1
Portfolio
of
Investments
May
31,
2025
Preferred
Securities
and
Income
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.5%
2550825960
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
50
.5
%
2550825960
AUTOMOBILES
&
COMPONENTS
-
1.2%
$
43,118,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
41,511,076
21,979,000
(a),(b)
General
Motors
Financial
Co
Inc
5
.700
N/A
21,084,639
TOTAL
AUTOMOBILES
&
COMPONENTS
62,595,715
BANKS
-
18.7%
26,726,000
(a),(b)
Bank
of
America
Corp
6
.300
N/A
26,930,293
8,030,000
(a)
Bank
of
America
Corp
5
.875
N/A
8,080,075
6,780,000
(a),(b)
Bank
of
America
Corp
4
.375
N/A
6,566,353
62,366,000
(a)
Bank
of
America
Corp
6
.625
N/A
63,354,376
70,435,000
Bank
of
Montreal
7
.300
11/26/84
70,490,714
37,542,000
Bank
of
Montreal
7
.700
05/26/84
38,722,396
15,255,000
Bank
of
Nova
Scotia/The
8
.000
01/27/84
16,072,104
38,668,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
38,380,960
31,871,000
(a)
Citigroup
Inc
7
.625
N/A
33,243,939
34,157,000
(a)
Citigroup
Inc
7
.125
N/A
34,540,071
9,885,000
(a),(b)
Citigroup
Inc
7
.375
N/A
10,205,093
13,777,000
(a),(b)
Citigroup
Inc
6
.250
N/A
13,914,563
33,224,000
(a),(b)
Citigroup
Inc
7
.000
N/A
34,099,319
11,994,000
(a)
Citigroup
Inc
4
.150
N/A
11,655,287
3,846,000
(a),(c)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7
.703
N/A
3,811,471
16,865,000
(a)
Citizens
Financial
Group
Inc
4
.000
N/A
16,339,063
6,770,000
(a),(d)
Farm
Credit
Bank
of
Texas
6
.200
N/A
6,719,225
10,336,000
(a)
Fifth
Third
Bancorp
4
.500
N/A
10,270,580
7,016,000
(a),(c)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7
.594
N/A
6,983,853
20,174,000
(a),(b),(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8
.533
N/A
20,580,688
26,515,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
26,435,948
33,799,000
(a)
JPMorgan
Chase
&
Co
6
.500
N/A
34,256,606
4,657,000
(a)
JPMorgan
Chase
&
Co
3
.650
N/A
4,541,543
73,116,000
(a)
JPMorgan
Chase
&
Co
6
.875
N/A
76,237,217
6,491,000
(a)
KeyCorp
5
.000
N/A
6,368,054
14,785,000
(a)
M&T
Bank
Corp
3
.500
N/A
13,853,477
5,323,000
(a)
M&T
Bank
Corp
5
.125
N/A
5,247,422
16,330,000
(a)
PNC
Financial
Services
Group
Inc/The
3
.400
N/A
15,544,004
8,444,000
(a),(b)
PNC
Financial
Services
Group
Inc/The
5
.000
N/A
8,382,630
14,835,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
14,862,489
6,555,000
(a),(b)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
6,646,639
45,844,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
46,022,975
20,719,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
21,699,651
48,536,000
(a)
Truist
Financial
Corp
6
.669
N/A
48,223,977
24,314,000
(a)
Truist
Financial
Corp
5
.100
N/A
23,648,234
2,988,000
(a),(b)
US
Bancorp
5
.300
N/A
2,962,372
44,179,000
(a)
Wells
Fargo
&
Co
6
.850
N/A
45,405,100
24,750,000
(a),(b)
Wells
Fargo
&
Co
7
.625
N/A
26,364,715
39,036,000
(a)
Wells
Fargo
&
Co
3
.900
N/A
38,435,025
6,580,000
Wells
Fargo
&
Co
7
.950
11/15/29
7,323,534
TOTAL
BANKS
943,422,035
CAPITAL
GOODS
-
1.6%
12,383,000
(a)
Air
Lease
Corp
6
.000
N/A
12,014,419
11,955,000
(a)
Air
Lease
Corp
4
.650
N/A
11,759,396
5,586,000
(a)
Air
Lease
Corp
4
.125
N/A
5,382,954
18,564,000
(d)
ILFC
E-Capital
Trust
I
6
.117
12/21/65
15,335,880
43,963,000
(d)
ILFC
E-Capital
Trust
I
6
.367
12/21/65
36,925,544
TOTAL
CAPITAL
GOODS
81,418,193
ENERGY
-
2.9%
4,735,000
Enbridge
Inc
5
.500
07/15/77
4,616,341
14,306,000
Enbridge
Inc
5
.750
07/15/80
13,820,829
12,755,000
Enbridge
Inc
7
.625
01/15/83
13,205,080
2,874,000
(a)
Energy
Transfer
LP
6
.625
N/A
2,830,580
42,194,000
(a)
Energy
Transfer
LP
7
.125
N/A
42,375,350
Portfolio
of
Investments
May
31,
2025
(continued)
Preferred
Securities
and
Income
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
11,442,000
(a)
Energy
Transfer
LP
6
.500
%
N/A
$
11,413,172
5,335,000
Energy
Transfer
LP
8
.000
05/15/54
5,592,088
8,380,000
(d)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
8,356,296
4,125,000
Transcanada
Trust
5
.875
08/15/76
4,096,000
31,347,000
Transcanada
Trust
5
.600
03/07/82
29,479,437
11,570,000
(a),(d)
Venture
Global
LNG
Inc
9
.000
N/A
10,912,483
TOTAL
ENERGY
146,697,656
FINANCIAL
SERVICES
-
8.0%
20,600,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.500
01/31/56
20,305,006
17,895,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
