Nuveen Investment Trust III
08/17/2026 | Press release | Distributed by Public on 08/17/2026 07:56
Amendment Semi-Annual Report by Investment Company (Form N-CSRS/A)
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 | 811-09037 |
Nuveen Investment Trust III
(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: |
February 28, 2026
|
| Item 1. |
Reports to Stockholders.
|
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen Floating Rate Income Fund
Class A Shares/NFRAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$48 | 0.96% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$2,009,651,529 | |||
|
Total number of portfolio holdings
|
413 | |||
|
Portfolio turnover (%)
|
32% | |||
| 1 | continued» |
What did the Fund invest in? (as of February 28, 2026)
(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.
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.
|
67066D713_SAR_0226
5278598
|
| 2 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen Floating Rate Income Fund
Class C Shares/NFFCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$86 | 1.71% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$2,009,651,529 | |||
|
Total number of portfolio holdings
|
413 | |||
|
Portfolio turnover (%)
|
32% | |||
| 1 | continued» |
What did the Fund invest in? (as of February 28, 2026)
(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.
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.
|
67066D697_SAR_0226
5278598
|
| 2 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen Floating Rate Income Fund
Class R6 Shares/NFRFX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$32 | 0.63% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$2,009,651,529 | |||
|
Total number of portfolio holdings
|
413 | |||
|
Portfolio turnover (%)
|
32% | |||
| 1 | continued» |
What did the Fund invest in? (as of February 28, 2026)
(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.
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.
|
67066D556_SAR_0226
5278598
|
| 2 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen Floating Rate Income Fund
Class I Shares/NFRIX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$36 | 0.71% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$2,009,651,529 | |||
|
Total number of portfolio holdings
|
413 | |||
|
Portfolio turnover (%)
|
32% | |||
| 1 | continued» |
What did the Fund invest in? (as of February 28, 2026)
(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.
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.
|
67066D689_SAR_0226
5278598
|
| 2 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen High Yield Income Fund
Class A Shares/NCOAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen High Yield Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$51 | 1.00% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$545,907,022 | |||
|
Total number of portfolio holdings
|
308 | |||
|
Portfolio turnover (%)
|
44% | |||
What did the Fund invest in? (as of February 28, 2026)
(1) Includes 3.5% of $1,000 Par Preferred and/or Contingent Capital Securities.
(2) 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.
| 1 | 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.
|
67066D754_SAR_0226
5278611
|
| 2 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen High Yield Income Fund
Class C Shares/NCFCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen High Yield Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$89 | 1.75% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$545,907,022 | |||
|
Total number of portfolio holdings
|
308 | |||
|
Portfolio turnover (%)
|
44% | |||
What did the Fund invest in? (as of February 28, 2026)
(1) Includes 3.5% of $1,000 Par Preferred and/or Contingent Capital Securities.
(2) 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.
| 1 | 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.
|
67066D747_SAR_0226
5278611
|
| 2 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen High Yield Income Fund
Class R6 Shares/NCSRX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen High Yield Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$31 | 0.60% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$545,907,022 | |||
|
Total number of portfolio holdings
|
308 | |||
|
Portfolio turnover (%)
|
44% | |||
What did the Fund invest in? (as of February 28, 2026)
(1) Includes 3.5% of $1,000 Par Preferred and/or Contingent Capital Securities.
(2) 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.
| 1 | 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.
|
67066D564_SAR_0226
5278611
|
| 2 |
|
|
Semi-Annual Shareholder Report
February 28, 2026
|
Nuveen High Yield Income Fund
Class I Shares/NCOIX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen High Yield Income Fund for the period of September 1, 2025 to February 28, 2026. 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.
What were the Fund costs for the last six months? (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
|
$38 | 0.75% | ||
* Annualized for period less than one year.
Fund Statistics (as of February 28, 2026)
|
Fund net assets
|
$545,907,022 | |||
|
Total number of portfolio holdings
|
308 | |||
|
Portfolio turnover (%)
|
44% | |||
What did the Fund invest in? (as of February 28, 2026)
(1) Includes 3.5% of $1,000 Par Preferred and/or Contingent Capital Securities.
(2) 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.
| 1 | 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.
|
67066D739_SAR_0226
5278611
|
| 2 |
| Item 2. |
Code of Ethics. |
Not applicable to this filing.
| Item 3. |
Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. |
Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. |
Audit Committee of Listed Registrants. |
Not applicable to this 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-End Management Investment Companies. |
1
Portfolio of Investments February 28, 2026
Credit Income
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 95.7%
ASSET-BACKED SECURITIES - 11.0%
-
$
1,000,000
(a)
Affirm Asset Securitization Trust 2024-B, Series 2024 B
7.350
%
09/15/29
$
1,004,976
1,000,000
(a)
Affirm Master Trust, Series 2025 1A
7.180
02/15/33
1,013,285
625,000
(b)
AIMCO CLO 18 Ltd, Series 2022 18X, (TSFR3M + 2.850%), Reg
S
7.175
07/20/37
627,377
375,000
(a),(b)
Ares LXIII CLO Ltd, Series 2022 63A, (TSFR3M + 6.000%)
9.672
10/15/38
357,596
1,000,000
(a)
Avis Budget Rental Car Funding AESOP LLC, Series 2024 2A
7.430
10/20/28
1,024,889
498,750
(a)
Cajun Global LLC, Series 2025 2A
5.912
11/20/55
507,115
1,000,000
(a)
Cajun Global LLC, Series 2025 2A
8.720
11/20/55
1,004,686
1,000,000
(a)
Centersquare Issuer LLC, Series 2025 1A
5.900
03/26/55
979,630
2,840
(a),(c)
Chase Auto Owner Trust 2025-2, Series 2025 2A
0.000
02/25/33
450,310
500,000
(a),(b)
CIFC Funding 2020-III Ltd, Series 2020 3A, (TSFR3M + 4.800%)
8.468
10/20/38
477,236
675,000
(a),(b)
CIFC Funding 2022-II Ltd, Series 2022 2A, (TSFR3M + 4.750%)
8.418
04/19/35
661,141
500,000
(a),(b)
CIFC Funding Ltd, Series 2025 7A, (TSFR3M + 4.750%)
8.452
01/22/39
493,788
1,000,000
(a)
Consolidated Communications LLC/Fidium Fiber Finance
Holdco LLC, Series 2025 1A
9.408
05/20/55
1,057,873
1,000,000
(a)
DataBank Issuer, Series 2026 1A
6.493
02/25/56
1,006,973
504,178
(a)
Elara Hgv Timeshare Issuer 2025-A LLC, Series 2025 A
6.910
01/25/40
508,287
1,000,000
(a)
Flexential Issuer LLC, Series 2025 1A
6.030
10/25/60
1,016,414
250,000
(a),(b)
Galaxy 32 CLO Ltd, Series 2023 32A, (TSFR3M + 5.850%)
9.523
01/20/39
251,224
500,000
(a),(b)
Goldentree Loan Management US Clo 11 Ltd, Series 2021 11A,
(TSFR3M + 7.762%)
8.563
10/20/34
467,702
1,015,000
(a),(b)
Gracie Point International Funding 2025-1 LLC, Series 2025 1A,
(SOFR30A + 2.750%)
6.431
08/15/28
1,016,346
1,000,000
(a),(b)
Gracie Point International Funding 2025-1 LLC, Series 2025 1A,
(SOFR30A + 4.500%)
8.181
08/15/28
999,632
500,000
(a)
Hertz Vehicle Financing III LLC, Series 2025 6A
8.300
05/25/32
518,593
448,875
(a)
Hin Timeshare Trust, Series 2025 B
7.580
05/15/45
456,298
673,313
(a)
Hin Timeshare Trust, Series 2025 B
9.410
05/15/45
682,343
750,000
(a)
Hotwire Funding LLC, Series 2024 1A
9.188
06/20/54
777,526
1,000,000
(a)
Lmdv Issuer Co LLC, Series 2025 1A
7.880
12/15/55
1,023,825
1,000,000
(a)
Lmrk Issuer Co 2 LLC, Series 2025 1A
6.200
09/15/55
1,021,361
900,000
(a)
Lmrk Issuer Co 2 LLC, Series 2025 1A
8.120
09/15/55
928,941
335,000
(a),(b),(d)
Magnetite LV Ltd, Series 2026 55A, (TSFR3M + 5.000%)
0.000
04/15/39
335,838
500,000
(a)
MetroNet Infrastructure Issuer LLC, Series 2025 2A
7.830
08/20/55
516,341
1,000,000
(a)
MetroNet Infrastructure Issuer LLC, Series 2025 4A
7.112
12/20/55
1,020,507
1,525,000
(a),(c)
Mosaic Solar Loan Trust 2019-2, Series 2019 2A
0.000
09/20/40
401,990
1,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 34 Ltd, Series 2019
34A, (TSFR3M + 5.000%)
8.668
07/20/39
988,560
1,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021
40A, (TSFR3M + 2.800%)
6.471
10/16/37
1,003,558
650,000
(a),(b)
Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021
40A, (TSFR3M + 5.150%)
8.821
10/16/37
643,804
500,000
(a),(b)
Neuberger Berman Loan Advisers CLO 47 Ltd, Series 2022
47A, (TSFR3M + 2.800%)
7.005
04/16/35
501,375
1,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 48 Ltd, Series 2022
48A, (TSFR3M + 2.700%)
7.018
04/25/36
1,001,200
525,000
(a)
NMEF Funding 2026-A LLC, Series 2026 A
6.730
02/15/34
528,654
250,000
(a),(b),(d)
OCP CLO 2024-31 Ltd, Series 2026 31A, (TSFR3M + 4.950%)
8.870
04/20/39
251,224
1,000,000
(a),(b)
OHA Loan Funding 2013-1 Ltd, Series 2013 1A, (TSFR3M +
3.300%)
6.971
04/23/37
1,001,446
1,500,000
(a)
OHS Issuer LLC, Series 2026 1
8.350
02/25/61
1,502,924
1,000,000
(a)
OHS Issuer LLC, Series 2026 1
6.000
02/25/61
1,001,967
500,000
(a)
Oportun Issuance Trust 2024-2, Series 2024 2
10.470
02/09/32
513,127
1,000,000
(a)
Oportun Issuance Trust 2025-B, Series 2025 B
9.400
05/09/33
1,012,004
1,000,000
(a)
QTS Issuer ABS II LLC, Series 2026 1A
6.729
01/05/56
1,024,102
1,000,000
(a),(b)
REESE PARK CLO LTD, Series 2020 1A, (TSFR3M + 6.000%)
9.672
01/15/38
964,727
554,335
(a)
Sierra Timeshare 2025-1 Receivables Funding LLC, Series 2025
1A
6.860
01/21/42
565,792
750,000
(a),(b)
Thayer Park CLO Ltd, Series 2017 1A, (TSFR3M + 9.132%)
1.000
04/20/34
657,683
1,000,000
(a)
Uniti Fiber Abs Issuer LLC, Series 2025 1A
9.018
04/20/55
1,054,990
Portfolio of Investments February 28, 2026
(continued)
Credit Income
2
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED SECURITIES
(continued)
$
1,250,000
(a)
UNITK 2026-1A A2, Series 2026 1A
7.653
%
02/25/56
$
1,279,195
1,000,000
(a)
VB-S1 Issuer LLC, Series 2026 1A
6.843
03/15/56
1,023,882
1,000,000
(a)
Zayo Issuer LLC, Series 2025 1A
8.659
03/20/55
1,052,181
TOTAL ASSET-BACKED SECURITIES
(Cost $40,491,183)
40,182,438
SHARES
DESCRIPTION
VALUE
76580
COMMON STOCKS - 0.0%
76580
TELECOMMUNICATION SERVICES - 0.0%
4,163
(e)
Altice France Lux 3
76,491
TOTAL TELECOMMUNICATION SERVICES
76,491
TRANSPORTATION - 0.0%
8,907
(c),(e)
Jack Cooper Enterprises Inc
89
TOTAL TRANSPORTATION
89
TOTAL COMMON STOCKS
(Cost $70,505)
76,580
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
208353360
CORPORATE BONDS - 57.1% (f)
208353360
AUTOMOBILES & COMPONENTS - 1.6%
1,950,000
(a)
Dealer Tire LLC / DT Issuer LLC
8.000
02/01/28
1,930,520
730,000
(a)
Dornoch Debt Merger Sub Inc
6.625
10/15/29
659,464
575,000
(g),(h),(i)
General Motors Financial Co Inc
5.750
N/A
576,032
700,000
(g)
Goodyear Tire & Rubber Co/The
5.250
04/30/31
671,213
525,000
(a)
IHO Verwaltungs GmbH, (cash 6.375%, PIK 7.125%)
6.375
05/15/29
531,752
430,000
(a)
IHO Verwaltungs GmbH
8.000
11/15/32
458,688
200,000
(a),(g)
Nemak SAB de CV
3.625
06/28/31
173,058
625,000
(a)
Phinia Inc
6.625
10/15/32
648,853
300,000
(a)
ZF North America Capital Inc
7.500
03/24/31
309,184
TOTAL AUTOMOBILES & COMPONENTS
5,958,764
BANKS - 3.1%
375,000
(a),(h),(j)
Akbank TAS
0.000
N/A
375,504
400,000
(h),(j)
Banco Bilbao Vizcaya Argentaria SA
9.375
N/A
445,596
500,000
(a),(j)
Banco Davivienda SA
8.125
07/02/35
515,500
400,000
(a)
Banco do Brasil SA/Cayman
6.000
03/18/31
411,172
500,000
(a),(h),(j)
Banco Mercantil del Norte SA/Grand Cayman
6.625
N/A
496,332
600,000
(a),(j)
Bank Hapoalim BM, Reg S
3.255
01/21/32
591,895
500,000
(h),(j)
Barclays PLC
8.000
N/A
533,153
400,000
(a),(j)
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero BBVA Mexico/TX
7.625
02/11/35
427,060
950,000
(a),(h),(j)
BNP Paribas SA
7.450
N/A
1,003,628
200,000
(a)
Caixa Economica Federal
5.625
05/13/30
203,730
1,000,000
(i)
Canadian Imperial Bank of Commerce
6.950
01/28/85
1,034,078
1,000,000
(a),(h),(j)
Credit Agricole SA
7.125
N/A
1,051,978
750,000
(g),(h),(j)
Lloyds Banking Group PLC
6.750
N/A
777,187
400,000
(a),(j)
Mizrahi Tefahot Bank Ltd, Reg S
5.837
04/15/36
410,440
300,000
(a),(h),(i)
NBK Tier 1 Ltd
6.375
N/A
306,624
1,500,000
(a),(g),(h),(j)
Societe Generale SA
7.125
N/A
1,490,764
500,000
(a),(i)
Turkiye Garanti Bankasi AS
8.125
01/03/35
521,516
500,000
(a),(i)
Turkiye Is Bankasi AS
7.575
02/05/37
505,601
200,000
(a)
Yapi ve Kredi Bankasi AS
7.250
03/03/30
208,200
TOTAL BANKS
11,309,958
CAPITAL GOODS - 3.1%
1,260,000
(a)
Albion Financing 1 SARL / Aggreko Holdings Inc
7.000
05/21/30
1,319,539
675,000
(a)
Alta Equipment Group Inc
9.000
06/01/29
637,340
900,000
(a)
Camelot Return Merger Sub Inc
8.750
08/01/28
679,510
1,050,000
(a)
Columbus McKinnon Corp/NY
7.125
01/31/33
1,079,463
109,334
(a)
CP Atlas Buyer Inc, (cash 7.000%, PIK 5.750%)
12.750
01/15/31
98,179
590,000
(a)
Goat Holdco LLC
6.750
02/01/32
609,702
375,000
(a)
Herc Holdings Inc
5.750
03/15/31
380,145
3
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS
(continued)
$
255,000
(a)
Herc Holdings Inc
7.000
%
06/15/30
$
267,219
500,000
(a)
IHS Holding Ltd
8.250
11/29/31
532,658
300,000
(a)
IRB Infrastructure Developers Ltd
7.110
03/11/32
312,714
490,000
(a)
Lsf12 Helix Parent LLC
7.125
02/01/33
491,903
840,000
(a)
Masterbrand Inc
7.000
07/15/32
845,404
680,000
(a)
New Flyer Holdings Inc
9.250
07/01/30
734,006
400,000
(a)
Quikrete Holdings Inc
6.375
03/01/32
415,719
475,000
(a)
Standard Building Solutions Inc
6.500
08/15/32
488,935
400,000
(a)
Terex Corp
6.250
10/15/32
411,947
300,000
(a)
TransDigm Inc
6.875
12/15/30
312,226
500,000
(a)
TransDigm Inc
6.000
01/15/33
508,844
450,000
(a)
TransDigm Inc
6.375
05/31/33
459,285
675,000
(a)
TransDigm Inc
6.125
07/31/34
685,622
TOTAL CAPITAL GOODS
11,270,360
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
635,000
(a)
Allied Universal Holdco LLC
7.875
02/15/31
670,883
600,000
(a)
Bidvest Group UK PLC/The
6.200
09/17/32
613,188
415,000
(a)
CACI International Inc
6.375
06/15/33
427,239
300,000
(a)
Garda World Security Corp
8.250
08/01/32
306,641
750,000
(a)
Garda World Security Corp
8.375
11/15/32
768,147
640,000
(a)
GFL Environmental Holdings US Inc
5.500
02/01/34
642,302
655,000
(a)
Neptune Bidco US Inc
9.290
04/15/29
656,284
1,020,000
(a)
RR Donnelley & Sons Co
9.500
08/01/29
1,051,038
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
5,135,722
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.0%
900,000
(a)
Cougar JV Subsidiary LLC
8.000
05/15/32
958,542
240,000
(a)
Gee Automotive Holdings LLC
7.250
03/01/31
243,949
100,000
Kohl's Corp
5.125
05/01/31
84,631
600,000
(a)
Kohl's Corp
10.000
06/01/30
653,173
750,000
(a),(g)
LBM Acquisition LLC
6.250
01/15/29
571,817
680,000
(a)
Michaels Cos Inc/The
7.875
05/01/29
683,061
495,000
(a),(d)
Michaels Cos Inc/The
11.000
03/15/34
462,658
490,000
(a),(d)
Michaels Cos Inc/The
8.500
03/15/33
476,625
480,000
Nordstrom Inc
4.250
08/01/31
447,285
325,000
(a)
Park River Holdings Inc
8.000
03/15/31
327,084
625,000
(a)
PetSmart Inc / PetSmart Finance Corp
10.000
09/15/33
626,782
525,000
(a)
QXO Building Products Inc
6.750
04/30/32
543,751
1,200,000
(a)
Veritiv Operating Co
10.500
11/30/30
1,283,964
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
7,363,322
CONSUMER DURABLES & APPAREL - 0.7%
948,643
(a)
Beach Acquisition Bidco LLC, (cash 10.00%, PIK 10.750%)
10.000
07/15/33
1,048,253
380,000
(a)
CD&R Smokey Buyer Inc / Radio Systems Corp
9.500
10/15/29
311,911
225,000
(a)
Installed Building Products Inc
5.625
02/01/34
227,986
180,000
Newell Brands Inc
7.000
04/01/46
160,237
400,000
(a)
Newell Brands Inc
8.500
06/01/28
421,041
300,000
(a)
S&S Holdings LLC
8.375
10/01/31
281,164
TOTAL CONSUMER DURABLES & APPAREL
2,450,592
CONSUMER SERVICES - 2.4%
300,000
(a)
Caesars Entertainment Inc
7.000
02/15/30
307,572
435,000
(a)
Carnival Corp
5.750
08/01/32
451,443
500,000
(a)
Churchill Downs Inc
5.750
04/01/30
504,001
200,000
Fortune Star BVI Ltd, Reg S
8.500
05/19/28
206,680
600,000
Fortune Star BVI Ltd, Reg S
6.800
09/09/29
594,634
600,000
(a)
Life Time Inc
6.000
11/15/31
618,005
595,000
(a)
Marriott Ownership Resorts Inc
6.500
10/01/33
576,932
200,000
(a)
Merlin Entertainments Group US Holdings Inc
7.375
02/15/31
165,009
300,000
MGM Resorts International
6.125
09/15/29
308,335
400,000
(a),(g)
Motion Bondco DAC
6.625
11/15/27
377,576
600,000
(a)
NCL Corp Ltd
6.750
02/01/32
617,901
345,000
(a)
NCL Corp Ltd
5.875
01/15/31
348,633
180,000
Six Flags Entertainment Corp
7.250
05/15/31
176,667
Portfolio of Investments February 28, 2026
(continued)
Credit Income
4
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES
(continued)
$
765,000
Six Flags Entertainment Corp / Canada's Wonderland Co /
Magnum Management Corp
6.500
%
10/01/28
$
765,637
150,000
(a)
SIX FLAGS/CAN WON/MILLEN
8.625
01/15/32
151,874
300,000
(a)
Studio City Finance Ltd
5.000
01/15/29
290,053
525,000
(a)
Travel + Leisure Co
6.125
09/01/33
533,645
500,000
(a)
Viking Ocean Cruises Ship VII Ltd
5.625
02/15/29
499,590
500,000
(a)
Voyager Parent LLC
9.250
07/01/32
533,910
300,000
(a)
Wynn Macau Ltd
5.625
08/26/28
299,577
410,000
(a)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6.250
03/15/33
418,708
TOTAL CONSUMER SERVICES
8,746,382
ENERGY - 8.4%
565,000
(a)
Antero Midstream Partners LP / Antero Midstream Finance
Corp
5.750
10/15/33
573,560
400,000
(a)
Archrock Partners LP / Archrock Partners Finance Corp
6.625
09/01/32
416,257
595,000
(a)
ARCHROCK SERVICES/PARTNE
6.000
02/01/34
602,428
600,000
(a)
Ascent Resources Utica Holdings LLC / ARU Finance Corp
6.625
07/15/33
622,612
500,000
(a)
Azule Energy Finance Plc
8.125
01/23/30
507,120
500,000
(a)
Azule Energy Finance Plc
8.625
01/22/33
502,903
272,026
(a)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
283,333
830,000
(a)
Bristow Group Inc
6.750
02/01/33
842,181
300,000
Buckeye Partners LP
5.850
11/15/43
282,656
560,000
(a)
Chord Energy Corp
6.000
10/01/30
572,040
300,000
(a)
Chord Energy Corp
6.750
03/15/33
311,578
500,000
(a)
CITGO Petroleum Corp
8.375
01/15/29
518,484
1,000,000
(a)
CNX Resources Corp
7.250
03/01/32
1,048,595
935,000
(a)
CNX Resources Corp
5.875
03/01/34
936,710
670,000
(a)
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500
06/15/31
668,174
465,000
(a)
CVR Energy Inc
7.500
02/15/31
463,424
162,000
(a)
CVR Energy Inc
5.750
02/15/28
161,709
655,000
(a)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7.375
06/30/33
677,468
520,000
(a)
Delek Logistics Partners LP / Delek Logistics Finance Corp
8.625
03/15/29
542,961
875,000
(i)
Enbridge Inc
8.500
01/15/84
1,009,854
600,000
(h),(i)
Energy Transfer LP
7.125
N/A
622,408
1,150,000
(a)
Global Partners LP / GLP Finance Corp
8.250
01/15/32
1,214,952
398,701
(a)
Gran Tierra Energy Inc
9.750
04/15/31
320,954
590,000
(a)
Harvest Midstream I LP
7.500
05/15/32
612,410
300,000
(a)
Indika Energy Tbk PT
8.750
05/07/29
298,687
800,000
(a)
ITT Holdings LLC
6.500
08/01/29
777,201
665,000
(a)
Kodiak Gas Services LLC
6.500
10/01/33
685,762
300,000
(a)
Kosmos Energy Ltd
7.750
05/01/27
294,750
270,000
(a)
Matador Resources Co
6.000
04/15/34
269,674
310,000
(a)
Matador Resources Co
6.250
04/15/33
315,500
500,000
(a)
Moss Creek Resources Holdings Inc
8.250
09/01/31
492,723
795,000
(a)
Noble Finance II LLC
8.000
04/15/30
827,452
350,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
348,539
300,000
Petrobras Global Finance BV
6.250
01/10/36
304,170
600,000
(a)
Raizen Fuels Finance SA
6.700
02/25/37
269,250
245,000
(a)
Rockies Express Pipeline LLC
6.750
03/15/33
258,089
325,000
(a)
SIERRACOL EN AND/ARA/DEV
9.000
11/14/30
330,281
480,000
(a)
SM Energy Co
8.625
11/01/30
508,007
1,010,000
(i)
South Bow Canadian Infrastructure Holdings Ltd
7.625
03/01/55
1,052,477
750,000
(a)
Sunoco LP
6.250
07/01/33
772,444
1,070,000
(a),(h),(i)
Sunoco LP
7.875
N/A
1,106,112
500,000
(a)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
6.000
09/01/31
505,315
200,000
(a)
TransMontaigne Partners LLC
8.500
06/15/30
208,997
267,538
(a)
Transocean Aquila Ltd
8.000
09/30/28
274,494
230,000
(a)
Transocean International Ltd
7.875
10/15/32
246,954
600,000
(a)
Transportadora de Gas del Sur SA
7.750
11/20/35
607,251
600,000
(a)
Venture Global Calcasieu Pass LLC
3.875
11/01/33
534,011
800,000
(a),(h),(i)
Venture Global LNG Inc
9.000
N/A
699,661
500,000
(a)
Venture Global LNG Inc
8.375
06/01/31
512,019
500,000
(a)
Venture Global LNG Inc
9.875
02/01/32
529,720
5
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
400,000
(a)
Venture Global Plaquemines LNG LLC
6.500
%
06/15/34
$
419,984
270,000
(a)
Venture Global Plaquemines LNG LLC
6.125
12/15/30
280,478
1,000,000
(a)
Venture Global Plaquemines LNG LLC
6.750
01/15/36
1,065,211
410,000
(a)
Venture Global Plaquemines LNG LLC
6.500
01/15/34
431,492
370,000
(a)
Weatherford International Ltd
6.750
10/15/33
386,829
200,000
(a)
YPF SA
8.750
09/11/31
208,167
500,000
(a)
YPF SA
8.250
01/17/34
513,032
TOTAL ENERGY
30,649,504
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.2%
895,000
(a)
Diversified Healthcare Trust
7.250
10/15/30
930,698
1,005,000
(a)
Iron Mountain Inc
6.250
01/15/33
1,026,917
695,000
(a)
Millrose Properties Inc
6.375
08/01/30
713,001
850,000
(a)
Millrose Properties Inc
6.250
09/15/32
860,662
1,078,000
(g)
MPT Operating Partnership LP / MPT Finance Corp
5.000
10/15/27
1,056,228
800,000
MPT Operating Partnership LP / MPT Finance Corp
3.500
03/15/31
611,792
720,000
(a)
MPT Operating Partnership LP / MPT Finance Corp
8.500
02/15/32
770,600
600,000
(a)
Office Properties Income Trust
9.000
03/31/29
609,774
300,000
(a)
RHP Hotel Properties LP / RHP Finance Corp
6.500
04/01/32
310,433
180,000
(a)
RHP Hotel Properties LP / RHP Finance Corp
6.500
06/15/33
186,982
315,000
(a),(d)
RHP Hotel Properties LP / RHP Finance Corp
5.750
03/15/34
317,298
605,000
(a)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6.500
02/15/29
588,412
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
7,982,797
FINANCIAL SERVICES - 5.6%
350,000
(i)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.950
03/10/55
369,906
600,000
(a)
Azorra Finance Ltd
7.750
04/15/30
630,166
570,000
(a)
Azorra Finance Ltd
7.250
01/15/31
594,905
200,000
(a)
Banco BTG Pactual SA/Cayman Islands
5.500
01/27/31
199,990
900,000
(a)
Burford Capital Global Finance LLC
6.250
04/15/28
894,940
295,000
(a)
Burford Capital Global Finance LLC
8.500
01/15/34
289,155
1,012,842
(a)
Compass Group Diversified Holdings LLC
5.250
04/15/29
948,070
300,000
(a),(g)
DAE Funding LLC
4.950
01/15/33
298,216
600,000
(h),(j)
Deutsche Bank AG, Reg S
8.130
N/A
644,274
EUR
600,000
(h),(j)
Deutsche Bank AG, Reg S
7.125
N/A
752,369
1,335,000
(a)
Encore Capital Group Inc
6.625
04/15/31
1,355,559
1,071,000
(i)
HA Sustainable Infrastructure Capital Inc
8.000
06/01/56
1,128,159
1,826,000
(i)
HA Sustainable Infrastructure Capital Inc
7.125
11/15/56
1,825,498
75,000
(a)
HAT Holdings I LLC / HAT Holdings II LLC
3.375
06/15/26
74,711
640,000
(a)
Hunt Cos Inc
5.250
04/15/29
610,440
450,000
(a)
Icahn Enterprises LP / Icahn Enterprises Finance Corp
10.000
11/15/29
444,348
200,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
4.375
02/01/29
170,464
1,180,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
5.250
05/15/27
1,162,241
100,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
9.000
06/15/30
95,122
500,000
(a)
Ittihad International II Ltd
7.375
11/13/30
516,191
665,000
(a)
Jane Street Group / JSG Finance Inc
6.125
11/01/32
668,971
500,000
(a)
Muthoot Finance Ltd
5.750
08/04/30
499,765
255,000
OneMain Finance Corp
6.125
05/15/30
255,761
640,000
OneMain Finance Corp
5.375
11/15/29
632,742
475,000
OneMain Finance Corp
6.500
03/15/33
470,673
350,000
(a)
Osaic Holdings Inc
6.750
08/01/32
353,192
505,000
(a)
PennyMac Financial Services Inc
6.875
05/15/32
507,889
300,000
(a)
Sammaan Capital Ltd
8.950
08/28/28
311,893
430,000
(a)
Starwood Property Trust Inc
6.500
10/15/30
448,128
315,000
(a)
Starwood Property Trust Inc
6.000
04/15/30
322,298
1,690,000
(a)
Stonex Escrow Issuer LLC
6.875
07/15/32
1,753,765
1,000,000
(a),(h),(j)
UBS Group AG
9.250
N/A
1,169,493
185,000
(a)
WEX Inc
6.500
03/15/33
185,932
TOTAL FINANCIAL SERVICES
20,585,226
Portfolio of Investments February 28, 2026
(continued)
Credit Income
6
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FOOD, BEVERAGE & TOBACCO - 0.8%
$
615,000
(a)
Arcor SAIC
7.600
%
07/31/33
$
634,003
400,000
(a)
Grupo Nutresa SA
8.000
05/12/30
430,900
400,000
(a)
MARB BondCo PLC
3.950
01/29/31
364,610
300,000
(a)
Minerva Luxembourg SA
8.875
09/13/33
328,269
600,000
(a)
Post Holdings Inc
6.375
03/01/33
610,729
600,000
(a)
Viking Baked Goods Acquisition Corp
8.625
11/01/31
607,379
TOTAL FOOD, BEVERAGE & TOBACCO
2,975,890
HEALTH CARE EQUIPMENT & SERVICES - 2.5%
564,000
(a)
CHS/Community Health Systems Inc
10.875
01/15/32
611,221
450,000
(a)
DaVita Inc
4.625
06/01/30
440,517
555,000
(a)
DaVita Inc
6.875
09/01/32
576,693
800,000
(i)
DENTSPLY SIRONA Inc
8.375
09/12/55
799,269
520,000
(a),(g)
Embecta Corp
5.000
02/15/30
488,745
995,000
(a)
Global Medical Response Inc
7.375
10/01/32
1,041,646
100,000
(a)
LifePoint Health Inc
8.375
02/15/32
108,264
290,000
(a)
Molina Healthcare Inc
6.500
02/15/31
290,926
750,000
(a)
Molina Healthcare Inc
6.250
01/15/33
737,787
500,000
(a)
Molina Healthcare Inc
3.875
11/15/30
455,464
500,000
(a)
National Mentor Holdings Inc
10.500
12/15/30
498,156
595,000
(a)
Prime Healthcare Services Inc
9.375
09/01/29
621,497
252,426
(a)
Radiology Partners Inc, (cash 9.781%, PIK 9.781%)
9.781
02/15/30
236,018
895,000
(a)
Radiology Partners Inc
8.500
07/15/32
921,564
615,000
(a)
Team Health Holdings Inc
8.375
06/30/28
619,082
225,000
(a)
Tenet Healthcare Corp
6.000
11/15/33
232,522
600,000
(a)
US Acute Care Solutions LLC
9.750
05/15/29
600,187
TOTAL HEALTH CARE EQUIPMENT & SERVICES
9,279,558
INSURANCE - 3.6%
610,000
(a)
Acrisure LLC / Acrisure Finance Inc
6.750
07/01/32
598,256
800,000
(a)
Acrisure LLC / Acrisure Finance Inc
7.500
11/06/30
814,125
850,000
(a)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.500
10/01/31
854,665
300,000
(a)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750
04/15/28
303,452
1,615,000
(a)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7.875
11/01/29
1,564,644
960,000
(a)
Ardonagh Finco Ltd
7.750
02/15/31
982,997
450,000
(a)
Ardonagh Group Finance Ltd
8.875
02/15/32
444,137
635,000
(a)
ASURION LLC/ASURION CO
8.000
12/31/32
666,946
1,600,000
(a)
ASURION LLC/ASURION CO
8.375
02/01/34
1,592,267
417,000
(a),(b)
Bonanza RE Ltd (3-Month U.S. Treasury Bill + -%)
3.607
01/08/27
350,655
500,000
(i)
Enstar Finance LLC
5.500
01/15/42
496,518
485,000
(a),(i)
Enstar Group Ltd
7.500
04/01/45
505,235
450,000
(a)
HUB International Ltd
7.375
01/31/32
458,021
595,000
(a)
HUB International Ltd
5.625
12/01/29
585,758
415,000
(a),(b)
Integrity RE III Ltd ( + 2.500%)
6.010
06/07/29
415,000
250,000
(a),(b)
MEADOWS LTD (3-Month U.S. Treasury Bill + 7.500%)
11.362
12/07/29
248,550
900,000
(a)
Panther Escrow Issuer LLC
7.125
06/01/31
915,611
500,000
(a),(b)
Residential Reinsurance 2025 Ltd (3-Month U.S. Treasury Bill +
5.750%)
4.783
06/06/29
516,100
1,000,000
(a),(h),(i)
SBL Holdings Inc
9.508
N/A
994,643
TOTAL INSURANCE
13,307,580
MATERIALS - 3.1%
1,135,000
(a)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
6.250
01/30/31
1,161,688
200,000
(a)
Braskem Netherlands Finance BV
4.500
01/10/28
90,387
600,000
Celanese US Holdings LLC
7.050
11/15/30
639,717
200,000
(a),(h),(i)
Cemex SAB de CV
7.200
N/A
210,600
400,000
(a)
Cleveland-Cliffs Inc
6.875
11/01/29
412,006
435,000
(a)
Clydesdale Acquisition Holdings Inc
6.625
04/15/29
439,491
875,000
(a)
Clydesdale Acquisition Holdings Inc
8.750
04/15/30
871,143
500,000
(a)
Compass Minerals International Inc
8.000
07/01/30
527,525
330,000
(a)
Crown Americas LLC
5.875
06/01/33
339,051
510,000
(a)
First Quantum Minerals Ltd
6.375
02/15/36
511,595
250,000
(g)
Huntsman International LLC
5.700
10/15/34
239,144
7
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
$
400,000
(a)
LD Celulose International GmbH
7.950
%
01/26/32
$
422,264
500,000
(a)
Limak Cimento Sanayi ve Ticaret AS
9.750
07/25/29
512,416
420,000
(a)
Methanex US Operations Inc
6.250
03/15/32
434,701
370,000
(a)
Mineral Resources Ltd
7.000
04/01/31
389,145
200,000
(a)
Mineral Resources Ltd
8.000
11/01/27
204,393
730,000
(a)
OCP SA
6.700
03/01/36
787,122
360,000
(a)
Olin Corp
6.625
04/01/33
351,530
375,000
(a)
Olympus Water US Holding Corp
6.750
08/01/32
369,154
370,000
(a)
Qnity Electronics Inc
6.250
08/15/33
384,171
200,000
(a)
Sasol Financing USA LLC
8.750
05/03/29
204,989
200,000
UPL Corp Ltd, Reg S
4.625
06/16/30
189,669
500,000
(a)
Volcan Cia Minera SAA
8.500
10/28/32
522,855
400,000
(a)
WR Grace Holdings LLC
5.625
08/15/29
383,175
600,000
(a)
WR Grace Holdings LLC
6.625
08/15/32
606,976
TOTAL MATERIALS
11,204,907
MEDIA & ENTERTAINMENT - 2.8%
475,000
(a)
Advantage Sales & Marketing Inc
6.500
11/15/28
389,500
600,000
CCO Holdings LLC / CCO Holdings Capital Corp, Reg S
4.250
02/01/31
559,260
250,000
(a)
CCO Holdings LLC / CCO Holdings Capital Corp
4.500
08/15/30
238,457
260,000
(a),(g)
CCO Holdings LLC / CCO Holdings Capital Corp
4.750
02/01/32
241,781
475,000
(a)
Clear Channel Outdoor Holdings Inc
7.750
04/15/28
478,770
250,000
(a)
Directv Financing LLC
8.875
02/01/30
250,288
660,000
(a)
Directv Financing LLC
8.875
02/01/30
660,227
246,000
(a)
Directv Financing LLC / Directv Financing Co-Obligor Inc
5.875
08/15/27
246,286
500,000
Discovery Global Holdings Inc
4.279
03/15/32
459,375
500,000
Discovery Global Holdings Inc
4.054
03/15/29
494,685
250,000
DISH DBS Corp
5.125
06/01/29
223,258
400,000
(a)
Gray Media Inc
7.250
08/15/33
413,041
500,000
Grupo Televisa SAB
5.250
05/24/49
344,921
310,000
(a)
iHeartCommunications Inc
4.750
01/15/28
277,320
145,000
(a)
LCPR Senior Secured Financing DAC
6.750
10/15/27
101,558
730,000
(a)
McGraw-Hill Education Inc
7.375
09/01/31
745,945
410,000
(a)
Neptune Bidco US Inc
10.375
05/15/31
413,815
200,000
(a)
Neptune Bidco US Inc
9.500
02/15/33
195,758
420,000
(a)
Outfront Media Capital LLC / Outfront Media Capital Corp
4.250
01/15/29
412,100
500,000
(a),(g)
Scripps Escrow II Inc
3.875
01/15/29
471,644
600,000
(a)
Sirius XM Radio LLC
4.125
07/01/30
565,548
780,000
(a)
Univision Communications Inc
7.375
06/30/30
780,015
500,000
(a)
Univision Communications Inc
8.000
08/15/28
513,601
200,000
(a)
Univision Communications Inc
8.500
07/31/31
204,681
325,000
(a)
Univision Communications Inc
9.375
08/01/32
343,904
TOTAL MEDIA & ENTERTAINMENT
10,025,738
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
1,300,000
(a)
1261229 BC Ltd
10.000
04/15/32
1,344,372
1,530,000
(a),(g)
Bausch Health Americas Inc
8.500
01/31/27
1,516,234
300,000
(a)
Bausch Health Cos Inc
5.250
02/15/31
195,750
300,000
(a)
Bausch Health Cos Inc
4.875
06/01/28
279,189
325,000
(a)
Bausch Health Cos Inc
11.000
09/30/28
339,823
300,000
(a)
Charles River Laboratories International Inc
4.000
03/15/31
283,246
750,000
(a),(g)
Emergent BioSolutions Inc
3.875
08/15/28
655,781
855,000
(a)
GENMAB A/S/GENMAB FIN
7.250
12/15/33
907,271
500,000
(a)
Organon & Co / Organon Foreign Debt Co-Issuer BV
7.875
05/15/34
465,981
300,000
(a)
Organon & Co / Organon Foreign Debt Co-Issuer BV
4.125
04/30/28
294,500
550,000
(a)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5.125
04/30/31
488,733
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
6,770,880
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
1,084,000
(a)
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp
7.000
04/15/30
1,095,755
600,000
Arabian Centres Sukuk IV Ltd, Reg S
8.875
12/04/30
627,023
375,000
Kennedy-Wilson Inc
4.750
03/01/29
369,498
535,000
(g)
Kennedy-Wilson Inc
5.000
03/01/31
518,613
200,000
(a)
Permian Resources Operating LLC
6.250
02/01/33
207,096
Portfolio of Investments February 28, 2026
(continued)
Credit Income
8
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
REAL ESTATE MANAGEMENT & DEVELOPMENT
(continued)
$
186,660
(a)
Sorik Marapi Geothermal Power PT
7.750
%
08/05/31
$
191,728
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
3,009,713
SOFTWARE & SERVICES - 0.8%
605,000
(a)
Amentum Holdings Inc
7.250
08/01/32
633,940
900,000
(a)
Cloud Software Group Inc
8.250
06/30/32
900,754
600,000
(a)
Cloud Software Group Inc
6.500
03/31/29
588,406
250,000
(a)
Gen Digital Inc
6.250
04/01/33
248,798
150,000
(a)
McAfee Corp
7.375
02/15/30
122,729
250,000
(a)
Open Text Holdings Inc
4.125
12/01/31
218,374
300,000
X.AI LLC / X.AI Co Issuer Corp
12.500
06/30/30
341,674
TOTAL SOFTWARE & SERVICES
3,054,675
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
220,000
(a)
Imola Merger Corp
4.750
05/15/29
216,272
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
216,272
TELECOMMUNICATION SERVICES - 4.6%
304,878
(a)
Altice France Lux 3 / Altice Holdings 1
9.500
11/01/29
309,558
500,000
(a)
Altice France Lux 3 / Altice Holdings 1
10.000
01/15/33
469,857
1,190,183
(a)
Altice France SA
6.500
04/15/32
1,139,845
400,000
(a)
APLD COMPUTECO LLC
9.250
12/15/30
419,837
315,000
(a)
Black Pearl Compute LLC
6.125
02/15/31
322,387
660,000
(a)
Cipher Compute LLC
7.125
11/15/30
687,947
1,700,000
(a)
Connect Holding II LLC
10.500
04/03/31
1,643,963
480,000
(a)
Level 3 Financing Inc
6.875
06/30/33
497,124
665,000
(a)
Level 3 Financing Inc
7.000
03/31/34
691,297
970,000
(a)
Level 3 Financing Inc
8.500
01/15/36
1,009,963
450,000
(a)
Lumen Technologies Inc
4.500
01/15/29
428,362
968,000
(i)
Rogers Communications Inc
7.125
04/15/55
1,025,181
290,000
(a)
SV RNO Property Owner 1 LLC
5.875
03/01/31
291,299
1,216,000
(a)
Telesat Canada / Telesat LLC
5.625
12/06/26
954,619
800,000
(a)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
8.625
06/15/32
811,366
700,000
(a)
Virgin Media Secured Finance PLC
4.500
08/15/30
638,090
320,000
(a)
Windstream Services LLC
7.500
10/15/33
332,938
835,000
(a)
Windstream Services LLC / Windstream Escrow Finance Corp
8.250
10/01/31
879,117
775,000
(a)
WULF COMPUTE LLC
7.750
10/15/30
820,736
2,701,743
(a)
Zayo Group Holdings Inc
9.250
03/09/30
2,634,152
693,137
(a)
Zayo Group Holdings Inc
13.750
09/09/30
627,289
TOTAL TELECOMMUNICATION SERVICES
16,634,927
TRANSPORTATION - 0.9%
231,000
(a)
Allegiant Travel Co
7.250
08/15/27
233,143
500,000
(a)
Corp Quiport SA
9.000
12/15/37
546,248
100,000
(a)
Genesee & Wyoming Inc
6.250
04/15/32
103,074
600,000
(a),(g)
Grupo Aeromexico SAB de CV
8.625
11/15/31
615,750
600,000
(a)
Montego Bay Airport Revenue Finance Ltd
6.600
06/15/35
602,700
400,000
(a)
Stonepeak Nile Parent LLC
7.250
03/15/32
424,489
350,000
United Airlines Holdings Inc
5.375
03/01/31
356,846
476,000
(a)
VistaJet Malta Finance PLC / Vista Management Holding Inc
9.500
06/01/28
490,950
TOTAL TRANSPORTATION
3,373,200
UTILITIES - 4.7%
1,250,000
(i)
AES Corp/The
6.950
07/15/55
1,208,135
655,000
(a)
Alpha Generation LLC
6.250
01/15/34
665,157
794,000
(a),(i)
AltaGas Ltd
7.200
10/15/54
829,581
835,000
(a)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6.375
02/15/32
832,543
500,000
(a)
Clearway Energy Operating LLC
