Security Description | | Shares | | | Value | |
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PREFERRED STOCKS - 130.0% | | | | | | | | |
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Communication Services - 2.7% | | | | | | | | |
Liberty Broadband Corp., Series A, 7.00%(1) | | | 50,072 | | | $ | 1,449,584 | |
Qwest Corp., 6.50%(1) | | | 14,516 | | | | 365,948 | |
Telephone and Data Systems, Inc., Series UU, 6.63%(1) | | | 49,642 | | | | 1,291,685 | |
Telephone and Data Systems, Inc., Series VV, 6.00%(1) | | | 445,322 | | | | 11,297,819 | |
United States Cellular Corp., 5.50%(1) | | | 13,660 | | | | 342,320 | |
Total Communication Services | | | | | | | 14,747,356 | |
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Consumer Discretionary - 3.5% | | | | | | | | |
Ford Motor Co., 6.00%(1) | | | 507,837 | | | | 13,229,154 | |
Ford Motor Co., 6.20%(1) | | | 184,306 | | | | 4,854,620 | |
Franchise Group, Inc., Series A, 7.50%(1) | | | 55,893 | | | | 1,457,689 | |
Total Consumer Discretionary | | | | | | | 19,541,463 | |
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Energy - 22.5% | | | | | | | | |
Crestwood Equity Partners LP, 9.25%(1) | | | 2,410,754 | | | | 23,987,002 | |
DCP Midstream LP, Series B, 7.88%(1) | | | 871,466 | | | | 21,316,058 | |
DCP Midstream LP, Series C, 7.95%(1) | | | 210,222 | | | | 5,181,972 | |
Energy Transfer LP, Series C, 7.38%(1) | | | 125,127 | | | | 3,066,863 | |
Energy Transfer LP, Series D, 7.63%(1) | | | 159,250 | | | | 3,909,588 | |
Energy Transfer LP, Series E, 7.60%(1) | | | 149,738 | | | | 3,728,476 | |
GasLog Partners LP, Series A, 8.63% (Greece)(1) | | | 404,461 | | | | 10,520,031 | |
GasLog Partners LP, Series B, 8.20% (Greece)(1) | | | 348,242 | | | | 8,653,814 | |
Golar LNG Partners LP, Series A, 8.75% (United Kingdom)(1) | | | 47,645 | | | | 1,095,835 | |
NuStar Energy LP, Series A, 6.97%(1) | | | 707,003 | | | | 17,399,344 | |
NuStar Energy LP, Series B, 7.63%(1) | | | 550,748 | | | | 12,105,441 | |
NuStar Energy LP, Series C, 9.00%(1) | | | 554,722 | | | | 13,795,936 | |
Total Energy | | | | | | | 124,760,360 | |
| | | | | | | | |
Financials - 31.5%† | | | | | | | | |
Affiliated Managers Group, Inc., 4.20%(1) | | | 2,435 | | | | 53,838 | |
AG Mortgage Investment Trust, Inc., Series C, 8.00%(1) | | | 121,872 | | | | 2,976,443 | |
AGNC Investment Corp., Series D, 6.88%(1) | | | 64,609 | | | | 1,604,888 | |
AGNC Investment Corp., Series E, 6.50%(1) | | | 69,651 | | | | 1,750,330 | |
AGNC Investment Corp., Series F, 6.13%(1) | | | 18,995 | | | | 465,947 | |
American Equity Investment Life Holding Co., Series A, 5.95%(1) | | | 3,360 | | | | 90,048 | |
Annaly Capital Management, Inc., Series F, 6.95%(1) | | | 25,428 | | | | 633,157 | |
Annaly Capital Management, Inc., Series G, 6.50%(1) | | | 33,090 | | | | 818,647 | |
Annaly Capital Management, Inc., Series I, 6.75%(1) | | | 5,535 | | | | 141,032 | |
Arbor Realty Trust, Inc., Series E, 6.25%(1) | | | 23,317 | | | | 573,831 | |
ARMOUR Residential REIT, Inc., Series C, 7.00%(1) | | | 276,210 | | | | 6,966,016 | |
Athene Holding Ltd., Series A, 6.35%(1) | | | 180 | | | | 5,006 | |
Athene Holding Ltd., Series D, 4.88%(1) | | | 5,715 | | | | 139,732 | |
Atlanticus Holdings Corp., Series B, 7.63%(1) | | | 10,333 | | | | 262,458 | |
B Riley Financial, Inc., 5.25%(1) | | | 35,754 | | | | 885,984 | |
