Please wait
1
Portfolio
of
Investments
April
30,
2025
NPFD
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
156.8%
(100.0%
of
Total
Investments)
509709730
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
108
.8
%
(
69
.4
%
of
Total
Investments)
509709730
AUTOMOBILES
&
COMPONENTS
-
3.7%
(2.4%
of
Total
Investments)
$
10,476,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
9,750,513
8,195,000
(a)
General
Motors
Financial
Co
Inc
5
.700
N/A
7,705,692
TOTAL
AUTOMOBILES
&
COMPONENTS
17,456,205
BANKS
-
39.5%
(25.2%
of
Total
Investments)
1,775,000
(a)
Bank
of
America
Corp
6
.300
N/A
1,776,518
12,981,000
(a)
Bank
of
America
Corp
6
.625
N/A
12,986,978
5,000,000
(a)
Bank
of
America
Corp
5
.875
N/A
4,947,976
3,782,000
Bank
of
Montreal
7
.300
11/26/84
3,718,448
1,470,000
Bank
of
Montreal
7
.700
05/26/84
1,496,326
3,090,000
(b)
Bank
of
Nova
Scotia/The
8
.000
01/27/84
3,161,713
2,998,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
2,890,698
13,100,000
(a)
Citigroup
Inc
7
.625
N/A
13,451,486
1,650,000
(a)
Citigroup
Inc
7
.375
N/A
1,670,526
3,014,000
(a)
Citigroup
Inc
7
.000
N/A
2,990,321
5,351,000
(a)
Citigroup
Inc
7
.125
N/A
5,277,454
2,875,000
(a)
Citigroup
Inc
6
.250
N/A
2,883,635
6,500,000
(a),(c)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7
.703
N/A
6,393,133
50,000
(a),(d)
Farm
Credit
Bank
of
Texas
6
.200
N/A
48,875
50,000
(a),(d)
Farm
Credit
Bank
of
Texas
5
.700
N/A
49,542
3,271,000
(a)
Fifth
Third
Bancorp
4
.500
N/A
3,230,012
2,224,000
(a),(c)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7
.594
N/A
2,177,494
7,070,000
(a),(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8
.533
N/A
7,176,474
7,400,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
7,279,163
7,763,000
(a)
JPMorgan
Chase
&
Co
6
.500
N/A
7,757,207
17,767,000
(a)
JPMorgan
Chase
&
Co
6
.875
N/A
18,301,700
1,755,000
(a)
KeyCorp
5
.000
N/A
1,696,239
6,000,000
(a)
M&T
Bank
Corp
5
.125
N/A
5,810,582
6,990,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
6,985,394
2,445,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
2,418,247
5,735,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
5,642,352
2,470,000
(a)
Regions
Financial
Corp
5
.750
N/A
2,460,648
3,495,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
3,612,380
13,209,000
(a)
Truist
Financial
Corp
6
.669
N/A
12,974,042
3,195,000
(a)
Truist
Financial
Corp
5
.100
N/A
3,059,055
5,000,000
(a)
US
Bancorp
5
.300
N/A
4,861,084
12,874,000
(a)
Wells
Fargo
&
Co
6
.850
N/A
13,014,430
12,345,000
(a)
Wells
Fargo
&
Co
7
.625
N/A
12,995,767
TOTAL
BANKS
185,195,899
CAPITAL
GOODS
-
2.6%
(1.7%
of
Total
Investments)
4,101,000
(a)
Air
Lease
Corp
6
.000
N/A
3,838,488
2,841,000
(a)
Air
Lease
Corp
4
.650
N/A
2,751,437
2,897,000
(a)
Air
Lease
Corp
4
.125
N/A
2,671,039
3,673,000
(d)
ILFC
E-Capital
Trust
I
6
.117
12/21/65
2,962,415
TOTAL
CAPITAL
GOODS
12,223,379
ENERGY
-
10.9%
(6.9%
of
Total
Investments)
8,546,000
(b)
Enbridge
Inc
5
.500
07/15/77
8,175,493
6,360,000
Enbridge
Inc
7
.625
01/15/83
6,487,073
8,696,000
Enbridge
Inc
8
.500
01/15/84
9,373,331
4,279,000
(a)
Energy
Transfer
LP
7
.125
N/A
4,216,777