5.750
01/15/34
506,589
188,150
(a)
Continuum Green Energy India Pvt / Co-Issuers
7.500
06/26/33
195,837
1,200,000
(a)
ContourGlobal Power Holdings SA
6.750
02/28/30
1,236,000
225,000
(a)
Energuate Trust 2 0
6.350
09/15/35
229,282
250,000
(i)
EUSHI Finance Inc
7.625
12/15/54
263,921
1,020,000
(a)
Ferrellgas LP / Ferrellgas Finance Corp
5.875
04/01/29
986,041
200,000
(a)
Greenko Wind Projects Mauritius Ltd
7.250
09/27/28
204,059
305,000
(a),(h),(i)
NRG Energy Inc
10.250
N/A
335,779
9
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
280,000
(a)
NRG Energy Inc
6.000
%
02/01/33
$
286,780
290,000
(a)
NRG Energy Inc
6.250
11/01/34
299,909
200,000
(a)
Pampa Energia SA
7.950
09/10/31
207,302
200,000
(a)
Pampa Energia SA
7.875
12/16/34
204,800
300,000
(a)
Pattern Energy Operations LP / Pattern Energy Operations Inc
4.500
08/15/28
296,524
875,000
(i)
PG&E Corp
7.375
03/15/55
905,190
800,000
(a)
Saavi Energia Sarl
8.875
02/10/35
883,200
855,000
(a)
Talen Energy Supply LLC
6.250
02/01/34
870,043
750,000
(a)
Talen Energy Supply LLC
6.500
02/01/36
771,126
605,000
(a)
TerraForm Power Operating LLC
4.750
01/15/30
591,467
500,000
(a)
Trinidad Generation UnLtd
7.750
06/16/33
525,850
730,000
(a),(h),(i)
Vistra Corp
8.875
N/A
804,073
670,000
(a)
VoltaGrid LLC
7.375
11/01/30
699,608
1,200,000
(a)
XPLR Infrastructure Operating Partners LP
7.250
01/15/29
1,245,541
590,000
(a)
XPLR Infrastructure Operating Partners LP
8.625
03/15/33
624,511
340,000
(a)
XPLR Infrastructure Operating Partners LP
4.500
09/15/27
338,545
TOTAL UTILITIES
17,047,393
TOTAL CORPORATE BONDS
(Cost $205,807,228)
208,353,360
SHARES
DESCRIPTION
VALUE
5,008,000
EXCHANGE-TRADED FUNDS - 1.4%
5,008,000
200,000
(k)
Nuveen High Yield Corporate Bond ETF
5,008,000
TOTAL EXCHANGE-TRADED FUNDS
(Cost $5,182,873)
5,008,000
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 7.7%
-
1,000,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 4.500%)
8.160
06/15/35
1,001,845
1,500,000
(b)
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
3.778
12/15/62
1,081,522
856,656
(a),(b)
BLP Commercial Mortgage Trust 2024-IND2, Series 2024 IND2,
(TSFR1M + 3.689%)
8.011
03/15/41
854,527
2,000,000
(a),(b)
BX Commercial Mortgage Trust 2024-BRBK, Series 2024 BRBK,
(TSFR1M + 5.971%)
9.705
10/15/41
2,006,306
725,000
(a),(b)
BX Trust, Series 2025 DELC, (TSFR1M + 3.050%)
6.710
12/15/42
728,100
1,000,000
(a),(b)
CIP Commercial Mortgage Trust 2025-SBAY, Series 2025 SBAY,
(TSFR1M + 3.750%)
7.850
10/15/37
1,004,768
1,000,000
(a),(b)
COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3
4.767
06/10/47
524,979
900,000
(a)
COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22
3.000
03/10/48
531,288
322,364
(b)
COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25
3.768
08/10/48
315,313
1,500,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R01, Series 2022
R01, (SOFR30A + 6.000%)
9.667
12/25/41
1,552,698
1,500,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R02, Series 2022
R02, (SOFR30A + 7.650%)
12.972
01/25/42
1,573,203
2,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R06, Series 2022
R06, (SOFR30A + 10.600%)
15.334
05/25/42
2,211,636
565,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 5.900%)
9.567
07/25/43
618,855
1,250,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022
DNA1, (SOFR30A + 7.100%)
10.767
01/25/42
1,308,488
450,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022
DNA2, (SOFR30A + 4.750%)
8.417
02/25/42
465,441
1,500,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022
DNA2, (SOFR30A + 8.500%)
13.788
02/25/42
1,597,160
2,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022
DNA3, (SOFR30A + 9.750%)
15.087
04/25/42
2,175,912
850,000
(a),(b)
Freddie Mac STACR REMIC Trust 2023-DNA1, Series 2023
DNA1, (SOFR30A + 8.150%)
11.818
03/25/43
956,667
1,500,000
(a),(b)
Freddie Mac STACR Trust 2019-HQA2, Series 2019 HQA2,
(SOFR30A + 11.364%)
15.436
04/25/49
1,788,407
1,000,000
(b)
GS Mortgage Securities Trust 2018-GS10, Series 2018 GS10
4.547
07/10/51
915,494
Portfolio of Investments February 28, 2026
(continued)
Credit Income
10
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
1,000,000
(a),(b)
ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2
8.199
%
07/13/42
$
1,043,036
800,000
(b)
JPMBB Commercial Mortgage Securities Trust 2014-C22,
Series 2014 C22
4.513
09/15/47
762,992
1,250,000
(a),(b)
MFT Trust 2020-ABC, Series 2020 ABC
3.593
02/10/42
949,074
1,000,000
(a),(b)
MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,
(TSFR1M + 5.285%)
9.605
03/15/39
1,003,276
879,613
(a),(b)
Santander Bank Mortgage Credit-Linked Notes, Series 2023
MTG1, (SOFR30A + 4.900%)
9.256
02/26/52
1,015,915
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $28,547,107)
27,986,902
SHARES
DESCRIPTION
RATE
VALUE
2941031
PREFERRED STOCK - 0.8%
2941031
BANKS - 0.2%
27,750
Wintrust Financial Corp
7.875
740,925
TOTAL BANKS
740,925
FINANCIAL SERVICES - 0.2%
27,550
Synchrony Financial
8.250
719,606
TOTAL FINANCIAL SERVICES
719,606
INSURANCE - 0.4%
63,000
Enstar Group Ltd
7.000
1,480,500
TOTAL INSURANCE
1,480,500
TOTAL PREFERRED STOCK
(Cost $2,801,669)
2,941,031
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
16222929
SOVEREIGN DEBT - 4.5%
16222929
ANGOLA - 0.1%
500,000
(a)
Angolan Government International Bond
9.244
01/15/31
507,500
TOTAL ANGOLA
507,500
ARGENTINA - 0.2%
900,000
Argentine Republic Government International Bond
4.125
07/09/35
678,420
TOTAL ARGENTINA
678,420
BAHAMAS - 0.2%
600,000
(a)
Bahamas Government International Bond
8.250
06/24/36
672,318
TOTAL BAHAMAS
672,318
BARBADOS - 0.1%
200,000
(a)
Barbados Government International Bond
8.000
06/26/35
213,800
TOTAL BARBADOS
213,800
BENIN - 0.1%
200,000
(a)
Benin Government International Bond
7.960
02/13/38
210,397
TOTAL BENIN
210,397
BRAZIL - 0.1%
500,000
Brazilian Government International Bond
6.250
05/22/36
503,850
TOTAL BRAZIL
503,850
COLOMBIA - 0.2%
500,000
Colombia Government International Bond
3.250
04/22/32
424,175
300,000
Colombia Government International Bond
6.500
01/21/33
297,843
TOTAL COLOMBIA
722,018
COTE D'IVOIRE - 0.3%
700,000
(a)
Ivory Coast Government International Bond
6.750
02/25/41
667,222
300,000
(a)
Ivory Coast Government International Bond
6.125
06/15/33
298,150
TOTAL COTE D'IVOIRE
965,372
DOMINICAN REPUBLIC - 0.1%
200,000
(a)
Dominican Republic International Bond
6.500
02/15/48
201,044
150,000
(a)
Dominican Republic International Bond
6.600
06/01/36
157,320
TOTAL DOMINICAN REPUBLIC
358,364
11
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ECUADOR - 0.1%
$
155,762
(a)
Ecuador Government International Bond
6.900
%
07/31/35
$
141,276
311,523
Ecuador Government International Bond, Reg S
6.900
07/31/35
282,551
TOTAL ECUADOR
423,827
EGYPT - 0.2%
200,000
(a)
Egypt Government International Bond
8.750
09/30/51
193,962
200,000
(a)
Egypt Government International Bond
8.625
02/04/30
216,927
300,000
(a)
Egyptian Financial Co for Sovereign Taskeek/The
6.375
04/07/29
303,372
TOTAL EGYPT
714,261
EL SALVADOR - 0.1%
400,000
(a)
El Salvador Government International Bond
7.625
09/21/34
412,000
TOTAL EL SALVADOR
412,000
GHANA - 0.0%
200,000
(a)
Ghana Government International Bond
5.000
07/03/35
181,070
TOTAL GHANA
181,070
GUATEMALA - 0.1%
300,000
(a)
Guatemala Government Bond
3.700
10/07/33
272,547
TOTAL GUATEMALA
272,547
HONDURAS - 0.1%
200,000
(a)
Honduras Government International Bond
5.625
06/24/30
202,000
TOTAL HONDURAS
202,000
JORDAN - 0.3%
300,000
(a)
Jordan Government International Bond
5.850
07/07/30
301,326
600,000
(a)
Jordan Government International Bond
5.750
11/12/32
589,159
TOTAL JORDAN
890,485
KENYA - 0.3%
200,000
(a)
Republic of Kenya Government International Bond
9.500
03/05/36
210,630
600,000
(a)
Republic of Kenya Government International Bond
7.875
02/26/34
590,198
TOTAL KENYA
800,828
MONGOLIA - 0.1%
200,000
(a)
Mongolia Government International Bond
3.500
07/07/27
196,825
200,000
(a)
Mongolia Government International Bond
6.625
02/25/30
208,716
TOTAL MONGOLIA
405,541
NIGERIA - 0.1%
500,000
(a)
Nigeria Government International Bond
8.631
01/13/36
537,298
TOTAL NIGERIA
537,298
PAKISTAN - 0.1%
500,000
(a)
Pakistan Government International Bond
7.375
04/08/31
495,195
TOTAL PAKISTAN
495,195
PANAMA - 0.2%
400,000
Panama Government International Bond
6.875
01/31/36
439,920
500,000
Panama Government International Bond
5.227
02/23/34
499,750
TOTAL PANAMA
939,670
PARAGUAY - 0.1%
200,000
(a)
Paraguay Government International Bond
6.000
02/09/36
214,799
TOTAL PARAGUAY
214,799
REPUBLIC OF SERBIA - 0.1%
300,000
(a)
Serbia International Bond
2.125
12/01/30
267,294
TOTAL REPUBLIC OF SERBIA
267,294
ROMANIA - 0.2%
400,000
(a)
Romanian Government International Bond
7.500
02/10/37
453,393
500,000
(a)
Romanian Government International Bond
5.750
07/04/36
498,724
TOTAL ROMANIA
952,117
RWANDA - 0.1%
400,000
(a)
Rwanda International Government Bond
5.500
08/09/31
376,282
TOTAL RWANDA
376,282
SENEGAL - 0.0%
300,000
(a)
Senegal Government International Bond
6.250
05/23/33
185,538
TOTAL SENEGAL
185,538
Portfolio of Investments February 28, 2026
(continued)
Credit Income
12
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH AFRICA - 0.2%
$
600,000
(a)
Republic of South Africa Government International Bond
7.100
%
11/19/36
$
645,541
TOTAL SOUTH AFRICA
645,541
SRI LANKA - 0.2%
800,000
(a)
Sri Lanka Government International Bond
3.600
06/15/35
652,626
TOTAL SRI LANKA
652,626
SURINAME - 0.1%
300,000
(a)
Suriname Government International Bond
7.700
11/06/30
308,700
TOTAL SURINAME
308,700
UZBEKISTAN - 0.0%
200,000
(a)
Republic of Uzbekistan International Bond
3.700
11/25/30
188,889
TOTAL UZBEKISTAN
188,889
VENEZUELA - 0.2%
1,775,000
(l)
Venezuela Government International Bond, Reg S
8.250
10/13/24
687,990
TOTAL VENEZUELA
687,990
ZAMBIA - 0.2%
654,031
(a)
Zambia Government International Bond
5.750
06/30/33
636,392
TOTAL ZAMBIA
636,392
TOTAL SOVEREIGN DEBT
(Cost $15,563,534)
16,222,929
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
48300393
VARIABLE RATE SENIOR LOAN INTERESTS - 13.2%
48300393
AUTOMOBILES & COMPONENTS - 0.5%
1,745,625
(b)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6.423
01/28/32
1,743,810
TOTAL AUTOMOBILES & COMPONENTS
1,743,810
CAPITAL GOODS - 2.9%
454,794
(b)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)
6.173
01/27/32
454,083
1,940,400
(b)
Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)
5.671
07/09/32
1,948,404
667,000
(b)
Columbus McKinnon Corporation, Term Loan B, (TSFR1M +
3.500%)
7.160
02/03/33
665,960
498,750
(b)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
8.923
07/08/30
484,620
609,000
(b)
LSF12 Helix Parent LLC, Term Loan B, (TSFR1M + 3.500%)
7.173
02/10/33
609,094
198,333
(b)
QXO Inc, Term Loan B, (TSFR1M + 2.000%)
5.673
04/30/32
198,591
498,750
(b)
TK Elevator Midco GmbH, Term Loan B, (TSFR1M + 3.000%)
6.377
04/30/30
499,461
2,000,000
(b),(d)
TK Elevator US Newco Inc, (TBD)
TBD
TBD
2,002,500
1,745,581
(b),(m)
TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)
6.173
01/20/32
1,746,532
1,400,000
(b),(d)
Victory Buyer LLC, (TBD)
TBD
TBD
1,406,125
444,842
(b)
Windsor Holdings III, LLC, Term Loan B, (TSFR1M + 2.750%)
6.423
08/01/30
444,911
TOTAL CAPITAL GOODS
10,460,281
COMMERCIAL & PROFESSIONAL SERVICES - 2.2%
2,992,500
(b)
Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)
6.923
08/20/32
2,998,708
2,000,000
(b),(d)
Archkey Solutions LLC, Term Loan B, (TBD)
TBD
TBD
2,008,330
750,000
(b),(m)
Dayforce, Inc., Term Loan, (TSFR3M + 3.000%)
6.663
02/04/33
693,217
498,750
(b)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.273
03/03/32
499,997
173,290
(b),(n)
Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan
1.250
12/16/32
173,662
1,159,710
(b)
Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)
6.205
12/16/32
1,162,198
427,853
(b)
WIN Waste Innovations Holdings, Inc., First Lien Term Loan,
(TSFR1M + 3.250%)
7.037
03/27/28
429,658
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
7,965,770
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.7%
145,644
(b)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.250%)
5.921
06/09/31
145,289
500,000
(b)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
7.677
08/18/32
497,915
2,000,000
(b),(d)
White Cap Supply Holdings LLC, (TBD)
TBD
TBD
1,982,510
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
2,625,714
CONSUMER DURABLES & APPAREL - 0.1%
497,494
(b)
AI Aqua Merger Sub, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.750%)
6.416
07/31/28
495,939
TOTAL CONSUMER DURABLES & APPAREL
495,939
13
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES - 0.4%
$
1,000,000
(b)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
6.423
%
01/31/31
$
851,670
594,000
(b)
GBT US III LLC, Term Loan B, (TSFR1M + 2.000%)
5.668
07/28/31
569,497
TOTAL CONSUMER SERVICES
1,421,167
FINANCIAL SERVICES - 0.3%
620,000
(b)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)
6.922
09/13/32
622,908
445,000
(b)
Orion US Finco Inc., First Lien Term Loan, (TSFR3M + 3.500%)
7.150
10/12/32
438,325
245,168
(b)
Tiger Acquisition, LLC, Term Loan B, (TSFR1M + 2.500%)
6.176
08/23/32
245,244
TOTAL FINANCIAL SERVICES
1,306,477
FOOD, BEVERAGE & TOBACCO - 0.0%
111,906
(b)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 10.673%, PIK 7.000%)
10.673
09/30/30
16,786
21,381
(b)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 10.673%, PIK 7.000%)
10.673
09/30/30
9,621
TOTAL FOOD, BEVERAGE & TOBACCO
26,407
HEALTH CARE EQUIPMENT & SERVICES - 1.3%
462,675
(b)
Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +
3.750%)
7.423
01/15/31
463,716
994,975
(b)
LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +
3.750%)
7.422
05/19/31
997,010
82,176
(b)
Medline Borrower, LP, Term Loan B, (TSFR1M + 1.750%)
5.423
10/23/28
82,386
698,246
(b)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.173
12/19/30
699,991
1,994,987
(b)
Team Health Holdings, Inc., Repriced Term Loan B, (TSFR3M +
4.000%)
7.661
06/30/28
1,996,234
495,000
(b)
Zelis Payments Buyer, Inc., 5th Amendment Term Loan,
(TSFR1M + 3.250%)
6.923
11/26/31
468,669
TOTAL HEALTH CARE EQUIPMENT & SERVICES
4,708,006
INSURANCE - 1.3%
1,493,744
(b)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.173
09/19/31
1,463,241
497,500
(b)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
7.923
09/19/30
496,816
492,786
(b)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)
6.173
06/16/31
473,179
1,495,583
(b)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
5.920
06/20/30
1,481,629
743,753
(b)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.173
07/31/31
722,556
TOTAL INSURANCE
4,637,421
MATERIALS - 0.8%
1,000,000
(b),(d)
Charter NEX US, Inc., Repriced Term Loan B, (TBD)
TBD
TBD
1,000,625
980,828
(b),(d)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TBD)
TBD
TBD
972,246
496,212
(b)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
7.662
09/15/28
490,630
500,000
(b)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
6.923
03/03/31
480,022
TOTAL MATERIALS
2,943,523
MEDIA & ENTERTAINMENT - 0.3%
498,750
(b)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
10.667
01/04/29
490,556
562,257
(b)
Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6.673
02/10/31
562,740
125,000
(b)
Virgin Media Bristol LLC, Term Loan Q, (TSFR1M + 3.250%)
7.024
01/31/29
121,875
TOTAL MEDIA & ENTERTAINMENT
1,175,171
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
277,167
(b)
Parexel International Corporation, Repriced Term Loan B,
(TSFR1M + 2.750%)
6.423
12/12/31
274,310
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
274,310
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
221,579
(b)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M
+ 2.500%)
6.173
01/31/30
222,410
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
222,410
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
798,000
(b)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6.411
11/13/31
757,769
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
757,769
Portfolio of Investments February 28, 2026
(continued)
Credit Income
14
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES - 1.6%
$
196,262
(b)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9.037
%
01/22/29
$
196,707
496,250
(b)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
6.673
07/30/31
458,691
399,000
(b)
Clearwater Analytics, LLC, Term Loan B, (TSFR1M + 2.000%)
5.677
04/21/32
399,499
197,002
(b)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
6.922
03/24/31
183,606
171,948
(b)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6.421
05/01/31
152,980
1,000,000
(b)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
6.898
10/09/31
952,855
178,643
(b)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.173
05/30/31
173,730
1,145,518
(b)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
6.668
06/27/31
1,116,880
429,165
(b)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6.173
01/30/32
396,334
215,229
(b)
Javelin Buyer, Inc., 2nd Lien Term Loan, (TSFR3M + 5.000%)
8.673
12/06/32
198,011
496,256
(b)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
6.417
12/08/31
464,620
247,494
(b)
Mitchell International, Inc., Term Loan, (TSFR1M + 3.000%)
6.673
06/17/31
229,706
494,994
(b)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.167
02/10/31
469,873
577,000
X Corp, (TSFR3M + 6.500%)
10.448
10/29/29
606,283
TOTAL SOFTWARE & SERVICES
5,999,775
TELECOMMUNICATION SERVICES - 0.2%
333,000
(b)
Windstream Services LLC, Term Loan B, (TSFR1M + 4.000%)
7.673
10/06/32
333,832
524,407
(b)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)
3.644
03/11/30
505,515
TOTAL TELECOMMUNICATION SERVICES
839,347
UTILITIES - 0.2%
694,122
(b)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.153
05/17/30
697,096
TOTAL UTILITIES
697,096
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $48,858,395)
48,300,393
TOTAL LONG-TERM INVESTMENTS
(Cost $347,322,494)
349,071,633
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 2.3%
8,262,312
(o)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.700 (p)
8,262,312
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $8,262,312)
8,262,312
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 5.9%
21730627
REPURCHASE AGREEMENTS - 5.9%
21730627
1,205,627
(q)
Fixed Income Clearing Corporation
1.060
03/02/26
1,205,627
20,525,000
(r)
Fixed Income Clearing Corporation
3.640
03/02/26
20,525,000
TOTAL REPURCHASE AGREEMENTS
(Cost $21,730,627)
21,730,627
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,730,627)
21,730,627
TOTAL INVESTMENTS - 103.9%
(Cost $377,315,433)
379,064,572
OTHER ASSETS & LIABILITIES, NET - (3.9)%
(14,208,144)
NET ASSETS - 100%
$
364,856,428
ETF
Exchange-Traded Fund
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.
SOFR30A
30 Day Average Secured Overnight Financing Rate
15
See Notes to Financial Statements
Principal denominated in U.S. Dollars, unless otherwise noted.
Investments in Derivatives
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
(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 fiscal period, the aggregate value of these securities is $255,589,837 or 67.4% of Total Investments.
(b)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(c)
For fair value measurement disclosure purposes, investment classified as Level 3.
(d)
When-issued or delayed delivery security.
(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 fiscal period was $7,960,979.
(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
5.0% 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 2.8% of Total Investments.
(k)
Affiliated holding
(l)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(m)
Portion of investment purchased on a delayed delivery basis.
(n)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(o)
Investments made with cash collateral received from securities on loan.
(p)
The rate shown is the one-day yield as of the end of the reporting period.
(q)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 2/27/26 to be repurchased at $1,205,734 on 3/2/26,
collateralized by Government Agency Securities, with coupon rate 3.875% and maturity date 10/15/27, valued at $1,229,864.
(r)
Agreement with Fixed Income Clearing Corporation, 3.640% dated 2/27/26 to be repurchased at $20,531,226 on 3/2/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 8/31/30, valued at $20,935,605.
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury 5-Year Note
181
6/26
$
19,858,434
$
19,935,453
$
77,019
Forward Foreign Currency Contracts
Currency Purchased
Notional Amount
(Local Currency)
Currency Sold
Notional Amount
(Local Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
850,406
EUR
723,000
Morgan Stanley Capital Services
LLC
4/08/26
$
(5,373)
Total
$(5,373)
Total unrealized appreciation on forward foreign currency contracts
$-
Total unrealized depreciation on forward foreign currency contracts
$(5,373)
EUR
Euro
16
Portfolio of Investments February 28, 2026
Flexible Income
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 96.0%
72980908
COMMON STOCKS - 8.4%
72980908
BANKS - 0.7%
9,400
Citigroup, Inc
$
1,035,786
8,700
JPMorgan Chase & Co
2,612,610
26,100
Wells Fargo & Co
2,125,845
TOTAL BANKS
5,774,241
CAPITAL GOODS - 1.1%
18,400
Carrier Global Corp
1,184,960
3,875
(a)
Chart Industries, Inc
803,288
6,200
General Dynamics Corp
2,213,710
3,000
Hubbell, Inc
1,534,890
13,100
nVent Electric plc
1,550,516
2,300
Parker-Hannifin Corp
2,321,114
TOTAL CAPITAL GOODS
9,608,478
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.3%
5,500
(a)
Amazon.com, Inc
1,155,000
3,200
Home Depot, Inc
1,218,304
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
2,373,304
CONSUMER SERVICES - 0.2%
20,500
Boyd Gaming Corp
1,706,215
TOTAL CONSUMER SERVICES
1,706,215
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%
14,100
Walmart, Inc
1,804,095
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
1,804,095
ENERGY - 0.5%
6,300
Cheniere Energy, Inc
1,485,099
14,200
Exxon Mobil Corp
2,165,500
11,900
Shell plc, ADR
993,769
TOTAL ENERGY
4,644,368
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%
9,400
American Tower Corp
1,803,484
46,646
National Storage Affiliates Trust
979,566
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
2,783,050
FINANCIAL SERVICES - 0.4%
2,600
American Express Co
803,140
1,500
Ameriprise Financial, Inc
705,180
9,000
Bank of New York Mellon Corp
1,071,900
6,700
Morgan Stanley
1,115,617
TOTAL FINANCIAL SERVICES
3,695,837
FOOD, BEVERAGE & TOBACCO - 0.5%
17,800
Coca-Cola Co
1,451,768
16,900
Mondelez International, Inc, Class A
1,040,702
9,501
Philip Morris International, Inc
1,775,072
TOTAL FOOD, BEVERAGE & TOBACCO
4,267,542
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
15,400
Abbott Laboratories
1,791,790
2,600
Elevance Health, Inc
832,000
TOTAL HEALTH CARE EQUIPMENT & SERVICES
2,623,790
INSURANCE - 0.3%
6,100
Allstate Corp
1,308,572
6,000
Progressive Corp
1,281,960
TOTAL INSURANCE
2,590,532
MATERIALS - 0.2%
1,700
Linde plc
863,736
22,800
Smurfit Westrock plc
1,071,828
TOTAL MATERIALS
1,935,564
17
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
MEDIA & ENTERTAINMENT - 0.4%
6,300
Alphabet, Inc, Class C
$
1,962,009
15,600
Walt Disney Co
1,654,224
TOTAL MEDIA & ENTERTAINMENT
3,616,233
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
2,700
Amgen, Inc
1,048,032
3,800
Danaher Corp
800,432
1,600
Regeneron Pharmaceuticals, Inc
1,250,672
18,200
Roche Holding AG., Sponsored ADR
1,085,657
33,500
Sanofi S.A., ADR
1,630,110
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
5,814,903
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%
7,700
Applied Materials, Inc
2,866,710
4,200
Texas Instruments, Inc
890,862
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
3,757,572
SOFTWARE & SERVICES - 0.2%
3,500
Microsoft Corp
1,374,590
TOTAL SOFTWARE & SERVICES
1,374,590
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
18,600
Corning, Inc
2,797,068
34,000
Hewlett Packard Enterprise Co
729,980
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
3,527,048
TELECOMMUNICATION SERVICES - 0.5%
47,200
AT&T, Inc
1,322,072
24,500
Telephone and Data Systems, Inc
1,096,375
8,700
T-Mobile US, Inc
1,888,683
TOTAL TELECOMMUNICATION SERVICES
4,307,130
TRANSPORTATION - 0.1%
2,900
FedEx Corp
1,122,300
TOTAL TRANSPORTATION
1,122,300
UTILITIES - 0.7%
26,400
Alliant Energy Corp
1,909,776
20,282
Sempra
1,952,548
18,400
Southern Co
1,791,792
TOTAL UTILITIES
5,654,116
TOTAL COMMON STOCKS
(Cost $55,054,334)
72,980,908
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
13464115
CONVERTIBLE BONDS - 1.5%
13464115
TECHNOLOGY HARDWARE & EQUIPMENT - 1.5%
$
1,150,000
Seagate HDD Cayman
3.500
%
06/01/28
5,671,225
1,050,000
Western Digital Corp
3.000
11/15/28
7,792,890
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
13,464,115
TOTAL CONVERTIBLE BONDS
(Cost $2,619,290)
13,464,115
SHARES
DESCRIPTION
RATE
VALUE
22759067
CONVERTIBLE PREFERRED SECURITIES - 2.6%
22759067
BANKS - 1.8%
1,100
Bank of America Corp
7.250
1,367,311
11,405
Wells Fargo & Co
7.500
14,050,846
TOTAL BANKS
15,418,157
CAPITAL GOODS - 0.6%
69,005
Boeing Co
6.000
5,032,535
TOTAL CAPITAL GOODS
5,032,535
Portfolio of Investments February 28, 2026
(continued)
Flexible Income
18
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
39,125
Hewlett Packard Enterprise Co
7.625
%
$
2,308,375
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
2,308,375
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $22,101,137)
22,759,067
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
630249334
CORPORATE BONDS - 72.5% (b)
630249334
AUTOMOBILES & COMPONENTS - 3.3%
$
4,100,000
(c)
Adient Global Holdings Ltd
7.500
02/15/33
4,302,999
1,950,000
Ford Motor Co
5.291
12/08/46
1,665,127
9,365,000
Ford Motor Credit Co LLC
7.350
11/04/27
9,770,759
4,955,000
(d)
General Motors Co
6.600
04/01/36
5,437,304
7,376,000
(e),(f),(g)
General Motors Financial Co Inc
6.500
N/A
7,494,200
TOTAL AUTOMOBILES & COMPONENTS
28,670,389
BANKS - 7.2%
9,050,000
(f),(g)
Bank of America Corp
6.625
N/A
9,474,527
8,965,000
(e),(f),(g)
Bank of America Corp
6.300
N/A
8,972,710
3,049,000
(f),(g)
Citigroup Inc
7.375
N/A
3,180,693
14,200,000
(f),(g)
Citigroup Inc
6.625
N/A
14,679,692
3,475,000
(f),(g)
Citigroup Inc
6.875
N/A
3,562,987
4,025,000
(f),(g),(h)
First Citizens BancShares Inc/NC (TSFR3M + 4.234%)
7.957
N/A
4,110,382
5,825,000
(f),(g)
JPMorgan Chase & Co
6.875
N/A
6,182,894
4,194,000
(f),(g)
PNC Financial Services Group Inc/The
6.200
N/A
4,260,119
7,250,000
(f),(g)
Wells Fargo & Co
7.625
N/A
7,736,859
TOTAL BANKS
62,160,863
CAPITAL GOODS - 3.3%
3,950,000
(c)
Builders FirstSource Inc
6.375
03/01/34
4,068,563
3,875,000
(c)
Chart Industries Inc
7.500
01/01/30
4,025,396
4,950,000
(c)
Herc Holdings Inc
7.000
06/15/30
5,187,190
10,025,000
Regal Rexnord Corp
6.400
04/15/33
10,900,441
4,147,000
(c)
WESCO Distribution Inc
7.250
06/15/28
4,177,252
TOTAL CAPITAL GOODS
28,358,842
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
2,120,000
(c)
CACI International Inc
6.375
06/15/33
2,182,524
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
2,182,524
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.5%
8,494,000
Bath & Body Works Inc
6.875
11/01/35
8,654,702
4,000,000
(c)
Wayfair LLC
7.750
09/15/30
4,206,441
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
12,861,143
CONSUMER SERVICES - 2.7%
4,205,000
(c)
Caesars Entertainment Inc
6.500
02/15/32
4,273,108
8,100,000
(c)
Light & Wonder International Inc
7.500
09/01/31
8,444,250
6,050,000
(c)
NCL Corp Ltd
7.750
02/15/29
6,464,322
4,025,000
(c)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
7.125
02/15/31
4,346,759
TOTAL CONSUMER SERVICES
23,528,439
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.8%
6,300,000
(c)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
6.250
03/15/33
6,496,430
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
6,496,430
ENERGY - 11.5%
8,100,000
(c)
California Resources Corp
8.250
06/15/29
8,503,453
12,150,000
(c)
Columbia Pipelines Operating Co LLC
6.544
11/15/53
13,250,479
6,447,000
(g)
Enbridge Inc
8.500
01/15/84
7,440,605
4,050,000
(f),(g)
Energy Transfer LP
7.125
N/A
4,201,251
13,250,000
(g)
Energy Transfer LP
8.000
05/15/54
14,214,786
2,050,000
(c)
PBF Holding Co LLC / PBF Finance Corp
9.875
03/15/30
2,175,827
4,275,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
4,257,155
5,625,000
(c)
Permian Resources Operating LLC
7.000
01/15/32
5,903,702
2,100,000
(g)
Phillips 66 Co
6.200
03/15/56
2,128,522
6,150,000
(c)
SM Energy Co
8.625
11/01/30
6,508,840
19
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
5,686,000
(g)
South Bow Canadian Infrastructure Holdings Ltd
7.500
%
03/01/55
$
6,035,337
7,906,000
(g)
Transcanada Trust
5.875
08/15/76
7,923,243
1,150,000
(g)
Transcanada Trust
5.600
03/07/82
1,155,487
2,050,000
(c)
USA Compression Partners LP / USA Compression Finance
Corp
7.125
03/15/29
2,118,329
4,050,000
Valero Energy Corp
6.625
06/15/37
4,554,822
2,550,000
(c),(f),(g)
Venture Global LNG Inc
9.000
N/A
2,230,169
2,475,000
(c)
Venture Global LNG Inc
8.375
06/01/31
2,534,493
4,825,000
Western Midstream Operating LP
6.150
04/01/33
5,163,140
TOTAL ENERGY
100,299,640
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.2%
7,917,000
(c)
Iron Mountain Inc
7.000
02/15/29
8,125,399
9,586,000
Piedmont Operating Partnership LP
9.250
07/20/28
10,557,507
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
18,682,906
FINANCIAL SERVICES - 6.9%
5,126,700
(f),(g)
Ally Financial Inc
4.700
N/A
5,112,827
5,785,000
Ally Financial Inc
8.000
11/01/31
6,565,378
2,750,000
(f),(g)
American Express Co
3.550
N/A
2,732,725
5,425,000
(c),(g)
Ares Finance Co III LLC
4.125
06/30/51
5,339,003
4,175,000
Block Inc
6.500
05/15/32
4,295,069
11,550,000
(f),(g)
Goldman Sachs Group Inc/The
7.500
N/A
12,347,701
2,050,000
(g)
HA Sustainable Infrastructure Capital Inc
8.000
06/01/56
2,159,408
6,050,000
(g)
Morgan Stanley
5.948
01/19/38
6,375,098
4,075,000
(c)
PennyMac Financial Services Inc
7.125
11/15/30
4,189,198
10,450,000
(f),(g)
State Street Corp
6.700
N/A
10,940,607
TOTAL FINANCIAL SERVICES
60,057,014
FOOD, BEVERAGE & TOBACCO - 2.4%
4,250,000
Altria Group Inc
5.800
02/14/39
4,431,620
7,500,000
BAT Capital Corp
7.081
08/02/53
8,598,285
2,042,000
(c),(f),(g)
Land O' Lakes Inc
8.000
N/A
2,040,725
3,300,000
(c),(f),(g)
Land O' Lakes Inc
7.250
N/A
3,052,500
3,200,000
(c),(f),(g)
Land O' Lakes Inc
7.000
N/A
2,856,000
TOTAL FOOD, BEVERAGE & TOBACCO
20,979,130
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
2,100,000
(g)
DENTSPLY SIRONA Inc
8.375
09/12/55
2,098,081
TOTAL HEALTH CARE EQUIPMENT & SERVICES
2,098,081
INSURANCE - 2.3%
6,200,000
(c),(e),(f),(i)
Allianz SE
6.550
N/A
6,427,038
650,000
(g)
Enstar Finance LLC
5.500
01/15/42
645,473
10,255,000
(c),(g)
Liberty Mutual Group Inc
7.800
03/15/37
11,879,670
1,303,000
(g)
MetLife Inc
6.350
03/15/55
1,353,366
TOTAL INSURANCE
20,305,547
MATERIALS - 4.4%
8,275,000
ArcelorMittal SA
7.000
10/15/39
9,558,719
2,685,500
Ashland Inc
6.875
05/15/43
2,829,642
2,050,000
Celanese US Holdings LLC
7.330
07/15/29
2,167,074
4,000,000
Celanese US Holdings LLC
7.050
11/15/30
4,264,776
1,670,000
(c)
Compass Minerals International Inc
8.000
07/01/30
1,761,934
3,200,000
(c)
Olin Corp
6.625
04/01/33
3,124,708
6,300,000
(c),(e)
Owens-Brockway Glass Container Inc
7.250
05/15/31
6,369,640
4,025,000
(c)
Sealed Air Corp
6.875
07/15/33
4,160,594
3,625,000
Southern Copper Corp
5.875
04/23/45
3,800,127
TOTAL MATERIALS
38,037,214
MEDIA & ENTERTAINMENT - 1.9%
2,050,000
(c),(e)
CCO Holdings LLC / CCO Holdings Capital Corp
7.375
03/01/31
2,115,135
7,500,000
Charter Communications Operating LLC / Charter
Communications Operating Capital
6.484
10/23/45
7,121,460
4,199,000
(c)
Nexstar Media Inc
5.625
07/15/27
4,199,395
2,950,000
Time Warner Cable Enterprises LLC
8.375
07/15/33
3,449,518
TOTAL MEDIA & ENTERTAINMENT
16,885,508
Portfolio of Investments February 28, 2026
(continued)
Flexible Income
20
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES - 2.1%
$
8,175,000
(c)
Amentum Holdings Inc
7.250
%
08/01/32
$
8,566,043
3,750,000
(c)
Gen Digital Inc
7.125
09/30/30
3,808,590
4,525,000
(e)
Intuit Inc
5.500
09/15/53
4,282,602
1,925,000
Oracle Corp
6.500
04/15/38
1,994,502
TOTAL SOFTWARE & SERVICES
18,651,737
TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%
9,269,000
Hewlett Packard Enterprise Co
6.350
10/15/45
9,520,771
11,728,000
(c)
Seagate Data Storage Technology Pte Ltd
9.625
12/01/32
13,154,254
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
22,675,025
TELECOMMUNICATION SERVICES - 2.6%
3,200,000
(g)
Bell Telephone Co of Canada or Bell Canada
7.000
09/15/55
3,387,021
3,100,000
(c)
Digicel International Finance Ltd / Difl US LLC
8.625
08/01/32
3,220,618
4,332,000
(c)
GCI LLC
4.750
10/15/28
4,256,472
5,065,000
(c)
Level 3 Financing Inc
8.500
01/15/36
5,273,675
6,000,000
(g)
TELUS Corp
7.000
10/15/55
6,331,530
TOTAL TELECOMMUNICATION SERVICES
22,469,316
TRANSPORTATION - 1.3%
3,779,000
XPO CNW Inc
6.700
05/01/34
4,054,217
2,785,000
(c)
XPO Inc
6.250
06/01/28
2,829,774
4,420,000
(c)
XPO Inc
7.125
06/01/31
4,592,884
TOTAL TRANSPORTATION
11,476,875
UTILITIES - 13.0%
8,250,000
(g)
AES Corp/The
7.600
01/15/55
8,292,430
4,175,000
(g)
American Electric Power Co Inc
6.050
03/15/56
4,189,675
6,350,000
(g)
Dominion Energy Inc
6.875
02/01/55
6,649,117
7,228,000
(g)
Dominion Energy Inc
7.000
06/01/54
7,846,579
1,800,000
(g)
Edison International
8.125
06/15/53
1,871,073
4,514,000
(g)
Edison International
7.875
06/15/54
4,699,246
9,545,000
(g)
Emera Inc
6.750
06/15/76
9,592,792
6,800,000
(g)
EUSHI Finance Inc
7.625
12/15/54
7,178,658
9,290,000
(g)
NextEra Energy Capital Holdings Inc
5.650
05/01/79
9,394,187
2,950,000
(g)
NextEra Energy Capital Holdings Inc
6.750
06/15/54
3,138,540
11,775,000
(c),(f),(g)
NRG Energy Inc
10.250
N/A
12,963,286
8,050,000
(g)
PG&E Corp
7.375
03/15/55
8,327,749
3,122,000
(g)
Southern Co/The
6.375
03/15/55
3,266,296
20,475,000
(c),(f),(g)
Vistra Corp
8.000
N/A
20,812,140
5,090,000
(c),(f),(g)
Vistra Corp
7.000
N/A
5,150,943
TOTAL UTILITIES
113,372,711
TOTAL CORPORATE BONDS
(Cost $618,358,792)
630,249,334
SHARES
DESCRIPTION
RATE
VALUE
56358443
PREFERRED STOCK - 6.5%
56358443
FINANCIAL SERVICES - 1.7%
314,799
Morgan Stanley
7.125
8,027,375
181,000
Morgan Stanley
6.625
4,778,400
89,574
Morgan Stanley
6.875
2,273,388
TOTAL FINANCIAL SERVICES
15,079,163
FOOD, BEVERAGE & TOBACCO - 1.4%
90,213
CHS, Inc
7.100
2,291,410
384,432
CHS, Inc
6.750
9,664,621
TOTAL FOOD, BEVERAGE & TOBACCO
11,956,031
INSURANCE - 2.6%
287,059
Allstate Corp
7.375
7,664,475
87,192
Athene Holding Ltd
6.350
2,125,741
169,032
Enstar Group Ltd
7.000
3,972,252
337,825
Reinsurance Group of America, Inc
7.125
8,648,320
TOTAL INSURANCE
22,410,788
21
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
UTILITIES - 0.8%
85,590
Algonquin Power & Utilities Corp
8.532
%
$
2,203,086
188,375
SCE Trust VII
7.500
4,709,375
TOTAL UTILITIES
6,912,461
TOTAL PREFERRED STOCK
(Cost $56,779,537)
56,358,443
SHARES
DESCRIPTION
RATE
ISSUE PRICE
CAP PRICE
MATURITY
VALUE
38774099
STRUCTURED NOTES - 4.5%
38774099
24,600
(c)
JPMorgan Chase Bank,
Mandatory Exchangeable
Notes, Linked to Common Stock
of Amazon.com,Inc (110.64% of
the Issue Price)
11.000
%
$238.3400
$263.7090
07/21/26
5,320,493
7,400
(c)
Merrill Lynch B.V. Linked To
Regeneron Pharmaceuticals Inc
(111.57% of the Issue Price)
12.000
$707.5227
$789.3831
05/18/26
5,512,834
38,000
(c)
Merrill Lynch BV Linked To
Echostar Corp (115.70% of the
Issue Price)
19.000
$10.0000
$86.5128
06/08/26
3,271,968
100,000
(c)
Merrill Lynch BV Linked To
Echostar Corp (116.60% of the
Issue Price)
20.000
$77.2379
$90.0594
04/08/26
9,051,458
45,200
(c)
Merrill Lynch BV, Linked
To Builders Firstsource Inc.
