Nuveen Variable Rate Preferred & Income Fund
04/02/2026 | Press release | Distributed by Public on 04/02/2026 08:31
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number | 811-23704 |
Nuveen Variable Rate Preferred & Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Vice President and Secretary
333 West Wacker Drive
Chicago, Illinois 60606
(Name and address of agent for service)
| Registrant's telephone number, including area code: | (800) 257-8787 |
| Date of fiscal year end: | July 31 |
| Date of reporting period: | January 31, 2026 |
| Item 1. |
Reports to Stockholders. |
Closed-End Funds
Closed-End Funds
Nuveen
January 31, 2026
Semi-annual
Report
This semi-annual report contains the Funds' unaudited financial statements.
Nuveen Floating Rate Income Fund
JFR
Nuveen Credit Strategies Income Fund
JQC
Nuveen Preferred & Income Opportunities Fund
JPC
Nuveen Variable Rate Preferred & Income Fund
NPFD
2
Table
of Contents
Important Notices
3
Common Share Information
4
About the Funds' Benchmarks
6
Fund Performance, Leverage and Holdings Summaries
7
Portfolios of Investments
16
Statement of Assets and Liabilities
54
Statement of Operations
55
Statement of Changes in Net Assets
56
Statement of Cash Flows
58
Financial Highlights
60
Notes to Financial Statements
65
Additional Fund Information
83
Glossary of Terms Used in this Report
84
Important Notices
3
Portfolio manager commentaries:
The Funds include portfolio manager commentary in their annual shareholder
reports. For your Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers'
Comments section of the Fund's annual shareholder report.
Fund changes:
For changes that occurred to your Fund both during and after this reporting period, please refer to the
Notes to Financial Statements section of this report.
Fund principal investment policies and principal risks:
Refer to the Shareholder Update section of your Fund's
annual shareholder report for information on the Fund's principal investment policies and principal risks.
Fund performance
: For current information on your Fund's average annual total returns please refer to the Fund's
website at
www.nuveen.com
.
For average annual total returns as of the end of this reporting period, please refer to the
Fund Performance, Leverage and Holding Summaries section within this report.
JPC - Fund reorganization:
Effective prior to market open on September 22, 2025, Nuveen Preferred Securities
& Income Opportunities Fund (JPI) was reorganized into JPC. Refer to the Notes to Financial Statements within this
report for further details on the reorganization.
JPC and NPFD - Recent market factors:
JPC and NPFD have substantial allocations to preferred and contingent
capital securities issued by U.S. and non-U.S. banks and other financial institutions. Given the increases in prevailing
interest rates and other market factors, these securities continue to be subject to heightened volatility and may,
ultimately, detract from Fund performance.
4
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding each Fund's distributions is current as of January 31, 2026
.
Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its
common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).
Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution
and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common
share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a
Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains
and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. The practice
of maintaining a stable distribution level had no material effect on each Fund's investment strategy during the most recent fiscal
period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its
NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial
Statements herein.
Actual amounts and sources for tax reporting purposes will be determined as of each Fund's fiscal year-end and reported to
shareholders on Form 1099-DIV.
Because distribution source estimates are updated throughout the current fiscal year based on a fund's performance, these
estimates may differ from both the tax information reported to you in the Fund's 1099 statement, as well as the ultimate economic
sources of distributions over the life of your investment.
The figures in the table below provide an estimate of the sources of distributions and may include amounts attributed to realized
gains and/or returns of capital. A return of capital may occur, for example, when some or all of the money that you invested in a
Fund is paid back to you. A return of capital distribution does not necessarily reflect a Fund's investment performance and should
not be confused with "yield" or "income." The Funds attribute these estimates equally to each regular distribution throughout the
year. Consequently, the estimated information shown below is for the current distribution, and also represents an updated estimate
for all prior months in the fiscal year. These estimates should not be used for tax reporting purposes. The final determination for
all distributions paid in 2026 will be made in early 2027 and reported to you on Form 1099-DIV. More details about each Fund's
distributions and the basis for these estimates are available on www.nuveen.com/en-us/closed-end-funds.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com
and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-
closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,
shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE EQUITY SHELF PROGRAMS
During the current reporting period, JPC was authorized by the Securities and Exchange Commission to issue additional common
shares through an equity shelf program (Shelf Offering). Under these programs, JPC, subject to market conditions, may raise
Data as of January 31, 2026
Current Month Estimated
Percentage of the Distribution
Estimated Fiscal YTD
Per Share Amounts
Fund
Latest
Declared
Distribution
Net
Investment
Income
Realized
Gains
Return of
Capital
Total Distributions
Net
Investment
Income
Realized
Gains
Return of
Capital
JFR
$0.0850
72.90%
0.00%
27.10%
$0.5100
$0.3719
$0.0000
$0.1381
JQC
$0.0540
74.50%
0.00%
25.50%
$0.3240
$0.2415
$0.0000
$0.0825
JPC
$0.0625
70.40%
0.00%
29.60%
$0.3910
$0.2754
$0.0000
$0.1156
NPFD
$0.1565
63.00%
0.00%
37.00%
$0.9830
$0.6189
$0.0000
$0.3641
5
additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common
share. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.
During the current reporting period, JPC sold common shares through its Shelf Offering at a weighted average premium to its NAV
per common share in the accompanying table.
Refer to Notes to Financial Statements for further details of Shelf Offerings and the Fund's transactions.
COMMON SHARE REPURCHASES
The Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each fund to repurchase and retire
an aggregate of up to approximately 10% of its outstanding common shares.
During the current fiscal period, the Funds did not repurchase any of their outstanding common shares. As of January 31, 2026,
(and since the inception of the Funds' repurchase programs), each Fund has cumulatively repurchased and retired its outstanding
common shares as shown in the accompanying table.
JPC
Maximum aggregate offering
Unlimited
JPC
Common shares sold through shelf offering
7,903,716
Weighted average premium to NAV per common share sold
0.83%
JFR
JQC
JPC
NPFD
Common shares cumulatively repurchased and retired
147,593
5,473,400
2,826,100
0
Common shares authorized for repurchase
16,095,000
13,560,000
32,175,000
2,415,000
6
About the Funds' Benchmarks
ICE BofA U.S. All Capital Securities Index:
An index designed to measure the performance of investment grade
and below investment grade fixed rate and fixed-to-floating rate, USD-denominated hybrid corporate and preferred
securities publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not
reflect any applicable sales charges or management fees.
ICE BofA U.S. High Yield Index:
An index designed to measure the performance of USD-denominated below
investment grade corporate debt publicly issued in the U.S. domestic market. Index returns assume reinvestment of
distributions, but do not reflect any applicable sales charges or management fees.
ICE USD Contingent Capital Index:
An index designed to measure the performance of USD denominated contingent
capital debt publicly issued in the major domestic and Eurobond markets, including investment grade and below
investment grade issues. Index returns assume reinvestment of distributions, but do not reflect any applicable sales
charges or management fees.
ICE Variable Rate Preferred & Hybrid Securities Index:
An index designed to measure the performance of floating-
and variable-rate investment grade and below investment grade USD-denominated preferred stock and hybrid debt
publicly issued by corporations in the U.S. domestic market. Index returns assume reinvestment of distributions, but do
not reflect any applicable sales charges or management fees.
S&P UBS Leveraged Loan Index:
An index designed to measure the performance of the USD-denominated leveraged
loan market. The index includes issuers from developed countries; issuers from developing countries are excluded.
Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management
fees.
Fund Performance, Leverage and Holdings
Summaries
7
The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the
report.
Fund Performance
Performance data for each Fund shown below represents past performance and does not predict or guarantee future
results.
Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that
shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and
assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes
are not available for direct investment.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for
share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com
or call (800) 257-8787.
Impact of Leverage
One important factor impacting the returns of the Funds' common shares relative to their comparative benchmarks was the
Funds' use of leverage through bank borrowings, Taxable Fund Preferred Shares (TFP) and/or reverse repurchase agreements. The
Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The
opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns
on its portfolio securities that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund's
common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage
increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through
leverage decline in value. All this will make the shares' total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term
interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have
generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year
lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-
term periods.
Leverage Ratios
Each Fund's Effective Leverage and Regulatory Leverage Ratios are set forth below. "Effective Leverage" is a Fund's effective
economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a
Fund's portfolio that increase the Fund's investment exposure. "Regulatory Leverage" consists of preferred shares or borrowings of
a Fund. Regulatory Leverage is a part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth
in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a
transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such
temporary borrowings are excluded from the calculation of a Fund's Effective Leverage and Regulatory Leverage ratios.
Holding Summaries
The Holdings Summaries data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting
period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the
Fund's Portfolio of Investments for individual security information.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies:
Standard & Poor's, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for
other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment
grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these
national rating agencies.
8
Nuveen Floating Rate Income Fund
Fund Performance, Leverage and Holdings Summaries January 31, 2026
JFR
Performance*
*For purposes of Fund performance, relative results are measured against the S&P UBS Leveraged Loan Index.
Daily Common Share NAV and Share Price
Total Returns as of
January 31, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JFR at Common Share NAV
3/25/04
2.42%
4.01%
6.14%
6.07%
JFR at Common Share Price
3/25/04
(1.61)%
3.55%
7.36%
6.72%
S&P UBS Leveraged Loan Index
-
1.79%
4.90%
6.05%
5.83%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$8.52
$7.87
(7.63)%
(7.52)%
9
Leverage and Holdings
Leverage
Effective Leverage
36.91%
Regulatory Leverage
36.91%
Fund Allocation
(% of net assets)
Variable Rate Senior Loan
Interests
141.6%
Corporate Bonds
14.4%
Common Stocks
1.2%
Asset-Backed Securities
0.2%
Preferred Stock
0.1%
Exchange-Traded Funds
0.1%
Warrants
0.0%
Investment Companies
9.4%
Other Assets & Liabilities, Net
(8.6)%
Borrowings
(37.7)%
TFP Shares, Net
(20.7)%
Net Assets
100%
Portfolio Composition
1
(% of total investments)
Software & Services
15.1%
Consumer Services
9.1%
Capital Goods
8.5%
Telecommunication Services
7.4
%
Health Care Equipment &
Services
7.3%
Insurance
6.3%
Commercial & Professional
Services
6.3%
Media & Entertainment
6.3%
Pharmaceuticals, Biotechnology
& Life Sciences
4.6%
Materials
3.9%
Energy
3.3%
Consumer Discretionary
Distribution & Retail
3.1%
Consumer Durables & Apparel
2.1%
Utilities
2.1%
Other
8.9%
Asset-Backed Securities
0.1%
Exchange-Traded Funds
0.0%
Investment Companies
5.6%
Total Investments
100%
Portfolio Credit Quality
(% of total investments)
BBB
9.0%
BB or Lower
79.4%
N/R (not rated)
5.2%
N/A (not applicable)
6.4%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
10
Nuveen Credit Strategies Income Fund
Fund Performance, Leverage and Holdings Summaries January 31, 2026
JQC
Performance*
*For purposes of Fund performance, relative results are measured against the JQC Blended Benchmark. As of August 7, 2023, the Fund's Blended
Benchmark consists of: 1) 75% S&P UBS Leveraged Loan Index and 2) 25% ICE BofA U.S. High Yield Index. Prior to August 7, 2023, relative results
were measured against the S&P UBS Leveraged Loan Index.
Daily Common Share NAV and Share Price
Total Returns as of
January 31, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JQC at Common Share NAV
6/25/03
2.95%
5.06%
5.05%
5.25%
JQC at Common Share Price
6/25/03
(0.74)%
4.23%
6.83%
7.24%
S&P UBS Leveraged Loan Index
-
1.79%
4.90%
6.05%
5.83%
JQC Blended Benchmark
-
2.30%
5.56%
6.27%
5.94%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$5.50
$5.16
(6.18)%
(7.07)%
11
Leverage and Holdings
Leverage
Effective Leverage
37.79%
Regulatory Leverage
30.20%
Fund Allocation
(% of net assets)
Variable Rate Senior Loan
Interests
122.4%
Corporate Bonds
27.3%
Asset-Backed Securities
6.2%
Common Stocks
0.8%
Exchange-Traded Funds
0.1%
Warrants
0.0%
Investment Companies
10.2%
Other Assets & Liabilities, Net
(6.3)%
Reverse Repurchase
Agreements, including accrued
interest
(17.5)%
Borrowings
(26.0)%
TFP Shares, Net
(17.2)%
Net Assets
100%
Portfolio Composition
1
(% of total investments)
Software & Services
13.2%
Capital Goods
8.9%
Consumer Services
8.4%
Health Care Equipment &
Services
7.7%
Telecommunication Services
7.0%
Insurance
6.7%
Commercial & Professional
Services
5.7%
Media & Entertainment
5.4%
Pharmaceuticals, Biotechnology
& Life Sciences
4.5%
Materials
4.1%
Consumer Discretionary
Distribution & Retail
3.1%
Utilities
3.0%
Energy
2.4%
Other
10.0%
Asset-Backed Securities
3.7%
Exchange-Traded Funds
0.1%
Investment Companies
6.1%
Total Investments
100%
Portfolio Credit Quality
(% of total investments)
BBB
10.6%
BB or Lower
78.5%
N/R (not rated)
4.3%
N/A (not applicable)
6.6%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
12
Nuveen Preferred & Income Opportunities Fund
Fund Performance, Leverage and Holdings Summaries January 31, 2026
JPC
Performance*
*For purposes of Fund performance, relative results are measured against the JPC Blended Benchmark. The Fund's Blended Benchmark consists of:
1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index.
Daily Common Share NAV and Share Price
Total Returns as of
January 31, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPC at Common Share NAV
3/26/03
6.23%
11.83%
4.69%
5.78%
JPC at Common Share Price
3/26/03
6.09%
13.09%
6.25%
6.92%
ICE BofA U.S. All Capital Securities Index
-
4.12%
7.23%
2.78%
4.79%
JPC Blended Benchmark
-
4.47%
8.53%
2.80%
4.84%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$8.11
$8.16
0.62%
0.31%
13
Leverage and Holdings
Leverage
Effective Leverage
37.06%
Regulatory Leverage
29.51
%
Fund Allocation
(% of net assets)
Corporate Bonds
141.1%
Preferred Stock
12.8%
U.S. Government and Agency
Obligations
2.5%
Convertible Preferred Securities
0.7%
Common Stocks
0.0%
Repurchase Agreements
0.6%
Other Assets & Liabilities, Net
1.3%
Reverse Repurchase
Agreements, including accrued
interest
(17.1)%
Borrowings
(27.9)%
TFP Shares, Net
(14.0)%
Net Assets
100%
Portfolio Composition
1
(% of total investments)
Banks
54.3%
Financial Services
15.7%
Insurance
10.7%
Energy
5.1%
Utilities
5.0%
Food, Beverage & Tobacco
2.4%
Other
6.4%
Repurchase Agreements
0.4%
Total
100%
Portfolio Credit Quality
(% of total investments)
AA
1.6%
A
0.5%
BBB
76.3%
BB or Lower
19.3%
N/R (not rated)
1.9%
N/A (not applicable)
0.4%
Total
100%
Country Allocation
2
(% of total investments)
United States
53.4%
United Kingdom
12.1%
Canada
9.5%
France
8.9%
Spain
4.3%
Switzerland
4.1%
Netherlands
2.3%
Mexico
1.2%
Ireland
1.0%
Germany
0.8%
Australia
0.8%
Other
1.6%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
2
Includes 1.9% (as a percentage of total investments) in emerging market countries.
14
Nuveen Variable Rate Preferred & Income Fund
Fund Performance, Leverage and Holdings Summaries January 31, 2026
NPFD
Performance*
*For purposes of Fund performance, relative results are measured against the NPFD Blended Benchmark. The Fund's Blended Benchmark consists of
1) 80% ICE Variable Rate Preferred & Hybrid Securities Index and 2) 20% ICE USD Contingent Capital Index.
Daily Common Share NAV and Share Price
Total Returns as of
January 31, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
Since
Inception
NPFD at Common Share NAV
12/15/21
6.00%
11.30%
2.71%
NPFD at Common Share Price
12/15/21
4.95%
12.24%
2.34%
ICE Variable Rate Preferred & Hybrid Securities Index
-
4.11%
7.73%
5.26%
NPFD Blended Benchmark
-
4.28%
8.28%
4.77%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$20.26
$19.42
(4.15)%
(3.61)%
15
Leverage and Holdings
Leverage
Effective Leverage
35.87%
Regulatory Leverage
33.47%
Fund Allocation
(% of net assets)
Corporate Bonds
138.5%
Preferred Stock
12.8%
U.S. Government and Agency
Obligations
2.9%
Repurchase Agreements
0.7%
Other Assets & Liabilities, Net
1.0%
Reverse Repurchase
Agreements, including accrued
interest
(5.7)%
Borrowings
(32.9)%
TFP Shares, Net
(17.3)%
Net Assets
100%
Portfolio Composition
1
(% of total investments)
Banks
46.8%
Financial Services
13.5%
Insurance
12.1%
Utilities
9.3%
Energy
7.9%
Telecommunication Services
2.7%
Other
7.2%
Repurchase Agreements
0.5%
Total
100%
Portfolio Credit Quality
(% of total investments)
AA
1.9%
A
0.5%
BBB
71.3%
BB or Lower
23.1%
N/R (not rated)
2.7%
N/A (not applicable)
0.5%
Total
100%
Country Allocation
2
(% of total investments)
United States
63.5%
Canada
12.5%
United Kingdom
7.7%
France
5.0%
Switzerland
3.1%
Spain
2.5%
Netherlands
1.5%
Mexico
0.9%
Ireland
0.9%
Germany
0.8%
Finland
0.6%
Other
1.0%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
2
Includes 1.6% (as a percentage of total investments) in emerging market countries.
16
Portfolio of Investments January 31, 2026
JFR
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 157.6% (94.4% of Total Investments)
ASSET-BACKED SECURITIES - 0.2% (0.1% of Total Investments)
-
$
750,000
(a),(b)
Battalion CLO XI Ltd, Series 2017 11A, (LIBOR 3 M + 7.112%)
8
.034
%
04/24/34
$
596,382
2,500,000
(a),(b)
Rockford Tower CLO 2017-3 Ltd, Series 2017 3A, (LIBOR 3 M +
6.012%)
6
.813
10/20/30
2,362,940
TOTAL ASSET-BACKED SECURITIES
(Cost $3,146,688)
2,959,322
SHARES
DESCRIPTION
VALUE
17131995
COMMON STOCKS - 1.2% (0.8% of Total Investments)
17131995
CAPITAL GOODS - 0.0% (0.0% of Total Investments)
4,865
(c)
TNT Crane & Rigging, Inc
1,825
8,626
(c)
TNT Crane & Rigging, Inc
86
TOTAL CAPITAL GOODS
1,911
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% (0.0% of Total
Investments)
749
(c),(d)
Belk, Inc
5,992
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
5,992
CONSUMER SERVICES - 0.5% (0.3% of Total Investments)
57,279
(c)
Cengage Learning Holdings II, Inc
1,088,301
397,307
(c)
Crown Finance US, Inc
6,439,552
TOTAL CONSUMER SERVICES
7,527,853
ENERGY - 0.3% (0.2% of Total Investments)
42,689
Chord Energy Corp
4,279,145
TOTAL ENERGY
4,279,145
HEALTH CARE EQUIPMENT & SERVICES - 0.0% (0.0% of Total Investments)
195,344
(c)
Onex Carestream Finance LP
97,672
TOTAL HEALTH CARE EQUIPMENT & SERVICES
97,672
MATERIALS - 0.0% (0.0% of Total Investments)
80
LyondellBasell Industries NV, Class A
3,920
TOTAL MATERIALS
3,920
MEDIA & ENTERTAINMENT - 0.1% (0.1% of Total Investments)
34,846
(c)
Catalina Marketing Corp
1,045,380
2,513
(c)
Crown Finance US, Inc
40,731
TOTAL MEDIA & ENTERTAINMENT
1,086,111
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% (0.0% of Total
Investments)
60,637
(c)
Bright Bidco BV
21,223
44,390
(c)
Bright Bidco BV
15,536
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
36,759
SOFTWARE & SERVICES - 0.0% (0.0% of Total Investments)
573
(c),(d)
Bloom Parent, Inc
572,645
TOTAL SOFTWARE & SERVICES
572,645
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% (0.0% of Total Investments)
8,348
(c)
MLN US Holdco LLC
418
63,304
(c)
Riverbed Technology LLC
633
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,051
TELECOMMUNICATION SERVICES - 0.3% (0.2% of Total Investments)
141,594
(c)
Altice France Lux 3
2,664,938
91,620
(c)
Uniti Group, Inc
762,278
TOTAL TELECOMMUNICATION SERVICES
3,427,216
TRANSPORTATION - 0.0% (0.0% of Total Investments)
2,293
(c)
ACBL HLDG CORP
91,720
TOTAL TRANSPORTATION
91,720
TOTAL COMMON STOCKS
(Cost $42,511,633)
17,131,995
17
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
196808382
CORPORATE BONDS - 14.4% (8.6% of Total Investments)
196808382
AUTOMOBILES & COMPONENTS - 0.2% (0.1% of Total Investments)
$
3,000,000
(b)
Dornoch Debt Merger Sub Inc
6
.625
%
10/15/29
$
2,671,356
TOTAL AUTOMOBILES & COMPONENTS
2,671,356
CAPITAL GOODS - 0.8% (0.5% of Total Investments)
9,189,000
(b)
Camelot Return Merger Sub Inc
8
.750
08/01/28
7,143,102
4,537,000
TransDigm Inc
4
.625
01/15/29
4,509,576
TOTAL CAPITAL GOODS
11,652,678
COMMERCIAL & PROFESSIONAL SERVICES - 0.4% (0.2% of Total Investments)
191,000
(b)
Prime Security Services Borrower LLC / Prime Finance Inc
5
.750
04/15/26
191,361
4,750,000
(b)
Prime Security Services Borrower LLC / Prime Finance Inc
3
.375
08/31/27
4,652,791
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
4,844,152
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% (0.4% of Total
Investments)
1,500,000
(b)
Carvana Co
9
.000
06/01/30
1,564,043
6,055,000
(b)
Michaels Cos Inc/The
7
.875
05/01/29
5,899,438
900,000
(b)
Wand NewCo 3 Inc
7
.625
01/30/32
946,303
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
8,409,784
CONSUMER SERVICES - 0.9% (0.5% of Total Investments)
10,261,000
(b)
1011778 BC ULC / New Red Finance Inc
4
.000
10/15/30
9,790,290
1,807,000
(b)
1011778 BC ULC / New Red Finance Inc
3
.500
02/15/29
1,741,449
1,000,000
(b)
Premier Entertainment Sub LLC / Premier Entertainment
Finance Corp
5
.625
09/01/29
738,425
TOTAL CONSUMER SERVICES
12,270,164
ENERGY - 0.7% (0.4% of Total Investments)
1,260,000
(b)
Borr IHC Ltd / Borr Finance LLC
10
.000
11/15/28
1,292,977
1,000,000
(b)
eG Global Finance PLC
12
.000
11/30/28
1,082,381
1,799,000
(b)
Hilcorp Energy I LP / Hilcorp Finance Co
6
.250
11/01/28
1,813,770
6,000,000
PBF Holding Co LLC / PBF Finance Corp
6
.000
02/15/28
5,991,146
TOTAL ENERGY
10,180,274
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.5% (0.9% of Total
Investments)
9,750,000
American Tower Corp
2
.950
01/15/51
6,203,378
5,920,000
(b)
Office Properties Income Trust
9
.000
03/31/29
6,055,568
3,500,000
(b)
Office Properties Income Trust
9
.000
09/30/29
2,957,500
5,000,000
(b)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6
.500
02/15/29
4,862,927
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
20,079,373
FOOD, BEVERAGE & TOBACCO - 0.2% (0.1% of Total Investments)
2,147,000
(b)
Froneri Lux FinCo SARL
6
.000
08/01/32
2,174,098
TOTAL FOOD, BEVERAGE & TOBACCO
2,174,098
HEALTH CARE EQUIPMENT & SERVICES - 1.3% (0.8% of Total Investments)
3,025,000
(b)
Medline Borrower LP
3
.875
04/01/29
2,957,604
9,284,873
(b)
Team Health Holdings Inc, (cash 8.166%, PIK 4.500%)
9
.000
06/30/28
9,815,410
1,930,000
(b)
Team Health Holdings Inc
8
.375
06/30/28
1,953,488
2,636,000
Tenet Healthcare Corp
6
.125
10/01/28
2,638,702
TOTAL HEALTH CARE EQUIPMENT & SERVICES
17,365,204
INSURANCE - 0.2% (0.1% of Total Investments)
935,000
(b)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4
.250
10/15/27
923,453
1,825,000
(b)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6
.750
04/15/28
1,855,195
TOTAL INSURANCE
2,778,648
MATERIALS - 0.1% (0.0% of Total Investments)
1,000,000
Ball Corp
6
.000
06/15/29
1,029,616
TOTAL MATERIALS
1,029,616
MEDIA & ENTERTAINMENT - 1.6% (1.0% of Total Investments)
750,000
(b)
Advantage Sales & Marketing Inc
6
.500
11/15/28
636,000
13,000,000
Charter Communications Operating LLC / Charter
Communications Operating Capital
3
.500
03/01/42
9,026,873
974,647
(b)
iHeartCommunications Inc
9
.125
05/01/29
921,041
5,882,000
(b)
McGraw-Hill Education Inc
5
.750
08/01/28
5,908,069
1,000,000
(b)
Scripps Escrow II Inc
3
.875
01/15/29
922,905
Portfolio of Investments January 31, 2026
(continued)
JFR
18
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
4,000,000
(b)
Sinclair Television Group Inc
8
.125
%
02/15/33
$
4,137,680
1,199,000
(b)
VZ Secured Financing BV
5
.000
01/15/32
1,082,647
TOTAL MEDIA & ENTERTAINMENT
22,635,215
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3% (0.2% of Total
Investments)
1,185,000
(b)
1261229 BC Ltd
10
.000
04/15/32
1,216,115
3,600,000
(b)
Bausch Health Cos Inc
5
.250
02/15/31
2,358,000
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
3,574,115
SOFTWARE & SERVICES - 0.4% (0.2% of Total Investments)
1,975,000
(b)
Cloud Software Group Inc
8
.250
06/30/32
2,008,739
1,000,000
(b)
Open Text Holdings Inc
4
.125
12/01/31
898,369
5,518,515
(b)
Rackspace Finance LLC
3
.500
05/15/28
1,434,814
1,000,000
(b)
Rocket Software Inc
9
.000
11/28/28
997,504
TOTAL SOFTWARE & SERVICES
5,339,426
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% (0.1% of Total Investments)
1,250,000
(b)
Viasat Inc
7
.500
05/30/31
1,213,878
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,213,878
TELECOMMUNICATION SERVICES - 3.9% (2.4% of Total Investments)
2,124,963
(b)
Altice France SA
6
.875
07/15/32
2,075,118
2,108,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6
.750
11/30/30
2,145,392
8,622,000
EchoStar Corp
10
.750
11/30/29
9,451,609
2,000,000
(b)
Frontier Communications Holdings LLC
5
.000
05/01/28
2,000,066
2,250,000
Frontier Communications Holdings LLC
5
.875
11/01/29
2,270,475
3,022,000
(b)
Frontier Communications Holdings LLC
6
.000
01/15/30
3,048,498
2,400,000
(b)
Level 3 Financing Inc
8
.500
01/15/36
2,456,961
365,000
(b)
Telesat Canada / Telesat LLC
5
.625
12/06/26
287,438
7,820,000
(b)
Vmed O2 UK Financing I PLC
4
.250
01/31/31
7,074,724
8,160,000
(b)
Vmed O2 UK Financing I PLC
4
.750
07/15/31
7,456,261
12,897,377
(b)
Zayo Group Holdings Inc
9
.250
03/09/30
12,593,708
3,467,000
(b)
Zayo Group Holdings Inc
13
.750
09/09/30
3,183,191
TOTAL TELECOMMUNICATION SERVICES
54,043,441
TRANSPORTATION - 0.4% (0.2% of Total Investments)
3,025,000
Delta Air Lines Inc
3
.750
10/28/29
2,960,197
2,377,000
(b)
United Airlines Inc
4
.625
04/15/29
2,374,784
TOTAL TRANSPORTATION
5,334,981
UTILITIES - 0.8% (0.5% of Total Investments)
3,060,000
Pacific Gas and Electric Co
4
.550
07/01/30
3,051,573
1
Pacific Gas and Electric Co
4
.500
07/01/40
1
6,028,000
PG&E Corp
5
.000
07/01/28
6,015,212
950,000
PG&E Corp
5
.250
07/01/30
944,243
1,185,000
(b)
Talen Energy Supply LLC
6
.250
02/01/34
1,200,950
TOTAL UTILITIES
11,211,979
TOTAL CORPORATE BONDS
(Cost $190,052,499)
196,808,382
SHARES
DESCRIPTION
VALUE
1,006,000
EXCHANGE-TRADED FUNDS - 0.1% (0.0% of Total Investments)
1,006,000
40,000
Nuveen AA-BBB CLO ETF
1,006,000
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,002,600)
1,006,000
SHARES
DESCRIPTION
RATE
VALUE
1189728
PREFERRED STOCK - 0.1% (0.1% of Total Investments)
1189728
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1% (0.1% of Total
Investments)
584
(d)
Uniti Group Inc
11
.000
616,720
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
616,720
19
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
TRANSPORTATION - 0.0% (0.0% of Total Investments)
9,712
ACBL HLDG CORP
0
.000
%
$
573,008
TOTAL TRANSPORTATION
573,008
TOTAL PREFERRED STOCK
(Cost $881,408)
1,189,728
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1941485340
VARIABLE RATE SENIOR LOAN INTERESTS - 141.6% (84.8% of Total Investments)
1941485340
AUTOMOBILES & COMPONENTS - 1.2% (0.7% of Total Investments)
$
1,030,002
(a)
Adient US LLC, Term Loan B2, (TSFR1M + 2.000%)
5
.672
01/29/31
1,030,403
3,278,583
(a)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6
.172
05/06/30
3,281,157
5,212,440
