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: |
10/31/2014 |
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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
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Portfolio of Investments |
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Nuveen Preferred Income Opportunities Fund (JPC) |
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October 31, 2014(Unaudited) |
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Shares |
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Description (1) |
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Value |
| ||||||||
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LONG-TERM INVESTMENTS - 137.4% (98.6% of Total Investments) |
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COMMON STOCKS - 5.4% (3.9% of Total Investments) |
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| ||||||||
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Capital Markets - 1.9% |
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|
| ||||||||
|
220,435 |
|
Ares Capital Corporation |
|
$ 3,524,756 |
| ||||||||
|
132,098 |
|
Arlington Asset Investment Corporation |
|
3,616,843 |
| ||||||||
|
238,875 |
|
Hercules Technology Growth Capital, Inc. |
|
3,764,670 |
| ||||||||
|
120,953 |
|
Medley Capital Corporation |
|
1,405,474 |
| ||||||||
|
246,235 |
|
PennantPark Floating Rate Capital Inc. |
|
3,457,139 |
| ||||||||
|
99,260 |
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TCP Capital Corporation |
|
1,676,501 |
| ||||||||
|
144,374 |
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TriplePoint Venture Growth Business Development Company Corporation |
|
2,086,204 |
| ||||||||
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Total Capital Markets |
|
19,531,587 |
| ||||||||
|
|
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Computers & Peripherals - 0.2% |
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|
| ||||||||
|
16,500 |
|
Apple, Inc. |
|
1,782,000 |
| ||||||||
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|
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Diversified Financial Services - 0.2% |
|
|
| ||||||||
|
103,100 |
|
TPG Specialty Lending, Inc. |
|
1,728,987 |
| ||||||||
|
|
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Energy Equipment & Services - 0.1% |
|
|
| ||||||||
|
367,125 |
|
Key Energy Services Inc., (3) |
|
1,116,060 |
| ||||||||
|
|
|
Food & Staples Retailing - 0.1% |
|
|
| ||||||||
|
9,800 |
|
CVS Caremark Corporation |
|
840,938 |
| ||||||||
|
|
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Hotels, Restaurants & Leisure - 0.2% |
|
|
| ||||||||
|
69,875 |
|
Hilton Worldwide Holdings Inc., (3) |
|
1,763,645 |
| ||||||||
|
|
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Independent Power & Renewable Electricity Producers - 0.1% |
|
|
| ||||||||
|
28,091 |
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NRG Energy Inc. |
|
842,168 |
| ||||||||
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|
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Machinery - 0.2% |
|
|
| ||||||||
|
36,100 |
|
Woodward Governor Company |
|
1,848,681 |
| ||||||||
|
|
|
Oil, Gas & Consumable Fuels - 1.0% |
|
|
| ||||||||
|
46,000 |
|
Kinder Morgan, Inc. |
|
1,780,200 |
| ||||||||
|
147,550 |
|
LinnCo LLC |
|
3,536,774 |
| ||||||||
|
274,602 |
|
Whiting USA Trust II |
|
3,276,002 |
| ||||||||
|
33,100 |
|
Williams Companies, Inc. |
|
1,837,381 |
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|
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Total Oil, Gas & Consumable Fuels |
|
10,430,357 |
| ||||||||
|
|
|
Real Estate Investment Trust - 0.8% |
|
|
| ||||||||
|
208,800 |
|
Hannon Armstrong Sustainable Infrastructure Capital Inc. |
|
2,919,024 |
| ||||||||
|
279,062 |
|
New Residential Investment |
|
3,454,794 |
| ||||||||
|
126,000 |
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Northstar Realty Finance Corporation |
|
2,341,080 |
| ||||||||
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|
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Total Real Estate Investment Trust |
|
8,714,898 |
| ||||||||
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|
|
Real Estate Management & Development - 0.1% |
|
|
| ||||||||
|
95,049 |
|
Forestar Real Estate Group Inc., (3) |
|
1,658,605 |
| ||||||||
|
|
|
Semiconductors & Semiconductor Equipment - 0.3% |
|
|
| ||||||||
|
263,400 |
|
Lattice Semiconductor Corporation, (3) |