18,355,019
19,925,000
(a)
Ally
Financial
Inc
4
.700
N/A
17,403,950
14,202,000
(a)
Ally
Financial
Inc
4
.700
N/A
13,417,713
20,885,000
(a),(d)
American
AgCredit
Corp
5
.250
N/A
19,736,325
13,930,000
(a)
American
Express
Co
3
.550
N/A
13,471,055
13,295,000
(a),(d)
Capital
Farm
Credit
ACA
5
.000
N/A
12,862,913
5,000,000
(a),(b)
Capital
One
Financial
Corp
5
.500
N/A
4,865,000
11,655,000
(a),(b)
Capital
One
Financial
Corp
3
.950
N/A
11,313,944
20,975,000
(a)
Charles
Schwab
Corp/The
4
.000
N/A
20,728,485
3,955,000
Citigroup
Capital
III
7
.625
12/01/36
4,323,269
6,700,000
(a),(d)
Compeer
Financial
ACA
4
.875
N/A
6,432,001
20,175,000
(a),(b)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
21,098,450
45,460,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
47,341,680
33,489,000
(a),(b)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
32,670,442
36,992,000
(a)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
37,297,628
12,486,000
(a)
Goldman
Sachs
Group
Inc/The
5
.300
N/A
12,446,908
28,868,000
(a),(b)
Goldman
Sachs
Group
Inc/The
7
.379
N/A
29,015,400
30,495,000
(a)
State
Street
Corp
6
.700
N/A
31,128,381
26,248,000
(a)
Voya
Financial
Inc
7
.758
N/A
27,040,899
TOTAL
FINANCIAL
SERVICES
401,254,468
FOOD,
BEVERAGE
&
TOBACCO
-
2.8%
13,835,000
(a),(d)
Dairy
Farmers
of
America
Inc
7
.125
N/A
13,039,487
39,310,000
(a),(d)
Land
O'
Lakes
Inc
8
.000
N/A
35,763,574
64,838,000
(a),(d)
Land
O'
Lakes
Inc
7
.250
N/A
55,114,025
46,071,000
(a),(d)
Land
O'
Lakes
Inc
7
.000
N/A
37,716,757
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
141,633,843
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.2%
7,648,000
CVS
Health
Corp
6
.750
12/10/54
7,444,501
4,343,000
CVS
Health
Corp
7
.000
03/10/55
4,374,561
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
11,819,062
INSURANCE
-
8.8%
7,115,000
Aegon
Ltd
5
.500
04/11/48
7,073,152
7,025,000
American
International
Group
Inc
5
.750
04/01/48
7,028,302
51,650,000
Assurant
Inc
7
.000
03/27/48
52,393,928
64,240,000
(d)
Assured
Guaranty
Municipal
Holdings
Inc
6
.400
12/15/66
59,290,894
19,875,000
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
18,858,777
22,597,000
Corebridge
Financial
Inc
6
.375
09/15/54
21,988,662
14,288,000
Enstar
Finance
LLC
5
.500
01/15/42
13,894,973
9,883,000
(d)
Enstar
Group
Ltd
7
.500
04/01/45
10,006,528
5,830,000
(d)
Fidelis
Insurance
Holdings
Ltd
6
.625
04/01/41
5,786,275
24,448,000
(d)
MetLife
Inc
9
.250
04/08/38
28,660,684
4,531,000
(a),(b)
MetLife
Inc
5
.875
N/A
4,580,556
11,023,000
MetLife
Inc
6
.350
03/15/55
11,088,311
14,051,000
PartnerRe
Finance
B
LLC
4
.500
10/01/50
12,990,658
21,542,000
Provident
Financing
Trust
I
7
.405
03/15/38
22,766,984
13,400,000
Prudential
Financial
Inc
6
.500
03/15/54
13,604,166
8,234,000
Prudential
Financial
Inc
5
.125
03/01/52
7,911,170
9,285,000
Reinsurance
Group
of
America
Inc
6
.650
09/15/55
9,114,796
87,709,000
(a),(b),(d)
SBL
Holdings
Inc
9
.508
N/A
85,290,147
55,600,000
(a),(d)
SBL
Holdings
Inc
6
.500
N/A
50,448,287
TOTAL
INSURANCE
442,777,250
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA
&
ENTERTAINMENT
-
0.4%
$
8,767,000
(a),(d)
Farm
Credit
Bank
of
Texas
7
.750
%
N/A
$
9,074,204
10,628,000
Paramount
Global
6
.375
03/30/62
10,388,840
TOTAL
MEDIA
&
ENTERTAINMENT
19,463,044
TELECOMMUNICATION
SERVICES
-
1.3%
14,843,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
09/15/55
14,883,091
17,730,000
Rogers
Communications
Inc
7
.125
04/15/55
17,755,714
22,509,000
Vodafone
Group
PLC
7
.000
04/04/79
23,153,433
9,350,000
Vodafone
Group
PLC
4
.125
06/04/81
8,400,933
TOTAL
TELECOMMUNICATION
SERVICES
64,193,171
UTILITIES
-
4.6%
5,575,000
(d)
AES
Andes
SA
8
.150
06/10/55
5,691,467
6,473,000
AES
Corp/The
7
.600
01/15/55
6,524,215
7,093,000
(d)
AltaGas
Ltd
7
.200
10/15/54
6,937,221
11,494,000
American
Electric
Power
Co
Inc
3
.875
02/15/62
10,972,946
10,244,000
CMS
Energy
Corp
6
.500
06/01/55
10,109,244
6,574,000
Dominion
Energy
Inc
7
.000
06/01/54
6,908,124
8,455,000
(b)
Duke
Energy
Corp
6
.450
09/01/54
8,541,136
13,579,000
(a)
Edison
International
5
.000
N/A
12,120,751
14,247,000
(a)
Edison
International
5
.375
N/A
13,526,052
35,009,000
Emera
Inc
6
.750
06/15/76
35,180,964
18,153,000
Entergy
Corp
7
.125
12/01/54
18,559,300
11,121,000
EUSHI
Finance
Inc
