| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | |
| | | | LONG-TERM INVESTMENTS – 140.9% (95.7% of Total Investments) | | | | | |
| | |
| | | | COMMON STOCKS – 101.0% (68.6% of Total Investments) | | | | | |
| | | | | | | |
| | | Air Freight & Logistics – 3.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 169,405 | | | Deutsche Post AG, (2) | | | | | | | | | | | | | | | | | | | | | | $ | 5,645,456 | |
| | | | | | | |
| | | Airlines – 3.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 93,082 | | | Delta Air Lines Inc., (3) | | | | | | | | | | | | | | | | | | | | | | | 5,361,523 | |
| | | | | | | |
| | | Banks – 12.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 889,186 | | | AIB Group PLC, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,637,742 | |
| 92,140 | | | Bank of America Corp | | | | | | | | | | | | | | | | | | | | | | | 2,687,724 | |
| 57,235 | | | Bank of NT Butterfield & Son Ltd, (3) | | | | | | | | | | | | | | | | | | | | | | | 1,696,445 | |
| 88,200 | | | Citigroup Inc, (3) | | | | | | | | | | | | | | | | | | | | | | | 6,092,856 | |
| 334,707 | | | ING Groep NV, Sponsored ADR, (3) | | | | | | | | | | | | | | | | | | | | | | | 3,497,688 | |
| 24,692 | | | JPMorgan Chase & Co | | | | | | | | | | | | | | | | | | | | | | | 2,906,002 | |
| 1,922,750 | | | Unicaja Banco SA, 144A, (2), (4) | | | | | | | | | | | | | | | | | | | | | | | 1,529,414 | |
| | | | Total Banks | | | | | | | | | | | | | | | | | | | | | | | 21,047,871 | |
| | | | | | | |
| | | Biotechnology – 1.6% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 40,386 | | | Gilead Sciences Inc. | | | | | | | | | | | | | | | | | | | | | | | 2,559,665 | |
| | | | | | | |
| | | Capital Markets – 4.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 61,640 | | | AURELIUS Equity Opportunities SE & Co KGaA, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,545,814 | |
| 555,560 | | | Daiwa Securities Group Inc, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,486,265 | |
| 194,510 | | | Deutsche Boerse AG, ADR, (2), (3) | | | | | | | | | | | | | | | | | | | | | | | 3,024,631 | |
| | | | Total Capital Markets | | | | | | | | | | | | | | | | | | | | | | | 8,056,710 | |
| | | | | | | |
| | | Chemicals – 2.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 52,281 | | | DuPont de Nemours Inc | | | | | | | | | | | | | | | | | | | | | | | 3,728,158 | |
| | | | | | | |
| | | Diversified Telecommunication Services – 3.6% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 57,885 | | | Nippon Telegraph & Telephone Corp, ADR, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,772,113 | |
| 239,610 | | | Telefonica Brasil SA | | | | | | | | | | | | | | | | | | | | | | | 3,168,311 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 5,940,424 | |
| | | | | | | |
| | | Electric Utilities – 1.8% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 59,860 | | | FirstEnergy Corp, (3) | | | | | | | | | | | | | | | | | | | | | | | 2,887,048 | |
| | | | | | | |
| | | Electrical Equipment – 1.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 32,510 | | | Eaton Corp PLC, (3) | | | | | | | | | | | | | | | | | | | | | | | 2,703,207 | |
| | | | | | | |
| | | Energy Equipment & Services – 0.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 3,683 | | | Transocean Ltd | | | | | | | | | | | | | | | | | | | | | | | 16,463 | |
| | | | | | | |
| | | Entertainment – 4.6% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 14,260 | | | Nintendo Co Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 5,311,798 | |
| 91,750 | | | Viacom Inc | | | | | | | | | | | | | | | | | | | | | | | 2,204,753 | |
| | | | Total Entertainment | | | | | | | | | | | | | | | | | | | | | | | 7,516,551 | |
| | | | | | | |
| | | Equity Real Estate Investment Trust – 1.6% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 85,290 | | | MGM Growth Properties LLC | | | | | | | | | | | | | | | | | | | | | | | 2,562,965 | |
| | | | |
| | | Health Care Providers & Services – 0.0% | | | | | | | | | | |
| | | | | | | |
| 6,594 | | | Millennium Health LLC, (2), (4) | | | | | | | | | | | | | | | | | | | | | | | 46 | |
| 6,140 | | | Millennium Health LLC, (4), (5) | | | | | | | | | | | | | | | | | | | | | | | 6,752 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | | |
| | | Health Care Providers & Services(continued) | | | | | | | | | | |
| | | | | | | |
| 5,767 | | | Millennium Health LLC, (4), (5) | | | | | | | | | | | | | | | | | | | | | | $ | 5,765 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | 12,563 | |
| | | | | | | |
| | | Household Durables – 2.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 205,700 | | | Sekisui House Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 4,058,906 | |
| | | | | | | |
| | | Household Products – 1.6% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 26,230 | | | Henkel AG & Co KGaA, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,595,434 | |
| | | | | | | |
| | | Industrial Conglomerates – 2.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 33,465 | | | Siemens AG, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,582,265 | |
| | | | | | | |
| | | Insurance – 9.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 71,049 | | | Ageas, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,938,608 | |
| 113,189 | | | Allianz SE, Sponsored ADR, (2), (3) | | | | | | | | | | | | | | | | | | | | 2,625,985 | |
| 53,965 | | | CNA Financial Corp, (3) | | | | | | | | | | | | | | | | | | | | | | | 2,657,776 | |
| 111,190 | | | Old Republic International Corp | | | | | | | | | | | | | | | | | | | | | | | 2,620,748 | |
| 18,175 | | | RenaissanceRe Holdings Ltd | | | | | | | | | | | | | | | | | | | | | | | 3,515,954 | |