(a),(e)
Clarios Global LP, Term Loan B, (TBD)
TBD
TBD
5,227,087
6,351,793
(a)
DexKo Global Inc., Term Loan B, (TSFR3M + 3.750%)
7
.678
10/04/28
6,328,768
TOTAL AUTOMOBILES & COMPONENTS
15,867,415
CAPITAL GOODS - 13.4% (8.0% of Total Investments)
8,476,196
(a),(f)
ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)
8
.184
05/17/28
7,298,937
1,100,000
(a),(e)
Aggreko Holdings Inc, (TBD)
TBD
TBD
1,097,079
151,928
(a),(g)
Air Comm Corporation, LLC, Delayed Draw Term Loan
1
.000
12/11/31
152,371
3,116,584
(a)
Air Comm Corporation, LLC, Term Loan, (TSFR3M + 2.750%)
6
.506
12/11/31
3,125,669
2,500,000
(a)
Allison Transmission, Inc., Incremental Term Loan B, (TSFR3M +
1.750%)
5
.450
01/03/33
2,509,687
2,092,000
(a),(e)
American Trailer World Corp, (TBD)
TBD
TBD
1,884,223
2,325,046
(a)
Artera Services, LLC, Term Loan, (TSFR3M + 4.500%)
8
.172
02/10/31
1,883,810
3,298,997
(a)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)
6
.172
01/27/32
3,304,011
2,422,000
(a),(e)
BCPE Empire Holdings Inc, (TBD)
TBD
TBD
2,413,680
393,000
(a),(e)
Bleriot US Bidco Inc., Term Loan B, (TBD)
TBD
TBD
393,527
3,937,679
(a),(f)
Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)
8
.354
08/01/30
3,494,690
2,748,900
(a)
Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)
5
.674
07/09/32
2,753,491
14,622,962
(a)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)
6
.422
09/08/32
14,630,419
1,889,515
(a)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6
.161
03/18/30
1,896,015
2,000,000
(a),(e)
Columbus McKinnon Corp/NY, (TBD)
TBD
TBD
1,990,000
2,325,000
(a)
CompoSecure Holdings LLC, Term Loan, (TSFR1M + 2.250%)
5
.928
01/14/33
2,323,559
2,078,574
(a)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7
.536
05/17/28
1,068,522
3,927,098
(a)
Core & Main LP, Term Loan B, (TSFR3M + 2.000%)
5
.690
07/27/28
3,940,608
965,026
(a)
Cornerstone Building Brands, Inc., Term Loan, (TSFR1M +
5.625%)
9
.305
08/01/28
749,101
5,231,251
(a),(f)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7
.030
04/12/28
4,067,298
5,498,722
(a)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
8
.922
07/08/30
5,420,173
1,147,000
(a),(e)
Dycom Industries Inc, (TBD)
TBD
TBD
1,150,590
3,178,972
(a)
Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)
5
.422
06/04/31
3,186,538
1,413,000
(a),(e)
Gibraltar Industries Inc, (TBD)
TBD
TBD
1,416,532
2,212,000
(a)
Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +
2.750%)
6
.422
09/24/32
2,216,159
1,866,750
(a)
INNIO Group Holding GmbH, First Lien Term Loan B, (TSFR1M
+ 2.250%)
5
.923
11/06/28
1,870,950
1,505,380
(a),(g)
Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M
+ 1.750%)
3
.574
02/26/32
1,506,531
15,884,854
(a)
Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +
2.500%)
6
.433
02/26/32
15,897,006
2,167,000
(a),(e)
Lsf12 Helix Parent LLC, (TBD)
TBD
TBD
2,162,937
6,807,239
(a)
Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)
6
.128
06/21/28
6,818,335
3,554,642
(a)
Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +
2.500%)
6
.174
09/26/31
3,567,971
1,471,055
(a)
MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +
2.750%)
6
.422
03/28/31
1,472,990
2,181,598
(a)
Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)
8
.140
10/15/29
1,428,947
1,124,000
(a)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
9
.228
10/15/29
1,146,132
392,742
(a),(g)
Pinnacle Buyer LLC, Delayed Draw Term Loan
1
.250
10/01/32
393,822
2,037,152
(a)
Pinnacle Buyer LLC, Term Loan, (TSFR1M + 2.500%)
6
.161
10/01/32
2,042,755
7,230,643
(a)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
5
.922
01/31/32
7,238,343
7,814,281
(a)
Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)
5
.922
04/14/31
7,828,385
1,973,222
(a),(e)
QXO Inc, Term Loan B, (TBD)
TBD
TBD
1,979,389
Portfolio of Investments January 31, 2026
(continued)
JFR
20
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS
(continued)
$
3,682,275
(a)
Resideo Funding Inc., Incremental Term Loan, (TSFR3M +
2.000%)
5
.723
%
08/13/32
$
3,684,595
3,750,000
(a),(e)
RESILIENCE PARENT LLC, (TBD)
TBD
TBD
3,750,000
14,036,001
(a),(e)
TK Elevator Midco GmbH, Term Loan B, (TBD)
TBD
TBD
14,087,794
3,054,338
(a)
TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)
6
.172
01/20/32
3,055,941
12,799,114
(a)
TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)
6
.172
02/28/31
12,807,626
4,039,552
(a)
TransDigm, Inc., Term Loan K, (TSFR1M + 2.250%)
5
.922
03/22/30
4,040,562
8,553,563
(a)
TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)
6
.172
08/19/32
8,556,813
4,090,628
(a)
Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)
7
.536
11/20/28
4,121,676
TOTAL CAPITAL GOODS
183,826,189
COMMERCIAL & PROFESSIONAL SERVICES - 10.2% (6.1% of Total Investments)
13,153,538
(a),(e)
Allied Universal Holdco LLC, Term Loan B, (TBD)
TBD
TBD
13,194,050
5,358,788
(a),(f)
Amentum Government Services Holdings LLC, Term Loan B,
(TSFR1M + 2.000%)
5
.672
09/29/31
5,365,486
5,498,841
(a),(e)
Anticimex International AB, Term Loan, (TBD)
TBD
TBD
5,518,472
598,448
(a),(g)
Archkey Solutions LLC, Delayed Draw Term Loan B
4
.250
11/03/31
604,714
5,147,718
(a)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)
7
.922
11/03/31
5,201,614
4,378,987
(a)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7
.286
06/02/28
4,378,089
4,739,849
(a)
Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M
+ 2.500%)
6
.172
10/01/31
4,740,844
2,125,096
(a),(e)
CSC SERVICEWORKS EAST LL, (TBD)
TBD
TBD
2,162,285
17,952,000
(a),(e)
Dayforce Bidco Inc., Term Loan, (TBD)
TBD
TBD
17,491,980
1,425,367
(a)
Dayforce, Inc., Term Loan B, (TSFR3M + 2.000%)
5
.667
03/03/31
1,424,477
3,601,000
(a),(f)
Ensemble RCM LLC, (TSFR1M + 3.000%)
6
.675
01/28/33
3,569,491
3,592,547
(a)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
6
.667
08/01/29
3,567,292
4,879,108
(a)
Garda World Security Corporation, Term Loan B, (TSFR3M +
2.750%)
6
.421
02/01/29
4,879,108
3,891,750
(a)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6
.273
03/03/32
3,898,249
4,833,090
(a),(f)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)
6
.455
07/25/30
4,844,883
2,209,000
(a)
Openlane Inc, Term Loan B, (TSFR3M + 2.500%)
6
.365
10/08/32
2,213,142
6,977,594
(a)
PG Investment Company 59 S.a r.l., Repriced Term Loan B,
(TSFR3M + 2.250%)
5
.922
03/26/31
6,986,944
6,489,598
(a)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR1M + 2.000%)
5
.688
10/15/30
6,485,542
1,496,231
(a)
Prime Security Services Borrower, LLC, Incremental Term Loan
B, (TSFR1M + 1.750%)
5
.438
03/08/32
1,490,934
841,490
(a),(f),(g)
Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan
1
.250
12/16/32
842,891
5,631,510
(a),(f)
Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)
6
.205
12/16/32
5,640,886
5,202,591
(a),(e)
Reverb Buyer, Inc., Steerco Term Loan, (TBD)
TBD
TBD
3,745,866
835,000
(a)
Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +
2.250%)
5
.923
01/15/31
835,392
306,828
(a),(f)
Reworld Holding Corp, First Lien Term Loan C, (TSFR1M +
2.250%)
5
.925
01/15/31
306,955
3,313,960
(a)
Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)
5
.921
11/30/28
3,320,174
1,888,172
(a),(f)
Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)
5
.925
01/15/31
1,888,956
1,160,352
(a)
Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)
7
.267
04/03/28
865,455
3,749,805
(a)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
7
.667
04/12/27
1,187,057
19,457,330
(a),(f)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6
.536
03/27/28
19,545,471
3,306,942
(a)
XPLOR T1 LLC, Term Loan, (TSFR3M + 3.500%)
7
.292
12/01/32
3,249,071
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
139,445,770
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.5% (2.7% of Total
Investments)
803,906
(a)
Academy, Ltd., Term Loan, (TSFR1M + 3.750%)
7
.564
11/08/27
805,791
3,982,739
(a)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)
6
.120
10/16/31
4,000,661
9,516,066
(a),(e)
CNT Holdings I Corp, Term Loan, (TBD)
TBD
TBD
9,518,064
600,000
(a)
Dealer Tire Financial LLC, (TSFR1M + 3.000%)
6
.672
07/02/31
600,999
2,208,704
(a),(f)
Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)
6
.672
06/17/31
2,147,280
3,157,625
(a),(e)
Johnstone Supply LLC, Term Loan B, (TBD)
TBD
TBD
3,162,677
1,142,691
(a)
Kodiak Building Partners Inc., Term Loan B, (TSFR1M + 3.750%)
7
.422
12/04/31
1,125,768
6,989,687
(a),(f)
LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +
3.750%)
7
.521
06/06/31
6,745,747
21
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
$
3,011,981
(a)
Les Schwab Tire Centers, Term Loan B, (TSFR1M + 2.500%)
6
.222
%
04/23/31
$
3,017,644
8,661,191
(a)
Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)
8
.184
04/17/28
8,601,299
2,871,087
(a),(f)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6
.172
03/27/31
2,880,505
1,981,000
(a),(f)
Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)
8
.161
03/17/31
1,985,338
4,009,000
(a)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
7
.671
08/18/32
4,012,508
5,005,495
(a),(f)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6
.286
10/20/28
4,942,351
6,558,057
(a)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6
.172
01/30/31
6,562,352
1,804,162
(a)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
6
.922
10/29/29
1,803,197
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
61,912,181
CONSUMER DURABLES & APPAREL - 3.5% (2.1% of Total Investments)
6,926,368
(a)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
5
.922
12/21/28
6,931,113
17,361,493
(a)
AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR3M +
3.000%)
6
.753
07/31/28
17,387,621
2,127,118
(a),(f)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6
.286
05/30/28
2,139,381
992,481
(a)
Hunter Douglas Inc., Term Loan B, (TSFR3M + 3.000%)
6
.672
01/20/32
991,653
1,388,185
(a)
MajorDrive Holdings IV LLC, Term Loan B, (TSFR3M + 4.000%)
7
.934
06/01/28
1,325,717
106,947
(a)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11
.286
06/29/28
101,118
2,604,614
(a)
Somnigroup International Inc, Term Loan B, (SOFR30A +
2.250%)
5
.900
10/24/31
2,627,404
343,623
(a)
Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M +
2.750%)
6
.422
03/18/30
345,003
5,572,000
(a)
Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)
6
.672
08/26/31
5,578,965
8,980,000
(a),(e)
Weber-Stephen Products LLC, Term Loan B, (TBD)
TBD
TBD
8,990,282
2,278,550
(a)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)
8
.389
02/20/32
2,287,095
TOTAL CONSUMER DURABLES & APPAREL
48,705,352
CONSUMER SERVICES - 13.9% (8.3% of Total Investments)
29,007,408
(a)
101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M
+ 1.750%)
5
.422
09/23/30
28,978,400
704,956
(a)
Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M
+ 2.000%)
5
.667
06/11/31
681,459
2,361,581
(a)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6
.172
05/31/30
2,370,437
3,454,932
(a)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6
.172
08/17/28
3,467,888
10,023,125
(a)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
5
.922
02/06/30
9,982,431
3,930,000
(a)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
5
.922
02/06/31
3,911,333
6,276,356
(a),(e)
Camelot U.S. Acquisition LLC, Term Loan B, (TBD)
TBD
TBD
5,805,630
2,385,000
(a)
Catawba Nation Gaming Authority, Term Loan B, (TSFR3M +
4.750%)
8
.417
03/29/32
2,440,153
6,574,532
(a)
Churchill Downs Incorporated, Incremental Term Loan B1,
(TSFR1M + 1.750%)
5
.422
03/17/28
6,588,930
6,264,500
(a)
Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)
5
.422
09/19/31
6,271,360
2,914,769
(a),(e)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TBD)
TBD
TBD
2,930,567
12,663,602
(a)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
6
.922
01/29/29
12,652,014
23,642,500
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
5
.422
11/29/30
23,648,411
2,475,575
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
5
.672
06/04/32
2,474,535
2,874,709
(a)
GBT US III LLC, Term Loan B, (TSFR3M + 2.000%)
5
.668
07/28/31
2,866,617
6,334,112
(a),(e)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029), (TBD)
TBD
TBD
6,336,582
1,363,150
(a)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 2.500%)
5
.422
05/27/32
1,368,773
10,242,367
(a)
Hilton Domestic Operating Company, Inc., Term Loan B4,
(TSFR1M + 1.750%)
5
.423
11/08/30
10,306,382
2,159,552
(a)
Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +
2.000%)
5
.672
08/02/28
2,158,397
18,725,798
(a),(f)
IRB Holding Corp, Term Loan B, (TSFR1M + 2.500%)
6
.172
12/16/30
18,749,205
10,682,831
(a)
Light and Wonder International, Inc., Term Loan B, (TSFR1M +
2.000%)
5
.671
04/16/29
10,682,831
4,222,284
(a)
Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)
7
.172
11/30/29
3,624,556
6,147,450
(a)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
6
.652
04/04/29
6,055,269
Portfolio of Investments January 31, 2026
(continued)
JFR
22
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES
(continued)
$
4,369,060
(a)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
5
.672
%
12/04/31
$
4,359,951
12,430,735
(a)
Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)
8
.022
03/06/28
10,124,834
600,000
(a),(e)
Station Casinos LLC, (TBD)
TBD
TBD
601,239
898,500
(a)
TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)
5
.868
11/21/31
901,470
TOTAL CONSUMER SERVICES
190,339,654
ENERGY - 4.6% (2.7% of Total Investments)
3,522,458
(a)
BCP Renaissance Parent LLC, Term Loan B3, (TSFR3M +
2.500%)
6
.172
10/31/28
3,515,414
2,760,000
(a)
EG America LLC, (TSFR1M + 3.250%)
6
.923
01/30/31
2,753,100
2,562,550
(a)
EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)
7
.322
02/07/28
2,565,753
19,000,000
(a),(e)
Freeport LNG Investments LLLP, (TBD)
TBD
TBD
18,964,375
12,282,333
(a)
Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M +
3.000%)
6
.929
11/16/26
12,315,619
5,972,801
(a)
Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M +
3.250%)
6
.918
12/21/28
5,986,987
6,251,000
(a),(f)
New Fortress Energy Inc, Incremental Term Loan B, (TSFR3M +
5.500%)
9
.238
10/30/28
2,506,651
4,875,058
(a),(e)
Oryx Midstream Services Permian Basin LLC, Term Loan B,
(TBD)
TBD
TBD
4,883,516
3,934,455
(a),(f)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.500%)
6
.172
11/17/28
3,939,018
5,122,767
(a)
Traverse Midstream Partners LLC, Term Loan, (TSFR3M +
2.500%)
6
.167
02/16/28
5,136,854
TOTAL ENERGY
62,567,287
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% (0.0% of Total
Investments)
63,069
Office Properties Income Trust
12
.000
05/04/26
64,725
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
64,725
FINANCIAL SERVICES - 1.6% (1.0% of Total Investments)
1,184,020
(a)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
6
.422
07/30/31
1,186,613
2,379,337
(a)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M
+ 3.500%)
7
.172
12/15/28
2,391,234
3,365,000
(a)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)
6
.922
09/13/32
3,375,516
2,595,000
(a)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
5
.410
07/30/32
2,588,785
1,985,000
(a)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 3.000%)
6
.637
01/27/32
1,990,955
4,526,994
(a),(d),(h)
Ditech Holding Corporation, Term Loan
0
.000
06/30/27
453
1,093,763
(a)
Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,
(TSFR1M + 3.000%)
6
.672
03/24/31
1,091,854
1,333,333
(a)
NCR Atleos LLC, Term Loan B, (TSFR3M + 3.000%)
6
.701
04/16/29
1,320,000
1,901,182
(a)
Orion Advisor Solutions, Inc., Repriced Term Loan, (TSFR3M +
3.250%)
6
.921
09/09/30
1,899,404
1,933,000
(a),(e)
Orion US Finco Inc., First Lien Term Loan, (TBD)
TBD
TBD
1,936,431
3,717,996
(a)
WEX Inc., Term Loan B2, (TSFR1M + 1.750%)
5
.422
04/03/28
3,718,739
TOTAL FINANCIAL SERVICES
21,499,984
FOOD, BEVERAGE & TOBACCO - 2.7% (1.6% of Total Investments)
4,796,231
(a)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
6
.786
12/08/28
4,815,224
1,565,818
(a)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 10.822%, PIK 7.000%)
10
.822
09/30/30
641,985
356,048
(a)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 10.822%, PIK 7.000%)
10
.822
09/30/30
306,201
3,638,214
(a)
Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)
6
.422
02/12/31
3,540,109
6,145,000
(a),(e)
Froneri Lux Finco Sarl, Term Loan, (TBD)
TBD
TBD
6,145,461
2,157,224
(a)
Froneri Lux Finco Sarl, Term Loan B4, (TSFR6M + 2.250%)
5
.885
09/30/31
2,156,318
2,316,000
(a)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9
.172
01/24/29
2,309,098
5,844,856
(a)
Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)
6
.602
07/12/29
5,866,775
129,310
(a),(g)
Sauer Brands Inc, Delayed Draw Term Loan
3
.000
02/19/32
129,890
1,363,836
(a)
Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)
6
.667
02/19/32
1,369,946
8,994,952
(a),(f)
Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)
5
.922
03/31/28
9,008,085
23
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FOOD, BEVERAGE & TOBACCO
(continued)
$
1,093,616
(a)
Wayne Sanderson Farms LLC, Repriced Term Loan B, (TSFR1M
+ 2.000%)
5
.677
%
05/21/32
$
1,099,992
TOTAL FOOD, BEVERAGE & TOBACCO
37,389,084
HEALTH CARE EQUIPMENT & SERVICES - 10.9% (6.5% of Total Investments)
2,825,469
(a)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
9
.422
12/23/27
2,754,832
6,696,536
(a),(f)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)
5
.922
09/20/32
6,704,070
4,843,660
(a)
Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +
3.750%)
7
.422
01/15/31
4,886,042
11,192,448
(a)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
7
.772
10/01/27
10,740,049
14,484,366
(a)
Global Medical Response, Inc., Term Loan B, (TSFR3M +
3.500%)
7
.170
09/20/32
14,551,211
2,057,680
(a)
Insulet Corporation, Term Loan, (TSFR1M + 2.000%)
5
.672
08/04/31
2,072,629
6,107,897
(a)
LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +
3.750%)
7
.422
05/19/31
6,114,585
427,000
(a)
LifePoint Health, Inc., Incremental Term Loan B1, (TSFR3M +
3.500%)
7
.152
05/19/31
426,646
3,880,000
(a),(f)
Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)
6
.705
12/17/32
3,901,844
2,696,904
(a)
MedAssets Software Intermediate Holdings, Inc., First Out Term
Loan, (TSFR3M + 4.000%)
7
.695
12/18/28
2,369,514
359,072
(a)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7
.267
11/01/28
80,567
6,411,298
(a)
Medline Borrower, LP, Term Loan B, (TSFR1M + 1.750%)
5
.422
10/23/28
6,434,154
985,500
(a),(f),(g)
National Mentor Holdings, Inc., Delayed Draw Term Loan
6
.000
12/12/30
987,895
2,299,500
(a),(f)
National Mentor Holdings, Inc., First Lien Term Loan B,
(TSFR1M + 6.000%)
9
.672
12/12/30
2,305,088
150,000
(a)
National Mentor Holdings, Inc., Term Loan B, (TSFR1M +
6.000%)
9
.672
12/12/30
150,365
2,714,000
(a)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.750%)
7
.417
08/06/32
2,722,196
5,830,387
(a)
Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)
6
.686
04/23/32
5,837,092
1,828,203
(a),(f)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)
6
.175
03/17/31
1,830,360
14,115,764
(a),(f)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6
.172
02/21/31
14,112,588
6,834,375
(a),(f)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8
.172
06/30/32
6,847,805
1,965,200
(a)
Resonetics, LLC, Repriced Term Loan B, (TSFR3M + 2.750%)
6
.421
06/18/31
1,967,106
411,061
(a)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 3.250%), (cash 9.433%, PIK 1.000%)
5
.217
06/28/28
426,646
9,238,806
(a)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 2.500%), (cash 7.433%, PIK 1.500%)
4
.467
06/28/28
9,000,121
2,664,659
(a)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
7
.672
09/30/30
2,669,416
21,816,631
(a),(e)
Surgery Center Holdings, Inc., Term Loan B, (TBD)
TBD
TBD
21,875,318
10,176,875
(a),(e)
Team Health Holdings, Inc., Term Loan B, (TBD)
TBD
TBD
10,203,131
2,999,118
(a),(f)
Upstream Newco, Inc., Term Loan, (TSFR3M + 4.250%), (cash
7.925%, PIK 1.500%)
7
.918
11/20/29
2,718,926
4,546,536
(a),(e)
Viant Medical Holdings, Inc., Term Loan B, (TBD)
TBD
TBD
4,547,491
1,403,005
(a),(d),(h)
Vyaire Medical Inc, (TSFR3M + 4.750%)
0
.000
04/16/25
140
32,161
(a),(d)
Vyaire Medical Inc
0
.000
06/14/27
3
TOTAL HEALTH CARE EQUIPMENT & SERVICES
149,237,830
HOUSEHOLD & PERSONAL PRODUCTS - 0.2% (0.1% of Total Investments)
2,579,845
(a)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
7
.434
05/16/28
2,590,538
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
2,590,538
INSURANCE - 10.4% (6.2% of Total Investments)
11,043,080
(a)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
6
.672
11/06/30
11,025,135
5,795,475
(a)
Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)
6
.422
05/28/32
5,787,767
19,292,813
(a)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6
.172
09/19/31
19,259,629
3,644,250
(a)
AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.000%)
5
.672
01/30/32
3,641,899
5,193,131
(a),(f)
Asurion LLC, Term Loan B10, (TSFR1M + 4.000%)
7
.772
08/21/28
5,206,114
251,253
(a)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8
.022
08/21/28
251,959
7,960,000
(a)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
7
.922
09/19/30
7,979,900
22,961,987
(a),(f)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)
6
.192
06/16/31
22,866,695
3,630,500
(a),(e)
Evertec Group, LLC, Term Loan B, (TBD)
TBD
TBD
3,641,083
Portfolio of Investments January 31, 2026
(continued)
JFR
24
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE
(continued)
$
20,111,049
(a)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
5
.920
%
06/20/30
$
20,136,590
2,172,244
(a)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
5
.672
09/15/31
2,175,415
9,206,630
(a),(f)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6
.172
07/31/31
9,184,350
1,801,988
(a)
Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +
3.250%)
6
.922
06/17/32
1,794,113
12,554,718
(a)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6
.422
05/06/31
12,542,979
5,757,102
(a),(e)
USI, Inc., Term Loan C, (TBD)
TBD
TBD
5,752,065
10,754,559
(a)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
5
.922
11/23/29
10,756,818
TOTAL INSURANCE
142,002,511
MATERIALS - 6.5% (3.9% of Total Investments)
2,170,097
(a)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
6
.422
08/19/30
2,177,563
4,947,882
(a),(f)
Berlin Packaging LLC, Term Loan B7, (TSFR3M + 3.250%)
6
.916
06/09/31
4,948,723
6,788,000
(a)
BradyPlus Holdings LLC, Term Loan B, (TSFR3M + 3.500%)
7
.172
12/29/32
6,759,694
3,538,750
(a)
Charter NEX US, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6
.188
12/02/30
3,545,137
7,783,125
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
6
.847
04/13/29
7,757,207
12,836,905
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
6
.922
04/01/32
12,788,831
407,947
(a)
ECO Services Operations Corp, Term Loan B, (TSFR3M +
2.000%)
5
.667
06/12/31
408,522
1,446,179
(a)
Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)
7
.172
04/02/32
1,434,609
2,250,000
(a),(e)
Graham Packaging Co Inc, (TBD)
TBD
TBD
2,250,821
2,245,133
(a),(h)
Klockner Pentaplast of America Inc, (TSFR6M + 4.725%)
0
.000
02/09/26
347,996
1,377,161
(a)
Klockner-Pentaplast of America, Inc., PIK DIP New Money Term
Loan, (TSFR6M + 3.000%), (cash 6.675%, PIK 3.000%)
6
.675
08/07/26
1,237,145
2,071,967
(a)
Klockner-Pentaplast of America, Inc., PIK DIP Roll-Up Term
Loan, (TSFR3M + TSFR6M + 4.500%), (cash 9.675%, PIK
6.000%)
9
.675
08/07/26
1,861,310
8,518,413
(a)
Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)
7
.036
04/03/28
8,529,062
637,077
(a)
Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)
6
.917
04/03/28
637,376
5,196,849
(a)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
7
.775
09/15/28
5,208,749
7,774,000
(a)
Qnity Electronics Inc, Term Loan B, (TSFR6M + 2.000%)
5
.698
11/01/32
7,820,178
2,890,000
(a)
Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +
1.750%)
5
.417
10/29/32
2,907,167
4,456,607
(a),(f)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7
.172
04/21/31
4,469,576
12,796,384
(a)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
6
.922
03/03/31
12,149,911
183,904
(a),(g)
USALCO, LLC, Delayed Draw Term Loan
1
.000
09/30/31
183,904
1,767,146
(a)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7
.172
09/30/31
1,767,146
TOTAL MATERIALS
89,190,627
MEDIA & ENTERTAINMENT - 8.7% (5.2% of Total Investments)
3,823,305
(a),(f)
Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +
4.250%)
8
.163
10/28/27
3,244,495
2,362,200
(a)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
7
.797
04/28/28
2,365,152
5,657,005
(a)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
8
.735
10/31/28
5,664,076
9,714,240
(a)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9
.047
05/14/29
9,738,526
11,740,605
(a),(e)
Altice France S.A., Term Loan B14, (TBD)
TBD
TBD
11,941,135
5,849,316
(a)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
10
.675
01/04/29
5,822,614
3,217,173
(a)
Cengage Learning, Inc., Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6
.998
03/24/31
3,218,171
1,449,293
(a),(f)
Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
6
.667
10/30/30
1,440,597
4,742,240
(a),(e)
Cinemark USA, Inc., Term Loan B, (TBD)
TBD
TBD
4,754,522
14,291,052
(a)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
7
.786
08/23/28
14,324,278
4,082,350
(a)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7
.272
06/18/29
3,827,203
11,906,438
(a)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8
.188
12/02/31
11,632,650
4,217,840
(a),(f)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
8
.250
04/15/27
3,776,021
493,655
(a)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9
.540
06/30/28
500,033
25
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
2,478,514
(a)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7
.140
%
11/30/29
$
2,385,570
2,107,000
(a),(e)
Houghton Mifflin Harcourt Co, (TBD)
TBD
TBD
1,895,310
3,890,690
(a),(e)
iHeartCommunications, Inc., Term Loan, (TBD)
TBD
TBD
3,570,778
2,168,517
(a)
McGraw-Hill Global Education Holdings, LLC, First Lien Term
Loan B, (TSFR1M + 2.750%)
6
.422
08/06/31
2,181,734
3,717,000
(a),(f)
NEP Group, Inc., Term Loan B, (TSFR1M + 4.500%)
8
.172
10/17/31
3,416,258
2,587,445
(a)
Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
6
.822
02/10/31
2,593,267
4,299,000
(a),(e)
Radiate Holdco LLC, (TBD)
TBD
TBD
3,717,302
3,509,321
(a)
Sinclair Television Group Inc., Term Loan B6, (TSFR1M +
3.300%)
7
.234
12/31/29
3,044,336
4,393,046
(a),(e)
Sunrise Financing Partnership, Term Loan AAA, (TBD)
TBD
TBD
4,389,246
3,700,000
(a)
Virgin Media Bristol LLC, Term Loan Q, (TSFR1M + 3.250%)
7
.045
01/31/29
3,700,703
282,000
(a)
Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)
7
.052
03/31/31
277,681
6,332,935
(a)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
6
.929
12/11/28
5,857,964
TOTAL MEDIA & ENTERTAINMENT
119,279,622
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3% (4.4% of Total
Investments)
3,241,875
(a)
Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)
7
.172
08/02/32
3,258,084
13,250,215
(a),(e)
Bausch Health Companies Inc., Term Loan B, (TBD)
TBD
TBD
12,952,086
5,100,000
(a),(e)
BioMarin Pharmaceutical Inc, (TBD)
TBD
TBD
5,112,750
3,515,000
(a)
Genmab AS, Term Loan B, (TSFR3M + 3.000%)
6
.733
12/13/32
3,532,258
28,286,000
(a),(e)
HOPPER MERGER SUB INC, (TBD)
TBD
TBD
28,114,587
14,331,422
(a)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
5
.922
05/05/28
14,389,106
4,005,742
(a)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
5
.922
05/19/31
3,890,577
27,810,376
(a)
Parexel International Corporation, Repriced Term Loan B,
(TSFR1M + 2.750%)
6
.422
12/12/31
27,845,139
1,596,677
(a)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
5
.672
04/20/29
1,597,347
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
100,691,934
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% (0.4% of Total Investments)
4,603,300
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M
+ 2.500%)
6
.172
01/31/30
4,632,071
3,284,063
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
6
.422
01/31/30
3,312,814
413,000
(a)
Learning Care Group US No 2 Inc, (TSFR1M + 4.000%)
7
.699
08/11/28
313,880
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
8,258,765
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% (0.4% of Total
Investments)
8,957,976
(a)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6
.411
11/13/31
8,840,403
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
8,840,403
SOFTWARE & SERVICES - 24.8% (14.9% of Total Investments)
5,139,037
(a),(f)
Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.500%)
6
.172
02/03/31
5,068,375
2,770,037
(a),(f)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9
.036
01/22/29
2,773,500
4,925,281
(a)
Avalara, Inc, Term Loan, (TSFR3M + 2.750%)
6
.422
03/29/32
4,839,088
7,348,462
(a)
Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.216%,
PIK 7.500%)
11
.172
08/01/28
6,769,771
4,104,401
(a)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR3M + 2.750%)
6
.417
11/25/31
4,093,709
20,304,044
(a)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
6
.822
07/30/31
19,593,403
1,346,900
(a)
CCC Intelligent Solutions Inc., Term Loan, (TSFR1M + 2.000%)
5
.672
01/23/32
1,338,482
600,000
(a)
Clearwater Analytics, LLC, Term Loan B, (TSFR1M + 2.000%)
5
.673
04/21/32
600,564
2,077,025
(a)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
6
.922
03/24/31
2,019,907
2,196,000
(a),(f)
Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +
3.250%)
6
.922
08/13/32
2,136,521
2,913,991
(a)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
6
.450
03/29/32
2,704,184
7,825,352
(a)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6
.450
05/01/31
7,262,944
876,023
(a),(d)
Cyxtera DC Holdings, Inc., Term Loan B
0
.000
07/16/26
4,818