|
1,767,414 |
| ||||||||
|
72,625 |
|
Microsemi Corporation, (3) |
|
1,893,334 |
| ||||||||
|
|
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Total Semiconductors & Semiconductor Equipment |
|
3,660,748 |
| ||||||||
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Software - 0.2% |
|
|
| ||||||||
|
18,200 |
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Microsoft Corporation |
|
854,490 |
| ||||||||
|
21,900 |
|
Oracle Corporation |
|
855,195 |
| ||||||||
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|
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Total Software |
|
1,709,685 |
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Total Common Stocks (cost $56,531,138) |
|
55,628,359 |
| ||||||||
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Shares |
|
Description (1) |
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Coupon |
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|
Ratings (5) |
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Value |
| |||
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$25 PAR (OR SIMILAR) RETAIL PREFERRED - 68.3% (49.0% of Total Investments) |
|
|
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Banks - 17.1% |
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|
|
|
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|
| |||
|
123,700 |
|
AgriBank FCB, (7) |
|
6.875% |
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|
BBB+ |
|
$ 12,694,713 |
| |||
|
4,800 |
|
Boston Private Financial Holdings Inc. |
|
6.950% |
|
|
N/R |
|
120,000 |
| |||
|
159,401 |
|
Citigroup Inc. |
|
8.125% |
|
|
BB+ |
|
4,552,493 |
| |||
|
543,767 |
|
Citigroup Inc. |
|
7.125% |
|
|
BB+ |
|
14,714,335 |
| |||
|
351,700 |
|
Citigroup Inc. |
|
6.875% |
|
|
BB+ |
|
9,411,492 |
| |||
|
200,575 |
|
City National Corporation |
|
6.750% |
|
|
Baa3 |
|
5,590,025 |
| |||
|
38,725 |
|
Cobank Agricultural Credit Bank, (7) |
|
6.125% |
|
|
BBB+ |
|
3,585,695 |
| |||
|
157,375 |
|
Cobank Agricultural Credit Bank, 144A, (7) |
|
6.250% |
|
|
BBB+ |
|
16,371,926 |
| |||
|
288,251 |
|
Countrywide Capital Trust III |
|
7.000% |
|
|
Ba1 |
|
7,373,461 |
| |||
|
3,626 |
|
Countrywide Capital Trust IV |
|
6.750% |
|
|
Ba1 |
|
92,753 |
| |||
|
68,000 |
|
Cowen Group, Inc. |
|
8.250% |
|
|
N/R |
|
1,734,000 |
| |||
|
152,203 |
|
Fifth Third Bancorp. |
|
6.625% |
|
|
BB+ |
|
4,129,267 |
| |||
|
117,760 |
|
First Niagara Finance Group |
|
8.625% |
|
|
BB |
|
3,285,504 |
| |||
|
177,741 |
|
First Republic Bank of San Francisco |
|
6.200% |
|
|
BBB- |
|
4,491,515 |
| |||
|
123,900 |
|
FNB Corporation |
|
7.250% |
|
|
Ba3 |
|
3,375,036 |
| |||
|
251,941 |
|
HSBC Holdings PLC |
|
8.000% |
|
|
BBB+ |
|
6,752,019 |
| |||
|
65,000 |
|
ING Groep N.V |
|
7.375% |
|
|
Ba1 |
|
1,657,500 |
| |||
|
204,023 |
|
ING Groep N.V |
|
7.200% |
|
|
Ba1 |
|
5,222,989 |
| |||
|
683,499 |
|
ING Groep N.V |
|
7.050% |
|
|
Ba1 |
|
17,408,720 |
| |||
|
50,000 |
|
ING Groep N.V |
|
6.125% |
|
|
Ba1 |
|
1,255,500 |
| |||
|
1,679 |
|
Popular Capital Trust I |
|
6.700% |
|
|
B- |
|
38,379 |
| |||
|
96,531 |
|
PNC Financial Services (6) |
|
6.125% |
|
|
BBB- |
|
2,629,504 |
| |||
|
226,200 |
|
Private Bancorp Incorporated |
|
7.125% |
|
|
N/R |
|
5,869,890 |
| |||
|
79,430 |
|
Regions Financial Corporation |
|
6.375% |
|
|
BB- |
|
1,995,282 |
| |||
|
386,625 |
|
Regions Financial Corporation |
|
6.375% |
|
|
B1 |
|
9,897,600 |
| |||
|
133,300 |
|
TCF Financial Corporation |
|
7.500% |
|
|
BB- |
|
3,567,108 |
| |||
|
140,600 |
|
Texas Capital Bancshares Inc. |
|
6.500% |
|
|
BB- |
|
3,496,722 |
| |||
|
3,366 |
|
Texas Capital Bancshares |
|
6.500% |
|
|
BB+ |
|
82,467 |
| |||
|
149,800 |
|
U.S. Bancorp. |
|
6.500% |
|
|
Baa1 |
|
4,390,638 |
| |||
|
218,750 |
|
Webster Financial Corporation |
|
6.400% |
|
|
Ba1 |
|
5,411,875 |
| |||
|
203,100 |
|
Wells Fargo & Company |
|
6.625% |
|
|
BBB |
|
5,701,017 |
| |||
|
219,755 |
|
Zions Bancorporation |
|
7.900% |
|
|
BB- |
|
6,109,189 |
| |||
|
95,300 |
|
Zions Bancorporation |
|
6.300% |
|
|
BB- |
|
2,487,330 |
| |||
|
|
|
Total Banks |
|
|
|
|
|
|
175,495,944 |
| |||
|
|
|
Capital Markets - 8.6% |
|
|
|
|
|
|
|
| |||
|
2,894 |
|
Affiliated Managers Group Inc. |
|
6.375% |
|
|
BBB |
|
75,418 |
| |||
|
24,447 |
|
Allied Capital Corporation |
|
6.875% |
|
|
BBB |
|
616,309 |
| |||
|
130,200 |
|
Apollo Investment Corporation |
|
6.875% |
|
|
BBB |
|
3,258,906 |
| |||
|
112,775 |
|
Apollo Investment Corporation |
|
6.625% |
|
|
BBB |
|
2,861,102 |
