Nuveen Investment Funds Inc.
11/06/2025 | Press release | Distributed by Public on 11/06/2025 14:38
Annual Report by Investment Company (Form N-CSR)
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 811-05309
Nuveen Investment Funds, Inc.
(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 J. Czarniecki
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: August 31
Date of reporting period: August 31, 2025
| Item 1. |
Reports to Stockholders.
|
|
|
Annual Shareholder Report
August 31, 2025
|
Nuveen Credit Income Fund
Class A Shares/FJSIX
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Credit Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses.You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class A Shares
|
$100 | 0.96% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Credit Income Fund returned 8.22% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund performed in line with the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 8.26%.
•
Top contributors to relative performance
•
Overweight to the communications sector and security selection within the high-yield corporate bond allocation.
•
Out-of-benchmark allocation to emerging markets debt (EMD), particularly sovereign bonds.
•
Out-of-benchmark allocation to preferred and contingent capital (CoCo) securities.
•
Top detractors from relative performance
•
Shorter-duration positioning.
•
Out-of-benchmark allocation to senior loans.
•
Overweight to and security selection in the energy sector within the high-yield corporate bond allocation.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(September 1, 2015 through August 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
|
Class A Shares at NAV (excluding maximum sales charge)
|
8.22% | 5.58% | 5.18% | |||
|
Class A Shares at maximum sales charge (Offering Price)
|
3.01% | 4.56% | 4.67% | |||
|
Bloomberg U.S. Aggregate Bond Index
|
3.14% | (0.68)% | 1.80% | |||
|
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index
|
8.26% | 5.15% | 5.80% | |||
|
Lipper Global High Yield Funds Classification Average
|
7.69% | 4.72% | 4.76% | |||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of August 31, 2025)
|
Fund net assets
|
$232,575,716 | |||
|
Total number of portfolio holdings
|
485 | |||
|
Portfolio turnover (%)
|
99% | |||
|
Total management fees paid for the year
|
$ 726,074 | |||
What did the Fund invest in? (as of August 31, 2025)
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). 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 ratings agencies.
How has the Fund changed?
| • |
Portfolio manager updates: Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
| 3 | continued» |
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670678218_AR_0825
4786809
|
| 4 |
|
|
Annual Shareholder Report
August 31, 2025
|
Nuveen Credit Income Fund
Class C Shares/FCSIX
Annual Shareholder Report
This annual shareholder report contains important information about the Class C Shares of the Nuveen Credit Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses.You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class C Shares
|
$177 | 1.71% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Credit Income Fund returned 7.39% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 8.26%.
•
Top contributors to relative performance
•
Overweight to the communications sector and security selection within the high-yield corporate bond allocation.
•
Out-of-benchmark allocation to emerging markets debt (EMD), particularly sovereign bonds.
•
Out-of-benchmark allocation to preferred and contingent capital (CoCo) securities.
•
Top detractors from relative performance
•
Shorter-duration positioning.
•
Out-of-benchmark allocation to senior loans.
•
Overweight to and security selection in the energy sector within the high-yield corporate bond allocation.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(September 1, 2015 through August 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
|
Class C Shares at NAV (excluding maximum sales charge)
|
7.39% | 4.77% | 4.55% | |||
|
Bloomberg U.S. Aggregate Bond Index
|
3.14% | (0.68)% | 1.80% | |||
|
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index
|
8.26% | 5.15% | 5.80% | |||
|
Lipper Global High Yield Funds Classification Average
|
7.69% | 4.72% | 4.76% | |||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of August 31, 2025)
|
Fund net assets
|
$232,575,716 | |||
|
Total number of portfolio holdings
|
485 | |||
|
Portfolio turnover (%)
|
99% | |||
|
Total management fees paid for the year
|
$ 726,074 | |||
What did the Fund invest in? (as of August 31, 2025)
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). 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 ratings agencies.
How has the Fund changed?
| • |
Portfolio manager updates: Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
| 3 | continued» |
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670678267_AR_0825
4786809
|
| 4 |
|
|
Annual Shareholder Report
August 31, 2025
|
Nuveen Credit Income Fund
Class I Shares/FJSYX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Credit Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$74 | 0.71% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Credit Income Fund returned 8.49% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund performed in line with the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 8.26%.
•
Top contributors to relative performance
•
Overweight to the communications sector and security selection within the high-yield corporate bond allocation.
•
Out-of-benchmark allocation to emerging markets debt (EMD), particularly sovereign bonds.
•
Out-of-benchmark allocation to preferred and contingent capital (CoCo) securities.
•
Top detractors from relative performance
•
Shorter-duration positioning.
•
Out-of-benchmark allocation to senior loans.
•
Overweight to and security selection in the energy sector within the high-yield corporate bond allocation.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 1, 2015 through August 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
|
Class I Shares at NAV
|
8.49% | 5.82% | 5.42% | |||
|
Bloomberg U.S. Aggregate Bond Index
|
3.14% | (0.68)% | 1.80% | |||
|
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index
|
8.26% | 5.15% | 5.80% | |||
|
Lipper Global High Yield Funds Classification Average
|
7.69% | 4.72% | 4.76% | |||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of August 31, 2025)
|
Fund net assets
|
$232,575,716 | |||
|
Total number of portfolio holdings
|
485 | |||
|
Portfolio turnover (%)
|
99% | |||
|
Total management fees paid for the year
|
$ 726,074 | |||
What did the Fund invest in? (as of August 31, 2025)
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). 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 ratings agencies.
How has the Fund changed?
| • |
Portfolio manager updates:Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
| 3 | continued» |
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670678234_AR_0825
4786809
|
| 4 |
|
|
Annual Shareholder Report
August 31, 2025
|
Nuveen Strategic Income Fund
Class A Shares/FCDDX
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class A Shares
|
$82 | 0.80% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Strategic Income Fund returned 5.85% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.
•
Top contributors to relative performance
•
Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).
•
Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.
•
Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.
•
Top detractors from relative performance
•
Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 1, 2015 through August 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
|
Class A Shares at NAV (excluding maximum sales charge)
|
5.85% | 2.72% | 3.78% | |||
|
Class A Shares at maximum sales charge (Offering Price)
|
1.38% | 1.83% | 3.33% | |||
|
Bloomberg U.S. Aggregate Bond Index
|
3.14% | (0.68)% | 1.80% | |||
|
Lipper Multi-Sector Income Funds Classification Average
|
5.51% | 2.53% | 3.49% | |||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of August 31, 2025)
|
Fund net assets
|
$ | 1,142,225,191 | ||
|
Total number of portfolio holdings
|
615 | |||
|
Portfolio turnover (%)
|
87% | |||
|
Total management fees paid for the year
|
$ | 5,018,415 | ||
What did the Fund invest in? (as of August 31, 2025)
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). 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 ratings agencies.
| 3 | continued» |
How has the Fund changed?
| • |
Portfolio manager updates: Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
| 4 | continued» |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670678366_AR_0825
4786855
|
| 5 |
|
|
Annual Shareholder Report
August 31, 2025
|
Nuveen Strategic Income Fund
Class C Shares/FCBCX
Annual Shareholder Report
This annual shareholder report contains important information about the Class C Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class C Shares
|
$159 | 1.55% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Strategic Income Fund returned 5.06% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.
•
Top contributors to relative performance
•
Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).
•
Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.
•
Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.
•
Top detractors from relative performance
•
Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 1, 2015 through August 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
|
Class C Shares at NAV (excluding maximum sales charge)
|
5.06% | 1.94% | 3.18% | |||
|
Bloomberg U.S. Aggregate Bond Index
|
3.14% | (0.68)% | 1.80% | |||
|
Lipper Multi-Sector Income Funds Classification Average
|
5.51% | 2.53% | 3.49% | |||
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of August 31, 2025)
|
Fund net assets
|
$1,142,225,191 | |||
|
Total number of portfolio holdings
|
615 | |||
|
Portfolio turnover (%)
|
87% | |||
|
Total management fees paid for the year
|
$ 5,018,415 | |||
What did the Fund invest in? (as of August 31, 2025)
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). 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 ratings agencies.
| 3 | continued» |
How has the Fund changed?
| • |
Portfolio manager updates:Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
| 4 | continued» |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670678382_AR_0825
4786855
|
| 5 |
|
|
Annual Shareholder Report
August 31, 2025
|
Nuveen Strategic Income Fund
Class R6 Shares/FSFRX
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class R6 Shares
|
$48 | 0.47% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Strategic Income Fund returned 6.32% for Class R6 Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.
•
Top contributors to relative performance
•
Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).
•
Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.
•
Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.
•
Top detractors from relative performance
•
Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(September 1, 2015 through August 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
|
Class R6 Shares at NAV
|
6.32% | 3.06% | 4.14% | |||
|
Bloomberg U.S. Aggregate Bond Index
|
3.14% | (0.68)% | 1.80% | |||
|
Lipper Multi-Sector Income Funds Classification Average
|
5.51% | 2.53% | 3.49% | |||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of August 31, 2025)
|
Fund net assets
|
$1,142,225,191 | |||
|
Total number of portfolio holdings
|
615 | |||
|
Portfolio turnover (%)
|
87% | |||
|
Total management fees paid for the year
|
$ 5,018,415 | |||
What did the Fund invest in? (as of August 31, 2025)
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). 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 ratings agencies.
| 3 | continued» |
How has the Fund changed?
| • |
Portfolio manager updates: Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
| 4 | continued» |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670693878_AR_0825
4786855
|
| 5 |
|
|
Annual Shareholder Report
August 31, 2025
|
Nuveen Strategic Income Fund
Class I Shares/FCBYX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$57 | 0.55% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Strategic Income Fund returned 6.12% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.
•
Top contributors to relative performance
•
Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).
•
Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.
•
Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.
•
Top detractors from relative performance
•
Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 1, 2015 through August 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||
|
Class I Shares at NAV
|
6.12% | 2.96% | 4.04% | |||
|
Bloomberg U.S. Aggregate Bond Index
|
3.14% | (0.68)% | 1.80% | |||
|
Lipper Multi-Sector Income Funds Classification Average
|
5.51% | 2.53% | 3.49% | |||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of August 31, 2025)
|
Fund net assets
|
$ | 1,142,225,191 | ||
|
Total number of portfolio holdings
|
615 | |||
|
Portfolio turnover (%)
|
87% | |||
|
Total management fees paid for the year
|
$ | 5,018,415 | ||
What did the Fund invest in? (as of August 31, 2025)
(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). 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 ratings agencies.
| 3 | continued» |
How has the Fund changed?
| • |
Portfolio manager updates: Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor upon request at (800) 257-8787.
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
| 4 | continued» |
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670678390_AR_0825
4786855
|
| 5 |
| Item 2. |
Code of Ethics. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.
| Item 3. |
Audit Committee Financial Expert. |
As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR)serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.
Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1(2019-2023).
Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1(2022-2023).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-ledthese activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.
| Item 4. |
Principal Accountant Fees and Services. |
Nuveen Investment Funds, Inc.
The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the Registrant's current independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended August 31, 2025, and the amount of fees that KPMG LLP ("KPMG"), the Registrant's former independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended August 31, 2024. The Audit Committee approved in advance all audit services and non-auditservices that PwC and KPMG provided to the Registrant, except for those non-auditservices that were subject to the pre-approvalexception under Rule 2-01of Regulation S-X(the "pre-approvalexception"). The pre-approvalexception for services provided directly to the Registrant waives the pre-approvalrequirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-auditservices at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approvalresponsibilities to its Chair.
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT
| Fiscal Year Ended5 |
Audit Fees Billed to Registrant1 |
Audit-Related Fees Billed to Registrant2 |
Tax Fees Billed to Registrant3 |
All Other Fees Billed to Registrant4 |
||||||||||||
| August 31, 2025 (PwC) | $79,884 | $0 | $28 | $0 | ||||||||||||
| Percentage approved pursuant to pre-approvalexception | 0% | 0% | 0% | 0% | ||||||||||||
| August 31, 2024 (KPMG) | $79,800 | $0 | $0 | $0 | ||||||||||||
| Percentage approved pursuant to pre-approvalexception | 0% | 0% | 0% | 0% | ||||||||||||
| 1 |
"Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings. |
| 2 |
"Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". |
| 3 |
"Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning. |
| 4 |
"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". |
| 5 |
The Registrant changed audit firm from KPMG to PwC on October 24, 2024. |
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS
The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended August 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended August 31, 2024.
The tables also show the percentage of fees subject to the pre-approvalexception. The pre-approvalexception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approvalrequirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approvedby the Audit Committee; (B) the Registrant did not recognize the services as non-auditservices at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.
| Fiscal Year Ended |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
|||||||||
| August 31, 2025 (PwC) | $0 | $0 | $0 | |||||||||
| Percentage approved pursuant to pre-approvalexception | 0% | 0% | 0% | |||||||||
| August 31, 2024 (KPMG) | $0 | $0 | $0 | |||||||||
| Percentage approved pursuant to pre-approvalexception | 0% | 0% | 0% | |||||||||
NON-AUDITSERVICES
The following table shows the amount of fees that PwC billed during the Registrant's fiscal year ended August 31, 2025 for non-auditservices, and the amount of fees that KPMG billed during the Registrant's fiscal year ended August 31, 2024 for non-auditservices. The Audit Committee is required to pre-approve non-auditservices that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approvalexception described above). The Audit Committee requested and received information from PwC and KPMG about any non-auditservices rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's and KPMG's independence.
| Fiscal Year Ended |
Total Non-Audit Fees Billed to Registrant |
Total Non-AuditFees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant) |
Total Non-AuditFees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
| August 31, 2025 (PwC) | $28 | $0 | $11,084,014 | $11,084,042 | ||||||||||||
| August 31, 2024 (KPMG) | $0 | $0 | $0 | $0 | ||||||||||||
"Non-AuditFees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.
Audit Committee Pre-ApprovalPolicies and Procedures. Generally, the Audit Committee must approve (i) all non-auditservices to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-auditservices to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.
Item 4(i) and Item 4(j) are not applicable to the Registrant.
| Item 5. |
Audit Committee of Listed Registrants. |
Not applicable to this registrant.
| Item 6. |
Investments. |
| (a) |
Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
| (b) |
Not applicable. |
| Item 7. |
Financial Statements and Financial Highlights for Open-EndManagement Investment Companies. |
4
Report of Independent Registered
Public Accounting Firm
To the Board of Directors of Nuveen Investment Funds, Inc. and the Board of Trustees of
Nuveen Investment Trust III and Nuveen Investment Trust V and Shareholders of Nuveen
Credit Income Fund, Nuveen Flexible Income Fund, Nuveen Floating Rate Income Fund,
Nuveen High Yield Income Fund, Nuveen Preferred Securities and Income Fund and Nuveen
Strategic Income Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of
Nuveen Credit Income Fund and Nuveen Strategic Income Fund (two of the funds constituting Nuveen Investment
Funds, Inc.), Nuveen Floating Rate Income Fund and Nuveen High Yield Income Fund (constituting Nuveen Investment
Trust III) and Nuveen Flexible Income Fund and Nuveen Preferred Securities and Income Fund (two of the funds
constituting Nuveen Investment Trust V) (hereafter collectively referred to as the "Funds") as of August 31, 2025, the
related statements of operations and of changes in net assets, including the related notes, and the financial highlights
for the year ended August 31, 2025 and, for Nuveen Credit Income Fund and Nuveen Strategic Income Fund, the
financial highlights for each of the years ended June 30, 2022 and 2021 (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of
each of the Funds as of August 31, 2025, the results of each of their operations, changes in each of their net assets,
and each of the financial highlights for the year ended August 31, 2025 and, for Nuveen Credit Income Fund and
Nuveen Strategic Income Fund, the financial highlights for each of the years ended June 30, 2022 and 2021 in
conformity with accounting principles generally accepted in the United States of America.
The financial statements of Nuveen Flexible Income Fund, Nuveen Floating Rate Income Fund, Nuveen High Yield
Income Fund and Nuveen Preferred Securities and Income Fund as of and for the year ended August 31, 2024 and
the financial highlights for each of the periods ended on or prior to August 31, 2024 (not presented herein, other than
the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated
October 29, 2024 expressed an unqualified opinion on those financial statements and financial highlights.
The financial statements of the Nuveen Credit Income Fund and Nuveen Strategic Income Fund as of and for the year
ended August 31, 2024 and the financial highlights for each of the periods ended August 31, 2024, 2023 and 2022
(not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by
other auditors whose report dated October 29, 2024 expressed an unqualified opinion on those financial statements
and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion
on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities
owned as of August 31, 2025 by correspondence with the custodian, portfolio company, agent banks and brokers;
when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that
our audits provide a reasonable basis for our opinions.
5
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
October 29, 2025
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
6
Portfolio of Investments August 31, 2025
Credit Income
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 93.2%
ASSET-BACKED SECURITIES - 10.0%
-
$
1,000,000
(a)
Affirm Asset Securitization Trust 2024-B, Series 2024 B
7.350
%
09/15/29
$
1,005,907
1,000,000
(a)
Affirm Master Trust, Series 2025 1A
7.180
02/15/33
998,507
375,000
(a),(b)
Ares LXIII CLO Ltd, Series 2022 63A, (TSFR3M + 6.000%)
10.283
10/15/38
376,332
1,000,000
(a)
Avis Budget Rental Car Funding AESOP LLC, Series 2024 2A
7.430
10/20/28
1,017,000
1,000,000
(a)
Centersquare Issuer LLC, Series 2025 1A
5.900
03/26/55
983,012
675,000
(a),(b)
CIFC Funding 2022-II Ltd, Series 2022 2A, (TSFR3M + 4.750%)
9.075
04/19/35
677,938
1,000,000
(a)
Consolidated Communications LLC/Fidium Fiber Finance
Holdco LLC, Series 2025 1A
9.408
05/20/55
1,049,207
665,000
(a),(b)
Elmwood CLO 20 Ltd, Series 2022 7A, (TSFR3M + 6.000%)
10.322
01/17/37
667,123
500,000
(a)
Frontier Issuer LLC, Series 2023 1
11.500
08/20/53
523,205
500,000
(a),(b)
Goldentree Loan Management US CLO 1 Ltd, Series 2021 11A,
(TSFR3M + 7.762%)
12.087
10/20/34
486,322
500,000
(a),(b),(c)
Gracie Point International Funding 2025-1 LLC, Series 2025 1A,
(SOFR30A + 4.500%)
0.000
08/15/28
500,000
515,000
(a),(b),(c)
Gracie Point International Funding 2025-1 LLC, Series 2025 1A,
(SOFR30A + 2.750%)
0.000
08/15/28
515,000
500,000
(a)
Hertz Vehicle Financing III LLC, Series 2024 1A
9.220
01/25/29
514,534
750,000
(a)
Hotwire Funding LLC, Series 2024 1A
9.188
06/20/54
787,910
900,000
(a)
Lmrk Issuer Co 2 LLC, Series 2025 1A
8.120
09/15/55
905,057
500,000
(a)
MetroNet Infrastructure Issuer LLC, Series 2025 2A
7.830
08/20/55
508,297
1,525,000
(a),(d)
Mosaic Solar Loan Trust 2019-2, Series 2019 2A
0.000
09/20/40
535,885
1,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 34 Ltd, Series 2019
34A, (TSFR3M + 5.000%)
9.329
07/20/39
1,004,384
500,000
(a),(b)
Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021
40A, (TSFR3M + 5.150%)
9.250
10/16/37
502,456
1,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021
40A, (TSFR3M + 2.800%)
6.900
10/16/37
1,001,951
1,000,000
(a),(b),(c)
Neuberger Berman Loan Advisers CLO 48 Ltd, Series 2022
48A, (TSFR3M + 2.700%)
0.000
04/25/36
1,003,750
1,000,000
(a),(b)
OHA Loan Funding 2013-1 Ltd, Series 2013 1A, (TSFR3M +
3.300%)
7.619
04/23/37
1,007,936
500,000
(a)
Oportun Issuance Trust 2024-2, Series 2024 2
10.470
02/09/32
524,646
1,000,000
(a)
Oportun Issuance Trust 2025-B, Series 2025 B
9.400
05/09/33
1,002,703
500,000
(a),(b)
Palmer Square CLO 2021-4 Ltd, Series 2021 4A, (TSFR3M +
5.750%)
10.022
07/15/38
504,959
1,000,000
(a),(b)
REESE PARK CLO LTD, Series 2020 1A, (TSFR3M + 6.000%)
10.318
01/15/38
1,005,175
754,293
(a)
Sierra Timeshare 2025-1 Receivables Funding LLC, Series 2025
1A
6.860
01/21/42
761,722
750,000
(a),(b)
Thayer Park CLO Ltd, Series 2017 1A, (TSFR3M + 9.132%)
13.457
04/20/34
689,776
1,000,000
(a)
Uniti Fiber Abs Issuer Llc, Series 2025 1A
9.018
04/20/55
1,048,226
1,000,000
(a)
Zayo Issuer LLC, Series 2025 1A
8.659
03/20/55
1,040,497
TOTAL ASSET-BACKED SECURITIES
(Cost $23,415,814)
23,149,417
SHARES
DESCRIPTION
VALUE
89
COMMON STOCKS - 0.0%
89
TRANSPORTATION - 0.0%
8,907
(d),(e)
Jack Cooper Enterprises Inc
89
TOTAL TRANSPORTATION
89
TOTAL COMMON STOCKS
(Cost $0)
89
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
137646319
CORPORATE BONDS - 59.2% (f)
137646319
AUTOMOBILES & COMPONENTS - 1.7%
625,000
(a)
Clarios Global LP / Clarios US Finance Co
6.750
02/15/30
647,637
350,000
(a)
Dealer Tire LLC / DT Issuer LLC
8.000
02/01/28
339,358
430,000
(a),(g)
Dornoch Debt Merger Sub Inc
6.625
10/15/29
373,187
575,000
(h),(i)
General Motors Financial Co Inc
5.750
N/A
561,704
7
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
AUTOMOBILES & COMPONENTS
(continued)
$
80,000
(g)
Goodyear Tire & Rubber Co/The
5.625
%
04/30/33
$
75,184
250,000
Goodyear Tire & Rubber Co/The
5.250
07/15/31
237,409
830,000
(a)
IHO Verwaltungs GmbH
8.000
11/15/32
866,585
200,000
(a)
Nemak SAB de CV
3.625
06/28/31
171,561
720,000
(a)
Phinia Inc
6.625
10/15/32
739,460
TOTAL AUTOMOBILES & COMPONENTS
4,012,085
BANKS - 2.2%
400,000
(h),(j)
Banco Bilbao Vizcaya Argentaria SA
9.375
N/A
442,125
500,000
(a),(g),(j)
Banco Davivienda SA
8.125
07/02/35
517,150
300,000
(a),(i)
Banco de Credito del Peru S.A
6.450
07/30/35
313,065
200,000
(a),(h),(j)
Banco Mercantil del Norte SA/Grand Cayman
6.625
N/A
192,538
300,000
(a),(j)
Bank Hapoalim BM, Reg S
3.255
01/21/32
291,750
200,000
(a),(i)
Banque Ouest Africaine de Developpement
8.200
02/13/55
204,869
500,000
(h),(j)
Barclays PLC
8.000
N/A
526,050
400,000
(a),(j)
BBVA Bancomer SA Institucion de Banca Multiple Grupo
Financiero BBVA Mexico
7.625
02/11/35
418,000
200,000
(a)
Caixa Economica Federal
5.625
05/13/30
201,880
500,000
(i)
Canadian Imperial Bank of Commerce
6.950
01/28/85
502,899
750,000
(g),(h),(j)
Lloyds Banking Group PLC
6.750
N/A
750,617
300,000
(a),(h),(i)
NBK Tier 1 Ltd
6.375
N/A
306,270
200,000
(a),(i)
Turkiye Garanti Bankasi AS
8.125
01/03/35
206,640
200,000
(a)
Yapi ve Kredi Bankasi AS
7.250
03/03/30
204,753
TOTAL BANKS
5,078,606
CAPITAL GOODS - 3.5%
970,000
(a)
Albion Financing 1 SARL / Aggreko Holdings Inc
7.000
05/21/30
1,000,946
110,000
(a)
AmeriTex HoldCo Intermediate LLC
7.625
08/15/33
113,499
380,000
(a)
Builders FirstSource Inc
6.375
03/01/34
391,374
300,000
(a)
Cornerstone Building Brands Inc
9.500
08/15/29
288,740
300,000
(a)
Dcli Bidco LLC
7.750
11/15/29
307,392
400,000
(a)
Efesto Bidco SpA Efesto US LLC
7.500
02/15/32
408,572
590,000
(a)
Goat Holdco LLC
6.750
02/01/32
600,237
255,000
(a)
Herc Holdings Inc
7.000
06/15/30
265,392
300,000
(a)
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC
9.000
02/15/29
314,801
500,000
(a),(g)
IHS Holding Ltd
8.250
11/29/31
515,927
300,000
(a)
IRB Infrastructure Developers Ltd
7.110
03/11/32
307,401
80,000
(a)
JH North America Holdings Inc
0.000
01/31/31
80,873
320,000
(a)
Masterbrand Inc
7.000
07/15/32
331,489
330,000
(a)
New Flyer Holdings Inc
9.250
07/01/30
353,990
400,000
(a)
Quikrete Holdings Inc
6.375
03/01/32
412,540
400,000
(a)
Standard Building Solutions Inc
6.500
08/15/32
412,845
350,000
(a)
Terex Corp
6.250
10/15/32
354,302
400,000
(a)
TransDigm Inc
6.375
05/31/33
405,316
500,000
(a)
TransDigm Inc
6.000
01/15/33
505,614
450,000
(a)
TransDigm Inc
6.875
12/15/30
466,648
240,000
(a)
WESCO Distribution Inc
6.375
03/15/33
248,932
TOTAL CAPITAL GOODS
8,086,830
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
200,000
(a),(g)
Ambipar Lux Sarl
9.875
02/06/31
167,918
270,000
(a)
ASGN Inc
4.625
05/15/28
264,249
415,000
(a)
CACI International Inc
6.375
06/15/33
428,049
800,000
(a)
Neptune Bidco US Inc
9.290
04/15/29
795,592
830,000
(a)
RR Donnelley & Sons Co
9.500
08/01/29
842,098
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
2,497,906
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.5%
379,125
(a)
Carvana Co, (cash 11.000%, PIK 13.000%)
9.000
06/01/30
396,582
670,000
(a)
Cougar JV Subsidiary LLC
8.000
05/15/32
710,081
400,000
Kohl's Corp
5.125
05/01/31
314,722
600,000
(a)
Kohl's Corp
10.000
06/01/30
644,380
250,000
(a)
LCM Investments Holdings II LLC
8.250
08/01/31
265,083
550,000
(a)
Michaels Cos Inc/The
5.250
05/01/28
434,071
400,000
(a)
Queen MergerCo Inc
6.750
04/30/32
413,122
Portfolio of Investments August 31, 2025
(continued)
Credit Income
8
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
$
385,000
(a)
Veritiv Operating Co
10.500
%
11/30/30
$
416,750
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
3,594,791
CONSUMER DURABLES & APPAREL - 1.3%
400,000
(a)
Beach Acquisition Bidco LLC
10.000
07/15/33
424,582
305,000
(a)
CD&R Smokey Buyer Inc
9.500
10/15/29
232,355
620,000
(a)
Champ Acquisition Corp
8.375
12/01/31
659,075
250,000
(a),(g)
Hanesbrands Inc
9.000
02/15/31
265,775
180,000
Newell Brands Inc
5.750
04/01/46
156,417
475,000
(a)
Newell Brands Inc
8.500
06/01/28
501,469
400,000
(a)
S&S Holdings LLC
8.375
10/01/31
375,681
330,000
VF Corp
2.950
04/23/30
287,901
105,000
Whirlpool Corp
6.125
06/15/30
106,167
TOTAL CONSUMER DURABLES & APPAREL
3,009,422
CONSUMER SERVICES - 2.5%
480,000
(a)
Carnival Corp
5.875
06/15/31
492,070
435,000
(a)
Carnival Corp
5.750
08/01/32
442,178
500,000
(a)
Churchill Downs Inc
5.750
04/01/30
500,079
440,000
(a)
Flutter Treasury DAC
5.875
06/04/31
448,012
200,000
Fortune Star BVI Ltd, Reg S
8.500
05/19/28
209,000
315,000
(a)
Hilton Domestic Operating Co Inc
5.750
09/15/33
317,599
250,000
(a)
Life Time Inc
6.000
11/15/31
252,659
300,000
(a)
Merlin Entertainments Group US Holdings Inc
7.375
02/15/31
256,478
400,000
(a)
Muvico LLC
15.000
02/19/29
426,500
500,000
(a)
NCL Corp Ltd
6.750
02/01/32
515,657
300,000
Six Flags Entertainment Corp / Canada's Wonderland Co /
Magnum Management Corp
5.250
07/15/29
290,467
235,000
(a)
Vail Resorts Inc
5.625
07/15/30
238,114
500,000
(a)
Viking Ocean Cruises Ship VII Ltd
5.625
02/15/29
499,663
300,000
(a)
Wynn Macau Ltd
5.625
08/26/28
298,326
585,000
(a)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6.250
03/15/33
592,197
TOTAL CONSUMER SERVICES
5,778,999
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%
150,000
(a)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
4.875
02/15/30
147,726
140,000
(a)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
3.250
03/15/26
138,970
100,000
(a)
US Foods Inc
5.750
04/15/33
100,327
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
387,023
ENERGY - 7.9%
300,000
(a)
Archrock Partners LP / Archrock Partners Finance Corp
6.625
09/01/32
307,526
600,000
(a)
Ascent Resources Utica Holdings LLC / ARU Finance Corp
6.625
07/15/33
609,064
300,000
(a)
Azule Energy Finance Plc
8.125
01/23/30
302,628
250,000
(a),(g)
Baytex Energy Corp
7.375
03/15/32
244,275
194,660
(a)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
197,597
1,230,000
(a)
Buckeye Partners LP
6.875
07/01/29
1,274,708
300,000
(a)
Chord Energy Corp
6.750
03/15/33
307,685
500,000
(a)
CITGO Petroleum Corp
8.375
01/15/29
521,457
300,000
(a)
Civitas Resources Inc
8.625
11/01/30
312,313
650,000
(a)
CNX Resources Corp
7.250
03/01/32
674,470
300,000
(a)
Cosan Luxembourg SA
7.250
06/27/31
308,451
410,000
(a)
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500
06/15/31
404,365
220,000
(a)
Delek Logistics Partners LP / Delek Logistics Finance Corp
8.625
03/15/29
229,968
455,000
(a)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7.375
06/30/33
455,295
200,000
Ecopetrol SA
7.750
02/01/32
203,587
375,000
(i)
Enbridge Inc
8.500
01/15/84
424,205
600,000
(h),(i)
Energy Transfer LP
7.125
N/A
615,709
200,000
(a)
Geopark Ltd
8.750
01/31/30
182,250
400,000
Global Partners LP / GLP Finance Corp
6.875
01/15/29
405,362
800,000
(a)
Global Partners LP / GLP Finance Corp
8.250
01/15/32
841,000
200,000
(a)
Gran Tierra Energy Inc
9.500
10/15/29
162,555
315,000
(a)
Harvest Midstream I LP
7.500
05/15/32
324,328
9
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
300,000
(a)
Hunt Oil Co of Peru LLC Sucursal Del Peru
7.750
%
11/05/38
$
326,175
300,000
(a)
Indika Energy Tbk PT
8.750
05/07/29
295,192
400,000
(a)
Kinetik Holdings LP
6.625
12/15/28
411,527
300,000
(a)
Kosmos Energy Ltd
7.750
05/01/27
284,209
260,000
(a)
Matador Resources Co
6.250
04/15/33
261,922
50,000
(a),(g)
New Fortress Energy Inc
6.500
09/30/26
17,500
160,000
(a)
NFE Financing LLC
12.000
11/15/29
58,800
490,000
(a)
Noble Finance II LLC
8.000
04/15/30
507,294
300,000
(a)
Northern Oil & Gas Inc
8.125
03/01/28
302,263
400,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
392,899
200,000
(a)
Raizen Fuels Finance SA
6.700
02/25/37
191,716
250,000
(a)
Rockies Express Pipeline LLC
6.750
03/15/33
261,144
810,000
(i)
South Bow Canadian Infrastructure Holdings Ltd
7.625
03/01/55
842,883
550,000
(a)
Sunoco LP
6.250
07/01/33
562,114
350,000
(a)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
6.000
09/01/31
343,863
301,692
(a)
Transocean Aquila Ltd
8.000
09/30/28
309,776
500,000
(a)
Transocean Inc
8.000
02/01/27
499,118
150,000
(a)
Transocean Inc
8.250
05/15/29
145,101
600,000
(a)
Venture Global Calcasieu Pass LLC
3.875
11/01/33
534,484
500,000
(a)
Venture Global LNG Inc
8.375
06/01/31
524,589
500,000
(a)
Venture Global LNG Inc
9.875
02/01/32
544,440
800,000
(a),(h),(i)
Venture Global LNG Inc
9.000
N/A
794,433
410,000
(a)
Venture Global Plaquemines LNG LLC
6.500
01/15/34
428,026
200,000
(a)
YPF SA
8.250
01/17/34
200,073
TOTAL ENERGY
18,348,339
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%
580,000
(a)
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus
LLC / GGSI Sellco LL
5.750
05/15/26
579,575
690,000
(a)
Iron Mountain Inc
6.250
01/15/33
706,071
695,000
(a)
Millrose Properties Inc
6.375
08/01/30
701,255
728,000
(g)
MPT Operating Partnership LP / MPT Finance Corp
5.000
10/15/27
689,614
620,000
(a)
MPT Operating Partnership LP / MPT Finance Corp
8.500
02/15/32
650,026
200,000
(a)
Office Properties Income Trust
9.000
03/31/29
199,305
300,000
(a)
RHP Hotel Properties LP / RHP Finance Corp
6.500
04/01/32
308,341
180,000
(a)
RHP Hotel Properties LP / RHP Finance Corp
6.500
06/15/33
185,916
605,000
(a)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6.500
02/15/29
576,202
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
4,596,305
FINANCIAL SERVICES - 6.2%
350,000
(i)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.950
03/10/55
366,446
600,000
(a)
Azorra Finance Ltd
7.750
04/15/30
629,869
255,000
(a)
Azorra Finance Ltd
7.250
01/15/31
263,372
250,000
(a)
Block Inc
6.000
08/15/33
256,663
300,000
Block Inc
6.500
05/15/32
310,839
550,000
(a)
Burford Capital Global Finance LLC
6.250
04/15/28
549,168
200,000
(a)
Burford Capital Global Finance LLC
7.500
07/15/33
204,400
330,000
(a)
Compass Group Diversified Holdings LLC
5.250
04/15/29
304,426
600,000
(h),(j)
Deutsche Bank AG, Reg S
8.130
N/A
628,500
EUR
600,000
(h),(j)
Deutsche Bank AG, Reg S
7.125
N/A
725,828
750,000
(a)
Encore Capital Group Inc
8.500
05/15/30
792,659
210,000
(a)
Freedom Mortgage Holdings LLC
8.375
04/01/32
216,590
350,000
(a)
Freedom Mortgage Holdings LLC
7.875
04/01/33
355,835
75,000
(a)
HAT Holdings I LLC / HAT Holdings II LLC
3.375
06/15/26
73,971
250,000
(a)
Hunt Cos Inc
5.250
04/15/29
244,779
550,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
5.250
05/15/27
536,533
200,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
4.375
02/01/29
168,328
400,000
(a)
Icahn Enterprises LP / Icahn Enterprises Finance Corp
10.000
11/15/29
395,954
515,000
(a)
Jane Street Group / JSG Finance Inc
6.125
11/01/32
517,380
200,000
(a)
Muthoot Finance Ltd
6.375
04/23/29
201,246
640,000
OneMain Finance Corp
5.375
11/15/29
632,810
255,000
OneMain Finance Corp
6.125
05/15/30
258,972
305,000
(a)
Osaic Holdings Inc
6.750
08/01/32
310,767
Portfolio of Investments August 31, 2025
(continued)
Credit Income
10
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
280,000
(a)
PennyMac Financial Services Inc
6.875
%
05/15/32
$
286,674
700,000
(a)
PennyMac Financial Services Inc
7.875
12/15/29
744,025
85,000
(a)
Rocket Cos Inc
6.375
08/01/33
88,207
160,000
(a)
Rocket Cos Inc
6.125
08/01/30
164,632
400,000
(a)
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc
4.000
10/15/33
360,634
700,000
(a)
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc
2.875
10/15/26
685,201
430,000
(a)
Starwood Property Trust Inc
6.500
10/15/30
443,883
315,000
(a)
Starwood Property Trust Inc
6.000
04/15/30
320,057
890,000
(a)
Stonex Escrow Issuer LLC
6.875
07/15/32
914,820
800,000
(a),(h),(j)
UBS Group AG
9.250
N/A
939,511
465,000
(a)
WEX Inc
6.500
03/15/33
475,771
TOTAL FINANCIAL SERVICES
14,368,750
FOOD, BEVERAGE & TOBACCO - 0.9%
415,000
(a)
Arcor SAIC
7.600
07/31/33
415,830
280,000
(a),(g)
Fiesta Purchaser Inc
9.625
09/15/32
300,835
400,000
(a)
Grupo Nutresa SA
8.000
05/12/30
425,400
300,000
(a)
Minerva Luxembourg SA
8.875
09/13/33
329,487
350,000
(a)
Post Holdings Inc
6.375
03/01/33
353,554
400,000
(a)
Viking Baked Goods Acquisition Corp
8.625
11/01/31
396,152
TOTAL FOOD, BEVERAGE & TOBACCO
2,221,258
HEALTH CARE EQUIPMENT & SERVICES - 3.5%
50,000
(a)
CHS/Community Health Systems Inc
6.875
04/15/29
39,750
575,000
(a)
CHS/Community Health Systems Inc
10.875
01/15/32
608,483
670,000
(a)
DaVita Inc
6.875
09/01/32
693,136
450,000
(a)
DaVita Inc
4.625
06/01/30
433,226
800,000
(i)
DENTSPLY SIRONA Inc
8.375
09/12/55
814,317
320,000
(a),(g)
Embecta Corp
5.000
02/15/30
299,868
813,591
(a)
Global Medical Response Inc, (cash 9.500%, PIK 10.000%)
10.000
10/31/28
813,591
400,000
(a),(g)
LifePoint Health Inc
5.375
01/15/29
380,044
200,000
(a)
LifePoint Health Inc
11.000
10/15/30
220,475
400,000
(a)
Molina Healthcare Inc
6.250
01/15/33
402,845
500,000
(a)
Molina Healthcare Inc
3.875
11/15/30
459,278
550,000
(a)
Prime Healthcare Services Inc
9.375
09/01/29
567,550
700,000
(a)
Radiology Partners Inc
8.500
07/15/32
714,602
472,007
(a)
Radiology Partners Inc, (cash 9.781%, PIK 9.781%)
9.781
02/15/30
460,207
560,000
(a)
Star Parent Inc
9.000
10/01/30
592,841
515,000
(a)
Team Health Holdings Inc
8.375
06/30/28
521,319
200,000
Tenet Healthcare Corp
6.125
06/15/30
203,061
TOTAL HEALTH CARE EQUIPMENT & SERVICES
8,224,593
INSURANCE - 2.7%
800,000
(a)
Acrisure LLC / Acrisure Finance Inc
7.500
11/06/30
828,874
210,000
(a)
Acrisure LLC / Acrisure Finance Inc
6.750
07/01/32
215,461
300,000
(a)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750
04/15/28
306,028
840,000
(a)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.500
10/01/31
858,670
1,205,000
(a)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7.875
11/01/29
1,250,527
760,000
(a)
Ardonagh Finco Ltd
7.750
02/15/31
795,311
485,000
(a),(i)
Enstar Group Ltd
7.500
04/01/45
505,452
420,000
(a)
HUB International Ltd
5.625
12/01/29
421,421
525,000
(a)
Panther Escrow Issuer LLC
7.125
06/01/31
544,787
500,000
(a),(b)
Residential Reinsurance 2025 Ltd (3-Month U.S. Treasury Bill +
5.750%)
4.783
06/06/29
511,450
100,000
(a)
Ryan Specialty LLC
5.875
08/01/32
100,684
TOTAL INSURANCE
6,338,665
MATERIALS - 4.5%
300,000
(a)
Arsenal AIC Parent LLC
8.000
10/01/30
317,756
300,000
(a)
Braskem Idesa SAPI
6.990
02/20/32
207,440
200,000
(a)
Braskem Netherlands Finance BV
4.500
01/10/28
155,586
525,000
Celanese US Holdings LLC