761,000
(a)
Energy
Transfer
LP
6
.625
N/A
730,573
2,345,000
(a)
Energy
Transfer
LP
6
.500
N/A
2,328,804
4,570,000
Energy
Transfer
LP
8
.000
05/15/54
4,743,386
3,554,000
(d)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
3,493,301
5,600,000
TransCanada
PipeLines
Ltd
7
.590
05/15/67
4,885,898
1,500,000
Transcanada
Trust
5
.875
08/15/76
1,478,149
1,460,000
Transcanada
Trust
5
.500
09/15/79
1,385,078
2,155,000
Transcanada
Trust
5
.600
03/07/82
1,988,384
Portfolio
of
Investments
April
30,
2025
(continued)
NPFD
2
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
2,094,000
(a),(d)
Venture
Global
LNG
Inc
9
.000
%
N/A
$
1,799,866
TOTAL
ENERGY
51,086,113
FINANCIAL
SERVICES
-
17.4%
(11.2%
of
Total
Investments)
3,350,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
3,363,926
3,200,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.500
01/31/56
3,107,498
2,320,000
(a)
Ally
Financial
Inc
4
.700
N/A
2,131,373
4,200,000
(a)
Ally
Financial
Inc
4
.700
N/A
3,553,789
3,250,000
(a),(d)
Capital
Farm
Credit
ACA
5
.000
N/A
3,152,501
1,845,000
(a)
Capital
One
Financial
Corp
3
.950
N/A
1,752,418
3,500,000
(a)
Charles
Schwab
Corp/The
4
.000
N/A
3,389,360
10,128,000
(a)
Charles
Schwab
Corp/The
5
.375
N/A
10,094,446
350,000
(a),(d)
Compeer
Financial
ACA
4
.875
N/A
332,500
3,690,000
(a)
Discover
Financial
Services
5
.500
N/A
3,526,451
1,187,000
(a)
Discover
Financial
Services
6
.125
N/A
1,184,850
5,249,000
(a)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
4,948,926
5,784,000
(a)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
5,704,555
9,875,000
(a)
Goldman
Sachs
Group
Inc/The
7
.379
N/A
9,896,291
11,071,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
11,289,796
5,140,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
5,322,120
4,250,000
(a)
State
Street
Corp
6
.700
N/A
4,265,003
4,352,000
(a)
Voya
Financial
Inc
7
.758
N/A
4,413,168
TOTAL
FINANCIAL
SERVICES
81,428,971
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.6%
(0.3%
of
Total
Investments)
1,381,000
CVS
Health
Corp
6
.750
12/10/54
1,371,701
1,174,000
CVS
Health
Corp
7
.000
03/10/55
1,187,558
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,559,259
INSURANCE
-
14.7%
(9.4%
of
Total
Investments)
2,595,000
Aegon
Ltd
5
.500
04/11/48
2,575,053
2,250,000
(b)
American
International
Group
Inc
5
.750
04/01/48
2,217,453
8,045,000
(b)
Assurant
Inc
7
.000
03/27/48
8,006,193
3,000,000
(d)
Assured
Guaranty
Municipal
Holdings
Inc
6
.400
12/15/66
2,760,942
3,050,000
(b)
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
2,900,763
3,982,000
Corebridge
Financial
Inc
6
.375
09/15/54
3,836,328
6,115,000
Enstar
Finance
LLC
5
.500
01/15/42
5,866,298
2,061,000
(d)
Enstar
Group
Ltd
7
.500
04/01/45
2,066,709
2,000,000
MetLife
Inc
10
.750
08/01/39
2,605,488
4,495,000
(a)
MetLife
Inc
5
.875
N/A
4,548,284
2,518,000
MetLife
Inc
6
.350
03/15/55
2,501,368
6,688,000
Prudential
Financial
Inc
6
.500
03/15/54
6,708,994
3,395,000
Prudential
Financial
Inc
5
.125
03/01/52
3,190,732
3,248,000
(b)
Prudential
Financial
Inc
6
.750
03/01/53
3,334,173
13,500,000
(a),(d)
SBL
Holdings
Inc
7
.000
N/A
