NPORT-EX 2 tiaa_NPFD.htm
1
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NPFD
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
156.3% 
(98.9%
of
Total
Investments)
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
103
.2
%
(
65
.3
%
of
Total
Investments)
X
493,111,098
Automobiles
&
Components
-
3.6%
(2.3%
of
Total
Investments)
$
10,476
General
Motors
Financial
Co
Inc
5.750%
N/A
(b)
$
9,773,001
8,195
General
Motors
Financial
Co
Inc
5.700%
N/A
(b)
7,669,402
Total
Automobiles
&
Components
17,442,403
Banks
-
45.4%
(28.8%
of
Total
Investments)
1,775
Bank
of
America
Corp
6.300%
N/A
(b)
1,764,978
5,000
(c)
Bank
of
America
Corp
(TSFR3M
reference
rate
+
3.397%
spread)
8.738%
N/A
(b)
5,018,065
10,610
Bank
of
America
Corp
6.500%
N/A
(b)
10,625,416
8,200
Bank
of
America
Corp
6.250%
N/A
(b)
8,173,328
2,219
Bank
of
America
Corp
6.100%
N/A
(b)
2,215,081
1,470
Bank
of
Montreal
7.700%
5/26/84
1,467,414
3,090
Bank
of
Nova
Scotia/The
8.000%
1/27/84
3,106,405
3,375
Citigroup
Inc
5.950%
N/A
(b)
3,358,219
7,100
Citigroup
Inc
7.625%
N/A
(b)
7,327,157
2,875
Citigroup
Inc
6.250%
N/A
(b)
2,861,944
8,000
Citigroup
Inc
5.000%
N/A
(b)
7,924,270
1,650
Citigroup
Inc
7.375%
N/A
(b)
1,691,898
13,715
Citigroup
Inc
6.300%
N/A
(b)
13,708,771
2,500
(c)
Citizens
Financial
Group
Inc
(TSFR3M
reference
rate
+
3.419%
spread)
8.720%
N/A
(b)
2,406,215
3,680
Citizens
Financial
Group
Inc
4.000%
N/A
(b)
3,153,768
6,050
CoBank
ACB
6.450%
N/A
(b)
5,973,755
50
(d)
Farm
Credit
Bank
of
Texas
5.700%
N/A
(b)
48,995
50
(d)
Farm
Credit
Bank
of
Texas
6.200%
N/A
(b)
45,474
300
(c)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.597%
N/A
(b)
291,247
3,271
Fifth
Third
Bancorp
4.500%
N/A
(b)
3,118,286
7,070
(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.563%
N/A
(b)
7,126,878
5,190
(d)
HSBC
Capital
Funding
Dollar
1
LP
10.176%
N/A
(b)
6,258,912
5,000
(c)
Huntington
Bancshares
Inc/OH
(TSFR3M
reference
rate
+
3.142%
spread)
8.470%
N/A
(b)
4,787,127
8,400
Huntington
Bancshares
Inc/OH
5.625%
N/A
(b)
7,502,184
2,933
JPMorgan
Chase
&
Co
5.000%
N/A
(b)
2,918,423
14,767
JPMorgan
Chase
&
Co
6.875%
N/A
(b)
15,131,926
3,195
JPMorgan
Chase
&
Co
6.100%
N/A
(b)
3,201,987
1,755
KeyCorp
5.000%
N/A
(b)
1,480,198
8,000
M&T
Bank
Corp
5.125%
N/A
(b)
7,031,335
3,534
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(b)
3,342,799
5,735
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(b)
5,391,485
2,445
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(b)
2,351,836
3,057
(c)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.643%
N/A
(b)
3,060,788
3,990
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(b)
3,911,415
2,470
Regions
Financial
Corp
5.750%
N/A
(b)
2,420,990
3,495
Toronto-Dominion
Bank/The
8.125%
10/31/82
3,593,919
8,195
Truist
Financial
Corp
5.100%
N/A
(b)
7,403,107
7,873
Truist
Financial
Corp
4.800%
N/A
(b)
7,617,280
7,970
(c)
Truist
Financial
Corp
(TSFR3M
reference
rate
+
3.364%
spread)
8.693%
N/A
(b)
8,037,873
5,000
US
Bancorp
5.300%
N/A
(b)
4,686,778
4,608
Wells
Fargo
&
Co
3.900%
N/A
(b)
4,370,633
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
2
NPFD
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Banks
