|
Shares
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
$25 PAR PREFERRED SECURITIES – 32.9%
|
||||
|
|
Automobiles – 0.6%
|
|
|
|
|
85,348
|
Ford Motor Co. (a)
|
6.20
%
|
06/01/59
|
$1,740,246
|
|
161,910
|
Ford Motor Co. (a) (b)
|
6.00
%
|
12/01/59
|
3,175,055
|
|
65,437
|
Ford Motor Co. (b)
|
6.50
%
|
08/15/62
|
1,370,251
|
|
|
|
6,285,552
|
||
|
|
Banks – 1.7%
|
|
|
|
|
279,033
|
Bank of America Corp., Series KK (a)
|
5.38
%
|
(c)
|
5,842,951
|
|
18,022
|
Bank of America Corp., Series LL (a)
|
5.00
%
|
(c)
|
352,871
|
|
44,256
|
Bank of America Corp., Series NN
|
4.38
%
|
(c)
|
755,007
|
|
37,672
|
Bank of America Corp., Series SS (a)
|
4.75
%
|
(c)
|
695,425
|
|
2,079
|
Huntington Bancshares, Inc., Series J (d)
|
6.88
%
|
(c)
|
52,058
|
|
26,884
|
JPMorgan Chase & Co., Series GG (a)
|
4.75
%
|
(c)
|
519,937
|
|
20,133
|
JPMorgan Chase & Co., Series JJ
|
4.55
%
|
(c)
|
369,239
|
|
200,768
|
JPMorgan Chase & Co., Series LL (a)
|
4.63
%
|
(c)
|
3,752,354
|
|
72,798
|
Pinnacle Financial Partners, Inc., Series C (a)
|
6.75
%
|
(c)
|
1,749,336
|
|
31,761
|
Truist Financial Corp., Series R (a)
|
4.75
%
|
(c)
|
582,497
|
|
31,614
|
Wells Fargo & Co., Series AA (a)
|
4.70
%
|
(c)
|
573,478
|
|
49,276
|
Wells Fargo & Co., Series Z (a)
|
4.75
%
|
(c)
|
903,229
|
|
140,006
|
Wintrust Financial Corp., Series F (a) (d)
|
7.88
%
|
(c)
|
3,668,157
|
|
|
|
19,816,539
|
||
|
|
Capital Markets – 4.6%
|
|
|
|
|
112,837
|
Affiliated Managers Group, Inc. (a)
|
5.88
%
|
03/30/59
|
2,275,922
|
|
29,434
|
Affiliated Managers Group, Inc.
|
4.75
%
|
09/30/60
|
493,314
|
|
152,344
|
Affiliated Managers Group, Inc.
|
4.20
%
|
09/30/61
|
2,288,207
|
|
374,488
|
Affiliated Managers Group, Inc. (a)
|
6.75
%
|
03/30/64
|
8,594,500
|
|
201,259
|
Bank of New York Mellon (The) Corp., Series K (a) (d)
|
6.15
%
|
(c)
|
5,025,437
|
|
86,454
|
Brookfield Oaktree Holdings LLC, Series A (a)
|
6.63
%
|
(c)
|
1,810,347
|
|
70,985
|
Brookfield Oaktree Holdings LLC, Series B (a)
|
6.55
%
|
(c)
|
1,483,587
|
|
570,192
|
Carlyle Finance LLC
|
4.63
%
|
05/15/61
|
9,248,514
|
|
44,837
|
DigitalBridge Group, Inc., Series H
|
7.13
%
|
(c)
|
692,283
|
|
174,620
|
DigitalBridge Group, Inc., Series I
|
7.15
%
|
(c)
|
2,685,656
|
|
105,810
|
DigitalBridge Group, Inc., Series J
|
7.13
%
|
(c)
|
1,670,740
|
|
258,989
|
KKR Group Finance Co., IX LLC
|
4.63
%
|
04/01/61
|
4,208,571
|
|
58,805
|
Morgan Stanley, Series K (a)
|
5.85
%
|
(c)
|
1,363,100
|
|
68,527
|
Morgan Stanley, Series Q (a)
|
6.63
%
|
(c)
|
1,742,642
|
|
91,907
|
State Street Corp., Series G (a)
|
5.35
%
|
(c)
|
1,949,347
|
|
316,316
|
TPG Operating Group II, L.P. (a) (b)
|
6.95
%
|
03/15/64
|
7,243,636
|
|
|
|
52,775,803
|
||
|
|
Consumer Finance – 0.0%
|
|
|
|
|
17,460
|
Capital One Financial Corp., Series I (a)
|
5.00
%
|
(c)
|
315,502
|
|
|
Diversified REITs – 0.2%
|
|
|
|
|
84,783
|
Global Net Lease, Inc., Series A (a) (b)
|
7.25
%
|
(c)
|
1,945,770
|
|
|
Diversified Telecommunication Services – 0.6%
|
|
|
|
|
239,966
|
AT&T, Inc. (a) (b)
|
5.35
%
|
11/01/66
|
4,775,323
|
|
135,730
|
AT&T, Inc., Series C
|
4.75
%
|
(c)
|
2,327,770
|
|
|
|
7,103,093
|
||
|
|
Electric Utilities – 4.7%
|
|
|
|
|
993,927
|
NextEra Energy Capital Holdings, Inc., Series U (a) (b)
|
6.50
%
|
06/01/85
|
24,053,033
|
|
117,481
|
NextEra Energy Capital Holdings, Inc., Series Z (a) (b)
|
6.50
%
|
04/15/86
|
2,813,670
|
|
8,671
|
Southern (The) Co.
