Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
26 Décembre 2024 - 7:16PM
Edgar (US Regulatory)
Portfolio
of
Investments
October
31,
2024
NPFD
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
157.0%
(99.6%
of
Total
Investments)
532293474
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
108.2%
(68.7%
of
Total
Investments)
532293474
AUTOMOBILES
&
COMPONENTS
-
3.7%
(2.3%
of
Total
Investments)
$
10,476,000
(a)
General
Motors
Financial
Co
Inc
5.750
%
N/A
$
10,150,893
8,195,000
(a)
General
Motors
Financial
Co
Inc
5.700
N/A
7,908,980
TOTAL
AUTOMOBILES
&
COMPONENTS
18,059,873
BANKS
-
38.3%
(24.3%
of
Total
Investments)
5,000,000
(a)
Bank
of
America
Corp
5.875
N/A
5,046,185
1,775,000
(a)
Bank
of
America
Corp
6.300
N/A
1,798,982
2,219,000
(a)
Bank
of
America
Corp
6.100
N/A
2,216,114
1,470,000
Bank
of
Montreal
7.700
05/26/84
1,537,388
1,206,000
Bank
of
Montreal
7.300
11/26/84
1,255,289
3,090,000
(b)
Bank
of
Nova
Scotia/The
8.000
01/27/84
3,264,604
3,014,000
(a)
Citigroup
Inc
7.000
N/A
3,189,774
3,375,000
(a)
Citigroup
Inc
5.950
N/A
3,362,871
2,875,000
(a)
Citigroup
Inc
6.250
N/A
2,909,474
5,351,000
(a)
Citigroup
Inc
7.125
N/A
5,497,553
1,650,000
(a)
Citigroup
Inc
7.375
N/A
1,725,301
13,100,000
(a)
Citigroup
Inc
7.625
N/A
13,938,617
2,500,000
(a),(c)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
8.008
N/A
2,484,698
3,680,000
(a)
Citizens
Financial
Group
Inc
4.000
N/A
3,488,100
6,050,000
(a)
CoBank
ACB
6.450
N/A
6,076,723
50,000
(a),(d)
Farm
Credit
Bank
of
Texas
5.700
N/A
49,498
50,000
(a),(d)
Farm
Credit
Bank
of
Texas
6.200
N/A
49,250
2,224,000
(a),(c)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7.898
N/A
2,215,002
3,271,000
(a)
Fifth
Third
Bancorp
4.500
N/A
3,221,992
7,070,000
(a),(c)
First
Citizens
BancShares
Inc
/NC
(TSFR3M
+
4.234%)
9.180
N/A
7,211,294
8,400,000
(a)
Huntington
Bancshares
Inc
/OH
5.625
N/A
8,365,615
17,767,000
(a)
JPMorgan
Chase
&
Co
6.875
N/A
18,774,051
1,755,000
(a)
KeyCorp
5
.000
N/A
1,686,962
8,000,000
(a)
M&T
Bank
Corp
5.125
N/A
7,878,307
3,534,000
(a)
PNC
Financial
Services
Group
Inc
/The
5.000
N/A
3,490,582
5,735,000
(a)
PNC
Financial
Services
Group
Inc
/The
6.250
N/A
5,741,286
3,990,000
(a)
PNC
Financial
Services
Group
Inc
/The
6.200
N/A
4,023,344
3,057,000
(a),(c)
PNC
Financial
Services
Group
Inc
/The
(TSFR3M
+
3.302%)
8.317
N/A
3,064,432
2,445,000
(a)
PNC
Financial
Services
Group
Inc
/The
6.000
N/A
2,447,672
2,470,000
(a)
Regions
Financial
Corp
5.750
N/A
2,462,164
3,495,000
Toronto-Dominion
Bank/The
8.125
10/31/82
3,682,524
8,195,000
(a)
Truist
Financial
Corp
5.100
N/A
7,954,404
8,209,000
(a)
Truist
Financial
Corp
6.669
N/A
8,165,167
7,970,000
(a),(c)
Truist
Financial
Corp
(TSFR3M
+
3.364%)
8.310
N/A
7,974,368
5,000,000
(a)
US
Bancorp
5.300
N/A
4,937,104
12,345,000
(a)
Wells
Fargo
&
Co
7.625
N/A
13,268,332
7,874,000
(a)
