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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Trust Intermediate Duration Preferred and Income Fund | NYSE:FPF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.1897 | 1.08% | 17.7197 | 17.73 | 17.57 | 17.57 | 118,342 | 21:01:20 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES – 21.4% | ||||||||
Automobiles – 0.3% | ||||||||
134,551 | Ford Motor Co. (a) | 6.50% | 08/15/62 | $3,241,333 | ||||
Banks – 2.5% | ||||||||
93 | Atlantic Union Bankshares Corp., Series A | 6.88% | (b) | 1,986 | ||||
227,073 | Bank of America Corp., Series KK (c) | 5.38% | (b) | 5,174,994 | ||||
49,151 | Bank of America Corp., Series SS (c) | 4.75% | (b) | 1,004,155 | ||||
23,977 | Citizens Financial Group, Inc., Series D (c) (d) | 6.35% | (b) | 569,454 | ||||
2,028 | Citizens Financial Group, Inc., Series E | 5.00% | (b) | 37,964 | ||||
40,000 | Fifth Third Bancorp, Series A (c) | 6.00% | (b) | 979,600 | ||||
77,002 | JPMorgan Chase & Co., Series LL (c) | 4.63% | (b) | 1,607,802 | ||||
177,126 | KeyCorp (c) (d) | 6.20% | (b) | 3,806,438 | ||||
267,493 | Pinnacle Financial Partners, Inc., Series B (c) | 6.75% | (b) | 6,288,760 | ||||
3,364 | Wells Fargo & Co., Series AA (c) | 4.70% | (b) | 62,671 | ||||
133,769 | WesBanco, Inc., Series A (c) (d) | 6.75% | (b) | 3,115,480 | ||||
174,262 | Wintrust Financial Corp., Series E (c) (d) | 6.88% | (b) | 4,130,009 | ||||
26,779,313 | ||||||||
Capital Markets – 1.4% | ||||||||
29,434 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 544,529 | ||||
173,946 | Affiliated Managers Group, Inc. | 4.20% | 09/30/61 | 2,948,385 | ||||
476,799 | Carlyle Finance LLC | 4.63% | 05/15/61 | 8,606,222 | ||||
182,488 | KKR Group Finance Co., IX LLC (c) | 4.63% | 04/01/61 | 3,323,106 | ||||
6,178 | Oaktree Capital Group LLC, Series A | 6.63% | (b) | 139,623 | ||||
4,751 | Oaktree Capital Group LLC, Series B | 6.55% | (b) | 104,902 | ||||
15,666,767 | ||||||||
Consumer Finance – 0.2% | ||||||||
5,099 | Capital One Financial Corp., Series I | 5.00% | (b) | 100,807 | ||||
90,291 | Capital One Financial Corp., Series J (c) | 4.80% | (b) | 1,685,733 | ||||
1,786,540 | ||||||||
Diversified REITs – 0.3% | ||||||||
168,343 | Global Net Lease, Inc., Series A (a) | 7.25% | (b) | 3,720,380 | ||||
Diversified Telecommunication Services – 0.5% | ||||||||
172,303 | AT&T, Inc., Series C (c) | 4.75% | (b) | 3,184,159 | ||||
123,751 | Qwest Corp. | 6.50% | 09/01/56 | 1,791,915 | ||||
4,976,074 | ||||||||
Electric Utilities – 0.4% | ||||||||
120,245 | SCE Trust IV, Series J (c) (d) | 5.38% | (b) | 2,450,593 | ||||
76,957 | SCE Trust V, Series K (c) (d) | 5.45% | (b) | 1,738,459 | ||||
4,189,052 | ||||||||
Financial Services – 1.7% | ||||||||
164,440 | Apollo Asset Management, Inc., Series B (c) | 6.38% | (b) | 4,086,334 | ||||
468,779 | Equitable Holdings, Inc., Series A (c) | 5.25% | (b) | 9,745,915 | ||||
204,769 | Jackson Financial, Inc. (d) | 8.00% | (b) | 5,108,987 | ||||
18,941,236 | ||||||||
Food Products – 0.4% | ||||||||
156,319 | CHS, Inc., Series 3 (c) (d) | 6.75% | (b) | 3,950,181 | ||||
Gas Utilities – 0.3% | ||||||||
281,492 | South Jersey Industries, Inc. | 5.63% | 09/16/79 | 3,677,693 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES (Continued) | ||||||||
Independent Power & Renewable Electricity Producers – 0.7% | ||||||||
