Shares or Principal Amount | | | | | Moody’s Ratings | | Value | |
| | | PREFERRED SECURITIES – 70.5% | | | | | |
| | | BANKS – 28.8% | | | | | |
| 575,000 | | | American AgCredit Corp., 5.250% to 06/15/26 then USD 5 Year Tsy + 4.500%, Series A(1)(2) | | BB+(3) | | $ | 557,445 | |
| 2,100,000 | | | Bank of America Corp., 6.125% to 04/27/27 then USD 5 Year Tsy + 3.231%, Series TT(2) | | Baa2 | | | 2,116,416 | |
| 1,030,000 | | | Capital One Financial Corp., 3.950% to 09/01/26 then USD 5 Year Tsy + 3.157%, Series M(2) | | Baa3 | | | 950,340 | |
| | | | Citigroup, Inc. | | | | | | |
| 300,000 | | | 4.000% to 12/10/25 then USD 5 Year Tsy + 3.597%, Series W(2) | | Ba1 | | | 288,070 | |
| 1,575,000 | | | 4.150% to 11/15/26 then USD 5 Year Tsy + 3.000%, Series Y(2) | | Ba1 | | | 1,473,849 | |
| 1,125,000 | | | 4.700% to 01/30/25 then 3-Month CME Term SOFR + 3.496%, Series V(2) | | Ba1 | | | 1,102,299 | |
| 890,000 | | | 7.125% to 08/15/29 then USD 5 Year Tsy + 2.693%, Series CC(2) | | Ba1 | | | 890,075 | |
| 1,230,000 | | | 7.375% to 05/15/28 then USD 5 Year Tsy + 3.209%, Series Z(2) | | Ba1 | | | 1,265,442 | |
| 1,200,000 | | | 7.625% to 11/15/28 then USD 5 Year Tsy + 3.211%, Series AA(2) | | Ba1 | | | 1,252,668 | |
| | | | Citizens Financial Group, Inc. | | | | | | |
| 25,700 | | | 7.375%, Series H(2) | | Baa3 | | | 679,765 | |
| 137,754 | | | 9.205% to 07/06/24 then 3-Month CME Term SOFR + 3.904%, Series D(2)(5) | | Baa3 | | | 3,438,340 | |
| | | | CoBank ACB | | | | | | |
| 11,790 | | | 6.200% to 01/01/25 then 3-Month CME Term SOFR + 4.006%, Series H(1)(2) | | BBB+(3) | | | 1,172,221 | |
| 500,000 | | | 6.250% to 10/01/26 then 3-Month CME Term SOFR + 4.922%, Series I(1)(2) | | BBB+(3) | | | 496,129 | |
| 2,760,000 | | | Comerica, Inc., 5.625% to 10/01/25 then USD 5 Year Tsy + 5.291%, Series A(2) | | Baa3 | | | 2,704,013 | |
| 250,000 | | | Compeer Financial ACA, 4.875% to 08/15/26 then USD 5 Year Tsy + 4.100%, Series B-1(1)(2) | | BB+(3) | | | 242,500 | |
| 42,300 | | | ConnectOne Bancorp, Inc., 5.250% to 09/01/26 then USD 5 Year Tsy + 4.420%, Series A(2) | | NR(4) | | | 852,768 | |
| 36,000 | | | Dime Community Bancshares, Inc., 5.500%, Series A(2) | | NR(4) | | | 605,160 | |
| 6,300 | | | Farm Credit Bank of Texas, 9.611%, 3-Month CME Term SOFR + 4.272%, Series B-2(1)(2)(5) | | Baa1 | | | 633,150 | |
| 17,822 | | | First Horizon Corp., 6.500%, Series E(2) | | Ba2 | | | 406,342 | |
| | | | Goldman Sachs Group, Inc. | | | | | | |
| 1,600,000 | | | 4.125% to 11/10/26 then USD 5 Year Tsy + 2.949%, Series V(2) | | Ba1 | | | 1,498,478 | |
| 925,000 | | | 4.400% to 02/10/25 then USD 5 Year Tsy + 2.850%, Series S(2) | | Ba1 | | | 909,717 | |
| 2,500,000 | | | 4.950% to 02/10/25 then USD 5 Year Tsy + 3.224%, Series R(2) | | Ba1 | | | 2,471,100 | |
| 320,000 | | | 7.500% to 02/10/29 then USD 5 Year Tsy + 3.156%, Series W(2) | | Ba1 | | | 336,176 | |
| 1,120,000 | | | 7.500% to 05/10/29 then USD 5 Year Tsy + 2.809%, Series X(2) | | Ba1 | | | 1,154,724 | |
| | | | Huntington Bancshares, Inc. | | | | | | |
| 355,000 | | | 4.450% to 10/15/27 then USD 7 Year Tsy + 4.045%, Series G(2) | | Baa3 | | | 324,336 | |
