| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES – 17.0% | ||||||||
| Banks – 3.5% | ||||||||
| 25,034 | Bank of America Corp., Series HH | 5.88% | (a) | $689,186 | ||||
| 30,000 | Citigroup Capital XIII, 3 Mo. LIBOR + 6.37% (b) | 8.14% | 10/30/40 | 845,400 | ||||
| 30,000 | Citigroup, Inc., Series K (c) | 6.88% | (a) | 871,800 | ||||
| 8,472 | Citizens Financial Group, Series D (c) | 6.35% | (a) | 235,183 | ||||
| 54,440 | Fifth Third Bancorp, Series A | 6.00% | (a) | 1,492,745 | ||||
| 130,000 | GMAC Capital Trust I, Series 2, 3 Mo. LIBOR + 5.79% (b) | 7.69% | 02/15/40 | 3,464,500 | ||||
| 36,673 | People’s United Financial, Inc., Series A (c) | 5.63% | (a) | 1,047,748 | ||||
| 25,649 | Synovus Financial Corp., Series E (c) | 5.88% | (a) | 689,445 | ||||
| 35,785 | Valley National Bancorp, Series B (c) | 5.50% | (a) | 946,155 | ||||
| 1,709 | Wells Fargo & Co., Series O | 5.13% | (a) | 43,306 | ||||
| 184 | Wells Fargo & Co., Series P | 5.25% | (a) | 4,677 | ||||
| 7,381 | Wells Fargo & Co., Series X | 5.50% | (a) | 191,906 | ||||
| 2,309 | Wintrust Financial Corp., Series D (c) (d) | 6.50% | (a) | 69,663 | ||||
| 10,591,714 | ||||||||
| Capital Markets – 0.6% | ||||||||
| 21,896 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 599,731 | ||||
| 28,998 | Apollo Global Management, Inc., Series B | 6.38% | (a) | 788,456 | ||||
| 5,219 | Oaktree Capital Group LLC, Series A | 6.63% | (a) | 142,531 | ||||
| 14,305 | Oaktree Capital Group LLC, Series B | 6.55% | (a) | 397,107 | ||||
| 1,927,825 | ||||||||
| Consumer Finance – 0.1% | ||||||||
| 15,190 | Capital One Financial Corp., Series I | 5.00% | (a) | 388,104 | ||||
| Diversified Financial Services – 0.6% | ||||||||
| 28,138 | Equitable Holdings, Inc., Series A | 5.25% | (a) | 738,623 | ||||
| 40,816 | National Rural Utilities Cooperative Finance Corp. | 5.50% | 05/15/64 | 1,135,909 | ||||
| 1,874,532 | ||||||||
| Diversified Telecommunication Services – 0.1% | ||||||||
| 7,142 | Qwest Corp. | 6.63% | 09/15/55 | 183,049 | ||||
| Equity Real Estate Investment Trusts – 1.5% | ||||||||
| 16,505 | Colony Capital, Inc., Series H | 7.13% | (a) | 395,955 | ||||
| 20,714 | Digital Realty Trust, Inc., Series K | 5.85% | (a) | 577,092 | ||||
| 24,776 | Digital Realty Trust, Inc., Series L | 5.20% | (a) | 643,185 | ||||
| 18,629 | Farmland Partners, Inc., Series B, steps up 10/01/24 to 10.00% (e) | 6.00% | (a) | 475,226 | ||||
| 23,390 | Global Net Lease, Inc., Series A | 7.25% | (a) | 621,706 | ||||
| 9,900 | Urstadt Biddle Properties, Inc., Series H | 6.25% | (a) | 261,855 | ||||
| 55,870 | VEREIT, Inc., Series F | 6.70% | (a) | 1,424,685 | ||||
| 4,399,704 | ||||||||
| Food Products – 1.1% | ||||||||
| 11,000 | CHS, Inc., Series 1 | 7.88% | (a) | 306,350 | ||||
| 93,791 | CHS, Inc., Series 2 (c) | 7.10% | (a) | 2,635,527 | ||||
| 3,016 | CHS, Inc., Series 3 (c) | 6.75% | (a) | 83,151 | ||||
| 6,575 | CHS, Inc., Series 4 | 7.50% | (a) | 185,547 | ||||
| 3,210,575 | ||||||||
| Gas Utilities – 0.2% | ||||||||
| 20,000 | South Jersey Industries, Inc. | 5.63% | 09/16/79 | 529,200 | ||||
