UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21293
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Nuveen Preferred Income Opportunities Fund | ||||||||
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(Exact name of registrant as specified in charter) | ||||||||
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333 West Wacker Drive, Chicago, Illinois 60606 |
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(Address of principal executive offices) (Zip code) |
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Kevin J. McCarthy—Vice President and Secretary |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
312-917-7700 |
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Date of fiscal year end: |
7/31 |
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Date of reporting period: |
4/30/14 |
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Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
|
|
|
Portfolio of Investments (Unaudited) |
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|
|
|
|
|
Nuveen Preferred Income Opportunities Fund (JPC) |
|
|
|
|
|
|
April 30, 2014 |
|
|
|
|
Shares |
|
Description (1) |
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|
|
|
|
|
Value |
|
|
|
|
LONG-TERM INVESTMENTS - 138.8% (99.8% of Total Investments) |
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|
|
|
| ||||
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|
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COMMON STOCKS - 5.9% (4.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
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Automobiles - 0.4% |
|
|
|
|
|
|
|
|
|
|
260,775 |
|
Ford Motor Company |
|
|
|
|
|
|
|
$ 4,211,516 |
|
|
|
|
Banks - 0.2% |
|
|
|
|
|
|
|
|
|
|
34,600 |
|
Citigroup Inc. |
|
|
|
|
|
|
|
1,657,686 |
|
|
|
|
Capital Markets - 2.0% |
|
|
|
|
|
|
|
|
|
|
295,500 |
|
Ares Capital Corporation |
|
|
|
|
|
|
|
5,073,735 |
|
|
137,848 |
|
Arlington Asset Investment Corporation |
|
|
|
|
|
|
|
3,646,080 |
|
|
48,600 |
|
Hercules Technology Growth Capital, Inc. |
|
|
|
|
|
|
|
664,848 |
|
|
191,946 |
|
Medley Capital Corporation |
|
|
|
|
|
|
|
2,502,976 |
|
|
227,792 |
|
PennantPark Floating Rate Capital Inc. |
|
|
|
|
|
|
|
3,166,309 |
|
|
142,287 |
|
TCP Capital Corporation |
|
|
|
|
|
|
|
2,303,627 |
|
|
173,796 |
|
TriplePoint Venture Growth Business Development Company Corporation |
|
|
|
|
2,641,699 |
| |||
|
|
|
Total Capital Markets |
|
|
|
|
|
|
|
19,999,274 |
|
|
|
|
Communications Equipment - 0.2% |
|
|
|
|
|
|
|
|
|
|
151,700 |
|
Ericsson LM Telefonaktiebolaget |
|
|
|
|
|
|
|
1,818,883 |
|
|
|
|
Energy Equipment & Services - 0.0% |
|
|
|
|
|
|
|
|
|
|
69,450 |
|
McDermott International Inc., (2) |
|
|
|
|
|
|
|
502,124 |
|
|
|
|
Food & Staples Retailing - 0.1% |
|
|
|
|
|
|
|
|
|
|
191,100 |
|
Metro AG, Unsponsored ADR, (4) |
|
|
|
|
|
|
|
1,526,239 |
|
|
|
|
Hotels, Restaurants & Leisure - 0.2% |
|
|
|
|
|
|
|
|
|
|
57,600 |
|
Norwegian Cruise Line Holdings Limited, (2) |
|
|
|
|
|
|
|
1,887,552 |
|
|
|
|
Insurance - 0.8% |
|
|
|
|
|
|
|
|
|
|
50,150 |
|
American International Group, Inc. |
|
|
|
|
|
|
|
2,664,470 |
|
|
26,838 |
|
Aspen Insurance Holdings Limited |
|
|
|
|
|
|
|
1,228,644 |
|
|
49,500 |
|
Endurance Specialty Holdings Limited |
|
|
|
|
|
|
|
2,515,590 |
|
|
85,984 |
|
Selective Insurance Group Inc. |
|
|
|
|
|
|
|
1,972,473 |
|
|
|
|
Total Insurance |
|
|
|
|
|
|
|
8,381,177 |
|
|
|
|
Life Sciences Tools & Services - 0.3% |
|
|
|
|
|
|
|
|
|
|
26,871 |
|
Bio-Rad Laboratories Inc., (2) |
|
|
|
|
|
|
|
3,310,776 |
|
|
|
|
Machinery - 0.3% |
|
|
|
|
|
|
|
|
|
|
57,800 |
|
Woodward Governor Company |
|
|
|
|
|
|
|
2,591,174 |
|
|
|
|
Media - 0.2% |
|
|
|
|
|
|
|
|
|
|
122,400 |
|
National CineMedia, Inc. |
|
|
|
|
|
|
|
1,859,256 |
|
|
|
|
Oil, Gas & Consumable Fuels - 0.7% |
|
|
|
|
|
|
|
|
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|
200,925 |