| |||
|
2,307 |
|
Arlington Asset Investment Corporation |
|
6.625% |
|
|
N/R |
|
56,222 |
| |||
|
188,895 |
|
Capitala Finance Corporation |
|
7.125% |
|
|
N/R |
|
4,816,823 |
| |||
|
154,266 |
|
Deutsche Bank Capital Funding Trust II |
|
6.550% |
|
|
BBB- |
|
3,997,032 |
| |||
|
150,400 |
|
Fifth Street Finance Corporation |
|
6.125% |
|
|
BBB- |
|
3,666,752 |
| |||
|
62,800 |
|
Gladstone Capital Corporation |
|
6.750% |
|
|
N/R |
|
1,598,260 |
| |||
|
56,360 |
|
Gladstone Investment Corporation |
|
7.125% |
|
|
N/R |
|
1,474,378 |
| |||
|
21,700 |
|
Goldman Sachs Group Inc. |
|
6.375% |
|
|
BB+ |
|
551,180 |
| |||
|
179,600 |
|
Goldman Sachs Group, Inc. |
|
5.500% |
|
|
BB |
|
4,297,828 |
| |||
|
121,700 |
|
Hercules Technology Growth Capital Incorporated |
|
7.000% |
|
|
N/R |
|
3,130,124 |
| |||
|
107,700 |
|
Hercules Technology Growth Capital Incorporated |
|
7.000% |
|
|
N/R |
|
2,721,579 |
| |||
|
150,658 |
|
Hercules Technology Growth Capital Incorporated |
|
6.250% |
|
|
N/R |
|
3,736,318 |
| |||
|
23,455 |
|
JMP Group Inc. |
|
7.250% |
|
|
N/R |
|
588,955 |
| |||
|
173,012 |
|
Ladenburg Thalmann Financial Services Inc. |
|
8.000% |
|
|
N/R |
|
4,301,078 |
| |||
|
24,673 |
|
Medley Capital Corporation |
|
7.125% |
|
|
N/R |
|
629,408 |
| |||
|
29,225 |
|
Medley Capital Corporation |
|
6.125% |
|
|
N/R |
|
718,935 |
| |||
|
827,700 |
|
Morgan Stanley |
|
7.125% |
|
|
BB |
|
22,563,102 |
| |||
|
126,700 |
|
Morgan Stanley |
|
6.875% |
|
|
BB |
|
3,360,084 |
| |||
|
134,674 |
|
MVC Capital Incorporated |
|
7.250% |
|
|
N/R |
|
3,393,785 |
| |||
|
4,000 |
|
Saratoga Investment Corporation |
|
7.500% |
|
|
N/R |
|
101,920 |
| |||
|
266,640 |
|
Solar Capital Limited |
|
6.750% |
|
|
BBB- |
|
6,426,024 |
| |||
|
130,000 |
|
State Street Corporation |
|
5.900% |
|
|
BBB |
|
3,393,000 |
| |||
|
1,580 |
|
Stellus Capital Investment Corporation |
|
6.500% |
|
|
N/R |
|
39,737 |
| |||
|
58,853 |
|
Triangle Capital Corporation |
|
7.000% |
|
|
N/R |
|
1,501,340 |
| |||
|
159,478 |
|
Triangle Capital Corporation |
|
6.375% |
|
|
N/R |
|
4,031,604 |
| |||
|
|
|
Total Capital Markets |
|
|
|
|
|
|
87,907,203 |
| |||
|
|
|
Consumer Finance - 0.9% |
|
|
|
|
|
|
|
| |||
|
48,000 |
|
Capital One Financial Corporation |
|
6.700% |
|
|
Ba1 |
|
1,206,720 |
| |||
|
272,000 |
|
Discover Financial Services |
|
6.500% |
|
|
BB- |
|
6,982,240 |
| |||
|
21,228 |
|
SLM Corporation, Series A |
|
6.970% |
|
|
B3 |
|
1,043,568 |
| |||
|
|
|
Total Consumer Finance |
|
|
|
|
|
|
9,232,528 |
| |||
|
|
|
Diversified Financial Services - 3.0% |
|
|
|
|
|
|
|
| |||
|
198,368 |
|
Ares Capital Corporation |
|
7.000% |
|
|
BBB |
|
5,044,498 |
| |||
|
4,800 |
|
Ares Capital Corporation |
|
5.875% |
|
|
BBB |
|
122,784 |
| |||
|
16,600 |
|
Intl FCStone Inc. |
|
8.500% |
|
|
N/R |
|
422,470 |
| |||
|
72,891 |
|
KCAP Financial Inc. |
|
7.375% |
|
|
N/R |
|
1,873,299 |
| |||
|
43,369 |
|
KKR Financial Holdings LLC |
|
7.500% |
|
|
A- |
|
1,190,479 |
| |||
|
348,218 |
|
KKR Financial Holdings LLC |
|
7.375% |
|
|
BBB |
|
9,053,668 |
| |||
|
215,917 |
|
Main Street Capital Corporation |
|
6.125% |
|
|
N/R |
|
5,467,018 |
| |||
|
57,070 |
|
Oxford Lane Capital Corporation |
|
8.125% |
|
|
N/R |
|
1,444,442 |
| |||
|
117,371 |
|
Oxford Lane Capital Corporation |
|
7.500% |
|
|
N/R |
|
2,872,068 |
| |||
|
125,300 |
|
PennantPark Investment Corporation |
|
6.250% |
|
|
BBB- |
|
3,151,295 |
| |||
|
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
30,642,021 |
| |||
|
|
|
Diversified Telecommunication Services - 0.8% |
|
|
|
|
|
| |||||
|
160,880 |
|
Qwest Corporation |
|
7.000% |
|
|
BBB- |
|
4,126,572 |
| |||
|
104,400 |
|
Qwest Corporation |
|
6.875% |
|
|
BBB- |
|
2,669,508 |
| |||
|
57,500 |
|
Verizon Communications Inc. |
|
5.900% |
|
|
A- |
|
1,489,250 |
| |||
|
|
|
Total Diversified Telecommunication Services |
|
|
|
|
|
|
8,285,330 |
| |||
|
|
|
Electric Utilities - 0.3% |
|
|
|
|
|
|
|
| |||
|
135,400 |
|
Entergy Arkansas Inc. |
|
6.450% |
|
|
BB+ |
|
3,412,080 |
| |||
|
|
|
Food Products - 2.5% |
|
|
|
|
|
|
|
| |||
|
249,300 |
|
CHS Inc. |
|
7.875% |
|
|
N/R |
|
7,097,571 |
| |||
|
360,600 |
|
CHS Inc. |
|
7.100% |
|
|
N/R |
|
9,685,716 |
| |||
|
343,800 |
|
CHS Inc. |
|
6.750% |
|
|
N/R |
|
8,656,884 |
| |||
|
|
|
Total Food Products. |
|
|
|
|
|
|
25,440,171 |
| |||
|
|
|
Insurance - 10.5% |
|
|
|
|
|
|
|
| |||
|
54,045 |
|
Aegon N.V. |
|
8.000% |
|
|
Baa1 |
|
1,538,661 |
| |||
|
103,752 |
|
Aegon N.V. |
|
6.375% |
|
|
Baa1 |
|