| 4,838 | Spire, Inc., Series A | 5.90% | (a) | 131,255 | ||||
| 660,455 | ||||||||
| Insurance – 4.1% | ||||||||
| 71,049 | Aegon Funding Co., LLC | 5.10% | 12/15/49 | 1,834,485 | ||||
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES (Continued) | ||||||||
| Insurance (Continued) | ||||||||
| 107,024 | American Equity Investment Life Holding Co., Series A (c) | 5.95% | (a) | $2,810,450 | ||||
| 4,822 | AmTrust Financial Services, Inc. | 7.25% | 06/15/55 | 101,985 | ||||
| 5,383 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 116,004 | ||||
| 4,824 | Arch Capital Group Ltd., Series E | 5.25% | (a) | 125,135 | ||||
| 1,179 | Arch Capital Group Ltd., Series F | 5.45% | (a) | 31,350 | ||||
| 22,709 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 598,155 | ||||
| 14,529 | Aspen Insurance Holdings Ltd. (c) | 5.95% | (a) | 412,478 | ||||
| 84,031 | Athene Holding Ltd., Series A (c) | 6.35% | (a) | 2,403,287 | ||||
| 672 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 17,532 | ||||
| 69,176 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (b) | 5.10% | 05/15/37 | 1,604,018 | ||||
| 52,753 | Enstar Group Ltd., Series D (c) | 7.00% | (a) | 1,528,782 | ||||
| 6,717 | National General Holdings Corp. | 7.63% | 09/15/55 | 175,650 | ||||
| 25,700 | Phoenix Cos. (The), Inc. | 7.45% | 01/15/32 | 443,325 | ||||
| 12,202,636 | ||||||||
| Mortgage Real Estate Investment Trusts – 1.5% | ||||||||
| 25,000 | AGNC Investment Corp., Series C (c) | 7.00% | (a) | 656,750 | ||||
| 47,332 | Annaly Capital Management, Inc., Series F (c) | 6.95% | (a) | 1,236,785 | ||||
| 7,000 | Annaly Capital Management, Inc., Series I (c) | 6.75% | (a) | 182,700 | ||||
| 13,200 | Invesco Mortgage Capital, Inc., Series B (c) | 7.75% | (a) | 361,680 | ||||
| 15,000 | Invesco Mortgage Capital, Inc., Series C (c) | 7.50% | (a) | 407,250 | ||||
| 23,000 | Two Harbors Investment Corp., Series B (c) | 7.63% | (a) | 644,460 | ||||
| 42,661 | Two Harbors Investment Corp., Series C (c) | 7.25% | (a) | 1,136,489 | ||||
| 4,626,114 | ||||||||
| Multi-Utilities – 1.7% | ||||||||
| 39,206 | Algonquin Power & Utilities Corp. (c) | 6.88% | 10/17/78 | 1,114,234 | ||||
| 60,000 | Algonquin Power & Utilities Corp., Series 19-A (c) | 6.20% | 07/01/79 | 1,739,400 | ||||
| 3,040 | CMS Energy Corp. | 5.88% | 10/15/78 | 83,296 | ||||
| 45,444 | Integrys Holding, Inc. (c) | 6.00% | 08/01/73 | 1,261,071 | ||||
| 30,000 | Just Energy Group, Inc., Series A (c) | 8.50% | (a) | 307,800 | ||||
| 24,000 | NiSource, Inc., Series B (c) | 6.50% | (a) | 671,520 | ||||
| 5,177,321 | ||||||||
| Oil, Gas & Consumable Fuels – 0.9% | ||||||||
| 17,738 | Enbridge, Inc., Series B (c) | 6.38% | 04/15/78 | 482,651 | ||||
| 965 | Energy Transfer Operating L.P., Series C (c) | 7.38% | (a) | 23,720 | ||||
| 4,580 | Energy Transfer Operating L.P., Series D (c) | 7.63% | (a) | 113,813 | ||||
| 78,105 | Energy Transfer Operating L.P., Series E (c) | 7.60% | (a) | 1,968,246 | ||||
| 2,588,430 | ||||||||
| Real Estate Management & Development – 0.3% | ||||||||
| 10,209 | Brookfield Property Partners L.P., Series A-1 | 6.50% | (a) | 271,560 | ||||