(continued)
$
9,429
Wells
Fargo
&
Co
5.875%
N/A
(b)
$
9,364,474
10,345
Wells
Fargo
&
Co
7.625%
N/A
(b)
10,817,063
1,200
(c)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
4.440%
spread)
10.031%
N/A
(b)
1,159,713
Total
Banks
217,249,809
Capital
Goods
-
4.3%
(2.7%
of
Total
Investments)
3,200
(d)
AerCap
Global
Aviation
Trust
6.500%
6/15/45
3,181,476
9,900
AerCap
Holdings
NV
5.875%
10/10/79
9,776,212
4,841
Air
Lease
Corp
4.650%
N/A
(b)
4,562,792
3,673
(d)
ILFC
E-Capital
Trust
I
7.145%
12/21/65
2,899,280
Total
Capital
Goods
20,419,760
Energy
-
6.0%
(3.8%
of
Total
Investments)
8,546
(e)
Enbridge
Inc
5.500%
7/15/77
7,872,778
6,360
Enbridge
Inc
7.625%
1/15/83
6,332,041
2,350
Enbridge
Inc
6.000%
1/15/77
2,223,048
5,345
Energy
Transfer
LP
6.500%
N/A
(b)
5,186,509
1,570
Energy
Transfer
LP
8.000%
5/15/54
1,616,783
916
Energy
Transfer
LP
7.125%
N/A
(b)
879,465
2,155
Transcanada
Trust
5.600%
3/07/82
1,884,811
1,500
Transcanada
Trust
5.875%
8/15/76
1,437,977
1,460
Transcanada
Trust
5.500%
9/15/79
1,316,792
Total
Energy
28,750,204
Financial
Services
-
17.0%
(10.8%
of
Total
Investments)
2,320
Ally
Financial
Inc
4.700%
N/A
(b)
1,969,497
4,200
Ally
Financial
Inc
4.700%
N/A
(b)
3,250,141
3,785
American
Express
Co
3.550%
N/A
(b)
3,453,383
2,405
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(b)
2,349,620
3,250
(d)
Capital
Farm
Credit
ACA
5.000%
N/A
(b)
3,087,500
3,845
Capital
One
Financial
Corp
3.950%
N/A
(b)
3,313,167
13,128
Charles
Schwab
Corp/The
5.375%
N/A
(b)
12,981,971
350
(d)
Compeer
Financial
ACA
4.875%
N/A
(b)
329,000
3,690
Discover
Financial
Services
5.500%
N/A
(b)
3,087,624
1,745
Discover
Financial
Services
6.125%
N/A
(b)
1,744,908
6,310
Equitable
Holdings
Inc
4.950%
N/A
(b)
6,151,753
1,030
(c)
Goldman
Sachs
Group
Inc/The
(TSFR3M
reference
rate
+
3.136%
spread)
8.437%
N/A
(b)
1,027,614
5,700
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(b)
5,269,466
5,140
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(b)
5,319,252
5,890
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(b)
5,779,186
9,875
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(b)
9,800,075
4,250
State
Street
Corp
6.700%
N/A
(b)
4,253,576
4,000
(e)
Transcanada
Trust
5.625%
5/20/75
3,886,154
4,352
Voya
Financial
Inc
7.758%
N/A
(b)
4,423,238
Total
Financial
Services
81,477,125
Insurance
-
15.2%
(9.6%
of
Total
Investments)
2,595
Aegon
Ltd
5.500%
4/11/48
2,491,332
2,250
American
International
Group
Inc
5.750%
4/01/48
2,171,664
6,045
(e)
Assurant
Inc
7.000%
3/27/48
6,018,121
3,000
(d)
Assured
Guaranty
Municipal
Holdings
Inc
6.400%
12/15/66
2,651,321
3,050
(e)
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
2,733,519
6,115
Enstar
Finance
LLC
5.500%
1/15/42
5,768,067
1,000
Enstar
Finance
LLC
5.750%
9/01/40
972,579
10,345
Markel
Group
Inc
6.000%
N/A
(b)
10,264,697
6,495
MetLife
Inc
5.875%
N/A
(b)
6,311,846
3
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Insurance
(continued)
$
3,248
(e)
Prudential
Financial
Inc
6.750%
3/01/53
$
3,313,087
3,395
(e)
Prudential
Financial
Inc
5.125%
3/01/52
3,131,997
1,645
Prudential
Financial
Inc
6.500%
3/15/54
1,620,743
7,735
QBE
Insurance