| 1,050,000 | | | 5.625% to 07/15/30 then USD 10 Year Tsy + 4.945%, Series F(2) | | Baa3 | | | 1,008,803 | |
| 34,400 | | | 6.876% to 04/15/28 then USD 5 Year Tsy + 2.704%, Series J(2) | | Baa3 | | | 857,248 | |
| 500,000 | | | JPMorgan Chase & Co., 3.650% to 06/01/26 then USD 5 Year Tsy + 2.850%, Series KK(2) | | Baa2 | | | 474,108 | |
| | | | KeyCorp | | | | | | |
| 3,740,000 | | | 5.000% to 09/15/26 then 3-Month CME Term SOFR + 3.868%, Series D(2) | | Ba1 | | | 3,318,270 | |
| 24,728 | | | 6.125% to 12/15/26 then 3-Month CME Term SOFR + 4.154%, Series E(2) | | Ba1 | | | 566,518 | |
| 25,800 | | | 6.200% to 12/15/27 then USD 5 Year Tsy + 3.132%, Series H(2) | | Ba1 | | | 568,632 | |
Shares or Principal Amount | | | | | Moody’s Ratings | | Value | |
| | | PREFERRED SECURITIES (continued) | | | | | |
| | | BANKS (continued) | | | | | |
| | | | M&T Bank Corp. | | | | | | |
| 650,000 | | | 3.500% to 09/01/26 then USD 5 Year Tsy + 2.679%, Series I(2) | | Baa3 | | $ | 544,050 | |
| 96,311 | | | 5.625% to 12/15/26 then 3-Month CME Term SOFR + 4.282%, Series H(2) | | Baa3 | | | 2,334,579 | |
| 700,000 | | | 9.194%, 3-Month CME Term SOFR + 3.872%, Series E(2)(5) | | Baa3 | | | 706,538 | |
| 18,791 | | | Merchants Bancorp, 6.000% to 10/01/24 then 3-Month USD Libor + 4.569%, Series B(2) | | Ba3 | | | 459,816 | |
| 165,623 | | | New York Community Bancorp, Inc., 6.375% to 03/17/27 then 3-Month USD Libor + 3.821%, Series A(2) | | Caa1 | | | 2,984,526 | |
| | | | PNC Financial Services Group, Inc. | | | | | | |
| 476,000 | | | 3.400% to 09/15/26 then USD 5 Year Tsy + 2.595%, Series T(2) | | Baa2 | | | 428,303 | |
| 2,135,000 | | | 6.000% to 05/15/27 then USD 5 Year Tsy + 3.000%, Series U(2) | | Baa2 | | | 2,114,017 | |
| 610,000 | | | 6.200% to 09/15/27 then USD 5 Year Tsy + 3.238%, Series V(2) | | Baa2 | | | 609,155 | |
| 1,800,000 | | | 6.250% to 03/15/30 then USD 7 Year Tsy + 2.808%, Series W(2) | | Baa2 | | | 1,758,951 | |
| 90,500 | | | Regions Financial Corp., 5.700% to 08/15/29 then 3-Month CME Term SOFR + 3.410%, Series C(2) | | Baa3 | | | 2,076,975 | |
| 700,000 | | | State Street Corp., 6.700% to 03/15/29 then USD 5 Year Tsy + 2.613%, Series I(2) | | Baa1 | | | 706,061 | |
| | | | Synchrony Financial | | | | | | |
| 46,000 | | | 5.625%, Series A(2) | | BB-(3) | | | 837,660 | |
| 44,600 | | | 8.250% to 05/15/29 then USD 5 Year Tsy + 4.044%, Series B(2) | | BB-(3) | | | 1,137,746 | |
| 127,922 | | | Synovus Financial Corp., 5.875% to 07/01/24 then USD 5 Year Tsy + 4.127%, Series E(2) | | BB-(3) | | | 3,208,284 | |
| 32,043 | | | Texas Capital Bancshares, Inc., 5.750%, Series B(2) | | Ba2 | | | 605,933 | |
| 1,098,000 | | | Truist Financial Corp., 4.800% to 09/01/24 then USD 5 Year Tsy + 3.003%, Series N(2) | | Baa3 | | | 1,081,516 | |
| | | | Valley National Bancorp | | | | | | |
| 30,345 | | | 6.250% to 06/30/25 then 3-Month USD Libor + 3.850%, Series A(2) | | BB-(3) | | | 648,776 | |
| 2,022 | | | 9.174%, 3-Month CME Term SOFR + 3.840%, Series B(2)(5) | | BB-(3) | | | 46,587 | |
| 20,300 | | | WaFd, Inc., 4.875%, Series A(2) | | Ba1 | | | 297,598 | |
