Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 146.7% (99.8% of Total Investments) | ||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 69.2% (47.1% of Total Investments) | ||||||
Automobiles – 1.7% | ||||||
$9,783 | General Motors Financial Co Inc, (3) | 5.750% | N/A (4) | BB+ | $9,147,105 | |
Banks – 26.1% | ||||||
7,365 | Bank of America Corp | 6.300% | N/A (4) | BBB- | 8,046,262 | |
3,560 | Bank of America Corp | 6.100% | N/A (4) | BBB- | 3,818,100 | |
1,210 | Bank of America Corp | 6.250% | N/A (4) | BBB- | 1,303,775 | |
7,165 | Bank of America Corp | 6.500% | N/A (4) | BBB- | 7,847,896 | |
4,000 | Barclays Bank PLC, 144A, (5) | 10.179% | 6/12/21 | A- | 4,523,954 | |
3,775 | BNP Paribas SA, 144A | 7.195% | N/A (4) | BBB | 4,001,500 | |
6,815 | Citigroup Inc | 6.125% | N/A (4) | BB+ | 7,045,006 | |
7,260 | Citigroup Inc, (3) | 5.875% | N/A (4) | BB+ | 7,359,825 | |
3,655 | Citigroup Inc, (5) | 5.950% | N/A (4) | BB+ | 3,828,613 | |
5,895 | Citigroup Inc | 6.250% | N/A (4) | BB+ | 6,315,019 | |
3,610 | Citizens Financial Group Inc | 5.500% | N/A (4) | BB+ | 3,628,050 | |
3,065 | Commerzbank AG, 144A, (5) | 8.125% | 9/19/23 | BBB | 3,507,671 | |
1,230 | First Union Capital II, (5) | 7.950% | 11/15/29 | Baa1 | 1,563,777 | |
3,496 | HSBC Capital Funding Dollar 1 LP, 144A | 10.176% | N/A (4) | BBB+ | 5,235,260 | |
17,314 | JPMorgan Chase & Co, (3) | 6.750% | N/A (4) | BBB | 19,180,622 | |
1,116 | JPMorgan Chase & Co, (3-Month LIBOR reference rate + 3.470% spread ), (6) | 6.053% | N/A (4) | BBB | 1,121,881 | |
7,770 | JPMorgan Chase & Co | 5.300% | N/A (4) | BBB | 7,907,529 | |
2,020 | KeyCorp | 5.000% | N/A (4) | BB+ | 2,004,850 | |
1,905 | Lloyds Bank PLC, 144A | 12.000% | N/A (4) | BB+ | 2,292,668 | |
1,820 | M&T Bank Corp | 6.450% | N/A (4) | BBB- | 1,945,125 | |
3,495 | M&T Bank Corp | 5.125% | N/A (4) | BB+ | 3,547,425 | |
2,770 | PNC Financial Services Group Inc/The | 6.750% | N/A (4) | BBB- | 2,946,588 | |
4,995 | PNC Financial Services Group Inc/The | 5.000% | N/A (4) | BBB- | 5,007,487 | |
3,071 | Royal Bank of Scotland Group PLC | 7.648% | N/A (4) | BB- | 3,887,456 | |
2,980 | SunTrust Banks Inc | 5.050% | N/A (4) | BB+ | 2,946,475 | |
3,795 | Wachovia Capital Trust III | 5.570% | N/A (4) | BBB- | 3,772,496 | |
5,541 | Wells Fargo & Co, (3-Month LIBOR reference rate + 3.770% spread), (5), (6) | 6.381% | N/A (4) | BBB- | 5,568,705 | |
11,018 | Wells Fargo & Co, (3) | 5.875% | N/A (4) | BBB- | 11,899,440 |
JPI | Nuveen Preferred and Income Term Fund (continued) |
Portfolio of Investments April 30, 2019 | |
(Unaudited) |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Banks (continued) | ||||||
$2,256 | Wells Fargo & Co | 5.900% | N/A (4) | BBB- | $2,343,984 | |
Total Banks | 144,397,439 | |||||
Capital Markets – 3.1% | ||||||
1,800 | Bank of New York Mellon Corp/The | 4.950% | N/A (4) | BBB | 1,824,750 | |
5,600 | Goldman Sachs Group Inc/The | 5.300% | N/A (4) | BB+ | 5,796,000 | |