|
5.25
%
|
12/01/77
|
176,021
|
|
179,406
|
Southern (The) Co., Series 2020 (a)
|
4.95
%
|
01/30/80
|
3,372,833
|
|
Shares
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
$25 PAR PREFERRED SECURITIES (Continued)
|
||||
|
|
Electric Utilities (Continued)
|
|
|
|
|
18,721
|
Southern (The) Co. (b)
|
6.50
%
|
03/15/85
|
$472,705
|
|
9,923
|
Southern (The) Co., Series C
|
4.20
%
|
10/15/60
|
164,226
|
|
956,056
|
Xcel Energy, Inc. (a) (b)
|
6.25
%
|
10/15/85
|
22,256,984
|
|
|
|
53,309,472
|
||
|
|
Financial Services – 2.4%
|
|
|
|
|
291
|
Apollo Global Management, Inc. (d)
|
7.63
%
|
09/15/53
|
7,473
|
|
842,139
|
Corebridge Financial, Inc. (a) (b)
|
6.38
%
|
12/15/64
|
18,611,272
|
|
414,129
|
Equitable Holdings, Inc., Series A (a)
|
5.25
%
|
(c)
|
8,013,396
|
|
54,166
|
Voya Financial, Inc., Series B (a) (d)
|
5.35
%
|
(c)
|
1,284,276
|
|
|
|
27,916,417
|
||
|
|
Food Products – 0.2%
|
|
|
|
|
21,665
|
CHS, Inc., Series 2 (a)
|
7.10
%
|
(c)
|
545,525
|
|
74,933
|
CHS, Inc., Series 3 (a)
|
6.75
%
|
(c)
|
1,842,602
|
|
|
|
2,388,127
|
||
|
|
Independent Power & Renewable Electricity Producers – 0.4%
|
|
|
|
|
245,850
|
Brookfield BRP Holdings Canada, Inc.
|
4.63
%
|
(c)
|
3,712,335
|
|
51,772
|
Brookfield Renewable Partners, L.P., Series 17
|
5.25
%
|
(c)
|
881,677
|
|
|
|
4,594,012
|
||
|
|
Insurance – 9.7%
|
|
|
|
|
690,322
|
AEGON Funding Co., LLC (a)
|
5.10
%
|
12/15/49
|
12,529,344
|
|
35,711
|
Allstate (The) Corp., Series H (a)
|
5.10
%
|
(c)
|
692,079
|
|
311,441
|
American National Group, Inc. (a)
|
7.38
%
|
(c)
|
7,412,296
|
|
136,459
|
Arch Capital Group Ltd., Series G
|
4.55
%
|
(c)
|
2,244,751
|
|
21,879
|
Arch Capital Group Ltd., Series F
|
5.45
%
|
(c)
|
427,078
|
|
125,027
|
Aspen Insurance Holdings Ltd. (a)
|
5.63
%
|
(c)
|
2,410,521
|
|
361,969
|
Aspen Insurance Holdings Ltd. (a)
|
5.63
%
|
(c)
|
6,841,214
|
|
76,942
|
Assurant, Inc. (a)
|
5.25
%
|
01/15/61
|
1,469,592
|
|
523,893
|
Athene Holding Ltd. (a) (b) (d)
|
7.25
%
|
03/30/64
|
12,934,918
|
|
105,713
|
Athene Holding Ltd., Series A (a) (d)
|
6.35
%
|
(c)
|
2,526,541
|
|
362,117
|
Athene Holding Ltd., Series E (a) (d)
|
7.75
%
|
(c)
|
9,096,379
|
|
6,577
|
Athene Holding Ltd., Series B
|
5.63
%
|
(c)
|
122,858
|
|
156,492
|
CNO Financial Group, Inc.
|
5.13
%
|
11/25/60
|
2,580,553
|
|
766,804
|
Enstar Group Ltd., Series D (a) (d)
|
7.00
%
|
(c)
|
17,490,799
|
|
413,219
|
F&G Annuities & Life, Inc. (a)
|
7.95
%
|
12/15/53
|
10,177,584
|
|
795,833
|
F&G Annuities & Life, Inc. (a) (b)
|
7.30
%
|
01/15/65
|
16,513,535
|
|
12,379
|
MetLife, Inc., Series F (a)
|
4.75
%
|
(c)
|
225,298
|
|
193,528
|
Phoenix (The) Cos., Inc.
|
7.45
%
|
01/15/32
|
3,483,504
|
|
2,799
|
Prudential Financial, Inc.
|
5.63
%
|
08/15/58
|
60,402
|
|
5,753
|
Prudential Financial, Inc.