| | | | Wells Fargo & Co. | | | | | | |
| 825,000 | | | 3.900% to 03/15/26 then USD 5 Year Tsy + 3.453%, Series BB(2) | | Baa2 | | | 789,926 | |
| 750,000 | | | 5.875% to 06/15/25 then 9.685%, Series U(2) | | Baa2 | | | 748,290 | |
| 267 | | | 7.500%, Series L(2)(6) | | Baa2 | | | 317,455 | |
| 1,790,000 | | | 7.625% to 09/15/28 then USD 5 Year Tsy + 3.606%, Series EE(2) | | Baa2 | | | 1,910,576 | |
| 43,200 | | | WesBanco, Inc., 6.750% to 08/15/25 then USD 5 Year Tsy + 6.557%, Series A(2) | | NR(4) | | | 1,054,080 | |
| 12,900 | | | Western Alliance Bancorp, 4.250% to 09/30/26 then USD 5 Year Tsy + 3.452%, Series A(2) | | Ba3 | | | 232,845 | |
| 44,000 | | | Wintrust Financial Corp., 6.875% to 07/15/25 then USD 5 Year Tsy + 6.507%, Series E(2) | | BB(7) | | | 1,098,240 | |
| 43,000 | | | Zions Bancorp NA, 9.401%, 3-Month CME Term SOFR + 4.062%, Series I(2)(5) | | BB+(3) | | | 40,513 | |
| | | | | | | | | 63,394,098 | |
| | | | FINANCIAL SERVICES – 3.5% | | | | | | |
| 450,000 | | | AerCap Global Aviation Trust, 6.500% to 06/15/25 then 3-Month CME Term SOFR + 4.562%, 06/15/45(1) | | Baa2 | | | 449,413 | |
| 2,245,000 | | | AerCap Holdings, 5.875% to 10/10/24 then USD 5 Year Tsy + 4.535%, 10/10/79 | | Baa3 | | | 2,236,294 | |
| 21,200 | | | Affiliated Managers Group, Inc., 6.750%, 03/30/64 | | Baa1 | | | 540,176 | |
Shares or Principal Amount | | | | | Moody’s Ratings | | Value | |
| | | | PREFERRED SECURITIES (continued) | | | | | | |
| | | | FINANCIAL SERVICES (continued) | | | | | | |
| | | | Ally Financial, Inc. | | | | | | |
| 1,220,000 | | | 4.700% to 05/15/26 then USD 5 Year Tsy + 3.868%, Series B(2) | | Ba2 | | $ | 1,077,325 | |
| 800,000 | | | 4.700% to 05/15/28 then USD 7 Year Tsy + 3.481%, Series C(2) | | Ba2 | | | 642,721 | |
| 800,000 | | | Discover Financial Services, 6.125% to 09/23/25 then USD 5 Year Tsy + 5.783%, Series D(2) | | Ba1 | | | 793,280 | |
| | | | General Motors Financial Co., Inc. | | | | | | |
| 725,000 | | | 5.700% to 09/30/30 then USD 5 Year Tsy + 4.997%, Series C(2) | | Ba1 | | | 683,199 | |
| 330,000 | | | 5.750% to 09/30/27 then 3-Month USD Libor + 3.598%, Series A(2) | | Ba1 | | | 315,401 | |
| 600,000 | | | 6.500% to 09/30/28 then 3-Month USD Libor + 3.436%, Series B(2) | | Ba1 | | | 590,112 | |
| 17,784 | | | Stifel Financial Corp., 4.500%, Series D(2) | | BB(3) | | | 304,996 | |
| 4,494 | | | TPG Operating Group II LP, 6.950%, 03/15/64 | | Baa1 | | | 116,664 | |
| | | | | | | | | 7,749,581 | |
| | | | INSURANCE – 19.2% | | | | | | |
| 1,151,000 | | | ACE Capital Trust II, 9.700%, 04/01/30 | | Baa1 | | | 1,367,516 | |
| 1,387,000 | | | American International Group, Inc., 8.175% to 05/15/38 then 3-Month USD Libor + 4.195%, 05/15/58, Series A-6 | | Baa3 | | | 1,526,485 | |
| 92,000 | | | American National Group, Inc., 5.950% to 12/01/24 then USD 5 Year Tsy + 4.322%, Series A(2) | | BB+(3) | | | 2,232,840 | |
| | | | Aspen Insurance Holdings, Ltd. | | | | | | |
| 25,000 | | | 5.625%(2) | | Ba1 | | | 501,750 | |
| 18,630 | | | 9.593%(2) | | Ba1 | | | 490,342 | |
| | | | Athene Holding, Ltd. | | | | | | |
