|
Shares
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
$25 PAR PREFERRED SECURITIES – 20.0%
|
||||
|
|
Automobiles – 0.3%
|
|
|
|
|
134,551
|
Ford Motor Co. (a)
|
6.50
%
|
08/15/62
|
$3,343,592
|
|
|
Banks – 2.2%
|
|
|
|
|
227,073
|
Bank of America Corp., Series KK (b)
|
5.38
%
|
(c)
|
5,431,586
|
|
49,151
|
Bank of America Corp., Series SS (b)
|
4.75
%
|
(c)
|
1,053,306
|
|
6,751
|
JPMorgan Chase & Co., Series LL
|
4.63
%
|
(c)
|
143,796
|
|
127,924
|
KeyCorp (b) (d)
|
6.20
%
|
(c)
|
2,859,101
|
|
237,037
|
Pinnacle Financial Partners, Inc., Series B (b)
|
6.75
%
|
(c)
|
5,731,555
|
|
89,691
|
US Bancorp, Series K (b)
|
5.50
%
|
(c)
|
2,192,945
|
|
1,289
|
Wells Fargo & Co., Series AA
|
4.70
%
|
(c)
|
26,657
|
|
25,769
|
Wells Fargo & Co., Series Z
|
4.75
%
|
(c)
|
535,480
|
|
116,805
|
WesBanco, Inc., Series A (b) (d)
|
6.75
%
|
(c)
|
2,857,050
|
|
162,031
|
Wintrust Financial Corp., Series E (b) (d)
|
6.88
%
|
(c)
|
3,981,102
|
|
|
|
24,812,578
|
||
|
|
Capital Markets – 1.5%
|
|
|
|
|
29,434
|
Affiliated Managers Group, Inc.
|
4.75
%
|
09/30/60
|
563,956
|
|
173,946
|
Affiliated Managers Group, Inc.
|
4.20
%
|
09/30/61
|
2,965,779
|
|
472,118
|
Carlyle Finance LLC
|
4.63
%
|
05/15/61
|
9,437,639
|
|
187,198
|
KKR Group Finance Co., IX LLC
|
4.63
%
|
04/01/61
|
3,706,520
|
|
6,533
|
Oaktree Capital Group LLC, Series A
|
6.63
%
|
(c)
|
150,259
|
|
12,862
|
Oaktree Capital Group LLC, Series B
|
6.55
%
|
(c)
|
292,096
|
|
|
|
17,116,249
|
||
|
|
Consumer Finance – 0.1%
|
|
|
|
|
5,099
|
Capital One Financial Corp., Series I
|
5.00
%
|
(c)
|
103,612
|
|
90,291
|
Capital One Financial Corp., Series J (b)
|
4.80
%
|
(c)
|
1,750,742
|
|
|
|
1,854,354
|
||
|
|
Diversified REITs – 0.3%
|
|
|
|
|
168,343
|
Global Net Lease, Inc., Series A (a)
|
7.25
%
|
(c)
|
3,504,901
|
|
|
Diversified Telecommunication Services – 0.4%
|
|
|
|
|
234,029
|
AT&T, Inc., Series C (b)
|
4.75
%
|
(c)
|
4,933,331
|
|
|
Electric Utilities – 1.2%
|
|
|
|
|
84,770
|
SCE Trust IV, Series J (b) (d)
|
5.38
%
|
(c)
|
1,935,299
|
|
65,945
|
SCE Trust V, Series K (b) (d)
|
5.45
%
|
(c)
|
1,591,253
|
|
38,321
|
SCE Trust VI
|
5.00
%
|
(c)
|
765,653
|
|
383,132
|
SCE Trust VII, Series M (b)
|
7.50
%
|
(c)
|
10,076,372
|
|
|
|
14,368,577
|
||
|
|
Financial Services – 1.2%
|
|
|
|
|
468,779
|
Equitable Holdings, Inc., Series A (b)
|
5.25
%
|
(c)
|
10,444,396
|
|
18,343
|
Jackson Financial, Inc. (b) (d)
|
8.00
%
|
(c)
|
495,628
|
|
104,512
|
Voya Financial, Inc., Series B (b) (d)
|
5.35
%
|
(c)
|
2,499,927
|
|
|
|
13,439,951
|
||
|
|
Food Products – 0.1%
|
|
|
|
|
45,964
|
CHS, Inc., Series 3 (b) (d)
|
6.75
%
|
(c)
|
1,144,504
|
|
|
Gas Utilities – 0.3%
|
|
|
|
|
281,492
|
South Jersey Industries, Inc.