|
5.95
%
|
09/01/62
|
128,119
|
|
92,716
|
RenaissanceRe Holdings Ltd., Series G
|
4.20
%
|
(c)
|
1,416,701
|
|
41,612
|
W.R. Berkley Corp. (a)
|
5.10
%
|
12/30/59
|
770,238
|
|
|
|
111,554,304
|
||
|
|
Mortgage REITs – 1.4%
|
|
|
|
|
86,267
|
AGNC Investment Corp., Series E, 3 Mo. CME Term SOFR + CSA
+ 4.99% (a) (e)
|
9.07
%
|
(c)
|
2,201,534
|
|
150,963
|
AGNC Investment Corp., Series F, 3 Mo. CME Term SOFR + CSA
+ 4.70% (a) (e)
|
8.71
%
|
(c)
|
3,784,642
|
|
121,788
|
AGNC Investment Corp., Series H (a) (b)
|
8.75
%
|
(c)
|
3,098,287
|
|
118,459
|
Annaly Capital Management, Inc., Series F, 3 Mo. CME Term
SOFR + CSA + 4.99% (a) (e)
|
9.07
%
|
(c)
|
3,059,796
|
|
Shares
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
$25 PAR PREFERRED SECURITIES (Continued)
|
||||
|
|
Mortgage REITs (Continued)
|
|
|
|
|
157,984
|
Annaly Capital Management, Inc., Series J (a)
|
8.88
%
|
(c)
|
$4,120,223
|
|
|
|
16,264,482
|
||
|
|
Multi-Utilities – 2.8%
|
|
|
|
|
195,763
|
Brookfield Infrastructure Finance ULC
|
5.00
%
|
05/24/81
|
3,163,530
|
|
81,694
|
Brookfield Infrastructure Partners, L.P., Series 13
|
5.13
%
|
(c)
|
1,429,645
|
|
167,428
|
CMS Energy Corp. (a) (b)
|
5.88
%
|
10/15/78
|
3,656,628
|
|
182,493
|
CMS Energy Corp. (a) (b)
|
5.88
%
|
03/01/79
|
4,034,920
|
|
744,257
|
DTE Energy Co., Series H (a)
|
6.25
%
|
10/01/85
|
17,624,006
|
|
77,678
|
Sempra (a)
|
5.75
%
|
07/01/79
|
1,619,586
|
|
|
|
31,528,315
|
||
|
|
Oil, Gas & Consumable Fuels – 0.3%
|
|
|
|
|
155,939
|
TransCanada PipeLines Ltd. (a) (b)
|
6.25
%
|
11/01/85
|
3,583,478
|
|
|
Real Estate Management & Development – 0.4%
|
|
|
|
|
214,247
|
Brookfield Property Partners, L.P., Series A
|
5.75
%
|
(c)
|
2,986,603
|
|
89,616
|
Brookfield Property Partners, L.P., Series A2
|
6.38
%
|
(c)
|
1,357,682
|
|
|
|
4,344,285
|
||
|
|
Specialized REITs – 0.1%
|
|
|
|
|
70,483
|
Public Storage, Series L (a) (b)
|
4.63
%
|
(c)
|
1,253,188
|
|
|
Wireless Telecommunication Services – 2.8%
|
|
|
|
|
24,043
|
T-Mobile USA, Inc. (a) (b)
|
6.25
%
|
09/01/69
|
554,431
|
|
906,161
|
T-Mobile USA, Inc. (a) (b)
|
5.50
%
|
03/01/70
|
18,503,808
|
|
654,044
|
T-Mobile USA, Inc. (a) (b)
|
5.50
%
|
06/01/70
|
13,571,413
|
|
|
|
32,629,652
|
||
|
|
Total $25 Par Preferred Securities
|
377,607,991
|
||
|
|
(Cost $418,686,803)
|
|
|
|
|
$1,000 PAR PREFERRED SECURITIES – 2.7%
|
||||
|
|
Banks – 2.7%
|
|
|
|
|
26,803
|
Wells Fargo & Co., Series L
|
7.50
%
|
(c)
|
31,778,709
|
|
|
(Cost $35,414,234)
|
|
|
|
|
$1,000,000 PAR PREFERRED SECURITIES – 1.1%
|
||||
|
|
Mortgage REITs – 1.1%
|
|
|
|
|
12
|
FT Real Estate Securities Co., Inc. (f) (g) (h)
|
9.50
%
|
(c)
|
12,552,000
|
|
|
(Cost $15,990,000)
|
|
|
|
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES – 117.9%
|
||||
|
|
Banks – 68.2%
|
|
|
|
|
$4,450,000
|
Banco Bilbao Vizcaya Argentaria S.A. (d) (i)
|
7.13
%
|
(c)
|
4,450,948
|
|
9,400,000
|
Banco Bilbao Vizcaya Argentaria S.A. (d) (i)
|
7.75
%
|
(c)
|
9,835,032
|
|
7,900,000
|
Banco Bilbao Vizcaya Argentaria S.A. (a) (d) (i)
|
9.38
%
|
(c)
|
8,566,152
|
|
3,300,000
|
Banco de Credito e Inversiones S.A. (d) (i) (j)
|
8.75
%
|
(c)
|
3,480,378
|
|
2,000,000
|
Banco de Credito e Inversiones S.A. (d) (i) (k)
|
8.75
%
|
(c)
|
2,109,320
|
|
5,700,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
7.50
%
|
(c)
|
5,658,789
|
|