| | | | Total Insurance | | | | | | | | | | | | | | | | | | | | | | | 15,359,071 | |
| | | | | | | |
| | | Marine – 0.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 262 | | | HGIM Corp, (2), (4) | | | | | | | | | | | | | | | | | | | | | | | 2,751 | |
| | | | | | | |
| | | Media – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 24,326 | | | Clear Channel Outdoor Holdings Inc, (4) | | | | | | | | | | | | | | | | | | | | 61,302 | |
| 5,604 | | | Cumulus Media Inc, (4) | | | | | | | | | | | | | | | | | | | | | | | 81,482 | |
| 10,344 | | | iHeartMedia Inc, (4) | | | | | | | | | | | | | | | | | | | | | | | 155,160 | |
| 2,099 | | | Metro-Goldwyn-Mayer Inc, (2), (4) | | | | | | | | | | | | | | | | | | | | | | | 125,590 | |
| 3,185 | | | Tribune Co, (5) | | | | | | | | | | | | | | | | | | | | | | | 1,752 | |
| | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 425,286 | |
| | | | | | | |
| | | Multi-Utilities – 5.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 179,200 | | | Engie SA, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,924,932 | |
| 273,490 | | | National Grid PLC, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,961,157 | |
| 107,586 | | | Veolia Environnement SA, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,725,326 | |
| | | | Total Multi-Utilities | | | | | | | | | | | | | | | | | | | | | | | 8,611,415 | |
| | | | | |
| | | Oil, Gas & Consumable Fuels – 10.4% | | | | | | | | | | | | | |
| | | | | | | |
| 32,894 | | | Chevron Corp, (3), (6) | | | | | | | | | | | | | | | | | | | | | | | 3,901,228 | |
| 242,430 | | | Enterprise Products Partners LP | | | | | | | | | | | | | | | | | | | | | | | 6,928,649 | |
| 140,417 | | | Equitrans Midstream Corp, (3) | | | | | | | | | | | | | | | | | | | | | | | 2,043,067 | |
| 388 | | | Fieldwood Energy LLC, (2), (4) | | | | | | | | | | | | | | | | | | | | | | | 9,603 | |
| 1,923 | | | Fieldwood Energy LLC, (2), (4) | | | | | | | | | | | | | | | | | | | | | | | 47,594 | |
| 75,529 | | | TOTAL SA, Sponsored ADR | | | | | | | | | | | | | | | | | | | | | | | 3,927,508 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 16,857,649 | |
| | | | | | | |
| | | Pharmaceuticals – 11.6% | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 57,203 | | | AstraZeneca PLC, Sponsored ADR, (3) | | | | | | | | | | | | | | | | | | | | 2,549,538 | |
| 37,010 | | | Bayer AG, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,607,467 | |
| 62,245 | | | Bristol-Myers Squibb Co | | | | | | | | | | | | | | | | | | | | | | | 3,156,444 | |
| 130,360 | | | GlaxoSmithKline PLC, Sponsored ADR, (3) | | | | | | | | | | | | | | | | 5,563,765 | |
| 53,585 | | | Roche Holding AG, Sponsored ADR, (2), (3) | | | | | | | | | | | | | | | | 1,953,173 | |
| 33,270 | | | Sanofi, (2) | | | | | | | | | | | | | | | | | | | | | | | 3,081,891 | |
| | | | Total Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | 18,912,278 | |
| | | | |
| | | Real Estate Management & Development – 0.9% | | | | | | | | | | |
| | | | | | | |
| 429,900 | | | Great Eagle Holdings Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 1,470,991 | |
| | | |
| | | Semiconductors & Semiconductor Equipment – 3.7% | | | | | | | |
| | | | | | | |
| 9,118 | | | Broadcom Inc | | | | | | | | | | | | | | | | | | | | | | | 2,517,206 | |
| 77,920 | | | Cypress Semiconductor Corp | | | | | | | | | | | | | | | | | | | | | | | 1,818,653 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | |
| | | Semiconductors & Semiconductor Equipment(continued) | | | | | | | |
| | | | | | | |
| 98,710 | | | Infineon Technologies AG, (2) | | | | | | | | | | | | | | | | | | | | | | $ | 1,773,498 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | | | | | | 6,109,357 | |
| | | | | | | |
| | | Software – 5.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 30,326 | | | Microsoft Corp, (3), (6) | | | | | | | | | | | | | | | | | | | | | | | 4,216,224 | |
| 71,380 | | | Oracle Corp | | | | | | | | | | | | | | | | | | | | | | | 3,928,041 | |
| | | | Total Software | | | | | | | | | | | | | | | | | | | | | | | 8,144,265 | |
| | | | | | | |
| | | Specialty Retail – 1.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 1,069,040 | | | Kingfisher PLC, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,716,840 | |
| | | | | |
| | | Technology Hardware, Storage & Peripherals – 1.5% | | | | | | | | | | | | | |
| | | | | | | |
| 74,600 | | | Samsung Electronics Co Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,462,477 | |
| | | | | | | |
| | | Tobacco – 1.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 27,125 | | | Philip Morris International Inc | | | | | | | | | | | | | | | | | | | | | | | 2,059,601 | |
| | | | |
| | | Trading Companies & Distributors – 1.8% | | | | | | | | | | |
| | | | | | | |
| 174,900 | | | Mitsui & Co Ltd, (2) | | | | | | | | | | | | | | | | | | | | | | | 2,872,980 | |
| | | | Total Common Stocks (cost $145,555,379) | | | | | | | | | | | | | | | | | | | | 164,280,170 | |
| | | | | | | |
Principal Amount (000) | | | Description (1) | | Coupon (7) | | | Reference Rate (7) | | | Spread (7) | | | Maturity (8) | | | Ratings (9) | | | Value | |
| |
| | | | VARIABLE RATE SENIOR LOAN INTERESTS – 25.7% (17.5% of Total Investments) (7) | |
| | | | | | | |
| | | Aerospace & Defense – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
$ | 484 | | | Transdigm, Inc., Term Loan F | | | 4.544% | | | | 1-Month LIBOR | | | | 2.500% | | | | 6/09/23 | | | | Ba3 | | | $ | 483,373 | |
| | | | | | | |
| | | Airlines – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 490 | | | American Airlines, Inc., Term Loan B | | | 4.028% | | | | 1-Month LIBOR | | | | 2.000% | | | | 12/14/23 | | | | BB+ | | | | 490,350 | |