11,406,530
(a)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
6
.898
10/09/31
11,147,487
Portfolio of Investments January 31, 2026
(continued)
JFR
26
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
$
486,000
(a)
Disco Parent, Inc., Term Loan B, (TSFR3M + 3.000%)
6
.822
%
08/06/32
$
484,177
2,271,678
(a)
Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)
7
.922
06/26/31
2,197,849
9,593,908
(a)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.500%)
6
.172
10/09/29
9,507,563
1,005,000
(a),(e)
EP Purchaser LLC, (TBD)
TBD
TBD
613,050
584,000
(a),(e)
EP Purchaser LLC, (TBD)
TBD
TBD
364,124
21,641,327
(a)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6
.172
05/30/31
21,529,766
3,139,349
(a)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
6
.675
06/27/31
3,088,335
9,263,500
(a)
Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)
5
.422
09/12/29
9,182,444
16,996,862
(a)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6
.172
01/30/32
16,662,279
3,852,934
(a)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
6
.417
12/08/31
3,785,507
6,079,063
(a)
Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.000%)
6
.672
03/22/32
5,872,010
3,155,242
(a)
Marcel LUX IV SARL, Repriced Term Loan, (SOFR30A + 3.000%)
6
.660
11/13/30
3,135,522
15,903,385
(a)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
6
.672
03/01/29
14,134,133
14,298,525
(a)
Mitchell International, Inc., Term Loan, (TSFR1M + 3.000%)
6
.672
06/17/31
14,021,491
8,157,737
(a),(f)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
5
.422
01/31/30
8,051,197
15,452,790
(a),(f)
Peraton Corp., Term Loan B, (TSFR3M + 3.750%)
7
.517
02/01/28
14,303,489
1,002,499
(a)
Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)
8
.422
03/24/31
807,227
2,568,000
(a)
Ping Identity Corporation, Term Loan, (TSFR3M + 2.750%)
6
.625
11/15/32
2,551,950
2,307,592
(a)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
6
.422
11/03/31
2,298,938
7,570,462
(a)
Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +
3.000%)
6
.672
04/30/31
7,580,948
9,240,346
(a)
Proofpoint, Inc., Repriced Term Loan, (TSFR3M + 3.000%)
6
.916
08/31/28
9,191,279
5,755,681
(a)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
10
.045
05/15/28
5,706,671
12,925,101
(a)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
6
.545
05/15/28
3,572,175
8,626,068
(a)
Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)
7
.422
11/28/28
8,267,568
2,880,820
(a)
SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)
5
.672
05/09/31
2,884,090
2,978,996
(a)
Synechron Inc, Term Loan B, (TSFR3M + 3.750%)
7
.572
10/03/31
2,934,311
3,670,661
(a)
Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M +
1.750%)
5
.422
08/31/28
3,379,046
24,774,974
(a)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6
.167
02/10/31
24,212,335
6,884,284
(a)
Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +
4.000%)
7
.928
04/24/28
5,857,665
2,849,785
(a)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
5
.917
04/14/31
2,826,631
1,858,880
(a)
World Wide Technology Holding Co. LLC, Repriced Term Loan
B, (TSFR1M + 2.000%)
5
.672
03/01/30
1,868,174
10,094,000
(e)
X Corp, (TBD)
TBD
TBD
10,464,954
33,261,729
(a),(f)
X Corp., Term Loan, (TSFR3M + 6.500%)
10
.417
10/29/29
33,258,237
8,510,137
(a)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
6
.422
09/28/29
8,314,404
7,097,964
(a)
ZoomInfo LLC, Term Loan B, (TSFR1M + 1.750%)
5
.422
02/28/30
7,009,275
TOTAL SOFTWARE & SERVICES
340,271,567
TECHNOLOGY HARDWARE & EQUIPMENT - 2.8% (1.7% of Total Investments)
475,000
(a)
Delta TopCo, Inc., 2nd Lien Term Loan, (TSFR3M + 5.250%)
8
.921
11/29/30
455,800
15,148,891
(a)
Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)
6
.421
11/30/29
14,797,210
2,522,231
(a)
Ingram Micro Inc., Term Loan, (TSFR1M + 2.250%)
5
.923
09/22/31
2,533,278
1,425,000
(a)
Spectris Plc, Term Loan, (TSFR3M + 2.750%)
6
.490
12/06/32
1,429,460
12,115,089
(a)
Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)
9
.178
08/21/28
11,236,745
487,213
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8
.286
03/05/29
487,138
7,887,482
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8
.286
05/30/30
7,871,865
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
38,811,496
TELECOMMUNICATION SERVICES - 8.2% (4.9% of Total Investments)
598,489
(a),(e)
Cablevision Lightpath LLC, (TBD)
TBD
TBD
598,677
7,600,887
(a)
Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)
5
.922
11/24/28
7,589,029
3,560,818
(a)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8
.172
09/28/29
3,556,367
13,134,000
(a),(f)
Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +
TSFR3M + 4.250%)
7
.942
04/03/31
12,041,317
6,289,000
(a)
Digicel International Finance Limited, Term Loan B, (TSFR3M +
5.250%)
9
.023
08/09/32
6,320,445
27
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES
(continued)
$
2,356,000
(a)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
5
.922
%
09/20/30
$
2,241,569
9,939,000
(a),(f)
Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M +
3.250%)
6
.922
03/29/32
9,966,332
4,420,676
(a),(f)
Lumen Technologies, Inc., Extended Term Loan B1, (TSFR1M +
2.350%)
6
.136
04/16/29
4,416,542
13,598,544
(a),(e)
Lumen Technologies, Inc., Extended Term Loan B2, (TBD)
TBD
TBD
13,585,830
6,837,885
(a)
Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)
9
.716
06/01/28
6,876,349
8,181,000
(a)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
6
.834
12/07/26
6,503,895
5,143,000
(a)
Windstream Services LLC, Term Loan B, (TSFR1M + 4.000%)
7
.672
10/06/32
5,155,858
34,292,902
(a),(f)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 1.750%)
3
.643
03/11/30
33,066,416
TOTAL TELECOMMUNICATION SERVICES
111,918,626
TRANSPORTATION - 2.3% (1.4% of Total Investments)
505,988
(a)
Air Canada, Term Loan B, (TSFR3M + 1.750%)
5
.417
03/21/31
506,873
4,874,706
(a),(f)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
5
.918
04/20/28
4,884,869
3,996,698
(a),(f)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.500%)
6
.208
07/01/31
4,002,533
6,304,869
(a)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6
.172
07/01/31
6,322,207
2,622,678
(a)
First Student Bidco Inc, Term Loan B, (TSFR3M + 2.500%)
6
.172
08/15/30
2,623,229
479,885
(a)
First Student Bidco Inc, Term Loan C, (TSFR3M + 2.500%)
6
.172
08/15/30
479,585
3,594,421
(a)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6
.172
09/23/31
3,600,747
2,463,335
(a)
PODS, LLC, Term Loan B, (TSFR1M + 3.000%)
6
.786
03/31/28
2,451,019
4,350,000
(a)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)
5
.917
04/09/32
4,350,914
2,903,312
(a)
United Airlines, Inc., First Lien Term Loan B, (TSFR1M + 2.000%)
5
.673
02/24/31
2,911,775
TOTAL TRANSPORTATION
32,133,751
UTILITIES - 2.7% (1.6% of Total Investments)
2,486,227
(a)
Constellation Renewables, LLC, Term Loan, (TSFR3M + 2.000%)
5
.822
12/15/27
2,492,058
2,994,758
(a),(e)
Cornerstone Generation LLC, (TBD)
TBD
TBD
3,021,591
600,000
(a),(e)
Hamilton Projects Acquiror, LLC , Repriced Term Loan B, (TBD)
TBD
TBD
603,963
1,941,254
(a)
Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +
2.750%)
6
.410
05/06/32
1,965,112
122,500
(a)
Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +
2.750%)
6
.410
05/06/32
124,006
2,425,158
(a)
NRG Energy, Inc., Term Loan, (TSFR1M + TSFR3M + 1.750%)
5
.522
04/16/31
2,430,918
9,068,400
(a)
Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M
+ 2.500%)
6
.353
12/15/31
9,086,854
11,042,050
(a)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6
.353
05/17/30
11,061,760
5,845,000
(a)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.000%)
5
.672
11/26/32
5,853,767
TOTAL UTILITIES
36,640,029
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $1,954,728,278)
1,941,485,340
SHARES
DESCRIPTION
VALUE
677867
WARRANTS - 0.0% (0.0% of Total Investments)
677867
TELECOMMUNICATION SERVICES - 0.0% (0.0% of Total Investments)
17,849
Windstream Parent Inc
148,325
TOTAL TELECOMMUNICATION SERVICES
148,325
TRANSPORTATION - 0.0% (0.0% of Total Investments)
2,411
ACBL HLDG CORP
96,440
6,822
ACBL HLDG CORP
402,498
26,910
(d)
American Commercial Barge Line LLC
6,727
68,220
(d)
American Commercial Barge Line LLC
23,877
TOTAL TRANSPORTATION
529,542
TOTAL WARRANTS
(Cost $653,019)
677,867
TOTAL LONG-TERM INVESTMENTS
(Cost $2,192,976,125)
2,161,258,634
Portfolio of Investments January 31, 2026
(continued)
JFR
28
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS - 9.4%(5.6% of Total Investments)
INVESTMENT COMPANIES - 9.4% (5.6% of Total Investments)
-
127,942,965
BlackRock Liquidity Funds T-Fund
4.517(i)
$
127,942,965
TOTAL INVESTMENT COMPANIES
(Cost $127,942,965)
127,942,965
TOTAL SHORT-TERM INVESTMENTS
(Cost $127,942,965)
127,942,965
TOTAL INVESTMENTS - 167.0%
(Cost $2,320,919,090)
2,289,201,599
BORROWINGS - (37.7)% (j),(k)
(
517,200,000
)
TFP SHARES, NET - (20.7)%(l)
(
284,011,667
)
OTHER ASSETS & LIABILITIES, NET - (8.6)%
(
116,895,341
)
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
1,371,094,591
ETF
Exchange-Traded Fund
LIBOR
London Inter-Bank Offered Rate
M
Month
PIK
Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
SOFR30A
30 Day Average Secured Overnight Financing Rate
SOFR90A
90 Day Average Secured Overnight Financing Rate
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior
to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon
rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the
final coupon rate and maturity date.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
(a)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(b)
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 fiscal period, the aggregate value of these securities is $143,529,711 or 6.3% of Total Investments.
(c)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(d)
For fair value measurement disclosure purposes, investment classified as Level 3.
(e)
When-issued or delayed delivery security.
(f)
Portion of investment purchased on a delayed delivery basis.
(g)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(h)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(i)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
(j)
Borrowings as a percentage of Total Investments is 22.6%.
(k)
The Fund segregates 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.
(l)
TFP Shares, Net as a percentage of Total Investments is 12.4%.
29
Portfolio of Investments January 31, 2026
JQC
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 156.8% (93.9% of Total Investments)
ASSET-BACKED SECURITIES - 6.2% (3.7% of Total Investments)
-
$
4,500,000
(a),(b)
AIMCO CLO 10 Ltd, Series 2019 10A, (TSFR3M + 4.250%)
7.919
%
07/22/37
$
4,522,815
1,500,000
(a),(b)
Allegany Park CLO Ltd, Series 2019 1A, (TSFR3M + 6.400%)
10.068
01/20/35
1,476,301
1,500,000
(a),(b)
Allegro CLO XIII Ltd, Series 2021 1A, (TSFR3M + 6.300%)
9.968
07/20/38
1,515,862
750,000
(a),(b)
Ares LXIII CLO Ltd, Series 2022 63A, (TSFR3M + 6.000%)
9.672
10/15/38
749,844
1,000,000
(a),(b)
Ares XXXIV CLO Ltd, Series 2015 2A, (TSFR3M + 5.500%)
9.168
07/17/38
1,015,375
2,250,000
(a),(b)
Carlyle US CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +
3.100%)
6.768
07/25/36
2,263,896
963,000
(a),(b)
Carlyle US CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +
6.750%)
11.376
07/25/36
973,994
1,000,000
(a),(b)
CIFC Funding 2020-I Ltd, Series 2020 1A, (TSFR3M + 6.512%)
10.184
07/15/36
1,005,168
2,500,000
(a),(b)
CIFC Funding 2021-I Ltd, Series 2021 1A, (TSFR3M + 6.000%)
9.668
07/25/37
2,523,438
1,250,000
(a),(b)
CIFC Funding 2021-IV Ltd, Series 2021 4A, (TSFR3M + 6.200%)
9.871
07/23/37
1,267,997
6,700,000
(a),(b)
Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 6.450%)
10.118
04/18/37
6,781,586
2,000,000
(a),(b)
Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 3.600%)
7.268
04/18/37
2,002,852
1,000,000
(a),(b)
Invesco US CLO 2023-1 Ltd, Series 2023 1A, (TSFR3M +
6.900%)
10.569
04/22/37
1,006,909
4,000,000
(a),(b)
KKR CLO 32 Ltd, Series 2024 32A, (TSFR3M + 5.300%)
8.972
04/15/37
4,026,580
4,000,000
(a),(b)
KKR CLO 40 Ltd, Series E 40A, (TSFR3M + 7.250%)
10.918
10/20/34
3,812,412
3,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 24 Ltd, Series 2017
24A, (TSFR3M + 7.000%)
10.670
10/19/38
3,055,482
4,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 55 Ltd, Series 2024
55A, (TSFR3M + 6.500%)
10.169
04/22/38
4,044,172
1,500,000
(a),(b)
Neuberger Berman Loan Advisers LaSalle Street Lending CLO
II Ltd, Series 2024 2A, (TSFR3M + 7.500%)
11.168
04/20/38
1,520,871
2,000,000
(a),(b)
OHA Credit Partners XV Ltd, Series 2017 15A, (TSFR3M +
4.500%)
8.168
04/20/37
2,014,640
2,500,000
(a),(b)
RAD CLO 24 Ltd, Series 2024 24A, (TSFR3M + 6.500%)
10.168
07/20/37
2,527,113
1,300,000
(a),(b)
REESE PARK CLO LTD, Series 2020 1A, (TSFR3M + 6.000%)
9.672
01/15/38
1,281,805
1,500,000
(a),(b)
Sixth Street CLO XXV Ltd, Series 2024 25A, (TSFR3M + 6.000%)
9.668
07/24/37
1,524,228
TOTAL ASSET-BACKED SECURITIES
(Cost $50,690,016)
50,913,340
SHARES
DESCRIPTION
VALUE
6480108
COMMON STOCKS - 0.8% (0.5% of Total Investments)
6480108
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% (0.0% of Total
Investments)
196
(c),(d)
Belk, Inc
1,568
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
1,568
CONSUMER SERVICES - 0.6% (0.4% of Total Investments)
41,905
(d)
Cengage Learning Holdings II, Inc
796,195
223,142
(d)
Crown Finance US, Inc
3,616,685
TOTAL CONSUMER SERVICES
4,412,880
HEALTH CARE EQUIPMENT & SERVICES - 0.0% (0.0% of Total Investments)
242,758
(d)
Onex Carestream Finance LP
121,379
TOTAL HEALTH CARE EQUIPMENT & SERVICES
121,379
MATERIALS - 0.0% (0.0% of Total Investments)
89
LyondellBasell Industries NV, Class A
4,361
TOTAL MATERIALS
4,361
MEDIA & ENTERTAINMENT - 0.0% (0.0% of Total Investments)
10,159
(d)
Catalina Marketing Corp
304,770
1,225
(d)
Crown Finance US, Inc
19,855
TOTAL MEDIA & ENTERTAINMENT
324,625
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% (0.0% of Total
Investments)
39,129
(d)
Bright Bidco BV
13,695
28,645
(d)
Bright Bidco BV
10,026
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
23,721
Portfolio of Investments January 31, 2026
(continued)
JQC
30
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% (0.0% of Total Investments)
1,069
(d)
MLN US Holdco LLC
$
54
43,238
(d)
Riverbed Technology LLC
432
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
486
TELECOMMUNICATION SERVICES - 0.2% (0.1% of Total Investments)
84,538
(d)
Altice France Lux 3
1,591,088
TOTAL TELECOMMUNICATION SERVICES
1,591,088
TOTAL COMMON STOCKS
(Cost $21,220,749)
6,480,108
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
221550573
CORPORATE BONDS - 27.3% (16.3% of Total Investments)
221550573
AUTOMOBILES & COMPONENTS - 0.6% (0.4% of Total Investments)
$
2,000,000
(b)
Dornoch Debt Merger Sub Inc
6.625
%
10/15/29
1,780,904
3,000,000
(e)
Ford Motor Credit Co LLC
7.200
06/10/30
3,227,270
TOTAL AUTOMOBILES & COMPONENTS
5,008,174
CAPITAL GOODS - 2.5% (1.5% of Total Investments)
5,997,000
(b),(e)
Camelot Return Merger Sub Inc
8.750
08/01/28
4,661,789
2,000,000
(b)
Chart Industries Inc
7.500
01/01/30
2,080,930
2,000,000
(b)
EMRLD Borrower LP / Emerald Co-Issuer Inc
6.625
12/15/30
2,070,154
3,000,000
(b)
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC
6.750
04/01/32
3,081,189
2,963,000
(e)
TransDigm Inc
4.625
01/15/29
2,945,090
3,000,000
(b)
TransDigm Inc
6.000
01/15/33
3,056,679
2,000,000
(b),(e)
Windsor Holdings III LLC
8.500
06/15/30
2,107,476
TOTAL CAPITAL GOODS
20,003,307
COMMERCIAL & PROFESSIONAL SERVICES - 0.9% (0.5% of Total Investments)
3,000,000
(b),(e)
Allied Universal Holdco LLC
7.875
02/15/31
3,157,269
1,500,000
(b)
Allied Universal Holdco LLC/Allied Universal Finance Corp/
Atlas Luxco 4 Sarl
4.625
06/01/28
1,482,393
2,500,000
(b),(e)
Prime Security Services Borrower LLC / Prime Finance Inc
3.375
08/31/27
2,448,837
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
7,088,499
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.4% (0.8% of Total
Investments)
3,900,000
(b),(e)
Academy Ltd
6.000
11/15/27
3,905,956
1,500,000
(b)
Carvana Co
9.000
06/01/30
1,564,042
3,945,000
(b),(e)
Michaels Cos Inc/The
7.875
05/01/29
3,843,647
1,850,000
(b)
Wand NewCo 3 Inc
7.625
01/30/32
1,945,179
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
11,258,824
CONSUMER SERVICES - 1.3% (0.8% of Total Investments)
6,617,000
(b),(e)
1011778 BC ULC / New Red Finance Inc
4.000
10/15/30
6,313,454
1,193,000
(b),(e)
1011778 BC ULC / New Red Finance Inc
3.500
02/15/29
1,149,723
3,000,000
(b),(e)
Caesars Entertainment Inc
6.500
02/15/32
3,067,575
500,000
(b)
Premier Entertainment Sub LLC / Premier Entertainment
Finance Corp
5.625
09/01/29
369,212
TOTAL CONSUMER SERVICES
10,899,964
ENERGY - 1.7% (1.0% of Total Investments)
900,610
(b)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
924,180
5,000,000
(b),(e)
DT Midstream Inc
4.375
06/15/31
4,902,088
1,000,000
(b)
eG Global Finance PLC
12.000
11/30/28
1,082,381
2,000,000
(e)
Expand Energy Corp
4.750
02/01/32
1,981,697
3,201,000
(b),(e)
Hilcorp Energy I LP / Hilcorp Finance Co
6.250
11/01/28
3,227,280
2,000,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
1,997,049
TOTAL ENERGY
14,114,675
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.3% (0.7% of Total
Investments)
5,250,000
(e)
American Tower Corp
2.950
01/15/51
3,340,280
2,000,000
(e)
Crown Castle Inc
2.250
01/15/31
1,788,798
3,290,000
(b)
Office Properties Income Trust
9.000
03/31/29
3,365,341
2,000,000
(b)
Office Properties Income Trust
9.000
09/30/29
1,690,000
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
10,184,419
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES - 0.1% (0.1% of Total Investments)
$
1,000,000
(b),(e)
LPL Holdings Inc
4.625
%
11/15/27
$
995,339
TOTAL FINANCIAL SERVICES
995,339
FOOD, BEVERAGE & TOBACCO - 0.1% (0.1% of Total Investments)
691,000
(b)
Froneri Lux FinCo SARL
6.000
08/01/32
699,721
TOTAL FOOD, BEVERAGE & TOBACCO
699,721
HEALTH CARE EQUIPMENT & SERVICES - 1.6% (1.0% of Total Investments)
1,975,000
(b),(e)
Medline Borrower LP
3.875
04/01/29
1,930,998
5,970,101
(b)
Team Health Holdings Inc, (cash 8.166%, PIK 4.500%)
9.000
06/30/28
6,311,233
1,285,000
(b)
Team Health Holdings Inc
8.375
06/30/28
1,300,638
3,849,000
(e)
Tenet Healthcare Corp
6.125
10/01/28
3,852,945
TOTAL HEALTH CARE EQUIPMENT & SERVICES
13,395,814
INSURANCE - 1.5% (0.9% of Total Investments)
625,000
(b),(e)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4.250
10/15/27
617,281
2,175,000
(b),(e)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750
04/15/28
2,210,986
6,000,000
(b),(e)
HUB International Ltd
7.250
06/15/30
6,260,124
3,000,000
(b)
Panther Escrow Issuer LLC
7.125
06/01/31
3,089,778
TOTAL INSURANCE
12,178,169
MATERIALS - 2.2% (1.3% of Total Investments)
3,500,000
(b),(e)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
4.000
09/01/29
3,324,660
6,425,000
(e)
Ball Corp
6.000
06/15/29
6,615,285
3,000,000
(b),(e)
Clydesdale Acquisition Holdings Inc
6.875
01/15/30
3,039,000
5,000,000
(b),(e)
Novelis Corp
4.750
01/30/30
4,846,650
TOTAL MATERIALS
17,825,595
MEDIA & ENTERTAINMENT - 2.1% (1.2% of Total Investments)
1,500,000
(b)
Advantage Sales & Marketing Inc
6.500
11/15/28
1,272,000
7,000,000
(e)
Charter Communications Operating LLC / Charter
Communications Operating Capital
3.500
03/01/42
4,860,624
591,897
(b)
iHeartCommunications Inc
9.125
05/01/29
559,343
5,299,000
(b),(e)
McGraw-Hill Education Inc
5.750
08/01/28
5,322,485
1,000,000
(b)
Scripps Escrow II Inc
3.875
01/15/29
922,905
1,000,000
(b)
Sinclair Television Group Inc
8.125
02/15/33
1,034,420
2,000,000
(b)
Virgin Media Secured Finance PLC
5.500
05/15/29
1,972,623
801,000
(b)
VZ Secured Financing BV
5.000
01/15/32
723,269
TOTAL MEDIA & ENTERTAINMENT
16,667,669
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5% (0.3% of Total
Investments)
713,000
(b)
1261229 BC Ltd
10.000
04/15/32
731,721
2,000,000
(e)
Amgen Inc
3.150
02/21/40
1,576,049
2,400,000
(b)
Bausch Health Cos Inc
5.250
02/15/31
1,572,000
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
3,879,770
SOFTWARE & SERVICES - 1.4% (0.8% of Total Investments)
1,189,000
(b)
Cloud Software Group Inc
8.250
06/30/32
1,209,312
1,185,000
(b)
Open Text Holdings Inc
4.125
12/01/31
1,064,568
3,666,485
(b)
Rackspace Finance LLC
3.500
05/15/28
953,286
6,750,000
(b),(e)
Rocket Software Inc
9.000
11/28/28
6,733,150
1,500,000
(b),(e)
SS&C Technologies Inc
5.500
09/30/27
1,498,702
TOTAL SOFTWARE & SERVICES
11,459,018
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% (0.1% of Total Investments)
875,000
(b)
Viasat Inc
7.500
05/30/31
849,715
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
849,715
TELECOMMUNICATION SERVICES - 5.5% (3.3% of Total Investments)
1,673,644
(b)
Altice France SA
6.875
07/15/32
1,634,385
1,298,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
1,321,024
4,654,000
(e)
EchoStar Corp
10.750
11/30/29
5,101,808
2,000,000
(e)
Frontier Communications Holdings LLC
5.875
11/01/29
2,018,200
1,978,000
(b),(e)
Frontier Communications Holdings LLC
6.000
01/15/30
1,995,344
1,500,000
(b)
Frontier Communications Holdings LLC
8.625
03/15/31
1,568,244
1,500,000
(b),(e)
Holdco II SAS
7.000
10/15/28
1,517,218
1,440,000
(b)
Level 3 Financing Inc
8.500
01/15/36
1,474,177
Portfolio of Investments January 31, 2026
(continued)
JQC
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES
(continued)
$
220,000
(b)
Telesat Canada / Telesat LLC
5.625
%
12/06/26
$
173,250
4,000,000
(e)
T-Mobile USA Inc
3.500
04/15/31
3,820,551
5,180,000
(b),(e)
Vmed O2 UK Financing I PLC
4.250
01/31/31
4,686,326
10,585,514
(b)
Zayo Group Holdings Inc
9.250
03/09/30
10,336,278
2,601,000
(b)
Zayo Group Holdings Inc
13.750
09/09/30
2,388,082
6,995,000
(b),(e)
Ziggo BV
4.875
01/15/30
6,603,730
TOTAL TELECOMMUNICATION SERVICES
44,638,617
TRANSPORTATION - 0.4% (0.3% of Total Investments)
1,975,000
(e)
Delta Air Lines Inc
3.750
10/28/29
1,932,691
1,623,000
(b),(e)
United Airlines Inc
4.625
04/15/29
1,621,487
TOTAL TRANSPORTATION
3,554,178
UTILITIES - 2.1% (1.2% of Total Investments)
1,940,000
(e)
Pacific Gas and Electric Co
4.550
07/01/30
1,934,657
2,000,000
(e)
Pacific Gas and Electric Co
4.500
07/01/40
1,740,104
6,318,000
(e)
PG&E Corp
5.000
07/01/28
6,304,596
3,000,000
(e)
PG&E Corp
5.250
07/01/30
2,981,822
3,000,000
(b)
Talen Energy Supply LLC
8.625
06/01/30
3,165,330
713,000
(b)
Talen Energy Supply LLC
6.250
02/01/34
722,597
TOTAL UTILITIES
16,849,106
TOTAL CORPORATE BONDS
(Cost $213,545,267)
221,550,573
SHARES
DESCRIPTION
VALUE
1,006,000
EXCHANGE-TRADED FUNDS - 0.1% (0.1% of Total Investments)
1,006,000
40,000
Nuveen AA-BBB CLO ETF
1,006,000
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,002,600)
1,006,000
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
994438155
VARIABLE RATE SENIOR LOAN INTERESTS - 122.4% (73.3% of Total Investments)
994438155
AUTOMOBILES & COMPONENTS - 0.9% (0.6% of Total Investments)
3,887,972
(a)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6.172
05/06/30
3,891,024
2,120,312
(a),(f)
Clarios Global LP, Term Loan B, (TBD)
TBD
TBD
2,126,271
1,520,155
(a)
DexKo Global Inc., Term Loan B, (TSFR3M + 3.750%)
7.678
10/04/28
1,514,644
TOTAL AUTOMOBILES & COMPONENTS
7,531,939
CAPITAL GOODS - 12.4% (7.4% of Total Investments)
6,237,207
(a),(g)
ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)
8.184
05/17/28
5,370,921
800,000
(a),(f)
Aggreko Holdings Inc, (TBD)
TBD
TBD
797,876
92,390
(a),(h)
Air Comm Corporation, LLC, Delayed Draw Term Loan
1.000
12/11/31
92,659
1,895,246
(a)
Air Comm Corporation, LLC, Term Loan, (TSFR3M + 2.750%)
6.506
12/11/31
1,900,770
820,000
(a)
Allison Transmission, Inc., Incremental Term Loan B, (TSFR3M +
1.750%)
5.450
01/03/33
823,178
1,255,000
(a),(f)
American Trailer World Corp, (TBD)
TBD
TBD
1,130,353
1,328,312
(a)
Artera Services, LLC, Term Loan, (TSFR3M + 4.500%)
8.172
02/10/31
1,076,232
1,512,494
(a)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)
6.172
01/27/32
1,514,793
1,453,000
(a),(f)
BCPE Empire Holdings Inc, (TBD)
TBD
TBD
1,448,009
164,000
(a),(f)
Bleriot US Bidco Inc., Term Loan B, (TBD)
TBD
TBD
164,220
2,259,378
(a),(g)
Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)
8.354
08/01/30
2,005,198
1,724,800
(a)
Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)
5.674
07/09/32
1,727,680
6,279,630
(a)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)
6.422
09/08/32
6,282,832
1,103,624
(a)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6.161
03/18/30
1,107,421
917,000
(a),(f)
Columbus McKinnon Corp/NY, (TBD)
TBD
TBD
912,415
1,462,000
(a)
CompoSecure Holdings LLC, Term Loan, (TSFR1M + 2.250%)
5.928
01/14/33
1,461,094
1,214,156
(a)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7.536
05/17/28
624,155
7,566,163
(a)
Core & Main LP, Term Loan B, (TSFR3M + 2.000%)
5.690
07/27/28
7,592,190
581,005
(a)
Cornerstone Building Brands, Inc., Term Loan, (TSFR1M +
5.625%)
9.305
08/01/28
451,005
2,933,202
(a),(g)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7.030
04/12/28
2,280,564
3,295,367
(a)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
8.922
07/08/30
3,248,293
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS
(continued)
$
618,000
(a),(f)
Dycom Industries Inc, (TBD)
TBD
TBD
$
619,934
1,598,354
(a)
Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)
5.422
%
06/04/31
1,602,158
841,000
(a),(f)
Gibraltar Industries Inc, (TBD)
TBD
TBD
843,103
1,312,000
(a)
Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +
2.750%)
6.422
09/24/32
1,314,467
468,035
(a),(h)
Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M
+ 1.750%)
3.574
02/26/32
468,393
4,938,736
(a),(f)
Kaman Corporation, Term Loan B, (TBD)
TBD
TBD
4,942,514
917,000
(a),(f)
Lsf12 Helix Parent LLC, (TBD)
TBD
TBD
915,281
2,217,921
(a)
Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)
6.128
06/21/28
2,221,536
669,593
(a)
Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +
2.500%)
6.174
09/26/31
672,104
1,337,558
(a)
Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)
8.140
10/15/29
876,100
661,000
(a)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
9.228
10/15/29
674,015
234,677
(a),(h)
Pinnacle Buyer LLC, Delayed Draw Term Loan
1.250
10/01/32
235,323
1,217,272
(a)
Pinnacle Buyer LLC, Term Loan, (TSFR1M + 2.500%)
6.161
10/01/32
1,220,619
2,551,882
(a)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
5.922
01/31/32
2,554,600
8,991,092
(a)
Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)
5.922
04/14/31
9,007,321
1,417,333
(a),(f)
QXO Inc, Term Loan B, (TBD)
TBD
TBD
1,421,763
2,150,238
(a)
Resideo Funding Inc., Incremental Term Loan, (TSFR3M +
2.000%)
5.723
08/13/32
2,151,592
2,280,000
(a),(f)
RESILIENCE PARENT LLC, (TBD)
TBD
TBD
2,280,000
7,757,083
(a),(f)
TK Elevator Midco GmbH, Term Loan B, (TBD)
TBD
TBD
7,785,707
1,221,538
(a)
TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)
6.172
01/20/32
1,222,179
8,084,820
(a)
TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)
6.172
02/28/31
8,090,196
1,911,060
(a)
TransDigm, Inc., Term Loan K, (TSFR1M + 2.250%)
5.922
03/22/30
1,911,538
5,149,095
(a)
TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)
6.172
08/19/32
5,151,052
617,584
(a)
Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)
7.536
11/20/28
622,272
TOTAL CAPITAL GOODS
100,815,625
COMMERCIAL & PROFESSIONAL SERVICES - 8.7% (5.2% of Total Investments)
7,107,812
(a),(f)
Allied Universal Holdco LLC, Term Loan B, (TBD)
TBD
TBD
7,129,705
1,371,363
(a),(g)
Amentum Government Services Holdings LLC, Term Loan B,
(TSFR1M + 2.000%)
5.672
09/29/31
1,373,077
2,541,558
(a),(f)
Anticimex International AB, Term Loan, (TBD)
TBD
TBD
2,550,632
169,138
(a),(h)
Archkey Solutions LLC, Delayed Draw Term Loan B
4.250
11/03/31
170,909
1,454,886
(a)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)
7.922
11/03/31
1,470,119
250,000
(a)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7.286
06/02/28
249,949
2,653,744
(a)
Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M
+ 2.500%)
6.172
10/01/31
2,654,301
1,092,856
(a),(f)
CSC SERVICEWORKS EAST LL, (TBD)
TBD
TBD
1,111,981
2,141,000
(a),(g)
Ensemble RCM LLC, (TSFR1M + 3.000%)
6.675
01/28/33
2,122,266
3,040,249
(a)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
6.667
08/01/29
3,018,876
9,067,409
(a)
Garda World Security Corporation, Term Loan B, (TSFR3M +
2.750%)
6.421
02/01/29
9,067,409
1,048,000
(a)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.273
03/03/32
1,049,750
1,801,463
(a),(g)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)
6.455
07/25/30
1,805,859
1,657,000
(a)
Openlane Inc, Term Loan B, (TSFR3M + 2.500%)
6.365
10/08/32
1,660,107
2,802,410
(a)
PG Investment Company 59 S.a r.l., Repriced Term Loan B,
(TSFR3M + 2.250%)
5.922
03/26/31
2,806,165
1,334,898
(a)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR1M + 2.000%)
5.688
10/15/30
1,334,063
937,638
(a)
Prime Security Services Borrower, LLC, Incremental Term Loan
B, (TSFR1M + 1.750%)
5.438
03/08/32
934,319
489,190
(a),(g),(h)
Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan
1.250
12/16/32
490,005
3,273,810
(a),(g)
Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)
6.205
12/16/32
3,279,261
3,126,941
(a)
Reverb Buyer, Inc., Steerco Term Loan, (TSFR3M + 3.500%)
7.267
11/01/28
2,251,397
485,000
(a)
Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +
2.250%)
5.923
01/15/31
485,228
112,527
(a),(g)
Reworld Holding Corp, First Lien Term Loan C, (TSFR1M +
2.250%)
5.925
01/15/31
112,574
1,731,663
(a)
Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)
5.921
11/30/28
1,734,910
692,473
(a),(g)
Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)
5.925
01/15/31
692,760
Portfolio of Investments January 31, 2026
(continued)
JQC
34
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL & PROFESSIONAL SERVICES