| 25,200 | | | 4.875%, Series D(2) | | Baa3 | | | 474,516 | |
| 90,500 | | | 6.350% to 06/30/29 then 3-Month USD Libor + 4.253%, Series A(2) | | Baa3 | | | 2,182,860 | |
| 27,440 | | | 7.250% to 03/30/29 then USD 5 Year Tsy + 2.986%, 03/30/64 | | Baa2 | | | 696,976 | |
| 735,000 | | | Axis Specialty Finance LLC, 4.900% to 01/15/30 then USD 5 Year Tsy + 3.186%, 01/15/40 | | Baa2 | | | 674,004 | |
| 15,000 | | | CNO Financial Group, Inc., 5.125%, 11/25/60 | | Ba1 | | | 291,000 | |
| 131,885 | | | Delphi Financial Group, Inc., 8.774%, 3-Month CME Term SOFR + 3.452%, 05/15/37(5) | | BBB(3) | | | 3,181,726 | |
| | | | Enstar Finance LLC | | | | | | |
| 670,000 | | | 5.500% to 01/15/27 then USD 5 Year Tsy + 4.006%, 01/15/42 | | BBB-(3) | | | 648,377 | |
| 825,000 | | | 5.750% to 09/01/25 then USD 5 Year Tsy + 5.468%, 09/01/40 | | BBB-(3) | | | 808,861 | |
| 45,400 | | | Enstar Group, Ltd., 7.000% to 09/01/28 then 3-Month USD Libor + 4.015%, Series D(2) | | BBB-(3) | | | 1,137,270 | |
| 125,000 | | | Equitable Holdings, Inc., 4.950% to 12/15/25 then USD 5 Year Tsy + 4.736%, Series B(2) | | Baa3 | | | 123,365 | |
| 196,000 | | | Everest Reinsurance Holdings, Inc., 7.969%, 3-Month CME Term SOFR + 2.647%, 05/15/37(5) | | Baa2 | | | 192,140 | |
| | | | Global Atlantic Fin Co. | | | | | | |
| 1,370,000 | | | 4.700% to 10/15/26 then USD 5 Year Tsy + 3.796%, 10/15/51(1) | | Baa3 | | | 1,272,922 | |
| 585,000 | | | 7.950% to 10/15/29 then USD 5 Year Tsy + 3.608%, 10/15/54(1) | | Baa3 | | | 590,034 | |
| 12,500 | | | Jackson Financial, Inc., 8.000% to 03/30/28 then USD 5 Year Tsy + 3.728%, Series A(2) | | Ba2 | | | 321,875 | |
| 875,000 | | | Kuvare U.S. Holdings, Inc., 7.000% to 05/01/26 then USD 5 Year Tsy + 6.541%, 02/17/51, Series A(1) | | NR(4) | | | 875,000 | |
Shares or Principal Amount | | | | | Moody’s Ratings | | Value | |
| | | | PREFERRED SECURITIES (continued) | | | | | | |
| | | | INSURANCE (continued) | | | | | | |
| | | | Liberty Mutual Group, Inc. | | | | | | |
| 830,000 | | | 4.125% to 12/15/26 then USD 5 Year Tsy + 3.315%, 12/15/51(1) | | Baa3 | | $ | 774,853 | |
| 7,103,000 | | | 7.800% to 03/15/37 then 3-Month CME Term SOFR + 3.838%, 03/15/37(1) | | Baa3 | | | 7,560,270 | |
| | | | Lincoln National Corp. | | | | | | |
| 15,900 | | | 9.000%, Series D(2) | | Ba1 | | | 444,405 | |
| 400,000 | | | 9.250% to 03/01/28 then USD 5 Year Tsy + 5.318%, Series C(2) | | Ba1 | | | 432,178 | |
| | | | MetLife, Inc. | | | | | | |
| 1,605,000 | | | 9.250% to 04/08/38 then 3-Month CME Term SOFR + 5.802%, 04/08/38(1) | | Baa2 | | | 1,860,755 | |
| 1,591,000 | | | 10.750% to 08/01/39 then 3-Month CME Term SOFR + 7.810%, 08/01/39 | | Baa2 | | | 2,131,194 | |
| 4,500,000 | | | Provident Financing Trust I, 7.405%, 03/15/38 | | Baa3 | | | 4,795,020 | |
| 2,610,000 | | | Prudential Financial, Inc., 6.750% to 03/01/33 then USD 5 Year Tsy + 2.848%, 03/01/53 | | Baa1 | | | 2,674,772 | |
| | | | SBL Holdings, Inc. | | | | | | |
| 1,275,000 | | | 6.500% to 11/13/26 then USD 5 Year Tsy + 5.620%, Series B(1)(2) | | BB(3) | | | 1,033,317 | |