8,985 | Goldman Sachs Group Inc/The | 5.375% | N/A (4) | BB+ | 9,194,081 | |
600 | State Street Corp | 5.250% | N/A (4) | BBB | 612,000 | |
Total Capital Markets | 17,426,831 | |||||
Commercial Services & Supplies – 1.5% | ||||||
0 | AerCap Global Aviation Trust, 144A, (5) | 6.500% | 6/15/45 | Ba1 | 0 | |
5,995 | AerCap Global Aviation Trust, 144A | 6.500% | 6/15/45 | Ba1 | 6,114,900 | |
2,765 | ILFC E-Capital Trust II, 144A, (5) | 4.850% | 12/21/65 | Ba1 | 2,129,050 | |
Total Commercial Services & Supplies | 8,243,950 | |||||
Consumer Finance – 2.7% | ||||||
3,110 | American Express Co | 5.200% | N/A (4) | BB+ | 3,113,888 | |
3,190 | American Express Co | 4.900% | N/A (4) | BB+ | 3,199,793 | |
4,450 | Capital One Financial Corp, (3) | 5.550% | N/A (4) | BB | 4,533,438 | |
4,135 | Discover Financial Services | 5.500% | N/A (4) | BB- | 4,005,781 | |
Total Consumer Finance | 14,852,900 | |||||
Diversified Financial Services – 3.9% | ||||||
765 | Citigroup Inc | 5.950% | N/A (4) | BB+ | 794,070 | |
14 | Compeer Financial ACA, 144A | 6.750% | N/A (4) | BB+ | 14,419,250 | |
2,392 | Cooperatieve Rabobank UA, 144A | 11.000% | N/A (4) | BBB | 2,421,449 | |
3,567 | Voya Financial Inc, (5) | 6.125% | N/A (4) | BB+ | 3,709,680 | |
Total Diversified Financial Services | 21,344,449 | |||||
Electric Utilities – 2.5% | ||||||
1,240 | AES Gener SA, 144A | 7.125% | 3/26/79 | BB | 1,298,590 | |
2,370 | Electricite de France SA, 144A | 5.250% | N/A (4) | BB | 2,405,550 | |
9,525 | Emera Inc, (5) | 6.750% | 6/15/76 | BBB- | 10,247,662 | |
Total Electric Utilities | 13,951,802 | |||||
Equity Real Estate Investment Trust – 2.4% | ||||||
12 | Sovereign Real Estate Investment Trust, 144A | 12.000% | N/A (4) | BB+ | 13,343,330 | |
Food & Staples Retailing – 0.2% | ||||||
1,150 | Land O'Lakes Capital Trust I, 144A, (5) | 7.450% | 3/15/28 | Ba1 | 1,244,875 | |
Food Products – 4.3% | ||||||
2,360 | Dairy Farmers of America Inc, 144A, (3) | 7.125% | N/A (4) | BB+ | 2,206,600 | |
3,275 | Land O' Lakes Inc, 144A | 7.250% | N/A (4) | BB | 3,201,312 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Food Products (continued) | ||||||
$11,020 | Land O' Lakes Inc, 144A | 8.000% | N/A (4) | BB | $11,323,050 | |
7,068 | Land O' Lakes Inc, 144A | 7.000% | N/A (4) | BB | 6,838,290 | |
Total Food Products | 23,569,252 | |||||
Industrial Conglomerates – 3.9% | ||||||
22,622 | General Electric Co, (3) | 5.000% | N/A (4) | BBB- | 21,413,307 | |
Insurance – 13.6% | ||||||
2,420 | Aegon NV, (5) | 5.500% | 4/11/48 | Baa1 | 2,474,450 | |
4,315 | American International Group Inc, (5) | 5.750% | 4/01/48 | Baa2 | 4,361,904 | |
8,600 | Assurant Inc, (5) | 7.000% | 3/27/48 | BB+ | 8,772,000 | |
20,060 | Assured Guaranty Municipal Holdings Inc, 144A, (5) | 6.400% | 12/15/66 | BBB+ | 19,934,625 | |
5,030 | MetLife Inc, 144A, (5) | 9.250% | 4/08/38 | BBB | 6,891,100 | |
1,740 | MetLife Inc, (5) | 5.875% | N/A (4) | BBB | 1,813,950 | |
1,220 | MetLife Inc | 5.250% | N/A (4) | BBB | 1,234,896 | |