2,648,789 |
| |||
|
528,054 |
|
Arch Capital Group Limited |
|
6.750% |
|
|
BBB |
|
14,120,164 |
| |||
|
273,900 |
|
Argo Group US Inc. |
|
6.500% |
|
|
BBB- |
|
6,757,113 |
| |||
|
54,020 |
|
Aspen Insurance Holdings Limited |
|
7.250% |
|
|
BBB- |
|
1,429,909 |
| |||
|
393,800 |
|
Aspen Insurance Holdings Limited |
|
5.950% |
|
|
BBB- |
|
10,187,606 |
| |||
|
425,908 |
|
Axis Capital Holdings Limited |
|
6.875% |
|
|
BBB |
|
11,350,448 |
| |||
|
38,000 |
|
Delphi Financial Group, Inc. (7) |
|
7.376% |
|
|
BBB- |
|
944,064 |
| |||
|
223,900 |
|
Endurance Specialty Holdings Limited |
|
7.500% |
|
|
BBB- |
|
5,971,413 |
| |||
|
42,470 |
|
Hanover Insurance Group |
|
6.350% |
|
|
Ba1 |
|
1,043,063 |
| |||
|
138,124 |
|
Hartford Financial Services Group Inc. |
|
7.875% |
|
|
BB+ |
|
4,182,395 |
| |||
|
432,200 |
|
Kemper Corporation |
|
7.375% |
|
|
Ba1 |
|
11,280,420 |
| |||
|
298,139 |
|
Maiden Holdings Limited |
|
8.250% |
|
|
BB |
|
7,635,340 |
| |||
|
257,133 |
|
Maiden Holdings NA Limited |
|
8.000% |
|
|
BBB- |
|
6,798,597 |
| |||
|
291,133 |
|
Maiden Holdings NA Limited |
|
7.750% |
|
|
BBB- |
|
7,551,990 |
| |||
|
74,000 |
|
Montpelier Re Holdings Limited |
|
8.875% |
|
|
BBB- |
|
2,042,400 |
| |||
|
78,425 |
|
National General Holding Company |
|
7.500% |
|
|
N/R |
|
1,933,961 |
| |||
|
8,205 |
|
Prudential PLC |
|
6.750% |
|
|
A- |
|
212,099 |
| |||
|
353,265 |
|
Reinsurance Group of America Inc. |
|
6.200% |
|
|
BBB |
|
9,866,691 |
| |||
|
8,800 |
|
Selective Insurance Group |
|
5.875% |
|
|
BBB+ |
|
217,624 |
| |||
|
|
|
Total Insurance |
|
|
|
|
|
|
107,712,747 |
| |||
|
|
|
Marine - 1.3% |
|
|
|
|
|
|
|
| |||
|
101,235 |
|
Costamare Inc. |
|
8.500% |
|
|
N/R |
|
2,581,493 |
| |||
|
63,671 |
|
Costamare Inc. |
|
7.625% |
|
|
N/R |
|
1,584,771 |
| |||
|
9,740 |
|
International Shipholding Corporation |
|
9.000% |
|
|
N/R |
|
993,480 |
| |||
|
10,896 |
|
Navios Maritime Holdings Inc. |
|
8.750% |
|
|
N/R |
|
266,952 |
| |||
|
120,475 |
|
Navios Maritime Holdings Inc. |
|
8.625% |
|
|
N/R |
|
2,845,620 |
| |||
|
134,955 |
|
Seaspan Corporation |
|
8.250% |
|
|
N/R |
|
3,508,830 |
| |||
|
60,495 |
|
Seaspan Corporation |
|
6.375% |
|
|
N/R |
|
1,542,623 |
| |||
|
|
|
Total Marine |
|
|
|
|
|
|
13,323,769 |
| |||
|
|
|
Metals & Mining - 0.2% |
|
|
|
|
|
|
|
| |||
|
82,175 |
|
ArcelorMittal, Convertible Preferred |
|
6.000% |
|
|
BB- |
|
1,684,588 |
| |||
|
|
|
Multi-Utilities - 0.1% |
|
|
|
|
|
|
|
| |||
|
26,579 |
|
DTE Energy Company |
|
6.500% |
|
|
Baa1 |
|
713,646 |
| |||
|
|
|
Oil, Gas & Consumable Fuels - 2.5% |
|
|
|
|
|
|
|
| |||
|
27,223 |
|
Atlas Pipeline Partners LP |
|
8.250% |
|
|
CCC+ |
|
708,887 |
| |||
|
31,458 |
|
BreitBurn Energy Partners LP |
|
0.000% |
|
|
N/R |
|
776,069 |
| |||
|
39,310 |
|
Callon Petroleum Company |
|
10.000% |
|
|
N/R |
|
2,020,534 |
| |||
|
35,644 |
|
Legacy Reserves LP |
|
8.000% |
|
|
N/R |
|
825,159 |
| |||
|
172,347 |
|
Legacy Reserves LP |
|
8.000% |
|
|
N/R |
|
3,972,598 |
| |||
|
8,163 |
|
Magnum Hunter Resources Corporation |
|
8.000% |
|
|
N/R |
|
371,417 |
| |||
|
46,686 |
|
Miller Energy Resources Inc. |
|
10.500% |
|
|
N/R |
|
1,035,962 |
| |||
|
304,300 |
|
Nustar Logistics Limited Partnership |
|
7.625% |
|
|
Ba2 |
|
8,106,552 |
| |||
|
50,775 |
|
Scorpio Tankers Inc. |
|
7.500% |
|
|
N/R |
|
1,257,686 |
| |||
|
48,925 |
|
Scorpio Tankers Inc. |
|
6.750% |
|
|
N/R |
|
1,135,060 |
| |||
|
67,800 |
|
Tsakos Energy Navigation Limited |
|
8.875% |
|
|
N/R |
|
1,724,832 |
| |||
|
60,900 |
|
Vanguard Natural Resources LLC |
|
7.875% |
|
|
N/R |
|
1,509,102 |
| |||
|
92,073 |
|
Vanguard Natural Resources LLC |
|
7.625% |
|
|
N/R |
|
2,166,478 |
| |||
|
13,048 |
|
Vanguard Natural Resources LLC |
|
7.750% |
|
|
N/R |
|
309,760 |
| |||
|
|
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
25,920,096 |
| |||
|
|
|
Real Estate Investment Trust - 16.7% |
|
|
|
|
|
|
|
| |||
|
199,300 |
|
AG Mortgage Investment Trust |
|
8.000% |
|
|
N/R |
|
4,852,955 |
| |||
|
311,467 |
|
American Realty Capital Properties Inc. |
|
6.700% |
|
|
N/R |
|
6,858,503 |
| |||
|
249,100 |
|
Annaly Capital Management |
|
7.625% |
|
|
N/R |
|
6,140,315 |
| |||
|
84,575 |
|
Apartment Investment & Management Company |
|
6.875% |
|
|
BB- |
|
2,161,737 |
| |||
|
149,500 |
|
Apollo Commercial Real Estate Finance |
|
8.625% |
|
|
N/R |
|
3,878,030 |
| |||
|
249,100 |
|
Apollo Residential Mortgage Inc. |
|
8.000% |
|
|
N/R |
|
6,112,914 |
| |||
|
15,400 |
|
Arbor Realty Trust Incorporated |