| | | | | | | |
| | | Auto Components – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 150 | | | Johnson Controls Inc., Term Loan B | | | 5.544% | | | | 1-Month LIBOR | | | | 3.500% | | | | 4/30/26 | | | | Ba3 | | | | 149,016 | |
| | | | | | | |
| | | Beverages – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 418 | | | Jacobs Douwe Egberts, Term Loan B | | | 4.125% | | | | 1-Month LIBOR | | | | 2.000% | | | | 11/01/25 | | | | Ba2 | | | | 418,639 | |
| | | | | | | |
| | | Biotechnology – 0.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 731 | | | Grifols, Inc., Term Loan B | | | 4.197% | | | | 1-Week LIBOR | | | | 2.250% | | | | 1/31/25 | | | | BB | | | | 735,857 | |
| | | | | | | |
| | | Building Products – 0.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 250 | | | Advanced Drainage Systems, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba1 | | | | 251,459 | |
| 432 | | | Quikrete Holdings, Inc., Term Loan B | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 11/15/23 | | | | BB– | | | | 431,299 | |
| 682 | | | Total Building Products | | | | | | | | | | | | | | | | | | | | | | | 682,758 | |
| | | | | | | |
| | | Capital Markets – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 464 | | | RPI Finance Trust, Term Loan B6 | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 4/17/23 | | | | BBB– | | | | 466,835 | |
| | | | | | | |
| | | Chemicals – 0.7% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 645 | | | Axalta Coating Systems, Term Loan, First Lien | | | 3.854% | | | | 3-Month LIBOR | | | | 1.750% | | | | 6/01/24 | | | | BBB– | | | | 646,251 | |
| 416 | | | H.B. Fuller Company, Term Loan B | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/21/24 | | | | BB+ | | | | 415,318 | |
| 132 | | | Mineral Technologies, Inc., Term Loan B2 | | | 4.750% | | | | N/A | | | | N/A | | | | 5/07/21 | | | | BB+ | | | | 132,243 | |
| 1,193 | | | Total Chemicals | | | | | | | | | | | | | | | | | | | | | | | 1,193,812 | |
| | | | |
| | | Commercial Services & Supplies – 0.5% | | | | | | | | | | |
| | | | | | | |
| 510 | | | Formula One Group, Term Loan B | | | 4.544% | | | | 1-Month LIBOR | | | | 2.500% | | | | 2/01/24 | | | | B+ | | | | 504,492 | |
| 223 | | | Trans Union LLC, Term Loan B3 | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 4/07/23 | | | | BB+ | | | | 223,597 | |
| 42 | | | West Corporation, Incremental Term Loan B1 | | | 5.544% | | | | 1-Month LIBOR | | | | 3.500% | | | | 10/10/24 | | | | B1 | | | | 37,494 | |
| 775 | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | 765,583 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | Description (1) | | Coupon (7) | | | Reference Rate (7) | | | Spread (7) | | | Maturity (8) | | | Ratings (9) | | | Value | |
| | | | |
| | | Communications Equipment – 0.6% | | | | | | | | | | |
| | | | | | | |
$ | 397 | | | CommScope, Inc., Term Loan B | | | 5.294% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/04/26 | | | | Ba3 | | | $ | 396,621 | |
| 527 | | | Univision Communications, Inc., Term Loan C5 | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 3/15/24 | | | | B | | | | 513,450 | |
| 924 | | | Total Communications Equipment | | | | | | | | | | | | | | | | 910,071 | |
| | | | |
| | | Consumer Finance – 0.2% | | | | | | | | | | |
| | | | | | | |
| 368 | | | Verscend Technologies, Tern Loan B | | | 6.544% | | | | 1-Month LIBOR | | | | 4.500% | | | | 8/27/25 | | | | B+ | | | | 369,760 | |
| | | | | | | |
| | | Containers & Packaging – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 349 | | | Berry Global, Inc., Term Loan Q | | | 4.299% | | | | 1-Month LIBOR | | | | 2.250% | | | | 10/03/22 | | | | BBB– | | | | 351,424 | |
| | | | |
| | | Diversified Consumer Services – 0.2% | | | | | | | | | | |
| | | | | | | |
| 248 | | | Refinitiv, Term Loan B | | | 5.794% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/01/25 | | | | B | | | | 249,728 | |
| | | | | | | |
| | | Diversified Financial Services – 0.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 374 | | | Lions Gate Entertainment Corp., Term Loan B | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/24/25 | | | | Ba2 | | | | 373,274 | |
| 250 | | | Travelport LLC, Term Loan B | | | 7.104% | | | | 3-Month LIBOR | | | | 5.000% | | | | 5/30/26 | | | | B+ | | | | 227,054 | |
| 624 | | | Total Diversified Financial Services | | | | | | | | | | | | | | | | 600,328 | |
| | | | |
| | | Diversified Telecommunication Services – 1.0% | | | | | | | | | | |
| | | | | | | |
| 983 | | | CenturyLink, Inc., Term Loan B | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 1/31/25 | | | | BBB– | | | | 977,317 | |
| 40 | | | Intelsat Jackson Holdings, S.A., Term Loan B4 | | | 6.554% | | | | 1-Month LIBOR | | | | 4.500% | | | | 1/02/24 | | | | B1 | | | | 40,613 | |
| 64 | | | Intelsat Jackson Holdings, S.A., Term Loan B5 | | | 6.625% | | | | N/A | | | | N/A | | | | 1/02/24 | | | | B1 | | | | 65,580 | |
| 496 | | | Numericable Group S.A., Term Loan B13 | | | 6.028% | | | | 1-Month LIBOR | | | | 4.000% | | | | 8/14/26 | | | | B | | | | 495,940 | |
| 1,583 | | | Total Diversified Telecommunication Services | | | | | | | | | | | | 1,579,450 | |
| | | | | | | |
| | | Electric Utilities – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 271 | | | Vistra Operations Co., Term Loan B1 | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 8/04/23 | | | | BBB– | | | | 272,132 | |
| 191 | | | Vistra Operations Co., Term Loan B3 | | | 4.036% | | | | 1-Month LIBOR | | | | 2.000% | | | | 12/31/25 | | | | BBB– | | | | 192,119 | |