7.050
11/15/30
545,867
200,000
(a),(h),(i)
Cemex SAB de CV
7.200
N/A
206,290
300,000
(a)
Cleveland-Cliffs Inc
6.875
11/01/29
304,692
11
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
$
225,000
(a)
Clydesdale Acquisition Holdings Inc
8.750
%
04/15/30
$
231,868
435,000
(a)
Clydesdale Acquisition Holdings Inc
6.625
04/15/29
441,231
250,000
(a)
Compass Minerals International Inc
8.000
07/01/30
261,496
330,000
(a)
Crown Americas LLC
5.875
06/01/33
333,797
1,000,000
(i)
FMC Corp
8.450
11/01/55
1,044,785
400,000
(a)
Fortescue Treasury Pty Ltd
4.375
04/01/31
380,349
400,000
(a)
LD Celulose International GmbH
7.950
01/26/32
420,355
200,000
(a)
Limak Cimento Sanayi ve Ticaret AS
9.750
07/25/29
207,713
320,000
(a)
Methanex US Operations Inc
6.250
03/15/32
322,902
100,000
(a)
Mineral Resources Ltd
9.250
10/01/28
104,542
200,000
(a)
Mineral Resources Ltd
8.000
11/01/27
203,565
300,000
(a)
NOVA Chemicals Corp
7.000
12/01/31
315,115
230,000
(a)
OCP SA
6.700
03/01/36
237,706
570,000
(a)
Olin Corp
6.625
04/01/33
569,261
400,000
(a)
Olympus Water US Holding Corp
6.750
08/01/32
396,093
250,000
(a),(g)
Olympus Water US Holding Corp
6.250
10/01/29
243,829
200,000
(a)
Orbia Advance Corp SAB de CV
6.800
05/13/30
204,098
480,000
(a),(g)
Owens-Brockway Glass Container Inc
7.250
05/15/31
488,397
705,000
(a)
Qnity Electronics Inc
6.250
08/15/33
728,775
200,000
(a)
Sasol Financing USA LLC
8.750
05/03/29
201,743
400,000
(a),(g)
Sealed Air Corp
6.500
07/15/32
413,763
250,000
(a)
Trivium Packaging Finance BV
8.250
07/15/30
265,538
200,000
UPL Corp Ltd, Reg S
4.625
06/16/30
183,409
500,000
(a)
WR Grace Holdings LLC
5.625
08/15/29
467,815
TOTAL MATERIALS
10,405,776
MEDIA & ENTERTAINMENT - 5.1%
475,000
(a)
Advantage Sales & Marketing Inc
6.500
11/15/28
394,283
400,000
(a)
Arches Buyer Inc
4.250
06/01/28
389,024
600,000
CCO Holdings LLC / CCO Holdings Capital Corp, Reg S
4.250
02/01/31
553,449
525,000
(a),(g)
CCO Holdings LLC / CCO Holdings Capital Corp
4.750
02/01/32
487,005
150,000
(a)
CCO Holdings LLC / CCO Holdings Capital Corp
4.500
08/15/30
141,984
275,000
(a)
Clear Channel Outdoor Holdings Inc
7.750
04/15/28
267,461
1,200,000
(a)
CSC Holdings LLC
11.250
05/15/28
1,199,299
825,000
(a)
CSC Holdings LLC
5.500
04/15/27
793,411
320,000
(a)
CSC Holdings LLC
4.500
11/15/31
207,589
320,000
(a)
CSC Holdings LLC
4.125
12/01/30
209,676
600,000
(a)
Directv Financing LLC / Directv Financing Co-Obligor Inc
5.875
08/15/27
597,000
250,000
(a)
DISH DBS Corp
5.250
12/01/26
242,509
650,000
(a)
DISH Network Corp
11.750
11/15/27
687,225
210,000
(a)
EW Scripps Co/The
9.875
08/15/30
197,408
200,000
(a)
Gray Media Inc
7.250
08/15/33
197,033
300,000
Grupo Televisa SAB
5.250
05/24/49
210,257
210,000
(a)
iHeartCommunications Inc
4.750
01/15/28
179,812
600,000
(a)
LCPR Senior Secured Financing DAC
6.750
10/15/27
374,119
300,000
(a)
Match Group Holdings II LLC
4.125
08/01/30
282,481
580,000
(a)
McGraw-Hill Education Inc
7.375
09/01/31
608,880
420,000
(a)
Outfront Media Capital LLC / Outfront Media Capital Corp
4.250
01/15/29
403,658
670,000
(i)
Paramount Global
6.375
03/30/62
671,118
500,000
(a),(g)
Scripps Escrow II Inc
3.875
01/15/29
442,872
350,000
(a)
Sirius XM Radio LLC
3.125
09/01/26
347,837
125,000
(a)
Univision Communications Inc
9.375
08/01/32
131,636
200,000
(a)
Univision Communications Inc
8.500
07/31/31
206,092
200,000
Univision Communications Inc
8.000
08/15/28
207,585
405,000
(a)
Univision Communications Inc
7.375
06/30/30
407,211
200,000
(g)
Warnermedia Holdings Inc
4.279
03/15/32
172,600
200,000
Warnermedia Holdings Inc
5.050
03/15/42
134,750
500,000
Warnermedia Holdings Inc
4.054
03/15/29
475,000
TOTAL MEDIA & ENTERTAINMENT
11,820,264
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
250,000
(a)
1261229 BC Ltd
10.000
04/15/32
259,588
400,000
(a)
Bausch Health Americas Inc
8.500
01/31/27
399,000
500,000
(a)
Bausch Health Cos Inc
4.875
06/01/28
451,250
Portfolio of Investments August 31, 2025
(continued)
Credit Income
12
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
$
200,000
(a)
Bausch Health Cos Inc
11.000
%
09/30/28
$
209,750
600,000
(a)
Charles River Laboratories International Inc
4.000
03/15/31
555,062
300,000
(a)
Organon & Co / Organon Foreign Debt Co-Issuer BV
4.125
04/30/28
287,294
200,000
(a)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5.125
04/30/31
171,377
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
2,333,321
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%
504,000
(a),(g)
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp
7.000
04/15/30
496,177
485,000
(a)
Avis Budget Car Rental LLC / Avis Budget Finance Inc
5.750
07/15/27
482,982
100,000
(a)
Cushman & Wakefield US Borrower LLC
8.875
09/01/31
107,233
375,000
Kennedy-Wilson Inc
4.750
03/01/29
357,116
90,000
(g)
Kennedy-Wilson Inc
5.000
03/01/31
84,022
300,000
(a)
Permian Resources Operating LLC
6.250
02/01/33
305,581
192,060
(a)
Sorik Marapi Geothermal Power PT
7.750
08/05/31
195,086
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
2,028,197
SOFTWARE & SERVICES - 1.4%
600,000
(a)
Amentum Escrow Corp
7.250
08/01/32
625,772
300,000
(a)
CA Magnum Holdings
5.375
10/31/26
298,121
500,000
(a)
Cloud Software Group Inc
6.500
03/31/29
505,498
500,000
(a)
Cloud Software Group Inc
8.250
06/30/32
534,564
500,000
(a)
Condor Merger Sub Inc
7.375
02/15/30
461,748
230,000
(a)
Fair Isaac Corp
6.000
05/15/33
233,086
360,000
(a)
Gen Digital Inc
6.250
04/01/33
370,189
100,000
(a)
Open Text Holdings Inc
4.125
12/01/31
92,003
190,000
(a)
Rocket Software Inc
6.500
02/15/29
182,732
TOTAL SOFTWARE & SERVICES
3,303,713
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
220,000
(a)
Imola Merger Corp
4.750
05/15/29
214,479
500,000
(a)
Viasat Inc
6.500
07/15/28
486,132
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
700,611
TELECOMMUNICATION SERVICES - 3.5%
400,000
(a)
Altice Financing SA
9.625
07/15/27
372,000
400,000
(a),(k)
Altice France SA
8.125
02/01/27
370,314
520,000
(a)
Altice France SA
5.125
07/15/29
444,600
650,000
EchoStar Corp
10.750
11/30/29
699,562
686,741
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
677,518
450,000
(a)
Level 3 Financing Inc
10.000
10/15/32
451,687
245,000
(a)
Level 3 Financing Inc
3.625
01/15/29
208,250
280,000
(a)
Level 3 Financing Inc
6.875
06/30/33
282,513
400,000
(a)
Lumen Technologies Inc
4.500
01/15/29
363,999
800,000
(a)
Lumen Technologies Inc
10.000
10/15/32
810,319
468,000
(i)
Rogers Communications Inc
7.125
04/15/55
485,820
206,000
(a)
Telesat Canada / Telesat LLC
5.625
12/06/26
159,650
200,000
(a)
Turkcell Iletisim Hizmetleri AS
7.650
01/24/32
209,216
600,000
(a)
Virgin Media Secured Finance PLC
4.500
08/15/30
563,276
610,000
(a)
Windstream Escrow LLC / Windstream Escrow Finance Corp
8.250
10/01/31
634,508
1,150,000
(a)
Zayo Group Holdings Inc
4.000
03/01/27
1,112,457
400,000
(a)
Zayo Group Holdings Inc
6.125
03/01/28
371,506
TOTAL TELECOMMUNICATION SERVICES
8,217,195
TRANSPORTATION - 1.0%
250,000
(a)
Air Transport Services Group Inc
7.250
03/15/32
262,462
300,000
(a)
Allegiant Travel Co
7.250
08/15/27
305,187
100,000
(a)
Genesee & Wyoming Inc
6.250
04/15/32
101,680
400,000
(a),(g)
Grupo Aeromexico SAB de CV
8.625
11/15/31
394,960
225,000
(a),(g)
Montego Bay Airport Revenue Finance Ltd
6.600
06/15/35
229,500
500,000
(a),(g)
Rand Parent LLC
8.500
02/15/30
518,175
456,000
(a),(g)
VistaJet Malta Finance PLC / Vista Management Holding Inc
9.500
06/01/28
474,229
TOTAL TRANSPORTATION
2,286,193
UTILITIES - 4.3%
1,000,000
(i)
AES Corp/The
6.950
07/15/55
967,484
494,000
(a),(i)
AltaGas Ltd
7.200
10/15/54
500,580
460,000
(a)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6.375
02/15/32
466,556
13
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
192,900
(a)
Continuum Green Energy India Pvt / Co-Issuers
7.500
%
06/26/33
$
200,497
800,000
(a)
ContourGlobal Power Holdings SA
6.750
02/28/30
826,000
405,000
(h),(i)
Edison International
5.375
N/A
393,528
250,000
(i)
EUSHI Finance Inc
7.625
12/15/54
261,200
500,000
(a)
Ferrellgas LP / Ferrellgas Finance Corp
5.875
04/01/29
462,875
200,000
(a)
Greenko Wind Projects Mauritius Ltd
7.250
09/27/28
203,965
650,000
(a)
LONG RIDGE ENERGY LLC
8.750
02/15/32
673,258
290,000
(a)
NRG Energy Inc
6.250
11/01/34
297,322
360,000
(a)
NRG Energy Inc
6.000
02/01/33
364,847
305,000
(a),(h),(i)
NRG Energy Inc
10.250
N/A
336,219
200,000
(a)
Pampa Energia SA
7.875
12/16/34
198,774
200,000
(a)
Pampa Energia SA
7.950
09/10/31
204,177
300,000
(a)
Pattern Energy Operations LP / Pattern Energy Operations Inc
4.500
08/15/28
292,370
375,000
(i)
PG&E Corp
7.375
03/15/55
372,144
200,000
(a)
Saavi Energia Sarl
8.875
02/10/35
212,000
330,000
(a)
TerraForm Power Operating LLC
4.750
01/15/30
318,426
730,000
(a),(h),(i)
Vistra Corp
8.875
N/A
794,085
440,000
(a)
Vistra Operations Co LLC
5.625
02/15/27
440,178
290,000
(a),(g)
XPLR Infrastructure Operating Partners LP
8.625
03/15/33
305,845
800,000
(a),(g)
XPLR Infrastructure Operating Partners LP
7.250
01/15/29
817,068
100,000
(a)
XPLR Infrastructure Operating Partners LP
4.500
09/15/27
98,079
TOTAL UTILITIES
10,007,477
TOTAL CORPORATE BONDS
(Cost $134,597,382)
137,646,319
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 8.8%
-
1,000,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 4.500%)
8.863
06/15/35
1,001,666
1,000,000
(b)
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
3.888
12/15/62
699,815
948,827
(a),(b)
BLP Commercial Mortgage Trust 2024-IND2, Series 2024 IND2,
(TSFR1M + 3.689%)
8.011
03/15/41
950,284
1,000,000
(a),(b)
BX Trust 2021-VIEW, Series 2021 VIEW, (TSFR1M + 3.714%)
8.036
06/15/36
1,000,072
1,000,000
(a),(b)
COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3
4.767
06/10/47
435,020
900,000
(a)
COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22
3.000
03/10/48
539,464
485,000
(b)
COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25
3.768
08/10/48
457,849
1,500,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R01, Series 2022
R01, (SOFR30A + 6.000%)
10.348
12/25/41
1,572,897
1,500,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R02, Series 2022
R02, (SOFR30A + 7.650%)
12.972
01/25/42
1,604,501
1,500,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R06, Series 2022
R06, (SOFR30A + 10.600%)
15.334
05/25/42
1,707,129
565,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 5.900%)
10.248
07/25/43
611,658
1,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2021-DNA6, Series 2021
DNA6, (SOFR30A + 7.500%)
11.848
10/25/41
1,059,076
1,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022
DNA1, (SOFR30A + 7.100%)
11.448
01/25/42
1,063,496
450,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022
DNA2, (SOFR30A + 4.750%)
9.098
02/25/42
471,329
1,500,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022
DNA2, (SOFR30A + 8.500%)
13.788
02/25/42
1,632,016
920,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022
DNA3, (SOFR30A + 9.750%)
15.087
04/25/42
1,020,914
1,000,000
(b)
GS Mortgage Securities Trust 2018-GS10, Series 2018 GS10
4.547
07/10/51
876,379
1,000,000
(a),(b)
ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2
8.472
07/13/42
1,036,973
800,000
(b)
JPMBB Commercial Mortgage Securities Trust 2014-C22,
Series 2014 C22
4.660
09/15/47
743,516
1,000,000
(a)
Lmrk Issuer Co 2 LLC, Series 2025 1A
6.200
09/15/55
1,006,057
Portfolio of Investments August 31, 2025
(continued)
Credit Income
14
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
1,000,000
(a),(b)
MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,
(TSFR1M + 5.285%)
9.605
%
03/15/39
$
1,001,364
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $21,039,244)
20,491,475
SHARES
DESCRIPTION
RATE
VALUE
1923495
PREFERRED STOCK - 0.8%
1923495
BANKS - 0.3%
27,750
Wintrust Financial Corp
7.875
732,878
TOTAL BANKS
732,878
FINANCIAL SERVICES - 0.1%
12,550
Synchrony Financial
8.250
324,417
TOTAL FINANCIAL SERVICES
324,417
INSURANCE - 0.3%
28,000
Enstar Group Ltd
7.000
655,200
TOTAL INSURANCE
655,200
UTILITIES - 0.1%
200,000
(a)
Trinidad Generation UnLtd
7.750
211,000
TOTAL UTILITIES
211,000
TOTAL PREFERRED STOCK
(Cost $1,767,230)
1,923,495
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
7221428
SOVEREIGN DEBT - 3.1%
7221428
ARGENTINA - 0.1%
600,000
Argentine Republic Government International Bond
4.125
07/09/35
381,150
TOTAL ARGENTINA
381,150
BAHAMAS - 0.1%
200,000
(a)
Bahamas Government International Bond
8.250
06/24/36
206,716
TOTAL BAHAMAS
206,716
BARBADOS - 0.1%
200,000
(a)
Barbados Government International Bond
8.000
06/26/35
201,168
TOTAL BARBADOS
201,168
BENIN - 0.1%
200,000
(a)
Benin Government International Bond
7.960
02/13/38
197,074
TOTAL BENIN
197,074
COLOMBIA - 0.1%
200,000
Colombia Government International Bond
3.250
04/22/32
166,802
TOTAL COLOMBIA
166,802
COTE D'IVOIRE - 0.1%
300,000
(a)
Ivory Coast Government International Bond
6.125
06/15/33
278,055
TOTAL COTE D'IVOIRE
278,055
DOMINICAN REPUBLIC - 0.1%
200,000
(a)
Dominican Republic International Bond
6.500
02/15/48
194,000
150,000
(a)
Dominican Republic International Bond
6.600
06/01/36
154,370
TOTAL DOMINICAN REPUBLIC
348,370
ECUADOR - 0.1%
155,762
(a)
Ecuador Government International Bond
1.000
07/31/35
117,214
311,523
Ecuador Government International Bond, Reg S
6.900
07/31/35
234,427
TOTAL ECUADOR
351,641
EGYPT - 0.2%
200,000
(a)
Egypt Government International Bond
8.750
09/30/51
169,616
200,000
(a)
Egypt Government International Bond
8.625
02/04/30
205,928
TOTAL EGYPT
375,544
EL SALVADOR - 0.1%
200,000
(a)
El Salvador Government International Bond
7.625
09/21/34
196,000
TOTAL EL SALVADOR
196,000
15
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GHANA - 0.1%
$
200,000
(a)
Ghana Government International Bond
5.000
%
07/03/35
$
164,286
TOTAL GHANA
164,286
GUATEMALA - 0.1%
300,000
(a)
Guatemala Government Bond
3.700
10/07/33
260,400
TOTAL GUATEMALA
260,400
HONDURAS - 0.1%
200,000
(a)
Honduras Government International Bond
5.625
06/24/30
191,900
TOTAL HONDURAS
191,900
KENYA - 0.1%
200,000
(a)
Republic of Kenya Government International Bond
9.500
03/05/36
197,630
TOTAL KENYA
197,630
MONGOLIA - 0.1%
200,000
(a)
Mongolia Government International Bond
6.625
02/25/30
200,984
TOTAL MONGOLIA
200,984
PAKISTAN - 0.1%
200,000
(a)
Pakistan Government International Bond
7.375
04/08/31
188,978
TOTAL PAKISTAN
188,978
PANAMA - 0.2%
400,000
Panama Government International Bond
6.875
01/31/36
411,380
TOTAL PANAMA
411,380
PARAGUAY - 0.1%
200,000
(a)
Paraguay Government International Bond
6.000
02/09/36
207,580
TOTAL PARAGUAY
207,580
REPUBLIC OF SERBIA - 0.1%
300,000
(a)
Serbia International Bond
2.125
12/01/30
258,158
TOTAL REPUBLIC OF SERBIA
258,158
ROMANIA - 0.1%
200,000
(a)
Romanian Government International Bond
7.500
02/10/37
212,834
TOTAL ROMANIA
212,834
RWANDA - 0.1%
400,000
(a)
Rwanda International Government Bond
5.500
08/09/31
351,276
TOTAL RWANDA
351,276
SENEGAL - 0.1%
300,000
(a)
Senegal Government International Bond
6.250
05/23/33
222,652
TOTAL SENEGAL
222,652
SOUTH AFRICA - 0.1%
300,000
(a)
Republic of South Africa Government International Bond
7.100
11/19/36
301,982
TOTAL SOUTH AFRICA
301,982
SRI LANKA - 0.1%
200,000
(a)
Sri Lanka Government International Bond
3.600
02/15/38
167,947
TOTAL SRI LANKA
167,947
TURKEY - 0.2%
200,000
Turkiye Government International Bond
5.950
01/15/31
196,696
200,000
Turkiye Government International Bond
7.250
05/29/32
206,423
TOTAL TURKEY
403,119
UKRAINE - 0.1%
500,000
(a)
Ukraine Government International Bond
1.750
02/01/36
263,750
TOTAL UKRAINE
263,750
UZBEKISTAN - 0.1%
200,000
(a)
Republic of Uzbekistan International Bond
3.700
11/25/30
183,362
TOTAL UZBEKISTAN
183,362
ZAMBIA - 0.1%
353,530
(a)
Zambia Government International Bond
5.750
06/30/33
330,690
TOTAL ZAMBIA
330,690
TOTAL SOVEREIGN DEBT
(Cost $6,954,186)
7,221,428
Portfolio of Investments August 31, 2025
(continued)
Credit Income
16
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
26291259
VARIABLE RATE SENIOR LOAN INTERESTS - 11.3%
26291259
CAPITAL GOODS - 1.4%
$
2,520,000
(b)
Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)
6.566
%
07/09/32
$
2,528,669
198,333
(b)
QXO Inc, Term Loan B, (TSFR3M + 3.000%)
7.296
04/30/32
200,327
447,089
(b)
Windsor Holdings III, LLC, Term Loan B, (TSFR1M + 2.750%)
7.073
08/01/30
448,300
TOTAL CAPITAL GOODS
3,177,296
COMMERCIAL & PROFESSIONAL SERVICES - 1.7%
3,000,000
(b)
Allied Universal Holdco LLC, Term Loan B, (TSFR3M + 3.250%)
7.590
08/20/32
3,013,800
500,000
(b)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.824
03/03/32
500,313
428,925
(b)
WIN Waste Innovations Holdings, Inc., Incremental Term Loan,
(TSFR1M + 3.750%)
8.180
03/27/28
432,545
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
3,946,658
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.3%
146,381
(b)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)
6.841
06/09/31
146,629
500,000
(b)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
8.360
08/18/32
495,860
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
642,489
CONSUMER SERVICES - 0.3%
597,000
(b)
GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)
6.814
07/28/31
598,866
TOTAL CONSUMER SERVICES
598,866
ENERGY - 0.2%
498,747
(b)
Oryx Midstream Services Permian Basin LLC, Term Loan B,
(TSFR1M + 2.250%)
6.573
10/05/28
499,216
TOTAL ENERGY
499,216
FINANCIAL SERVICES - 0.6%
620,000
(b),(c)
Beach Acquisition Bidco LLC, (TBD)
TBD
TBD
624,650
445,000
(b),(c)
Orion US Finco Inc, (TBD)
TBD
TBD
448,497
246,400
(b),(c)
Tiger Acquisition LLC, (TBD)
TBD
TBD
246,739
TOTAL FINANCIAL SERVICES
1,319,886
FOOD, BEVERAGE & TOBACCO - 0.0%
110,470
(b)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 11.198%, PIK 6.000%)
11.198
11/28/25
108,122
21,055
(b)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)
11.198
11/28/25
21,450
TOTAL FOOD, BEVERAGE & TOBACCO
129,572
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
465,000
(b)
Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)
8.566
01/15/31
466,246
1,000,000
(b),(c)
LifePoint Health, Inc., First Lien Term Loan B, (TBD)
TBD
TBD
994,470
433,273
(b)
Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)
6.316
10/23/28
433,771
277,865
(b)
Parexel International Corporation, Term Loan B, (TSFR1M +
2.500%)
6.816
11/15/28
278,445
497,500
(b)
Zelis Payments Buyer, Inc., 5th Amendment Term Loan,
(TSFR1M + 3.250%)
7.566
11/26/31
498,642
TOTAL HEALTH CARE EQUIPMENT & SERVICES
2,671,574
INSURANCE - 1.7%
498,744
(b)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.823
09/19/31
498,213
250,000
(b)
Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)
9.680
02/03/28
244,062
500,000
(b)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
8.566
09/19/30
495,313
500,000
(b),(c)
Asurion LLC, Term Loan B8, (TBD)
TBD
TBD
495,312
997,396
(b)
Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)
7.680
07/30/27
998,184
495,000
(b)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)
7.066
06/16/31
495,324
747,490
(b)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.816
07/31/31
750,372
TOTAL INSURANCE
3,976,780
MATERIALS - 0.2%
2,998,738
(b)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
8.256
09/15/28
499,735
TOTAL MATERIALS
499,735
17
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT - 0.3%
$
565,111
(b)
Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +
3.000%)
7.256
%
02/10/31
$
568,855
125,000
(b)
Virgin Media Bristol LLC, Term Loan Q, (TSFR1M + 3.250%)
7.728
01/31/29
124,900
TOTAL MEDIA & ENTERTAINMENT
693,755
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%
221,579
(b)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1,
(TSFR1M + 2.750%)
7.066
01/31/30
222,502
725,000
(b)
Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)
7.930
12/08/25
705,566
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
928,068
SOFTWARE & SERVICES - 2.0%
427,853
(b)
Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)
6.296
01/31/31
428,815
498,750
(b)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
7.199
07/30/31
498,700
400,000
(b)
Clearwater Analytics, LLC, Term Loan B, (TSFR6M + 2.250%)
6.460
04/21/32
401,502
398,997
(b)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
7.483
03/24/31
400,522
172,819
(b)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
7.104
05/01/31
173,036
179,548
(b)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.816
05/30/31
180,210
145,883
(b)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
7.351
06/27/31
146,521
431,332
(b)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6.816
01/30/32
432,141
100,229
(b),(c)
Javelin Buyer Inc, (TBD)
TBD
TBD
99,760
498,750
(b)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
7.058
12/08/31
497,892
248,747
(b)
Mitchell International, Inc., First Lien Term Loan, (TSFR1M +
3.250%)
7.566
06/17/31
249,497
498,741
(b)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.810
02/10/31
499,075
577,000
X Corp
9.500
10/29/29
568,137
TOTAL SOFTWARE & SERVICES
4,575,808
TELECOMMUNICATION SERVICES - 0.8%
1,000,000
(b)
Connect Finco Sarl, Non-Extended Term Loan B, (TSFR1M +
3.500%)
7.816
12/11/26
1,000,155
447,718
(b)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6.780
04/15/30
445,573
500,000
(b)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)
7.430
03/09/27
485,168
TOTAL TELECOMMUNICATION SERVICES
1,930,896
UTILITIES - 0.3%
697,681
(b)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.733
05/17/30
700,660
TOTAL UTILITIES
700,660
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $26,117,330)
26,291,259
TOTAL LONG-TERM INVESTMENTS
(Cost $213,891,186)
216,723,482
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 4.0%
9,301,923
(l)
State Street Navigator Securities Lending Government Money
Market Portfolio
4.310 (m)
9,301,923
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $9,301,923)
9,301,923
Portfolio of Investments August 31, 2025
(continued)
Credit Income
18
See Notes to Financial Statements
Principal denominated in U.S. Dollars, unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 7.3%
16956220
REPURCHASE AGREEMENTS - 7.3%
16956220
$
16,425,000
(n)
Fixed Income Clearing Corporation
4.260
%
09/02/25
$
16,425,000
531,220
(o)
Fixed Income Clearing Corporation
1.360
09/02/25
531,220
TOTAL REPURCHASE AGREEMENTS
(Cost $16,956,220)
16,956,220
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,956,220)
16,956,220
TOTAL INVESTMENTS - 104.5%
(Cost $240,149,329)
242,981,625
OTHER ASSETS & LIABILITIES, NET - (4.5)%
(10,405,909)
NET ASSETS - 100%
$
232,575,716
EUR
Euro
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.
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering
those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the
registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are
made outside the United States.
REIT
Real Estate Investment Trust
SOFR30A
30 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)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $163,167,433 or 67.2% of Total Investments.
(b)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(c)
When-issued or delayed delivery security.
(d)
For fair value measurement disclosure purposes, investment classified as Level 3.
(e)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(f)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(g)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the reporting period was $8,967,812.
(h)
Perpetual security. Maturity date is not applicable.
(i)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
5.1% of Total Investments.
(j)
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 2.2% of Total Investments.
(k)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(l)
Investments made with cash collateral received from securities on loan.
(m)
The rate shown is the one-day yield as of the end of the reporting period.
(n)
Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $16,432,775 on 9/2/25,
collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 4/15/28, valued at $16,753,510.
(o)
Agreement with Fixed Income Clearing Corporation, 1.360% dated 8/29/25 to be repurchased at $531,300 on 9/2/25,
collateralized by Government Agency Securities, with coupon rate 4.125% and maturity date 11/15/32, valued at $541,903.
19
See Notes to Financial Statements
Investments in Derivatives
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury 5-Year Note
160
12/25
$
17,413,502
$
17,515,000
$
101,498
Forward Foreign Currency Contracts
Currency Purchased
Notional Amount
(Local Currency)
Currency Sold
Notional Amount
(Local Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
735,011
EUR
624,000
Morgan Stanley Capital Services
LLC
10/10/25
$
3,262
Total
$3,262
Total unrealized appreciation on forward foreign currency contracts
$3,262
Total unrealized depreciation on forward foreign currency contracts
$-
EUR
Euro
20
Portfolio of Investments August 31, 2025
Flexible Income
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 97.7%
82890365
COMMON STOCKS - 9.9%
82890365
BANKS - 0.9%
12,900
Citigroup Inc
$
1,245,753
12,700
JPMorgan Chase & Co
3,828,034
34,500
Wells Fargo & Co
2,835,210
TOTAL BANKS
7,908,997
CAPITAL GOODS - 1.2%
21,800
Carrier Global Corp
1,421,360
7,400
General Dynamics Corp
2,401,818
4,000
Hubbell Inc
1,723,960
22,800
nVent Electric PLC
2,060,892
2,900
Parker-Hannifin Corp
2,202,115
TOTAL CAPITAL GOODS
9,810,145
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%
7,400
(a)
Amazon.com Inc
1,694,600
4,000
Home Depot Inc/The
1,627,080
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
3,321,680
CONSUMER SERVICES - 0.3%
26,500
Boyd Gaming Corp
2,275,290
TOTAL CONSUMER SERVICES
2,275,290
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%
23,400
Walmart Inc
2,269,332
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
2,269,332
ENERGY - 0.6%
7,300
Cheniere Energy Inc
1,765,286
19,600
Exxon Mobil Corp
2,240,084
15,600
Shell PLC, ADR
1,152,528
TOTAL ENERGY
5,157,898
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%
7,300
American Tower Corp
1,488,105
46,646
National Storage Affiliates Trust
1,042,538
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
2,530,643
FINANCIAL SERVICES - 0.7%
3,500
American Express Co
1,159,480
2,100
Ameriprise Financial Inc
1,081,101
12,000
Bank of New York Mellon Corp/The
1,267,200
5,900
(a)
Fiserv Inc
815,262
7,900
Morgan Stanley
1,188,792
TOTAL FINANCIAL SERVICES
5,511,835
FOOD, BEVERAGE & TOBACCO - 0.6%
24,000
Coca-Cola Co/The
1,655,760
20,301
Philip Morris International Inc
3,392,906
TOTAL FOOD, BEVERAGE & TOBACCO
5,048,666
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
17,500
Abbott Laboratories
2,321,550
2,200
UnitedHealth Group Inc
681,714
TOTAL HEALTH CARE EQUIPMENT & SERVICES
3,003,264
INSURANCE - 0.5%
8,600
Allstate Corp/The
1,749,670
8,600
Progressive Corp/The
2,124,716
TOTAL INSURANCE
3,874,386
MATERIALS - 0.2%
2,400
(a)
Linde PLC
1,147,896
20,600
Smurfit WestRock PLC
975,616
TOTAL MATERIALS
2,123,512
21
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
MEDIA & ENTERTAINMENT - 0.6%
11,500
Alphabet Inc, Class C
$
2,455,595
18,500
Walt Disney Co/The
2,190,030
TOTAL MEDIA & ENTERTAINMENT
4,645,625
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
6,900
Amgen Inc
1,985,199
5,400
Danaher Corp
1,111,428
45,700
Sanofi SA, ADR
2,261,236
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
5,357,863
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
11,300
Applied Materials Inc
1,816,588
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
1,816,588
SOFTWARE & SERVICES - 0.2%
69,300
Gen Digital Inc
2,092,860
TOTAL SOFTWARE & SERVICES
2,092,860
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
41,700
Corning Inc
2,795,151
93,400
Hewlett Packard Enterprise Co
2,108,038
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
4,903,189
TELECOMMUNICATION SERVICES - 0.4%
81,500
AT&T Inc
2,387,135
25,100
Verizon Communications Inc
1,110,173
TOTAL TELECOMMUNICATION SERVICES
3,497,308
TRANSPORTATION - 0.1%
4,200
FedEx Corp
970,494
TOTAL TRANSPORTATION
970,494
UTILITIES - 0.8%
36,000
Alliant Energy Corp
2,342,520
26,582
Sempra
2,194,610
24,200
Southern Co/The
2,233,660
TOTAL UTILITIES
6,770,790
TOTAL COMMON STOCKS
(Cost $68,172,528)
82,890,365
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
18097765
CONVERTIBLE BONDS - 2.2%
18097765
TECHNOLOGY HARDWARE & EQUIPMENT - 2.2%
$
2,600,000
Seagate HDD Cayman
3.500
%
06/01/28
5,345,328
5,725,000
Western Digital Corp
3.000
11/15/28
12,752,437
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
18,097,765
TOTAL CONVERTIBLE BONDS
(Cost $10,771,423)
18,097,765
SHARES
DESCRIPTION
RATE
VALUE
27284545
CONVERTIBLE PREFERRED SECURITIES - 3.3%
27284545
BANKS - 1.8%
1,100
Bank of America Corp
7.250
1,371,755
11,405
Wells Fargo & Co
7.500
13,857,075
TOTAL BANKS
15,228,830
CAPITAL GOODS - 0.9%
69,005
Boeing Co/The
6.000
5,135,352
35,950
Chart Industries Inc
6.750
2,542,743
TOTAL CAPITAL GOODS
7,678,095
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
69,475
Hewlett Packard Enterprise Co
7.625
4,377,620
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
4,377,620
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $26,439,274)
27,284,545
Portfolio of Investments August 31, 2025
(continued)
Flexible Income
22
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
611179009
CORPORATE BONDS - 73.0% (b)
611179009
AUTOMOBILES & COMPONENTS - 3.2%
$
2,550,000
(c),(d)
Adient Global Holdings Ltd
7.500
%
02/15/33
$
2,655,420
1,950,000
Ford Motor Co
5.291
12/08/46
1,583,286
9,365,000
Ford Motor Credit Co LLC
7.350
11/04/27
9,748,902
4,955,000
General Motors Co
6.600
04/01/36
5,257,811
6,763,000
(e),(f)
General Motors Financial Co Inc
6.500
N/A
6,638,734
613,000
(c),(e),(f)
General Motors Financial Co Inc
5.700
N/A
600,938
TOTAL AUTOMOBILES & COMPONENTS
26,485,091
BANKS - 7.5%
8,965,000
(c),(e),(f)
Bank of America Corp
6.300
N/A
9,000,448
9,050,000
(e),(f)
Bank of America Corp
6.625
N/A
9,317,047
3,049,000
(c),(e),(f)
Citigroup Inc
7.375
N/A
3,167,917
17,675,000
(e),(f)
Citigroup Inc
6.875
N/A
17,984,472
4,025,000
(e),(f),(g)
First Citizens BancShares Inc/NC (TSFR3M + 4.234%)
8.552
N/A
4,145,750
5,825,000
(e),(f)
JPMorgan Chase & Co
6.875
N/A
6,120,770
5,394,000
(e),(f)
PNC Financial Services Group Inc/The
6.200
N/A
5,480,380
7,250,000
(c),(e),(f)
Wells Fargo & Co
7.625
N/A
7,743,130
TOTAL BANKS
62,959,914
CAPITAL GOODS - 3.5%
5,450,000
(d)
Builders FirstSource Inc
6.375
03/01/34
5,613,124
3,875,000
(d)
Chart Industries Inc
7.500
01/01/30
4,061,345
3,100,000
(d)
Herc Holdings Inc
7.000
06/15/30
3,226,337
10,025,000
Regal Rexnord Corp
6.400
04/15/33
10,665,447
5,847,000
(d)
WESCO Distribution Inc
7.250
06/15/28
5,937,494
TOTAL CAPITAL GOODS
29,503,747
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
2,120,000
(d)
CACI International Inc
6.375
06/15/33
2,186,658
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
2,186,658
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.5%
8,419,000
Bath & Body Works Inc
6.875
11/01/35
8,768,473
4,000,000
(d)
Wayfair LLC
7.750
09/15/30
4,132,616
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
12,901,089
CONSUMER SERVICES - 3.6%
4,205,000
(d)
Caesars Entertainment Inc
6.500
02/15/32
4,310,899
8,100,000
(d)
Light & Wonder International Inc
7.500
09/01/31
8,455,331
2,025,000
(d)
NCL Corp Ltd
7.750
02/15/29
2,163,091
9,586,000
Piedmont Operating Partnership LP
9.250
07/20/28
10,654,616
4,025,000
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
7.125
02/15/31
4,332,578
TOTAL CONSUMER SERVICES
29,916,515
ENERGY - 11.5%
5,375,000
(d)
Antero Resources Corp
7.625
02/01/29
5,482,339
7,475,000
(d)
Civitas Resources Inc
8.625
11/01/30
7,781,796
12,150,000
(d)
Columbia Pipelines Operating Co LLC
6.544
11/15/53
12,569,371
3,925,000
Diamondback Energy Inc
6.250
03/15/33
4,194,519
5,522,000
(f)
Enbridge Inc
8.500
01/15/84
6,246,564
4,050,000
(e),(f)
Energy Transfer LP
7.125
N/A
4,156,037
13,250,000
(f)
Energy Transfer LP
8.000
05/15/54
14,116,682
6,700,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
6,581,063
5,625,000
(d)
Permian Resources Operating LLC
7.000
01/15/32
5,832,056
5,406,000
(f)
South Bow Corp
7.500
03/01/55
5,650,308
7,906,000
(f)
Transcanada Trust
5.875
08/15/76
7,910,846
1,150,000
(f)
Transcanada Trust
5.600
03/07/82
1,125,996
4,050,000
Valero Energy Corp
6.625
06/15/37
4,416,755
2,475,000
(d)
Venture Global LNG Inc
8.375
06/01/31
2,596,716
2,550,000
(d),(e),(f)
Venture Global LNG Inc
9.000
N/A
2,532,257
4,825,000
Western Midstream Operating LP
6.150
04/01/33
5,041,150
TOTAL ENERGY
96,234,455
23
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%
$
7,917,000
(d)
Iron Mountain Inc
7.000
%
02/15/29
$
8,154,977
6,900,000
VICI Properties LP
5.625
05/15/52
6,303,433
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
14,458,410
FINANCIAL SERVICES - 6.3%
5,126,700
(e),(f)
Ally Financial Inc
4.700
N/A
4,988,593
7,339,000
Ally Financial Inc
8.000
11/01/31
8,399,157
2,750,000
(e),(f)
American Express Co
3.550
N/A
2,683,358
5,425,000
(d),(f)
Ares Finance Co III LLC
4.125
06/30/51
5,309,077
3,200,000
Block Inc
6.500
05/15/32
3,315,613
11,550,000
(e),(f)
Goldman Sachs Group Inc/The
7.500
N/A
12,247,285
4,750,000
(f)
Morgan Stanley
5.948
01/19/38
4,935,560
10,450,000
(e),(f)
State Street Corp
6.700
N/A
10,815,468
TOTAL FINANCIAL SERVICES
52,694,111
FOOD, BEVERAGE & TOBACCO - 2.4%
4,250,000
Altria Group Inc
5.800
02/14/39
4,337,596
7,500,000
BAT Capital Corp
7.081
08/02/53
8,334,251
2,042,000
(d),(e),(f)
Land O' Lakes Inc
8.000
N/A
1,955,215
3,300,000
(d),(e),(f)
Land O' Lakes Inc
7.250
N/A
2,820,734
3,200,000
(d),(e),(f)
Land O' Lakes Inc
7.000
N/A
2,653,487
TOTAL FOOD, BEVERAGE & TOBACCO
20,101,283
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
2,100,000
(f)
DENTSPLY SIRONA Inc
8.375
09/12/55
2,137,581
TOTAL HEALTH CARE EQUIPMENT & SERVICES
2,137,581
INSURANCE - 2.1%
4,000,000
(d),(e),(h)
Allianz SE
6.550
N/A
4,076,600
650,000
(f)
Enstar Finance LLC
5.500
01/15/42
642,617
10,255,000
(d),(f)
Liberty Mutual Group Inc
7.800
03/15/37
11,763,708
1,303,000
(f)
MetLife Inc
6.350
03/15/55
1,357,109
TOTAL INSURANCE
17,840,034
MATERIALS - 4.8%
8,275,000
ArcelorMittal SA
7.000
10/15/39
9,174,335
3,645,500
Ashland Inc
6.875
05/15/43
3,825,453
2,592,000
Celanese US Holdings LLC
6.665
07/15/27
2,667,137
4,000,000
Celanese US Holdings LLC
7.050
11/15/30
4,158,988
4,875,000
(c),(d)
Owens-Brockway Glass Container Inc
7.250
05/15/31
4,960,283
8,300,000
(d)
Sealed Air Corp
6.875
07/15/33
8,966,324
6,625,000
Southern Copper Corp
5.875
04/23/45
6,647,969
TOTAL MATERIALS
40,400,489
MEDIA & ENTERTAINMENT - 3.3%
2,050,000
(d)
CCO Holdings LLC / CCO Holdings Capital Corp
7.375
03/01/31
2,121,128
7,500,000
Charter Communications Operating LLC / Charter
Communications Operating Capital
6.484
10/23/45
7,295,026
8,324,000
(d)
Nexstar Media Inc
5.625
07/15/27
8,314,976
4,404,000
Paramount Global
6.875
04/30/36
4,674,014
1,575,000
(f)
Paramount Global
6.375
03/30/62
1,577,627
2,950,000
Time Warner Entertainment Co LP
8.375
07/15/33
3,440,613
TOTAL MEDIA & ENTERTAINMENT
27,423,384
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
7,080,000
(d)
Amkor Technology Inc
6.625
09/15/27
7,073,374
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
7,073,374
SOFTWARE & SERVICES - 1.0%
3,750,000
(d)
Gen Digital Inc
7.125
09/30/30
3,879,386
3,850,000
Oracle Corp
6.500
04/15/38
4,175,398
TOTAL SOFTWARE & SERVICES
8,054,784
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
9,269,000
Hewlett Packard Enterprise Co
6.350
10/15/45
9,550,426
11,728,000
(d)
Seagate Data Storage Technology Pte Ltd
9.625
12/01/32
13,315,112
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
22,865,538
Portfolio of Investments August 31, 2025
(continued)
Flexible Income
24
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES - 1.4%
$
3,200,000
(f)
Bell Telephone Co of Canada or Bell Canada
7.000
%
09/15/55
$
3,272,912
4,332,000
(d)
GCI LLC
4.750
10/15/28
4,218,870
3,950,000
(f)
TELUS Corp
7.000
10/15/55
4,053,415
TOTAL TELECOMMUNICATION SERVICES
11,545,197
TRANSPORTATION - 1.5%
5,279,000
XPO CNW Inc
6.700
05/01/34
5,521,464
2,785,000
(d)
XPO Inc
6.250
06/01/28
2,833,367
4,420,000
(d)
XPO Inc
7.125
06/01/31
4,600,893
TOTAL TRANSPORTATION
12,955,724
UTILITIES - 13.6%
8,250,000
(f)
AES Corp/The
7.600
01/15/55
8,477,090
6,350,000
(f)
Dominion Energy Inc
6.875
02/01/55
6,637,547
7,228,000
(f)
Dominion Energy Inc
7.000
06/01/54
7,735,695
6,125,000
(e),(f)
Edison International
5.000
N/A
5,476,048
1,800,000
(f)
Edison International
8.125
06/15/53
1,800,641
4,514,000
(c),(f)
Edison International
7.875
06/15/54
4,462,376
11,870,000
(f)
Emera Inc
6.750
06/15/76
11,944,520
6,275,000
(f)
EUSHI Finance Inc
7.625
12/15/54
6,556,114
9,290,000
(f)
NextEra Energy Capital Holdings Inc
5.650
05/01/79
9,264,173
2,950,000
(f)
NextEra Energy Capital Holdings Inc
6.750
06/15/54
3,116,702
11,775,000
(d),(e),(f)
NRG Energy Inc
10.250
N/A
12,980,277
8,050,000
(f)
PG&E Corp
7.375
03/15/55
7,988,694
908,000
(f)
Southern Co/The
6.375
03/15/55
950,071
20,475,000
(d),(e),(f)
Vistra Corp
8.000
N/A
20,900,389
5,090,000
(d),(e),(f)
Vistra Corp
7.000
N/A
5,151,294
TOTAL UTILITIES
113,441,631
TOTAL CORPORATE BONDS
(Cost $605,188,100)
611,179,009
SHARES
DESCRIPTION
RATE
VALUE
62258023
PREFERRED STOCK - 7.4%
62258023
FINANCIAL SERVICES - 1.8%
314,799
Morgan Stanley
7.125
8,036,818
181,000
Morgan Stanley
6.625
4,693,330
89,574
Morgan Stanley
6.875
2,271,597
TOTAL FINANCIAL SERVICES
15,001,745
FOOD, BEVERAGE & TOBACCO - 1.4%
90,213
CHS Inc
7.100
2,287,802
384,432
CHS Inc
6.750
9,449,338
TOTAL FOOD, BEVERAGE & TOBACCO
11,737,140
INSURANCE - 3.1%
287,059
Allstate Corp/The
7.375
7,819,487
215,192
Athene Holding Ltd
6.350
5,351,825
169,032
Enstar Group Ltd
7.000
3,955,349
337,825
Reinsurance Group of America Inc
7.125
8,634,807
TOTAL INSURANCE
25,761,468
UTILITIES - 1.1%
85,590
Algonquin Power & Utilities Corp
8.864
2,183,401
325,775
SCE Trust VII
7.500
7,574,269
TOTAL UTILITIES
9,757,670
TOTAL PREFERRED STOCK
(Cost $63,414,537)
62,258,023
25
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
ISSUE PRICE
CAP PRICE
MATURITY
VALUE
11911644
STRUCTURED NOTES - 1.4%
11911644
14,500
JPMorgan Chase Bank,
Mandatory Exchangeable Note,
Linked to Common Stock of
Fiserv, Inc (Cap 111.81% of the
Issue Price)
9.000
%
$166.7382
$186.4300
12/23/25
$
2,063,031
10,500
Merrill Lynch BV, Linked To
Broadcom Inc. (Cap 124.83% of
the Issue Price)
10.000
$231.7476
$289.2905
11/13/25
2,890,046
30,200
Merrill Lynch BV, Linked To
Builders Firstsource Inc. (Cap
120.00% of the Issue Price)
10.500
$136.8830
$164.2596
02/25/26
4,175,349
152,865
Nomura America Finance LLC,
Linked to Common Stock of
Viasat, Inc.
(Cap 117.50% of the Issue Price)
30.000
$14.3409
$16.8506
12/30/25
2,783,218
TOTAL STRUCTURED NOTES
(Cost $11,177,142)
11,911,644
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3,970,720
VARIABLE RATE SENIOR LOAN INTERESTS - 0.5%
3,970,720
TELECOMMUNICATION SERVICES - 0.5%
$
3,989,832
(g)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6.780
%
04/15/30
3,970,720
TOTAL TELECOMMUNICATION SERVICES
3,970,720
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $3,953,875)
3,970,720
TOTAL LONG-TERM INVESTMENTS
(Cost $789,116,879)
817,592,071
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.5%
12,803,252
(i)
State Street Navigator Securities Lending Government Money
Market Portfolio
4.310 (j)
12,803,252
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $12,803,252)
12,803,252
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 1.2%
10024097
REPURCHASE AGREEMENTS - 1.2%
10024097
299,097
(k)
Fixed Income Clearing Corporation
1.360
09/02/25
299,097
9,725,000
(l)
Fixed Income Clearing Corporation
4.260
09/02/25
9,725,000
TOTAL REPURCHASE AGREEMENTS
(Cost $10,024,097)
10,024,097
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,024,097)
10,024,097
TOTAL INVESTMENTS - 100.4%
(Cost $811,944,228)
840,419,420
OTHER ASSETS & LIABILITIES, NET - (0.4)%
(3,302,799)
NET ASSETS - 100%
$
837,116,621
ADR
American Depositary Receipt
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(c)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the reporting period was $12,365,857.