| 26,788 | Brookfield Property Partners L.P., Series A2 | 6.38% | (a) | 711,489 | ||||
| 983,049 | ||||||||
| Thrifts & Mortgage Finance – 0.3% | ||||||||
| 36,314 | New York Community Bancorp, Inc., Series A (c) | 6.38% | (a) | 1,037,854 | ||||
| Trading Companies & Distributors – 0.5% | ||||||||
| 48,229 | Air Lease Corp., Series A (c) | 6.15% | (a) | 1,344,142 | ||||
Total $25 Par Preferred Securities | 51,195,504 | |||||||
| (Cost $48,617,160) | ||||||||
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $100 PAR PREFERRED SECURITIES – 3.1% | ||||||||
| Banks – 2.8% | ||||||||
| 9,400 | AgriBank FCB (c) | 6.88% | (a) | $1,022,250 | ||||
| 32,500 | CoBank ACB, Series F (c) | 6.25% | (a) | 3,493,750 | ||||
| 27,000 | CoBank ACB, Series G | 6.13% | (a) | 2,760,750 | ||||
| 10,500 | Farm Credit Bank of Texas (c) (f) | 6.75% | (a) | 1,139,250 | ||||
| 8,416,000 | ||||||||
| Consumer Finance – 0.3% | ||||||||
| 16,942 | SLM Corp., Series B, 3 Mo. LIBOR + 1.70% (b) | 3.59% | (a) | 997,545 | ||||
Total $100 Par Preferred Securities | 9,413,545 | |||||||
| (Cost $8,920,554) | ||||||||
| $1,000 PAR PREFERRED SECURITIES – 1.1% | ||||||||
| Banks – 0.9% | ||||||||
| 443 | CoBank ACB, 3 Mo. LIBOR + 1.18% (b) (g) | 3.01% | (a) | 302,347 | ||||
| 2,250 | Farm Credit Bank of Texas, Series 1 | 10.00% | (a) | 2,336,625 | ||||
| 2,638,972 | ||||||||
| Diversified Financial Services – 0.2% | ||||||||
| 500 | Compeer Financial ACA (c) (f) | 6.75% | (a) | 547,500 | ||||
Total $1,000 Par Preferred Securities | 3,186,472 | |||||||
| (Cost $3,593,765) | ||||||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES – 77.3% | ||||||||
| Banks – 38.1% | ||||||||
| $2,600,000 | Australia & New Zealand Banking Group Ltd. (c) (f) (h) | 6.75% | (a) | 2,988,921 | ||||
| 600,000 | Australia & New Zealand Banking Group Ltd. (c) (h) (i) | 6.75% | (a) | 689,751 | ||||
| 1,400,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (h) | 6.50% | (a) | 1,491,973 | ||||
| 1,000,000 | Banco Mercantil del Norte S.A. (c) (f) (h) | 6.75% | (a) | 1,091,175 | ||||
| 600,000 | Banco Mercantil del Norte S.A. (c) (f) (h) | 7.50% | (a) | 681,000 | ||||
| 1,000,000 | Banco Mercantil del Norte S.A. (c) (f) (h) | 7.63% | (a) | 1,122,775 | ||||
| 2,600,000 | Banco Santander S.A. (c) (h) (i) | 7.50% | (a) | 2,900,563 | ||||
| 1,100,000 | Bank of America Corp., Series JJ (c) | 5.13% | (a) | 1,165,566 | ||||
| 5,800,000 | Barclays PLC (c) (h) (i) | 7.88% | (a) | 6,292,896 | ||||
| 3,600,000 | Barclays PLC (c) (h) | 8.00% | (a) | 4,065,498 | ||||
| 1,250,000 | BBVA Bancomer S.A. (c) (f) (h) | 5.88% | 09/13/34 | 1,381,688 | ||||
| 3,500,000 | BNP Paribas S.A. (c) (f) (h) | 6.63% | (a) | 3,817,432 | ||||
| 1,987,000 | BNP Paribas S.A. (c) (f) (h) | 7.63% | (a) | 2,091,586 | ||||
| 750,000 | Citigroup, Inc. (c) | 5.90% | (a) | 801,195 | ||||
| 300,000 | Citigroup, Inc. (c) | 5.95% | (a) | 320,250 | ||||
| 850,000 | Citigroup, Inc., Series O (c) | 5.88% | (a) | 854,382 | ||||
| 1,680,000 | Citigroup, Inc., Series P (c) | 5.95% | (a) | 1,836,568 | ||||