245,850 | Brookfield BRP Holdings Canada, Inc. | 4.63% | (b) | $3,899,181 | ||||
161,321 | Brookfield Renewable Partners L.P., Series 17 (c) | 5.25% | (b) | 3,332,892 | ||||
7,232,073 | ||||||||
Insurance – 8.2% | ||||||||
456,764 | Aegon Funding Co., LLC (c) | 5.10% | 12/15/49 | 9,692,532 | ||||
153,735 | Allstate (The) Corp., Series J (c) | 7.38% | (b) | 4,126,247 | ||||
471,007 | American Equity Investment Life Holding Co., Series A (c) (d) | 5.95% | (b) | 9,905,277 | ||||
247,889 | American Equity Investment Life Holding Co., Series B (c) (d) | 6.63% | (b) | 5,751,025 | ||||
193,648 | AmTrust Financial Services, Inc. | 7.25% | 06/15/55 | 3,020,909 | ||||
210,480 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 3,402,409 | ||||
192,000 | Arch Capital Group Ltd., Series G (c) | 4.55% | (b) | 3,738,240 | ||||
15,137 | Argo Group International Holdings Ltd. (d) | 7.00% | (b) | 345,578 | ||||
66,549 | Aspen Insurance Holdings Ltd. (c) | 5.63% | (b) | 1,283,065 | ||||
346,650 | Aspen Insurance Holdings Ltd. (c) | 5.63% | (b) | 6,347,162 | ||||
21,147 | Aspen Insurance Holdings Ltd. (c) (d) | 9.59% | (b) | 540,517 | ||||
43,928 | Athene Holding Ltd., Series A (c) (d) | 6.35% | (b) | 939,620 | ||||
52,936 | Athene Holding Ltd., Series D | 4.88% | (b) | 886,678 | ||||
590,886 | Athene Holding Ltd., Series E (c) (d) | 7.75% | (b) | 14,695,335 | ||||
133,393 | CNO Financial Group, Inc. | 5.13% | 11/25/60 | 2,167,636 | ||||
584,250 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (a) (c) (e) | 8.51% | 05/15/37 | 13,131,019 | ||||
140,885 | Lincoln National Corp., Series D (c) | 9.00% | (b) | 3,832,072 | ||||
193,528 | Phoenix Cos. (The), Inc. | 7.45% | 01/15/32 | 3,406,093 | ||||
418 | Prudential Financial, Inc. (a) | 5.95% | 09/01/62 | 10,701 | ||||
2 | Reinsurance Group of America, Inc. (d) | 7.13% | 10/15/52 | 51 | ||||
114,588 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (b) | 2,068,313 | ||||
89,290,479 | ||||||||
Mortgage Real Estate Investment Trusts – 0.1% | ||||||||
32,703 | AGNC Investment Corp., Series F (a) (d) | 6.13% | (b) | 694,612 | ||||
Multi-Utilities – 0.8% | ||||||||
88,144 | Algonquin Power & Utilities Corp. (d) | 6.88% | 10/17/78 | 2,184,208 | ||||
46,112 | Algonquin Power & Utilities Corp., Series 19-A (c) (d) | 6.20% | 07/01/79 | 1,069,799 | ||||
195,763 | Brookfield Infrastructure Finance ULC | 5.00% | 05/24/81 | 3,506,115 | ||||
84,780 | Brookfield Infrastructure Partners L.P., Series 13 | 5.13% | (b) | 1,492,967 | ||||
5,053 | Sempra | 5.75% | 07/01/79 | 123,041 | ||||
8,376,130 | ||||||||
Oil, Gas & Consumable Fuels – 1.6% | ||||||||
1,879 | Energy Transfer L.P., Series D (d) | 7.63% | (b) | 47,200 | ||||
470,833 | Energy Transfer L.P., Series E (c) (d) | 7.60% | (b) | 11,629,575 | ||||
228,396 | NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (c) (e) | 12.27% | (b) | 5,837,802 | ||||
17,514,577 | ||||||||
Real Estate Management & Development – 1.6% | ||||||||
307,185 | Brookfield Property Partners L.P., Series A | 5.75% | (b) | 4,154,677 | ||||
388,145 | Brookfield Property Partners L.P., Series A2 | 6.38% | (b) | 5,674,680 | ||||
398,983 | Brookfield Property Preferred L.P. | 6.25% | 07/26/81 | 6,483,474 | ||||
23,528 | DigitalBridge Group, Inc., Series I (c) | 7.15% | (b) | 500,911 | ||||
1,939 | DigitalBridge Group, Inc., Series J | 7.13% | (b) | 41,204 | ||||