|
8.250% |
|
|
N/R |
|
382,690 |
| |||
|
134,725 |
|
Arbor Realty Trust Incorporated |
|
7.375% |
|
|
N/R |
|
3,280,554 |
| |||
|
70,546 |
|
Ashford Hospitality Trust Inc. |
|
9.000% |
|
|
N/R |
|
1,890,633 |
| |||
|
87,594 |
|
Ashford Hospitality Trust Inc. |
|
8.450% |
|
|
N/R |
|
2,230,143 |
| |||
|
60,267 |
|
Campus Crest Communities |
|
8.000% |
|
|
N/R |
|
1,541,630 |
| |||
|
139,015 |
|
Capstead Mortgage Corporation |
|
7.500% |
|
|
N/R |
|
3,382,235 |
| |||
|
89,488 |
|
CBL & Associates Properties Inc. |
|
7.375% |
|
|
BB |
|
2,265,836 |
| |||
|
186,579 |
|
Cedar Shopping Centers Inc., Series A |
|
7.250% |
|
|
N/R |
|
4,875,309 |
| |||
|
208,314 |
|
Chesapeake Lodging Trust |
|
7.750% |
|
|
N/R |
|
5,436,995 |
| |||
|
23,967 |
|
Colony Financial Inc. |
|
0.000% |
|
|
N/R |
|
633,208 |
| |||
|
101,850 |
|
Colony Financial Inc. |
|
0.000% |
|
|
N/R |
|
2,548,287 |
| |||
|
50,000 |
|
Coresite Realty Corporation |
|
7.250% |
|
|
N/R |
|
1,287,500 |
| |||
|
99,234 |
|
CYS Investments Inc. |
|
7.750% |
|
|
N/R |
|
2,404,440 |
| |||
|
58,610 |
|
CYS Investments Inc. |
|
7.500% |
|
|
N/R |
|
1,374,405 |
| |||
|
270,925 |
|
DDR Corporation |
|
6.500% |
|
|
Baa3 |
|
6,957,354 |
| |||
|
178,594 |
|
Digital Realty Trust Inc. |
|
7.375% |
|
|
Baa3 |
|
4,770,246 |
| |||
|
45,165 |
|
Duke Realty Corporation, Series L |
|
6.600% |
|
|
Baa3 |
|
1,143,126 |
| |||
|
214,845 |
|
Dupont Fabros Technology |
|
7.875% |
|
|
Ba2 |
|
5,500,032 |
| |||
|
83,530 |
|
Dynex Capital inc. |
|
8.500% |
|
|
N/R |
|
2,100,780 |
| |||
|
5,142 |
|
Equity Commonwealth |
|
7.250% |
|
|
Ba1 |
|
130,401 |
| |||
|
246,100 |
|
First Potomac Realty Trust |
|
7.750% |
|
|
N/R |
|
6,401,061 |
| |||
|
182,423 |
|
Hatteras Financial Corporation |
|
7.625% |
|
|
N/R |
|
4,257,753 |
| |||
|
9,574 |
|
Health Care REIT, Inc. |
|
6.500% |
|
|
Baa3 |
|
249,020 |
| |||
|
88,550 |
|
Hersha Hospitality Trust |
|
6.875% |
|
|
N/R |
|
2,281,934 |
| |||
|
70,782 |
|
Hospitality Properties Trust |
|
7.125% |
|
|
Baa3 |
|
1,866,521 |
| |||
|
20,700 |
|
Kite Realty Group Trust |
|
8.250% |
|
|
N/R |
|
539,649 |
| |||
|
178,580 |
|
Inland Real Estate Corporation |
|
8.125% |
|
|
N/R |
|
4,646,652 |
| |||
|
22,200 |
|
Inland Real Estate Corporation |
|
6.950% |
|
|
N/R |
|
566,544 |
| |||
|
161,612 |
|
Invesco Mortgage Capital Inc. |
|
7.750% |
|
|
N/R |
|
3,847,982 |
| |||
|
84,072 |
|
Invesco Mortgage Capital Inc. |
|
7.750% |
|
|
N/R |
|
2,004,276 |
| |||
|
185,518 |
|
MFA Financial Inc. |
|
8.000% |
|
|
N/R |
|
4,910,661 |
| |||
|
11,619 |
|
MFA Financial Inc. |
|
7.500% |
|
|
N/R |
|
286,060 |
| |||
|
75,270 |
|
New York Mortgage Trust Inc. |
|
7.750% |
|
|
N/R |
|
1,840,352 |
| |||
|
178,500 |
|
Northstar Realty Finance Corporation |
|
8.875% |
|
|
N/R |
|
4,596,375 |
| |||
|
319,311 |
|
Northstar Realty Finance Corporation |
|
8.250% |
|
|
N/R |
|
8,005,127 |
| |||
|
200,000 |
|
Penn Real Estate Investment Trust |
|
8.250% |
|
|
N/R |
|
5,298,000 |
| |||
|
72,400 |
|
Penn Real Estate Investment Trust |
|
7.375% |
|
|
N/R |
|
1,871,540 |
| |||
|
19,350 |
|
PS Business Parks, Inc. |
|
6.875% |
|
|
Baa2 |
|
499,230 |
| |||
|
59,960 |
|
PS Business Parks, Inc. |
|
6.450% |
|
|
Baa2 |
|
1,557,161 |
| |||
|
136,853 |
|
Rait Financial Trust |
|
7.750% |
|
|
N/R |
|
3,318,685 |
| |||
|
123,830 |
|
Rait Financial Trust |
|
7.625% |
|
|
N/R |
|
2,923,626 |
| |||
|
81,003 |
|
Rait Financial Trust |
|
7.125% |
|
|
N/R |
|
1,972,423 |
| |||
|
149,039 |
|
Regency Centers Corporation |
|
6.625% |
|
|
Baa3 |
|
3,837,754 |
| |||
|
126,000 |
|
Resource Capital Corporation |
|
8.625% |
|
|
N/R |
|
2,987,460 |
| |||
|
4,809 |
|
Sabra Health Care Real Estate Investement Trust |
|
7.125% |
|
|
B2 |
|
124,313 |
| |||
|
286,500 |
|
Senior Housing Properties Trust |
|
5.625% |
|
|
BBB- |
|
6,741,345 |
| |||
|
157,149 |
|
Strategic Hotel Capital Inc., Series B |
|
8.250% |
|
|
N/R |
|
4,007,300 |
| |||
|
1,175 |
|
Sun Communities Inc. |
|
7.125% |
|
|
N/R |
|
30,256 |
| |||
|
149,300 |
|
Urstadt Biddle Properties |
|
7.125% |
|
|
N/R |
|
3,814,615 |
| |||
|
69,475 |
|
Winthrop Realty Trust Inc. |
|
7.750% |
|
|
N/R |
|
1,789,675 |
| |||
|
|
|
Total Real Estate Investment Trust |
|
|
|
|
|
|
171,213,608 |
| |||
|
|
|
Real Estate Management & Development - 0.2% |
|
|
|
|
|
|
| ||||
|
101,577 |
|
Kennedy-Wilson Inc. |
|
7.750% |
|
|
BB- |
|
2,602,403 |
| |||
|
|
|
Thrifts & Mortgage Finance - 0.8% |
|
|
|
|
|
|
|
| |||
|
39,002 |
|
Everbank Financial Corporation |
|
6.750% |
|
|
N/R |