|
LinnCo LLC |
|
|
|
|
|
|
|
5,537,493 |
|
|
31,500 |
|
Tesoro Corporation |
|
|
|
|
|
|
|
1,773,135 |
|
|
|
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Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
7,310,628 |
|
|
|
|
Pharmaceuticals - 0.1% |
|
|
|
|
|
|
|
|
|
|
52,200 |
|
Phibro Animal Health Corporation, Class A Shares, (2) |
|
|
|
|
|
|
|
921,852 |
|
|
|
|
Real Estate - 0.2% |
|
|
|
|
|
|
|
|
|
|
156,300 |
|
Hannon Armstrong Sustainable Infrastructure Capital Inc. |
|
|
|
|
|
|
|
2,066,286 |
|
|
|
|
Semiconductors & Equipment - 0.2% |
|
|
|
|
|
|
|
|
|
|
85,553 |
|
Microsemi Corporation, (2) |
|
|
|
|
|
|
|
2,012,204 |
|
|
|
|
Total Common Stocks (cost $59,304,154) |
|
|
|
|
|
|
|
60,056,627 |
|
|
Shares |
|
Description (1) |
|
Coupon |
|
|
|
Ratings (3) |
|
Value |
|
|
|
|
CONVERTIBLE PREFERRED SECURITIES - 0.1% (0.1% of Total Investments) |
|
|
|
|
| ||||
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|
|
Real Estate - 0.1% |
|
|
|
|
|
|
|
|
|
|
54,400 |
|
American Homes 4 Rent |
|
5.000% |
|
|
|
N/R |
|
$ 1,316,480 |
|
|
|
|
Total Convertible Preferred Securities (cost $1,359,248) |
|
|
|
|
|
|
|
1,316,480 |
|
|
Shares |
|
Description (1) |
|
Coupon |
|
|
|
Ratings (3) |
|
Value |
|
|
|
|
$25 PAR (OR SIMILAR) RETAIL PREFERRED - 69.4% (49.9% of Total Investments) |
|
|
|
| |||||
|
|
|
Banks - 14.4% |
|
|
|
|
|
|
|
|
|
|
168,650 |
|
AgriBank FCB, (12) |
|
6.875% |
|
|
|
A- |
|
$ 17,571,222 |
|
|
150,122 |
|
Citigroup Capital XIII |
|
7.875% |
|
|
|
BB+ |
|
4,092,326 |
|
|
159,401 |
|
Citigroup Inc. |
|
8.125% |
|
|
|
BB+ |
|
4,707,112 |
|
|
523,567 |
|
Citigroup Inc. |
|
7.125% |
|
|
|
BB+ |
|
14,214,844 |
|
|
194,500 |
|
Citigroup Inc. |
|
6.875% |
|
|
|
BB+ |
|
5,218,435 |
|
|
203,600 |
|
City National Corporation |
|
6.750% |
|
|
|
BBB- |
|
5,629,540 |
|
|
424,751 |
|
Countrywide Capital Trust III |
|
7.000% |
|
|
|
BB+ |
|
10,826,903 |
|
|
79,900 |
|
Countrywide Capital Trust IV |
|
6.750% |
|
|
|
BB+ |
|
2,041,445 |
|
|
145,103 |
|
Fifth Third Bancorp. |
|
6.625% |
|
|
|
BBB- |
|
3,853,936 |
|
|
210,021 |
|
First Niagara Finance Group |
|
8.625% |
|
|
|
BB+ |
|
6,096,910 |
|
|
225,000 |
|
First Republic Bank of San Francisco |
|
6.200% |
|
|
|
BBB |
|
5,559,750 |
|
|
123,900 |
|
FNB Corporation |
|
7.250% |
|
|
|
Ba3 |
|
3,312,962 |
|
|
289,700 |
|
HSBC Holdings PLC |
|
8.000% |
|
|
|
BBB+ |
|
7,821,900 |
|
|
403,188 |
|
PNC Financial Services, (5) |
|
6.125% |
|
|
|
BBB |
|
10,829,630 |
|
|
226,200 |
|
Private Bancorp Incorporated |
|
7.125% |
|
|
|
N/A |
|
5,740,956 |
|
|
79,430 |
|
Regions Financial Corporation |
|
6.375% |
|
|
|
BB |
|
1,911,086 |
|
|
386,625 |
|
Regions Financial Corporation |
|
6.375% |
|
|
|
B1 |
|
9,607,631 |
|
|
133,300 |
|
TCF Financial Corporation |
|
7.500% |
|
|
|
BB |
|
3,507,123 |
|
|
140,600 |
|
Texas Capital Bancshares Inc. |
|
6.500% |
|
|
|
BB |
|
3,409,550 |
|
|
3,366 |
|
Texas Capital Bancshares |
|
6.500% |
|
|
|
BB+ |
|
80,414 |
|
|
149,800 |
|
U.S. Bancorp. |
|
6.500% |
|
|
|
BBB+ |
|
4,321,730 |
|
|
219,200 |
|
Webster Financial Corporation |
|
6.400% |
|
|
|
Ba1 |
|
5,271,760 |
|
|
49,400 |
|
Wells Fargo & Company |
|
6.625% |
|
|
|
BBB+ |
|
1,365,910 |
|
|
73,300 |
|
Wells Fargo & Company |
|
5.850% |
|
|
|
BBB+ |
|
1,858,155 |
|
|
221,829 |
|
Zions Bancorporation |
|
7.900% |
|
|
|
BB |
|
6,213,430 |
|
|
95,300 |
|
Zions Bancorporation |
|
6.300% |
|
|
|
BB |
|
2,404,419 |
|
|
|
|
Total Banks |
|
|
|
|
|
|
|
147,469,079 |
|
|
|
|
Capital Markets - 8.1% |
|
|
|
|
|
|
|
|
|
|
2,894 |
|
Affiliated Managers Group Inc. |
|
6.375% |
|
|
|
BBB |
|
71,858 |
|
|
28,978 |
|
Allied Capital Corporation |
|
6.875% |
|
|
|
BBB |
|
714,308 |
|
|
75,423 |
|
Ameriprise Financial, Inc. |
|
7.750% |
|
|
|
A |
|
1,931,583 |
|
|
130,200 |
|
Apollo Investment Corporation |
|
6.875% |
|
|
|
BBB |
|
3,167,766 |
|
|
112,775 |
|
Apollo Investment Corporation |
|
6.625% |
|
|
|
BBB |
|
2,728,027 |
|
|
2,307 |