Group
Ltd,
Reg
S
6.750%
12/02/44
7,739,927
3,600
(d)
QBE
Insurance
Group
Ltd
5.875%
N/A
(b)
3,557,162
13,500
(d)
SBL
Holdings
Inc
7.000%
N/A
(b)
11,329,109
3,415
(d)
SBL
Holdings
Inc
6.500%
N/A
(b)
2,672,158
Total
Insurance
72,747,329
Media
&
Entertainment
-
0.5%
(0.3%
of
Total
Investments)
2,375
Paramount
Global
6.375%
3/30/62
2,196,533
Total
Media
&
Entertainment
2,196,533
Telecommunication
Services
-
2.1%
(1.3%
of
Total
Investments)
10,000
Vodafone
Group
PLC
7.000%
4/04/79
10,146,161
Total
Telecommunication
Services
10,146,161
Utilities
-
9.1%
(5.7%
of
Total
Investments)
2,685
(d)
AES
Andes
SA
7.125%
3/26/79
2,648,812
1,700
(d)
AES
Andes
SA
6.350%
10/07/79
1,655,580
2,600
American
Electric
Power
Co
Inc
3.875%
2/15/62
2,321,685
2,500
CMS
Energy
Corp
4.750%
6/01/50
2,258,167
3,910
Edison
International
5.000%
N/A
(b)
3,674,244
1,445
Edison
International
5.375%
N/A
(b)
1,384,303
14,093
Emera
Inc
6.750%
6/15/76
13,932,313
3,210
Sempra
4.875%
N/A
(b)
3,123,021
3,400
Sempra
4.125%
4/01/52
3,074,512
2,000
Southern
Co/The
4.000%
1/15/51
1,907,831
2,850
(d)
Vistra
Corp
8.875%
N/A
(b)
2,937,227
2,215
(d)
Vistra
Corp
7.000%
N/A
(b)
2,187,929
1,560
(d)
Vistra
Corp
8.000%
N/A
(b)
1,576,150
Total
Utilities
42,681,774
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$531,641,811)
493,111,098
Principal
Amount
(000)
Description
(a)
,(f)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
26
.9
%
(
17
.0
%
of
Total
Investments)
X
128,521,720
Banks
-
22.0%
(13.9%
of
Total
Investments)
$
1,000
(d)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6.750%
N/A
(b)
$
1,000,686
2,380
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(b)
2,347,339
2,600
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(b)
2,730,559
2,495
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(b)
2,233,994
715
(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.500%
N/A
(b)
689,050
1,595
(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.625%
N/A
(b)
1,555,359
3,000
Banco
Santander
SA
9.625%
N/A
(b)
3,202,770
3,800
Banco
Santander
SA
4.750%
N/A
(b)
3,250,523
2,410
Barclays
PLC
6.125%
N/A
(b)
2,316,602
5,490
Barclays
PLC
8.000%
N/A
(b)
5,398,614
2,633
Barclays
PLC
9.625%
N/A
(b)
2,751,825
2,805
(d)
BNP
Paribas
SA
7.750%
N/A
(b)
2,828,598
3,770
(d)
BNP
Paribas
SA
8.000%
N/A
(b)
3,746,349
4,184
(d)
BNP
Paribas
SA
7.000%
N/A
(b)
4,098,017
1,085
(d)
BNP
Paribas
SA
9.250%
N/A
(b)
1,149,432
2,430
(d)
BNP
Paribas
SA
8.500%
N/A
(b)
2,512,294
5,240
(d)
Credit
Agricole
SA
8.125%
N/A
(b)
5,305,500
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
4
NPFD
Principal
Amount
(000)
Description
(a),(f)
Coupon
Maturity
Value
Banks
(continued)
$
1,175
HSBC
Holdings
PLC
6.500%
N/A
(b)
$
1,122,227
5,940
HSBC
Holdings
PLC
6.375%
N/A
(b)
5,869,488
7,560
HSBC
Holdings
PLC
8.000%
N/A
(b)
7,802,880
335
ING
Groep
NV
5.750%
N/A
(b)
316,181
6,795
ING
Groep
NV,
Reg
S
7.500%
N/A
(b)
6,642,113
4,413
(d)
Intesa
Sanpaolo
SpA
7.700%
N/A
(b)
4,374,250
2,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(b)
2,002,158
1,684
Lloyds
Banking
Group
PLC
8.000%
N/A
(b)
1,663,048
5,185
Lloyds
Banking
Group
PLC
6.750%
N/A
(b)
5,098,643