7,399 | Provident Financing Trust I, (5) | 7.405% | 3/15/38 | Baa3 | 7,879,935 | |
2,275 | Prudential Financial Inc, (5) | 5.875% | 9/15/42 | BBB | 2,416,050 | |
12,260 | QBE Insurance Group Ltd, 144A, (5) | 7.500% | 11/24/43 | Baa1 | 13,332,750 | |
1,925 | QBE Insurance Group Ltd, Reg S | 6.750% | 12/02/44 | BBB | 2,071,781 | |
3,800 | Swiss Re Finance Luxembourg SA, 144A | 5.000% | 4/02/49 | A | 3,919,214 | |
Total Insurance | 75,102,655 | |||||
Metals & Mining – 0.7% | ||||||
2,290 | BHP Billiton Finance USA Ltd, 144A, (5) | 6.250% | 10/19/75 | BBB+ | 2,393,737 | |
1,395 | BHP Billiton Finance USA Ltd, 144A, (5) | 6.750% | 10/19/75 | BBB+ | 1,569,375 | |
Total Metals & Mining | 3,963,112 | |||||
Multi-Utilities – 1.4% | ||||||
4,720 | CenterPoint Energy Inc, (3) | 6.125% | N/A (4) | BB+ | 4,820,064 | |
2,815 | NiSource Inc | 5.650% | N/A (4) | BB+ | 2,825,472 | |
Total Multi-Utilities | 7,645,536 | |||||
U.S. Agency – 0.4% | ||||||
1,180 | Farm Credit Bank of Texas, 144A | 6.200% | N/A (4) | BBB | 1,195,164 | |
1 | Farm Credit Bank of Texas, (3) | 10.000% | N/A (4) | Baa1 | 846,000 | |
Total U.S. Agency | 2,041,164 | |||||
Wireless Telecommunication Services – 0.8% | ||||||
4,255 | Vodafone Group PLC | 7.000% | 4/04/79 | BBB- | 4,470,112 | |
Total $1,000 Par (or similar) Institutional Preferred (cost $369,964,188) | 382,157,819 |
JPI | Nuveen Preferred and Income Term Fund (continued) |
Portfolio of Investments April 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
CONTINGENT CAPITAL SECURITIES – 43.8% (29.8% of Total Investments) (7) | ||||||
Banks – 36.8% | ||||||
$3,750 | Australia & New Zealand Banking Group Ltd/United Kingdom, 144A | 6.750% | N/A (4) | BB+ | $4,064,062 | |
10,990 | Banco Bilbao Vizcaya Argentaria SA | 6.125% | N/A (4) | BB | 10,014,637 | |
1,110 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 7.625% | N/A (4) | BB | 1,152,180 | |
6,560 | Barclays PLC | 7.750% | N/A (4) | B+ | 6,781,400 | |
11,980 | Barclays PLC, Reg S | 7.875% | N/A (4) | B+ | 12,623,925 | |
2,205 | BNP Paribas SA, 144A | 6.625% | N/A (4) | BBB- | 2,249,100 | |
8,015 | BNP Paribas SA, 144A | 7.375% | N/A (4) | BBB- | 8,666,219 | |
1,495 | BNP Paribas SA, 144A | 6.750% | N/A (4) | BBB- | 1,545,456 | |
8,335 | Credit Agricole SA, 144A | 7.875% | N/A (4) | BBB- | 9,052,960 | |
15,169 | Credit Agricole SA, 144A, (3) | 8.125% | N/A (4) | BBB- | 17,271,575 | |
4,586 | HSBC Holdings PLC | 6.375% | N/A (4) | BBB | 4,780,905 | |
1,960 | HSBC Holdings PLC | 6.375% | N/A (4) | BBB | 2,011,450 | |
4,890 | ING Groep NV | 6.500% | N/A (4) | BB | 4,937,433 | |
1,000 | ING Groep NV, Reg S | 6.875% | N/A (4) | Ba1 | 1,042,360 | |
7,644 | Intesa Sanpaolo SpA, 144A, (5) | 7.700% | N/A (4) | BB- | 7,486,381 | |
19,545 | Lloyds Banking Group PLC, (5) | 7.500% | N/A (4) | BB+ | 20,522,250 | |
1,565 | Lloyds Banking Group PLC | 7.500% | N/A (4) | BB+ | 1,624,079 | |
3,335 | Nordea Bank Abp, 144A | 6.625% | N/A (4) | BBB | 3,410,038 | |