16,854,946 | ||||||||
Specialized REITs – 0.0% | ||||||||
17,466 | National Storage Affiliates Trust, Series A (c) | 6.00% | (b) | 412,198 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES (Continued) | ||||||||
Wireless Telecommunication Services – 0.4% | ||||||||
75,137 | United States Cellular Corp. | 6.25% | 09/01/69 | $1,231,495 | ||||
253,239 | United States Cellular Corp. | 5.50% | 06/01/70 | 3,646,642 | ||||
4,878,137 | ||||||||
Total $25 Par Preferred Securities | 232,181,721 | |||||||
(Cost $272,641,947) | ||||||||
$100 PAR PREFERRED SECURITIES – 0.7% | ||||||||
Banks – 0.7% | ||||||||
54,250 | CoBank ACB, Series H (c) (d) | 6.20% | (b) | 5,236,481 | ||||
28,000 | Farm Credit Bank of Texas (d) (f) | 6.75% | (b) | 2,782,500 | ||||
Total $100 Par Preferred Securities | 8,018,981 | |||||||
(Cost $8,265,750) | ||||||||
$1,000 PAR PREFERRED SECURITIES – 4.7% | ||||||||
Banks – 3.6% | ||||||||
6,977 | Bank of America Corp., Series L | 7.25% | (b) | 8,497,986 | ||||
26,113 | Wells Fargo & Co., Series L | 7.50% | (b) | 30,786,966 | ||||
39,284,952 | ||||||||
Financial Services – 1.1% | ||||||||
12,000 | Compeer Financial ACA (d) (f) | 6.75% | (b) | 12,000,189 | ||||
Total $1,000 Par Preferred Securities | 51,285,141 | |||||||
(Cost $56,571,526) | ||||||||
$1,000,000 PAR PREFERRED SECURITIES – 1.2% | ||||||||
Mortgage Real Estate Investment Trusts – 1.2% | ||||||||
12 | FT Real Estate Securities Co., Inc. (g) (h) (i) | 9.50% | (b) | 12,840,000 | ||||
(Cost $15,990,000) | ||||||||
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES – 118.1% | ||||||||
Banks – 60.2% | ||||||||
$12,935,000 | Australia & New Zealand Banking Group Ltd. (c) (d) (f) (j) | 6.75% | (b) | 12,902,080 | ||||
9,100,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (d) (j) | 6.50% | (b) | 8,687,770 | ||||
5,000,000 | Banco Mercantil del Norte S.A. (d) (f) (j) | 7.50% | (b) | 4,539,700 | ||||
8,000,000 | Banco Mercantil del Norte S.A. (d) (f) (j) | 7.63% | (b) | 7,368,134 | ||||
7,400,000 | Banco Mercantil del Norte S.A. (d) (f) (j) | 8.38% | (b) | 7,259,844 | ||||
10,800,000 | Banco Santander S.A. (d) (j) | 4.75% | (b) | 8,612,437 | ||||
13,400,000 | Banco Santander S.A. (c) (d) (j) (k) | 7.50% | (b) | 13,020,713 | ||||
29,385,000 | Bank of America Corp., Series TT (c) (d) | 6.13% | (b) | 29,261,583 | ||||
1,360,000 | Bank of America Corp., Series X (c) (d) | 6.25% | (b) | 1,350,752 | ||||
3,800,000 | Bank of Nova Scotia (The) (d) | 4.90% | (b) | 3,608,532 | ||||
16,920,000 | Bank of Nova Scotia (The) (d) | 8.63% | 10/27/82 | 17,603,360 | ||||
1,300,000 | Barclays PLC (d) (j) | 4.38% | (b) | 948,664 | ||||
28,600,000 | Barclays PLC (c) (d) (j) | 8.00% | (b) | 28,233,348 | ||||
34,670,000 | Barclays PLC (c) (d) (j) | 8.00% | (b) | 32,329,775 | ||||
8,550,000 | BBVA Bancomer S.A. (a) (d) (f) (j) | 5.88% | 09/13/34 | 7,659,394 | ||||
9,900,000 | BBVA Bancomer S.A. (d) (f) (j) | 8.45% | 06/29/38 | 10,088,100 | ||||
10,400,000 | BNP Paribas S.A. (d) (f) (j) | 4.63% | (b) | 7,979,178 | ||||
17,710,000 | BNP Paribas S.A. (c) (d) (f) (j) | 7.75% | (b) | 17,672,809 | ||||
4,000,000 | BNP Paribas S.A. (c) (d) (f) (j) | 9.25% | (b) | 4,212,303 | ||||
6,370,000 | Citigroup, Inc. (c) (d) | 3.88% | (b) | 5,560,373 | ||||
