Nuveen Investment Trust V NPORT-P Nuveen Flexible Income Fund (Nov 2024 report)

1

Portfolio

of

Investments

November

30,

2024

Preferred

Securities

and

Income

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

98.4%

2420852609

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

50.2%

2420852609

AUTOMOBILES

&

COMPONENTS

-

1.3%

$

21,979,000

(a),(b)

General

Motors

Financial

Co

Inc

5.700

%

N/A

$

21,409,498

43,118,000

(b)

General

Motors

Financial

Co

Inc

5.750

N/A

41,984,854

TOTAL

AUTOMOBILES

&

COMPONENTS

63,394,352

BANKS

-

18.4%

26,726,000

(a),(b)

Bank

of

America

Corp

6.300

N/A

26,993,741

6,780,000

(a),(b)

Bank

of

America

Corp

4.375

N/A

6,545,632

8,030,000

(b)

Bank

of

America

Corp

5.875

N/A

8,076,991

6,151,000

(b)

Bank

of

America

Corp

6.100

N/A

6,138,697

9,851,000

Bank

of

Montreal

7.300

11/26/84

10,171,374

17,716,000

Bank

of

Montreal

7.700

05/26/84

18,435,376

10,255,000

Bank

of

Nova

Scotia/The

8.000

01/27/84

10,784,086

13,777,000

(b)

Citigroup

Inc

6.250

N/A

13,890,054

34,157,000

(b)

Citigroup

Inc

7.125

N/A

35,140,380

11,994,000

(b)

Citigroup

Inc

4.150

N/A

11,510,795

49,701,000

(b)

Citigroup

Inc

5.950

N/A

49,565,724

9,885,000

(a),(b)

Citigroup

Inc

7.375

N/A

10,357,454

31,871,000

(b)

Citigroup

Inc

7.625

N/A

33,749,190

18,224,000

(b)

Citigroup

Inc

7.000

N/A

19,167,146

17,365,000

(b)

Citizens

Financial

Group

Inc

4.000

N/A

16,493,190

3,846,000

(b),(c)

Citizens

Financial

Group

Inc

(TSFR3M

+

3.419%)

8.008

N/A

3,832,193

6,807,000

(b)

CoBank

ACB

7.250

N/A

6,956,623

33,000,000

(b)

CoBank

ACB

6.450

N/A

33,446,325

22,396,000

(b)

CoBank

ACB

6.250

N/A

22,366,574

6,770,000

(b),(d)

Farm

Credit

Bank

of

Texas

6.200

N/A

6,685,375

14,665,000

(b),(d)

Farm

Credit

Bank

of

Texas

5.700

N/A

14,541,075

10,336,000

(b)

Fifth

Third

Bancorp

4.500

N/A

10,185,636

7,016,000

(b),(c)

Fifth

Third

Bancorp

(TSFR3M

+

3.295%)

7.898

N/A

6,976,513

20,174,000

(a),(b),(c)

First

Citizens

BancShares

Inc/NC

(TSFR3M

+

4.234%)

9.180

N/A

20,496,784

965,000

(b)

Goldman

Sachs

Group

Inc/The

4.400

N/A

956,651

26,515,000

(b)

Huntington

Bancshares

Inc/OH

5.625

N/A

26,247,163

4,657,000

(b)

JPMorgan

Chase

&

Co

3.650

N/A

4,528,063

68,116,000

(b)

JPMorgan

Chase

&

Co

6.875

N/A

71,928,180

6,491,000

(b)

KeyCorp

5.000

N/A

6,300,737

14,785,000

(b)

M&T

Bank

Corp

3.500

N/A

13,779,537

5,323,000

(b)

M&T

Bank

Corp

5.125

N/A

5,266,228

16,330,000

(b)

PNC

Financial

Services

Group

Inc/The

3.400

N/A

15,294,740

8,444,000

(b)

PNC

Financial

Services

Group

Inc/The

5.000

N/A

8,355,543

6,555,000

(b)

PNC

Financial

Services

Group

Inc/The

6.200

N/A

6,633,942

45,844,000

(b)

PNC

Financial

Services

Group

Inc/The

6.250

N/A

46,367,350

14,835,000

(b)

PNC

Financial

Services

Group

Inc/The

6.000

N/A

14,896,209

14,102,000

(b)

Regions

Financial

Corp

5.750

N/A

14,018,085

20,719,000

Toronto-Dominion

Bank/The

8.125

10/31/82

21,768,832

24,314,000

(b)

Truist

Financial

Corp

5.100

N/A

23,382,601

48,536,000

(b)

Truist

Financial

Corp

6.669

N/A

48,342,395

2,988,000

(a),(b)

US

Bancorp

5.300

N/A

2,961,379

41,487,000

(b)

Wells

Fargo

&

Co

3.900

N/A

40,363,188

42,179,000

(b)

Wells

Fargo

&

Co

6.850

N/A

43,702,801

36,382,000

(b)

Wells

Fargo

&

Co

5.875

N/A

36,297,838

6,580,000

Wells

Fargo

&

Co

7.950

11/15/29

7,441,601

24,750,000

(a),(b)

Wells

Fargo

&

Co

7.625

N/A

26,360,581

TOTAL

BANKS

887,700,572

CAPITAL

GOODS

-

2.4%

42,469,000

(d)

AerCap

Global

Aviation

Trust

6.500

06/15/45

42,438,482

5,586,000

(b)

Air

Lease

Corp

4.125

N/A

5,264,108

11,955,000

(b)

Air

Lease

Corp

4.650

N/A

11,671,535

12,383,000

(b)

Air

Lease

Corp

6.000

N/A

12,250,998

10,564,000

(d)

ILFC

E-Capital

Trust

I

6.565

12/21/65

8,669,972

Portfolio

of

Investments

November

30,

2024

(continued)

Preferred

Securities

and

Income

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL

GOODS

(continued)

$

39,963,000

(d)