| 462 | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 464,251 | |
| | | | |
| | | Equity Real Estate Investment Trust – 0.6% | | | | | | | | | | |
| | | | | | | |
| 320 | | | Communications Sales & Leasing, Inc., Shortfall Term Loan | | | 7.044% | | | | 1-Month LIBOR | | | | 5.000% | | | | 10/24/22 | | | | Caa1 | | | | 313,349 | |
| 724 | | | MGM Growth Properties, Term Loan B | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/23/25 | | | | BB+ | | | | 726,413 | |
| 1,044 | | | Total Equity Real Estate Investment Trust | | | | | | | | | | | | | | | | | | | | | | | 1,039,762 | |
| | | | |
| | | Food & Staples Retailing – 0.7% | | | | | | | | | | |
| | | | | | | |
| 518 | | | Albertson’s LLC, Term Loan B7 | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 11/17/25 | | | | BB | | | | 521,326 | |
| 568 | | | US Foods, Inc., Term Loan B | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 6/27/23 | | | | BBB– | | | | 571,251 | |
| 1,086 | | | Total Food & Staples Retailing | | | | | | | | | | | | | | | | | | | | | | | 1,092,577 | |
| | | | |
| | | Food Products – 0.2% | | | | | | | | | | |
| | | | | | | |
| 250 | | | B&G Foods Inc., Term Loan, First Lien, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB | | | | 251,485 | |
| | | | | |
| | | Health Care Equipment & Supplies – 0.3% | | | | | | | | | | | | | |
| | | | | | | |
| 434 | | | Acelity, Term Loan B | | | 7.250% | | | | N/A | | | | N/A | | | | 2/03/24 | | | | B1 | | | | 435,647 | |
| | | | | |
| | | Health Care Providers & Services – 1.3% | | | | | | | | | | | | | |
| | | | | | | |
| 60 | | | Air Medical Group Holdings, Inc., Term Loan B | | | 5.307% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/28/22 | | | | B1 | | | | 56,691 | |
| 230 | | | Brightspring Health, Term Loan B | | | 6.567% | | | | 1-Month LIBOR | | | | 4.500% | | | | 3/05/26 | | | | B1 | | | | 230,863 | |
| 250 | | | Concentra, Inc., Term Loan B | | | 4.540% | | | | 3-Month LIBOR | | | | 2.500% | | | | 6/01/22 | | | | B+ | | | | 251,875 | |
| 724 | | | HCA, Inc., Term Loan B10 | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/13/25 | | | | BBB– | | | | 727,519 | |
| 544 | | | HCA, Inc., Term Loan B11 | | | 3.794% | | | | 1-Month LIBOR | | | | 1.750% | | | | 3/17/23 | | | | BBB– | | | | 545,939 | |
| 249 | | | Lifepoint Health, Inc., Term Loan | | | 6.554% | | | | 1-Month LIBOR | | | | 4.500% | | | | 11/16/25 | | | | B+ | | | | 249,977 | |
| 220 | | | Millennium Laboratories, Inc., Term Loan B, First Lien | | | 8.544% | | | | 1-Month LIBOR | | | | 6.500% | | | | 12/21/20 | | | | Caa3 | | | | 98,874 | |
| 2,277 | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | | | 2,161,738 | |
| | | | |
| | | Health Care Technology – 0.6% | | | | | | | | | | |
| | | | | | | |
| 784 | | | Emdeon, Inc., Term Loan | | | 4.544% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/01/24 | | | | B+ | | | | 781,173 | |
| 250 | | | Zelis, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 248,438 | |
| 1,034 | | | Total Health Care Technology | | | | | | | | | | | | 1,029,611 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | Description (1) | | Coupon (7) | | | Reference Rate (7) | | | Spread (7) | | | Maturity (8) | | | Ratings (9) | | | Value | |
| | | | |
| | | Hotels, Restaurants & Leisure – 3.2% | | | | | | | | | | |
| | | | | | | |
$ | 507 | | | 24 Hour Fitness Worldwide, Inc., Term Loan B | | | 5.544% | | | | 1-Month LIBOR | | | | 3.500% | | | | 5/31/25 | | | | Ba3 | | | $ | 490,495 | |
| 466 | | | Aramark Corporation, Term Loan | | | 3.794% | | | | 1-Month LIBOR | | | | 1.750% | | | | 3/11/25 | | | | BBB– | | | | 467,595 | |
| 969 | | | Burger King Corporation, Term Loan B3 | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 2/16/24 | | | | Ba2 | | | | 973,523 | |
| 83 | | | Caesars Entertainment Operating Company, Inc., Term Loan B | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/06/24 | | | | BB | | | | 82,878 | |
| 613 | | | Caesars Resort Collection, Term Loan, First Lien | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 12/22/24 | | | | BB | | | | 609,242 | |
| 499 | | | Carrols Restaurant Group Inc., Term Loan B | | | 5.310% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/30/26 | | | | B | | | | 485,349 | |
| 426 | | | Hilton Hotels, Term Loan B2 | | | 3.768% | | | | 1-Month LIBOR | | | | 1.750% | | | | 6/21/26 | | | | BBB– | | | | 429,304 | |
| 496 | | | Marriott Ownership Resorts, Term Loan B | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 8/29/25 | | | | BBB– | | | | 499,560 | |
| 611 | | | Seaworld Parks and Entertainment, Inc., Term Loan B5 | | | 5.044% | | | | 1-Month LIBOR | | | | 3.000% | | | | 3/31/24 | | | | B+ | | | | 611,160 | |
| 485 | | | YUM Brands, Term Loan B | | | 3.791% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/03/25 | | | | BBB– | | | | 486,653 | |
| 5,155 | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | | | | | | | | 5,135,759 | |
| | | | |
| | | Household Products – 0.5% | | | | | | | | | | |
| | | | | | | |
| 744 | | | Reynolds Group Holdings, Inc., Term Loan, First Lien | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/05/23 | | | | B+ | | | | 745,708 | |
| | | | | |
| | | Internet & Direct Marketing Retail – 0.3% | | | | | | | | | | | | | |
| | | | | | | |
| 494 | | | Uber Technologies, Inc., Term Loan | | | 6.028% | | | | 1-Month LIBOR | | | | 4.000% | | | | 4/04/25 | | | | B1 | | | | 491,797 | |
| | | | | | | |
| | | IT Services – 1.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 341 | | | Gartner, Inc., Term Loan A | | | 3.544% | | | | 1-Month LIBOR | | | | 1.500% | | | | 3/20/22 | | | | BB+ | | | | 343,818 | |
