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
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.1%(0.1% of Total Investments)
500,000
REPURCHASE AGREEMENTS - 0.1% (0.1% of Total Investments)
500,000
$
500,000
(i)
Fixed Income Clearing Corporation
4.120
%
11/03/25
$
500,000
TOTAL REPURCHASE AGREEMENTS
(Cost $500,000)
500,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $500,000)
500,000
TOTAL INVESTMENTS - 154.5%
(Cost $769,048,628)
761,811,743
BORROWINGS - (32.7)% (j),(k)
(161,314,000)
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (5.6)%(l)
(27,809,548)
TFP SHARES, NET - (17.2)%(m)
(84,564,729)
OTHER ASSETS & LIABILITIES, NET - 1.0%
4,857,995
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
492,981,461
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)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(b)
Perpetual security. Maturity date is not applicable.
(c)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
68.6% of Total Investments.
(d)
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 19.7% of Total Investments.
(e)
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 fiscal period, the aggregate value of these securities is $120,736,608 or 15.8% of Total Investments.
(f)
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 fiscal period, investments with a value of $37,853,647 have been pledged as collateral
for reverse repurchase agreements.
(g)
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.
(h)
For fair value measurement disclosure purposes, investment classified as Level 3.
(i)
Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $500,172 on 11/3/25,
collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 1/31/32, valued at $510,130.
(j)
Borrowings as a percentage of Total Investments is 21.2%.
(k)
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 $331,114,125 have been pledged as collateral for borrowings.
(l)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 3.7%.
(m)
TFP Shares, Net as a percentage of Total Investments is 11.1%.