7
.625
12/15/54
11,369,898
15,071,000
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
15,409,449
10,443,000
PG&E
Corp
7
.375
03/15/55
10,225,943
11,762,000
Sempra
4
.125
04/01/52
11,103,186
14,485,000
Sempra
6
.550
04/01/55
13,553,183
10,626,000
Southern
Co/The
4
.000
01/15/51
10,533,697
3,395,000
(a),(d)
Vistra
Corp
8
.000
N/A
3,484,329
17,517,000
(a),(d)
Vistra
Corp
8
.875
N/A
18,815,605
5,900,000
(a),(d)
Vistra
Corp
7
.000
N/A
5,984,813
TOTAL
UTILITIES
235,551,523
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$2,536,162,973)
2,550,825,960
SHARES
DESCRIPTION
RATE
VALUE
502718426
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
10
.0
%
502718426
BANKS
-
1.3%
486,433
Fifth
Third
Bancorp
8
.296
12,496,464
280,000
(c)
Huntington
Bancshares
Inc/OH
(TSFR3M
+
2.962%)
7
.218
6,763,960
285,287
KeyCorp
6
.125
6,935,327
1,355,330
KeyCorp
6
.200
33,612,184
1,875
KeyCorp
5
.625
39,206
10,825
KeyCorp
5
.650
223,103
302,269
Regions
Financial
Corp
5
.700
6,855,461
TOTAL
BANKS
66,925,705
FINANCIAL
SERVICES
-
2.8%
680,940
Bank
of
New
York
Mellon
Corp/The
6
.150
17,255,020
558,300
Equitable
Holdings
Inc
5
.250
11,026,425
518,768
Morgan
Stanley
6
.375
12,756,505
1,344,835
Morgan
Stanley
5
.850
30,931,205
870,125
Morgan
Stanley
6
.625
22,370,914
242,300
Morgan
Stanley
6
.500
6,198,034
322,188
Morgan
Stanley
6
.875
8,161,022
350,835
Synchrony
Financial
5
.625
6,244,863
1,058,054
Voya
Financial
Inc
5
.350
25,520,262
TOTAL
FINANCIAL
SERVICES
140,464,250
FOOD,
BEVERAGE
&
TOBACCO
-
1.3%
193,870
CHS
Inc
7
.875
5,251,938
1,451,502
CHS
Inc
7
.100
36,926,211
528,896
CHS
Inc
6
.750
13,222,400
44,881
CHS
Inc
7
.500
1,146,710
Portfolio
of
Investments
May
31,
2025
(continued)
Preferred
Securities
and
Income
4
SHARES
DESCRIPTION
RATE
VALUE
FOOD,
BEVERAGE
&
TOBACCO
(continued)
79,800
(d)
Dairy
Farmers
of
America
Inc
7
.875
%
$
7,620,900
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
64,168,159
INSURANCE
-
4.5%
1,233,711
American
National
Group
Inc
6
.625
30,793,427
504,425
American
National
Group
Inc
7
.375
12,615,669
603,290
(b)
Aspen
Insurance
Holdings
Ltd
5
.625
12,138,195
363,750
Aspen
Insurance
Holdings
Ltd
7
.125
8,999,175
191,504
Assurant
Inc
5
.250
3,784,119
396,416
Athene
Holding
Ltd
6
.375
9,989,683
540,503
Athene
Holding
Ltd
7
.750
13,728,776
1,006,376
Athene
Holding
Ltd
6
.350
23,488,816
1,550,528
Delphi
Financial
Group
Inc
7
.778
37,212,672
1,208,861
Enstar
Group
Ltd
7
.000
26,075,132
398,900
Maiden
Holdings
North
America
Ltd
7
.750
6,861,080
23,571
PartnerRe
Ltd
4
.875
403,253
853,330
Reinsurance
Group
of
America
Inc
5
.750
21,060,184
556,200
Reinsurance
Group
of
America
Inc
7
.125
14,316,588
221,929
Selective
Insurance
Group
Inc
4
.600
3,726,188
TOTAL
INSURANCE
225,192,957
TELECOMMUNICATION
SERVICES
-
0.1%
314,900
AT&T
Inc
4
.750
5,967,355
TOTAL
TELECOMMUNICATION
SERVICES
5,967,355
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$532,798,519)
502,718,426
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1373025473
CONTINGENT
CAPITAL
SECURITIES
-
27
.2
%
1373025473
BANKS
-
23.2%
$
25,782,000
(a),(e)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
N/A
24,806,256
44,883,000
(a),(e)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
49,261,830
52,800,000
(a),(b),(e)
Banco
Bilbao
Vizcaya
Argentaria
SA
7
.750
N/A
52,395,679
44,400,000
(a),(e)
Banco
Santander
SA
8
.000
N/A
46,438,537
15,435,000
(a),(e)
Banco
Santander
SA
4
.750
N/A
14,783,959
78,000,000
(a),(e)
Banco
Santander
SA
9
.625
N/A
89,683,620
27,101,000
(a),(e)
Barclays
PLC
7
.625
N/A
26,772,864
31,020,000
(a),(e)
Barclays
PLC
8
.000
N/A
32,352,743
96,433,000
(a),(e)
Barclays
PLC
9
.625
N/A
106,446,603
38,013,000
(a),(d),(e)
BNP
Paribas
SA
8
.500
N/A
40,263,750
64,308,000
(a),(d),(e)
BNP
Paribas
SA
7
.750
N/A
66,895,947
44,789,000
(a),(d),(e)
BNP
Paribas
SA
8
.000
N/A
46,834,603
12,374,000
(a),(b),(d),(e)
Credit
Agricole
SA
8
.125
N/A
12,543,400
91,179,000
(a),(b),(d),(e)
Credit
Agricole
SA
6
.700
N/A
87,685,677
38,874,000
(a),(b),(e)
HSBC
Holdings
PLC
6
.950
N/A
38,638,700
40,169,000
(a),(e)
HSBC
Holdings
PLC
6
.000
N/A
39,914,521
26,462,000
(a),(b),(e)
HSBC
Holdings
PLC
6
.500
N/A
26,572,029
23,395,000
(a),(b),(e)
HSBC
Holdings
PLC
6
.875
N/A
23,542,833
46,559,000
(a),(b),(e)
ING
Groep
NV
5
.750