| 473 | | | Leidos Holdings, Inc., Term Loan B | | | 3.813% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/22/25 | | | | BBB– | | | | 475,483 | |
| 489 | | | Tempo Acquisition LLC, Term Loan B | | | 5.044% | | | | 1-Month LIBOR | | | | 3.000% | | | | 5/01/24 | | | | B1 | | | | 491,094 | |
| 158 | | | West Corporation, Term Loan B | | | 6.044% | | | | 1-Month LIBOR | | | | 4.000% | | | | 10/10/24 | | | | B1 | | | | 141,674 | |
| 484 | | | WEX, Inc., Term Loan B3 | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 5/17/26 | | | | Ba2 | | | | 487,230 | |
| 1,945 | | | Total IT Services | | | | | | | | | | | | 1,939,299 | |
| | | | |
| | | Life Sciences Tools & Services – 0.1% | | | | | | | | | | |
| | | | | | | |
| 210 | | | Inventiv Health, Inc., Term Loan B | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 8/01/24 | | | | BB | | | | 211,220 | |
| | | | | | | |
| | | Machinery – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 207 | | | Gates Global LLC, Term Loan B | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 4/01/24 | | | | B+ | | | | 204,024 | |
| | | | | | | |
| | | Marine – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 112 | | | Harvey Gulf International Marine, Inc., Exit Term Loan | | | 8.034% | | | | 6-Month LIBOR | | | | 6.000% | | | | 7/02/23 | | | | B | | | | 96,696 | |
| | | | | | | |
| | | Media – 3.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 879 | | | Cequel Communications LLC, Term Loan B | | | 4.278% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/15/26 | | | | BB | | | | 880,106 | |
| 470 | | | Charter Communications Operating Holdings LLC, Term Loan B | | | 4.050% | | | | 3-Month LIBOR | | | | 2.000% | | | | 4/30/25 | | | | BBB– | | | | 473,754 | |
| 205 | | | Cineworld Group PLC, Term Loan B | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 2/28/25 | | | | BB– | | | | 203,796 | |
| 607 | | | Clear Channel Communications, Inc., Exit Term Loan, (DD1) | | | 6.100% | | | | 1-Month LIBOR | | | | 4.000% | | | | 5/01/26 | | | | BB– | | | | 611,729 | |
| 448 | | | Clear Channel Outdoor Holdings, Inc., Term Loan B | | | 5.544% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/23/26 | | | | B+ | | | | 449,859 | |
| 100 | | | CSC Holdings LLC, Refinancing Term Loan | | | 4.278% | | | | 1-Month LIBOR | | | | 2.250% | | | | 7/17/25 | | | | BB | | | | 100,098 | |
| 121 | | | Cumulus Media, Inc., Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B2 | | | | 121,020 | |
| 261 | | | Intelsat Jackson Holdings, S.A., Term Loan B | | | 5.804% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/27/23 | | | | B1 | | | | 262,073 | |
| 386 | | | Meredith Corporation, Term Loan B1 | | | 4.794% | | | | 1-Month LIBOR | | | | 2.750% | | | | 1/31/25 | | | | BB | | | | 386,670 | |
| 25 | | | Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien | | | 4.550% | | | | 1-Month LIBOR | | | | 2.500% | | | | 7/03/25 | | | | BB | | | | 24,937 | |
| 43 | | | Nexstar Broadcasting, Inc., Term Loan B3 | | | 4.350% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/17/24 | | | | BB | | | | 43,038 | |
| 216 | | | Nexstar Broadcasting, Inc., Term Loan B3 | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/17/24 | | | | BB | | | | 216,590 | |
| 492 | | | Sinclair Television Group, Term Loan B2 | | | 4.300% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/03/24 | | | | BB+ | | | | 494,483 | |
| 354 | | | Springer Science & Business Media, Inc., Term Loan B13, First Lien | | | 5.544% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/24/22 | | | | B | | | | 354,587 | |
| 258 | | | WideOpenWest Finance LLC, Term Loan B | | | 5.294% | | | | 3-Month LIBOR | | | | 3.250% | | | | 8/19/23 | | | | B | | | | 250,264 | |
| 4,865 | | | Total Media | | | | | | | | | | | | 4,873,004 | |
| | | | |
| | | Multiline Retail – 0.1% | | | | | | | | | | |
| | | | | | | |
| 246 | | | EG America LLC, Term Loan, First Lien | | | 6.104% | | | | 3-Month LIBOR | | | | 4.000% | | | | 2/05/25 | | | | B | | | | 243,881 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | Description (1) | | Coupon (7) | | | Reference Rate (7) | | | Spread (7) | | | Maturity (8) | | | Ratings (9) | | | Value | |
| | | | | | | |
| | | Oil, Gas & Consumable Fuels – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
$ | 208 | | | Fieldwood Energy LLC, Exit Term Loan | | | 7.506% | | | | 3-Month LIBOR | | | | 5.250% | | | | 4/11/22 | | | | B+ | | | $ | 181,390 | |
| 267 | | | Fieldwood Energy LLC, Exit Term Loan, second Lien | | | 9.506% | | | | 3-Month LIBOR | | | | 7.250% | | | | 4/11/23 | | | | B+ | | | | 201,831 | |
| 475 | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | 383,221 | |
| | | | |
| | | Pharmaceuticals – 0.4% | | | | | | | | | | |
| | | | | | | |
| 725 | | | Valeant Pharmaceuticals International, Inc., Term Loan, First Lien | | | 5.039% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/02/25 | | | | Ba2 | | | | 728,471 | |
| | | | |
| | | Professional Services – 0.5% | | | | | | | | | | |
| | | | | | | |
| 389 | | | Nielsen Finance LLC, Term Loan B4 | | | 4.042% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/04/23 | | | | BBB– | | | | 389,288 | |
| 479 | | | On Assignment, Inc., Term Loan B | | | 4.044% | | | | 1-Month LIBOR | | | | 2.000% | | | | 4/02/25 | | | | BB | | | | 480,721 | |
| 868 | | | Total Professional Services | | | | | | | | | | | | | | | | | | | | | | | 870,009 | |
| | | | | | | |
| | | Road & Rail – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 398 | | | Avolon LLC, Term Loan B3 | | | 3.794% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/15/25 | | | | Baa2 | | | | 399,619 | |
| | | |
| | | Semiconductors & Semiconductor Equipment – 0.7% | | | | | | | |
| | | | | | | |