8,000,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
7.63
%
|
(c)
|
8,015,056
|
|
7,400,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
8.38
%
|
(c)
|
7,653,487
|
|
4,420,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
8.45
%
|
(c)
|
4,420,000
|
|
5,400,000
|
Banco Mercantil del Norte S.A. (d) (i) (j)
|
8.75
%
|
(c)
|
5,554,715
|
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES (Continued)
|
||||
|
|
Banks (Continued)
|
|
|
|
|
$5,300,000
|
Banco Santander S.A. (a) (d) (i)
|
7.25
%
|
(c)
|
$5,317,145
|
|
26,800,000
|
Banco Santander S.A. (a) (d) (i)
|
9.63
%
|
(c)
|
29,108,284
|
|
15,600,000
|
Banco Santander S.A. (a) (d) (i)
|
9.63
%
|
(c)
|
18,210,254
|
|
46,283,000
|
Bank of America Corp. (a) (d)
|
6.63
%
|
(c)
|
47,277,113
|
|
21,040,000
|
Bank of Montreal (a) (d)
|
7.70
%
|
05/26/84
|
21,835,775
|
|
16,100,000
|
Bank of Montreal (a) (d)
|
7.30
%
|
11/26/84
|
16,667,074
|
|
1,257,000
|
Bank of Montreal, Series 6 (a) (d)
|
6.88
%
|
11/26/85
|
1,265,363
|
|
19,466,000
|
Bank of Nova Scotia (The) (d)
|
8.00
%
|
01/27/84
|
20,429,450
|
|
9,600,000
|
Bank of Nova Scotia (The) (d)
|
7.35
%
|
04/27/85
|
9,907,594
|
|
6,420,000
|
Bank of Nova Scotia (The) (d)
|
6.88
%
|
10/27/85
|
6,377,953
|
|
5,300,000
|
Barclays PLC (d) (i)
|
7.63
%
|
(c)
|
5,481,096
|
|
34,000,000
|
Barclays PLC (a) (d) (i)
|
8.00
%
|
(c)
|
35,790,542
|
|
8,700,000
|
Barclays PLC (a) (d) (i)
|
9.63
%
|
(c)
|
9,609,968
|
|
8,550,000
|
BBVA Mexico S.A. (b) (d) (i) (j)
|
5.88
%
|
09/13/34
|
8,360,383
|
|
3,850,000
|
BBVA Mexico S.A. (d) (i) (j)
|
7.63
%
|
02/11/35
|
3,946,250
|
|
9,900,000
|
BBVA Mexico S.A. (d) (i) (j)
|
8.45
%
|
06/29/38
|
10,616,938
|
|
11,200,000
|
BNP Paribas S.A. (a) (d) (i) (j)
|
7.20
%
|
(c)
|
11,125,479
|
|
3,000,000
|
BNP Paribas S.A. (a) (d) (i) (j)
|
7.38
%
|
(c)
|
3,069,339
|
|
21,210,000
|
BNP Paribas S.A. (a) (d) (i) (j)
|
7.75
%
|
(c)
|
22,139,656
|
|
8,860,000
|
BNP Paribas S.A. (a) (d) (i) (j)
|
8.00
%
|
(c)
|
9,404,394
|
|
23,200,000
|
BNP Paribas S.A. (a) (d) (i) (j)
|
8.50
%
|
(c)
|
24,386,448
|
|
5,100,000
|
Canadian Imperial Bank of Commerce (a) (d)
|
6.95
%
|
01/28/85
|
5,141,157
|
|
13,200,000
|
Canadian Imperial Bank of Commerce (a) (d)
|
7.00
%
|
10/28/85
|
13,375,652
|
|
9,440,000
|
Citigroup, Inc. (a) (d)
|
6.63
%
|
(c)
|
9,489,126
|
|
3,813,000
|
Citigroup, Inc., Series BB (a) (d)
|
7.20
%
|
(c)
|
3,889,066
|
|
6,913,000
|
Citigroup, Inc., Series DD (a) (d)
|
7.00
%
|
(c)
|
7,070,340
|
|
7,700,000
|
Citigroup, Inc., Series FF (a) (d)
|
6.95
%
|
(c)
|
7,773,366
|
|
20,124,000
|
Citigroup, Inc., Series GG (a) (d)
|
6.88
%
|
(c)
|
20,331,760
|
|
11,200,000
|
Citigroup, Inc., Series Z (a) (d)
|
7.38
%
|
(c)
|
11,468,576
|
|
4,000,000
|
CoBank ACB (a) (d)
|
7.25
%
|
(c)
|
4,036,174
|
|
3,550,000
|
CoBank ACB, Series N (a) (d)
|
6.75
%
|
(c)
|
3,571,980
|
|
11,400,000
|
Commerzbank AG (a) (d) (i) (k)
|
7.50
%
|
(c)
|
11,852,518
|
|
14,849,000
|
Credit Agricole S.A. (a) (d) (i) (j)
|
6.70
%
|
(c)
|
14,763,415
|
|
23,351,000
|
Credit Agricole S.A. (d) (i) (j)
|
7.13
%
|
(c)
|
23,727,488
|
|
2,000,000
|
Farm Credit Bank of Texas (a) (d)
|
7.75
%
|
(c)
|
2,076,596
|
|
3,450,000
|
Farm Credit Bank of Texas, Series 3 (a) (d) (j)
|
6.20
%
|
(c)
|
3,464,300
|
|
2,240,000
|
Farm Credit Bank of Texas, Series 6 (a) (d)
|
7.00
%
|
(c)
|
2,281,048
|