|
5.63
%
|
09/16/79
|
3,438,425
|
|
|
Independent Power & Renewable Electricity Producers – 0.6%
|
|
|
|
|
245,850
|
Brookfield BRP Holdings Canada, Inc.
|
4.63
%
|
(c)
|
3,820,509
|
|
Shares
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
$25 PAR PREFERRED SECURITIES (Continued)
|
||||
|
|
Independent Power & Renewable Electricity
Producers (Continued)
|
|
|
|
|
161,321
|
Brookfield Renewable Partners, L.P., Series 17 (b)
|
5.25
%
|
(c)
|
$2,823,117
|
|
|
|
6,643,626
|
||
|
|
Insurance – 8.6%
|
|
|
|
|
441,475
|
AEGON Funding Co., LLC (b)
|
5.10
%
|
12/15/49
|
9,805,160
|
|
548,077
|
American Equity Investment Life Holding Co., Series A (b) (d)
|
5.95
%
|
(c)
|
12,677,021
|
|
259,357
|
American Equity Investment Life Holding Co., Series B (b) (d)
|
6.63
%
|
(c)
|
6,533,203
|
|
193,648
|
AmTrust Financial Services, Inc.
|
7.25
%
|
06/15/55
|
3,020,909
|
|
210,480
|
AmTrust Financial Services, Inc.
|
7.50
%
|
09/15/55
|
3,283,488
|
|
192,000
|
Arch Capital Group Ltd., Series G (b)
|
4.55
%
|
(c)
|
3,903,360
|
|
14,128
|
Argo Group International Holdings, Inc. (d)
|
7.00
%
|
(c)
|
335,681
|
|
66,549
|
Aspen Insurance Holdings Ltd. (b)
|
5.63
%
|
(c)
|
1,442,117
|
|
346,650
|
Aspen Insurance Holdings Ltd. (b)
|
5.63
%
|
(c)
|
7,238,052
|
|
85,647
|
Athene Holding Ltd., Series A (b) (d)
|
6.35
%
|
(c)
|
2,036,686
|
|
52,936
|
Athene Holding Ltd., Series D
|
4.88
%
|
(c)
|
973,493
|
|
566,049
|
Athene Holding Ltd., Series E (b) (d)
|
7.75
%
|
(c)
|
14,745,576
|
|
133,393
|
CNO Financial Group, Inc.
|
5.13
%
|
11/25/60
|
2,301,029
|
|
584,250
|
Delphi Financial Group, Inc., 3 Mo. CME Term SOFR + CSA +
3.19% (a) (b) (e)
|
8.83
%
|
05/15/37
|
14,141,771
|
|
415,053
|
F&G Annuities & Life, Inc.
|
7.95
%
|
12/15/53
|
10,911,743
|
|
193,528
|
Phoenix Cos. (The), Inc.
|
7.45
%
|
01/15/32
|
3,398,836
|
|
114,588
|
RenaissanceRe Holdings Ltd., Series G
|
4.20
%
|
(c)
|
2,095,815
|
|
|
|
98,843,940
|
||
|
|
Mortgage Real Estate Investment Trusts – 0.1%
|
|
|
|
|
32,675
|
AGNC Investment Corp., Series F (d)
|
6.13
%
|
(c)
|
754,466
|
|
|
Multi-Utilities – 0.7%
|
|
|
|
|
112,073
|
Algonquin Power & Utilities Corp., Series 19-A (a) (b) (d)
|
6.20
%
|
07/01/79
|
2,776,048
|
|
195,763
|
Brookfield Infrastructure Finance ULC
|
5.00
%
|
05/24/81
|
3,455,217
|
|
84,780
|
Brookfield Infrastructure Partners, L.P., Series 13
|
5.13
%
|
(c)
|
1,475,172
|
|
5,032
|
Sempra
|
5.75
%
|
07/01/79
|
124,441
|
|
|
|
7,830,878
|
||
|
|
Oil, Gas & Consumable Fuels – 0.4%
|
|
|
|
|
33,968
|
Energy Transfer, L.P., Series E (b) (d)
|
7.60
%
|
(c)
|
849,879
|
|
129,998
|
NuStar Energy, L.P., Series A, 3 Mo. CME Term SOFR + CSA +
6.77% (e)
|
12.41
%
|
(c)
|
3,356,549
|
|
|
|
4,206,428
|
||
|
|
Real Estate Management & Development – 1.2%
|
|
|
|
|
299,946
|
Brookfield Property Partners, L.P., Series A
|
5.75
%
|
(c)
|
3,476,374
|
|
354,838
|
Brookfield Property Partners, L.P., Series A2
|
6.38
%
|
(c)
|
4,506,443
|
|
383,981
|
Brookfield Property Preferred, L.P.