12,751,961
3,415,000
(a),(d)
SBL
Holdings
Inc
6
.500
N/A
2,988,469
TOTAL
INSURANCE
68,859,208
MEDIA
&
ENTERTAINMENT
-
1.1%
(0.7%
of
Total
Investments)
2,566,000
(a),(d)
Farm
Credit
Bank
of
Texas
7
.750
N/A
2,658,843
2,375,000
Paramount
Global
6
.375
03/30/62
2,284,573
TOTAL
MEDIA
&
ENTERTAINMENT
4,943,416
TELECOMMUNICATION
SERVICES
-
3.8%
(2.4%
of
Total
Investments)
3,791,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
09/15/55
3,761,965
3,941,000
Rogers
Communications
Inc
7
.125
04/15/55
3,926,712
10,000,000
Vodafone
Group
PLC
7
.000
04/04/79
10,274,487
TOTAL
TELECOMMUNICATION
SERVICES
17,963,164
UTILITIES
-
14.5%
(9.2%
of
Total
Investments)
1,300,000
(d)
AES
Andes
SA
8
.150
06/10/55
1,324,699
1,635,000
AES
Corp/The
7
.600
01/15/55
1,615,483
1,302,000
(d)
AltaGas
Ltd
7
.200
10/15/54
1,271,554
3,416,000
CMS
Energy
Corp
6
.500
06/01/55
3,330,398
3,000,000
Dominion
Energy
Inc
6
.625
05/15/55
2,949,567
3,593,000
Dominion
Energy
Inc
7
.000
06/01/54
3,730,447
3
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
3,539,000
Duke
Energy
Corp
6
.450
%
09/01/54
$
3,546,439
1,445,000
(a)
Edison
International
5
.375
N/A
1,354,389
3,910,000
(a)
Edison
International
5
.000
N/A
3,458,963
1,529,000
Edison
International
7
.875
06/15/54
1,431,610
2,404,000
Edison
International
8
.125
06/15/53
2,288,952
12,143,000
(b)
Emera
Inc
6
.750
06/15/76
12,159,436
4,322,000
(b)
Entergy
Corp
7
.125
12/01/54
4,345,490
2,713,000
EUSHI
Finance
Inc
7
.625
12/15/54
2,725,092
6,174,000
(b)
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
6,236,894
1,925,000
PG&E
Corp
7
.375
03/15/55
1,868,771
6,476,000
Sempra
6
.550
04/01/55
5,896,911
4,398,000
(a),(d)
Vistra
Corp
8
.875
N/A
4,627,693
2,215,000
(a),(d)
Vistra
Corp
7
.000
N/A
2,236,918
1,560,000
(a),(d)
Vistra
Corp
8
.000
N/A
1,594,410
TOTAL
UTILITIES
67,994,116
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$528,612,403)
509,709,730
SHARES
DESCRIPTION
RATE
VALUE
69565525
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
14
.8
%
(
9
.5
%
of
Total
Investments)
69565525
BANKS
-
3.3%
(2.1%
of
Total
Investments)
121,601
Fifth
Third
Bancorp
8
.296
3,105,690
62,700
KeyCorp
6
.125
1,583,802
297,600
KeyCorp
6
.200
7,300,128
163,723
Regions
Financial
Corp
5
.700
3,768,903
TOTAL
BANKS
15,758,523
CAPITAL
GOODS
-
0.7%
(0.5%
of
Total
Investments)
132,300
WESCO
International
Inc
10
.625
3,364,389
TOTAL
CAPITAL
GOODS
3,364,389
FINANCIAL
SERVICES
-
2.6%
(1.7%
of
Total
Investments)
139,125
Bank
of
New
York
Mellon
Corp/The
6
.150
3,494,820
143,950
Morgan
Stanley
6
.625
3,618,903
211,000
Voya
Financial
Inc
5
.350
5,120,970
TOTAL
FINANCIAL
SERVICES
12,234,693
FOOD,
BEVERAGE
&
TOBACCO
-
2.0%
(1.3%
of
Total
Investments)
237,055
CHS
Inc
7
.100
5,985,639
115,393
CHS
Inc
6
.750
2,823,666
4,400
(d)
Dairy
Farmers
of
America
Inc
7
.875
419,100
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
9,228,405
INSURANCE
-
6.2%
(3.9%
of
Total
Investments)
160,150
American
National
Group
Inc
6
.625
4,029,374
185,450
American
National
Group
Inc
7
.375
4,621,414
59,425
Aspen
Insurance
Holdings
Ltd
7
.125
1,401,242
157,150
Athene
Holding