N/A
46,271,661
35,587,000
(a),(b),(e)
Lloyds
Banking
Group
PLC
6
.750
N/A
34,596,781
37,007,000
(a),(e)
Lloyds
Banking
Group
PLC
8
.000
N/A
38,898,835
12,494,000
(a),(e)
NatWest
Group
PLC
8
.000
N/A
12,531,182
74,300,000
(a),(e)
NatWest
Group
PLC
8
.125
N/A
78,777,935
19,767,000
(a),(b),(d),(e)
Nordea
Bank
Abp
6
.300
N/A
19,106,733
54,126,000
(a),(d),(e)
Societe
Generale
SA
10
.000
N/A
58,868,358
49,975,000
(a),(d),(e)
Societe
Generale
SA
8
.500
N/A
51,293,440
TOTAL
BANKS
1,166,178,476
FINANCIAL
SERVICES
-
3.1%
26,319,000
(a),(e)
Deutsche
Bank
AG
6
.000
N/A
26,166,400
29,805,000
(a),(d),(e)
UBS
Group
AG
9
.250
N/A
32,433,920
14,220,000
(a),(b),(d),(e)
UBS
Group
AG
7
.750
N/A
14,943,997
15,187,000
(a),(e)
UBS
Group
AG,
Reg
S
6
.875
N/A
15,193,075
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL
SERVICES
(continued)
$
62,094,000
(a),(d),(e)
UBS
Group
AG
9
.250
%
N/A
$
70,892,037
TOTAL
FINANCIAL
SERVICES
159,629,429
INSURANCE
-
0.9%
45,898,000
(a),(e)
Phoenix
Group
Holdings
PLC,
Reg
S
8
.500
N/A
47,217,568
TOTAL
INSURANCE
47,217,568
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$1,331,486,314)
1,373,025,473
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
471170354
CORPORATE
BONDS
-
9
.3
%
471170354
BANKS
-
6.8%
16,450,000
(a),(d),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.625
N/A
16,537,086
10,700,000
(a),(b),(d),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.500
N/A
10,611,722
27,655,400
(a),(d),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.750
N/A
27,555,661
32,326,000
(a),(d),(e)
BNP
Paribas
SA
7
.375
N/A
32,538,091
8,861,000
(a),(b),(d),(e)
BNP
Paribas
SA
7
.000
N/A
9,042,783
24,811,000
(a),(d),(e)
BNP
Paribas
SA
9
.250
N/A
26,358,313
38,510,000
(a),(b),(e)
HSBC
Holdings
PLC
8
.000
N/A
40,147,176
14,612,000
(a),(e)
HSBC
Holdings
PLC
6
.950
N/A
14,528,926
33,907,000
(a),(e)
ING
Groep
NV,
Reg
S
7
.500
N/A
34,797,059
16,560,000
(a),(e)
Lloyds
Banking
Group
PLC
7
.500
N/A
16,595,654
26,493,000
(a),(b),(e)
NatWest
Group
PLC
7
.300
N/A
25,955,801
14,535,000
(a),(d),(e)
Nordea
Bank
Abp
6
.625
N/A
14,572,282
45,240,000
(a),(d),(e)
Societe
Generale
SA
9
.375
N/A
47,866,001
25,875,000
(a),(d),(e)
Standard
Chartered
PLC
7
.750
N/A
26,665,171
TOTAL
BANKS
343,771,726
ENERGY
-
1.2%
55,192,000
Enbridge
Inc
8
.500
01/15/84
59,889,888
TOTAL
ENERGY
59,889,888
FINANCIAL
SERVICES
-
1.3%
49,069,000
(f)
Credit
Suisse
Group
AG
0
.000
01/17/72
5,642,935
62,450,000
(f)
Credit
Suisse
Group
AG
7
.250
03/12/72
7,181,750
12,260,000
(f)
Credit
Suisse
Group
AG
6
.380
02/21/72
1,409,900
8,421,000
(f)
Credit
Suisse
Group
AG
5
.250
02/11/72
968,415
61,301,000
(f)
Credit
Suisse
Group
AG
7
.500
06/11/72
7,049,615
36,075,000
(f)
Credit
Suisse
Group
AG
7
.500
01/17/72
4,148,625
40,600,000
(a),(b),(e)
Deutsche
Bank
AG,
Reg
S
8
.130
N/A
41,107,500
TOTAL
FINANCIAL
SERVICES
67,508,740
TOTAL
CORPORATE
BONDS
(Cost
$666,624,022)
471,170,354
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
76118392
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
1
.5
%
76118392
18,191,000
CoBank
ACB
6
.250
10/01/73
18,208,445
33,000,000
CoBank
ACB
6
.450
01/01/74
32,820,754
6,807,000
CoBank
ACB
7
.250
07/01/73
6,911,726
17,887,000
CoBank
ACB
7
.125
01/01/74
18,177,467
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$76,046,547)
76,118,392
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$5,143,118,375)
4,973,858,605
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.3%
118,341,979
(g)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.340
(h)
118,341,979
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$118,341,979)
118,341,979
Portfolio
of
Investments
May
31,
2025
(continued)
Preferred
Securities
and
Income
6
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 0.2%
9,300,000
REPURCHASE
AGREEMENTS
-
0
.2
%
9,300,000
$
9,300,000
(i)
Fixed
Income
Clearing
Corporation
4
.300
%
06/02/25
$
9,300,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$9,300,000)
9,300,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$9,300,000)
9,300,000
TOTAL
INVESTMENTS
-
101
.0
%
(Cost
$
5,270,760,354
)
5,101,500,584
OTHER
ASSETS
&
LIABILITIES,
NET
-  (1.0)%
(
50,268,123
)
NET
ASSETS
-
100%
$
5,051,232,461
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$115,355,623.