| 1,050,000 | Citigroup, Inc., Series R (c) | 6.13% | (a) | 1,082,445 | ||||
| 262,000 | Citigroup, Inc., Series T (c) | 6.25% | (a) | 299,260 | ||||
| 2,600,000 | Citigroup, Inc., Series U (c) | 5.00% | (a) | 2,721,693 | ||||
| 750,000 | Citigroup, Inc., Series V (c) | 4.70% | (a) | 765,469 | ||||
| 500,000 | Citizens Financial Group, Inc., Series A (c) | 5.50% | (a) | 501,978 | ||||
| 1,700,000 | Citizens Financial Group, Inc., Series B (c) | 6.00% | (a) | 1,794,681 | ||||
| 2,500,000 | CoBank ACB, Series I (c) | 6.25% | (a) | 2,774,500 | ||||
| 2,600,000 | Credit Agricole S.A. (c) (f) (h) | 6.88% | (a) | 2,871,557 | ||||
| 4,600,000 | Credit Agricole S.A. (c) (f) (h) | 7.88% | (a) | 5,242,652 | ||||
| 3,485,000 | Credit Agricole S.A. (c) (f) (h) | 8.13% | (a) | 4,236,749 | ||||
| 1,900,000 | Danske Bank A.S. (c) (h) (i) | 6.13% | (a) | 2,027,062 | ||||
| 450,000 | Danske Bank A.S. (c) (h) (i) | 7.00% | (a) | 502,534 | ||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Banks (Continued) | ||||||||
| $600,000 | Farm Credit Bank of Texas, Series 3 (c) (f) | 6.20% | (a) | $641,034 | ||||
| 2,444,000 | HSBC Holdings PLC (c) (h) | 6.38% | (a) | 2,675,215 | ||||
| 1,190,000 | ING Groep N.V. (c) (h) | 5.75% | (a) | 1,274,889 | ||||
| 1,400,000 | ING Groep N.V. (c) (h) | 6.50% | (a) | 1,546,930 | ||||
| 4,400,000 | ING Groep N.V. (c) (h) (i) | 6.88% | (a) | 4,719,000 | ||||
| 2,954,000 | Intesa Sanpaolo S.p.A. (c) (f) (h) | 7.70% | (a) | 3,314,226 | ||||
| 1,400,000 | JPMorgan Chase & Co., Series FF (c) | 5.00% | (a) | 1,465,373 | ||||
| 1,850,000 | JPMorgan Chase & Co., Series HH (c) | 4.60% | (a) | 1,887,832 | ||||
| 977,000 | JPMorgan Chase & Co., Series I, 3 Mo. LIBOR + 3.47% (b) | 5.24% | (a) | 984,577 | ||||
| 3,236,000 | JPMorgan Chase & Co., Series V, 3 Mo. LIBOR + 3.32% (b) | 5.23% | (a) | 3,265,593 | ||||
| 2,500,000 | Lloyds Banking Group PLC (c) (h) | 7.50% | (a) | 2,806,062 | ||||
| 800,000 | M&T Bank Corp., Series G (c) | 5.00% | (a) | 849,260 | ||||
| 2,800,000 | Nordea Bank Abp (c) (f) (h) | 6.63% | (a) | 3,161,046 | ||||
| 2,700,000 | Royal Bank of Scotland Group PLC (c) (h) | 8.00% | (a) | 3,155,368 | ||||
| 4,450,000 | Royal Bank of Scotland Group PLC (c) (h) | 8.63% | (a) | 4,813,899 | ||||
| 200,000 | Skandinaviska Enskilda Banken AB (c) (h) (i) | 5.63% | (a) | 208,794 | ||||
| 2,500,000 | Societe Generale S.A. (c) (f) (h) | 7.38% | (a) | 2,666,437 | ||||
| 2,750,000 | Societe Generale S.A. (c) (f) (h) | 7.88% | (a) | 3,109,411 | ||||
| 1,500,000 | Standard Chartered PLC (c) (f) (h) | 7.50% | (a) | 1,608,278 | ||||
| 2,250,000 | Standard Chartered PLC (c) (f) (h) | 7.75% | (a) | 2,487,352 | ||||
| 1,400,000 | Swedbank AB (c) (h) (i) | 6.00% | (a) | 1,470,000 | ||||
| 1,305,000 | Truist Financial Corp., Series N (c) | 4.80% | (a) | 1,346,584 | ||||
| 3,900,000 | UniCredit S.p.A. (c) (h) (i) | 8.00% | (a) | 4,334,039 | ||||
| 2,148,000 | Wells Fargo & Co., Series K, 3 Mo. LIBOR + 3.77% (b) | 5.66% | (a) | 2,164,217 | ||||
| 114,369,215 | ||||||||
| Capital Markets – 7.7% | ||||||||
| 968,000 | Apollo Management Holdings L.P. (c) (f) | 4.95% | 01/14/50 | 994,029 | ||||