Ltd
6
.375
3,936,607
194,775
Athene
Holding
Ltd
6
.350
4,565,526
131,900
Enstar
Group
Ltd
7
.000
2,812,108
210,800
Reinsurance
Group
of
America
Inc
5
.750
5,217,300
93,300
Reinsurance
Group
of
America
Inc
7
.125
2,395,944
TOTAL
INSURANCE
28,979,515
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$76,784,358)
69,565,525
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
143628560
CORPORATE
BONDS
-
30
.7
%
(
19
.5
%
of
Total
Investments)
143628560
BANKS
-
24.3%
(15.5%
of
Total
Investments)
1,400,000
(a),(e)
Banco
Bilbao
Vizcaya
Argentaria
SA
7
.750
N/A
1,370,098
3,075,000
(a),(e)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
3,311,784
2,495,000
(a),(e)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
N/A
2,398,019
1,940,000
(a),(d),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.750
N/A
1,934,456
Portfolio
of
Investments
April
30,
2025
(continued)
NPFD
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
715,000
(a),(d),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.500
%
N/A
$
698,768
1,595,000
(a),(d),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.625
N/A
1,578,297
6,800,000
(a),(e)
Banco
Santander
SA
9
.625
N/A
7,681,899
3,200,000
(a),(e)
Banco
Santander
SA
8
.000
N/A
3,269,710
1,960,000
(a),(e)
Barclays
PLC
6
.125
N/A
1,948,553
3,510,000
(a),(e)
Barclays
PLC
8
.000
N/A
3,585,882
3,083,000
(a),(e)
Barclays
PLC
9
.625
N/A
3,365,588
977,000
(a),(e)
Barclays
PLC
7
.625
N/A
934,645
1,997,000
(a),(d),(e)
BNP
Paribas
SA
7
.375
N/A
1,973,732
2,430,000
(a),(d),(e)
BNP
Paribas
SA
8
.500
N/A
2,532,748
2,150,000
(a),(d),(e)
BNP
Paribas
SA
9
.250
N/A
2,262,103
4,801,000
(a),(d),(e)
BNP
Paribas
SA
7
.750
N/A
4,934,895
1,513,000
(a),(d),(e)
BNP
Paribas
SA
7
.000
N/A
1,513,268
3,770,000
(a),(d),(e)
BNP
Paribas
SA
8
.000
N/A
3,892,559
5,240,000
(a),(d),(e)
Credit
Agricole
SA
8
.125
N/A
5,304,672
4,941,000
(a),(d),(e)
Credit
Agricole
SA
6
.700
N/A
4,678,720
1,171,000
(a),(e)
HSBC
Holdings
PLC
6
.950
N/A
1,146,533
4,539,000
(a),(e)
HSBC
Holdings
PLC
6
.950
N/A
4,425,370
3,763,000
(a),(e)
HSBC
Holdings
PLC
6
.875
N/A
3,731,830
4,560,000
(a),(e)
HSBC
Holdings
PLC
8
.000
N/A
4,736,043
975,000
(a),(e)
HSBC
Holdings
PLC
6
.500
N/A
968,210
335,000
(a),(e)
ING
Groep
NV
5
.750
N/A
329,524
6,795,000
(a),(e)
ING
Groep
NV,
Reg
S
7
.500
N/A
6,879,938
4,413,000
(a),(d),(e)
Intesa
Sanpaolo
SpA
7
.700
N/A
4,426,734
784,000
(a),(e)
Lloyds
Banking
Group
PLC
6
.750
N/A
734,513
6,996,000
(a),(e)
Lloyds
Banking
Group
PLC
8
.000
N/A
7,172,019
1,500,000
(a),(d),(e)
Macquarie
Bank
Ltd/London
6
.125
N/A
1,492,681
1,625,000
(a),(e)
NatWest
Group
PLC
8
.000
N/A
1,629,300
1,370,000
(a),(e)
NatWest
Group
PLC
7
.300
N/A
1,317,230
4,400,000
(a),(e)
NatWest
Group
PLC
8
.125
N/A
4,544,052
1,559,000
(a),(d),(e)
Nordea
Bank
Abp
6
.625
N/A
1,559,402
1,589,000
(a),(d),(e)
Nordea
Bank
Abp
6
.300
N/A
1,513,726
3,631,000
(a),(d),(e)
Societe
Generale
SA
10
.000
N/A
3,904,462
1,680,000
(a),(d),(e)
Societe
Generale
SA
9
.375
N/A
1,757,340
770,000
(a),(d),(e)
Societe
Generale
SA
8
.500
N/A
776,982
1,700,000
(a),(d),(e)
Standard
Chartered
PLC
7
.750
N/A