(124.94% of the Issue Price)
11.000
$112.1500
$140.1202
08/26/26
4,810,149
57,600
(c)
Nomura America Finance LLC,
Linked to Common Stock of
Netflix, Inc. (116.7% of the Issue
Price)
12.000
$76.1136
$88.8246
08/25/26
4,932,053
28,300
(c)
Nomura America Finance LLC,
Linked to Common Stock of
Take-Two Interactive Software,
Inc. (114.4% of the Issue Price)
10.000
$208.7114
$238.7658
09/22/26
5,875,144
TOTAL STRUCTURED NOTES
(Cost $37,024,081)
38,774,099
TOTAL LONG-TERM INVESTMENTS
(Cost $791,937,171)
834,585,966
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.4%
12,659,836
(j)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.700 (k)
12,659,836
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $12,659,836)
12,659,836
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 3.2%
27,600,000
REPURCHASE AGREEMENTS - 3.2%
27,600,000
$
27,600,000
(l)
Fixed Income Clearing Corporation
3.640
03/02/26
27,600,000
TOTAL REPURCHASE AGREEMENTS
(Cost $27,600,000)
27,600,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $27,600,000)
27,600,000
TOTAL INVESTMENTS - 100.6%
(Cost $832,197,007)
874,845,802
OTHER ASSETS & LIABILITIES, NET - (0.6)%
(5,274,450)
NET ASSETS - 100%
$
869,571,352
ADR
American Depositary Receipt
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
Portfolio of Investments February 28, 2026
(continued)
Flexible Income
22
See Notes to Financial Statements
(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 fiscal period, the aggregate value of these securities is $290,444,243 or 33.2% of Total Investments.
(d)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.
(e)
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 fiscal period was $12,095,247.
(f)
Perpetual security. Maturity date is not applicable.
(g)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
35.1% of Total Investments.
(h)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(i)
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 0.7% of Total Investments.
(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)
Agreement with Fixed Income Clearing Corporation, 3.640% dated 2/27/26 to be repurchased at $27,608,372 on 3/2/26,
collateralized by Government Agency Securities, with coupon rate 4.125% and maturity date 2/29/32, valued at $28,152,185.
23
Portfolio of Investments February 28, 2026
Floating Rate Income
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 97.0%
3579927
COMMON STOCKS - 0.2%
3579927
CAPITAL GOODS - 0.0%
2,687
(a)
TNT Crane & Rigging, Inc
$
604
4,761
(a)
TNT Crane & Rigging, Inc
48
TOTAL CAPITAL GOODS
652
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0%
99
(a),(b)
Belk, Inc
792
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
792
CONSUMER SERVICES - 0.0%
17,726
(a)
Cengage Learning Holdings II, Inc
336,794
3,843
(a)
Crown Finance US, Inc
62,545
TOTAL CONSUMER SERVICES
399,339
ENERGY - 0.0%
2,246
Chord Energy Corp
243,399
TOTAL ENERGY
243,399
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
52,393
(a)
Onex Carestream Finance LP
26,197
TOTAL HEALTH CARE EQUIPMENT & SERVICES
26,197
MATERIALS - 0.1%
56,897
(a)
Kleopatra Finco Sarl
92,239
56,897
(a)
Kleopatra Finco Sarl
92,239
56,897
(a)
Kleopatra Finco Sarl
92,239
56,897
(a)
Kleopatra Finco Sarl
92,239
56,897
(a)
Kleopatra Finco Sarl
92,239
56,897
(a)
Kleopatra Finco Sarl
92,239
56,897
(a)
Kleopatra Finco Sarl, Class A
92,238
56,897
(a)
Kleopatra Finco Sarl, Class B
92,239
56,897
(a)
Kleopatra Finco Sarl, Class C
92,239
TOTAL MATERIALS
830,150
MEDIA & ENTERTAINMENT - 0.0%
953
(a)
Crown Finance US, Inc
15,510
TOTAL MEDIA & ENTERTAINMENT
15,510
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
63,592
(a)
Bright Bidco BV
22,257
46,554
(a)
Bright Bidco BV
16,294
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
38,551
SOFTWARE & SERVICES - 0.0%
205
(a),(b)
Bloom Parent, Inc
204,614
TOTAL SOFTWARE & SERVICES
204,614
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
7,250
(a)
MLN US Holdco LLC
363
35,822
(a)
Riverbed Technology LLC
358
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
721
TELECOMMUNICATION SERVICES - 0.1%
75,043
(a)
Altice France Lux 3
1,378,831
43,453
(a)
Uniti Group, Inc
318,076
TOTAL TELECOMMUNICATION SERVICES
1,696,907
TRANSPORTATION - 0.0%
1,018
(a)
ACBL HLDG CORP
15,270
4,313
(a)
ACBL HLDG CORP
107,825
TOTAL TRANSPORTATION
123,095
TOTAL COMMON STOCKS
(Cost $21,858,149)
3,579,927
Portfolio of Investments February 28, 2026
(continued)
Floating Rate Income
24
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
189444964
CORPORATE BONDS - 9.4%
189444964
AUTOMOBILES & COMPONENTS - 0.1%
$
2,695,000
(c)
Clarios Global LP / Clarios US Finance Co
6.750
%
05/15/28
$
2,756,602
TOTAL AUTOMOBILES & COMPONENTS
2,756,602
CAPITAL GOODS - 1.1%
7,156,000
(c)
Camelot Return Merger Sub Inc
8.750
08/01/28
5,402,861
2,695,000
(c)
Chart Industries Inc
7.500
01/01/30
2,799,598
1,275,000
(c)
CP Atlas Buyer Inc
9.750
07/15/30
1,276,210
5,255,000
(c)
TK Elevator US Newco Inc
5.250
07/15/27
5,252,867
6,530,000
(c)
TransDigm Inc
6.875
12/15/30
6,796,117
TOTAL CAPITAL GOODS
21,527,653
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
1,275,000
(c)
Allied Universal Holdco LLC
7.875
02/15/31
1,347,048
1,990,000
(c)
Allied Universal Holdco LLC/Allied Universal Finance Corp/
Atlas Luxco 4 Sarl
4.625
06/01/28
1,971,105
2,000,000
(c)
CoreLogic Inc
4.500
05/01/28
1,870,394
731,000
(c)
Prime Security Services Borrower LLC / Prime Finance Inc
5.750
04/15/26
732,461
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
5,921,008
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.2%
2,000,000
(c)
Carvana Co
9.000
06/01/30
2,082,120
1,275,000
(c)
LBM Acquisition LLC
9.500
06/15/31
1,189,193
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
3,271,313
CONSUMER SERVICES - 0.8%
2,560,000
(c)
1011778 BC ULC / New Red Finance Inc
3.875
01/15/28
2,527,665
3,970,000
(c)
1011778 BC ULC / New Red Finance Inc
4.000
10/15/30
3,812,418
1,275,000
(c)
Caesars Entertainment Inc
7.000
02/15/30
1,307,180
1,125,000
(c)
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co
Inc
4.625
01/15/29
1,093,917
5,960,000
(c)
Odeon Finco PLC
12.750
11/01/27
6,108,094
TOTAL CONSUMER SERVICES
14,849,274
ENERGY - 0.1%
97,317
(c)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
101,362
1,275,000
(c)
eG Global Finance PLC
12.000
11/30/28
1,370,847
TOTAL ENERGY
1,472,209
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%
1,000,000
(c)
Office Properties Income Trust
9.000
03/31/29
1,016,290
3,500,000
(c)
RLJ Lodging Trust LP
3.750
07/01/26
3,482,349
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
4,498,639
FOOD, BEVERAGE & TOBACCO - 0.1%
2,066,000
(c)
Froneri Lux FinCo SARL
6.000
08/01/32
2,077,483
TOTAL FOOD, BEVERAGE & TOBACCO
2,077,483
HEALTH CARE EQUIPMENT & SERVICES - 1.7%
5,960,000
(c)
Medline Borrower LP
3.875
04/01/29
5,861,728
3,545,000
(c)
Radiology Partners Inc
8.500
07/15/32
3,650,216
15,129,069
(c)
Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)
9.000
06/30/28
15,923,345
5,660,000
(c)
Team Health Holdings Inc
8.375
06/30/28
5,697,567
2,875,000
Tenet Healthcare Corp
4.625
06/15/28
2,871,062
437,000
Tenet Healthcare Corp
6.125
10/01/28
438,009
TOTAL HEALTH CARE EQUIPMENT & SERVICES
34,441,927
INSURANCE - 0.8%
8,060,000
(c)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4.250
10/15/27
7,959,737
5,255,000
(c)
HUB International Ltd
7.250
06/15/30
5,420,292
2,695,000
(c)
Panther Escrow Issuer LLC
7.125
06/01/31
2,741,748
TOTAL INSURANCE
16,121,777
MATERIALS - 0.2%
2,415,000
(c)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
4.000
09/01/29
2,304,963
1,990,000
(c)
Arsenal AIC Parent LLC
8.000
10/01/30
2,101,999
TOTAL MATERIALS
4,406,962
25
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT - 0.6%
$
725,000
(c)
Advantage Sales & Marketing Inc
6.500
%
11/15/28
$
594,500
2,009,000
(c)
CCO Holdings LLC / CCO Holdings Capital Corp
5.125
05/01/27
2,008,551
896,392
(c)
iHeartCommunications Inc
9.125
05/01/29
796,417
3,970,000
(c)
McGraw-Hill Education Inc
5.750
08/01/28
3,963,745
500,000
(c)
Outfront Media Capital LLC / Outfront Media Capital Corp
5.000
08/15/27
500,157
3,500,000
(c)
Sinclair Television Group Inc
8.125
02/15/33
3,644,375
TOTAL MEDIA & ENTERTAINMENT
11,507,745
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
4,602,000
(c)
1261229 BC Ltd
10.000
04/15/32
4,759,079
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
4,759,079
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
2,695,000
(c)
Cushman & Wakefield US Borrower LLC
6.750
05/15/28
2,702,295
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
2,702,295
SOFTWARE & SERVICES - 0.2%
1,836,000
(c)
Cloud Software Group Inc
8.250
06/30/32
1,837,538
2,965,000
(c)
Open Text Holdings Inc
4.125
12/01/31
2,589,917
TOTAL SOFTWARE & SERVICES
4,427,455
TELECOMMUNICATION SERVICES - 2.2%
3,464,076
(c)
Altice France Lux 3 / Altice Holdings 1
9.500
11/01/29
3,517,246
2,539,663
(c)
Altice France SA
6.875
07/15/32
2,438,083
1,504,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
1,523,182
20,041,000
EchoStar Corp
10.750
11/30/29
21,883,650
2,270,000
(c)
Level 3 Financing Inc
8.500
01/15/36
2,363,523
260,000
(c)
Telesat Canada / Telesat LLC
5.625
12/06/26
204,112
13,107,974
(c)
Zayo Group Holdings Inc
9.250
03/09/30
12,780,046
TOTAL TELECOMMUNICATION SERVICES
44,709,842
TRANSPORTATION - 0.3%
3,287,000
(c)
Air Canada
3.875
08/15/26
3,287,864
1,990,000
(c)
United Airlines Inc
4.625
04/15/29
1,988,498
TOTAL TRANSPORTATION
5,276,362
UTILITIES - 0.2%
2,602,000
PG&E Corp
5.000
07/01/28
2,595,122
1,000,000
PG&E Corp
5.250
07/01/30
1,000,828
1,102,000
(c)
Talen Energy Supply LLC
6.250
02/01/34
1,121,389
TOTAL UTILITIES
4,717,339
TOTAL CORPORATE BONDS
(Cost $188,192,162)
189,444,964
SHARES
DESCRIPTION
VALUE
46844103
EXCHANGE-TRADED FUNDS - 2.3%
46844103
40,000
(d)
Nuveen AA-BBB CLO ETF
1,002,400
1,815,513
(a)
State Street SPDR Bloomberg Short Term High Yield Bond ETF
45,841,703
TOTAL EXCHANGE-TRADED FUNDS
(Cost $48,475,330)
46,844,103
SHARES
DESCRIPTION
RATE
VALUE
294,833
PREFERRED STOCK - 0.0%
294,833
TELECOMMUNICATION SERVICES - 0.0%
277
(a),(b)
Uniti Group Inc
11.000
294,833
TOTAL TELECOMMUNICATION SERVICES
294,833
TOTAL PREFERRED STOCK
(Cost $277,541)
294,833
Portfolio of Investments February 28, 2026
(continued)
Floating Rate Income
26
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1708828402
VARIABLE RATE SENIOR LOAN INTERESTS - 85.1%
1708828402
AUTOMOBILES & COMPONENTS - 1.3%
$
11,171,221
(e)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6.173
%
05/06/30
$
11,160,776
11,677,750
(e)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6.423
01/28/32
11,665,605
3,721,591
(e),(f)
DexKo Global Inc., Term Loan B, (TSFR3M + 3.750%)
7.678
10/04/28
3,711,468
TOTAL AUTOMOBILES & COMPONENTS
26,537,849
CAPITAL GOODS - 9.8%
5,690,658
(e)
ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)
8.184
05/17/28
4,576,712
211,428
(e),(g)
Air Comm Corporation, LLC, Delayed Draw Term Loan
1.000
12/11/31
211,781
4,337,140
(e)
Air Comm Corporation, LLC, Term Loan, (TSFR3M + 2.750%)
6.431
12/11/31
4,344,383
1,450,000
(e)
Albion Financing 3 SARL, Term Loan, (TSFR3M + 3.000%)
6.664
05/21/31
1,453,857
2,500,000
(e)
Allison Transmission, Inc., Incremental Term Loan B, (TSFR1M +
1.750%)
5.410
01/03/33
2,516,063
2,542,760
(e),(f)
American Trailer World Corp, (TSFR1M + 3.750%)
7.521
03/03/28
2,249,949
2,155,261
(e)
Artera Services, LLC, Term Loan, (TSFR3M + 4.500%)
8.172
02/10/31
1,771,700
5,632,242
(e),(f)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)
6.173
01/27/32
5,623,428
2,266,000
(e)
BCPE Empire Holdings, Inc., Term Loan B, (TSFR1M + 3.250%)
6.923
12/26/30
2,258,715
3,464,441
(e)
Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.500%)
6.172
10/17/30
3,470,001
3,687,831
(e),(f)
Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)
8.164
08/01/30
3,169,230
4,100,700
(e),(f)
Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)
5.671
07/09/32
4,117,615
10,951,168
(e)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)
6.423
09/08/32
10,929,375
5,262,739
(e)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6.161
03/18/30
5,275,896
5,556,000
(e),(f)
Columbus McKinnon Corporation, Term Loan B, (TSFR1M +
3.500%)
7.160
02/03/33
5,547,333
2,137,000
(e)
CompoSecure Holdings LLC, Term Loan, (TSFR1M + 2.250%)
5.910
01/14/33
2,128,986
2,323,191
(e),(f)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7.537
05/17/28
1,281,623
693,426
(e)
Cornerstone Building Brands, Inc., Term Loan, (TSFR1M +
5.625%)
9.285
08/01/28
508,513
4,744,094
(e),(f)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7.010
04/12/28
3,508,945
3,455,718
(e)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
8.923
07/08/30
3,357,817
3,253,000
(e),(f)
Dycom Investments Inc, Term Loan B, (TSFR3M + 1.750%)
5.420
01/27/33
3,272,323
2,497,846
(e),(f)
Gibraltar Industries Inc, Term Loan B, (TSFR1M + 2.250%)
5.921
02/02/33
2,504,091
2,075,000
(e)
Green Infrastructure Partners Inc, (TSFR1M + 2.750%)
6.422
09/24/32
2,076,307
1,914,057
(e),(f),(g)
Kaman Corporation, Delayed Draw Term Loan, (TSFR3M +
2.500%)
6.148
02/26/32
1,913,923
20,197,243
(e),(f)
Kaman Corporation, Term Loan B, (TSFR1M + TSFR3M +
2.500%)
6.173
02/26/32
20,195,829
3,878,000
(e)
LSF12 Helix Parent LLC, Term Loan B, (TSFR1M + 3.500%)
7.173
02/10/33
3,878,601
5,990,942
(e),(f)
Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)
6.128
06/21/28
6,003,313
1,867,053
(e)
Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +
2.500%)
6.173
09/26/31
1,869,620
3,829,793
(e),(f)
MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +
2.750%)
6.423
03/28/31
3,809,686
767,000
(e)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
9.002
10/15/29
780,423
358,065
(e),(g)
Pinnacle Buyer LLC, Delayed Draw Term Loan
2.500
10/01/32
358,886
1,857,281
(e)
Pinnacle Buyer LLC, Term Loan, (TSFR1M + 2.500%)
6.161
10/01/32
1,861,543
8,956,233
(e),(f)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
5.923
01/31/32
8,961,831
6,916,016
(e)
QXO Inc, Term Loan B, (TSFR1M + 2.000%)
5.673
04/30/32
6,925,007
3,592,375
(e)
Resideo Funding Inc., Incremental Term Loan, (TSFR3M +
2.000%)
5.723
08/13/32
3,585,657
6,854,000
(e),(h)
RESILIENCE PARENT LLC, (TBD)
TBD
TBD
6,845,433
21,244,081
(e),(f)
TK Elevator Midco GmbH, Term Loan B, (TSFR1M + 3.000%)
6.377
04/30/30
21,274,354
3,250,000
(e),(h)
TK Elevator US Newco Inc, (TBD)
TBD
TBD
3,254,063
4,117,875
(e)
TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)
6.173
01/20/32
4,120,119
8,270,636
(e)
TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)
6.173
02/28/31
8,279,940
9,378,612
(e),(f)
TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)
6.173
08/19/32
9,386,444
3,409,000
(e),(f)
TransDigm, Inc., Term Loan N, (TSFR3M + 2.500%)
6.155
02/10/33
3,415,852
4,900,000
(e),(h)
Victory Buyer LLC, (TBD)
TBD
TBD
4,921,438
TOTAL CAPITAL GOODS
197,796,605
27
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 7.0%
$
14,153,637
(e),(f)
Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)
6.923
%
08/20/32
$
14,176,991
2,453,457
(e)
Amentum Government Services Holdings LLC, Term Loan B,
(TSFR1M + 2.000%)
5.673
09/29/31
2,452,844
6,637,083
(e),(f)
Anticimex International AB, Term Loan, (TSFR3M + 2.900%)
6.560
11/17/31
6,657,160
245,927
(e),(g)
Archkey Solutions LLC, Delayed Draw Term Loan B
4.250
11/03/31
246,951
2,115,408
(e)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)
7.922
11/03/31
2,124,219
2,167,000
(e),(h)
CACI International Inc, (TBD)
TBD
TBD
2,168,354
6,806,039
(e)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7.287
06/02/28
6,482,752
5,051,005
(e)
Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M
+ 2.500%)
6.173
10/01/31
5,043,100
1,517,104
(e)
CSC ServiceWorks East LLC, (TSFR1M + 5.430%)
9.101
09/04/30
1,555,190
16,165,000
(e),(f)
Dayforce, Inc., Term Loan, (TSFR3M + 3.000%)
6.663
02/04/33
14,941,148
4,062,000
(e)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
6.660
02/09/33
3,922,369
8,364,458
(e)
Garda World Security Corporation, Term Loan B, (TSFR3M +
2.750%)
6.421
02/01/29
8,361,865
5,852,350
(e),(f)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.273
03/03/32
5,866,981
3,955,226
(e)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)
6.455
07/25/30
3,951,390
2,366,000
(e)
Openlane Inc, Term Loan B, (TSFR3M + 2.500%)
6.140
10/08/32
2,368,969
5,221,968
(e)
PG Investment Company 59 S.a r.l., Repriced Term Loan B,
(TSFR3M + 2.250%)
5.922
03/26/31
5,222,804
1,843,298
(e)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR1M + 2.000%)
5.671
10/15/30
1,842,247
1,695,729
(e)
Prime Security Services Borrower, LLC, Incremental Term Loan
B, (TSFR1M + 1.750%)
5.421
03/08/32
1,690,735
919,620
(e),(f),(g)
Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan
1.250
12/16/32
921,593
6,154,380
(e),(f)
Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)
6.205
12/16/32
6,167,581
3,693,910
(e)
Reverb Buyer, Inc., Steerco Term Loan, (TSFR3M + 3.500%)
7.267
11/01/28
2,659,615
1,845,000
(e),(f)
Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +
2.250%)
5.926
01/15/31
1,845,867
898,817
(e),(f)
Reworld Holding Corp, First Lien Term Loan C, (TSFR1M +
2.250%)
5.917
01/15/31
898,898
5,531,183
(e),(f)
Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)
5.917
01/15/31
5,531,681
1,076,251
(e)
Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)
7.267
04/03/28
792,390
9,179,501
(e),(f)
Spin Holdco Inc., First Lien Second Out Term Loan, (TSFR1M +
4.000%)
7.933
09/04/30
7,198,243
2,894,610
(e)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
7.792
04/12/27
898,111
518,700
(e),(f)
WIN Waste Innovations Holdings, Inc., First Lien Term Loan,
(TSFR1M + 3.250%)
7.037
03/27/28
520,889
21,908,531
(e),(f)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6.537
03/27/28
21,961,549
2,718,602
(e)
XPLOR T1 LLC, Term Loan, (TSFR3M + 3.500%)
7.292
12/01/32
2,460,335
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
140,932,821
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.4%
364,438
(e)
Academy, Ltd., Term Loan, (TSFR1M + 3.750%)
7.536
11/08/27
365,405
4,523,842
(e)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.000%)
5.660
10/16/31
4,531,374
10,165,166
(e)
CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%)
6.167
11/08/32
10,170,452
550,000
(e)
Dealer Tire Financial, LLC, Term Loan B4, (TSFR1M + 3.000%)
6.673
07/02/31
550,228
828,847
(e),(f)
Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)
6.672
06/17/31
768,238
6,464,826
(e)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.250%)
5.921
06/09/31
6,449,084
2,060,503
(e)
Kodiak Building Partners Inc., Term Loan B, (TSFR1M + 3.750%)
7.423
12/04/31
2,063,254
4,794,254
(e)
LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +
3.750%)
7.527
06/06/31
3,994,812
3,860,123
(e)
Les Schwab Tire Centers, Term Loan B, (TSFR3M + 2.500%)
6.173
04/23/31
3,863,751
5,096,603
(e)
Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)
8.184
04/17/28
5,100,324
4,422,582
(e),(f)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.173
03/27/31
4,368,074
1,631,000
(e),(f)
Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)
8.161
03/17/31
1,627,290
1,563,000
(e)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
7.677
08/18/32
1,556,482
1,097,945
(e),(f)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6.287
10/20/28
1,080,653
12,911,647
(e)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.173
01/30/31
12,857,870
6,861,475
(e),(f)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
6.923
10/29/29
6,797,148
Portfolio of Investments February 28, 2026
(continued)
Floating Rate Income
28
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
$
2,500,000
(e),(h)
White Cap Supply Holdings LLC, (TBD)
TBD
TBD
$
2,478,138
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
68,622,577
CONSUMER DURABLES & APPAREL - 2.3%
4,309,824
(e)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
5.923
%
12/21/28
4,302,907
11,828,727
(e)
AI Aqua Merger Sub, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.750%)
6.416
07/31/28
11,791,762
5,721,798
(e),(f)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6.287
05/30/28
5,751,294
1,288,316
(e)
MajorDrive Holdings IV LLC, Term Loan B, (TSFR3M + 4.000%)
7.934
06/01/28
1,202,649
31,018
(e)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11.286
06/29/28
29,212
2,571,887
(e)
Somnigroup International Inc, Term Loan B, (SOFR30A +
2.250%)
5.910
10/24/31
2,587,961
6,404,625
(e)
Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)
6.672
08/26/31
6,396,652
8,404,000
(e)
Weber-Stephen Products LLC, Term Loan B, (TSFR3M +
3.750%)
7.411
10/01/32
8,420,808
5,300,343
(e),(f)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)
8.156
02/20/32
5,304,478
TOTAL CONSUMER DURABLES & APPAREL
45,787,723
CONSUMER SERVICES - 5.0%
550,000
(e)
101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M
+ 1.750%)
5.423
09/23/30
550,223
7,155,800
(e)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6.173
05/31/30
7,173,689
9,818,749
(e),(f)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6.173
08/17/28
9,837,159
6,146,744
(e),(f)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
5.923
02/06/30
6,119,882
4,476,110
(e)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
5.923
02/06/31
4,449,254
5,940,927
(e)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
6.423
01/31/31
5,059,710
1,000,000
(e)
Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)
5.422
09/19/31
1,003,250
3,244,328
(e)
DK Crown Holdings Inc., Term Loan B, (TSFR1M + 1.750%)
5.418
03/04/32
3,238,504
4,105,244
(e),(f)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TSFR1M + 3.500%)
7.172
07/06/29
4,129,198
4,081,482
(e)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
6.923
01/29/29
4,066,564
6,953,388
(e)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
5.422
11/29/30
6,860,664
6,194,904
(e)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
5.672
06/04/32
6,125,212
5,381,378
(e),(f)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029),
(TSFR3M + 2.250%)
5.922
10/31/29
5,369,835
4,584,593
(e)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 2.500%)
6.173
05/27/32
4,605,614
2,567,000
(e),(h)
Houghton Mifflin Harcourt Co, (TBD)
TBD
TBD
2,184,774
5,804,718
(e)
IRB Holding Corp, Term Loan B, (TSFR1M + 2.500%)
6.173
12/16/30
5,791,425
7,819,223
(e)
Light and Wonder International, Inc., Term Loan B, (TSFR1M +
2.000%)
5.677
04/16/29
7,833,884
3,894,710
(e),(f)
Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)
7.172
11/30/29
3,312,451
3,638,696
(e)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
6.652
04/04/29
3,572,999
3,429,490
(e)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
5.673
12/04/31
3,420,916
550,000
(e),(h)
Station Casinos LLC, (TBD)
TBD
TBD
550,968
5,486,133
(e)
TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)
5.664
11/21/31
5,497,571
TOTAL CONSUMER SERVICES
100,753,746
ENERGY - 1.6%
2,555,000
(e)
EG America LLC, Term Loan B, (TSFR1M + 3.250%)
6.923
01/30/31
2,555,958
18,250,000
(e)
Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M +
3.250%)
6.893
01/31/33
18,155,921
8,021,000
(e),(f)
New Fortress Energy Inc, Incremental Term Loan B, (TSFR3M +
5.500%)
9.238
10/30/28
3,907,189
550,000
(e)
Oryx Midstream Services Permian Basin LLC, Term Loan B,
(TSFR1M + 2.250%)
5.923
10/05/28
551,100
4,915,298
(e)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.250%)
5.923
11/17/28
4,917,608
1,772,074
(e)
Traverse Midstream Partners LLC, Term Loan, (TSFR3M +
2.500%)
6.167
02/16/28
1,780,935
TOTAL ENERGY
31,868,711
29
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES - 1.4%
$
4,837,638
(e)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
6.423
%
07/30/31
$
4,850,603
2,015,272
(e)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M
+ 3.500%)
7.173
12/15/28
2,017,035
4,829,000
(e),(f)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)
6.922
09/13/32
4,851,648
6,687,350
(e),(f)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
5.410
07/30/32
6,677,819
1,777,219
(b),(e),(i)
Ditech Holding Corporation, Term Loan
0.000
06/30/27
177
6,127,167
(e)
Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,
(TSFR1M + 3.000%)
6.673
03/24/31
6,045,798
3,044,000
(e)
Orion US Finco Inc., First Lien Term Loan, (TSFR3M + 3.500%)
7.150
10/12/32
2,998,340
TOTAL FINANCIAL SERVICES
27,441,420
FOOD, BEVERAGE & TOBACCO - 1.9%
3,872,511
(e)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
6.787
12/08/28
3,882,192
919,492
(e)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 10.673%, PIK 7.000%)
10.673
09/30/30
137,924
210,942
(e)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 10.673%, PIK 7.000%)
10.673
09/30/30
94,924
2,210,371
(e)
Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)
6.423
02/12/31
2,149,088
8,810,000
(e),(f)
Froneri Lux Finco Sarl, Term Loan, (TSFR6M + 2.250%)
5.877
09/30/32
8,622,788
1,892,000
(e)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9.172
01/24/29
1,888,254
7,613,079
(e)
Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)
6.403
07/12/29
7,624,156
169,871
(e),(g)
Sauer Brands Inc, Delayed Draw Term Loan
3.000
02/19/32
170,331
1,792,199
(e)
Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)
6.667
02/19/32
1,797,056
12,789,121
(e),(f)
Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)
5.922
03/31/28
12,799,992
TOTAL FOOD, BEVERAGE & TOBACCO
39,166,705
HEALTH CARE EQUIPMENT & SERVICES - 7.1%
2,687,706
(e)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
9.423
12/23/27
2,593,636
8,596,854
(e)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)
5.923
09/20/32
8,608,675
4,479,099
(e)
Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +
3.750%)
7.423
01/15/31
4,489,176
12,372,540
(e)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
7.772
10/01/27
11,769,379
9,358,761
(e)
Global Medical Response, Inc., Term Loan B, (TSFR3M +
3.500%)
7.170
09/20/32
9,371,348
7,290,967
(e),(f)
LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +
3.750%)
7.422
05/19/31
7,305,877
401,000
(e)
LifePoint Health, Inc., Incremental Term Loan B1, (TSFR3M +
3.500%)
7.152
05/19/31
401,178
3,573,000
(e)
Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)
6.705
12/17/32
3,584,916
245,795
(e)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7.267
11/01/28
50,542
4,267,494
(e),(f)
Medline Borrower, LP, Incremental Term Loan B, (TSFR1M +
1.750%)
5.423
10/23/30
4,279,827
5,635,494
(e)
Medline Borrower, LP, Term Loan B, (TSFR1M + 1.750%)
5.423
10/23/28
5,649,893
945,600
(e),(f),(g)
National Mentor Holdings, Inc., Delayed Draw Term Loan
6.000
12/12/30
932,007
2,206,400
(e),(f)
National Mentor Holdings, Inc., First Lien Term Loan B,
(TSFR1M + 6.000%)
9.673
12/12/30
2,174,683
150,000
(e)
National Mentor Holdings, Inc., Term Loan B, (TSFR1M +
6.000%)
9.673
12/12/30
147,844
2,270,000
(e)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.250%)
6.910
08/06/32
2,276,390
5,703,438
(e),(f)
Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)
6.686
04/23/32
5,704,150
5,026,061
(e),(f)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)
6.167
03/17/31
5,028,147
12,941,533
(e)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6.173
02/21/31
12,942,439
3,203,350
(e)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8.172
06/30/32
3,174,984
313,046
(e)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 5.500%), (cash 9.433%, PIK 1.000%)
9.433
06/28/28
322,959
5,244,256
(e),(f)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 3.500%), (cash 7.433%, PIK 1.500%)
7.433
06/28/28
5,117,843
5,335,685
(e)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
7.672
09/30/30
5,181,350
24,817,472
(e),(f)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.173
12/19/30
24,879,516
10,013,098
(e),(f)
Team Health Holdings, Inc., Repriced Term Loan B, (TSFR3M +
4.000%)
7.661
06/30/28
10,019,357
Portfolio of Investments February 28, 2026
(continued)
Floating Rate Income
30
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES
(continued)
$
2,779,817
(e)
Upstream Newco, Inc., Term Loan, (TSFR3M + 4.250%), (cash
8.179%, PIK 1.500%)
8.179
%
11/20/29
$
2,579,434
4,918,404
(e)
Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)
7.673
10/29/31
4,910,215
6,955
(b),(e)
Vyaire Medical Inc
0.000
06/14/27
1
303,385
(b),(e),(i)
Vyaire Medical Inc, (TSFR3M + 4.750%)
0.000
04/16/25
30
TOTAL HEALTH CARE EQUIPMENT & SERVICES
143,495,796
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
1,446,234
(e)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
7.434
05/16/28
1,448,859
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
1,448,859
INSURANCE - 6.4%
2,397,687
(e)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
6.673
11/06/30
2,328,753
7,496,212
(e)
Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)
6.423
05/28/32
7,156,784
21,708,918
(e)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.173
09/19/31
21,265,622
7,572,030
(e)
AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.000%)
5.673
01/30/32
7,505,775
4,813,982
(e)
Asurion LLC, Term Loan B10, (TSFR1M + 4.000%)
7.773
08/21/28
4,817,857
929,120
(e)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8.023
08/21/28
930,207
7,555,177
(e)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
7.923
09/19/30
7,544,789
26,726,729
(e)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)
6.173
06/16/31
25,663,272
550,000
(e)
Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)
5.923
10/15/30
551,375
8,756,163
(e)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
5.920
06/20/30
8,674,468
14,926,196
(e)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
5.673
09/15/31
14,924,331
10,724,061
(e)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.173
07/31/31
10,418,425
2,841,550
(e)
Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +
3.250%)
6.923
06/17/32
2,734,992
8,286,855
(e)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6.422
05/06/31
8,154,265
5,486,777
(e)
USI, Inc., Term Loan C, (TSFR3M + 2.250%)
5.922
09/27/30
5,469,631
1,328,484
(e)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
5.922
11/23/29
1,325,163
TOTAL INSURANCE
129,465,709
MATERIALS - 4.4%
3,907,737
(e),(f)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
6.423
08/19/30
3,917,506