ILFC

E-Capital

Trust

I

6.815

%

12/21/65

$

33,288,576

TOTAL

CAPITAL

GOODS

113,583,671

ENERGY

-

2.6%

10,154,000

Enbridge

Inc

6.000

01/15/77

10,067,394

14,306,000

Enbridge

Inc

5.750

07/15/80

13,899,904

12,755,000

Enbridge

Inc

7.625

01/15/83

13,447,877

4,735,000

Enbridge

Inc

5.500

07/15/77

4,583,173

2,874,000

(b)

Energy

Transfer

LP

6.625

N/A

2,833,564

20,423,000

(b)

Energy

Transfer

LP

7.125

N/A

20,845,225

11,442,000

(b)

Energy

Transfer

LP

6.500

N/A

11,447,263

5,335,000

Energy

Transfer

LP

8.000

05/15/54

5,674,722

8,380,000

(d)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7.500

03/01/55

8,770,407

31,347,000

Transcanada

Trust

5.600

03/07/82

30,033,724

4,125,000

Transcanada

Trust

5.875

08/15/76

4,101,389

TOTAL

ENERGY

125,704,642

FINANCIAL

SERVICES

-

7.7%

17,895,000

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.950

03/10/55

18,555,823

19,925,000

(b)

Ally

Financial

Inc

4.700

N/A

17,321,870

14,202,000

(b)

Ally

Financial

Inc

4.700

N/A

13,384,594

20,885,000

(b),(d)

American

AgCredit

Corp

5.250

N/A

20,571,728

13,930,000

(b)

American

Express

Co

3.550

N/A

13,300,966

7,300,000

(b)

Bank

of

New

York

Mellon

Corp/The

4.700

N/A

7,211,334

13,295,000

(b),(d)

Capital

Farm

Credit

ACA

5.000

N/A

12,995,863

11,655,000

(a),(b)

Capital

One

Financial

Corp

3.950

N/A

11,134,651

12,201,000

(b)

Charles

Schwab

Corp/The

5.375

N/A

12,155,418

20,975,000

(b)

Charles

Schwab

Corp/The

4.000

N/A

20,263,574

3,955,000

Citigroup

Capital

III

7.625

12/01/36

4,352,266

6,700,000

(b),(d)

Compeer

Financial

ACA

4.875

N/A

6,465,500

5,000,000

(a),(b)

Discover

Financial

Services

5.500

N/A

4,873,009

8,108,000

(b)

Discover

Financial

Services

6.125

N/A

8,102,569

25,209,000

(b)

Equitable

Holdings

Inc

4.950

N/A

24,989,122

13,300,000

(b)

Goldman

Sachs

Group

Inc/The

5.300

N/A

13,277,613

2,925,000

(b)

Goldman

Sachs

Group

Inc/The

4.125

N/A

2,810,294

20,175,000

(b)

Goldman

Sachs

Group

Inc/The

7.500

N/A

21,595,804

31,382,000

(b)

Goldman

Sachs

Group

Inc/The

7.500

N/A

32,838,329

27,019,000

(a),(b)

Goldman

Sachs

Group

Inc/The

6.125

N/A

27,058,789

5,510,000

(b)

Goldman

Sachs

Group

Inc/The

3.800

N/A

5,279,535

28,868,000

(b)

Goldman

Sachs

Group

Inc/The

7.379

N/A

28,895,771

18,005,000

(b)

State

Street

Corp

6.700

N/A

18,481,340

26,248,000

(b)

Voya

Financial

Inc

7.758

N/A

27,966,194

TOTAL

FINANCIAL

SERVICES

373,881,956

FOOD,

BEVERAGE

&

TOBACCO

-

2.9%

13,835,000

(b),(d)

Dairy

Farmers

of

America

Inc

7.125

N/A

13,212,425

46,071,000

(b),(d)

Land

O'

Lakes

Inc

7.000

N/A

37,432,499

39,310,000

(b),(d)

Land

O'

Lakes

Inc

8.000

N/A

36,607,178

64,838,000

(b),(d)

Land

O'

Lakes

Inc

7.250

N/A

54,261,580

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

141,513,682

INSURANCE

-

8.6%

7,115,000

Aegon

Ltd

5.500

04/11/48

7,023,636

7,025,000

American

International

Group

Inc

5.750

04/01/48

6,983,942

51,650,000

Assurant

Inc

7.000

03/27/48

53,093,507

64,240,000

(d)

Assured

Guaranty

Municipal

Holdings

Inc

6.400

12/15/66

59,270,678

19,875,000

AXIS

Specialty

Finance

LLC

4.900

01/15/40

18,967,745

22,597,000

Corebridge

Financial

Inc

6.375

09/15/54

22,675,389

13,804,000

Enstar

Finance

LLC

5.750

09/01/40

13,681,795

14,288,000

Enstar

Finance

LLC

5.500

01/15/42

13,582,411

5,830,000

(d)

Fidelis

Insurance

Holdings

Ltd

6.625

04/01/41

5,742,550

7,425,000

(a),(b)

MetLife

Inc

3.850

N/A

7,293,552

24,448,000

(d)

MetLife

Inc

9.250

04/08/38

28,959,927

4,531,000

(a),(b)

MetLife

Inc

5.875

N/A

4,541,625

14,051,000

PartnerRe

Finance

B

LLC

4.500

10/01/50

13,037,685

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE

(continued)

$

21,542,000

Provident

Financing

Trust

I

7.405

%

03/15/38

$

23,236,175

8,234,000

Prudential

Financial

Inc

5.125

03/01/52

7,928,810

13,400,000

Prudential

Financial

Inc

6.500

03/15/54

13,839,708

4,636,000

Prudential

Financial

Inc

5.375

05/15/45

4,626,392

15,606,000

(b),(d)

QBE

Insurance

Group

Ltd

5.875

N/A

15,603,241

46,218,000

(b),(d)

SBL

Holdings

Inc

6.500

N/A

39,935,425

62,124,000

(b),(d)

SBL

Holdings

Inc

7.000

N/A

55,917,477

TOTAL

INSURANCE

415,941,670

MEDIA

&

ENTERTAINMENT

-

0.4%

8,767,000

(b),(d)