| 1,175,000 | | | 7.000% to 05/13/25 then USD 5 Year Tsy + 5.580%, Series A(1)(2) | | BB(3) | | | 1,026,165 | |
| | | | | | | | | 42,322,788 | |
| | | | UTILITIES – 10.7% | | | | | | |
| 695,000 | | | AES Corp., 7.600% to 01/15/30 then USD 5 Year Tsy + 3.201%, 01/15/55 | | Ba1 | | | 705,132 | |
| | | | Algonquin Power & Utilities Corp. | | | | | | |
| 1,500,000 | | | 4.750% to 04/18/27 then USD 5 Year Tsy + 3.249%, 01/18/82, Series 2022-B | | BB+(3) | | | 1,373,149 | |
| 40,895 | | | 6.200% to 07/01/24 then 3-Month USD Libor + 4.010%, 07/01/79, Series 2019-A | | BB+(3) | | | 1,029,736 | |
| | | | American Electric Power Co., Inc. | | | | | | |
| 1,070,000 | | | 3.875% to 02/15/27 then USD 5 Year Tsy + 2.675%, 02/15/62 | | Baa3 | | | 985,634 | |
| 865,000 | | | 6.950% to 12/15/34 then USD 5 Year Tsy + 2.675%, 12/15/54, Series B | | Baa3 | | | 862,384 | |
| | | | Dominion Energy, Inc. | | | | | | |
| 725,000 | | | 4.350% to 04/15/27 then USD 5 Year Tsy + 3.195%, Series C(2) | | Ba1 | | | 683,662 | |
| 1,170,000 | | | 7.000% to 06/01/34 then USD 5 Year Tsy + 2.511%, 06/01/54, Series B | | Baa3 | | | 1,220,210 | |
| | | | Edison International | | | | | | |
| 1,775,000 | | | 5.000% to 03/15/27 then USD 5 Year Tsy + 3.901%, Series B(2) | | Ba1 | | | 1,692,860 | |
| 490,000 | | | 5.375% to 03/15/26 then USD 5 Year Tsy + 4.698%, Series A(2) | | Ba1 | | | 478,561 | |
| 2,806,000 | | | Emera, Inc., 6.750% to 06/15/26 then 3-Month USD Libor + 5.440%, 06/15/76, Series 2016-A | | Ba2 | | | 2,798,037 | |
| 960,000 | | | Entergy Corp., 7.125% to 12/01/29 then USD 5 Year Tsy + 2.670%, 12/01/54 | | Baa3 | | | 954,059 | |
| 1,025,000 | | | EUSHI Finance, Inc., 7.625% to 12/15/29 then USD 5 Year Tsy + 3.136%, 12/15/54 | | Ba1 | | | 1,030,812 | |
| | | | NextEra Energy Capital Holdings, Inc. | | | | | | |
| 355,000 | | | 6.700% to 09/01/29 then USD 5 Year Tsy + 2.364%, 09/01/54, Series Q | | Baa2 | | | 355,762 | |
| 790,000 | | | 6.750% to 06/15/34 then USD 5 Year Tsy + 2.475%, 06/15/54, Series R | | Baa2 | | | 797,029 | |
| 525,000 | | | NiSource, Inc., 6.950% to 11/30/29 then USD 5 Year Tsy + 2.451%, 11/30/54 | | Baa3 | | | 528,936 | |
| 121,730 | | | SCE Trust V, 5.450% to 03/15/26 then 3-Month Term SOFR + 4.052%, Series K(2) | | Baa3 | | | 3,028,642 | |
| 39,010 | | | SCE Trust VI, 5.000%, Series L(2) | | Baa3 | | | 771,618 | |
| 19,500 | | | SCE Trust VII, 7.500%, Series M(2) | | Baa3 | | | 510,315 | |
| 20,500 | | | SCE Trust VIII, 6.950%, Series N(2) | | Baa3 | | | 527,670 | |
Shares or Principal Amount | | | | | Moody’s Ratings | | Value | |
| | | | PREFERRED SECURITIES (continued) | | | | | | |
| | | | UTILITIES (continued) | | | | | | |
| | | | Sempra | | | | | | |
| 1,450,000 | | | 4.125% to 04/01/27 then USD 5 Year Tsy + 2.868%, 04/01/52 | | Baa3 | | $ | 1,342,169 | |
| 1,300,000 | | | 4.875% to 10/15/25 then USD 5 Year Tsy + 4.550%, Series C(2) | | Ba1 | | | 1,278,471 | |
| 570,000 | | | 6.875% to 10/01/29 then USD 5 Year Tsy + 2.789%, 10/01/54 | | Baa3 | | | 568,001 | |
| 175,000 | | | Vistra Corp., 7.000% to 12/15/26 then USD 5 Year Tsy + 5.740%, Series B(1)(2) | | Ba3 | | | 173,647 | |