(continued)
$
698,810
(a)
Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)
7.267
%
04/03/28
$
521,211
10,844,000
(a),(f)
United States, (TBD)
TBD
TBD
10,566,122
1,879,262
(a)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
7.667
04/12/27
594,908
7,681,370
(a),(g)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6.536
03/27/28
7,716,167
2,082,981
(a)
XPLOR T1 LLC, Term Loan, (TSFR3M + 3.500%)
7.292
12/01/32
2,046,529
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
71,000,559
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.9% (2.3% of Total
Investments)
375,156
(a)
Academy, Ltd., Term Loan, (TSFR1M + 3.750%)
7.564
11/08/27
376,036
2,614,999
(a)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)
6.120
10/16/31
2,626,767
4,777,333
(a),(f)
CNT Holdings I Corp, Term Loan, (TBD)
TBD
TBD
4,778,336
250,000
(a)
Dealer Tire Financial LLC, (TSFR1M + 3.000%)
6.672
07/02/31
250,416
928,741
(a),(g)
Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)
6.672
06/17/31
902,913
1,365,875
(a),(f)
Johnstone Supply LLC, Term Loan B, (TBD)
TBD
TBD
1,368,060
685,251
(a)
Kodiak Building Partners Inc., Term Loan B, (TSFR1M + 3.750%)
7.422
12/04/31
675,103
2,924,903
(a),(g)
LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +
3.750%)
7.521
06/06/31
2,822,824
1,295,160
(a)
Les Schwab Tire Centers, Term Loan B, (TSFR1M + 2.500%)
6.222
04/23/31
1,297,594
4,974,134
(a)
Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)
8.184
04/17/28
4,939,738
710,796
(a),(g)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.172
03/27/31
713,128
1,193,000
(a),(g)
Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)
8.161
03/17/31
1,195,613
2,004,000
(a)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
7.671
08/18/32
2,005,754
2,950,726
(a),(g)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6.286
10/20/28
2,913,502
3,686,636
(a)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.172
01/30/31
3,689,051
1,150,438
(a)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
6.922
10/29/29
1,149,822
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
31,704,657
CONSUMER DURABLES & APPAREL - 3.7% (2.2% of Total Investments)
3,788,072
(a)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
5.922
12/21/28
3,790,667
8,178,591
(a)
AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR3M +
3.000%)
6.753
07/31/28
8,190,899
7,400,760
(a),(g)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6.286
05/30/28
7,443,425
794,961
(a),(g)
MajorDrive Holdings IV LLC, Term Loan B, (TSFR3M + 4.000%)
7.934
06/01/28
759,188
6,180
(a)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11.286
06/29/28
5,844
1,736,409
(a)
Somnigroup International Inc, Term Loan B, (SOFR30A +
2.250%)
5.900
10/24/31
1,751,603
244,601
(a)
Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M +
2.750%)
6.422
03/18/30
245,583
1,736,275
(a)
Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)
6.672
08/26/31
1,738,445
4,480,000
(a),(f)
Weber-Stephen Products LLC, Term Loan B, (TBD)
TBD
TBD
4,485,130
1,502,450
(a)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)
8.389
02/20/32
1,508,084
TOTAL CONSUMER DURABLES & APPAREL
29,918,868
CONSUMER SERVICES - 12.0% (7.2% of Total Investments)
8,985,374
(a)
101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M
+ 1.750%)
5.422
09/23/30
8,976,389
386,917
(a)
Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M
+ 2.000%)
5.667
06/11/31
374,021
1,866,019
(a)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6.172
05/31/30
1,873,016
3,463,837
(a)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6.172
08/17/28
3,476,826
3,907,003
(a)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
5.922
02/06/30
3,891,141
1,903,594
(a)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
5.922
02/06/31
1,894,552
1,365,860
(a),(f)
Camelot U.S. Acquisition LLC, Term Loan B, (TBD)
TBD
TBD
1,263,421
1,445,000
(a)
Catawba Nation Gaming Authority, Term Loan B, (TSFR3M +
4.750%)
8.417
03/29/32
1,478,416
3,229,902
(a)
Churchill Downs Incorporated, Incremental Term Loan B1,
(TSFR1M + 1.750%)
5.422
03/17/28
3,236,976
3,685,000
(a)
Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)
5.422
09/19/31
3,689,035
35
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES
(continued)
$
3,034,096
(a),(f)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TBD)
TBD
TBD
$
3,050,541
10,500,678
(a)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
6.922
%
01/29/29
10,491,070
9,800,000
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
5.422
11/29/30
9,802,450
2,115,625
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
5.672
06/04/32
2,114,736
1,602,004
(a)
GBT US III LLC, Term Loan B, (TSFR3M + 2.000%)
5.668
07/28/31
1,597,494
3,317,582
(a),(f)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029), (TBD)
TBD
TBD
3,318,876
746,250
(a)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 2.500%)
5.422
05/27/32
749,328
3,231,412
(a)
Hilton Domestic Operating Company, Inc., Term Loan B4,
(TSFR1M + 1.750%)
5.423
11/08/30
3,251,608
1,233,888
(a)
Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +
2.000%)
5.672
08/02/28
1,233,228
10,306,013
(a),(g)
IRB Holding Corp, Term Loan B, (TSFR1M + 2.500%)
6.172
12/16/30
10,318,896
4,608,715
(a)
Light and Wonder International, Inc., Term Loan B, (TSFR1M +
2.000%)
5.671
04/16/29
4,608,715
2,424,762
(a)
Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)
7.172
11/30/29
2,081,501
5,318,267
(a)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
6.652
04/04/29
5,238,519
2,974,679
(a)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
5.672
12/04/31
2,968,477
6,392,653
(a)
Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)
8.022
03/06/28
5,206,816
250,000
(a),(f)
Station Casinos LLC, (TBD)
TBD
TBD
250,516
1,009,185
(a)
TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)
5.868
11/21/31
1,012,520
TOTAL CONSUMER SERVICES
97,449,084
ENERGY - 2.4% (1.4% of Total Investments)
2,250,000
(a)
EG America LLC, (TSFR1M + 3.250%)
6.923
01/30/31
2,244,375
2,404,086
(a)
EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)
7.322
02/07/28
2,407,091
3,500,000
(a),(f)
Freeport LNG Investments LLLP, (TBD)
TBD
TBD
3,493,438
3,551,238
(a)
Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M +
3.000%)
6.929
11/16/26
3,560,862
3,767,000
(a),(g)
New Fortress Energy Inc, Incremental Term Loan B, (TSFR3M +
5.500%)
9.238
10/30/28
1,510,567
3,123,110
(a),(f)
Oryx Midstream Services Permian Basin LLC, Term Loan B,
(TBD)
TBD
TBD
3,128,528
2,689,845
(a),(g)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.500%)
6.172
11/17/28
2,692,965
250,000
(a)
Traverse Midstream Partners LLC, Term Loan, (TSFR3M +
2.500%)
6.167
02/16/28
250,688
TOTAL ENERGY
19,288,514
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% (0.0% of Total
Investments)
36,040
Office Properties Income Trust
12.000
05/04/26
36,986
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
36,986
FINANCIAL SERVICES - 1.6% (1.0% of Total Investments)
746,231
(a)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
6.422
07/30/31
747,866
408,533
(a)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M
+ 3.500%)
7.172
12/15/28
410,575
2,060,000
(a)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)
6.922
09/13/32
2,066,438
3,576,662
(a)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
5.410
07/30/32
3,568,096
1,364,688
(a)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 3.000%)
6.637
01/27/32
1,368,782
3,020,507
(a),(c),(i)
Ditech Holding Corporation, Term Loan
0.000
06/30/27
302
783,263
(a)
Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,
(TSFR1M + 3.000%)
6.672
03/24/31
781,897
1,083,000
(a),(f)
Orion US Finco Inc., First Lien Term Loan, (TBD)
TBD
TBD
1,084,922
2,877,867
(a)
Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%)
5.422
06/24/31
2,883,061
TOTAL FINANCIAL SERVICES
12,911,939
Portfolio of Investments January 31, 2026
(continued)
JQC
36
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FOOD, BEVERAGE & TOBACCO - 2.3% (1.4% of Total Investments)
$
1,933,746
(a)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
6.786
%
12/08/28
$
1,941,404
960,067
(a)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 10.822%, PIK 7.000%)
10.822
09/30/30
393,628
218,328
(a)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 10.822%, PIK 7.000%)
10.822
09/30/30
187,762
4,026,000
(a)
Froneri Lux Finco Sarl, Term Loan, (TSFR6M + 2.250%)
5.881
09/30/32
4,026,302
1,900,638
(a)
Froneri Lux Finco Sarl, Term Loan B4, (TSFR6M + 2.250%)
5.885
09/30/31
1,899,839
1,422,000
(a)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9.172
01/24/29
1,417,762
4,220,267
(a)
Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)
6.602
07/12/29
4,236,093
64,655
(a),(h)
Sauer Brands Inc, Delayed Draw Term Loan
3
.000
02/19/32
64,945
681,918
(a)
Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)
6.667
02/19/32
684,973
3,494,789
(a),(g)
Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)
5.922
03/31/28
3,499,891
656,751
(a)
Wayne Sanderson Farms LLC, Repriced Term Loan B, (TSFR1M
+ 2.000%)
5.677
05/21/32
660,580
TOTAL FOOD, BEVERAGE & TOBACCO
19,013,179
HEALTH CARE EQUIPMENT & SERVICES - 11.2% (6.7% of Total Investments)
792,389
(a)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
9.422
12/23/27
772,579
4,495,646
(a),(g)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)
5.922
09/20/32
4,500,703
2,932,884
(a)
Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +
3.750%)
7.422
01/15/31
2,958,547
6,107,742
(a)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
7.772
10/01/27
5,860,867
12,769,962
(a)
Global Medical Response, Inc., Term Loan B, (TSFR3M +
3.500%)
7.170
09/20/32
12,828,896
4,180,877
(a)
LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +
3.750%)
7.422
05/19/31
4,185,455
256,000
(a)
LifePoint Health, Inc., Incremental Term Loan B1, (TSFR3M +
3.500%)
7.152
05/19/31
255,787
2,346,000
(a),(g)
Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)
6.705
12/17/32
2,359,208
1,111,873
(a)
MedAssets Software Intermediate Holdings, Inc., First Out Term
Loan, (TSFR3M + 4.000%)
7.695
12/18/28
976,898
207,860
(a)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7.267
11/01/28
46,638
4,178,363
(a),(e)
Medline Borrower, LP, Term Loan B, (TSFR1M + 1.750%)
5.422
10/23/28
4,193,259
604,800
(a),(g),(h)
National Mentor Holdings, Inc., Delayed Draw Term Loan
6.000
12/12/30
606,270
1,411,200
(a),(g)
National Mentor Holdings, Inc., First Lien Term Loan B,
(TSFR1M + 6.000%)
9.672
12/12/30
1,414,629
113,000
(a)
National Mentor Holdings, Inc., Term Loan B, (TSFR1M +
6.000%)
9.672
12/12/30
113,275
1,714,000
(a)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.750%)
7.417
08/06/32
1,719,176
3,850,350
(a)
Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)
6.686
04/23/32
3,854,778
780,584
(a),(g)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)
6.175
03/17/31
781,505
10,578,983
(a),(g)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6.172
02/21/31
10,576,602
4,187,133
(a),(g)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8.172
06/30/32
4,195,360
271,040
(a)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 3.250%), (cash 9.433%, PIK 1.000%)
5.217
06/28/28
281,317
4,439,408
(a)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 2.500%), (cash 7.433%, PIK 1.500%)
4.467
06/28/28
4,324,716
1,568,030
(a)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
7.672
09/30/30
1,570,829
11,934,472
(a),(f)
Surgery Center Holdings, Inc., Term Loan B, (TBD)
TBD
TBD
11,966,576
6,269,750
(a),(f)
Team Health Holdings, Inc., Term Loan B, (TBD)
TBD
TBD
6,285,926
1,789,457
(a),(g)
Upstream Newco, Inc., Term Loan, (TSFR3M + 4.250%), (cash
7.925%, PIK 1.500%)
7.918
11/20/29
1,622,277
2,560,264
(a),(f)
Viant Medical Holdings, Inc., Term Loan B, (TBD)
TBD
TBD
2,560,802
TOTAL HEALTH CARE EQUIPMENT & SERVICES
90,812,875
HOUSEHOLD & PERSONAL PRODUCTS - 0.1% (0.1% of Total Investments)
1,166,884
(a)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
7.434
05/16/28
1,171,720
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
1,171,720
37
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE - 9.7% (5.8% of Total Investments)
$
11,079,943
(a)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
6.672
%
11/06/30
$
11,061,938
3,561,075
(a)
Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)
6.422
05/28/32
3,556,339
10,146,775
(a)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.172
09/19/31
10,129,322
2,259,700
(a)
AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.000%)
5.672
01/30/32
2,258,242
3,011,863
(a),(g)
Asurion LLC, Term Loan B10, (TSFR1M + 4.000%)
7.772
08/21/28
3,019,393
164,617
(a)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8.022
08/21/28
165,079
5,423,660
(a)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
7.922
09/19/30
5,437,219
13,998,972
(a),(e),(g)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)
6.192
06/16/31
13,940,877
250,000
(a),(f)
Evertec Group, LLC, Term Loan B, (TBD)
TBD
TBD
250,729
7,326,743
(a)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
5.920
06/20/30
7,336,048
488,219
(a)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
5.672
09/15/31
488,931
4,375,011
(a),(g)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.172
07/31/31
4,364,423
2,993,125
(a)
Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +
3.250%)
6.922
06/17/32
2,980,045
6,183,669
(a)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6.422
05/06/31
6,177,888
1,066,338
(a),(f)
USI, Inc., Term Loan C, (TBD)
TBD
TBD
1,065,405
6,337,823
(a)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
5.922
11/23/29
6,339,154
TOTAL INSURANCE
78,571,032
MATERIALS - 4.7% (2.8% of Total Investments)
706,576
(a)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
6.422
08/19/30
709,007
1,003,069
(a),(g)
Berlin Packaging LLC, Term Loan B7, (TSFR3M + 3.250%)
6.916
06/09/31
1,003,240
3,962,000
(a)
BradyPlus Holdings LLC, Term Loan B, (TSFR3M + 3.500%)
7.172
12/29/32
3,945,478
819,155
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
6.847
04/13/29
816,428
7,441,396
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
6.922
04/01/32
7,413,528
203,973
(a)
ECO Services Operations Corp, Term Loan B, (TSFR3M +
2.000%)
5.667
06/12/31
204,261
931,672
(a)
Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)
7.172
04/02/32
924,218
1,350,000
(a),(f)
Graham Packaging Co Inc, (TBD)
TBD
TBD
1,350,493
1,668,373
(a),(i)
Klockner Pentaplast of America Inc, (TSFR6M + 4.725%)
0.000
02/09/26
258,598
1,023,382
(a)
Klockner-Pentaplast of America, Inc., PIK DIP New Money Term
Loan, (TSFR6M + 3.000%), (cash 6.675%, PIK 3.000%)
6.675
08/07/26
919,335
1,539,700
(a)
Klockner-Pentaplast of America, Inc., PIK DIP Roll-Up Term
Loan, (TSFR3M + TSFR6M + 4.500%), (cash 9.675%, PIK
6.000%)
9.675
08/07/26
1,383,158
5,396,925
(a)
Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)
7.036
04/03/28
5,403,671
475,358
(a)
Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)
6.917
04/03/28
475,581
4,652,000
(a)
Qnity Electronics Inc, Term Loan B, (TSFR6M + 2.000%)
5.698
11/01/32
4,679,633
1,720,000
(a)
Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +
1.750%)
5.417
10/29/32
1,730,217
780,591
(a),(g)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7.172
04/21/31
782,862
5,949,206
(a)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
6.922
03/03/31
5,648,652
46,070
(a),(h)
USALCO, LLC, Delayed Draw Term Loan
1
.000
09/30/31
46,070
442,690
(a)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7.172
09/30/31
442,690
TOTAL MATERIALS
38,137,120
MEDIA & ENTERTAINMENT - 6.9% (4.2% of Total Investments)
1,550,348
(a),(g)
Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +
4.250%)
8.163
10/28/27
1,315,641
2,464,750
(a)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
7.797
04/28/28
2,467,831
485,803
(a)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
8.735
10/31/28
486,410
6,436,297
(a)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9.047
05/14/29
6,452,387
7,117,153
(a),(f)
Altice France S.A., Term Loan B14, (TBD)
TBD
TBD
7,238,714
2,903,336
(a)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
10.675
01/04/29
2,890,082
2,172,035
(a)
Cengage Learning, Inc., Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6.998
03/24/31
2,172,709
250,000
(a),(f)
Century De Buyer LLC, Term Loan B, (TBD)
TBD
TBD
248,500
2,195,548
(a),(f)
Cinemark USA, Inc., Term Loan B, (TBD)
TBD
TBD
2,201,234
Portfolio of Investments January 31, 2026
(continued)
JQC
38
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
4,345,965
(a)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
7.786
%
08/23/28
$
4,356,069
1,375,280
(a)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7.272
06/18/29
1,289,325
5,282,002
(a)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8.188
12/02/31
5,160,543
2,542,256
(a),(g)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
8.250
04/15/27
2,275,955
294,642
(a)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9.540
06/30/28
298,449
844,577
(a)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7.140
11/30/29
812,905
1,262,000
(a),(f)
Houghton Mifflin Harcourt Co, (TBD)
TBD
TBD
1,135,207
2,230,998
(a),(f)
iHeartCommunications, Inc., Term Loan, (TBD)
TBD
TBD
2,047,554
1,458,730
(a)
McGraw-Hill Global Education Holdings, LLC, First Lien Term
Loan B, (TSFR1M + 2.750%)
6.422
08/06/31
1,467,621
2,111,000
(a),(g)
NEP Group, Inc., Term Loan B, (TSFR1M + 4.500%)
8.172
10/17/31
1,940,199
1,953,207
(a)
Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
6.822
02/10/31
1,957,602
2,581,000
(a),(f)
Radiate Holdco LLC, (TBD)
TBD
TBD
2,231,765
2,154,148
(a)
Sinclair Television Group Inc., Term Loan B6, (TSFR1M +
3.300%)
7.234
12/31/29
1,868,723
250,000
(a),(f)
Sunrise Financing Partnership, Term Loan AAA, (TBD)
TBD
TBD
249,784
120,000
(a)
Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)
7.052
03/31/31
118,162
3,809,710
(a)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
6.929
12/11/28
3,523,982
TOTAL MEDIA & ENTERTAINMENT
56,207,353
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1% (4.2% of Total
Investments)
748,125
(a)
Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)
7.172
08/02/32
751,866
8,453,389
(a),(f)
Bausch Health Companies Inc., Term Loan B, (TBD)
TBD
TBD
8,263,187
3,000,000
(a),(f)
BioMarin Pharmaceutical Inc, (TBD)
TBD
TBD
3,007,500
1,860,000
(a)
Genmab AS, Term Loan B, (TSFR3M + 3.000%)
6.733
12/13/32
1,869,133
17,089,000
(a),(f)
HOPPER MERGER SUB INC, (TBD)
TBD
TBD
16,985,441
7,310,593
(a)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
5.922
05/05/28
7,340,018
1,306,742
(a)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
5.922
05/19/31
1,269,173
16,769,658
(a)
Parexel International Corporation, Repriced Term Loan B,
(TSFR1M + 2.750%)
6.422
12/12/31
16,790,620
1,136,723
(a)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
5.672
04/20/29
1,137,200
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
57,414,138
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% (0.4% of Total Investments)
2,241,567
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M
+ 2.500%)
6.172
01/31/30
2,255,577
2,118,750
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
6.422
01/31/30
2,137,300
247,000
(a)
Learning Care Group US No 2 Inc, (TSFR1M + 4.000%)
7.699
08/11/28
187,720
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
4,580,597
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% (0.3% of Total
Investments)
4,603,637
(a)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6.411
11/13/31
4,543,214
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
4,543,214
SOFTWARE & SERVICES - 20.8% (12.4% of Total Investments)
2,218,123
(a),(g)
Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.500%)
6.172
02/03/31
2,187,624
2,158,878
(a),(g)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9.036
01/22/29
2,161,577
2,940,243
(a)
Avalara, Inc, Term Loan, (TSFR3M + 2.750%)
6.422
03/29/32
2,888,789
6,143,925
(a)
Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.216%,
PIK 7.500%)
11.172
08/01/28
5,660,091
2,437,765
(a)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR3M + 2.750%)
6.417
11/25/31
2,431,415
10,742,916
(a)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
6.822
07/30/31
10,366,914
1,255,732
(a)
CCC Intelligent Solutions Inc., Term Loan, (TSFR1M + 2.000%)
5.672
01/23/32
1,247,883
250,000
(a)
Clearwater Analytics, LLC, Term Loan B, (TSFR1M + 2.000%)
5.673
04/21/32
250,235
649,000
(a)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
6.922
03/24/31
631,153
39
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
$
1,399,288
(a),(g)
Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +
3.250%)
6.922
%
08/13/32
$
1,361,388
1,973,479
(a)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
6.450
03/29/32
1,831,389
3,570,730
(a)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6.450
05/01/31
3,314,102
581,141
(a),(c)
Cyxtera DC Holdings, Inc., Term Loan B
0.000
07/16/26
3,196
4,003,545
(a)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
6.898
10/09/31
3,912,625
294,000
(a)
Disco Parent, Inc., Term Loan B, (TSFR3M + 3.000%)
6.822
08/06/32
292,897
435,841
(a)
Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)
7.922
06/26/31
421,676
7,191,237
(a),(e)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.500%)
6.172
10/09/29
7,126,516
602,401
(a),(f)
EP Purchaser LLC, (TBD)
TBD
TBD
367,465
351,000
(a),(f)
EP Purchaser LLC, (TBD)
TBD
TBD
218,848
9,967,083
(a)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.172
05/30/31
9,915,703
2,060,229
(a)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
6.675
06/27/31
2,026,750
2,855,569
(a)
Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)
5.422
09/12/29
2,830,583
6,285,291
(a)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6.172
01/30/32
6,161,565
1,111,614
(a)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
6.417
12/08/31
1,092,161
4,168,500
(a)
Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.000%)
6.672
03/22/32
4,026,521
6,978,437
(a)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
6.672
03/01/29
6,202,086
747,538
(a)
Mitchell International, Inc., Term Loan, (TSFR1M + 3.000%)
6.672
06/17/31
733,054
6,628,503
(a),(g)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
5.422
01/31/30
6,541,935
9,031,165
(a),(g)
Peraton Corp., Term Loan B, (TSFR3M + 3.750%)
7.517
02/01/28
8,359,472
1,570,000
(a)
Ping Identity Corporation, Term Loan, (TSFR3M + 2.750%)
6.625
11/15/32
1,560,187
1,488,769
(a)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
6.422
11/03/31
1,483,186
4,085,443
(a)
Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +
3.000%)
6.672
04/30/31
4,091,101
4,405,807
(a)
Proofpoint, Inc., Repriced Term Loan, (TSFR3M + 3.000%)
6.916
08/31/28
4,382,412
3,466,849
(a)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
10.045
05/15/28
3,437,329
6,514,324
(a)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
6.545
05/15/28
1,800,396
965,203
(a)
Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)
7.422
11/28/28
925,089
2,801,790
(a)
SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)
5.672
05/09/31
2,804,970
1,702,711
(a)
Synechron Inc, Term Loan B, (TSFR3M + 3.750%)
7
.572
10/03/31
1,677,170
4,820,561
(a)
Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M +
1.750%)
5.422
08/31/28
4,437,592
14,898,732
(a),(e)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.167
02/10/31
14,560,382
2,704,114
(a)
Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +
4.000%)
7.928
04/24/28
2,300,863
676,617
(a)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
5.917
04/14/31
671,119
1,312,150
(a)
World Wide Technology Holding Co. LLC, Repriced Term Loan
B, (TSFR1M + 2.000%)
5.672
03/01/30
1,318,711
5,666,000
(f)
X Corp, (TBD)
TBD
TBD
5,874,226
18,068,963
(a),(e),(g)
X Corp., Term Loan, (TSFR3M + 6.500%)
10.417
10/29/29
18,067,065
4,874,207
(a)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
6.422
09/28/29
4,762,100
TOTAL SOFTWARE & SERVICES
168,719,511
TECHNOLOGY HARDWARE & EQUIPMENT - 1.7% (1.0% of Total Investments)
1,181,030
(a)
Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)
6.421
11/30/29
1,153,612
1,298,871
(a)
Ingram Micro Inc., Term Loan, (TSFR1M + 2.250%)
5.923
09/22/31
1,304,561
850,000
(a)
Spectris Plc, Term Loan, (TSFR3M + 2.750%)
6.490
12/06/32
852,660
5,202,521
(a)
Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)
9.178
08/21/28
4,825,338
285,779
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.286
03/05/29
285,735
5,583,162
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.286
05/30/30
5,572,108
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
13,994,014
TELECOMMUNICATION SERVICES - 6.0% (3.6% of Total Investments)
249,370
(a),(f)
Cablevision Lightpath LLC, (TBD)
TBD
TBD
249,449
1,406,368
(a)
Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)
5.922
11/24/28
1,404,174
1,690,098
(a)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8.172
09/28/29
1,687,986
Portfolio of Investments January 31, 2026
(continued)
JQC
40
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES
(continued)
$
7,757,483
(a),(g)
Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +
TSFR3M + 4.250%)
7.942
%
04/03/31
$
7,112,099
3,717,000
(a)
Digicel International Finance Limited, Term Loan B, (TSFR3M +
5.250%)
9.023
08/09/32
3,735,585
1,418,000
(a)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
5.922
09/20/30
1,349,128
2,328,000
(a),(g)
Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M +
3.250%)
6.922
03/29/32
2,334,402
2,560,441
(a),(g)
Lumen Technologies, Inc., Extended Term Loan B1, (TSFR1M +
2.350%)
6.136
04/16/29
2,558,047
3,656,955
(a),(f)
Lumen Technologies, Inc., Extended Term Loan B2, (TBD)
TBD
TBD
3,653,535
4,509,052
(a)
Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)
9.716
06/01/28
4,534,415
4,826,000
(a)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
6.834
12/07/26
3,836,670
2,909,000
(a)
Windstream Services LLC, Term Loan B, (TSFR1M + 4.000%)
7.672
10/06/32
2,916,272
14,170,058
(a),(g)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 1.750%)
3.643
03/11/30
13,663,266
TOTAL TELECOMMUNICATION SERVICES
49,035,028
TRANSPORTATION - 2.2% (1.3% of Total Investments)
505,988
(a)
Air Canada, Term Loan B, (TSFR3M + 1.750%)
5.417
03/21/31
506,873
2,762,480
(a),(g)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
5.918
04/20/28
2,768,239
4,651,083
(a),(g)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.500%)
6
.208
07/01/31
4,657,874
2,143,528
(a)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6.172
07/01/31
2,149,423
2,917,367
(a)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6.172
09/23/31
2,922,502
1,861,606
(a)
PODS, LLC, Term Loan B, (TSFR1M + 3.000%)
6.786
03/31/28
1,852,298
1,500,000
(a)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)
5.917
04/09/32
1,500,315
1,660,074
(a)
WestJet Loyalty LP, Term Loan B, (TSFR3M + 2.750%)
6.422
02/14/31
1,653,326
TOTAL TRANSPORTATION
18,010,850
UTILITIES - 2.9% (1.8% of Total Investments)
2,461,658
(a),(f)
Cornerstone Generation LLC, (TBD)
TBD
TBD
2,483,714
250,000
(a),(f)
Hamilton Projects Acquiror, LLC , Repriced Term Loan B, (TBD)
TBD
TBD
251,651
1,297,471
(a)
Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +
2.750%)
6.410
05/06/32
1,313,417
81,875
(a)
Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +
2.750%)
6.410
05/06/32
82,881
1,492,405
(a)
NRG Energy, Inc., Term Loan, (TSFR1M + TSFR3M + 1.750%)
5.522
04/16/31
1,495,949
6,430,050
(a)
Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M
+ 2.500%)
6.353
12/15/31
6,443,135
7,490,773
(a)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.353
05/17/30
7,504,145
3,691,000
(a)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.000%)
5.672
11/26/32
3,696,536
297,112
(a),(e)
Vistra Operations Company LLC, First Lien Term Loan B3,
(TSFR1M + 1.750%)
5.422
12/20/30
297,925
TOTAL UTILITIES
23,569,353
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $1,000,528,691)
994,438,155
SHARES
DESCRIPTION
VALUE
46
WARRANTS - 0.0% (0.0% of Total Investments)
46
MEDIA & ENTERTAINMENT - 0.0% (0.0% of Total Investments)
4,644
(c)
Tenerity Inc
46
TOTAL MEDIA & ENTERTAINMENT
46
TOTAL WARRANTS
(Cost $1,087,698)
46
TOTAL LONG-TERM INVESTMENTS
(Cost $1,288,075,021)
1,274,388,222
41
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS - 10.2%(6.1% of Total Investments)
INVESTMENT COMPANIES - 10.2% (6.1% of Total Investments)
-
82,579,358
BlackRock Liquidity Funds T-Fund
4.517(j)
$
82,579,358
TOTAL INVESTMENT COMPANIES
(Cost $82,579,358)
82,579,358
TOTAL SHORT-TERM INVESTMENTS
(Cost $82,579,358)
82,579,358
TOTAL INVESTMENTS - 167.0%
(Cost $1,370,654,379)
1,356,967,580
BORROWINGS - (26.0)% (k),(l)
(211,600,000)
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (17.5)%(m)
(142,553,090)
TFP SHARES, NET - (17.2)%(n)
(139,364,423)
OTHER ASSETS & LIABILITIES, NET - (6.3)%
(50,996,911)
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
812,453,156
ETF
Exchange-Traded Fund
PIK
Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
SOFR30A
30 Day Average Secured Overnight Financing Rate
SOFR90A
90 Day Average Secured Overnight Financing Rate
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior
to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon
rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the
final coupon rate and maturity date.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
(a)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(b)
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 fiscal period, the aggregate value of these securities is $213,123,373 or 15.7% of Total Investments.