|
9,200,000
|
First Citizens BancShares, Inc., Series D (a) (d)
|
7.00
%
|
(c)
|
9,249,680
|
|
4,400,000
|
HSBC Holdings PLC (a) (d) (i)
|
6.75
%
|
(c)
|
4,426,246
|
|
15,000,000
|
HSBC Holdings PLC (a) (d) (i)
|
6.95
%
|
(c)
|
15,384,405
|
|
4,400,000
|
HSBC Holdings PLC (d) (i)
|
7.00
%
|
(c)
|
4,474,919
|
|
11,940,000
|
HSBC Holdings PLC (d) (i)
|
7.05
%
|
(c)
|
12,216,459
|
|
14,792,000
|
Huntington Bancshares, Inc., Series K (a) (d)
|
6.25
%
|
(c)
|
14,749,668
|
|
15,925,000
|
ING Groep N.V. (a) (d) (i)
|
7.00
%
|
(c)
|
16,240,204
|
|
6,360,000
|
ING Groep N.V. (d) (i) (k)
|
7.25
%
|
(c)
|
6,611,782
|
|
7,085,000
|
ING Groep N.V. (a) (d) (i) (k)
|
8.00
%
|
(c)
|
7,510,839
|
|
16,521,000
|
JPMorgan Chase & Co., Series NN (a) (d)
|
6.88
%
|
(c)
|
17,069,580
|
|
6,200,000
|
JPMorgan Chase & Co., Series PP (a) (d)
|
6.10
%
|
(c)
|
6,177,871
|
|
2,800,000
|
Lloyds Banking Group PLC (d) (i)
|
6.63
%
|
(c)
|
2,754,187
|
|
18,652,000
|
Lloyds Banking Group PLC (a) (d) (i)
|
8.00
%
|
(c)
|
19,690,002
|
|
12,050,000
|
Mitsubishi UFJ Financial Group, Inc. (d) (i)
|
6.35
%
|
(c)
|
11,931,548
|
|
10,170,000
|
NatWest Group PLC (d) (i)
|
8.13
%
|
(c)
|
11,072,567
|
|
3,720,000
|
Nordea Bank Abp (d) (i) (j)
|
6.75
%
|
(c)
|
3,710,484
|
|
14,390,000
|
PNC Financial Services Group (The), Inc., Series W (a) (d)
|
6.25
%
|
(c)
|
14,549,643
|
|
16,150,000
|
Royal Bank of Canada (a) (d)
|
6.75
%
|
08/24/85
|
16,380,574
|
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES (Continued)
|
||||
|
|
Banks (Continued)
|
|
|
|
|
$10,410,000
|
Royal Bank of Canada (a) (d)
|
6.50
%
|
11/24/85
|
$10,113,095
|
|
20,300,000
|
Societe Generale S.A. (a) (d) (i) (j)
|
9.38
%
|
(c)
|
21,167,500
|
|
8,000,000
|
Societe Generale S.A. (a) (d) (i) (j)
|
10.00
%
|
(c)
|
8,699,512
|
|
65,000
|
Standard Chartered PLC (d) (k)
|
7.01
%
|
(c)
|
65,912
|
|
5,660,000
|
Sumitomo Mitsui Financial Group, Inc. (a) (d) (i)
|
6.60
%
|
(c)
|
5,649,031
|
|
3,600,000
|
Swedbank AB (d) (i) (k)
|
7.75
%
|
(c)
|
3,776,580
|
|
2,964,000
|
Toronto-Dominion Bank (The) (a) (d)
|
8.13
%
|
10/31/82
|
3,055,917
|
|
6,100,000
|
Toronto-Dominion Bank (The) (a) (d)
|
6.35
%
|
10/31/85
|
6,102,356
|
|
6,160,000
|
Wells Fargo & Co., Series GG (a) (d)
|
6.13
%
|
(c)
|
6,159,736
|
|
|
|
783,373,234
|
||
|
|
Capital Markets – 8.8%
|
|
|
|
|
2,700,000
|
Bank of New York Mellon (The) Corp. (a) (d)
|
5.95
%
|
(c)
|
2,709,707
|
|
7,100,000
|
Charles Schwab (The) Corp., Series L (a) (d)
|
6.10
%
|
(c)
|
7,007,059
|
|
28,250,000
|
Credit Suisse Group AG, Claim (g) (h) (l) (m)
|
|
|
10,065,475
|
|
6,400,000
|
Credit Suisse Group AG, Claim (g) (h) (l) (m)
|
|
|
2,280,320
|
|
15,730,000
|
Credit Suisse Group AG, Claim (g) (h) (l) (m)
|
|
|
5,604,599
|
|
19,220,000
|
Credit Suisse Group AG, Claim (g) (h) (l) (m)
|
|
|
6,848,086
|
|
6,600,000
|
Deutsche Bank AG (d) (i) (k)
|
8.13
%
|
(c)
|
6,957,200
|
|
4,500,000
|
Goldman Sachs Group (The), Inc., Series AA (a) (d)
|
6.50
%
|
(c)
|
4,468,436
|
|
22,724,000
|
Goldman Sachs Group (The), Inc., Series X (a) (d)
|
7.50
%
|
(c)
|
23,521,112
|
|
5,400,000
|
Goldman Sachs Group (The), Inc., Series Y (a) (d)
|
6.13
%
|
(c)
|
5,327,446
|
|
9,300,000
|
Nomura Holdings, Inc. (a) (d) (i)
|
7.00
%
|
(c)
|
9,462,183
|
|
8,064,000
|
State Street Corp., Series I (a) (d)
|
6.70
%
|
(c)
|
8,249,149
|
|
9,011,000