8,549,393
(e)
Berlin Packaging LLC, Term Loan B7, (TSFR3M + 3.250%)
6.916
06/09/31
8,519,470
6,400,000
(e)
BradyPlus Holdings LLC, Term Loan B, (TSFR3M + 3.500%)
7.190
12/29/32
6,362,016
7,772,130
(e)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
6.848
04/13/29
7,719,553
8,945,243
(e),(f)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
6.923
04/01/32
8,866,973
3,324,894
(e),(f)
Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)
7.172
04/02/32
3,312,426
2,100,000
(e)
Graham Packaging Company Inc., Term Loan B, (TSFR1M +
2.250%)
5.923
01/26/33
2,098,845
1,166,000
(e),(h)
Ineos US Finance LLC, (TBD)
TBD
TBD
1,070,289
5,512,247
(e)
Klockner-Pentaplast of America, Inc., Term Loan, (TSFR3M +
3.500%)
5.333
01/30/31
4,915,077
5,340,407
(e)
Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)
7.036
04/03/28
5,348,765
274,954
(e)
Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)
6.917
04/03/28
273,666
6,875,000
(e),(h)
ProAmpac PG Borrower LLC, (TBD)
TBD
TBD
6,797,656
6,160,298
(e)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
7.662
09/15/28
6,090,994
8,655,000
(e)
Qnity Electronics Inc, Term Loan B, (TSFR6M + 2.000%)
5.698
11/01/32
8,698,275
2,770,000
(e)
Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +
1.750%)
5.417
10/29/32
2,782,991
6,511,438
(e)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7.173
04/21/31
6,545,526
3,341,871
(e)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
6.923
03/03/31
3,208,346
118,517
(e),(g)
USALCO, LLC, Delayed Draw Term Loan
1.000
09/30/31
118,813
1,136,590
(e)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7.173
09/30/31
1,139,432
TOTAL MATERIALS
87,786,619
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT - 6.1%
$
2,839,143
(e)
Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +
4.250%)
8.163
%
10/28/27
$
2,349,745
3,884,447
(e)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
7.797
04/28/28
3,869,881
1,392,068
(e)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
8.735
10/31/28
1,389,750
5,365,016
(e)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9.047
05/14/29
5,354,957
8,846,048
(e),(f)
Altice France S.A., Term Loan B14, (TSFR3M + 6.875%)
10.547
05/15/31
8,888,067
3,719,727
(e)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
10.667
01/04/29
3,658,611
4,564,077
(e)
Cengage Learning, Inc., Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6.671
03/24/31
4,466,565
3,536,494
(e)
Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
6.667
10/30/30
3,430,399
6,553,051
(e),(f)
Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.250%)
5.922
05/24/30
6,577,101
10,989,401
(e)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
7.787
08/23/28
11,051,217
1,889,429
(e)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7.272
06/18/29
1,793,304
11,552,838
(e)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8.171
12/02/31
11,259,916
3,880,919
(e),(f)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
8.250
04/15/27
3,363,069
455,110
(e)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9.532
06/30/28
461,083
819,187
(e)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7.132
11/30/29
797,888
3,617,254
(e)
iHeartCommunications, Inc., Term Loan, (TSFR1M + 5.775%)
9.562
05/01/29
3,140,971
2,364,453
(e)
McGraw-Hill Global Education Holdings, LLC, First Lien Term
Loan B, (TSFR1M + 2.750%)
6.423
08/06/31
2,363,897
3,445,000
(e),(f)
NEP Group, Inc., Term Loan B, (TSFR1M + 4.500%)
8.173
10/17/31
3,156,929
5,845,753
(e)
Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6.673
02/10/31
5,850,780
4,033,539
(e)
Radiate Holdco, LLC, FLFO Term Loan, (TSFR1M + 3.500%),
(cash 7.287%, PIK 1.500%)
7.287
09/25/29
3,514,221
1,662,254
(e)
Sinclair Television Group Inc., Term Loan B6, (TSFR1M +
3.300%)
7.087
12/31/29
1,427,461
3,330,000
(e)
Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +
2.500%)
6.129
02/17/32
3,306,424
4,869,922
(e),(f)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
6.929
12/11/28
4,535,115
25,802,590
(e)
X Corp., Term Loan, (TSFR3M + 6.500%)
10.448
10/29/29
25,902,059
TOTAL MEDIA & ENTERTAINMENT
121,909,410
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.6%
997,500
(e)
Amneal Pharmaceuticals LLC, Term Loan, (TSFR1M + 3.000%)
6.673
08/02/32
999,575
6,768,376
(e)
Bausch Health Companies Inc., Term Loan B, (TSFR1M +
6.250%)
9.923
10/08/30
6,616,087
5,890,000
(e),(h)
BioMarin Pharmaceutical Inc, (TBD)
TBD
TBD
5,891,237
2,039,054
(e)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 2.750%)
6.387
01/27/32
2,041,603
4,457,000
(e),(f)
Genmab AS, Term Loan B, (TSFR3M + 3.000%)
6.706
12/13/32
4,480,667
29,281,000
(e),(h)
HOPPER MERGER SUB INC, (TBD)
TBD
TBD
28,969,889
10,607,500
(e),(f)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
5.923
05/05/28
10,657,620
8,308,796
(e)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
5.923
05/19/31
8,054,380
22,128,917
(e)
Parexel International Corporation, Repriced Term Loan B,
(TSFR1M + 2.750%)
6.423
12/12/31
21,900,768
2,356,777
(e)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
5.673
04/20/29
2,360,713
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
91,972,539
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
8,424,511
(e)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M
+ 2.500%)
6.173
01/31/30
8,456,103
1,667,681
(e)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
6.423
01/31/30
1,673,934
392,000
(e)
Learning Care Group (US) No. 2 Inc., Term Loan B, (TSFR3M +
4.000%)
7.661
08/11/28
311,082
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
10,441,119
Portfolio of Investments February 28, 2026
(continued)
Floating Rate Income
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
$
11,987,110
(e)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6.411
%
11/13/31
$
11,382,780
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
11,382,780
SOFTWARE & SERVICES - 10.5%
2,601,636
(e),(f)
Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.500%)
6.172
02/03/31
2,538,832
2,124,841
(e)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9.037
01/22/29
2,129,665
4,478,337
(e)
Avalara, Inc, Term Loan, (TSFR3M + 2.750%)
6.422
03/29/32
4,176,049
3,264,906
(e)
Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.173%,
PIK 7.500%)
11.173
08/01/28
2,988,744
3,962,544
(e)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR3M + 2.750%)
6.417
11/25/31
3,844,916
12,400,758
(e),(f)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
6.673
07/30/31
11,462,207
550,000
(e)
Clearwater Analytics, LLC, Term Loan B, (TSFR1M + 2.000%)
5.677
04/21/32
550,688
1,352,851
(e)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
6.922
03/24/31
1,260,857
1,857,196
(e)
Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +
3.250%)
6.922
08/13/32
1,729,050
4,895,575
(e)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
6.421
03/29/32
4,352,485
3,947,299
(e)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6.421
05/01/31
3,511,853
13,105,379
(e)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
6.898
10/09/31
12,487,526
6,654,858
(e)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.500%)
6.173
10/09/29
6,457,608
945,000
(e),(h)
EP Purchaser LLC, (TBD)
TBD
TBD
492,345
548,000
(e),(h)
EP Purchaser LLC, (TBD)
TBD
TBD
288,388
11,941,398
(e)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.173
05/30/31
11,613,010
1,461,462
(e)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
6.668
06/27/31
1,424,925
24,189,785
(e)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6.173
01/30/32
22,339,266
5,200,076
(e)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
6.417
12/08/31
4,868,571
3,956,437
(e)
Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.000%)
6.923
03/22/32
3,598,933
11,521,654
(e)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
6.673
03/01/29
10,102,014
12,405,123
(e)
Mitchell International, Inc., Term Loan, (TSFR1M + 3.000%)
6.673
06/17/31
11,513,566
4,893,048
(e)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
5.423
01/31/30
4,770,721
13,960,181
(e)
Peraton Corp., Term Loan B, (TSFR3M + 3.750%)
7.517
02/01/28
12,005,756
1,413,729
(e)
Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)
8.423
03/24/31
1,044,625
2,383,900
(e)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
6.422
11/03/31
2,369,013
7,595,028
(e)
Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +
3.000%)
6.673
04/30/31
7,590,281
5,101,452
(e)
Proofpoint, Inc., Repriced Term Loan, (TSFR3M + 3.000%)
6.672
08/31/28
4,898,184
3,675,436
(e)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
10.029
05/15/28
3,665,733
6,694,462
(e),(f)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
6.529
05/15/28
2,800,528
3,456,848
(e)
Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)
7.423
11/28/28
3,224,963
1,494,304
(e)
SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)
5.673
05/09/31
1,484,337
2,517,382
(e)
Synechron Inc, Term Loan B, (TSFR1M + 3.750%)
7.423
10/03/31
2,334,872
14,965,228
(e)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.167
02/10/31
14,205,742
3,577,151
(e)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
5.917
04/14/31
3,471,321
16,871,000
X Corp, (TSFR3M + 6.500%)
10.448
10/29/29
17,727,203
4,964,653
(e)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
6.423
09/28/29
4,695,941
TOTAL SOFTWARE & SERVICES
210,020,718
TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%
20,045,963
(e)
Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)
6.421
11/30/29
18,793,090
1,814,332
(e)
Ingram Micro Inc., Term Loan, (TSFR1M + 2.250%)
5.917
09/22/31
1,822,279
1,175,000
(e)
PROJECT AURORA US FINCO, (TSFR1M + 2.750%)
6.490
12/06/32
1,178,678
387,000
(e),(h)
Sonicwall US Holdings Inc, (TBD)
TBD
TBD
126,605
334,401
(e)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.287
03/05/29
335,281
5,858,874
(e)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.292
05/30/30
5,867,310
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
28,123,243
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES - 4.5%
$
6,576,647
(e)
Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)
5.923
%
11/24/28
$
6,574,608
2,521,544
(e)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8.173
09/28/29
2,523,119
14,159,000
(e),(f)
Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +
4.250%)
7.920
04/03/31
12,862,602
4,797,182
(b),(e)
Cyxtera DC Holdings, Inc., Term Loan B
0.000
07/16/26
26,385
6,003,000
(e)
Digicel International Finance Limited, Term Loan B, (TSFR3M +
5.250%)
9.023
08/09/32
6,034,096
2,260,800
(e)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
5.923
09/20/30
2,183,786
11,458,000
(e),(f)
Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M +
3.250%)
6.923
03/29/32
11,502,400
8,355,000
(e)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
6.684
12/07/26
6,595,980
5,351,000
(e)
Windstream Services LLC, Term Loan B, (TSFR1M + 4.000%)
7.673
10/06/32
5,364,377
37,240,091
(e),(f)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)
3.644
03/11/30
35,898,517
TOTAL TELECOMMUNICATION SERVICES
89,565,870
TRANSPORTATION - 2.5%
3,144,330
(e)
Air Canada, Term Loan B, (TSFR3M + 1.750%)
5.417
03/21/31
3,146,295
5,848,217
(e),(f)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
5.918
04/20/28
5,848,217
9,120,988
(e),(f)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.500%)
6.171
07/01/31
9,151,772
608,398
(e)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6.173
07/01/31
610,299
2,524,000
(e),(h)
Genesee & Wyoming Inc. (New), Term Loan B, (TBD)
TBD
TBD
2,523,281
12,785,662
(e)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6.173
09/23/31
12,808,421
1,635,910
(e)
PODS, LLC, Term Loan B, (TSFR1M + 3.000%)
6.787
03/31/28
1,626,978
9,455,000
(e)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)
5.917
04/09/32
9,450,792
2,993,872
(e)
United Airlines, Inc., Term Loan B, (TSFR1M + 1.750%)
5.426
02/24/31
3,001,057
1,090,000
(e),(h)
WestJet Loyalty LP, Term Loan B, (TBD)
TBD
TBD
1,090,098
TOTAL TRANSPORTATION
49,257,210
UTILITIES - 2.7%
6,412,224
(e),(f)
Cornerstone Generation LLC, Term Loan B, (TSFR3M + 3.250%)
6.917
08/11/32
6,438,546
2,433,471
(e),(f)
Hamilton Projects Acquiror, LLC , Repriced Term Loan B,
(TSFR1M + 2.500%)
6.173
05/30/31
2,445,444
1,545,746
(e)
Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +
2.750%)
6.410
05/06/32
1,563,863
107,659
(e)
Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +
2.750%)
6.410
05/06/32
108,921
321,249
(e)
Kestrel Acquisition, LLC, Term Loan, (TSFR3M + 3.000%)
6.672
11/06/31
322,574
2,352,000
(e),(h)
NRG Energy, Inc., Term Loan, (TBD)
TBD
TBD
2,360,561
15,427,317
(e)
Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M
+ 2.500%)
6.153
12/15/31
15,490,955
18,430,326
(e)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.153
05/17/30
18,509,299
7,782,000
(e),(f)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.000%)
5.672
11/26/32
7,810,210
TOTAL UTILITIES
55,050,373
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $1,734,150,238)
1,708,828,402
SHARES
DESCRIPTION
VALUE
154122
WARRANTS - 0.0%
154122
TELECOMMUNICATION SERVICES - 0.0%
8,465
Windstream Parent Inc
61,879
TOTAL TELECOMMUNICATION SERVICES
61,879
TRANSPORTATION - 0.0%
1,071
ACBL HLDG CORP
16,065
3,029
ACBL HLDG CORP
75,725
11,952
(b)
American Commercial Barge Line LLC
120
33,319
(b)
American Commercial Barge Line LLC
333
TOTAL TRANSPORTATION
92,243
TOTAL WARRANTS
(Cost $294,354)
154,122
TOTAL LONG-TERM INVESTMENTS
(Cost $1,993,247,774)
1,949,146,351
Portfolio of Investments February 28, 2026
(continued)
Floating Rate Income
34
See Notes to Financial Statements
Investments in Derivatives
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%
6,149,517
(j)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.700%(k)
$
6,149,517
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $6,149,517)
6,149,517
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS - 7.5%
INVESTMENT COMPANIES - 7.5%
-
151,702,490
BlackRock Liquidity Funds T-Fund
4.517(l)
151,702,490
TOTAL INVESTMENT COMPANIES
(Cost $151,702,490)
151,702,490
TOTAL SHORT-TERM INVESTMENTS
(Cost $151,702,490)
151,702,490
TOTAL INVESTMENTS - 104.8%
(Cost $2,151,099,781)
2,106,998,358
OTHER ASSETS & LIABILITIES, NET - (4.8)%
(97,346,829)
NET ASSETS - 100%
$
2,009,651,529
ETF
Exchange-Traded Fund
PIK
Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
SOFR30A
30 Day Average Secured Overnight Financing Rate
SOFR90A
90 Day Average Secured Overnight Financing Rate
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 fiscal period, the aggregate value of these securities is $159,133,111 or 7.6% of Total Investments.
(d)
Affiliated holding
(e)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(f)
Portion of investment purchased on a delayed delivery basis.
(g)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(h)
When-issued or delayed delivery security.
(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.
Credit Default Swaps - Centrally Cleared
SOLD
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)
Morgan Stanley Prime
Brokerage
CDX-NAHYS45V1
5.000
%
3.59
%
Quarterly
12/20/30
$
15,840,000
$
1,226,366
$
1,100,441
$
125,925
Total
$
15,840,000
$
1,226,366
$1,100,441
$
125,925
35
See Notes to Financial Statements
(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.
36
Portfolio of Investments February 28, 2026
High Yield Income
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 95.6%
714634
COMMON STOCKS - 0.1%
714634
TELECOMMUNICATION SERVICES - 0.1%
14,262
(a)
Altice France Lux 3
$
262,048
24,632
(a)
Altice France Lux 3
452,586
TOTAL TELECOMMUNICATION SERVICES
714,634
TOTAL COMMON STOCKS
(Cost $659,862)
714,634
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
466105370
CORPORATE BONDS - 85.4% (b)
466105370
AUTOMOBILES & COMPONENTS - 2.6%
$
3,000,000
(c)
Dealer Tire LLC / DT Issuer LLC
8
.000
%
02/01/28
2,970,030
2,830,000
(c)
Dornoch Debt Merger Sub Inc
6
.625
10/15/29
2,556,550
1,200,000
(d)
Goodyear Tire & Rubber Co/The
5
.250
04/30/31
1,150,651
1,200,000
(c)
IHO Verwaltungs GmbH, (cash 6.375%, PIK 7.125%)
6
.375
05/15/29
1,215,432
1,000,000
(c)
IHO Verwaltungs GmbH
8
.000
11/15/32
1,066,717
1,800,000
(c)
Nissan Motor Acceptance Co LLC
5
.625
09/29/28
1,811,594
2,350,000
(c)
Phinia Inc
6
.625
10/15/32
2,439,688
895,000
(c)
ZF North America Capital Inc
7
.500
03/24/31
922,400
TOTAL AUTOMOBILES & COMPONENTS
14,133,062
CAPITAL GOODS - 5.8%
4,200,000
(c)
Albion Financing 1 SARL / Aggreko Holdings Inc
7
.000
05/21/30
4,398,463
2,275,000
(c),(d)
Alta Equipment Group Inc
9
.000
06/01/29
2,148,073
500,000
(c)
Camelot Return Merger Sub Inc
8
.750
08/01/28
377,506
2,200,000
(c)
Columbus McKinnon Corp/NY
7
.125
01/31/33
2,261,732
369,673
(c)
CP Atlas Buyer Inc, (cash 7.000%, PIK 5.750%)
12
.750
01/15/31
331,956
1,355,000
(c)
Goat Holdco LLC
6
.750
02/01/32
1,400,248
1,275,000
(c)
Herc Holdings Inc
7
.000
06/15/30
1,336,094
1,250,000
(c)
Herc Holdings Inc
5
.750
03/15/31
1,267,151
1,000,000
(c)
JH North America Holdings Inc
5
.875
01/31/31
1,021,312
925,000
(c)
Lsf12 Helix Parent LLC
7
.125
02/01/33
928,592
1,750,000
(c)
Masterbrand Inc
7
.000
07/15/32
1,761,258
1,480,000
(c)
New Flyer Holdings Inc
9
.250
07/01/30
1,597,543
2,440,000
(c)
Quikrete Holdings Inc
6
.375
03/01/32
2,535,887
1,750,000
(c)
Standard Building Solutions Inc
6
.500
08/15/32
1,801,338
1,500,000
(c)
Terex Corp
6
.250
10/15/32
1,544,802
2,100,000
(c)
TransDigm Inc
6
.875
12/15/30
2,185,581
2,000,000
(c)
TransDigm Inc
6
.000
01/15/33
2,035,378
1,500,000
(c)
TransDigm Inc
6
.375
05/31/33
1,530,949
1,350,000
(c)
TransDigm Inc
6
.125
07/31/34
1,371,243
TOTAL CAPITAL GOODS
31,835,106
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%
1,800,000
(c)
Allied Universal Holdco LLC
7
.875
02/15/31
1,901,715
1,565,000
(c)
CACI International Inc
6
.375
06/15/33
1,611,156
1,200,000
(c)
Garda World Security Corp
8
.375
11/15/32
1,229,035
1,595,000
(c)
GFL Environmental Holdings US Inc
5
.500
02/01/34
1,600,737
1,700,000
(c)
Neptune Bidco US Inc
9
.290
04/15/29
1,703,332
2,250,000
(c)
RR Donnelley & Sons Co
9
.500
08/01/29
2,318,465
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
10,364,440
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.6%
3,000,000
(c)
Cougar JV Subsidiary LLC
8
.000
05/15/32
3,195,138
640,000
(c)
Gee Automotive Holdings LLC
7
.250
03/01/31
650,531
2,000,000
(c)
Kohl's Corp
10
.000
06/01/30
2,177,244
1,700,000
(c),(d)
LBM Acquisition LLC
6
.250
01/15/29
1,296,118
1,500,000
(c)
Michaels Cos Inc/The
7
.875
05/01/29
1,506,751
990,000
(c),(e)
Michaels Cos Inc/The
11
.000
03/15/34
925,316
1,525,000
(c),(e)
Michaels Cos Inc/The
8
.500
03/15/33
1,483,375
1,600,000
Nordstrom Inc
4
.250
08/01/31
1,490,948
1,150,000
(c)
Park River Holdings Inc
8
.000
03/15/31
1,157,375
1,250,000
(c)
PetSmart Inc / PetSmart Finance Corp
10
.000
09/15/33
1,253,565
37
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
$
2,000,000
(c)
QXO Building Products Inc
6
.750
%
04/30/32
$
2,071,432
2,150,000
(c)
Veritiv Operating Co
10
.500
11/30/30
2,300,436
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
19,508,229
CONSUMER DURABLES & APPAREL - 1.2%
2,529,716
(c)
Beach Acquisition Bidco LLC, (cash 10.00%, PIK 10.750%)
10
.000
07/15/33
2,795,343
1,520,000
(c)
CD&R Smokey Buyer Inc / Radio Systems Corp
9
.500
10/15/29
1,247,643
745,000
(c)
Installed Building Products Inc
5
.625
02/01/34
754,887
1,000,000
(c)
Newell Brands Inc
8
.500
06/01/28
1,052,602
1,000,000
(c)
S&S Holdings LLC
8
.375
10/01/31
937,214
TOTAL CONSUMER DURABLES & APPAREL
6,787,689
CONSUMER SERVICES - 4.8%
1,500,000
(c)
Caesars Entertainment Inc
7
.000
02/15/30
1,537,858
1,800,000
(c)
Carnival Corp
5
.875
06/15/31
1,881,040
2,500,000
(c)
Churchill Downs Inc
5
.750
04/01/30
2,520,007
2,690,000
(c)
Life Time Inc
6
.000
11/15/31
2,770,724
1,000,000
(c)
Marriott Ownership Resorts Inc
6
.500
10/01/33
969,633
500,000
(c)
Merlin Entertainments Group US Holdings Inc
7
.375
02/15/31
412,524
1,500,000
MGM Resorts International
6
.125
09/15/29
1,541,674
1,200,000
(c),(d)
Motion Bondco DAC
6
.625
11/15/27
1,132,729
2,500,000
(c)
NCL Corp Ltd
6
.750
02/01/32
2,574,588
500,000
Six Flags Entertainment Corp
7
.250
05/15/31
490,743
2,250,000
Six Flags Entertainment Corp / Canada's Wonderland Co /
Magnum Management Corp
6
.500
10/01/28
2,251,874
540,000
(c)
SIX FLAGS/CAN WON/MILLEN
8
.625
01/15/32
546,747
1,500,000
(c)
Travel + Leisure Co
6
.125
09/01/33
1,524,699
1,300,000
(c)
Vail Resorts Inc
5
.625
07/15/30
1,322,945
2,000,000
(c)
Viking Ocean Cruises Ship VII Ltd
5
.625
02/15/29
1,998,358
1,200,000
(c)
Voyager Parent LLC
9
.250
07/01/32
1,281,385
1,525,000
(c)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6
.250
03/15/33
1,557,388
TOTAL CONSUMER SERVICES
26,314,916
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
2,975,243
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
2,975,243
ENERGY - 12.2%
1,875,000
(c)
Antero Midstream Partners LP / Antero Midstream Finance
Corp
5
.750
10/15/33
1,903,408
1,500,000
(c)
Archrock Partners LP / Archrock Partners Finance Corp
6
.625
09/01/32
1,560,963
2,145,000
(c)
ARCHROCK SERVICES/PARTNE
6
.000
02/01/34
2,171,778
1,155,000
(c)
Ascent Resources Utica Holdings LLC / ARU Finance Corp
6
.625
07/15/33
1,198,528
853,659
(c)
Borr IHC Ltd / Borr Finance LLC
10
.000
11/15/28
889,143
1,515,000
(c)
Bristow Group Inc
6
.750
02/01/33
1,537,234
1,000,000
Buckeye Partners LP
5
.850
11/15/43
942,185
845,000
(c)
Chord Energy Corp
6
.000
10/01/30
863,168
750,000
(c)
Chord Energy Corp
6
.750
03/15/33
778,946
2,000,000
(c)
CITGO Petroleum Corp
8
.375
01/15/29
2,073,938
3,335,000
(c)
CNX Resources Corp
7
.250
03/01/32
3,497,064
500,000
(c)
CNX Resources Corp
5
.875
03/01/34
500,914
2,500,000
(c)
CQP Holdco LP / BIP-V Chinook Holdco LLC
5
.500
06/15/31
2,493,186
865,000
(c)
CVR Energy Inc
7
.500
02/15/31
862,068
457,000
(c)
CVR Energy Inc
5
.750
02/15/28
456,179
1,000,000
(c)
Delek Logistics Partners LP / Delek Logistics Finance Corp
8
.625
03/15/29
1,044,156
1,175,000
(c)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7
.375
06/30/33
1,215,305
2,560,000
(c)
Global Partners LP / GLP Finance Corp
8
.250
01/15/32
2,704,589
1,890,000
(c)
Harvest Midstream I LP
7
.500
05/15/32
1,961,788
1,800,000
(c)
ITT Holdings LLC
6
.500
08/01/29
1,748,703
2,300,000
(c)
Kinetik Holdings LP
6
.625
12/15/28
2,371,116
2,500,000
(c)
Kodiak Gas Services LLC
6
.500
10/01/33
2,578,052
520,000
(c)
Matador Resources Co
6
.000
04/15/34
519,373
1,100,000
(c)
Matador Resources Co
6
.250
04/15/33
1,119,515
1,500,000
(c)
Moss Creek Resources Holdings Inc
8
.250
09/01/31
1,478,168
Portfolio of Investments February 28, 2026
(continued)
High Yield Income
38
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
2,580,000
(c)
Noble Finance II LLC
8
.000
%
04/15/30
$
2,685,316
1,150,000
PBF Holding Co LLC / PBF Finance Corp
6
.000
02/15/28
1,145,200
1,100,000
(c)
Rockies Express Pipeline LLC
6
.750
03/15/33
1,158,766
1,500,000
(c)
SM Energy Co
8
.625
11/01/30
1,587,522
3,500,000
(f)
South Bow Canadian Infrastructure Holdings Ltd
7
.625
03/01/55
3,647,196
2,800,000
(c)
Sunoco LP
6
.250
07/01/33
2,883,793
1,500,000
(c)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
6
.000
09/01/31
1,515,947
1,275,000
(c)
Transocean International Ltd
7
.875
10/15/32
1,368,985
2,000,000
(c)
Venture Global Calcasieu Pass LLC
3
.875
11/01/33
1,780,037
2,000,000
(c)
Venture Global LNG Inc
9
.875
02/01/32
2,118,878
670,000
(c),(d)
Venture Global LNG Inc
7
.000
01/15/30
679,617
1,000,000
(c),(f),(g)
Venture Global LNG Inc
9
.000
N/A
874,576
1,525,000
(c)
Venture Global Plaquemines LNG LLC
6
.500
01/15/34
1,604,939
1,500,000
(c)
Venture Global Plaquemines LNG LLC
6
.750
01/15/36
1,597,817
610,000
(c)
Venture Global Plaquemines LNG LLC
6
.125
12/15/30
633,673
1,500,000
(c)
Venture Global Plaquemines LNG LLC
6
.500
06/15/34
1,574,942
1,000,000
(c)
Weatherford International Ltd
6
.750
10/15/33
1,045,484
TOTAL ENERGY
66,372,155
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.2%
2,055,000
(c)
Diversified Healthcare Trust
7
.250
10/15/30
2,136,966
3,185,000
(c)
Iron Mountain Inc
6
.250
01/15/33
3,254,459
2,670,000
(c)
Millrose Properties Inc
6
.375
08/01/30
2,739,153
2,000,000
(c)
Millrose Properties Inc
6
.250
09/15/32
2,025,086
3,250,000
(d)
MPT Operating Partnership LP / MPT Finance Corp
5
.000
10/15/27
3,184,360
2,470,000
MPT Operating Partnership LP / MPT Finance Corp
3
.500
03/15/31
1,888,908
2,145,000
(c)
MPT Operating Partnership LP / MPT Finance Corp
8
.500
02/15/32
2,295,746
2,000,000
(c)
Office Properties Income Trust
9
.000
03/31/29
2,032,580
1,860,000
(c)
RHP Hotel Properties LP / RHP Finance Corp
6
.500
04/01/32
1,924,685
695,000
(c),(e)
RHP Hotel Properties LP / RHP Finance Corp
5
.750
03/15/34
700,071
1,000,000
(c)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6
.500
02/15/29
972,582
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
23,154,596
FINANCIAL SERVICES - 8.2%
2,800,000
(c)
Azorra Finance Ltd
7
.750
04/15/30
2,940,773
1,280,000
(c)
Azorra Finance Ltd
7
.250
01/15/31
1,335,927
1,000,000
Block Inc
6
.500
05/15/32
1,028,759
2,300,000
(c)
Burford Capital Global Finance LLC
6
.250
04/15/28
2,287,068
585,000
(c)
Burford Capital Global Finance LLC
8
.500
01/15/34
573,408
2,058,741
(c)
Compass Group Diversified Holdings LLC
5
.250
04/15/29
1,927,084
3,500,000
(c)
Encore Capital Group Inc
6
.625
04/15/31
3,553,900
2,200,000
(f)
HA Sustainable Infrastructure Capital Inc
8
.000
06/01/56
2,317,414
600,000
(f)
HA Sustainable Infrastructure Capital Inc
7
.125
11/15/56
599,835
2,000,000
(c)
Hunt Cos Inc
5
.250
04/15/29
1,907,624
4,000,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
5
.250
05/15/27
3,939,801
1,380,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
9
.000
06/15/30
1,312,680
2,525,000
(c)
Jane Street Group / JSG Finance Inc
6
.125
11/01/32
2,540,077
1,145,000
OneMain Finance Corp
6
.125
05/15/30
1,148,416
2,800,000
OneMain Finance Corp
5
.375
11/15/29
2,768,246
1,165,000
(c)
Osaic Holdings Inc
6
.750
08/01/32
1,175,625
1,600,000
(c)
PennyMac Financial Services Inc
6
.875
05/15/32
1,609,154
4,365,000
(c)
Starwood Property Trust Inc
6
.000
04/15/30
4,466,128
4,000,000
(c)
Stonex Escrow Issuer LLC
6
.875
07/15/32
4,150,924
2,725,000
(c),(g),(h)
UBS Group AG
6
.600
N/A
2,741,312
600,000
(c)
WEX Inc
6
.500
03/15/33
603,022
TOTAL FINANCIAL SERVICES
44,927,177
FOOD, BEVERAGE & TOBACCO - 0.7%
1,750,000
(c)
Post Holdings Inc
6
.375
03/01/33
1,781,293
2,000,000
(c)
Viking Baked Goods Acquisition Corp
8
.625
11/01/31
2,024,596
TOTAL FOOD, BEVERAGE & TOBACCO
3,805,889
39
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES - 4.0%
$
1,600,000
(c)
CHS/Community Health Systems Inc
10
.875
%
01/15/32
$
1,733,962
2,170,000
(c)
DaVita Inc
4
.625
06/01/30
2,124,270
1,500,000
(c),(d)
Embecta Corp
5
.000
02/15/30
1,409,840
2,070,000
(c)
Global Medical Response Inc
7
.375
10/01/32
2,167,042
900,000
(c)
LifePoint Health Inc
8
.375
02/15/32
974,373
3,500,000
(c)
Molina Healthcare Inc
6
.250
01/15/33
3,443,006
875,000
(c)
Molina Healthcare Inc
6
.500
02/15/31
877,796
1,375,000
(c)
National Mentor Holdings Inc
10
.500
12/15/30
1,369,931
2,000,000
(c)
Prime Healthcare Services Inc
9
.375
09/01/29
2,089,065
226,548
(c)
Radiology Partners Inc, (cash 9.781%, PIK 9.781%)
9
.781
02/15/30
211,822
1,690,000
(c)
Radiology Partners Inc
8
.500
07/15/32
1,740,159
2,070,000
(c)
Team Health Holdings Inc
8
.375
06/30/28
2,083,739
425,000
(c)
Tenet Healthcare Corp
6
.000
11/15/33
439,208
1,200,000
(c)
US Acute Care Solutions LLC
9
.750
05/15/29
1,200,374
TOTAL HEALTH CARE EQUIPMENT & SERVICES
21,864,587
INSURANCE - 4.4%
2,650,000
(c)
Acrisure LLC / Acrisure Finance Inc
6
.750
07/01/32
2,598,982
4,080,000
(c)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6
.500
10/01/31
4,102,394
2,140,000
(c)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7
.875
11/01/29
2,073,275
2,995,000
(c)
Ardonagh Finco Ltd
7
.750
02/15/31
3,066,746
1,200,000
(c)
Ardonagh Group Finance Ltd
8
.875
02/15/32
1,184,365
835,000
(c)
ASURION LLC/ASURION CO
8
.000
12/31/32
877,007
4,000,000
(c)
ASURION LLC/ASURION CO
8
.375
02/01/34
3,980,666
2,000,000
(c)
HUB International Ltd
5
.625
12/01/29
1,968,933
1,200,000
(c)
HUB International Ltd
7
.375
01/31/32
1,221,390
3,000,000
(c)
Panther Escrow Issuer LLC
7
.125
06/01/31
3,052,038
TOTAL INSURANCE
24,125,796
MATERIALS - 3.6%
2,135,000
(c)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
6
.250
01/30/31
2,185,202
2,000,000
Celanese US Holdings LLC
7
.050
11/15/30
2,132,388
1,500,000
(c)
Cleveland-Cliffs Inc
6
.875
11/01/29
1,545,022
1,500,000
(c)
Clydesdale Acquisition Holdings Inc
8
.750
04/15/30
1,493,388
1,245,000
(c)
Compass Minerals International Inc
8
.000
07/01/30
1,313,537
1,500,000
(c)
Crown Americas LLC
5
.875
06/01/33
1,541,142
1,000,000
(d)
Huntsman International LLC
5
.700
10/15/34
956,577
1,500,000
(c)
Methanex US Operations Inc
6
.250
03/15/32
1,552,505
860,000
(c)
Mineral Resources Ltd
7
.000
04/01/31
904,500
1,000,000
(c)
Olin Corp
6
.625
04/01/33
976,471
1,240,000
(c)
Olympus Water US Holding Corp
6
.750
08/01/32
1,220,669
1,325,000
(c)
Qnity Electronics Inc
6
.250
08/15/33
1,375,747
1,000,000
(c)
WR Grace Holdings LLC
5
.625
08/15/29
957,937
1,500,000
(c)
WR Grace Holdings LLC
6
.625
08/15/32
1,517,441
TOTAL MATERIALS
19,672,526
MEDIA & ENTERTAINMENT - 6.5%
1,715,000
(c)
Advantage Sales & Marketing Inc
6
.500
11/15/28
1,406,300
3,000,000
CCO Holdings LLC / CCO Holdings Capital Corp, Reg S
4
.250
02/01/31
2,796,301
3,000,000
(c)
CCO Holdings LLC / CCO Holdings Capital Corp
4
.500
08/15/30
2,861,482
1,125,000
(c),(d)
CCO Holdings LLC / CCO Holdings Capital Corp
4
.750
02/01/32
1,046,167
1,500,000
(c)
Clear Channel Outdoor Holdings Inc
7
.750
04/15/28
1,511,904
300,000
(c)
CSC Holdings LLC
5
.500
04/15/27
254,351
1,000,000
(c)
CSC Holdings LLC
5
.750
01/15/30
386,364
2,500,000
(c)
CSC Holdings LLC
4
.125
12/01/30
1,525,176
750,000
(c)
CSC Holdings LLC
11
.250
05/15/28
594,203
1,000,000
(c)
Directv Financing LLC
8
.875
02/01/30
1,001,153
1,715,000
(c)
Directv Financing LLC
8
.875
02/01/30
1,715,589
2,500,000
Discovery Global Holdings Inc
4
.054
03/15/29
2,473,425
1,000,000
Discovery Global Holdings Inc
4
.279
03/15/32
918,750
1,000,000