B Riley Financial, Inc., 6.00%(1) | | | 63,748 | | | | 1,594,337 | |
B Riley Financial, Inc., 6.38%(1) | | | 88,097 | | | | 2,230,616 | |
B Riley Financial, Inc., Series B, 7.38%(1) | | | 30,963 | | | | 832,905 | |
Bank of America Corp., Series QQ, 4.25%(1) | | | 18,855 | | | | 438,756 | |
Bank OZK, Series A, 4.63%(1) | | | 179,100 | | | | 4,212,432 | |
Brighthouse Financial, Inc., Series D, 4.63%*(1) | | | 39,498 | | | | 975,996 | |
Brookfield Finance, Inc., Series 50, 4.63% (Canada)(1) | | | 15,065 | | | | 352,973 | |
Cadence Bank, Series A, 5.50%(1) | | | 443 | | | | 11,358 | |
Capital One Financial Corp., Series J, 4.80%(1) | | | 378 | | | | 9,265 | |
Chimera Investment Corp., Series A, 8.00%(1) | | | 241,146 | | | | 6,093,759 | |
Chimera Investment Corp., Series B, 8.00%(1) | | | 272,638 | | | | 6,908,647 | |
Chimera Investment Corp., Series C, 7.75%(1) | | | 182,924 | | | | 4,556,637 | |
Chimera Investment Corp., Series D, 8.00%(1) | | | 318,902 | | | | 7,972,550 | |
CNO Financial Group, Inc., 5.13%(1) | | | 1,292 | | | | 32,300 | |
Compass Diversified Holdings, Series A, 7.25%(1) | | | 184,081 | | | | 4,642,523 | |
Compass Diversified Holdings, Series B, 7.88%(1) | | | 4,493 | | | | 119,963 | |
ConnectOne Bancorp, Inc., Series A, 5.25%(1) | | | 738 | | | | 18,620 | |
Dynex Capital, Inc., Series C, 6.90%(1) | | | 4,963 | | | | 125,068 | |
Ellington Financial, Inc., 6.75%(1) | | | 413,133 | | | | 10,369,638 | |
Enstar Group Ltd., Series D, 7.00%(1) | | | 122,723 | | | | 3,432,562 | |
Enterprise Financial Services Corp., Series A, 5.00%*(1) | | | 102,779 | | | | 2,528,363 | |
First Citizens BancShares, Inc., Series C, 5.63%*(1) | | | 416 | | | | 11,003 | |
First Horizon Corp., Series D, 6.10%(1) | | | 8,721 | | | | 228,141 | |
First Republic Bank, Series M, 4.00%(1) | | | 124,659 | | | | 2,748,731 | |
First Republic Bank, Series N, 4.50%(1) | | | 100,077 | | | | 2,378,830 | |
Huntington Bancshares, Inc., Series H, 4.50%(1) | | | 175 | | | | 4,126 | |
Invesco Mortgage Capital, Inc., Series B, 7.75%(1) | | | 178,303 | | | | 4,336,329 | |
Invesco Mortgage Capital, Inc., Series C, 7.50%(1) | | | 227,479 | | | | 5,479,969 | |
JPMorgan Chase & Co., Series JJ, 4.55%(1) | | | 513 | | | | 12,492 | |
Merchants Bancorp, Series B, 6.00%(1) | | | 16,802 | | | | 431,811 | |
Merchants Bancorp, Series C, 6.00%(1) | | | 73,335 | | | | 1,878,109 | |
MFA Financial, Inc., Series B, 7.50%(1) | | | 194,761 | | | | 4,880,711 | |
MFA Financial, Inc., Series C, 6.50%(1) | | | 446,366 | | | | 10,275,345 | |
Morgan Stanley, Series O, 4.25%(1) | | | 54,178 | | | | 1,264,515 | |
Navient Corp., 6.00%(1) | | | 12,688 | | | | 313,140 | |
New Residential Investment Corp., Series C, 6.38%(1) | | | 18,180 | | | | 409,959 | |
New Residential Investment Corp., Series D, 7.00%(1) | | | 45,503 | | | | 1,133,935 | |
New York Community Capital Trust V, 6.00%(1) | | | 4,569 | | | | 234,634 | |
New York Mortgage Trust, Inc., Series D, 8.00%(1) | | | 601,454 | | | | 15,048,379 | |
New York Mortgage Trust, Inc., Series E, 7.88%(1) | | | 429,605 | | | | 10,770,197 | |
New York Mortgage Trust, Inc., Series F, 6.88%(1) | | | 58,533 | | | | 1,411,231 | |
Oxford Lane Capital Corp., Series 2029, 6.00%(1) | | | 35,005 | | | | 874,775 | |
Security Description | | Shares | | | Value | |
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PREFERRED STOCKS (continued) | | | | | | | | |