1,500
(d)
Macquarie
Bank
Ltd/London
6.125%
N/A
(b)
1,453,078
4,625
NatWest
Group
PLC
8.000%
N/A
(b)
4,631,882
1,860
(d)
Nordea
Bank
Abp
6.625%
N/A
(b)
1,821,313
3,480
(d)
Societe
Generale
SA
9.375%
N/A
(b)
3,541,993
3,465
(d)
Societe
Generale
SA
10.000%
N/A
(b)
3,630,343
500
(d)
Societe
Generale
SA
4.750%
N/A
(b)
444,133
2,620
(d)
Societe
Generale
SA
8.000%
N/A
(b)
2,626,369
1,700
(d)
Standard
Chartered
PLC
7.750%
N/A
(b)
1,689,064
755
(d)
Standard
Chartered
PLC
6.000%
N/A
(b)
738,609
2,160
UniCredit
SpA,
Reg
S
8.000%
N/A
(b)
2,160,864
Total
Banks
104,746,147
Financial
Services
-
4.9%
(3.1%
of
Total
Investments)
4,290
Deutsche
Bank
AG
6.000%
N/A
(b)
3,980,461
1,800
Deutsche
Bank
AG
7.500%
N/A
(b)
1,755,621
200
Deutsche
Bank
AG,
Reg
S
4.789%
N/A
(b)
184,000
8,830
UBS
Group
AG,
Reg
S
6.875%
N/A
(b)
8,675,475
4,325
(d)
UBS
Group
AG
9.250%
N/A
(b)
4,615,765
2,465
(d)
UBS
Group
AG
7.750%
N/A
(b)
2,484,513
1,895
(d)
UBS
Group
AG
9.250%
N/A
(b)
2,079,738
Total
Financial
Services
23,775,573
Total
Contingent
Capital
Securities
(cost
$134,918,778)
128,521,720
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
23
.0
%
(
14
.6
%
of
Total
Investments)
X
109,981,244
Banks
-
5.9%
(3.8%
of
Total
Investments)
21,500
CoBank
ACB
6.200%
$
2,098,486
1,000
(d)
Farm
Credit
Bank
of
Texas
9.601%
99,500
121,601
Fifth
Third
Bancorp
9.302%
3,089,881
297,600
KeyCorp
6.200%
6,666,240
62,700
KeyCorp
6.125%
1,445,862
109,883
New
York
Community
Bancorp
Inc
6.375%
1,716,372
168,058
Regions
Financial
Corp
6.375%
4,177,922
163,723
Regions
Financial
Corp
5.700%
3,578,985
121,800
Synovus
Financial
Corp
5.875%
3,025,512
99,600
Wintrust
Financial
Corp
6.875%
2,501,952
Total
Banks
28,400,712
Capital
Goods
-
1.1%
(0.7%
of
Total
Investments)
164,687
Air
Lease
Corp
9.241%
4,197,872
43,800
WESCO
International
Inc
10.625%
1,155,882
Total
Capital
Goods
5,353,754
Energy
-
3.2%
(2.0%
of
Total
Investments)
271,200
NuStar
Energy
LP
11.234%
6,918,312
176,668
NuStar
Energy
LP
12.357%
4,517,401
154,132
NuStar
Logistics
LP
12.324%
3,908,787
Total
Energy
15,344,500
5
Shares  
Description
(a)
Coupon
Value
Financial
Services
-
2.2%
(1.4%
of
Total
Investments)
79,765
Federal
Agricultural
Mortgage
Corp
6.000%
$
2,006,864
46,297
Morgan
Stanley
5.850%
1,109,276
40,400
Morgan
Stanley
6.500%
1,021,716
21,100
Morgan
Stanley
6.875%
530,876
20,898
Morgan
Stanley
6.375%
520,778
211,000
Voya
Financial
Inc
5.350%
5,072,440
Total
Financial
Services
10,261,950
Food,
Beverage
&
Tobacco
-
2.5%
(1.6%
of
Total
Investments)
290,300
CHS
Inc
9.858%
7,544,897
157,200
CHS
Inc
6.750%
3,978,732
4,400
(d)
Dairy
Farmers
of
America
Inc
7.875%
411,785
Total
Food,
Beverage
&
Tobacco
11,935,414
Insurance
-
8.1%
(5.1%
of
Total
Investments)
290,550
American
Equity
Investment
Life
Holding
Co
5.950%
7,005,161
160,150
American
Equity
Investment
Life
Holding
Co
6.625%
3,934,885
340,200
Aspen
Insurance
Holdings
Ltd
9.624%
8,715,924
194,775
Athene
Holding
Ltd
6.350%
4,579,160
157,150
Athene
Holding
Ltd
6.375%
3,933,465
131,900
Enstar
Group
Ltd
7.000%
3,363,450
188,600
Reinsurance
Group
of
America
Inc
5.750%
4,709,342
93,300
Reinsurance
Group
of
America
Inc
7.125%
2,443,527