Farm

Credit

Bank

of

Texas

7.750

N/A

9,160,945

10,628,000

Paramount

Global

6.375

03/30/62

10,249,776

TOTAL

MEDIA

&

ENTERTAINMENT

19,410,721

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

11,121,000

(d)

EUSHI

Finance

Inc

7.625

12/15/54

11,498,625

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

11,498,625

TELECOMMUNICATION

SERVICES

-

0.7%

22,509,000

Vodafone

Group

PLC

7.000

04/04/79

23,532,743

9,350,000

Vodafone

Group

PLC

4.125

06/04/81

8,393,491

TOTAL

TELECOMMUNICATION

SERVICES

31,926,234

UTILITIES

-

5.0%

13,450,000

(d)

AES

Andes

SA

6.350

10/07/79

13,420,879

5,575,000

(d)

AES

Andes

SA

8.150

06/10/55

5,701,798

6,473,000

AES

Corp/The

7.600

01/15/55

6,740,383

7,093,000

(d)

AltaGas

Ltd

7.200

10/15/54

7,243,547

14,161,000

American

Electric

Power

Co

Inc

3.875

02/15/62

13,378,864

4,789,000

CMS

Energy

Corp

4.750

06/01/50

4,540,007

6,574,000

Dominion

Energy

Inc

7.000

06/01/54

6,966,724

8,455,000

Duke

Energy

Corp

6.450

09/01/54

8,583,651

13,579,000

(b)

Edison

International

5.000

N/A

13,267,820

5,247,000

(b)

Edison

International

5.375

N/A

5,200,135

35,009,000

Emera

Inc

6.750

06/15/76

35,365,635

18,153,000

Entergy

Corp

7.125

12/01/54

18,618,425

15,071,000

NextEra

Energy

Capital

Holdings

Inc

6.750

06/15/54

15,684,833

8,415,000

PG&E

Corp

7.375

03/15/55

8,696,496

12,897,000

Sempra

6.550

04/01/55

12,931,177

14,740,000

Sempra

4.125

04/01/52

13,962,769

12,730,000

(b)

Sempra

4.875

N/A

12,613,260

10,626,000

Southern

Co/The

4.000

01/15/51

10,421,518

10,900,000

(b),(d)

Vistra

Corp

7.000

N/A

11,003,564

3,395,000

(b),(d)

Vistra

Corp

8.000

N/A

3,484,343

7,900,000

(b),(d)

Vistra

Corp

8.875

N/A

8,470,656

TOTAL

UTILITIES

236,296,484

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$2,402,638,628)

2,420,852,609

SHARES

DESCRIPTION

RATE

VALUE

561868309

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

11.7%

561868309

BANKS

-

1.4%

486,433

Fifth

Third

Bancorp

9.296

12,593,750

280,000

Huntington

Bancshares

Inc/OH

7.618

5,537,050

285,287

KeyCorp

6.125

7,320,465

1,355,330

(a)

KeyCorp

6.200

34,560,915

302,269

Regions

Financial

Corp

5.700

7,611,134

TOTAL

BANKS

67,623,314

CAPITAL

GOODS

-

0.2%

271,800

WESCO

International

Inc

10.625

7,085,826

TOTAL

CAPITAL

GOODS

7,085,826

Portfolio

of

Investments

November

30,

2024

(continued)

Preferred

Securities

and

Income

4

SHARES

DESCRIPTION

RATE

VALUE

FINANCIAL

SERVICES

-

2.8%

558,300

Equitable

Holdings

Inc

5.250

%

$

12,812,985

518,768

Morgan

Stanley

6.375

13,150,769

1,344,835

Morgan

Stanley

5.850

33,526,736

242,300

Morgan

Stanley

6.500

6,321,607

322,188

Morgan

Stanley

6.875

8,157,800

870,125

Morgan

Stanley

6.625

23,067,014

350,835

Synchrony

Financial

5.625

7,342,977

1,058,054

Voya

Financial

Inc

5.350

26,758,186

TOTAL

FINANCIAL

SERVICES

131,138,074

FOOD,

BEVERAGE

&

TOBACCO

-

1.3%

193,870

CHS

Inc

7.875

5,160,819

1,451,502

CHS

Inc

7.100

36,795,576

528,896

CHS

Inc

6.750

13,291,156

44,881

CHS

Inc

7.500

1,157,032

76,700

(d)

Dairy

Farmers

of

America

Inc

7.875

7,263,011

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

63,667,594

INSURANCE

-

5.9%

1,153,711

(a)

American

National

Group

Inc

6.625

29,719,595

1,260,035

American

National

Group

Inc

5.950

31,992,289

1,069,225

(a)

Aspen

Insurance

Holdings

Ltd

8.915

27,329,391

363,750

Aspen

Insurance

Holdings

Ltd

7.125

9,064,650

603,290

Aspen

Insurance

Holdings

Ltd

5.625

13,320,643

191,504

Assurant

Inc

5.250

4,203,513

396,416

Athene

Holding

Ltd

6.375

10,029,325

540,503

Athene

Holding

Ltd

7.750

14,777,352

1,006,376

Athene

Holding

Ltd

6.350

25,863,863

1,637,403

Delphi

Financial

Group

Inc

7.975

39,297,672

1,208,861

Enstar

Group

Ltd

7.000

24,854,182

966,075

Maiden

Holdings

North

America

Ltd

7.750

16,886,991

23,571

PartnerRe

Ltd

4.875

392,693

763,405

Reinsurance

Group

of

America

Inc

5.750

19,100,393

556,200

Reinsurance

Group

of

America

Inc

7.125

14,906,160

221,929

Selective

Insurance

Group

Inc

4.600

4,263,256

TOTAL

INSURANCE

286,001,968

TELECOMMUNICATION

SERVICES

-

0.1%

314,900

AT&T

Inc

4.750

6,351,533

TOTAL

TELECOMMUNICATION

SERVICES

6,351,533

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$580,091,506)

561,868,309

PRINCIPAL

DESCRIPTION(e)