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Financials (continued) | | | | | | | | |
PennyMac Mortgage Investment Trust, Series A, 8.13%(1) | | | 110,552 | | | $ | 2,874,352 | |
PennyMac Mortgage Investment Trust, Series B, 8.00%(1) | | | 353,070 | | | | 9,229,250 | |
PennyMac Mortgage Investment Trust, Series C, 6.75%(1) | | | 46,428 | | | | 1,158,379 | |
Prospect Capital Corp., Series A, 5.35%(1) | | | 161,179 | | | | 3,281,604 | |
Signature Bank, Series A, 5.00%(1) | | | 1,905 | | | | 47,149 | |
Stifel Financial Corp., Series D, 4.50%(1) | | | 40 | | | | 935 | |
Synovus Financial Corp., Series D, 6.30%(1) | | | 4,998 | | | | 127,899 | |
Texas Capital Bancshares, Inc., Series B, 5.75%(1) | | | 19,632 | | | | 509,254 | |
Two Harbors Investment Corp., Series B, 7.63%(1) | | | 281,733 | | | | 6,964,440 | |
Two Harbors Investment Corp., Series C, 7.25%(1) | | | 451,915 | | | | 11,058,360 | |
Valley National Bancorp, Series B, 5.50%(1) | | | 4,575 | | | | 113,917 | |
Wintrust Financial Corp., Series D, 6.50%(1) | | | 79 | | | | 2,145 | |
Total Financials | | | | | | | 174,320,671 | |
| | | | | | | | |
Health Care - 0.0%(2) | | | | | | | | |
XOMA Corp., Series A, 8.63% | | | | | | | | |
| | | 7,575 | | | | 196,193 | |
| | | | | | | | |
Industrials - 15.9% | | | | | | | | |
Air Lease Corp., Series A, 6.15%(1) | | | 8,241 | | | | 216,244 | |
Alta Equipment Group, Inc., Series A, 10.00%(1) | | | 2,425 | | | | 68,026 | |
Atlas Corp., Series H, 7.88% (Canada)(1) | | | 32,858 | | | | 832,293 | |
Atlas Corp., Series I, 8.00% (Canada)(1) | | | 440,897 | | | | 11,661,726 | |
Babcock & Wilcox Enterprises, Inc., 6.50%*(1) | | | 25,912 | | | | 630,957 | |
Babcock & Wilcox Enterprises, Inc., 8.13%(1) | | | 372,777 | | | | 9,595,280 | |
Babcock & Wilcox Enterprises, Inc., Series A, 7.75%(1) | | | 868,480 | | | | 21,712,000 | |
Fortress Transportation and Infrastructure Investors LLC, Series A, 8.25%(1) | | | 12,219 | | | | 319,405 | |
Fortress Transportation and Infrastructure Investors LLC, Series B, 8.00%(1) | | | 528,175 | | | | 13,489,590 | |
Pitney Bowes, Inc., 6.70%(1) | | | 299,025 | | | | 7,266,308 | |
Textainer Group Holdings Ltd., Series B, 6.25% (China)(1) | | | 151,092 | | | | 3,863,422 | |
Triton International Ltd., 6.88% (Bermuda)(1) | | | 159,732 | | | | 4,229,703 | |
Triton International Ltd., 7.38% (Bermuda)(1) | | | 338,989 | | | | 8,989,988 | |
Triton International Ltd., 8.00% (Bermuda)(1) | | | 2,731 | | | | 73,846 | |
Triton International Ltd., Series E, 5.75% (Bermuda)(1) | | | 195,007 | | | | 4,875,175 | |
Total Industrials | | | | | | | 87,823,963 | |
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Real Estate - 32.8%† | | | | | | | | |
American Finance Trust, Inc., Series A, 7.50%(1) | | | 790,598 | | | | 21,385,676 | |
American Finance Trust, Inc., Series C, 7.38%(1) | | | 33,674 | | | | 899,096 | |
Armada Hoffler Properties, Inc., Series A, 6.75%(1) | | | 2,443 | | | | 64,324 | |
Braemar Hotels & Resorts, Inc., Series B, 5.50%(1) | | | 409,772 | | | | 8,031,531 | |
Braemar Hotels & Resorts, Inc., Series D, 8.25%(1) | | | 34,943 | | | | 894,715 | |
Brookfield Property Partners LP, Series A, 5.75%(1) | | | 96,560 | | | | 2,196,740 | |
Brookfield Property Partners LP, Series A-1, 6.50%(1) | | | 3,966 | | | | 97,167 | |
Brookfield Property Partners LP, Series A2, 6.38%(1) | | | 11,902 | | | | 287,195 | |