Wells
Fargo
&
Co
6.850
N/A
8,118,196
4,608,000
(a)
Wells
Fargo
&
Co
3.900
N/A
4,462,768
1,200,000
(a),(c)
Zions
Bancorp
NA
(3-Month
LIBOR
+
4.440%)
9.648
N/A
1,187,573
TOTAL
BANKS
188,223,560
CAPITAL
GOODS
-
3.2%
(2.0%
of
Total
Investments)
3,200,000
(d)
AerCap
Global
Aviation
Trust
6.500
06/15/45
3,196,686
2,101,000
(a)
Air
Lease
Corp
6.000
N/A
2,069,402
4,841,000
(a)
Air
Lease
Corp
4.650
N/A
4,694,935
2,897,000
(a)
Air
Lease
Corp
4.125
N/A
2,720,559
3,673,000
(d)
ILFC
E-Capital
Trust
I
6.565
12/21/65
2,934,853
TOTAL
CAPITAL
GOODS
15,616,435
ENERGY
-
10.1%
(6.4%
of
Total
Investments)
2,350,000
Enbridge
Inc
6.000
01/15/77
2,325,719
6,360,000
Enbridge
Inc
7.625
01/15/83
6,741,314
8,546,000
(b)
Enbridge
Inc
5.500
07/15/77
8,290,044
6,956,000
Enbridge
Inc
8.500
01/15/84
7,728,401
4,279,000
(a)
Energy
Transfer
LP
7.125
N/A
4,349,646
Portfolio
of
Investments
October
31,
2024
(continued)
NPFD
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
5,345,000
(a)
Energy
Transfer
LP
6.500
%
N/A
$
5,328,149
761,000
(a)
Energy
Transfer
LP
6.625
N/A
744,927
1,570,000
Energy
Transfer
LP
8.000
05/15/54
1,663,564
3,554,000
(d)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7.500
03/01/55
3,690,964
1,460,000
Transcanada
Trust
5.500
09/15/79
1,402,517
2,155,000
Transcanada
Trust
5.600
03/07/82
2,057,082
4,000,000
Transcanada
Trust
5.625
05/20/75
3,957,543
1,500,000
Transcanada
Trust
5.875
08/15/76
1,494,609
TOTAL
ENERGY
49,774,479
FINANCIAL
SERVICES
-
19.4%
(12.3%
of
Total
Investments)
3,350,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
3,453,186
4,200,000
(a)
Ally
Financial
Inc
4.700
N/A
3,407,628
2,320,000
(a)
Ally
Financial
Inc
4.700
N/A
2,087,109
3,785,000
(a)
American
Express
Co
3.550
N/A
3,582,681
2,405,000
(a)
Bank
of
New
York
Mellon
Corp/The
4.700
N/A
2,384,750
3,250,000
(a),(d)
Capital
Farm
Credit
ACA
5.000
N/A
3,136,254
3,845,000
(a)
Capital
One
Financial
Corp
3.950
N/A
3,618,388
10,128,000
(a)
Charles
Schwab
Corp/The
5.375
N/A
10,075,663
5,000,000
(a)
Charles
Schwab
Corp/The
4.000
N/A
4,798,487
350,000
(a),(d)
Compeer
Financial
ACA
4.875
N/A
336,000
1,745,000
(a)
Discover
Financial
Services
6
.125
N/A
1,740,197
3,690,000
(a)
Discover
Financial
Services
5.500
N/A
3,521,315
6,310,000
(a)
Equitable
Holdings
Inc
4.950
N/A
6,240,890
5,249,000
(a)
Goldman
Sachs
Group
Inc
/The
6.125
N/A
5,206,250
5,890,000
(a)
Goldman
Sachs
Group
Inc
/The
5.300
N/A
5,865,911
9,875,000
(a)
Goldman
Sachs
Group
Inc
/The
7.379
N/A
9,914,253
5,140,000
(a)
Goldman
Sachs
Group
Inc
/The
7.500
N/A
5,495,354
6,071,000
(a)
Goldman
Sachs
Group
Inc
/The
7.500
N/A
6,365,738
5,700,000
(a)
Goldman
Sachs
Group
Inc
/The
4.125
N/A
5,458,067
4,250,000
(a)
State
Street
Corp
6.700
N/A
4,375,434
4,352,000
(a)
Voya
Financial
Inc
7.758
N/A
4,591,926
TOTAL
FINANCIAL
SERVICES
95,655,481
INSURANCE
-
18.1%
(11.5%