| 2,000,000 | Credit Suisse Group AG (c) (f) (h) | 6.38% | (a) | 2,219,170 | ||||
| 650,000 | Credit Suisse Group AG (c) (f) (h) | 7.25% | (a) | 737,389 | ||||
| 3,250,000 | Credit Suisse Group AG (c) (f) (h) | 7.50% | (a) | 3,692,643 | ||||
| 2,300,000 | Credit Suisse Group AG (c) (f) (h) | 7.50% | (a) | 2,535,854 | ||||
| 1,700,000 | E*TRADE Financial Corp., Series A (c) | 5.88% | (a) | 1,815,966 | ||||
| 1,200,000 | Goldman Sachs Group (The), Inc., Series M (c) | 5.38% | (a) | 1,209,198 | ||||
| 3,200,000 | Goldman Sachs Group (The), Inc., Series Q (c) | 5.50% | (a) | 3,445,776 | ||||
| 1,000,000 | Goldman Sachs Group (The), Inc., Series R (c) | 4.95% | (a) | 1,045,695 | ||||
| 930,000 | Goldman Sachs Group (The), Inc., Series S (c) | 4.40% | (a) | 932,325 | ||||
| 800,000 | UBS Group AG (c) (h) (i) | 6.88% | (a) | 831,931 | ||||
| 2,400,000 | UBS Group AG (c) (h) (i) | 6.88% | (a) | 2,696,249 | ||||
| 960,000 | UBS Group AG (c) (f) (h) | 7.00% | (a) | 1,057,733 | ||||
| 23,213,958 | ||||||||
| Consumer Finance – 0.2% | ||||||||
| 462,000 | American Express Co., Series C (c) | 4.90% | (a) | 462,453 | ||||
| Diversified Financial Services – 0.7% | ||||||||
| 2,000,000 | Voya Financial, Inc. (c) | 5.65% | 05/15/53 | 2,128,490 | ||||
| Diversified Telecommunication Services – 1.1% | ||||||||
| 750,000 | Koninklijke KPN N.V. (c) (f) | 7.00% | 03/28/73 | 828,184 | ||||
| 2,350,000 | Koninklijke KPN N.V. (c) (i) | 7.00% | 03/28/73 | 2,594,976 | ||||
| 3,423,160 | ||||||||
| Electric Utilities – 5.9% | ||||||||
| 1,300,000 | Duke Energy Corp. (c) | 4.88% | (a) | 1,380,736 | ||||
| 7,890,000 | Emera, Inc., Series 16-A (c) | 6.75% | 06/15/76 | 9,088,846 | ||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Electric Utilities (Continued) | ||||||||
| $5,261,000 | Enel S.p.A. (c) (f) | 8.75% | 09/24/73 | $6,221,659 | ||||
| 1,000,000 | Southern (The) Co., Series B (c) | 5.50% | 03/15/57 | 1,047,406 | ||||
| 17,738,647 | ||||||||
| Energy Equipment & Services – 2.2% | ||||||||
| 300,000 | Transcanada Trust (c) | 5.63% | 05/20/75 | 316,274 | ||||
| 2,400,000 | Transcanada Trust (c) | 5.50% | 09/15/79 | 2,590,428 | ||||
| 3,500,000 | Transcanada Trust, Series 16-A (c) | 5.88% | 08/15/76 | 3,803,607 | ||||
| 6,710,309 | ||||||||
| Food Products – 3.0% | ||||||||
| 300,000 | Dairy Farmers of America, Inc. (g) | 7.13% | (a) | 277,150 | ||||
| 3,000,000 | Land O’Lakes Capital Trust I (g) | 7.45% | 03/15/28 | 3,375,000 | ||||
| 1,400,000 | Land O’Lakes, Inc. (f) | 7.00% | (a) | 1,290,625 | ||||
| 1,200,000 | Land O’Lakes, Inc. (f) | 7.25% | (a) | 1,141,122 | ||||
| 3,000,000 | Land O’Lakes, Inc. (f) | 8.00% | (a) | 3,030,000 | ||||
| 9,113,897 | ||||||||
| Independent Power & Renewable Electricity Producers – 0.4% | ||||||||
| 1,100,000 | AES Gener S.A. (c) (f) | 6.35% | 10/07/79 | 1,150,600 | ||||
| Insurance – 7.8% | ||||||||
| 1,900,000 | Asahi Mutual Life Insurance Co. (c) (i) | 6.50% | (a) | 2,064,505 | ||||
| 1,500,000 | Asahi Mutual Life Insurance Co. (c) (i) | 7.25% | (a) | 1,616,250 | ||||