|
975,049 |
| |||
|
160,700 |
|
Federal Agricultural Mortgage Corporation |
|
6.875% |
|
|
N/R |
|
4,228,016 |
| |||
|
143,400 |
|
Federal Agricultural Mortgage Corporation |
|
6.000% |
|
|
N/R |
|
3,584,999 |
| |||
|
|
|
Total Thrifts & Mortgage Finance |
|
|
|
|
|
|
8,788,064 |
| |||
|
|
|
U.S. Agency - 2.7% |
|
|
|
|
|
|
|
| |||
|
260,300 |
|
Farm Credit Bank of Texas, 144A, (7) |
|
6.750% |
|
|
Baa1 |
|
27,730,095 |
| |||
|
|
|
Wireless Telecommunication Services - 0.1% |
|
|
|
|
|
|
|
| |||
|
44,692 |
|
Telephone and Data Systems Inc. |
|
7.000% |
|
|
Baa3 |
|
1,139,646 |
| |||
|
|
|
Total $25 Par (or similar) Retail Preferred (cost $675,714,955) |
|
|
|
701,243,939 |
| ||||||
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
Amount (000) |
|
Description (1) |
|
Coupon |
Maturity |
|
Ratings (5) |
|
Value |
| |
|
|
|
CORPORATE BONDS - 10.1% (7.2% of Total Investments) |
|
|
|
|
|
| |||
|
|
|
Banks - 3.9% |
|
|
|
|
|
|
|
|
|
|
$ 10,825 |
|
Bank of America Corporation |
|
6.500% |
10/23/64 |
|
BB |
|
$ 11,122,688 |
| |
|
12,220 |
|
Bank of America Corporation |
|
6.250% |
3/05/65 |
|
BB |
|
12,204,725 |
| |
|
4,950 |
|
Citigroup Inc. |
|
5.800% |
5/15/65 |
|
BB+ |
|
4,959,900 |
| |
|
3,540 |
|
Credit Agricole SA, 144A |
|
6.625% |
12/23/64 |
|
BB+ |
|
3,453,624 |
| |
|
4,085 |
|
HSBC Holdings PLC |
|
6.375% |
9/17/64 |
|
BBB |
|
4,166,700 |
| |
|
125 |
|
JPMorgan Chase & Company |
|
6.100% |
9/23/64 |
|
BBB- |
|
125,313 |
| |
|
4,000 |
|
Nordea Bank AB, 144A |
|
6.125% |
9/23/64 |
|
BBB |
|
4,008,400 |
| |
|
39,745 |
|
Total Banks |
|
|
|
|
|
|
40,041,350 |
| |
|
|
|
Capital Markets - 0.0% |
|
|
|
|
|
|
|
| |
|
375 |
|
Prospect Capital Corporation |
|
5.875% |
3/15/23 |
|
BBB |
|
393,777 |
| |
|
|
|
Commercial Services & Supplies - 0.1% |
|
|
|
|
|
|
|
| |
|
800 |
|
R.R. Donnelley & Sons Company |
|
6.500% |
11/15/23 |
|
BB- |
|
828,000 |
| |
|
|
|
Diversified Financial Services - 1.1% |
|
|
|
|
|
|
|
| |
|
2,040 |
|
Banco BTG Pactual SA/Luxembourg, 144A |
|
8.750% |
9/15/24 |
|
Ba3 |
|
2,112,420 |
| |
|
4,100 |
|
Jefferies Finance LLC Corporation, 144A |
|
7.375% |
4/01/20 |
|
B1 |
|
4,079,500 |
| |
|
1,525 |
|
Jefferies Finance LLC Corporation, 144A |
|
6.875% |
4/15/22 |
|
B1 |
|
1,475,438 |
| |
|
3,255 |
|
Main Street Capital Corp. |
|
4.500% |
12/01/19 |
|
N/R |
|
3,239,702 |
| |
|
10,920 |
|
Total Diversified Financial Services |
|
|
|
|
|
|
10,907,060 |
| |
|
|
|
Energy Equipment & Services - 0.6% |
|
|
|
|
|
|
|
| |
|
5,355 |
|
McDermott International Inc., 144A |
|
8.000% |
5/01/21 |
|
BB |
|
4,712,400 |
| |
|
1,300 |
|
NGPL PipeCo LLC, 144A |
|
9.625% |
6/01/19 |
|
B- |
|
1,384,500 |
| |
|
6,655 |
|
Total Energy Equipment & Services |
|
|
|
|
|
|
6,096,900 |
| |
|
|
|
Food Products - 0.1% |
|
|
|
|
|
|
|
| |
|
1,010 |
|
Land O’Lakes Capital Trust I |
|
7.450% |
3/15/28 |
|
BB |
|
1,055,450 |
| |
|
|
|
Marine - 0.7% |
|
|
|
|
|
|
|
| |
|
975 |
|
Navios Maritime Acquisition Corporation, 144A |
|
8.125% |
11/15/21 |
|
B+ |
|
992,063 |
| |
|
6,120 |
|
Teekay Offshore Partners LP |
|
6.000% |
7/30/19 |
|
N/R |
|
5,913,449 |
| |
|
7,095 |
|
Total Marine |
|
|
|
|
|
|
6,905,512 |
| |
|
|
|
Media - 0.2% |
|
|
|
|
|
|
|
| |
|
1,550 |
|
CCOH Safari LLC, WI/DD |
|
5.750% |
12/01/24 |
|
B+ |
|
1,558,719 |
| |
|
|
|
Oil, Gas & Consumable Fuels - 1.9% |
|
|
|
|
|
|
|
| |
|
6,078 |
|
Breitburn Energy Partners LP |
|
7.875% |
4/15/22 |
|
B- |
|
5,831,081 |
| |
|
5,763 |
|
DCP Midstream LLC, 144A |
|
5.850% |
5/21/43 |
|
Baa3 |
|
5,690,963 |
| |
|
2,120 |
|
Legacy Reserves LP Finance Corporation, 144A |
|
6.625% |
12/01/21 |
|
B |
|
2,056,399 |
| |
|
6,150 |
|
Seadrill Limited, 144A |
|
6.625% |
9/15/20 |
|
N/R |
|
5,665,687 |
| |
|
20,111 |
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
19,244,130 |
| |
|
|
|
Real Estate Investment Trust - 0.3% |
|
|
|
|
|
|
|
| |
|
3,301 |
|
Iron Mountain Inc. |
|
5.750% |
8/15/24 |
|
B1 |
|
3,367,020 |
| |
|
|
|
Real Estate Management & Development - 0.3% |
|
|
|
|
|
|
| ||
|
3,225 |
|
Forestar USA Real Estate Group Inc., 144A |
|
8.500% |
6/01/22 |
|
BB- |
|
3,297,563 |
| |
|
|
|
Wireless Telecommunication Services - 0.9% |
|
|
|
|
|
|
|
| |
|
6,275 |
|
Frontier Communications Corporation |
|
7.625% |
4/15/24 |
|
BB |
|
6,745,624 |
| |
|
2,875 |
|
Frontier Communications Corporation |
|
6.875% |
1/15/25 |
|
BB |
|
2,910,937 |
| |
|
9,150 |
|
Total Wireless Telecommunication Services |
|
|
|
|
|
|
9,656,561 |
| |
|
$ 103,937 |
|
Total Corporate Bonds (cost $103,668,047) |