1,729,543
TOTAL
BANKS
113,945,828
FINANCIAL
SERVICES
-
5.8%
(3.6%
of
Total
Investments)
3,325,000
(f)
Credit
Suisse
Group
AG
7
.500
01/17/72
374,062
9,004,000
(f)
Credit
Suisse
Group
AG
0
.000
01/17/72
1,012,950
5,850,000
(f)
Credit
Suisse
Group
AG
6
.380
02/21/72
658,125
2,460,000
(f)
Credit
Suisse
Group
AG
7
.500
06/11/72
276,750
4,290,000
(a),(e)
Deutsche
Bank
AG
6
.000
N/A
4,201,356
2,000,000
(a),(e)
Deutsche
Bank
AG,
Reg
S
4
.789
N/A
1,980,000
6,872,000
(a),(e)
UBS
Group
AG,
Reg
S
6
.875
N/A
6,872,000
3,853,000
(a),(d),(e)
UBS
Group
AG
9
.250
N/A
4,306,845
4,325,000
(a),(d),(e)
UBS
Group
AG
9
.250
N/A
4,673,128
2,465,000
(a),(d),(e)
UBS
Group
AG
7
.750
N/A
2,521,799
TOTAL
FINANCIAL
SERVICES
26,877,015
INSURANCE
-
0.6%
(0.4%
of
Total
Investments)
2,755,000
(a),(e)
Phoenix
Group
Holdings
PLC,
Reg
S
8
.500
N/A
2,805,717
TOTAL
INSURANCE
2,805,717
TOTAL
CORPORATE
BONDS
(Cost
$164,169,943)
143,628,560
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
11940326
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
2
.5
%
(
1
.6
%
of
Total
Investments)
11940326
6,050,000
CoBank
ACB
6
.450
01/01/74
6,018,268
2,062,000
CoBank
ACB
7
.250
07/01/73
2,063,390
5
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
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
$
3,785,000
CoBank
ACB
7
.125
%
01/01/74
$
3,858,668
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$11,923,028)
11,940,326
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$781,489,732)
734,844,141
BORROWINGS
-
(33.6)%
(g),(h)
(
157,314,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(5.9)%(i)
(
27,810,230
)
TFP
SHARES,
NET
-
(18.0)%(j)
(
84,537,128
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  0.7%
3,324,082
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
468,506,865
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.
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$37,737,748
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(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
$106,507,158
or
14.5%
of
Total
Investments.
(e)
Contingent
Capital
Securities
(“CoCos”)
are
debt
or
preferred
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer,
for
example
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.
As
of
the
end
of
the
reporting
period,
the
Fund’s
total
investment
in
CoCos
was
19.2%
of
Total
Investments.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Borrowings
as
a
percentage
of
Total
Investments
is
21.4%.
(h)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$383,077,181
have
been
pledged
as
collateral
for
borrowings.
(i)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
3.8%.
(j)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
11.5%.
Portfolio
of
Investments
April
30,
2025
(continued)
NPFD
6
NPFD
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
509,709,730
$
–
$
509,709,730
$25
Par
(or
similar)
Retail
Preferred
69,565,525
–
–
69,565,525
Corporate
Bonds
–
141,306,673
2,321,887
143,628,560
U.S.
Government
and
Agency
Obligations
–
11,940,326
–
11,940,326
Total
$
69,565,525
$
662,956,729
$
2,321,887
$
734,844,141