(c)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$1,269,514,836
or
24.9%
of
Total
Investments.
(e)
Contingent
Capital
Securities
(“CoCos”)
are
debt
or
preferred
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer,
for
example
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
As
of
the
end
of
the
reporting
period,
the
Fund’s
total
investment
in
CoCos
was
34.5%
of
Total
Investments.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(h)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(i)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.300%
dated
5/30/25
to
be
repurchased
at
$9,303,333
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.375%
and
maturity
date
11/15/31,
valued
at
$9,486,111.
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
2,322
9/25
$
255,004,197
$
257,161,500
$
2,157,303
U.S.
Treasury
Long
Bond
556
9/25
62,060,307
62,706,375
646,068
U.S.
Treasury
Ultra
Bond
535
9/25
61,306,192
62,093,438
787,246
Total
$378,370,696
$381,961,313
$3,590,617
7
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Preferred
Securities
and
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
2,550,825,960
$
–
$
2,550,825,960
$25
Par
(or
similar)
Retail
Preferred
502,718,426
–
–
502,718,426
Contingent
Capital
Securities
–
1,373,025,473
–
1,373,025,473
Corporate
Bonds
–
444,769,114
26,401,240
471,170,354
U.S.
Government
and
Agency
Obligations
–
76,118,392
–
76,118,392
Investments
Purchased
with
Collateral
from
Securities
Lending
118,341,979
–
–
118,341,979
Short-Term
Investments:
Repurchase
Agreements
–
9,300,000
–
9,300,000
Investments
in
Derivatives:
Futures
Contracts*
3,590,617
–
–
3,590,617
Total
$
624,651,022
$
4,454,038,939
$
26,401,240
$
5,105,091,201
*
Represents
net
unrealized
appreciation
(depreciation).
8
Portfolio
of
Investments
May
31,
2025
Flexible
Income
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.1%
292769022
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
34
.2
%
292769022
AUTOMOBILES
&
COMPONENTS
-
0.8%
$
6,763,000
(a)
General
Motors
Financial
Co
Inc
6
.500
%
N/A
$
6,595,513
613,000
(a),(b)
General
Motors
Financial
Co
Inc
5
.700
N/A
588,056
TOTAL
AUTOMOBILES
&
COMPONENTS
7,183,569
BANKS
-
7.5%
8,965,000
(a)
Bank
of
America
Corp
6
.300
N/A
9,033,528
9,050,000
(a)
Bank
of
America
Corp
6
.625
N/A
9,193,424
19,271,000
(a)
Citigroup
Inc
6
.250
N/A
19,463,421
1,453,000
(a)
Citigroup
Inc
7
.375
N/A
1,500,051
4,025,000
(a),(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8
.533
N/A
4,106,140
5,825,000
(a)
JPMorgan
Chase
&
Co
6
.875
N/A
6,073,661
6,994,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
7,091,776
7,250,000
(a)
Wells
Fargo
&
Co
7
.625
N/A
7,722,997
TOTAL
BANKS
64,184,998
ENERGY
-
4.7%
5,222,000
Enbridge
Inc
8
.500
01/15/84
5,666,491
4,050,000
(a)
Energy
Transfer
LP
7
.125
N/A
4,067,407
13,250,000
Energy
Transfer
LP
8
.000
05/15/54
13,888,504
5,406,000
(d)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
5,390,709
1,150,000
Transcanada
Trust
5
.600
03/07/82
1,081,486
7,906,000
Transcanada
Trust
5
.875
08/15/76
7,850,419
2,550,000
(a),(d)
Venture
Global
LNG
Inc
9
.000
N/A
2,405,085
TOTAL
ENERGY
40,350,101
FINANCIAL
SERVICES
-
4.7%
5,126,700
(a)
Ally
Financial
Inc
4
.700
N/A
4,843,585
2,750,000
(a)
American
Express
Co
3
.550
N/A
2,659,397
5,425,000
(d)
Ares
Finance
Co
III
LLC
4
.125
06/30/51
5,302,582
11,550,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
12,078,667
4,750,000
Morgan
Stanley
5
.948
01/19/38
4,791,993
10,450,000
(a)
State
Street
Corp
6
.700
N/A
10,667,046
TOTAL
FINANCIAL
SERVICES
40,343,270
FOOD,
BEVERAGE
&
TOBACCO
-
0.8%
2,042,000
(a),(d)
Land
O'
Lakes
Inc
8
.000
N/A
1,857,777
3,300,000
(a),(d)
Land
O'
Lakes
Inc
7
.250
N/A
2,805,088
3,200,000
(a),(d)
Land
O'
Lakes
Inc
7
.000
N/A
2,619,731
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
7,282,596
INSURANCE
-
1.6%
650,000
Enstar
Finance
LLC
5
.500
01/15/42
632,120
10,255,000
(d)
Liberty
Mutual
Group
Inc
7
.800
03/15/37
11,575,008
1,303,000
MetLife
Inc
6
.350
03/15/55
1,310,720
TOTAL
INSURANCE
13,517,848
MEDIA
&
ENTERTAINMENT
-
0.2%
1,575,000
Paramount
Global
6
.375
03/30/62
1,539,558
TOTAL
MEDIA
&
ENTERTAINMENT
1,539,558
TELECOMMUNICATION
SERVICES
-
0.4%
3,200,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
09/15/55
3,208,643
TOTAL
TELECOMMUNICATION
SERVICES
3,208,643
UTILITIES
-
13.5%
8,250,000
AES
Corp/The
7
.600
01/15/55
8,315,274
6,350,000
Dominion
Energy
Inc
6
.875
02/01/55
6,578,102
7,228,000
Dominion
Energy
Inc
7
.000
06/01/54
7,595,363
6,125,000
(a)
Edison
International
5
.000
N/A
5,467,236
1,800,000
(b)
Edison
International
8
.125
06/15/53
1,778,267
4,514,000
(b)
Edison
International
7
.875
06/15/54