1,055 | Nordea Bank Abp, 144A | 6.125% | N/A (4) | BBB | 1,041,813 | |
1,966 | Royal Bank of Scotland Group PLC | 7.500% | N/A (4) | B+ | 2,022,523 | |
7,579 | Royal Bank of Scotland Group PLC | 8.000% | N/A (4) | B+ | 8,251,636 | |
6,225 | Royal Bank of Scotland Group PLC | 8.625% | N/A (4) | B+ | 6,691,875 | |
8,403 | Societe Generale SA, 144A | 7.875% | N/A (4) | BB+ | 8,865,165 | |
6,205 | Societe Generale SA, 144A | 6.750% | N/A (4) | BB+ | 6,018,850 | |
2,495 | Societe Generale SA, 144A | 7.375% | N/A (4) | BB+ | 2,594,800 | |
7,300 | Societe Generale SA, 144A | 8.000% | N/A (4) | BB+ | 7,911,375 | |
5,470 | Standard Chartered PLC, 144A | 7.500% | N/A (4) | BB+ | 5,769,138 | |
8,185 | Standard Chartered PLC, 144A | 7.750% | N/A (4) | BB+ | 8,727,256 | |
16,727 | UBS Group Funding Switzerland AG, Reg S | 7.000% | N/A (4) | BB+ | 17,960,616 | |
8,505 | UniCredit SpA, Reg S | 8.000% | N/A (4) | B+ | 8,186,062 | |
194,249 | Total Banks | 203,277,519 | ||||
Capital Markets – 7.0% | ||||||
10,887 | Credit Suisse Group AG, 144A, (3) | 7.500% | N/A (4) | BB | 11,662,699 | |
6,790 | Credit Suisse Group AG, 144A, (5) | 7.500% | N/A (4) | BB | 7,121,013 | |
8,021 | Credit Suisse Group AG, 144A | 7.250% | N/A (4) | BB- | 8,337,829 | |
3,050 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (4) | BB | 2,908,938 | |
3,535 | UBS Group Funding Switzerland AG, 144A, (5) | 7.000% | N/A (4) | BB | 3,685,131 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Capital Markets (continued) | ||||||
$4,515 | UBS Group Funding Switzerland AG, Reg S | 6.875% | N/A (4) | BB | $4,664,487 | |
36,798 | Total Capital Markets | 38,380,097 | ||||
$231,047 | Total Contingent Capital Securities (cost $238,676,364) | 241,657,616 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 33.7% (22.9% of Total Investments) | ||||||
Banks – 7.7% | ||||||
38,889 | Citigroup Inc, (3) | 7.125% | BB+ | $1,077,614 | ||
162,500 | CoBank ACB, (8) | 6.250% | BBB+ | 16,859,375 | ||
62,728 | CoBank ACB, (3), (8) | 6.200% | BBB+ | 6,391,983 | ||
149,726 | Fifth Third Bancorp, (3) | 6.625% | Baa3 | 4,301,628 | ||
154,612 | Huntington Bancshares Inc/OH, (3) | 6.250% | Baa3 | 4,023,004 | ||
54,100 | KeyCorp | 6.125% | Baa3 | 1,476,389 | ||
4,600 | PNC Financial Services Group Inc/The | 6.125% | Baa2 | 122,406 | ||
221,878 | Regions Financial Corp, (3) | 6.375% | BB+ | 6,163,771 | ||
80,200 | Regions Financial Corp, (8) | 5.700% | BB+ | 2,037,080 | ||
Total Banks | 42,453,250 | |||||
Capital Markets – 4.4% | ||||||
54,600 | Goldman Sachs Group Inc/The | 5.500% | Ba1 | 1,419,600 | ||
160,656 | Morgan Stanley, (3) | 7.125% | BB+ | 4,458,204 | ||
227,700 | Morgan Stanley, (3) | 6.875% | BB+ | 6,275,412 | ||
204,000 | Morgan Stanley, (3) | 5.850% | BB+ | 5,357,040 | ||
164,900 | Morgan Stanley, (3) | 6.375% | BB+ | 4,463,843 | ||
38,800 | Northern Trust Corp, (3) | 5.850% | BBB+ | 987,460 | ||
54,750 | State Street Corp, (3) | 5.350% | Baa1 | 1,408,170 | ||