|
Arlington Asset Investment Corporation |
|
6.625% |
|
|
|
N/R |
|
55,368 |
|
|
425,880 |
|
Deutsche Bank Capital Funding Trust II |
|
6.550% |
|
|
|
BBB- |
|
11,200,644 |
|
|
150,400 |
|
Fifth Street Finance Corporation |
|
6.125% |
|
|
|
BBB- |
|
3,632,160 |
|
|
56,425 |
|
Gladstone Investment Corporation |
|
7.125% |
|
|
|
N/R |
|
1,500,341 |
|
|
15,755 |
|
Goldman Sachs Group Inc., Series 2004-4 (CORTS) |
|
6.000% |
|
|
|
Baa3 |
|
390,882 |
|
|
49,600 |
|
Goldman Sachs Group Inc., Series GSC-3 (PPLUS) |
|
6.000% |
|
|
|
Baa3 |
|
1,222,144 |
|
|
220,800 |
|
Goldman Sachs Group, Inc. |
|
5.500% |
|
|
|
BB+ |
|
5,217,504 |
|
|
129,600 |
|
Hercules Technology Growth Capital Incorporated |
|
7.000% |
|
|
|
N/R |
|
3,355,344 |
|
|
108,000 |
|
Hercules Technology Growth Capital Incorporated |
|
7.000% |
|
|
|
N/A |
|
2,756,160 |
|
|
23,455 |
|
JMP Group Inc. |
|
7.250% |
|
|
|
N/R |
|
592,239 |
|
|
110,300 |
|
Ladenburg Thalmann Financial Services Inc. |
|
8.000% |
|
|
|
N/R |
|
2,461,896 |
|
|
24,673 |
|
Medley Capital Corporation |
|
7.125% |
|
|
|
N/A |
|
638,044 |
|
|
24,707 |
|
Medley Capital Corporation |
|
6.125% |
|
|
|
N/R |
|
609,028 |
|
|
662,300 |
|
Morgan Stanley |
|
7.125% |
|
|
|
BB+ |
|
18,080,790 |
|
|
6,400 |
|
Morgan Stanley |
|
6.875% |
|
|
|
BB+ |
|
170,176 |
|
|
123,900 |
|
MVC Capital Incorporated |
|
7.250% |
|
|
|
N/A |
|
3,189,186 |
|
|
112,427 |
|
Oxford Lane Capital Corporation |
|
7.500% |
|
|
|
N/R |
|
2,708,366 |
|
|
4,000 |
|
Saratoga Investment Corporation |
|
7.500% |
|
|
|
N/R |
|
100,360 |
|
|
280,275 |
|
Solar Capital Limited |
|
6.750% |
|
|
|
BBB- |
|
6,687,362 |
|
|
130,000 |
|
State Street Corporation |
|
5.900% |
|
|
|
BBB+ |
|
3,374,800 |
|
|
69,098 |
|
Triangle Capital Corporation |
|
7.000% |
|
|
|
N/R |
|
1,793,093 |
|
|
159,478 |
|
Triangle Capital Corporation |
|
6.375% |
|
|
|
N/A |
|
3,986,950 |
|
|
|
|
Total Capital Markets |
|
|
|
|
|
|
|
82,336,379 |
|
|
|
|
Consumer Finance - 1.1% |
|
|
|
|
|
|
|
|
|
|
418,552 |
|
Discover Financial Services |
|
6.500% |
|
|
|
BB |
|
10,547,510 |
|
|
4,901 |
|
SLM Corporation, Series A |
|
6.970% |
|
|
|
BB |
|
242,207 |
|
|
|
|
Total Consumer Finance |
|
|
|
|
|
|
|
10,789,717 |
|
|
|
|
Diversified Financial Services - 5.3% |
|
|
|
|
|
|
|
|
|
|
229,479 |
|
Ares Capital Corporation |
|
7.000% |
|
|
|
BBB |
|
5,993,991 |
|
|
4,800 |
|
Ares Capital Corporation |
|
5.875% |
|
|
|
BBB |
|
123,024 |
|
|
65,000 |
|
ING Groep N.V. |
|
7.375% |
|
|
|
BBB- |
|
1,679,600 |
|
|
204,023 |
|
ING Groep N.V. |
|
7.200% |
|
|
|
BBB- |
|
5,265,834 |
|
|
783,499 |
|
ING Groep N.V. |
|
7.050% |
|
|
|
BBB- |
|
20,167,264 |
|
|
50,000 |
|
ING Groep N.V. |
|
6.125% |
|
|
|
BBB- |
|
1,257,500 |
|
|
16,600 |
|
Intl FCStone Inc. |
|
8.500% |
|
|
|
N/R |
|
424,960 |
|
|
73,391 |
|
KCAP Financial Inc. |
|
7.375% |
|
|
|
N/A |
|
1,921,376 |
|
|
43,975 |
|
KKR Financial Holdings LLC |
|
7.500% |
|
|
|
A- |
|
1,183,807 |
|
|
277,249 |
|
KKR Financial Holdings LLC |
|
7.375% |
|
|
|
BBB |
|
7,028,262 |
|
|
220,300 |
|
Main Street Capital Corporation |
|
6.125% |
|
|
|
N/R |
|
5,439,207 |
|
|
125,300 |
|
PennantPark Investment Corporation |
|
6.250% |
|
|
|
BBB- |
|
3,094,910 |
|
|
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
53,579,735 |
|
|
|
|
Diversified Telecommunication Services - 0.9% |
|
|
|
|
|
|
|
|
|
|
117,512 |
|
Qwest Corporation |
|
7.500% |
|
|
|
BBB- |
|
3,135,220 |
|
|
185,180 |
|
Qwest Corporation |
|
7.000% |
|
|
|
BBB- |
|
4,840,605 |
|
|
57,500 |
|
Verizon Communications Inc. |
|
5.900% |
|
|
|
A- |
|
1,441,525 |
|
|
|
|
Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
9,417,350 |
|
|
|
|
Electric Utilities - 0.6% |
|
|
|
|
|
|
|
|
|
|
229,906 |
|
Entergy Texas Inc. |
|
7.875% |
|
|
|
A- |
|
5,864,902 |
|
|
|
|
Food Products - 1.9% |
|
|
|
|
|
|
|
|
|
|
310,000 |
|
CHS Inc. |
|
7.100% |
|
|
|
N/A |
|
9,148,100 |
|
|
360,600 |
|
CHS Inc. |
|
7.100% |
|
|
|
N/A |
|