RATE

MATURITY

VALUE

1639327089

CONTINGENT

CAPITAL

SECURITIES

-

34.0%

1639327089

BANKS

-

28.6%

$

44,883,000

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375

N/A

48,863,853

15,585,000

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500

N/A

15,509,706

25,782,000

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125

N/A

24,576,697

10,700,000

(b),(d)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

7.500

N/A

10,394,560

27,655,400

(b),(d)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8.750

N/A

27,333,755

16,450,000

(b),(d)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

7.625

N/A

16,111,513

34,800,000

(b)

Banco

Santander

SA

8.000

N/A

35,898,984

63,600,000

(b)

Banco

Santander

SA

9.625

N/A

72,959,503

15,435,000

(a),(b)

Banco

Santander

SA

4.750

N/A

14,542,481

31,020,000

(b)

Barclays

PLC

8.000

N/A

32,188,155

92,693,000

(b)

Barclays

PLC

9.625

N/A

102,184,807

10,567,000

(b)

Barclays

PLC

6.125

N/A

10,552,953

38,013,000

(b),(d)

BNP

Paribas

SA

8.500

N/A

39,620,722

24,811,000

(b),(d)

BNP

Paribas

SA

9.250

N/A

26,668,649

64,308,000

(b),(d)

BNP

Paribas

SA

7.750

N/A

66,064,830

12,326,000

(b),(d)

BNP

Paribas

SA

7.375

N/A

12,354,357

44,789,000

(b),(d)

BNP

Paribas

SA

8.000

N/A

46,070,279

8,861,000

(b),(d)

BNP

Paribas

SA

7.000

N/A

8,839,006

5

PRINCIPAL

DESCRIPTION(e)

RATE

MATURITY

VALUE

BANKS

(continued)

$

27,374,000

(b),(d)

Credit

Agricole

SA

8.125

%

N/A

$

27,955,697

56,179,000

(b),(d)

Credit

Agricole

SA

6.700

N/A

54,117,321

38,874,000

(a),(b)

HSBC

Holdings

PLC

6.950

N/A

39,070,647

40,169,000

(b)

HSBC

Holdings

PLC

6.000

N/A

39,517,941

23,395,000

(b)

HSBC

Holdings

PLC

6.875

N/A

23,417,425

38,510,000

(a),(b)

HSBC

Holdings

PLC

8.000

N/A

40,336,529

28,470,000

(b)

HSBC

Holdings

PLC

6.375

N/A

28,448,824

26,462,000

(a),(b)

HSBC

Holdings

PLC

6.500

N/A

26,227,584

46,559,000

(b)

ING

Groep

NV

5.750

N/A

46,072,850

29,400,000

(b)

ING

Groep

NV

6.500

N/A

29,424,636

29,565,000

(a),(b),(d)

Intesa

Sanpaolo

SpA

7.700

N/A

29,557,040

9,585,000

(b)

Lloyds

Banking

Group

PLC

6.750

N/A

9,237,060

46,407,000

(b)

Lloyds

Banking

Group

PLC

8.000

N/A

48,429,927

31,560,000

(b)

Lloyds

Banking

Group

PLC

7.500

N/A

31,610,117

49,300,000

(b)

NatWest

Group

PLC

8.125

N/A

52,369,517

16,844,000

(a),(b)

NatWest

Group

PLC

7.300

N/A

16,743,325

22,494,000

(b)

NatWest

Group

PLC

8.000

N/A

22,776,952

8,366,000

(b)

NatWest

Group

PLC

6.000

N/A

8,309,814

19,767,000

(a),(b),(d)

Nordea

Bank

Abp

6.300

N/A

18,972,796

14,535,000

(b),(d)

Nordea

Bank

Abp

6.625

N/A

14,595,393

54,126,000

(b),(d)

Societe

Generale

SA

10.000

N/A

58,024,642

19,175,000

(b),(d)

Societe

Generale

SA

8.500

N/A

19,385,446

45,240,000

(b),(d)

Societe

Generale

SA

9.375

N/A

47,080,256

5,986,000

(b),(d)

Standard

Chartered

PLC

6.000

N/A

5,960,710

25,875,000

(b),(d)

Standard

Chartered

PLC

7.750

N/A

26,554,348

TOTAL

BANKS

1,374,931,607

FINANCIAL

SERVICES

-

5.2%

59,519,000

(b)

Deutsche

Bank

AG

6.000

N/A

58,327,138

11,000,000

(b)

Deutsche

Bank

AG

7.500

N/A

10,945,872

35,277,000

(b)

UBS

Group

AG,

Reg

S

7.000

N/A

35,318,450

30,187,000

(b)

UBS

Group

AG,

Reg

S

6.875

N/A

30,248,883

62,094,000

(b),(d)

UBS

Group

AG

9.250

N/A

71,381,834

29,805,000

(b),(d)

UBS

Group

AG

9.250

N/A

32,485,480

14,220,000

(b),(d)

UBS

Group

AG

7.750

N/A

14,859,089

TOTAL

FINANCIAL

SERVICES

253,566,746

INSURANCE

-

0.2%

10,501,000

(b)

Phoenix

Group

Holdings

PLC,

Reg

S

8.500

N/A

10,828,736

TOTAL

INSURANCE

10,828,736

TOTAL

CONTINGENT

CAPITAL

SECURITIES

(Cost

$1,598,591,577)

1,639,327,089

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

109376103

CORPORATE

BONDS

-

2.3%

109376103

BANKS

-

0.4%

17,340,000

(b)

ING

Groep

NV,

Reg

S

7.500

N/A

17,827,705

TOTAL

BANKS

17,827,705

ENERGY

-

1.1%

48,304,000

Enbridge

Inc

8.500

01/15/84

53,793,218

TOTAL

ENERGY

53,793,218

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.2%

62,450,000

(f)

Credit

Suisse

Group

AG

7.250

03/12/72

7,337,875

12,260,000

(f)

Credit

Suisse

Group

AG

6.380

02/21/72

1,440,550

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

8,778,425

FINANCIAL

SERVICES

-

0.5%

49,069,000

(f)

Credit

Suisse

Group

AG

0.000

01/17/72

5,765,607

8,421,000

(f)

Credit

Suisse

Group

AG

5.250

02/11/72

989,467

36,075,000

(f)