|
|
|
|
|
|
103,352,042 |
| |
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
Amount (000)/ |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Description (1) |
|
Coupon |
Maturity |
|
Ratings (5) |
|
Value |
| |
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 52.6% (37.7% of Total Investments) |
|
|
| ||||||
|
|
|
Banks - 21.3% |
|
|
|
|
|
|
|
|
|
|
18,361 |
|
Abbey National Capital Trust I |
|
8.963% |
N/A (8) |
|
BBB- |
|
$ 23,525,031 |
| |
|
1,850 |
|
Bank of America Corporation |
|
8.125% |
N/A (8) |
|
BB |
|
2,007,250 |
| |
|
6,575 |
|
Bank of America Corporation |
|
8.000% |
N/A (8) |
|
BB |
|
7,076,344 |
| |
|
3,575 |
|
Barclays Bank PLC, 144A |
|
10.180% |
6/12/21 |
|
A- |
|
4,800,052 |
| |
|
4,430 |
|
Barclays PLC |
|
8.250% |
N/A (8) |
|
BB+ |
|
4,573,975 |
| |
|
1,000 |
|
Citigroup Inc. |
|
8.400% |
N/A (8) |
|
BB+ |
|
1,109,438 |
| |
|
3,960 |
|
Commerzbank AG, 144A |
|
8.125% |
9/19/23 |
|
BB |
|
4,577,364 |
| |
|
2,680 |
|
Credit Agricole SA |
|
7.875% |
N/A (8) |
|
BB+ |
|
2,766,296 |
| |
|
4,500 |
|
First Empire Capital Trust I |
|
8.234% |
2/01/27 |
|
Baa2 |
|
4,552,556 |
| |
|
32,205 |
|
General Electric Capital Corporation (6) |
|
7.125% |
N/A (8) |
|
A+ |
|
37,518,819 |
| |
|
4,325 |
|
General Electric Capital Corporation |
|
6.250% |
N/A (8) |
|
A+ |
|
4,730,642 |
| |
|
1,000 |
|
HSBC Bank PLC |
|
0.688% |
N/A (8) |
|
A3 |
|
677,500 |
| |
|
500 |
|
HSBC Bank PLC |
|
0.600% |
N/A (8) |
|
A3 |
|
335,000 |
| |
|
4,654 |
|
HSBC Capital Funding LP |
|
10.176% |
N/A (8) |
|
BBB+ |
|
6,946,095 |
| |
|
15,152 |
|
JPMorgan Chase & Company |
|
7.900% |
N/A (8) |
|
BBB- |
|
16,420,980 |
| |
|
17,785 |
|
JPMorgan Chase & Company |
|
6.750% |
N/A (8) |
|
BBB- |
|
18,738,276 |
| |
|
2,150 |
|
M&T Bank Corporation |
|
6.450% |
N/A (8) |
|
BBB- |
|
2,291,386 |
| |
|
12,030 |
|
Lloyd’s Banking Group PLC |
|
7.500% |
N/A (8) |
|
BB |
|
12,511,200 |
| |
|
9,505 |
|
PNC Financial Services Inc. |
|
6.750% |
N/A (8) |
|
BBB- |
|
10,374,708 |
| |
|
4,883 |
|
Royal Bank of Scotland Group PLC |
|
7.648% |
N/A (8) |
|
BB- |
|
5,743,629 |
| |
|
12,656 |
|
Societe Generale, 144A |
|
7.875% |
N/A (8) |
|
BB+ |
|
12,656,000 |
| |
|
570 |
|
Standard Chartered PLC, 144A |
|
7.014% |
N/A (8) |
|
Baa2 |
|
636,975 |
| |
|
19,331 |
|
Wells Fargo & Company |
|
7.980% |
N/A (8) |
|
BBB |
|
21,306,377 |
| |
|
4,845 |
|
Wells Fargo & Company |
|
5.900% |
N/A (8) |
|
BBB |
|
4,981,145 |
| |
|
6,765 |
|
Zions Bancorporation |
|
7.200% |
N/A (8) |
|
BB- |
|
7,141,567 |
| |
|
|
|
Total Banks |
|
|
|
|
|
|
217,998,605 |
| |
|
|
|
Capital Markets - 1.9% |
|
|
|
|
|
|
|
| |
|
14,820 |
|
Credit Suisse Group AG |
|
7.500% |
N/A (8) |
|
BB+ |
|
15,750,696 |
| |
|
3,520 |
|
Goldman Sachs Group Inc. |
|
5.700% |
N/A (8) |
|
BB+ |
|
3,599,200 |
| |
|
175 |
|
Morgan Stanley |
|
5.450% |
N/A (8) |
|
BB |
|
175,820 |
| |
|
|
|
Total Capital Markets |
|
|
|
|
|
|
19,525,716 |
| |
|
|
|
Consumer Finance - 0.7% |
|
|
|
|
|
|
|
| |
|
7 |
|
Ally Financial Inc., 144A |
|
7.000% |
N/A (8) |
|
B- |
|
6,960,425 |
| |
|
|
|
Diversified Financial Services - 5.2% |
|
|
|
|
|
|
|
| |
|
16 |
|
Agstar Financial Services Inc., 144A |
|
6.750% |
N/A (8) |
|
BB- |
|
16,820,250 |
| |
|
6,085 |
|
BNP Paribas, 144A (2) |
|
7.195% |
N/A (8) |
|
BBB |
|
7,016,796 |
| |
|
2,575 |
|
ING US Inc. |
|
5.650% |
5/15/53 |
|
Ba1 |
|
2,575,000 |
| |
|
20,713 |
|
Rabobank Nederland, 144A |
|
11.000% |
N/A (8) |
|
Baa1 |
|
27,030,463 |
| |
|
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
53,442,509 |
| |
|
|
|
Insurance - 21.7% |
|
|
|
|
|
|
|
| |
|
1,183 |
|
AG2R La Mondiale Vie |
|
7.625% |
N/A (8) |
|
BBB- |
|
1,283,558 |
| |
|
4,800 |
|
AIG Life Holdings Inc. |
|
8.500% |
7/01/30 |
|
BBB |
|
6,324,000 |
| |
|
2,650 |
|
Aquarius & Investments PLC fbo SwissRe |
|
8.250% |
N/A (8) |
|
N/R |
|
2,921,626 |
| |
|
7,620 |
|
Aviva PLC, Reg S |
|
8.250% |
N/A (8) |
|
BBB |
|
8,545,327 |
| |
|
1,675 |
|
AXA SA |
|
8.600% |
12/15/30 |
|
A3 |
|
2,254,969 |
| |
|
23,799 |
|
Catlin Insurance Company Limited |
|
7.249% |
N/A (8) |
|
BBB+ |
|
24,393,973 |
| |
|
2,460 |
|
Cloverie PLC Zurich Insurance |
|
8.250% |
N/A (8) |
|
A |
|
2,816,700 |
| |
|
2,300 |
|
CNP Assurances |
|
7.500% |
N/A (8) |
|
BBB+ |
|
2,530,000 |
| |
|
30,440 |
|
Financial Security Assurance Holdings, 144A |
|
6.400% |
12/15/66 |
|
BBB+ |
|
26,787,198 |
| |
|
1,755 |
|
Friends Life Holdings PLC |
|
7.875% |
N/A (8) |
|
BBB+ |
|
1,934,888 |
| |
|
10,055 |
|
Glen Meadows Pass Through Trust |