23,000,000 | Citigroup, Inc. (c) (d) | 7.38% | (b) | 23,460,000 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Banks (Continued) | ||||||||
$3,022,000 | Citigroup, Inc., 3 Mo. CME Term SOFR + CSA + 4.07% (c) (e) | 9.70% | (b) | $3,042,398 | ||||
9,351,000 | Citigroup, Inc., Series M (c) (d) | 6.30% | (b) | 9,187,358 | ||||
8,600,000 | Citigroup, Inc., Series P (c) (d) | 5.95% | (b) | 8,357,180 | ||||
6,500,000 | Citizens Financial Group, Inc., Series F (c) (d) | 5.65% | (b) | 6,194,500 | ||||
607,000 | Citizens Financial Group, Inc., Series G (d) | 4.00% | (b) | 471,184 | ||||
25,000,000 | CoBank ACB, Series I (c) (d) | 6.25% | (b) | 24,120,002 | ||||
9,695,000 | CoBank ACB, Series K (c) (d) | 6.45% | (b) | 9,196,382 | ||||
2,800,000 | Commerzbank AG (d) (j) (k) | 7.00% | (b) | 2,599,094 | ||||
5,000,000 | Credit Agricole S.A. (c) (d) (f) (j) | 6.88% | (b) | 4,900,500 | ||||
10,500,000 | Credit Agricole S.A. (c) (d) (f) (j) | 8.13% | (b) | 10,568,093 | ||||
8,940,000 | Danske Bank A.S. (c) (d) (j) (k) | 7.00% | (b) | 8,593,280 | ||||
3,450,000 | Farm Credit Bank of Texas, Series 3 (a) (d) (f) | 6.20% | (b) | 3,053,250 | ||||
7,500,000 | Farm Credit Bank of Texas, Series 4 (c) (d) (f) | 5.70% | (b) | 7,012,500 | ||||
4,706,000 | Fifth Third Bancorp, Series L (c) (d) | 4.50% | (b) | 4,328,908 | ||||
25,100,000 | HSBC Holdings PLC (c) (d) (j) | 8.00% | (b) | 25,315,019 | ||||
15,092,000 | ING Groep N.V. (c) (d) (j) | 5.75% | (b) | 13,561,444 | ||||
10,920,000 | ING Groep N.V. (c) (d) (j) | 6.50% | (b) | 10,302,177 | ||||
3,900,000 | ING Groep N.V. (d) (j) (k) | 7.50% | (b) | 3,670,177 | ||||
27,200,000 | Intesa Sanpaolo S.p.A. (c) (d) (f) (j) | 7.70% | (b) | 26,248,000 | ||||
9,600,000 | Lloyds Banking Group PLC (c) (d) (j) | 6.75% | (b) | 8,939,225 | ||||
9,932,000 | Lloyds Banking Group PLC (c) (d) (j) | 7.50% | (b) | 9,687,871 | ||||
7,912,000 | Lloyds Banking Group PLC (c) (d) (j) | 7.50% | (b) | 7,498,598 | ||||
20,067,000 | Lloyds Banking Group PLC (c) (d) (j) | 8.00% | (b) | 18,832,879 | ||||
3,979,659 | M&T Bank Corp. (c) (d) | 3.50% | (b) | 2,981,242 | ||||
648,000 | M&T Bank Corp., Series F (d) | 5.13% | (b) | 547,009 | ||||
5,100,000 | NatWest Group PLC (c) (d) (j) | 6.00% | (b) | 4,785,585 | ||||
10,150,000 | NatWest Group PLC (c) (d) (j) | 8.00% | (b) | 10,047,130 | ||||
7,594,000 | PNC Financial Services Group (The), Inc., Series U (c) (d) | 6.00% | (b) | 7,029,274 | ||||
10,976,000 | PNC Financial Services Group (The), Inc., Series V (c) (d) | 6.20% | (b) | 10,591,840 | ||||
14,390,000 | PNC Financial Services Group (The), Inc., Series W (c) (d) | 6.25% | (b) | 13,194,509 | ||||
24,100,000 | Societe Generale S.A. (d) (f) (j) | 5.38% | (b) | 19,282,410 | ||||
20,300,000 | Societe Generale S.A. (c) (d) (f) (j) | 9.38% | (b) | 20,702,955 | ||||
18,565,000 | Standard Chartered PLC (d) (f) (j) | 4.30% | (b) | 14,543,821 | ||||
65,000 | Standard Chartered PLC (d) (k) | 7.01% | (b) | 62,483 | ||||
9,200,000 | Standard Chartered PLC (c) (d) (f) (j) | 7.75% | (b) | 9,179,761 | ||||
3,200,000 | Svenska Handelsbanken AB (d) (j) (k) | 4.75% | (b) | 2,537,635 | ||||
1,000,000 | Swedbank AB (d) (j) (k) | 7.63% | (b) | 940,242 | ||||
2,779,000 | Texas Capital Bancshares, Inc. (c) (d) | 4.00% | 05/06/31 | 2,225,875 | ||||
16,000,000 | Toronto-Dominion Bank (The) (a) (d) | 8.13% | 10/31/82 | 16,476,800 | ||||
22,201,000 | UniCredit S.p.A. (c) (d) (j) (k) | 8.00% | (b) | 21,982,986 | ||||