of
Total
Investments)
2,595,000
Aegon
Ltd
5.500
04/11/48
2,566,724
2,250,000
(b)
American
International
Group
Inc
5.750
04/01/48
2,244,682
8,045,000
(b)
Assurant
Inc
7.000
03/27/48
8,180,959
3,000,000
(d)
Assured
Guaranty
Municipal
Holdings
Inc
6.400
12/15/66
2,741,945
3,050,000
(b)
AXIS
Specialty
Finance
LLC
4.900
01/15/40
2,899,180
3,982,000
Corebridge
Financial
Inc
6.375
09/15/54
3,964,732
1,000,000
Enstar
Finance
LLC
5.750
09/01/40
982,965
6,115,000
Enstar
Finance
LLC
5.500
01/15/42
5,732,793
10,345,000
(a)
Markel
Group
Inc
6.000
N/A
10,328,118
2,000,000
MetLife
Inc
10.750
08/01/39
2,775,812
6,495,000
(a)
MetLife
Inc
5.875
N/A
6,532,794
3,395,000
Prudential
Financial
Inc
5.125
03/01/52
3,280,803
3,248,000
(b)
Prudential
Financial
Inc
6.750
03/01/53
3,450,441
6,688,000
Prudential
Financial
Inc
6.500
03/15/54
6,976,233
3,600,000
(a),(d)
QBE
Insurance
Group
Ltd
5.875
N/A
3,586,949
7,735,000
QBE
Insurance
Group
Ltd,
Reg
S
6.750
12/02/44
7,746,324
13,500,000
(a),(d)
SBL
Holdings
Inc
7.000
N/A
12,212,274
3,415,000
(a),(d)
SBL
Holdings
Inc
6.500
N/A
2,935,432
TOTAL
INSURANCE
89,139,160
MEDIA
&
ENTERTAINMENT
-
0.9%
(0.6%
of
Total
Investments)
2,566,000
(a),(d)
Farm
Credit
Bank
of
Texas
7.750
N/A
2,686,448
2,375,000
Paramount
Global
6.375
03/30/62
2,198,793
TOTAL
MEDIA
&
ENTERTAINMENT
4,885,241
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.6%
(0.4%
of
Total
Investments)
2,713,000
(d)
EUSHI
Finance
Inc
7.625
12/15/54
2,809,168
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
2,809,168
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
-
2.1%
(1.4%
of
Total
Investments)
$
10,000,000
Vodafone
Group
PLC
7.000
%
04/04/79
$
10,474,120
TOTAL
TELECOMMUNICATION
SERVICES
10,474,120
UTILITIES
-
11.8%
(7.5%
of
Total
Investments)
1,300,000
(d)
AES
Andes
SA
8.150
06/10/55
1,327,737
1,700,000
(d)
AES
Andes
SA
6.350
10/07/79
1,689,288
1,635,000
AES
Corp/The
7.600
01/15/55
1,694,451
1,302,000
(d)
AltaGas
Ltd
7.200
10/15/54
1,305,239
2,600,000
American
Electric
Power
Co
Inc
3.875
02/15/62
2,452,793
2,500,000
CMS
Energy
Corp
4.750
06/01/50
2,404,586
3,593,000
Dominion
Energy
Inc
7.000
06/01/54
3,822,955
1,539,000
Duke
Energy
Corp
6.450
09/01/54
1,564,197
1,445,000
(a)
Edison
International
5.375
N/A
1,430,612
3,910,000
(a)
Edison
International
5.000
N/A
3,805,575
12,143,000
(b)
Emera
Inc
6.750
06/15/76
12,157,972
4,322,000
(b)
Entergy
Corp
7.125
12/01/54
4,418,722
3,174,000
(b)
NextEra
Energy
Capital
Holdings
Inc
6.750
06/15/54
3,323,603
982,000
PG&E
Corp
7.375
03/15/55
1,014,326
3,400,000
Sempra
4.125
04/01/52
3,224,944
3,210,000
(a)
Sempra
4.875
N/A
3,183,016
2,000,000
Southern
Co/The
4.000
01/15/51
1,957,830
1,560,000
(a),(d)
Vistra
Corp
8.000
N/A
1,602,368
2,850,000
(a),(d)
Vistra
Corp
8.875
N/A
3,042,033
2,215,000
(a),(d)
Vistra
Corp
7.000
N/A
2,233,710
TOTAL
UTILITIES