(d)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $215,586,321 or 25.7% of Total Investments.
(e)
Perpetual security. Maturity date is not applicable.
Portfolio of Investments August 31, 2025
(continued)
Flexible Income
26
See Notes to Financial Statements
(f)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
35.5% of Total Investments.
(g)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(h)
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 0.5% of Total Investments.
(i)
Investments made with cash collateral received from securities on loan.
(j)
The rate shown is the one-day yield as of the end of the reporting period.
(k)
Agreement with Fixed Income Clearing Corporation, 1.360% dated 8/29/25 to be repurchased at $299,142 on 9/2/25,
collateralized by Government Agency Securities, with coupon rate 4.125% and maturity date 11/15/32, valued at $305,168.
(l)
Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $9,729,603 on 9/2/25,
collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 4/15/28, valued at $9,919,710.
27
Portfolio of Investments August 31, 2025
Floating Rate Income
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 98.2%
6407847
COMMON STOCKS - 0.4%
6407847
CAPITAL GOODS - 0.0%
2,687
(a)
TNT Crane & Rigging Inc
$
1,792
4,761
(a)
TNT Crane & Rigging Inc
48
TOTAL CAPITAL GOODS
1,840
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0%
99
(a),(b)
Belk Inc
792
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
792
CONSUMER SERVICES - 0.3%
333,588
(a)
24 Hour Fitness Worldwide Inc
2,335
17,726
(a)
Cengage Learning Holdings II Inc
418,777
953
(a)
Crown Finance US Inc
20,983
156,433
(a)
Crown Finance US Inc
3,444,342
TOTAL CONSUMER SERVICES
3,886,437
ENERGY - 0.0%
2,246
Chord Energy Corp
246,813
76,990
(a)
Transocean Ltd
233,280
TOTAL ENERGY
480,093
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
61,430
(a),(b)
Millennium Health LLC
5,651
57,666
(a),(b)
Millennium Health LLC
577
52,393
(a)
Onex Carestream Finance LP
32,746
TOTAL HEALTH CARE EQUIPMENT & SERVICES
38,974
MEDIA & ENTERTAINMENT - 0.0%
7,105
(a)
Catalina Marketing Corp
230,913
TOTAL MEDIA & ENTERTAINMENT
230,913
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
63,592
(a)
Bright Bidco BV
14,880
46,554
(a)
Bright Bidco BV
10,894
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
25,774
SOFTWARE & SERVICES - 0.1%
33,725
(a)
Avaya Inc
250,138
23,225
(a)
Avaya Inc
172,260
205
(a),(b)
Bloom Parent Inc
204,614
TOTAL SOFTWARE & SERVICES
627,012
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
7,250
(a)
MLN US Holdco LLC
3,661
35,822
(a)
Riverbed Technology LLC/US
36
24,672
(a)
Windstream Services PE LLC
468,768
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
472,465
TELECOMMUNICATION SERVICES - 0.0%
18,781
(a)
Windstream Services PE LLC
356,839
TOTAL TELECOMMUNICATION SERVICES
356,839
TRANSPORTATION - 0.0%
1,018
(a)
ACBL HLDG CORP
47,337
4,313
(a)
ACBL HLDG CORP
239,371
TOTAL TRANSPORTATION
286,708
TOTAL COMMON STOCKS
(Cost $21,655,153)
6,407,847
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
156416974
CORPORATE BONDS - 9.8%
156416974
AUTOMOBILES & COMPONENTS - 0.1%
$
2,000,000
(c)
Clarios Global LP / Clarios US Finance Co
6.750
%
05/15/28
2,044,640
TOTAL AUTOMOBILES & COMPONENTS
2,044,640
Portfolio of Investments August 31, 2025
(continued)
Floating Rate Income
28
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS - 1.0%
$
3,310,000
(c)
Camelot Return Merger Sub Inc
8.750
%
08/01/28
$
3,184,957
2,000,000
(c)
Chart Industries Inc
7.500
01/01/30
2,096,178
1,000,000
(c)
CP Atlas Buyer Inc
9.750
07/15/30
1,031,800
1,000,000
(c)
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC
9.000
02/15/29
1,049,338
4,000,000
(c)
TK Elevator US Newco Inc
5.250
07/15/27
3,988,651
5,000,000
(c)
TransDigm Inc
6.875
12/15/30
5,184,975
TOTAL CAPITAL GOODS
16,535,899
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
1,000,000
(c)
Allied Universal Holdco LLC
7.875
02/15/31
1,050,875
1,500,000
(c)
Allied Universal Holdco LLC/Allied Universal Finance Corp/
Atlas Luxco 4 Sarl
4.625
06/01/28
1,466,294
3,750,000
(c)
Boost Newco Borrower LLC
7.500
01/15/31
3,978,517
2,000,000
(c)
Garda World Security Corp
4.625
02/15/27
1,985,692
2,424,000
(c)
Prime Security Services Borrower LLC / Prime Finance Inc
5.750
04/15/26
2,434,164
250,000
(c)
Prime Security Services Borrower LLC / Prime Finance Inc
6.250
01/15/28
249,924
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
11,165,466
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.2%
2,000,000
(c)
Carvana Co, (cash 11.000%, PIK 13.000%)
9.000
06/01/30
2,092,088
1,000,000
(c)
LBM Acquisition LLC
9.500
06/15/31
1,048,020
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
3,140,108
CONSUMER SERVICES - 0.7%
2,000,000
(c)
1011778 BC ULC / New Red Finance Inc
3.875
01/15/28
1,946,738
3,000,000
(c)
1011778 BC ULC / New Red Finance Inc
4.000
10/15/30
2,805,056
1,000,000
(c)
Caesars Entertainment Inc
7.000
02/15/30
1,034,118
1,000,000
(c)
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co
Inc
4.625
01/15/29
955,951
4,500,000
(c)
Odeon Finco PLC
12.750
11/01/27
4,664,412
TOTAL CONSUMER SERVICES
11,406,275
ENERGY - 0.1%
101,488
(c)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
103,019
1,000,000
(c)
eG Global Finance PLC
12.000
11/30/28
1,104,576
TOTAL ENERGY
1,207,595
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%
1,000,000
(c)
Office Properties Income Trust
9.000
03/31/29
996,522
3,000,000
(c)
RLJ Lodging Trust LP
3.750
07/01/26
2,961,844
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
3,958,366
HEALTH CARE EQUIPMENT & SERVICES - 2.1%
5,000,000
(c)
CHS/Community Health Systems Inc
10.875
01/15/32
5,291,155
2,039,042
(c)
Global Medical Response Inc, (cash 9.500%, PIK 10.000%)
10.000
10/31/28
2,039,042
4,500,000
(c)
Mozart Debt Merger Sub Inc
3.875
04/01/29
4,321,111
2,750,000
(c)
Radiology Partners Inc
8.500
07/15/32
2,807,365
10,276,156
(c)
Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)
9.000
06/30/28
11,073,072
4,355,000
(c)
Team Health Holdings Inc
8.375
06/30/28
4,408,436
2,500,000
Tenet Healthcare Corp
4.625
06/15/28
2,471,629
500,000
Tenet Healthcare Corp
6.125
10/01/28
500,361
TOTAL HEALTH CARE EQUIPMENT & SERVICES
32,912,171
INSURANCE - 0.8%
6,100,000
(c)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4.250
10/15/27
6,013,361
4,000,000
(c)
HUB International Ltd
7.250
06/15/30
4,183,896
2,000,000
(c)
Panther Escrow Issuer LLC
7.125
06/01/31
2,075,380
TOTAL INSURANCE
12,272,637
MATERIALS - 0.3%
1,875,000
(c),(d)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
4.000
09/01/29
1,720,564
1,500,000
(c)
Arsenal AIC Parent LLC
8.000
10/01/30
1,588,779
776,000
(c)
WR Grace Holdings LLC
4.875
06/15/27
769,756
TOTAL MATERIALS
4,079,099
29
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT - 1.0%
$
600,000
(c)
Advantage Sales & Marketing Inc
6.500
%
11/15/28
$
498,041
5,000,000
(c)
CCO Holdings LLC / CCO Holdings Capital Corp
5.125
05/01/27
4,974,802
3,500,000
(c)
CSC Holdings LLC
5.500
04/15/27
3,365,988
7,392
(c)
iHeartCommunications Inc
9.125
05/01/29
6,333
3,000,000
(c)
McGraw-Hill Education Inc
5.750
08/01/28
3,015,615
500,000
(c)
Outfront Media Capital LLC / Outfront Media Capital Corp
5.000
08/15/27
495,938
3,000,000
(c)
Sinclair Television Group Inc
8.125
02/15/33
3,073,500
TOTAL MEDIA & ENTERTAINMENT
15,430,217
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
3,000,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5.125
04/30/31
2,570,652
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
2,570,652
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
2,000,000
(c)
Cushman & Wakefield US Borrower LLC
6.750
05/15/28
2,019,712
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
2,019,712
SOFTWARE & SERVICES - 0.1%
2,240,000
(c)
Open Text Holdings Inc
4.125
12/01/31
2,060,865
TOTAL SOFTWARE & SERVICES
2,060,865
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
2,000,000
(c)
CommScope Technologies LLC
5.000
03/15/27
1,979,715
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,979,715
TELECOMMUNICATION SERVICES - 1.5%
1,504,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
1,483,801
5,651,000
EchoStar Corp
10.750
11/30/29
6,081,889
7,284,000
(c)
Frontier Communications Holdings LLC
5.875
10/15/27
7,281,920
2,000,000
(c)
Level 3 Financing Inc
4.000
04/15/31
1,675,000
1,000,000
(c)
Lumen Technologies Inc
10.000
10/15/32
1,012,899
260,000
(c)
Telesat Canada / Telesat LLC
5.625
12/06/26
201,500
6,935,000
(c)
Zayo Group Holdings Inc
4.000
03/01/27
6,708,598
TOTAL TELECOMMUNICATION SERVICES
24,445,607
TRANSPORTATION - 0.3%
3,287,000
(c)
Air Canada
3.875
08/15/26
3,247,276
1,500,000
(c)
United Airlines Inc
4.625
04/15/29
1,476,141
TOTAL TRANSPORTATION
4,723,417
UTILITIES - 0.3%
496,702
Pacific Gas and Electric Co
3.150
01/01/26
493,700
496,702
Pacific Gas and Electric Co
4.500
07/01/40
423,897
2,602,000
PG&E Corp
5.000
07/01/28
2,572,367
1,000,000
PG&E Corp
5.250
07/01/30
974,569
TOTAL UTILITIES
4,464,533
TOTAL CORPORATE BONDS
(Cost $153,039,841)
156,416,974
SHARES
DESCRIPTION
VALUE
47161218
EXCHANGE-TRADED FUNDS - 2.9%
47161218
2,015,737
(d)
Invesco Senior Loan ETF
42,169,218
120,000
SPDR Blackstone Senior Loan ETF
4,992,000
TOTAL EXCHANGE-TRADED FUNDS
(Cost $47,595,086)
47,161,218
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1359707148
VARIABLE RATE SENIOR LOAN INTERESTS - 85.1%
1359707148
AUTOMOBILES & COMPONENTS - 1.4%
1,939,464
(e)
Adient US LLC, Term Loan B2, (TSFR1M + 2.250%)
6.566
01/29/31
1,944,923
8,505,802
(e)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6.816
05/06/30
8,518,561
8,000,000
(e)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
7.066
01/28/32
8,016,240
3,239,629
(e)
DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%)
8.180
10/04/28
3,177,234
TOTAL AUTOMOBILES & COMPONENTS
21,656,958
Portfolio of Investments August 31, 2025
(continued)
Floating Rate Income
30
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS - 7.3%
$
180,609
(e),(f)
Air Comm Corporation, LLC, Delayed Draw Term Loan
1.000
%
12/11/31
$
181,399
2,874,824
(e)
Air Comm Corporation, LLC, Term Loan, (TSFR3M + 2.750%)
7.064
12/11/31
2,887,401
1,667,889
(e)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.750%)
9.046
11/03/31
1,688,320
2,089,239
(e)
Barentz International B.V., Term Loan B, (TSFR3M + 3.250%)
7.646
03/28/31
2,078,793
4,969,545
(e)
Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%)
7.316
01/27/32
4,980,925
2,373,278
(e)
Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.500%)
6.808
10/17/30
2,380,695
2,940,000
(e)
Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)
6.566
07/09/32
2,950,114
6,982,783
(e)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.250%)
7.666
11/03/28
6,991,023
585,000
(e),(g)
Chariot Buyer LLC, (TBD)
TBD
TBD
585,951
4,337,237
(e)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6.792
03/18/30
4,364,367
879,432
(e)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
8.180
05/17/28
584,822
2,783,369
(e),(h)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7.713
04/12/28
2,648,265
1,365,000
(e)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
9.566
07/08/30
1,315,860
875,000
(e)
DG Investment Intermediate Holdings 2, Inc., Term Loan,
(TSFR1M + 3.750%)
8.102
07/12/32
880,469
902,783
(e),(g)
Foundation Building Materials Holding Company LLC, Term
Loan, (TBD)
TBD
TBD
906,259
1,791,438
(e)
Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)
6.066
06/04/31
1,790,936
3,333,000
(e)
Herc Holdings Inc, Term Loan B, (TSFR1M + 2.000%)
6.351
06/02/32
3,354,664
1,379,310
(e),(f)
Kaman Corporation, Delayed Draw Term Loan, (TSFR3M +
1.875%)
4.039
02/26/32
1,383,628
14,620,690
(e)
Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +
2.750%)
6.871
02/26/32
14,666,452
3,351,006
(e)
Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)
6.702
06/21/28
3,359,953
1,677,325
(e)
Madison Safety & Flow LLC, Term Loan B, (TSFR1M + 2.750%)
7.066
09/26/31
1,685,712
1,529,238
(e)
MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +
2.750%)
7.066
03/28/31
1,538,085
1,336,000
(e)
Minimax Viking GmbH, Term Loan B, (TSFR1M + 2.250%)
6.566
03/17/32
1,340,596
1,555,890
(e)
Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)
8.447
10/15/29
1,234,598
767,000
(e),(h)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
9.545
10/15/29
782,582
5,507,197
(e)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
6.566
01/31/32
5,512,374
4,101,016
(e)
QXO Inc, Term Loan B, (TSFR3M + 3.000%)
7.296
04/30/32
4,142,231
2,315,000
(e)
Resideo Funding Inc., Incremental Term Loan, (TSFR1M +
2.000%)
6.363
08/13/32
2,314,282
1,611,974
(e)
Titan Acquisition Limited, Term Loan B, (TSFR3M + TSFR6M +
4.500%)
8.731
02/15/29
1,619,406
14,901,139
(e)
TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 3.000%)
7.197
04/30/30
14,970,578
3,146,225
(e)
TransDigm, Inc., Term Loan, (TSFR3M + 2.500%)
6.796
01/20/32
3,152,297
5,102,304
(e)
TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)
6.796
02/28/31
5,112,151
5,950,000
(e)
TransDigm, Inc., Term Loan M, (TSFR3M + 2.500%)
6.853
08/13/32
5,958,449
8,024,936
(e)
Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)
8.180
11/20/28
8,046,683
TOTAL CAPITAL GOODS
117,390,320
COMMERCIAL & PROFESSIONAL SERVICES - 4.3%
8,500,000
(e)
Allied Universal Holdco LLC, Term Loan B, (TSFR3M + 3.250%)
7.590
08/20/32
8,539,100
1,652,332
(e)
Amentum Government Services Holdings LLC, Term Loan B,
(TSFR1M + 2.250%)
6.566
09/29/31
1,655,174
1,329,667
(e)
American Auto Auction Group, LLC, Term Loan, (TSFR1M +
4.500%)
8.816
05/28/32
1,343,656
2,686,245
(e)
Anticimex International AB, Term Loan B1, (SOFR90A +
3.400%)
7.760
11/16/28
2,696,318
4,009,828
(e)
Anticimex International AB, Term Loan B6, (SOFR90A +
3.400%)
7.760
11/16/28
4,027,371
192,931
(e),(f)
Archkey Solutions LLC, Delayed Draw Term Loan B
4.750
11/03/31
195,294
4,784,801
(e)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7.930
06/02/28
4,780,615
4,836,664
(e)
Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M
+ 2.500%)
6.816
10/01/31
4,852,214
2,831,786
(e)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
7.308
08/01/29
2,847,559
3,277,360
(e)
First Advantage Holdings, LLC, Repriced Term Loan B, (TSFR1M
+ 2.750%)
7.066
10/31/31
3,289,667
6,406,702
(e)
Garda World Security Corporation, Term Loan B, (TSFR1M +
3.000%)
7.362
02/01/29
6,417,113
3,600,000
(e)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.824
03/03/32
3,602,250
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL & PROFESSIONAL SERVICES
(continued)
$
2,635,399
(e)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.500%)
6.814
%
07/25/30
$
2,641,289
1,561,365
(e)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR6M + 2.000%)
6.129
10/15/30
1,561,685
2,865,755
(e)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
8.558
04/12/27
1,499,148
1,710,713
(e)
WIN Waste Innovations Holdings, Inc., Incremental Term Loan,
(TSFR1M + 3.750%)
8.180
03/27/28
1,725,151
14,589,531
(e)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
7.180
03/27/28
14,609,081
2,069,363
(e)
XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%)
7.796
06/24/31
2,079,709
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
68,362,394
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.9%
370,812
(e)
Academy, Ltd., Term Loan, (TSFR1M + 3.750%)
8.218
11/08/27
371,122
2,926,882
(e)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.500%)
6.742
10/16/31
2,944,810
7,382,889
(e)
CNT Holdings I Corp, Term Loan, (TSFR3M + 2.250%)
6.558
11/08/32
7,389,349
1,388,459
(e)
Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)
7.296
06/17/31
1,393,666
4,481,088
(e)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)
6.841
06/09/31
4,488,683
812,738
(e)
Kodiak Building Partners Inc., Term Loan B, (TSFR3M + 3.750%)
8.041
12/04/31
809,776
3,968,449
(e),(h)
LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +
3.750%)
8.210
06/06/31
3,867,809
2,549,851
(e)
Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M +
2.500%)
6.757
04/23/31
2,550,654
3,215,062
(e)
Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)
8.807
04/17/28
2,699,190
3,098,806
(e),(h)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.816
03/27/31
3,108,768
977,000
(e)
Petco Health and Wellness Company, Inc., Term Loan B,
(TSFR3M + 3.250%)
7.807
03/06/28
946,268
1,950,000
(e)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
8.360
08/18/32
1,933,854
425,481
(e)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6.930
10/20/28
409,791
9,642,270
(e)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.816
01/30/31
9,634,460
3,214,708
(e)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
7.566
10/29/29
3,220,205
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
45,768,405
CONSUMER DURABLES & APPAREL - 2.0%
2,826,462
(e)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
6.566
12/21/28
2,825,586
8,603,700
(e)
AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M +
3.000%)
7.351
07/31/28
8,616,950
3,110,584
(e)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6.930
05/30/28
3,117,754
31,175
(e)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11.910
06/29/28
29,026
2,175,406
(e)
Somnigroup International Inc, Term Loan B, (TSFR1M +
2.250%)
6.610
10/24/31
2,183,564
4,900,718
(e)
Varsity Brands, Inc., Term Loan, (TSFR3M + 3.250%)
7.448
08/26/31
4,922,942
6,916,649
(e)
Weber-Stephen Products LLC, Term Loan B, (TSFR1M +
3.250%)
7.680
10/29/27
6,911,704
3,415,000
(e)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.750%)
8.954
02/20/32
3,432,075
TOTAL CONSUMER DURABLES & APPAREL
32,039,601
CONSUMER SERVICES - 5.8%
3,582,022
(e)
Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M
+ 2.000%)
6.329
06/11/31
3,572,333
5,082,356
(e)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6.816
05/31/30
5,098,263
6,962,719
(e)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6.816
08/17/28
6,980,125
3,960,788
(e)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
6.566
02/06/30
3,956,827
3,456,250
(e)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
6.566
02/06/31
3,451,498
525,000
(e)
Catawba Nation Gaming Authority, Term Loan B, (TSFR3M +
4.750%)
9.046
03/29/32
537,141
895,500
(e)
CE Intermediate I, LLC, Term Loan B, (TSFR3M + 3.000%)
7.376
03/25/32
899,790
4,429,273
(e)
Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.250%)
6.556
05/24/30
4,441,454
8,389,840
(e)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8.854
12/02/31
8,393,783
2,493,750
(e)
DK Crown Holdings Inc., Term Loan B, (TSFR1M + 1.750%)
6.101
03/04/32
2,491,518
Portfolio of Investments August 31, 2025
(continued)
Floating Rate Income
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES
(continued)
$
3,142,464
(e)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TSFR3M + 3.675%)
7.971
%
06/25/29
$
3,163,424
2,752,767
(e)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
7.566
01/29/29
2,754,667
4,365,000
(e)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
6.296
06/04/32
4,361,355
5,279,526
(e)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
6.046
11/29/30
5,263,027
4,218,487
(e)
GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR6M +
2.750%)
7.016
10/31/29
4,222,874
3,555,000
(e)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 3.250%)
7.573
05/27/32
3,584,080
4,040,728
(e)
IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%)
6.816
12/15/27
4,042,001
6,039,231
(e)
Light and Wonder International, Inc., Term Loan B2, (TSFR1M +
2.250%)
6.610
04/16/29
6,061,878
4,191,102
(e)
PG Investment Company 59 S.a r.l., Term Loan B, (TSFR3M +
2.750%)
7.046
03/24/31
4,212,057
3,283,178
(e)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
7.286
04/04/29
3,253,761
2,659,872
(e)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
6.316
12/04/31
2,662,093
455,200
(e)
Six Flags Entertainment Corporation, Term Loan B, (TSFR1M +
2.000%)
6.316
05/01/31
453,455
7,889,204
(e)
Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)
8.577
03/06/28
6,725,586
2,786,000
(e)
UFC Holdings, LLC, Term Loan B, (TSFR3M + 2.250%)
6.465
11/21/31
2,796,712
TOTAL CONSUMER SERVICES
93,379,702
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.0%
700,000
(e),(g)
Boots Group Finco LP, (TBD)
TBD
TBD
702,625
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
702,625
ENERGY - 1.6%
3,470,762
(e)
EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)
7.699
02/07/28
3,491,986
2,385,261
(e)
Epic Crude Services, LP, Term Loan B, (TSFR3M + 2.500%)
6.828
10/15/31
2,398,117
13,903,408
(e)
Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M +
3.000%)
7.587
11/16/26
13,909,248
1,361,988
(e)
Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M +
3.250%)
7.575
12/21/28
1,364,780
3,952,715
(e)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.500%)
6.816
11/17/28
3,963,684
1,158,940
(e)
Traverse Midstream Partners LLC, Term Loan, (TSFR3M +
2.500%)
6.808
02/16/28
1,162,324
TOTAL ENERGY
26,290,139
FINANCIAL SERVICES - 1.5%
3,654,035
(e)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
7.066
07/30/31
3,666,020
1,835,243
(e)
AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%)
7.316
08/02/28
1,839,115
1,530,323
(e)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M
+ 3.500%)
7.816
12/15/28
1,543,078
2,820,000
(e),(g)
Beach Acquisition Bidco LLC, (TBD)
TBD
TBD
2,841,150
3,835,000
(e)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
6.050
07/30/32
3,816,170
1,558,095
(e)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 3.250%)
7.447
01/27/32
1,564,912
1,777,219
(b),(e),(i)
Ditech Holding Corporation, Term Loan
0.000
06/30/27
178
4,307,504
(e)
Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,
(TSFR1M + 3.000%)
7.316
03/24/31
4,312,501
1,944,000
(e),(g)
Orion US Finco Inc, (TBD)
TBD
TBD
1,959,280
1,750,000
(e)
Priority Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
8.066
07/30/32
1,757,656
400,000
(e),(g)
Tiger Acquisition LLC, (TBD)
TBD
TBD
400,550
TOTAL FINANCIAL SERVICES
23,700,610
FOOD, BEVERAGE & TOBACCO - 2.0%
1,308,392
(e)
Aspire Bakeries Holdings LLC, Term Loan B, (TSFR1M +
3.500%)
7.831
12/23/30
1,318,211
629,000
(e),(g)
B&G Foods Inc, (TBD)
TBD
TBD
599,280
2,562,968
(e)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
7.430
12/08/28
2,572,579
907,692
(e)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 11.198%, PIK 6.000%)
11.198
09/30/30
888,403
207,734
(e)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)
11.198
09/30/30
211,629
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FOOD, BEVERAGE & TOBACCO
(continued)
$
3,279,437
(e)
Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)
7.066
%
02/12/31
$
3,282,766
2,906,000
(e),(g)
Froneri US Inc, (TBD)
TBD
TBD
2,904,736
1,642,000
(e)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9.796
01/24/29
1,646,105
6,440,928
(e)
Pegasus BidCo BV, Term Loan B, (TSFR3M + 3.250%)
7.461
07/12/29
6,467,786
129,310
(e),(f)
Sauer Brands Inc, Delayed Draw Term Loan, (TSFR3M +
1.625%)
1.625
02/19/32
130,135
1,370,689
(e)
Sauer Brands Inc, Term Loan B, (TSFR1M + 3.000%)
7.316
02/19/32
1,379,428
2,030,000
(e)
Sazerac Company, Inc., Term Loan B, (TSFR1M + 2.500%)
6.860
07/09/32
2,043,418
8,566,552
(e)
Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)
6.546
03/31/28
8,587,069
TOTAL FOOD, BEVERAGE & TOBACCO
32,031,545
HEALTH CARE EQUIPMENT & SERVICES - 8.6%
2,629,236
(e)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
10.066
12/23/27
2,466,552
5,471,370
(e)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.750%)
7.066
08/24/28
5,499,876
3,459,000
(e)
Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)
8.566
01/15/31
3,468,270
2,181,994
(e)
Concentra Health Services Inc, Repriced Term Loan B, (TSFR1M
+ 2.000%)
6.316
07/28/31
2,194,955
2,748,673
(e)
EyeCare Partners, LLC, Second Out Term Loan B, (TSFR3M +
TSFR6M + 2.305%), (cash 5.227%, PIK 3.610%)
4.419
11/30/28
2,140,034
6,291,449
(e)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
8.396
10/01/27
6,201,796
6,760,045
(e)
Global Medical Response, Inc., PIK Term Loan, (TSFR3M +
2.750%), (cash 8.945%, PIK 0.750%)
4.848
10/02/28
6,771,064
1,913,193
(e)
LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +
3.750%)
8.068
05/19/31
1,902,613
2,992,548
(e)
MedAssets Software Intermediate Holdings, Inc., First Out Term
Loan, (TSFR1M + 4.000%)
8.341
12/18/28
2,909,011
3,713,000
(e),(h)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7.908
11/01/28
2,877,575
22,154,124
(e)
Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)
6.316
10/23/28
22,179,602
5,436,488
(e)
National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M
+ 3.750%)
8.156
03/02/28
5,380,166
157,762
(e)
National Mentor Holdings, Inc., Term Loan C, (TSFR3M +
3.750%)
8.146
03/02/28
156,127
2,000,000
(e)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.750%)
7.976
08/06/32
2,008,750
3,871,987
(e)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.750%)
7.091
03/17/31
3,883,003
13,443,695
(e)
Parexel International Corporation, Term Loan B, (TSFR1M +
2.500%)
6.816
11/15/28
13,471,725
9,466,750
(e)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6.816
02/21/31
9,487,245
1,965,000
(e)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8.798
06/30/32
1,968,891
3,823,363
(e)
Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)
6.316
12/03/31
3,837,700
313,010
(e)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 3.250%), (cash 10.057%, PIK 1.000%)
5.529
06/28/28
327,293
2,939,592
(e)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 2.500%), (cash 8.057%, PIK 1.500%)
4.779
06/28/28
2,833,046
1,839,343
(e)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
8.296
09/30/30
1,831,066
17,840,308
(e)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.816
12/19/30
17,882,857
7,250,000
(e)
Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)
8.796
06/30/28
7,235,681
3,869,157
(e)
Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)
8.316
10/29/31
3,870,608
6,954
(b),(e)
Vyaire Medical, Inc., PIK Roll Up Term Loan
0.000
06/14/27
1
303,385
(b),(e),(i)
Vyaire Medical, Inc., Term Loan B
0.000
04/16/25
30
3,980,000
(e)
Zelis Payments Buyer, Inc., 5th Amendment Term Loan,
(TSFR1M + 3.250%)
7.566
11/26/31
3,989,134
TOTAL HEALTH CARE EQUIPMENT & SERVICES
136,774,671
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
1,092,518
(e),(h)
Kronos Acquisition Holdings Inc., Term Loan, (TSFR3M +
4.000%)
8.296
07/08/31
814,472
1,158,000
(e)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
8.057
05/16/28
1,158,035
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
1,972,507
Portfolio of Investments August 31, 2025
(continued)
Floating Rate Income
34
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE - 6.9%
$
3,130,418
(e)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
7.316
%
11/06/30
$
3,132,875
5,740,000
(e)
Alera Group, Inc., Term Loan, (TSFR1M + 3.250%)
7.566
05/28/32
5,770,164
15,241,185
(e),(h)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.823
09/19/31
15,224,953
5,338,175
(e)
AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)
6.566
01/30/32
5,342,285
4,570,791
(e),(h)
Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)
9.680
02/03/28
4,462,235
698,294
(e)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8.666
08/21/28
698,619
5,813,694
(e)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
8.566
09/19/30
5,759,191
10,316,871
(e)
Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)
7.680
07/30/27
10,325,022
19,658,227
(e)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)
7.066
06/16/31
19,671,103
453,500
(e)
Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)
6.611
10/15/30
455,768
6,268,807
(e)
HUB International Limited, Term Loan B, (TSFR3M + 2.500%)
6.825
06/20/30
6,288,271
10,970,063
(e)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
6.316
09/15/31
11,016,686
8,801,479
(e)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.816
07/31/31
8,835,409
3,180,000
(e)
Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +
3.250%)
7.566
06/17/32
3,197,903
5,941,855
(e)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
7.046
05/06/31
5,958,581
3,743,705
(e)
USI, Inc., Term Loan C, (TSFR3M + 2.250%)
6.546
09/27/30
3,743,986
1,049,491
(e)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
6.546
11/23/29
1,049,244
TOTAL INSURANCE
110,932,295
MATERIALS - 4.1%
3,222,968
(e)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
7.066
08/19/30
3,230,026
5,896,442
(e)
Berlin Packaging LLC, Term Loan B7, (TSFR1M + TSFR3M +
3.250%)
7.581
06/09/31
5,918,996
133,677
(e),(f)
Clydesdale Acquisition Holdings Inc, Delayed Draw Term Loan,
(TSFR1M + 2.438%)
4.595
03/29/32
133,695
7,646,323
(e)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
7.566
03/29/32
7,647,355
5,967,130
(e)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
7.491
04/13/29
5,968,473
1,395,000
(e)
CPC Acquisition Corp, Term Loan, (TSFR3M + 3.750%)
8.307
12/29/27
1,192,725
3,353,167
(e)
Discovery Purchaser Corporation, Term Loan, (TSFR3M +
3.750%)
8.082
10/04/29
3,349,210
3,575,000
(e)
Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)
7.796
04/02/32
3,563,846
192,648
(e)
Ineos US Finance LLC, First Lien Term Loan B, (TSFR1M +
3.000%)
7.316
02/07/31
174,507
1,374,188
(e)
Ineos US Finance LLC, Term Loan B, (TSFR1M + 3.250%)
7.566
02/19/30
1,265,394
6,871,677
(e)
Klockner-Pentaplast of America, Inc., Term Loan B, (TSFR6M +
4.725%)
9.019
02/09/26
4,214,640
1,485,292
(e)
Lonza Group AG, Term Loan B, (TSFR3M + 3.925%)
8.321
07/03/28
1,318,204
4,814,835
(e)
Nouryon Finance B.V., Term Loan B1, (TSFR1M + 3.250%)
7.601
04/03/28
4,835,899
246,267
(e)
Nouryon Finance B.V., Term Loan B2, (TSFR1M + 3.250%)
7.611
04/03/28
247,345
1,145,000
(e),(g)
Olympus Water US Holding Corp, (TBD)
TBD
TBD
1,143,569
532,214
(e)
Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)
8.180
08/03/26
486,060
925,000
(e),(g)
Plaze, Inc., Term Loan B, (TBD)
TBD
TBD
844,784
4,697,866
(e)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
8.256
09/15/28
4,707,262
5,380,000
(e),(g)
Qnity Electronics Inc, (TBD)
TBD
TBD
5,374,970
4,527,802
(e)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7.816
04/21/31
4,569,797
2,582,304
(e)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
7.566
07/30/31
2,572,775
217,170
(e),(f)
USALCO, LLC, Delayed Draw Term Loan
1.000
09/30/31
217,272
2,095,030
(e)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7.816
09/30/31
2,096,015
TOTAL MATERIALS
65,072,819
MEDIA & ENTERTAINMENT - 4.2%
1,335,941
(e),(h)
Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +
4.250%)
8.797
10/28/27
1,144,373
12,759,268
(e),(h)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
11.340
01/04/29
12,817,259
6,649,008
(e)
Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M +
TSFR3M + 3.500%)
7.773
03/24/31
6,668,290
3,103,728
(e)
Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
7.301
10/30/30
3,110,029
35
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
8,429,401
(e)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
8.430
%
08/23/28
$
8,450,475
1,648,382
(e)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7.896
06/18/29
1,589,452
7,463,859
(e)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
9.000
04/15/27
7,317,306
10,565,821
(e),(h)
CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)
8.863
01/18/28
10,555,097
980,244
(e)
DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.000%)
9.570
08/02/27
983,371
423,057
(e)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
10.230
06/30/28
426,761
698,000
(e)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7.830
11/30/29
675,664
3,352,080
(e)
McGraw-Hill Global Education Holdings, LLC, Term Loan B,
(TSFR1M + 3.250%)
7.566
08/06/31
3,368,572
698,880
(e)
Mission Broadcasting, Inc., Term Loan B, (TSFR1M + 2.500%)
6.968
06/02/28
696,839
4,148,935
(e)
Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +
3.000%)
7.256
02/10/31
4,176,422
1,420,000
(e)
Sinclair Television Group Inc., Term Loan B6, (TSFR3M +
3.300%)
7.870
12/31/29
1,289,360
3,352,000
(e),(g)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TBD)
TBD
TBD
3,125,740
TOTAL MEDIA & ENTERTAINMENT
66,395,010
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
875,000
(e)
Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)
7.816
08/02/32
881,562
6,274,032
(e)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
6.566
05/05/28
6,297,559
5,625,000
(e)
Opal Bidco SAS, Term Loan B, (TSFR3M + 3.250%)
7.575
04/23/32
5,664,544
9,623,621
(e)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
6.573
05/19/31
9,415,125
1,837,372
(e)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
6.316
04/20/29
1,841,580
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
24,100,370
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%
6,934,511
(e)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1,
(TSFR1M + 2.750%)
7.066
01/31/30
6,963,393
1,394,457
(e)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
7.066
01/31/30
1,398,522
5,740,000
(e)
Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)
7.930
12/08/25
5,586,139
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
13,948,054
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
8,820,893
(e)
Instructure Holdings, Inc., Term Loan, (TSFR6M + 3.000%)
7.205
11/13/31
8,836,064
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
8,836,064
SOFTWARE & SERVICES - 15.5%
976,773
(e)
Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.750%)
7.046
02/03/31
978,843
136,556
(e)
Apttus Corporation, Term Loan B, (TSFR3M + 3.500%)
7.808
05/08/28
137,026
2,013,000
(e)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9.680
01/22/29
1,918,168
3,920,000
(e)
Avalara, Inc, Term Loan B, (TSFR3M + 3.250%)
7.546
03/29/32
3,948,322
6,047,799
(e)
Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.856%,
PIK 7.500%)
11.856
08/01/28
5,125,510
3,002,475
(e)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.000%)
7.316
11/25/31
3,010,777
12,031,855
(e)
Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)
6.296
01/31/31
12,058,927
16,935,651
(e)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
7.199
07/30/31
16,933,957
4,125,927
(e)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
7.066
01/31/31
4,106,845
3,937,000
(e)
Clearwater Analytics, LLC, Term Loan B, (TSFR6M + 2.250%)
6.460
04/21/32
3,951,783
349,123
(e)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
7.483
03/24/31
350,456
730,000
(e)
Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +
3.250%)
7.483
08/13/32
732,121
6,500,000
(e)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
7.104
03/29/32
6,501,332
7,707,730
(e)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
7.104
05/01/31
7,717,403
7,980,000
(e)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
7.570
10/09/31
8,007,451
875,000
(e)
Disco Parent, Inc., Term Loan B, (TSFR3M + 3.250%)
7.484
08/06/32
881,562
6,893,043
(e)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.750%)
7.066
10/09/29
6,908,139
13,520,230
(e)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.816
05/30/31
13,570,119
Portfolio of Investments August 31, 2025
(continued)
Floating Rate Income
36
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
$
615,313
(e)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
7.351
%
06/27/31
$
618,005
22,018,390
(e)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6.816
01/30/32
22,059,674
5,066,767
(e)
Informatica LLC, Term Loan B, (TSFR1M + 2.250%)
6.566
10/30/28
5,082,601
4,817,925
(e)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
7.058
12/08/31
4,809,638
3,581,025
(e)
Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.250%)
7.566
03/22/32
3,592,717
11,490,509
(e)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
7.349
03/01/29
11,006,931
430,000
(e)
MedAssets Software Intermediate Holdings, Inc., Second Out
Term Loan, (TSFR1M + 4.000%)
8.455
12/18/28
374,100
10,056,512
(e)
Mitchell International, Inc., First Lien Term Loan, (TSFR1M +
3.250%)
7.566
06/17/31
10,086,833
3,869,418
(e)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
6.066
01/31/30
3,872,204
3,098,700
(e)
Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)
9.066
03/24/31
2,933,121
2,014,875
(e)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
7.082
11/03/31
2,023,700
5,843,721
(e)
Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +
3.000%)
7.316
04/30/31
5,843,721
3,019,137
(e)
Project Alpha Intermediate Holding, Inc., First Lien Term Loan
B, (TSFR3M + 3.250%)
7.546
10/28/30
3,032,527
571,000
(e),(h)
PROOFPOINT INC, (CME Term SOFR 1 Month + 3.000%)
7.311
08/31/28
575,163
4,178,841
(e)
Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%)
7.316
08/31/28
4,209,305
3,694,140
(e)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
10.722
05/15/28
3,750,864
6,406,858
(e)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
7.222
05/15/28
3,277,108
8,346,667
(e)
Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)
8.066
11/28/28
8,377,967
1,874,517
(e)
Surf Holdings, LLC, Incremental Term Loan, (TSFR1M + 3.500%)
7.930
03/05/27
1,880,375
2,867,812
(e)
Synechron Inc, Term Loan B, (TSFR3M + 3.750%)
8.058
10/03/31
2,874,982
2,517,627
(e)
Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M +
1.750%)
6.066
08/31/28
2,506,411
11,703,003
(e),(h)
Twitter, Inc., Term Loan, (TSFR3M + 6.500%)
10.958
10/29/29
11,456,421
15,398,687
(e)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.810
02/10/31
15,409,004
5,341,716
(e)
Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +
4.000%)
8.570
04/24/28
5,004,520
4,788,873
(e)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
6.560
04/14/31
4,798,858
4,422,000
X Corp
9.500
10/29/29
4,354,078
7,554,375
(e)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
7.066
09/28/29
7,543,081
TOTAL SOFTWARE & SERVICES
248,192,650
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
22,533,723
(e)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
9.066
12/17/29
22,973,807
16,202,980
(e)
Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)
7.071
12/03/29
16,165,794
2,042,201
(e)
Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)
6.560
09/22/31
2,058,160
6,198,002
(e)
Verifone Systems, Inc., Term Loan, (TSFR3M + 5.500%)
10.070
08/21/28
5,918,131
336,134
(e)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.930
03/05/29
334,756
5,136,929
(e)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.974
05/30/30
5,107,623
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
52,558,271
TELECOMMUNICATION SERVICES - 6.4%
1,832,492
(e),(i)
Altice France S.A., Term Loan B12, (Prime + 2.688%)
10.188
02/02/26
1,634,675
4,727,149
(e),(i)
Altice France S.A., Term Loan B13, (Prime + 3.000%)
10.500
08/14/26
4,211,110
2,886,781
(e)
Altice France S.A., Term Loan B14, (TSFR3M + 5.500%)
9.818
08/31/28
2,656,560
4,571,752
(e)
Cincinnati Bell, Inc., Term Loan B2, (TSFR1M + 2.750%)
7.066
11/24/28
4,591,273
1,982,980
(e)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8.816
09/13/29
1,961,455
4,797,182
(b),(e)
Cyxtera DC Holdings, Inc., Term Loan B
0.000
05/01/26
26,384
4,178,000
(e)
Digicel International Finance Limited, Term Loan B, (Prime +
4.250%)
11.750
07/30/32
4,181,489
13,226,139
(e)
Frontier Communications Corp., Term Loan B, (TSFR1M +
2.500%)
6.866
07/01/31
13,256,427
2,025,800
(e)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
6.566
09/20/30
2,019,105
7,523,000
(e)
Level 3 Financing Inc., Term Loan B, (TSFR1M + 4.250%)
8.566
03/29/32
7,576,300
10,603,457
(e)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6.780
04/15/30
10,552,666
4,119,903
(e)
Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)
10.316
06/01/28
4,212,601
37
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES
(continued)
$
5,113,416
(e),(i)
Numericable Group SA, Term Loan B11, (Prime + 1.750%)
9.250
%
05/31/28
$
4,540,713
2,486,000
(e),(h)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
7.210
12/07/26
1,908,005
786,000
(e),(g)
Zayo Group Holdings Inc, (TBD)
TBD
TBD
773,664
31,407,000
(e)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)
7.430
03/09/27
30,475,311
7,371,072
(e)
Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)
6.978
04/28/28
7,143,233
TOTAL TELECOMMUNICATION SERVICES
101,720,971
TRANSPORTATION - 1.9%
2,403,415
(e)
Air Canada, Term Loan B, (TSFR1M + 2.000%)
6.323
03/21/31
2,407,922
2,773,536
(e)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
6.575
04/20/28
2,768,779
6,278,353
(e)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.750%)
7.007
07/01/31
6,286,201
414,934
(e)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6.816
07/01/31
414,992
9,812,604
(e)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6.816
09/23/31
9,824,870
2,082,591
(e)
PODS, LLC, Term Loan B, (TSFR1M + 3.000%)
7.430
03/31/28
2,017,291
5,000,000
(e)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.750%)
7.079
04/12/32
5,019,800
2,272,243
(e)
United Airlines, Inc., First Lien Term Loan B, (TSFR3M + 2.000%)
6.196
02/24/31
2,279,059
TOTAL TRANSPORTATION
31,018,914
UTILITIES - 2.3%
4,586,000
(e),(h)
Cornerstone Generation LLC, Term Loan B, (TSFR3M + 3.250%)
7.476
10/28/31
4,622,688
1,461,150
(e)
Hamilton Projects Acquiror, LLC , Repriced Term Loan B,
(TSFR1M + 2.500%)
6.816
05/30/31
1,468,799
614,062
(e)
Invenergy Thermal Operating I LLC, Term Loan B, (TSFR3M +
3.500%)
7.796
05/06/32
621,355
40,938
(e)
Invenergy Thermal Operating I LLC, Term Loan C, (TSFR3M +
3.500%)
7.796
05/06/32
41,424
2,159,500
(e)
Kestrel Acquisition, LLC, Term Loan B, (TSFR3M + 3.500%)
7.796
11/06/31
2,169,401
798,000
(e)
Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)
8.796
02/19/32
789,852
1,750,000
(e)
NRG Energy, Inc., Term Loan, (TSFR1M + TSFR3M + 1.750%)
6.115
04/16/31
1,754,428
11,770,850
(e)
Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M
+ 2.500%)
6.733
12/15/31
11,826,526
13,510,092
(e)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.733
05/17/30
13,567,780
TOTAL UTILITIES
36,862,253
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $1,357,232,031)
1,359,707,148
SHARES
DESCRIPTION
VALUE
230440
WARRANTS - 0.0%
230440
TRANSPORTATION - 0.0%
1,071
ACBL HLDG CORP
49,801
3,029
ACBL HLDG CORP
168,110
11,952
(b)
American Commercial Barge Line LLC
2,988
27,261
(b)
American Commercial Barge Line LLC
9,541
TOTAL TRANSPORTATION
230,440
TOTAL WARRANTS
(Cost $225,956)
230,440
TOTAL LONG-TERM INVESTMENTS
(Cost $1,579,748,067)
1,569,923,627
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7%
10,475,121
(j)
State Street Navigator Securities Lending Government Money
Market Portfolio
4.310 (k)
10,475,121
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $10,475,121)
10,475,121
Portfolio of Investments August 31, 2025
(continued)
Floating Rate Income
38
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS - 3.7%
INVESTMENT COMPANIES - 3.7%
-
58,694,461
BlackRock Liquidity Funds T-Fund
4.517(l)
$
58,694,461
TOTAL INVESTMENT COMPANIES
(Cost $58,694,461)
58,694,461
TOTAL SHORT-TERM INVESTMENTS
(Cost $58,694,461)
58,694,461
TOTAL INVESTMENTS - 102.6%
(Cost $1,648,917,649)
1,639,093,209
OTHER ASSETS & LIABILITIES, NET - (2.6)%
(41,190,994)
NET ASSETS - 100%
$
1,597,902,215
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.