City Office REIT, Inc., Series A, 6.63%(1) | | | 6,561 | | | | 164,419 | |
CTO Realty Growth, Inc., Series A, 6.38%(1) | | | 65,019 | | | | 1,713,251 | |
DiamondRock Hospitality Co., 8.25%(1) | | | 223,272 | | | | 6,126,584 | |
DigitalBridge Group, Inc., Series H, 7.13%(1) | | | 312,996 | | | | 7,843,680 | |
DigitalBridge Group, Inc., Series I, 7.15%(1) | | | 633,314 | | | | 16,168,506 | |
DigitalBridge Group, Inc., Series J, 7.13%(1) | | | 135,044 | | | | 3,463,879 | |
Diversified Healthcare Trust, 5.63%(1) | | | 10,417 | | | | 217,611 | |
Diversified Healthcare Trust, 6.25%(1) | | | 109,987 | | | | 2,457,110 | |
EPR Properties, Series C, 5.75%(1) | | | 101,464 | | | | 2,536,600 | |
EPR Properties, Series E, 9.00%(1) | | | 520,503 | | | | 17,525,336 | |
EPR Properties, Series G, 5.75%(1) | | | 228,762 | | | | 5,606,957 | |
Equity Commonwealth, Series D, 6.50%(1) | | | 273,440 | | | | 8,044,605 | |
Global Net Lease, Inc., Series A, 7.25%(1) | | | 231,121 | | | | 5,972,167 | |
Global Net Lease, Inc., Series B, 6.88%(1) | | | 158,833 | | | | 4,183,661 | |
Healthcare Trust, Inc., Series B, 7.13%(1) | | | 152,937 | | | | 3,854,012 | |
Hudson Pacific Properties, Inc., Series C, 4.75%* | | | 2,376 | | | | 60,018 | |
iStar, Inc., Series I, 7.50%(1) | | | 213,915 | | | | 5,422,745 | |
LXP Industrial Trust, Series C, 6.50%(1) | | | 15,464 | | | | 889,644 | |
Monmouth Real Estate Investment Corp., Series C, 6.13%(1) | | | 54,520 | | | | 1,373,359 | |
Pebblebrook Hotel Trust, Series E, 6.38%(1) | | | 2,200 | | | | 52,382 | |
Pebblebrook Hotel Trust, Series F, 6.30%(1) | | | 182,071 | | | | 4,347,855 | |
Pebblebrook Hotel Trust, Series G, 6.38%(1) | | | 34,150 | | | | 854,091 | |
Pebblebrook Hotel Trust, Series H, 5.70%(1) | | | 24,295 | | | | 570,932 | |
Public Storage, Series R, 4.00%*(1) | | | 51,148 | | | | 1,199,421 | |
RLJ Lodging Trust, Series A, 1.95%(1) | | | 808,812 | | | | 22,565,855 | |
RPT Realty, Series D, 7.25%(1) | | | 156,052 | | | | 8,929,280 | |
Saul Centers, Inc., Series E, 6.00%(1) | | | 288,816 | | | | 7,566,979 | |
Summit Hotel Properties, Inc., Series E, 6.25%(1) | | | 122,251 | | | | 2,934,024 | |
Summit Hotel Properties, Inc., Series F, 5.88%(1) | | | 35,005 | | | | 861,123 | |
Sunstone Hotel Investors, Inc., Series I, 5.70%(1) | | | 37,633 | | | | 908,837 | |
UMH Properties, Inc., Series C, 6.75% | | | 4,877 | | | | 124,656 | |
Urstadt Biddle Properties, Inc., Series K, 5.88%(1) | | | 136,450 | | | | 3,483,568 | |
Total Real Estate | | | | | | | 181,879,591 | |
| | | | | | | | |
Utilities - 21.1% | | | | | | | | |
American Electric Power Co., Inc., 6.13%(1) | | | 81,451 | | | | 4,125,493 | |
Dominion Energy, Inc., Series A, 7.25%(1) | | | 197,404 | | | | 20,139,156 | |
DTE Energy Co., 4.38%* | | | 2,765 | | | | 69,568 | |
DTE Energy Co., 6.25%(1) | | | 154,680 | | | | 7,865,478 | |
Essential Utilities, Inc., 6.00%(1) | | | 5,895 | | | | 344,975 | |
SCE Trust II, 5.10%(1) | | | 3,106 | | | | 77,961 | |
SCE Trust III, Series H, 5.75%(1) | | | 910,582 | | | | 22,445,846 | |
SCE Trust IV, Series J, 5.38%(1) | | | 107,398 | | | | 2,636,621 | |
SCE Trust V, Series K, 5.45%(1) | | | 23,320 | | | | 584,166 | |
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes valuation of the Fund’s investments under the fair value hierarchy levels as of January 31, 2022.