Credit

Suisse

Group

AG

7.500

01/17/72

4,238,813

11,000,000

(a),(b)

Deutsche

Bank

AG,

Reg

S

4.789

N/A

10,780,000

TOTAL

FINANCIAL

SERVICES

21,773,887

Portfolio

of

Investments

November

30,

2024

(continued)

Preferred

Securities

and

Income

6

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOFTWARE

&

SERVICES

-

0.1%

$

61,301,000

(f)

Credit

Suisse

Group

AG

7.500

%

06/11/72

$

7,202,868

TOTAL

SOFTWARE

&

SERVICES

7,202,868

TOTAL

CORPORATE

BONDS

(Cost

$307,919,296)

109,376,103

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

9,032,857

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

0.2%

9,032,857

8,889,000

CoBank

ACB

7.125

12/30/49

9,032,857

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(Cost

$8,889,000)

9,032,857

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$4,898,130,007)

4,740,456,967

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

2.1%

102,629,977

(g)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.630

(h)

102,629,977

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$102,629,977)

102,629,977

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 0.4%

19,925,000

REPURCHASE

AGREEMENTS

-

0.4%

19,925,000

19,925,000

(i)

Fixed

Income

Clearing

Corporation

4.550

12/02/24

19,925,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$19,925,000)

19,925,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$19,925,000)

19,925,000

TOTAL

INVESTMENTS

-

100.9%

(Cost

$5,020,684,984

)

4,863,011,944

OTHER

ASSETS

&

LIABILITIES,

NET

-  (0.9)%

(44,325,996)

NET

ASSETS

-

100%

$

4,818,685,948

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

2,548

3/25

$

279,806,161

$

283,305,750

$

3,499,589

U.S.

Treasury

Long

Bond

620

3/25

72,294,119

74,090,000

1,795,881

U.S.

Treasury

Ultra

Bond

555

3/25

68,145,482

70,589,063

2,443,581

Total

$420,245,762

$427,984,813

$7,739,051

7

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

$

–

$

2,420,852,609

$

–

$

2,420,852,609

$25

Par

(or

similar)

Retail

Preferred

561,475,616

392,693

–

561,868,309

Contingent

Capital

Securities

–

1,639,327,089

–

1,639,327,089

Corporate

Bonds

–

82,400,923

26,975,180

109,376,103

U.S.

Government

and

Agency

Obligations

–

9,032,857

–

9,032,857

Investments

Purchased

with

Collateral

from

Securities

Lending

102,629,977

–

–

102,629,977

Short-Term

Investments:

Repurchase

Agreements

–

19,925,000

–

19,925,000

Investments

in

Derivatives:

Futures

Contracts*

7,739,051

–

–

7,739,051

Total

$

671,844,644

$

4,171,931,171

$

26,975,180

$

4,870,750,995

*

Represents

net

unrealized

appreciation

(depreciation).

(a)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$99,855,473.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(d)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$1,253,005,049

or

25.8%

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)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(h)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(i)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.550%

dated

11/29/24

to

be

repurchased

at

$19,932,555

on

12/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

5/15/43,

valued

at

$20,323,610.

M

Month

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

3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

8

Portfolio

of

Investments

November

30,

2024

Flexible

Income

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

97.1%

308787839

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

30.0%

308787839

AUTOMOBILES

&

COMPONENTS

-

1.0%

$

6,763,000

(a),(b)

General

Motors

Financial

Co

Inc

6.500

%

N/A

$

6,803,091

3,613,000

(a),(b)

General

Motors

Financial

Co

Inc

5.700

N/A

3,519,383

TOTAL

AUTOMOBILES

&

COMPONENTS

10,322,474

BANKS

-

6.4%

8,965,000

(a),(b)

Bank

of

America

Corp

6.300

N/A

9,054,811

23,521,000

(b)

Citigroup

Inc

6.250

N/A

23,714,014

4,025,000

(b),(c)

First

Citizens

BancShares

Inc/NC

(TSFR3M

+

4.234%)

9.180

N/A

4,089,400

5,825,000

(b)

JPMorgan

Chase

&

Co

6.875

N/A

6,151,002

6,994,000

(b)

PNC

Financial

Services

Group

Inc/The

6.200

N/A

7,078,229

5,450,000

(b),(c)

PNC

Financial

Services

Group

Inc/The

(TSFR3M

+

3.302%)

8.317

N/A

5,445,255

2,800,000

(b)

Wells

Fargo

&

Co

5.875

N/A

2,793,523

6,800,000

(a),(b)

Wells

Fargo

&

Co

7.625

N/A

7,242,503

TOTAL

BANKS

65,568,737

ENERGY

-

3.7%

5,072,000

Enbridge

Inc

8.500

01/15/84

5,648,377

6,200,000

(b)

Energy

Transfer

LP

7.125

N/A

6,328,179

11,100,000

Energy

Transfer

LP

8.000

05/15/54

11,806,825

5,406,000

(d)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7.500

03/01/55

5,657,855

1,150,000

Transcanada

Trust

5.600

03/07/82

1,101,821

7,906,000

Transcanada

Trust

5.875

08/15/76

7,860,746

TOTAL

ENERGY

38,403,803

FINANCIAL

SERVICES

-

4.3%

8,226,700

(b)

Ally

Financial

Inc

4.700

N/A

7,753,207

6,675,000

(b)

American

Express

Co

3.550

N/A

6,373,578

5,425,000

(d)

Ares

Finance

Co

III

LLC

4.125

06/30/51

5,186,360

9,550,000

(b)

Goldman

Sachs

Group

Inc/The

7.500

N/A

10,222,549

5,750,000

Morgan

Stanley

5.948

01/19/38

5,880,940

8,250,000

(b)

State

Street

Corp

6.700

N/A

8,468,262

TOTAL

FINANCIAL

SERVICES

43,884,896

FOOD,

BEVERAGE

&

TOBACCO

-

0.7%

2,042,000

(b),(d)

Land

O'

Lakes

Inc

8.000

N/A

1,901,599

3,300,000

(b),(d)

Land

O'