9,959,772 |
|
|
|
|
Total Food Products |
|
|
|
|
|
|
|
19,107,872 |
|
|
|
|
Insurance - 10.3% |
|
|
|
|
|
|
|
|
|
|
104,045 |
|
Aegon N.V. |
|
8.000% |
|
|
|
Baa1 |
|
2,967,363 |
|
|
253,752 |
|
Aegon N.V. |
|
6.375% |
|
|
|
Baa1 |
|
6,564,564 |
|
|
660,206 |
|
Arch Capital Group Limited |
|
6.750% |
|
|
|
BBB |
|
16,960,692 |
|
|
273,900 |
|
Argo Group US Inc. |
|
6.500% |
|
|
|
BBB- |
|
6,474,996 |
|
|
54,020 |
|
Aspen Insurance Holdings Limited |
|
7.250% |
|
|
|
BBB- |
|
1,432,610 |
|
|
393,800 |
|
Aspen Insurance Holdings Limited |
|
5.950% |
|
|
|
BBB- |
|
9,939,512 |
|
|
425,908 |
|
Axis Capital Holdings Limited |
|
6.875% |
|
|
|
BBB |
|
11,001,204 |
|
|
3,000 |
|
Delphi Financial Group, Inc., (12) |
|
7.376% |
|
|
|
BBB- |
|
73,688 |
|
|
165,000 |
|
Endurance Specialty Holdings Limited |
|
7.500% |
|
|
|
BBB- |
|
4,341,150 |
|
|
42,470 |
|
Hanover Insurance Group |
|
6.350% |
|
|
|
Ba1 |
|
1,013,759 |
|
|
138,124 |
|
Hartford Financial Services Group Inc. |
|
7.875% |
|
|
|
BB+ |
|
4,131,289 |
|
|
314,100 |
|
Kemper Corporation |
|
7.375% |
|
|
|
Ba1 |
|
8,084,934 |
|
|
298,139 |
|
Maiden Holdings Limited |
|
8.250% |
|
|
|
BB |
|
7,763,540 |
|
|
3,832 |
|
Maiden Holdings NA Limited |
|
8.250% |
|
|
|
BBB- |
|
100,283 |
|
|
257,133 |
|
Maiden Holdings NA Limited |
|
8.000% |
|
|
|
BBB- |
|
6,639,174 |
|
|
187,000 |
|
Maiden Holdings NA Limited |
|
7.750% |
|
|
|
BBB- |
|
4,790,940 |
|
|
102,500 |
|
Montpelier Re Holdings Limited |
|
8.875% |
|
|
|
BBB- |
|
2,758,275 |
|
|
8,205 |
|
Prudential PLC |
|
6.750% |
|
|
|
A- |
|
210,786 |
|
|
361,265 |
|
Reinsurance Group of America Inc. |
|
6.200% |
|
|
|
BBB |
|
9,790,282 |
|
|
8,800 |
|
Selective Insurance Group |
|
5.875% |
|
|
|
BBB+ |
|
208,912 |
|
|
|
|
Total Insurance |
|
|
|
|
|
|
|
105,247,953 |
|
|
|
|
Marine - 1.0% |
|
|
|
|
|
|
|
|
|
|
101,635 |
|
Costamare Inc. |
|
8.500% |
|
|
|
N/R |
|
2,593,725 |
|
|
63,671 |
|
Costamare Inc. |
|
7.625% |
|
|
|
N/R |
|
1,574,584 |
|
|
9,890 |
|
International Shipholding Corporation |
|
9.000% |
|
|
|
N/R |
|
1,033,505 |
|
|
18,300 |
|
Navios Maritime Holdings Inc. |
|
8.750% |
|
|
|
N/R |
|
460,245 |
|
|
140,000 |
|
Seaspan Corporation |
|
8.250% |
|
|
|
N/R |
|
3,606,400 |
|
|
49,800 |
|
Seaspan Corporation |
|
6.375% |
|
|
|
N/A |
|
1,252,968 |
|
|
|
|
Total Marine |
|
|
|
|
|
|
|
10,521,427 |
|
|
|
|
Multi-Utilities - 0.6% |
|
|
|
|
|
|
|
|
|
|
230,584 |
|
Dominion Resources Inc. |
|
8.375% |
|
|
|
BBB |
|
5,879,892 |
|
|
26,579 |
|
DTE Energy Company |
|
6.500% |
|
|
|
Baa1 |
|
687,333 |
|
|
|
|
Total Multi-Utilities |
|
|
|
|
|
|
|
6,567,225 |
|
|
|
|
Oil, Gas & Consumable Fuels - 1.8% |
|
|
|
|
|
|
|
|
|
|
48,988 |
|
Atlas Pipeline Partners LP |
|
8.250% |
|
|
|
CCC+ |
|
1,261,441 |
|
|
39,310 |
|
Callon Petroleum Company |
|
10.000% |
|
|
|
N/R |
|
2,042,548 |
|
|
71,740 |
|
Legacy Reserves LP |
|
8.000% |
|
|
|
N/R |
|
1,804,261 |
|
|
65,545 |
|
Miller Energy Resources Inc. |
|
10.500% |
|
|
|
N/A |
|
1,602,575 |
|
|
304,300 |
|
Nustar Logistics Limited Partnership |
|
7.625% |
|
|
|
Ba2 |
|
8,097,423 |
|
|
79,700 |
|
Tsakos Energy Navigation Limited |
|
8.875% |
|
|
|
N/R |
|
1,994,891 |
|
|
57,700 |
|
Vanguard Natural Resources LLC |
|
7.625% |
|
|
|
N/A |
|
1,425,190 |
|
|
|
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
18,228,329 |
|
|
|
|
Real Estate - 18.2% |
|
|
|
|
|
|
|
|
|
|
199,300 |
|
AG Mortgage Investment Trust |
|
8.000% |
|
|
|
N/A |
|
4,779,214 |
|
|
14,375 |
|
American Homes 4 Rent, WI/DD, (2), (12) |
|
5.500% |
|
|
|
N/R |
|
359,375 |
|
|
84,549 |
|
American Realty Capital Properties Inc. |
|
6.700% |
|
|
|
N/A |
|
1,992,820 |
|
|
249,100 |
|
Annaly Capital Management |
|
7.625% |
|
|
|
N/A |
|
6,227,500 |
|
|
149,500 |
|
Apollo Commercial Real Estate Finance |
|
8.625% |
|
|
|
N/A |
|
3,840,655 |
|
|
249,100 |
|
Apollo Residential Mortgage Inc. |
|
8.000% |
|
|
|
N/A |
|
5,928,580 |
|
|
15,400 |
|
Arbor Realty Trust Incorporated |