| 2,522,000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | 2,857,893 | ||||
| 1,100,000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 1,140,084 | ||||
| 1,063,000 | Everest Reinsurance Holdings, Inc., 3 Mo. LIBOR + 2.39% (b) | 4.29% | 05/15/37 | 1,029,659 | ||||
| 1,000,000 | Fortegra Financial Corp. (c) (g) | 8.50% | 10/15/57 | 1,121,745 | ||||
| 1,000,000 | Fukoku Mutual Life Insurance Co. (c) (i) | 6.50% | (a) | 1,120,000 | ||||
| 2,120,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (b) (f) | 4.03% | 02/12/47 | 2,044,199 | ||||
| 623,000 | Lincoln National Corp., 3 Mo. LIBOR + 2.36% (b) | 4.26% | 05/17/66 | 561,787 | ||||
| 1,826,000 | Mitsui Sumitomo Insurance Co., Ltd. (c) (f) | 7.00% | 03/15/72 | 2,004,939 | ||||
| 1,000,000 | Prudential Financial, Inc. (c) | 5.63% | 06/15/43 | 1,083,171 | ||||
| 2,400,000 | QBE Insurance Group Ltd. (c) (f) | 7.50% | 11/24/43 | 2,716,920 | ||||
| 2,500,000 | QBE Insurance Group Ltd. (c) (i) | 6.75% | 12/02/44 | 2,810,488 | ||||
| 1,000,000 | Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (b) | 4.56% | 12/15/65 | 960,000 | ||||
| 400,000 | VIVAT N.V. (c) (i) | 6.25% | (a) | 410,496 | ||||
| 23,542,136 | ||||||||
| Metals & Mining – 0.9% | ||||||||
| 2,300,000 | BHP Billiton Finance USA Ltd. (c) (f) | 6.75% | 10/19/75 | 2,706,514 | ||||
| Multi-Utilities – 3.3% | ||||||||
| 2,775,000 | CenterPoint Energy, Inc., Series A (c) | 6.13% | (a) | 2,957,304 | ||||
| 231,000 | Dominion Energy, Inc., Series 06-A, 3 Mo. LIBOR + 2.83% (b) | 4.79% | 06/30/66 | 226,783 | ||||
| 1,100,000 | Dominion Energy, Inc., Series B (c) | 4.65% | (a) | 1,141,871 | ||||
| 5,285,000 | NiSource, Inc. (c) | 5.65% | (a) | 5,525,415 | ||||
| 9,851,373 | ||||||||
| Oil, Gas & Consumable Fuels – 4.1% | ||||||||
| 2,100,000 | DCP Midstream Operating L.P. (c) (f) | 5.85% | 05/21/43 | 1,975,963 | ||||
| 1,200,000 | Enbridge, Inc. (c) | 5.50% | 07/15/77 | 1,247,094 | ||||
| 1,000,000 | Enbridge, Inc. (c) | 6.25% | 03/01/78 | 1,093,255 | ||||
| 4,458,000 | Enbridge, Inc., Series 16-A (c) | 6.00% | 01/15/77 | 4,777,839 | ||||
| 1,786,000 | Energy Transfer Operating L.P., 3 Mo. LIBOR + 3.02% (b) | 4.93% | 11/01/66 | 1,478,094 | ||||
| 600,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (b) | 4.68% | 06/01/67 | 586,953 | ||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Oil, Gas & Consumable Fuels (Continued) | ||||||||
| $1,050,000 | Enterprise Products Operating LLC, Series D (c) | 4.88% | 08/16/77 | $1,054,982 | ||||
| 12,214,180 | ||||||||
| Trading Companies & Distributors – 0.9% | ||||||||
| 2,600,000 | AerCap Holdings N.V. (c) | 5.88% | 10/10/79 | 2,786,615 | ||||
| Transportation Infrastructure – 1.0% | ||||||||
| 2,560,000 | AerCap Global Aviation Trust (c) (f) | 6.50% | 06/15/45 | 2,854,656 | ||||
Total Capital Preferred Securities | 232,266,203 | |||||||
| (Cost $222,073,774) | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| CORPORATE BONDS AND NOTES – 0.3% | ||||||||
| Insurance – 0.3% | ||||||||
| 1,000,000 | AmTrust Financial Services, Inc. | 6.13% | 08/15/23 | 1,030,999 | ||||
| (Cost $996,871) | ||||||||