57,655,957
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$548,498,315)
532,293,474
SHARES
DESCRIPTION
RATE
VALUE
79014910
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
16.1%
(10.2%
of
Total
Investments)
79014910
BANKS
-
3.7%
(2.4%
of
Total
Investments)
21,500
CoBank
ACB
6.200
2,133,873
121,601
Fifth
Third
Bancorp
9.296
3,122,714
62,700
KeyCorp
6.125
1,595,715
297,600
KeyCorp
6.200
7,425,120
163,723
Regions
Financial
Corp
5.700
4,115,996
TOTAL
BANKS
18,393,418
CAPITAL
GOODS
-
0.4%
(0.2%
of
Total
Investments)
72,300
WESCO
International
Inc
10.625
1,879,800
TOTAL
CAPITAL
GOODS
1,879,800
FINANCIAL
SERVICES
-
1.9%
(1.2%
of
Total
Investments)
143,950
Morgan
Stanley
6.625
3,800,280
211,000
Voya
Financial
Inc
5.350
5,399,490
TOTAL
FINANCIAL
SERVICES
9,199,770
FOOD,
BEVERAGE
&
TOBACCO
-
2.1%
(1.3%
of
Total
Investments)
253,375
CHS
Inc
7.100
6,557,345
132,200
CHS
Inc
6.750
3,349,948
4,400
(d)
Dairy
Farmers
of
America
Inc
7.875
417,381
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
10,324,674
INSURANCE
-
8.0%
(5.1%
of
Total
Investments)
290,550
American
National
Group
Inc
5.950
7,298,616
160,150
American
National
Group
Inc
6.625
4,066,209
340,200
Aspen
Insurance
Holdings
Ltd
8.915
9,011,898
194,775
Athene
Holding
Ltd
6.350
4,883,009
157,150
Athene
Holding
Ltd
6.375
3,950,751
131,900
Enstar
Group
Ltd
7.000
2,821,341
188,600
Reinsurance
Group
of
America
Inc
5.750
4,699,912
Portfolio
of
Investments
October
31,
2024
(continued)
NPFD
SHARES
DESCRIPTION
RATE
VALUE
INSURANCE
(continued)
93,300
Reinsurance
Group
of
America
Inc
7.125
%
$
2,485,512
TOTAL
INSURANCE
39,217,248
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$85,521,286)
79,014,910
PRINCIPAL
DESCRIPTION
(e)
RATE
MATURITY
VALUE
154652312
CONTINGENT
CAPITAL
SECURITIES
-
31.5%
(19.9%
of
Total
Investments)
154652312
BANKS
-
25.5%
(16.2%
of
Total
Investments)
$
1,000,000
(a),(d)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6.750
N/A
1,013,309
1,980,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500
N/A
1,980,428
2,495,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125
N/A
2,408,003
3,075,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375
N/A
3,329,512
715,000
(a),(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.500
N/A
703,204
1,595,000
(a),(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.625
N/A
1,582,630
5,200,000
(a)
Banco
Santander
SA
9.625
N/A
5,988,622
1,800,000
(a)
Banco
Santander
SA
4.750
N/A
1,705,340
4,200,000
(a)
Banco
Santander
SA
8.000
N/A
4,375,518
5,490,000
(a)
Barclays
PLC
8.000
N/A
5,674,508
1,960,000
(a)
Barclays
PLC
6.125
N/A
1,949,276
3,083,000
(a)
Barclays
PLC
9.625
N/A
3,392,468
1,513,000
(a),(d)
BNP
Paribas
SA
7.000
N/A
1,506,237
2,150,000
(a),(d)
BNP
Paribas
SA
9.250
N/A
2,318,803
2,430,000
(a),(d)
BNP
Paribas
SA
8.500
N/A
2,537,220
3,770,000