|
8.250% |
|
|
|
N/R |
|
386,694 |
|
|
12,500 |
|
Arbor Realty Trust Incorporated |
|
7.750% |
|
|
|
N/A |
|
299,375 |
|
|
70,546 |
|
Ashford Hospitality Trust Inc. |
|
9.000% |
|
|
|
N/A |
|
1,911,091 |
|
|
127,431 |
|
Ashford Hospitality Trust Inc. |
|
8.450% |
|
|
|
N/R |
|
3,250,765 |
|
|
33,100 |
|
Campus Crest Communities |
|
8.000% |
|
|
|
N/R |
|
852,325 |
|
|
144,900 |
|
Capstead Mortgage Corporation |
|
7.500% |
|
|
|
N/R |
|
3,519,621 |
|
|
160,091 |
|
CBL & Associates Properties Inc. |
|
7.375% |
|
|
|
BB |
|
4,074,316 |
|
|
186,579 |
|
Cedar Shopping Centers Inc., Series A |
|
7.250% |
|
|
|
N/A |
|
4,735,375 |
|
|
208,314 |
|
Chesapeake Lodging Trust |
|
7.750% |
|
|
|
N/A |
|
5,468,243 |
|
|
12,192 |
|
Colony Financial Inc. |
|
8.500% |
|
|
|
N/R |
|
320,284 |
|
|
5,142 |
|
CommomWealth REIT |
|
7.250% |
|
|
|
Ba1 |
|
132,458 |
|
|
50,000 |
|
Coresite Realty Corporation |
|
7.250% |
|
|
|
N/A |
|
1,268,000 |
|
|
83,864 |
|
CYS Invsetments Inc. |
|
7.750% |
|
|
|
N/A |
|
2,021,122 |
|
|
71,974 |
|
CYS Invsetments Inc. |
|
7.500% |
|
|
|
N/R |
|
1,675,555 |
|
|
270,925 |
|
DDR Corporation |
|
6.500% |
|
|
|
Baa3 |
|
6,580,768 |
|
|
41,200 |
|
Digital Realty Trust Inc. |
|
7.375% |
|
|
|
Baa3 |
|
1,046,480 |
|
|
50,940 |
|
Duke Realty Corporation, Series L |
|
6.600% |
|
|
|
Baa3 |
|
1,269,934 |
|
|
214,845 |
|
Dupont Fabros Technology |
|
7.875% |
|
|
|
Ba2 |
|
5,551,595 |
|
|
98,500 |
|
Dynex Capital inc. |
|
8.500% |
|
|
|
N/A |
|
2,448,710 |
|
|
249,600 |
|
First Potomac Realty Trust |
|
7.750% |
|
|
|
N/R |
|
6,379,776 |
|
|
195,710 |
|
Hatteras Financial Corporation |
|
7.625% |
|
|
|
N/A |
|
4,677,469 |
|
|
48,490 |
|
Health Care REIT, Inc. |
|
6.500% |
|
|
|
Baa3 |
|
1,228,252 |
|
|
88,850 |
|
Hersha Hospitality Trust |
|
6.875% |
|
|
|
N/R |
|
2,215,031 |
|
|
63,750 |
|
Hospitality Properties Trust |
|
7.125% |
|
|
|
Baa3 |
|
1,644,750 |
|
|
178,580 |
|
Inland Real Estate Corporation |
|
8.125% |
|
|
|
N/R |
|
4,760,943 |
|
|
239,102 |
|
Invesco Mortgage Capital Inc. |
|
7.750% |
|
|
|
N/A |
|
5,812,570 |
|
|
10,031 |
|
Kimco Realty Corporation |
|
6.900% |
|
|
|
Baa2 |
|
258,800 |
|
|
20,700 |
|
Kite Realty Group Trust |
|
8.250% |
|
|
|
N/A |
|
540,063 |
|
|
173,575 |
|
MFA Financial Inc. |
|
8.000% |
|
|
|
N/A |
|
4,374,090 |
|
|
23,562 |
|
MFA Financial Inc. |
|
7.500% |
|
|
|
N/A |
|
571,379 |
|
|
124,923 |
|
New York Mortgage Trust Inc. |
|
7.750% |
|
|
|
N/R |
|
2,915,703 |
|
|
178,500 |
|
Northstar Realty Finance Corporation |
|
8.875% |
|
|
|
N/A |
|
4,596,375 |
|
|
329,164 |
|
Northstar Realty Finance Corporation, (6) |
|
8.250% |
|
|
|
N/R |
|
8,248,850 |
|
|
200,000 |
|
Penn Real Estate Investment Trust |
|
8.250% |
|
|
|
N/A |
|
5,228,000 |
|
|
72,400 |
|
Penn Real Estate Investment Trust |
|
7.375% |
|
|
|
N/A |
|
1,846,200 |
|
|
22,464 |
|
Prologis Inc., (12) |
|
8.540% |
|
|
|
BBB- |
|
1,354,860 |
|
|
19,800 |
|
PS Business Parks, Inc. |
|
6.875% |
|
|
|
Baa2 |
|
507,098 |
|
|
59,960 |
|
PS Business Parks, Inc. |
|
6.450% |
|
|
|
Baa2 |
|
1,538,574 |
|
|
164,353 |
|
Rait Financial Trust |
|
7.750% |
|
|
|
N/R |
|
3,967,481 |
|
|
115,400 |
|
Rait Financial Trust |
|
7.625% |
|
|
|
N/R |
|
2,871,152 |
|
|
175,000 |
|
Realty Income Corporation |
|
6.625% |
|
|
|
Baa2 |
|
4,509,750 |
|
|
217,000 |
|
Regency Centers Corporation |
|
6.625% |
|
|
|
Baa3 |
|
5,481,420 |
|
|
2,200 |
|
Sabra Health Care Real Estate Investement Trust |
|
7.125% |
|
|
|
B2 |
|
56,012 |
|
|
400,000 |
|
Senior Housing Properties Trust |
|
5.625% |
|
|
|
BBB- |
|
9,064,000 |
|
|
157,149 |
|
Strategic Hotel Capital Inc., Series B |
|
8.250% |
|
|
|
N/R |
|
3,985,299 |
|
|
191,651 |
|
Strategic Hotel Capital Inc., Series C |
|
8.250% |
|
|
|
N/R |
|
4,873,685 |
|
|
149,300 |
|
Urstadt Biddle Properties |
|
7.125% |
|
|
|
N/A |
|
3,692,189 |
|
|
300,000 |
|
Vornado Realty LP |
|
7.875% |
|
|
|
BBB |
|
7,755,000 |
|
|
8,248 |
|
Weingarten Realty Trust |