Total Investments – 98.8% |
297,092,723 | ||
| (Cost $284,202,124) (j) | |||
Net Other Assets and Liabilities – 1.2% |
3,464,306 | ||
Net Assets – 100.0% |
$300,557,029 |
| (a) | Perpetual maturity. |
| (b) | Floating or variable rate security. |
| (c) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2020. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
| (d) | Pursuant to procedures adopted by the First Trust Series Fund’s (the “Trust”) Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor (the “Advisor”). |
| (e) | Step-up security. A security where the coupon increases or steps up at a predetermined date. |
| (f) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under 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 Trust’s Board of Trustees, this security has been determined to be liquid by the 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 January 31, 2020, securities noted as such amounted to $83,402,268 or 27.7% of net assets. |
| (g) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under 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 a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At January 31, 2020, securities noted as such amounted to $100,617,727 or 33.5% of net assets. Of these securities, 4.3% originated in emerging markets, and 95.7% originated in foreign markets. |
| (i) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
| (j) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $14,315,487 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $1,424,888. The net unrealized appreciation was $12,890,599. |
| LIBOR | London Interbank Offered 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. |
| Total Value at 1/31/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
| $25 Par Preferred Securities: | ||||
Insurance | $ 12,202,636 | $ 9,937,304 | $ 2,265,332 | $ — |
Mortgage Real Estate Investment Trusts | 4,626,114 | 4,443,414 | 182,700 | — |
Multi-Utilities | 5,177,321 | 3,916,250 | 1,261,071 | — |
Other industry categories* | 29,189,433 | 29,189,433 | — | — |
| $100 Par Preferred Securities: | ||||
Banks | 8,416,000 | — | 8,416,000 | — |
Consumer Finance | 997,545 | 997,545 | — | — |
$1,000 Par Preferred Securities* | 3,186,472 | — | 3,186,472 | — |
Capital Preferred Securities* | 232,266,203 | — | 232,266,203 | — |
Corporate Bonds and Notes* | 1,030,999 | — | 1,030,999 | — |
Total Investments | $ 297,092,723 | $ 48,483,946 | $ 248,608,777 | $— |
| * | See Portfolio of Investments for industry breakout. |
| Security | Acquisition Date | Principal Value/Shares | Current Price | Carrying Cost | Value | % of Net Assets | ||
| CoBank ACB, 3.01% | 03/29/18 | 443 | $682.50 | $300,133 | $302,347 | 0.10% | ||
| Dairy Farmers of America, Inc., 7.13% | 09/15/16-10/04/16 | $300,000 | 92.38 | 310,125 | 277,150 | 0.09 | ||
| Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/17 | $1,000,000 | 112.17 | 1,000,000 | 1,121,745 | 0.38 | ||
| Land O’Lakes Capital Trust I, 7.45%, 03/15/28 | 06/06/14-03/20/15 | $3,000,000 | 112.50 | 3,065,938 | 3,375,000 | 1.12 | ||
| $4,676,196 | $5,076,242 | 1.69% |