DISH DBS Corp
5
.125
06/01/29
893,033
1,000,000
(c)
Gray Media Inc
7
.250
08/15/33
1,032,602
Portfolio of Investments February 28, 2026
(continued)
High Yield Income
40
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
1,000,000
(c)
iHeartCommunications Inc
4
.750
%
01/15/28
$
894,580
750,000
(c)
LCPR Senior Secured Financing DAC
6
.750
10/15/27
525,300
2,400,000
(c)
McGraw-Hill Education Inc
7
.375
09/01/31
2,452,423
825,000
(c)
Neptune Bidco US Inc
10
.375
05/15/31
832,676
500,000
(c)
Neptune Bidco US Inc
9
.500
02/15/33
489,395
1,500,000
(c)
Outfront Media Capital LLC / Outfront Media Capital Corp
4
.250
01/15/29
1,471,785
2,000,000
(c)
Sirius XM Radio LLC
4
.125
07/01/30
1,885,161
2,000,000
(c)
Univision Communications Inc
8
.000
08/15/28
2,054,406
3,000,000
(c)
Univision Communications Inc
7
.375
06/30/30
3,000,058
1,125,000
(c)
Univision Communications Inc
9
.375
08/01/32
1,190,437
TOTAL MEDIA & ENTERTAINMENT
35,213,021
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.7%
2,469,000
(c)
1261229 BC Ltd
10
.000
04/15/32
2,553,274
3,000,000
(c),(d)
Bausch Health Americas Inc
8
.500
01/31/27
2,973,008
1,000,000
(c)
Bausch Health Cos Inc
5
.250
02/15/31
652,500
296,000
(c)
Bausch Health Cos Inc
4
.875
06/01/28
275,467
407,000
(c)
Bausch Health Cos Inc
11
.000
09/30/28
425,563
1,250,000
(c)
Charles River Laboratories International Inc
4
.000
03/15/31
1,180,190
1,500,000
(c)
Emergent BioSolutions Inc
3
.875
08/15/28
1,311,561
2,020,000
(c)
GENMAB A/S/GENMAB FIN
7
.250
12/15/33
2,143,495
1,000,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
7
.875
05/15/34
931,962
1,500,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
4
.125
04/30/28
1,472,498
1,170,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5
.125
04/30/31
1,039,668
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
14,959,186
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
2,592,400
(c)
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp
7
.000
04/15/30
2,620,512
1,000,000
Kennedy-Wilson Inc
4
.750
03/01/29
985,327
1,800,000
(d)
Kennedy-Wilson Inc
5
.000
03/01/31
1,744,866
1,000,000
(c)
Permian Resources Operating LLC
6
.250
02/01/33
1,035,482
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
6,386,187
SOFTWARE & SERVICES - 2.0%
2,000,000
(c)
Amentum Holdings Inc
7
.250
08/01/32
2,095,668
1,775,000
(c)
Cloud Software Group Inc
8
.250
06/30/32
1,776,487
2,250,000
(c)
Cloud Software Group Inc
6
.500
03/31/29
2,206,523
1,100,000
(c)
CoreWeave Inc
9
.000
02/01/31
1,061,353
1,000,000
(c)
Gen Digital Inc
6
.250
04/01/33
995,192
600,000
(c)
McAfee Corp
7
.375
02/15/30
490,917
500,000
(c)
Open Text Holdings Inc
4
.125
12/01/31
436,748
1,500,000
X.AI LLC / X.AI Co Issuer Corp
12
.500
06/30/30
1,708,368
TOTAL SOFTWARE & SERVICES
10,771,256
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
1,350,000
(c)
Imola Merger Corp
4
.750
05/15/29
1,327,125
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,327,125
TELECOMMUNICATION SERVICES - 7.3%
1,000,000
(c)
Altice France Lux 3 / Altice Holdings 1
10
.000
01/15/33
939,713
2,400,917
(c)
Altice France SA
6
.500
04/15/32
2,299,373
1,100,000
(c)
APLD COMPUTECO LLC
9
.250
12/15/30
1,154,551
835,000
(c)
Black Pearl Compute LLC
6
.125
02/15/31
854,582
1,120,000
(c)
Cipher Compute LLC
7
.125
11/15/30
1,167,425
1,500,000
(c)
Connect Holding II LLC
10
.500
04/03/31
1,450,556
1,460,000
(c)
Digicel International Finance Ltd / Difl US LLC
8
.625
08/01/32
1,516,807
2,000,000
(c)
Level 3 Financing Inc
7
.000
03/31/34
2,079,089
2,200,000
(c)
Level 3 Financing Inc
8
.500
01/15/36
2,290,639
1,200,000
(c)
Level 3 Financing Inc
6
.875
06/30/33
1,242,810
1,500,000
(c)
Lumen Technologies Inc
4
.500
01/15/29
1,427,872
3,500,000
(f)
Rogers Communications Inc
7
.000
04/15/55
3,660,577
2,590,000
(c)
Sable International Finance Ltd
7
.125
10/15/32
2,622,302
775,000
(c)
SV RNO Property Owner 1 LLC
5
.875
03/01/31
778,472
295,000
(c)
Telesat Canada / Telesat LLC
5
.625
12/06/26
231,589
1,600,000
(c)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
8
.625
06/15/32
1,622,731
41
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES
(continued)
$
2,400,000
(c)
Virgin Media Secured Finance PLC
4
.500
%
08/15/30
$
2,187,738
2,720,000
(c)
Windstream Services LLC / Windstream Escrow Finance Corp
8
.250
10/01/31
2,863,711
1,750,000
(c)
WULF COMPUTE LLC
7
.750
10/15/30
1,853,275
6,405,666
(c)
Zayo Group Holdings Inc
9
.250
03/09/30
6,245,412
1,727,082
(c)
Zayo Group Holdings Inc
13
.750
09/09/30
1,563,009
TOTAL TELECOMMUNICATION SERVICES
40,052,233
TRANSPORTATION - 1.5%
1,388,000
(c)
Allegiant Travel Co
7
.250
08/15/27
1,400,878
500,000
(c)
Genesee & Wyoming Inc
6
.250
04/15/32
515,368
1,600,000
(c),(d)
Grupo Aeromexico SAB de CV
8
.625
11/15/31
1,642,000
1,500,000
(c)
Stonepeak Nile Parent LLC
7
.250
03/15/32
1,591,834
1,165,000
United Airlines Holdings Inc
5
.375
03/01/31
1,187,787
1,595,000
(c)
VistaJet Malta Finance PLC / Vista Management Holding Inc
9
.500
06/01/28
1,645,096
TOTAL TRANSPORTATION
7,982,963
UTILITIES - 6.2%
890,000
(c)
Alpha Generation LLC
6
.250
01/15/34
903,801
5,000,000
(c),(f)
AltaGas Ltd
7
.200
10/15/54
5,224,060
2,775,000
(c)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6
.375
02/15/32
2,766,833
1,500,000
(c)
Clearway Energy Operating LLC
5
.750
01/15/34
1,519,765
4,000,000
(c)
ContourGlobal Power Holdings SA
6
.750
02/28/30
4,120,000
2,500,000
(c)
Ferrellgas LP / Ferrellgas Finance Corp
5
.875
04/01/29
2,416,766
1,500,000
(c)
NRG Energy Inc
5
.250
06/15/29
1,505,234
1,690,000
(c)
NRG Energy Inc
6
.000
02/01/33
1,730,921
2,000,000
(c)
Pattern Energy Operations LP / Pattern Energy Operations Inc
4
.500
08/15/28
1,976,829
1,500,000
(c)
Talen Energy Supply LLC
6
.250
02/01/34
1,526,392
2,000,000
(c)
TerraForm Power Operating LLC
4
.750
01/15/30
1,955,262
1,140,000
(c)
VoltaGrid LLC
7
.375
11/01/30
1,190,378
2,500,000
(c)
XPLR Infrastructure Operating Partners LP
4
.500
09/15/27
2,489,305
3,000,000
(c)
XPLR Infrastructure Operating Partners LP
7
.250
01/15/29
3,113,853
1,070,000
(c)
XPLR Infrastructure Operating Partners LP
8
.625
03/15/33
1,132,589
TOTAL UTILITIES
33,571,988
TOTAL CORPORATE BONDS
(Cost $456,585,517)
466,105,370
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
55085860
VARIABLE RATE SENIOR LOAN INTERESTS - 10.1%
55085860
CAPITAL GOODS - 0.3%
1,280,000
(e),(i)
Conair Holdings, LLC, Term Loan B, (TBD)
TBD
TBD
706,131
1,000,000
(i)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7
.010
04/12/28
739,645
TOTAL CAPITAL GOODS
1,445,776
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
1,333,750
(i)
Spin Holdco Inc., First Lien First Out Term Loan, (TSFR1M +
5.430%)
9
.101
09/04/30
1,367,234
2,492,167
(i)
Spin Holdco Inc., First Lien Second Out Term Loan, (TSFR1M +
4.000%)
7
.933
09/04/30
1,954,270
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
3,321,504
CONSUMER DURABLES & APPAREL - 0.2%
997,382
(i)
S&S Holdings LLC, Term Loan, (TSFR1M + 5.000%)
8
.773
03/13/28
980,551
TOTAL CONSUMER DURABLES & APPAREL
980,551
CONSUMER SERVICES - 0.3%
1,495,399
(i)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
5
.923
02/06/30
1,488,864
TOTAL CONSUMER SERVICES
1,488,864
ENERGY - 0.3%
3,800,000
(e),(i)
New Fortress Energy Inc, Incremental Term Loan B, (TBD)
TBD
TBD
1,851,056
TOTAL ENERGY
1,851,056
Portfolio of Investments February 28, 2026
(continued)
High Yield Income
42
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES - 1.2%
$
2,018,737
(i)
Heartland Dental, LLC, Term Loan, (TSFR1M + 3.750%)
7
.423
%
08/25/32
$
2,016,900
4,477,500
(i)
Team Health Holdings, Inc., Repriced Term Loan B, (TSFR3M +
4.000%)
7
.661
06/30/28
4,480,298
TOTAL HEALTH CARE EQUIPMENT & SERVICES
6,497,198
INSURANCE - 0.5%
2,984,655
(i)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8
.023
08/21/28
2,988,147
TOTAL INSURANCE
2,988,147
MATERIALS - 0.5%
1,500,000
(i)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
6
.848
04/13/29
1,489,853
1,500,000
(e),(i)
Sparta US HoldCo LLC, (TBD)
TBD
TBD
1,499,325
TOTAL MATERIALS
2,989,178
MEDIA & ENTERTAINMENT - 3.2%
750,066
(i)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
7
.797
04/28/28
747,254
1,507,748
(i)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
8
.735
10/31/28
1,505,237
1,875,166
(i)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9
.047
05/14/29
1,871,650
1,262,687
(i)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
10
.667
01/04/29
1,241,941
1,033,832
(i)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9
.532
06/30/28
1,047,401
2,002,750
(i)
Radiate Holdco, LLC, FLFO Term Loan, (TSFR1M + 3.500%),
(cash 7.287%, PIK 1.500%)
4
.394
09/25/29
1,744,896
4,939,975
(i)
WideOpenWest Finance LLC, Super Priority First Out New
Money Term Loan, (TSFR3M + 7.000%)
10
.929
12/20/28
5,028,475
1,300,000
(i)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
6
.929
12/11/28
1,210,625
2,984,655
(i)
X Corp., Term Loan, (TSFR3M + 6.500%)
10
.448
10/29/29
2,996,160
TOTAL MEDIA & ENTERTAINMENT
17,393,639
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
2,493,734
(i)
Bausch Health Companies Inc., Term Loan B, (TSFR1M +
6.250%)
9
.923
10/08/30
2,437,625
1,439,000
(i)
Genmab AS, Term Loan B, (TSFR3M + 3.000%)
6
.706
12/13/32
1,446,641
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
3,884,266
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
1,492,208
(i)
U.S. Anesthesia Partners, Inc., Term Loan, (TSFR1M + 4.000%)
7
.786
10/02/28
1,495,006
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
1,495,006
SOFTWARE & SERVICES - 0.3%
700,000
(e),(i)
Asurion LLC, Second Lien Term Loan B4, (TBD)
TBD
TBD
701,589
1,000,000
X Corp, (TSFR3M + 6.500%)
10
.448
10/29/29
1,050,750
TOTAL SOFTWARE & SERVICES
1,752,339
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
1,492,366
(i)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8
.292
05/30/30
1,494,516
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,494,516
TELECOMMUNICATION SERVICES - 0.9%
1,500,000
(i)
Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +
4.250%)
7
.920
04/03/31
1,362,660
1,800,000
(i)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
5
.923
09/20/30
1,738,683
2,430,000
(i)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
6
.684
12/07/26
1,918,400
TOTAL TELECOMMUNICATION SERVICES
5,019,743
UTILITIES - 0.5%
2,488,731
(i)
Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)
8
.172
02/19/32
2,484,077
TOTAL UTILITIES
2,484,077
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $54,965,271)
55,085,860
TOTAL LONG-TERM INVESTMENTS
(Cost $512,210,650)
521,905,864
43
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 2.4%
12,769,191
(j)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.700%(k)
$
12,769,191
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $12,769,191)
12,769,191
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS - 3.1%
INVESTMENT COMPANIES - 3.1%
-
17,002,700
BlackRock Liquidity Funds T-Fund
4.517(l)
17,002,700
TOTAL INVESTMENT COMPANIES
(Cost $17,002,700)
17,002,700
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,002,700)
17,002,700
TOTAL INVESTMENTS - 101.1%
(Cost $541,982,541)
551,677,755
OTHER ASSETS & LIABILITIES, NET - (1.1)%
(
5,770,733
)
NET ASSETS - 100%
$
545,907,022
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.
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
(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 fiscal period, the aggregate value of these securities is $415,799,081 or 75.4% 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 fiscal period was $12,258,483.
(e)
When-issued or delayed delivery security.
(f)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
3.0% of Total Investments.
(g)
Perpetual security. Maturity date is not applicable.
(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)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(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.
44
Portfolio of Investments February 28, 2026
Preferred Securities and Income
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.5%
5275864486
CORPORATE BONDS - 87.2% (a)
5275864486
AUTOMOBILES & COMPONENTS - 1.0%
$
43,118,000
(b),(c),(d)
General Motors Financial Co Inc
5.750
%
N/A
$
43,195,414
16,979,000
(b),(c),(d)
General Motors Financial Co Inc
5.700
N/A
17,070,992
TOTAL AUTOMOBILES & COMPONENTS
60,266,406
BANKS - 51.4%
44,883,000
(c),(e)
Banco Bilbao Vizcaya Argentaria SA
9.375
N/A
49,999,168
21,382,000
(c),(e)
Banco Bilbao Vizcaya Argentaria SA
6.125
N/A
21,637,707
52,800,000
(b),(c),(e)
Banco Bilbao Vizcaya Argentaria SA
7.750
N/A
56,686,027
27,655,400
(c),(e),(f)
Banco Mercantil del Norte SA/Grand Cayman
8.750
N/A
30,425,503
10,700,000
(c),(e),(f)
Banco Mercantil del Norte SA/Grand Cayman
7.500
N/A
11,050,179
16,450,000
(c),(e),(f)
Banco Mercantil del Norte SA/Grand Cayman
7.625
N/A
16,920,848
78,000,000
(c),(e)
Banco Santander SA
9.625
N/A
94,052,790
85,000,000
(c),(e)
Banco Santander SA
8.000
N/A
93,757,380
6,780,000
(c),(d)
Bank of America Corp
4.375
N/A
6,736,033
44,789,000
(c),(d)
Bank of America Corp
6.250
N/A
46,086,185
70,396,000
(c),(d)
Bank of America Corp
6.625
N/A
73,698,206
37,542,000
(d)
Bank of Montreal
7.700
05/26/84
39,765,613
29,666,000
(d)
Bank of Montreal
6.875
11/26/85
30,598,135
79,372,000
(d)
Bank of Montreal
7.300
11/26/84
84,511,258
15,255,000
(d)
Bank of Nova Scotia/The
8.000
01/27/84
16,323,582
51,320,000
(d)
Bank of Nova Scotia/The
6.875
10/27/85
52,987,643
31,020,000
(c),(e)
Barclays PLC
8.000
N/A
33,076,820
32,101,000
(b),(c),(e)
Barclays PLC
7.625
N/A
34,084,200
96,433,000
(c),(e)
Barclays PLC
9.625
N/A
109,327,828
32,326,000
(b),(c),(e),(f)
BNP Paribas SA
7.375
N/A
33,956,329
64,127,000
(c),(e),(f)
BNP Paribas SA
8.000
N/A
70,041,113
38,013,000
(c),(e),(f)
BNP Paribas SA
8.500
N/A
40,635,099
24,811,000
(c),(e),(f)
BNP Paribas SA
9.250
N/A
26,504,500
42,213,000
(b),(c),(e),(f)
BNP Paribas SA
7.450
N/A
44,595,966
47,866,000
(c),(e),(f)
BNP Paribas SA
7.750
N/A
50,948,858
22,350,000
(d)
Canadian Imperial Bank of Commerce
6.500
07/28/86
22,417,058
41,102,000
(d)
Canadian Imperial Bank of Commerce
7.000
10/28/85
42,613,444
41,168,000
(d)
Canadian Imperial Bank of Commerce
6.950
01/28/85
42,570,923
62,359,000
(c),(d)
Citigroup Inc
6.625
N/A
64,465,558
24,862,000
(c),(d)
Citigroup Inc
6.875
N/A
25,491,506
13,777,000
(c),(d)
Citigroup Inc
6.250
N/A
13,840,539
9,885,000
(c),(d)
Citigroup Inc
7.375
N/A
10,311,956
22,271,000
(c),(d)
Citigroup Inc
7.625
N/A
23,603,452
34,157,000
(c),(d)
Citigroup Inc
7.125
N/A
35,304,539
33,224,000
(c),(d)
Citigroup Inc
7.000
N/A
35,032,482
12,000,000
(c),(d)
Citigroup Inc
6.950
N/A
12,337,032
3,846,000
(c),(d),(g)
Citizens Financial Group Inc (TSFR3M + 3.419%)
7.068
N/A
3,847,761
16,865,000
(c),(d)
Citizens Financial Group Inc
4.000
N/A
16,770,043
65,935,000
(c),(e),(f)
Credit Agricole SA
6.700
N/A
67,692,629
46,064,000
(c),(e),(f)
Credit Agricole SA
7.125
N/A
48,458,341
7,016,000
(c),(d),(g)
Fifth Third Bancorp (TSFR3M + 3.295%)
6.967
N/A
7,038,802
20,174,000
(c),(d),(g)
First Citizens BancShares Inc/NC (TSFR3M + 4.234%)
7.957
N/A
20,601,951
22,326,000
(c),(d)
First Citizens BancShares Inc/NC
7.000
N/A
22,985,957
53,510,000
(c),(e)
HSBC Holdings PLC
8.000
N/A
56,438,709
44,378,000
(b),(c),(e)
HSBC Holdings PLC
6.875
N/A
46,092,411
61,624,000
(b),(c),(e)
HSBC Holdings PLC
6.950
N/A
64,962,665
14,612,000
(c),(e)
HSBC Holdings PLC
6.950
N/A
15,261,708
26,515,000
(c),(d)
Huntington Bancshares Inc/OH
5.625
N/A
27,172,333
24,345,000
(c),(d)
Huntington Bancshares Inc/OH
6.250
N/A
24,525,202
43,158,000
(c),(e)
ING Groep NV
7.000
N/A
44,862,656
33,907,000
(c),(e)
ING Groep NV, Reg S
7.500
N/A
35,287,663
40,809,000
(c),(d)
JPMorgan Chase & Co
6.500
N/A
42,746,760
73,116,000
(c),(d)
JPMorgan Chase & Co
6.875
N/A
77,608,320
6,491,000
(c),(d)
KeyCorp
5.000
N/A
6,472,177
37,007,000
(c),(e)
Lloyds Banking Group PLC
8.000
N/A
40,205,293
45
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
58,896,000
(b),(c),(e)
Lloyds Banking Group PLC
6.750
%
N/A
$
61,030,921
5,323,000
(b),(c),(d)
M&T Bank Corp
5.125
N/A
5,328,142
14,785,000
(c),(d)
M&T Bank Corp
3.500
N/A
14,611,028
89,103,000
(c),(e)
NatWest Group PLC
8.125
N/A
100,488,760
71,624,000
(c),(e)
NatWest Group PLC
7.300
N/A
76,037,972
10,190,000
(b),(c),(e),(f)
Nordea Bank Abp
6.300
N/A
10,459,108
56,602,000
(c),(e),(f)
Nordea Bank Abp
6.750
N/A
58,472,713
16,330,000
(c),(d)
PNC Financial Services Group Inc/The
3.400
N/A
16,139,973
14,835,000
(c),(d)
PNC Financial Services Group Inc/The
6.000
N/A
14,957,478
6,555,000
(c),(d)
PNC Financial Services Group Inc/The
6.200
N/A
6,658,340
45,844,000
(c),(d)
PNC Financial Services Group Inc/The
6.250
N/A
47,543,483
60,763,000
(d)
Royal Bank of Canada
6.500
05/24/86
60,688,012
49,105,000
(d)
Royal Bank of Canada
6.750
08/24/85
50,949,040
45,240,000
(c),(e),(f)
Societe Generale SA
9.375
N/A
48,188,834
39,975,000
(b),(c),(e),(f)
Societe Generale SA
8.500
N/A
44,463,073
37,290,000
(b),(c),(e),(f)
Societe Generale SA
7.125
N/A
37,060,399
54,126,000
(b),(c),(e),(f)
Societe Generale SA
10.000
N/A
59,744,496
25,875,000
(c),(e),(f)
Standard Chartered PLC
7.750
N/A
26,835,868
23,016,000
(d)
Toronto-Dominion Bank/The
6.350
10/31/85
23,388,445
20,719,000
(d)
Toronto-Dominion Bank/The
8.125
10/31/82
21,677,689
48,536,000
(c),(d)
Truist Financial Corp
6.669
N/A
48,717,282
12,384,000
(c),(d)
Truist Financial Corp
5.100
N/A
12,523,382
2,988,000
(c),(d)
US Bancorp
5.300
N/A
2,997,893
6,580,000
(d)
Wells Fargo & Co
7.950
11/15/29
7,426,632
14,036,000
(c),(d)
Wells Fargo & Co
3.900
N/A
14,028,910
24,750,000
(b),(c),(d)
Wells Fargo & Co
7.625
N/A
26,412,037
44,179,000
(b),(c),(d)
Wells Fargo & Co
6.850
N/A
46,593,294
TOTAL BANKS
3,108,850,044
CAPITAL GOODS - 1.6%
11,955,000
(c),(d)
Air Lease Corp
4.650
N/A
11,880,584
5,586,000
(c),(d)
Air Lease Corp
4.125
N/A
5,538,539
27,383,000
(c),(d)
Air Lease Corp
6.000
N/A
26,696,032
18,714,000
(d),(f)
ILFC E-Capital Trust I
6.270
12/21/65
16,257,550
44,663,000
(d),(f)
ILFC E-Capital Trust II
6.600
12/21/65
39,473,722
TOTAL CAPITAL GOODS
99,846,427
ENERGY - 4.5%
4,735,000
(d)
Enbridge Inc
5.500
07/15/77
4,755,484
8,721,000
(d)
Enbridge Inc
5.750
07/15/80
8,875,894
14,880,000
(d)
Enbridge Inc
7.625
01/15/83
16,349,936
62,532,000
(d)
Enbridge Inc
8.500
01/15/84
72,169,369
2,874,000
(c),(d)
Energy Transfer LP
6.625
N/A
2,911,095
48,683,000
(c),(d)
Energy Transfer LP
7.125
N/A
50,501,115
11,442,000
(c),(d)
Energy Transfer LP
6.500
N/A
11,491,833
5,335,000
(d)
Energy Transfer LP
8.000
05/15/54
5,723,463
24,656,000
(d)
Energy Transfer LP
6.750
02/15/56
25,201,908
8,380,000
(d)
South Bow Canadian Infrastructure Holdings Ltd
7.500
03/01/55
8,894,850
20,460,000
(c),(d),(f)
Sunoco LP
7.875
N/A
21,150,525
4,125,000
(d)
Transcanada Trust
5.875
08/15/76
4,133,997
31,347,000
(d)
Transcanada Trust
5.600
03/07/82
31,496,556
11,570,000
(c),(d),(f)
Venture Global LNG Inc
9.000
N/A
10,118,844
TOTAL ENERGY
273,774,869
FINANCIAL SERVICES - 11.3%
17,895,000
(d)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.950
03/10/55
18,912,775
20,600,000
(d)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.500
01/31/56
21,355,629
12,807,000
(c),(d)
Ally Financial Inc
4.700
N/A
12,772,343
12,289,000
(c),(d)
Ally Financial Inc
4.700
N/A
11,615,317
8,295,000
(c),(d),(f)
Capital Farm Credit ACA
5.000
N/A
8,270,115
10,975,000
(c),(d)
Charles Schwab Corp/The
4.000
N/A
10,937,761
3,955,000
(d)
Citigroup Capital III
7.625
12/01/36
4,606,293
18,836,000
(c),(d),(f)
Compeer Financial ACA
7.875
N/A
19,353,990
6,700,000
(c),(d),(f)
Compeer Financial ACA
4.875
N/A
6,574,375
Portfolio of Investments February 28, 2026
(continued)
Preferred Securities and Income
46
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
14,755,000
(c),(d)
Corebridge Financial Inc
6.875
%
N/A
$
15,132,418
36,075,000
(h)
Credit Suisse Group AG
7.500
01/17/72
12,265,500
61,301,000
(h)
Credit Suisse Group AG
7.500
06/11/72
20,842,340
8,421,000
(h)
Credit Suisse Group AG
5.250
02/11/72
2,863,140
12,260,000
(h)
Credit Suisse Group AG
6.380
02/21/72
4,168,400
62,450,000
(h)
Credit Suisse Group AG
7.250
03/12/72
21,233,000
49,069,000
(h)
Credit Suisse Group AG
0.000
01/17/72
16,683,460
32,600,000
(b),(c),(e)
Deutsche Bank AG, Reg S
8.130
N/A
35,005,554
36,992,000
(c),(d)
Goldman Sachs Group Inc/The
6.850
N/A
38,737,578
33,489,000
(b),(c),(d)
Goldman Sachs Group Inc/The
6.125
N/A
34,507,635
45,460,000
(c),(d)
Goldman Sachs Group Inc/The
7.500
N/A
48,394,443
20,175,000
(c),(d)
Goldman Sachs Group Inc/The
7.500
N/A
21,568,386
22,200,000
(c),(e)
Julius Baer Group Ltd, Reg S
7.500
N/A
23,232,922
11,629,000
(c),(e)
Nomura Holdings Inc
7.000
N/A
12,169,144
30,495,000
(c),(d)
State Street Corp
6.700
N/A
31,926,679
23,334,000
(c),(e),(f)
UBS Group AG
7.000
N/A
23,701,658
107,094,000
(c),(e),(f)
UBS Group AG
9.250
N/A
125,245,683
29,805,000
(c),(e),(f)
UBS Group AG
9.250
N/A
32,489,561
18,420,000
(c),(e),(f)
UBS Group AG
7.750
N/A
19,749,663
26,248,000
(c),(d)
Voya Financial Inc
7.758
N/A
27,599,798
TOTAL FINANCIAL SERVICES
681,915,560
FOOD, BEVERAGE & TOBACCO - 2.6%
13,835,000
(c),(d),(f)
Dairy Farmers of America Inc
7.125
N/A
13,868,550
39,310,000
(c),(d),(f)
Land O' Lakes Inc
8.000
N/A
39,285,455
65,313,000
(c),(d),(f)
Land O' Lakes Inc
7.250
N/A
60,414,525
46,071,000
(c),(d),(f)
Land O' Lakes Inc
7.000
N/A
41,118,367
TOTAL FOOD, BEVERAGE & TOBACCO
154,686,897
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
7,648,000
(d)
CVS Health Corp
6.750
12/10/54
7,956,444
4,343,000
(d)
CVS Health Corp
7.000
03/10/55
4,568,093
TOTAL HEALTH CARE EQUIPMENT & SERVICES
12,524,537
INSURANCE - 9.4%
19,306,000
(d)
American National Group Inc
7.000
12/01/55
19,143,652
51,650,000
(d)
Assurant Inc
7.000
03/27/48
53,196,284
64,240,000
(d),(f)
Assured Guaranty Municipal Holdings Inc
6.400
12/15/66
60,841,432
19,875,000
(d)
AXIS Specialty Finance LLC
4.900
01/15/40
19,571,457
25,597,000
(d)
Corebridge Financial Inc
6.375
09/15/54
25,604,628
14,288,000
(d)
Enstar Finance LLC
5.500
01/15/42
14,188,495
9,883,000
(d),(f)
Enstar Group Ltd
7.500
04/01/45
10,295,338
5,830,000
(d),(f)
Fidelis Insurance Holdings Ltd
6.625
04/01/41
5,822,895
9,614,000
(b),(d)
MetLife Inc
5.850
03/15/56
9,546,170
24,448,000
(d),(f)
MetLife Inc
9.250
04/08/38
29,132,041
11,023,000
(d)
MetLife Inc
6.350
03/15/55
11,449,083
14,051,000
(d)
PartnerRe Finance B LLC
4.500
10/01/50
13,580,283
49,816,000
(c),(e)
Phoenix Group Holdings PLC, Reg S
8.500
N/A
54,177,391
21,542,000
(d)
Provident Financing Trust I
7.405
03/15/38
23,523,172
5,234,000
(d)
Prudential Financial Inc
5.125
03/01/52
5,143,462
13,400,000
(d)
Prudential Financial Inc
6.500
03/15/54
14,121,268
12,672,000
(d)
Reinsurance Group of America Inc
6.650
09/15/55
13,118,384
26,530,000
(c),(d)
RLGH Finance Bermuda Ltd, Reg S
6.875
N/A
27,133,138
94,664,000
(c),(d),(f)
SBL Holdings Inc
9.508
N/A
94,156,851
70,600,000
(b),(c),(d),(f)
SBL Holdings Inc
6.500
N/A
63,722,087
TOTAL INSURANCE
567,467,511
MATERIALS - 0.1%
5,000,000
(c),(d),(f)
Cemex SAB de CV
7.200
N/A
5,265,000
TOTAL MATERIALS
5,265,000
MEDIA & ENTERTAINMENT - 0.2%
9,267,000
(c),(d),(f)
Farm Credit Bank of Texas
7.750
N/A
9,711,319
TOTAL MEDIA & ENTERTAINMENT
9,711,319
47
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES - 1.3%
$
14,843,000
(d)
Bell Telephone Co of Canada or Bell Canada
7.000
%
09/15/55
$
15,710,485
17,730,000
(d)
Rogers Communications Inc
7.125
04/15/55
18,777,325
13,396,000
(d)
TELUS Corp
7.000
10/15/55
14,136,196
22,509,000
(d)
Vodafone Group PLC
7.000
04/04/79
23,832,079
9,350,000
(d)
Vodafone Group PLC
4.125
06/04/81
8,837,717
TOTAL TELECOMMUNICATION SERVICES
81,293,802
UTILITIES - 3.6%
5,575,000
(d),(f)
AES Andes SA
8.150
06/10/55
5,993,014
9,618,000
(d)
AES Corp/The
7.600
01/15/55
9,667,465
7,093,000
(d),(f)
AltaGas Ltd
7.200
10/15/54
7,410,852
11,494,000
(d)
American Electric Power Co Inc
3.875
02/15/62
11,326,796
10,244,000
(d)
CMS Energy Corp
6.500
06/01/55
10,705,830
6,574,000
(d)
Dominion Energy Inc
7.000
06/01/54
7,136,610
8,455,000
(b),(d)
Duke Energy Corp
6.450
09/01/54
8,909,118
35,009,000
(d)
Emera Inc
6.750
06/15/76
35,184,290
18,153,000
(d)
Entergy Corp
7.125
12/01/54
18,991,759
11,121,000
(d)
EUSHI Finance Inc
7.625
12/15/54
11,740,273
15,071,000
(d)
NextEra Energy Capital Holdings Inc
6.750
06/15/54
16,034,216
10,443,000
(d)
PG&E Corp
7.375
03/15/55
10,803,315
11,762,000
(d)
Sempra
4.125
04/01/52
11,609,416
14,485,000
(d)
Sempra
6.550
04/01/55
14,787,432
10,983,000
(d)
Sempra
6.375
04/01/56
11,245,735
3,395,000
(c),(d),(f)
Vistra Corp
8.000
N/A
3,450,902
5,900,000
(c),(d),(f)
Vistra Corp
7.000
N/A
5,970,641
17,517,000
(c),(d),(f)
Vistra Corp
8.875
N/A
19,294,450
TOTAL UTILITIES
220,262,114
TOTAL CORPORATE BONDS
(Cost $5,177,771,935)
5,275,864,486
SHARES
DESCRIPTION
VALUE
75,062,294
EXCHANGE-TRADED FUNDS - 1.2%
75,062,294
2,847,000
(i)
Nuveen Preferred And Income ETF
75,062,294
TOTAL EXCHANGE-TRADED FUNDS
(Cost $74,903,375)
75,062,294
SHARES
DESCRIPTION
RATE
VALUE
508349004
PREFERRED STOCK - 8.4%
508349004
BANKS - 1.3%
486,433
Fifth Third Bancorp
7.973
12,520,785
280,000
(g)
Huntington Bancshares, Inc (TSFR3M + 2.962%)
6.634
6,971,104
285,287
KeyCorp
6.125
7,214,908
1,355,330
KeyCorp
6.200
34,696,448
217,680
KeyCorp
5.625
4,812,905
219,879
KeyCorp
5.650
4,797,760
41,404
(j)
Pinnacle Financial Partners, Inc
8.397
1,082,715
302,269
Regions Financial Corp
5.700
7,417,681
TOTAL BANKS
79,514,306
FINANCIAL SERVICES - 2.4%
680,940
Bank of New York Mellon Corp
6.150
17,575,061
558,300
Equitable Holdings, Inc
5.250
11,489,814
518,768
Morgan Stanley
6.375
13,140,394
1,344,835
Morgan Stanley
5.850
33,392,253
870,125
Morgan Stanley
6.625
22,971,300
242,300
Morgan Stanley
6.500
6,253,763
322,188
Morgan Stanley
6.875
8,177,131
350,835
(b)
Synchrony Financial
5.625
6,925,483
1,058,054
Voya Financial, Inc
5.350
25,467,360
TOTAL FINANCIAL SERVICES
145,392,559
Portfolio of Investments February 28, 2026
(continued)
Preferred Securities and Income
48
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
VALUE
FOOD, BEVERAGE & TOBACCO - 0.9%
193,870
CHS, Inc
7.875
%
$
5,050,313
1,451,502
CHS, Inc
7.100
36,868,151
528,896
CHS, Inc
6.750
13,296,445
44,881
CHS, Inc
7.500
1,146,710
TOTAL FOOD, BEVERAGE & TOBACCO
56,361,619
INSURANCE - 3.7%
504,425
(b)
American National Group, Inc
7.375
12,570,271
603,290
Aspen Insurance Holdings Ltd
5.625
12,457,938
526,750
(b)
Aspen Insurance Holdings Ltd
7.125
13,147,680
191,504
Assurant, Inc
5.250
3,929,662
540,503
Athene Holding Ltd
7.750
13,880,117
1,006,376
Athene Holding Ltd
6.350
24,535,447
1,450,528
Delphi Financial Group, Inc
7.104
34,812,672
2,729,044
Enstar Group Ltd
7.000
64,132,534
78,593
Enstar Group Ltd
7.000
1,729,046
23,571
PartnerRe Ltd
4.875
404,950
853,330
Reinsurance Group of America, Inc
5.750
21,358,850
556,200
(b)
Reinsurance Group of America, Inc
7.125
14,238,720
221,929
Selective Insurance Group, Inc
4.600
3,748,381
TOTAL INSURANCE
220,946,268
TELECOMMUNICATION SERVICES - 0.1%
314,900
AT&T, Inc
4.750
6,134,252
TOTAL TELECOMMUNICATION SERVICES
6,134,252
TOTAL PREFERRED STOCK
(Cost $524,720,186)
508,349,004
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
100732455
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.7%
100732455
$
18,191,000
(c)
CoBank ACB
6.250
N/A
18,226,709
33,000,000
(c)
CoBank ACB
6.450
N/A
33,330,001
7,057,000
(c)
CoBank ACB
7.250
N/A
7,215,027
17,887,000
(c)
CoBank ACB
7.125
N/A
18,599,564
22,524,000
(c)
Farm Credit Bank of Texas
7.000
N/A
23,361,154
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $98,965,920)
100,732,455
TOTAL LONG-TERM INVESTMENTS
(Cost $5,876,361,416)
5,960,008,239
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 3.1%
190,584,692
(k)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.700 (l)
190,584,692
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $190,584,692)
190,584,692
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.5%
32578703
REPURCHASE AGREEMENTS - 0.5%
32578703
7,203,703
(m)
Fixed Income Clearing Corporation
1.060
03/02/26
7,203,703
25,375,000
(n)
Fixed Income Clearing Corporation
3.640
03/02/26
25,375,000
TOTAL REPURCHASE AGREEMENTS
(Cost $32,578,703)
32,578,703
TOTAL SHORT-TERM INVESTMENTS
(Cost $32,578,703)
32,578,703
TOTAL INVESTMENTS - 102.1%
(Cost $6,099,524,811)
6,183,171,634
OTHER ASSETS & LIABILITIES, NET - (2.1)%
(129,526,860)
NET ASSETS - 100%
$
6,053,644,774
49
See Notes to Financial Statements
Investments in Derivatives
ETF
Exchange-Traded Fund
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering
those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the
registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are
made outside the United States.
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
(a)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(b)
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 fiscal period was $182,757,946.
(c)
Perpetual security. Maturity date is not applicable.
(d)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
50.3% of Total Investments.
(e)
Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms
of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the
issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of
the end of the reporting period, the Fund's total investment in CoCos was 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 fiscal period, the aggregate value of these securities is $1,524,593,261 or 24.7% of Total Investments.
(g)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(h)
For fair value measurement disclosure purposes, investment classified as Level 3.
(i)
Affiliated holding
(j)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(k)
Investments made with cash collateral received from securities on loan.
(l)
The rate shown is the one-day yield as of the end of the reporting period.
(m)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 2/27/26 to be repurchased at $7,204,339 on 3/2/26,
collateralized by Government Agency Securities, with coupon rate 3.875% and maturity date 10/15/27, valued at $7,347,795.
(n)
Agreement with Fixed Income Clearing Corporation, 3.640% dated 2/27/26 to be repurchased at $25,382,697 on 3/2/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 8/31/30, valued at $25,882,590.