SOFR90A
90 Day Average Secured Overnight Financing Rate
SPDR
Standard & Poor's Depositary Receipt
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)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
For fair value measurement disclosure purposes, investment classified as Level 3.
(c)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $141,414,761 or 8.6% of Total Investments.
(d)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the reporting period was $10,164,871.
(e)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(f)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(g)
When-issued or delayed delivery security.
(h)
Portion of investment purchased on a delayed delivery basis.
(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)
Investments made with cash collateral received from securities on loan.
(k)
The rate shown is the one-day yield as of the end of the reporting period.
(l)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
39
Portfolio of Investments August 31, 2025
High Yield Income
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 97.2%
2,663
COMMON STOCKS - 0.0%
2,663
CONSUMER SERVICES - 0.0%
380,445
(a)
24 Hour Fitness Worldwide Inc
$
2,663
TOTAL CONSUMER SERVICES
2,663
TOTAL COMMON STOCKS
(Cost $1,432,732)
2,663
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
533319363
CORPORATE BONDS - 88.1% (b)
533319363
AUTOMOBILES & COMPONENTS - 2.3%
$
1,500,000
(c)
Dealer Tire LLC / DT Issuer LLC
8.000
%
02/01/28
1,454,390
1,830,000
(c),(d)
Dornoch Debt Merger Sub Inc
6.625
10/15/29
1,588,214
2,400,000
(c)
IHO Verwaltungs GmbH, (cash 6.375%, PIK 7.125%)
6.375
05/15/29
2,412,761
4,000,000
(c)
IHO Verwaltungs GmbH
8.000
11/15/32
4,176,312
4,350,000
(c)
Phinia Inc
6.625
10/15/32
4,467,572
TOTAL AUTOMOBILES & COMPONENTS
14,099,249
CAPITAL GOODS - 6.3%
4,200,000
(c)
Albion Financing 1 SARL / Aggreko Holdings Inc
7.000
05/21/30
4,333,993
545,000
(c)
AmeriTex HoldCo Intermediate LLC
7.625
08/15/33
562,338
1,800,000
(c)
Builders FirstSource Inc
6.375
03/01/34
1,853,876
1,600,000
(c)
Cornerstone Building Brands Inc
9.500
08/15/29
1,539,949
1,500,000
(c)
Dcli Bidco LLC
7.750
11/15/29
1,536,958
2,500,000
(c)
Efesto Bidco SpA Efesto US LLC
7.500
02/15/32
2,553,575
2,655,000
(c)
Goat Holdco LLC
6.750
02/01/32
2,701,064
1,275,000
(c)
Herc Holdings Inc
7.000
06/15/30
1,326,961
2,000,000
(c)
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC
9.000
02/15/29
2,098,676
1,825,000
(c)
JH North America Holdings Inc
0.000
01/31/31
1,844,920
1,500,000
(c)
Masterbrand Inc
7.000
07/15/32
1,553,854
1,480,000
(c)
New Flyer Holdings Inc
9.250
07/01/30
1,587,590
2,440,000
(c)
Quikrete Holdings Inc
6.375
03/01/32
2,516,496
1,750,000
(c)
Standard Building Solutions Inc
6.500
08/15/32
1,806,196
1,500,000
(c)
Terex Corp
6.250
10/15/32
1,518,438
3,100,000
(c)
TransDigm Inc
6.875
12/15/30
3,214,685
2,000,000
(c)
TransDigm Inc
6.000
01/15/33
2,022,454
2,000,000
(c)
TransDigm Inc
6.375
05/31/33
2,026,578
1,600,000
(c)
WESCO Distribution Inc
6.375
03/15/33
1,659,546
TOTAL CAPITAL GOODS
38,258,147
COMMERCIAL & PROFESSIONAL SERVICES - 1.8%
1,250,000
(c)
ASGN Inc
4.625
05/15/28
1,223,375
1,565,000
(c)
CACI International Inc
6.375
06/15/33
1,614,207
3,000,000
(c)
Neptune Bidco US Inc
9.290
04/15/29
2,983,470
4,750,000
(c)
RR Donnelley & Sons Co
9.500
08/01/29
4,819,235
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
10,640,287
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.7%
3,000,000
(c)
Cougar JV Subsidiary LLC
8.000
05/15/32
3,179,469
1,750,000
Kohl's Corp
5.125
05/01/31
1,376,910
3,000,000
(c)
Kohl's Corp
10.000
06/01/30
3,221,901
1,485,000
(c)
LCM Investments Holdings II LLC
8.250
08/01/31
1,574,595
3,000,000
(c)
Michaels Cos Inc/The
5.250
05/01/28
2,367,659
2,000,000
(c)
Queen MergerCo Inc
6.750
04/30/32
2,065,610
2,315,000
(c)
Veritiv Operating Co
10.500
11/30/30
2,505,913
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
16,292,057
CONSUMER DURABLES & APPAREL - 2.0%
1,650,000
(c)
Beach Acquisition Bidco LLC
10.000
07/15/33
1,751,401
1,250,000
(c)
CD&R Smokey Buyer Inc
9.500
10/15/29
952,275
2,770,000
(c)
Champ Acquisition Corp
8.375
12/01/31
2,944,576
600,000
Newell Brands Inc
5.750
04/01/46
521,389
2,000,000
(c)
Newell Brands Inc
8.500
06/01/28
2,111,450
2,000,000
(c)
S&S Holdings LLC
8.375
10/01/31
1,878,407
Portfolio of Investments August 31, 2025
(continued)
High Yield Income
40
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DURABLES & APPAREL
(continued)
$
2,000,000
VF Corp
2.950
%
04/23/30
$
1,744,851
430,000
Whirlpool Corp
6.125
06/15/30
434,780
TOTAL CONSUMER DURABLES & APPAREL
12,339,129
CONSUMER SERVICES - 5.0%
2,400,000
(c)
Carnival Corp
5.875
06/15/31
2,460,348
2,155,000
(c)
Carnival Corp
5.750
08/01/32
2,190,557
2,500,000
(c)
Churchill Downs Inc
5.750
04/01/30
2,500,395
1,830,000
(c)
Flutter Treasury DAC
5.875
06/04/31
1,863,324
1,310,000
(c)
Hilton Domestic Operating Co Inc
5.750
09/15/33
1,320,807
2,690,000
(c)
Life Time Inc
6.000
11/15/31
2,718,612
1,500,000
(c)
Merlin Entertainments Group US Holdings Inc
7.375
02/15/31
1,282,390
1,500,000
MGM Resorts International
6.125
09/15/29
1,532,039
2,000,000
(c)
Muvico LLC
15.000
02/19/29
2,132,500
2,500,000
(c)
NCL Corp Ltd
6.750
02/01/32
2,578,283
1,500,000
Six Flags Entertainment Corp / Canada's Wonderland Co /
Magnum Management Corp
5.250
07/15/29
1,452,337
2,670,000
(c)
Vail Resorts Inc
5.625
07/15/30
2,705,378
2,000,000
(c)
Viking Ocean Cruises Ship VII Ltd
5.625
02/15/29
1,998,653
3,525,000
(c)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6.250
03/15/33
3,568,368
TOTAL CONSUMER SERVICES
30,303,991
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.6%
3,000,000
(c)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
4.875
02/15/30
2,954,525
500,000
(c)
US Foods Inc
5.750
04/15/33
501,632
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
3,456,157
ENERGY - 11.2%
1,500,000
(c)
Archrock Partners LP / Archrock Partners Finance Corp
6.625
09/01/32
1,537,630
1,155,000
(c)
Ascent Resources Utica Holdings LLC / ARU Finance Corp
6.625
07/15/33
1,172,447
1,500,000
(c),(d)
Baytex Energy Corp
7.375
03/15/32
1,465,649
890,244
(c)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
903,677
7,450,000
(c)
Buckeye Partners LP
6.875
07/01/29
7,720,793
1,500,000
(c)
Chord Energy Corp
6.750
03/15/33
1,538,424
2,000,000
(c)
CITGO Petroleum Corp
8.375
01/15/29
2,085,828
1,500,000
(c)
Civitas Resources Inc
8.625
11/01/30
1,561,564
3,335,000
(c)
CNX Resources Corp
7.250
03/01/32
3,460,549
2,500,000
(c)
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500
06/15/31
2,465,641
1,000,000
(c)
Delek Logistics Partners LP / Delek Logistics Finance Corp
8.625
03/15/29
1,045,307
975,000
(c)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7.375
06/30/33
975,633
5,560,000
(c)
Global Partners LP / GLP Finance Corp
8.250
01/15/32
5,844,950
1,890,000
(c)
Harvest Midstream I LP
7.500
05/15/32
1,945,969
2,300,000
(c)
Kinetik Holdings LP
6.625
12/15/28
2,366,279
1,600,000
(c)
Matador Resources Co
6.250
04/15/33
1,611,828
910,000
(c)
NFE Financing LLC
12.000
11/15/29
334,425
2,580,000
(c)
Noble Finance II LLC
8.000
04/15/30
2,671,058
1,500,000
(c)
Northern Oil & Gas Inc
8.125
03/01/28
1,511,313
2,350,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
2,308,283
1,600,000
(c)
Rockies Express Pipeline LLC
6.750
03/15/33
1,671,323
3,500,000
(e)
South Bow Canadian Infrastructure Holdings Ltd
7.625
03/01/55
3,642,086
2,800,000
(c)
Sunoco LP
6.250
07/01/33
2,861,670
1,500,000
(c)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
6.000
09/01/31
1,473,700
2,500,000
(c)
Transocean Inc
8.000
02/01/27
2,495,588
1,500,000
(c)
Transocean Inc
8.250
05/15/29
1,451,011
3,000,000
(c)
Venture Global Calcasieu Pass LLC
3.875
11/01/33
2,672,420
670,000
(c),(d)
Venture Global LNG Inc
7.000
01/15/30
690,399
3,000,000
(c)
Venture Global LNG Inc
9.875
02/01/32
3,266,637
1,400,000
(c),(e),(f)
Venture Global LNG Inc
9.000
N/A
1,390,259
1,525,000
(c)
Venture Global Plaquemines LNG LLC
6.500
01/15/34
1,592,050
TOTAL ENERGY
67,734,390
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.1%
4,185,000
(c)
Iron Mountain Inc
6.250
01/15/33
4,282,473
41
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
$
2,670,000
(c)
Millrose Properties Inc
6.375
%
08/01/30
$
2,694,030
3,500,000
(d)
MPT Operating Partnership LP / MPT Finance Corp
5.000
10/15/27
3,315,454
2,145,000
(c)
MPT Operating Partnership LP / MPT Finance Corp
8.500
02/15/32
2,248,880
1,500,000
(c)
Office Properties Income Trust
9.000
03/31/29
1,494,783
1,860,000
(c)
RHP Hotel Properties LP / RHP Finance Corp
6.500
04/01/32
1,911,716
640,000
(c)
RHP Hotel Properties LP / RHP Finance Corp
6.500
06/15/33
661,036
2,270,000
(c),(d)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6.500
02/15/29
2,161,949
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
18,770,321
FINANCIAL SERVICES - 8.8%
2,800,000
(c)
Azorra Finance Ltd
7.750
04/15/30
2,939,387
1,280,000
(c)
Azorra Finance Ltd
7.250
01/15/31
1,322,025
1,075,000
(c)
Block Inc
6.000
08/15/33
1,103,650
2,000,000
Block Inc
6.500
05/15/32
2,072,258
2,800,000
(c)
Burford Capital Global Finance LLC
6.250
04/15/28
2,795,766
320,000
(c)
Burford Capital Global Finance LLC
7.500
07/15/33
327,040
2,000,000
(c)
Compass Group Diversified Holdings LLC
5.250
04/15/29
1,845,005
2,000,000
(c)
Encore Capital Group Inc
8.500
05/15/30
2,113,758
1,330,000
(c)
Freedom Mortgage Holdings LLC
8.375
04/01/32
1,371,739
2,250,000
(c)
Freedom Mortgage Holdings LLC
7.875
04/01/33
2,287,511
3,000,000
(c)
Hunt Cos Inc
5.250
04/15/29
2,937,344
2,500,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
5.250
05/15/27
2,438,787
1,380,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
9.000
06/15/30
1,314,636
2,525,000
(c)
Jane Street Group / JSG Finance Inc
6.125
11/01/32
2,536,671
1,145,000
OneMain Finance Corp
6.125
05/15/30
1,162,835
2,800,000
OneMain Finance Corp
5.375
11/15/29
2,768,545
1,165,000
(c)
Osaic Holdings Inc
6.750
08/01/32
1,187,027
1,600,000
(c)
PennyMac Financial Services Inc
6.875
05/15/32
1,638,139
2,725,000
(c)
PennyMac Financial Services Inc
7.875
12/15/29
2,896,383
425,000
(c)
Rocket Cos Inc
6.375
08/01/33
441,033
800,000
(c)
Rocket Cos Inc
6.125
08/01/30
823,160
2,000,000
(c)
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc
4.000
10/15/33
1,803,170
4,365,000
(c)
Starwood Property Trust Inc
6.000
04/15/30
4,435,071
4,000,000
(c)
Stonex Escrow Issuer LLC
6.875
07/15/32
4,111,552
1,825,000
(c),(f),(g)
UBS Group AG
6.600
N/A
1,824,879
2,400,000
(c)
WEX Inc
6.500
03/15/33
2,455,593
TOTAL FINANCIAL SERVICES
52,952,964
FOOD, BEVERAGE & TOBACCO - 0.9%
1,700,000
(c),(d)
Fiesta Purchaser Inc
9.625
09/15/32
1,826,498
1,750,000
(c)
Post Holdings Inc
6.375
03/01/33
1,767,769
2,000,000
(c)
Viking Baked Goods Acquisition Corp
8.625
11/01/31
1,980,760
TOTAL FOOD, BEVERAGE & TOBACCO
5,575,027
HEALTH CARE EQUIPMENT & SERVICES - 6.3%
1,000,000
(c)
CHS/Community Health Systems Inc
6.000
01/15/29
964,049
3,000,000
(c)
CHS/Community Health Systems Inc
10.875
01/15/32
3,174,693
2,170,000
(c)
DaVita Inc
4.625
06/01/30
2,089,112
4,600,000
(c)
DaVita Inc
6.875
09/01/32
4,758,847
1,500,000
(c),(d)
Embecta Corp
5.000
02/15/30
1,405,629
6,086,543
(c)
Global Medical Response Inc, (cash 9.500%, PIK 10.000%)
10.000
10/31/28
6,086,543
1,000,000
(c)
LifePoint Health Inc
11.000
10/15/30
1,102,375
3,000,000
(c)
Molina Healthcare Inc
6.250
01/15/33
3,021,336
2,000,000
(c)
Prime Healthcare Services Inc
9.375
09/01/29
2,063,820
2,360,036
(c)
Radiology Partners Inc, (cash 9.781%, PIK 9.781%)
9.781
02/15/30
2,301,035
3,290,000
(c)
Radiology Partners Inc
8.500
07/15/32
3,358,630
2,500,000
(c)
Star Parent Inc
9.000
10/01/30
2,646,613
2,570,000
(c)
Team Health Holdings Inc
8.375
06/30/28
2,601,534
2,600,000
Tenet Healthcare Corp
6.125
06/15/30
2,639,798
TOTAL HEALTH CARE EQUIPMENT & SERVICES
38,214,014
Portfolio of Investments August 31, 2025
(continued)
High Yield Income
42
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE - 3.6%
$
2,350,000
(c)
Acrisure LLC / Acrisure Finance Inc
6.750
%
07/01/32
$
2,411,112
5,100,000
(c)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.500
10/01/31
5,213,352
5,315,000
(c)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7.875
11/01/29
5,515,810
2,995,000
(c)
Ardonagh Finco Ltd
7.750
02/15/31
3,134,154
2,000,000
(c)
HUB International Ltd
5.625
12/01/29
2,006,768
3,000,000
(c)
Panther Escrow Issuer LLC
7.125
06/01/31
3,113,070
500,000
(c)
Ryan Specialty LLC
5.875
08/01/32
503,420
TOTAL INSURANCE
21,897,686
MATERIALS - 5.5%
1,690,000
(c)
Arsenal AIC Parent LLC
8.000
10/01/30
1,790,024
2,500,000
Celanese US Holdings LLC
7.050
11/15/30
2,599,367
1,500,000
(c)
Cleveland-Cliffs Inc
6.875
11/01/29
1,523,458
2,500,000
(c)
Clydesdale Acquisition Holdings Inc
6.625
04/15/29
2,535,813
1,245,000
(c)
Compass Minerals International Inc
8.000
07/01/30
1,302,251
1,500,000
(c)
Crown Americas LLC
5.875
06/01/33
1,517,258
1,750,000
(c)
Fortescue Treasury Pty Ltd
4.375
04/01/31
1,664,025
1,500,000
(c)
Methanex US Operations Inc
6.250
03/15/32
1,513,604
500,000
(c)
Mineral Resources Ltd
9.250
10/01/28
522,709
1,000,000
(c)
Mineral Resources Ltd
8.000
11/01/27
1,017,827
1,935,000
(c)
NOVA Chemicals Corp
7.000
12/01/31
2,032,493
2,500,000
(c)
Olin Corp
6.625
04/01/33
2,496,759
1,990,000
(c)
Olympus Water US Holding Corp
6.750
08/01/32
1,970,565
1,800,000
(c),(d)
Olympus Water US Holding Corp
6.250
10/01/29
1,755,567
1,500,000
(c),(d)
Owens-Brockway Glass Container Inc
7.250
05/15/31
1,526,241
2,525,000
(c)
Qnity Electronics Inc
6.250
08/15/33
2,610,150
2,630,000
(c),(d)
Sealed Air Corp
6.500
07/15/32
2,720,493
545,000
(c)
Trivium Packaging Finance BV
8.250
07/15/30
578,872
1,800,000
(c)
WR Grace Holdings LLC
5.625
08/15/29
1,684,135
TOTAL MATERIALS
33,361,611
MEDIA & ENTERTAINMENT - 7.9%
1,715,000
(c)
Advantage Sales & Marketing Inc
6.500
11/15/28
1,423,568
3,000,000
CCO Holdings LLC / CCO Holdings Capital Corp, Reg S
4.250
02/01/31
2,767,244
3,000,000
(c)
CCO Holdings LLC / CCO Holdings Capital Corp
4.500
08/15/30
2,839,682
2,750,000
(c)
CCO Holdings LLC / CCO Holdings Capital Corp
4.750
02/01/32
2,550,976
1,500,000
(c)
Clear Channel Outdoor Holdings Inc
7.750
04/15/28
1,458,877
4,000,000
(c),(d)
CSC Holdings LLC
5.500
04/15/27
3,846,844
1,635,000
(c)
CSC Holdings LLC
4.125
12/01/30
1,071,313
1,635,000
(c)
CSC Holdings LLC
4.500
11/15/31
1,060,650
4,050,000
(c)
CSC Holdings LLC
11.250
05/15/28
4,047,635
4,000,000
(c)
Directv Financing LLC / Directv Financing Co-Obligor Inc
5.875
08/15/27
3,979,997
1,300,000
(c)
DISH DBS Corp
5.250
12/01/26
1,261,049
1,550,000
(c)
DISH Network Corp
11.750
11/15/27
1,638,766
1,000,000
(c)
Gray Media Inc
7.250
08/15/33
985,165
1,000,000
(c)
iHeartCommunications Inc
4.750
01/15/28
856,250
3,365,000
(c)
LCPR Senior Secured Financing DAC
6.750
10/15/27
2,098,185
2,210,000
(c)
Match Group Holdings II LLC
4.125
08/01/30
2,080,940
2,400,000
(c)
McGraw-Hill Education Inc
7.375
09/01/31
2,519,503
2,000,000
(c)
Outfront Media Capital LLC / Outfront Media Capital Corp
4.250
01/15/29
1,922,179
2,000,000
Univision Communications Inc
8.000
08/15/28
2,075,854
3,000,000
(c)
Univision Communications Inc
7.375
06/30/30
3,016,381
625,000
(c)
Univision Communications Inc
9.375
08/01/32
658,183
1,000,000
(d)
Warnermedia Holdings Inc
4.279
03/15/32
863,000
1,000,000
Warnermedia Holdings Inc
5.050
03/15/42
673,750
2,500,000
Warnermedia Holdings Inc
4.054
03/15/29
2,375,000
TOTAL MEDIA & ENTERTAINMENT
48,070,991
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
1,250,000
(c)
1261229 BC Ltd
10.000
04/15/32
1,297,939
2,000,000
(c)
Bausch Health Americas Inc
8.500
01/31/27
1,995,000
1,000,000
(c)
Bausch Health Cos Inc
5.250
02/15/31
675,000
2,000,000
(c)
Bausch Health Cos Inc
4.875
06/01/28
1,805,000
43
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
$
1,000,000
(c)
Bausch Health Cos Inc
11.000
%
09/30/28
$
1,048,750
2,500,000
(c)
Charles River Laboratories International Inc
4.000
03/15/31
2,312,760
1,500,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
4.125
04/30/28
1,436,469
1,000,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5.125
04/30/31
856,884
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
11,427,802
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
1,892,400
(c),(d)
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp
7.000
04/15/30
1,863,026
1,855,000
(c)
Avis Budget Car Rental LLC / Avis Budget Finance Inc
5.750
07/15/27
1,847,283
500,000
(c)
Cushman & Wakefield US Borrower LLC
8.875
09/01/31
536,166
1,000,000
Kennedy-Wilson Inc
4.750
03/01/29
952,308
1,800,000
(d)
Kennedy-Wilson Inc
5.000
03/01/31
1,680,436
1,500,000
(c)
Permian Resources Operating LLC
6.250
02/01/33
1,527,906
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
8,407,125
SOFTWARE & SERVICES - 2.0%
3,000,000
(c)
Amentum Escrow Corp
7.250
08/01/32
3,128,859
2,000,000
(c)
CA Magnum Holdings
5.375
10/31/26
1,987,474
775,000
(c)
Cloud Software Group Inc
8.250
06/30/32
828,574
2,250,000
(c)
Cloud Software Group Inc
6.500
03/31/29
2,274,743
1,500,000
(c)
Condor Merger Sub Inc
7.375
02/15/30
1,385,243
1,140,000
(c)
Fair Isaac Corp
6.000
05/15/33
1,155,297
580,000
(c)
Gen Digital Inc
6.250
04/01/33
596,415
500,000
(c)
Open Text Holdings Inc
4.125
12/01/31
460,015
TOTAL SOFTWARE & SERVICES
11,816,620
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
1,350,000
(c)
Imola Merger Corp
4.750
05/15/29
1,316,121
2,500,000
(c)
Viasat Inc
6.500
07/15/28
2,430,661
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
3,746,782
TELECOMMUNICATION SERVICES - 6.9%
2,000,000
(c)
Altice Financing SA
9.625
07/15/27
1,860,000
3,150,000
(c)
Altice France SA
5.125
07/15/29
2,693,250
710,000
(c)
Digicel International Finance Ltd / Difl US LLC
8.625
08/01/32
727,805
3,574,250
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
3,526,248
2,400,000
EchoStar Corp
10.750
11/30/29
2,583,000
1,717,000
(c)
Level 3 Financing Inc
3.625
01/15/29
1,459,450
1,200,000
(c)
Level 3 Financing Inc
6.875
06/30/33
1,210,770
3,000,000
(c)
Level 3 Financing Inc
7.000
03/31/34
3,020,376
1,500,000
(c)
Lumen Technologies Inc
4.500
01/15/29
1,364,996
3,500,000
(e)
Rogers Communications Inc
7.000
04/15/55
3,590,230
3,000,000
(c)
Sable International Finance Ltd
7.125
10/15/32
3,050,259
295,000
(c)
Telesat Canada / Telesat LLC
5.625
12/06/26
228,625
3,000,000
(c)
Virgin Media Secured Finance PLC
4.500
08/15/30
2,816,379
2,720,000
(c)
Windstream Escrow LLC / Windstream Escrow Finance Corp
8.250
10/01/31
2,829,281
9,250,000
(c)
Zayo Group Holdings Inc
4.000
03/01/27
8,948,022
2,120,000
(c)
Zayo Group Holdings Inc
6.125
03/01/28
1,968,984
TOTAL TELECOMMUNICATION SERVICES
41,877,675
TRANSPORTATION - 1.5%
1,500,000
(c)
Air Transport Services Group Inc
7.250
03/15/32
1,574,769
1,800,000
(c)
Allegiant Travel Co
7.250
08/15/27
1,831,124
500,000
(c)
Genesee & Wyoming Inc
6.250
04/15/32
508,400
1,600,000
(c),(d)
Grupo Aeromexico SAB de CV
8.625
11/15/31
1,579,840
2,000,000
(c),(d)
Rand Parent LLC
8.500
02/15/30
2,072,702
1,595,000
(c),(d)
VistaJet Malta Finance PLC / Vista Management Holding Inc
9.500
06/01/28
1,658,760
TOTAL TRANSPORTATION
9,225,595
UTILITIES - 5.8%
5,000,000
(c),(e)
AltaGas Ltd
7.200
10/15/54
5,066,595
2,775,000
(c)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6.375
02/15/32
2,814,552
4,000,000
(c)
ContourGlobal Power Holdings SA
6.750
02/28/30
4,130,000
2,250,000
(c)
Ferrellgas LP / Ferrellgas Finance Corp
5.875
04/01/29
2,082,935
3,000,000
(c)
LONG RIDGE ENERGY LLC
8.750
02/15/32
3,107,346
3,000,000
(c)
NRG Energy Inc
5.250
06/15/29
2,991,100
2,190,000
(c)
NRG Energy Inc
6.000
02/01/33
2,219,484
Portfolio of Investments August 31, 2025
(continued)
High Yield Income
44
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,750,000
(c)
NRG Energy Inc
6.250
%
11/01/34
$
1,794,182
2,000,000
(c)
Pattern Energy Operations LP / Pattern Energy Operations Inc
4.500
08/15/28
1,949,137
2,000,000
(c)
TerraForm Power Operating LLC
4.750
01/15/30
1,929,856
2,500,000
(c)
XPLR Infrastructure Operating Partners LP
4.500
09/15/27
2,451,973
2,500,000
(c),(d)
XPLR Infrastructure Operating Partners LP
7.250
01/15/29
2,553,338
1,670,000
(c)
XPLR Infrastructure Operating Partners LP
8.625
03/15/33
1,761,245
TOTAL UTILITIES
34,851,743
TOTAL CORPORATE BONDS
(Cost $520,414,343)
533,319,363
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
54991275
VARIABLE RATE SENIOR LOAN INTERESTS - 9.1%
54991275
CAPITAL GOODS - 0.2%
1,496,104
(h)
Foundation Building Materials Holding Company LLC, Term
Loan, (TSFR1M + TSFR3M + 3.250%)
7.750
01/31/28
1,501,864
TOTAL CAPITAL GOODS
1,501,864
HEALTH CARE EQUIPMENT & SERVICES - 1.8%
2,288,021
(h)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
8.396
10/01/27
2,255,417
2,028,881
(h)
Heartland Dental, LLC, Term Loan, (TSFR1M + 4.500%)
8.858
04/28/28
2,032,817
2,000,000
(h)
Pathway Vet Alliance LLC, Tranche A Term Loan A, (TSFR3M +
5.000%)
9.308
06/30/28
2,014,460
4,500,000
(h)
Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)
8.796
06/30/28
4,491,112
TOTAL HEALTH CARE EQUIPMENT & SERVICES
10,793,806
INSURANCE - 0.5%
3,000,000
(h)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8.666
08/21/28
3,001,395
TOTAL INSURANCE
3,001,395
MATERIALS - 0.6%
1,500,000
(h)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
7.491
04/13/29
1,500,338
2,178,594
(h)
Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)
8.180
08/03/26
1,989,666
TOTAL MATERIALS
3,490,004
MEDIA & ENTERTAINMENT - 2.0%
2,977,556
(h)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
11.340
01/04/29
2,991,089
2,480,916
(h)
CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)
8.863
01/18/28
2,478,398
1,246,118
(h)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
10.230
06/30/28
1,257,028
4,964,987
(h)
WideOpenWest Finance LLC, Super Priority First Out New
Money Term Loan, (TSFR3M + 7.000%)
11.582
12/20/28
5,091,793
TOTAL MEDIA & ENTERTAINMENT
11,818,308
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
1,770,000
(h)
Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)
7.930
12/08/25
1,722,555
1,500,000
(h)
U.S. Anesthesia Partners, Inc., Term Loan, (TSFR1M + 4.250%)
8.718
10/02/28
1,496,565
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
3,219,120
SOFTWARE & SERVICES - 0.6%
1,994,885
(h)
Twitter, Inc., Term Loan, (TSFR3M + 6.500%)
10.958
10/29/29
1,952,853
2,000,000
(h)
Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +
4.000%)
8.570
04/24/28
1,873,750
TOTAL SOFTWARE & SERVICES
3,826,603
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
1,500,000
(h)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
9.066
12/17/29
1,529,295
1,500,000
(h)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.974
05/30/30
1,491,442
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
3,020,737
TELECOMMUNICATION SERVICES - 2.2%
1,984,772
(h),(i)
Altice France S.A., Term Loan B12, (Prime + 2.688%)
10.188
02/02/26
1,770,515
2,468,434
(h),(i)
Altice France S.A., Term Loan B13, (Prime + 3.000%)
10.500
08/14/26
2,198,968
1,991,646
(h)
GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M +
3.750%)
8.180
04/28/28
1,992,274
2,753,962
(h)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6.780
04/15/30
2,740,771
45
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES
(continued)
$
987,374
(h),(i)
Numericable Group SA, Term Loan B11, (Prime + 1.750%)
9.250
%
05/31/28
$
876,788
2,680,000
(h)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
7.210
12/07/26
2,056,900
1,750,000
(h)
Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)
6.978
04/28/28
1,695,907
TOTAL TELECOMMUNICATION SERVICES
13,332,123
UTILITIES - 0.2%
997,500
(h)
Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)
8.796
02/19/32
987,315
TOTAL UTILITIES
987,315
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $54,770,183)
54,991,275
TOTAL LONG-TERM INVESTMENTS
(Cost $576,617,258)
588,313,301
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 5.1%
30,684,351
(j)
State Street Navigator Securities Lending Government Money
Market Portfolio
4.310 (k)
30,684,351
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $30,684,351)
30,684,351
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS - 1.0%
INVESTMENT COMPANIES - 1.0%
-
6,235,829
BlackRock Liquidity Funds T-Fund
4.517(l)
6,235,829
TOTAL INVESTMENT COMPANIES
(Cost $6,235,829)
6,235,829
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,235,829)
6,235,829
TOTAL INVESTMENTS - 103.3%
(Cost $613,537,438)
625,233,481
OTHER ASSETS & LIABILITIES, NET - (3.3)%
(19,951,734)
NET ASSETS - 100%
$
605,281,747
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.
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.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(c)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $480,907,938 or 76.9% of Total Investments.
(d)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the reporting period was $29,452,227.
(e)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
2.2% of Total Investments.
(f)
Perpetual security. Maturity date is not applicable.
(g)
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 0.3% of Total Investments.
(h)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(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)
Investments made with cash collateral received from securities on loan.
(k)
The rate shown is the one-day yield as of the end of the reporting period.
