,900,000 | Allianz SE (c) (f) | 3.50% | (a) | 3,836,625 | ||||
| 13,968,000 | Asahi Mutual Life Insurance Co. (b) (c) (k) | 6.50% | (a) | 14,750,208 | ||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Insurance (Continued) | ||||||||
| $17,585,000 | Assurant, Inc. (b) (c) (d) | 7.00% | 03/27/48 | $20,002,937 | ||||
| 5,150,000 | Assured Guaranty Municipal Holdings, Inc. (c) (d) (f) | 6.40% | 12/15/66 | 5,657,127 | ||||
| 9,932,000 | AXIS Specialty Finance LLC (c) (d) | 4.90% | 01/15/40 | 10,366,377 | ||||
| 8,704,000 | Enstar Finance LLC (b) (c) (d) | 5.75% | 09/01/40 | 9,019,259 | ||||
| 5,832,000 | Enstar Finance LLC (c) | 5.50% | 01/15/42 | 5,770,093 | ||||
| 15,300,000 | Fortegra Financial Corp. (b) (c) (d) (g) | 8.50% | 10/15/57 | 19,404,349 | ||||
| 17,800,000 | Global Atlantic Fin Co. (c) (d) (f) | 4.70% | 10/15/51 | 17,756,005 | ||||
| 6,200,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (b) (e) (f) | 2.28% | 02/12/47 | 5,968,982 | ||||
| 8,183,000 | Kuvare US Holdings, Inc. (b) (c) (f) | 7.00% | 02/17/51 | 8,704,666 | ||||
| 2,000,000 | La Mondiale SAM (b) (c) (k) | 5.88% | 01/26/47 | 2,210,790 | ||||
| 9,500,000 | Lancashire Holdings Ltd. (b) (c) (k) | 5.63% | 09/18/41 | 10,025,065 | ||||
| 6,700,000 | Liberty Mutual Group, Inc. (b) (c) (f) | 4.13% | 12/15/51 | 6,609,818 | ||||
| 18,700,000 | Markel Corp. (b) (c) | 6.00% | (a) | 19,985,625 | ||||
| 2,442,000 | Nationwide Financial Services Capital Trust (d) (l) | 7.90% | 03/01/37 | 3,064,278 | ||||
| 2,910,000 | Nationwide Financial Services, Inc. (b) (d) | 6.75% | 05/15/37 | 3,433,800 | ||||
| 2,000,000 | Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (e) | 3.20% | 05/15/55 | 1,964,016 | ||||
| 12,900,000 | QBE Insurance Group Ltd. (b) (c) (f) | 5.88% | (a) | 13,674,000 | ||||
| 7,600,000 | QBE Insurance Group Ltd. (b) (c) (f) | 7.50% | 11/24/43 | 8,246,000 | ||||
| 9,765,000 | QBE Insurance Group Ltd. (b) (c) (k) | 6.75% | 12/02/44 | 10,633,060 | ||||
| 2,000,000 | QBE Insurance Group Ltd. (c) (k) | 5.88% | 06/17/46 | 2,168,063 | ||||
| 5,070,000 | Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (d) (e) | 2.87% | 12/15/65 | 4,690,122 | ||||
| 207,941,265 | ||||||||
| Multi-Utilities – 2.9% | ||||||||
| 14,581,000 | Algonquin Power & Utilities Corp. (c) | 4.75% | 01/18/82 | 14,418,037 | ||||
| 4,491,000 | CenterPoint Energy, Inc., Series A (b) (c) | 6.13% | (a) | 4,595,348 | ||||
| 6,400,000 | NiSource, Inc. (b) (c) | 5.65% | (a) | 6,544,000 | ||||
| 6,000,000 | Sempra Energy (b) (c) | 4.88% | (a) | 6,290,700 | ||||
| 11,142,000 | Sempra Energy (b) (c) | 4.13% | 04/01/52 | 10,897,836 | ||||
| 42,745,921 | ||||||||
| Oil, Gas & Consumable Fuels – 9.4% | ||||||||
| 2,000,000 | Buckeye Partners L.P. (c) | 6.38% | 01/22/78 | 1,722,080 | ||||
| 14,561,000 | DCP Midstream L.P., Series A (b) (c) | 7.38% | (a) | 13,986,277 | ||||
| 7,907,000 | DCP Midstream Operating L.P. (b) (c) (f) | 5.85% | 05/21/43 | 7,545,354 | ||||
| 27,810,000 | Enbridge, Inc. (b) (c) | 6.25% | 03/01/78 | 29,580,475 | ||||
| 21,262,000 | Enbridge, Inc., Series 16-A (b) (c) | 6.00% | 01/15/77 | 22,585,646 | ||||
| 15,150,000 | Enbridge, Inc., Series 20-A (b) (c) | 5.75% | 07/15/80 | 16,627,125 | ||||
| 20,365,000 | Energy Transfer L.P., 3 Mo. LIBOR + 3.02% (e) | 3.15% | 11/01/66 | 16,676,899 | ||||