5,000,000 | UniCredit S.p.A. (a) (d) (f) | 5.46% | 06/30/35 | 4,367,311 | ||||
13,000,000 | Wells Fargo & Co. (d) | 7.63% | (b) | 13,398,320 | ||||
652,916,056 | ||||||||
Capital Markets – 5.5% | ||||||||
12,296,000 | Apollo Management Holdings L.P. (a) (c) (d) (f) | 4.95% | 01/14/50 | 10,333,947 | ||||
9,300,000 | Ares Finance Co. III LLC (a) (c) (d) (f) | 4.13% | 06/30/51 | 6,965,931 | ||||
15,772,000 | Charles Schwab (The) Corp., Series G (c) (d) | 5.38% | (b) | 15,459,900 | ||||
1,500,000 | Charles Schwab (The) Corp., Series H (d) | 4.00% | (b) | 1,176,733 | ||||
660,000 | Charles Schwab (The) Corp., Series I (d) | 4.00% | (b) | 590,033 | ||||
2,200,000 | Charles Schwab (The) Corp., Series K (c) (d) | 5.00% | (b) | 1,990,328 | ||||
19,220,000 | Credit Suisse Group AG (d) (g) (h) (i) (j) | 5.25% | (b) | 0 | ||||
15,730,000 | Credit Suisse Group AG (d) (g) (h) (i) (j) | 6.38% | (b) | 0 | ||||
28,250,000 | Credit Suisse Group AG (d) (g) (h) (i) (j) | 7.50% | (b) | 0 | ||||
6,400,000 | Credit Suisse Group AG (d) (g) (h) (i) (j) | 9.75% | (b) | 0 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Capital Markets (Continued) | ||||||||
$18,300,000 | Deutsche Bank AG, Series 2020 (c) (d) (j) | 6.00% | (b) | $15,320,624 | ||||
6,850,000 | EFG International AG (d) (j) (k) | 5.50% | (b) | 5,262,855 | ||||
300,000 | Goldman Sachs Group (The), Inc., Series R (c) (d) | 4.95% | (b) | 283,683 | ||||
2,000,000 | Macquarie Bank Ltd. (d) (f) (j) | 6.13% | (b) | 1,832,016 | ||||
59,216,050 | ||||||||
Construction Materials – 0.7% | ||||||||
7,800,000 | Cemex SAB de CV (d) (f) | 9.13% | (b) | 8,122,094 | ||||
Consumer Finance – 0.5% | ||||||||
5,639,000 | Ally Financial, Inc., Series B (d) | 4.70% | (b) | 4,296,213 | ||||
1,835,000 | Ally Financial, Inc., Series C (d) | 4.70% | (b) | 1,288,686 | ||||
5,584,899 | ||||||||
Electric Utilities – 2.1% | ||||||||
7,950,000 | American Electric Power Co., Inc. (a) (c) (d) | 3.88% | 02/15/62 | 6,454,445 | ||||
1,377,000 | Edison International, Series A (c) (d) | 5.38% | (b) | 1,225,501 | ||||
3,739,000 | Edison International, Series B (c) (d) | 5.00% | (b) | 3,239,736 | ||||
6,976,000 | Emera, Inc., Series 16-A (a) (d) | 6.75% | 06/15/76 | 6,810,093 | ||||
5,110,000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (c) (e) | 9.50% | (b) | 5,115,621 | ||||
22,845,396 | ||||||||
Financial Services – 4.5% | ||||||||
15,000,000 | American AgCredit Corp. (c) (d) (f) | 5.25% | (b) | 13,331,250 | ||||
9,350,000 | Capital Farm Credit ACA, Series 1 (c) (d) (f) | 5.00% | (b) | 8,368,250 | ||||
3,800,000 | Compeer Financial ACA (c) (d) (f) | 4.88% | (b) | 3,429,500 | ||||
22,150,000 | Corebridge Financial, Inc. (a) (c) (d) | 6.88% | 12/15/52 | 21,647,308 | ||||
2,224,000 | Voya Financial, Inc., Series A (c) (d) | 6.13% | (b) | 2,172,776 | ||||
48,949,084 | ||||||||
Food Products – 4.7% | ||||||||
6,000,000 | Dairy Farmers of America, Inc. (c) (g) | 7.13% | (b) | 5,385,000 | ||||
7,329,000 | Land O’Lakes Capital Trust I (a) (c) (g) | 7.45% | 03/15/28 | 6,925,905 | ||||
10,000,000 | Land O’Lakes, Inc. (a) (c) (f) | 7.25% | (b) | 7,946,000 | ||||
33,000,000 | Land O’Lakes, Inc. (c) (f) | 8.00% | (b) | 31,020,000 | ||||
51,276,905 | ||||||||
Insurance – 17.5% | ||||||||
3,000,000 | Aegon N.V. (a) (d) | 5.50% | 04/11/48 | 2,867,280 | ||||