Total Capital Markets | 24,369,729 | |||||
Consumer Finance – 0.9% | ||||||
185,926 | GMAC Capital Trust I, (5) | 8.469% | B1 | 4,889,854 | ||
Diversified Financial Services – 1.9% | ||||||
98,900 | AgriBank FCB, (8) | 6.875% | BBB+ | 10,569,938 | ||
Food Products – 3.4% | ||||||
185,400 | CHS Inc, (3) | 7.875% | N/R | 5,079,960 | ||
166,429 | CHS Inc | 7.100% | N/R | 4,368,761 | ||
187,941 | CHS Inc, (3) | 6.750% | N/R | 4,886,466 | ||
24,000 | Dairy Farmers of America Inc, 144A, (8) | 7.875% | BB+ | 2,393,088 | ||
20,500 | Dairy Farmers of America Inc, 144A, (8) | 7.875% | BB+ | 2,050,000 | ||
Total Food Products | 18,778,275 | |||||
Insurance – 7.0% | ||||||
357,643 | Aspen Insurance Holdings Ltd, (3) | 5.950% | BBB- | 9,434,623 |
JPI | Nuveen Preferred and Income Term Fund (continued) |
Portfolio of Investments April 30, 2019 | |
(Unaudited) |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||
Insurance (continued) | ||||||
62,000 | Aspen Insurance Holdings Ltd, (3) | 5.625% | BBB- | $1,543,180 | ||
108,900 | Axis Capital Holdings Ltd, (3) | 5.500% | BBB | 2,671,317 | ||
70,700 | Delphi Financial Group Inc, (5), (8) | 5.874% | BBB- | 1,590,750 | ||
119,500 | Enstar Group Ltd, (5) | 7.000% | BB+ | 3,089,075 | ||
295,125 | Kemper Corp, (5) | 7.375% | Ba1 | 7,546,346 | ||
163,333 | Maiden Holdings North America Ltd, (5) | 7.750% | N/R | 3,331,993 | ||
62,847 | Reinsurance Group of America Inc, (5) | 6.200% | BBB+ | 1,682,414 | ||
200,600 | Reinsurance Group of America Inc, (3), (5) | 5.750% | BBB+ | 5,422,218 | ||
74,800 | Torchmark Corp, (3) | 6.125% | BBB+ | 1,986,688 | ||
Total Insurance | 38,298,604 | |||||
Mortgage Real Estate Investment Trust – 0.5% | ||||||
114,600 | Wells Fargo REIT, (3) | 6.375% | BBB | 2,955,534 | ||
Oil, Gas & Consumable Fuels – 1.5% | ||||||
84,700 | NuStar Energy LP, (3) | 8.500% | B1 | 1,987,062 | ||
40,000 | NuStar Energy LP | 7.625% | B1 | 825,600 | ||
206,369 | NuStar Logistics LP, (5) | 9.310% | B1 | 5,214,945 | ||
Total Oil, Gas & Consumable Fuels | 8,027,607 | |||||
Thrifts & Mortgage Finance – 2.6% | ||||||
145,808 | Federal Agricultural Mortgage Corp, (3) | 6.000% | N/R | 4,041,798 | ||
100,642 | Federal Agricultural Mortgage Corp, (3) | 6.875% | N/R | 2,607,634 | ||
293,887 | New York Community Bancorp Inc, (3) | 6.375% | Ba1 | 7,802,700 | ||
Total Thrifts & Mortgage Finance | 14,452,132 | |||||
Trading Companies & Distributors – 0.4% | ||||||
90,700 | Air Lease Corp, (5) | 6.150% | BB+ | 2,380,875 | ||
U.S. Agency – 3.4% | ||||||
177,100 | Farm Credit Bank of Texas, 144A, (5), (8) | 6.750% | Baa1 | 18,684,050 | ||
Total $25 Par (or similar) Retail Preferred (cost $180,358,207) | 185,859,848 | |||||
Total Long-Term Investments (cost $788,998,759) | 809,675,283 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments) | ||||||
REPURCHASE AGREEMENTS – 0.3% | ||||||