(c)
For fair value measurement disclosure purposes, investment classified as Level 3.
(d)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(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 fiscal period, investments with a value of $205,081,146 have been pledged as
collateral for reverse repurchase agreements.
(f)
When-issued or delayed delivery security.
(g)
Portion of investment purchased on a delayed delivery basis.
(h)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(i)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(j)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
(k)
Borrowings as a percentage of Total Investments is 15.6%.
(l)
The Fund segregates 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.
(m)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 10.5%.
(n)
TFP Shares, Net as a percentage of Total Investments is 10.3%.
42
Portfolio of Investments January 31, 2026
JPC
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 157.1% (99.6% of Total Investments)
2,940
COMMON STOCKS - 0.0% (0.0% of Total Investments)
2,940
MATERIALS - 0.0% (0.0% of Total Investments)
60
LyondellBasell Industries NV, Class A
$
2,940
TOTAL MATERIALS
2,940
TOTAL COMMON STOCKS
(Cost $0)
2,940
SHARES
DESCRIPTION
RATE
VALUE
22032442
CONVERTIBLE PREFERRED SECURITIES - 0.7% (0.4% of Total Investments)
22032442
BANKS - 0.7% (0.4% of Total Investments)
5,849
Bank of America Corp
7.250
%
7,287,854
11,949
Wells Fargo & Co
7.500
14,744,588
TOTAL BANKS
22,032,442
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $24,885,224)
22,032,442
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
4237279689
CORPORATE BONDS - 141.1% (89.5% of Total Investments) (a)
4237279689
AUTOMOBILES & COMPONENTS - 0.8% (0.5% of Total Investments)
$
16,352,000
(b),(c)
General Motors Financial Co Inc
5.750
N/A
16,258,174
8,914,000
(b),(c)
General Motors Financial Co Inc
5.700
N/A
8,957,626
TOTAL AUTOMOBILES & COMPONENTS
25,215,800
BANKS - 82.5% (52.3% of Total Investments)
5,445,000
(b),(d),(e)
Australia & New Zealand Banking Group Ltd/United Kingdom
6.750
N/A
5,488,462
37,869,000
(b),(e)
Banco Bilbao Vizcaya Argentaria SA
9.375
N/A
42,369,011
20,330,000
(b),(e),(f)
Banco Bilbao Vizcaya Argentaria SA
6.125
N/A
20,575,119
13,800,000
(b),(e),(f)
Banco Bilbao Vizcaya Argentaria SA
7.750
N/A
14,845,736
26,519,800
(b),(d),(e)
Banco Mercantil del Norte SA/Grand Cayman
8.750
N/A
28,697,924
6,440,000
(b),(d),(e)
Banco Mercantil del Norte SA/Grand Cayman
7.500
N/A
6,656,068
3,120,000
(b),(d),(e)
Banco Mercantil del Norte SA/Grand Cayman
7.625
N/A
3,210,386
49,600,000
(b),(e)
Banco Santander SA
9.625
N/A
59,861,149
61,000,000
(b),(e)
Banco Santander SA
8.000
N/A
67,247,437
6,800,000
(b),(c)
Bank of America Corp
6.300
N/A
6,818,401
47,134,000
(b),(c)
Bank of America Corp
6.125
N/A
47,738,399
44,725,000
(b),(c)
Bank of America Corp
6.625
N/A
46,469,991
22,872,000
(b),(c)
Bank of America Corp
6.250
N/A
23,280,282
11,420,000
(b),(c)
Bank of America Corp
4.375
N/A
11,361,278
24,483,000
(c)
Bank of Montreal
7.300
11/26/84
26,119,493
21,308,000
(c)
Bank of Montreal
6.875
11/26/85
21,938,759
8,880,000
(c)
Bank of Montreal
7.700
05/26/84
9,442,699
10,550,000
(c),(f)
Bank of Nova Scotia/The
8.625
10/27/82
11,172,503
15,800,000
(c)
Bank of Nova Scotia/The
6.875
10/27/85
16,223,566
10,625,000
(c),(f)
Bank of Nova Scotia/The
8.000
01/27/84
11,376,070
30,508,000
(b),(e)
Barclays PLC
8.000
N/A
32,614,394
82,251,000
(b),(e),(f)
Barclays PLC
9.625
N/A
93,540,197
11,522,000
(b),(e)
Barclays PLC
7.625
N/A
12,418,181
12,749,000
(b),(d),(e)
BNP Paribas SA
7.375
N/A
13,465,787
56,473,000
(b),(d),(e),(f)
BNP Paribas SA
8.000
N/A
61,522,307
37,327,000
(b),(d),(e)
BNP Paribas SA
8.500
N/A
39,969,528
30,155,000
(b),(d),(e),(f)
BNP Paribas SA
9.250
N/A
32,207,952
42,151,000
(b),(d),(e)
BNP Paribas SA
7.750
N/A
44,769,125
16,286,000
(b),(d),(e)
BNP Paribas SA
7.450
N/A
17,177,431
10,329,000
(c)
Canadian Imperial Bank of Commerce
6.500
07/28/86
10,358,269
19,585,000
(c)
Canadian Imperial Bank of Commerce
7.000
10/28/85
20,348,502
21,630,000
(c)
Canadian Imperial Bank of Commerce
6.950
01/28/85
22,315,152
13,084,000
(b),(c)
Citigroup Inc
6.875
N/A
13,366,042
21,433,000
(b),(c)
Citigroup Inc
6.250
N/A
21,559,626
11,606,000
(b),(c)
Citigroup Inc
7.375
N/A
12,017,754
44,617,000
(b),(c),(g)
Citigroup Inc
7.625
N/A
46,782,932
43
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
38,257,000
(b),(c),(g)
Citigroup Inc
7.125
%
N/A
$
39,595,153
18,072,000
(b),(c),(f)
Citigroup Inc
7.000
N/A
18,922,078
10,825,000
(b),(c)
Citigroup Inc
6.625
N/A
11,022,817
12,700,000
(b),(c)
Citigroup Inc
6.950
N/A
13,082,626
6,409,000
(b),(c),(h)
Citizens Financial Group Inc (TSFR3M + 3.419%)
7.068
N/A
6,378,177
7,000,000
(b),(c),(h)
Citizens Financial Group Inc (TSFR3M + 3.265%)
6.914
N/A
6,998,530
44,807,000
(b),(d),(e),(f)
Credit Agricole SA
7.125
N/A
46,850,423
39,041,000
(b),(d),(e),(g)
Credit Agricole SA
6.700
N/A
39,924,264
16,531,000
(b),(c),(h)
Fifth Third Bancorp (TSFR3M + 3.295%)
6.967
N/A
16,579,618
20,549,000
(b),(c),(f),(h)
First Citizens BancShares Inc/NC (TSFR3M + 4.234%)
7.957
N/A
21,000,749
12,521,000
(b),(c)
First Citizens BancShares Inc/NC
7.000
N/A
12,802,046
67,864,000
(b),(e),(f),(g)
HSBC Holdings PLC
6.950
N/A
71,456,692
37,770,000
(b),(e),(g)
HSBC Holdings PLC
8.000
N/A
39,748,619
12,363,000
(b),(e)
HSBC Holdings PLC
6.500
N/A
12,641,044
13,942,000
(b),(e)
HSBC Holdings PLC
6.950
N/A
14,508,951
22,328,000
(b),(e),(g)
HSBC Holdings PLC
6.875
N/A
23,068,196
23,540,000
(b),(c)
Huntington Bancshares Inc/OH
5.625
N/A
23,927,776
21,012,000
(b),(c)
Huntington Bancshares Inc/OH
6.250
N/A
21,008,340
55,681,000
(b),(e),(f)
ING Groep NV
7.000
N/A
58,260,422
47,335,000
(b),(e)
ING Groep NV, Reg S
7.500
N/A
49,400,560
3,600,000
(c),(f)
JPMorgan Chase & Co
8.750
09/01/30
4,233,158
33,300,000
(b),(c),(g)
JPMorgan Chase & Co
6.500
N/A
34,649,351
13,830,000
(b),(c)
JPMorgan Chase & Co
3.650
N/A
13,817,976
67,326,000
(b),(c),(g)
JPMorgan Chase & Co
6.875
N/A
71,026,102
8,000,000
(c),(f)
KeyCorp Capital III
7.750
07/15/29
8,562,480
53,461,000
(b),(e),(g)
Lloyds Banking Group PLC
8.000
N/A
58,032,129
25,437,000
(b),(e)
Lloyds Banking Group PLC
6.750
N/A
26,458,957
2,395,000
(b),(c)
M&T Bank Corp
5.125
N/A
2,391,216
5,960,000
(b),(c)
M&T Bank Corp
3.500
N/A
5,853,727
10,555,000
(b),(d),(e)
Macquarie Bank Ltd/London
6.125
N/A
10,707,731
70,914,000
(b),(e),(f),(g)
NatWest Group PLC
8.125
N/A
80,150,549
26,710,000
(b),(e)
NatWest Group PLC
7.300
N/A
28,353,146
9,865,000
(b),(d),(e)
Nordea Bank Abp
6.300
N/A
10,085,868
23,618,000
(b),(d),(e)
Nordea Bank Abp
6.750
N/A
24,265,676
39,650,000
(b),(c),(g)
PNC Financial Services Group Inc/The
6.250
N/A
40,951,947
19,180,000
(b),(c)
PNC Financial Services Group Inc/The
6.200
N/A
19,472,975
9,520,000
(b),(c)
PNC Financial Services Group Inc/The
3.400
N/A
9,372,883
7,265,000
(b),(c)
PNC Financial Services Group Inc/The
6.000
N/A
7,311,627
21,448,000
(c)
Royal Bank of Canada
6.750
08/24/85
22,179,870
20,754,000
(c)
Royal Bank of Canada
6.500
05/24/86
20,739,206
36,067,000
(b),(d),(e)
Societe Generale SA
9.375
N/A
38,523,126
9,850,000
(b),(d),(e)
Societe Generale SA
8.500
N/A
10,944,288
31,029,000
(b),(d),(e)
Societe Generale SA
7.125
N/A
30,933,611
41,677,000
(b),(d),(e)
Societe Generale SA
10.000
N/A
46,384,501
24,100,000
(b),(c),(d)
Standard Chartered PLC
7.014
N/A
25,511,609
10,725,000
(b),(d),(e),(g)
Standard Chartered PLC
7.750
N/A
11,169,305
17,919,000
(c)
Toronto-Dominion Bank/The
6.350
10/31/85
18,210,417
34,690,000
(c)
Toronto-Dominion Bank/The
8.125
10/31/82
36,344,678
73,333,000
(b),(c),(g)
Truist Financial Corp
6.669
N/A
73,451,506
8,007,000
(b),(c),(g)
Truist Financial Corp
5.100
N/A
8,059,029
33,839,000
(b),(c),(f)
Wells Fargo & Co
3.900
N/A
33,801,503
32,797,000
(b),(c),(g)
Wells Fargo & Co
7.625
N/A
34,930,248
26,000,000
(c),(f)
Wells Fargo & Co
7.950
11/15/29
29,198,032
56,669,000
(b),(c),(f),(g)
Wells Fargo & Co
6.850
N/A
59,266,963
TOTAL BANKS
2,477,848,383
CAPITAL GOODS - 1.5% (1.0% of Total Investments)
8,660,000
(b),(c)
Air Lease Corp
4.650
N/A
8,617,230
5,325,000
(b),(c)
Air Lease Corp
4.125
N/A
5,275,426
18,086,000
(b),(c)
Air Lease Corp
6.000
N/A
17,410,273
1,960,000
(c),(d)
ILFC E-Capital Trust I
6.270
12/21/65
1,687,140
15,131,000
(c),(d)
ILFC E-Capital Trust II
6.600
12/21/65
13,268,222
TOTAL CAPITAL GOODS
46,258,291
Portfolio of Investments January 31, 2026
(continued)
JPC
44
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY - 8.1% (5.1% of Total Investments)
$
4,043,000
(c)
Enbridge Inc
5.500
%
07/15/77
$
4,041,051
14,823,000
(c)
Enbridge Inc
5.750
07/15/80
15,003,707
19,015,000
(c)
Enbridge Inc
7.625
01/15/83
20,743,350
1,900,000
(c)
Enbridge Inc
8.250
01/15/84
2,030,923
48,218,000
(c)
Enbridge Inc
8.500
01/15/84
55,177,159
2,986,000
(b),(c)
Energy Transfer LP
6.625
N/A
3,021,136
40,246,000
(b),(c)
Energy Transfer LP
7.125
N/A
41,569,409
4,564,000
(b),(c)
Energy Transfer LP
6.500
N/A
4,585,086
5,485,000
(c),(f)
Energy Transfer LP
8.000
05/15/54
5,861,222
21,310,000
(c)
Energy Transfer LP
6.750
02/15/56
21,461,898
8,263,000
(c)
South Bow Canadian Infrastructure Holdings Ltd
7.500
03/01/55
8,734,793
15,985,000
(b),(c),(d)
Sunoco LP
7.875
N/A
16,465,030
4,145,000
(c),(f)
Transcanada Trust
5.875
08/15/76
4,154,844
17,785,000
(c)
Transcanada Trust
5.600
03/07/82
17,705,442
24,210,000
(b),(c),(d)
Venture Global LNG Inc
9.000
N/A
21,298,100
TOTAL ENERGY
241,853,150
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5% (0.3% of Total
Investments)
16,100,000
(c),(d),(f)
Scentre Group Trust 2
5.125
09/24/80
16,206,952
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
16,206,952
FINANCIAL SERVICES - 20.4% (12.9% of Total Investments)
23,817,000
(c),(f)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.950
03/10/55
24,933,063
20,900,000
(c),(f)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.500
01/31/56
21,492,222
12,285,000
(b),(c)
Ally Financial Inc
4.700
N/A
12,210,247
15,739,000
(b),(c),(f)
Ally Financial Inc
4.700
N/A
15,085,979
10,060,000
(b),(c),(d)
American AgCredit Corp
5.250
N/A
9,909,100
5,440,000
(b),(c),(d)
Capital Farm Credit ACA
5.000
N/A
5,419,600
2,410,000
(b),(c)
Capital One Financial Corp
5.500
N/A
2,418,360
17,115,000
(b),(c),(f)
Capital One Financial Corp
3.950
N/A
16,988,436
41,640,000
(b),(c),(g)
Charles Schwab Corp/The
4.000
N/A
41,474,048
2,400,000
(b),(c),(d)
Compeer Financial ACA
4.875
N/A
2,355,120
15,890,000
(b),(c),(d)
Compeer Financial ACA
7.875
N/A
16,346,838
3,989,000
(c),(f)
Corebridge Financial Inc
6.875
12/15/52
4,096,858
12,473,000
(b),(c)
Corebridge Financial Inc
6.875
N/A
12,959,048
27,270,000
(i)
Credit Suisse Group AG
0.000
01/17/72
9,271,800
19,307,000
(i)
Credit Suisse Group AG
7.500
06/11/72
6,564,380
11,045,000
(i)
Credit Suisse Group AG
6.380
02/21/72
3,755,300
19,725,000
(i)
Credit Suisse Group AG
7.250
03/12/72
6,706,500
12,740,000
(i)
Credit Suisse Group AG
7.500
01/17/72
4,331,600
36,400,000
(b),(e)
Deutsche Bank AG, Reg S
8.130
N/A
39,218,707
33,976,000
(b),(c)
Goldman Sachs Group Inc/The
7.500
N/A
35,866,459
3,347,000
(b),(c)
Goldman Sachs Group Inc/The
5.300
N/A
3,352,723
26,003,000
(b),(c),(g)
Goldman Sachs Group Inc/The
6.850
N/A
27,099,500
27,992,000
(b),(c)
Goldman Sachs Group Inc/The
6.125
N/A
28,520,277
35,550,000
(b),(c)
Goldman Sachs Group Inc/The
7.500
N/A
37,602,753
10,200,000
(b),(e)
Julius Baer Group Ltd, Reg S
7.500
N/A
10,673,739
10,116,000
(b),(e)
Nomura Holdings Inc
7.000
N/A
10,509,654
18,445,000
(b),(c)
State Street Corp
6.700
N/A
19,132,224
7,781,000
(b),(d),(e)
UBS Group AG
7.000
N/A
7,908,251
53,767,000
(b),(d),(e),(g)
UBS Group AG
9.250
N/A
62,884,789
35,350,000
(b),(d),(e)
UBS Group AG
9.250
N/A
38,594,474
41,104,000
(b),(d),(e)
UBS Group AG
7.750
N/A
44,075,860
29,627,000
(b),(c)
Voya Financial Inc
7.758
N/A
31,260,692
TOTAL FINANCIAL SERVICES
613,018,601
FOOD, BEVERAGE & TOBACCO - 2.4% (1.5% of Total Investments)
12,605,000
(b),(c),(d)
Dairy Farmers of America Inc
7.125
N/A
12,636,512
30,110,000
(b),(c),(d)
Land O' Lakes Inc
8.000
N/A
30,108,594
16,840,000
(b),(c),(d)
Land O' Lakes Inc
7.250
N/A
15,408,134
15,283,000
(b),(c),(d)
Land O' Lakes Inc
7.000
N/A
13,640,078
TOTAL FOOD, BEVERAGE & TOBACCO
71,793,318
45
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES - 0.4% (0.3% of Total Investments)
$
7,397,000
(c),(f)
CVS Health Corp
6.750
%
12/10/54
$
7,689,833
4,200,000
(c),(f)
CVS Health Corp
7.000
03/10/55
4,395,913
TOTAL HEALTH CARE EQUIPMENT & SERVICES
12,085,746
INSURANCE - 13.2% (8.4% of Total Investments)
16,663,000
(c)
American National Group Inc
7.000
12/01/55
16,828,130
20,974,000
(c),(f)
Assurant Inc
7.000
03/27/48
21,595,182
19,509,000
(c),(d)
Assured Guaranty Municipal Holdings Inc
6.400
12/15/66
18,287,018
4,395,000
(c),(f)
AXIS Specialty Finance LLC
4.900
01/15/40
4,241,863
21,454,000
(c),(f)
Corebridge Financial Inc
6.375
09/15/54
21,918,600
15,713,000
(c),(f)
Enstar Finance LLC
5.500
01/15/42
15,609,151
9,348,000
(c),(d),(f)
Enstar Group Ltd
7.500
04/01/45
9,733,035
2,670,000
(c),(d)
Fidelis Insurance Holdings Ltd
6.625
04/01/41
2,664,836
19,860,000
(c),(d),(f)
Liberty Mutual Group Inc
7.800
03/15/37
22,769,874
6,150,000
(c),(d),(f)
Liberty Mutual Insurance Co
7.697
10/15/97
6,786,480
20,900,000
(c),(d),(f)
MetLife Capital Trust IV
7.875
12/15/37
23,131,786
10,425,000
(c),(f)
MetLife Inc
6.350
03/15/55
10,948,981
46,259,000
(c),(d),(f)
MetLife Inc
9.250
04/08/38
55,487,948
5,165,000
(c)
MetLife Inc
10.750
08/01/39
6,885,823
31,538,000
(c),(f)
Nationwide Financial Services Inc
6.750
05/15/37
31,591,463
20,525,000
(d)
Omnis Funding Trust
6.722
05/15/55
21,565,417
14,520,000
(c)
PartnerRe Finance B LLC
4.500
10/01/50
13,717,561
13,209,000
(b),(e)
Phoenix Group Holdings PLC, Reg S
8.500
N/A
14,330,444
8,238,000
(c)
Provident Financing Trust I
7.405
03/15/38
8,899,440
8,462,000
(c),(f)
Prudential Financial Inc
6.500
03/15/54
8,908,912
3,000,000
(c),(g)
Prudential Financial Inc
6.000
09/01/52
3,097,059
4,295,000
(c),(g)
Prudential Financial Inc
5.125
03/01/52
4,242,057
5,000,000
(c)
QBE Insurance Group Ltd, Reg S
5.875
06/17/46
5,020,873
2,000,000
(c)
Reinsurance Group of America Inc
6.650
09/15/55
2,064,674
16,412,000
(b),(c)
RLGH Finance Bermuda Ltd, Reg S
6.875
N/A
16,723,413
16,670,000
(b),(c),(d)
SBL Holdings Inc
9.508
N/A
16,839,621
12,135,000
(b),(c),(d),(g)
SBL Holdings Inc
6.500
N/A
11,616,312
TOTAL INSURANCE
395,505,953
MATERIALS - 0.9% (0.6% of Total Investments)
14,568,000
(b),(c),(d)
Cemex SAB de CV
7.200
N/A
15,274,548
13,950,000
(c)
FMC Corp
8.450
11/01/55
11,188,306
TOTAL MATERIALS
26,462,854
MEDIA & ENTERTAINMENT - 0.3% (0.2% of Total Investments)
7,694,000
(b),(c),(d)
Farm Credit Bank of Texas
7.750
N/A
8,037,283
TOTAL MEDIA & ENTERTAINMENT
8,037,283
TELECOMMUNICATION SERVICES - 2.4% (1.5% of Total Investments)
14,146,000
(c),(f)
Bell Telephone Co of Canada or Bell Canada
7.000
09/15/55
14,836,749
16,931,000
(c),(f)
Rogers Communications Inc
7.125
04/15/55
17,754,646
11,859,000
(c),(f)
TELUS Corp
7.000
10/15/55
12,402,578
25,700,000
(c),(f)
Vodafone Group PLC
7.000
04/04/79
27,100,162
TOTAL TELECOMMUNICATION SERVICES
72,094,135
UTILITIES - 7.7% (4.9% of Total Investments)
5,975,000
(c),(d),(f)
AES Andes SA
8.150
06/10/55
6,350,890
10,231,000
(c),(f)
AES Corp/The
7.600
01/15/55
10,373,559
14,881,000
(c),(f)
AES Corp/The
6.950
07/15/55
14,547,396
6,779,000
(c),(d),(f)
AltaGas Ltd
7.200
10/15/54
7,050,438
15,754,000
(c),(f)
CMS Energy Corp
6.500
06/01/55
16,271,582
7,058,000
(c),(f)
Dominion Energy Inc
7.000
06/01/54
7,632,253
5,393,000
(c)
Dominion Energy Inc
6.625
05/15/55
5,544,732
7,824,000
(c),(f)
Duke Energy Corp
6.450
09/01/54
8,185,731
7,165,000
(c),(f)
Edison International
8.125
06/15/53
7,414,917
4,560,000
(c)
Edison International
7.875
06/15/54
4,749,450
21,856,000
(c),(f)
Emera Inc
6.750
06/15/76
22,005,298
17,941,000
(c),(f)
Entergy Corp
7.125
12/01/54
18,782,935
11,083,000
(c),(f)
EUSHI Finance Inc
7.625
12/15/54
11,656,955
15,131,000
(c),(f)
NextEra Energy Capital Holdings Inc
6.750
06/15/54
16,077,096
7,074,000
(c),(f)
PG&E Corp
7.375
03/15/55
7,300,715
Portfolio of Investments January 31, 2026
(continued)
JPC
46
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
8,261,000
(c),(g)
Sempra
4.125
%
04/01/52
$
8,184,400
13,818,000
(c),(f)
Sempra
6.550
04/01/55
14,065,230
9,475,000
(c),(f)
Sempra
6.375
04/01/56
9,693,380
13,860,000
(b),(c),(d),(g)
Vistra Corp
8.000
N/A
14,115,537
1,840,000
(b),(c),(d)
Vistra Corp
7.000
N/A
1,867,828
17,331,000
(b),(c),(d)
Vistra Corp
8.875
N/A
19,028,901
TOTAL UTILITIES
230,899,223
TOTAL CORPORATE BONDS
(Cost $4,106,428,755)
4,237,279,689
SHARES
DESCRIPTION
RATE
VALUE
382724015
PREFERRED STOCK - 12.8% (8.1% of Total Investments)
382724015
BANKS - 2.5% (1.6% of Total Investments)
357,589
Fifth Third Bancorp
7.973
9,154,278
871,568
KeyCorp
6.125
21,937,367
794,684
KeyCorp
6.200
20,121,399
191,550
KeyCorp
5.625
4,200,692
192,036
KeyCorp
5.650
4,213,270
35,902
Pinnacle Financial Partners, Inc
8.397
933,093
574,902
Regions Financial Corp
5.700
14,205,828
TOTAL BANKS
74,765,927
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2% (0.1% of Total
Investments)
85,181
ProLogis, Inc
8.540
4,510,334
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
4,510,334
FINANCIAL SERVICES - 4.5% (2.8% of Total Investments)
644,550
Bank of New York Mellon Corp
6.150
16,603,608
161,670
Capital One Financial Corp
5.000
3,183,282
418,308
Equitable Holdings, Inc
5.250
8,759,369
102,771
Equitable Holdings, Inc
4.300
1,712,165
170,085
Morgan Stanley
6.375
4,298,048
682,721
Morgan Stanley
7.125
17,436,694
909,676
Morgan Stanley
5.850
22,396,223
856,975
Morgan Stanley
6.625
22,469,885
95,400
Morgan Stanley
6.500
2,428,884
821,980
Morgan Stanley
6.875
20,754,995
165,064
Synchrony Financial
5.625
3,245,158
594,637
Voya Financial, Inc
5.350
14,497,250
TOTAL FINANCIAL SERVICES
137,785,561
FOOD, BEVERAGE & TOBACCO - 1.4% (0.9% of Total Investments)
179,570
CHS, Inc
7.875
4,702,938
653,626
CHS, Inc
7.100
16,634,782
770,646
CHS, Inc
6.750
19,327,802
TOTAL FOOD, BEVERAGE & TOBACCO
40,665,522
INSURANCE - 3.6% (2.3% of Total Investments)
484,425
American National Group, Inc
7.375
12,139,690
186,080
Aspen Insurance Holdings Ltd
5.625
3,695,549
353,675
Aspen Insurance Holdings Ltd
7.125
8,725,162
141,786
Assurant, Inc
5.250
2,920,792
206,658
Athene Holding Ltd
7.750
5,344,176
965,505
Athene Holding Ltd
6.350
23,925,214
80,000
Axis Capital Holdings Ltd
5.500
1,623,200
63,400
Delphi Financial Group, Inc
7.303
1,559,640
1,152,441
Enstar Group Ltd
7.000
27,543,340
416,243
Reinsurance Group of America, Inc
5.750
10,414,400
271,619
Reinsurance Group of America, Inc
7.125
6,912,703
131,736
Selective Insurance Group, Inc
4.600
2,242,147
TOTAL INSURANCE
107,046,013
TELECOMMUNICATION SERVICES - 0.5% (0.3% of Total Investments)
735,814
(f)
AT&T, Inc
4.750
14,201,210
TOTAL TELECOMMUNICATION SERVICES
14,201,210
47
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
SHARES
DESCRIPTION
RATE
VALUE
UTILITIES - 0.1% (0.1% of Total Investments)
154,489
NextEra Energy Capital Holdings, Inc
5.650
%
$
3,749,448
TOTAL UTILITIES
3,749,448
TOTAL PREFERRED STOCK
(Cost $390,792,782)
382,724,015
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
74378120
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.5% (1.6% of Total Investments)
74378120
$
15,688,000
(b)
CoBank ACB
6.250
N/A
15,780,496
14,700,000
(b),(f)
CoBank ACB
6.450
N/A
14,814,925
8,500,000
(b)
CoBank ACB
7.250
N/A
8,694,709
17,078,000
(b)
CoBank ACB
7.125
N/A
17,661,846
6,450,000
(b),(d)
Farm Credit Bank of Texas
6.200
N/A
6,433,875
10,567,000
(b)
Farm Credit Bank of Texas
7.000
N/A
10,992,269
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $73,238,161)
74,378,120
TOTAL LONG-TERM INVESTMENTS
(Cost $4,595,344,922)
4,716,417,206
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.6%(0.4% of Total Investments)
17868855
REPURCHASE AGREEMENTS - 0.6% (0.4% of Total Investments)
17868855
16,525,000
(j)
Fixed Income Clearing Corporation
3.630
02/02/26
16,525,000
1,343,855
(k)
Fixed Income Clearing Corporation
1.060
02/02/26
1,343,855
TOTAL REPURCHASE AGREEMENTS
(Cost $17,868,855)
17,868,855
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,868,855)
17,868,855
TOTAL INVESTMENTS - 157.7%
(Cost $4,613,213,777)
4,734,286,061
BORROWINGS - (27.9)% (l),(m)
(837,000,000)
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (17.1)%(n)
(513,977,495)
TFP SHARES, NET - (14.0)%(o)
(418,824,025)
OTHER ASSETS & LIABILITIES, NET - 1.3%
37,559,084
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
3,002,043,625
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.