17,585,000 | Assurant, Inc. (a) (c) (d) | 7.00% | 03/27/48 | 17,149,661 | ||||
5,150,000 | Assured Guaranty Municipal Holdings, Inc. (a) (d) (f) | 6.40% | 12/15/66 | 4,616,967 | ||||
9,932,000 | AXIS Specialty Finance LLC (a) (c) (d) | 4.90% | 01/15/40 | 7,991,167 | ||||
2,000,000 | CNP Assurances SACA (d) (k) | 4.88% | (b) | 1,512,188 | ||||
8,704,000 | Enstar Finance LLC (a) (d) | 5.75% | 09/01/40 | 7,622,018 | ||||
17,149,000 | Enstar Finance LLC (a) (d) | 5.50% | 01/15/42 | 13,348,795 | ||||
15,300,000 | Fortegra Financial Corp. (a) (c) (d) (g) | 8.50% | 10/15/57 | 14,649,750 | ||||
4,400,000 | Global Atlantic Fin Co. (a) (f) | 7.95% | 06/15/33 | 4,412,452 | ||||
25,121,000 | Global Atlantic Fin Co. (a) (d) (f) | 4.70% | 10/15/51 | 18,127,502 | ||||
18,939,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (a) (c) (e) (f) | 7.45% | 02/12/47 | 16,220,869 | ||||
8,183,000 | Kuvare US Holdings, Inc. (c) (d) (f) | 7.00% | 02/17/51 | 8,510,320 | ||||
2,000,000 | La Mondiale SAM (c) (d) (k) | 5.88% | 01/26/47 | 1,917,340 | ||||
9,500,000 | Lancashire Holdings Ltd. (c) (d) (k) | 5.63% | 09/18/41 | 7,897,939 | ||||
11,204,000 | Liberty Mutual Group, Inc. (a) (c) (d) (f) | 4.13% | 12/15/51 | 8,978,836 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Insurance (Continued) | ||||||||
$3,295,000 | Liberty Mutual Group, Inc. (f) | 4.30% | 02/01/61 | $2,052,820 | ||||
4,125,000 | Lincoln National Corp., Series C (c) (d) | 9.25% | (b) | 4,382,958 | ||||
2,442,000 | Nationwide Financial Services Capital Trust (a) (l) | 7.90% | 03/01/37 | 2,557,995 | ||||
2,910,000 | Nationwide Financial Services, Inc. (a) (c) | 6.75% | 05/15/37 | 2,781,757 | ||||
16,684,000 | Prudential Financial, Inc. (a) (d) | 6.00% | 09/01/52 | 16,031,564 | ||||
14,900,000 | QBE Insurance Group Ltd. (c) (d) (f) | 5.88% | (b) | 14,337,630 | ||||
9,765,000 | QBE Insurance Group Ltd. (c) (d) (k) | 6.75% | 12/02/44 | 9,674,939 | ||||
2,000,000 | QBE Insurance Group Ltd. (c) (d) (k) | 5.88% | 06/17/46 | 1,922,885 | ||||
189,565,632 | ||||||||
Multi-Utilities – 4.1% | ||||||||
28,281,000 | Algonquin Power & Utilities Corp. (a) (c) (d) | 4.75% | 01/18/82 | 22,846,806 | ||||
990,000 | Dominion Energy, Inc., Series B (c) (d) | 4.65% | (b) | 906,348 | ||||
24,890,000 | Sempra (c) (d) | 4.13% | 04/01/52 | 20,477,169 | ||||
44,230,323 | ||||||||
Oil, Gas & Consumable Fuels – 12.8% | ||||||||
9,000,000 | Buckeye Partners L.P., 3 Mo. LIBOR + 4.02% (c) (e) | 9.63% | 01/22/78 | 7,673,985 | ||||
27,810,000 | Enbridge, Inc. (a) (c) (d) | 6.25% | 03/01/78 | 25,786,770 | ||||
5,000,000 | Enbridge, Inc. (a) (c) (d) | 7.63% | 01/15/83 | 5,064,505 | ||||
21,262,000 | Enbridge, Inc., Series 16-A (a) (c) (d) | 6.00% | 01/15/77 | 20,121,785 | ||||
15,150,000 | Enbridge, Inc., Series 20-A (c) (d) | 5.75% | 07/15/80 | 13,866,955 | ||||
2,543,000 | Energy Transfer L.P., Series B (c) (d) | 6.63% | (b) | 2,024,864 | ||||
11,509,000 | Energy Transfer L.P., Series F (c) (d) | 6.75% | (b) | 10,497,055 | ||||
14,694,000 | Energy Transfer L.P., Series G (c) (d) | 7.13% | (b) | 12,942,492 | ||||
2,000,000 | Energy Transfer L.P., Series H (c) (d) | 6.50% | (b) | 1,816,614 | ||||
494,000 | Enterprise Products Operating LLC (d) | 5.38% | 02/15/78 | 415,850 | ||||
10,399,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (c) (e) | 8.27% | 06/01/67 | 9,729,216 | ||||