|
6.25
%
|
07/26/81
|
4,987,913
|
|
23,528
|
DigitalBridge Group, Inc., Series I (b)
|
7.15
%
|
(c)
|
539,968
|
|
1,939
|
DigitalBridge Group, Inc., Series J
|
7.13
%
|
(c)
|
44,500
|
|
|
|
13,555,198
|
||
|
|
Specialized REITs – 0.0%
|
|
|
|
|
17,466
|
National Storage Affiliates Trust, Series A (b)
|
6.00
%
|
(c)
|
407,482
|
|
|
Wireless Telecommunication Services – 0.8%
|
|
|
|
|
142,257
|
United States Cellular Corp.
|
6.25
%
|
09/01/69
|
2,967,481
|
|
34,300
|
United States Cellular Corp.
|
5.50
%
|
03/01/70
|
634,893
|
|
Shares
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
$25 PAR PREFERRED SECURITIES (Continued)
|
||||
|
|
Wireless Telecommunication Services (Continued)
|
|
|
|
|
289,505
|
United States Cellular Corp.
|
5.50
%
|
06/01/70
|
$5,312,417
|
|
|
|
8,914,791
|
||
|
|
Total $25 Par Preferred Securities
|
229,113,271
|
||
|
|
(Cost $259,991,012)
|
|
|
|
|
$1,000 PAR PREFERRED SECURITIES – 3.6%
|
||||
|
|
Banks – 3.6%
|
|
|
|
|
7,627
|
Bank of America Corp., Series L
|
7.25
%
|
(c)
|
9,288,542
|
|
26,113
|
Wells Fargo & Co., Series L
|
7.50
%
|
(c)
|
31,596,730
|
|
|
Total $1,000 Par Preferred Securities
|
40,885,272
|
||
|
|
(Cost $45,150,078)
|
|
|
|
|
$1,000,000 PAR PREFERRED SECURITIES – 1.1%
|
||||
|
|
Mortgage Real Estate Investment Trusts – 1.1%
|
|
|
|
|
12
|
FT Real Estate Securities Co., Inc. (f) (g) (h)
|
9.50
%
|
(c)
|
12,660,000
|
|
|
(Cost $15,990,000)
|
|
|
|
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES – 119.8%
|
||||
|
|
Banks – 62.5%
|
|
|
|
|
$7,900,000
|
Banco Bilbao Vizcaya Argentaria S.A. (d) (i)
|
9.38
%
|
(c)
|
8,396,270
|
|
18,100,000
|
Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (d) (i)
|
6.50
%
|
(c)
|
17,737,497
|
|
5,700,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
7.50
%
|
(c)
|
5,436,458
|
|
8,000,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
7.63
%
|
(c)
|
7,815,000
|
|
7,400,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
8.38
%
|
(c)
|
7,314,440
|
|
10,800,000
|
Banco Santander S.A. (d) (i)
|
4.75
%
|
(c)
|
9,318,859
|
|
9,800,000
|
Banco Santander S.A. (d) (i) (k)
|
7.50
%
|
(c)
|
9,804,900
|
|
26,800,000
|
Banco Santander S.A. (b) (d) (i)
|
9.63
%
|
(c)
|
28,420,435
|
|
11,400,000
|
Banco Santander S.A. (b) (d) (i)
|
9.63
%
|
(c)
|
12,255,000
|
|
29,385,000
|
Bank of America Corp., Series TT (b) (d)
|
6.13
%
|
(c)
|
29,335,063
|
|
1,360,000
|
Bank of America Corp., Series X (b) (d)
|
6.25
%
|
(c)
|
1,358,146
|
|
16,920,000
|
Bank of Nova Scotia (The) (d)
|
8.63
%
|
10/27/82
|
17,548,646
|
|
19,466,000
|
Bank of Nova Scotia (The) (d)
|
8.00
%
|
01/27/84
|
19,823,045
|
|
1,300,000
|
Barclays PLC (d) (i)
|
4.38
%
|
(c)
|
1,017,729
|
|
12,000,000
|
Barclays PLC (b) (d) (i)
|
8.00
%
|
(c)
|
11,977,714
|
|
34,670,000
|
Barclays PLC (b) (d) (i)
|
8.00
%
|
(c)
|
33,623,358
|
|
8,700,000
|
Barclays PLC (d)
|
9.63
%
|
(c)
|
8,982,254
|
|