| 144 | | | Microchip Technology, Inc., Term Loan B | | | 4.050% | | | | 1-Month LIBOR | | | | 2.000% | | | | 5/29/25 | | | | Baa3 | | | | 144,396 | |
| 472 | | | MKS Instruments, Inc., Term Loan | | | 3.880% | | | | 3-Month LIBOR | | | | 1.750% | | | | 2/01/26 | | | | BB+ | | | | 473,815 | |
| 474 | | | MKS Instruments, Inc., Term Loan B6, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 474,877 | |
| 1,090 | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | | 1,093,088 | |
| | | | | | | |
| | | Software – 2.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 692 | | | Ellucian, Term Loan B, First Lien | | | 5.354% | | | | 3-Month LIBOR | | | | 3.250% | | | | 9/30/22 | | | | B | | | | 693,187 | |
| 249 | | | Epicor Software Corporation,Term Loan B | | | 5.300% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/01/22 | | | | B2 | | | | 249,189 | |
| 605 | | | Infor (US), Inc., Term Loan B | | | 4.854% | | | | 3-Month LIBOR | | | | 2.750% | | | | 2/01/22 | | | | Ba3 | | | | 606,619 | |
| 304 | | | McAfee LLC, Term Loan B | | | 5.794% | | | | 1-Month LIBOR | | | | 3.750% | | | | 9/29/24 | | | | B | | | | 305,063 | |
| 123 | | | Micro Focus International PLC, New Term Loan | | | 4.544% | | | | 1-Month LIBOR | | | | 2.500% | | | | 6/21/24 | | | | BB– | | | | 121,984 | |
| 833 | | | Micro Focus International PLC, Term Loan B | | | 4.544% | | | | 1-Month LIBOR | | | | 2.500% | | | | 6/21/24 | | | | BB– | | | | 823,791 | |
| 503 | | | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B3 | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/16/25 | | | | BB+ | | | | 505,098 | |
| 332 | | | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B4 | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/16/25 | | | | BB | | | | 333,629 | |
| 451 | | | TIBCO Software, Inc., Term Loan B | | | 6.070% | | | | 1-Month LIBOR | | | | 4.000% | | | | 7/03/26 | | | | B1 | | | | 452,392 | |
| 4,092 | | | Total Software | | | | | | | | | | | | | | | | | | | | | | | 4,090,952 | |
| | | | | | | |
| | | Specialty Retail – 0.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 162 | | | Petco Animal Supplies, Inc., Term Loan B1 | | | 5.506% | | | | 3-Month LIBOR | | | | 3.250% | | | | 1/26/23 | | | | B2 | | | | 123,797 | |
| 473 | | | Petsmart Inc., Term Loan B, First Lien | | | 6.040% | | | | 1-Month LIBOR | | | | 4.000% | | | | 3/11/22 | | | | B | | | | 462,107 | |
| 635 | | | Total Specialty Retail | | | | | | | | | | | | | | | | 585,904 | |
| | | |
| | | Technology Hardware, Storage & Peripherals – 1.5% | | | | | | | |
| | | | | | | |
| 443 | | | BMC Software, Inc., Term Loan B | | | 6.294% | | | | 1-Month LIBOR | | | | 4.250% | | | | 10/02/25 | | | | B | | | | 427,485 | |
| 706 | | | Dell International LLC, Refinancing Term Loan B1 | | | 4.050% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/19/25 | | | | BBB– | | | | 710,517 | |
| 133 | | | NCR Corporation, Delayed Draw, Term Loan, (10) | | | 4.630% | | | | N/A | | | | N/A | | | | 8/28/26 | | | | BBB– | | | | 133,750 | |
| 117 | | | NCR Corporation, Term Loan B | | | 4.550% | | | | 1-Month LIBOR | | | | 2.500% | | | | 8/28/26 | | | | BBB– | | | | 117,031 | |
| 1,053 | | | Western Digital, Term Loan B | | | 3.862% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/29/23 | | | | Baa2 | | | | 1,051,775 | |
| 2,452 | | | Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | 2,440,558 | |
| | | |
| | | Trading Companies & Distributors – 0.4% | | | | | | | |
| | | | | | | |
| 240 | | | Fly Funding II S.a r.l., Term Loan B | | | 4.180% | | | | 3-Month LIBOR | | | | 2.000% | | | | 2/09/23 | | | | BB+ | | | | 240,247 | |
| 429 | | | Univar, Inc., Term Loan B | | | 4.294% | | | | 1-Month LIBOR | | | | 2.250% | | | | 7/01/24 | | | | BB+ | | | | 430,986 | |
| 669 | | | Total Trading Companies & Distributors | | | | | | | | | | | | | | | | 671,233 | |
| | | |
| | | Wireless Telecommunication Services – 0.4% | | | | | | | |
| | | | | | | |
| 731 | | | Sprint Corporation, Term Loan, First Lien | | | 4.563% | | | | 1-Month LIBOR | | | | 2.500% | | | | 2/03/24 | | | | Ba2 | | | | 727,137 | |
$ | 42,183 | | | Total Variable Rate Senior Loan Interests ($42,031,836) | | | | | | | | | | | | 41,853,635 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (9) | | | Value | |
| | | |
| | | | $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 5.9% (4.0% of Total Investments) | | | | | | | | | |
| | | | | | | |
| | | Automobiles – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
$ | 215 | | | General Motors Financial Co Inc. | | | | | | | | | | | 6.500% | | | | N/A (11) | | | | BB+ | | | $ | 216,075 | |
| | | | | | | |
| | | Banks – 3.8% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 425 | | | Bank of America Corp | | | | | | | | | | | 6.500% | | | | N/A (11) | | | | BBB– | | | | 472,813 | |
| 70 | | | Bank of America Corp | | | | | | | | | | | 6.300% | | | | N/A (11) | | | | BBB– | | | | 78,750 | |
| 475 | | | CIT Group Inc. | | | | | | | | | | | 5.800% | | | | N/A (11) | | | | Ba3 | | | | 482,125 | |
| 600 | | | Citigroup Inc. | | | | | | | | | | | 6.250% | | | | N/A (11) | | | | BB+ | | | | 668,250 | |
| 225 | | | Citigroup Inc. | | | | | | | | | | | 5.800% | | | | N/A (11) | | | | BB+ | | | | 225,169 | |
| 275 | | | Citizens Financial Group Inc | | | | | | | | | | | 5.500% | | | | N/A (11) | | | | BB+ | | | | 277,062 | |
| 50 | | | CoBank ACB, 144A | | | | | | | | | | | 6.250% | | | | N/A (11) | | | | BBB+ | | | | 53,375 | |
| 200 | | | Huntington Bancshares Inc/OH | | | | | | | | | | | 5.700% | | | | N/A (11) | | | | Baa3 | | | | 203,714 | |
| 79 | | | JPMorgan Chase & Co,(3-Month LIBOR reference rate + 3.470% spread), (12) | | | | | | | | 5.736% | | | | N/A (11) | | | | Baa2 | | | | 79,370 | |