Total
Insurance
38,684,914
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$121,191,483)
109,981,244
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
3
.2
%
(
2
.0
%
of
Total
Investments)
X
15,393,008
Banks
-
0.6%
(0.4%
of
Total
Investments)
$
2,062
CoBank
ACB
7.250%
7/01/72
$
2,053,927
770
(d)
Societe
Generale
SA
8.500%
12/30/49
732,632
Total
Banks
2,786,559
Energy
-
0.9%
(0.5%
of
Total
Investments)
3,980
(e)
Enbridge
Inc
8.500%
1/15/84
4,199,091
Total
Energy
4,199,091
Financial
Services
-
1.7%
(1.1%
of
Total
Investments)
9,004
Credit
Suisse
Group
AG
0.000%
1/17/72
990,440
5,850
Credit
Suisse
Group
AG
6.380%
2/21/72
643,500
3,325
Credit
Suisse
Group
AG
7.500%
1/17/72
365,750
2,460
Credit
Suisse
Group
AG
7.500%
6/11/72
270,600
6,071
Goldman
Sachs
Group
Inc/The
7.500%
12/30/49
6,137,068
Total
Financial
Services
8,407,358
Total
Corporate
Bonds
(cost
$34,497,093)
15,393,008
Total
Long-Term
Investments
(cost
$822,249,165)
747,007,070
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
6
NPFD
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.7% (1.1%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
1
.7
%
(
1
.1
%
of
Total
Investments)
X
8,134,380
$
7,875
(g)
Fixed
Income
Clearing
Corp
(FICC)
5.280%
5/01/24
$
7,875,000
259
(h)
Fixed
Income
Clearing
Corp
(FICC)
1.600%
5/01/24
259,380
Total
Repurchase
Agreements
(cost
$8,134,380)
8,134,380
Total
Short-Term
Investments
(cost
$8,134,380)
8,134,380
Total
Investments
(cost
$
830,383,545
)
-
158
.0
%
755,141,450
Borrowings
-
(36.5)%
(i),(j)
(
174,314,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(4.3)%(k)
(
20,692,689
)
TFP
Shares,
Net
-
(17.7)%(l)
(
84,484,297
)
Other
Assets
&
Liabilities,
Net
-  0.5%
2,193,877
Net
Assets
Applicable
to
Common
Shares
-
100%
$
477,844,341
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
493,111,098
$
–
$
493,111,098
Contingent
Capital
Securities
–
128,521,720
–
128,521,720
$25
Par
(or
similar)
Retail
Preferred
109,981,244
–
–
109,981,244
Corporate
Bonds
–
15,393,008
–
15,393,008
Short-Term
Investments:
Repurchase
Agreements
–
8,134,380
–
8,134,380
Total
$
109,981,244
$
645,160,206
$
–
$
755,141,450
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$100,694,456
or
13.3%
of
Total
Investments.
7
(e)
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
$29,808,000
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(f)
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.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$7,876,155
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$8,032,692.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
4/30/24
to
be
repurchased
at
$259,392
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$264,707.
(i)
Borrowings
as
a
percentage
of
Total
Investments
is
23.1%.
(j)
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
$378,363,614
have
been
pledged
as
collateral
for
borrowings.
(k)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
2.7%.
(l)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
11.2%.
LIBOR
London
Inter-Bank
Offered
Rate
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.
TSFR
3M
CME
Term
SOFR
3
Month