Shares
|
|
Description
|
|
Value
|
|
|
|
|
Financial Institutions (contd)
|
|
|
|
|
389,000
|
|
Endurance Specialty Holdings Ltd., 7.75%
|
$
|
10,129,560
|
|
|
35,000
|
|
Federal Home Loan Mortgage Corp., Ser. W,
5.66%
|
808,283
|
|
|
200,000
|
|
ING Groep N.V., 6.125%
|
|
4,618,760
|
|
|
150,000
|
4
|
Indymac Bank FSB, 8.50%
|
|
3,225,000
|
|
|
795,000
|
|
KeyCorp Capital IX, 6.75%
|
|
19,064,100
|
|
|
298,100
|
|
National City Capital Trust II, 6.625%
|
|
7,014,681
|
|
|
265,600
|
|
PartnerRE Ltd., Ser. C, 6.75%
|
|
6,407,600
|
|
|
285,000
|
|
RenaissanceRe Holdings Ltd., Ser. D, 6.60%
|
6,509,400
|
|
|
50
|
3
|
Roslyn Real Estate Asset Corp., Ser. D, 9.01%
|
5,007,812
|
|
|
|
|
Santander Finance Preferred S.A.
Unipersonal,
|
|
|
|
|
522,000
|
4
|
6.50%
|
|
13,066,339
|
|
|
670,000
|
4
|
6.80%
|
|
16,959,375
|
|
|
85,000
|
|
Sovereign Capital Trust V, 7.75%
|
|
2,186,098
|
|
|
75,000
|
|
Wachovia Capital Trust IV, 6.375%
|
|
1,746,097
|
|
|
280,000
|
|
Wachovia Capital Trust IX, 6.375%
|
|
6,510,000
|
|
|
300,000
|
|
XL Capital Ltd., Ser. B, 7.625%
|
|
7,528,140
|
|
|
|
|
Total Financial Institutions
|
|
208,400,430
|
|
|
|
|
Media1.6%
|
|
|
|
|
780,000
|
|
Comcast Corp., 6.625%
|
|
18,072,600
|
|
|
|
|
Real Estate3.1%
|
|
|
|
|
520,000
|
|
CBL & Associates Properties, Inc. (REIT), Ser.
C, 7.75%
|
12,740,000
|
|
|
55,000
|
|
iStar Financial, Inc. (REIT), Ser. I, 7.50%
|
|
1,275,313
|
|
|
341,300
|
|
PS Business Parks, Inc. (REIT), Ser. P, 6.70%
|
7,583,276
|
|
|
572,500
|
|
Public Storage, Inc. (REIT), Ser. M, 6.625%
|
|
13,292,763
|
|
|
|
|
Total Real Estate
|
|
34,891,352
|
|
|
|
|
Telecommunications0.5%
|
|
|
|
|
270,000
|
|
AT&T, Inc., 6.375%
|
|
6,277,500
|
|
|
|
|
Total Preferred Stocks
|
|
306,507,509
|
|
Principal
|
|
|
|
|
|
Amount
|
|
|
|
|
|
(000)
|
|
|
|
|
|
|
|
|
Trust Preferred Stocks66.3%
|
|
|
|
|
|
|
Energy1.6%
|
|
|
|
$
|
4,500
|
3
|
Enterprise Products Operating LP, 8.375%,
8/01/66
|
|
4,591,152
|
|
|
5,900
|
3
|
PPL Capital Funding, Inc., Ser. A, 6.70%,
3/30/67
|
|
5,550,425
|
|
|
1,575
|
3
|
Puget Sound Energy, Inc., Ser. A, 6.974%,
6/01/67
|
|
1,589,633
|
|
|
7,325
|
3
|
Trans-Canada Pipelines Ltd., 6.35%, 5/15/67
|
|
6,856,024
|
|
|
|
|
Total Energy
|
|