| 200 | | | JPMorgan Chase & Co | | | | | | | | | | | 6.100% | | | | N/A (11) | | | | Baa2 | | | | 216,840 | |
| 500 | | | JPMorgan Chase & Co | | | | | | | | | | | 6.750% | | | | N/A (11) | | | | Baa2 | | | | 555,000 | |
| 600 | | | M&T Bank Corp | | | | | | | | | | | 6.450% | | | | N/A (11) | | | | Baa2 | | | | 654,000 | |
| 700 | | | PNC Financial Services Group Inc. | | | | | | | | | | | 6.750% | | | | N/A (11) | | | | Baa2 | | | | 746,760 | |
| 450 | | | SunTrust Banks Inc | | | | | | | | | | | 5.625% | | | | N/A (11) | | | | Baa3 | | | | 450,000 | |
| 500 | | | Wells Fargo & Co | | | | | | | | | | | 5.875% | | | | N/A (11) | | | | Baa2 | | | | 551,100 | |
| 500 | | | Zions Bancorp NA | | | | | | | | | | | 7.200% | | | | N/A (11) | | | | BB+ | | | | 547,500 | |
| 5,849 | | | Total Banks | | | | | | | | 6,261,828 | |
| | |
| | | Capital Markets – 0.3% | | | | |
| | | | | | | |
| 275 | | | Goldman Sachs Group Inc. | | | | | | | | | | | 5.300% | | | | N/A (11) | | | | Ba1 | | | | 288,750 | |
| 125 | | | Morgan Stanley | | | | | | | | | | | 5.550% | | | | N/A (11) | | | | BB+ | | | | 126,731 | |
| 400 | | | Total Capital Markets | | | | | | | | 415,481 | |
| | |
| | | Consumer Finance – 0.5% | | | | |
| | | | | | | |
| 540 | | | Capital One Financial Corp | | | | | | | | | | | 5.550% | | | | N/A (11) | | | | Baa3 | | | | 546,210 | |
| 275 | | | Discover Financial Services | | | | | | | | | | | 5.500% | | | | N/A (11) | | | | Ba2 | | | | 278,924 | |
| 815 | | | Total Consumer Finance | | | | | | | | 825,134 | |
| | |
| | | Diversified Financial Services – 0.2% | | | | |
| | | | | | | |
| 325 | | | Voya Financial Inc | | | | | | | | | | | 6.125% | | | | N/A (11) | | | | BBB– | | | | 344,500 | |
| | | | | | | |
| | | Food Products – 0.5% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 800 | | | Land O’ Lakes Inc., 144A | | | | | | | | | | | 8.000% | | | | N/A (11) | | | | BB | | | | 804,000 | |
| | | | | | | |
| | | Industrial Conglomerates – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 465 | | | General Electric Co | | | | | | | | | | | 5.000% | | | | N/A (11) | | | | BBB– | | | | 441,169 | |
| | | | | | | |
| | | Insurance – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 250 | | | Progressive Corp | | | | | | | | | | | 5.375% | | | | N/A (11) | | | | BBB+ | | | | 258,125 | |
$ | 9,119 | | | Total $1,000 Par (or similar) Institutional Preferred (cost $9,219,857) | | | | | | | | 9,566,312 | |
| | | | | | | |
Shares | | | Description (1) | | | | | | | | Coupon | | | | | | Ratings (9) | | | Value | |
| |
| | | | $25 PAR (OR SIMILAR) RETAIL PREFERRED – 5.1% (3.4% of Total Investments) | |
| | | | | | | |
| | | Banks – 2.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 4,625 | | | CoBank ACB, 144A, (2) | | | | | | | | | | | 6.250% | | | | | | | | BBB+ | | | $ | 485,625 | |
| 3,250 | | | CoBank ACB, (2) | | | | | | | | | | | 6.125% | | | | | | | | BBB+ | | | | 331,500 | |
| 8,622 | | | Fifth Third Bancorp | | | | | | | | | | | 6.625% | | | | | | | | Baa3 | | | | 241,416 | |
| 9,162 | | | FNB Corp | | | | | | | | | | | 7.250% | | | | | | | | Ba2 | | | | 275,318 | |
| 13,775 | | | Huntington Bancshares Inc. | | | | | | | | | | | 6.250% | | | | | | | | Baa3 | | | | 362,283 | |
| 7,550 | | | KeyCorp | | | | | | | | | | | 6.125% | | | | | | | | Baa3 | | | | 217,062 | |
| 12,600 | | | People’s United Financial Inc | | | | | | | | | | | 5.625% | | | | | | | | BB+ | | | | 346,626 | |
| 18,844 | | | Regions Financial Corp | | | | | | | | | | | 6.375% | | | | | | | | BB+ | | | | 524,052 | |
| 19,300 | | | US Bancorp | | | | | | | | | | | 6.500% | | | | | | | | A3 | | | | 527,855 | |
| | | | Total Banks | | | | | | | | | | | | 3,311,737 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Shares | | | Description (1) | | | | | | | | Coupon | | | | | | Ratings (9) | | | Value | |
| | | | | | | |
| | | Capital Markets – 1.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 19,400 | | | Charles Schwab Corp | | | | | | | | | | | 6.000% | | | | | | | | BBB | | | $ | 511,772 | |
| 11,300 | | | Ladenburg Thalmann Financial Services Inc. | | | | | | | | | | | 8.000% | | | | | | | | N/R | | | | 279,675 | |
| 17,925 | | | Morgan Stanley | | | | | | | | | | | 7.125% | | | | | | | | BB+ | | | | 514,447 | |
| 4,700 | | | Morgan Stanley | | | | | | | | | | | 6.375% | | | | | | | | BB+ | | | | 131,318 | |
| 7,396 | | | Stifel Financial Corp | | | | | | | | | | | 6.250% | | | | | | | | BB– | | | | 204,425 | |
| 4,450 | | | Stifel Financial Corp | | | | | | | | | | | 6.250% | | | | | | | | BB– | | | | 122,375 | |
| | | | Total Capital Markets | | | | | | | | | | | | 1,764,012 | |
| | | | | | | |
| | | Consumer Finance – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 12,800 | | | Capital One Financial Corp | | | | | | | | | | | 6.700% | | | | | | | | Baa3 | | | | 324,096 | |
| 2,300 | | | Capital One Financial Corp | | | | | | | | | | | 5.000% | | | | | | | | Baa3 | | | | 57,431 | |
| | | | Total Consumer Finance | | | | | | | | | | | | 381,527 | |
| | | | | | | |
| | | Electric Utilities – 0.2% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 11,000 | | | Duke Energy Corp | | | | | | | | | | | 5.750% | | | | | | | | BBB | | | | 303,930 | |
| | | | | | | |
| | | Food Products – 0.4% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 3,757 | | | CHS Inc. | | | | | | | | | | | 7.875% | | | | | | | | N/R | | | | 102,378 | |
| 7,632 | | | CHS Inc. | | | | | | | | | | | 7.100% | | | | | | | | N/R | | | | 203,088 | |
| 11,205 | | | CHS Inc. | | | | | | | | | | | 6.750% | | | | | | | | N/R | | | | 294,916 | |