8,550,000
|
BBVA Bancomer S.A. (a) (d) (i) (j)
|
5.88
%
|
09/13/34
|
7,964,771
|
|
9,900,000
|
BBVA Bancomer S.A. (d) (i) (j)
|
8.45
%
|
06/29/38
|
10,340,144
|
|
12,800,000
|
BNP Paribas S.A. (d) (i) (j)
|
4.63
%
|
(c)
|
10,426,902
|
|
17,710,000
|
BNP Paribas S.A. (b) (d) (i) (j)
|
7.75
%
|
(c)
|
17,932,137
|
|
23,200,000
|
BNP Paribas S.A. (b) (d) (i) (j)
|
8.50
%
|
(c)
|
24,080,626
|
|
4,000,000
|
BNP Paribas S.A. (b) (d) (i) (j)
|
9.25
%
|
(c)
|
4,270,340
|
|
2,314,000
|
Citigroup, Inc. (b) (d)
|
3.88
%
|
(c)
|
2,137,956
|
|
21,800,000
|
Citigroup, Inc. (b) (d)
|
7.38
%
|
(c)
|
22,219,955
|
|
6,200,000
|
Citigroup, Inc. (b) (d)
|
7.63
%
|
(c)
|
6,354,079
|
|
9,351,000
|
Citigroup, Inc., Series M (b) (d)
|
6.30
%
|
(c)
|
9,325,105
|
|
8,600,000
|
Citigroup, Inc., Series P (b) (d)
|
5.95
%
|
(c)
|
8,497,313
|
|
6,500,000
|
Citizens Financial Group, Inc., Series F (b) (d)
|
5.65
%
|
(c)
|
6,357,671
|
|
607,000
|
Citizens Financial Group, Inc., Series G (d)
|
4.00
%
|
(c)
|
538,713
|
|
25,000,000
|
CoBank ACB, Series I (b) (d)
|
6.25
%
|
(c)
|
24,430,771
|
|
9,695,000
|
CoBank ACB, Series K (b) (d)
|
6.45
%
|
(c)
|
9,539,880
|
|
2,800,000
|
Commerzbank AG (d) (i) (k)
|
7.00
%
|
(c)
|
2,706,178
|
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES (Continued)
|
||||
|
|
Banks (Continued)
|
|
|
|
|
$4,940,000
|
Danske Bank A.S. (b) (d) (i) (k)
|
7.00
%
|
(c)
|
$4,912,459
|
|
3,450,000
|
Farm Credit Bank of Texas, Series 3 (a) (d) (j)
|
6.20
%
|
(c)
|
3,191,250
|
|
7,500,000
|
Farm Credit Bank of Texas, Series 4 (b) (d) (j)
|
5.70
%
|
(c)
|
7,200,000
|
|
4,706,000
|
Fifth Third Bancorp, Series L (b) (d)
|
4.50
%
|
(c)
|
4,458,592
|
|
25,100,000
|
HSBC Holdings PLC (b) (d) (i)
|
8.00
%
|
(c)
|
26,186,604
|
|
10,920,000
|
ING Groep N.V. (b) (d) (i)
|
6.50
%
|
(c)
|
10,687,266
|
|
12,900,000
|
ING Groep N.V. (d) (i) (k)
|
7.50
%
|
(c)
|
12,823,245
|
|
28,550,000
|
Intesa Sanpaolo S.p.A. (b) (d) (i) (j)
|
7.70
%
|
(c)
|
28,169,269
|
|
4,600,000
|
Lloyds Banking Group PLC (b) (d) (i)
|
6.75
%
|
(c)
|
4,483,264
|
|
17,912,000
|
Lloyds Banking Group PLC (b) (d) (i)
|
7.50
%
|
(c)
|
17,526,874
|
|
26,067,000
|
Lloyds Banking Group PLC (b) (d) (i)
|
8.00
%
|
(c)
|
25,621,455
|
|
648,000
|
M&T Bank Corp., Series F (d)
|
5.13
%
|
(c)
|
593,452
|
|
10,150,000
|
NatWest Group PLC (b) (d) (i)
|
8.00
%
|
(c)
|
10,196,588
|
|
9,934,000
|
PNC Financial Services Group (The), Inc., Series U (b) (d)
|
6.00
%
|
(c)
|
9,520,449
|
|
8,636,000
|
PNC Financial Services Group (The), Inc., Series V (b) (d)
|
6.20
%
|
(c)
|
8,480,408
|
|
14,390,000
|
PNC Financial Services Group (The), Inc., Series W (b) (d)
|
6.25
%
|
(c)
|
13,704,909
|
|
24,100,000
|
Societe Generale S.A. (d) (i) (j)
|
5.38
%
|
(c)
|
19,750,955
|
|
20,300,000
|
Societe Generale S.A. (b) (d) (i) (j)
|
9.38
%
|
(c)
|
21,116,669
|
|
8,000,000
|
Societe Generale S.A. (b) (d) (i) (j)
|
10.00