18,587,234
|
|
|
|
|
Financial Institutions63.0%
|
|
|
|
|
18,273
|
|
AON Corp., 8.205%, 1/01/27
|
|
19,143,727
|
|
|
|
|
AXA S.A. (France)
|
|
|
|
|
17,000
|
3,4,5
|
6.463%
|
|
15,160,396
|
|
|
3,225
|
3,4,5
|
6.379%
|
|
2,755,943
|
|
|
2,375
|
3,5
|
Abbey National Capital Trust I, 8.963%
|
|
2,974,721
|
|
|
17,000
|
2
|
Ace Capital Trust II, 9.70%, 4/01/30
|
|
21,315,467
|
|
|
|
|
Allstate Corp.,
|
|
|
|
|
8,725
|
3
|
6.125%, 5/15/37
|
|
8,263,980
|
|
|
10,675
|
3
|
6.50%, 5/15/57
|
|
9,852,256
|
|
|
11,150
|
|
American Intl. Group, Inc., Ser. A1, 6.25%,
3/15/37
|
|
10,270,912
|
|
|
5,000
|
|
Astoria Capital Trust I, Ser. B, 9.75%, 11/01/29
|
5,593,655
|
|
|
15,300
|
3
|
BB&T Capital Trust IV, 6.82%, 6/12/57
|
|
14,814,041
|
|
|
19,400
|
3,4,5,6
|
BNP Paribas, 7.195% (France)
|
|
18,528,067
|
|
|
30,000
|
3,4,5
|
BOI Capital Funding No. 3, 6.107% (Ireland)
|
26,929,200
|
|
|
10,000
|
5
|
BTA Finance Luxembourg S.A., 8.25% (Kazakhstan)
|
|
7,895,300
|
|
|
|
|
Barclays Bank Plc (United Kingdom)
|
|
|
|
|
19,825
|
3,4,5,6
|
5.926%
|
|
18,935,968
|
|
|
20,000
|
3,4,5
|
6.86%
|
|
19,816,440
|
|
|
5,000
|
3,4
|
C10 Capital SPV Ltd., 6.722% (British Virgin
Islands)
|
|
4,708,250
|
|
|
5,000
|
2
|
Capital One Capital III, 7.686%, 8/15/36
|
|
4,782,750
|
|
|
15,000
|
3
|
Capital One Capital IV, 6.745%, 2/17/37
|
|
13,025,385
|
|
|
15,300
|
3
|
Chubb Corp., 6.375%, 3/29/67
|
|
14,733,135
|
|
|
20,000
|
3,4,5
|
Commonwealth Bank of Australia, 6.024%
(Australia)
|
|
19,348,620
|
|
|
26,000
|
3,4,5
|
Credit Agricole S.A., 6.637% (France)
|
|
25,782,640
|
|
|
16,450
|
3,5
|
Credit Suisse Ltd., 5.86% (Guernsey)
|
|
15,498,746
|
|
|
2,895
|
3,4,5
|
Deutsche Bank Capital Funding Trust VII,
5.628%
|
|
2,727,553
|
|
|
7,200
|
4
|
Dresdner Funding Trust I, 8.151%, 6/30/31
|
|
8,250,516
|
|
|
12,025
|
3
|
Everest Reinsurance Holdings, Inc., 6.60%,
5/15/37
|
|
11,146,033
|
|
|
25,000
|
3,4,5
|
HBOS Plc, 6.657% (United Kingdom)
|
|
22,703,750
|
|
|
7,000
|
3,4,5
|
HSBC Capital Funding LP, Ser. 2, 10.176%
(Jersey Channel Islands)
|
|
9,769,256
|
|
|
3,250
|
3
|
Huntington Capital III, 6.65%, 5/15/37
|
|
3,055,331
|
|
|
25,100
|
3,4,5
|
ICICI Bank Ltd., 7.25% (India)
|
|
24,422,576
|
|
|
10,000
|
3,5
|