| | | | | | | | | 23,696,496 | |
| | | | ENERGY – 3.8% | | | | | | |
| | | | Enbridge, Inc. | | | | | | |
| 340,000 | | | 5.750% to 07/15/30 then USD 5 Year Tsy + 5.314%, 07/15/80, Series 2020-A | | Ba1 | | | 321,447 | |
| 1,252,000 | | | 6.000% to 01/15/27 then 3-Month CME Term SOFR + 4.152%, 01/15/77, Series 2016-A | | Ba1 | | | 1,217,827 | |
| 1,460,000 | | | 7.375% to 03/15/30 then USD 5 Year Tsy + 3.125%, 03/15/55, Series A | | Baa3 | | | 1,468,701 | |
| 725,000 | | | 8.500% to 01/15/34 then USD 5 Year Tsy + 4.431%, 01/15/84, Series 2023-B | | Ba1 | | | 783,138 | |
| 1,387,000 | | | Energy Transfer LP, 7.125% to 05/15/30 then USD 5 Year Tsy + 5.306%, Series G(2) | | Ba1 | | | 1,377,083 | |
| | | | Transcanada Trust | | | | | | |
| 2,065,000 | | | 5.500% to 09/15/29 then 3-Month CME Term SOFR + 4.416%, 09/15/79 | | Ba1 | | | 1,905,487 | |
| 1,350,000 | | | 5.875% to 08/15/26 then 3-Month USD Libor + 4.640%, 08/15/76, Series 2016-A | | Ba1 | | | 1,324,929 | |
| | | | | | | | | 8,398,612 | |
| | | | COMMUNICATIONS – 1.0% | | | | | | |
| 1,720,000 | | | Paramount Global, 6.375% to 03/30/27 then USD 5 Year Tsy + 3.999%, 03/30/62 | | Ba1 | | | 1,521,316 | |
| 700,000 | | | Vodafone Group PLC, 7.000% to 04/04/29 then USD 5 Year Swap + 4.873%, 04/04/79 | | Ba1 | | | 722,577 | |
| | | | | | | | | 2,243,893 | |
| | | | MISCELLANEOUS – 1.7% | | | | | | |
| 370,000 | | | Apollo Management Holdings LP, 4.950% to 12/17/24 then USD 5 Year Tsy + 3.266%, 01/14/50(1) | | BBB+(3) | | | 363,319 | |
| | | | Land O’ Lakes, Inc. | | | | | | |
| 700,000 | | | 7.250%, Series B(1)(2) | | BB(3) | | | 570,500 | |
| 3,115,000 | | | 8.000%, Series A(1)(2) | | BB(3) | | | 2,741,200 | |
| | | | | | | | | 3,675,019 | |
| | | | REITS – 1.8% | | | | | | |
| | | | Arbor Realty Trust, Inc. | | | | | | |
| 68,190 | | | 6.250% to 10/12/26 then 3-Month CME Term SOFR + 5.440%, Series F(2) | | NR(4) | | | 1,331,751 | |
| 10,859 | | | 6.375%, Series D(2) | | NR(4) | | | 200,783 | |
| 87,394 | | | KKR Real Estate Finance Trust, Inc., 6.500%, Series A(2) | | NR(4) | | | 1,568,722 | |
| 26,000 | | | New York Mortgage Trust, Inc., 6.875% to 10/15/26 then 3-Month CME Term SOFR + 6.130%, Series F(2) | | NR(4) | | | 524,160 | |
| 20,598 | | | TPG RE Finance Trust, Inc., 6.250%, Series C(2) | | NR(4) | | | 339,249 | |
| | | | | | | | | 3,964,665 | |
| | | | TOTAL PREFERRED SECURITIES (Cost $163,938,199) | | | | | 155,445,152 | |
Shares or Principal Amount | | | | | Moody’s Ratings | | Value | |
| | | | CONTINGENT CAPITAL SECURITIES – 25.1% | | | | | | |
| | | | BANKS – 25.1% | | | | | | |
| 4,207,000 | | | Australia & New Zealand Banking Group, Ltd., 6.750% to 06/15/26 then USD 5 Year Swap + 5.168%(1)(2) | | Baa2 | | $ | 4,235,755 | |
| | | | Banco Bilbao Vizcaya Argentaria SA | | | | | | |
| 2,600,000 | | | 6.125% to 11/16/27 then USD 5 Year Swap + 3.870%(2) | | Ba2 | | | 2,398,633 | |
| 800,000 | | | 6.500% to 03/05/25 then USD 5 Year Tsy + 5.192%, Series 9(2) | | Ba2 | | | 796,097 | |
| 1,000,000 | | | 9.375% to 09/19/29 then USD 5 Year Tsy + 5.099%, Series 12(2) | | Ba2 | | | 1,066,816 | |