4,343,023
11,870,000
Emera
Inc
6
.750
06/15/76
11,928,305
6,275,000
EUSHI
Finance
Inc
7
.625
12/15/54
6,415,440
12,090,000
NextEra
Energy
Capital
Holdings
Inc
5
.650
05/01/79
11,773,749
2,950,000
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
3,016,248
9
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
UTILITIES
(continued)
$
11,775,000
(a),(d)
NRG
Energy
Inc
10
.250
%
N/A
$
12,965,029
8,050,000
PG&E
Corp
7
.375
03/15/55
7,882,681
908,000
Southern
Co/The
6
.375
03/15/55
922,815
20,475,000
(a),(d)
Vistra
Corp
8
.000
N/A
21,013,738
5,090,000
(a),(d)
Vistra
Corp
7
.000
N/A
5,163,169
TOTAL
UTILITIES
115,158,439
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$297,239,380)
292,769,022
SHARES
DESCRIPTION
RATE
VALUE
77950494
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
9
.1
%
77950494
CAPITAL
GOODS
-
0.8%
35,950
Chart
Industries
Inc
6
.750
2,098,761
204,000
WESCO
International
Inc
10
.625
5,206,080
TOTAL
CAPITAL
GOODS
7,304,841
FINANCIAL
SERVICES
-
1.7%
314,799
Morgan
Stanley
7
.125
8,033,671
181,000
Morgan
Stanley
6
.625
4,653,510
89,574
Morgan
Stanley
6
.875
2,268,909
TOTAL
FINANCIAL
SERVICES
14,956,090
FOOD,
BEVERAGE
&
TOBACCO
-
1.4%
90,213
CHS
Inc
7
.100
2,295,019
384,432
CHS
Inc
6
.750
9,610,800
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
11,905,819
INSURANCE
-
3.6%
287,059
Allstate
Corp/The
7
.375
7,621,416
220,806
Athene
Holding
Ltd
6
.375
5,564,311
215,192
Athene
Holding
Ltd
6
.350
5,022,581
169,032
Enstar
Group
Ltd
7
.000
3,646,020
337,825
Reinsurance
Group
of
America
Inc
7
.125
8,695,616
TOTAL
INSURANCE
30,549,944
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.4%
69,475
Hewlett
Packard
Enterprise
Co
7
.625
3,580,047
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
3,580,047
UTILITIES
-
1.2%
85,590
Algonquin
Power
&
Utilities
Corp
8
.864
2,190,248
325,775
SCE
Trust
VII
7
.500
7,463,505
TOTAL
UTILITIES
9,653,753
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$81,408,279)
77,950,494
SHARES
DESCRIPTION
VALUE
83884509
COMMON
STOCKS
-
9
.8
%
83884509
BANKS
-
0.8%
13,900
Citigroup
Inc
1,046,948
14,600
JPMorgan
Chase
&
Co
3,854,400
31,400
Wells
Fargo
&
Co
2,348,092
TOTAL
BANKS
7,249,440
CAPITAL
GOODS
-
1.2%
26,300
Carrier
Global
Corp
1,872,560
9,500
General
Dynamics
Corp
2,645,655
4,500
Hubbell
Inc
1,753,110
31,400
nVent
Electric
PLC
2,066,120
3,400
Parker-Hannifin
Corp
2,259,980
TOTAL
CAPITAL
GOODS
10,597,425
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.1%
2,900
Home
Depot
Inc/The
1,068,041
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,068,041
Portfolio
of
Investments
May
31,
2025
(continued)
Flexible
Income
10
SHARES
DESCRIPTION
VALUE
CONSUMER
SERVICES
-
0.3%
29,200
Boyd
Gaming
Corp
$
2,189,124
TOTAL
CONSUMER
SERVICES
2,189,124
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.3%
26,600
Walmart
Inc
2,625,952
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
2,625,952
ENERGY
-
0.5%
5,300
Cheniere
Energy
Inc
1,256,047
20,800
Exxon
Mobil
Corp
2,127,840
17,000
Shell
PLC,
ADR
1,125,740
TOTAL
ENERGY
4,509,627
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.5%
8,200
American
Tower
Corp
1,760,130
55,396
National
Storage
Affiliates
Trust
1,289,065
46,600
Rexford
Industrial
Realty
Inc
1,642,184
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,691,379
FINANCIAL
SERVICES
-
0.7%
3,800
American
Express
Co
1,117,390
2,100
Ameriprise
Financial
Inc
1,069,404
13,200
Bank
of
New
York
Mellon
Corp/The
1,169,652
5,900
(e)
Fiserv
Inc
960,461
9,900
Morgan
Stanley
1,267,497
TOTAL
FINANCIAL
SERVICES
5,584,404
FOOD,
BEVERAGE
&
TOBACCO
-
0.6%
24,500
Coca-Cola
Co/The
1,766,450
20,301
Philip
Morris
International
Inc
3,666,158
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
5,432,608
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
17,700
Abbott
Laboratories
2,364,366
2,300
UnitedHealth
Group
Inc
694,393
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
3,058,759
INSURANCE
-
0.5%
8,300
Allstate
Corp/The
1,741,921
8,700
Progressive
Corp/The
2,478,891
TOTAL
INSURANCE
4,220,812
MATERIALS
-
0.4%
2,500
(e)
Linde
PLC
1,168,950
8,300
Nucor
Corp
907,688
21,200
Smurfit
WestRock
PLC
918,596
TOTAL
MATERIALS
2,995,234
MEDIA
&
ENTERTAINMENT
-
0.7%
13,000
Alphabet
Inc,
Class
C
2,247,050
29,900
Walt
Disney
Co/The
3,379,896
TOTAL
MEDIA
&
ENTERTAINMENT
5,626,946
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.6%
7,000
Amgen
Inc
2,017,260
5,700
Danaher
Corp
1,082,430
39,100
Sanofi
SA,
ADR
1,930,367
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
5,030,057
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.2%
13,400
Applied
Materials
Inc
2,100,450
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