Portfolio of Investments August 31, 2025
(continued)
High Yield Income
46
See Notes to Financial Statements
(l)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
47
Portfolio of Investments August 31, 2025
Preferred Securities and Income
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.8%
4718445707
CORPORATE BONDS - 87.1% (a)
4718445707
AUTOMOBILES & COMPONENTS - 1.1%
$
43,118,000
(b),(c)
General Motors Financial Co Inc
5.750
%
N/A
$
42,120,952
16,979,000
(b),(c),(d)
General Motors Financial Co Inc
5.700
N/A
16,644,915
TOTAL AUTOMOBILES & COMPONENTS
58,765,867
BANKS - 50.1%
25,782,000
(b),(e)
Banco Bilbao Vizcaya Argentaria SA
6.125
N/A
25,656,916
44,883,000
(b),(e)
Banco Bilbao Vizcaya Argentaria SA
9.375
N/A
49,609,763
52,800,000
(b),(d),(e)
Banco Bilbao Vizcaya Argentaria SA
7.750
N/A
54,934,704
16,450,000
(b),(e),(f)
Banco Mercantil del Norte SA/Grand Cayman
7.625
N/A
16,724,616
10,700,000
(b),(e),(f)
Banco Mercantil del Norte SA/Grand Cayman
7.500
N/A
10,799,323
27,655,400
(b),(e),(f)
Banco Mercantil del Norte SA/Grand Cayman
8.750
N/A
29,110,821
49,400,000
(b),(e)
Banco Santander SA
8.000
N/A
53,684,215
15,435,000
(b),(e)
Banco Santander SA
4.750
N/A
15,081,443
78,000,000
(b),(e)
Banco Santander SA
9.625
N/A
91,944,372
44,789,000
(b),(c)
Bank of America Corp
6.250
N/A
44,828,987
70,396,000
(b),(c)
Bank of America Corp
6.625
N/A
72,473,245
6,780,000
(b),(c)
Bank of America Corp
4.375
N/A
6,622,816
26,726,000
(b),(c)
Bank of America Corp
6.300
N/A
26,831,675
29,666,000
(c)
Bank of Montreal
6.875
11/26/85
29,848,001
75,435,000
(c)
Bank of Montreal
7.300
11/26/84
79,115,926
37,542,000
(c)
Bank of Montreal
7.700
05/26/84
39,142,828
15,255,000
(c)
Bank of Nova Scotia/The
8.000
01/27/84
16,255,118
31,020,000
(b),(e)
Barclays PLC
8.000
N/A
32,636,142
96,433,000
(b),(e)
Barclays PLC
9.625
N/A
108,144,209
22,101,000
(b),(e)
Barclays PLC
7.625
N/A
22,829,051
32,326,000
(b),(d),(e),(f)
BNP Paribas SA
7.375
N/A
33,229,738
64,127,000
(b),(e),(f)
BNP Paribas SA
8.000
N/A
68,085,816
38,013,000
(b),(e),(f)
BNP Paribas SA
8.500
N/A
40,376,040
24,811,000
(b),(e),(f)
BNP Paribas SA
9.250
N/A
26,602,776
47,866,000
(b),(e),(f)
BNP Paribas SA
7.750
N/A
50,270,213
17,778,000
(b),(e),(f)
BNP Paribas SA
7.450
N/A
18,143,548
36,102,000
(c)
Canadian Imperial Bank of Commerce
7.000
10/28/85
36,811,188
41,168,000
(c)
Canadian Imperial Bank of Commerce
6.950
01/28/85
41,406,692
13,777,000
(b),(c)
Citigroup Inc
6.250
N/A
13,860,310
9,885,000
(b),(c),(d)
Citigroup Inc
7.375
N/A
10,270,535
31,871,000
(b),(c)
Citigroup Inc
7.625
N/A
33,335,472
34,157,000
(b),(c)
Citigroup Inc
7.125
N/A
34,970,415
33,224,000
(b),(c)
Citigroup Inc
7.000
N/A
34,871,678
12,000,000
(b),(c)
Citigroup Inc
6.950
N/A
12,184,704
24,862,000
(b),(c)
Citigroup Inc
6.875
N/A
25,297,309
16,865,000
(b),(c)
Citizens Financial Group Inc
4.000
N/A
16,480,525
3,846,000
(b),(c),(g)
Citizens Financial Group Inc (TSFR3M + 3.419%)
7.704
N/A
3,849,254
106,179,000
(b),(d),(e),(f)
Credit Agricole SA
6.700
N/A
105,772,686
10,336,000
(b),(c)
Fifth Third Bancorp
4.500
N/A
10,308,141
7,016,000
(b),(c),(g)
Fifth Third Bancorp (TSFR3M + 3.295%)
7.590
N/A
6,994,311
20,174,000
(b),(c),(g)
First Citizens BancShares Inc/NC (TSFR3M + 4.234%)
8.552
N/A
20,779,220
14,612,000
(b),(d),(e)
HSBC Holdings PLC
6.950
N/A
15,013,742
21,462,000
(b),(d),(e)
HSBC Holdings PLC
6.500
N/A
21,828,399
53,510,000
(b),(d),(e)
HSBC Holdings PLC
8.000
N/A
56,516,031
23,395,000
(b),(e)
HSBC Holdings PLC
6.875
N/A
24,128,153
61,624,000
(b),(d),(e)
HSBC Holdings PLC
6.950
N/A
63,705,289
26,515,000
(b),(c)
Huntington Bancshares Inc/OH
5.625
N/A
27,024,565
36,559,000
(b),(d),(e)
ING Groep NV
5.750
N/A
36,611,974
33,907,000
(b),(e)
ING Groep NV, Reg S
7.500
N/A
35,316,791
40,809,000
(b),(c)
JPMorgan Chase & Co
6.500
N/A
41,913,822
4,657,000
(b),(c)
JPMorgan Chase & Co
3.650
N/A
4,590,787
73,116,000
(b),(c)
JPMorgan Chase & Co
6.875
N/A
76,828,538
6,491,000
(b),(c)
KeyCorp
5.000
N/A
6,416,651
37,007,000
(b),(e)
Lloyds Banking Group PLC
8.000
N/A
39,750,329
58,896,000
(b),(e)
Lloyds Banking Group PLC
6.750
N/A
58,944,475
Portfolio of Investments August 31, 2025
(continued)
Preferred Securities and Income
48
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
5,323,000
(b),(c)
M&T Bank Corp
5.125
%
N/A
$
5,280,506
14,785,000
(b),(c)
M&T Bank Corp
3.500
N/A
14,291,285
81,636,000
(b),(e)
NatWest Group PLC
8.125
N/A
90,390,236
61,624,000
(b),(e)
NatWest Group PLC
7.300
N/A
64,134,747
19,767,000
(b),(d),(e),(f)
Nordea Bank Abp
6.300
N/A
19,764,739
14,535,000
(b),(e),(f)
Nordea Bank Abp
6.625
N/A
14,618,649
45,844,000
(b),(c)
PNC Financial Services Group Inc/The
6.250
N/A
46,368,272
6,555,000
(b),(c)
PNC Financial Services Group Inc/The
6.200
N/A
6,659,972
14,835,000
(b),(c)
PNC Financial Services Group Inc/The
6.000
N/A
14,934,305
16,330,000
(b),(c)
PNC Financial Services Group Inc/The
3.400
N/A
15,793,004
8,444,000
(b),(c)
PNC Financial Services Group Inc/The
5.000
N/A
8,391,123
49,105,000
(c)
Royal Bank of Canada
6.750
08/24/85
49,892,300
45,240,000
(b),(e),(f)
Societe Generale SA
9.375
N/A
48,291,890
39,975,000
(b),(e),(f)
Societe Generale SA
8.500
N/A
42,190,055
54,126,000
(b),(e),(f)
Societe Generale SA
10.000
N/A
59,569,668
25,875,000
(b),(e),(f)
Standard Chartered PLC
7.750
N/A
26,828,494
20,719,000
(c)
Toronto-Dominion Bank/The
8.125
10/31/82
21,820,028
48,536,000
(b),(c)
Truist Financial Corp
6.669
N/A
48,531,103
17,384,000
(b),(c)
Truist Financial Corp
5.100
N/A
17,233,197
2,988,000
(b),(c)
US Bancorp
5.300
N/A
2,978,843
6,580,000
(c)
Wells Fargo & Co
7.950
11/15/29
7,360,873
39,036,000
(b),(c)
Wells Fargo & Co
3.900
N/A
38,660,567
24,750,000
(b),(c),(d)
Wells Fargo & Co
7.625
N/A
26,433,446
44,179,000
(b),(c)
Wells Fargo & Co
6.850
N/A
46,282,230
TOTAL BANKS
2,715,463,820
CAPITAL GOODS - 1.5%
11,955,000
(b),(c)
Air Lease Corp
4.650
N/A
11,823,851
5,586,000
(b),(c)
Air Lease Corp
4.125
N/A
5,460,919
12,383,000
(b),(c)
Air Lease Corp
6.000
N/A
12,165,327
18,564,000
(c),(f)
ILFC E-Capital Trust I
6.430
12/21/65
15,584,923
43,963,000
(c),(f)
ILFC E-Capital Trust I
6.680
12/21/65
37,614,800
TOTAL CAPITAL GOODS
82,649,820
ENERGY - 4.5%
4,735,000
(c)
Enbridge Inc
5.500
07/15/77
4,715,287
14,306,000
(c)
Enbridge Inc
5.750
07/15/80
14,288,080
14,880,000
(c)
Enbridge Inc
7.625
01/15/83
15,883,894
55,192,000
(c)
Enbridge Inc
8.500
01/15/84
62,433,963
2,874,000
(b),(c)
Energy Transfer LP
6.625
N/A
2,855,404
44,894,000
(b),(c)
Energy Transfer LP
7.125
N/A
46,069,415
11,442,000
(b),(c)
Energy Transfer LP
6.500
N/A
11,483,660
5,335,000
(c)
Energy Transfer LP
8.000
05/15/54
5,683,962
24,656,000
(c)
Energy Transfer LP
6.750
02/15/56
24,535,170
8,380,000
(c)
South Bow Corp
7.500
03/01/55
8,758,709
4,125,000
(c)
Transcanada Trust
5.875
08/15/76
4,127,528
31,347,000
(c)
Transcanada Trust
5.600
03/07/82
30,692,685
11,570,000
(b),(c),(f)
Venture Global LNG Inc
9.000
N/A
11,489,494
TOTAL ENERGY
243,017,251
FINANCIAL SERVICES - 11.6%
17,895,000
(c)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.950
03/10/55
18,735,857
20,600,000
(c)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.500
01/31/56
21,191,405
12,807,000
(b),(c)
Ally Financial Inc
4.700
N/A
12,461,996
12,289,000
(b),(c)
Ally Financial Inc
4.700
N/A
11,206,823
20,885,000
(b),(c),(f)
American AgCredit Corp
5.250
N/A
20,362,875
13,295,000
(b),(c),(f)
Capital Farm Credit ACA
5.000
N/A
13,128,813
5,000,000
(b),(c)
Capital One Financial Corp
5.500
N/A
4,957,534
11,655,000
(b),(c),(d)
Capital One Financial Corp
3.950
N/A
11,420,936
20,975,000
(b),(c)
Charles Schwab Corp/The
4.000
N/A
20,658,986
3,955,000
(c)
Citigroup Capital III
7.625
12/01/36
4,394,279
6,700,000
(b),(c),(f)
Compeer Financial ACA
4.875
N/A
6,499,000
49,069,000
(h)
Credit Suisse Group AG
0.000
12/31/49
6,133,625
61,301,000
(h)
Credit Suisse Group AG
7.500
12/31/49
7,662,625
49
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
8,421,000
(h)
Credit Suisse Group AG
5.250
%
12/31/49
$
1,052,625
12,260,000
(h)
Credit Suisse Group AG
6.380
12/31/49
1,532,500
62,450,000
(h)
Credit Suisse Group AG
7.250
12/31/49
7,806,250
36,075,000
(h)
Credit Suisse Group AG
7.500
12/31/49
4,509,375
16,319,000
(b),(e)
Deutsche Bank AG
6.000
N/A
16,300,529
30,600,000
(b),(d),(e)
Deutsche Bank AG, Reg S
8.130
N/A
32,053,500
36,992,000
(b),(c)
Goldman Sachs Group Inc/The
6.850
N/A
38,097,062
28,868,000
(b),(c),(d)
Goldman Sachs Group Inc/The
7.379
N/A
29,012,138
12,486,000
(b),(c)
Goldman Sachs Group Inc/The
5.300
N/A
12,454,864
33,489,000
(b),(c),(d)
Goldman Sachs Group Inc/The
6.125
N/A
33,545,596
45,460,000
(b),(c)
Goldman Sachs Group Inc/The
7.500
N/A
47,720,953
20,175,000
(b),(c)
Goldman Sachs Group Inc/The
7.500
N/A
21,392,985
2,400,000
(b),(e)
Julius Baer Group Ltd, Reg S
7.500
N/A
2,480,784
11,629,000
(b),(e)
Nomura Holdings Inc
7.000
N/A
11,919,678
30,495,000
(b),(c)
State Street Corp
6.700
N/A
31,561,502
13,334,000
(b),(e),(f)
UBS Group AG
7.000
N/A
13,440,985
74,094,000
(b),(e),(f)
UBS Group AG
9.250
N/A
87,015,179
29,805,000
(b),(e),(f)
UBS Group AG
9.250
N/A
32,664,462
18,420,000
(b),(d),(e),(f)
UBS Group AG
7.750
N/A
19,667,752
26,248,000
(b),(c)
Voya Financial Inc
7.758
N/A
27,683,556
TOTAL FINANCIAL SERVICES
630,727,029
FOOD, BEVERAGE & TOBACCO - 2.7%
13,835,000
(b),(c),(f)
Dairy Farmers of America Inc
7.125
N/A
13,419,950
39,310,000
(b),(c),(f)
Land O' Lakes Inc
8.000
N/A
37,639,325
65,313,000
(b),(c),(f)
Land O' Lakes Inc
7.250
N/A
55,827,462
46,071,000
(b),(c),(f)
Land O' Lakes Inc
7.000
N/A
38,202,755
TOTAL FOOD, BEVERAGE & TOBACCO
145,089,492
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
7,648,000
(c)
CVS Health Corp
6.750
12/10/54
7,752,839
4,343,000
(c)
CVS Health Corp
7.000
03/10/55
4,521,532
TOTAL HEALTH CARE EQUIPMENT & SERVICES
12,274,371
INSURANCE - 9.6%
7,115,000
(c)
Aegon Ltd
5.500
04/11/48
7,154,339
19,306,000
(c)
American National Group Inc
7.000
12/01/55
19,754,672
51,650,000
(c)
Assurant Inc
7.000
03/27/48
52,851,834
64,240,000
(c),(f)
Assured Guaranty Municipal Holdings Inc
6.400
12/15/66
59,487,649
19,875,000
(c)
AXIS Specialty Finance LLC
4.900
01/15/40
19,253,178
22,597,000
(c)
Corebridge Financial Inc
6.375
09/15/54
22,873,226
14,288,000
(c)
Enstar Finance LLC
5.500
01/15/42
14,125,708
9,883,000
(c),(f)
Enstar Group Ltd
7.500
04/01/45
10,299,746
5,830,000
(c),(f)
Fidelis Insurance Holdings Ltd
6.625
04/01/41
5,813,594
24,448,000
(c),(f)
MetLife Inc
9.250
04/08/38
29,053,905
4,531,000
(b),(c)
MetLife Inc
5.875
N/A
4,602,250
11,023,000
(c)
MetLife Inc
6.350
03/15/55
11,480,741
14,051,000
(c)
PartnerRe Finance B LLC
4.500
10/01/50
13,156,957
45,898,000
(b),(e)
Phoenix Group Holdings PLC, Reg S
8.500
N/A
48,800,560
21,542,000
(c)
Provident Financing Trust I
7.405
03/15/38
23,304,389
8,234,000
(c)
Prudential Financial Inc
5.125
03/01/52
8,068,713
13,400,000
(c)
Prudential Financial Inc
6.500
03/15/54
14,084,204
9,585,000
(c)
Reinsurance Group of America Inc
6.650
09/15/55
9,763,377
89,664,000
(b),(c),(f)
SBL Holdings Inc
9.508
N/A
90,560,640
55,600,000
(b),(c),(f)
SBL Holdings Inc
6.500
N/A
52,820,000
TOTAL INSURANCE
517,309,682
MATERIALS - 0.1%
5,000,000
(b),(c),(f)
Cemex SAB de CV
7.200
N/A
5,157,250
TOTAL MATERIALS
5,157,250
MEDIA & ENTERTAINMENT - 0.2%
10,628,000
(c)
Paramount Global
6.375
03/30/62
10,645,727
TOTAL MEDIA & ENTERTAINMENT
10,645,727
Portfolio of Investments August 31, 2025
(continued)
Preferred Securities and Income
50
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES - 1.5%
$
14,843,000
(c)
Bell Telephone Co of Canada or Bell Canada
7.000
%
09/15/55
$
15,181,198
17,730,000
(c)
Rogers Communications Inc
7.125
04/15/55
18,405,100
13,396,000
(c)
TELUS Corp
7.000
10/15/55
13,746,721
22,509,000
(c)
Vodafone Group PLC
7.000
04/04/79
23,750,956
9,350,000
(c)
Vodafone Group PLC
4.125
06/04/81
8,655,760
TOTAL TELECOMMUNICATION SERVICES
79,739,735
UTILITIES - 4.0%
5,575,000
(c),(f)
AES Andes SA
8.150
06/10/55
5,885,845
9,618,000
(c)
AES Corp/The
7.600
01/15/55
9,882,746
7,093,000
(c),(f)
AltaGas Ltd
7.200
10/15/54
7,187,472
11,494,000
(c)
American Electric Power Co Inc
3.875
02/15/62
11,143,312
10,244,000
(c)
CMS Energy Corp
6.500
06/01/55
10,449,320
6,574,000
(c)
Dominion Energy Inc
7.000
06/01/54
7,035,758
8,455,000
(c)
Duke Energy Corp
6.450
09/01/54
8,754,070
35,009,000
(c)
Emera Inc
6.750
06/15/76
35,228,786
18,153,000
(c)
Entergy Corp
7.125
12/01/54
18,905,505
11,121,000
(c)
EUSHI Finance Inc
7.625
12/15/54
11,619,210
15,071,000
(c)
NextEra Energy Capital Holdings Inc
6.750
06/15/54
15,922,647
10,443,000
(c)
PG&E Corp
7.375
03/15/55
10,363,470
11,762,000
(c)
Sempra
4.125
04/01/52
11,399,227
14,485,000
(c)
Sempra
6.550
04/01/55
14,265,468
10,983,000
(c)
Sempra
6.375
04/01/56
11,071,479
3,395,000
(b),(c),(f)
Vistra Corp
8.000
N/A
3,465,535
5,900,000
(b),(c),(f)
Vistra Corp
7.000
N/A
5,971,048
17,517,000
(b),(c),(f)
Vistra Corp
8.875
N/A
19,054,765
TOTAL UTILITIES
217,605,663
TOTAL CORPORATE BONDS
(Cost $4,740,558,813)
4,718,445,707
SHARES
DESCRIPTION
RATE
VALUE
515968502
PREFERRED STOCK - 9.5%
515968502
BANKS - 1.4%
486,433
Fifth Third Bancorp
8.267
12,428,363
280,000
(g)
Huntington Bancshares Inc/OH (TSFR3M + 2.962%)
7.279
6,705,972
285,287
KeyCorp
6.125
7,120,763
1,355,330
KeyCorp
6.200
33,612,184
217,405
KeyCorp
5.625
4,893,787
209,354
KeyCorp
5.650
4,670,688
302,269
Regions Financial Corp
5.700
7,230,274
35,354
Synovus Financial Corp
8.397
934,760
TOTAL BANKS
77,596,791
FINANCIAL SERVICES - 2.7%
680,940
Bank of New York Mellon Corp/The
6.150
17,622,727
558,300
Equitable Holdings Inc
5.250
11,942,037
518,768
Morgan Stanley
6.375
13,078,141
1,344,835
Morgan Stanley
5.850
32,921,561
870,125
Morgan Stanley
6.625
22,562,341
242,300
Morgan Stanley
6.500
6,183,496
322,188
Morgan Stanley
6.875
8,170,688
350,835
(d)
Synchrony Financial
5.625
6,883,383
1,058,054
Voya Financial Inc
5.350
24,991,235
TOTAL FINANCIAL SERVICES
144,355,609
FOOD, BEVERAGE & TOBACCO - 1.2%
193,870
CHS Inc
7.875
5,141,432
1,451,502
CHS Inc
7.100
36,810,091
528,896
CHS Inc
6.750
13,000,264
44,881
CHS Inc
7.500
1,148,505
79,800
(f)
Dairy Farmers of America Inc
7.875
7,660,800
TOTAL FOOD, BEVERAGE & TOBACCO
63,761,092
51
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
INSURANCE - 4.1%
504,425
American National Group Inc
7.375
%
$
12,812,395
1,233,711
American National Group Inc
6.625
30,978,483
603,290
(d)
Aspen Insurance Holdings Ltd
5.625
13,103,459
367,750
(d)
Aspen Insurance Holdings Ltd
7.125
9,340,850
191,504
Assurant Inc
5.250
3,908,597
540,503
Athene Holding Ltd
7.750
13,993,623
1,006,376
Athene Holding Ltd
6.350
25,028,571
1,550,528
Delphi Financial Group Inc
7.663
37,522,777
1,540,908
Enstar Group Ltd
7.000
36,057,247
78,593
Enstar Group Ltd
7.000
1,787,991
23,571
PartnerRe Ltd
4.875
400,707
853,330
Reinsurance Group of America Inc
5.750
21,077,251
556,200
Reinsurance Group of America Inc
7.125
14,216,472
221,929
Selective Insurance Group Inc
4.600
3,848,249
TOTAL INSURANCE
224,076,672
TELECOMMUNICATION SERVICES - 0.1%
314,900
AT&T Inc
4.750
6,178,338
TOTAL TELECOMMUNICATION SERVICES
6,178,338
TOTAL PREFERRED STOCK
(Cost $533,798,344)
515,968,502
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
115255612
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.2%
115255612
$
18,191,000
(b)
CoBank ACB
6.250
N/A
18,198,458
33,000,000
(b)
CoBank ACB
6.450
N/A
33,395,076
6,807,000
(b)
CoBank ACB
7.250
N/A
6,993,451
17,887,000
(b)
CoBank ACB
7.125
N/A
18,327,997
6,770,000
(b),(f)
Farm Credit Bank of Texas
6.200
N/A
6,668,025
8,767,000
(b),(f)
Farm Credit Bank of Texas
7.750
N/A
9,127,744
21,999,000
(b)
Farm Credit Bank of Texas
7.000
N/A
22,544,861
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $113,759,203)
115,255,612
TOTAL LONG-TERM INVESTMENTS
(Cost $5,388,116,360)
5,349,669,821
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.7%
91,596,475
(i)
State Street Navigator Securities Lending Government Money
Market Portfolio
4.310 (j)
91,596,475
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $91,596,475)
91,596,475
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.0%
1,200,000
REPURCHASE AGREEMENTS - 0.0%
1,200,000
1,200,000
(k)
Fixed Income Clearing Corporation
4.260
09/02/25
1,200,000
TOTAL REPURCHASE AGREEMENTS
(Cost $1,200,000)
1,200,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,200,000)
1,200,000
TOTAL INVESTMENTS - 100.5%
(Cost $5,480,912,835)
5,442,466,296
OTHER ASSETS & LIABILITIES, NET - (0.5)%
(24,804,750)
NET ASSETS - 100%
$
5,417,661,546
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
Portfolio of Investments August 31, 2025
(continued)
Preferred Securities and Income
52
See Notes to Financial Statements
Investments in Derivatives
(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
52.4% of Total Investments.
(d)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the reporting period was $87,619,914.
(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 33.7% of Total Investments.
(f)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $1,331,150,865 or 24.5% of Total Investments.
(g)
Floating or variable rate security includes the reference rate and spread, unless 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)
Investments made with cash collateral received from securities on loan.
(j)
The rate shown is the one-day yield as of the end of the reporting period.
(k)
Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $1,200,568 on 9/2/25,
collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 4/15/28, valued at $1,224,023.
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury 10-Year Note
2,229
12/25
$
249,674,973
$
250,762,500
$
1,087,527
U.S. Treasury Long Bond
553
12/25
63,068,527
63,180,250
111,723
U.S. Treasury Ultra Bond
530
12/25
61,894,305
61,778,125
(116,180)
Total
$374,637,805
$375,720,875
$1,083,070
53
Portfolio of Investments August 31, 2025
Strategic Income
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 97.6%
ASSET-BACKED SECURITIES - 12.0%
-
$
1,000,535
(a)
Aaset 2021-2 Trust, Series 2021 2A
2.798
%
01/15/47
$
942,315
600,000
(a),(b)
ACRE Commercial Mortgage 2021-FL4 Ltd, Series 2021 FL4,
(TSFR1M + 3.214%)
7.574
12/18/37
570,244
2,000,000
(a)
Adams Outdoor Advertising LP, Series 2023 1
6.967
07/15/53
2,047,655
2,200,000
(a)
Affirm Asset Securitization Trust 2024-B, Series 2024 B
5.060
09/15/29
2,198,811
1,900,000
(a)
Affirm Asset Securitization Trust 2024-B, Series 2024 B
5.500
09/15/29
1,899,913
763,144
(a)
Alterna Funding III LLC, Series 2024 1A
6.260
05/16/39
769,877
791,099
(a)
Alterna Funding III LLC, Series 2024 1A
7.136
05/16/39
797,265
524,408
(b)
Ameriquest Mortgage Securities Inc Asset Back Ser 2004-R1,
Series 2004 R1, (TSFR1M + 0.714%)
2.788
02/25/34
516,847
3,000,000
(a)
Applebee's Funding LLC / IHOP Funding LLC
6.720
06/07/55
3,010,565
850,000
(a)
Avis Budget Rental Car Funding AESOP LLC, Series 2021 1A
2.130
08/20/27
830,891
2,400,000
(a)
Blue Stream Issuer LLC, Series 2024 1A
5.408
11/20/54
2,431,893
2,425,000
(a)
Bojangles Issuer LLC, Series 2024 1A
6.584
11/20/54
2,488,472
3,250,000
(a)
Brex Commercial Charge Card Master Trust, Series 2024 1
6.680
07/15/27
3,263,629
204,131
(a)
British Airways 2020-1 Class B Pass Through Trust, Series 2020
A
8.375
11/15/28
215,556
1,465,000
(a)
Cars Net Lease Mortgage Notes Series 2020-1, Series 2020 1A
3.100
12/15/50
1,388,306
1,250,000
(a)
Cars Net Lease Mortgage Notes Series 2020-1, Series 2020 1A
4.690
12/15/50
1,172,114
1,150,000
(a)
CARS-DB4 LP, Series 2020 1A
4.520
02/15/50
1,115,758
626,666
(a)
CARS-DB5 LP, Series 2021 1A
1.920
08/15/51
604,208
321,095
Carvana Auto Receivables Trust 2021-N4, Series 2021 N4
2.300
09/11/28
313,637
500,000
(a)
Carvana Auto Receivables Trust 2024-N3, Series 2024 N3
4.900
12/10/30
502,827
2,240,000
(a)
Centersquare Issuer LLC, Series 2024 1A
5.200
10/26/54
2,221,139
2,760,000
(a)
Centersquare Issuer LLC, Series 2024 1A
5.600
10/26/54
2,717,841
1,349,178
(a)
CF Hippolyta Issuer LLC, Series 2020 1
2.280
07/15/60
1,053,766
674,589
(a)
CF Hippolyta Issuer LLC, Series 2020 1
2.600
07/15/60
520,137
2,125,000
(a),(b)
CIFC Funding 2020-I Ltd, Series 2020 1A, (TSFR3M + 3.362%)
7.679
07/15/36
2,133,715
385,000
(a),(b)
CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 6.762%)
11.087
10/20/34
387,167
1,760,000
(a),(b)
CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 3.312%)
7.637
10/20/34
1,767,147
2,410,000
(a)
Cologix Data Centers US Issuer LLC, Series 2021 1A
3.300
12/26/51
2,340,055
1,500,000
(a)
Compass Datacenters Issuer III LLC, Series 2025 1A
5.656
02/25/50
1,526,664
1,000,000
(a)
Concord Music Royalties LLC, Series 2024 1A
5.644
10/20/74
1,006,797
2,500,000
(a)
Consolidated Communications LLC/Fidium Fiber Finance
Holdco LLC, Series 2025 1A
6.000
05/20/55
2,575,391
3,000,000
(a)
Crescendo Royalty Funding LP, Series 2021 1
3.567
12/20/51
2,934,947
1,482,776
(a)
CyrusOne Data Centers Issuer I LLC, Series 2023 1A
5.450
04/20/48
1,453,474
1,000,000
(a)
CyrusOne Data Centers Issuer I LLC, Series 2023 2A
5.560
11/20/48
1,011,082
621,340
(a)
DB Master Finance LLC, Series 2019 1A
4.021
05/20/49
618,027
1,155,000
(a)
DB Master Finance LLC, Series 2021 1A
2.045
11/20/51
1,119,231
1,155,000
(a)
DB Master Finance LLC, Series 2021 1A
2.493
11/20/51
1,080,421
73,600
(a)
Diamond Resorts Owner Trust 2021-1, Series 2021 1A
2.700
11/21/33
73,482
73,600
(a)
Diamond Resorts Owner Trust 2021-1, Series 2021 1A
3.830
11/21/33
73,487
1,440,000
(a)
Domino's Pizza Master Issuer LLC, Series 2019 1A
3.668
10/25/49
1,384,939
972,500
(a)
Domino's Pizza Master Issuer LLC, Series 2021 1A
2.662
04/25/51
918,891
1,300,000
(a),(b)
Elmwood CLO 20 Ltd, Series 2022 7A, (TSFR3M + 3.650%)
7.972
01/17/37
1,312,557
1,500,000
(a),(b)
Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 3.600%)
7.929
04/18/37
1,513,154
3,880,000
(a)
EWC Master Issuer LLC, Series 2022 1A
5.500
03/15/52
3,836,970
2,187,386
(a),(b)
FNA 8 LLC, Series 2025 1
5.623
03/15/45
2,204,590
1,000,000
(a)
Frontier Issuer LLC, Series 2023 1
11.500
08/20/53
1,046,410
2,000,000
(a)
Frontier Issuer LLC, Series 2023 1
6.600
08/20/53
2,032,099
1,000,000
(a)
Frontier Issuer LLC, Series 2023 1
8.300
08/20/53
1,025,238
2,000,000
(a),(b)
GRACIE POINT INTERNATIONAL FUNDING 2023-2, Series
2023 2A, (SOFR90A + 5.400%)
9.748
03/01/27
2,011,398
2,865,000
(a)
Hardee's Funding LLC, Series 2020 1A
3.981
12/20/50
2,752,047
1,500,000
(a)
Hertz Vehicle Financing III LLC, Series 2024 2A
6.210
01/27/31
1,540,766
1,000,000
(a)
Hertz Vehicle Financing III LLC, Series 2024 1A
6.120
01/25/29
1,020,074
6,150,000
(a)
HI-FI Music IP Issuer LP, Series 2022 1A
3.939
02/01/62
6,046,356
179,327
(a)
Hilton Grand Vacations Trust 2019-A, Series 2019 AA
2.840
07/25/33
177,412
707,625
(a)
Horizon Aircraft Finance II Ltd, Series 2019 1
3.721
07/15/39
688,137
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
54
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED SECURITIES
(continued)
557,209
(a)
Horizon Aircraft Finance III Ltd, Series 2019 2
3.425
%
11/15/39
$
530,897
2,862,600
(a)
Horizon Aircraft Finance IV Ltd, Series 2024 1
5.375
09/15/49
2,890,789
1,000,000
(a)
Hotwire Funding LLC, Series 2024 1A
6.672
06/20/54
1,022,798
1,100,000
(a)
Hotwire Funding LLC, Series 2021 1
2.658
11/20/51
1,065,969
324,076
(a)
Hpefs Equipment Trust 2022-2, Series 2022 2A
4.940
03/20/30
324,089
1,222,678
(a),(c)
Industrial DPR Funding Ltd, Series 2022 1A
5.380
04/15/34
1,098,735
1,545,999
(a)
Jonah Energy Abs I LLC, Series 2022 1
7.200
12/10/37
1,556,139
932,179
(a)
Lunar 2021-1 Structured Aircraft Portfolio Notes, Series 2021 1
5.682
10/15/46
897,553
1,805,484
(a)
LUNAR AIRCRAFT 2020-1 LTD, Series 2020 1A
3.376
02/15/45
1,764,788
3,994,267
(a)
Lyra Music Assets Delaware LP, Series 2024 2A
5.760
12/22/64
4,054,196
123,368
(a)
MAPS 2021-1 Trust, Series 2021 1A
2.521
06/15/46
116,975
2,500,000
(a)
Mission Lane Credit Card Master Trust, Series 2025 A
12.250
05/15/30
2,526,960
251,449
(a)
MVW 2019-2 LLC, Series 2019 2A
2.680
10/20/38
248,675
94,715
(a)
MVW 2021-1W LLC, Series 2021 1WA
1.940
01/22/41
90,829
1,000,000
(a)
Oak Street Investment Grade Net Lease Fund Series 2021-1,
Series 2021 1A
4.230
01/20/51
855,982
301,339
(a)
Oportun Issuance Trust 2021-C, Series 2021 C
3.610
10/08/31
296,941
170,938
(a)
Oportun Issuance Trust 2021-C, Series 2021 C
5.570
10/08/31
168,759
5,000,000
(a)
Oportun Issuance Trust 2025-B, Series 2025 B
6.450
05/09/33
5,045,366
2,500,000
(a),(b)
Palmer Square CLO 2022-1 Ltd, Series 2022 1A, (TSFR3M +
3.050%)
7.375
04/20/35
2,507,595
52,652
(a)
Sierra Timeshare 2021-1 Receivables Funding LLC, Series 2021
1A
1.790
11/20/37
52,057
1,833,500
(a)
Sonic Capital LLC, Series 2020 1A
3.845
01/20/50
1,801,546
1,000,000
(a)
Sotheby's Artfi Master Trust, Series 2024 1A
7.910
12/22/31
1,007,048
714,747
(a)
Start II LTD, Series 2019 1
5.095
03/15/44
710,655
1,488,750
(a)
Subway Funding LLC, Series 2024 1A
6.028
07/30/54
1,512,215
2,583,975
(a)
Taco Bell Funding LLC, Series 2021 1A
2.294
08/25/51
2,385,251
1,500,000
(a)
Uniti Fiber Abs Issuer Llc, Series 2025 1A
5.877
04/20/55
1,540,545
2,155,000
(a)
VB-S1 Issuer LLC - VBTEL, Series 2022 1A
3.156
02/15/52
2,081,789
3,000,000
(a)
VB-S1 Issuer LLC - VBTEL, Series 2022 1A
4.288
02/15/52
2,875,825
550,670
(a)
Vivint Solar Financing V LLC, Series 2018 1A
7.370
04/30/48
527,972
1,387,179
(a)
Wendy's Funding LLC, Series 2018 1A
3.884
03/15/48
1,360,016
834,645
(a)
Wendy's Funding LLC, Series 2021 1A
2.370
06/15/51
773,616
826,440
(a)
Willis Engine Structured Trust VI, Series 2021 A
3.104
05/15/46
774,504
976,757
(a)
Willis Engine Structured Trust VII, Series 2023 A
8.000
10/15/48
1,013,339
1,491,766
(a)
Willis Engine Structured Trust VIII, Series 2025 A
6.070
06/15/50
1,517,121
624,000
(a)
Zaxbys Funding LLC, Series 2021 1A
3.238
07/30/51
587,338
4,500,000
(a)
Zayo Issuer LLC, Series 2025 1A
5.648
03/20/55
4,600,265
1,500,000
(a)
Zayo Issuer LLC, Series 2025 1A
8.659
03/20/55
1,560,746
TOTAL ASSET-BACKED SECURITIES
(Cost $136,629,050)
136,951,674
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
348077641
CORPORATE BONDS - 30.5% (d)
348077641
AUTOMOBILES & COMPONENTS - 0.3%
1,500,000
(a)
Ford Otomotiv Sanayi AS
7.125
04/25/29
1,535,515
2,000,000
(e),(f)
General Motors Financial Co Inc
5.750
N/A
1,953,753
TOTAL AUTOMOBILES & COMPONENTS
3,489,268
BANKS - 7.1%
1,600,000
(e),(g)
Banco Bilbao Vizcaya Argentaria SA
9.375
N/A
1,768,501
1,500,000
(a),(h)
Banco Bradesco SA/Cayman Islands
6.500
01/22/30
1,582,350
800,000
(a),(e),(g)
Banco de Credito e Inversiones SA
8.750
N/A
864,520
500,000
(a),(e),(g)
Banco del Estado de Chile
7.950
N/A
533,756
1,050,000
(a),(e),(g)
Banco Mercantil del Norte SA/Grand Cayman
7.500
N/A
1,059,747
500,000
(a),(e),(g)
Banco Mercantil del Norte SA/Grand Cayman
8.375
N/A
520,000
1,500,000
(a),(e),(g)
Banco Mercantil del Norte SA/Grand Cayman
8.750
N/A
1,578,941
1,775,000
(a)
Banco Santander Mexico SA Institucion de Banca Multiple
Grupo Financiero Santand
5.621
12/10/29
1,825,942
2,200,000
(e),(g)
Banco Santander SA
9.625
N/A
2,593,303
500,000
(a),(f)
Bangkok Bank PCL/Hong Kong
3.466
09/23/36
454,051
55
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
1,000,000
(a),(g)
Bank Hapoalim BM, Reg S
3.255
%
01/21/32
$
972,500
1,500,000
(e),(f)
Bank of America Corp
6.125
N/A
1,513,943
1,000,000
(f)
Bank of America Corp
5.744
02/12/36
1,024,537
4,800,000
(e),(f)
Bank of America Corp
6.625
N/A
4,941,638
1,685,000
Bank of America Corp
5.162
01/24/31
1,739,060
5,000,000
(f)
Bank of Montreal
7.300
11/26/84
5,243,980
1,340,000
(e),(g)
Barclays PLC
8.000
N/A
1,409,814
1,100,000
(a),(g)
BBVA Bancomer SA Institucion de Banca Multiple Grupo
Financiero BBVA Mexico
7.625
02/11/35
1,149,500
1,000,000
(a),(g)
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero BBVA Mexico/TX
8.450
06/29/38
1,087,475
2,040,000
(a),(e),(g)
BNP Paribas SA
7.450
N/A
2,081,946
3,000,000
(f)
Canadian Imperial Bank of Commerce
6.950
01/28/85
3,017,394
1,945,000
Citibank NA
4.576
05/29/27
1,960,633
2,235,000
Citigroup Inc
5.610
09/29/26
2,236,595
1,685,000
(e),(f)
Citigroup Inc
7.625
N/A
1,762,426
2,000,000
(e),(f)
CoBank ACB
6.250
N/A
2,000,820
1,675,000
(a)
Development Bank of Kazakhstan JSC
2.950
05/06/31
1,477,251
375,000
(a)
Grupo Aval Ltd
4.375
02/04/30
348,450
1,560,000
(e),(f),(h)
Huntington Bancshares Inc/OH
5.625
N/A
1,589,980
2,000,000
(a),(h)
Itau Unibanco Holding SA/Cayman Island
6.000
02/27/30
2,069,980
900,000
(f)
JPMorgan Chase & Co
5.576
07/23/36
918,006
2,000,000
(e),(f)
JPMorgan Chase & Co
3.650
N/A
1,971,564
2,000,000
(e),(f)
JPMorgan Chase & Co
6.875
N/A
2,101,552
2,000,000
(e),(g),(h)
Lloyds Banking Group PLC
6.750
N/A
2,001,646
1,700,000
(a),(g)
Mizrahi Tefahot Bank Ltd, Reg S
3.077
04/07/31
1,672,545
2,975,000
Morgan Stanley Private Bank NA
4.734
07/18/31
3,016,792
3,000,000
(e),(g)
NatWest Group PLC
8.125
N/A
3,321,705
2,000,000
(e),(f)
PNC Financial Services Group Inc/The
3.400
N/A
1,934,232
3,000,000
(f)
Royal Bank of Canada
6.750
08/24/85
3,048,099
2,000,000
(e),(f)
Truist Financial Corp
6.669
N/A
1,999,798
1,415,000
(e),(f)
Truist Financial Corp
5.100
N/A
1,402,725
2,900,000
(e),(f)
Wells Fargo & Co
3.900
N/A
2,872,109
1,130,000
Wells Fargo & Co
5.605
04/23/36
1,173,206
1,440,000
(e),(f)
Wells Fargo & Co
7.625
N/A
1,537,946
1,500,000
(a),(e),(g),(i)
Yapi ve Kredi Bankasi AS
8.250
N/A
1,505,625
TOTAL BANKS
80,886,583
CAPITAL GOODS - 1.4%
1,500,000
(a)
Albion Financing 1 SARL / Aggreko Holdings Inc
7.000
05/21/30
1,547,855
3,890,000
Boeing Co/The
5.805
05/01/50
3,740,767
1,000,000
(a)
Goat Holdco LLC
6.750
02/01/32
1,017,350
1,500,000
(a),(h)
IHS Holding Ltd
7.875
05/29/30
1,530,644
1,500,000
(a),(h)
IHS Holding Ltd
8.250
11/29/31
1,547,782
2,500,000
(a)
IRB Infrastructure Developers Ltd
7.110
03/11/32
2,561,676
1,515,000
Regal Rexnord Corp
6.050
04/15/28
1,568,471
1,275,000
(a),(h)
Sisecam UK PLC
8.625
05/02/32
1,338,750
1,200,000
(a)
Sociedad Quimica y Minera de Chile SA
6.500
11/07/33
1,281,564
TOTAL CAPITAL GOODS
16,134,859
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
1,500,000
(a)
RR Donnelley & Sons Co
9.500
08/01/29
1,521,864
1,380,000
Verisk Analytics Inc
5.250
03/15/35
1,391,722
1,270,000
Waste Management Inc
4.950
03/15/35
1,276,351
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
4,189,937
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.3%
1,500,000
(a)
Kohl's Corp
10.000
06/01/30
1,610,950
1,625,000
(a)
Michaels Cos Inc/The
5.250
05/01/28
1,282,482
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
2,893,432
CONSUMER DURABLES & APPAREL - 0.1%
1,500,000
(a)
S&S Holdings LLC
8.375
10/01/31
1,408,805
TOTAL CONSUMER DURABLES & APPAREL
1,408,805
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
56
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES - 0.7%
2,000,000
(a)
Arcos Dorados BV
6.375
%
01/29/32
$
2,088,480
4,085,000
Piedmont Operating Partnership LP
9.250
07/20/28
4,540,383
800,000
Sands China Ltd
3.250
08/08/31
725,311
TOTAL CONSUMER SERVICES
7,354,174
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%
1,210,000
Kroger Co/The
5.000
09/15/34
1,205,986
975,000
Kroger Co/The
5.500
09/15/54
912,938
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
2,118,924
ENERGY - 2.8%
1,000,000
(a)
Buckeye Partners LP
6.875
07/01/29
1,036,348
1,000,000
(a)
CNX Resources Corp
7.250
03/01/32
1,037,646
1,300,000
(a)
Cosan Luxembourg SA
5.500
09/20/29
1,257,779
1,100,000
(a)
Eagle Funding Luxco Sarl
5.500
08/17/30
1,115,510
100,000
Ecopetrol SA
5.875
05/28/45
73,773
575,000
Ecopetrol SA
6.875
04/29/30
585,336
450,000
Ecopetrol SA
4.625
11/02/31
394,897
1,000,000
(h)
Ecopetrol SA
5.875
11/02/51
707,171
1,985,285
(a)
EIG Pearl Holdings Sarl
3.545
08/31/36
1,803,346
900,000
(a)
Empresa Nacional del Petroleo
3.450
09/16/31
814,725
826,000
(a)
Energean Israel Finance Ltd, Reg S
5.375
03/30/28
801,220
2,470,000
(e),(f)
Energy Transfer LP
7.125
N/A
2,534,670
1,700,000
(a)
Galaxy Pipeline Assets Bidco Ltd
2.625
03/31/36
1,482,642
1,400,000
(a)
Global Partners LP / GLP Finance Corp
8.250
01/15/32
1,471,750
2,000,000
(a)
Indika Energy Tbk PT
8.750
05/07/29
1,967,949
500,000
(a)
Medco Laurel Tree Pte Ltd
6.950
11/12/28
503,871
500,000
(a)
Medco Maple Tree Pte Ltd
8.960
04/27/29
522,469
1,060,000
ONEOK Inc
5.050
11/01/34
1,033,500
200,000
(a)
Petroleos del Peru SA
4.750
06/19/32
162,134
1,490,000
Petroleos Mexicanos
6.700
02/16/32
1,432,539
100,000
Petroleos Mexicanos
6.750
09/21/47
78,375
559,000
Petroleos Mexicanos
7.690
01/23/50
477,808
560,000
(a)
Petronas Capital Ltd
4.950
01/03/31
579,457
2,400,000
(a)
Petronas Capital Ltd
5.340
04/03/35
2,478,487
1,500,000
(a)
Raizen Fuels Finance SA
5.700
01/17/35
1,375,350
1,993,000
(f)
South Bow Corp
7.500
03/01/55
2,083,068
1,000,000
(a)
Thaioil Treasury Center Co Ltd
2.500
06/18/30
900,977
1,780,000
(f)
Transcanada Trust
5.500
09/15/79
1,753,481
2,000,000
(a),(e),(f)
Venture Global LNG Inc
9.000
N/A
1,986,084
TOTAL ENERGY
32,452,362
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.8%
1,625,000
GLP Capital LP / GLP Financing II Inc
5.750
06/01/28
1,668,041
1,655,000
GLP Capital LP / GLP Financing II Inc
4.000
01/15/30
1,601,065
986,000
Healthcare Realty Holdings LP
3.750
07/01/27
977,251
2,990,000
Healthcare Realty Holdings LP
2.400
03/15/30
2,704,478
1,000,000
(a)
MPT Operating Partnership LP / MPT Finance Corp
8.500
02/15/32
1,048,429
1,490,000
Ventas Realty LP
5.000
01/15/35
1,473,095
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
9,472,359
FINANCIAL SERVICES - 3.7%
1,354,000
(f)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.950
03/10/55
1,417,622
1,500,000
(a)
Azorra Finance Ltd
7.750
04/15/30
1,574,672
1,075,000
(a)
Block Inc
6.000
08/15/33
1,103,650
EUR
3,000,000
(e),(g)
Deutsche Bank AG, Reg S
7.125
N/A
3,629,139
1,955,000
(e),(f)
Goldman Sachs Group Inc/The
7.500
N/A
2,073,025
3,000,000
(e),(f)
Goldman Sachs Group Inc/The
6.850
N/A
3,089,619
14,286
(a),(b)
Hestia Re Ltd (1-Month U.S. Treasury Bill + 0.100%)
4.262
04/22/29
7,143
1,655,000
JPMorgan Chase & Co
5.572
04/22/36
1,720,594
6,625,000
JPMorgan Chase & Co
5.103
04/22/31
6,834,958
6,095,000
Morgan Stanley
5.192
04/17/31
6,282,573
3,055,000
Morgan Stanley
5.664
04/17/36
3,179,877
2,000,000
(a)
Muthoot Finance Ltd
6.375
04/23/29
2,012,461
1,429,000
(e),(g)
Nomura Holdings Inc
7.000
N/A
1,464,719
57
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
1,970,000
(e),(f)
State Street Corp
6.700
%
N/A
$
2,038,897
2,060,000
(a),(e),(g)
UBS Group AG
9.250
N/A
2,419,241
830,000
(a),(e),(g)
UBS Group AG
7.000
N/A
836,660
1,000,000
(e),(f)
Voya Financial Inc
7.758
N/A
1,054,692
1,585,000
(a)
Wynnton Funding Trust II
5.991
08/15/55
1,575,400
TOTAL FINANCIAL SERVICES
42,314,942
FOOD, BEVERAGE & TOBACCO - 1.5%
1,275,000
(a)
Arcor SAIC
7.600
07/31/33
1,277,550
1,200,000
(a)
Cia Cervecerias Unidas SA
3.350
01/19/32
1,075,319
2,000,000
(a)
Grupo Nutresa SA
8.000
05/12/30
2,127,000
2,730,000
(a),(e),(f)
Land O' Lakes Inc
8.000
N/A
2,613,975
2,370,000
(a)
Mars Inc
4.600
03/01/28
2,399,520
3,090,000
(a)
Mars Inc
4.800
03/01/30
3,149,046
1,815,000
(a)
Mars Inc
5.200
03/01/35
1,831,826
2,125,000
(a)
Mars Inc
5.700
05/01/55
2,072,193
TOTAL FOOD, BEVERAGE & TOBACCO
16,546,429
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
2,000,000
(a)
CHS/Community Health Systems Inc
10.875
01/15/32
2,116,462
1,010,000
CVS Health Corp
5.050
03/25/48
865,869
515,000
CVS Health Corp
5.450
09/15/35
516,156
1,375,000
UnitedHealth Group Inc
5.050
04/15/53
1,206,813
1,500,000
UnitedHealth Group Inc
5.500
07/15/44
1,457,226
TOTAL HEALTH CARE EQUIPMENT & SERVICES
6,162,526
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
1,540,000
Haleon US Capital LLC
3.625
03/24/32
1,452,084
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
1,452,084
INSURANCE - 2.0%
1,600,000
(a),(f)
Allianz SE
6.350
09/06/53
1,697,842
2,000,000
(a)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7.875
11/01/29
2,075,564
2,835,000
(f)
AXIS Specialty Finance LLC
4.900
01/15/40
2,746,302
1,485,000
(f)
Enstar Finance LLC
5.500
01/15/42
1,468,133
2,424,000
(a),(f)
Enstar Group Ltd
7.500
04/01/45
2,526,215
1,000,000
(a),(f)
Hanwha Life Insurance Co Ltd
3.379
02/04/32
981,440
1,810,000
(a)
Omnis Funding Trust
6.722
05/15/55
1,869,230
1,070,000
(a)
Pine Street Trust III
6.223
05/15/54
1,062,743
1,500,000
(f)
Prudential Financial Inc
6.000
09/01/52
1,547,715
1,900,000
(f)
Prudential Financial Inc
6.500
03/15/54
1,997,014
1,355,000
Reinsurance Group of America Inc
5.750
09/15/34
1,396,980
1,000,000
(a),(b)
Vitality Re XIV Ltd (3-Month U.S. Treasury Bill + 3.500%)
7.812
01/05/27
1,025,700
1,000,000
(a),(b)
Vitality Re XV Ltd (3-Month U.S. Treasury Bill + 2.500%)
0.000
01/07/28
1,014,700
1,500,000
(a),(b)
Vitality Re XVI Ltd (3-Month U.S. Treasury Bill + 1.750%)
6.049
01/08/29
1,500,300
TOTAL INSURANCE
22,909,878
MATERIALS - 2.0%
1,700,000
(a)
Alpek SAB de CV
4.250
09/18/29
1,601,489
1,990,000
Amcor Finance USA Inc
3.625
04/28/26
1,979,463
1,000,000
AngloGold Ashanti Holdings PLC
3.750
10/01/30
946,258
1,005,000
Berry Global Inc
1.570
01/15/26
993,153
1,275,000
(a),(e),(f)
Cemex SAB de CV
7.200
N/A
1,315,099
1,025,000
(a)
Corp Nacional del Cobre de Chile
6.440
01/26/36
1,085,611
1,750,000
(a)
Corp Nacional del Cobre de Chile
6.330
01/13/35
1,828,435
1,120,000
(a)
Freeport Indonesia PT
5.315
04/14/32
1,143,047
530,000
International Flavors & Fragrances Inc
5.000
09/26/48
455,757
1,525,000
(a)
LD Celulose International GmbH
7.950
01/26/32
1,602,602
1,025,000
(a)
OCP SA
3.750
06/23/31
938,336
500,000
(a)
OCP SA
6.700
03/01/36
516,753
1,500,000
(a)
Olin Corp
6.625
04/01/33
1,498,055
1,990,000
(a)
Olympus Water US Holding Corp
6.750
08/01/32
1,970,565
2,000,000
(a)
Sasol Financing USA LLC
8.750
05/03/29
2,017,430
1,500,000
Suzano Austria GmbH
3.125
01/15/32
1,327,772
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
58
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
2,000,000
(a)
Windfall Mining Group Inc / Groupe Minier Windfall Inc