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
(a)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(b)
Perpetual security. Maturity date is not applicable.
(c)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
55.5% of Total Investments.
(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 fiscal period, the aggregate value of these securities is $1,143,719,793 or 24.2% of Total Investments.
(e)
Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms
of the security for the benefit of the issuer, for example 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. As of
the end of the reporting period, the Fund's total investment in CoCos was 32.9% of Total Investments.
(f)
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 fiscal period, investments with a value of $1,031,568,523 have been pledged as
collateral for reverse repurchase agreements.
(g)
Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the fiscal period
was $668,614,861.
(h)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(i)
For fair value measurement disclosure purposes, investment classified as Level 3.
Portfolio of Investments January 31, 2026
(continued)
JPC
48
See Notes to Financial Statements
Investments in Derivatives
3
(j)
Agreement with Fixed Income Clearing Corporation, 3.630% dated 1/30/26 to be repurchased at $16,529,999 on 2/2/26,
collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 11/15/55, valued at $16,855,571.
(k)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 1/30/26 to be repurchased at $1,343,974 on 2/2/26,
collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 7/15/27, valued at $1,370,748.
(l)
Borrowings as a percentage of Total Investments is 17.7%.
(m)
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 $1,750,032,450 have been pledged as collateral for borrowings.
(n)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 10.9%.
(o)
TFP Shares, Net as a percentage of Total Investments is 8.8%.
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury 10-Year Note
1,418
3/26
$
160,369,745
$
158,572,281
$
(1,797,464)
U.S. Treasury Ultra Bond
134
3/26
16,080,281
15,736,625
(343,656)
Total
$176,450,026
$174,308,906
$(2,141,120)
Interest Rate Swaps - OTC Uncleared
Counterparty
Fund
Pay/Receive
Floating Rate
Floating Rate
Index
Fixed Rate
(Annualized)
Fixed Rate
Payment
Frequency
Effective
Date(a)
Optional
Termination
Date
Maturity
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Morgan Stanley
Capital Services,
LLC
Receive
SOFR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
$
90,000,000
$
604,235
$
604,235
Morgan Stanley
Capital Services,
LLC
Receive
SOFR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
48,000,000
322,258
322,258
Total
$
926,493
SOFR
Secured Overnight Financing Rate
(a)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
49
Portfolio of Investments January 31, 2026
NPFD
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 154.2% (99.5% of Total Investments)
677932772
CORPORATE BONDS - 138.5% (89.4% of Total Investments) (a)
677932772
AUTOMOBILES & COMPONENTS - 2.8% (1.8% of Total Investments)
$
10,476,000
(b),(c)
General Motors Financial Co Inc
5
.750
%
N/A
$
10,415,890
3,195,000
(b),(c)
General Motors Financial Co Inc
5
.700
N/A
3,210,637
TOTAL AUTOMOBILES & COMPONENTS
13,626,527
BANKS - 68.9% (44.5% of Total Investments)
3,075,000
(b),(d)
Banco Bilbao Vizcaya Argentaria SA
9
.375
N/A
3,440,405
2,495,000
(b),(d)
Banco Bilbao Vizcaya Argentaria SA
6
.125
N/A
2,525,082
1,400,000
(b),(d)
Banco Bilbao Vizcaya Argentaria SA
7
.750
N/A
1,506,089
1,940,000
(b),(d),(e)
Banco Mercantil del Norte SA/Grand Cayman
8
.750
N/A
2,099,336
715,000
(b),(d),(e)
Banco Mercantil del Norte SA/Grand Cayman
7
.500
N/A
738,989
1,595,000
(b),(d),(e)
Banco Mercantil del Norte SA/Grand Cayman
7
.625
N/A
1,641,207
6,800,000
(b),(d)
Banco Santander SA
9
.625
N/A
8,206,770
3,200,000
(b),(d)
Banco Santander SA
8
.000
N/A
3,527,734
1,775,000
(b),(c)
Bank of America Corp
6
.300
N/A
1,779,803
6,425,000
(b),(c)
Bank of America Corp
6
.250
N/A
6,539,691
17,981,000
(b),(c)
Bank of America Corp
6
.625
N/A
18,682,547
4,783,000
(c)
Bank of Montreal
7
.300
11/26/84
5,102,705
3,538,000
(c)
Bank of Montreal
6
.875
11/26/85
3,642,732
1,470,000
(c)
Bank of Montreal
7
.700
05/26/84
1,563,150
3,090,000
(c),(f)
Bank of Nova Scotia/The
8
.000
01/27/84
3,308,429
2,555,000
(c)
Bank of Nova Scotia/The
6
.875
10/27/85
2,623,494
3,510,000
(b),(d)
Barclays PLC
8
.000
N/A
3,752,344
977,000
(b),(d)
Barclays PLC
7
.625
N/A
1,052,991
3,083,000
(b),(d)
Barclays PLC
9
.625
N/A
3,506,151
986,000
(b),(d),(e)
BNP Paribas SA
7
.450
N/A
1,039,970
1,997,000
(b),(d),(e)
BNP Paribas SA
7
.375
N/A
2,109,277
5,225,000
(b),(d),(e)
BNP Paribas SA
8
.000
N/A
5,692,173
2,430,000
(b),(d),(e)
BNP Paribas SA
8
.500
N/A
2,602,029
2,150,000
(b),(d),(e)
BNP Paribas SA
9
.250
N/A
2,296,372
3,559,000
(b),(d),(e)
BNP Paribas SA
7
.750
N/A
3,780,060
1,646,000
(c)
Canadian Imperial Bank of Commerce
6
.500
07/28/86
1,650,664
3,298,000
(c)
Canadian Imperial Bank of Commerce
7
.000
10/28/85
3,426,569
3,617,000
(c)
Canadian Imperial Bank of Commerce
6
.950
01/28/85
3,731,572
4,177,000
(b),(c)
Citigroup Inc
6
.875
N/A
4,267,040
2,875,000
(b),(c)
Citigroup Inc
6
.250
N/A
2,891,986
1,650,000
(b),(c)
Citigroup Inc
7
.375
N/A
1,708,538
13,100,000
(b),(c)
Citigroup Inc
7
.625
N/A
13,735,940
5,351,000
(b),(c)
Citigroup Inc
7
.125
N/A
5,538,167
3,014,000
(b),(c)
Citigroup Inc
7
.000
N/A
3,155,774
1,732,000
(b),(c)
Citigroup Inc
6
.625
N/A
1,763,651
6,500,000
(b),(c),(g)
Citizens Financial Group Inc (TSFR3M + 3.419%)
7
.068
N/A
6,468,739
4,326,000
(b),(d),(e)
Credit Agricole SA
7
.125
N/A
4,523,287
4,185,000
(b),(d),(e)
Credit Agricole SA
6
.700
N/A
4,279,681
2,224,000
(b),(c),(g)
Fifth Third Bancorp (TSFR3M + 3.295%)
6
.967
N/A
2,230,541
7,070,000
(b),(c),(g)
First Citizens BancShares Inc/NC (TSFR3M + 4.234%)
7
.957
N/A
7,225,427
2,020,000
(b),(c)
First Citizens BancShares Inc/NC
7
.000
N/A
2,065,341
975,000
(b),(d)
HSBC Holdings PLC
6
.500
N/A
996,928
4,560,000
(b),(d)
HSBC Holdings PLC
8
.000
N/A
4,798,880
3,763,000
(b),(d)
HSBC Holdings PLC
6
.875
N/A
3,887,747
4,539,000
(b),(d)
HSBC Holdings PLC
6
.950
N/A
4,779,293
1,171,000
(b),(d)
HSBC Holdings PLC
6
.950
N/A
1,218,619
7,400,000
(b),(c)
Huntington Bancshares Inc/OH
5
.625
N/A
7,521,901
3,406,000
(b),(c)
Huntington Bancshares Inc/OH
6
.250
N/A
3,405,407
3,784,000
(b),(d)
ING Groep NV
7
.000
N/A
3,959,294
6,795,000
(b),(d)
ING Groep NV, Reg S
7
.500
N/A
7,091,514
8,663,000
(b),(c)
JPMorgan Chase & Co
6
.500
N/A
9,014,034
17,767,000
(b),(c)
JPMorgan Chase & Co
6
.875
N/A
18,743,439
6,996,000
(b),(d)
Lloyds Banking Group PLC
8
.000
N/A
7,594,186
1,300,000
(b),(d)
Lloyds Banking Group PLC
6
.750
N/A
1,352,229
3,000,000
(b),(c)
M&T Bank Corp
5
.125
N/A
2,995,260
Portfolio of Investments January 31, 2026
(continued)
NPFD
50
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
1,500,000
(b),(d),(e)
Macquarie Bank Ltd/London
6
.125
%
N/A
$
1,521,705
7,262,000
(b),(d)
NatWest Group PLC
8
.125
N/A
8,207,876
1,370,000
(b),(d)
NatWest Group PLC
7
.300
N/A
1,454,280
745,000
(b),(d),(e)
Nordea Bank Abp
6
.300
N/A
761,680
2,280,000
(b),(d),(e)
Nordea Bank Abp
6
.750
N/A
2,342,524
1,559,000
(b),(d),(e)
Nordea Bank Abp
6
.625
N/A
1,562,252
5,735,000
(b),(c)
PNC Financial Services Group Inc/The
6
.250
N/A
5,923,315
6,990,000
(b),(c)
PNC Financial Services Group Inc/The
6
.200
N/A
7,096,772
2,445,000
(b),(c)
PNC Financial Services Group Inc/The
6
.000
N/A
2,460,692
3,586,000
(c)
Royal Bank of Canada
6
.750
08/24/85
3,708,365
3,301,000
(c)
Royal Bank of Canada
6
.500
05/24/86
3,298,647
1,680,000
(b),(d),(e)
Societe Generale SA
9
.375
N/A
1,794,406
770,000
(b),(d),(e)
Societe Generale SA
8
.500
N/A
855,543
4,952,000
(b),(d),(e)
Societe Generale SA
7
.125
N/A
4,936,777
3,631,000
(b),(d),(e)
Societe Generale SA
10
.000
N/A
4,041,129
1,700,000
(b),(d),(e)
Standard Chartered PLC
7
.750
N/A
1,770,426
3,240,000
(c)
Toronto-Dominion Bank/The
6
.350
10/31/85
3,292,692
3,495,000
(c)
Toronto-Dominion Bank/The
8
.125
10/31/82
3,661,708
13,209,000
(b),(c)
Truist Financial Corp
6
.669
N/A
13,230,346
12,345,000
(b),(c)
Wells Fargo & Co
7
.625
N/A
13,147,968
12,874,000
(b),(c)
Wells Fargo & Co
6
.850
N/A
13,464,202
TOTAL BANKS
337,314,483
CAPITAL GOODS - 1.7% (1.1% of Total Investments)
5,601,000
(b),(c)
Air Lease Corp
6
.000
N/A
5,391,736
3,673,000
(c),(e)
ILFC E-Capital Trust I
6
.270
12/21/65
3,161,666
TOTAL CAPITAL GOODS
8,553,402
ENERGY - 12.2% (7.9% of Total Investments)
4,546,000
(c)
Enbridge Inc
5
.500
07/15/77
4,543,809
6,360,000
(c)
Enbridge Inc
7
.625
01/15/83
6,938,086
8,696,000
(c)
Enbridge Inc
8
.500
01/15/84
9,951,068
761,000
(b),(c)
Energy Transfer LP
6
.625
N/A
769,955
6,970,000
(b),(c)
Energy Transfer LP
7
.125
N/A
7,199,194
1,886,000
(b),(c)
Energy Transfer LP
6
.500
N/A
1,894,713
4,570,000
(c)
Energy Transfer LP
8
.000
05/15/54
4,883,461
4,947,000
(c)
Energy Transfer LP
6
.750
02/15/56
4,982,262
3,554,000
(c)
South Bow Canadian Infrastructure Holdings Ltd
7
.500
03/01/55
3,756,923
2,870,000
(b),(c),(e)
Sunoco LP
7
.875
N/A
2,956,186
5,600,000
(c)
TransCanada PipeLines Ltd
7
.590
05/15/67
5,012,010
1,500,000
(c)
Transcanada Trust
5
.875
08/15/76
1,503,562
2,155,000
(c)
Transcanada Trust
5
.600
03/07/82
2,145,360
3,673,000
(b),(c),(e)
Venture Global LNG Inc
9
.000
N/A
3,231,224
TOTAL ENERGY
59,767,813
FINANCIAL SERVICES - 18.3% (11.8% of Total Investments)
3,350,000
(c)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6
.950
03/10/55
3,506,981
3,200,000
(c)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6
.500
01/31/56
3,290,675
2,906,000
(b),(c)
Ally Financial Inc
4
.700
N/A
2,785,428
3,250,000
(b),(c),(e)
Capital Farm Credit ACA
5
.000
N/A
3,237,813
3,690,000
(b),(c)
Capital One Financial Corp
5
.500
N/A
3,702,801
350,000
(b),(c),(e)
Compeer Financial ACA
4
.875
N/A
343,455
2,574,000
(b),(c),(e)
Compeer Financial ACA
7
.875
N/A
2,648,003
2,012,000
(b),(c)
Corebridge Financial Inc
6
.875
N/A
2,090,404
3,325,000
(h)
Credit Suisse Group AG
7
.500
01/17/72
1,130,500
2,460,000
(h)
Credit Suisse Group AG
7
.500
06/11/72
836,400
5,850,000
(h)
Credit Suisse Group AG
6
.380
02/21/72
1,989,000
9,004,000
(h)
Credit Suisse Group AG
0
.000
01/17/72
3,061,360
5,600,000
(b),(d)
Deutsche Bank AG, Reg S
8
.130
N/A
6,033,647
5,249,000
(b),(c)
Goldman Sachs Group Inc/The
6
.125
N/A
5,348,061
11,071,000
(b),(c)
Goldman Sachs Group Inc/The
7
.500
N/A
11,687,002
5,140,000
(b),(c)
Goldman Sachs Group Inc/The
7
.500
N/A
5,436,797
5,784,000
(b),(c)
Goldman Sachs Group Inc/The
6
.850
N/A
6,027,901
1,600,000
(b),(d)
Julius Baer Group Ltd, Reg S
7
.500
N/A
1,674,312
51
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
1,026,000
(b),(d)
Nomura Holdings Inc
7
.000
%
N/A
$
1,065,926
4,250,000
(b),(c)
State Street Corp
6
.700
N/A
4,408,346
1,280,000
(b),(d),(e)
UBS Group AG
7
.000
N/A
1,300,933
3,853,000
(b),(d),(e)
UBS Group AG
9
.250
N/A
4,506,390
4,325,000
(b),(d),(e)
UBS Group AG
9
.250
N/A
4,721,955
3,892,000
(b),(d),(e)
UBS Group AG
7
.750
N/A
4,173,395
4,352,000
(b),(c)
Voya Financial Inc
7
.758
N/A
4,591,978
TOTAL FINANCIAL SERVICES
89,599,463
HEALTH CARE EQUIPMENT & SERVICES - 0.5% (0.3% of Total Investments)
1,381,000
(c)
CVS Health Corp
6
.750
12/10/54
1,435,671
1,174,000
(c)
CVS Health Corp
7
.000
03/10/55
1,228,762
TOTAL HEALTH CARE EQUIPMENT & SERVICES
2,664,433
INSURANCE - 14.1% (9.1% of Total Investments)
3,308,000
(c)
American National Group Inc
7
.000
12/01/55
3,340,782
8,045,000
(c),(f)
Assurant Inc
7
.000
03/27/48
8,283,267
3,000,000
(c),(e)
Assured Guaranty Municipal Holdings Inc
6
.400
12/15/66
2,812,089
3,982,000
(c)
Corebridge Financial Inc
6
.375
09/15/54
4,068,233
6,115,000
(c)
Enstar Finance LLC
5
.500
01/15/42
6,074,585
2,061,000
(c),(e)
Enstar Group Ltd
7
.500
04/01/45
2,145,891
2,000,000
(c)
MetLife Inc
10
.750
08/01/39
2,666,340
2,518,000
(c)
MetLife Inc
6
.350
03/15/55
2,644,560
3,396,000
(e)
Omnis Funding Trust
6
.722
05/15/55
3,568,144
2,955,000
(b),(d)
Phoenix Group Holdings PLC, Reg S
8
.500
N/A
3,205,880
3,248,000
(c),(f)
Prudential Financial Inc
6
.750
03/01/53
3,463,563
6,688,000
(c)
Prudential Financial Inc
6
.500
03/15/54
7,041,220
2,648,000
(b),(c)
RLGH Finance Bermuda Ltd, Reg S
6
.875
N/A
2,698,245
13,500,000
(b),(c),(e)
SBL Holdings Inc
9
.508
N/A
13,637,366
3,415,000
(b),(c),(e)
SBL Holdings Inc
6
.500
N/A
3,269,032
TOTAL INSURANCE
68,919,197
MATERIALS - 0.8% (0.5% of Total Investments)
2,434,000
(b),(c),(e)
Cemex SAB de CV
7
.200
N/A
2,552,049
1,550,000
(c)
FMC Corp
8
.450
11/01/55
1,243,145
TOTAL MATERIALS
3,795,194
MEDIA & ENTERTAINMENT - 0.6% (0.4% of Total Investments)
2,566,000
(b),(c),(e)
Farm Credit Bank of Texas
7
.750
N/A
2,680,487
TOTAL MEDIA & ENTERTAINMENT
2,680,487
TELECOMMUNICATION SERVICES - 4.2% (2.7% of Total Investments)
3,791,000
(c)
Bell Telephone Co of Canada or Bell Canada
7
.000
09/15/55
3,976,115
3,941,000
(c)
Rogers Communications Inc
7
.125
04/15/55
4,132,719
1,977,000
(c)
TELUS Corp
7
.000
10/15/55
2,067,619
10,000,000
(c)
Vodafone Group PLC
7
.000
04/04/79
10,544,810
TOTAL TELECOMMUNICATION SERVICES
20,721,263
UTILITIES - 14.4% (9.3% of Total Investments)
1,300,000
(c),(e)
AES Andes SA
8
.150
06/10/55
1,381,783
2,456,000
(c)
AES Corp/The
7
.600
01/15/55
2,490,222
3,817,000
(c),(f)
AES Corp/The
6
.950
07/15/55
3,731,430
1,302,000
(c),(e)
AltaGas Ltd
7
.200
10/15/54
1,354,133
3,416,000
(c)
CMS Energy Corp
6
.500
06/01/55
3,528,229
3,593,000
(c)
Dominion Energy Inc
7
.000
06/01/54
3,885,334
3,000,000
(c)
Dominion Energy Inc
6
.625
05/15/55
3,084,405
3,244,000
(c)
Duke Energy Corp
6
.450
09/01/54
3,393,981
1,529,000
(c)
Edison International
7
.875
06/15/54
1,592,524
2,404,000
(c)
Edison International
8
.125
06/15/53
2,487,852
10,143,000
(c),(f)
Emera Inc
6
.750
06/15/76
10,212,287
4,322,000
(c),(f)
Entergy Corp
7
.125
12/01/54
4,524,823
2,713,000
(c)
EUSHI Finance Inc
7
.625
12/15/54
2,853,498
6,174,000
(c),(f)
NextEra Energy Capital Holdings Inc
6
.750
06/15/54
6,560,042
1,925,000
(c)
PG&E Corp
7
.375
03/15/55
1,986,694
6,476,000
(c)
Sempra
6
.550
04/01/55
6,591,868
1,921,000
(c)
Sempra
6
.375
04/01/56
1,965,275
2,215,000
(b),(c),(e)
Vistra Corp
7
.000
N/A
2,248,500
Portfolio of Investments January 31, 2026
(continued)
NPFD
52
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,560,000
(b),(c),(e)
Vistra Corp
8
.000
%
N/A
$
1,588,762
4,398,000
(b),(c),(e)
Vistra Corp
8
.875
N/A
4,828,868
TOTAL UTILITIES
70,290,510
TOTAL CORPORATE BONDS
(Cost $671,472,937)
677,932,772
SHARES
DESCRIPTION
RATE
VALUE
62416423
PREFERRED STOCK - 12.8% (8.2% of Total Investments)
62416423
BANKS - 3.7% (2.3% of Total Investments)
121,601
Fifth Third Bancorp
7
.973
3,112,986
62,700
KeyCorp
6
.125
1,578,159
297,600
KeyCorp
6
.200
7,535,232
31,966
KeyCorp
5
.625
701,014
31,875
KeyCorp
5
.650
699,338
5,984
Pinnacle Financial Partners, Inc
8
.397
155,524
163,723
Regions Financial Corp
5
.700
4,045,595
TOTAL BANKS
17,827,848
FINANCIAL SERVICES - 2.6% (1.7% of Total Investments)
139,125
Bank of New York Mellon Corp
6
.150
3,583,860
143,950
Morgan Stanley
6
.625
3,774,369
211,000
Voya Financial, Inc
5
.350
5,144,180
TOTAL FINANCIAL SERVICES
12,502,409
FOOD, BEVERAGE & TOBACCO - 1.8% (1.2% of Total Investments)
237,055
CHS, Inc
7
.100
6,033,050
115,393
CHS, Inc
6
.750
2,894,056
TOTAL FOOD, BEVERAGE & TOBACCO
8,927,106
INSURANCE - 4.7% (3.0% of Total Investments)
185,450
American National Group, Inc
7
.375
4,647,377
59,425
Aspen Insurance Holdings Ltd
7
.125
1,466,015
194,775
Athene Holding Ltd
6
.350
4,826,524
243,575
Enstar Group Ltd
7
.000
5,821,443
160,800
Reinsurance Group of America, Inc
5
.750
4,023,216
93,300
Reinsurance Group of America, Inc
7
.125
2,374,485
TOTAL INSURANCE
23,159,060
TOTAL PREFERRED STOCK
(Cost $66,448,327)
62,416,423
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
14346998
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.9% (1.9% of Total Investments)
14346998
6,050,000
(b)
CoBank ACB
6
.450
N/A
6,097,299
2,062,000
(b)
CoBank ACB
7
.250
N/A
2,109,234
3,785,000
(b)
CoBank ACB
7
.125
N/A
3,914,398
50,000
(b),(e)
Farm Credit Bank of Texas
6
.200
N/A
49,875
2,092,000
(b)
Farm Credit Bank of Texas
7
.000
N/A
2,176,192
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $14,061,669)
14,346,998
TOTAL LONG-TERM INVESTMENTS
(Cost $751,982,933)
754,696,193
53
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.7%(0.5% of Total Investments)
3552188
REPURCHASE AGREEMENTS - 0.7% (0.5% of Total Investments)
3552188
$
127,188
(i)
Fixed Income Clearing Corporation
1
.060
%
02/02/26
$
127,188
3,425,000
(j)
Fixed Income Clearing Corporation
3
.630
02/02/26
3,425,000
TOTAL REPURCHASE AGREEMENTS
(Cost $3,552,188)
3,552,188
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,552,188)
3,552,188
TOTAL INVESTMENTS - 154.9%
(Cost $755,535,121)
758,248,381
BORROWINGS - (32.9)% (k),(l)
(
161,314,000
)
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (5.7)%(m)
(
27,787,566
)
TFP SHARES, NET - (17.3)%(n)
(
84,578,016
)
OTHER ASSETS & LIABILITIES, NET - 1.0%
5,080,976
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
489,649,775
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.
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
(a)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(b)
Perpetual security. Maturity date is not applicable.
(c)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
68.2% of Total Investments.
(d)
Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms
of the security for the benefit of the issuer, for example 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. As of
the end of the reporting period, the Fund's total investment in CoCos was 19.8% of Total Investments.
(e)
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 fiscal period, the aggregate value of these securities is $122,786,822 or 16.2% of Total Investments.
(f)
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 fiscal period, investments with a value of $37,794,842 have been pledged as collateral
for reverse repurchase agreements.
(g)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(h)
For fair value measurement disclosure purposes, investment classified as Level 3.
(i)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 1/30/26 to be repurchased at $127,199 on 2/2/26,
collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 7/15/27, valued at $129,885.
(j)
Agreement with Fixed Income Clearing Corporation, 3.630% dated 1/30/26 to be repurchased at $3,426,036 on 2/2/26,
collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 11/15/55, valued at $3,493,559.
(k)
Borrowings as a percentage of Total Investments is 21.3%.
(l)
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 $371,245,006 have been pledged as collateral for borrowings.
(m)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 3.7%.
(n)
TFP Shares, Net as a percentage of Total Investments is 11.2%.
Statement of Assets and Liabilities
See Notes to Financial Statements
54
January 31, 2026 (Unaudited)
JFR
JQC
JPC
NPFD
ASSETS
Long-term investments, at value
†
$
2,161,258,634
$
1,274,388,222
$
4,716,417,206
$
754,696,193
Short-term investments, at value
◊
127,942,965
82,579,358
17,868,855
3,552,188
Cash
9,373,920
118,702
140
-
Cash denominated in foreign currencies
^
-
18
-
-
Cash collateral at broker for investments in futures contracts
-
-
2,291,716
-
Unrealized appreciation on interest rate swaps contracts
-
-
926,493
-
Receivables:
Dividends
-
-
218,445
-
Interest
14,419,307
9,237,334
65,044,565
10,344,245
Investments sold
52,886,407
38,798,973
-
-
Reclaims
-
1,372
141,260
20,916
Reimbursement from Adviser
213
192
-
-
Shares sold
-
-
987,928
-
Deferred offering costs
-
-
4,994
-
Other
763,462
236,747
719,593
85,421
Total assets
2,366,644,908
1,405,360,918
4,804,621,195
768,698,963
LIABILITIES
Borrowings
517,200,000
211,600,000
837,000,000
161,314,000
Reverse repurchase agreements, including accrued interest
-
142,553,090
513,977,495
27,787,566
TFP Shares, Net
**
284,011,667
139,364,423
418,824,025
84,578,016
Payables:
Management fees
1,418,002
908,932
3,012,830
581,890
Dividends
13,326,255
7,870,823
22,614,194
3,781,062
Interest
342,433
1,043,412
3,409,148
643,404
Investments purchased - regular settlement
2,931,853
399,140
2,179,292
219,908
Investments purchased - when-issued/delayed-delivery settlement
170,839,748
86,637,932
-
-
Unfunded senior loans
4,217,544
1,905,534
-
-
Variation margin on futures contracts
-
-
90,375
-
Accrued expenses:
Custodian fees
591,779
317,712
413,907
72,733
Investor relations fees
34,586
32,641
87,759
10,128
Trustees fees
185,712
150,506
407,154
17,754
Professional fees
17,314
17,903
12,885
12,811
Shareholder reporting expenses
81,040
66,809
169,853
21,518
Shareholder servicing agent fees
823
906
3,353
111
Shelf offering costs
-
27,877
13,587
-
Other
351,561
10,122
361,713
8,287
Total liabilities
995,550,317
592,907,762
1,802,577,570
279,049,188
Commitments and contingencies
(1)
Net assets applicable to common shares
$
1,371,094,591
$
812,453,156
$
3,002,043,625
$
489,649,775
Common shares outstanding
160,967,425
147,816,679
369,975,711
24,164,141
Net asset value ("NAV") per common share outstanding
$
8
.52
$
5
.50
$
8
.11
$
20
.26
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share
$
1,609,674
$
1,478,167
$
3,699,757
$
241,641
Paid-in capital
1,850,422,239
1,179,326,020
3,371,800,824
571,983,502
Total distributable earnings (loss)
(
480,937,322
)
(
368,351,031
)
(
373,456,956
)
(
82,575,368
)
Net assets applicable to common shares
$
1,371,094,591
$
812,453,156
$
3,002,043,625
$
489,649,775
Authorized shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term investments, cost
$
2,192,976,125
$
1,288,075,021
$
4,595,344,922
$
751,982,933
◊
Short-term investments, cost
$
127,942,965
$
82,579,358
$
17,868,855
$
3,552,188
^
Cash denominated in foreign currencies, cost
$
-
$
17
$
-
$
-
**
TFP Shares, liquidation preference
$
285,000,000
$
140,000,000
$
420,000,000
$
85,000,000
(1)
As disclosed in Notes to Financial Statements.