4,151,000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (c) (e) | 8.30% | 08/16/77 | 4,154,070 | ||||
990,000 | Enterprise Products Operating LLC, Series E (c) (d) | 5.25% | 08/16/77 | 881,020 | ||||
21,650,000 | Transcanada Trust (a) (c) (d) | 5.50% | 09/15/79 | 18,494,627 | ||||
6,450,000 | Transcanada Trust (a) (c) (d) | 5.60% | 03/07/82 | 5,441,462 | ||||
138,911,270 | ||||||||
Retail REITs – 0.6% | ||||||||
1,200,000 | Scentre Group Trust 2 (a) (d) (f) | 4.75% | 09/24/80 | 1,080,178 | ||||
6,450,000 | Scentre Group Trust 2 (a) (c) (d) (f) | 5.13% | 09/24/80 | 5,443,833 | ||||
6,524,011 | ||||||||
Trading Companies & Distributors – 4.9% | ||||||||
37,945,000 | AerCap Holdings N.V. (c) (d) | 5.88% | 10/10/79 | 36,736,301 | ||||
4,863,000 | Air Lease Corp., Series B (c) (d) | 4.65% | (b) | 4,324,729 | ||||
15,335,000 | Aircastle Ltd. (c) (d) (f) | 5.25% | (b) | 11,654,600 | ||||
52,715,630 | ||||||||
Total Capital Preferred Securities | 1,280,857,350 | |||||||
(Cost $1,425,347,145) |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
FOREIGN CORPORATE BONDS AND NOTES – 2.6% | ||||||||
Insurance – 2.6% | ||||||||
$29,795,925 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (a) (c) (f) (m) | 7.63% | 10/15/25 | $27,904,480 | ||||
(Cost $30,082,694) | ||||||||
CORPORATE BONDS AND NOTES – 0.4% | ||||||||
Insurance – 0.4% | ||||||||
4,396,000 | AmTrust Financial Services, Inc. | 6.13% | 08/15/23 | 4,379,707 | ||||
(Cost $4,395,897) |
Total Investments – 149.1% | 1,617,467,380 | |||
(Cost $1,813,294,959) | ||||
Shares | Description | Value | ||
REVERSE REPURCHASE AGREEMENT – (9.2)% | ||||
(100,000,000) | Scotia Bank, due 10/29/23, 1 month CME Term SOFR + CSA + 65bps | (100,000,000) | ||
Outstanding Loan – (41.8)% | (453,600,000) | |||
Net Other Assets and Liabilities – 1.9% | 21,010,725 | |||
Net Assets – 100.0% | $1,084,878,105 |
(a) | This security or a portion of this security is segregated as collateral for reverse repurchase agreements. All of these securities are corporate bonds with a remaining contractual maturity of 30-90 days. At July 31, 2023, securities noted as such are valued at $388,979,486. |
(b) | Perpetual maturity. |
(c) | All or a portion of this security serves as collateral on the outstanding loan. |
(d) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2023. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(e) | Floating or variable rate security. |
(f) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be liquid by Stonebridge Advisors LLC (the “Sub-Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2023, securities noted as such amounted to $429,012,307 or 39.5% of net assets. |
(g) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See Restricted Securities table. |
(h) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At July 31, 2023, securities noted as such are valued at $12,840,000 or 1.2% of net assets. |
(i) | This security’s value was determined using significant unobservable inputs. |
(j) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At July 31, 2023, securities noted as such amounted to $448,648,626 or 27.4% of managed assets. Of these securities, 8.2% originated in emerging markets, and 91.8% originated in foreign markets. |
(k) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(l) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor. |