%
|
(c)
|
8,555,176
|
|
18,565,000
|
Standard Chartered PLC (d) (i) (j)
|
4.30
%
|
(c)
|
14,953,046
|
|
65,000
|
Standard Chartered PLC (d) (k)
|
7.01
%
|
(c)
|
66,769
|
|
5,300,000
|
Standard Chartered PLC (b) (d) (i) (j)
|
7.75
%
|
(c)
|
5,401,521
|
|
2,200,000
|
Svenska Handelsbanken AB (d) (i) (k)
|
4.75
%
|
(c)
|
1,865,123
|
|
1,000,000
|
Swedbank AB (d) (i) (k)
|
7.63
%
|
(c)
|
1,003,402
|
|
2,779,000
|
Texas Capital Bancshares, Inc. (b) (d)
|
4.00
%
|
05/06/31
|
2,562,138
|
|
22,000,000
|
Toronto-Dominion Bank (The) (a) (b) (d)
|
8.13
%
|
10/31/82
|
22,904,838
|
|
15,601,000
|
UniCredit S.p.A. (b) (d) (i) (k)
|
8.00
%
|
(c)
|
15,596,538
|
|
5,000,000
|
UniCredit S.p.A. (a) (d) (j)
|
5.46
%
|
06/30/35
|
4,692,045
|
|
13,000,000
|
Wells Fargo & Co. (b) (d)
|
7.63
%
|
(c)
|
13,650,364
|
|
|
|
717,162,023
|
||
|
|
Capital Markets – 7.0%
|
|
|
|
|
12,296,000
|
Apollo Management Holdings, L.P. (a) (b) (d) (j)
|
4.95
%
|
01/14/50
|
11,631,216
|
|
9,300,000
|
Ares Finance Co. III LLC (a) (b) (d) (j)
|
4.13
%
|
06/30/51
|
8,329,809
|
|
15,772,000
|
Charles Schwab (The) Corp., Series G (b) (d)
|
5.38
%
|
(c)
|
15,588,455
|
|
1,500,000
|
Charles Schwab (The) Corp., Series H (d)
|
4.00
%
|
(c)
|
1,247,104
|
|
660,000
|
Charles Schwab (The) Corp., Series I (d)
|
4.00
%
|
(c)
|
600,614
|
|
2,200,000
|
Charles Schwab (The) Corp., Series K (b) (d)
|
5.00
%
|
(c)
|
2,050,306
|
|
28,250,000
|
Credit Suisse Group AG, Claim (l) (m)
|
|
|
3,248,750
|
|
6,400,000
|
Credit Suisse Group AG, Claim (l) (m)
|
|
|
736,000
|
|
15,730,000
|
Credit Suisse Group AG, Claim (l) (m)
|
|
|
1,808,950
|
|
19,220,000
|
Credit Suisse Group AG, Claim (l) (m)
|
|
|
2,210,300
|
|
20,500,000
|
Deutsche Bank AG, Series 2020 (b) (d) (i)
|
6.00
%
|
(c)
|
18,663,815
|
|
7,900,000
|
Goldman Sachs Group (The), Inc., Series W (b) (d)
|
7.50
%
|
(c)
|
8,317,666
|
|
2,000,000
|
Macquarie Bank Ltd. (d) (i) (j)
|
6.13
%
|
(c)
|
1,905,225
|
|
4,064,000
|
State Street Corp., Series I (d)
|
6.70
%
|
(c)
|
4,063,994
|
|
|
|
80,402,204
|
||
|
|
Construction Materials – 0.7%
|
|
|
|
|
7,800,000
|
Cemex SAB de CV (d) (j)
|
9.13
%
|
(c)
|
8,314,574
|
|
|
Consumer Finance – 0.4%
|
|
|
|
|
4,604,000
|
Ally Financial, Inc., Series B (d)
|
4.70
%
|
(c)
|
3,745,755
|
|
1,835,000
|
Ally Financial, Inc., Series C (d)
|
4.70
%
|
(c)
|
1,399,188
|
|
|
|
5,144,943
|
||
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES (Continued)
|
||||
|
|
Electric Utilities – 1.8%
|
|
|
|
|
$7,950,000
|
American Electric Power Co., Inc. (a) (b) (d)
|
3.88
%
|
02/15/62
|
$7,029,823
|
|
1,377,000
|
Edison International, Series A (b) (d)
|
5.38
%
|
(c)
|
1,328,301
|
|
6,976,000
|
Emera, Inc., Series 16-A (a) (d)
|
6.75
%
|
06/15/76
|
6,861,934
|
|
5,110,000
|
Southern California Edison Co., Series E, 3 Mo. CME Term SOFR
+ CSA + 4.20% (b) (e)
|
9.77
%
|
(c)
|
5,141,994
|
|
|
|
20,362,052
|
||
|
|