ING Groep N.V., 5.775% (Netherlands)
|
|
9,616,440
|
|
|
12,875
|
3
|
JPMorgan Chase Capital XXI, Ser. U, 6.309%,
2/02/37
|
|
12,714,745
|
|
|
22,945
|
3
|
JPMorgan Chase Capital XXIII, 6.36%, 5/15/47
|
|
20,896,608
|
|
|
5,000
|
5
|
Kazkommerts Finance 2 BV, 9.25%
(Netherlands)
|
|
4,685,000
|
|
|
5,000
|
3,5
|
Lehman Brothers Holdings Capital Trust V,
Ser. MTN, 5.857%
|
|
4,728,100
|
|
|
11,600
|
3,4
|
Liberty Mutual Group, Inc., Ser. B, 7.00%,
3/15/37
|
|
10,526,281
|
|
|
4,225
|
3
|
Lincoln National Corp., 6.05%, 4/20/67
|
|
3,952,306
|
|
|
13,000
|
3,4,5
|
Lloyds TSB Group Plc, 6.267% (United
Kingdom)
|
|
11,681,514
|
|
|
10,000
|
3,4
|
Mangrove Bay Pass-Through Trust, 6.102%,
7/15/33
|
|
9,800,900
|
|
|
21,000
|
3,4,5
|
Mizuho Capital Investment 1 Ltd., 6.686%
(Cayman Islands)
|
|
20,711,040
|
|
|
12,900
|
|
Nationwide Financial Services, 6.75%, 5/15/37
|
|
11,238,441
|
|
|
9,275
|
3,4,5
|
Northern Rock Plc, 6.594% (United Kingdom)
|
|
9,057,408
|
|
|
9,675
|
3
|
Progressive Corp., 6.70%, 6/15/37
|
|
9,274,552
|
|
|
5,505
|
3,4,5
|
QBE Capital Funding II LP, 6.797% (Jersey
Channel Islands)
|
|
5,140,128
|
|
|
10,955
|
5
|
RBS Capital Trust, Ser. B, 6.80% (United
Kingdom)
|
|
10,746,943
|
|
|
25,000
|
3,4,5
|
Resona Preferred Global Securities Ltd.,
7.191% (Cayman Islands)
|
|
25,242,750
|
|
|
10,000
|
3,4,5
|
SMFG Preferred Capital 1 Ltd., 6.078%
(Cayman Islands)
|
|
9,575,300
|
|
|
7,000
|
3,4,5
|
Shinsei Finance II, 7.16% (Cayman Islands)
|
|
7,021,875
|
|
|
17,850
|
3,4,5
|
Societe Generale, 5.922% (France)
|
|
17,149,691
|
|
|
11,300
|
3,4,5
|
Standard Chartered Plc, 7.014% (United
Kingdom)
|
|
10,184,125
|
|
|
28,305
|
3
|
State Street Capital Trust IV, 6.355%, 6/01/67
|
|
28,198,856
|
|
|
2,650
|
3
|
SunTrust Capital VIII, 6.10%, 12/15/36
|
|
2,337,623
|
|
|
27,475
|
3,4,5
|
Swiss Re Capital I LP, 6.854%
|
|
27,348,615
|
|
|
19,100
|
3
|
Travelers Cos., Inc., 6.25%, 3/15/67
|
|
17,950,142
|
|
|
3,225
|
3
|
Webster Capital Trust IV, 7.65%, 6/15/37
|
|
3,186,452
|
|
|
4,400
|
3,4,5
|
White Moutains RE Group Ltd., 7.506%
(Bermuda)
|
|
4,281,930
|
|
|
7,150
|
3,4
|
Woori Bank, 6.208%
|
|
6,720,800
|
|
|
10,000
|
3,5
|
XL Capital Ltd., Ser. E, 6.50% (Cayman
Islands)
|
|
8,924,000
|
|