|
6.505% |
2/12/67 |
|
BB+ |
|
9,891,606 |
| |
|
1,030 |
|
Great West Life & Annuity Insurance Capital LP II, 144A |
|
7.153% |
5/16/46 |
|
A- |
|
1,066,050 |
| |
|
11,625 |
|
Liberty Mutual Group, 144A |
|
7.800% |
3/15/37 |
|
Baa3 |
|
13,601,250 |
| |
|
715 |
|
Lincoln National Corporation (2) |
|
7.000% |
5/17/66 |
|
BBB |
|
732,875 |
| |
|
1,750 |
|
Lincoln National Corporation |
|
6.050% |
4/20/67 |
|
BBB |
|
1,780,626 |
| |
|
9,335 |
|
MetLife Capital Trust IV, 144A |
|
7.875% |
12/15/37 |
|
BBB |
|
11,925,464 |
| |
|
10,745 |
|
MetLife Capital Trust X, 144A |
|
9.250% |
4/08/38 |
|
BBB |
|
15,365,350 |
| |
|
13,770 |
|
National Financial Services Inc. |
|
6.750% |
5/15/37 |
|
Baa2 |
|
14,320,800 |
| |
|
1,150 |
|
Nationwide Financial Services Capital Trust |
|
7.899% |
3/01/37 |
|
Baa2 |
|
1,351,581 |
| |
|
6,855 |
|
Provident Financing Trust I |
|
7.405% |
3/15/38 |
|
Baa3 |
|
8,007,621 |
| |
|
3,415 |
|
Prudential Financial Inc. |
|
5.875% |
9/15/42 |
|
BBB+ |
|
3,619,901 |
| |
|
13,535 |
|
QBE Capital Funding Trust II, 144A |
|
7.250% |
5/24/41 |
|
BBB |
|
14,685,476 |
| |
|
18,168 |
|
Symetra Financial Corporation, 144A |
|
8.300% |
10/15/37 |
|
BBB- |
|
18,894,720 |
| |
|
5,644 |
|
Swiss Re Capital I, 144A |
|
6.854% |
N/A (8) |
|
A |
|
5,926,201 |
| |
|
9,145 |
|
White Mountains Insurance Group |
|
7.506% |
N/A (8) |
|
BB+ |
|
9,601,986 |
| |
|
8,250 |
|
XL Capital Ltd |
|
6.500% |
N/A (8) |
|
BBB |
|
7,915,876 |
| |
|
4,000 |
|
ZFS Finance USA Trust II 144A |
|
6.450% |
12/15/65 |
|
A |
|
4,260,001 |
| |
|
|
|
Total Insurance |
|
|
|
|
|
|
222,739,623 |
| |
|
|
|
Machinery - 0.1% |
|
|
|
|
|
|
|
| |
|
1,020 |
|
Stanley Black & Decker Inc. |
|
5.750% |
12/15/53 |
|
BBB+ |
|
1,099,050 |
| |
|
|
|
Real Estate Investment Trust - 1.5% |
|
|
|
|
|
|
|
| |
|
12 |
|
Sovereign Real Estate Investment Trust, 144A |
|
12.000% |
N/A (8) |
|
Ba1 |
|
15,622,301 |
| |
|
|
|
U.S. Agency - 0.2% |
|
|
|
|
|
|
|
| |
|
2 |
|
Farm Credit Bank of Texas |
|
10.000% |
12/31/49 |
|
Baa1 |
|
2,197,781 |
| |
|
|
|
Total $1,000 Par (or similar) Institutional Preferred (cost $496,754,067) |
|
|
|
539,586,010 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Description (1), (4) |
|
|
|
|
|
|
|
Value |
|
|
|
|
INVESTMENT COMPANIES - 1.0% (0.8% of Total Investments) |
|
|
| ||||||
|
92,380 |
|
AllianceBernstein Global High Income Fund |
|
|
|
|
|
|
|
$ 1,250,825 |
|
|
198,079 |
|
Ares Dynamic Credit Allocation Fund |
|
|
|
|
|
|
|
3,339,612 |
|
|
172,478 |
|
Cushing Royalty and Income Fund |
|
|
|
|
|
|
|
2,754,474 |
|
|
649,790 |
|
MFS Intermediate Income Trust |
|
|
|
|
|
|
|
3,281,439 |
|
|
|
|
Total Investment Companies (cost $11,685,602) |
|
|
|
|
|
10,626,350 |
| ||
|
|
|
Total Long-Term Investments (cost $1,344,353,809) |
|
|
|
|
|
1,410,436,700 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
Amount (000) |
|
Description (1) |
|
Coupon |
Maturity |
|
|
|
Value |
| |
|
|
|
SHORT-TERM INVESTMENTS - 1.9% (1.4% of Total Investments) |
|
|
|
| |||||
|
$ 19,423 |
|
Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/31/14, repurchase price $19,423,224, collateralized by $19,865,000 U.S. Treasury Notes, 2.000%, due 10/31/21, value $19,813,485 |
|
0.000% |
11/03/14 |
|
|
|
$ 19,423,224 |
| |
|
|
|
Total Short-Term Investments (cost $19,423,224) |
|
|
|
|
19,423,224 |
| |||
|
|
|
Total Investments (cost $1,363,777,033) - 139.3% |
|
|
|
|
1,429,859,924 |
| |||
|
|
|
Borrowings - (39.2)% (9), (10) |
|
|
|
|
(402,500,000 |
) | |||
|
|
|
Other Assets Less Liabilities - (0.1)% (11) |
|
|
|
|
(646,695 |
) | |||
|
|
|
Net Assets Applicable to Common Shares - 100% |
|
|
|
|
$ 1,026,713,229 |
| |||
Investments in Derivatives as of October 31, 2014
Interest Rate Swaps outstanding:
|
|
|
|
|
Fund |
|
|
|
|
|
Fixed Rate |
|
|
|
|
|
Unrealized |
|
|
|
|
Notional |
|
Pay/Receive |
|
|
|
Fixed Rate |
|
Payment |
|
Effective |
|
Termination |
|
Appreciation |
|
|
Counterparty |
|
Amount |
|
Floating Rate |
|
Floating Rate Index |
|
(Annualized) |
|
Frequency |
|
Date (12) |
|
Date |
|
(Depreciation) (11) |
|
|
JPMorgan |
|
$ 114,296,000 |
|
Receive |
|
1-Month USD-LIBOR-BBA |
|
1.255 |
% |
Monthly |
|
12/01/14 |
|
12/01/18 |
|
$ 772,771 |
|
|
JPMorgan |
|
114,296,000 |
|
Receive |
|
1-Month USD-LIBOR-BBA |
|
1.673 |
|
Monthly |
|
12/01/14 |
|
12/01/20 |
|
1,423,386 |
|
|
Morgan Stanley |
|
69,725,000 |
|
Receive |
|
1-Month USD-LIBOR-BBA |
|
2.064 |
|
Monthly |
|
3/21/11 |
|
3/21/16 |
|
(1,678,079 |
) |
|
|
|
$ 298,317,000 |
|