2,100,450
SOFTWARE
&
SERVICES
-
0.3%
75,700
Gen
Digital
Inc
2,155,936
TOTAL
SOFTWARE
&
SERVICES
2,155,936
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.5%
54,900
Corning
Inc
2,722,491
106,800
Hewlett
Packard
Enterprise
Co
1,845,504
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
4,567,995
11
SHARES
DESCRIPTION
VALUE
TELECOMMUNICATION
SERVICES
-
0.3%
83,300
AT&T
Inc
$
2,315,740
TOTAL
TELECOMMUNICATION
SERVICES
2,315,740
TRANSPORTATION
-
0.1%
4,400
FedEx
Corp
959,640
TOTAL
TRANSPORTATION
959,640
UTILITIES
-
0.8%
37,600
Alliant
Energy
Corp
2,339,848
27,282
Sempra
2,144,092
26,900
Southern
Co/The
2,421,000
TOTAL
UTILITIES
6,904,940
TOTAL
COMMON
STOCKS
(Cost
$74,082,412)
83,884,509
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
13840671
CONVERTIBLE
BONDS
-
1
.6
%
13840671
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
1.6%
$
3,425,000
Seagate
HDD
Cayman
3
.500
%
06/01/28
5,184,471
5,725,000
Western
Digital
Corp
3
.000
11/15/28
8,656,200
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
13,840,671
TOTAL
CONVERTIBLE
BONDS
(Cost
$12,969,092)
13,840,671
SHARES
DESCRIPTION
RATE
VALUE
18629176
CONVERTIBLE
PREFERRED
SECURITIES
-
2
.2
%
18629176
BANKS
-
1.7%
1,100
Bank
of
America
Corp
7
.250
1,277,100
11,405
Wells
Fargo
&
Co
7
.500
12,956,080
TOTAL
BANKS
14,233,180
CAPITAL
GOODS
-
0.5%
65,300
Boeing
Co/The
6
.000
4,395,996
TOTAL
CAPITAL
GOODS
4,395,996
TOTAL
CONVERTIBLE
PREFERRED
SECURITIES
(Cost
$19,397,844)
18,629,176
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
340772964
CORPORATE
BONDS
-
39
.9
%
340772964
AUTOMOBILES
&
COMPONENTS
-
2.5%
2,550,000
(b),(d)
Adient
Global
Holdings
Ltd
7
.500
02/15/33
2,529,921
1,950,000
Ford
Motor
Co
5
.291
12/08/46
1,537,525
9,365,000
Ford
Motor
Credit
Co
LLC
7
.350
11/04/27
9,638,900
7,505,000
(f)
General
Motors
Co
6
.600
04/01/36
7,749,765
TOTAL
AUTOMOBILES
&
COMPONENTS
21,456,111
CAPITAL
GOODS
-
4.4%
5,450,000
(d)
Builders
FirstSource
Inc
6
.375
03/01/34
5,430,006
3,875,000
(d)
Chart
Industries
Inc
7
.500
01/01/30
4,044,729
3,100,000
(d)
Herc
Holdings
Escrow
Inc
7
.000
06/15/30
3,193,699
2,675,000
Regal
Rexnord
Corp
6
.050
04/15/28
2,746,360
13,025,000
Regal
Rexnord
Corp
6
.400
04/15/33
13,478,080
3,200,000
(b)
United
Rentals
North
America
Inc
5
.250
01/15/30
3,180,283
5,847,000
(d)
WESCO
Distribution
Inc
7
.250
06/15/28
5,916,112
TOTAL
CAPITAL
GOODS
37,989,269
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.2%
2,120,000
(d),(g)
CACI
International
Inc
6
.375
06/15/33
2,161,213
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
2,161,213
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.3%
8,419,000
Bath
&
Body
Works
Inc
6
.875
11/01/35
8,478,943
3,269,000
Nordstrom
Inc
5
.000
01/15/44
2,286,406
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
10,765,349
Portfolio
of
Investments
May
31,
2025
(continued)
Flexible
Income
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
SERVICES
-
3.3%
$
5,280,000
(d)
Caesars
Entertainment
Inc
6
.500
%
02/15/32
$
5,322,478
8,100,000
(d)
Light
&
Wonder
International
Inc
7
.500
09/01/31
8,370,435
1,810,000
(d)
NCL
Corp
Ltd
7
.750
02/15/29
1,903,050
9,586,000
Piedmont
Operating
Partnership
LP
9
.250
07/20/28
10,585,645
2,025,000
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
7
.125
02/15/31
2,123,935
TOTAL
CONSUMER
SERVICES
28,305,543
ENERGY
-
6.6%
5,375,000
(d)
Antero
Resources
Corp
7
.625
02/01/29
5,501,855
7,475,000
(d)
Civitas
Resources
Inc
8
.625
11/01/30
7,371,624
14,668,000
(d)
Columbia
Pipelines
Operating
Co
LLC
6
.544
11/15/53
14,741,319
5,025,000
Diamondback
Energy
Inc
6
.250
03/15/33
5,240,547
6,475,000
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
6
.000
02/15/28
6,011,977
5,625,000
(d)
Permian
Resources
Operating
LLC
7
.000
01/15/32
5,770,097
4,050,000
Valero
Energy
Corp
6
.625
06/15/37
4,251,389
2,475,000
(d)
Venture
Global
LNG
Inc
8
.375
06/01/31
2,512,476
4,825,000
Western
Midstream
Operating
LP
6
.150
04/01/33
4,928,337
TOTAL
ENERGY
56,329,621
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.8%
7,917,000
(d)
Iron
Mountain
Inc
7
.000
02/15/29
8,179,591
8,550,000
VICI
Properties
LP
5
.625
05/15/52
7,642,034
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
15,821,625
FINANCIAL
SERVICES
-
1.5%
8,914,000
Ally
Financial
Inc
8
.000
11/01/31
9,974,326
10,500
Merrill
Lynch
BV
10
.000
11/13/25
2,510,606
TOTAL
FINANCIAL
SERVICES
12,484,932
FOOD,
BEVERAGE
&
TOBACCO
-
1.4%
4,250,000
Altria
Group
Inc
5
.800
02/14/39
4,207,333
7,500,000
BAT
Capital
Corp
7
.081
08/02/53
8,138,832
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
12,346,165
MATERIALS
-
4.9%
10,275,000
ArcelorMittal
SA
7
.000
10/15/39
11,143,806
3,645,500