5.854
%
05/13/32
$
2,056,103
TOTAL MATERIALS
23,275,928
MEDIA & ENTERTAINMENT - 0.7%
800,000
Charter Communications Operating LLC / Charter
Communications Operating Capital
6.550
06/01/34
848,632
660,000
Comcast Corp
5.650
06/01/54
633,735
2,475,000
(a)
CSC Holdings LLC
11.250
05/15/28
2,473,555
$
1,200,000
(a)
Gray Media Inc
7.250
08/15/33
1,182,197
2,185,000
(f)
Paramount Global
6.375
03/30/62
2,188,645
TOTAL MEDIA & ENTERTAINMENT
7,326,764
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
1,325,000
Amgen Inc
5.650
03/02/53
1,281,474
985,000
(a)
Merck KGaA
4.125
08/15/28
985,124
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
2,266,598
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
1,065,000
Broadcom Inc
5.200
07/15/35
1,074,691
285,000
Intel Corp
5.700
02/10/53
262,083
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
1,336,774
SOFTWARE & SERVICES - 0.2%
1,000,000
(a)
Amentum Escrow Corp
7.250
08/01/32
1,042,953
1,465,000
Oracle Corp
6.000
08/03/55
1,431,127
TOTAL SOFTWARE & SERVICES
2,474,080
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
1,500,000
(a)
Viasat Inc
6.500
07/15/28
1,458,396
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,458,396
TELECOMMUNICATION SERVICES - 1.3%
2,360,000
AT&T Inc
3.800
12/01/57
1,624,009
1,555,000
AT&T Inc
5.400
02/15/34
1,603,043
775,000
(a)
CT Trust
5.125
02/03/32
734,824
1,400,000
(a)
Level 3 Financing Inc
6.875
06/30/33
1,412,565
1,000,000
(a)
Liberty Costa Rica Senior Secured Finance
10.875
01/15/31
1,061,860
1,000,000
(a),(e),(f)
Network i2i Ltd
3.975
N/A
991,500
2,544,000
(f)
Rogers Communications Inc
7.125
04/15/55
2,640,867
1,375,000
(a)
Sitios Latinoamerica SAB de CV
5.375
04/04/32
1,353,113
300,000
(a)
Sitios Latinoamerica SAB de CV
6.000
11/25/29
309,173
1,000,000
(a)
Veon Midco BV
3.375
11/25/27
934,319
2,000,000
(a)
Zayo Group Holdings Inc
4.000
03/01/27
1,934,707
TOTAL TELECOMMUNICATION SERVICES
14,599,980
TRANSPORTATION - 0.7%
500,000
(a)
Adani Ports & Special Economic Zone Ltd
3.100
02/02/31
435,114
1,132,826
American Airlines 2021-1 Class A Pass Through Trust2021 2021
2.875
07/11/34
1,018,799
1,500,000
(a)
Grupo Aeromexico SAB de CV
8.250
11/15/29
1,483,031
975,000
(a)
Kingston Airport Revenue Finance Ltd
6.750
12/15/36
1,005,722
2,575,000
(a),(h)
Montego Bay Airport Revenue Finance Ltd
6.600
06/15/35
2,626,500
1,500,000
(a)
Transnet SOC Ltd
8.250
02/06/28
1,574,980
TOTAL TRANSPORTATION
8,144,146
UTILITIES - 3.3%
2,900,000
(f)
AES Corp/The
6.950
07/15/55
2,805,705
1,185,655
(a)
Alfa Desarrollo SpA2021 1
4.550
09/27/51
933,793
340,000
American Water Capital Corp
5.700
09/01/55
334,584
960,000
Atmos Energy Corp
5.200
08/15/35
972,815
2,000,000
(a)
Comision Federal de Electricidad
3.348
02/09/31
1,785,319
775,000
(a)
Comision Federal de Electricidad
5.700
01/24/30
780,138
1,446,750
(a)
Continuum Green Energy India Pvt / Co-Issuers
7.500
06/26/33
1,503,727
2,000,000
(f)
Dominion Energy Inc
7.000
06/01/54
2,140,480
725,000
DTE Energy Co
5.850
05/15/55
741,181
1,950,000
Duke Energy Progress LLC
5.350
03/15/53
1,837,106
500,000
Duke Energy Progress LLC
5.050
03/15/35
504,642
1,685,000
(e),(f)
Edison International
5.375
N/A
1,637,272
1,500,000
(e),(f)
Edison International
5.000
N/A
1,341,073
59
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
UTILITIES
(continued)
$
800,000
(a)
Empresas Publicas de Medellin ESP
4.375
%
02/15/31
$
728,392
950,000
(a)
Eskom Holdings SOC Ltd
6.350
08/10/28
969,117
2,225,000
(f)
EUSHI Finance Inc
7.625
12/15/54
2,324,678
870,000
Florida Power & Light Co
5.700
03/15/55
870,929
1,050,000
Interstate Power and Light Co
5.600
06/29/35
1,085,670
2,000,000
(a)
LONG RIDGE ENERGY LLC
8.750
02/15/32
2,071,564
2,500,000
(f)
PG&E Corp
7.375
03/15/55
2,480,961
1,500,000
(a)
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9
Subsidiaries
4.500
07/14/28
1,438,970
1,500,000
(a)
Saavi Energia Sarl
8.875
02/10/35
1,590,000
2,035,000
(e),(f)
Sempra
4.875
N/A
2,033,965
687,075
(a)
Sweihan PV Power Co PJSC2022 1
3.625
01/31/49
570,255
551,554
(a)
UEP Penonome II SA2020 1
6.500
10/01/38
494,882
1,700,000
(a),(e),(f)
Vistra Corp
8.875
N/A
1,849,238
1,500,000
(a),(h)
XPLR Infrastructure Operating Partners LP
8.625
03/15/33
1,581,957
TOTAL UTILITIES
37,408,413
TOTAL CORPORATE BONDS
(Cost $344,611,771)
348,077,641
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 33.1%
-
2,000,000
(a),(b)
Alen 2021-ACEN Mortgage Trust, Series 2021 ACEN, (TSFR1M
+ 4.114%)
8.478
04/15/34
1,567,750
2,500,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 1.750%)
6.113
06/15/35
2,501,448
2,500,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 3.000%)
7.363
06/15/35
2,503,883
1,000,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 4.500%)
8.863
06/15/35
1,001,666
257,024
(a),(b)
Arroyo Mortgage Trust 2019-3, Series 2019 3
3.416
10/25/48
246,500
3,500,000
(a),(b)
BAMLL Trust 2025-ASHF, Series 2025 ASHF, (TSFR1M +
2.350%)
6.714
02/15/42
3,524,028
1,200,000
(b)
BANK, Series 2017 BNK5
4.190
06/15/60
1,145,315
700,000
(b)
BANK 2017-BNK8, Series 2017 BNK8
4.227
11/15/50
582,778
2,700,000
(b)
BANK 2019-BNK18, Series 2019 BN18
4.214
05/15/62
2,291,532
2,000,000
(a)
BANK 2019-BNK21, Series 2019 BN21
2.500
10/17/52
1,485,196
2,000,000
(b)
BANK5 2024-5YR5
6.539
02/15/29
2,083,012
2,000,000
(b)
BBCMS Mortgage Trust 2022-C16, Series 2022 C16
4.600
06/15/55
1,930,040
3,925,000
(a),(b)
BBCMS Trust 2015-SRCH, Series 2015 SRCH
5.122
08/10/35
3,697,135
3,000,000
(a),(b)
BBCMS Trust 2018-CBM, Series 2018 CBM, (TSFR1M + 1.488%)
6.817
07/15/37
2,862,545
3,400,000
(b)
Benchmark 2018-B1 Mortgage Trust, Series 2018 B1
4.343
01/15/51
2,789,587
3,400,000
(b)
Benchmark 2018-B2 Mortgage Trust, Series 2018 B2
4.435
02/15/51
2,582,789
2,500,000
(b)
Benchmark 2018-B3 Mortgage Trust, Series 2018 B3
4.553
04/10/51
2,193,912
3,000,000
(b)
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
3.888
12/15/62
2,099,444
1,000,000
(a)
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
2.500
12/15/62
360,373
1,500,000
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
3.493
12/15/62
1,249,088
2,500,000
(b)
Benchmark 2019-B15 Mortgage Trust, Series 2019 B15
3.830
12/15/72
1,990,251
1,750,000
Benchmark 2019-B9 Mortgage Trust, Series 2019 B9
4.267
03/15/52
1,683,997
3,600,000
(b)
Benchmark 2019-B9 Mortgage Trust, Series 2019 B9
4.971
03/15/52
3,184,799
1,000,000
(a),(b)
Benchmark 2020-IG2 Mortgage Trust, Series 2020 IG2
2.791
09/15/48
837,002
1,000,000
(a),(b)
Benchmark 2020-IG3 Mortgage Trust, Series 2020 IG3
3.654
09/15/48
959,116
2,000,000
Benchmark Mortgage Trust Series - 2019 B12 (Class C)
3.873
08/15/52
1,621,199
1,500,000
(b)
BMO 2024-C9 Mortgage Trust, Series 2024 C9
6.340
07/15/57
1,586,938
2,000,000
(a),(b)
BPR 2023-STON Mortgage Trust, Series 2023 STON
7.871
12/05/39
2,081,182
3,000,000
(a),(b)
BSST 2022-1700 Mortgage Trust, Series 2022 1700, (TSFR1M
+ 1.300%)
5.664
02/15/37
2,688,028
1,753,476
(a),(b)
BX Commercial Mortgage Trust 2021-SOAR, Series 2021
SOAR, (LIBOR 1 M + 1.914%)
1.910
06/15/38
1,753,585
2,500,000
(a),(b)
BX Commercial Mortgage Trust 2024-BRBK, Series 2024 BRBK,
(TSFR1M + 4.874%)
9.234
10/15/41
2,516,182
1,500,000
(a),(b)
BX Trust 2023-DELC, Series 2023 DELC, (TSFR1M + 3.339%)
7.702
05/15/38
1,514,129
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
60
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
3,500,000
(b)
Cantor Commercial Real Estate Lending 2019-CF1, Series 2019
CF1
4.352
%
05/15/52
$
3,007,687
705,000
(b)
CD 2016-CD1 Mortgage Trust, Series 2016 CD1
3.631
08/10/49
480,988
2,000,000
(b)
CD Mortgage Trust, Series 2017 CD3
3.984
02/10/50
1,368,258
47,867
(a),(b)
CF 2020-P1 Mortgage Trust, Series 2020 P1
2.840
04/15/52
47,573
750,000
(a),(b)
CF 2020-P1 Mortgage Trust, Series 2020 P1
3.603
04/15/52
692,491
567,647
(a),(b)
Citigroup Commercial Mortgage Trust 2014-GC23, Series 2014
GC23
4.741
07/10/47
542,777
1,527,979
(b)
Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015
GC29
3.758
04/10/48
1,472,401
1,690,000
(b)
Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015
GC29
4.111
04/10/48
1,539,551
1,900,000
Citigroup Commercial Mortgage Trust 2016-GC37, Series 2016
GC37
4.233
04/10/49
1,872,621
3,500,000
(b)
Citigroup Commercial Mortgage Trust 2016-P3, Series 2016 P3
4.271
04/15/49
3,300,027
2,500,000
(b)
Citigroup Commercial Mortgage Trust 2017-C4, Series 2017
C4
4.283
10/12/50
2,390,516
2,260,000
(b)
Citigroup Commercial Mortgage Trust 2017-P8, Series 2017 P8
4.254
09/15/50
1,766,861
1,574,000
Citigroup Commercial Mortgage Trust 2019-GC41, Series 2019
GC41
3.502
08/10/56
1,349,086
850,000
(a),(b)
Citigroup Commercial Mortgage Trust 2021-PRM2, Series 2021
PRM2, (TSFR1M + 2.014%)
6.378
10/15/38
845,266
1,511,544
COMM 2014-CCRE17 Mortgage Trust, Series 2014 CR17
4.377
05/10/47
1,467,573
830,745
(b)
COMM 2014-CR14 Mortgage Trust, Series 2014 CR14
3.792
02/10/47
804,481
2,000,000
(a),(b)
COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3
4.767
06/10/47
870,040
2,000,000
(b)
COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3
4.751
06/10/47
1,410,040
2,000,000
(a)
COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22
3.000
03/10/48
1,198,808
1,840,000
(b)
COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22
3.885
03/10/48
1,666,804
684,109
(b)
COMM 2015-CCRE23 Mortgage Trust, Series 2015 CR23
4.367
05/10/48
665,349
122,774
(b)
COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24
4.413
08/10/48
122,305
1,500,000
(b)
COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24
3.463
08/10/48
1,377,712
500,000
(b)
COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24
4.413
08/10/48
481,760
550,000
(b)
COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25
3.768
08/10/48
519,211
3,000,000
(b)
COMM 2015-CCRE26 Mortgage Trust, Series 2015 CR26
4.670
10/10/48
2,835,286
2,043,000
(b)
COMM 2015-LC23 Mortgage Trust, Series 2015 LC23
4.701
10/10/48
1,969,620
3,500,000
(b)
COMM 2018-COR3 Mortgage Trust, Series 2018 COR3
4.668
05/10/51
2,968,896
2,500,000
(b)
COMM 2019-GC44 Mortgage Trust, Series 2019 GC44
3.625
08/15/57
2,101,792
4,830,000
(a),(b)
Connecticut Avenue Securities Trust 2021-R03, Series 2021
R03, (SOFR30A + 5.500%)
9.848
12/25/41
5,037,082
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R01, Series 2022
R01, (SOFR30A + 6.000%)
10.348
12/25/41
5,242,989
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R02, Series 2022
R02, (SOFR30A + 7.650%)
12.972
01/25/42
6,418,004
4,500,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R03, Series 2022
R03, (SOFR30A + 9.850%)
14.823
03/25/42
5,011,203
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R04, Series 2022
R04, (SOFR30A + 9.500%)
14.837
03/25/42
5,530,056
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R05, Series 2022
R05, (SOFR30A + 7.000%)
11.348
04/25/42
5,393,711
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R06, Series 2022
R06, (SOFR30A + 10.600%)
15.334
05/25/42
6,828,518
4,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R07, Series 2022
R07, (SOFR30A + 12.000%)
16.350
06/25/42
4,643,982
3,500,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R02, Series 2023
R02, (SOFR30A + 5.550%)
9.898
01/25/43
3,814,068
3,350,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R02, Series 2023
R02, (SOFR30A + 7.900%)
12.248
01/25/43
3,764,654
3,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R04, Series 2023
R04, (SOFR30A + 5.350%)
9.700
05/25/43
3,282,219
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R04, Series 2023
R04, (SOFR30A + 8.250%)
12.600
05/25/43
5,622,634
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R05, Series 2023
R05, (SOFR30A + 4.750%)
9.100
06/25/43
5,396,246
61
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
1,415,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R05, Series 2023
R05, (SOFR30A + 6.850%)
11.200
%
06/25/43
$
1,580,041
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 3.900%)
9.188
07/25/43
5,288,925
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 5.900%)
10.248
07/25/43
6,495,485
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R08, Series 2023
R08, (SOFR30A + 3.550%)
7.898
10/25/43
6,300,955
3,972,870
(a),(b)
CSMC 2021-INV2 Trust, Series 2021 INV2
3.280
11/25/56
3,317,725
1,000,000
(a),(b)
CSMC 2021-NQM1, Series 2021 NQM1
2.130
05/25/65
802,850
1,871,000
(b)
CSMC Trust 2016-NXSR, Series 2016 NXSR
4.251
12/15/49
1,774,773
3,500,000
(b)
CSMC Trust 2016-NXSR, Series 2016 NXSR
4.422
12/15/49
3,196,338
1,300,000
(a),(b)
DBSG 2024-ALTA Mortgage Trust, Series 2024 ALTA
7.296
06/10/37
1,311,906
30,450,000
(a),(b)
DOLP Trust 2021-NYC, Series 2021 NYC
0.665
05/10/41
888,019
6,368,442
Fannie Mae Pool, FN MA5165
5.500
10/01/53
6,426,099
12,326,396
Fannie Mae Pool, FN MA5107
5.500
08/01/53
12,425,653
12,789,850
Fannie Mae Pool, FN MA5039
5.500
06/01/53
12,896,786
9,963
(b)
Fannie Mae Pool, FN 946228, (LIBOR 12 M + 1.587%)
7.337
09/01/37
10,172
641
(b)
Fannie Mae Pool, FN 905597, (LIBOR 12 M + 1.875%)
6.750
12/01/36
660
7,633,911
Fannie Mae Pool, FN MA4919
5.500
02/01/53
7,711,093
137,310
(b)
Fannie Mae REMICS, Series 2013 98, (SOFR30A + 5.836%),
(I/O)
1.487
09/25/43
14,655
76,640
(a),(b)
Flagstar Mortgage Trust 2017-2, Series 2017 2
3.977
10/25/47
70,223
1,798,699
(a),(b)
Flagstar Mortgage Trust 2021-11INV, Series 2021 11IN
3.449
11/25/51
1,461,685
11,173,637
(b)
Freddie Mac Multifamily ML Certificates, Series 2021 ML12,
(I/O)
1.305
07/25/41
988,308
1,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2020-DNA6, Series 2020
DNA6, (SOFR30A + 3.000%)
7.348
12/25/50
1,068,956
5,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2021-DNA6, Series 2021
DNA6, (SOFR30A + 7.500%)
11.848
10/25/41
5,295,380
6,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022
DNA1, (SOFR30A + 7.100%)
11.448
01/25/42
6,380,975
6,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022
DNA2, (SOFR30A + 8.500%)
13.788
02/25/42
6,528,065
6,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022
DNA3, (SOFR30A + 9.750%)
15.087
04/25/42
6,658,136
2,605,667
(b)
Government National Mortgage Association, Series 2023 111,
(SOFR30A + 23.205%)
6.259
08/20/53
2,893,529
1,614,076
(b)
Government National Mortgage Association, Series 2023 96,
(SOFR30A + 26.100%)
7.199
07/20/53
1,765,255
1,081,000
(a),(b)
GS Mortgage Securities Corp Trust 2018-TWR, Series 2018
TWR, (LIBOR 1 M + 1.497%)
3.449
07/15/31
341,401
1,500,000
(a),(b)
GS Mortgage Securities Corp Trust 2018-TWR, Series 2018
TWR, (TSFR1M + 1.897%)
6.261
07/15/31
212,342
1,000,000
(b)
GS Mortgage Securities Trust 2016-GS3, Series 2016 GS3
4.100
10/10/49
947,566
2,260,000
(b)
GS Mortgage Securities Trust 2016-GS4, Series 2016 GS4
4.035
11/10/49
2,045,957
1,500,000
(b)
GS Mortgage Securities Trust 2018-GS10, Series 2018 GS10
4.547
07/10/51
1,314,569
6,000,000
(b)
GS Mortgage Securities Trust 2018-GS9, Series 2018 GS9
4.489
03/10/51
5,259,403
1,425,000
(b)
GS Mortgage Securities Trust 2019-GC38, Series 2019 GC38
4.158
02/10/52
1,381,142
1,000,000
GS Mortgage Securities Trust 2020-GSA2, Series 2020 GSA2
2.012
12/12/53
881,182
4,450
(a),(b)
GS Mortgage-Backed Securities Corp Trust 2019-PJ2, Series
2019 PJ2
4.000
11/25/49
4,215
92,504
(a),(b)
GS Mortgage-Backed Securities Corp Trust 2019-PJ2, Series
2019 PJ2
4.000
11/25/49
87,623
6,307,599
(a),(b)
GS Mortgage-Backed Securities Trust 2022-PJ1, Series 2022
PJ1
2.829
05/28/52
5,198,524
3,000,000
(a),(b)
Houston Galleria Mall Trust 2025-HGLR, Series 2025 HGLR
5.644
02/05/45
3,093,192
2,000,000
(a),(b)
HTL Commercial Mortgage Trust 2024-T53, Series 2024 T53
7.324
05/10/39
2,040,722
1,500,000
(a),(b)
ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2
6.023
07/13/42
1,531,821
334,556
(b)
Impac Secured Assets CMN Owner Trust, Series 2000 3
8.000
10/25/30
312,714
203,330
(a),(b)
Imperial Fund Mortgage Trust 2020-NQM1, Series 2020 NQM1
2.051
10/25/55
193,467
2,000,000
(a),(b)
Imperial Fund Mortgage Trust 2020-NQM1, Series 2020 NQM1
3.531
10/25/55
1,863,532
311,011
(a),(b)
Imperial Fund Mortgage Trust 2021-NQM1, Series 2021 NQM1
1.617
06/25/56
276,817
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
62
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
450,000
(a),(b)
Imperial Fund Mortgage Trust 2021-NQM1, Series 2021 NQM1
2.383
%
06/25/56
$
342,615
2,000,000
(a),(b)
IP 2025-IP Mortgage Trust, Series 2025 IP
7.969
06/10/42
2,039,895
2,440,699
(a),(b)
J.P. Morgan Chase Commercial Mortgage Securities Trust
2022-NLP, Series 2022 NLP, (TSFR1M + 2.858%)
7.918
04/15/37
2,335,974
4,634,713
(a),(b)
J.P. Morgan Mortgage Trust 2022-LTV2, Series 2022 LTV2
3.658
09/25/52
3,940,184
134,194
(b)
JP Morgan Alternative Loan Trust 2007-S1, Series 2007 S1,
(TSFR1M + 0.674%)
4.997
04/25/47
129,186
2,000,000
(a)
JP Morgan Chase Commercial Mortgage Securities Trust 2020-
NNN, Series 2020 NNN
3.065
01/16/37
1,620,019
1,318,813
(a),(b)
JP Morgan Mortgage Trust 2020-INV1, Series 2020 INV1
4.186
08/25/50
1,152,601
1,500,000
(b)
JPMBB Commercial Mortgage Securities Trust 2015-C31,
Series 2015 C31
4.728
08/15/48
1,423,473
2,500,000
(b)
JPMBB Commercial Mortgage Securities Trust 2015-C31,
Series 2015 C31
4.728
08/15/48
1,986,074
3,750,000
(a),(b)
JPMBB Commercial Mortgage Securities Trust 2015-C33,
Series 2015 C33
4.136
12/15/48
3,427,946
1,400,000
(a),(b)
JPMBB Commercial Mortgage Securities Trust 2016-C1, Series
2016 C1
4.348
03/17/49
1,232,999
1,500,000
(b)
JPMBB Commercial Mortgage Securities Trust 2016-C1, Series
2016 C1
4.848
03/17/49
1,450,902
2,000,000
(b)
JPMCC Commercial Mortgage Securities Trust 2017-JP6,
Series 2017 JP6
3.848
07/15/50
1,741,645
1,400,000
(a),(b)
JPMCC Commercial Mortgage Securities Trust 2017-JP7,
Series 2017 JP7
4.570
09/15/50
900,284
2,000,000
(b)
JPMCC Commercial Mortgage Securities Trust 2017-JP7,
Series 2017 JP7
3.820
09/15/50
1,705,743
190,000
(a)
Ladder Capital Commercial Mortgage 2013-GCP Mortgage
Trust, Series 2013 GCP
3.985
02/15/36
180,910
3,015,000
(a)
Legends Outlets Kansas City KS Mortgage Secured Pass-
Through Trust, Series 2024 LGND
6.733
11/05/39
3,018,041
34,356,000
(a),(b)
MFT Trust 2020-ABC, Series 2020 ABC, (I/O)
0.235
02/10/42
200,641
2,765,000
Morgan Stanley Capital I Trust 2019-H7, Series 2019 H7
3.524
07/15/52
2,627,708
2,000,000
(a)
MRCD 2019-MARK Mortgage Trust, Series 2019 PARK
2.718
12/15/36
1,411,800
1,000,000
(a),(b)
MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,
(TSFR1M + 2.943%)
7.773
03/15/39
999,149
1,500,000
(a),(b)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 3.579%)
7.943
07/15/36
1,097,276
1,500,000
(a),(b)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 4.329%)
8.693
07/15/36
1,014,305
61,363
(a),(b)
New Residential Mortgage Loan Trust 2015-2, Series 2015 2A
5.276
08/25/55
61,077
3,200,000
(a),(b)
NYCT Trust 2024-3ELV, Series 2024 3ELV, (TSFR1M + 2.840%)
7.203
08/15/29
3,195,446
1,150,000
(a)
One Bryant Park Trust 2019-OBP, Series 2019 OBP
2.516
09/15/54
1,059,165
2,400,000
(a),(b)
OPEN Trust 2023-AIR, Series 2023 AIR, (TSFR1M + 5.236%)
9.599
11/15/40
2,409,783
2,000,000
(a),(b)
PKHL Commercial Mortgage Trust 2021-MF, Series 2021 MF,
(TSFR1M + 0.994%)
5.358
07/15/38
1,878,905
9,289
(a),(b)
Sequoia Mortgage Trust 2018-7, Series 2018 7
4.000
09/25/48
8,852
4,946
(a),(b)
Sequoia Mortgage Trust 2019-2, Series 2019 2
4.000
06/25/49
4,701
40,180,000
(a),(b)
SLG Office Trust 2021-OVA, Series 2021 OVA, (I/O)
0.258
07/15/41
483,289
1,155,000
(a)
SLG Office Trust 2021-OVA, Series 2021 OVA
2.851
07/15/41
976,821
1,831,354
(a),(b)
SMR 2022-IND Mortgage Trust, Series 2022 IND, (TSFR1M +
3.950%)
8.313
02/15/39
1,835,596
2,140,000
(a),(b)
SREIT Trust 2021-PALM, Series 2021 PALM, (TSFR1M + 1.524%)
5.887
10/15/34
2,135,009
2,000,000
(a),(b)
TX Trust 2024-HOU, Series 2024 1, (TSFR1M + 3.239%)
7.602
06/15/39
2,003,000
2,511,000
UBS Commercial Mortgage Trust 2017-C1, Series 2017 C1
4.036
06/15/50
2,380,778
5,100,000
(b)
UBS Commercial Mortgage Trust 2018-C11, Series 2018 C11
5.044
06/15/51
4,741,271
2,500,000
(b)
UBS Commercial Mortgage Trust 2018-C8, Series 2018 C8
4.838
02/15/51
2,307,860
2,000,000
(a),(b)
Verus Securitization Trust 2021-8, Series 2021 8
3.288
11/25/66
1,570,511
26,925
(b)
Washington Mutual MSC Mortgage Pass-Through Certificates
Series 2004-RA3 Trust, Series 2004 RA3
5.509
08/25/38
26,832
2,000,000
(b)
Wells Fargo Commercial Mortgage Trust 2015-P2, Series 2015
P2
4.818
12/15/48
1,974,704
1,765,000
(b)
Wells Fargo Commercial Mortgage Trust 2016-C36, Series
2016 C36
4.249
11/15/59
1,552,114
63
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
2,400,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2017-SMP, Series
2017 SMP, (TSFR1M + 0.921%)
6.258
%
12/15/34
$
2,234,995
3,000,000
(b)
Wells Fargo Commercial Mortgage Trust 2024-C63, Series
2024 C63
5.820
08/15/57
3,110,406
1,500,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series
2025 AGLN, (TSFR1M + 2.941%)
7.304
07/15/37
1,506,082
2,400,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series
2025 B33RP, (TSFR1M + 2.500%)
6.850
08/15/42
2,406,301
2,500,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-DWHP, Series
2025 DWHP, (TSFR1M + 3.340%)
7.703
04/15/38
2,500,875
919,520
(a),(b)
Wells Fargo Mortgage Backed Securities 2021-INV1 Trust,
Series 2021 INV1
3.308
08/25/51
776,418
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $387,558,044)
377,894,572
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
91336247
SOVEREIGN DEBT - 8.0%
91336247
ANGOLA - 0.2%
2,150,000
(a)
Angolan Government International Bond
8.750
04/14/32
1,986,381
TOTAL ANGOLA
1,986,381
ARGENTINA - 0.1%
2,325,000
Argentine Republic Government International Bond
4.125
07/09/35
1,476,956
TOTAL ARGENTINA
1,476,956
AZERBAIJAN - 0.1%
1,700,000
(a)
Republic of Azerbaijan International Bond
3.500
09/01/32
1,573,319
TOTAL AZERBAIJAN
1,573,319
BAHRAIN - 0.0%
500,000
(a)
Bahrain Government International Bond
6.000
09/19/44
437,779
TOTAL BAHRAIN
437,779
BARBADOS - 0.2%
2,250,000
(a)
Barbados Government International Bond
8.000
06/26/35
2,263,140
TOTAL BARBADOS
2,263,140
BENIN - 0.1%
1,550,000
(a)
Benin Government International Bond
7.960
02/13/38
1,527,321
TOTAL BENIN
1,527,321
BRAZIL - 0.2%
1,145,000
Brazilian Government International Bond
6.000
10/20/33
1,151,240
1,250,000
Brazilian Government International Bond
7.125
05/13/54
1,215,037
TOTAL BRAZIL
2,366,277
CHILE - 0.4%
EUR
800,000
Chile Government International Bond
3.750
01/14/32
958,048
EUR
530,000
Chile Government International Bond
3.800
07/01/35
621,418
2,150,000
Chile Government International Bond
3.100
05/07/41
1,601,535
TOTAL CHILE
3,181,001
COLOMBIA - 0.2%
3,200,000
Colombia Government International Bond
5.000
06/15/45
2,333,408
459,000
Colombia Government International Bond
5.200
05/15/49
336,071
TOTAL COLOMBIA
2,669,479
COSTA RICA - 0.1%
905,000
(a)
Costa Rica Government International Bond
5.625
04/30/43
822,645
TOTAL COSTA RICA
822,645
COTE D'IVOIRE - 0.4%
1,725,000
(a)
Ivory Coast Government International Bond
6.125
06/15/33
1,598,817
621,254
(a)
Ivory Coast Government International Bond
5.750
12/31/32
603,536
1,625,000
(a)
Ivory Coast Government International Bond
8.250
01/30/37
1,618,531
TOTAL COTE D'IVOIRE
3,820,884
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
64
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
DOMINICAN REPUBLIC - 0.3%
$
1,525,000
(a)
Dominican Republic International Bond
4.500
%
01/30/30
$
1,475,514
2,225,000
(a)
Dominican Republic International Bond
6.950
03/15/37
2,319,674
TOTAL DOMINICAN REPUBLIC
3,795,188
ECUADOR - 0.0%
380,000
(a)
Ecuador Government International Bond
5.000
07/31/30
340,347
TOTAL ECUADOR
340,347
EGYPT - 0.3%
1,500,000
(a)
Egypt Government International Bond
8.625
02/04/30
1,544,458
2,250,000
(a)
Egypt Government International Bond
8.500
01/31/47
1,870,661
TOTAL EGYPT
3,415,119
GHANA - 0.1%
157,300
(a)
Ghana Government International Bond
5.000
07/03/29
150,990
1,651,200
(a)
Ghana Government International Bond
5.000
07/03/35
1,356,342
TOTAL GHANA
1,507,332
GUATEMALA - 0.2%
1,475,000
(a)
Guatemala Government Bond
6.600
06/13/36
1,541,375
750,000
(a)
Guatemala Government Bond
6.250
08/15/36
769,215
TOTAL GUATEMALA
2,310,590
HONDURAS - 0.2%
1,675,000
(a)
Honduras Government International Bond
5.625
06/24/30
1,607,163
TOTAL HONDURAS
1,607,163
HUNGARY - 0.5%
1,650,000
Hungary Government International Bond
7.625
03/29/41
1,906,178
1,600,000
(a)
Hungary Government International Bond
5.500
03/26/36
1,575,589
1,500,000
(a)
Hungary Government International Bond
5.375
09/26/30
1,535,756
1,300,000
(a)
Magyar Export-Import Bank Zrt
6.125
12/04/27
1,342,819
TOTAL HUNGARY
6,360,342
INDONESIA - 0.1%
1,475,000
Indonesia Government International Bond
5.250
01/15/30
1,533,963
TOTAL INDONESIA
1,533,963
IRAQ - 0.1%
942,187
(a)
Iraq International Bond
5.800
01/15/28
934,398
TOTAL IRAQ
934,398
ISRAEL - 0.1%
1,675,000
Israel Government International Bond
5.750
03/12/54
1,548,085
TOTAL ISRAEL
1,548,085
JORDAN - 0.2%
600,000
(a)
Jordan Government International Bond
7.375
10/10/47
556,338
600,000
(a)
Jordan Government International Bond
5.850
07/07/30
594,097
TOTAL JORDAN
1,150,435
KAZAKHSTAN - 0.1%
1,500,000
(a)
Kazakhstan Government International Bond
5.500
07/01/37
1,524,043
TOTAL KAZAKHSTAN
1,524,043
MEXICO - 0.7%
1,966,000
Mexico Government International Bond
4.750
03/08/44
1,560,512
1,000,000
Mexico Government International Bond
4.750
04/27/32
964,500
3,325,000
Mexico Government International Bond
4.280
08/14/41
2,600,150
1,975,000
Mexico Government International Bond
6.400
05/07/54
1,830,233
1,300,000
Mexico Government International Bond
7.375
05/13/55
1,363,050
TOTAL MEXICO
8,318,445
MOROCCO - 0.1%
850,000
(a)
Morocco Government International Bond
5.500
12/11/42
783,173
TOTAL MOROCCO
783,173
NIGERIA - 0.2%
2,150,000
(a)
Nigeria Government International Bond
10.375
12/09/34
2,359,839
TOTAL NIGERIA
2,359,839
OMAN - 0.2%
2,050,000
(a)
Oman Government International Bond
6.500
03/08/47
2,154,985
TOTAL OMAN
2,154,985
65
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PANAMA - 0.2%
$
1,450,000
Panama Government International Bond
8.000
%
03/01/38
$
1,600,220
TOTAL PANAMA
1,600,220
PARAGUAY - 0.2%
1,625,000
(a)
Paraguay Government International Bond
5.600
03/13/48
1,475,939
1,425,000
(a)
Paraguay Government International Bond
6.000
02/09/36
1,479,007
TOTAL PARAGUAY
2,954,946
PERU - 0.3%
2,000,000
Peruvian Government International Bond
3.300
03/11/41
1,515,700
1,755,000
Peruvian Government International Bond
5.875
08/08/54
1,707,615
TOTAL PERU
3,223,315
PHILIPPINES - 0.1%
1,225,000
Philippine Government International Bond
4.200
03/29/47
1,025,082
TOTAL PHILIPPINES
1,025,082
POLAND - 0.2%
1,555,000
Republic of Poland Government International Bond
5.500
04/04/53
1,458,572
1,475,000
Republic of Poland Government International Bond
5.375
02/12/35
1,508,556
TOTAL POLAND
2,967,128
REPUBLIC OF SERBIA - 0.2%
1,500,000
(a)
Serbia International Bond
6.500
09/26/33
1,598,460
TOTAL REPUBLIC OF SERBIA
1,598,460
ROMANIA - 0.3%
1,370,000
(a)
Romanian Government International Bond
6.125
01/22/44
1,253,569
450,000
(a)
Romanian Government International Bond
7.625
01/17/53
469,429
1,100,000
(a)
Romanian Government International Bond
5.750
03/24/35
1,043,616
TOTAL ROMANIA
2,766,614
RWANDA - 0.1%
1,375,000
(a)
Rwanda International Government Bond
5.500
08/09/31
1,207,510
TOTAL RWANDA
1,207,510
SAUDI ARABIA - 0.2%
2,065,000
(a)
Saudi Government International Bond
3.750
01/21/55
1,425,681
1,500,000
(a)
Saudi Government International Bond
5.625
01/13/35
1,578,116
TOTAL SAUDI ARABIA
3,003,797
SENEGAL - 0.1%
1,600,000
(a)
Senegal Government International Bond
6.250
05/23/33
1,187,480
700,000
(a)
Senegal Government International Bond
6.750
03/13/48
444,788
TOTAL SENEGAL
1,632,268
SOUTH AFRICA - 0.2%
1,900,000
Republic of South Africa Government International Bond
5.375
07/24/44
1,466,785
1,575,000
Republic of South Africa Government International Bond
7.300
04/20/52
1,439,252
TOTAL SOUTH AFRICA
2,906,037
TURKEY - 0.3%
EUR
850,000
Turkiye Government International Bond
5.200
08/17/31
1,004,192
1,950,000
Turkiye Government International Bond
7.125
02/12/32
1,999,695
TOTAL TURKEY
3,003,887
UKRAINE - 0.0%
55,000
(a)
Ukraine Government International Bond
1.750
02/01/29
35,613
73,658
(a)
Ukraine Government International Bond
0.000
02/01/35
38,118
15,548
(a)
Ukraine Government International Bond
0.000
02/01/36
8,007
TOTAL UKRAINE
81,738
UZBEKISTAN - 0.2%
1,600,000
(a)
Republic of Uzbekistan International Bond
5.375
02/20/29
1,596,616
TOTAL UZBEKISTAN
1,596,616
TOTAL SOVEREIGN DEBT
(Cost $92,388,907)
91,336,247
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
73640508
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 6.4%
73640508
4,000,000
United States Treasury Note/Bond
4.750
02/15/45
3,940,625
25,000,000
United States Treasury Note/Bond
5.000
05/15/45
25,417,969
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
66
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
$
12,000,000
United States Treasury Note/Bond
4.750
%
08/15/55
$
11,677,500
2,000,000
United States Treasury Note/Bond
3.875
07/31/30
2,016,094
16,000,000
United States Treasury Note/Bond
3.875
07/31/27
16,066,250
4,000,000
United States Treasury Note/Bond
4.250
08/15/35
4,008,125
10,500,000
United States Treasury Note/Bond
3.625
08/15/28
10,513,945
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $73,451,119)
73,640,508
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
87538297
VARIABLE RATE SENIOR LOAN INTERESTS - 7.6%
87538297
CAPITAL GOODS - 1.1%
2,493,750
(b)
Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%)
7.316
01/27/32
2,499,461
3,640,000
(b)
Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)
6.566
07/09/32
3,652,522
2,000,000
(b),(i)
Chariot Buyer LLC, (TBD)
TBD
TBD
2,003,250
258,621
(b),(j)
Kaman Corporation, Delayed Draw Term Loan, (TSFR3M +
1.875%)
4.039
02/26/32
259,430
2,741,379
(b)
Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +
2.750%)
6.871
02/26/32
2,749,960
549,667
(b)
QXO Inc, Term Loan B, (TSFR3M + 3.000%)
7.296
04/30/32
555,191
1,473,918
(b)
Windsor Holdings III, LLC, Term Loan B, (TSFR1M + 2.750%)
7.073
08/01/30
1,477,912
TOTAL CAPITAL GOODS
13,197,726
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
5,000,000
(b)
Allied Universal Holdco LLC, Term Loan B, (TSFR3M + 3.250%)
7.590
08/20/32
5,023,000
3,000,000
(b)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.824
03/03/32
3,001,875
997,500
(b)
WIN Waste Innovations Holdings, Inc., Incremental Term Loan,
(TSFR1M + 3.750%)
8.180
03/27/28
1,005,919
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
9,030,794
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%
2,502,621
(b)
Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M +
2.500%)
6.757
04/23/31
2,503,410
2,247,384
(b)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.816
01/30/31
2,245,563
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
4,748,973
CONSUMER DURABLES & APPAREL - 0.2%
1,500,000
(b)
AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M +
3.000%)
7.351
07/31/28
1,502,310
428,894
(b)
Weber-Stephen Products LLC, Term Loan B, (TSFR1M +
3.250%)
7.680
10/29/27
428,587
TOTAL CONSUMER DURABLES & APPAREL
1,930,897
CONSUMER SERVICES - 0.3%
992,201
(b)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6.816
05/31/30
995,306
2,333,841
(b)
GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR6M +
2.750%)
7.016
10/31/29
2,336,268
TOTAL CONSUMER SERVICES
3,331,574
FOOD, BEVERAGE & TOBACCO - 0.1%
88,376
(b)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 11.198%, PIK 6.000%)
11.198
09/30/30
86,498
16,844
(b)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)
11.198
09/30/30
17,160
120,690
(b),(j)
Sauer Brands Inc, Delayed Draw Term Loan, (TSFR3M +
1.625%)
1.625
02/19/32
121,459
1,279,310
(b)
Sauer Brands Inc, Term Loan B, (TSFR1M + 3.000%)
7.316
02/19/32
1,287,466
TOTAL FOOD, BEVERAGE & TOBACCO
1,512,583
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
1,860,000
(b)
Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)
8.566
01/15/31
1,864,985
1,925,182
(b)
Parexel International Corporation, Term Loan B, (TSFR1M +
2.500%)
6.816
11/15/28
1,929,195
990,012
(b)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6.816
02/21/31
992,156
839,375
(b)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.816
12/19/30
841,377
TOTAL HEALTH CARE EQUIPMENT & SERVICES
5,627,713
67
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE - 1.7%
$
1,994,987
(b)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
7.316
%
11/06/30
$
1,996,553
3,000,000
(b),(i)
Alera Group, Inc., Term Loan, (TBD)
TBD
TBD
3,015,765
1,243,750
(b)
AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)
6.566
01/30/32
1,244,708
3,000,000
(b)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
8.566
09/19/30
2,971,875
2,496,094
(b),(k)
Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)
7.680
07/30/27
2,498,066
3,633,325
(b)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)
7.066
06/16/31
3,635,705
1,989,975
(b)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.816
07/31/31
1,997,646
1,595,081
(b)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
7.046
05/06/31
1,599,571
TOTAL INSURANCE
18,959,889
MATERIALS - 0.7%
1,500,000
(b)
Charter NEX US, Inc., Term Loan B1, (TSFR1M + 2.750%)
7.107
12/02/30
1,508,025
3,441,350
(b)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
7.491
04/13/29
3,442,125
478,481
(b)
Plaze, Inc., Term Loan B, (TSFR1M + 3.500%)
7.930
08/03/26
436,987
3,220,017
(b)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
8.256
09/15/28
3,226,457
TOTAL MATERIALS
8,613,594
MEDIA & ENTERTAINMENT - 0.3%
3,197,775
(b)
Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +
3.000%)
7.256
02/10/31
3,218,960
TOTAL MEDIA & ENTERTAINMENT
3,218,960
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
682,478
(b)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
6.566
05/05/28
685,037
1,512,645
(b)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
6.573
05/19/31
1,479,874
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
2,164,911
SOFTWARE & SERVICES - 1.1%
905,456
(b)
Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)
6.296
01/31/31
907,493
2,493,750
(b)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
7.199
07/30/31
2,493,501
2,384,903
(b)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
7.104
05/01/31
2,387,896
1,995,000
(b)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
7.570
10/09/31
2,001,863
480,000
(b)
IGT Holding IV AB, Term Loan B5, (TSFR3M + 3.500%)
7.796
08/04/31
484,502
3,491,250
(b)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
7.058
12/08/31
3,485,245
1,087,678
(b)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.810
02/10/31
1,088,407
TOTAL SOFTWARE & SERVICES
12,848,907
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
1,100,000
(b)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
9.066
12/17/29
1,121,483
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,121,483
TRANSPORTATION - 0.0%
48,294
(b)
SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%)
8.075
10/20/27
48,524
TOTAL TRANSPORTATION
48,524
UTILITIES - 0.1%
1,176,744
(b)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.733
05/17/30
1,181,769
TOTAL UTILITIES
1,181,769
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $87,279,031)
87,538,297
TOTAL LONG-TERM INVESTMENTS
(Cost $1,121,917,922)
1,115,438,939
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.2%
13,304,127
(l)
State Street Navigator Securities Lending Government Money
Market Portfolio
4.310 (m)
13,304,127
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $13,304,127)
13,304,127
Portfolio of Investments August 31, 2025
(continued)
Strategic Income
68
See Notes to Financial Statements
Principal denominated in U.S. Dollars, unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 2.0%
23053216
REPURCHASE AGREEMENTS - 2.0%
23053216
$
18,900,000
(n)
Fixed Income Clearing Corporation
4.260
%
09/02/25
$
18,900,000
4,153,216
(o)
Fixed Income Clearing Corporation
1.360
09/02/25
4,153,216
TOTAL REPURCHASE AGREEMENTS
(Cost $23,053,216)
23,053,216
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,053,216)
23,053,216
TOTAL INVESTMENTS - 100.8%
(Cost $1,158,275,265)
1,151,796,282
OTHER ASSETS & LIABILITIES, NET - (0.8)%
(9,571,091)
NET ASSETS - 100%
$
1,142,225,191
EUR
Euro
I/O
Interest only security
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.
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.
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)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $574,488,731 or 49.9% of Total Investments.
(b)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(c)
For fair value measurement disclosure purposes, investment classified as Level 3.
(d)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(e)
Perpetual security. Maturity date is not applicable.
(f)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
8.6% of Total Investments.
(g)
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 2.8% of Total Investments.
(h)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the reporting period was $12,857,885.
(i)
When-issued or delayed delivery security.
(j)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(k)
Portion of investment purchased on a delayed delivery basis.
(l)
Investments made with cash collateral received from securities on loan.
(m)
The rate shown is the one-day yield as of the end of the reporting period.
(n)
Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $18,908,946 on 9/2/25,
collateralized by Government Agency Securities, with coupon rate 3.750% and maturity date 5/15/28, valued at $19,278,080.
(o)
Agreement with Fixed Income Clearing Corporation, 1.360% dated 8/29/25 to be repurchased at $4,153,844 on 9/2/25,
collateralized by Government Agency Securities, with coupon rate 4.125% and maturity date 11/15/32, valued at $4,236,352.