Lakes

Inc

7.250

N/A

2,761,702

3,200,000

(b),(d)

Land

O'

Lakes

Inc

7.000

N/A

2,599,987

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

7,263,288

INSURANCE

-

1.7%

650,000

Enstar

Finance

LLC

5.500

01/15/42

617,901

4,950,000

Enstar

Finance

LLC

5.750

09/01/40

4,906,178

10,255,000

(d)

Liberty

Mutual

Group

Inc

7.800

03/15/37

11,480,721

TOTAL

INSURANCE

17,004,800

MEDIA

&

ENTERTAINMENT

-

0.7%

1,575,000

Paramount

Global

6.375

03/30/62

1,518,950

6,180,000

(d)

Sirius

XM

Radio

Inc

4.000

07/15/28

5,802,572

TOTAL

MEDIA

&

ENTERTAINMENT

7,321,522

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.6%

6,275,000

(d)

EUSHI

Finance

Inc

7.625

12/15/54

6,488,074

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

6,488,074

UTILITIES

-

10.9%

8,250,000

AES

Corp/The

7.600

01/15/55

8,590,786

6,350,000

Dominion

Energy

Inc

6.875

02/01/55

6,689,048

7,228,000

Dominion

Energy

Inc

7.000

06/01/54

7,659,793

7,525,000

(b)

Edison

International

5.000

N/A

7,352,555

1,800,000

Edison

International

8.125

06/15/53

1,887,341

3,114,000

Edison

International

7.875

06/15/54

3,263,192

14,370,000

Emera

Inc

6.750

06/15/76

14,516,387

2,950,000

NextEra

Energy

Capital

Holdings

Inc

6.750

06/15/54

3,070,152

12,090,000

NextEra

Energy

Capital

Holdings

Inc

5.650

05/01/79

11,968,388

11,775,000

(b),(d)

NRG

Energy

Inc

10.250

N/A

13,061,136

9

PRINCIPAL

DESCRIPTION

VALUE

MATURITY

VALUE

UTILITIES

(continued)

$

8,050,000

PG&E

Corp

7.375

%

03/15/55

$

8,319,286

5,090,000

(b),(d)

Vistra

Corp

7.000

N/A

5,138,361

20,475,000

(b),(d)

Vistra

Corp

8.000

N/A

21,013,820

TOTAL

UTILITIES

112,530,245

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$311,797,764)

308,787,839

SHARES

DESCRIPTION

RATE

VALUE

85369284

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

8.3%

85369284

CAPITAL

GOODS

-

0.5%

204,000

WESCO

International

Inc

10.625

5,318,280

TOTAL

CAPITAL

GOODS

5,318,280

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.2%

99,796

National

Storage

Affiliates

Trust

6.000

2,370,155

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,370,155

FINANCIAL

SERVICES

-

1.9%

181,000

Morgan

Stanley

6.625

4,798,310

314,799

Morgan

Stanley

7.125

7,977,006

89,574

Morgan

Stanley

6.875

2,268,014

194,900

Synchrony

Financial

5.625

4,079,257

TOTAL

FINANCIAL

SERVICES

19,122,587

FOOD,

BEVERAGE

&

TOBACCO

-

1.2%

384,432

CHS

Inc

6.750

9,660,776

90,213

CHS

Inc

7.100

2,286,900

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

11,947,676

INSURANCE

-

3.2%

287,059

Allstate

Corp/The

7.375

7,828,099

220,806

Athene

Holding

Ltd

6.375

5,586,392

265,192

Athene

Holding

Ltd

6.350

6,815,434

169,032

Enstar

Group

Ltd

7.000

3,475,298

337,825

Reinsurance

Group

of

America

Inc

7.125

9,053,710

TOTAL

INSURANCE

32,758,933

UTILITIES

-

1.3%

85,590

Algonquin

Power

&

Utilities

Corp

8.864

2,185,969

434,800

SCE

Trust

VII

7.500

11,665,684

TOTAL

UTILITIES

13,851,653

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$86,245,115)

85,369,284

SHARES

DESCRIPTION

VALUE

99725601

COMMON

STOCKS

-

9.7%

99725601

BANKS

-

0.3%

12,800

JPMorgan

Chase

&

Co

3,196,416

TOTAL

BANKS

3,196,416

CAPITAL

GOODS

-

2.5%

41,600

Carrier

Global

Corp

3,218,592

22,800

Emerson

Electric

Co

3,023,280

11,800

General

Dynamics

Corp

3,351,318

7,600

Hubbell

Inc

3,496,684

14,500

Huntington

Ingalls

Industries

Inc

2,869,840

66,700

nVent

Electric

PLC

5,223,277

4,900

Parker-Hannifin

Corp

3,444,210

7,800

Regal

Rexnord

Corp

1,347,138

TOTAL

CAPITAL

GOODS

25,974,339

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.2%

4,000

Home

Depot

Inc/The

1,716,520

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,716,520

Portfolio

of

Investments

November

30,

2024

(continued)