(m) | These notes are Senior Payment-in-kind (“PIK”) Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum (“Cash Interest Rate”) and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. For the fiscal year-to-date period (November 1, 2022 to July 31, 2023) this security paid all of its interest in cash. |
Abbreviations throughout the Portfolio of Investments: | |
CME | Chicago Mercantile Exchange |
CSA | Credit Spread Adjustment |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
• | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
ASSETS TABLE | ||||
Total Value at 7/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
$25 Par Preferred Securities: | ||||
Gas Utilities | $ 3,677,693 | $ — | $ 3,677,693 | $ — |
Insurance | 89,290,479 | 66,330,049 | 22,960,430 | — |
Other Industry Categories* | 139,213,549 | 139,213,549 | — | — |
$100 Par Preferred Securities* | 8,018,981 | — | 8,018,981 | — |
$1,000 Par Preferred Securities: | ||||
Banks | 39,284,952 | 39,284,952 | — | — |
Financial Services | 12,000,189 | — | 12,000,189 | — |
$1,000,000 Par Preferred Securities* | 12,840,000 | — | — | 12,840,000 |
Capital Preferred Securities: | ||||
Capital Markets | 59,216,050 | — | 59,216,050 | —** |
Other Industry Categories* | 1,221,641,300 | — | 1,221,641,300 | — |
Foreign Corporate Bonds and Notes* | 27,904,480 | — | 27,904,480 | — |
Corporate Bonds and Notes* | 4,379,707 | — | 4,379,707 | — |
Total Investments | $ 1,617,467,380 | $ 244,828,550 | $ 1,359,798,830 | $ 12,840,000 |
LIABILITIES TABLE | ||||
Total Value at 7/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Reverse Repurchase Agreement | $ (100,000,000) | $ — | $ (100,000,000) | $ — |
* | See Portfolio of Investments for industry breakout. |
** | Investments are valued at $0. |
Beginning Balance at October 31, 2022 | |
$1,000,000 Par Preferred Securities | $13,440,000 |
Capital Preferred Securities | — |
Net Realized Gain (Loss) | — |
Net Change in Unrealized Appreciation/Depreciation | (600,000) |
Purchases | — |
Sales | — |
Transfers In | — |
Capital Preferred Securities | —* |
Transfers Out | — |
Ending Balance at July 31, 2023 | |
$1,000,000 Par Preferred Securities | 12,840,000 |
Capital Preferred Securities | —* |
Total Level 3 Holdings | $12,840,000 |
* Investments are valued at $0. |
Security | Acquisition Date | Par Amount/Shares | Current Price | Carrying Cost | Value | % of Net Assets | ||
Credit Suisse Group AG, 5.25% | 8/4/20 - 6/7/22 | $19,220,000 | $— | $19,020,560 | $— | —% | ||
Credit Suisse Group AG, 6.38% | 8/14/19 - 8/19/22 | $15,730,000 | — | 15,308,000 | — | — | ||
Credit Suisse Group AG, 7.50% | 7/19/18 - 3/4/21 | $28,250,000 | — | 29,635,528 | — | — | ||
Credit Suisse Group AG, 9.75% | 6/16/22 - 12/5/22 | $6,400,000 | — | 6,250,500 | — | — | ||
Dairy Farmers of America, Inc., 7.13% | 9/15/16 | $6,000,000 | 89.75 | 6,000,000 | 5,385,000 | 0.50 | ||
Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/17 - 3/12/18 | $15,300,000 | 95.75 | 15,343,635 | 14,649,750 | 1.35 | ||
FT Real Estate Securities Co., Inc., 9.50% | 6/15/16 | 12 | 1,070,000.00 | 15,990,000 | 12,840,000 | 1.18 | ||
Land O’Lakes Capital Trust I, 7.45%, 03/15/28 | 3/20/15 - 2/25/19 | $7,329,000 | 94.50 | 7,636,284 | 6,925,905 | 0.64 | ||
$115,184,507 | $39,800,655 | 3.67% |
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