69
See Notes to Financial Statements
Investments in Derivatives
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury Long Bond
375
12/25
$
42,631,636
$
42,843,750
$
212,114
U.S. Treasury Ultra Bond
150
12/25
17,538,596
17,484,375
(54,221)
Total
$60,170,232
$60,328,125
$157,893
Forward Foreign Currency Contracts
Currency Purchased
Notional Amount
(Local Currency)
Currency Sold
Notional Amount
(Local Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
5,284,461
EUR
4,480,507
Morgan Stanley Capital Services
LLC
10/10/25
$
30,284
$
999,256
EUR
849,898
Toronto Dominion Bank
10/10/25
2,602
Total
$32,886
Total unrealized appreciation on forward foreign currency contracts
$32,886
Total unrealized depreciation on forward foreign currency contracts
$-
EUR
Euro
Credit Default Swaps - Centrally Cleared
PURCHASED
Counterparty
Reference Entity
Fixed
Rate
(Annualized)
Current
Credit
Spread (a)
Fixed Rate
Payment
Frequency
Maturity
Date
Notional
Amount(b)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Citigroup Global
Markets, Inc
CDX-NAHYS44V1-5Y
5.000
%
-
%
Quarterly
6/20/30
$
10,000,000
$
(821,735)
$
(733,428)
$
(88,307)
Total
$
10,000,000
$
(821,735)
$(733,428)
$
(88,307)
(a)
The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the
likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include
upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher
likelihood of performance by the seller of protection.
(b)
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit
protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by
any recoverable assets, if applicable.
Statement of Assets and Liabilities
See Notes to Financial Statements
70
August 31, 2025
Credit Income
Flexible Income
Floating Rate
Income
High Yield
Income
Preferred
Securities and
Income
Strategic Income
ASSETS
Long-term investments, at value
†‡
$
216,723,482
$
817,592,071
$
1,569,923,627
$
588,313,301
$
5,349,669,821
$
1,115,438,939
Investments purchased with collateral from
securities lending, at value (cost approximates
value)
9,301,923
12,803,252
10,475,121
30,684,351
91,596,475
13,304,127
Short-term investments, at value
◊
16,956,220
10,024,097
58,694,461
6,235,829
1,200,000
23,053,216
Cash
1,190,428
19,342
-
-
61,746
951,471
Cash denominated in foreign currencies
^
32
-
-
-
-
14
Cash collateral at broker for investments in futures
contracts
(1)
200,051
-
-
-
8,954,987
2,160,036
Cash collateral at broker for investments in swap
contracts
(1)
-
-
-
-
-
482,355
Unrealized appreciation on forward foreign
currency contracts
3,262
-
-
-
-
32,886
Receivables:
Dividends
12,250
516,900
2,920
-
1,849,429
-
Interest
3,008,071
11,130,589
11,792,825
10,600,080
73,973,529
9,769,490
Investments sold
860,000
-
3,774,421
4,627,618
-
3,877,527
Reclaims
-
86,910
-
3,045
22,317
-
Reimbursement from Adviser
-
48,388
-
29,051
-
71,159
Shares sold
1,134,053
155,728
1,348,139
195,286
4,438,739
1,324,915
Variation margin on swaps contracts
-
-
-
-
-
5,798
Other
39,352
85,926
157,945
83,886
292,834
76,447
Total assets
249,429,124
852,463,203
1,656,169,459
640,772,447
5,532,059,877
1,170,548,380
LIABILITIES
Cash overdraft denominated in foreign currencies
*
-
-
-
1,354
-
-
Payables:
Management fees
101,021
484,248
774,972
307,967
2,936,506
466,295
Collateral from securities lending
9,301,923
12,803,252
10,475,121
30,684,351
91,596,475
13,304,127
Dividends
20,132
82,304
1,310,158
108,941
3,813,216
698,839
Interest
247
256
41,655
1,626
11,874
213
Investments purchased - regular settlement
2,061,957
-
2,375,301
1,995,000
106,362
3,760,845
Investments purchased - when-issued/delayed-
delivery settlement
4,911,985
-
36,462,473
-
-
7,519,375
Shares redeemed
272,289
1,526,639
3,809,833
1,773,824
13,227,560
1,359,588
Unfunded senior loans
-
-
2,070,243
-
-
354,483
Variation margin on futures contracts
1,250
-
-
-
983,781
342,188
Accrued expenses:
Custodian fees
31,360
59,689
248,401
66,820
231,439
98,214
Directors/Trustees fees
18,074
43,360
75,292
33,745
200,561
45,203
Professional fees
43,923
48,983
53,740
49,133
72,341
49,846
Shareholder reporting expenses
14,329
27,664
36,563
43,940
113,472
32,594
Shareholder servicing agent fees
36,384
158,720
265,750
400,113
880,528
202,622
12b-1 distribution and service fees
15,431
110,932
85,785
22,156
194,458
48,451
Other
23,103
535
181,957
1,730
29,758
40,306
Total liabilities
16,853,408
15,346,582
58,267,244
35,490,700
114,398,331
28,323,189
Net assets
$
232,575,716
$
837,116,621
$
1,597,902,215
$
605,281,747
$
5,417,661,546
$
1,142,225,191
NET ASSETS CONSIST OF:
Paid-in capital
$
371,149,895
$
1,069,101,005
$
1,924,876,405
$
815,415,261
$
5,919,864,456
$
1,255,135,431
Total distributable earnings (loss)
(138,574,179)
(231,984,384)
(326,974,190)
(210,133,514)
(502,202,910)
(112,910,240)
Net assets
$
232,575,716
$
837,116,621
$
1,597,902,215
$
605,281,747
$
5,417,661,546
$
1,142,225,191
†
Long-term investments, cost
$
213,891,186
$
789,116,879
$
1,579,748,067
$
576,617,258
$
5,388,116,360
$
1,121,917,922
◊
Short-term investments, cost
$
16,956,220
$
10,024,097
$
58,694,461
$
6,235,829
$
1,200,000
$
23,053,216
‡ Includes securities loaned of
$
8,967,812
$
12,365,857
$
10,164,871
$
29,452,227
$
87,619,914
$
12,857,885
^
Cash denominated in foreign currencies, cost
$
32
$
-
$
-
$
-
$
-
$
14
*
Cash overdraft denominated in foreign
currencies, cost
$
-
$
-
$
-
$
1,248
$
-
$
-
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
71
Credit Income
Flexible Income
Floating Rate
Income
High Yield
Income
Preferred
Securities and
Income
Strategic Income
CLASS A:
Net assets
$
47,766,449
$
170,489,141
$
213,718,666
$
59,354,038
$
463,327,470
$
144,931,445
Shares outstanding
7,148,872
8,843,264
11,871,783
3,321,457
29,089,972
14,590,295
Net asset value ("NAV") per share
$
6.68
$
19.28
$
18.00
$
17.87
$
15.93
$
9.93
Maximum sales charge
4.75%
4.75%
3.00%
4.75%
4.75%
4.25%
Offering price per share (NAV per share plus
maximum sales charge)
$
7.01
$
20.24
$
18.56
$
18.76
$
16.72
$
10.37
CLASS C:
Net assets
$
6,372,597
$
87,597,873
$
47,085,111
$
11,247,831
$
113,220,255
$
21,433,840
Shares outstanding
955,251
4,551,939
2,615,082
629,985
7,103,238
2,168,365
NAV and offering price per share
$
6.67
$
19.24
$
18.01
$
17.85
$
15.94
$
9.88
CLASS R6:
Net assets
$
-
$
14,522,660
$
276,318,615
$
19,778,823
$
857,655,522
$
304,223,469
Shares outstanding
-
747,924
15,266,356
1,099,530
53,661,155
30,522,904
NAV and offering price per share
$
-
$
19.42
$
18.10
$
17.99
$
15.98
$
9.97
CLASS I:
Net assets
$
178,436,670
$
564,506,947
$
1,060,779,823
$
514,901,055
$
3,983,458,299
$
671,636,437
Shares outstanding
26,654,405
29,245,233
58,863,719
28,777,098
249,819,209
67,625,227
NAV and offering price per share
$
6.69
$
19.30
$
18.02
$
17.89
$
15.95
$
9.93
Authorized shares - per class
2 billion
Unlimited
Unlimited
Unlimited
Unlimited
2 billion
Par value per share
$
0.0001
$
0.01
$
0.01
$
0.01
$
0.01
$
0.0001
(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives.
Statement of Operations
See Notes to Financial Statements
72
Year Ended August 31, 2025
Credit Income
Flexible Income
Floating Rate
Income
High Yield Income
INVESTMENT INCOME
Affiliated income
$
-
$
41,758
$
-
$
-
Dividends
64,823
9,273,853
3,262,980
1,038,409
Interest
10,821,829
43,160,871
127,230,307
52,432,454
Securities lending income, net
89,507
147,951
64,653
630,868
Tax withheld
(3,735)
(12,781)
-
-
Total investment income
10,972,424
52,611,652
130,557,940
54,101,731
EXPENSES
-
-
-
-
Management fees
726,074
6,333,075
8,846,534
3,856,580
12b-1 service fees - Class A
121,590
434,819
548,318
148,804
12b-1 distribution and service fees - Class C
61,032
1,011,131
489,684
122,297
Shareholder servicing agent fees - Class A
42,733
115,910
162,727
99,887
Shareholder servicing agent fees - Class C
5,366
65,512
36,115
20,399
Shareholder servicing agent fees - Class R6
-
546
8,464
786
Shareholder servicing agent fees - Class I
64,965
415,538
769,821
934,649
Interest expense
6,294
6,420
360,317
25,370
Directors/Trustees fees
5,152
35,154
58,224
24,884
Custodian expenses
45,083
86,896
385,263
106,024
Registration fees
60,773
80,405
115,603
76,035
Professional fees
57,012
63,286
74,782
69,509
Shareholder reporting expenses
48,478
62,087
79,170
136,749
Other
12,346
12,471
31,129
16,637
Total expenses before fee waiver/expense reimbursement
1,256,898
8,723,250
11,966,151
5,638,610
Fee waiver/expense reimbursement
(146,062)
(708,476)
-
(476,928)
Net expenses
1,110,836
8,014,774
11,966,151
5,161,682
Net investment income (loss)
9,861,588
44,596,878
118,591,789
48,940,049
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(853,871)
(6,996,126)
(21,341,786)
(425,245)
Futures contracts
(106,535)
-
-
-
Swap contracts
-
-
-
122,874
Foreign currency transactions
(13,976)
-
-
-
Net realized gain (loss)
(974,382)
(6,996,126)
(21,341,786)
(302,371)
Change in unrealized appreciation (depreciation) on:
Investments
2,905,998
23,544,646
7,081,172
(753,783)
Forward foreign currency contracts
3,262
-
-
-
Futures contracts
120,370
-
-
-
Foreign currency translations
186
-
-
(75)
Net change in unrealized appreciation (depreciation)
3,029,816
23,544,646
7,081,172
(753,858)
Net realized and unrealized gain (loss)
2,055,434
16,548,520
(14,260,614)
(1,056,229)
Net increase (decrease) in net assets from operations
$
11,917,022
$
61,145,398
$
104,331,175
$
47,883,820
Statement of Operations
(continued)
See Notes to Financial Statements
73
Year Ended August 31, 2025
Preferred Securities
and Income
Strategic Income
INVESTMENT INCOME
Dividends
$
36,912,938
$
23,188
Interest
291,336,477
67,853,964
Securities lending income, net
660,751
181,393
Tax withheld
-
(24,025)
Total investment income
328,910,166
68,034,520
EXPENSES
-
-
Management fees
31,977,228
5,018,415
12b-1 service fees - Class A
1,120,476
356,432
12b-1 distribution and service fees - Class C
1,220,796
191,394
Shareholder servicing agent fees - Class A
322,844
120,669
Shareholder servicing agent fees - Class C
85,641
16,837
Shareholder servicing agent fees - Class R6
22,674
17,670
Shareholder servicing agent fees - Class I
2,715,025
510,244
Interest expense
239,173
5,799
Directors/Trustees fees
189,235
39,456
Custodian expenses
351,923
136,975
Registration fees
186,761
101,268
Professional fees
117,438
63,712
Shareholder reporting expenses
224,060
81,522
Other
6,963
18,506
Total expenses before fee waiver/expense reimbursement
38,780,237
6,678,899
Fee waiver/expense reimbursement
-
(758,432)
Net expenses
38,780,237
5,920,467
Net investment income (loss)
290,129,929
62,114,053
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
12,367,016
(7,193,449)
Futures contracts
(23,628,333)
(5,315,700)
Swap contracts
-
58,247
Foreign currency transactions
(17)
(112,401)
Net realized gain (loss)
(11,261,334)
(12,563,303)
Change in unrealized appreciation (depreciation) on:
Investments
112,893,225
12,225,576
Forward foreign currency contracts
-
32,886
Futures contracts
5,829,632
755,619
Swap contracts
-
(88,307)
Foreign currency translations
(17)
1,404
Net change in unrealized appreciation (depreciation)
118,722,840
12,927,178
Net realized and unrealized gain (loss)
107,461,506
363,875
Net increase (decrease) in net assets from operations
$
397,591,435
$
62,477,928
Statement of Changes in Net Assets
See Notes to Financial Statements
74
Credit Income
Flexible Income
Year Ended
8/31/25
Year Ended
8/31/24
Year Ended
8/31/25
Year Ended
8/31/24
OPERATIONS
Net investment income (loss)
$
9,861,588
$
7,321,561
$
44,596,878
$
52,276,725
Net realized gain (loss)
(974,382)
(413,832)
(6,996,126)
(49,059,553)
Net change in unrealized appreciation (depreciation)
3,029,816
4,310,914
23,544,646
101,070,773
Net increase (decrease) in net assets from operations
11,917,022
11,218,643
61,145,398
104,287,945
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(4,154,447)
(3,822,374)
(5,956,884)
(6,367,223)
Class C
(473,436)
(428,850)
(2,687,594)
(3,616,429)
Class R6
-
-
(531,919)
(562,593)
Class I
(6,588,592)
(2,324,305)
(23,469,161)
(28,194,294)
Return of Capital:
Class A
-
-
(2,730,505)
(3,165,640)
Class C
-
-
(1,588,514)
(2,300,779)
Class R6
-
-
(222,053)
(253,401)
Class I
-
-
(10,028,362)
(13,021,895)
Total distributions
(11,216,475)
(6,575,529)
(47,214,992)
(57,482,254)
FUND SHARE TRANSACTIONS
Subscriptions
193,160,478
37,553,006
104,920,773
177,062,947
Reinvestments of distributions
10,919,283
6,281,220
45,727,811
54,888,232
Redemptions
(59,859,310)
(41,171,264)
(362,826,418)
(432,934,498)
Net increase (decrease) from Fund share transactions
144,220,451
2,662,962
(212,177,834)
(200,983,319)
Net increase (decrease) in net assets
144,920,998
7,306,076
(198,247,428)
(154,177,628)
Net assets at the beginning of period
87,654,718
80,348,642
1,035,364,049
1,189,541,677
Net assets at the end of period
$
232,575,716
$
87,654,718
$
837,116,621
$
1,035,364,049
See Notes to Financial Statements
75
Floating Rate Income
High Yield Income
Year Ended
8/31/25
Year Ended
8/31/24
Year Ended
8/31/25
Year Ended
8/31/24
OPERATIONS
Net investment income (loss)
$
118,591,789
$
132,363,519
$
48,940,049
$
43,406,139
Net realized gain (loss)
(21,341,786)
215,043
(302,371)
5,707,310
Net change in unrealized appreciation (depreciation)
7,081,172
24,901,300
(753,858)
22,326,292
Net increase (decrease) in net assets from operations
104,331,175
157,479,862
47,883,820
71,439,741
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(16,923,196)
(18,833,686)
(4,483,363)
(3,908,135)
Class C
(3,407,278)
(4,126,036)
(831,810)
(796,402)
Class R6
(20,081,086)
(25,603,934)
(1,899,960)
(1,547,013)
Class I
(81,903,164)
(93,983,573)
(43,761,517)
(37,160,207)
Total distributions
(122,314,724)
(142,547,229)
(50,976,650)
(43,411,757)
FUND SHARE TRANSACTIONS
Subscriptions
778,530,046
579,282,071
149,518,668
193,087,475
Reinvestments of distributions
108,808,189
127,062,716
49,256,021
42,067,758
Redemptions
(793,925,225)
(739,248,278)
(252,179,134)
(109,692,325)
Net increase (decrease) from Fund share transactions
93,413,010
(32,903,491)
(53,404,445)
125,462,908
Net increase (decrease) in net assets
75,429,461
(17,970,858)
(56,497,275)
153,490,892
Net assets at the beginning of period
1,522,472,754
1,540,443,612
661,779,022
508,288,130
Net assets at the end of period
$
1,597,902,215
$
1,522,472,754
$
605,281,747
$
661,779,022
See Notes to Financial Statements
76
Statement of Changes in Net Assets
(continued)
Preferred Securities and Income
Strategic Income
Year Ended
8/31/25
Year Ended
8/31/24
Year Ended
8/31/25
Year Ended
8/31/24
OPERATIONS
Net investment income (loss)
$
290,129,929
$
257,129,683
$
62,114,053
$
47,595,563
Net realized gain (loss)
(11,261,334)
(18,961,664)
(12,563,303)
(4,584,741)
Net change in unrealized appreciation (depreciation)
118,722,840
351,748,258
12,927,178
41,124,915
Net increase (decrease) in net assets from operations
397,591,435
589,916,277
62,477,928
84,135,737
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(25,346,949)
(25,893,378)
(9,001,828)
(8,094,811)
Class C
(5,978,155)
(6,797,617)
(1,064,482)
(688,437)
Class R6
(37,835,606)
(34,998,738)
(19,112,428)
(16,092,382)
Class I
(220,299,721)
(196,297,552)
(37,760,450)
(23,165,366)
Total distributions
(289,460,431)
(263,987,285)
(66,939,188)
(48,040,996)
FUND SHARE TRANSACTIONS
Subscriptions
1,767,095,427
1,729,989,088
450,690,437
339,570,250
Reinvestments of distributions
249,861,390
231,131,799
58,253,667
42,325,280
Redemptions
(1,550,449,335)
(1,831,897,089)
(278,903,938)
(202,865,773)
Net increase (decrease) from Fund share transactions
466,507,482
129,223,798
230,040,166
179,029,757
Net increase (decrease) in net assets
574,638,486
455,152,790
225,578,906
215,124,498
Net assets at the beginning of period
4,843,023,060
4,387,870,270
916,646,285
701,521,787
Net assets at the end of period
$
5,417,661,546
$
4,843,023,060
$
1,142,225,191
$
916,646,285
Financial Highlights
77
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
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
Credit Income
Class
A
8/31/25
$
6.72
$
0.50
$
0.03
$
0.53
$
(
0.57
)
$
-
$
-
$
(
0.57
)
$
6.68
8/31/24
6.36
0.58
0.30
0.88
(
0.52
)
-
-
(
0.52
)
6.72
8/31/23
6.36
0.47
(
0.05
)
0.42
(
0.42
)
-
-
(
0.42
)
6.36
8/31/22
(d)
6.22
0.06
0.14
0.20
(
0.05
)
-
(
0.01
)
(
0.06
)
6.36
6/30/22
7.42
0.32
(
1.20
)
(
0.88
)
(
0.32
)
-
-
(
0.32
)
6.22
6/30/21
6.69
0.34
0.71
1.05
(
0.32
)
-
-
(
0.32
)
7.42
Class
C
8/31/25
6.71
0.45
0.03
0.48
(
0.52
)
-
-
(
0.52
)
6.67
8/31/24
6.35
0.53
0.30
0.83
(
0.47
)
-
-
(
0.47
)
6.71
8/31/23
6.35
0.42
(
0.05
)
0.37
(
0.37
)
-
-
(
0.37
)
6.35
8/31/22
(d)
6.21
0.05
0.14
0.19
(
0.04
)
-
(
0.01
)
(
0.05
)
6.35
6/30/22
7.41
0.26
(
1.19
)
(
0.93
)
(
0.27
)
-
-
(
0.27
)
6.21
6/30/21
6.69
0.29
0.70
0.99
(
0.27
)
-
-
(
0.27
)
7.41
Class
I
8/31/25
6.73
0.50
0.05
0.55
(
0.59
)
-
-
(
0.59
)
6.69
8/31/24
6.37
0.60
0.30
0.90
(
0.54
)
-
-
(
0.54
)
6.73
8/31/23
6.37
0.48
(
0.04
)
0.44
(
0.44
)
-
-
(
0.44
)
6.37
8/31/22
(d)
6.23
0.06
0.14
0.20
(
0.05
)
-
(
0.01
)
(
0.06
)
6.37
6/30/22
7.45
0.34
(
1.22
)
(
0.88
)
(
0.34
)
-
-
(
0.34
)
6.23
6/30/21
6.71
0.36
0.72
1.08
(
0.34
)
-
-
(
0.34
)
7.45
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements
for more information.
(d)
For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was June 30th.
(e)
Annualized.
See Notes to Financial Statements
78
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
8
.22
%
$
47,766
1
.07
%
0
.96
%
7
.55
%
99
%
14
.38
48,050
1
.25
1
.04
8
.87
133
6
.87
47,566
1
.23
1
.01
7
.49
86
3
.16
51,908
1
.50
(e)
1
.03
(e)
5
.53
(e)
6
(
12
.23
)
51,332
1
.15
1
.00
4
.51
120
16
.01
77,953
1
.12
1
.00
4
.75
196
7
.39
6,373
1
.82
1
.71
6
.81
99
13
.57
6,346
1
.99
1
.79
8
.12
133
6
.09
6,265
1
.98
1
.76
6
.72
86
3
.02
8,926
2
.25
(e)
1
.78
(e)
4
.77
(e)
6
(
12
.92
)
8,887
1
.90
1
.75
3
.70
120
15
.03
15,101
1
.87
1
.75
4
.02
196
8
.49
178,437
0
.82
0
.71
7
.59
99
14
.67
33,259
0
.99
0
.79
9
.17
133
7
.16
26,519
0
.98
0
.76
7
.61
86
3
.20
60,706
1
.25
(e)
0
.78
(e)
5
.55
(e)
6
(
12
.23
)
25,439
0
.90
0
.75
4
.63
120
16
.40
94,051
0
.87
0
.75
4
.99
196
Financial Highlights
79
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
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
Flexible Income
Class
A
8/31/25
$
18.93
$
0.89
$
0.40
$
1.29
$
(
0.64
)
$
-
$
(
0.30
)
$
(
0.94
)
$
19.28
8/31/24
18.11
0.86
0.91
1.77
(
0.64
)
-
(
0.31
)
(
0.95
)
18.93
8/31/23
18.93
0.81
(
0.43
)
0.38
(
1.20
)
-
-
(
1.20
)
18.11
8/31/22
(e)
22.27
0.72
(
3.16
)
(
2.44
)
(
0.90
)
-
-
(
0.90
)
18.93
9/30/21
21.36
0.81
1.04
1.85
(
0.94
)
-
-
(
0.94
)
22.27
9/30/20
22.06
0.88
(
0.39
)
0.49
(
1.19
)
-
-
(
1.19
)
21.36
Class
C
8/31/25
18.89
0.74
0.41
1.15
(
0.50
)
-
(
0.30
)
(
0.80
)
19.24
8/31/24
18.08
0.72
0.90
1.62
(
0.50
)
-
(
0.31
)
(
0.81
)
18.89
8/31/23
18.90
0.67
(
0.43
)
0.24
(
1.06
)
-
-
(
1.06
)
18.08
8/31/22
(e)
22.22
0.58
(
3.15
)
(
2.57
)
(
0.75
)
-
-
(
0.75
)
18.90
9/30/21
21.31
0.64
1.04
1.68
(
0.77
)
-
-
(
0.77
)
22.22
9/30/20
22.01
0.72
(
0.39
)
0.33
(
1.03
)
-
-
(
1.03
)
21.31
Class
R6
8/31/25
19.06
0.95
0.42
1.37
(
0.71
)
-
(
0.30
)
(
1.01
)
19.42
8/31/24
18.24
0.92
0.91
1.83
(
0.70
)
-
(
0.31
)
(
1.01
)
19.06
8/31/23
19.06
0.87
(
0.43
)
0.44
(
1.26
)
-
-
(
1.26
)
18.24
8/31/22
(e)
22.42
0.79
(
3.19
)
(
2.40
)
(
0.96
)
-
-
(
0.96
)
19.06
9/30/21
21.50
0.89
1.04
1.93
(
1.01
)
-
-
(
1.01
)
22.42
9/30/20
22.20
0.96
(
0.40
)
0.56
(
1.26
)
-
-
(
1.26
)
21.50
Class
I
8/31/25
18.95
0.94
0.40
1.34
(
0.69
)
-
(
0.30
)
(
0.99
)
19.30
8/31/24
18.13
0.91
0.90
1.81
(
0.68
)
-
(
0.31
)
(
0.99
)
18.95
8/31/23
18.95
0.86
(
0.44
)
0.42
(
1.24
)
-
-
(
1.24
)
18.13
8/31/22
(e)
22.29
0.77
(
3.16
)
(
2.39
)
(
0.95
)
-
-
(
0.95
)
18.95
9/30/21
21.38
0.87
1.03
1.90
(
0.99
)
-
-
(
0.99
)
22.29
9/30/20
22.08
0.93
(
0.39
)
0.54
(
1.24
)
-
-
(
1.24
)
21.38
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.
(e)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
(f)
Annualized.
See Notes to Financial Statements
80
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c),(d)
Portfolio
Turnover
Rate
7
.05
%
$
170,489
1
.03
%
0
.96
%
4
.71
%
27
%
10
.04
180,920
1
.04
0
.96
4
.69
40
2
.13
190,438
1
.03
0
.96
4
.45
26
(
11
.18
)
230,505
1
.02
(f)
0
.95
(f)
3
.78
(f)
31
8
.71
298,734
1
.04
0
.95
3
.66
30
2
.35
264,865
1
.04
0
.96
4
.13
38
6
.25
87,598
1
.78
1
.71
3
.95
27
9
.17
119,398
1
.79
1
.71
3
.94
40
1
.37
150,633
1
.78
1
.71
3
.70
26
(
11
.81
)
208,775
1
.77
(f)
1
.70
(f)
3
.03
(f)
31
7
.97
276,035
1
.79
1
.70
2
.91
30
1
.59
262,068
1
.79
1
.71
3
.38
38
7
.40
14,523
0
.72
0
.65
5
.02
27
10
.36
14,599
0
.73
0
.65
5
.00
40
2
.48
15,278
0
.72
0
.65
4
.75
26
(
10
.96
)
15,113
0
.71
(f)
0
.64
(f)
4
.12
(f)
31
9
.09
14,881
0
.72
0
.64
3
.97
30
2
.69
6,682
0
.72
0
.64
4
.46
38
7
.31
564,507
0
.78
0
.71
4
.95
27
10
.31
720,447
0
.79
0
.71
4
.94
40
2
.40
833,193
0
.78
0
.71
4
.69
26
(
11
.00
)
1,040,308
0
.77
(f)
0
.70
(f)
4
.03
(f)
31
9
.02
1,283,908
0
.79
0
.70
3
.90
30
2
.60
1,060,386
0
.79
0
.71
4
.38
38
81
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Floating Rate Income
Class
A
8/31/25
$
18.18
$
1.35
$
(
0.13
)
$
1.22
$
(
1.40
)
$
-
$
(
1.40
)
$
18.00
8/31/24
17.99
1.50
0.31
1.81
(
1.62
)
-
(
1.62
)
18.18
8/31/23
18.11
1.36
(
0.11
)
1.25
(
1.37
)
-
(
1.37
)
17.99
8/31/22
(d)
19.06
0.63
(
0.93
)
(
0.30
)
(
0.65
)
-
(
0.65
)
18.11
9/30/21
17.80
0.72
1.32
2.04
(
0.78
)
-
(
0.78
)
19.06
9/30/20
19.08
0.80
(
1.14
)
(
0.34
)
(
0.94
)
-
(
0.94
)
17.80
Class
C
8/31/25
18.18
1.22
(
0.13
)
1.09
(
1.26
)
-
(
1.26
)
18.01
8/31/24
17.99
1.37
0.31
1.68
(
1.49
)
-
(
1.49
)
18.18
8/31/23
18.11
1.23
(
0.11
)
1.12
(
1.24
)
-
(
1.24
)
17.99
8/31/22
(d)
19.06
0.50
(
0.93
)
(
0.43
)
(
0.52
)
-
(
0.52
)
18.11
9/30/21
17.80
0.59
1.31
1.90
(
0.64
)
-
(
0.64
)
19.06
9/30/20
19.08
0.66
(
1.14
)
(
0.48
)
(
0.80
)
-
(
0.80
)
17.80
Class
R6
8/31/25
18.27
1.42
(
0.13
)
1.29
(
1.46
)
-
(
1.46
)
18.10
8/31/24
18.09
1.57
0.30
1.87
(
1.69
)
-
(
1.69
)
18.27
8/31/23
18.21
1.45
(
0.13
)
1.32
(
1.44
)
-
(
1.44
)
18.09
8/31/22
(d)
19.16
0.69
(
0.93
)
(
0.24
)
(
0.71
)
-
(
0.71
)
18.21
9/30/21
17.88
0.79
1.33
2.12
(
0.84
)
-
(
0.84
)
19.16
9/30/20
19.17
0.86
(
1.15
)
(
0.29
)
(
1.00
)
-
(
1.00
)
17.88
Class
I
8/31/25
18.20
1.40
(
0.14
)
1.26
(
1.44
)
-
(
1.44
)
18.02
8/31/24
18.01
1.55
0.31
1.86
(
1.67
)
-
(
1.67
)
18.20
8/31/23
18.14
1.38
(
0.09
)
1.29
(
1.42
)
-
(
1.42
)
18.01
8/31/22
(d)
19.08
0.67
(
0.92
)
(
0.25
)
(
0.69
)
-
(
0.69
)
18.14
9/30/21
17.81
0.77
1.32
2.09
(
0.82
)
-
(
0.82
)
19.08
9/30/20
19.10
0.84
(
1.15
)
(
0.31
)
(
0.98
)
-
(
0.98
)
17.81
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense
reimbursement during the periods presented herein. See Notes to Financial Statements for more information.
(d)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
(e)
Annualized.
See Notes to Financial Statements
82
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
6
.93
%
$
213,719
0
.97
%
7
.49
%
49
%
10
.51
211,263
0
.99
8
.31
24
7
.24
204,409
1
.02
7
.61
24
(
1
.61
)
246,410
0
.94
(e)
3
.70
(e)
37
11
.67
121,925
1
.03
3
.88
52
(
1
.81
)
90,684
1
.01
4
.43
63
6
.18
47,085
1
.72
6
.75
49
9
.69
51,907
1
.74
7
.56
24
6
.45
48,289
1
.77
6
.89
24
(
2
.30
)
55,285
1
.69
(e)
2
.93
(e)
37
10
.79
34,192
1
.78
3
.14
52
(
2
.50
)
33,375
1
.76
3
.66
63
7
.33
276,319
0
.65
7
.79
49
10
.79
274,487
0
.67
8
.64
24
7
.59
271,373
0
.70
8
.08
24
(
1
.29
)
227,215
0
.61
(e)
4
.03
(e)
37
12
.03
83,970
0
.70
4
.20
52
(
1
.46
)
55,634
0
.67
4
.75
63
7
.20
1,060,780
0
.72
7
.73
49
10
.79
984,816
0
.74
8
.56
24
7
.46
1,016,373
0
.77
7
.73
24
(
1
.32
)
1,795,387
0
.69
(e)
3
.97
(e)
37
11
.93
828,572
0
.78
4
.10
52
(
1
.56
)
535,410
0
.76
4
.65
63
83
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
High Yield Income
Class
A
8/31/25
$
17.91
$
1.29
$
0.01
$
1.30
$
(
1.34
)
$
-
$
(
1.34
)
$
17.87
8/31/24
17.07
1.26
0.85
2.11
(
1.27
)
-
(
1.27
)
17.91
8/31/23
17.09
1.10
(
0.05
)
1.05
(
1.07
)
-
(
1.07
)
17.07
8/31/22
(d)
19.77
0.77
(
2.68
)
(
1.91
)
(
0.77
)
-
(
0.77
)
17.09
9/30/21
18.51
0.86
1.40
2.26
(
1.00
)
-
(
1.00
)
19.77
9/30/20
20.16
1.04
(
1.57
)
(
0.53
)
(
1.12
)
-
(
1.12
)
18.51
Class
C
8/31/25
17.90
1.15
0.01
1.16
(
1.21
)
-
(
1.21
)
17.85
8/31/24
17.06
1.13
0.84
1.97
(
1.13
)
-
(
1.13
)
17.90
8/31/23
17.08
0.97
(
0.05
)
0.92
(
0.94
)
-
(
0.94
)
17.06
8/31/22
(d)
19.75
0.64
(
2.67
)
(
2.03
)
(
0.64
)
-
(
0.64
)
17.08
9/30/21
18.49
0.72
1.40
2.12
(
0.86
)
-
(
0.86
)
19.75
9/30/20
20.14
0.89
(
1.56
)
(
0.67
)
(
0.98
)
-
(
0.98
)
18.49
Class
R6
8/31/25
18.02
1.37
0.02
1.39
(
1.42
)
-
(
1.42
)
17.99
8/31/24
17.17
1.33
0.86
2.19
(
1.34
)
-
(
1.34
)
18.02
8/31/23
17.19
1.19
(
0.07
)
1.12
(
1.14
)
-
(
1.14
)
17.17
8/31/22
(d)
19.88
0.84
(
2.70
)
(
1.86
)
(
0.83
)
-
(
0.83
)
17.19
9/30/21
18.60
0.93
1.42
2.35
(
1.07
)
-
(
1.07
)
19.88
9/30/20
20.25
1.11
(
1.57
)
(
0.46
)
(
1.19
)
-
(
1.19
)
18.60
Class
I
8/31/25
17.94
1.33
0.01
1.34
(
1.39
)
-
(
1.39
)
17.89
8/31/24
17.09
1.31
0.85
2.16
(
1.31
)
-
(
1.31
)
17.94
8/31/23
17.11
1.15
(
0.06
)
1.09
(
1.11
)
-
(
1.11
)
17.09
8/31/22
(d)
19.79
0.81
(
2.67
)
(
1.86
)
(
0.82
)
-
(
0.82
)
17.11
9/30/21
18.53
0.91
1.40
2.31
(
1.05
)
-
(
1.05
)
19.79
9/30/20
20.17
1.08
(
1.55
)
(
0.47
)
(
1.17
)
-
(
1.17
)
18.53
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
(e)
Annualized.
See Notes to Financial Statements
84
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
7
.55
%
$
59,354
1
.07
%
1
.00
%
7
.23
%
170
%
12
.81
58,657
1
.08
1
.01
7
.26
181
6
.37
49,840
1
.07
1
.00
6
.51
135
(
9
.85
)
50,895
1
.05
(e)
1
.00
(e)
4
.54
(e)
116
12
.44
53,994
1
.06
0
.99
4
.40
134
(
2
.58
)
39,747
1
.04
1
.00
5
.43
128
6
.71
11,248
1
.82
1
.75
6
.48
170
11
.96
11,835
1
.83
1
.76
6
.50
181
5
.57
13,359
1
.82
1
.75
5
.72
135
(
10
.46
)
18,123
1
.80
(e)
1
.75
(e)
3
.76
(e)
116
11
.61
30,391
1
.81
1
.75
3
.69
134
(
3
.33
)
36,222
1
.80
1
.75
4
.70
128
8
.02
19,779
0
.66
0
.59
7
.62
170
13
.26
17,151
0
.69
0
.62
7
.62
181
6
.70
17,731
0
.68
0
.61
6
.99
135
(
9
.50
)
7,779
0
.67
(e)
0
.62
(e)
4
.94
(e)
116
12
.87
7,568
0
.70
0
.63
4
.78
134
(
2
.19
)
6,567
0
.68
0
.63
5
.82
128
7
.77
514,901
0
.82
0
.75
7
.48
170
13
.14
574,136
0
.83
0
.76
7
.53
181
6
.62
427,359
0
.82
0
.75
6
.76
135
(
9
.63
)
458,620
0
.80
(e)
0
.75
(e)
4
.77
(e)
116
12
.69
579,139
0
.81
0
.74
4
.66
134
(
2
.29
)
427,818
0
.79
0
.75
5
.67
128
85
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
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
Preferred Securities and Income
Class
A
8/31/25
$
15.60
$
0.88
$
0.33
$
1.21
$
(
0.88
)
$
-
$
-
$
(
0.88
)
$
15.93
8/31/24
14.46
0.84
1.17
2.01
(
0.87
)
-
-
(
0.87
)
15.60
8/31/23
15.49
0.79
(
0.98
)
(
0.19
)
(
0.84
)
-
-
(
0.84
)
14.46
8/31/22
(d)
17.84
0.66
(
2.25
)
(
1.59
)
(
0.73
)
-
(
0.03
)
(
0.76
)
15.49
9/30/21
16.73
0.76
1.18
1.94
(
0.83
)
-
-
(
0.83
)
17.84
9/30/20
17.21
0.83
(
0.45
)
0.38
(
0.86
)
-
-
(
0.86
)
16.73
Class
C
8/31/25
15.61
0.77
0.33
1.10
(
0.77
)
-
-
(
0.77
)
15.94
8/31/24
14.47
0.73
1.17
1.90
(
0.76
)
-
-
(
0.76
)
15.61
8/31/23
15.50
0.68
(
0.98
)
(
0.30
)
(
0.73
)
-
-
(
0.73
)
14.47
8/31/22
(d)
17.85
0.55
(
2.26
)
(
1.71
)
(
0.61
)
-
(
0.03
)
(
0.64
)
15.50
9/30/21
16.74
0.63
1.18
1.81
(
0.70
)
-
-
(
0.70
)
17.85
9/30/20
17.21
0.70
(
0.44
)
0.26
(
0.73
)
-
-
(
0.73
)
16.74
Class
R6
8/31/25
15.65
0.94
0.32
1.26
(
0.93
)
-
-
(
0.93
)
15.98
8/31/24
14.51
0.90
1.16
2.06
(
0.92
)
-
-
(
0.92
)
15.65
8/31/23
15.53
0.84
(
0.97
)
(
0.13
)
(
0.89
)
-
-
(
0.89
)
14.51
8/31/22
(d)
17.89
0.71
(
2.26
)
(
1.55
)
(
0.78
)
-
(
0.03
)
(
0.81
)
15.53
9/30/21
16.77
0.83
1.18
2.01
(
0.89
)
-
-
(
0.89
)
17.89
9/30/20
17.25
0.89
(
0.46
)
0.43
(
0.91
)
-
-
(
0.91
)
16.77
Class
I
8/31/25
15.62
0.92
0.33
1.25
(
0.92
)
-
-
(
0.92
)
15.95
8/31/24
14.47
0.88
1.18
2.06
(
0.91
)
-
-
(
0.91
)
15.62
8/31/23
15.50
0.83
(
0.98
)
(
0.15
)
(
0.88
)
-
-
(
0.88
)
14.47
8/31/22
(d)
17.86
0.70
(
2.26
)
(
1.56
)
(
0.77
)
-
(
0.03
)
(
0.80
)
15.50
9/30/21
16.74
0.81
1.19
2.00
(
0.88
)
-
-
(
0.88
)
17.86
9/30/20
17.22
0.87
(
0.45
)
0.42
(
0.90
)
-
-
(
0.90
)
16.74
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense
reimbursement during the periods presented herein. See Notes to Financial Statements for more information.
(d)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
(e)
Annualized.
See Notes to Financial Statements
86
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
8
.03
%
$
463,327
1
.00
%
5
.66
%
28
%
14
.31
441,911
1
.03
5
.65
22
(
1
.21
)
459,831
1
.01
5
.36
22
(
9
.07
)
551,741
0
.99
(e)
4
.34
(e)
12
11
.79
597,657
0
.99
4
.32
14
2
.33
458,391
1
.03
4
.97
37
7
.22
113,220
1
.75
4
.90
28
13
.46
130,468
1
.78
4
.90
22
(
1
.93
)
146,126
1
.76
4
.62
22
(
9
.72
)
184,904
1
.74
(e)
3
.57
(e)
12
10
.96
232,618
1
.74
3
.57
14
1
.63
235,790
1
.78
4
.21
37
8
.35
857,656
0
.68
5
.97
28
14
.62
634,395
0
.70
5
.96
22
(
0
.81
)
559,817
0
.69
5
.66
22
(
8
.84
)
1,051,040
0
.67
(e)
4
.65
(e)
12
12
.16
944,235
0
.68
4
.65
14
2
.66
453,348
0
.69
5
.32
37
8
.28
3,983,458
0
.75
5
.91
28
14
.64
3,636,249
0
.78
5
.89
22
(
0
.94
)
3,222,096
0
.76
5
.62
22
(
8
.91
)
3,338,638
0
.74
(e)
4
.57
(e)
12
12
.11
3,842,118
0
.74
4
.57
14
2
.57
2,792,500
0
.78
5
.20
37
87
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Strategic Income
Class
A
8/31/25
$
9.99
$
0.58
$
(
0.02
)
$
0.56
$
(
0.62
)
$
-
$
(
0.62
)
$
9.93
8/31/24
9.55
0.57
0.45
1.02
(
0.58
)
-
(
0.58
)
9.99
8/31/23
9.78
0.49
(
0.23
)
0.26
(
0.49
)
-
(
0.49
)
9.55
8/31/22
(d)
9.66
0.07
0.12
0.19
(
0.07
)
-
(
0.07
)
9.78
6/30/22
11.23
0.35
(
1.59
)
(
1.24
)
(
0.33
)
-
(
0.33
)
9.66
6/30/21
10.69
0.34
0.53
0.87
(
0.33
)
-
(
0.33
)
11.23
Class
C
8/31/25
9.94
0.50
(
0.01
)
0.49
(
0.55
)
-
(
0.55
)
9.88
8/31/24
9.51
0.50
0.43
0.93
(
0.50
)
-
(
0.50
)
9.94
8/31/23
9.73
0.41
(
0.22
)
0.19
(
0.41
)
-
(
0.41
)
9.51
8/31/22
(d)
9.61
0.05
0.13
0.18
(
0.06
)
-
(
0.06
)
9.73
6/30/22
11.17
0.26
(
1.57
)
(
1.31
)
(
0.25
)
-
(
0.25
)
9.61
6/30/21
10.64
0.26
0.52
0.78
(
0.25
)
-
(
0.25
)
11.17
Class
R6
8/31/25
10.02
0.61
-
0.61
(
0.66
)
-
(
0.66
)
9.97
8/31/24
9.59
0.61
0.43
1.04
(
0.61
)
-
(
0.61
)
10.02
8/31/23
9.82
0.52
(
0.23
)
0.29
(
0.52
)
-
(
0.52
)
9.59
8/31/22
(d)
9.69
0.07
0.13
0.20
(
0.07
)
-
(
0.07
)
9.82
6/30/22
11.27
0.39
(
1.60
)
(
1.21
)
(
0.37
)
-
(
0.37
)
9.69
6/30/21
10.73
0.38
0.53
0.91
(
0.37
)
-
(
0.37
)
11.27
Class
I
8/31/25
9.99
0.60
(
0.01
)
0.59
(
0.65
)
-
(
0.65
)
9.93
8/31/24
9.55
0.60
0.44
1.04
(
0.60
)
-
(
0.60
)
9.99
8/31/23
9.78
0.51
(
0.23
)
0.28
(
0.51
)
-
(
0.51
)
9.55
8/31/22
(d)
9.66
0.07
0.12
0.19
(
0.07
)
-
(
0.07
)
9.78
6/30/22
11.23
0.37
(
1.58
)
(
1.21
)
(
0.36
)
-
(
0.36
)
9.66
6/30/21
10.69
0.37
0.53
0.90
(
0.36
)
-
(
0.36
)
11.23
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was June 30th.