Flexible

Income

10

SHARES

DESCRIPTION

VALUE

CONSUMER

SERVICES

-

0.6%

46,800

Boyd

Gaming

Corp

$

3,456,180

10,600

McDonald's

Corp

3,137,706

TOTAL

CONSUMER

SERVICES

6,593,886

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.3%

38,700

Walmart

Inc

3,579,750

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,579,750

ENERGY

-

1.1%

27,200

ConocoPhillips

2,946,848

48,700

Exxon

Mobil

Corp

5,744,652

15,100

Valero

Energy

Corp

2,100,108

TOTAL

ENERGY

10,791,608

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.5%

12,400

American

Tower

Corp

2,591,600

54,100

Rexford

Industrial

Realty

Inc

2,276,528

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4,868,128

FOOD,

BEVERAGE

&

TOBACCO

-

0.5%

8,700

PepsiCo

Inc

1,422,015

25,700

Philip

Morris

International

Inc

3,419,642

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,841,657

INSURANCE

-

0.3%

7,700

Everest

Group

Ltd

2,984,212

TOTAL

INSURANCE

2,984,212

MEDIA

&

ENTERTAINMENT

-

1.1%

33,800

Alphabet

Inc,

Class

C

5,762,562

48,100

Walt

Disney

Co/The

5,650,307

TOTAL

MEDIA

&

ENTERTAINMENT

11,412,869

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.4%

4,800

Amgen

Inc

1,357,776

54,200

Sanofi

SA,

ADR

2,628,158

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,985,934

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.2%

13,600

Applied

Materials

Inc

2,376,056

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2,376,056

SOFTWARE

&

SERVICES

-

0.3%

105,000

Gen

Digital

Inc

3,239,250

TOTAL

SOFTWARE

&

SERVICES

3,239,250

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.8%

72,200

Corning

Inc

3,513,974

198,400

Hewlett

Packard

Enterprise

Co

4,210,048

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

7,724,022

TRANSPORTATION

-

0.3%

22,900

United

Parcel

Service

Inc,

Class

B

3,107,988

TOTAL

TRANSPORTATION

3,107,988

UTILITIES

-

0.3%

35,582

Sempra

3,332,966

TOTAL

UTILITIES

3,332,966

TOTAL

COMMON

STOCKS

(Cost

$78,848,794)

99,725,601

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

22915895

CONVERTIBLE

BONDS

-

2.2%

22915895

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.7%

$

6,225,000

Seagate

HDD

Cayman

3.500

%

06/01/28

8,324,065

5,725,000

Western

Digital

Corp

3.000

11/15/28

8,820,540

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

17,144,605

11

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

-

0.5%

$

5,625,000

FirstEnergy

Corp

4.000

%

05/01/26

$

5,771,290

TOTAL

UTILITIES

5,771,290

TOTAL

CONVERTIBLE

BONDS

(Cost

$22,365,421)

22,915,895

SHARES

DESCRIPTION

RATE

VALUE

18476349

CONVERTIBLE

PREFERRED

SECURITIES

-

1.8%

18476349

BANKS

-

1.5%

1,100

Bank

of

America

Corp

7.250

1,368,950

11,405

Wells

Fargo

&

Co

7.500

13,920,715

TOTAL

BANKS

15,289,665

CAPITAL

GOODS

-

0.2%

25,200

Chart

Industries

Inc

6.750

1,813,392

TOTAL

CAPITAL

GOODS

1,813,392

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

22,200

Hewlett

Packard

Enterprise

Co

7.625

1,373,292

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,373,292

TOTAL

CONVERTIBLE

PREFERRED

SECURITIES

(Cost

$18,737,383)

18,476,349

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

459407225

CORPORATE

BONDS

-

44.6%

459407225

AUTOMOBILES

&

COMPONENTS

-

3.1%

7,475,000

(a)

Ford

Motor

Co

5.291

12/08/46

6,760,482

9,365,000

Ford

Motor

Credit

Co

LLC

7.350

11/04/27

9,877,418

12,780,000

General

Motors

Co

6.600

04/01/36

13,816,641

1,797,000

Goodyear

Tire

&

Rubber

Co/The

9.500

05/31/25

1,810,411

TOTAL

AUTOMOBILES

&

COMPONENTS

32,264,952

CAPITAL

GOODS

-

5.2%

6,715,000

(d)

ATS

Corp

4.125

12/15/28

6,265,039

5,450,000

(d)

Builders

FirstSource

Inc

6.375

03/01/34

5,554,371

2,675,000

Regal

Rexnord

Corp

6.050

04/15/28

2,751,147

13,025,000

Regal

Rexnord

Corp

6.400

04/15/33

13,725,902

5,550,000

Regal

Rexnord

Corp

6.050

02/15/26

5,604,587

6,300,000

(d)

Roller

Bearing

Co

of

America

Inc

4.375

10/15/29

5,936,385

8,375,000

(a)

United

Rentals

North

America

Inc

5.250

01/15/30

8,272,425

5,847,000

(d)

WESCO

Distribution

Inc

7.250

06/15/28

5,982,611

TOTAL

CAPITAL

GOODS

54,092,467

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2.2%

10,919,000

Bath

&

Body

Works

Inc

6.875

11/01/35

11,416,039

6,805,000

(d)

Gap

Inc/The

3.875

10/01/31

5,984,079

7,544,000

Nordstrom

Inc

5.000

01/15/44

5,789,957

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

23,190,075

CONSUMER

SERVICES

-

2.5%

8,605,000

(d)

Caesars

Entertainment

Inc

6.500

02/15/32

8,777,754

11,100,000

(d)

Light

&

Wonder

International

Inc

7.500

09/01/31

11,557,564

5,396,000

Piedmont

Operating

Partnership

LP

9.250

07/20/28

5,956,033

TOTAL

CONSUMER

SERVICES

26,291,351

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2.1%

21,339,000

(d)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

7.500

03/15/26

21,479,752

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

21,479,752

ENERGY

-

4.7%

5,375,000

(d)

Antero

Resources

Corp

7.625

02/01/29

5,509,783

1,092,000

(d)

Civitas

Resources

Inc

8.625

11/01/30

1,157,169

15,668,000

(d)

Columbia

Pipelines

Operating

Co

LLC

6.544

11/15/53

17,325,037

5,875,000

Diamondback

Energy

Inc

6.250

03/15/33

6,246,840

5,900,000

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

6.000

02/15/28

5,837,690

5,625,000

(d)

Permian

Resources

Operating

LLC

7.000

01/15/32

5,791,264

Portfolio

of

Investments

November

30,

2024

(continued)

Flexible

Income

12

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY

(continued)

$

5,550,000

Valero

Energy

Corp

6.625

%

06/15/37

$

6,097,736

TOTAL

ENERGY

47,965,519

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.9%

9,917,000

(d)

Iron

Mountain

Inc

7.000

02/15/29

10,238,628

9,550,000

VICI

Properties

LP

5.625

05/15/52

9,136,390

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

19,375,018

FINANCIAL

SERVICES

-

1.1%

10,114,000

Ally

Financial

Inc

8.000

11/01/31

11,366,607

TOTAL

FINANCIAL

SERVICES

11,366,607

FOOD,

BEVERAGE

&

TOBACCO

-

1.4%

5,250,000

Altria

Group

Inc

5.800

02/14/39

5,395,030

7,500,000

BAT

Capital

Corp

7.081

08/02/53

8,592,085

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

13,987,115

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.0%

5,875,000

HCA

Inc

5.125

06/15/39

5,576,868

4,400,000

(a)