(a),(d)
BNP
Paribas
SA
8.000
N/A
3,920,408
1,997,000
(a),(d)
BNP
Paribas
SA
7.375
N/A
2,015,009
4,801,000
(a),(d)
BNP
Paribas
SA
7.750
N/A
4,972,084
4,941,000
(a),(d)
Credit
Agricole
SA
6.700
N/A
4,802,560
5,240,000
(a),(d)
Credit
Agricole
SA
8.125
N/A
5,375,454
7,560,000
(a)
HSBC
Holdings
PLC
8.000
N/A
7,932,390
4,539,000
(a)
HSBC
Holdings
PLC
6.950
N/A
4,520,000
3,763,000
(a)
HSBC
Holdings
PLC
6.875
N/A
3,778,948
975,000
(a)
HSBC
Holdings
PLC
6.500
N/A
971,211
4,553,000
(a)
HSBC
Holdings
PLC
6.375
N/A
4,553,291
335,000
(a)
ING
Groep
NV
5.750
N/A
331,206
6,795,000
(a)
ING
Groep
NV,
Reg
S
7.500
N/A
6,957,400
4,413,000
(a),(d)
Intesa
Sanpaolo
SpA
7.700
N/A
4,406,809
6,996,000
(a)
Lloyds
Banking
Group
PLC
8.000
N/A
7,290,944
784,000
(a)
Lloyds
Banking
Group
PLC
6.750
N/A
751,792
1,500,000
(a),(d)
Macquarie
Bank
Ltd/London
6.125
N/A
1,508,983
4,400,000
(a)
NatWest
Group
PLC
8.125
N/A
4,714,882
2,625,000
(a)
NatWest
Group
PLC
8.000
N/A
2,658,193
1,589,000
(a),(d)
Nordea
Bank
Abp
6.300
N/A
1,519,253
1,559,000
(a),(d)
Nordea
Bank
Abp
6.625
N/A
1,566,811
3,631,000
(a),(d)
Societe
Generale
SA
10.000
N/A
3,868,954
1,487,000
(a),(d)
Societe
Generale
SA
8.000
N/A
1,506,789
1,680,000
(a),(d)
Societe
Generale
SA
9.375
N/A
1,757,045
770,000
(a),(d)
Societe
Generale
SA
8.500
N/A
770,116
1,700,000
(a),(d)
Standard
Chartered
PLC
7.750
N/A
1,748,503
755,000
(a),(d)
Standard
Chartered
PLC
6.000
N/A
753,525
TOTAL
BANKS
125,417,638
FINANCIAL
SERVICES
-
5.4%
(3.3%
of
Total
Investments)
1,800,000
(a)
Deutsche
Bank
AG
7.500
N/A
1,797,609
4,290,000
(a)
Deutsche
Bank
AG
6.000
N/A
4,193,596
1,800,000
(a)
Deutsche
Bank
AG,
Reg
S
4.789
N/A
1,754,415
3,853,000
(a),(d)
UBS
Group
AG
9.250
N/A
4,460,976
2,465,000
(a),(d)
UBS
Group
AG
7.750
N/A
2,584,254
4,325,000
(a),(d)
UBS
Group
AG
9.250
N/A
4,712,905
6,872,000
(a)
UBS
Group
AG,
Reg
S
6.875
N/A
6,883,957
TOTAL
FINANCIAL
SERVICES
26,387,712
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
(e)
RATE
MATURITY
VALUE
INSURANCE
-
0.6%
(0.4%
of
Total
Investments)
$
2,755,000
(a)
Phoenix
Group
Holdings
PLC,
Reg
S
8.500
%
N/A
$
2,846,962
TOTAL
INSURANCE
2,846,962
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$154,764,757)
154,652,312
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3906251
CORPORATE
BONDS
-
0.8%
(0.5%
of
Total
Investments)
3906251
ENERGY
-
0.3%
(0.2%
of
Total
Investments)
1,600,000
TransCanada
PipeLines
Ltd
2.490
05/15/67
1,481,168
TOTAL
ENERGY
1,481,168
FINANCIAL
SERVICES
-
0.5%
(0.3%
of
Total
Investments)
9,004,000
(f)
Credit
Suisse
Group
AG
0.000
01/17/72
1,057,970
2,460,000
(f)
Credit
Suisse
Group
AG
7.500
06/11/72
289,050
5,850,000
(f)
Credit
Suisse
Group
AG
6.380
02/21/72
687,375
3,325,000
(f)
Credit
Suisse
Group
AG
7.500
01/17/72
390,688
TOTAL
FINANCIAL
SERVICES
2,425,083
TOTAL
CORPORATE
BONDS
(Cost
$23,094,093)
3,906,251