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury 10-Year Note
2,070
6/26
$
234,592,322
$
235,591,875
$
999,553
U.S. Treasury Long Bond
523
6/26
61,516,309
61,959,156
442,847
U.S. Treasury Ultra Bond
517
6/26
62,312,723
62,863,969
551,246
Total
$358,421,354
$360,415,000
$1,993,646
50
Portfolio of Investments February 28, 2026
Strategic Income
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 97.7%
ASSET-BACKED SECURITIES - 10.9%
-
$
959,011
(a)
Aaset 2021-2 Trust, Series 2021 2A
2.798
%
01/15/47
$
920,053
2,000,000
(a)
Adams Outdoor Advertising LP, Series 2023 1
6.967
07/15/53
2,029,428
2,200,000
(a)
Affirm Asset Securitization Trust 2024-B, Series 2024 B
5.060
09/15/29
2,203,979
1,900,000
(a)
Affirm Asset Securitization Trust 2024-B, Series 2024 B
5.500
09/15/29
1,904,027
644,891
(a)
Alterna Funding III LLC, Series 2024 1A
6.260
05/16/39
645,901
693,132
(a)
Alterna Funding III LLC, Series 2024 1A
7.136
05/16/39
694,137
3,000,000
(a)
Applebee's Funding LLC / IHOP Funding LLC
6.720
06/07/55
3,037,437
850,000
(a)
Avis Budget Rental Car Funding AESOP LLC, Series 2021 1A
2.130
08/20/27
844,776
2,400,000
(a)
Blue Stream Issuer LLC, Series 2024 1A
5.408
11/20/54
2,433,855
2,412,875
(a)
Bojangles Issuer LLC, Series 2024 1A
6.584
11/20/54
2,446,575
997,500
(a)
Cajun Global LLC, Series 2025 2A
5.912
11/20/55
1,016,773
1,000,000
(a),(b)
CARLYLE US CLO 2021-2 Ltd, Series 2021 2A, (TSFR3M +
2.850%)
6.518
04/20/38
974,810
1,461,250
(a)
Cars Net Lease Mortgage Notes, Series 2020 1A
3.100
12/15/50
1,415,212
1,250,000
(a)
Cars Net Lease Mortgage Notes, Series 2020 1A
4.690
12/15/50
1,191,649
1,150,000
(a)
CARS-DB4 LP, Series 2020 1A
4.520
02/15/50
1,135,923
625,078
(a)
CARS-DB5 LP, Series 2021 1A
1.920
08/15/51
616,396
238,325
Carvana Auto Receivables Trust 2021-N4, Series 2021 N4
2.300
09/11/28
233,742
500,000
(a)
Carvana Auto Receivables Trust 2024-N3, Series 2024 N3
4.900
12/10/30
505,483
2,760,000
(a)
Centersquare Issuer LLC, Series 2024 1A
5.600
10/26/54
2,714,608
2,240,000
(a)
Centersquare Issuer LLC, Series 2024 1A
5.200
10/26/54
2,212,933
674,589
(a)
CF Hippolyta Issuer LLC, Series 2020 1
2.600
07/15/60
429,715
1,349,178
(a)
CF Hippolyta Issuer LLC, Series 2020 1
2.280
07/15/60
870,638
2,125,000
(a),(b)
CIFC Funding 2020-I Ltd, Series 2020 1A, (TSFR3M + 3.362%)
7.034
07/15/36
2,128,408
1,500,000
(a)
Compass Datacenters Issuer III LLC, Series 2025 1A
5.656
02/25/50
1,519,086
1,000,000
(a)
Concord Music Royalties LLC, Series 2024 1A
5.644
10/20/74
1,008,905
2,500,000
(a)
Consolidated Communications LLC/Fidium Fiber Finance
Holdco LLC, Series 2025 1A
6.000
05/20/55
2,562,909
3,000,000
(a)
Crescendo Royalty Funding LP, Series 2021 1
3.567
12/20/51
2,966,610
1,000,000
(a)
CyrusOne Data Centers Issuer I LLC, Series 2023 2A
5.560
11/20/48
1,006,029
2,175,000
(a)
DataBank Issuer, Series 2026 1A
5.811
02/25/56
2,199,914
1,149,000
(a)
DB Master Finance LLC, Series 2021 1A
2.045
11/20/51
1,131,564
1,149,000
(a)
DB Master Finance LLC, Series 2021 1A
2.493
11/20/51
1,094,615
972,500
(a)
Domino's Pizza Master Issuer LLC, Series 2021 1A
2.662
04/25/51
933,738
1,440,000
(a)
Domino's Pizza Master Issuer LLC, Series 2019 1A
3.668
10/25/49
1,408,418
1,500,000
(a),(b)
Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 3.600%)
7.268
04/18/37
1,497,402
3,860,000
(a)
EWC Master Issuer LLC, Series 2022 1A
5.500
03/15/52
3,829,106
2,000,000
(a)
Flexential Issuer LLC, Series 2025 1A
6.030
10/25/60
2,032,828
1,807,139
(a),(b)
FNA 8 LLC, Series 2025 1
5.623
03/15/45
1,825,147
2,850,000
(a)
Hardee's Funding LLC, Series 2020 1A
3.981
12/20/50
2,761,090
1,500,000
(a)
Hertz Vehicle Financing III LLC, Series 2024 2A
6.210
01/27/31
1,562,133
1,000,000
(a)
Hertz Vehicle Financing III LLC, Series 2024 1A
6.120
01/25/29
1,022,868
1,000,000
(a)
Hertz Vehicle Financing III LLC, Series 2025 6A
5.140
05/25/32
1,010,379
6,150,000
(a)
HI-FI Music IP Issuer LP, Series 2022 1A
3.939
02/01/62
6,101,032
1,172,462
(a)
Hin Timeshare Trust, Series 2025 B
7.580
05/15/45
1,191,851
576,205
(a)
Horizon Aircraft Finance II Ltd, Series 2019 1
3.721
07/15/39
571,872
464,899
(a)
Horizon Aircraft Finance III Ltd, Series 2019 2
3.425
11/15/39
455,593
2,787,600
(a)
Horizon Aircraft Finance IV Ltd, Series 2024 1
5.375
09/15/49
2,842,547
1,100,000
(a)
Hotwire Funding LLC, Series 2021 1
2.658
11/20/51
1,082,277
1,000,000
(a)
Hotwire Funding LLC, Series 2024 1A
6.672
06/20/54
1,021,620
1,166,943
(a),(c)
Industrial DPR Funding Ltd, Series 2022 1A
5.380
04/15/34
1,053,283
2,920,000
(a)
Jersey Mike's Funding LLC, Series 2026 1A
4.952
02/15/56
2,957,799
1,311,314
(a),(c)
Jonah Energy Abs I LLC, Series 2022 1
7.200
12/10/37
1,325,042
2,000,000
(a),(d)
LIGHTPATH FIBER ISSUER LLC, Series 2026 1A
6.170
03/25/56
2,026,641
2,500,000
(a)
Lmdv Issuer Co LLC, Series 2025 1A
5.310
12/15/55
2,539,125
2,000,000
(a)
Lmrk Issuer Co 2 LLC, Series 2025 1A
5.520
09/15/55
2,036,937
764,773
(a)
Lunar 2021-1 Structured Aircraft Portfolio Notes, Series 2021 1
5.682
10/15/46
747,175
1,458,059
(a)
LUNAR AIRCRAFT 2020-1 LTD, Series 2020 1A
3.376
02/15/45
1,431,455
3,699,344
(a)
Lyra Music Assets Delaware LP, Series 2024 2A
5.760
12/22/64
3,751,954
101,356
(a)
MAPS 2021-1 Trust, Series 2021 1A
2.521
06/15/46
97,969
51
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED SECURITIES
(continued)
$
1,984,244
(a)
Maritime Partners, LLC, Series 2025 1A
5.547
11/15/65
$
2,005,916
2,000,000
(a)
MetroNet Infrastructure Issuer LLC, Series 2025 4A
5.163
12/20/55
2,032,202
2,500,000
(a)
Mission Lane Credit Card Master Trust, Series 2025 A
12.250
05/15/30
2,490,416
200,033
(a)
MVW 2019-2 LLC, Series 2019 2A
2.680
10/20/38
199,689
1,000,000
(a),(b),(d)
Neuberger Berman Loan Advisers Clo 51 Ltd, Series 2022 51A,
(TSFR3M + 2.800%)
0.000
10/23/36
1,001,895
1,000,000
(a)
Oak Street Investment Grade Net Lease Fund, Series 2021 1A
4.230
01/20/51
451,296
3,000,000
(a)
OHS Issuer LLC, Series 2026 1
6.000
02/25/61
3,005,902
98,381
(a)
Oportun Issuance Trust 2021-C, Series 2021 C
5.570
10/08/31
97,573
173,431
(a)
Oportun Issuance Trust 2021-C, Series 2021 C
3.610
10/08/31
171,619
3,330,000
(a)
Oportun Issuance Trust 2025-B, Series 2025 B
6.450
05/09/33
3,353,203
1,000,000
(a)
Planet Fitness Master Issuer LLC, Series 2025 1A
5.274
12/06/55
1,015,828
3,000,000
(a)
QTS Issuer ABS II LLC, Series 2026 1A
5.364
01/05/56
3,047,342
1,000,000
(a)
Sotheby's Artfi Master Trust, Series 2026 1A
6.800
06/20/33
1,009,358
505,797
(a)
Start II LTD, Series 2019 1
5.095
03/15/44
505,874
1,481,250
(a)
Subway Funding LLC, Series 2024 1A
6.028
07/30/54
1,497,781
4,000,000
(a)
Summit Issuer LLC, Series 2025 1A
5.208
11/20/55
4,063,552
2,583,975
(a)
Taco Bell Funding LLC, Series 2021 1A
2.294
08/25/51
2,427,761
1,500,000
(a)
Uniti Fiber Abs Issuer LLC, Series 2025 1A
5.877
04/20/55
1,540,624
1,250,000
(a)
UNITK 2026-1A A2, Series 2026 1A
7.653
02/25/56
1,279,195
2,025,000
(a)
UNITK 2026-1A A2, Series 2026 1A
5.219
02/25/56
2,057,638
2,155,000
(a)
VB-S1 Issuer LLC - VBTEL, Series 2022 1A
3.156
02/15/52
2,114,330
3,000,000
(a)
VB-S1 Issuer LLC - VBTEL, Series 2022 1A
4.288
02/15/52
2,974,311
383,936
(a)
Vivint Solar Financing V LLC, Series 2018 1A
7.370
04/30/48
376,319
1,379,588
(a)
Wendy's Funding LLC, Series 2018 1A
3.884
03/15/48
1,365,135
830,136
(a)
Wendy's Funding LLC, Series 2021 1A
2.370
06/15/51
782,686
1,985,535
(a)
Willis Engine Structured Trust IX, Series 2025 B
5.159
12/15/50
2,006,958
804,930
(a)
Willis Engine Structured Trust VI, Series 2021 A
3.104
05/15/46
768,101
467,827
(a)
Willis Engine Structured Trust VII, Series 2023 A
8.000
10/15/48
479,576
1,464,492
(a)
Willis Engine Structured Trust VIII, Series 2025 A
6.070
06/15/50
1,498,923
620,750
(a)
Zaxbys Funding LLC, Series 2021 1A
3.238
07/30/51
595,287
4,500,000
(a)
Zayo Issuer LLC, Series 2025 1A
5.648
03/20/55
4,602,075
1,500,000
(a)
Zayo Issuer LLC, Series 2025 1A
8.659
03/20/55
1,578,272
TOTAL ASSET-BACKED SECURITIES
(Cost $147,240,523)
147,610,008
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
445406962
CORPORATE BONDS - 32.7% (e)
445406962
AUTOMOBILES & COMPONENTS - 0.1%
1,500,000
(a)
Ford Otomotiv Sanayi AS
7.125
04/25/29
1,558,626
TOTAL AUTOMOBILES & COMPONENTS
1,558,626
BANKS - 9.1%
2,975,000
(a),(f),(g)
Akbank TAS
0.000
N/A
2,978,995
1,600,000
(f),(g)
Banco Bilbao Vizcaya Argentaria SA
9.375
N/A
1,782,382
1,500,000
(a),(h)
Banco Bradesco SA/Cayman Islands
6.500
01/22/30
1,585,800
800,000
(a),(f),(g)
Banco de Credito e Inversiones SA
8.750
N/A
863,440
1,325,000
(a)
Banco Internacional del Peru SAA Interbank
4.800
07/15/31
1,328,445
500,000
(a),(f),(g)
Banco Mercantil del Norte SA/Grand Cayman
8.375
N/A
534,375
1,050,000
(a),(f),(g)
Banco Mercantil del Norte SA/Grand Cayman
7.500
N/A
1,084,363
1,500,000
(a),(f),(g)
Banco Mercantil del Norte SA/Grand Cayman
8.750
N/A
1,650,248
1,775,000
(a)
Banco Santander Mexico SA Institucion de Banca Multiple
Grupo Financiero Santand
5.621
12/10/29
1,853,987
2,200,000
(f),(g)
Banco Santander SA
9.625
N/A
2,652,771
500,000
(a),(g)
Bangkok Bank PCL/Hong Kong
3.466
09/23/36
460,256
950,000
(a)
Bank Hapoalim BM, Reg S
5.252
01/14/33
961,302
1,000,000
(a),(g)
Bank Hapoalim BM, Reg S
3.255
01/21/32
986,491
4,800,000
(f),(i)
Bank of America Corp
6.625
N/A
5,025,163
5,000,000
(i)
Bank of Montreal
7.300
11/26/84
5,323,745
3,340,000
(f),(g)
Barclays PLC
8.000
N/A
3,561,463
1,100,000
(a),(g)
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero BBVA Mexico/TX
7.625
02/11/35
1,174,415
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
52
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
1,000,000
(a),(g)
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero BBVA Mexico/TX
8.450
%
06/29/38
$
1,122,500
3,290,000
(a),(f),(g)
BNP Paribas SA
7.450
N/A
3,475,724
2,500,000
(i)
BSF Finance, Reg S
5.761
09/03/35
2,513,185
3,000,000
(i)
Canadian Imperial Bank of Commerce
6.950
01/28/85
3,102,234
900,000
Citigroup Inc
5.174
09/11/36
915,711
4,000,000
(f),(i)
Citigroup Inc
6.625
N/A
4,135,125
1,215,000
Citigroup Inc
4.503
09/11/31
1,224,275
3,685,000
(f),(i)
Citigroup Inc
7.625
N/A
3,905,470
1,675,000
(a)
Development Bank of Kazakhstan JSC
2.950
05/06/31
1,533,542
4,600,000
(f),(i)
First Citizens BancShares Inc/NC
7.000
N/A
4,735,976
375,000
(a)
Grupo Aval Ltd
4.375
02/04/30
354,900
1,560,000
(f),(i)
Huntington Bancshares Inc/OH
5.625
N/A
1,598,674
500,000
(a),(i)
Industrial Subordinated Trust 2 0
6.550
04/15/36
513,925
2,800,000
(f),(g)
ING Groep NV
7.000
N/A
2,910,594
2,205,000
JPMorgan Chase & Co
5.572
04/22/36
2,331,694
2,000,000
(f),(i)
JPMorgan Chase & Co
3.650
N/A
1,992,584
2,000,000
(f),(i)
JPMorgan Chase & Co
6.875
N/A
2,122,882
2,000,000
(f),(g)
Lloyds Banking Group PLC
6.750
N/A
2,072,498
1,700,000
(a),(g)
Mizrahi Tefahot Bank Ltd, Reg S
3.077
04/07/31
1,695,180
2,400,000
(a),(g)
Mizrahi Tefahot Bank Ltd, Reg S
5.837
04/15/36
2,462,643
1,550,000
Morgan Stanley Private Bank NA
4.204
11/17/28
1,555,767
10,270,000
Morgan Stanley Private Bank NA
4.465
11/19/31
10,333,210
3,000,000
(f),(g)
NatWest Group PLC
8.125
N/A
3,383,346
2,000,000
(f),(i)
PNC Financial Services Group Inc/The
3.400
N/A
1,976,727
2,000,000
(i)
Royal Bank of Canada
6.500
05/24/86
1,997,532
CAD
4,000,000
(i)
Royal Bank of Canada
3.650
11/24/81
2,883,355
4,500,000
(i)
Saudi Awwal Bank, Reg S
5.947
09/04/35
4,589,706
4,775,000
(i)
SNB Funding Ltd, Reg S
6.000
06/24/35
4,929,744
2,040,000
Texas Capital Bancshares Inc
5.301
02/27/32
2,046,557
CAD
4,000,000
(i)
Toronto-Dominion Bank/The
3.600
10/31/81
2,883,912
2,000,000
(f),(i)
Truist Financial Corp
6.669
N/A
2,007,470
1,780,000
Wells Fargo & Co
5.605
04/23/36
1,872,079
1,850,000
Wells Fargo & Co
5.150
04/23/31
1,915,185
1,440,000
(f),(i)
Wells Fargo & Co
7.625
N/A
1,536,700
1,500,000
(a),(f),(g)
Yapi ve Kredi Bankasi AS
8.250
N/A
1,511,933
TOTAL BANKS
123,950,180
CAPITAL GOODS - 1.3%
1,500,000
(a)
Albion Financing 1 SARL / Aggreko Holdings Inc
7.000
05/21/30
1,570,880
3,725,000
Boeing Co/The
5.805
05/01/50
3,740,049
1,225,000
Boeing Co/The
6.528
05/01/34
1,373,442
1,500,000
(a)
IHS Holding Ltd
7.875
05/29/30
1,570,503
1,500,000
(a),(h)
IHS Holding Ltd
8.250
11/29/31
1,597,974
2,500,000
(a)
IRB Infrastructure Developers Ltd
7.110
03/11/32
2,605,951
1,275,000
(a)
Sisecam UK PLC
8.625
05/02/32
1,334,160
2,000,000
(a)
Sisecam UK PLC
8.375
01/23/33
2,074,775
1,200,000
(a)
Sociedad Quimica y Minera de Chile SA
6.500
11/07/33
1,311,813
TOTAL CAPITAL GOODS
17,179,547
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
1,275,000
(a)
Bidvest Group UK PLC/The
6.200
09/17/32
1,303,024
1,500,000
(a)
RR Donnelley & Sons Co
9.500
08/01/29
1,545,644
1,195,000
Waste Management Inc
4.950
03/15/35
1,229,176
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
4,077,844
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%
3,500,000
(a)
El Puerto de Liverpool SAB de CV
5.750
02/10/38
3,486,875
2,000,000
(a)
Kohl's Corp
10.000
06/01/30
2,177,244
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
5,664,119
CONSUMER SERVICES - 0.2%
2,000,000
(a)
Arcos Dorados BV
6.375
01/29/32
2,126,760
800,000
(h)
Sands China Ltd
3.250
08/08/31
745,045
TOTAL CONSUMER SERVICES
2,871,805
53
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY - 3.6%
1,200,000
(a)
Azule Energy Finance Plc
8.625
%
01/22/33
$
1,206,967
1,000,000
(a)
CNX Resources Corp
7.250
03/01/32
1,048,595
100,000
Ecopetrol SA
5.875
05/28/45
75,245
575,000
Ecopetrol SA
6.875
04/29/30
579,009
450,000
Ecopetrol SA
4.625
11/02/31
403,048
1,000,000
Ecopetrol SA
5.875
11/02/51
721,921
1,966,901
(a)
EIG Pearl Holdings Sarl
3.545
08/31/36
1,823,730
900,000
(a)
Empresa Nacional del Petroleo
3.450
09/16/31
831,497
826,000
(a)
Energean Israel Finance Ltd, Reg S
5.375
03/30/28
816,501
1,000,000
(a)
Energean Israel Finance Ltd, Reg S
5.875
03/30/31
961,661
2,470,000
(f),(i)
Energy Transfer LP
7.125
N/A
2,562,245
1,700,000
(a)
Galaxy Pipeline Assets Bidco Ltd
2.625
03/31/36
1,511,838
1,000,000
(a)
Global Partners LP / GLP Finance Corp
8.250
01/15/32
1,056,480
2,000,000
(a)
Indika Energy Tbk PT
8.750
05/07/29
1,991,244
1,000,000
(a)
Kodiak Gas Services LLC
6.500
10/01/33
1,031,221
500,000
(a)
Medco Laurel Tree Pte Ltd
6.950
11/12/28
502,256
500,000
(a)
Medco Maple Tree Pte Ltd
8.960
04/27/29
518,550
1,210,000
ONEOK Inc
5.050
11/01/34
1,214,412
2,000,000
(a)
Pan American Energy LLC/Argentina
7.750
01/15/37
2,017,500
2,000,000
Petrobras Global Finance BV
5.125
09/10/30
1,991,000
1,950,000
Petrobras Global Finance BV
6.250
01/10/36
1,977,105
200,000
(a)
Petroleos del Peru SA
4.750
06/19/32
146,232
1,490,000
Petroleos Mexicanos
6.700
02/16/32
1,493,228
100,000
Petroleos Mexicanos
6.750
09/21/47
83,170
559,000
Petroleos Mexicanos
7.690
01/23/50
510,402
560,000
(a)
Petronas Capital Ltd
4.950
01/03/31
583,392
2,400,000
(a)
Petronas Capital Ltd
5.340
04/03/35
2,528,927
1,500,000
(a)
Raizen Fuels Finance SA
5.700
01/17/35
657,750
1,575,000
(a),(h)
SIERRACOL EN AND/ARA/DEV
9.000
11/14/30
1,600,594
1,993,000
(i)
South Bow Canadian Infrastructure Holdings Ltd
7.500
03/01/55
2,115,446
3,570,000
(a),(f),(i)
Sunoco LP
7.875
N/A
3,690,487
1,150,000
Targa Resources Corp
5.550
08/15/35
1,191,717
1,000,000
(a)
Thaioil Treasury Center Co Ltd
2.500
06/18/30
921,758
1,780,000
(i)
Transcanada Trust
5.500
09/15/79
1,799,331
1,750,000
(a)
Transportadora de Gas del Sur SA
7.750
11/20/35
1,771,149
2,000,000
(a),(f),(i)
Venture Global LNG Inc
9.000
N/A
1,749,152
2,600,000
(a)
Venture Global Plaquemines LNG LLC
6.750
01/15/36
2,769,549
TOTAL ENERGY
48,454,309
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%
520,626
(a)
CFE FIBRA E
5.875
09/23/40
517,607
1,440,000
(a)
FIBRA Prologis
5.500
11/26/35
1,459,440
1,100,000
GLP Capital LP / GLP Financing II Inc
5.625
03/01/36
1,099,874
405,000
Healthcare Realty Holdings LP
3.500
08/01/26
403,360
3,556,000
Healthcare Realty Holdings LP
3.750
07/01/27
3,543,620
3,540,000
Healthcare Realty Holdings LP
2.400
03/15/30
3,282,936
2,100,000
Healthcare Realty Holdings LP
2.050
03/15/31
1,866,958
2,100,000
(a)
Millrose Properties Inc
6.250
09/15/32
2,126,340
1,500,000
(a)
MPT Operating Partnership LP / MPT Finance Corp
8.500
02/15/32
1,605,417
4,085,000
Piedmont Operating Partnership LP
9.250
07/20/28
4,499,000
560,000
(a)
Trust 2401
4.869
01/15/30
553,868
290,000
(a)
Trust Fibra Uno
4.869
01/15/30
285,505
1,825,000
Ventas Realty LP
5.000
01/15/35
1,842,533
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
23,086,458
FINANCIAL SERVICES - 3.7%
1,354,000
(i)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.950
03/10/55
1,431,009
1,500,000
(a)
Azorra Finance Ltd
7.750
04/15/30
1,575,414
1,575,000
(a)
Banco BTG Pactual SA/Cayman Islands
5.500
01/27/31
1,574,921
EUR
3,000,000
(f),(g)
Deutsche Bank AG, Reg S
7.125
N/A
3,761,846
2,000,000
(a)
Encore Capital Group Inc
6.625
04/15/31
2,030,800
1,955,000
(f),(i)
Goldman Sachs Group Inc/The
7.500
N/A
2,090,022
3,000,000
(f),(i)
Goldman Sachs Group Inc/The
6.850
N/A
3,141,564
5,680,000
(i)
HA Sustainable Infrastructure Capital Inc
7.125
11/15/56
5,678,439
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
54
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
2,355,000
(i)
HA Sustainable Infrastructure Capital Inc
8.000
%
06/01/56
$
2,480,686
14,286
(a),(b)
Hestia Re Ltd (SOFR + 0.100%)
3.640
04/22/29
7,143
2,000,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
4.375
02/01/29
1,704,637
5,850,000
JPMorgan Chase & Co
5.103
04/22/31
6,066,845
2,000,000
(f),(g)
Julius Baer Group Ltd, Reg S
7.500
N/A
2,093,056
4,065,000
Morgan Stanley
5.664
04/17/36
4,295,875
2,000,000
(a)
Muthoot Finance Ltd
6.375
04/23/29
2,031,353
1,650,000
(a)
Muthoot Finance Ltd
5.750
08/04/30
1,649,225
3,429,000
(f),(g)
Nomura Holdings Inc
7.000
N/A
3,588,270
1,970,000
(f),(i)
State Street Corp
6.700
N/A
2,062,488
2,060,000
(a),(f),(g)
UBS Group AG
9.250
N/A
2,409,156
1,000,000
(f),(i)
Voya Financial Inc
7.758
N/A
1,051,501
TOTAL FINANCIAL SERVICES
50,724,250
FOOD, BEVERAGE & TOBACCO - 1.1%
1,050,000
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide
Inc
4.900
02/01/46
987,625
1,275,000
(a)
Arcor SAIC
7.600
07/31/33
1,314,398
1,200,000
(a)
Cia Cervecerias Unidas SA
3.350
01/19/32
1,094,477
2,000,000
(a)
Grupo Nutresa SA
8.000
05/12/30
2,154,500
1,575,000
Kraft Heinz Foods Co
3.875
05/15/27
1,572,170
2,730,000
(a),(f),(i)
Land O' Lakes Inc
8.000
N/A
2,728,295
2,065,000
(a)
Mars Inc
5.200
03/01/35
2,138,230
3,035,000
(a)
Mars Inc
5.700
05/01/55
3,077,653
TOTAL FOOD, BEVERAGE & TOBACCO
15,067,348
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
1,400,000
(d)
Abbott Laboratories
4.000
03/15/31
1,398,892
800,000
(d)
Abbott Laboratories
5.500
03/15/56
802,750
2,500,000
(a)
Auna SA / Oncosalud SAC
8.750
11/06/32
2,556,607
1,420,000
Baxter International Inc
4.450
02/15/29
1,426,156
800,000
(a)
CHS/Community Health Systems Inc
10.875
01/15/32
866,981
2,205,000
CVS Health Corp
5.050
03/25/48
1,966,203
1,650,000
CVS Health Corp
5.450
09/15/35
1,704,198
1,500,000
(a)
Rede D'or Finance Sarl
6.450
09/09/35
1,543,612
1,675,000
UnitedHealth Group Inc
5.050
04/15/53
1,522,693
1,700,000
UnitedHealth Group Inc
5.500
07/15/44
1,693,278
TOTAL HEALTH CARE EQUIPMENT & SERVICES
15,481,370
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
1,740,000
Haleon US Capital LLC
3.625
03/24/32
1,676,529
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
1,676,529
INSURANCE - 1.7%
1,600,000
(a),(i)
Allianz SE
6.350
09/06/53
1,716,924
1,610,000
(a)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7.875
11/01/29
1,559,800
580,000
Arthur J Gallagher & Co
5.150
02/15/35
587,938
1,500,000
(a)
ASURION LLC/ASURION CO
8.375
02/01/34
1,492,750
2,835,000
(i)
AXIS Specialty Finance LLC
4.900
01/15/40
2,791,702
1,485,000
(i)
Enstar Finance LLC
5.500
01/15/42
1,474,658
2,424,000
(a),(i)
Enstar Group Ltd
7.500
04/01/45
2,525,134
1,000,000
(a),(i)
Hanwha Life Insurance Co Ltd
3.379
02/04/32
989,236
2,335,000
(a)
Omnis Funding Trust
6.722
05/15/55
2,433,893
2,900,000
(i)
Prudential Financial Inc
6.500
03/15/54
3,056,095
1,000,000
(a),(b)
Vitality Re XIV Ltd (Federated Hermes U.S. Treasury Cash
Reserves + 3.500%)
7.812
01/05/27
1,012,000
1,000,000
(a),(b)
Vitality Re XV Ltd ( + 2.500%)
0.000
01/07/28
1,008,300
1,500,000
(a),(b)
Vitality Re XVI Ltd (3-Month U.S. Treasury Bill + 1.750%)
6.049
01/08/29
1,489,650
1,000,000
(a),(b)
Vitality Re XVII Ltd ( + 2.000%)
0.000
01/08/30
998,500
TOTAL INSURANCE
23,136,580
MATERIALS - 1.2%
1,700,000
(a)
Alpek SAB de CV
4.250
09/18/29
1,523,159
950,000
(a)
Antofagasta PLC
5.625
09/09/35
982,253
1,275,000
(a),(f),(i)
Cemex SAB de CV
7.200
N/A
1,342,575
55
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
1,025,000
(a)
Corp Nacional del Cobre de Chile
6.440
%
01/26/36
$
1,121,310
1,750,000
(a)
Corp Nacional del Cobre de Chile
6.330
01/13/35
1,893,290
1,120,000
(a)
Freeport Indonesia PT
5.315
04/14/32
1,145,192
1,525,000
(a)
LD Celulose International GmbH
7.950
01/26/32
1,609,880
1,025,000
(a)
OCP SA
3.750
06/23/31
966,734
500,000
(a)
OCP SA
6.700
03/01/36
539,125
2,000,000
(a)
Sasol Financing USA LLC
8.750
05/03/29
2,049,890
1,500,000
Suzano Austria GmbH
3.125
01/15/32
1,358,208
1,435,000
Suzano Netherlands BV
5.500
01/15/36
1,450,067
750,000
(a)
Volcan Cia Minera SAA
8.500
10/28/32
784,282
TOTAL MATERIALS
16,765,965
MEDIA & ENTERTAINMENT - 0.4%
900,000
Charter Communications Operating LLC / Charter
Communications Operating Capital
6.550
06/01/34
957,174
1,200,000
(a)
Gray Media Inc
7.250
08/15/33
1,239,122
2,500,000
Grupo Televisa SAB
6.125
01/31/46
1,935,392
1,090,000
Meta Platforms Inc
5.625
11/15/55
1,066,920
TOTAL MEDIA & ENTERTAINMENT
5,198,608
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
1,125,000
Amgen Inc
5.650
03/02/53
1,122,996
1,500,000
(a),(h)
Bausch Health Americas Inc
8.500
01/31/27
1,486,504
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
2,609,500
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
815,000
Broadcom Inc
4.300
01/15/31
822,231
675,000
Broadcom Inc
4.950
01/15/36
684,888
695,000
Broadcom Inc
5.700
01/15/56
713,674
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
2,220,793
SOFTWARE & SERVICES - 0.1%
700,000
Oracle Corp
5.200
09/26/35
676,447
305,000
Oracle Corp
5.950
09/26/55
268,398
1,000,000
Oracle Corp
5.700
02/04/36
1,000,560
TOTAL SOFTWARE & SERVICES
1,945,405
TELECOMMUNICATION SERVICES - 1.6%
3,460,000
AT&T Inc
3.800
12/01/57
2,427,383
1,150,000
AT&T Inc
5.400
02/15/34
1,205,370
2,000,000
(a)
Cipher Compute LLC
7.125
11/15/30
2,084,688
775,000
(a)
CT Trust
5.125
02/03/32
746,197
1,900,000
(a)
Level 3 Financing Inc
6.875
06/30/33
1,967,782
907,000
(a)
Liberty Costa Rica Senior Secured Finance
10.875
01/15/31
963,688
1,000,000
(a),(f),(i)
Network i2i Ltd
3.975
N/A
997,937
2,544,000
(i)
Rogers Communications Inc
7.125
04/15/55
2,694,276
1,375,000
(a)
Sitios Latinoamerica SAB de CV
5.375
04/04/32
1,383,749
1,450,000
(a)
STC SUKUK CO II LTD
4.489
01/15/31
1,453,716
2,250,000
(a)
Turk Telekomunikasyon AS
6.950
10/07/32
2,304,216
1,000,000
(a)
Veon Midco BV
3.375
11/25/27
961,131
2,054,064
(a)
Zayo Group Holdings Inc
9.250
03/09/30
2,002,677
TOTAL TELECOMMUNICATION SERVICES
21,192,810
TRANSPORTATION - 0.9%
$
500,000
(a)
Adani Ports & Special Economic Zone Ltd
3.100
02/02/31
455,521
1,096,631
American Airlines 2021-1 Class A Pass Through Trust2021 2021
2.875
07/11/34
1,011,092
550,000
(a)
Corp Quiport SA
9.000
12/15/37
600,873
1,500,000
(a)
Grupo Aeromexico SAB de CV
8.250
11/15/29
1,535,625
975,000
(a)
Kingston Airport Revenue Finance Ltd
6.750
12/15/36
1,005,127
3,000,000
(a)
Latam Airlines Group SA
7.625
01/07/31
3,141,600
2,575,000
(a)
Montego Bay Airport Revenue Finance Ltd
6.600
06/15/35
2,586,588
1,500,000
(a)
Transnet/South Africa
8.250
02/06/28
1,580,748
TOTAL TRANSPORTATION
11,917,174
UTILITIES - 3.7%
2,900,000
(i)
AES Corp/The
6.950
07/15/55
2,802,873
1,181,374
(a)
Alfa Desarrollo SpA2021 1
4.550
09/27/51
963,292
2,625,000
(a)
Colbun SA
5.375
09/11/35
2,648,625
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
56
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
UTILITIES
(continued)
$
2,000,000
(a)
Comision Federal de Electricidad
3.348
%
02/09/31
$
1,838,604
1,400,000
(a)
Comision Federal de Electricidad
0.000
01/28/34
1,415,750
1,250,000
Consumers Energy Co
4.500
01/15/31
1,275,537
1,411,125
(a)
Continuum Green Energy India Pvt / Co-Issuers
7.500
06/26/33
1,468,778
2,000,000
(i)
Dominion Energy Inc
7.000
06/01/54
2,171,162
825,000
DTE Electric Co
5.850
05/15/55
857,194
850,000
DTE Electric Co
5.200
03/01/34
888,275
2,200,000
Duke Energy Progress LLC
5.350
03/15/53
2,123,544
1,575,000
Duke Energy Progress LLC
5.050
03/15/35
1,616,296
800,000
(a)
Empresas Publicas de Medellin ESP
4.375
02/15/31
736,691
1,550,000
(a)
Energuate Trust 2 0
6.350
09/15/35
1,579,498
950,000
(a)
Eskom Holdings
6.350
08/10/28
980,921
2,225,000
(i)
EUSHI Finance Inc
7.625
12/15/54
2,348,899
1,900,000
(a)
Ferrellgas LP / Ferrellgas Finance Corp
5.875
04/01/29
1,836,743
980,000
Idaho Power Co
4.850
03/01/36
980,883
1,475,000
(a)
Israel Electric Corp Ltd, Reg S
5.633
01/28/38
1,498,214
1,300,000
(a)
Kallpa Generacion SA
5.500
09/11/35
1,316,250
1,575,000
(a)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.450
02/03/36
1,574,839
2,500,000
(i)
PG&E Corp
7.375
03/15/55
2,586,257
1,500,000
(a)
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9
Subsidiaries
4.500
07/14/28
1,451,883
1,500,000
(a)
Saavi Energia Sarl
8.875
02/10/35
1,656,000
670,597
(a)
Sweihan PV Power Co PJSC2022 1
3.625
01/31/49
573,468
2,250,000
(a)
Talen Energy Supply LLC
6.500
02/01/36
2,313,378
529,191
(a)
UEP Penonome II SA2020 1
6.500
10/01/38
470,996
3,479,000
(a),(f),(i)
Vistra Corp
8.875
N/A
3,832,014
1,100,000
(a)
Vistra Operations Co LLC
5.350
01/31/36
1,107,615
2,105,000
Wisconsin Public Service Corp
4.250
01/15/31
2,125,522
1,500,000
(a)
XPLR Infrastructure Operating Partners LP
8.625
03/15/33
1,587,741
TOTAL UTILITIES
50,627,742
TOTAL CORPORATE BONDS
(Cost $437,415,913)
445,406,962
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 28.5%
-
1,422,000
(b)
3650R 2021-PF1 Commercial Mortgage Trust, Series 2022 PF2
5.291
11/15/55
1,460,075
2,000,000
(a),(b)
Alen 2021-ACEN Mortgage Trust, Series 2021 ACEN, (TSFR1M
+ 4.114%)
7.774
04/15/34
1,549,971
2,000,000
(a)
Angel Oak Mortgage Trust, Series 2025 12
5.767
12/25/70
2,021,980
2,500,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 1.750%)
5.410
06/15/35
2,510,067
2,500,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 3.000%)
6.660
06/15/35
2,504,364
1,000,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 4.500%)
8.160
06/15/35
1,001,845
219,339
(a),(b)
Arroyo Mortgage Trust 2019-3, Series 2019 3
3.416
10/25/48
213,051
3,500,000
(a),(b)
BAMLL Trust 2025-ASHF, Series 2025 ASHF, (TSFR1M +
2.350%)
6.010
02/15/42
3,507,632
1,200,000
(b)
BANK, Series 2017 BNK5
4.190
06/15/60
1,153,311
2,500,000
(b)
BANK 2017-BNK8, Series 2017 BNK8
4.089
11/15/50
2,107,958
2,700,000
(b)
BANK 2019-BNK18, Series 2019 BN18
4.214
05/15/62
2,325,944
2,000,000
(a)
BANK 2019-BNK21, Series 2019 BN21
2.500
10/17/52
1,515,953
4,000,000
BANK 2025-BNK51, Series 2025 BNK51
5.544
12/25/67
4,206,863
2,000,000
(b)
BANK5 2024-5YR5
6.539
02/15/29
2,096,758
3,750,000
Barclays Commercial Mortgage Trust 2019-C4, Series 2019 C4
3.469
08/15/52
3,142,168
2,000,000
(b)
BBCMS Mortgage Trust 2022-C16, Series 2022 C16
4.600
06/15/55
1,956,458
3,925,000
(a),(b)
BBCMS Trust 2015-SRCH, Series 2015 SRCH
4.957
08/10/35
3,782,384
3,000,000
(a),(b)
BBCMS Trust 2018-CBM, Series 2018 CBM, (TSFR1M + 1.488%)
6.817
07/15/37
2,852,162
3,400,000
(b)
Benchmark 2018-B1 Mortgage Trust, Series 2018 B1
4.201
01/15/51
2,827,899
3,750,000
(b)
Benchmark 2018-B2 Mortgage Trust, Series 2018 B2
4.291
02/15/51
2,972,380
3,500,000
(b)
Benchmark 2018-B3 Mortgage Trust, Series 2018 B3
4.553
04/10/51
2,946,609
3,837,000
(b)
Benchmark 2019-B10 Mortgage Trust, Series 2019 B10
4.180
03/15/62
3,505,157
57
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
3,750,000
(b)
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
3.778
%
12/15/62
$
2,703,806
1,500,000
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
3.493
12/15/62
1,249,060
1,000,000
(a)
Benchmark 2019-B14 Mortgage Trust, Series 2019 B14
2.500
12/15/62
402,258
5,000,000
Benchmark 2019-B15 Mortgage Trust, Series 2019 B15
3.564
12/15/72
4,391,839
2,500,000
(b)
Benchmark 2019-B15 Mortgage Trust, Series 2019 B15
3.713
12/15/72
2,051,287
1,750,000
Benchmark 2019-B9 Mortgage Trust, Series 2019 B9
4.267
03/15/52
1,665,239
4,000,000
(b)
Benchmark 2019-B9 Mortgage Trust, Series 2019 B9
4.971
03/15/52
3,555,500
1,000,000
(a),(b)
Benchmark 2020-IG2 Mortgage Trust, Series 2020 IG2
2.791
09/15/48
853,686
1,000,000
(a),(b)
Benchmark 2020-IG3 Mortgage Trust, Series 2020 IG3
3.536
09/15/48
977,116
2,250,000
Benchmark 2021-B23 Mortgage Trust, Series 2021 B23
2.095
02/15/54
1,759,467
2,000,000
Benchmark Mortgage Trust Series - 2019 B12 (Class C)
3.873
08/15/52
1,666,513
1,500,000
(b)
BMO 2024-C9 Mortgage Trust, Series 2024 C9
6.340
07/15/57
1,610,019
2,000,000
(a),(b)
BPR 2023-STON Mortgage Trust, Series 2023 STON
7.871
12/05/39
2,069,501
3,000,000
(a),(b)
BSST 2022-1700 Mortgage Trust, Series 2022 1700, (TSFR1M
+ 1.300%)
4.960
02/15/37
2,644,601
2,500,000
(a),(b)
BX Commercial Mortgage Trust 2024-BRBK, Series 2024 BRBK,
(TSFR1M + 4.874%)
8.538
10/15/41
2,505,957
2,200,000
(a),(b)
BX Trust, Series 2025 DELC, (TSFR1M + 3.050%)
6.710
12/15/42
2,209,405
2,400,000
(a),(b)
BX Trust 2025-OMG, Series 2025 OMG, (TSFR1M + 2.400%)
6.060
10/15/42
2,405,679
3,500,000
(b)
Cantor Commercial Real Estate Lending 2019-CF1, Series 2019
CF1
4.352
05/15/52
2,943,202
705,000
(b)
CD 2016-CD1 Mortgage Trust, Series 2016 CD1
3.631
08/10/49
400,633
2,000,000
(b)
CD Mortgage Trust, Series 2017 CD3
3.984
02/10/50
1,344,058
750,000
(a),(b)
CF 2020-P1 Mortgage Trust, Series 2020 P1
3.603
04/15/52
703,795
47,824
(a),(b)
CF 2020-P1 Mortgage Trust, Series 2020 P1
2.840
04/15/52
47,552
3,500,000
(a),(b)
CIP Commercial Mortgage Trust 2025-SBAY, Series 2025 SBAY,
(TSFR1M + 2.300%)
6.400
10/15/37
3,510,918
430,842
(a),(b)
Citigroup Commercial Mortgage Trust 2014-GC23, Series 2014
GC23
4.599
07/10/47
414,087
1,690,000
(b)
Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015
GC29
3.974
04/10/48
1,544,131
1,388,238
(b)
Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015
GC29
3.758
04/10/48
1,344,348
1,719,983
Citigroup Commercial Mortgage Trust 2016-GC37, Series 2016
GC37
4.233
04/10/49
1,692,420
4,000,000
(b)
Citigroup Commercial Mortgage Trust 2016-P3, Series 2016 P3
4.271
04/15/49
3,856,526
2,500,000
(b)
Citigroup Commercial Mortgage Trust 2017-C4, Series 2017
C4
4.136
10/12/50
2,413,784
2,260,000
(b)
Citigroup Commercial Mortgage Trust 2017-P8, Series 2017 P8
4.254
09/15/50
1,866,808
1,574,000
Citigroup Commercial Mortgage Trust 2019-GC41, Series 2019
GC41
3.502
08/10/56
1,372,670
2,000,000
(a),(b)