Statement of Operations
See Notes to Financial Statements
55
Six Months Ended January 31, 2026 (Unaudited)
JFR
JQC
JPC
NPFD
INVESTMENT INCOME
Dividends
$
129,311
$
6,204
$
12,972,680
$
2,139,667
Interest
89,849,329
54,185,559
136,825,403
22,306,860
Rehypothecation income
-
-
154,356
-
Tax withheld
-
-
(28,024)
-
Total investment income
89,978,640
54,191,763
149,924,415
24,446,527
EXPENSES
-
-
-
-
Management fees
8,475,389
5,428,113
17,261,944
3,453,391
Shareholder servicing agent fees
504
1,372
4,721
171
Interest expense and amortization of offering costs
20,390,201
12,141,198
40,483,454
6,525,669
Trustees fees
49,208
30,058
102,928
17,579
Custodian expenses
264,502
148,261
176,339
33,022
Investor relations expenses
163,597
122,849
350,404
46,107
Liquidity fees
752,219
619,474
1,967,741
398,234
Professional fees
80,071
74,618
72,682
37,690
Remarketing fees
86,889
71,556
214,667
43,444
Shareholder reporting expenses
72,869
62,271
147,748
18,914
Rights offering expense
829
-
-
-
Stock exchange listing fees
21,368
21,610
51,033
3,891
Other
19,593
29,934
72,862
37,165
Total expenses
30,377,239
18,751,314
60,906,523
10,615,277
Net investment income (loss)
59,601,401
35,440,449
89,017,892
13,831,250
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(9,712,643)
(1,573,573)
8,901,667
(1,344,892)
Futures contracts
-
-
5,777,678
-
Swap contracts
-
-
1,409,836
-
Foreign currency transactions
-
-
(32,798)
-
Net realized gain (loss)
(9,712,643)
(1,573,573)
16,056,383
(1,344,892)
Change in unrealized appreciation (depreciation) on:
Investments
(17,203,800)
(10,826,342)
72,738,094
16,174,104
Futures contracts
-
-
(4,413,567)
-
Swap contracts
-
-
(1,463,509)
-
Foreign currency translations
-
1
(790)
-
Net change in unrealized appreciation (depreciation)
(17,203,800)
(10,826,341)
66,860,228
16,174,104
Net realized and unrealized gain (loss)
(26,916,443)
(12,399,914)
82,916,611
14,829,212
Net increase (decrease) in net assets applicable to common shares from
operations
$
32,684,958
$
23,040,535
$
171,934,503
$
28,660,462
Statement of Changes in Net Assets
See Notes to Financial Statements
56
JFR
JQC
Unaudited
Six Months Ended
1/31/26
Year Ended
7/31/25
Unaudited
Six Months Ended
1/31/26
Year Ended
7/31/25
OPERATIONS
Net investment income (loss)
$
59,601,401
$
110,946,491
$
35,440,449
$
66,422,709
Net realized gain (loss)
(9,712,643)
(25,473,772)
(1,573,573)
(14,391,769)
Net change in unrealized appreciation (depreciation)
(17,203,800)
18,510,139
(10,826,341)
11,955,726
Net increase (decrease) in net assets applicable to common shares
from operations
32,684,958
103,982,858
23,040,535
63,986,666
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(82,093,388)
(115,969,240)
(47,892,604)
(68,447,068)
Return of Capital
-
(32,205,348)
-
(21,405,349)
Total distributions
(82,093,388)
(148,174,588)
(47,892,604)
(89,852,417)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from rights offering, net of offering costs
-
220,672,151
-
62,135,610
Net increase (decrease) applicable to common shares from capital
share transactions
-
220,672,151
-
62,135,610
Net increase (decrease) in net assets applicable to common shares
(49,408,430)
176,480,421
(24,852,069)
36,269,859
Net assets applicable to common shares at the beginning of period
1,420,503,021
1,244,022,600
837,305,225
801,035,366
Net assets applicable to common shares at the end of period
$
1,371,094,591
$
1,420,503,021
$
812,453,156
$
837,305,225
See Notes to Financial Statements
57
JPC
NPFD
Unaudited
Six Months Ended
1/31/26
Year Ended
7/31/25
Unaudited
Six Months Ended
1/31/26
Year Ended
7/31/25
OPERATIONS
Net investment income (loss)
$
89,017,892
$
148,612,392
$
13,831,250
$
23,367,902
Net realized gain (loss)
16,056,383
41,540,125
(1,344,892)
(5,510,671)
Net change in unrealized appreciation (depreciation)
66,860,228
62,171,327
16,174,104
28,979,344
Net increase (decrease) in net assets applicable to common shares
from operations
171,934,503
252,323,844
28,660,462
46,836,575
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(138,636,628)
(177,916,653)
(23,753,351)
(22,339,894)
Return of Capital
-
(78,577,161)
-
(26,230,031)
Total distributions
(138,636,628)
(256,493,814)
(23,753,351)
(48,569,925)
CAPITAL SHARE TRANSACTIONS
Fund Reorganization
287,101,572
-
-
-
Proceeds from shelf offering, net of offering costs
63,982,737
54,493,622
-
-
Reinvestments of distributions
2,215,372
1,251,009
-
-
Net increase (decrease) applicable to common shares from capital
share transactions
353,299,681
55,744,631
-
-
Net increase (decrease) in net assets applicable to common shares
386,597,556
51,574,661
4,907,111
(1,733,350)
Net assets applicable to common shares at the beginning of period
2,615,446,069
2,563,871,408
484,742,664
486,476,014
Net assets applicable to common shares at the end of period
$
3,002,043,625
$
2,615,446,069
$
489,649,775
$
484,742,664
Statement of Cash Flows
January 31, 2026
See Notes to financial statements
58
Six Months Ended January 31, 2026 (Unaudited)
JFR
JQC
JPC
NPFD
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from
Operations
$
32,684,958
$
23,040,535
$
171,934,503
$
28,660,462
Adjustments to reconcile the net increase (decrease) in net assets applicable to common
shares from operations to net cash provided by (used in) operating activities:
Purchases of investments
(
510,755,681
)
(
283,641,052
)
(
483,546,031
)
(
63,835,401
)
Proceeds from sale and maturities of investments
586,396,586
321,989,074
388,202,966
72,632,251
Proceeds from (Purchase of) short-term investments, net
(
99,319,748
)
(
23,916,504
)
5,190,487
836,091
Proceeds from (Purchase of) closed foreign currency spot transactions
-
-
(
32,796
)
-
Proceeds from litigation settlement
-
65
54
-
Payment-in-kind distributions
(
8,783
)
(
31,601
)
-
-
Amortization (Accretion) of premiums and discounts, net
(
8,313,530
)
(
5,076,840
)
5,723,526
1,378,133
Amortization of deferred offering costs
102,650
49,933
(
535,201
)
26,573
(Increase) Decrease in:
Receivable for dividends
-
-
172,516
-
Receivable for interest
925,522
1,313,574
(
5,019,722
)
(
222,548
)
Receivable for reclaims
-
(
1
)
(
107,137
)
(
20,801
)
Receivable for investments sold
(
41,885,504
)
(
32,194,757
)
8,427,599
417,857
Receivable for reimbursement from Adviser
(
213
)
(
192
)
-
-
Receivable for variation margin on futures contracts
-
-
164,125
-
Other assets
(
287,676
)
24,245
15,858
(
921
)
Increase (Decrease) in:
Payable for interest
184,231
(
325,709
)
1,703,458
(
39,094
)
Payable for investments purchased - regular settlement
1,184,947
(
540,963
)
(
26,300,166
)
(
1,152,488
)
Payable for investments purchased - when-issued/delayed-delivery settlement
97,552,178
33,328,233
-
-
Payable for unfunded senior loans
1,392,700
974,571
-
-
Payable for variation margin on futures contracts
-
-
90,375
-
Payable for management fees
(
23,808
)
(
13,235
)
380,309
3,851
Accrued custodian fees
262,813
145,210
207,343
33,063
Accrued investor relations fees
11,675
14,110
29,495
154
Accrued Trustees fees
(
3,881
)
(
570
)
38,038
(
3,061
)
Accrued professional fees
(
30,687
)
(
32,435
)
(
18,707
)
(
21,846
)
Accrued shareholder reporting expenses
36,862
31,538
72,356
9,379
Accrued shareholder servicing agent fees
(
2,438
)
421
1,679
67
Accrued shelf offering costs
(
2,163
)
(
88,233
)
-
-
Accrued other expenses
(
17,310
)
(
3,934
)
(
660,128
)
6,855
Net realized (gain) loss from investments
9,712,643
1,573,573
(
8,901,667
)
1,344,892
Net realized (gain) loss from foreign currency transactions
-
-
32,798
-
Net change in unrealized (appreciation) depreciation of investments
17,203,800
10,826,342
(
72,738,094
)
(
16,174,104
)
Net change in unrealized (appreciation) depreciation of swap contracts
-
-
1,463,509
-
Net change in unrealized (appreciation) depreciation on foreign currency translations
-
(
1
)
790
-
Net cash provided by (used in) operating activities
87,000,143
47,445,397
(
14,007,865
)
23,879,364
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
-
-
70,000,000
-
Increase (Decrease) in:
Cash collateral due to broker
-
-
(
1,938,338
)
-
Cash distributions paid to common shareholders
(
82,093,321
)
(
47,834,882
)
(
135,036,325
)
(
24,019,112
)
Proceeds from shelf offering, net of offering costs
-
-
63,982,737
-
Net cash provided by (used in) financing activities
(
82,093,321
)
(
47,834,882
)
(
2,991,926
)
(
24,019,112
)
Net increase (decrease) in cash, cash denominated in foreign currencies and cash
collateral at brokers
4,906,822
(
389,485
)
(
16,999,791
)
(
139,748
)
Cash and cash denominated in foreign currencies at the beginning of period
4,467,098
508,205
19,291,647
139,748
Cash, cash denominated in foreign currencies and cash collateral at brokers at the end of
period
$
9,373,920
$
118,720
$
2,291,856
$
-
See Notes to financial statements
59
The following table provides a reconciliation of cash, cash denominated in foreign currencies and cash collateral at brokers to the Statement of
Assets and Liabilities:
JFR
JQC
JPC
NPFD
Cash
$
9,373,920
$
118,702
$
140
$
-
Cash denominated in foreign currencies
-
18
-
-
Cash collateral at broker for investments in futures contracts
-
-
2,291,716
-
Total cash, cash denominated in foreign currencies and cash collateral at brokers
$
9,373,920
$
118,720
$
2,291,856
$
-
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
JFR
JQC
JPC
NPFD
Cash paid for interest (excluding borrowing and amortization of offering costs)
$
19,880,312
$
12,333,928
$
38,632,625
$
6,513,108
Non-cash financing activities not included herein consists of reinvestments of common
share distributions
-
-
2,215,372
-
Financial Highlights
60
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Return of
Capital
Total
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
JFR
1/31/26
(d)
$
8.82
$
0.37
$
(0.16)
$
0.21
$
(0.51)
$
-
$
-
$
(0.51)
$
8.52
$
7.87
7/31/25
9.28
0.76
(0.20)
0.56
(0.80)
-
(0.22)
(1.02)
8.82
8.52
7/31/24
9.13
0.89
0.28
1.17
(0.99)
-
(0.03)
(1.02)
9.28
8.82
7/31/23
9.39
0.91
(0.30)
0.61
(0.87)
-
-
(0.87)
9.13
8.08
7/31/22
10.36
0.56
(0.83)
(0.27)
(0.61)
-
(0.09)
(0.70)
9.39
8.84
7/31/21
9.40
0.54
1.04
1.58
(0.62)
-
-
(0.62)
10.36
9.76
JQC
1/31/26
(d)
5.66
0.24
(0.08)
0.16
(0.32)
-
-
(0.32)
5.50
5.16
7/31/25
5.91
0.48
(0.08)
0.40
(0.50)
-
(0.15)
(0.65)
5.66
5.53
7/31/24
5.83
0.56
0.16
0.72
(0.57)
-
(0.07)
(0.64)
5.91
5.73
7/31/23
6.10
0.52
(0.24)
0.28
(0.53)
-
(0.02)
(0.55)
5.83
5.08
7/31/22
6.91
0.35
(0.68)
(0.33)
(0.35)
-
(0.13)
(0.48)
6.10
5.50
7/31/21
6.88
0.32
0.56
0.88
(0.30)
-
(0.55)
(0.85)
6.91
6.53
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at
the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place
over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the
calculation. Total returns are not annualized.
See Notes to Financial Statements
61
Ratios of Interest
Expense
to Average Net
Assets Applicable
to Common Shares
JFR
1/31/26
(d)
3.00
%
(e)
7/31/25
3.37
7/31/24
4.08
7/31/23
3.28
7/31/22
0.80
7/31/21
0.82
JQC
1/31/26
(d)
3.07
(e)
7/31/25
3.53
7/31/24
4.03
7/31/23
3.30
7/31/22
0.91
7/31/21
0.80
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
2.42
%
(1.61)
%
$
1,371,095
4.30
%
(e)
8.44
%
(e)
24
%
6.37
8.66
1,420,503
4.78
8.43
31
13.46
23.15
1,244,023
5.52
9.63
38
6.88
1.57
1,224,552
4.77
9.88
28
(2.84)
(2.59)
534,392
2.17
5.49
38
17.36
30.14
589,469
2.20
5.39
43
2.95
(0.74)
812,453
4.49
(e)
8.49
(e)
22
7.06
8.35
837,305
5.09
8.27
33
13.00
27.08
801,035
5.48
9.45
39
5.01
2.77
789,958
4.75
8.90
28
(5.15)
(8.93)
827,031
2.35
5.20
33
13.42
26.98
937,712
2.22
4.64
43
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse
repurchase agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements), where applicable, as follows:
(d)
Unaudited.
(e)
Annualized.
Financial Highlights (continued)
62
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Return of
Capital
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
JPC
1/31/26
(d)
$
8.01
$
0.25
$
0.24
$
0.49
$
(0.39)
$
-
$
-
$
(0.39)
$
-
$
-
$
8.11
$
8.16
7/31/25
8.03
0.46
0.32
0.78
(0.56)
-
(0.24)
(0.80)
-
-
8.01
8.07
7/31/24
7.45
0.40
0.77
1.17
(0.59)
-
-
(0.59)
-
-
8.03
7.68
7/31/23
8.41
0.46
(0.84)
(0.38)
(0.58)
-
-
(0.58)
-
-
7.45
6.60
7/31/22
9.91
0.66
(1.52)
(0.86)
(0.64)
-
-
(0.64)
-
(f)
-
(f)
8.41
8.20
7/31/21
8.83
0.67
1.05
1.72
(0.64)
-
-
(0.64)
-
(f)
-
(f)
9.91
10.00
NPFD
1/31/26
(d)
20.06
0.57
0.61
1.18
(0.98)
-
-
(0.98)
-
-
20.26
19.42
7/31/25
20.13
0.97
0.97
1.94
(0.92)
-
(1.09)
(2.01)
-
-
20.06
19.45
7/31/24
18.77
0.76
1.95
2.71
(1.15)
-
(0.20)
(1.35)
-
-
20.13
18.80
7/31/23
21.06
0.70
(1.72)
(1.02)
(1.24)
-
(0.03)
(1.27)
-
-
18.77
16.39
7/31/22
(g)
25.00
0.61
(3.72)
(3.11)
(0.83)
-
-
(0.83)
-
-
21.06
19.98
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at
the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place
over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the
calculation. Total returns are not annualized.
See Notes to Financial Statements
63
Ratios of Interest
Expense
to Average Net
Assets Applicable
to Common Shares
JPC
1/31/26
(d)
2.93
%
(e)
7/31/25
3.39
7/31/24
3.86
7/31/23
3.07
7/31/22
0.72
7/31/21
0.49
NPFD
1/31/26
(d)
2.82
(e)
7/31/25
3.24
7/31/24
3.67
7/31/23
2.93
7/31/22
(g)
0.74
(e)
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
6.23
%
6.09
%
$
3,002,044
4.19
%
(e)
6.12
%
(e)
8
%
10.29
16.10
2,615,446
4.67
5.78
33
16.21
26.70
2,563,871
5.20
5.22
39
(4.47)
(12.60)
783,007
4.46
5.92
15
(9.05)
(11.91)
884,062
2.06
7.10
71
19.93
21.55
1,028,714
1.81
7.02
23
6.00
4.95
489,650
4.30
(e)
5.61
(e)
8
10.09
14.97
484,743
4.79
4.82
37
14.87
24.03
486,476
5.21
3.93
33
(4.82)
(11.68)
453,637
4.43
3.64
17
(12.48)
(16.77)
508,829
2.13
(e)
4.33
(e)
14
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse
repurchase agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements), where applicable, as follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value rounded to zero.
(g)
For the period December 15, 2021 (commencement of operations) through July 31, 2022.
64
Financial Highlights (continued)
The following table sets forth information regarding each Fund's outstanding senior securities as of the
end of each of the Fund's last five fiscal periods, as applicable.
Borrowings
TFP Shares
Term Preferred
VRTP Shares
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per $1,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per $1,000
(c)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per $1,000
(c)
Aggregate
Amount
Outstanding
(000)
Asset
Coverage
Per
$100,000
(d)
Asset
Coverage
Per $1
Liquidation
Preference
(e)
JFR
1/31/26
(f)
$
517,200
$
4,202
$
285,000
$
2,709
$
-
$
-
$
-
$
-
$
2.71
7/31/25
517,200
4,298
285,000
2,771
-
-
-
-
2.77
7/31/24
477,200
4,204
285,000
2,632
-
-
-
-
2.63
7/31/23
477,200
4,163
285,000
2,607
-
-
-
-
2.61
7/31/22
233,400
3,718
100,000
2,603
-
-
-
-
2.60
7/31/21
238,400
3,892
100,000
2,742
-
-
-
-
2.74
JQC
1/31/26
(f)
211,600
5,501
140,000
3,311
-
-
-
-
3.31
7/31/25
211,600
5,619
140,000
3,381
-
-
-
-
3.38
7/31/24
211,600
5,447
140,000
3,278
-
-
-
-
3.28
7/31/23
211,600
5,395
140,000
3,247
-
-
-
-
3.25
7/31/22
246,000
4,931
140,000
3,143
-
-
-
-
3.14
7/31/21
402,000
3,333
-
-
-
-
-
-
-
JPC
1/31/26
(f)
837,000
5,088
420,000
3,388
-
-
-
-
3.39
7/31/25
649,000
5,677
420,000
3,447
-
-
-
-
3.45
7/31/24
689,000
5,331
420,000
3,312
-
-
-
-
3.31
7/31/23
219,600
5,249
150,000
3,119
-
-
-
-
3.12
7/31/22
423,400
3,088
-
-
-
-
-
-
-
7/31/21
462,700
3,223
-
-
-
-
-
-
-
NPFD
1/31/26
(f)
161,314
4,562
85,000
2,988
-
-
-
-
2.99
7/31/25
161,314
4,532
85,000
2,968
-
-
-
-
2.97
7/31/24
174,314
4,278
85,000
2,876
-
-
-
-
2.88
7/31/23
147,614
4,649
85,000
2,950
-
-
-
-
2.95
7/31/22
(g)
188,600
3,698
-
-
-
-
-
-
-
(a)
Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if
applicable, as of the end of the relevant fiscal year.
(b)
Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented
by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's borrowings (excluding
temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities
consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the
economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments
were included, the asset coverage amounts presented would be lower.
(c)
Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented
by senior securities from the Fund's total assets, dividing the result by the aggregate of the involuntary liquidation preference of the
outstanding preferred shares and multiplying the result by 1,000. For purpose of asset coverage above, senior securities consist of
preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other
investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage
effects of such investments were included, the asset coverage amounts presented would be lower.
(d)
Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's liabilities and indebtedness not
represented by senior securities from the Fund's total assets, dividing the result by the aggregate of the involuntary liquidation preference
of the outstanding preferred shares and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist
of preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other
investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage
effects of such investments were included, the asset coverage amounts presented would be lower.
(e)
Includes all borrowings and preferred shares presented for the Fund.
(f)
Unaudited.
(g)
For the period December 15, 2021 (commencement of operations) through July 31, 2022.
Notes to Financial Statements
65
(Unaudited)
1. General Information
Fund Information:
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a
"Fund" and collectively, the "Funds"):
Nuveen Floating Rate Income Fund (JFR)
Nuveen Credit Strategies Income Fund (JQC)
Nuveen Preferred & Income Opportunities Fund (JPC)
Nuveen Variable Rate Preferred & Income Fund (NPFD)
The Funds are registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as closed-end management investment
companies. JFR, JQC, JPC and NPFD were each organized as Massachusetts business trusts on January 15, 2004, March 17, 2003, January 27, 2003
and June 1, 2021, respectively.
Current Fiscal Period
: The end of the reporting period for the Funds is January 31, 2026, and the period covered by these Notes to Financial
Statements is the six months ended January 31, 2026 (the "current fiscal period").
Investment Adviser and Sub-Adviser:
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC
("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall
responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides
certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-
advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages
the investment portfolio of the Funds. The Adviser is responsible for managing JPC's investments in swap contracts.
JPC and JPI - Fund Reorganization:
Effective prior to opening of business on September 22, 2025 Nuveen Preferred & Income Securities Fund (JPI)
(the "Target Fund") was reorganized into JPC (the "Acquiring Fund") (the "Reorganization"). With respect to the Reorganization of the Target Fund
with and into the Acquiring Fund, the separate legal existence of the Target Fund ceased for all purposes and the Acquiring Fund succeeded to
all the assets and assumed all the liabilities of the Target Fund. Shares of the Target Fund were converted into newly issued shares of the Acquiring
Fund. Holders of common shares of the Target Fund received newly issued common shares of the Acquiring Fund, the aggregate NAV of which
was equal to the aggregate NAV of the common shares of the Target Fund held immediately prior to the Reorganization (including for this purpose
fractional Acquiring Fund shares to which shareholders were entitled). For accounting and performance reporting purposes, the Acquiring Fund is
the survivor.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America
("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ
from those estimates. The Funds are investment companies and follow accounting guidance in the Financial Accounting Standards Board ("FASB")
Accounting Standards Codification 946, Financial Services - Investment Companies. The NAV for financial reporting purposes may differ from
the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share
transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.
The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation:
The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds
from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred
amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Common Shareholders:
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and
timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares
(stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute
all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least
annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than
its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such
distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share
may erode.
66
Notes to Financial Statements
(continued)
Foreign Currency Transactions and Translation:
To the extent that the Funds invest in securities and/or contracts that are denominated in a currency
other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency
will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds' investments denominated
in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.
Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot
rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in
foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies
are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the
prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)
derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and
the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized
as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i)
investments and (ii) other assets and liabilities are recognized as a component of "Change in net unrealized appreciation (depreciation) on foreign
currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange
rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized
appreciation (depreciation)" on the Statement of Operations, when applicable.
As of the end of the current fiscal period, the percentage of investments in non-U.S. securities for JPC and NPFD are as follows:
Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may
be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that
exist in the markets in which the Funds invest.
Indemnifications:
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of
the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general
indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may
be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and
expects the risk of loss to be remote.
JPC
Value
% of Total
Investments
Country:
United Kingdom
$
573,767,410
12.1
%
Canada
448,410,163
9.5
France
422,672,343
8.9
Spain
204,898,452
4.3
Switzerland
194,766,692
4.1
Netherlands
107,660,983
2.3
Mexico
53,838,927
1.2
Ireland
46,425,285
1.0
Germany
39,218,707
0.8
Australia
37,424,018
0.8
Other
80,356,211
1.6
Total non-U.S. Securities
$2,209,439,191
46.6%
NPFD
Value
% of Total
Investments
Country:
Canada
$
94,604,418
12.5
%
United Kingdom
58,122,638
7.7
France
37,950,705
5.0
Switzerland
23,394,246
3.1
Spain
19,206,082
2.5
Netherlands
11,050,808
1.5
Mexico
7,031,581
0.9
Ireland
6,797,656
0.9
Germany
6,033,647
0.8
Finland
4,666,456
0.6
Other
8,133,674
1.0
Total non-U.S. Securities
$276,991,911
36.5%
67
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date
for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade
date for senior and subordinated loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains
and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for
certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recorded on the ex-dividend
date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of
premiums for financial reporting purposes. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK
interest represents income received in the form of securities in lieu of cash. Rehypothecation income is comprised of fees earned in connection
with the rehypothecation of pledged collateral as further described later in these Notes to Financial Statements. Fee income consists primarily of
amendment fees, when applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan
agreement and are recognized when received. Fee income and amendment fees, if any, are recognized as "Fees" on the Statement of Operations.
Netting Agreements:
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase
agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").
Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when
applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages
its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting
agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can
be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.
The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-
term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the
Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and
changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess
the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment,
is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as
"total assets" and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2023-09)
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,
Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09
is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes
paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently
evaluating the implications of these changes on the financial statements.
New Accounting Pronouncement (ASU No. 2025-11)
: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow
Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required
by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting
period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting
periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these
changes on the financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. 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).
A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:
68
Notes to Financial Statements
(continued)
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price
or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade
on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to
U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when
the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in
accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no
valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price
or official closing price, these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and
oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or
prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,
evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider
information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally
classified as Level 2.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as
Level 1.
Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to
value them:
JFR
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
-
$
2,959,322
$
-
$
2,959,322
Common Stocks
5,045,343
11,508,015
578,637
17,131,995
Corporate Bonds
-
196,808,382
-
196,808,382
Exchange-Traded Funds
1,006,000
-
-
1,006,000
Preferred Stock
-
573,008
616,720
1,189,728
Variable Rate Senior Loan Interests
-
1,941,479,926
5,414
1,941,485,340
Warrants
-
647,263
30,604
677,867
Short-Term Investments:
Investment Companies
127,942,965
-
-
127,942,965
Total
$
133,994,308
$
2,153,975,916
$
1,231,375
$
2,289,201,599
JQC
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
-
$
50,913,340
$
-
$
50,913,340
Common Stocks
4,361
6,474,179
1,568
6,480,108
Corporate Bonds
-
221,550,573
-
221,550,573
Exchange-Traded Funds
1,006,000
-
-
1,006,000
Variable Rate Senior Loan Interests
-
994,434,657
3,498
994,438,155
Warrants
-
-
46
46
Short-Term Investments:
Investment Companies
82,579,358
-
-
82,579,358
Total
$
83,589,719
$
1,273,372,749
$
5,112
$
1,356,967,580
69
The Funds hold liabilities in preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds' liabilities for
preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in these Notes to
Financial Statements.
The following is a reconciliation of the Funds' Level 3 investments held at the beginning and end of the measurement period:
JPC
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
2,940
$
-
$
-
$
2,940
Convertible Preferred Securities
22,032,442
-
-
22,032,442
Corporate Bonds
-
4,206,650,109
30,629,580
4,237,279,689
Preferred Stock
382,724,015
-
-
382,724,015
U.S. Government and Agency Obligations
-
74,378,120
-
74,378,120
Short-Term Investments:
Repurchase Agreements
-
17,868,855
-
17,868,855
Investments in Derivatives:
Futures Contracts*
(2,141,120)
-
-
(2,141,120)
Interest Rate Swaps*
-
926,493
-
926,493
Total
$
402,618,277
$
4,299,823,577
$
30,629,580
$
4,733,071,434
NPFD
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Corporate Bonds
$
-
$
670,915,512
$
7,017,260
$
677,932,772
Preferred Stock
62,416,423
-
-
62,416,423
U.S. Government and Agency Obligations
-
14,346,998
-
14,346,998
Short-Term Investments:
Repurchase Agreements
-
3,552,188
-
3,552,188
Total
$
62,416,423
$
688,814,698
$
7,017,260
$
758,248,381
*
Represents net unrealized appreciation (depreciation).
JFR
Level 3
Common
Stocks
Variable Rate
Senior Loan
Interests
Preferred Stocks
Warrants
Balance at the beginning of period
$595,629
$5,417
$-
$25,830
Gains (losses):
Net realized gains (losses)
281,536
1,764
-
-
Change in net unrealized appreciation (depreciation)
(16,992)
(17,624)
31,528
8,881
Purchases at cost
-
-
585,192
144,218
Sales at proceeds
(281,536)
(30,064)
-
-
Net discounts (premiums)
-
45,921
-
-
Transfers into
-
-
-
-
Transfers (out of)
-
-
-
-
Balance at the end of period
$578,637
$5,414
616,720
$178,929
Change in net unrealized appreciation (depreciation) during the period of Level 3
securities held as of period end
-
$(17,624)
$31,528
$8,881
70
Notes to Financial Statements
(continued)
JQC
Level 3
Common Stocks
Variable Rate
Senior Loan
Interests
Warrants
Balance at the beginning of period
$23,048
$3,498
$47
Gains (losses):
Net realized gains (losses)
355,916
-
-
Change in net unrealized appreciation (depreciation)
(21,480)
-
(1)
Purchases at cost
-
-
-
Sales at proceeds
(355,916)
-
-
Net discounts (premiums)
-
-
-
Transfers into
-
-
-
Transfers (out of)
-
-
-
Balance at the end of period
$1,568
$3,498
$46
Change in net unrealized appreciation (depreciation) during the period of Level 3
securities held as of period end
-
-
(1)
JPC
Level 3
Corporate Bonds
Balance at the beginning of period
$7,053,409
Gains (losses):
Net realized gains (losses)
-
Change in net unrealized appreciation (depreciation)
(5,925,971)
Purchases at cost
29,502,142
Sales at proceeds
-
Net discounts (premiums)
-
Transfers into
-
Transfers (out of)
-
Balance at the end of period
$30,629,580
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end
$(5,925,971)
NPFD
Level 3
Corporate Bonds
Balance at the beginning of period
$2,425,083
Gains (losses):
Net realized gains (losses)
-
Change in net unrealized appreciation (depreciation)
4,592,177
Purchases at cost
-
Sales at proceeds
-
Net discounts (premiums)
-
Transfers into
-
Transfers (out of)
-
Balance at the end of period
$7,017,260
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end
$4,592,177
71
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the current
fiscal period, were as follows:
The significant unobservable inputs used in the fair value measurement of the reporting entity's corporate bonds are estimates of litigation proceeds
reflected by way of broker-dealer price quotations or estimated recovery proceeds. Significant increases (decreases) in these estimates, estimates
in expected recovery proceeds or changes in value from a recent acquisition cost, could have resulted in significantly higher (lower) fair value
measurements of our level 3 investments.
4. Portfolio Securities
Unfunded Commitments:
Pursuant to the terms of certain of the variable rate senior loan agreements, JFR and JQC may have unfunded senior loan
commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal
to the amount of unfunded senior loan commitments. As of the end of the current fiscal period, JFR and JQC's outstanding unfunded senior loan
commitments were as follows:
Participation Commitments:
With respect to the senior loans held in JFR and JQC's portfolio, the Funds may: 1) invest in assignments; 2) act as a
participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Funds would
typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As
such, the Funds not only assume the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the
Fund and the borrower. As of the end of the current fiscal period, the Funds had no such outstanding participation commitments.