$1,819 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 4/30/19, repurchase price $1,818,761, collateralized by $1,920,000 U.S. Treasury Notes, 1.375%, due 6/30/23, value $1,858,182 | 1.200% | 5/01/19 | $1,818,700 | ||
Total Short-Term Investments (cost $1,818,700) | 1,818,700 | |||||
Total Investments (cost $790,817,459) – 147.0% | 811,493,983 | |||||
Borrowings – (38.0)% (9), (10) | (210,000,000) | |||||
Reverse Repurchase Agreements – (10.9)% (11) | (60,000,000) | |||||
Other Assets Less Liabilities – 1.9% (12) | 10,667,584 | |||||
Net Assets Applicable to Common Shares – 100% | $552,161,567 |
Interest Rate Swaps - OTC Uncleared | ||||||||||
Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Effective Date(13) | Optional Termination Date | Termination Date | Value | Unrealized Appreciation (Depreciation) |
Morgan Stanley Capital Services, LLC | $112,000,000 | Receive | 1-Month LIBOR | 1.928% | Monthly | 6/01/18 | 3/01/23 | 3/01/24 | $736,740 | $736,740 |
Morgan Stanley Capital Services, LLC | 45,000,000 | Receive | 1-Month LIBOR | 2.333 | Monthly | 7/01/19 | 10/01/23 | 7/01/24 | (447,321) | (447,321) |
Total | $157,000,000 | $289,419 | $289,419 |
JPI | Nuveen Preferred and Income Term Fund (continued) |
Portfolio of Investments April 30, 2019 | |
(Unaudited) |
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments: | ||||
$1,000 Par (or similar) Institutional Preferred | $ — | $382,157,819 | $ — | $382,157,819 |
Contingent Capital Securities | — | 241,657,616 | — | 241,657,616 |
$25 Par (or similar) Retail Preferred | 125,283,584 | 60,576,264 | — | 185,859,848 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 1,818,700 | — | 1,818,700 |
Investments in Derivatives: | ||||
Interest Rate Swaps* | — | 289,419 | — | 289,419 |
Total | $125,283,584 | $686,499,818 | $ — | $811,783,402 |
* | Represents net unrealized appreciation (depreciation). |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. | |
(2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
(3) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $171,397,482. | |
(4) | Perpetual security. Maturity date is not applicable. | |
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $152,168,432 have been pledged as collateral for reverse repurchase agreements. | |
(6) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. | |
(7) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. | |
(8) | For fair value measurement disclosure purposes, investment classified as Level 2. | |
(9) | Borrowings as a percentage of Total Investments is 25.9%. | |
(10) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $484,435,660 have been pledged as collateral for borrowings. | |
(11) | Reverse Repurchase Agreements as a percentage of Total Investments is 7.4%. | |
(12) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives, when applicable. | |
(13) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
LIBOR | London Inter-Bank Offered Rate | |
N/A | Not applicable | |
Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. | |
REIT | Real Estate Investment Trust |