COLT 2025-11 Mortgage Loan Trust, Series 2025 11
5.952
11/25/70
2,023,908
1,686,031
COMM 2014-CCRE17 Mortgage Trust, Series 2014 CR17
4.377
05/10/47
1,669,583
507,276
(b)
COMM 2014-CR14 Mortgage Trust, Series 2014 CR14
3.597
02/10/47
502,337
2,000,000
(b)
COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3
4.630
06/10/47
1,866,550
2,000,000
(a),(b)
COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3
4.767
06/10/47
1,049,958
1,840,000
(b)
COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22
3.695
03/10/48
1,719,056
2,000,000
(a)
COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22
3.000
03/10/48
1,180,640
1,500,000
(b)
COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24
3.463
08/10/48
1,401,229
363,982
(b)
COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24
4.256
08/10/48
360,953
365,568
(b)
COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25
3.768
08/10/48
357,571
3,000,000
(b)
COMM 2015-CCRE26 Mortgage Trust, Series 2015 CR26
4.613
10/10/48
2,841,360
1,634,365
(b)
COMM 2015-LC23 Mortgage Trust, Series 2015 LC23
4.684
10/10/48
1,582,662
4,000,000
(b)
COMM 2018-COR3 Mortgage Trust, Series 2018 COR3
4.538
05/10/51
3,500,517
2,500,000
(b)
COMM 2019-GC44 Mortgage Trust, Series 2019 GC44
3.514
08/15/57
2,102,891
4,830,000
(a),(b)
Connecticut Avenue Securities Trust 2021-R03, Series 2021
R03, (SOFR30A + 5.500%)
9.167
12/25/41
4,978,466
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R01, Series 2022
R01, (SOFR30A + 6.000%)
9.667
12/25/41
5,175,660
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R02, Series 2022
R02, (SOFR30A + 7.650%)
12.972
01/25/42
6,292,810
4,500,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R03, Series 2022
R03, (SOFR30A + 9.850%)
14.823
03/25/42
4,880,211
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
58
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R04, Series 2022
R04, (SOFR30A + 9.500%)
14.837
%
03/25/42
$
5,403,755
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R05, Series 2022
R05, (SOFR30A + 7.000%)
10.667
04/25/42
5,317,533
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R06, Series 2022
R06, (SOFR30A + 10.600%)
15.334
05/25/42
6,634,908
4,000,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R07, Series 2022
R07, (SOFR30A + 12.000%)
15.667
06/25/42
4,523,605
3,350,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R02, Series 2023
R02, (SOFR30A + 7.900%)
11.567
01/25/43
3,722,583
2,640,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R02, Series 2023
R02, (SOFR30A + 5.550%)
9.217
01/25/43
2,829,857
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R04, Series 2023
R04, (SOFR30A + 8.250%)
11.917
05/25/43
5,709,563
1,415,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R05, Series 2023
R05, (SOFR30A + 6.850%)
10.517
06/25/43
1,579,146
2,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R05, Series 2023
R05, (SOFR30A + 4.750%)
8.417
06/25/43
2,135,436
5,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 3.900%)
9.188
07/25/43
5,276,717
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 5.900%)
9.567
07/25/43
6,571,915
6,000,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R08, Series 2023
R08, (SOFR30A + 3.550%)
7.217
10/25/43
6,275,647
1,900,000
CSAIL 2019-C17 Commercial Mortgage Trust, Series 2019 C17
3.480
09/15/52
1,702,845
3,995,185
(a),(b)
CSMC 2021-INV2 Trust, Series 2021 INV2
3.283
11/25/56
3,428,399
1,000,000
(a),(b)
CSMC 2021-NQM1, Series 2021 NQM1
2.130
05/25/65
825,624
3,500,000
(b)
CSMC Trust 2016-NXSR, Series 2016 NXSR
4.422
12/15/49
3,391,011
1,871,000
(b)
CSMC Trust 2016-NXSR, Series 2016 NXSR
4.251
12/15/49
1,822,325
1,072,714
DBJPM 2016-C3 Mortgage Trust, Series 2016 C3
3.264
08/10/49
1,032,258
1,300,000
(a),(b)
DBSG 2024-ALTA Mortgage Trust, Series 2024 ALTA
7.296
06/10/37
1,310,825
30,450,000
(a),(b)
DOLP Trust 2021-NYC, Series 2021 NYC, (I/O)
0.665
05/10/41
818,825
5,821,927
Fannie Mae Pool, FN MA5107
5.500
08/01/53
5,935,304
128,978
(b)
Fannie Mae REMICS, Series 2013 98, (SOFR30A + 5.836%),
(I/O)
2.168
09/25/43
14,486
1,776,591
(a),(b)
Flagstar Mortgage Trust 2021-11INV, Series 2021 11IN
3.449
11/25/51
1,516,926
11,088,808
(b)
Freddie Mac Multifamily ML Certificates, Series 2021 ML12,
(I/O)
1.227
07/25/41
977,035
6,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022
DNA1, (SOFR30A + 7.100%)
10.767
01/25/42
6,280,744
6,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022
DNA2, (SOFR30A + 8.500%)
13.788
02/25/42
6,388,639
6,000,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022
DNA3, (SOFR30A + 9.750%)
15.087
04/25/42
6,527,736
1,362,223
(b)
Government National Mortgage Association, Series 2023 96,
(SOFR30A + 26.100%)
10.172
07/20/53
1,522,568
2,165,700
(b)
Government National Mortgage Association, Series 2023 111,
(SOFR30A + 23.205%)
8.925
08/20/53
2,463,561
1,081,000
(a),(b)
GS Mortgage Securities Corp Trust 2018-TWR, Series 2018
TWR, (TSFR1M + 1.497%)
3.449
07/15/31
334,840
1,500,000
(a),(b)
GS Mortgage Securities Corp Trust 2018-TWR, Series 2018
TWR, (TSFR1M + 1.897%)
5.557
07/15/31
157,500
1,000,000
(b)
GS Mortgage Securities Trust 2016-GS3, Series 2016 GS3
3.953
10/10/49
971,615
3,000,000
(b)
GS Mortgage Securities Trust 2016-GS4, Series 2016 GS4
3.908
11/10/49
2,808,815
2,300,000
GS Mortgage Securities Trust 2017-GS7, Series 2017 GS7
4.236
08/10/50
2,086,655
1,500,000
(b)
GS Mortgage Securities Trust 2018-GS10, Series 2018 GS10
4.547
07/10/51
1,373,241
6,000,000
(b)
GS Mortgage Securities Trust 2018-GS9, Series 2018 GS9
4.343
03/10/51
5,190,552
1,425,000
(b)
GS Mortgage Securities Trust 2019-GC38, Series 2019 GC38
4.158
02/10/52
1,398,609
1,000,000
GS Mortgage Securities Trust 2020-GSA2, Series 2020 GSA2
2.012
12/12/53
895,111
6,292,001
(a),(b)
GS Mortgage-Backed Securities Trust 2022-PJ1, Series 2022
PJ1
2.829
05/28/52
5,283,929
3,000,000
(a),(b)
Houston Galleria Mall Trust 2025-HGLR, Series 2025 HGLR
5.462
02/05/45
3,170,286
2,000,000
(a),(b)
HTL Commercial Mortgage Trust 2024-T53, Series 2024 T53
7.088
05/10/39
2,027,836
59
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
1,500,000
(a),(b)
ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2
5.829
%
07/13/42
$
1,542,796
277,077
(b)
Impac Secured Assets CMN Owner Trust, Series 2000 3
8.000
10/25/30
262,234
2,000,000
(a),(b)
Imperial Fund Mortgage Trust 2020-NQM1, Series 2020 NQM1
3.531
10/25/55
1,928,923
165,651
(a),(b)
Imperial Fund Mortgage Trust 2020-NQM1, Series 2020 NQM1
2.051
10/25/55
159,529
450,000
(a),(b)
Imperial Fund Mortgage Trust 2021-NQM1, Series 2021 NQM1
2.383
06/25/56
358,845
2,000,000
(a),(b)
IP 2025-IP Mortgage Trust, Series 2025 IP
7.712
06/10/42
2,048,210
2,348,187
(a),(b)
J.P. Morgan Chase Commercial Mortgage Securities Trust
2022-NLP, Series 2022 NLP, (TSFR1M + 2.858%)
7.918
04/15/37
2,304,813
939,275
(a),(b)
J.P. Morgan Chase Commercial Mortgage Securities Trust
2022-NLP, Series 2022 NLP, (TSFR1M + 1.730%)
5.389
04/15/37
926,089
4,585,590
(a),(b)
J.P. Morgan Mortgage Trust 2022-LTV2, Series 2022 LTV2
3.665
09/25/52
4,040,754
126,438
(b)
JP Morgan Alternative Loan Trust 2007-S1, Series 2007 S1,
(TSFR1M + 0.674%)
4.348
04/25/47
122,373
2,000,000
(a)
JP Morgan Chase Commercial Mortgage Securities Trust 2020-
NNN, Series 2020 NNN
3.065
01/16/37
1,629,481
2,239,042
(a),(b)
JP Morgan Mortgage Trust, Series 2025 10
6.402
05/25/56
2,344,780
1,288,889
(a),(b)
JP Morgan Mortgage Trust 2020-INV1, Series 2020 INV1
4.186
08/25/50
1,171,662
1,500,000
(b)
JPMBB Commercial Mortgage Securities Trust 2015-C31,
Series 2015 C31
4.652
08/15/48
1,424,015
2,500,000
(b)
JPMBB Commercial Mortgage Securities Trust 2015-C31,
Series 2015 C31
4.652
08/15/48
1,978,165
3,750,000
(a),(b)
JPMBB Commercial Mortgage Securities Trust 2015-C33,
Series 2015 C33
4.136
12/15/48
3,304,687
1,500,000
(b)
JPMBB Commercial Mortgage Securities Trust 2016-C1, Series
2016 C1
4.628
03/17/49
1,459,889
1,400,000
(a),(b)
JPMBB Commercial Mortgage Securities Trust 2016-C1, Series
2016 C1
4.128
03/17/49
1,318,201
2,000,000
(b)
JPMCC Commercial Mortgage Securities Trust 2017-JP6,
Series 2017 JP6
3.683
07/15/50
1,809,174
1,400,000
(a),(b)
JPMCC Commercial Mortgage Securities Trust 2017-JP7,
Series 2017 JP7
4.422
09/15/50
1,001,231
2,000,000
(b)
JPMCC Commercial Mortgage Securities Trust 2017-JP7,
Series 2017 JP7
3.672
09/15/50
1,778,128
3,500,000
JPMCC Commercial Mortgage Securities Trust 2019-COR4,
Series 2019 COR4
4.440
03/10/52
3,220,084
4,000,000
JPMDB Commercial Mortgage Securities Trust 2017-C7, Series
2017 C7
3.985
10/15/50
3,818,853
190,000
(a)
Ladder Capital Commercial Mortgage 2013-GCP Mortgage
Trust, Series 2013 GCP
3.985
02/15/36
179,781
3,015,000
(a)
Legends Outlets Kansas City KS Mortgage Secured Pass-
Through Trust, Series 2024 LGND
6.733
11/05/39
3,026,512
1,037,764
(a),(b)
MCR 2024-HF1 Mortgage Trust, Series 2024 HF1, (TSFR1M +
2.841%)
7.204
12/15/41
1,041,456
3,250,000
(a),(b)
MFT Trust 2020-ABC, Series 2020 ABC
3.593
02/10/42
2,467,593
34,356,000
(a),(b)
MFT Trust 2020-ABC, Series 2020 ABC, (I/O)
0.119
02/10/42
183,313
3,022,865
(a)
Morgan Stanley Capital I Trust 2015-420, Series 2015 420
7.982
10/12/50
3,153,395
2,765,000
Morgan Stanley Capital I Trust 2019-H7, Series 2019 H7
3.524
07/15/52
2,668,431
2,000,000
(a)
MRCD 2019-MARK Mortgage Trust, Series 2019 PARK
2.718
12/15/36
1,532,125
1,000,000
(a),(b)
MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,
(TSFR1M + 2.943%)
7.773
03/15/39
1,000,687
1,500,000
(a),(b)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 3.579%)
7.239
07/15/36
1,175,564
1,500,000
(a),(b)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 4.329%)
7.989
07/15/36
1,068,489
80,568
(a),(b)
New Residential Mortgage Loan Trust 2015-2, Series 2015 2A
5.244
08/25/55
80,820
4,000,000
(a),(b)
NYCT Trust 2024-3ELV, Series 2024 3ELV, (TSFR1M + 2.840%)
6.499
08/15/29
4,013,462
1,150,000
(a)
One Bryant Park Trust 2019-OBP, Series 2019 OBP
2.516
09/15/54
1,081,075
2,000,000
(a),(b)
PKHL Commercial Mortgage Trust 2021-MF, Series 2021 MF,
(TSFR1M + 0.994%)
4.654
07/15/38
1,892,528
3,500,000
(a),(b),(d)
PLYM Commercial Mortgage Trust 2026-IND, Series 2026 IND,
(TSFR1M + 2.150%)
5.800
03/15/43
3,506,560
1,300,650
(a),(b)
Santander Bank Mortgage Credit-Linked Notes, Series 2023
MTG1, (SOFR30A + 4.900%)
9.256
02/26/52
1,502,194
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
60
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
40,180,000
(a),(b)
SLG Office Trust 2021-OVA, Series 2021 OVA, (I/O)
0.258
%
07/15/41
$
446,058
1,155,000
(a)
SLG Office Trust 2021-OVA, Series 2021 OVA
2.851
07/15/41
1,016,604
1,831,354
(a),(b)
SMR 2022-IND Mortgage Trust, Series 2022 IND, (TSFR1M +
3.950%)
7.610
02/15/39
1,841,226
2,100,000
(a),(b)
TX Trust 2024-HOU, Series 2024 1, (TSFR1M + 3.239%)
6.899
06/15/39
2,113,431
2,511,000
UBS Commercial Mortgage Trust 2017-C1, Series 2017 C1
4.036
06/15/50
2,425,375
5,100,000
(b)
UBS Commercial Mortgage Trust 2018-C11, Series 2018 C11
5.044
06/15/51
4,784,702
3,450,000
(b)
UBS Commercial Mortgage Trust 2018-C8, Series 2018 C8
4.682
02/15/51
3,190,137
2,239,000
(a),(b)
Verus Securitization Trust, Series 2025 11
5.796
11/25/70
2,256,723
2,000,000
(a),(b)
Verus Securitization Trust 2021-8, Series 2021 8
3.288
11/25/66
1,707,349
24,986
(b)
Washington Mutual MSC Mortgage Pass-Through Certificates,
Series 2004 RA3
5.446
08/25/38
25,007
2,000,000
(a),(b)
WCORE Commercial Mortgage Trust 2024-CORE, Series 2024
CORE, (TSFR1M + 2.940%)
6.600
11/15/41
2,005,898
2,415,000
(b)
Wells Fargo Commercial Mortgage Trust 2016-C36, Series
2016 C36
4.093
11/15/59
2,070,152
2,400,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2017-SMP, Series
2017 SMP, (TSFR1M + 0.921%)
6.258
12/15/34
2,236,440
3,000,000
(b)
Wells Fargo Commercial Mortgage Trust 2024-C63, Series
2024 C63
5.820
08/15/57
3,194,353
1,500,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series
2025 AGLN, (TSFR1M + 2.941%)
6.600
07/15/37
1,502,714
2,400,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series
2025 B33RP, (TSFR1M + 2.500%)
6.850
08/15/42
2,417,516
2,500,000
(a),(b)
Wells Fargo Commercial Mortgage Trust 2025-DWHP, Series
2025 DWHP, (TSFR1M + 3.340%)
7.000
04/15/38
2,510,951
907,835
(a),(b)
Wells Fargo Mortgage Backed Securities 2021-INV1 Trust,
Series 2021 INV1
3.301
08/25/51
758,864
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $395,631,405)
387,492,382
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
120892224
SOVEREIGN DEBT - 8.9%
120892224
ANGOLA - 0.1%
1,725,000
(a),(h)
Angolan Government International Bond
9.375
05/08/48
1,560,707
TOTAL ANGOLA
1,560,707
ARGENTINA - 0.1%
2,325,000
Argentine Republic Government International Bond
4.125
07/09/35
1,752,585
TOTAL ARGENTINA
1,752,585
AZERBAIJAN - 0.1%
1,700,000
(a)
Republic of Azerbaijan International Bond
3.500
09/01/32
1,600,071
TOTAL AZERBAIJAN
1,600,071
BARBADOS - 0.2%
2,725,000
(a)
Barbados Government International Bond
8.000
06/26/35
2,913,025
TOTAL BARBADOS
2,913,025
BENIN - 0.2%
2,000,000
(a)
Benin Government International Bond
7.960
02/13/38
2,103,968
TOTAL BENIN
2,103,968
BRAZIL - 0.4%
BRL
12,400,000
Brazil Notas do Tesouro Nacional Serie F
10.000
01/01/33
2,077,657
1,620,000
Brazilian Government International Bond
6.000
10/20/33
1,654,182
1,725,000
Brazilian Government International Bond
7.125
05/13/54
1,752,013
TOTAL BRAZIL
5,483,852
CHILE - 0.3%
CLP
1,600,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos, Reg S
6.000
04/01/33
1,926,605
2,775,000
Chile Government International Bond
3.100
05/07/41
2,191,556
TOTAL CHILE
4,118,161
61
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLOMBIA - 0.3%
EUR
1,065,000
Colombia Government International Bond
5.000
%
09/19/32
$
1,221,053
$
2,200,000
Colombia Government International Bond
5.000
06/15/45
1,616,564
875,000
Colombia Government International Bond
6.125
01/21/31
872,944
TOTAL COLOMBIA
3,710,561
COSTA RICA - 0.1%
1,955,000
(a)
Costa Rica Government International Bond
5.625
04/30/43
1,909,898
TOTAL COSTA RICA
1,909,898
COTE D'IVOIRE - 0.1%
1,850,000
(a)
Ivory Coast Government International Bond
6.750
02/25/41
1,763,373
TOTAL COTE D'IVOIRE
1,763,373
DOMINICAN REPUBLIC - 0.3%
1,775,000
(a)
Dominican Republic International Bond
5.875
01/30/60
1,599,807
2,225,000
(a)
Dominican Republic International Bond
6.950
03/15/37
2,385,200
TOTAL DOMINICAN REPUBLIC
3,985,007
ECUADOR - 0.3%
1,075,000
(a)
Ecuador Government International Bond
9.250
01/29/39
1,088,437
2,800,000
(a)
Ecuador Government International Bond
8.750
01/29/34
2,818,200
TOTAL ECUADOR
3,906,637
EGYPT - 0.2%
2,250,000
(a)
Egypt Government International Bond
8.500
01/31/47
2,158,575
TOTAL EGYPT
2,158,575
EL SALVADOR - 0.2%
2,600,000
(a),(h)
El Salvador Government International Bond
7.625
02/01/41
2,597,400
TOTAL EL SALVADOR
2,597,400
GHANA - 0.2%
137,638
(a)
Ghana Government International Bond
5.000
07/03/29
134,978
2,226,200
(a)
Ghana Government International Bond
5.000
07/03/35
2,015,488
TOTAL GHANA
2,150,466
GUATEMALA - 0.1%
1,700,000
(a)
Guatemala Government Bond
6.250
08/15/36
1,798,889
TOTAL GUATEMALA
1,798,889
HONDURAS - 0.1%
1,675,000
(a)
Honduras Government International Bond
5.625
06/24/30
1,691,750
TOTAL HONDURAS
1,691,750
HUNGARY - 0.5%
1,650,000
Hungary Government International Bond
7.625
03/29/41
1,965,888
1,600,000
(a)
Hungary Government International Bond
5.500
03/26/36
1,622,687
1,500,000
(a)
Hungary Government International Bond
5.375
09/26/30
1,554,082
1,300,000
(a)
Magyar Export-Import Bank Zrt
6.125
12/04/27
1,339,241
TOTAL HUNGARY
6,481,898
ISRAEL - 0.1%
1,675,000
Israel Government International Bond
5.750
03/12/54
1,636,967
TOTAL ISRAEL
1,636,967
JORDAN - 0.2%
600,000
(a)
Jordan Government International Bond
7.375
10/10/47
593,560
2,000,000
(a)
Jordan Government International Bond
5.750
11/12/32
1,963,862
TOTAL JORDAN
2,557,422
KAZAKHSTAN - 0.2%
2,225,000
(a)
Kazakhstan Government International Bond
5.500
07/01/37
2,300,448
TOTAL KAZAKHSTAN
2,300,448
MEXICO - 1.2%
2,075,000
(a)
Eagle Funding Luxco Sarl
5.500
08/17/30
2,111,084
1,966,000
Mexico Government International Bond
4.750
03/08/44
1,637,678
3,325,000
Mexico Government International Bond
4.280
08/14/41
2,704,223
4,925,000
Mexico Government International Bond
6.400
05/07/54
4,803,353
1,300,000
Mexico Government International Bond
7.375
05/13/55
1,425,190
1,950,000
Mexico Government International Bond
5.850
07/02/32
2,016,008
1,500,000
Mexico Government International Bond
5.625
09/22/35
1,495,500
TOTAL MEXICO
16,193,036
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
62
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MOROCCO - 0.1%
$
1,650,000
(a)
Morocco Government International Bond
5.500
%
12/11/42
$
1,600,404
TOTAL MOROCCO
1,600,404
NIGERIA - 0.1%
1,575,000
(a)
Nigeria Government International Bond
10.375
12/09/34
1,875,135
TOTAL NIGERIA
1,875,135
OMAN - 0.2%
2,950,000
(a)
Oman Government International Bond
6.500
03/08/47
3,197,010
TOTAL OMAN
3,197,010
PARAGUAY - 0.3%
2,125,000
(a)
Paraguay Government International Bond
5.600
03/13/48
2,061,132
1,425,000
(a)
Paraguay Government International Bond
6.000
02/09/36
1,530,441
TOTAL PARAGUAY
3,591,573
PERU - 0.2%
2,000,000
Peruvian Government International Bond
3.300
03/11/41
1,569,600
1,755,000
Peruvian Government International Bond
5.875
08/08/54
1,768,338
TOTAL PERU
3,337,938
PHILIPPINES - 0.2%
1,225,000
Philippine Government International Bond
4.200
03/29/47
1,032,695
1,150,000
Philippine Government International Bond
3.700
02/02/42
960,828
TOTAL PHILIPPINES
1,993,523
POLAND - 0.3%
PLN
6,900,000
Republic of Poland Government Bond
5.000
10/25/34
1,958,671
2,055,000
Republic of Poland Government International Bond
5.500
04/04/53
2,017,782
TOTAL POLAND
3,976,453
REPUBLIC OF SERBIA - 0.1%
1,500,000
(a)
Serbia International Bond
6.500
09/26/33
1,638,809
TOTAL REPUBLIC OF SERBIA
1,638,809
ROMANIA - 0.3%
1,370,000
(a)
Romanian Government International Bond
6.125
01/22/44
1,368,267
450,000
(a)
Romanian Government International Bond
7.625
01/17/53
518,412
2,100,000
(a)
Romanian Government International Bond
5.750
03/24/35
2,124,949
TOTAL ROMANIA
4,011,628
RWANDA - 0.1%
1,375,000
(a)
Rwanda International Government Bond
5.500
08/09/31
1,293,470
TOTAL RWANDA
1,293,470
SAUDI ARABIA - 0.2%
2,740,000
(a)
Saudi Government International Bond
3.750
01/21/55
1,975,726
1,500,000
(a)
Saudi Government International Bond
5.625
01/13/35
1,601,646
TOTAL SAUDI ARABIA
3,577,372
SENEGAL - 0.1%
1,600,000
(a)
Senegal Government International Bond
6.250
05/23/33
989,538
700,000
(a)
Senegal Government International Bond
6.750
03/13/48
394,441
TOTAL SENEGAL
1,383,979
SOUTH AFRICA - 0.4%
ZAR
33,600,000
Republic of South Africa Government Bond
8.500
01/31/37
2,148,194
1,900,000
Republic of South Africa Government International Bond
5.375
07/24/44
1,597,674
1,575,000
Republic of South Africa Government International Bond
7.300
04/20/52
1,594,982
TOTAL SOUTH AFRICA
5,340,850
TURKEY - 0.4%
1,950,000
Turkiye Government International Bond
7.125
02/12/32
2,039,437
2,000,000
(a)
Turkiye Ihracat Kredi Bankasi AS
6.375
01/15/31
2,006,734
TOTAL TURKEY
4,046,171
UGANDA - 0.2%
UGX
7,046,000,000
Republic of Uganda Government Bonds
15.800
06/23/39
1,985,470
TOTAL UGANDA
1,985,470
63
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UKRAINE - 0.0%
$
55,000
(a)
Ukraine Government International Bond
4.500
%
02/01/29
$
42,102
73,658
(a)
Ukraine Government International Bond
0.000
02/01/35
41,727
15,548
(a)
Ukraine Government International Bond
0.000
02/01/36
8,777
TOTAL UKRAINE
92,606
URUGUAY - 0.1%
UYU
66,000,000
Uruguay Government International Bond
9.750
07/20/33
1,957,431
TOTAL URUGUAY
1,957,431
UZBEKISTAN - 0.1%
1,600,000
(a)
Republic of Uzbekistan International Bond
5.375
02/20/29
1,617,706
TOTAL UZBEKISTAN
1,617,706
TOTAL SOVEREIGN DEBT
(Cost $118,388,753)
120,892,224
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
104907832
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 7.7%
104907832
2,000,000
(f)
CoBank ACB
6.250
N/A
2,003,926
20,500,000
United States Treasury Note/Bond
4.625
11/15/55
20,464,766
18,000,000
United States Treasury Note/Bond
4.625
11/15/45
18,118,125
25,000,000
United States Treasury Note/Bond
4.625
02/15/46
25,175,781
6,000,000
United States Treasury Note/Bond
4.000
11/15/35
6,021,562
19,000,000
United States Treasury Note/Bond
3.500
12/15/28
19,056,406
7,000,000
United States Treasury Note/Bond
3.375
12/31/27
6,996,172
7,000,000
United States Treasury Note/Bond
3.750
01/31/31
7,071,094
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $104,015,130)
104,907,832
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
122752734
VARIABLE RATE SENIOR LOAN INTERESTS - 9.0%
122752734
AUTOMOBILES & COMPONENTS - 0.2%
2,496,250
(b)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6.423
01/28/32
2,493,654
TOTAL AUTOMOBILES & COMPONENTS
2,493,654
CAPITAL GOODS - 1.2%
2,268,287
(b)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)
6.173
01/27/32
2,264,737
2,802,800
(b)
Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)
5.671
07/09/32
2,814,362
1,990,000
(b)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)
6.423
09/08/32
1,986,040
258,497
(b),(j)
Kaman Corporation, Delayed Draw Term Loan, (TSFR3M +
2.500%)
6.146
02/26/32
258,479
2,727,672
(b)
Kaman Corporation, Term Loan B, (TSFR1M + 2.500%)
6.173
02/26/32
2,727,482
549,667
(b)
QXO Inc, Term Loan B, (TSFR1M + 2.000%)
5.673
04/30/32
550,381
997,500
(b)
TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 3.000%)
6.377
04/30/30
998,921
2,000,000
(b),(d)
TK Elevator US Newco Inc, (TBD)
TBD
TBD
2,002,500
997,475
(b)
TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)
6.173
01/20/32
998,018
1,000,000
(b),(d)
TransDigm, Inc., Term Loan J, (TBD)
TBD
TBD
1,001,125
1,466,511
(b)
Windsor Holdings III, LLC, Term Loan B, (TSFR1M + 2.750%)
6.423
08/01/30
1,466,739
TOTAL CAPITAL GOODS
17,068,784
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
4,987,500
(b)
Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)
6.923
08/20/32
4,995,729
1,000,000
(b)
Dayforce, Inc., Term Loan, (TSFR3M + 3.000%)
6.663
02/04/33
924,290
994,975
(b)
Garda World Security Corporation, Term Loan B, (TSFR3M +
2.750%)
6.421
02/01/29
994,667
2,992,500
(b)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.273
03/03/32
2,999,981
2,455,000
(b)
Openlane Inc, Term Loan B, (TSFR3M + 2.500%)
6.140
10/08/32
2,458,081
995,006
(b)
WIN Waste Innovations Holdings, Inc., First Lien Term Loan,
(TSFR1M + 3.250%)
7.037
03/27/28
999,205
1,000,000
(b),(d)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TBD)
TBD
TBD
1,002,420
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
14,374,373
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
64
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.3%
$
2,490,077
(b)
Les Schwab Tire Centers, Term Loan B, (TSFR3M + 2.500%)
6.173
%
04/23/31
$
2,492,417
2,192,865
(b)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.173
01/30/31
2,183,732
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
4,676,149
CONSUMER DURABLES & APPAREL - 0.1%
1,492,481
(b)
AI Aqua Merger Sub, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.750%)
6.416
07/31/28
1,487,817
TOTAL CONSUMER DURABLES & APPAREL
1,487,817
CONSUMER SERVICES - 0.3%
989,720
(b)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6.173
05/31/30
992,194
1,000,000
(b)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
6.423
01/31/31
851,670
2,328,006
(b)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029),
(TSFR3M + 2.250%)
5.922
10/31/29
2,323,013
TOTAL CONSUMER SERVICES
4,166,877
FOOD, BEVERAGE & TOBACCO - 0.2%
89,525
(b)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 10.673%, PIK 7.000%)
10.673
09/30/30
13,429
17,104
(b)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 10.673%, PIK 7.000%)
10.673
09/30/30
7,697
2,000,000
(b),(d)
Froneri Lux Finco Sarl, Term Loan, (TBD)
TBD
TBD
1,957,500
120,690
(b),(j)
Sauer Brands Inc, Delayed Draw Term Loan
3.000
02/19/32
121,017
1,272,914
(b)
Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)
6.667
02/19/32
1,276,363
TOTAL FOOD, BEVERAGE & TOBACCO
3,376,006
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
1,850,700
(b)
Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +
3.750%)
7.423
01/15/31
1,854,864
3,000,000
(b),(d)
Medline Borrower, LP, Term Loan B, (TBD)
TBD
TBD
3,007,665
3,000,000
(b),(d)
Opal Bidco SAS, First Lien Term Loan B, (TBD)
TBD
TBD
3,000,375
1,985,025
(b),(k)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6.173
02/21/31
1,985,164
835,178
(b)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.173
12/19/30
837,266
2,000,000
(b),(d)
Team Health Holdings, Inc., Repriced Term Loan B, (TBD)
TBD
TBD
2,001,250
1,989,950
(b)
Zelis Payments Buyer, Inc., 5th Amendment Term Loan,
(TSFR1M + 3.250%)
6.923
11/26/31
1,884,095
TOTAL HEALTH CARE EQUIPMENT & SERVICES
14,570,679
INSURANCE - 1.4%
1,984,963
(b)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
6.673
11/06/30
1,927,895
1,992,500
(b)
Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)
6.423
05/28/32
1,902,279
1,000,000
(b)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.173
09/19/31
979,580
1,237,500
(b)
AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.000%)
5.673
01/30/32
1,226,672
2,985,000
(b)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
7.923
09/19/30
2,980,896
3,617,079
(b)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)
6.173
06/16/31
3,473,156
997,055
(b)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
5.920
06/20/30
987,753
1,980,025
(b)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.173
07/31/31
1,923,594
3,595,081
(b)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6.422
05/06/31
3,537,559
TOTAL INSURANCE
18,939,384
MATERIALS - 0.8%
1,492,147
(b)
Charter NEX US, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.171
12/02/30
1,493,079
3,441,350
(b)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
6.848
04/13/29
3,418,070
980,828
(b),(d)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TBD)
TBD
TBD
972,246
2,014,505
(b),(d)
ProAmpac PG Borrower LLC, (TBD)
TBD
TBD
1,991,842
3,203,713
(b)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
7.662
09/15/28
3,167,671
TOTAL MATERIALS
11,042,908
65
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT - 0.2%
$
3,181,624
(b)
Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6.673
%
02/10/31
$
3,184,360
TOTAL MEDIA & ENTERTAINMENT
3,184,360
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
2,000,000
(b),(d)
HOPPER MERGER SUB INC, (TBD)
TBD
TBD
1,978,750
676,986
(b)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
5.923
05/05/28
680,184
1,492,407
(b)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
5.923
05/19/31
1,446,710
2,920,345
(b),(k)
Parexel International Corporation, Repriced Term Loan B,
(TSFR1M + 2.750%)
6.423
12/12/31
2,890,236
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
6,995,880
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
997,500
(b)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6.411
11/13/31
947,211
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
947,211
SOFTWARE & SERVICES - 1.1%
1,481,250
(b)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
6.673
07/30/31
1,369,142
1,990,000
(b)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
6.922
03/24/31
1,854,680
2,372,888
(b)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6.421
05/01/31
2,111,123
1,985,000
(b)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
6.898
10/09/31
1,891,417
1,496,212
(b)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.173
05/30/31
1,455,066
480,000
(b)
IGT Holding IV AB, Term Loan B5, (TSFR3M + 3.000%)
6.672
09/02/31
468,600
3,473,794
(b)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
6.417
12/08/31
3,252,340
994,962
(b)
Mitchell International, Inc., Term Loan, (TSFR1M + 3.000%)
6.673
06/17/31
923,454
1,084,960
(b)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.167
02/10/31
1,029,898
TOTAL SOFTWARE & SERVICES
14,355,720
TELECOMMUNICATION SERVICES - 0.2%
3,001,167
(b),(d)
Zayo Group Holdings, Inc., Term Loan, (TBD)
TBD
TBD
2,893,050
TOTAL TELECOMMUNICATION SERVICES
2,893,050
UTILITIES - 0.2%
1,000,000
(b),(d)
Talen Energy Supply, LLC, Incremental Term Loan B, (TBD)
TBD
TBD
1,004,125
1,170,740
(b)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.153
05/17/30
1,175,757
TOTAL UTILITIES
2,179,882
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $124,733,657)
122,752,734
TOTAL LONG-TERM INVESTMENTS
(Cost $1,327,425,381)
1,329,062,142
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.5%
6,384,977
(l)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.700 (m)
6,384,977
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $6,384,977)
6,384,977
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 5.4%
73536720
REPURCHASE AGREEMENTS - 5.4%
73536720
12,986,720
(n)
Fixed Income Clearing Corporation
1.060
03/02/26
12,986,720
60,550,000
(o)
Fixed Income Clearing Corporation
3.640
03/02/26
60,550,000
TOTAL REPURCHASE AGREEMENTS
(Cost $73,536,720)
73,536,720
TOTAL SHORT-TERM INVESTMENTS
(Cost $73,536,720)
73,536,720
TOTAL INVESTMENTS - 103.6%
(Cost $1,407,347,078)
1,408,983,839
OTHER ASSETS & LIABILITIES, NET - (3.6)%
(49,079,610)
NET ASSETS - 100%
$
1,359,904,229
Portfolio of Investments February 28, 2026
(continued)
Strategic Income
66
See Notes to Financial Statements
Principal denominated in U.S. Dollars, unless otherwise noted.
BRL
Brazilian Real
CAD
Canadian Dollar
CLP
Chilean Peso
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.
PLN
Polish Zloty
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.
SOFR
Secured Overnight Financing Rate
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
UGX
Ugandan Shilling
UYU
Uruguayan Peso
ZAR
South African Rand
(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 fiscal period, the aggregate value of these securities is $656,419,078 or 46.6% of Total Investments.
(b)
Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(c)
For fair value measurement disclosure purposes, investment classified as Level 3.
(d)
When-issued or delayed delivery security.
(e)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(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 3.4% 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 fiscal period was $6,135,915.
(i)
$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.
(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, 1.060% dated 2/27/26 to be repurchased at $12,987,867 on 3/2/26,
collateralized by Government Agency Securities, with coupon rate 3.875% and maturity date 10/15/27, valued at $13,246,643.
(o)
Agreement with Fixed Income Clearing Corporation, 3.640% dated 2/27/26 to be repurchased at $60,568,367 on 3/2/26,
collateralized by Government Agency Securities, with coupon rates 3.000%-4.375% and maturity dates 1/31/32-5/15/47, valued at
$61,761,029.