Financial Services – 4.3%
|
|
|
|
|
15,000,000
|
American AgCredit Corp. (b) (d) (j)
|
5.25
%
|
(c)
|
14,100,000
|
|
9,350,000
|
Capital Farm Credit ACA, Series 1 (b) (d) (j)
|
5.00
%
|
(c)
|
8,882,500
|
|
3,800,000
|
Compeer Financial ACA (b) (d) (j)
|
4.88
%
|
(c)
|
3,629,000
|
|
22,150,000
|
Corebridge Financial, Inc. (a) (b) (d)
|
6.88
%
|
12/15/52
|
22,237,836
|
|
|
|
48,849,336
|
||
|
|
Food Products – 4.4%
|
|
|
|
|
6,000,000
|
Dairy Farmers of America, Inc. (b) (f)
|
7.13
%
|
(c)
|
5,625,000
|
|
7,329,000
|
Land O’Lakes Capital Trust I (a) (b)
|
7.45
%
|
03/15/28
|
7,110,156
|
|
10,000,000
|
Land O’Lakes, Inc. (a) (b) (j)
|
7.25
%
|
(c)
|
7,900,000
|
|
33,000,000
|
Land O’Lakes, Inc. (b) (j)
|
8.00
%
|
(c)
|
29,370,000
|
|
|
|
50,005,156
|
||
|
|
Insurance – 18.2%
|
|
|
|
|
3,000,000
|
Aegon N.V. (a) (d)
|
5.50
%
|
04/11/48
|
2,905,514
|
|
17,585,000
|
Assurant, Inc. (a) (b) (d)
|
7.00
%
|
03/27/48
|
17,937,941
|
|
5,150,000
|
Assured Guaranty Municipal Holdings, Inc. (a) (d) (j)
|
6.40
%
|
12/15/66
|
4,683,977
|
|
11,232,000
|
AXIS Specialty Finance LLC (a) (b) (d)
|
4.90
%
|
01/15/40
|
9,695,957
|
|
4,000,000
|
CNP Assurances SACA (d) (k)
|
4.88
%
|
(c)
|
3,262,980
|
|
8,704,000
|
Enstar Finance LLC (a) (b) (d)
|
5.75
%
|
09/01/40
|
8,360,005
|
|
17,149,000
|
Enstar Finance LLC (a) (b) (d)
|
5.50
%
|
01/15/42
|
15,171,274
|
|
15,300,000
|
Fortegra Financial Corp. (a) (b) (d) (f)
|
8.50
%
|
10/15/57
|
14,496,750
|
|
26,121,000
|
Global Atlantic Fin Co. (a) (b) (d) (j)
|
4.70
%
|
10/15/51
|
23,276,448
|
|
29,237,000
|
Hartford Financial Services Group (The), Inc., 3 Mo. CME Term
SOFR + CSA + 2.13% (a) (b) (e) (j)
|
7.77
%
|
02/12/47
|
25,315,251
|
|
8,183,000
|
Kuvare US Holdings, Inc. (b) (d) (j)
|
7.00
%
|
02/17/51
|
8,326,203
|
|
2,000,000
|
La Mondiale SAM (b) (d) (k)
|
5.88
%
|
01/26/47
|
1,964,120
|
|
9,500,000
|
Lancashire Holdings Ltd. (b) (d) (k)
|
5.63
%
|
09/18/41
|
8,266,976
|
|
11,204,000
|
Liberty Mutual Group, Inc. (a) (b) (d) (j)
|
4.13
%
|
12/15/51
|
9,838,384
|
|
2,465,000
|
Liberty Mutual Group, Inc. (j)
|
4.30
%
|
02/01/61
|
1,605,607
|
|
5,125,000
|
Lincoln National Corp., Series C (b) (d)
|
9.25
%
|
(c)
|
5,601,036
|
|
2,442,000
|
Nationwide Financial Services Capital Trust (a) (m)
|
7.90
%
|
03/01/37
|
2,496,945
|
|
2,910,000
|
Nationwide Financial Services, Inc. (a) (b)
|
6.75
%
|
05/15/37
|
2,853,989
|
|
16,684,000
|
Prudential Financial, Inc. (a) (d)
|
6.00
%
|
09/01/52
|
16,633,455
|
|
14,500,000
|
QBE Insurance Group Ltd. (b) (d) (j)
|
5.88
%
|
(c)
|
14,311,881
|
|
9,765,000
|
QBE Insurance Group Ltd. (b) (d) (k)
|
6.75
%
|
12/02/44
|
9,764,912
|
|
2,000,000
|
QBE Insurance Group Ltd. (b) (d) (k)
|
5.88
%
|
06/17/46
|
1,969,950
|
|
|
|
208,739,555
|
||
|
|
Multi-Utilities – 4.0%
|
|
|
|
|
28,281,000
|
Algonquin Power & Utilities Corp. (a) (b) (d)
|
4.75
%
|
01/18/82
|
24,491,994
|
|
24,890,000
|