Repurchase Agreements:
In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the
underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all
times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal
period, and the collateral delivered related to those repurchase agreements.
Fund
Asset Class
Market Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JFR
Common Stocks
$5,992
Expected Recovery
Recovery Proceeds
$8.00
N/A
572,645
Enterprise Value
Acquisition Cost
$1,000.00
N/A
Preferred Stock
616,720
Expected Recovery
Recovery Proceeds
$1,055.15
N/A
Variable Rate
Senior Loan
Interests
5,414
Broker-Dealer
Price Quotation(s)
Litigation Proceeds
$0.55
N/A
Warrants
30,604
Expected Recovery
Recovery Proceeds
$0.25-$0.35
$0.33
Total
$1,231,375
JQC
Common Stocks
$1,568
Expected Recovery
Recovery Proceeds
$8.00
N/A
Variable Rate
Senior Loan
Interests
3,498
Broker-Dealer Price Quotation(s)
Litigation Proceeds
$0.55
N/A
Warrants
46
Expected Recovery
Recovery Proceeds
$0.01
N/A
Total
$5,112
JPC
Corporate Bonds
$30,629,580
Indicative Trade
Broker Quote
$34.00
N/A
NPFD
Corporate Bonds
$7,017,260
Indicative Trade
Broker Quote
$34.00
N/A
Fund
Outstanding Unfunded Senior Loan
Commitments
JFR
$
4,217,544
JQC
1,905,534
Fund
Counterparty
Short-term
Investments,
at Value
Collateral
Pledged (From)
Counterparty
JPC
Fixed Income Clearing Corporation
$
17,868,855
$
(18,226,319)
NPFD
Fixed Income Clearing Corporation
3,552,188
(3,623,444)
72
Notes to Financial Statements
(continued)
Zero Coupon Securities:
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the
holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the
security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices
of securities that pay interest periodically.
Purchases and Sales:
Long-term purchases and sales (excluding in-kind transactions, where applicable) during the current fiscal period were as
follows:
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such
amounts are recognized on the Statement of Assets and Liabilities.
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
Futures Contracts:
During the current fiscal period, JPC used U.S. Treasury futures as part of an overall portfolio construction strategy to manage
portfolio duration and yield curve exposure.
A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a
futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker
equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments
and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-
to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value
of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a
receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss
equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized
gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of
Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the
possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with
a change in the value of the underlying securities or indices.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
Interest Rate Swap Contracts:
During the current fiscal period, JPC used interest rate swap contracts to partially hedge its interest cost of leverage.
Interest rate swap contracts involve the Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the
counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve the Fund's agreement with a counterparty to
pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for
which would begin at a specified date in the future (the "effective date").
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
JFR
$
510,755,681
$
586,396,586
JQC
283,641,052
321,989,074
JPC
483,546,031
388,202,966
NPFD
63,835,401
72,632,251
Fund
Average Notional Amount of Futures
Contracts Outstanding
*
JPC
$
180,201,035
*
The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal
period and at the end of each fiscal quarter within the current fiscal period.
73
Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues
the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap
contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts.
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest
rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss on such transactions
is limited to the net amount of interest payments that the Fund is to receive from the counterparty. Payments paid (received) at the beginning of
the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable. Interest rate
swaps can be settled either directly with the counterparty ("OTC") or through a central clearinghouse ("centrally cleared"). For OTC swaps, the daily
change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized appreciation (depreciation)
on interest rate swaps contracts on the Statement of Assets and Liabilities.
Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an
account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified
in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and
the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash
settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation
margin on interest rate swaps contracts.
Changes in the value of the swap contracts during the fiscal period are recognized as net unrealized appreciation (depreciation) of swaps
contracts on the Statement of Operations. The net amount of periodic payments settled in cash are recognized as net realized gain (loss) from swap
contracts on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the
end of the current fiscal period.
As of the end of the current fiscal period, the Funds have invested in derivative contracts which are reflected in the Statement of Assets and
Liabilities as follows:
During the current fiscal period, the effect of derivative contracts on the Funds' Statements of Operations was as follows:
Fund
Average Notional Amount of Interest Rate
Swap Contracts Outstanding
*
JPC
$
138,000,000
*
The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal
period and at the end of each fiscal quarter within the current fiscal period.
Fund
Counterparty
Gross Unrealized
Appreciation Interest
Rate Swaps***
Gross Unrealized
(Depreciation) Interest
Rate Swaps***
Net Unrealized Appreciation
(Depreciation) on Interest
Rate Swaps
Collateral
Pledged to (from)
Counterparty
Net Exposure
JPC
Morgan Stanley Capital
Services LLC
$
926,493
$
-
$
926,493
$
(1,057,178)
$
(130,685)
*** Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.
Asset Derivatives
Liability Derivatives
Derivative Instrument
Risk Exposure
Location
Value
Location
Value
JPC
Futures Contracts
Interest rate
-
$
-
Unrealized depreciation on
futures contracts
*
$
(2,141,120)
Interest Rate Swaps
Interest rate
Unrealized appreciation on
interest rate swaps contracts
926,493
-
-
1
1
1
1
1
1
1
1
*
The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying
Statement of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
JPC
Futures contracts
Interest rate
$
5,777,678
$
(4,413,567)
Swap contracts
Interest rate
1,409,836
(1,463,509)
74
Notes to Financial Statements
(continued)
Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may
be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold amount.
6. Fund Shares
Common Shares
JFR - Rights offering:
On January 8, 2025, the Board approved the terms of the issuance of transferable rights ("Rights") to the holders of the Fund's
common shares (par value $0.01 per share) ("Common Shares") as of January 21, 2025 (the "Record Date"). Holders of Common Shares on the
Record Date ("Record Date Shareholders") received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled
the holders to purchase one new Common Share for every 5 Rights held (1-for-5), for an aggregate of up to an additional 26,911,238 Common
Shares.
Holders of Rights were entitled to subscribe for additional Common Shares (the "Offer") at a discount to the market price of the Common Shares,
prior to 5:00 p.m., Eastern time, on February 19, 2025 (the "Expiration Date"). The subscription price per Common Share (the "Subscription Price")
was $8.20 per Common Share, which was equal to 90% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the
Expiration Date. The gross proceeds of the Offer were approximately $220.7 million (including oversubscription requests and notices of guaranteed
delivery).
The Offer was over-subscribed; however, the Fund did not exercise the secondary oversubscription privilege. The available primary over-subscription
shares were allocated pro-rata among those fully exercising record date shareholders who over-subscribed based on the number of rights originally
issued to them by the Fund. The Fund returned to those investors that submitted over-subscription requests the full amount of their excess
payments. The Common Shares subscribed for were issued on February 25, 2025, after completion of the pro-rata allocation of Common Shares in
respect of the primary oversubscription privilege and receipt of all shareholder payments.
JQC - Rights Offering:
On March 19, 2025, the Board approved the terms of the issuance of transferable rights ("Rights") to the holders of the
Fund's common shares (par value $0.01 per share) ("Common Shares") as of March 31, 2025 (the "Record Date"). Holders of Common Shares on the
Record Date ("Record Date Shareholders") received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled
the holders to purchase one new Common Share for every 5 Rights held (1-for-5), for an aggregate of up to an additional 12.2 million Common
Shares.
Holders of Rights were entitled to subscribe for additional Common Shares (the "Offer") at a discount to the market price of the Common Shares,
prior to 5:00 p.m., Eastern time, on April 29, 2025 (the "Expiration Date"). The subscription price per Common Share (the "Subscription Price") was
$5.09 per Common Share, which was equal to 90% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the
Expiration Date. The gross proceeds of the Offer were approximately $62.1 million.
The Common Shares subscribed for were issued on May 5, 2025, after completion and receipt of all shareholder payments. The final Subscription
Price was lower than the original estimated Subscription Price. Accordingly, any excess payments were returned to subscribing rights holders, in
accordance with the prospectus supplement filed with the Securities and Exchange Commission on March 20, 2025.
Common Shares Equity Shelf Programs and Offering Costs:
JPC has filed a registration statement with the Securities and Exchange Commission
("SEC") authorizing the Fund to issue additional common shares through one or more equity shelf programs ("Shelf Offering"), which became
effective with the SEC during a prior fiscal period.
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from
time to time in varying amounts and by different offering methods at a net price at or above Fund's NAV per common share. In the event the Fund's
Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the
registration statement has been filed with the SEC.
75
Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under the Fund's Shelf Offering during the Fund's
current and prior fiscal period were as follows:
Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as "Deferred
offering costs" on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as
a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any deferred offering costs
remaining after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current
are expensed as incurred and recognized as a component of "Other expenses" on the Statement of Operations.
Common Share Transactions:
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable,
were as follows:
Sorry e
Preferred Shares
Taxable Fund Preferred Shares:
JFR, JQC, JPC and NPFD have issued and have outstanding Taxable Fund Preferred ("TFP") Shares, with a $1,000
liquidation preference per share. These TFP Shares were issued via private placement and are not publicly available.
The Fund is obligated to redeem its TFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier
redeemed by the Fund. TFP Shares are initially issued in a pre-specified mode, however, TFP Shares can be subsequently designated as an
alternative mode at a later date at the discretion of the Funds. The modes within TFP Shares detail the dividend mechanics and are described as
follows. At a subsequent date, the Funds may establish additional mode structures with the TFP Share.
• Variable Rate Mode ("VRM") - Dividends for TFP Shares designated in this mode are based upon a short-term index plus an additional fixed
"spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be
required to either extend the term of the mode, designate an alternative mode or redeem the TFP Shares.
The fair value of TFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares
remains roughly in line with the "spread' being demanded by investors on instruments having similar terms in the current market. During the current
fiscal period, the Adviser determined that the fair value of the shares approximated their liquidation preference.
JPC
Unaudited
Six Months
Ended
1/31/26
Year Ended
7/31/25
Maximum aggregate offering
Unlimited
Unlimited
Common shares sold
7,903,716
6,853,100
Offering proceeds, net of offering costs
$63,982,737
$54,493,622
JFR
Unaudited
Six Months
Ended
1/31/26
Year Ended
7/31/25
Common Shares:
Sold through rights offering
-
26,911,238
Total
-
26,911,238
JQC
Unaudited
Six Months
Ended
1/31/26
Year Ended
7/31/25
Common Shares:
Sold through rights offering
-
12,207,389
Total
-
12,207,389
JPC
Unaudited
Six Months
Ended
1/31/26
Year Ended
7/31/25
Common Shares:
Sold through shelf offering
7,903,716
6,853,100
Issued to shareholders due to reinvestment of distributions
274,425
156,693
Total
8,178,141
7,009,793
Weighted average common share:
Premium to NAV per shelf offering common share sold
0.83%
0.59%
76
Notes to Financial Statements
(continued)
• Variable Rate Demand Mode ("VRDM") - Dividends for TFP Shares designated in this mode will be established by a remarketing agent; therefore,
the market value of the TFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional
liquidity feature that enable its shareholders to require a liquidity provider, which each Fund has entered into a contractual agreement, to purchase
shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully
remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a
specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. Each Fund is required to redeem any
shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Funds will pay a liquidity and remarketing fee on the aggregate principal amount of all TFP Shares while within VRDM. Payments made by the
Funds to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement of
Operations.
For financial reporting purposes, the liquidation preference of TFP Shares is recorded as a liability and is recognized as a component of "TFP Shares,
net" on the Statement of Assets and Liabilities. Dividends on the TFP shares are treated as interest payments for financial reporting purposes.
Unpaid dividends on TFP shares are recognized as a component on "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued
on TFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Subject to certain conditions, TFP Shares may be redeemed, in whole or in part, at any time at the option of the Funds. Additionally, TFP Shares
in VRM mode are subject to a 60-Day Evergreen tenor. Each Fund may also be required to redeem certain TFP shares if the Fund fails to maintain
certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances
is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Cost incurred by each Fund in connection with its offerings of TFP Shares, which were recorded as a deferred charge and are being amortized over
the life of the shares. These offering costs are recognized as a component of "TFP Shares, Net" on the Statement of Assets and Liabilities and
"Interest expense and amortization of offering costs" on the Statement of Operations.
As of the end of the current fiscal period, JFR, JQC, JPC, and NPFD had of $284,011,667, $139,364,423, $418,824,025 and $84,578,016
respectively, TFP Shares at liquidation preference, net of deferred offering costs. Further details of the Funds' TFP Shares outstanding as of the end
of the current fiscal period, were as follows:
The average liquidation preference of TFP Shares outstanding and the annualized dividend rate for the Funds during the current fiscal period were as
follows:
7. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and
net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
investment companies. Therefore, no federal income tax provision is required.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Fund's financial statements.
Fund
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption
Date
Mode
JFR
A
170,000
$
170,000,000
$
January 1, 2031
VRDM
B
115,000
115,000,000
December 1,2030
VRM
JQC
A
140,000
$
140,000,000
July 1, 2032
VRDM
JPC
A
150,000
$
150,000,000
August 1, 2037
VRDM
B
270,000
270,000,000
July 1, 2032
VRDM
NPFD
A
85,000
$
85,000,000
February 1, 2034
VRDM
JFR
JQC
JPC
NPFD
Average liquidation preference of TFP Shares outstanding
$285,000,000
$140,000,000
$420,000,000
$85,000,000
Average dividend rate
4.65%
4.22%
4.23%
4.27%
77
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax
purposes were as follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
8. Management Fees and Other Transactions with Affiliates
Management Fees
: Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and
general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components - a fund-level fee, based only on the amount of assets within each individual Fund, and
a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's
shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed
by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
JFR
$
2,321,672,657
$
31,225,887
$
(63,696,945)
$
(32,471,058)
JQC
1,371,447,771
21,784,153
(36,264,344)
(14,480,191)
JPC
4,605,983,725
185,968,751
(58,881,042)
127,087,709
NPFD
755,083,723
22,512,039
(19,347,381)
3,164,658
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital Gains
Unrealized
Appreciation
(Depreciation)
Capital Loss
Carryforwards
Late-Year Loss
Deferrals
Other
Book-to-Tax
Differences
Total
JFR
$
-
$
-
$
(15,511,158)
$
(402,335,504)
$
-
$
(13,682,231)
$
(431,528,893)
JQC
-
-
(3,758,889)
(331,757,973)
-
(7,982,101)
(343,498,963)
JPC
-
-
65,508,399
(440,291,959)
-
(21,970,650)
(396,754,210)
NPFD
-
-
(14,718,133)
(68,716,852)
-
(4,047,494)
(87,482,479)
Fund
Short-Term
Long-Term
Total
JFR
1
$
43,059,963
$
359,275,541
$
402,335,504
JQC
47,573,508
284,184,465
331,757,973
JPC
1
66,744,870
373,547,089
440,291,959
NPFD
10,524,357
58,192,495
68,716,852
1
A portion of JFR's and JPC's capital loss carryforwards is subject to an annual limitation under the Internal Revenue Code and related regulations.
Average Daily Managed Assets*
JFR
JQC
NPFD
For the first $500 million
0.6500
%
0.6800
%
0.7500
%
For the next $500 million
0.6250
0.6550
0.7250
For the next $500 million
0.6000
0.6300
0.7000
For the next $500 million
0.5750
0.6050
0.6750
For managed assets over $2 billion
0.5500
0.5800
0.6500
78
Notes to Financial Statements
(continued)
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual
Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments
in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively
financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in
certain circumstances.
As of the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:
9. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. These could include
recourse arrangements for certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements.
The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the current fiscal period, the
Funds did not have any unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable.
From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to
the enforcement of the Funds' rights under contracts. As of the end of the current fiscal period, management has determined that any legal
proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds'
financial statements.
10. Borrowings Arrangements and Reverse Repurchase Agreements
Borrowings:
Each Fund entered into a borrowing arrangement ("Borrowings") as a means of leverage. As of the end of the current fiscal period,
each Fund's maximum commitment amount under these Borrowings is as follows:
Average Total Daily Managed Assets*
JPC
Fund-Level Fee
Rate
For the first $500 million
0.6800
%
For the next $500 million
0.6550
For the next $500 million
0.6300
For the next $500 million
0.6050
For the next $750 million
0.5800
For the next $750 million
0.5550
For the next $1.5 billion
0.5300
For managed assets over $5 billion
0.5050
Complex-Level Asset Breakpoint Level*
Complex-Level Fee
For the first $124.3 billion
0.1600
%
For the next $75.7 billion
0.1350
For the next $200 billion
0.1325
For eligible assets over $400 billion
0.1300
Fund
Complex-Level Fee
JFR
0.1558
%
JQC
0.1558
JPC
0.1558
NPFD
0.1558
79
As of the end of the current fiscal period, each Fund's outstanding balance on its Borrowings was as follows:
For JFR, interest is charged at a rate equal to 1-Month Term SOFR plus 0.95%. JFR accrues 0.15% per annum on the undrawn balance if the
undrawn portion of the Borrowings on a particular day is more than the maximum commitment amount. Interest is charged on the Borrowings at a
rate per annum equal to the daily SOFR plus 1.10% for JQC and the Fund accrues 1.10% per annum on any positive difference between 90% of the
maximum commitment amount and the daily drawn amount.
For JPC, interest is charged on these Borrowings at OBFR ("Overnight Bank Funding Rate") plus 0.85% per annum on the amounts borrowed. For
NPFD, interest is charged on these Borrowings at OBFR plus 0.75% per annum on the amounts borrowed and 0.25% per annum on the undrawn
balance if the undrawn portion of the Borrowings on a particular day is more than 25% of the maximum commitment amount.
During the current fiscal period, the average daily balance outstanding and average annual interest rate on each Fund's Borrowings were as follows:
Other Borrowings Information for the Funds:
In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage
and other requirements. The Funds' borrowings outstanding are fully secured by eligible securities held in each Fund's portfolio of investments.
("Pledged Collateral") Borrowings outstanding are recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest expense incurred
on the borrowed amount and undrawn balance and amendment fees are recognized as a component of "Interest expense and amortization of
offering costs" on the Statement of Operations.
Rehypothecation:
JPC has entered into a Rehypothecation Side Letter ("Side Letter") with its prime brokerage lender, allowing it to re-register the
Pledged Collateral in its own name or in a name other than the Funds' to pledge, re-pledge, hypothecate, rehypothecate, sell, lend or otherwise
transfer or use the Pledged Collateral (the "Hypothecated Securities") with all rights of ownership as described in the Side Letter. Subject to certain
conditions, the total value of the outstanding Hypothecated Securities shall not exceed the lesser of (i) 98% of the outstanding balance on the
Borrowings to which the Pledged Collateral relates and (ii) 33
1⁄3
% of the Funds' total assets. The Funds may designate any Pledged Collateral as
ineligible for rehypothecation. The Funds may also recall Hypothecated Securities on demand.
The Funds also have the right to apply and set-off an amount equal to one-hundred percent (100%) of the then-current fair market value of such
Pledged Collateral against the current Borrowings under the Side Letter in the event that the prime brokerage lender fails to timely return the
Pledged Collateral and in certain other circumstances. In such circumstances, however, the Funds may not be able to obtain replacement financing
required to purchase replacement securities and, consequently, the Funds' income generating potential may decrease. Even if a Fund is able to
obtain replacement financing, it might not be able to purchase replacement securities at favourable prices.
The Funds will receive a fee in connection with the Hypothecated Securities ("Rehypothecation Fees") in addition to any principal, interest, dividends
and other distributions paid on the Hypothecated Securities.
Fund
Maximum
Commitment
Amount
JFR
$
660,000,000
JQC
250,000,000
JPC
850,000,000
NPFD
190,000,000
Fund
Outstanding
Balance on
Borrowings
JFR
$
517,200,000
JQC
211,600,000
JPC
837,000,000
NPFD
161,314,000
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
JFR
184
$
517,200,000
5.18
%
JQC
184
211,600,000
5.18
JPC
184
777,532,609
5.18
NPFD
184
161,314,000
5.18
80
Notes to Financial Statements
(continued)
As of the end of the reporting period, the Fund had $668,614,861 in Hypothecated Securities. During the current fiscal period, the Fund earned
Rehypothecation Fees of $154,356, which is recognized as "Rehypothecation income" on the Statement of Operations.
Reverse Repurchase Agreements:
During the current fiscal period, certain funds utilized reverse repurchase agreements as a means of leverage.
Each Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by
the Adviser to be creditworthy. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous
agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It
may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to
be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to
counterparties are recognized as a component of "Interest expense" on the Statement of Operations.
In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the
risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a
counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be
delayed.
As of the end of the current fiscal period, the Fund's outstanding balances on its reverse repurchase agreements were as follows:
During the current fiscal period, the average daily balance outstanding and average annual interest rate on the Funds' reverse repurchase
agreements were as follows:
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse
repurchase agreements.
11. Inter-Fund Borrowing and Lending
Inter-Fund Lending Program:
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate
in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to
satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-
end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund
Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number
of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless
it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund
may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the
inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other
lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent
percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than
10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would
Fund
Counterparty
Rate
Principal
Amount
Maturity
Value
Value and Accrued
Interest
JQC
Societe Generale SA
4.51%
$
(142,000,000)
4/01/28
$
(142,000,000)
$
(142,553,090)
JPC
BNP Paribas SA
4.43%
(360,000,000)
12/31/49
(360,000,000)
(361,374,600)
JPC
Royal Bank of Canada
4.64%
(150,853,000)
2/03/26
(150,853,000)
(152,602,895)
Total
$(510,853,000)
$(510,853,000)
$(513,977,495)
NPFD
Royal Bank of Canada
4.35%
(27,592,000)
3/05/26
(27,592,000)
(27,787,566)
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
JQC
184
$
(142,000,000)
4.95%
JPC
184
(499,266,043)
4.85
NPFD
184
(27,592,000)
4.82
Fund
Counterparty
Reverse
Repurchase
Agreements***
Collateral
Pledged to
Counterparty
JQC
Societe Generale SA
$
(142,553,090)
$
(205,081,146)
JPC
BNP Paribas SA
(361,374,600)
(839,184,997)
JPC
Royal Bank of Canada
(152,602,895)
(192,383,526)
Total
$
(513,977,495)
$
(1,031,568,523)
NPFD
Royal Bank of Canada
(27,787,566)
(37,794,842)
*** Represents gross value and accrued interest for the counterparty as reported in the preceding table.
81
cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund
loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to
receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice
by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only
if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for
overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize
the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without
risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case
the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another
fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
12. Fund Reorganization
The Reorganization as previously described in these Notes to Financial Statements was structured to qualify as a tax-free reorganization under
the Internal Revenue Code for federal income tax purposes, and the Target Fund's shareholders recognized no gain or loss for federal income tax
purposes as a result. Prior to the closing of the Reorganization, the Target Fund distributed all of its net investment income and capital gains, if any.
Such a distribution may be taxable to the Target Fund's shareholders for federal income tax purposes.
Investments:
The cost, fair value and net unrealized appreciation (depreciation) of the investments (including investments in derivatives) of the
Target Fund as of the date of the Reorganization, were as follows:
For financial reporting purposes, assets received and shares issued by the Acquiring Fund was recorded at fair value; however, the cost basis of the
investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and
losses with amounts distributable to shareholders for tax purposes.
Common Shares:
The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately
before and after the Reorganization were as follows:
Pro Forma Results of Operations:
The beginning of JPI's current fiscal period was August 1, 2025. Assuming the Reorganization had been
completed on August 1, 2025, the beginning of the Acquiring Fund's current fiscal period, the pro forma results of operations for the Fund's current
fiscal period, are as follows:
JPI
Cost of investments
$448,658,890
Fair value of investments
438,658,268
Net unrealized appreciation (depreciation) of investments
(10,000,622)
Target Fund - Prior to Reorganization
JPI
Common shares outstanding
14,124,969
Net assets applicable to common shares
$287,101,572
NAV per common share outstanding
$20.33
Acquiring Fund - Prior to Reorganization
JPC
Common shares outstanding
330,292,472
Net assets applicable to common shares
$2,686,045,734
NAV per common share outstanding
$8.13
Acquiring Fund - After Reorganization
JPC
Common shares outstanding
365,596,297
Net assets applicable to common shares
$2,973,147,306
NAV per common share outstanding
$8.13
82
Notes to Financial Statements
(continued)
13. Subsequent Events
JFR - Borrowing Arrangement:
During March 2026, the Fund amended its Borrowings, at which time the maximum commitment was reduced to
$610,000,000, all other terms remained unchanged.
JPC - Borrowing Arrangement:
During March 2026, the Fund amended its Borrowings, at which time the maximum commitment was increased to
$950,000,000, all other terms remained unchanged.
Acquiring Fund - Pro Forma Results from Operations
JPC
Net investment income (loss)
$92,208,082
Net realized and unrealized gains (losses)
16,206,879
Change in net assets resulting from operations
71,141,663
83
Additional Fund Information
(U
naudited)
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with
the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its
report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Active Shelf Offering Statement of Additional Information (SAI) for JPC
The SAI for the active shelf offerings
for JPC contains additional information about the Fund's Board of Trustees. You may obtain a copy of the fund's SAI
without charge, upon request, by calling Nuveen at (312) 917-7700, by writing to the Fund, or on Nuveen's website at
www.nuveen.com. You may also obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies
relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon
request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description
of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities
without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information
directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock
Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program,
shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered
by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future
repurchases will be reported to shareholders in the next annual or semi-annual report.
FINRA BrokerCheck:
The Financial Industry Regulatory Authority (FINRA) provides information regarding the
disciplinary history of FINRA member firms and associated investment professionals. This information as well as an
investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline
number at (800) 289-9999 or by visiting www.FINRA.org.
Board of Trustees
Joseph A. Boateng
Michael A. Forrester
Thomas J. Kenny
Amy B.R. Lancellotta
Joanne T. Medero
Albin F. Moschner
John K. Nelson
Loren M. Starr
Matthew Thornton III
Terence J. Toth
Margaret L. Wolff
Robert L. Young
Investment Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
& Trust Company
One Congress Street
Suite 1
Boston, MA 02114-2016
Legal Counsel
Chapman and Cutler
LLP
Chicago, IL 60606
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers
LLP
One North Wacker Drive
Chicago, IL 60606
Transfer Agent and
Shareholder Services
Computershare Trust Company,
N.A.
150 Royall Street
Canton, MA 02021
(800) 257-8787
JFR
JQC
JPC
NPFD
Common shares repurchased
0
0
0
0
84
Glossary of Terms Used in this Report
(U
naudited)
19(a) Notice:
Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made
from a source other than the fund's net income be accompanied by a written notice that discloses the estimated sources of such
payment.
Average Annual Total Return:
This is a commonly used method to express an investment's performance over a particular,
usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual
cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over
the time period being considered.
Collateralized Loan Obligation (CLO):
A security backed by a pool of debt, often low rated corporate loans. Collateralized
loan obligations (CLOs) are similar to collateralized mortgage obligations, except for the different type of underlying loan.
Contingent Capital Securities (CoCos):
CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption
contingency mechanisms built into the terms of the security, for example a mandatory conversion into common stock of the issuer,
or a principal write-down, which if triggered would likely cause the CoCo investment to lose value. Loss absorption mechanisms
would become effective upon the occurrence of a specified contingency event, or at the discretion of a regulatory body. Specified
contingency events, as identified in the CoCo's governing documents, usually reference a decline in the issuer's capital below a
specified threshold level, and/or certain regulatory events. A loss absorption contingency event for CoCos would likely be the result
of, or related to, the deterioration of the issuer's financial condition and/or its status as a going concern. In such a case, with respect
to CoCos that provide for conversion into common stock upon the occurrence of the contingency event, the market price of the
issuer's common stock received by the Acquiring Fund will have likely declined, perhaps substantially, and may continue to decline
after conversion. CoCos rated below investment grade should be considered high yield securities, or "junk," but often are issued
by entities whose more senior securities are rated investment grade. CoCos are a relatively new type of security; and there is a risk
that CoCo security issuers may suffer the sort of future financial distress that could materially increase the likelihood (or the market's
perception of the likelihood) that an automatic write-down or conversion event on those issuers' CoCoswill occur. Additionally,
the trading behavior of a given issuer's CoCo may be strongly impacted by the trading behavior of other issuers' CoCos, such
that negative information from an unrelated CoCo security may cause a decline in value of one or more CoCos held by the Fund.
Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities.
Despite these concerns, the prospective reward vs. risk characteristics of at least certain CoCos may be very attractive relative to
other fixed-income alternatives.
Duration:
Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is
a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a
bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage:
Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see below)
and the leverage effects of certain derivative investments in the fund's portfolio.
Leverage:
Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100%
of the investment capital.
Net Asset Value (NAV) Per Share:
A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and
receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
Regulatory Leverage:
Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part
of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
Nuveen Securities, LLC, member FINRA and SIPC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-A-0126P 5190024
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable
investment solutions through continued adherence to proven, long-term investing principles. Today,
we offer a range of high quality solutions designed to be integral components of a well-diversified core
portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global
asset managers, with specialist knowledge across all major asset classes and particular strength
in solutions that provide income for investors and that draw on our expertise in alternatives and
responsible investing. Nuveen is driven not only by the independent investment processes across
the firm, but also the insights, risk management, analytics and other tools and resources that a truly
world-class platform provides. As a global asset manager, our mission is to work in partnership with
our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your
financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information
provided carefully before you invest. Investors should consider the investment objective and policies,
risk considerations, charges and expenses of any investment carefully. Where applicable, be sure
to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,
please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
| Item 2. |
Code of Ethics. |
Not applicable to this filing.
| Item 3. |
Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. |
Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. |
Audit Committee of Listed Registrants. |
Not applicable to this filing.
| Item 6. |
Investments. |
| (a) | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR. |
| (b) | Not applicable. |
| Item 7. |
Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 8. |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 9. |
Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable.
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 13. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 14. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
| Item 16. |
Controls and Procedures. |
| (a) | The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
| Item 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| Item 19. |
Exhibits. |
(a)(1) Not applicable to this filing.
(a)(2) Not applicable to this filing.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Nuveen Variable Rate Preferred & Income Fund
| Date: April 2, 2026 | By: | /s/ David J. Lamb | ||
| David J. Lamb | ||||
| Chief Administrative Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Date: April 2, 2026 | By: | /s/ David J. Lamb | ||
| David J. Lamb | ||||
| Chief Administrative Officer | ||||
| (principal executive officer) |
| Date: April 2, 2026 | By: | /s/ Marc Cardella | ||
| Marc Cardella | ||||
| Vice President and Controller | ||||
| (principal financial officer) |
Nuveen Variable Rate Preferred & Income Fund published this content on April 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 02, 2026 at 14:32 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]