(e)
Annualized.
See Notes to Financial Statements
88
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c)
Portfolio
Turnover
Rate
5
.85
%
$
144,931
0
.87
%
0
.80
%
5
.84
%
87
%
11
.04
143,953
0
.93
0
.82
5
.94
60
2
.72
117,023
0
.96
0
.83
5
.12
66
1
.94
105,182
1
.02
(e)
0
.84
(e)
3
.99
(e)
10
(
11
.26
)
102,000
0
.93
0
.83
3
.19
75
8
.25
139,845
0
.95
0
.84
3
.07
128
5
.06
21,434
1
.62
1
.55
5
.10
87
10
.11
14,533
1
.68
1
.57
5
.18
60
2
.04
12,794
1
.71
1
.59
4
.33
66
1
.82
18,212
1
.77
(e)
1
.59
(e)
3
.23
(e)
10
(
11
.91
)
19,754
1
.68
1
.58
2
.43
75
7
.39
30,993
1
.70
1
.59
2
.33
128
6
.32
304,223
0
.54
0
.47
6
.18
87
11
.28
275,725
0
.59
0
.48
6
.28
60
3
.09
243,866
0
.62
0
.50
5
.45
66
2
.10
240,575
0
.69
(e)
0
.51
(e)
4
.31
(e)
10
(
10
.97
)
236,581
0
.59
0
.49
3
.59
75
8
.59
67,689
0
.62
0
.51
3
.40
128
6
.12
671,636
0
.62
0
.55
6
.10
87
11
.32
482,436
0
.68
0
.57
6
.18
60
2
.97
327,839
0
.71
0
.58
5
.35
66
1
.99
329,623
0
.77
(e)
0
.59
(e)
4
.23
(e)
10
(
11
.01
)
333,270
0
.68
0
.58
3
.46
75
8
.51
424,677
0
.70
0
.59
3
.32
128
Notes to Financial Statements
89
1. General Information
Trust and Fund Information
:
The Nuveen Investment Funds, Inc., Nuveen Investment Trust III and Nuveen Investment Trust V (each a "Trust" and
collectively, the "Trusts") are open-end management investment companies registered under the Investment Company Act of 1940 (the "1940 Act"),
as amended. The Nuveen Investment Funds, Inc. is comprised of Nuveen Credit Income Fund ("Credit Income") and Nuveen Strategic Income Fund
("Strategic Income"), among others, Nuveen Investment Trust III is comprised of Nuveen Floating Rate Income Fund ("Floating Rate Income") and
Nuveen High Yield Income Fund ("High Yield Income"), and Nuveen Investment Trust V is comprised of Nuveen Flexible Income Fund ("Flexible
Income") and Nuveen Preferred Securities and Income Fund ("Preferred Securities and Income") among others (each a "Fund" and collectively the
"Funds"). Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. Nuveen Investment Trust III was organized
as a Massachusetts business trust on August 20, 1998. Nuveen Investment Trust V was organized as a Massachusetts business trust on September 27,
2006.
Current Fiscal Period
: The end of the reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial
Statements is the fiscal year ended August 31, 2025 (the "current fiscal period").
Investment Adviser and Sub-Advisers:
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 ("NAM"), a subsidiary of the Adviser, under which the Sub-Adviser manages the
investment portfolios of the Funds.
Share Classes and Sales Charges:
Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or
more are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of
1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if
redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and
Class I Shares are sold without an upfront sales charge.
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 the 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
: None of the Trusts pay compensation directly to those of its officers, all of whom receive remuneration for their services to
each Trust from the Adviser or its affiliates. The Funds' Board of Directors/Trustees (the "Board") has adopted a deferred compensation plan for
independent trustees that enables directors/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 Shareholders:
Distributions to 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.
Foreign Currency Transactions and Translation:
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 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 Preferred Securities and Income and Strategic
Income are as follows:
90
Notes to Financial Statements
(continued)
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 each Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of
the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general
indemnifications to other parties. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims that
may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and
expects the risk of loss to be remote.
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 foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized 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. 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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Fee income and
amendment fees, if any, are recognized as "Fees" on the Statement of Operations.
Multiclass Operations and Allocations:
Income and expenses of the Funds that are not directly attributable to a specific class of shares are
prorated among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are
recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of
Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
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
Preferred Securities and Income
Value
% of Total
Investments
Country:
United Kingdom
$
711,870,168
13.1
%
Canada
544,941,506
10.0
France
492,532,431
9.1
Spain
290,911,413
5.
3
Switzerland
183,966,162
3.4
Netherlands
79,083,103
1.5
Mexico
61,792,010
1.1
Germany
48,354,029
0.9
Ireland
39,927,262
0.7
Other
75,033,927
1.3
Total non-U.S. Securities
$2,528,412,011
46.4%
Strategic Income
Value
% of Total
Investments
Country:
Mexico
$
27,199,357
2.4
%
Canada
23,833,245
2.1
Brazil
15,332,877
1.3
Chile
11,598,725
1.0
South Africa
9,523,666
0.8
United Kingdom
9,284,990
0.8
India
8,943,448
0.8
Colombia
7,634,497
0.7
Turkey
7,383,778
0.6
Other
126,890,454
11.0
Total non-U.S. Securities
$247,625,037
21.5%
91
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:
In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280)
Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure
requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a
single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic
280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted
financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker ("CODM"). 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
: In December 2023, the FASB issued 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.
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:
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 certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price,
official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 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.
92
Notes to Financial Statements
(continued)
Structured notes are valued based upon a price supplied by a pricing service and are generally classified as Level 2.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. 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.
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.
Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing
service using the procedures approved by the Adviser, subject to the oversight of the Board, and 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:
Credit Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
-
$
22,613,532
$
535,885
$
23,149,417
Common Stocks
-
-
89
89
Corporate Bonds
-
137,646,319
-
137,646,319
Mortgage-Backed Securities
-
20,491,475
-
20,491,475
Preferred Stock
1,712,495
211,000
-
1,923,495
Sovereign Debt
-
7,221,428
-
7,221,428
Variable Rate Senior Loan Interests
-
26,291,259
-
26,291,259
Investments Purchased with Collateral from Securities
Lending
9,301,923
-
-
9,301,923
Short-Term Investments:
Repurchase Agreements
-
16,956,220
-
16,956,220
Investments in Derivatives:
Forward Foreign Currency Contracts*
-
3,262
-
3,262
Futures Contracts*
101,498
-
-
101,498
Total
$
11,115,916
$
231,434,495
$
535,974
$
243,086,385
Flexible Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
82,890,365
$
-
$
-
$
82,890,365
Convertible Bonds
-
18,097,765
-
18,097,765
Convertible Preferred Securities
27,284,545
-
-
27,284,545
Corporate Bonds
-
611,179,009
-
611,179,009
Preferred Stock
62,258,023
-
-
62,258,023
Structured Notes
-
11,911,644
-
11,911,644
Variable Rate Senior Loan Interests
-
3,970,720
-
3,970,720
Investments Purchased with Collateral from Securities
Lending
12,803,252
-
-
12,803,252
Short-Term Investments:
Repurchase Agreements
-
10,024,097
-
10,024,097
Total
$
185,236,185
$
655,183,235
$
-
$
840,419,420
93
Floating Rate Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
480,093
$
5,716,120
$
211,634
$
6,407,847
Corporate Bonds
-
156,416,974
-
156,416,974
Exchange-Traded Funds
47,161,218
-
-
47,161,218
Variable Rate Senior Loan Interests
-
1,359,680,555
26,593
1,359,707,148
Warrants
-
217,911
12,529
230,440
Investments Purchased with Collateral from Securities
Lending
10,475,121
-
-
10,475,121
Short-Term Investments:
Investment Companies
58,694,461
-
-
58,694,461
Total
$
116,810,893
$
1,522,031,560
$
250,756
$
1,639,093,209
High Yield Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
-
$
2,663
$
-
$
2,663
Corporate Bonds
-
533,319,363
-
533,319,363
Variable Rate Senior Loan Interests
-
54,991,275
-
54,991,275
Investments Purchased with Collateral from Securities
Lending
30,684,351
-
-
30,684,351
Short-Term Investments:
Investment Companies
6,235,829
-
-
6,235,829
Total
$
36,920,180
$
588,313,301
$
-
$
625,233,481
Preferred Securities and Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Corporate Bonds
$
-
$
4,689,748,707
$
28,697,000
$
4,718,445,707
Preferred Stock
515,968,502
-
-
515,968,502
U.S. Government and Agency Obligations
-
115,255,612
-
115,255,612
Investments Purchased with Collateral from Securities
Lending
91,596,475
-
-
91,596,475
Short-Term Investments:
Repurchase Agreements
-
1,200,000
-
1,200,000
Investments in Derivatives:
Futures Contracts*
1,083,070
-
-
1,083,070
Total
$
608,648,047
$
4,806,204,319
$
28,697,000
$
5,443,549,366
Strategic Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
-
$
135,852,939
$
1,098,735
$
136,951,674
Corporate Bonds
-
348,077,641
-
348,077,641
Mortgage-Backed Securities
-
377,894,572
-
377,894,572
Sovereign Debt
-
91,336,247
-
91,336,247
U.S. Government and Agency Obligations
-
73,640,508
-
73,640,508
Variable Rate Senior Loan Interests
-
87,538,297
-
87,538,297
Investments Purchased with Collateral from Securities
Lending
13,304,127
-
-
13,304,127
Short-Term Investments:
Repurchase Agreements
-
23,053,216
-
23,053,216
Investments in Derivatives:
Credit Default Swaps - Centrally Cleared*
-
(88,307)
-
(88,307)
Forward Foreign Currency Contracts*
-
32,886
-
32,886
Futures Contracts*
157,893
-
-
157,893
Total
$
13,462,020
$
1,137,337,999
$
1,098,735
$
1,151,898,754
*
Represents net unrealized appreciation (depreciation).
94
Notes to Financial Statements
(continued)
4. Portfolio Securities
Unfunded Commitments:
Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds (except Preferred Securities and
Income) 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 reporting period, the Funds'
outstanding unfunded senior loan commitments were as follows:
Participation Commitments:
With respect to the senior loans held in each Fund's portfolio, the Funds (except Preferred Securities and Income)
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 Fund 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 Fund not only assumes 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 reporting period, the Funds had no such outstanding participation
commitments.
Securities Lending:
Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other
institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the
economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set
maturity. The Funds' custodian, State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the
market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.
Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements
of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the
Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,
which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of
the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination
at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the
securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent
may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned
securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities
have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and
compensation to the Agent. Such income is recognized on the Statement of Operations.
As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:
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
Outstanding Unfunded Senior Loan
Commitments
Floating Rate Income
$
2,070,243
Strategic Income
354,483
Aggregate Value of Securities on Loan
Fund
Equity
Securities
Fixed Income
Securities
Cash Collateral
Received*
Credit Income
$-
$8,967,812
$9,301,923
Flexible Income
-
12,365,857
12,803,252
Floating Rate Income
9,675,772
489,099
10,475,121
High Yield Income
-
29,452,227
30,684,351
Preferred Securities and Income
-
87,619,914
91,596,475
Strategic Income
-
12,857,885
13,304,127
*May include cash and investment of cash collateral.
95
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 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.
Sale of Vistra Vision interests:
On December 31, 2024, Floating Rate Income and High Yield Income received all the proceeds for the sale of their
interest in Vistra Vision. As of January 1, 2025, the Funds no longer have a receivable or payable on the Statement of Assets and Liabilities for this
sale. During the current fiscal period, Floating Rate Income and High Yield Income sold their interest back to Vistra and recognized a realized gain of
$3,746,234 and $1,262,768, respectively, which is recognized as "Realized gain (loss) from investments" on the Statement of Operations.
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.
Forward Foreign Currency Contracts:
During the current fiscal period, Credit Income and Strategic Income used forward foreign currency
contracts to manage non-U.S. dollar denominated currency exposure.
A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the
future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery
of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all details of the contract are negotiated
between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are
reflected as appreciation or depreciation on the Statement of Assets and Liabilities. The Funds realizes gains and losses at the time the forward
contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets
and Liabilities.
The average notional amount of forward contracts outstanding during the current fiscal period was as follows:
The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those
forward foreign currency contracts as of the end of the reporting period.
Fund
Counterparty
Short-term
Investments,
at Value
Collateral
Pledged (From)
Counterparty
Credit Income
Fixed Income Clearing Corporation
$
16,956,220
$
(17,295,413)
Flexible Income
Fixed Income Clearing Corporation
10,024,097
(10,224,878)
Preferred Securities and Income
Fixed Income Clearing Corporation
1,200,000
(1,224,023)
Strategic Income
Fixed Income Clearing Corporation
23,053,216
(23,514,432)
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
U.S.
Government
Sales
Credit Income
$
253,682,387
$
4,420,354
$
126,712,516
$
-
Flexible Income
242,239,803
-
437,893,681
-
Floating Rate Income
769,162,572
-
745,977,667
-
High Yield Income
1,086,357,589
-
1,121,339,560
-
Preferred Securities and Income
1,954,471,794
-
1,391,731,387
-
Strategic Income
684,151,308
442,714,568
432,401,084
441,548,878
Fund
Average Notional Amount of Forward
Contracts Outstanding
*
Credit Income
$
147,002
Strategic Income
1,256,743
96
Notes to Financial Statements
(continued)
Credit Default Swap Contracts:
A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment
or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer's default. During the current
fiscal period, Strategic Income used credit default swap index contracts to gain broad exposure to the high yield bond market.
Credit default swap contracts involve one party making a stream of payments (buyer of protection) to another party (seller of protection) in exchange
for the right to receive a specified return if/when there is a credit event by a third party. Credit events are agreement specific but may include
bankruptcy, failure to pay, or restructuring. When a Fund has bought (sold) protection in a credit default swap upon occurrence of a specific credit
event with respect to the underlying referenced entity, the Fund will either (i) receive (deliver) that security, or an equivalent amount of cash, from the
counterparty in exchange for receipt (payment) of the notional amount to the counterparty, or (ii) receive (pay) a net settlement amount of the credit
default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 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. Credit default swaps are "marked-to-market" on a daily basis to reflect the value of the swap agreement at the end of each trading
day and are recognized as unrealized appreciation (depreciation) on the Statement of Operations.
Credit default 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 credit default swaps 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 credit default swaps.
The difference between the value of the security received (delivered) and the notional amount delivered (received) as well as payments received or
made as a result of a credit event or termination of a contract are recognized as realized gains or losses on the Statement of Operations.
The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap contract is limited
to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced
entity.
The average notional amount of swap contracts outstanding during the current fiscal period was as follows:
Futures Contracts:
During the current fiscal period, Credit Income, Preferred Securities and Income and Strategic Income used U.S. Treasury futures
as part of their 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.
Fund
Counterparty
Gross Unrealized
Appreciation on
Forward Foreign
Currency Contracts*
Gross Unrealized
(Depreciation) on
Forward Foreign
Currency Contracts*
Net Unrealized
Appreciation
(Depreciation) on
Forward Foreign
Currency Contracts
Collateral
Pledged
to (from)
Counterparty
Net Exposure
Credit Income
Morgan Stanley Capital Services
LLC
$
3,262
$
-
$
3,262
$
-
$
3,262
Strategic Income
Morgan Stanley Capital Services
LLC
$
30,284
$
-
$
30,284
$
-
$
30,284
Toronto Dominion Bank
2,602
-
2,602
-
2,602
Total
$
32,886
$
-
$
32,886
$
-
$
32,886
* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds' Portfolio of Investments.
Fund
Average Notional Amount of Credit Default
Swaps Contracts Outstanding
*
Strategic Income
$
2,000,000
97
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:
As of the end of the current fiscal period, the following 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' Statement of Operations was as follows:
Fund
Average Notional Amount of Futures
Contracts Outstanding
*
Credit Income
$
10,049,585
Preferred Securities and Income
406,833,229
Strategic Income
120,397,386
*
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.
Asset Derivatives
Liability Derivatives
Derivative Instrument
Risk Exposure
Location
Value
Location
Value
Credit Income
Futures Contracts
Interest rate
Unrealized appreciation on
futures contracts
*
$
101,498
-
$
-
Forward Foreign Currency
Contracts
Foreign currency
exchange rate
Unrealized appreciation on
forward contracts
3,262
-
-
1
1
1
1
1
1
1
1
Preferred Securities and Income
Futures Contracts
Interest rate
Unrealized appreciation on
futures contracts
*
1,083,070
-
-
1
1
1
1
1
1
1
1
Strategic Income
Futures Contracts
Interest rate
Unrealized appreciation on
futures contracts
*
157,893
-
-
Forward Foreign Currency
Contracts
Foreign currency
exchange rate
Unrealized appreciation on
forward contracts
32,886
-
-
Credit Default Swaps -
Centrally Cleared
Credit
-
-
Unrealized depreciation on
swap contracts
**
(88,307)
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.
**
The fair value presented includes cumulative gain (loss) on open credit default swap contracts; however, the value reflected in the
accompanying Statement of Assets and Liabilities is only the receivable or payable for variation margin on open credit default swap
contacts.
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Credit Income
Futures contracts
Interest rate
$
(106,535)
$
120,370
Forward foreign currency contracts
Foreign currency exchange rate
-
3,262
High Yield Income
Swap contracts
Credit
122,874
-
Preferred Securities and Income
Futures contracts
Interest rate
(23,628,333)
5,829,632
Strategic Income
Futures contracts
Interest rate
(5,315,700)
755,619
Forward foreign currency contracts
Foreign currency exchange rate
-
32,886
Swap contracts
Credit
58,247
(88,307)
98
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
Transactions in Fund shares during the current and prior fiscal period were as follows:
Year Ended
8/31/25
Year Ended
8/31/24
Credit Income
Shares
Value
Shares
Value
Subscriptions:
Class A
2,282,955
$15,290,614
1,005,007
$6,519,904
Class A - automatic conversion of Class C
308
2,056
-
-
Class C
366,389
2,435,023
286,559
1,876,863
Class I
26,375,081
175,432,785
4,453,741
29,156,239
Total subscriptions
29,024,733
193,160,478
5,745,307
37,553,006
Reinvestments of distributions:
Class A
584,641
3,903,492
548,517
3,577,714
Class C
70,987
473,436
65,812
428,835
Class I
981,204
6,542,355
347,875
2,274,671
Total reinvestments of distributions
1,636,832
10,919,283
962,204
6,281,220
Redemptions:
Class A
(2,871,275)
(19,190,675)
(1,882,772)
(12,236,169)
Class C
(428,065)
(2,850,165)
(392,831)
(2,515,846)
Class C - automatic conversion to Class A
(309)
(2,056)
-
-
Class I
(5,642,489)
(37,816,414)
(4,022,296)
(26,419,249)
Total redemptions
(8,942,138)
(59,859,310)
(6,297,899)
(41,171,264)
Net increase (decrease)
21,719,427
$144,220,451
409,612
$2,662,962
99
Year Ended
8/31/25
Year Ended
8/31/24
Flexible Income
Shares
Value
Shares
Value
Subscriptions:
Class A
1,424,462
$26,905,852
1,643,955
$30,114,555
Class A - automatic conversion of Class C
1,277
24,172
-
-
Class C
126,259
2,384,651
239,413
4,361,603
Class R6
77,752
1,474,868
80,253
1,494,087
Class I
3,921,034
74,131,230
7,704,152
141,092,702
Total subscriptions
5,550,784
104,920,773
9,667,773
177,062,947
Reinvestments of distributions:
Class A
449,679
8,497,666
508,790
9,335,948
Class C
224,529
4,234,800
320,049
5,854,348
Class R6
12,574
239,325
16,267
300,515
Class I
1,731,313
32,756,020
2,145,669
39,397,421
Total reinvestments of distributions
2,418,095
45,727,811
2,990,775
54,888,232
Redemptions:
Class A
(2,589,956)
(48,864,945)
(3,109,442)
(57,094,029)
Class C
(2,117,089)
(39,848,883)
(2,572,608)
(47,029,811)
Class C - automatic conversion to Class A
(1,279)
(24,172)
-
-
Class R6
(108,265)
(2,054,292)
(168,219)
(3,120,359)
Class I
(14,423,204)
(272,034,126)
(17,780,482)
(325,690,299)
Total redemptions
(19,239,793)
(362,826,418)
(23,630,751)
(432,934,498)
Net increase (decrease)
(11,270,914)
$(212,177,834)
(10,972,203)
$(200,983,319)
Year Ended
8/31/25
Year Ended
8/31/24
Floating Rate Income
Shares
Value
Shares
Value
Subscriptions:
Class A
5,285,888
$95,655,468
4,320,216
$78,241,393
Class A - automatic conversion of Class C
1,858
33,722
-
-
Class C
628,381
11,364,708
866,417
15,665,769
Class R6
4,512,867
81,874,956
2,637,769
48,074,593
Class I
32,543,677
589,601,192
24,155,645
437,300,316
Total subscriptions
42,972,671
778,530,046
31,980,047
579,282,071
Reinvestments of distributions:
Class A
761,234
13,758,055
847,038
15,327,337
Class C
169,657
3,067,018
205,154
3,711,737
Class R6
986,255
17,921,662
1,288,693
23,442,662
Class I
4,093,610
74,061,454
4,669,808
84,580,980
Total reinvestments of distributions
6,010,756
108,808,189
7,010,693
127,062,716
Redemptions:
Class A
(5,799,007)
(104,401,809)
(4,905,544)
(88,824,423)
Class C
(1,036,766)
(18,746,929)
(899,744)
(16,279,194)
Class C - automatic conversion to Class A
(1,858)
(33,722)
-
-
Class R6
(5,252,765)
(95,546,624)
(3,909,927)
(71,086,773)
Class I
(31,888,199)
(575,196,141)
(31,134,250)
(563,057,888)
Total redemptions
(43,978,595)
(793,925,225)
(40,849,465)
(739,248,278)
Net increase (decrease)
5,004,832
$93,413,010
(1,858,725)
$(32,903,491)
100
Notes to Financial Statements
(continued)
Year Ended
8/31/25
Year Ended
8/31/24
High Yield Income
Shares
Value
Shares
Value
Subscriptions:
Class A
818,647
$14,613,283
857,944
$14,907,105
Class A - automatic conversion of Class C
840
15,107
-
-
Class C
224,268
4,004,875
174,300
3,048,284
Class R6
2,212,975
39,894,865
1,367,256
24,200,012
Class I
5,090,857
90,990,538
8,610,554
150,932,074
Total subscriptions
8,347,587
149,518,668
11,010,054
193,087,475
Reinvestments of distributions:
Class A
232,287
4,139,467
204,050
3,559,325
Class C
45,788
814,919
44,340
771,832
Class R6
86,098
1,543,047
77,777
1,364,179
Class I
2,396,260
42,758,588
2,080,633
36,372,422
Total reinvestments of distributions
2,760,433
49,256,021
2,406,800
42,067,758
Redemptions:
Class A
(1,004,820)
(17,848,293)
(707,349)
(12,305,477)
Class C
(300,377)
(5,330,221)
(340,706)
(5,902,383)
Class C - automatic conversion to Class A
(840)
(15,107)
-
-
Class R6
(2,151,348)
(38,622,505)
(1,525,650)
(27,000,153)
Class I
(10,717,275)
(190,363,008)
(3,688,741)
(64,484,312)
Total redemptions
(14,174,660)
(252,179,134)
(6,262,446)
(109,692,325)
Net increase (decrease)
(3,066,640)
$(53,404,445)
7,154,408
$125,462,908
Year Ended
8/31/25
Year Ended
8/31/24
Preferred Securities and Income
Shares
Value
Shares
Value
Subscriptions:
Class A
7,682,763
$120,155,000
7,990,278
$119,278,069
Class A - automatic conversion of Class C
1,697
26,930
-
-
Class C
1,098,444
17,227,064
1,389,023
20,933,804
Class R6
26,263,698
412,696,662
14,390,444
217,467,311
Class I
77,811,701
1,216,989,771
91,622,434
1,372,309,904
Total subscriptions
112,858,303
1,767,095,427
115,392,179
1,729,989,088
Reinvestments of distributions:
Class A
1,432,171
22,432,813
1,538,769
23,059,470
Class C
356,562
5,588,025
425,606
6,379,598
Class R6
1,907,089
29,999,323
1,906,821
28,684,996
Class I
12,233,625
191,841,229
11,520,586
173,007,735
Total reinvestments of distributions
15,929,447
249,861,390
15,391,782
231,131,799
Redemptions:
Class A
(8,352,879)
(130,606,969)
(12,999,657)
(193,881,884)
Class C
(2,706,946)
(42,329,861)
(3,554,566)
(52,902,714)
Class C - automatic conversion to Class A
(1,696)
(26,930)
-
-
Class R6
(15,043,589)
(236,097,567)
(14,356,646)
(214,357,113)
Class I
(73,078,945)
(1,141,388,008)
(92,906,073)
(1,370,755,378)
Total redemptions
(99,184,055)
(1,550,449,335)
(123,816,942)
(1,831,897,089)
Net increase (decrease)
29,603,695
$466,507,482
6,967,019
$129,223,798
101
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.
Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains
and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted
in reclassifications among the components of net assets relate primarily to bond premium amortization adjustments, complex securities character
adjustments, foreign currency transactions, investments in partnerships, paydowns, return of capital and long-term capital gain distributions received
from portfolio investments, and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund's net
assets.
As of year end, 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 year end, the components of accumulated earnings on a tax basis were as follows:
Year Ended
8/31/25
Year Ended
8/31/24
Strategic Income
Shares
Value
Shares
Value
Subscriptions:
Class A
4,876,876
$48,144,280
4,613,405
$44,145,230
Class A - automatic conversion of Class C
2,824
27,902
-
-
Class C
1,199,989
11,836,037
623,523
6,041,600
Class R6
5,427,815
53,714,595
2,861,144
27,833,777
Class I
34,138,673
336,967,623
26,871,228
261,549,643
Total subscriptions
45,646,177
450,690,437
34,969,300
339,570,250
Reinvestments of distributions:
Class A
770,855
7,621,078
722,846
7,004,281
Class C
95,960
943,896
66,046
636,587
Class R6
1,882,852
18,677,958
1,608,071
15,634,485
Class I
3,138,098
31,010,735
1,964,364
19,049,927
Total reinvestments of distributions
5,887,765
58,253,667
4,361,327
42,325,280
Redemptions:
Class A
(5,472,949)
(54,018,163)
(3,170,921)
(30,716,414)
Class C
(586,954)
(5,767,776)
(573,143)
(5,490,942)
Class C - automatic conversion to Class A
(2,836)
(27,902)
-
-
Class R6
(4,297,518)
(42,344,642)
(2,395,241)
(23,289,883)
Class I
(17,956,725)
(176,745,455)
(14,844,018)
(143,368,534)
Total redemptions
(28,316,982)
(278,903,938)
(20,983,323)
(202,865,773)
Net increase (decrease)
23,216,960
$230,040,166
18,347,304
$179,029,757
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Credit Income
$
240,556,767
$
5,162,152
$
(2,632,534)
$
2,529,618
Flexible Income
812,179,829
37,295,547
(9,055,956)
28,239,591
Floating Rate Income
1,650,523,264
25,030,678
(36,460,733)
(11,430,055)
High Yield Income
614,670,790
15,666,587
(5,103,896)
10,562,691
Preferred Securities and Income
5,456,153,239
196,069,916
(208,673,789)
(12,603,873)
Strategic Income
1,157,858,855
18,802,081
(24,762,182)
(5,960,101)
102
Notes to Financial Statements
(continued)
The tax character of distributions paid was as follows:
As of year 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:
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
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
Credit Income
$
1,211,208
$
-
$
2,529,804
$
(140,916,434)
$
-
$
(1,398,757)
$
(138,574,179)
Flexible Income
-
-
28,239,591
(256,678,566)
-
(3,545,409)
(231,984,384)
Floating Rate Income
3,508,090
-
(11,430,055)
(308,623,502)
-
(10,428,723)
(326,974,190)
High Yield Income
4,421,103
-
10,562,585
(221,038,525)
-
(4,078,677)
(210,133,514)
Preferred Securities and
Income
370,633
-
(12,603,873)
(463,632,281)
-
(26,337,389)
(502,202,910)
Strategic Income
2,797,909
-
(5,958,697)
(104,107,411)
-
(5,642,041)
(112,910,240)
8/31/25
8/31/24
Fund
Ordinary
Income
Long-Term
Capital Gains
Return
of
Capital
Ordinary
Income
Long-Term
Capital Gains
Return
of
Capital
Credit Income
$
11,216,475
$
-
$
-
$
6,575,529
$
-
$
-
Flexible Income
32,645,558
-
14,569,434
38,740,539
-
18,741,715
Floating Rate Income
122,314,724
-
-
142,547,229
-
-
High Yield Income
50,976,650
-
-
43,411,757
-
-
Preferred Securities and Income
289,460,431
-
-
263,987,285
-
-
Strategic Income
66,939,188
-
-
48,040,996
-
-
Fund
Short-Term
Long-Term
Total
Credit Income
$
46,905,679
$
94,010,755
$
140,916,434
Flexible Income
78,595,619
178,082,947
256,678,566
Floating Rate Income
74,763,786
233,859,716
308,623,502
High Yield Income
27,208,918
193,829,607
221,038,525
Preferred Securities and Income
114,038,738
349,593,543
463,632,281
Strategic Income
40,108,436
63,998,975
104,107,411
Average Daily Net Assets
Credit
Income
Flexible
Income
Floating
Rate
Income
High
Yield
Income
Preferred
Securities
and
Income
Strategic
Income
For the first $125 million
0.4000
%
0.5500
%
0.4500
%
0.4500
%
0.5500
%
0.3600
%
For the next $125 million
0.3875
0.5375
0.4375
0.4375
0.5375
0.3475
For the next $250 million
0.3750
0.5250
0.4250
0.4250
0.5250
0.3350
For the next $500 million
0.3625
0.5125
0.4125
0.4125
0.5125
0.3225
For the next $1 billion
0.3500
0.5000
0.4000
0.4000
0.5000
0.3100
For the next $3 billion
0.3250
0.4750
0.3750
0.3750
0.4750
0.2850
For the next $5 billion
0.3000
0.4500
0.3500
0.3500
0.4500
0.2600
For net assets over $10 billion
0.2875
0.4375
0.3375
0.3375
0.4375
0.2475
103
* 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:
The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the Funds so that the total annual Fund operating expenses
(excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing
of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the
time periods stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual
fund operating expense for the Class R6 Shares will be less than the expense limitation. The temporary expense limitations may be terminated or
modified prior to expiration date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified
only with the approval of shareholders of each Fund.
Distribution and Service Fees:
Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares
incur a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6
Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the
"Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing
and maintaining shareholder accounts.
Other Transactions with Affiliates:
The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research
services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the
Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period
is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary
compensation were as follows:
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
Credit Income
0.1568
%
Flexible Income
0.1568
Floating Rate Income
0.1568
High Yield Income
0.1568
Preferred Securities and Income
0.1568
Strategic Income
0.1568
Fund
Temporary
Expense Cap
Temporary
Expense Cap
Expiration Date
Permanent
Expense Cap
Credit Income
0.75%
July 31, 2027
N/A
Flexible Income
0.75%
July 31, 2027
1.25%
Floating Rate Income
0.85%
July 31, 2027
1.10%
High Yield Income
0.79%
July 31, 2027
1.35%
Preferred Securities and Income
N/A
N/A
1.25%
Strategic Income
0.59%
July 31, 2027
N/A
N/A - Not Applicable.
104
Notes to Financial Statements
(continued)
The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of
the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures
have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment
adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions
are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current
fiscal period, the Funds engaged in the following security transactions with affiliated entities:
During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as
concessions to financial intermediaries as follows:
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for
providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as
follows:
Fund
Value
Credit Income
$
-
Flexible Income
41,758
Floating Rate Income
-
High Yield Income
-
Preferred Securities and Income
-
Strategic Income
-
Fund
Purchases
Sales
Realized
Gain (Loss)
Credit Income
$
-
$
-
$
-
Flexible Income
-
-
-
Floating Rate Income
-
-
-
High Yield Income
127,753
-
-
Preferred Securities and Income
-
-
-
Strategic Income
-
-
-
Fund
Sales Charges
Collected
(Unaudited)
Paid to Financial
Intermediaries
(Unaudited)
Credit Income
$
34,646
$
30,394
Flexible Income
106,118
95,571
Floating Rate Income
293,996
276,544
High Yield Income
116,631
103,873
Preferred Securities and Income
607,255
559,534
Strategic Income
275,609
255,176
105
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the
first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to
their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
Affiliated Owned Shares:
As of the end of the current fiscal period, the percentage of Fund shares owned by affiliates was as follows:
9. Borrowing Arrangements
Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have
established a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary
purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's
capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw
on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the
Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other
Participating Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.
Fund
Commission
Advances
(Unaudited)
Credit Income
$
20,935
Flexible Income
32,927
Floating Rate Income
298,339
High Yield Income
28,875
Preferred Securities and Income
361,104
Strategic Income
226,348
Fund
12b-1 Fees
Retained
(Unaudited)
Credit Income
$
12,297
Flexible Income
29,514
Floating Rate Income
85,366
High Yield Income
20,952
Preferred Securities and Income
157,320
Strategic Income
62,123
Fund
CDSC
Retained
(Unaudited)
Credit Income
$
1,424
Flexible Income
3,968
Floating Rate Income
14,010
High Yield Income
6,616
Preferred Securities and Income
32,179
Strategic Income
900
Fund
Nuveen Owned Shares
Flexible Income
-%*
Floating Rate Income
-%*
*Rounds to less than 1%.
106
Notes to Financial Statements
(continued)
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher
of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts
borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the
Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest
expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the
relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each
Participating Fund.
During the current fiscal period, the following Funds utilized this facility. The Fund's maximum outstanding balance during the utilization period was
as follows:
During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on
the Borrowings were as follows:
Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.
Fund
Maximum
Outstanding
Balance
Credit Income
$
-
Flexible Income
-
Floating Rate Income
44,472,273
High Yield Income
-
Preferred Securities and Income
33,500,000
Strategic Income
-
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
Credit Income
-
$
-
-
%
Flexible Income
-
-
-
Floating Rate Income
14
15,762,305
6.03
High Yield Income
-
-
-
Preferred Securities and Income
3
33,500,000
6.53
Strategic Income
-
-
-
107
Important Tax Information
(U
naudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must
be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications
of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which
will be sent to shareholders shortly after calendar year end.
Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being
from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
eligible for the dividends received deduction for corporate shareholders:
Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:
Qualified Interest Income (QII)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal
Revenue Code:
Fund
Net Long-Term
Capital Gains
Credit Income
$
-
Flexible Income
-
Floating Rate Income
-
High Yield Income
-
Preferred Securities and Income
-
Strategic Income
-
Fund
Percentage
Credit Income
1
.9
%
Flexible Income
55
.3
Floating Rate Income
0
.3
High Yield Income
1
.3
Preferred Securities and Income
47
.6
Strategic Income
5
.0
Fund
Percentage
Credit Income
3
.7
%
Flexible Income
56
.5
Floating Rate Income
0
.3
High Yield Income
2
.0
Preferred Securities and Income
96
.8
Strategic Income
8
.0
108
Important Tax Information
(continued)
163(j)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as
Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:
Fund
Prior Year End to
12/31 Percentage
1/1 to Current
Year End
Percentage
Credit Income
71.7
%
68.4
%
Flexible Income
94.7
44.1
Floating Rate Income
66.3
89.1
High Yield Income
79.8
74.2
Preferred Securities and Income
18.9
4.0
Strategic Income
58.1
70.5
Fund
Percentage
Credit Income
100
.0
%
Flexible Income
39
.4
Floating Rate Income
93
.6
High Yield Income
95
.5
Preferred Securities and Income
10
.7
Strategic Income
86
.5
| Item 8. |
Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies. |
Changes in Independent Registered Public Accounting Firm
(a) Previous independent registered public accounting firm:On October 24, 2024, the Funds' Board of Directors/Trustees (the "Board"), upon recommendation from the Audit Committee, notified KPMG LLP ("KPMG") that it would be dismissed as the independent registered public accounting firm for the Funds effective upon (i) completion of KPMG's audit of the Funds' financial statements to be included in the Funds' Annual Report on Form N-CSR(the "2024 Annual Report") for the fiscal year ended August 31, 2024 and (ii) the issuance of KPMG's report on the same. KPMG's dismissal as the Funds' independent registered public accounting firm was effective on October 29, 2024, which is the date on which KPMG issued their report on their audit of the Funds' financial statements to be included in the 2024 Annual Report. KPMG's audit reports on the Funds' financial statements as of and for the fiscal years ended August 31, 2024 and August 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds' fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Funds' fiscal years ended August 31, 2024 and August 31, 2023 and the subsequent interim period through October 29, 2024, there were no reportable events (as defined in Regulation S-KItem 304(a)(1)(v)).
The Funds provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.
(b) New independent registered public accounting firm:On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP ("PwC") as the new independent registered public accounting firm for the Funds for the fiscal year ending August 31, 2025. During the Funds' fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-KItem 304 ("S-K304"), S-K304(a)(2)(i) or S-K304(a)(2)(ii) disclosure.
| Item 9. |
Proxy Disclosures for Open-EndManagement Investment Companies. |
Not applicable.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies. |
The aggregate remuneration paid to the directors/trustees (all of whom are independent) by each Fund is reported as "Directors/Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.
The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Nuveen Credit Income Fund
Nuveen Flexible Income Fund
Nuveen Floating Rate Income Fund
Nuveen High Yield Income Fund
Nuveen Preferred Securities and Income Fund
Nuveen Strategic Income Fund
The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Trustees of Nuveen Investment Trust III ("NIT III") and Nuveen Investment Trust V ("NIT V") and the Board of Directors of Nuveen Investment Funds, Inc. ("NIF") (collectively, the "Board" and each Trustee or Director, as applicable, a "Board Member") approved, for each applicable series of NIT III, NIT V and NIF, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"). Similarly, for each respective series, the Board approved the renewal of the sub-advisoryagreement (each a "Sub-AdvisoryAgreement") with Nuveen Asset Management, LLC (the "Sub-Adviser").NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Sub-Adviseris also an affiliate of the Adviser. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-AdvisoryAgreement with respect to each series covered by this report (the "Funds").
In accordance with applicable law, following up to an initial two-yearperiod, the Board considers the renewal of each Investment Management Agreement and Sub-AdvisoryAgreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-AdvisoryAgreements are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviserare collectively, the "Fund Advisers" and each a "Fund Adviser."
To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisersin their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or the "funds"). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.
To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26,2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.
In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviserand/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisoryfee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.
1
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.
As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-upquestions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.
The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.
After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-yearperiod. The Board did not identify any single factor as all-importantor controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviserin providing services to the Funds.
The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.
In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.
In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviserto manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviserand its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.
2
In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser),the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.
Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.
In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.
The Board considered the division of responsibilities between the Adviser and the Sub-Adviserand considered that the Sub-Adviserand its investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviserprovided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advisedby the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-AdvisoryAgreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-,three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-,three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.
The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.
In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.
The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect
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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.
In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.
The performance determinations with respect to each Fund are summarized below:
| • |
For Nuveen Credit Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund outperformed its benchmark for the one-and three-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-,three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements. |
| • |
For Nuveen Flexible Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-yearperiod ended December 31, 2024. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the one-and three-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the five-year period ended December 31, 2024. The Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements. |
| • |
For Nuveen Floating Rate Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-yearperiod ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-and five-year periods ended December 31, 2024 and second quartile of its Performance Peer Group for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements. |
| • |
For Nuveen High Yield Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-and three-year periods and second quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements. |
| • |
For Nuveen Preferred Securities and Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one-yearperiod ended December 31, 2024, the Fund outperformed its benchmark for the three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one-yearperiod and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements. |
| • |
For Nuveen Strategic Income Fund, the Board considered that the Fund outperformed its benchmark for the one-,three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-yearperiod and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements. |
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C. Fees, Expenses and Profitability
| 1. |
Fees and Expenses |
As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.
In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.
The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.
In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/ or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.
With respect to the Sub-Adviser,the Board also considered, among other things, the sub-advisoryfee schedule paid to the Sub-Adviserin light of the sub-advisoryservices provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviseris the responsibility of the Adviser, not the Funds.
The Board's considerations regarding the comparative fee data for each Fund are set forth below:
| • |
For Nuveen Credit Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, first quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate and actual management fee rate were each below the Expense Group median, and the net total expense ratio matched the Expense Group median. The Fund's contractual management fee rate and actual management fee rate were each below the Expense Universe median, and the Fund's net total expense ratio was slightly above (within 5 basis points) the Expense Universe median. |
| • |
For Nuveen Flexible Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively. |
| • |
For Nuveen Floating Rate Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and second quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was slightly above (within 5 basis points) the Expense Group median and Expense Universe median, the contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively. |
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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
| • |
For Nuveen High Yield Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Universe. Further, the Fund's contractual management fee rate and actual management fee rate were each below the Expense Group median, and net total expense ratio was slightly above (within 5 basis points) the Expense Group median. Although the Fund's net total expense ratio was above the Expense Universe median, the Fund's contractual management fee rate was slightly above (within 5 basis points) and actual management fee rate was generally in-linewith the Expense Universe median. |
| • |
For Nuveen Preferred Securities and Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the Fund's actual management fee rate matched the Expense Universe median. |
| • |
For Nuveen Strategic Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively. |
Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
| 2. |
Comparisons with the Fees of Other Clients |
In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Adviserand/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers),limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisoryservices required and risk incurred when serving as a sub-adviserto other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser'sfee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisorymandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.
| 3. |
Profitability of the Fund Advisers |
In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers)from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distributionand post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-endfunds, exchange-traded funds, interval funds and open-endfunds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.
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In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.
Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.
Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.
In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviserreceived that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with its affiliated sub-advisers)level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors that were applicable to the particular Fund's advisory fee structure.
As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.
In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.
The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up,among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds. Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviserto various funds in which case all advisory and sub-advisoryfees generated by such funds stay within Nuveen.
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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-endfunds for which it may be compensated. To the extent an open-endfund pays 12b-1fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-endfunds and reviewed the amounts paid for such services in 2024 and 2023.
In addition, the Board Members considered that the Adviser and Sub-Advisermay utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.
The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-importantor controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-yearperiod.
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| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies. |
Not applicable to open-endinvestment companies.
| Item 13. |
Portfolio Managers of Closed-EndManagement Investment Companies. |
Not applicable to open-endinvestment companies.
| Item 14. |
Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers. |
Not applicable to open-endinvestment companies.
| 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 of Trustees 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-EndManagement Investment Companies. |
| (a) |
Not applicable to open-endinvestment companies. |
| (b) |
Not applicable to open-endinvestment companies. |
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
| (a) |
Not applicable. |
| (b) |
Not applicable. |
| Item 19. |
Exhibits. |
| (a)(1) |
Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787and there were no amendments during the period covered by this report. |
| (a)(2) |
Not applicable. |
| (a)(3) |
Certifications pursuant to Rule 30a-2(a)under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| (a)(4) |
Not applicable. |
| (a)(5) |
Change in the registrant's independent public accountant. Filed herewith. |
| (b) |
Certification pursuant to Rule 30a-2(b)under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. |
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 Investment Funds, Inc.
| Date: November 6, 2025 | By: | /s/ Jordan M. Farris | ||||
| Jordan M. Farris | ||||||
| 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: November 6, 2025 | By: | /s/ Jordan M. Farris | ||||
| Jordan M. Farris | ||||||
| Chief Administrative Officer | ||||||
| (principal executive officer) | ||||||
| Date: November 6, 2025 | By: | /s/ Marc Cardella | ||||
| Marc Cardella | ||||||
| Vice President and Controller | ||||||
| (principal financial officer) | ||||||
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