| 5,428,000 | Energy Transfer L.P., Series F (c) | 6.75% | (a) | 5,397,875 | ||||
| 2,236,000 | Energy Transfer L.P., Series H (c) | 6.50% | (a) | 2,292,593 | ||||
| 13,399,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (b) (e) | 2.95% | 06/01/67 | 12,059,971 | ||||
| 8,287,000 | Enterprise Products Operating LLC, Series D (b) (c) | 4.88% | 08/16/77 | 7,628,773 | ||||
| 136,103,068 | ||||||||
| Trading Companies & Distributors – 3.7% | ||||||||
| 41,445,000 | AerCap Holdings N.V. (b) (c) | 5.88% | 10/10/79 | 42,106,462 | ||||
| 4,863,000 | Air Lease Corp., Series B (c) (d) | 4.65% | (a) | 4,912,700 | ||||
| 7,200,000 | Aircastle Ltd. (c) (d) (f) | 5.25% | (a) | 7,200,000 | ||||
| 54,219,162 | ||||||||
| Transportation Infrastructure – 1.7% | ||||||||
| 18,772,000 | AerCap Global Aviation Trust (b) (c) (f) | 6.50% | 06/15/45 | 20,036,482 | ||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Transportation Infrastructure (Continued) | ||||||||
| $3,844,000 | BNSF Funding Trust I (c) (d) | 6.61% | 12/15/55 | $4,218,790 | ||||
| 24,255,272 | ||||||||
Total Capital Preferred Securities | 1,634,616,316 | |||||||
| (Cost $1,579,055,935) | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| FOREIGN CORPORATE BONDS AND NOTES – 1.7% | ||||||||
| Insurance – 1.7% | ||||||||
| 23,795,925 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (f) (m) | 7.63% | 10/15/25 | 24,660,193 | ||||
| (Cost $24,803,664) | ||||||||
| CORPORATE BONDS AND NOTES – 0.4% | ||||||||
| Insurance – 0.4% | ||||||||
| 6,600,000 | AmTrust Financial Services, Inc. (d) | 6.13% | 08/15/23 | 6,633,701 | ||||
| (Cost $6,592,867) | ||||||||
| Shares | Description | Value | ||
| EXCHANGE-TRADED FUNDS – 0.1% | ||||
| Capital Markets – 0.1% | ||||
| 67,982 | Invesco Preferred ETF | 975,542 | ||
| (Cost $959,525) | ||||
Total Investments – 144.0% | 2,095,488,533 | |||
| (Cost $2,031,307,532) | ||||
| REVERSE REPURCHASE AGREEMENTS – (6.9)% | ||||
| $(100,000,000) | Scotia Bank, due 5/1/22, 1 month LIBOR plus 65 bps | (100,000,000) | ||
Outstanding Loans – (38.6)% | (561,100,000) | |||
Net Other Assets and Liabilities – 1.5% | 20,556,027 | |||
Net Assets – 100.0% | $1,454,944,560 | |||
| (a) | Perpetual maturity. |
| (b) | All or a portion of this security serves as collateral on the outstanding loan. |
| (c) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2022. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
| (d) | This security or a portion of this security is segregated as collateral for reverse repurchase agreements. All of these securities are corporate bonds with a remaining contractual maturity of 30-90 days. At January 31, 2022, securities noted as such are valued at $109,086,391. |
| (e) | Floating or variable rate security. |
| (f) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be liquid by Stonebridge Advisors LLC (the “Sub-Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At January 31, 2022, securities noted as such amounted to $612,252,847 or 42.1% of net assets. |
| (g) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See Restricted Securities table. |
| (h) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At January 31, 2022, securities noted as such are valued at $16,943,124 or 1.2% of net assets. |