| | | | Banco Mercantil del Norte SA | | | | | | |
| 750,000 | | | 6.625% to 01/24/32 then USD 10 Year Tsy + 5.034%(1)(2) | | Ba2 | | | 657,012 | |
| 900,000 | | | 7.500% to 06/27/29 then USD 10 Year Tsy + 5.470%(1)(2) | | Ba2 | | | 873,999 | |
| 640,000 | | | 7.625% to 01/10/28 then USD 10 Year Tsy + 5.353%(1)(2) | | Ba2 | | | 630,479 | |
| | | | Banco Santander SA | | | | | | |
| 10,400,000 | | | 4.750% to 05/12/27 then USD 5 Year Tsy + 3.753%(1)(2) | | Ba1 | | | 9,322,040 | |
| 400,000 | | | 9.625% to 11/21/33 then USD 5 Year Tsy + 5.298%(1)(2) | | Ba1 | | | 444,456 | |
| 670,000 | | | Bank of Montreal, 7.700% to 05/26/29 then USD 5 Year Tsy + 3.452%, 05/26/84, Series 4 | | Baa3 | | | 686,244 | |
| 1,000,000 | | | Bank of Nova Scotia, 8.625% to 10/27/27 then USD 5 Year Tsy + 4.389%, 10/27/82, Series 4 | | Baa3 | | | 1,050,173 | |
| | | | Barclays PLC | | | | | | |
| 400,000 | | | 4.375% to 09/15/28 then USD 5 Year Tsy + 3.410%(2) | | Ba1 | | | 336,867 | |
| 1,270,000 | | | 6.125% to 06/15/26 then USD 5 Year Tsy + 5.867%(2) | | Ba1 | | | 1,246,113 | |
| 380,000 | | | 8.000% to 09/15/29 then USD 5 Year Tsy + 5.431%(2) | | Ba1 | | | 386,799 | |
| 545,000 | | | 9.625% to 06/15/30 then SOFR 5 Year Swap + 5.775%(2) | | Ba1 | | | 592,375 | |
| 600,000 | | | BBVA Bancomer SA Texas, 5.875% to 09/13/29 then USD 5 Year Tsy + 4.308%, 09/13/34(1) | | Baa2 | | | 556,681 | |
| | | | BNP Paribas SA | | | | | | |
| 425,000 | | | 4.625% to 02/25/31 then USD 5 Year Tsy + 3.340%(1)(2) | | Ba1 | | | 341,380 | |
| 3,000,000 | | | 7.375% to 08/19/25 then USD 5 Year Swap + 5.150%(1)(2) | | Ba1 | | | 3,000,036 | |
| 765,000 | | | 7.750% to 08/16/29 then USD 5 Year Tsy + 4.899%(1)(2) | | Ba1 | | | 773,629 | |
| 2,829,000 | | | 8.500% to 08/14/28 then USD 5 Year Tsy + 4.354%(1)(2) | | Ba1 | | | 2,904,681 | |
| | | | Credit Agricole SA | | | | | | |
| 450,000 | | | 4.750% to 09/23/29 then USD 5 Year Tsy + 3.237%(1)(2) | | BBB-(3) | | | 392,419 | |
| 500,000 | | | 8.125% to 12/23/25 then USD 5 Year Swap + 6.185%(1)(2) | | Baa3 | | | 508,072 | |
| 400,000 | | | Deutsche Bank AG, 6.000% to 04/30/26 then USD 5 Year Tsy + 4.524%(2) | | Ba2 | | | 380,523 | |
| | | | HSBC Holdings PLC | | | | | | |
| 1,500,000 | | | 4.700% to 09/09/31 then USD 5 Year Tsy + 3.250%(2) | | Baa3 | | | 1,282,548 | |
| 325,000 | | | 6.000% to 05/22/27 then USD 5 Year Swap + 3.746%(2) | | Baa3 | | | 314,662 | |
| 850,000 | | | 6.500% to 03/23/28 then USD 5 Year Swap + 3.606%(2) | | Baa3 | | | 838,927 | |
| 3,000,000 | | | 8.000% to 09/07/28 then USD 5 Year Tsy + 3.858%(2) | | Baa3 | | | 3,158,808 | |
| 2,550,000 | | | ING Groep, 3.875% to 11/16/27 then USD 5 Year Tsy + 2.862%(2) | | Ba1 | | | 2,166,916 | |
Shares or Principal Amount | | | | | Moody’s Ratings | | Value | |
| | | | CONTINGENT CAPITAL SECURITIES (continued) | | | | | | |
| | | | BANKS (continued) | | | | | | |
| | | | Lloyds Banking Group PLC | | | | | | |
| 1,900,000 | | | 7.500% to 09/27/25 then USD 5 Year Swap + 4.496%(2) | | Baa3 | | $ | 1,903,811 | |
| 2,320,000 | | | 8.000% to 03/27/30 then USD 5 Year Tsy + 3.913%(2) | | Baa3 | | | 2,378,452 | |