|
6.500% |
|
|
|
Baa3 |
|
205,788 |
|
|
236,425 |
|
Winthrop Realty Trust Inc. |
|
9.250% |
|
|
|
N/R |
|
6,480,409 |
|
|
148,900 |
|
Winthrop Realty Trust Inc. |
|
7.750% |
|
|
|
N/A |
|
3,890,757 |
|
|
|
|
Total Real Estate |
|
|
|
|
|
|
|
185,472,580 |
|
|
|
|
Real Estate Management & Development - 0.2% |
|
|
|
|
|
|
|
|
|
|
91,350 |
|
Kennedy-Wilson Inc. |
|
7.750% |
|
|
|
BB- |
|
2,301,107 |
|
|
|
|
Thrifts & Mortgage Finance - 0.5% |
|
|
|
|
|
|
|
|
|
|
39,002 |
|
Everbank Financial Corporation |
|
6.750% |
|
|
|
N/A |
|
953,599 |
|
|
160,700 |
|
Federal Agricultural Mortgage Corporation |
|
6.875% |
|
|
|
N/R |
|
4,004,644 |
|
|
10,049 |
|
Federal Agricultural Mortgage Corporation |
|
5.875% |
|
|
|
Aaa |
|
227,710 |
|
|
|
|
Total Thrifts & Mortgage Finance |
|
|
|
|
|
|
|
5,185,953 |
|
|
|
|
U.S. Agency - 4.5% |
|
|
|
|
|
|
|
|
|
|
157,375 |
|
Cobank Agricultural Credit Bank, 144A, (12) |
|
6.250% |
|
|
|
A- |
|
16,086,684 |
|
|
38,725 |
|
Cobank Agricultural Credit Bank, (12) |
|
6.125% |
|
|
|
A- |
|
3,332,770 |
|
|
259,800 |
|
Farm Credit Bank of Texas, 144A, (12) |
|
6.750% |
|
|
|
Baa1 |
|
26,751,289 |
|
|
|
|
Total U.S. Agency |
|
|
|
|
|
|
|
46,170,743 |
|
|
|
|
Total $25 Par (or similar) Retail Preferred (cost $686,105,191) |
|
|
|
|
|
|
|
708,260,351 |
|
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (3) |
|
Value |
|
|
|
|
CONVERTIBLE BONDS - 0.2% (0.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
Banks - 0.2% |
|
|
|
|
|
|
|
|
|
|
$ 2,150 |
|
M&T Bank Corporation |
|
6.450% |
|
12/29/49 |
|
BBB |
|
$ 2,246,750 |
|
|
$ 2,150 |
|
Total Convertible Bonds (cost $2,148,811) |
|
|
|
|
|
|
|
2,246,750 |
|
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (3) |
|
Value |
|
|
|
|
CORPORATE BONDS - 4.5% (3.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets - 0.7% |
|
|
|
|
|
|
|
|
|
|
$ 7,070 |
|
Prosepect Capital Corporation, Convertible Bond |
|
5.875% |
|
3/15/23 |
|
BBB |
|
$ 7,116,613 |
|
|
|
|
Commercial Services & Supplies - 0.6% |
|
|
|
|
|
|
|
|
|
|
2,900 |
|
Iron Mountain Inc. |
|
5.750% |
|
8/15/24 |
|
B1 |
|
2,863,750 |
|
|
1,900 |
|
R.R. Donnelley & Sons Company |
|
7.875% |
|
3/15/21 |
|
BB- |
|
2,175,500 |
|
|
650 |
|
R.R. Donnelley & Sons Company |
|
6.500% |
|
11/15/23 |
|
BB- |
|
684,125 |
|
|
300 |
|
R.R. Donnelley & Sons Company |
|
6.000% |
|
4/01/24 |
|
BB- |
|
302,250 |
|
|
5,750 |
|
Total Commercial Services & Supplies |
|
|
|
|
|
|
|
6,025,625 |
|
|
|
|
Diversified Financial Services - 0.6% |
|
|
|
|
|
|
|
|
|
|
4,100 |
|
Jefferies Finance LLC Corporation, 144A |
|
7.375% |
|
4/01/20 |
|
B1 |
|
4,294,750 |
|
|
1,525 |
|
Jefferies Finance LLC Corporation, 144A |
|
6.875% |
|
4/15/22 |
|
B1 |
|
1,525,000 |
|
|
5,625 |
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
5,819,750 |
|
|
|
|
Energy Equipment & Services - 0.4% |
|
|
|
|
|
|
|
|
|
|
3,815 |
|
McDermott International Inc., 144A |
|
8.000% |
|
5/01/21 |
|
BB |
|
3,843,613 |
|
|
|
|
Oil, Gas & Consumable Fuels - 1.2% |
|
|
|
|
|
|
|
|
|
|
2,197 |
|
Breitburn Energy Partners LP |
|
7.875% |
|
4/15/22 |
|
B- |
|
2,378,253 |
|
|
7,583 |
|
DCP Midstream LLC, 144A |
|
5.850% |
|
5/21/43 |
|
Baa3 |
|
7,165,935 |
|
|
2,935 |
|
Vanguard Natural Resources Finance |
|
7.875% |
|
4/01/20 |
|
B |
|
3,162,463 |
|
|
12,715 |
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
12,706,651 |
|
|
|
|
Tobacco - 0.1% |
|
|
|
|
|
|
|
|
|
|
650 |
|
Vector Group Limited, 144A |
|
7.750% |
|
2/15/21 |
|
Ba3 |
|
695,500 |
|
|
|
|
Wireless Telecommunication Services - 0.9% |
|
|
|
|
|
|
|
|
|
|
7,960 |
|
Frontier Comminications Corporation |
|
7.125% |
|
1/15/23 |
|
Ba2 |
|
8,218,700 |
|
|
1,165 |
|
Frontier Comminications Corporation |
|
7.625% |
|
4/15/24 |
|
Ba2 |
|
1,210,142 |
|
|
9,125 |
|
Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
9,428,842 |
|
|
$ 44,750 |
|
Total Corporate Bonds (cost $44,238,892) |
|
|
|
|
|
|
|
45,636,594 |
|