|
State Street Corp., Series J (a) (d)
|
6.70
%
|
(c)
|
9,257,910
|
|
|
|
101,758,682
|
||
|
|
Diversified Telecommunication Services – 3.8%
|
|
|
|
|
17,315,000
|
Bell Canada (a) (b) (d)
|
7.00
%
|
09/15/55
|
17,462,437
|
|
6,940,000
|
TELUS Corp. (a) (b) (d)
|
7.00
%
|
10/15/55
|
6,999,045
|
|
6,927,000
|
TELUS Corp. (a) (b) (d)
|
6.63
%
|
06/09/56
|
6,771,314
|
|
6,236,000
|
Verizon Communications, Inc. (a) (b) (d)
|
6.20
%
|
05/14/56
|
6,105,789
|
|
6,236,000
|
Verizon Communications, Inc. (a) (d)
|
6.05
%
|
05/14/58
|
6,135,130
|
|
|
|
43,473,715
|
||
|
|
Electric Utilities – 9.2%
|
|
|
|
|
11,170,000
|
American Electric Power Co., Inc. (a) (b) (d)
|
6.95
%
|
12/15/54
|
11,788,047
|
|
14,283,000
|
American Electric Power Co., Inc., Series D (a) (b) (d)
|
6.05
%
|
03/15/56
|
14,041,989
|
|
7,600,000
|
Duke Energy Corp. (a) (b) (d)
|
6.45
%
|
09/01/54
|
7,787,811
|
|
4,950,000
|
Emera US Finance LLC, Series A (a) (b) (d)
|
6.65
%
|
10/01/56
|
4,986,303
|
|
7,615,000
|
Emera US Finance LLC, Series B (a) (b) (d)
|
6.85
%
|
10/01/56
|
7,676,948
|
|
7,350,000
|
Entergy Corp. (a) (d)
|
6.10
%
|
06/15/56
|
7,226,743
|
|
7,140,000
|
EUSHI Finance, Inc. (a) (b) (d)
|
7.63
%
|
12/15/54
|
7,420,888
|
|
6,424,000
|
EUSHI Finance, Inc. (a) (d)
|
6.25
%
|
04/01/56
|
6,345,014
|
|
2,600,000
|
Eversource Energy, Series A (a) (d)
|
6.10
%
|
08/15/56
|
2,586,739
|
|
9,115,000
|
Eversource Energy, Series B (a) (b) (d)
|
6.35
%
|
08/15/56
|
9,075,568
|
|
9,965,000
|
NextEra Energy Capital Holdings, Inc. (a) (d)
|
6.75
%
|
06/15/54
|
10,234,762
|
|
4,860,000
|
NextEra Energy Capital Holdings, Inc. (a) (b) (d)
|
6.50
%
|
08/15/55
|
4,894,409
|
|
2,200,000
|
NextEra Energy Capital Holdings, Inc., Series BB (a) (d)
|
6.20
%
|
10/01/56
|
2,150,880
|
|
9,400,000
|
Southern (The) Co., Series 2025 (a) (b) (d)
|
6.38
%
|
03/15/55
|
9,521,702
|
|
|
|
105,737,803
|
||
|
|
Financial Services – 2.9%
|
|
|
|
|
15,000,000
|
American AgCredit Corp. (a) (d) (j)
|
8.75
%
|
(c)
|
14,998,050
|
|
9,350,000
|
Capital Farm Credit ACA, Series 1 (a) (d) (j)
|
8.39
%
|
(c)
|
9,222,934
|
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES (Continued)
|
||||
|
|
Financial Services (Continued)
|
|
|
|
|
$3,800,000
|
Compeer Financial ACA (a) (d) (j)
|
4.88
%
|
(c)
|
$3,762,817
|
|
4,590,000
|
Compeer Financial ACA (a) (d) (j)
|
7.88
%
|
(c)
|
4,677,577
|
|
505,000
|
Corebridge Financial, Inc. (a) (d)
|
6.88
%
|
(c)
|
518,372
|
|
|
|
33,179,750
|
||
|
|
Food Products – 4.7%
|
|
|
|
|
4,000,000
|
Dairy Farmers of America, Inc. (a) (f)
|
7.13
%
|
(c)
|
4,025,084
|
|
7,329,000
|
Land O’Lakes Capital Trust I (a) (b) (f)
|
7.45
%
|
03/15/28
|
7,510,796
|
|
10,000,000
|
Land O’Lakes, Inc. (a) (j)
|
7.25
%
|
(c)
|
9,200,000
|
|
33,000,000
|
Land O’Lakes, Inc. (a) (j)
|
8.00
%
|
(c)
|
33,000,000
|
|
|
|
53,735,880
|
||
|
|
Gas Utilities – 1.1%
|
|
|
|
|
6,820,000
|
AltaGas Ltd. (a) (b) (d) (j)
|
7.20
%
|
10/15/54
|
7,058,400
|
|
5,505,000
|
Spire, Inc. (b) (d)
|
6.45
%
|
06/01/56
|
5,488,773
|
|
|
|
12,547,173
|
||
|
|
Independent Power & Renewable Electricity Producers – 1.0%
|
|
|
|
|
11,233,000
|
AES (The) Corp. (a) (b) (d)
|
6.95
%
|
07/15/55
|
11,041,612
|
|
|
Insurance – 12.1%
|
|
|
|
|
2,600,000
|
Allianz SE (a) (d) (i) (j)
|
6.50
%
|
(c)
|
2,581,111
|
|
7,400,000
|
Allianz SE (a) (d) (i) (j)
|
6.55
%
|