Sempra (b) (d)
|
4.13
%
|
04/01/52
|
22,037,606
|
|
|
|
46,529,600
|
||
|
|
Oil, Gas & Consumable Fuels – 11.2%
|
|
|
|
|
27,810,000
|
Enbridge, Inc. (a) (b) (d)
|
6.25
%
|
03/01/78
|
26,585,921
|
|
8,800,000
|
Enbridge, Inc. (b) (d)
|
8.50
%
|
01/15/84
|
9,430,036
|
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES (Continued)
|
||||
|
|
Oil, Gas & Consumable Fuels (Continued)
|
|
|
|
|
$15,490,000
|
Enbridge, Inc., Series 16-A (a) (b) (d)
|
6.00
%
|
01/15/77
|
$14,934,772
|
|
15,150,000
|
Enbridge, Inc., Series 20-A (b) (d)
|
5.75
%
|
07/15/80
|
14,195,886
|
|
4,090,000
|
Energy Transfer, L.P. (d)
|
8.00
%
|
05/15/54
|
4,235,093
|
|
2,543,000
|
Energy Transfer, L.P., Series B (b) (d)
|
6.63
%
|
(c)
|
2,302,555
|
|
11,909,000
|
Energy Transfer, L.P., Series F (b) (d)
|
6.75
%
|
(c)
|
11,678,618
|
|
18,200,000
|
Energy Transfer, L.P., Series G (b) (d)
|
7.13
%
|
(c)
|
17,638,544
|
|
2,000,000
|
Energy Transfer, L.P., Series H (b) (d)
|
6.50
%
|
(c)
|
1,937,557
|
|
494,000
|
Enterprise Products Operating LLC (d)
|
5.38
%
|
02/15/78
|
461,532
|
|
21,650,000
|
Transcanada Trust (a) (b) (d)
|
5.50
%
|
09/15/79
|
19,364,693
|
|
6,450,000
|
Transcanada Trust (a) (b) (d)
|
5.60
%
|
03/07/82
|
5,670,517
|
|
|
|
128,435,724
|
||
|
|
Retail REITs – 0.6%
|
|
|
|
|
1,200,000
|
Scentre Group Trust 2 (a) (d) (j)
|
4.75
%
|
09/24/80
|
1,144,332
|
|
6,450,000
|
Scentre Group Trust 2 (a) (b) (d) (j)
|
5.13
%
|
09/24/80
|
5,918,896
|
|
|
|
7,063,228
|
||
|
|
Trading Companies & Distributors – 4.7%
|
|
|
|
|
35,945,000
|
AerCap Holdings N.V. (b) (d)
|
5.88
%
|
10/10/79
|
35,724,197
|
|
4,863,000
|
Air Lease Corp., Series B (b) (d)
|
4.65
%
|
(c)
|
4,507,931
|
|
15,335,000
|
Aircastle Ltd. (b) (d) (j)
|
5.25
%
|
(c)
|
13,514,047
|
|
|
|
53,746,175
|
||
|
|
Total Capital Preferred Securities
|
1,374,754,570
|
||
|
|
(Cost $1,451,329,586)
|
|
|
|
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
FOREIGN CORPORATE BONDS AND NOTES – 2.6%
|
||||
|
|
Insurance – 2.6%
|
|
|
|
|
29,795,925
|
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond
Co-Issuer, Inc. (a) (b) (j) (n)
|
7.63
%
|
10/15/25
|
30,086,055
|
|
|
(Cost $30,017,353)
|
|
|
|
|
|
Total Investments – 147.1%
|
1,687,499,168
|
|
|
(Cost $1,802,478,029)
|
|
|
Shares
|
Description
|
Value
|
|
REVERSE REPURCHASE AGREEMENT – (8.7)%
|
||
|
(100,000,000
)
|
Scotia Bank, due 4/28/24, 1 month CME Term SOFR + CSA + 65bps
|
(100,000,000
)
|
|
|
Outstanding Loan – (40.3)%
|
(462,200,000
)
|
|
|
Net Other Assets and Liabilities – 1.9%
|
22,172,769
|
|
|
Net Assets – 100.0%
|
$1,147,471,937
|
|
(a)
|
This security or a portion of this security is segregated as collateral for reverse repurchase agreements. All of these securities
are
corporate bonds. The remaining contractual maturity of the agreement is between 30-90 days. At January 31, 2024, securities
noted as such are valued at $211,000,481.