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
Amount (000)/ |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (3) |
|
Value |
|
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 57.7% (41.5% of Total Investments) |
| ||||||||
|
|
|
Banks - 22.6% |
|
|
|
|
|
|
|
|
|
|
19,361 |
|
Abbey National Capital Trust I |
|
8.963% |
|
N/A (7) |
|
BBB- |
|
$ 24,588,470 |
|
|
9,625 |
|
Bank of America Corporation |
|
8.000% |
|
N/A (7) |
|
BB+ |
|
10,900,313 |
|
|
1,850 |
|
Bank of America Corporation |
|
8.125% |
|
N/A (7) |
|
BB+ |
|
2,100,675 |
|
|
3,575 |
|
Barclays Bank PLC, 144A |
|
10.180% |
|
6/12/21 |
|
A- |
|
4,854,064 |
|
|
4,430 |
|
Barclays PLC |
|
8.250% |
|
N/A (7) |
|
BB+ |
|
4,717,950 |
|
|
1,000 |
|
Citigroup Inc. |
|
8.400% |
|
N/A (7) |
|
BB+ |
|
1,156,250 |
|
|
2,235 |
|
Citigroup Inc. |
|
6.300% |
|
N/A (7) |
|
BB+ |
|
2,226,619 |
|
|
3,960 |
|
Commerzbank AG, 144A |
|
8.125% |
|
9/19/23 |
|
BB+ |
|
4,623,300 |
|
|
3,430 |
|
Credit Agricole SA |
|
7.875% |
|
N/A (7) |
|
BB+ |
|
3,690,337 |
|
|
4,500 |
|
First Empire Capital Trust I, (6) |
|
8.234% |
|
2/01/27 |
|
BBB |
|
4,578,773 |
|
|
32,205 |
|
General Electric Capital Corporation, (5) |
|
7.125% |
|
N/A (7) |
|
AA- |
|
37,035,750 |
|
|
9,500 |
|
General Electric Capital Corporation |
|
6.250% |
|
N/A (7) |
|
AA- |
|
10,319,375 |
|
|
1,000 |
|
HSBC Bank PLC |
|
0.688% |
|
12/19/35 |
|
A- |
|
685,000 |
|
|
500 |
|
HSBC Bank PLC |
|
0.600% |
|
6/11/37 |
|
A- |
|
343,750 |
|
|
4,654 |
|
HSBC Capital Funding LP, Debt |
|
10.176% |
|
N/A (7) |
|
BBB+ |
|
6,794,840 |
|
|
22,402 |
|
JPMorgan Chase & Company |
|
7.900% |
|
N/A (7) |
|
BBB |
|
25,314,260 |
|
|
13,510 |
|
JPMorgan Chase & Company |
|
6.750% |
|
N/A (7) |
|
BBB |
|
14,320,600 |
|
|
7,250 |
|
JPMorgan Chase & Company |
|
5.150% |
|
N/A (7) |
|
BBB |
|
6,860,313 |
|
|
2,630 |
|
Lloyd’s Banking Group PLC |
|
7.500% |
|
N/A (7) |
|
BB |
|
2,748,350 |
|
|
5,000 |
|
PNC Financial Services Inc. |
|
6.750% |
|
N/A (7) |
|
BBB |
|
5,512,500 |
|
|
4,883 |
|
Royal Bank of Scotland Group PLC |
|
7.648% |
|
N/A (7) |
|
BB |
|
5,371,300 |
|
|
6,648 |
|
Societe Generale |
|
8.750% |
|
N/A (7) |
|
BBB- |
|
6,993,696 |
|
|
5,010 |
|
Societe Generale, 144A |
|
7.875% |
|
N/A (7) |
|
BB+ |
|
5,237,454 |
|
|
570 |
|
Standard Chartered PLC, 144A |
|
7.014% |
|
N/A (7) |
|
BBB+ |
|
621,300 |
|
|
22,101 |
|
Wells Fargo & Company |
|
7.980% |
|
N/A (7) |
|
BBB+ |
|
25,084,635 |
|
|
7,290 |
|
Wells Fargo & Company |
|
5.900% |
|
N/A (7) |
|
BBB+ |
|
7,465,689 |
|
|
6,095 |
|
Zions Bancorporation |
|
7.200% |
|
N/A (7) |
|
BB |
|
6,341,848 |
|
|
|
|
Total Banks |
|
|
|
|
|
|
|
230,487,411 |
|
|
|
|
Capital Markets - 1.8% |
|
|
|
|
|
|
|
|
|
|
6,180 |
|
Credit Suisse Group AG |
|
7.500% |
|
N/A (7) |
|
BB+ |
|
6,713,025 |
|
|
4,933 |
|
Credit Suisse Guernsey |
|
7.875% |
|
2/24/41 |
|
BBB- |
|
5,383,136 |
|
|
1,500 |
|
Deutsche Bank Capital Funding Trust V, 144A |
|
4.901% |
|
N/A (7) |
|
BBB- |
|
1,440,000 |
|
|
4,325 |
|
Goldman Sachs Group Inc. |
|
5.700% |
|
N/A (7) |
|
BB+ |
|
4,416,906 |
|
|
175,000 |
|
Morgan Stanley |
|
5.450% |
|
N/A (7) |
|
BB+ |
|
176,531 |
|
|
|
|
Total Capital Markets |
|
|
|
|
|
|
|
18,129,598 |
|
|
|
|
Diversified Financial Services - 5.4% |
|
|
|
|
|
|
|
|
|
|
16,400 |
|
Agstar Financial Services Inc., 144A |
|
6.750% |
|
N/A (7) |
|
BB |
|
16,599,875 |
|
|
7,085 |
|
BNP Paribas, 144A |
|
7.195% |
|
N/A (7) |
|
BBB |
|
7,935,200 |
|
|
2,765 |
|
ING US Inc. |
|
5.650% |
|
5/15/53 |
|
Ba1 |
|
2,764,724 |
|
|
20,713 |
|
Rabobank Nederland, 144A |
|
11.000% |
|
N/A (7) |
|
A- |
|
27,600,073 |
|
|
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
54,899,872 |
|
|
|
|
Insurance - 25.0% |
|
|
|
|
|
|
|
|
|
|
1,183 |
|
AG2R La Mondiale Vie |
|
7.625% |
|
N/A (7) |
|
BBB- |
|
1,301,353 |
|
|
4,800 |
|
AIG Life Holdings Inc., (6) |
|
8.500% |
|
7/01/30 |
|
BBB |
|
6,327,446 |
|
|
5,000 |
|
Allstate Corporation, (6) |
|
6.500% |
|
5/15/57 |
|