| 1,530,000 | | | Macquarie Bank, Ltd., 6.125% to 03/08/27 then USD 5 Year Swap + 3.703%(1)(2) | | Baa3 | | | 1,506,678 | |
| | | | NatWest Group PLC | | | | | | |
| 350,000 | | | 4.600% to 12/28/31 then USD 5 Year Tsy + 3.100%(2) | | Baa3 | | | 276,629 | |
| 200,000 | | | 8.125% to 05/10/34 then USD 5 Year Tsy + 3.752%(2) | | Baa3 | | | 202,528 | |
| 664,000 | | | Royal Bank of Canada, 7.500% to 05/02/29 then USD 5 Year Tsy + 2.887%, 05/02/84, Series 4 | | Baa2 | | | 686,472 | |
| | | | Societe Generale SA | | | | | | |
| 900,000 | | | 4.750% to 05/26/26 then USD 5 Year Tsy + 3.931%(1)(2) | | Ba2 | | | 806,101 | |
| 900,000 | | | 5.375% to 11/18/30 then USD 5 Year Tsy + 4.514%(1)(2) | | Ba2 | | | 727,343 | |
| 250,000 | | | 6.750% to 04/06/28 then USD 5 Year Swap + 3.929%(1)(2) | | Ba2 | | | 224,199 | |
| 750,000 | | | 8.000%(1)(2) | | Ba2 | | | 749,602 | |
| 700,000 | | | 9.375% to 05/22/28 then USD 5 Year Tsy + 5.385%(1)(2) | | Ba2 | | | 709,503 | |
| | | | Standard Chartered PLC | | | | | | |
| 400,000 | | | 4.750% to 07/14/31 then USD 5 Year Tsy + 3.805%(1)(2) | | Ba1 | | | 330,817 | |
| 1,910,000 | | | 7.750% to 02/15/28 then USD 5 Year Tsy + 4.976%(1)(2) | | Ba1 | | | 1,933,654 | |
| 345,000 | | | Toronto-Dominion Bank, 7.250% to 07/31/29 then USD 5 Year Tsy + 2.977%, 07/31/84, Series 4 | | Baa1 | | | 345,000 | |
| | | | UBS Group AG | | | | | | |
| 600,000 | | | 4.375% to 02/10/31 then USD 5 Year Tsy + 3.313%(1)(2) | | Baa3 | | | 488,171 | |
| 800,000 | | | 4.875% to 02/12/27 then USD 5 Year Tsy + 3.404%(1)(2) | | BB(3) | | | 734,622 | |
| | | | | | | | | 55,346,722 | |
| | | | TOTAL CONTINGENT CAPITAL SECURITIES (Cost $58,003,940) | | | | | 55,346,722 | |
| | | | | | | | | | |
| | | | CORPORATE DEBT SECURITIES – 0.9% | | | | | | |
| | | | BANKS – 0.4% | | | | | | |
| 13,800 | | | Dime Community Bancshares, Inc., 9.000% to 07/15/29 then 3-Month CME Term SOFR + 4.951%, 07/15/34 | | NR(4) | | | 346,587 | |
| 575,000 | | | Texas Capital Bancshares, Inc., 4.000% to 05/06/26 then USD 5 Year Tsy + 3.150%, 05/06/31 | | Baa3 | | | 521,355 | |
| | | | | | | | | 867,942 | |
| | | | COMMUNICATIONS – 0.3% | | | | | | |
| | | | Qwest Corp. | | | | | | |
| 12,347 | | | 6.500%, 09/01/56 | | Caa3 | | | 124,458 | |
| 36,585 | | | 6.750%, 06/15/57 | | Caa3 | | | 383,411 | |
| | | | | | | | | 507,869 | |
| | | | INSURANCE – 0.2% | | | | | | |
| 460,000 | | | Universal Insurance Holdings, Inc., 5.625%, 11/30/26 | | NR(4) | | | 437,993 | |
| | | | TOTAL CORPORATE DEBT SECURITIES (Cost $2,587,952) | | | | | 1,813,804 | |
The administrator of U.S. dollar LIBOR, ICE, ceased publication of daily U.S. dollar LIBOR panels after June 30, 2023. For securities where (i) issuers have announced replacement reference rates or (ii) the Adjustable Interest Rate (LIBOR) Act of 2022 was determined by the Adviser to apply, the new reference rate (usually Term SOFR) has been listed as the benchmark. The spread over that benchmark includes any tenor spread adjustment applicable upon benchmark transition. For all other securities, the original reference rate and spread continue to be listed.