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
2,142,878
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
0.4%
(0.3%
of
Total
Investments)
2,142,878
2,062,000
CoBank
ACB
7.250
07/01/73
2,142,878
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$2,062,000)
2,142,878
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$813,940,451)
772,009,825
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
0.6% (0.4%
of
Total
Investments)
2,950,000
REPURCHASE
AGREEMENTS
-
0.6%
(0.4%
of
Total
Investments)
2,950,000
2,950,000
(g)
Fixed
Income
Clearing
Corporation
4.800
11/01/24
2,950,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$2,950,000)
2,950,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$2,950,000)
2,950,000
TOTAL
INVESTMENTS
-
157.6%
(Cost
$
816,890,451
)
774,959,825
BORROWINGS
-
(35.4)%
(h),(
i
)
(174,314,000)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(5.6)%(j)
(27,686,173)
TFP
SHARES,
NET
-
(17.2)%(k)
(84,510,930)
OTHER
ASSETS
&
LIABILITIES,
NET
- 0.6%
3,371,883
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
491,820,605
Portfolio
of
Investments
October
31,
2024
(continued)
NPFD
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:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
532,293,474
$
–
$
532,293,474
$25
Par
(or
similar)
Retail
Preferred
79,014,910
–
–
79,014,910
Contingent
Capital
Securities
–
154,652,312
–
154,652,312
Corporate
Bonds
–
1,481,168
2,425,083
3,906,251
U.S.
Government
and
Agency
Obligations
–
2,142,878
–
2,142,878
Short-Term
Investments:
Repurchase
Agreements
–
2,950,000
–
2,950,000
Total
$
79,014,910
$
693,519,832
$
2,425,083
$
774,959,825
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$38,404,420
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(c)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(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
$113,895,318
or
14.7%
of
Total
Investments.
(e)
Contingent
Capital
Securities
(“
CoCos
”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
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.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.800%
dated
10/31/24
to
be
repurchased
at
$2,950,393
on
11/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.375%
and
maturity
date
11/15/49,
valued
at
$3,009,036.
(h)
Borrowings
as
a
percentage
of
Total
Investments
is
22.5%.
(
i
)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$306,051,006
have
been
pledged
as
collateral
for
borrowings.
(j)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
3.6%.
(k)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.9%.
LIBOR
London
Inter-Bank
Offered
Rate
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.
TSFR
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Overnight
Financing
Rate
3
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