| | | | Total Food Products | | | | | | | | | | | | 600,382 | |
| | | | | | | |
| | | Insurance – 0.9% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 15,400 | | | Athene Holding Ltd | | | | | | | | | | | 6.350% | | | | | | | | BBB– | | | | 433,356 | |
| 13,500 | | | Enstar Group Ltd | | | | | | | | | | | 7.000% | | | | | | | | BB+ | | | | 366,120 | |
| 8,175 | | | National General Holdings Corp | | | | | | | | | | | 7.500% | | | | | | | | N/R | | | | 201,105 | |
| 13,882 | | | PartnerRe Ltd | | | | | | | | | | | 7.250% | | | | | | | | BBB | | | | 376,341 | |
| | | | Total Insurance | | | | | | | | | | | | 1,376,922 | |
| | | | | | | |
| | | Thrifts & Mortgage Finance – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 10,000 | | | Federal Agricultural Mortgage Corp | | | | | | | | | | | 5.700% | | | | | | | | N/R | | | | 267,600 | |
| 6,700 | | | New York Community Bancorp Inc | | | | | | | | | | | 6.375% | | | | | | | | Ba1 | | | | 186,595 | |
| | | | Total Thrifts & Mortgage Finance | | | | | | | | | | | | 454,195 | |
| | | | Total $25 Par (or similar) Retail Preferred (cost $7,637,506) | | | | | | | | 8,192,705 | |
| | | | | | | |
Shares | | | Description (1) | | | | | | | | Coupon | | | Maturity (8) | | | Ratings (9) | | | Value | |
| |
| | | | CONVERTIBLE PREFERRED SECURITIES – 2.2% (1.5% of Total Investments) | |
| | | | | | | |
| | | Banks – 0.3% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 225 | | | Bank of America Corp | | | | | | | | | | | 7.250% | | | | | | | | BBB– | | | $ | 337,322 | |
| 170 | | | Wells Fargo & Co | | | | | | | | | | | 7.500% | | | | | | | | Baa2 | | | | 258,824 | |
| | | | Total Banks | | | | | | | | | | | | 596,146 | |
| | | | | | | |
| | | Multi-Utilities – 1.8% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 55,220 | | | CenterPoint Energy Inc. | | | | | | | | | | | 7.000% | | | | | | | | N/R | | | | 2,885,797 | |
| | |
| | | Semiconductors & Semiconductor Equipment – 0.1% | | | | |
| | | | | | | |
| 150 | | | Broadcom Inc. | | | | | | | | | | | 8.000% | | | | 9/30/22 | | | | N/R | | | | 153,808 | |
| | | | Total Convertible Preferred Securities (cost $3,448,519) | | | | | | | | | | | | 3,635,751 | |
| | | | | | | |
Shares | | | Description (1) | | Coupon | | | | | | Issue Price | | | Cap Price | | | Maturity | | | Value | |
| |
| | | | STRUCTURED NOTES – 0.9% (0.6% of Total Investments) | |
| | | | | | | |
| 5,400 | | | Merrill Lynch International & Co. C.V., Mandatory Exchangeable Note, Linked to Common Stock of Broadcom Inc. (Cap 115.50% of Issue Price), 144A | | | 10.000% | | | | | | | $ | 280.9170 | | | $ | 324.4591 | | | | 2/20/20 | | | $ | 1,503,488 | |
| | | | Total Structured Notes (cost $1,516,952) | | | | | | | | | | | | | | | | | | | | | | | 1,503,488 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal Amount (000) | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (9) | | | Value | |
| |
| | | | CORPORATE BONDS – 0.1% (0.1% of Total Investments) | |
| | | | | | | |
| | | Media – 0.1% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
$ | 133 | | | iHeartCommunications Inc, (5), (13) | | | | | | | | | | | 9.000% | | | | 12/15/19 | | | | N/R | | | $ | — | |
| 106 | | | iHeartCommunications Inc | | | | | | | | | | | 8.375% | | | | 5/01/27 | | | | B– | | | | 114,518 | |
$ | 239 | | | Total Corporate Bonds (cost $111,228) | | | | | | | | | | | | 114,518 | |
| | | | | | | |
Shares | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | |
| | | | WARRANTS – 0.0% (0.0% of Total Investments) | | | | | |
| | | | | | | |
| | | Marine – 0.0% | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| 1,176 | | | HGIM Corp, (2), (4) | | | | | | | | | | | | | | | | | | | | | | $ | 11,760 | |
| | | | Total Warrants (cost $47,040) | | | | | | | | | | | | | | | | | | | | | | | 11,760 | |
| | | | Total Long-Term Investments (cost $209,568,317) | | | | | | | | | | | | | | | | | | | | | | | 229,158,339 | |
| | | | | | | |
Principal Amount (000)/ Shares | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | | | | Value | |
| | | |
| | | | SHORT-TERM INVESTMENTS – 6.3% (4.3% of Total Investments) | | | | | | | | | |
| | | |
| | | REPURCHASE AGREEMENTS – 5.4% (3.7% of Total Investments) | | | | | | | |
| | | | | | | |
$ | 8,841 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/19, repurchase price $8,841,586, collateralized by $7,795,000 U.S. Treasury Bonds, 2.875%, due 5/15/43, value $9,019,205 | | | | | | | | | | | 0.850% | | | | 10/01/19 | | | | | | | $ | 8,841,377 | |
| | | |
| | | | INVESTMENT COMPANIES – 0.9% (0.6% of Total Investments) | | | | | | | | | |
| | | | | | | |
| 1,472,475 | | | BlackRock Liquidity FundsT-Fund Portfolio, (14) | | | | | | | | | | | 1.773% (15) | | | | N/A | | | | | | | | 1,472,475 | |
| | | | Total Short-Term Investments (cost $10,313,852) | | | | | | | | | | | | 10,313,852 | |
| | | | Total Investments (cost $219,882,169) – 147.2% | | | | | | | | | | | | 239,472,191 | |
| | | | Borrowings – (44.6)% (16), (17) | | | | | | | | | | | | (72,500,000 | ) |
| | | | Other Assets Less Liabilities – (2.6)% (18) | | | | | | | | | | | | | | | | | | | | | | | (4,263,794 | ) |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | | | | | | | $ | 162,708,397 | |
The Fund’s investments in securities are recorded at their estimated fair value. 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. A three-tier hierarchy 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 the reporting entity’s
own 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.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industrysub-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 industrysub-classifications into sectors for reporting ease.