|
|
(b)
|
All or a portion of this security serves as collateral on the outstanding loan. At January 31, 2024, the segregated value
of these
securities amounts to $865,960,950.
|
|
(c)
|
Perpetual maturity.
|
|
(d)
|
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January
31, 2024. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
|
|
(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. See Restricted Securities table.
|
|
(g)
|
This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of
Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At
January 31, 2024, securities noted as such are valued at $12,660,000 or 1.1% of net assets.
|
|
(h)
|
This security’s value was determined using significant unobservable inputs (see Valuation Inputs section).
|
|
(i)
|
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, 2024, securities noted as such amounted to $480,257,252 or 28.1% of managed
assets. Of these securities, 8.1% originated in emerging markets, and 91.9% originated in foreign markets.
|
|
(j)
|
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.
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, 2024, securities noted as such amounted to $440,694,154 or 38.4% of net assets.
|
|
(k)
|
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(l)
|
Claim pending with the administrative court of Switzerland.
|
|
(m)
|
Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the
Sub-Advisor.
|
|
(n)
|
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 01, 2023 to January
31,
2024).
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
CME
|
– Chicago Mercantile Exchange
|
|
CSA
|
– Credit Spread Adjustment
|
|
REITs
|
– Real Estate Investment Trusts
|
|
SOFR
|
– Secured Overnight Financing Rate
|
|
ASSETS TABLE
|
||||
|
|
Total
Value at
1/31/2024
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
$25 Par Preferred Securities:
|
|
|
|
|
|
Gas Utilities
|
$3,438,425
|
$—
|
$3,438,425
|
$—
|
|
Insurance
|
98,843,940
|
74,998,936
|
23,845,004
|
—
|
|
Other Industry Categories*
|
126,830,906
|
126,830,906
|
—
|
—
|
|
$1,000 Par Preferred Securities*
|
40,885,272
|
40,885,272
|
—
|
—
|
|
$1,000,000 Par Preferred Securities*
|
12,660,000
|
—
|
—
|
12,660,000
|
|
Capital Preferred Securities*
|
1,374,754,570
|
—
|
1,374,754,570
|
—
|
|
Foreign Corporate Bonds and Notes*
|
30,086,055
|
—
|
30,086,055
|
—
|
|
Total Investments
|
$1,687,499,168
|
$242,715,114
|
$1,432,124,054
|
$12,660,000
|
|
|
||||
|
LIABILITIES TABLE
|
||||
|
|
Total
Value at
1/31/2024
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Reverse Repurchase Agreement
|
$(100,000,000
)
|
$—
|
$(100,000,000
)
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Beginning Balance at October 31, 2023
|
|
|
$1,000,000 Par Preferred Securities
|
$12,480,000
|
|
Net Realized Gain (Loss)
|
—
|
|
Net Change in Unrealized Appreciation/Depreciation
|
180,000
|
|
Purchases
|
—
|
|
Sales
|
—
|
|
Transfers In
|
—
|
|
Transfers Out
|
—
|
|
Ending Balance at January 31, 2024
|
|
|
$1,000,000 Par Preferred Securities
|
12,660,000
|
|
Total Level 3 holdings
|
$12,660,000
|
|
|
|
|
Security
|
Acquisition
Date
|
Par Amount/
Shares
|
Current Price
|
Carrying
Cost
|
Value
|
% of
Net
Assets
|
|
Dairy Farmers of America, Inc.,
7.13%
|
9/15/16
|
$6,000,000
|
$93.75
|
$6,000,000
|
$5,625,000
|
0.49
%
|
|
Fortegra Financial Corp., 8.50%,
10/15/57
|
10/12/17 - 3/12/18
|
$15,300,000
|
94.75
|
15,343,518
|
14,496,750
|
1.26
|
|
FT Real Estate Securities Co., Inc.,
9.50%
|
6/15/16
|
12
|
1,055,000.00
|
15,990,000
|
12,660,000
|
1.10
|
|
Land O’Lakes Capital Trust I,
7.45%, 03/15/28
|
3/20/15 - 2/25/19
|
$7,329,000
|
97.01
|
7,606,833
|
7,110,156
|
0.62
|
|
|
|
|
|
$44,940,351
|
$39,891,906
|
3.47
%
|