Ashland
Inc
6
.875
05/15/43
3,709,971
2,592,000
Celanese
US
Holdings
LLC
6
.415
07/15/27
2,657,578
4,000,000
Celanese
US
Holdings
LLC
7
.050
11/15/30
4,122,320
4,875,000
(b),(d)
Owens-Brockway
Glass
Container
Inc
7
.250
05/15/31
4,883,326
8,300,000
(d)
Sealed
Air
Corp
6
.875
07/15/33
8,694,432
6,625,000
Southern
Copper
Corp
5
.875
04/23/45
6,312,817
TOTAL
MATERIALS
41,524,250
MEDIA
&
ENTERTAINMENT
-
3.5%
2,050,000
(d)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
7
.375
03/01/31
2,121,750
7,500,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6
.484
10/23/45
7,217,393
8,324,000
(d)
Nexstar
Media
Inc
5
.625
07/15/27
8,290,715
4,404,000
Paramount
Global
6
.875
04/30/36
4,476,683
2,950,000
Time
Warner
Entertainment
Co
LP
8
.375
07/15/33
3,388,141
6,325,000
Warnermedia
Holdings
Inc
5
.141
03/15/52
4,100,232
TOTAL
MEDIA
&
ENTERTAINMENT
29,594,914
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
1.6%
13,308,000
(d)
Amkor
Technology
Inc
6
.625
09/15/27
13,351,331
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
13,351,331
SOFTWARE
&
SERVICES
-
1.3%
3,750,000
(d)
Gen
Digital
Inc
7
.125
09/30/30
3,870,705
6,500,000
Oracle
Corp
6
.500
04/15/38
6,920,371
TOTAL
SOFTWARE
&
SERVICES
10,791,076
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2.6%
9,269,000
Hewlett
Packard
Enterprise
Co
6
.350
10/15/45
9,270,891
11,728,000
Seagate
HDD
Cayman
9
.625
12/01/32
13,311,573
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
22,582,464
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
-
1.5%
$
4,332,000
(d)
GCI
LLC
4
.750
%
10/15/28
$
4,074,299
7,400,000
Level
3
Financing
Inc
11
.000
11/15/29
8,394,676
TOTAL
TELECOMMUNICATION
SERVICES
12,468,975
TRANSPORTATION
-
1.5%
5,279,000
XPO
CNW
Inc
6
.700
05/01/34
5,410,975
4,420,000
(d)
XPO
Inc
7
.125
06/01/31
4,576,326
2,785,000
(d)
XPO
Inc
6
.250
06/01/28
2,812,825
TOTAL
TRANSPORTATION
12,800,126
TOTAL
CORPORATE
BONDS
(Cost
$351,049,289)
340,772,964
SHARES
DESCRIPTION
RATE
ISSUE
PRICE
CAP
PRICE
MATURITY
VALUE
2,425,485
STRUCTURED
NOTES
-
0
.3
%
2,425,485
14,500
JPMorgan
Chase
Bank
NA
9
.000
%
$166.7400
$186.4300
12/23/25
2,425,485
TOTAL
STRUCTURED
NOTES
(Cost
$2,417,704)
2,425,485
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$838,564,000)
830,272,321
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
1.2%
10,228,508
(h)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.340
(i)
10,228,508
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$10,228,508)
10,228,508
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 2.7%
22564842
REPURCHASE
AGREEMENTS
-
2
.7
%
22564842
21,875,000
(j)
Fixed
Income
Clearing
Corporation
4
.300
06/02/25
21,875,000
689,842
(k)
Fixed
Income
Clearing
Corporation
1
.360
06/02/25
689,842
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$22,564,842)
22,564,842
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$22,564,842)
22,564,842
TOTAL
INVESTMENTS
-
101
.0
%
(Cost
$
871,357,350
)
863,065,671
OTHER
ASSETS
&
LIABILITIES,
NET
-  (1.0)%
(
8,224,872
)
NET
ASSETS
-
100%
$
854,840,799
ADR
American
Depositary
Receipt
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$9,736,320.
(c)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$206,722,230
or
24.0%
of
Total
Investments.
(e)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(f)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(g)
When-issued
or
delayed
delivery
security.
(h)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(i)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(j)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.300%
dated
5/30/25
to
be
repurchased
at
$21,882,839
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.125%
and
maturity
date
10/31/31,
valued
at
$22,312,588.
(k)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.360%
dated
5/30/25
to
be
repurchased
at
$689,920
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.750%
and
maturity
date
8/15/27,
valued
at
$703,689.
Portfolio
of
Investments
May
31,
2025
(continued)
Flexible
Income
14
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Flexible
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
292,769,022
$
–
$
292,769,022
$25
Par
(or
similar)
Retail
Preferred
77,950,494
–
–
77,950,494
Common
Stocks
83,884,509
–
–
83,884,509
Convertible
Bonds
–
13,840,671
–
13,840,671
Convertible
Preferred
Securities
18,629,176
–
–
18,629,176
Corporate
Bonds
–
340,772,964
–
340,772,964
Structured
Notes
–
2,425,485
–
2,425,485
Investments
Purchased
with
Collateral
from
Securities
Lending
10,228,508
–
–
10,228,508
Short-Term
Investments:
Repurchase
Agreements
–
22,564,842
–
22,564,842
Total
$
190,692,687
$
672,372,984
$
–
$
863,065,671