Tenet

Healthcare

Corp

6.125

10/01/28

4,410,412

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

9,987,280

MATERIALS

-

4.2%

10,275,000

ArcelorMittal

SA

7.000

10/15/39

11,353,111

5,645,500

Ashland

Inc

6.875

05/15/43

6,007,318

4,000,000

Celanese

US

Holdings

LLC

6.800

11/15/30

4,212,316

4,075,000

Celanese

US

Holdings

LLC

6.165

07/15/27

4,157,602

10,300,000

(d)

Sealed

Air

Corp

6.875

07/15/33

10,921,718

6,625,000

Southern

Copper

Corp

5.875

04/23/45

6,634,368

TOTAL

MATERIALS

43,286,433

MEDIA

&

ENTERTAINMENT

-

4.5%

2,050,000

(d)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

7.375

03/03/31

2,127,410

14,500,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.484

10/23/45

14,254,953

11,324,000

(d)

Nexstar

Media

Inc

5.625

07/15/27

11,159,675

6,404,000

Paramount

Global

6.875

04/30/36

6,658,174

2,950,000

Time

Warner

Entertainment

Co

LP

8.375

07/15/33

3,387,235

10,325,000

Warnermedia

Holdings

Inc

5.141

03/15/52

8,299,808

TOTAL

MEDIA

&

ENTERTAINMENT

45,887,255

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.8%

8,950,000

Amgen

Inc

4.875

03/01/53

8,143,807

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,143,807

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

1.3%

13,308,000

(d)

Amkor

Technology

Inc

6.625

09/15/27

13,348,496

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

13,348,496

SOFTWARE

&

SERVICES

-

2.0%

5,750,000

(a),(d)

Gen

Digital

Inc

7.125

09/30/30

5,952,403

5,975,000

(d)

Gen

Digital

Inc

5.000

04/15/25

5,958,710

8,000,000

Oracle

Corp

6.500

04/15/38

8,838,371

TOTAL

SOFTWARE

&

SERVICES

20,749,484

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3.9%

20,469,000

Hewlett

Packard

Enterprise

Co

6.350

10/15/45

22,054,263

3,245,000

Seagate

HDD

Cayman

4.091

06/01/29

3,067,003

8,553,000

Seagate

HDD

Cayman

9.625

12/01/32

9,769,254

5,900,000

(d)

Viasat

Inc

5.625

04/15/27

5,629,480

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

40,520,000

TELECOMMUNICATION

SERVICES

-

1.1%

5,832,000

(d)

GCI

LLC

4.750

10/15/28

5,517,409

5,075,000

Level

3

Financing

Inc

11.000

11/15/29

5,766,604

TOTAL

TELECOMMUNICATION

SERVICES

11,284,013

13

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

-

1.6%

$

8,279,000

XPO

CNW

Inc

6.700

%

05/01/34

$

8,779,445

2,785,000

(d)

XPO

Inc

6.250

06/01/28

2,825,836

4,420,000

(d)

XPO

Inc

7.125

06/01/31

4,582,320

TOTAL

TRANSPORTATION

16,187,601

TOTAL

CORPORATE

BONDS

(Cost

$471,124,215)

459,407,225

SHARES

DESCRIPTION

RATE

ISSUE

PRICE

CAP

PRICE

MATURITY

VALUE

5,621,960

STRUCTURED

NOTES

-

0.5%

5,621,960

30,000

JPMorgan

Chase

Bank

NA

12.000

%

$168.4200

$198.6625

12/24/24

5,621,960

TOTAL

STRUCTURED

NOTES

(Cost

$5,052,453)

5,621,960

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$994,171,145)

1,000,304,153

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

2.7%

27,440,543

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.630

(f)

27,440,543

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$27,440,543)

27,440,543

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 1.9%

19524028

REPURCHASE

AGREEMENTS

-

1.9%

19524028

549,028

(g)

Fixed

Income

Clearing

Corporation

1.440

12/02/24

549,028

18,975,000

(h)

Fixed

Income

Clearing

Corporation

4.550

12/02/24

18,975,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$19,524,028)

19,524,028

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$19,524,028)

19,524,028

TOTAL

INVESTMENTS

-

101.7%

(Cost

$1,041,135,716

)

1,047,268,724

OTHER

ASSETS

&

LIABILITIES,

NET

-  (1.7)%

(17,389,974)

NET

ASSETS

-

100%

$

1,029,878,750

Portfolio

of

Investments

November

30,

2024

(continued)

Flexible

Income

14

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

308,787,839

$

–

$

308,787,839

$25

Par

(or

similar)

Retail

Preferred

85,369,284

–

–

85,369,284

Common

Stocks

99,725,601

–

–

99,725,601

Convertible

Bonds

–

22,915,895

–

22,915,895

Convertible

Preferred

Securities

18,476,349

–

–

18,476,349

Corporate

Bonds

–

459,407,225

–

459,407,225

Structured

Notes

–

5,621,960

–

5,621,960

Investments

Purchased

with

Collateral

from

Securities

Lending

27,440,543

–

–

27,440,543

Short-Term

Investments:

Repurchase

Agreements

–

19,524,028

–

19,524,028

Total

$

231,011,777

$

816,256,947

$

–

$

1,047,268,724

(a)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$26,549,470.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(d)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$260,675,080

or

24.9%

of

Total

Investments.

(e)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(g)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.440%

dated

11/29/24

to

be

repurchased

at

$549,094

on

12/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.750%

and

maturity

date

1/31/29,

valued

at

$560,059.

(h)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.550%

dated

11/29/24

to

be

repurchased

at

$18,982,195

on

12/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

5/15/43,

valued

at

$19,354,577.

ADR

American

Depositary

Receipt

M

Month

TSFR

3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month