(c)
|
7,458,534
|
|
5,570,000
|
American National Group, Inc. (a) (d)
|
7.00
%
|
12/01/55
|
5,362,793
|
|
15,935,000
|
Assurant, Inc. (a) (b) (d)
|
7.00
%
|
03/27/48
|
16,127,257
|
|
5,150,000
|
Assured Guaranty Municipal Holdings, Inc. (b) (d) (j)
|
6.40
%
|
12/15/66
|
4,945,060
|
|
7,200,000
|
CNP Assurances S.A. (d) (i) (k)
|
4.88
%
|
(c)
|
6,723,191
|
|
15,300,000
|
Fortegra Financial Corp. (d) (f)
|
8.50
%
|
10/15/57
|
14,963,969
|
|
10,063,000
|
Global Atlantic Fin Co. (a) (b) (d) (j)
|
7.95
%
|
10/15/54
|
10,078,819
|
|
8,781,000
|
Global Atlantic Fin Co. (a) (b) (d) (j)
|
7.25
%
|
03/01/56
|
8,442,586
|
|
29,237,000
|
Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR +
CSA + 2.13% (a) (b) (e) (j)
|
6.04
%
|
02/12/47
|
28,995,334
|
|
8,183,000
|
Kuvare US Holdings, Inc. (a) (d) (j)
|
10.47
%
|
02/17/51
|
8,231,067
|
|
2,465,000
|
Liberty Mutual Group, Inc. (j)
|
4.30
%
|
02/01/61
|
1,511,726
|
|
10,900,000
|
Meiji Yasuda Life Insurance Co. (a) (b) (d) (j)
|
6.10
%
|
06/11/55
|
10,903,087
|
|
2,442,000
|
Nationwide Financial Services Capital Trust (b) (m)
|
7.90
%
|
03/01/37
|
2,672,248
|
|
2,910,000
|
Nationwide Financial Services, Inc. (a) (b)
|
6.75
%
|
05/15/37
|
2,888,152
|
|
4,796,000
|
Nippon Life Insurance Co. (a) (b) (d) (j)
|
6.50
%
|
04/30/55
|
4,944,225
|
|
2,600,000
|
Reinsurance Group of America, Inc. (a) (d)
|
6.38
%
|
09/15/56
|
2,538,394
|
|
|
|
139,367,553
|
||
|
|
Multi-Utilities – 4.1%
|
|
|
|
|
450,000
|
CenterPoint Energy, Inc., Series B (b) (d)
|
6.85
%
|
02/15/55
|
467,992
|
|
16,470,000
|
Dominion Energy, Inc. (a) (d)
|
6.63
%
|
05/15/55
|
16,602,369
|
|
8,693,000
|
Dominion Energy, Inc. (a) (d)
|
6.20
%
|
02/15/56
|
8,561,971
|
|
1,688,000
|
Dominion Energy, Inc., Series A (a) (d)
|
6.88
%
|
02/01/55
|
1,727,106
|
|
4,165,000
|
Dominion Energy, Inc., Series B (b) (d)
|
7.00
%
|
06/01/54
|
4,347,698
|
|
7,000,000
|
NiSource, Inc. (a) (b) (d)
|
6.38
%
|
03/31/55
|
7,109,585
|
|
8,000,000
|
Sempra (a) (b) (d)
|
6.40
%
|
10/01/54
|
7,964,503
|
|
|
|
46,781,224
|
||
|
|
Oil, Gas & Consumable Fuels – 1.2%
|
|
|
|
|
2,500,000
|
Enbridge, Inc. (a) (b) (d)
|
7.63
%
|
01/15/83
|
2,693,630
|
|
10,415,000
|
Enbridge, Inc. (a) (b) (d)
|
8.50
%
|
01/15/84
|
11,774,501
|
|
|
|
14,468,131
|
||
|
Par
Amount
|
Description
|
Stated
Rate
|
Stated
Maturity
|
Value
|
|
CAPITAL PREFERRED SECURITIES (Continued)
|
||||
|
|
Wireless Telecommunication Services – 0.8%
|
|
|
|
|
$8,687,000
|
Rogers Communications, Inc. (a) (d)
|
7.13
%
|
04/15/55
|
$8,771,341
|
|
|
Total Capital Preferred Securities
|
1,354,236,098
|
||
|
|
(Cost $1,368,672,102)
|
|
|
|
|
Shares
|
Description
|
Value
|
|
EXCHANGE-TRADED FUNDS – 0.4%
|
||
|
|
Capital Markets – 0.4%
|
|
|
393,289
|
Invesco Preferred ETF
|
4,219,991
|
|
|
(Cost $4,328,147)
|
|
|
|
Total Investments – 155.0%
|
1,780,394,789
|
|
|
(Cost $1,843,091,286)
|
|
|
REVERSE REPURCHASE AGREEMENT – (8.7)%
|
||
|
(100,000,000
)
|
Scotia Bank, due 10/15/26 , 1 month CME Term SOFR + 80 bps
|
(100,000,000
)
|
|
|
Outstanding Loan – (47.8)%
|
(549,242,000
)
|
|
|
Net Other Assets and Liabilities – 1.5%
|
17,459,470
|
|
|
Net Assets – 100.0%
|
$1,148,612,259
|
|
(a)
|
All or a portion of this security serves as collateral on the outstanding loan. At
July 31, 2026, the segregated value of these
securities amounts to $863,605,310.