| (i) | This security’s value was determined using significant unobservable inputs. |
| (j) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At January 31, 2022, securities noted as such amounted to $619,330,720 or 29.3% of managed assets. Of these securities, 5.3% originated in emerging markets, and 94.7% originated in foreign markets. |
| (k) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
| (l) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor. |
| (m) | These notes are Senior Payment-in-kind (“PIK”) Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum (“Cash Interest Rate”) and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. There were no interest distributions received during the fiscal year-to-date period (November 1, 2021 through January 31, 2022). |
| LIBOR | London Interbank Offered Rate |
| • | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
| • | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
| • | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
| ASSETS TABLE | ||||
| Total Value at 1/31/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
| $25 Par Preferred Securities: | ||||
Insurance | $ 85,363,750 | $ 61,130,678 | $ 24,233,072 | $ — |
Multi-Utilities | 24,052,013 | 7,275,879 | 16,776,134 | — |
Other industry categories* | 201,673,976 | 201,673,976 | — | — |
$100 Par Preferred Securities* | 43,704,762 | — | 43,704,762 | — |
| $1,000 Par Preferred Securities: | ||||
Banks | 44,265,156 | 44,265,156 | — | — |
Diversified Financial Services | 12,600,000 | — | 12,600,000 | — |
$1,000,000 Par Preferred Securities* | 16,943,124 | — | — | 16,943,124 |
Capital Preferred Securities* | 1,634,616,316 | — | 1,634,616,316 | — |
Foreign Corporate Bonds and Notes* | 24,660,193 | — | 24,660,193 | — |
Corporate Bonds and Notes* | 6,633,701 | — | 6,633,701 | — |
Exchange-Traded Funds* | 975,542 | 975,542 | — | — |
Total Investments | $ 2,095,488,533 | $ 315,321,231 | $ 1,763,224,178 | $ 16,943,124 |
| LIABILITIES TABLE | ||||
| Total Value at 1/31/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Reverse Repurchase Agreements | $ (100,000,000) | $ — | $ (100,000,000) | $ — |
| * | See Portfolio of Investments for industry breakout. |
| Beginning Balance at October 31, 2021 | |
| $1,000,000 Par Preferred Securities | $16,938,396 |
| Net Realized Gain (Loss) | — |
| Net Change in Unrealized Appreciation/Depreciation | 4,728 |
| Purchases | — |
| Sales | — |
| Transfers In | — |
| Transfers Out | — |
| Ending Balance at January 31, 2022 | |
| $1,000,000 Par Preferred Securities | 16,943,124 |
| Total Level 3 holdings | $16,943,124 |
| Security | Acquisition Date | Principal Value/Shares | Current Price | Carrying Cost | Value | % of Net Assets | ||
| Dairy Farmers of America, Inc., 7.13% | 9/15/16 | $6,000,000 | $104.38 | $6,000,000 | $6,262,500 | 0.43% | ||
| Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/17 - 3/12/18 | $15,300,000 | 126.83 | 15,343,953 | 19,404,349 | 1.33 | ||
| FT Real Estate Securities Co., Inc., 9.50% | 6/15/16 | 12 | 1,411,927 | 15,990,000 | 16,943,124 | 1.16 | ||
| Land O’Lakes Capital Trust I, 7.45%, 03/15/28 | 6/6/14 - 2/25/19 | $17,788,000 | 115.44 | 18,368,071 | 20,534,734 | 1.41 | ||
| $55,702,024 | $63,144,707 | 4.33% |