Baa1 |
|
5,387,500 |
|
|
8,000 |
|
Aviva PLC, Reg S |
|
8.250% |
|
N/A (7) |
|
BBB |
|
8,980,000 |
|
|
3,675 |
|
AXA SA |
|
8.600% |
|
12/15/30 |
|
A3 |
|
4,759,125 |
|
|
26,179 |
|
Catlin Insurance Company Limited |
|
7.249% |
|
N/A (7) |
|
BBB+ |
|
26,964,370 |
|
|
4,815 |
|
Cloverie PLC Zurich Insurance |
|
8.250% |
|
N/A (7) |
|
A |
|
5,589,011 |
|
|
2,300 |
|
CNP Assurances |
|
7.500% |
|
N/A (7) |
|
BBB+ |
|
2,558,332 |
|
|
1,750 |
|
Dai-Ichi Mutual Life, 144A |
|
7.250% |
|
N/A (7) |
|
A3 |
|
2,047,500 |
|
|
32,040 |
|
Financial Security Assurance Holdings, 144A, (6) |
|
6.400% |
|
12/15/66 |
|
BBB+ |
|
27,394,200 |
|
|
1,755 |
|
Friends Life Group PLC |
|
7.875% |
|
N/A (7) |
|
BBB+ |
|
1,930,500 |
|
|
19,855 |
|
Glen Meadows Pass Through Trust |
|
6.505% |
|
2/12/67 |
|
BB+ |
|
19,656,450 |
|
|
1,030 |
|
Great West Life & Annuity Insurance Capital LP II, 144A |
|
7.153% |
|
5/16/46 |
|
A- |
|
1,066,050 |
|
|
12,000 |
|
Liberty Mutual Group, 144A |
|
7.800% |
|
3/15/37 |
|
Baa3 |
|
13,650,000 |
|
|
2,665 |
|
Lincoln National Corporation, (6) |
|
7.000% |
|
5/17/66 |
|
BBB |
|
2,765,471 |
|
|
1,750 |
|
Lincoln National Corporation, (6) |
|
6.050% |
|
4/20/67 |
|
BBB |
|
1,758,750 |
|
|
9,335 |
|
MetLife Capital Trust IV, 144A |
|
7.875% |
|
12/15/37 |
|
BBB |
|
11,342,025 |
|
|
12,245 |
|
MetLife Capital Trust X, 144A |
|
9.250% |
|
4/08/38 |
|
BBB |
|
16,469,525 |
|
|
1,150 |
|
Nationwide Financial Services Capital Trust |
|
7.899% |
|
3/01/37 |
|
Baa2 |
|
1,298,088 |
|
|
13,770 |
|
Nationwide Financial Services Inc. |
|
6.750% |
|
5/15/37 |
|
Baa2 |
|
14,045,400 |
|
|
6,855 |
|
Provident Financing Trust I |
|
7.405% |
|
3/15/38 |
|
Baa3 |
|
7,643,325 |
|
|
4,415 |
|
Prudential Financial Inc. |
|
5.875% |
|
9/15/42 |
|
BBB+ |
|
4,646,788 |
|
|
3,300 |
|
Prudential PLC |
|
7.750% |
|
N/A (7) |
|
A- |
|
3,588,750 |
|
|
13,535 |
|
QBE Capital Funding Trust II, 144A |
|
7.250% |
|
5/24/41 |
|
BBB |
|
14,516,288 |
|
|
18,168 |
|
Symetra Financial Corporation, 144A |
|
8.300% |
|
10/15/37 |
|
BBB- |
|
19,076,400 |
|
|
17,485 |
|
White Mountains Insurance Group |
|
7.506% |
|
N/A (7) |
|
BB+ |
|
18,419,171 |
|
|
8,250 |
|
XL Capital Ltd |
|
6.500% |
|
N/A (7) |
|
BBB |
|
8,126,250 |
|
|
4,000 |
|
ZFS Finance USA Trust II 144A |
|
6.450% |
|
12/15/65 |
|
A |
|
4,300,000 |
|
|
|
|
Total Insurance |
|
|
|
|
|
|
|
255,608,068 |
|
|
|
|
Machinery - 0.1% |
|
|
|
|
|
|
|
|
|
|
1,020 |
|
Stanley Black & Decker Inc. |
|
5.750% |
|
12/15/53 |
|
BBB+ |
|
1,102,875 |
|
|
|
|
Real Estate - 1.4% |
|
|
|
|
|
|
|
|
|
|
11,705 |
|
Sovereign Real Estate Investment Trust, 144A |
|
12.000% |
|
N/A (7) |
|
Ba1 |
|
14,666,716 |
|
|
|
|
Specialty Retail - 1.2% |
|
|
|
|
|
|
|
|
|
|
3,500 |
|
Aquarius & Investments PLC fbo SwissRe |
|
8.250% |
|
N/A (7) |
|
N/R |
|
3,927,700 |
|
|
7,724 |
|
Swiss Re Capital I, 144A |
|
6.854% |
|
N/A (7) |
|
A |
|
8,264,680 |
|
|
|
|
Total Specialty Retail |
|
|
|
|
|
|
|
12,192,380 |
|
|
|
|
U.S. Agency - 0.2% |
|
|
|
|
|
|
|
|
|
|
1,700 |
|
Farm Credit Bank of Texas |
|
10.000% |
|
N/A (7) |
|
Baa1 |
|
2,077,715 |
|
|
|
|
Total $1,000 Par (or similar) Institutional Preferred (cost $542,384,823) |
|
|
589,164,635 |
| |||||
|
Shares |
|
Description (1), (13) |
|
|
|
|
|
|
|
Value |
|
|
|
|
INVESTMENT COMPANIES - 1.0% (0.7% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
89,280 |
|
AllianceBernstein Global High Income Fund |
|
|
|
|
|
|
|
$ 1,329,379 |
|
|
64,835 |
|
Ares Dynamic Credit Allocation Fund |
|
|
|
|
|
|
|
1,186,481 |
|
|
29,800 |
|
Cushing Royalty and Income Fund |
|
|
|
|
|
|
|
555,770 |
|
|
1,273,116 |
|
MFS Intermediate Income Trust |
|
|
|
|
|
|
|
6,772,977 |
|
|
18,390 |
|
Oxford Lane Capital Corporation |
|
|
|
|
|
|
|
311,894 |
|
|
|
|
Total Investment Companies (cost $9,991,462) |
|
|
|
|
|
|
|
10,156,501 |
|
|
|
|
Total Long-Term Investments (cost $1,345,532,581) |
|
|
|
|
|
|
|
1,416,837,938 |
|
|
Principal |
|
| |||||||||