|
|
(b)
|
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 July 31, 2026, securities noted as
such are valued at $153,611,199.
|
|
(c)
|
Perpetual maturity.
|
|
(d)
|
Fixed-to-variable rate security. The interest rate shown reflects the fixed rate in
effect at July 31, 2026. At a predetermined date,
the fixed rate will change to 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
July 31, 2026, securities noted as such are valued at $37,350,480 or 3.3% 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 July 31, 2026, securities noted as such amounted to
$495,151,958 or 27.5% of managed assets. Of
these securities, 5.8% originated in emerging markets, and 94.2% 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 July 31, 2026, securities noted as such amounted to $373,375,338 or 32.5% 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.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
CME
|
– Chicago Mercantile Exchange
|
|
CSA
|
– Credit Spread Adjustment
|
|
REITs
|
– Real Estate Investment Trusts
|
|
SOFR
|
– Secured Overnight Financing Rate
|
|
Country Allocation†
|
% of Total
Investments
|
|
United States
|
56.4%
|
|
Canada
|
11.4
|
|
France
|
8.2
|
|
United Kingdom
|
6.8
|
|
Spain
|
4.2
|
|
Japan
|
2.4
|
|
Bermuda
|
2.1
|
|
Cayman Islands
|
1.8
|
|
Netherlands
|
1.7
|
|
Germany
|
1.6
|
|
Switzerland
|
1.4
|
|
Mexico
|
1.3
|
|
Chile
|
0.3
|
|
Sweden
|
0.2
|
|
Finland
|
0.2
|
|
Total
|
100.0%
|
|
† Portfolio securities are categorized based
upon their country of incorporation.
|
|
|
ASSETS TABLE
|
||||
|
|
Total
Value at
7/31/2026
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
$25 Par Preferred Securities:
|
|
|
|
|
|
Insurance
|
$111,554,304
|
$90,580,001
|
$20,974,303
|
$—
|
|
Other Industry Categories*
|
266,053,687
|
266,053,687
|
—
|
—
|
|
$1,000 Par Preferred Securities*
|
31,778,709
|
31,778,709
|
—
|
—
|
|
$1,000,000 Par Preferred Securities*
|
12,552,000
|
—
|
—
|
12,552,000
|
|
Capital Preferred Securities:
|
|
|
|
|
|
Capital Markets
|
101,758,682
|
—
|
76,960,202
|
24,798,480
|
|
Other Industry Categories*
|
1,252,477,416
|
—
|
1,252,477,416
|
—
|
|
Exchange-Traded Funds*
|
4,219,991
|
4,219,991
|
—
|
—
|
|
Total Investments
|
$1,780,394,789
|
$392,632,388
|
$1,350,411,921
|
$37,350,480
|
|
|
||||
|
LIABILITIES TABLE
|
||||
|
|
Total
Value at
7/31/2026
|
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, 2025
|
|
|
$1,000,000 Par Preferred Securities
|
$12,360,000
|
|
Capital Preferred Securities
|
23,872,800
|
|
Net Realized Gain (Loss)
|
—
|
|
Change in Unrealized Appreciation/Depreciation:
|
|
|
$1,000,000 Par Preferred Securities
|
192,000
|
|
Capital Preferred Securities
|
925,680
|
|
Purchases
|
—
|
|
Sales
|
—
|
|
Transfers In
|
—
|
|
Transfers Out
|
—
|
|
Ending Balance at July 31, 2026
|
|
|
$1,000,000 Par Preferred Securities
|
12,552,000
|
|
Capital Preferred Securities
|
24,798,480
|
|
Total Level 3 holdings
|
$37,350,480
|
|
Security
|
Acquisition
Date
|
Par Amount/
Shares
|
Current Price
|
Carrying
Cost
|
Value
|
% of
Net
Assets
|
|
Dairy Farmers of America, Inc.,
7.13%
|
9/15/16
|
$4,000,000
|
$100.63
|
$4,000,000
|
$4,025,084
|
0.35
%
|
|
Fortegra Financial Corp., 8.50%,
10/15/57
|
10/12/17 - 3/12/18
|
$15,300,000
|
97.80
|
15,343,809
|
14,963,969
|
1.30
|
|
FT Real Estate Securities Co., Inc.,
9.50%
|
6/15/16
|
12
|
1,046,000
|
15,990,000
|
12,552,000
|
1.09
|
|
Land O’Lakes Capital Trust I,
7.45%, 03/15/28
|
3/20/15 - 2/25/19
|
$7,329,000
|
102.48
|
7,447,256
|
7,510,796
|
0.65
|
|
|
|
|
|
$42,781,065
|
$39,051,849
|
3.39
%
|