67
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 2-Year Note
125
6/26
$
26,123,142
$
26,159,180
$
36,038
U.S. Treasury Long Bond
250
6/26
29,426,298
29,617,187
190,889
Total
$55,549,440
$55,776,367
$226,927
Forward Foreign Currency Contracts
Currency Purchased
Notional Amount
(Local Currency)
Currency Sold
Notional Amount
(Local Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
5,624,540
CAD
7,711,633
Barclays Bank PLC
4/08/26
$
(37,780)
EUR
906,411
$
1,065,399
Morgan Stanley Capital Services
LLC
4/08/26
$
7,474
EUR
1,808,661
$
2,157,366
Morgan Stanley Capital Services
LLC
4/08/26
$
(16,545)
$
8,266,841
EUR
7,028,080
Morgan Stanley Capital Services
LLC
4/08/26
(51,946)
Total
$(98,797)
Total unrealized appreciation on forward foreign currency contracts
$7,474
Total unrealized depreciation on forward foreign currency contracts
$(106,271)
CAD
Canadian Dollar
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-NAHYS45V1-5Y
5.000
%
3.59
%
Quarterly
12/20/30
$
19,800,000
$
(1,535,999)
$
(1,386,224)
$
(149,775)
Total
$
19,800,000
$
(1,535,999)
$(1,386,224)
$
(149,775)
(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
68
February 28, 2026 (Unaudited)
Credit Income
Flexible Income
Floating Rate
Income
High Yield
Income
Preferred
Securities and
Income
Strategic Income
ASSETS
Long-term investments, at value
†‡
$
344,063,633
$
834,585,966
$
1,948,143,951
$
521,905,864
$
5,884,945,945
$
1,329,062,142
Affiliated investments, at value
++
5,008,000
-
1,002,400
-
75,062,294
-
Investments purchased with collateral from
securities lending, at value (cost approximates
value)
8,262,312
12,659,836
6,149,517
12,769,191
190,584,692
6,384,977
Short-term investments, at value
◊
21,730,627
27,600,000
151,702,490
17,002,700
32,578,703
73,536,720
Cash
559,971
861,096
1,092,680
520,031
-
3,110,684
Cash denominated in foreign currencies
^
13
-
-
-
-
37
Cash collateral at broker for investments in futures
contracts
(1)
240,051
-
-
-
8,478,872
1,352,535
Cash collateral at broker for investments in swap
contracts
(1)
-
-
1,118,708
-
-
1,019,634
Unrealized appreciation on forward foreign
currency contracts
-
-
-
-
-
7,474
Receivables:
Dividends
27,563
433,997
-
-
1,959,780
41
Interest
4,504,512
11,614,812
14,279,571
8,891,118
80,679,694
11,851,483
Investments sold
4,634,742
-
55,042,440
7,838,709
-
11,085,065
Reclaims
3,389
89,952
-
-
-
10,738
Reimbursement from Adviser
13,182
68,862
192
46,121
25,112
78,164
Shares sold
1,877,658
1,448,361
6,405,635
232,438
6,492,873
1,746,353
Variation margin on futures contracts
57,976
-
-
-
1,620,094
183,594
Variation margin on swaps contracts
-
-
-
-
-
23,104
Other
54,173
83,485
361,310
84,650
395,775
117,814
Total assets
391,037,802
889,446,367
2,185,298,894
569,290,822
6,282,823,834
1,439,570,559
LIABILITIES
Cash overdraft denominated in foreign currencies
*
-
-
-
1,367
-
-
Unrealized depreciation on forward foreign
currency contracts
5,373
-
-
-
-
106,271
Payables:
Management fees
146,939
452,578
882,212
244,364
2,909,461
496,459
Collateral from securities lending
8,262,312
12,659,836
6,149,517
12,769,191
190,584,692
6,384,977
Dividends
17,887
434,670
905,521
69,341
4,154,339
833,649
Interest
409
210
39,991
1,517
12,346
261
Investments purchased - regular settlement
2,552,020
4,384,143
2,745
520,250
11,066,167
35,105,062
Investments purchased - when-issued/delayed-
delivery settlement
13,970,133
-
153,982,587
7,858,475
-
33,590,421
Shares redeemed
786,935
1,495,790
8,474,421
1,323,735
18,503,114
2,228,402
Unfunded senior loans
173,290
-
4,195,097
-
-
328,621
Variation margin on swaps contracts
-
-
77,840
-
-
-
Accrued expenses:
Custodian fees
53,571
103,760
427,251
115,127
402,617
168,762
Directors/Trustees fees
19,766
46,475
84,258
35,376
218,486
49,999
Professional fees
21,103
27,909
30,314
27,020
48,853
26,913
Shareholder reporting expenses
21,027
29,430
39,273
45,119
101,207
43,925
Shareholder servicing agent fees
136,217
142,313
286,550
348,094
961,315
224,729
12b-1 distribution and service fees
14,165
96,702
68,767
22,015
180,947
51,775
Other
227
1,199
1,021
2,809
35,516
26,104
Total liabilities
26,181,374
19,875,015
175,647,365
23,383,800
229,179,060
79,666,330
Net assets
$
364,856,428
$
869,571,352
$
2,009,651,529
$
545,907,022
$
6,053,644,774
$
1,359,904,229
NET ASSETS CONSIST OF:
Paid-in capital
$
504,272,262
$
1,068,450,397
$
2,379,622,034
$
756,283,742
$
6,414,858,204
$
1,457,534,215
Total distributable earnings (loss)
(139,415,834)
(198,879,045)
(369,970,505)
(210,376,720)
(361,213,430)
(97,629,986)
Net assets
$
364,856,428
$
869,571,352
$
2,009,651,529
$
545,907,022
$
6,053,644,774
$
1,359,904,229
†
Long-term investments, cost
$
342,337,494
$
791,937,171
$
1,992,245,174
$
512,210,650
$
5,801,458,041
$
1,327,425,381
++
Affiliated investments, cost
$
4,985,000
$
-
$
1,002,600
$
-
$
74,903,375
$
-
◊
Short-term investments, cost
$
21,730,627
$
27,600,000
$
151,702,490
$
17,002,700
$
32,578,703
$
73,536,720
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
69
February 28, 2026 (Unaudited)
Credit Income
Flexible Income
Floating Rate
Income
High Yield
Income
Preferred
Securities and
Income
Strategic Income
‡ Includes securities loaned of
$
7,960,979
$
12,095,247
$
-
$
12,258,483
$
182,757,946
$
6,135,915
^
Cash denominated in foreign currencies, cost
$
13
$
-
$
-
$
-
$
-
$
37
*
Cash overdraft denominated in foreign
currencies, cost
$
-
$
-
$
-
$
1,248
$
-
$
-
Credit Income
Flexible Income
Floating Rate
Income
High Yield
Income
Preferred
Securities and
Income
Strategic Income
CLASS A:
Net assets
$
48,472,325
$
180,551,712
$
181,968,120
$
64,518,975
$
484,604,104
$
164,390,967
Shares outstanding
7,272,231
9,009,680
10,329,175
3,611,732
29,663,583
16,343,315
Net asset value ("NAV") per share
$
6.67
$
20.04
$
17.62
$
17.86
$
16.34
$
10.06
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)
$
7.00
$
21.04
$
18.16
$
18.75
$
17.15
$
10.51
CLASS C:
Net assets
$
6,399,069
$
80,712,149
$
41,104,143
$
12,764,665
$
115,911,588
$
26,971,445
Shares outstanding
961,640
4,034,989
2,332,832
715,206
7,090,354
2,694,417
NAV and offering price per share
$
6.65
$
20.00
$
17.62
$
17.85
$
16.35
$
10.01
CLASS R6:
Net assets
$
-
$
38,639,364
$
793,096,163
$
22,963,743
$
1,165,583,730
$
342,337,917
Shares outstanding
-
1,913,984
44,786,523
1,277,010
71,098,230
33,921,050
NAV and offering price per share
$
-
$
20.19
$
17.71
$
17.98
$
16.39
$
10.09
CLASS I:
Net assets
$
309,985,034
$
569,668,127
$
993,483,103
$
445,659,639
$
4,287,545,352
$
826,203,900
Shares outstanding
46,415,493
28,390,932
56,339,501
24,917,605
262,159,659
82,148,362
NAV and offering price per share
$
6.68
$
20.07
$
17.63
$
17.89
$
16.35
$
10.06
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
70
Six Months Ended February 28, 2026 (Unaudited)
Credit Income
Flexible Income
Floating Rate
Income
High Yield Income
INVESTMENT INCOME
Affiliated income
$
-
$
8,993
$
-
$
-
Dividends
112,362
5,396,339
1,556,610
31,391
Dividends from affiliated investments
30,020
-
10,060
-
Interest
11,161,672
19,949,617
76,460,050
22,267,726
Securities lending income, net
41,549
35,215
150,184
80,241
Total investment income
11,345,603
25,390,164
78,176,904
22,379,358
EXPENSES
-
-
-
-
Management fees
811,017
2,891,550
5,472,863
1,647,982
12b-1 service fees - Class A
58,111
218,559
255,007
76,789
12b-1 distribution and service fees - Class C
31,096
414,970
221,185
58,638
Shareholder servicing agent fees - Class A
38,347
55,011
84,028
46,425
Shareholder servicing agent fees - Class C
5,158
26,159
18,213
8,852
Shareholder servicing agent fees - Class R6
-
401
9,504
383
Shareholder servicing agent fees - Class I
207,191
180,009
419,983
353,865
Interest expense
1,705
739
148,760
5,513
Directors/Trustees fees
8,351
25,954
56,535
17,058
Custodian expenses
23,331
44,051
180,426
50,412
Registration fees
32,647
38,793
70,559
33,159
Professional fees
29,114
35,397
76,359
32,871
Shareholder reporting expenses
29,705
33,017
44,191
43,383
Other
3,615
5,762
9,105
5,297
Total expenses before fee waiver/expense reimbursement
1,279,388
3,970,372
7,066,718
2,380,627
Fee waiver/expense reimbursement
(
144,014
)
(
346,977
)
-
(
169,894
)
Net expenses
1,135,374
3,623,395
7,066,718
2,210,733
Net investment income (loss)
10,210,229
21,766,769
71,110,186
20,168,625
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
587,841
23,216,158
(
10,442,629
)
2,774,174
Forward foreign currency contracts
7,950
-
-
-
Futures contracts
142,455
-
-
-
Swap contracts
-
-
(
18,738
)
-
Foreign currency transactions
486
-
-
-
Net realized gain (loss)
738,732
23,216,158
(
10,461,367
)
2,774,174
Change in unrealized appreciation (depreciation) on:
Investments
(
1,106,157
)
14,173,603
(
34,276,783
)
(
2,000,829
)
Affiliated investments
23,000
-
(
200
)
-
Forward foreign currency contracts
(
8,635
)
-
-
-
Futures contracts
(
24,479
)
-
-
-
Swap contracts
-
-
125,925
-
Foreign currency translations
421
-
-
(
14
)
Net change in unrealized appreciation (depreciation)
(
1,115,850
)
14,173,603
(
34,151,058
)
(
2,000,843
)
Net realized and unrealized gain (loss)
(
377,118
)
37,389,761
(
44,612,425
)
773,331
Net increase (decrease) in net assets from operations
$
9,833,111
$
59,156,530
$
26,497,761
$
20,941,956
Statement of Operations
(continued)
See Notes to Financial Statements
71
Six Months Ended February 28, 2026 (Unaudited)
Preferred Securities
and Income
Strategic Income
INVESTMENT INCOME
Dividends
$
17,464,254
$
252
Dividends from affiliated investments
588,947
-
Interest
169,327,677
38,791,641
Securities lending income, net
534,609
39,328
Total investment income
187,915,487
38,831,221
EXPENSES
-
-
Management fees
17,948,580
3,015,426
12b-1 service fees - Class A
587,147
192,636
12b-1 distribution and service fees - Class C
563,723
121,107
Shareholder servicing agent fees - Class A
177,881
66,249
Shareholder servicing agent fees - Class C
42,706
10,398
Shareholder servicing agent fees - Class R6
15,989
10,029
Shareholder servicing agent fees - Class I
1,546,518
320,317
Interest expense
48,656
1,030
Directors/Trustees fees
165,382
36,670
Custodian expenses
176,553
72,363
Registration fees
131,441
62,375
Professional fees
70,083
36,633
Shareholder reporting expenses
142,423
40,108
Other
15,319
7,103
Total expenses before fee waiver/expense reimbursement
21,632,401
3,992,444
Fee waiver/expense reimbursement
-
(
410,243
)
Net expenses
21,632,401
3,582,201
Net investment income (loss)
166,283,086
35,249,020
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
7,614,292
5,520,581
Forward foreign currency contracts
-
133,857
Futures contracts
7,943,046
2,305,692
Swap contracts
-
(
112,198
)
Foreign currency transactions
(
3
)
42,035
Net realized gain (loss)
15,557,335
7,889,967
Change in unrealized appreciation (depreciation) on:
Investments
121,934,443
8,115,744
Affiliated investments
158,919
-
Forward foreign currency contracts
-
(
131,683
)
Futures contracts
910,576
69,034
Swap contracts
-
(
61,468
)
Foreign currency translations
-
3,132
Net change in unrealized appreciation (depreciation)
123,003,938
7,994,759
Net realized and unrealized gain (loss)
138,561,273
15,884,726
Net increase (decrease) in net assets from operations
$
304,844,359
$
51,133,746
Statement of Changes in Net Assets
See Notes to Financial Statements
72
Credit Income
Flexible Income
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
10,210,229
$
9,861,588
$
21,766,769
$
44,596,878
Net realized gain (loss)
738,732
(
974,382
)
23,216,158
(
6,996,126
)
Net change in unrealized appreciation (depreciation)
(
1,115,850
)
3,029,816
14,173,603
23,544,646
Net increase (decrease) in net assets from operations
9,833,111
11,917,022
59,156,530
61,145,398
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(
1,627,814
)
(
4,154,447
)
(
5,282,618
)
(
5,956,884
)
Class C
(
195,521
)
(
473,436
)
(
2,186,918
)
(
2,687,594
)
Class R6
-
-
(
605,264
)
(
531,919
)
Class I
(
8,851,431
)
(
6,588,592
)
(
17,976,391
)
(
23,469,161
)
Return of Capital:
Class A
-
-
-
(
2,730,505
)
Class C
-
-
-
(
1,588,514
)
Class R6
-
-
-
(
222,053
)
Class I
-
-
-
(
10,028,362
)
Total distributions
(
10,674,766
)
(
11,216,475
)
(
26,051,191
)
(
47,214,992
)
FUND SHARE TRANSACTIONS
Subscriptions
150,265,074
193,160,478
105,888,053
104,920,773
Reinvestments of distributions
10,559,592
10,919,283
24,730,451
45,727,811
Redemptions
(
27,702,299
)
(
59,859,310
)
(
131,269,112
)
(
362,826,418
)
Net increase (decrease) from Fund share transactions
133,122,367
144,220,451
(
650,608
)
(
212,177,834
)
Net increase (decrease) in net assets
132,280,712
144,920,998
32,454,731
(
198,247,428
)
Net assets at the beginning of period
232,575,716
87,654,718
837,116,621
1,035,364,049
Net assets at the end of period
$
364,856,428
$
232,575,716
$
869,571,352
$
837,116,621
See Notes to Financial Statements
73
Floating Rate Income
High Yield Income
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
71,110,186
$
118,591,789
$
20,168,625
$
48,940,049
Net realized gain (loss)
(
10,461,367
)
(
21,341,786
)
2,774,174
(
302,371
)
Net change in unrealized appreciation (depreciation)
(
34,151,058
)
7,081,172
(
2,000,843
)
(
753,858
)
Net increase (decrease) in net assets from operations
26,497,761
104,331,175
20,941,956
47,883,820
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(
7,136,437
)
(
16,923,196
)
(
2,253,628
)
(
4,483,363
)
Class C
(
1,381,950
)
(
3,407,278
)
(
386,939
)
(
831,810
)
Class R6
(
23,878,140
)
(
20,081,086
)
(
815,559
)
(
1,899,960
)
Class I
(
37,097,549
)
(
81,903,164
)
(
17,729,037
)
(
43,761,517
)
Total distributions
(
69,494,076
)
(
122,314,724
)
(
21,185,163
)
(
50,976,650
)
FUND SHARE TRANSACTIONS
Subscriptions
875,156,047
778,530,046
65,262,391
149,518,668
Reinvestments of distributions
63,546,254
108,808,189
20,612,808
49,256,021
Redemptions
(
483,956,672
)
(
793,925,225
)
(
145,006,717
)
(
252,179,134
)
Net increase (decrease) from Fund share transactions
454,745,629
93,413,010
(
59,131,518
)
(
53,404,445
)
Net increase (decrease) in net assets
411,749,314
75,429,461
(
59,374,725
)
(
56,497,275
)
Net assets at the beginning of period
1,597,902,215
1,522,472,754
605,281,747
661,779,022
Net assets at the end of period
$
2,009,651,529
$
1,597,902,215
$
545,907,022
$
605,281,747
See Notes to Financial Statements
74
Statement of Changes in Net Assets
(continued)
Preferred Securities and Income
Strategic Income
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
166,283,086
$
290,129,929
$
35,249,020
$
62,114,053
Net realized gain (loss)
15,557,335
(
11,261,334
)
7,889,967
(
12,563,303
)
Net change in unrealized appreciation (depreciation)
123,003,938
118,722,840
7,994,759
12,927,178
Net increase (decrease) in net assets from operations
304,844,359
397,591,435
51,133,746
62,477,928
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(
13,151,729
)
(
25,346,949
)
(
4,269,633
)
(
9,001,828
)
Class C
(
2,740,586
)
(
5,978,155
)
(
578,984
)
(
1,064,482
)
Class R6
(
28,298,324
)
(
37,835,606
)
(
9,418,396
)
(
19,112,428
)
Class I
(
119,664,240
)
(
220,299,721
)
(
21,586,479
)
(
37,760,450
)
Total distributions
(
163,854,879
)
(
289,460,431
)
(
35,853,492
)
(
66,939,188
)
FUND SHARE TRANSACTIONS
Subscriptions
1,084,602,756
1,767,095,427
319,601,719
450,690,437
Reinvestments of distributions
140,004,528
249,861,390
31,071,053
58,253,667
Redemptions
(
729,613,536
)
(
1,550,449,335
)
(
148,273,988
)
(
278,903,938
)
Net increase (decrease) from Fund share transactions
494,993,748
466,507,482
202,398,784
230,040,166
Net increase (decrease) in net assets
635,983,228
574,638,486
217,679,038
225,578,906
Net assets at the beginning of period
5,417,661,546
4,843,023,060
1,142,225,191
916,646,285
Net assets at the end of period
$
6,053,644,774
$
5,417,661,546
$
1,359,904,229
$
1,142,225,191
Financial Highlights
75
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
2/28/26
(d)
$
6.68
$
0.22
$
-
$
0.22
$
(
0.23
)
$
-
$
-
$
(
0.23
)
$
6.67
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
(f)
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
2/28/26
(d)
6.67
0.19
-
0.19
(
0.21
)
-
-
(
0.21
)
6.65
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
(f)
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
2/28/26
(d)
6.69
0.23
-
0.23
(
0.24
)
-
-
(
0.24
)
6.68
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
(f)
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)
Unaudited.
(e)
Annualized.
(f)
For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was June 30th.
See Notes to Financial Statements
76
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
3
.21
%
$
48,472
1
.05
%
(e)
0
.96
%
(e)
6
.65
%
(e)
31
%
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
2
.85
6,399
1
.80
(e)
1
.71
(e)
5
.90
(e)
31
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
3
.50
309,985
0
.80
(e)
0
.70
(e)
6
.92
(e)
31
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
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
Flexible Income
Class
A
2/28/26
(e)
$
19.28
$
0.49
$
0.86
$
1.35
$
(
0.59
)
$
-
$
-
$
(
0.59
)
$
20.04
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
(g)
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
2/28/26
(e)
19.24
0.42
0.86
1.28
(
0.52
)
-
-
(
0.52
)
20.00
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
(g)
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
2/28/26
(e)
19.42
0.53
0.86
1.39
(
0.62
)
-
-
(
0.62
)
20.19
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
(g)
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
2/28/26
(e)
19.30
0.52
0.86
1.38
(
0.61
)
-
-
(
0.61
)
20.07
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
(g)
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)
Unaudited.
(f)
Annualized.
(g)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
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),(d)
Portfolio
Turnover
Rate
7
.09
%
$
180,552
1
.04
%
(f)
0
.96
%
(f)
5
.03
%
(f)
18
%
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
.71
80,712
1
.79
(f)
1
.71
(f)
4
.27
(f)
18
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
.27
38,639
0
.73
(f)
0
.65
(f)
5
.45
(f)
18
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
.21
569,668
0
.79
(f)
0
.71
(f)
5
.27
(f)
18
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
79
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
2/28/26
(d)
$
18.00
$
0.64
$
(
0.40
)
$
0.24
$
(
0.62
)
$
-
$
(
0.62
)
$
17.62
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
(f)
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
2/28/26
(d)
18.01
0.57
(
0.41
)
0.16
(
0.55
)
-
(
0.55
)
17.62
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
(f)
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
2/28/26
(d)
18.10
0.66
(
0.40
)
0.26
(
0.65
)
-
(
0.65
)
17.71
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
(f)
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
2/28/26
(d)
18.02
0.66
(
0.40
)
0.26
(
0.65
)
-
(
0.65
)
17.63
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
(f)
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)
Unaudited.
(e)
Annualized.
(f)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
See Notes to Financial Statements
80
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
1
.34
%
$
181,968
0
.96
%
(e)
7
.15
%
(e)
32
%
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
0
.91
41,104
1
.71
(e)
6
.40
(e)
32
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
1
.46
793,096
0
.63
(e)
7
.43
(e)
32
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
1
.42
993,483
0
.71
(e)
7
.44
(e)
32
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
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
High Yield Income
Class
A
2/28/26
(d)
$
17.87
$
0.62
$
0.02
$
0.64
$
(
0.65
)
$
-
$
(
0.65
)
$
17.86
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
(f)
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
2/28/26
(d)
17.85
0.55
0.03
0.58
(
0.58
)
-
(
0.58
)
17.85
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
(f)
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
2/28/26
(d)
17.99
0.66
0.02
0.68
(
0.69
)
-
(
0.69
)
17.98
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
(f)
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
2/28/26
(d)
17.89
0.64
0.04
0.68
(
0.68
)
-
(
0.68
)
17.89
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
(f)
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)
Unaudited.
(e)
Annualized.
(f)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
See Notes to Financial Statements
82
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
3
.64
%
$
64,519
1
.06
%
(e)
1
.00
%
(e)
6
.99
%
(e)
44
%
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
3
.32
12,765
1
.81
(e)
1
.75
(e)
6
.25
(e)
44
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
3
.84
22,964
0
.66
(e)
0
.60
(e)
7
.39
(e)
44
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
3
.83
445,660
0
.81
(e)
0
.75
(e)
7
.24
(e)
44
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
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
Return
of
Capital
Total
Net Asset
Value,
End of
Period
Preferred Securities and Income
Class
A
2/28/26
(d)
$
15.93
$
0.46
$
0.40
$
0.86
$
(
0.45
)
$
-
$
-
$
(
0.45
)
$
16.34
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
(f)
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
2/28/26
(d)
15.94
0.40
0.40
0.80
(
0.39
)
-
-
(
0.39
)
16.35
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
(f)
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
2/28/26
(d)
15.98
0.48
0.41
0.89
(
0.48
)
-
-
(
0.48
)
16.39
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
(f)
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
2/28/26
(d)
15.95
0.48
0.39
0.87
(
0.47
)
-
-
(
0.47
)
16.35
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
(f)
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)
Unaudited.
(e)
Annualized.
(f)
For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.
See Notes to Financial Statements
84
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
5
.45
%
$
484,604
0
.99
%
(e)
5
.67
%
(e)
8
%
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
5
.06
115,912
1
.74
(e)
4
.92
(e)
8
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
5
.60
1,165,584
0
.67
(e)
6
.03
(e)
8
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
5
.51
4,287,545
0
.74
(e)
5
.92
(e)
8
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
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
Total
Net Asset
Value,
End of
Period
Strategic Income
Class
A
2/28/26
(d)
$
9.93
$
0.27
$
0.13
$
0.40
$
(
0.27
)
$
-
$
(
0.27
)
$
10.06
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
(f)
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
2/28/26
(d)
9.88
0.23
0.14
0.37
(
0.24
)
-
(
0.24
)
10.01
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
(f)
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
2/28/26
(d)
9.97
0.29
0.12
0.41
(
0.29
)
-
(
0.29
)
10.09
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
(f)
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
2/28/26
(d)
9.93
0.28
0.14
0.42
(
0.29
)
-
(
0.29
)
10.06
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
(f)
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)
Unaudited.
(e)
Annualized.
(f)
For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was June 30th.
See Notes to Financial Statements
86
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
4
.12
%
$
164,391
0
.86
%
(e)
0
.80
%
(e)
5
.44
%
(e)
54
%
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
3
.74
26,971
1
.61
(e)
1
.55
(e)
4
.70
(e)
54
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
4
.19
342,338
0
.53
(e)
0
.47
(e)
5
.77
(e)
54
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
4
.25
826,204
0
.61
(e)
0
.55
(e)
5
.70
(e)
54
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
87
(Unaudited)
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 February 28, 2026, and the period covered by these Notes to Financial
Statements is the six months ended February 28, 2026 (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 (the "Sub-Adviser"), 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.
Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign
currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be
reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-local investors. Accordingly, the Fund may apply
NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where
applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in
markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency
exchange rates.
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.
88
Notes to Financial Statements
(continued)
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:
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.
Preferred Securities and Income
Value
% of Total
Investments
Country:
United Kingdom
$
756,513,237
12.2
%
Canada
726,386,076
11.7
France
572,289,636
9.3
Spain
316,133,073
5.1
Switzerland
302,475,326
4.9
Netherlands
80,150,318
1.3
Finland
68,931,821
1.1
Mexico
63,661,530
1.0
Bermuda
53,143,706
0.9
Other
93,436,116
1.6
Total non-U.S. Securities
$3,033,120,839
49.1%
Strategic Income
Value
% of Total
Investments
Country:
Mexico
$
43,250,123
3.1
%
Canada
29,895,529
2.1
Brazil
23,343,578
1.7
Chile
18,969,758
1.3
Saudi Arabia
18,887,454
1.3
Turkey
15,808,876
1.1
United Kingdom
11,340,320
0.8
South Africa
11,255,433
0.8
Israel
11,018,959
0.8
Other
176,982,039
12.6
Total non-U.S. Securities
$360,752,069
25.6%
89
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
its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting
agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can
be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.
The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-
term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the
Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and
changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess
the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment,
is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as
"total assets" and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2023-09)
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,
Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09
is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes
paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently
evaluating the implications of these changes on the financial statements.
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270)
Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are
required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual
reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within
annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the
implications of these changes on the financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly
transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy
which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.
Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's
assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best
information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 - Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of
investments).
A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:
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.
90
Notes to Financial Statements
(continued)
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.
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
$
-
$
39,330,138
$
852,300
$
40,182,438
Common Stocks
-
76,491
89
76,580
Corporate Bonds
-
208,353,360
-
208,353,360
Exchange-Traded Funds
5,008,000
-
-
5,008,000
Mortgage-Backed Securities
-
27,986,902
-
27,986,902
Preferred Stock
2,941,031
-
-
2,941,031
Sovereign Debt
-
16,222,929
-
16,222,929
Variable Rate Senior Loan Interests
-
48,300,393
-
48,300,393
Investments Purchased with Collateral from Securities
Lending
8,262,312
-
-
8,262,312
Short-Term Investments:
Repurchase Agreements
-
21,730,627
-
21,730,627
Investments in Derivatives:
Forward Foreign Currency Contracts*
-
(5,373)
-
(5,373)
Futures Contracts*
77,019
-
-
77,019
Total
$
16,288,362
$
361,995,467
$
852,389
$
379,136,218
91
Flexible Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
72,980,908
$
-
$
-
$
72,980,908
Convertible Bonds
-
13,464,115
-
13,464,115
Convertible Preferred Securities
22,759,067
-
-
22,759,067
Corporate Bonds
-
630,249,334
-
630,249,334
Preferred Stock
56,358,443
-
-
56,358,443
Structured Notes
-
38,774,099
-
38,774,099
Investments Purchased with Collateral from Securities
Lending
12,659,836
-
-
12,659,836
Short-Term Investments:
Repurchase Agreements
-
27,600,000
-
27,600,000
Total
$
164,758,254
$
710,087,548
$
-
$
874,845,802
Floating Rate Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
561,475
$
2,813,046
$
205,406
$
3,579,927
Corporate Bonds
-
189,444,964
-
189,444,964
Exchange-Traded Funds
46,844,103
-
-
46,844,103
Preferred Stock
-
-
294,833
294,833
Variable Rate Senior Loan Interests
-
1,708,801,810
26,593
1,708,828,403
Warrants
-
153,669
453
154,122
Investments Purchased with Collateral from Securities
Lending
6,149,517
-
-
6,149,517
Short-Term Investments:
Investment Companies
151,702,490
-
-
151,702,490
Investments in Derivatives:
Credit Default Swaps - Centrally Cleared*
-
125,925
-
125,925
Total
$
205,257,585
$
1,901,339,414
$
527,285
$
2,107,124,284
High Yield Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
-
$
714,634
$
-
$
714,634
Corporate Bonds
-
466,105,370
-
466,105,370
Variable Rate Senior Loan Interests
-
55,085,860
-
55,085,860
Investments Purchased with Collateral from Securities
Lending
12,769,191
-
-
12,769,191
Short-Term Investments:
Investment Companies
17,002,700
-
-
17,002,700
Total
$
29,771,891
$
521,905,864
$
-
$
551,677,755
Preferred Securities and Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Corporate Bonds
$
-
$
5,197,808,646
$
78,055,840
$
5,275,864,486
Exchange-Traded Funds
75,062,294
-
-
75,062,294
Preferred Stock
508,349,004
-
-
508,349,004
U.S. Government and Agency Obligations
-
100,732,455
-
100,732,455
Investments Purchased with Collateral from Securities
Lending
190,584,692
-
-
190,584,692
Short-Term Investments:
Repurchase Agreements
-
32,578,703
-
32,578,703
Investments in Derivatives:
Futures Contracts*
1,993,646
-
-
1,993,646
Total
$
775,989,636
$
5,331,119,804
$
78,055,840
$
6,185,165,280
92
Notes to Financial Statements
(continued)
The following is a reconciliation of the Funds' Level 3 investments held at the beginning and end of the measurement period:
Strategic Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
-
$
145,231,683
$
2,378,325
$
147,610,008
Corporate Bonds
-
445,406,962
-
445,406,962
Mortgage-Backed Securities
-
387,492,382
-
387,492,382
Sovereign Debt
-
120,892,224
-
120,892,224
U.S. Government and Agency Obligations
-
104,907,832
-
104,907,832
Variable Rate Senior Loan Interests
-
122,752,734
-
122,752,734
Investments Purchased with Collateral from Securities
Lending
6,384,977
-
-
6,384,977
Short-Term Investments:
Repurchase Agreements
-
73,536,720
-
73,536,720
Investments in Derivatives:
Credit Default Swaps - Centrally Cleared*
-
(149,775)
-
(149,775)
Forward Foreign Currency Contracts*
-
(98,797)
-
(98,797)
Futures Contracts*
226,927
-
-
226,927
Total
$
6,611,904
$
1,399,971,965
$
2,378,325
$
1,408,962,194
*
Represents net unrealized appreciation (depreciation).
Level 3
Credit Income
Common Stocks
Asset-Backed
Securities
Balance at the beginning of period
$89
$535,885
Gains (losses):
Net realized gains (losses)
-
-
Change in net unrealized appreciation (depreciation)
-
(127,257)
Purchases at cost
-
450,310
Sales at proceeds
-
-
Net discounts (premiums)
-
(6,638)
Transfers into
-
-
Transfers (out of)
-
-
Balance at the end of period
$89
$852,300
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of
period end
$-
$(127,257)
Level 3
Floating Rate Income
Common
Stocks
Variable Rate
Senior Loan
Interests
Preferred
Stocks
Warrants
Balance at the beginning of period
$211,634
$26,593
$-
$12,529
Gains (losses):
Net realized gains (losses)
103,198
-
-
-
Change in net unrealized appreciation (depreciation)
(6,228)
(13,880)
17,292
(12,076)
Purchases at cost
-
-
277,541
-
Sales at proceeds
(103,198)
-
-
-
Net discounts (premiums)
-
13,880
-
-
Transfers into
-
-
-
-
Transfers (out of)
-
-
-
-
Balance at the end of period
$205,406
$26,593
$294,833
$453
Change in net unrealized appreciation (depreciation) during the period of Level 3
securities held as of period end
$-
$(13,880)
$17,292
$(12,076)
93
The table below presents the transfers in and out of the three valuation levels for the Funds as of the end of the reporting period when compared
to the valuation levels at the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an
assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to
the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
Level 3
Preferred Securities and Income
Corporate Bonds
Balance at the beginning of period
$28,697,000
Gains (losses):
Net realized gains (losses)
-
Change in net unrealized appreciation (depreciation)
49,358,840
Purchases at cost
-
Sales at proceeds
-
Net discounts (premiums)
-
Transfers into
-
Transfers (out of)
-
Balance at the end of period
$78,055,840
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end
$49,358,840
Level 3
Strategic Income
Asset-Backed
Securities
Balance at the beginning of period
$1,098,735
Gains (losses):
Net realized gains (losses)
-
Change in net unrealized appreciation (depreciation)
10,283
Purchases at cost
-
Sales at proceeds
(55,735)
Net discounts (premiums)
-
Transfers into
1,325,042
Transfers (out of)
-
Balance at the end of period
$2,378,325
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end
$11,536
Level 1
Level 2
Level 3
Transfers In
(Transfers Out)
Transfers In
(Transfers Out)
Transfers In
(Transfers Out)
Strategic Income
Asset-backed
Securities
$-
$-
$-
$(1,325,042)
$1,325,042
$-
94
Notes to Financial Statements
(continued)
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the current
fiscal period, were as follows:
4. Portfolio Securities
Unfunded Commitments:
Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds (except Flexible Income
and 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 Flexible Income and 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:
Fund
Asset Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Credit Income
Asset-Backed Securities
$401,990
Indicative Trade
Broker Quote
$26.36
N/A
450,399
Enterprise Value
Acquisition Cost
$15,856.00
N/A
Total
$852,389
Floating Rate
Income
Common Stocks
$792
Expected Recovery
Recovery Proceeds
$8.00
N/A
205,067
Enterprise Value
Acquisition Cost
$1,000.00
N/A
Preferred Stocks
$294,833
Expected Recovery
Recovery Proceeds
$1,063.59
N/A
Variable Rate Senior Loan
Interests
$26,594
Broker-Dealer Price
Quotation(s)
Litigation Proceeds
$0.55
N/A
Total
$527,286
Preferred
Securities
Corporate Bonds
$78,055,840
Indicative Trade
Broker Quote
$34.00
N/A
Strategic Income
Asset-Backed Securities
$2,378,325
Indicative Trade
Broker Quote
$90.26-$101.05
$96.27
Fund
Outstanding Unfunded Senior Loan
Commitments
Credit Income
$
173,290
Floating Rate Income
4,195,097
Strategic Income
328,621
95
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.
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.
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.
Aggregate Value of Securities on Loan
Fund
Equity
Securities
Fixed Income
Securities
Cash Collateral
Received*
Credit Income
$-
$7,960,979
$8,262,312
Flexible Income
-
12,095,247
12,659,836
Floating Rate Income
(1)
-
-
6,149,517
High Yield Income
-
12,258,483
12,769,191
Preferred Securities and Income
337,577
182,420,369
190,584,692
Strategic Income
-
6,135,915
6,384,977
*May include cash and investment of cash collateral.
(1)
As of the close of the current fiscal period, the Fund recalled all securities out on loan and returned the associated collateral to the Agent
on the next business day.
Fund
Counterparty
Short-term
Investments,
at Value
Collateral
Pledged (From)
Counterparty
Credit Income
Fixed Income Clearing Corporation
$
21,730,627
$
(22,165,469)
Flexible Income
Fixed Income Clearing Corporation
27,600,000
(28,152,185)
Preferred Securities and Income
Fixed Income Clearing Corporation
32,578,703
(33,230,385)
Strategic Income
Fixed Income Clearing Corporation
73,536,720
(75,007,672)
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
U.S.
Government
Sales
Credit Income
$
214,769,426
$
4,776,166
$
87,695,576
$
1,044,063
Flexible Income
149,661,128
-
168,589,880
-
Floating Rate Income
1,010,369,797
15,888,985
585,891,386
16,000,000
High Yield Income
240,762,527
-
306,027,144
-
Preferred Securities and Income
919,457,635
-
433,541,227
-
Strategic Income
440,787,142
433,249,267
212,315,731
451,687,861
96
Notes to Financial Statements
(continued)
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.
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, Floating Rate Income used credit default swap contracts to purchase credit protection on a basket of high yield credits and 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:
Fund
Average Notional Amount of Forward
Contracts Outstanding
*
Credit Income
$
785,107
Strategic Income
10,253,498
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
$
-
$
(5,373)
$
(5,373)
$
-
$
(5,373)
Strategic Income
Barclays Bank PLC
-
(37,780)
(37,780)
-
(37,780)
Morgan Stanley Capital Services
LLC
$
7,474
$
(68,491)
$
(61,017)
$
-
$
(61,017)
Total
$
7,474
$
(106,271)
$
(98,797)
$
-
$
(98,797)
* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds' Portfolio of Investments.
97
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.
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 Credit Default
Swaps Contracts Outstanding
*
Floating Rate Income
$
10,613,333
Strategic Income
36,666,667
Fund
Average Notional Amount of Futures
Contracts Outstanding
*
Credit Income
$
19,426,506
Preferred Securities and Income
366,564,944
Strategic Income
68,292,698
*
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
*
$
77,019
-
$
-
Forward Foreign Currency
Contracts
Foreign currency
exchange rate
-
-
Unrealized depreciation on
forward contracts
(5,373)
1
1
1
1
1
1
1
1
Preferred Securities and Income
Futures Contracts
Interest rate
Unrealized appreciation on
futures contracts
*
1,993,646
-
-
1
1
1
1
1
1
1
1
Strategic Income
Futures Contracts
Interest rate
Unrealized appreciation on
futures contracts
*
226,927
-
-
Forward Foreign Currency
Contracts
Foreign currency
exchange rate
-
-
Unrealized depreciation on
forward contracts
(98,797)
Credit Default Swaps -
Centrally Cleared
Credit
-
-
Unrealized depreciation on
swap contracts
**
(149,775)
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.
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:
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Credit Income
Forward foreign currency contracts
Foreign currency exchange rate
$
7,950
$
(8,635)
Futures contracts
Interest rate
142,455
(24,479)
Floating Rate Income
Swap contracts
Credit
(18,738)
125,925
Preferred Securities and Income
Futures contracts
Interest rate
7,943,046
910,576
Strategic Income
Forward foreign currency contracts
Foreign currency exchange rate
133,857
(131,683)
Futures contracts
Interest rate
2,305,692
69,034
Swap contracts
Credit
(112,198)
(61,468)
Six Months Ended
2/28/26
Year Ended
8/31/25
Credit Income
Shares
Value
Shares
Value
Subscriptions:
Class A
1,029,355
$6,873,379
2,282,955
$15,290,614
Class A - automatic conversion of Class C
154
1,029
308
2,056
Class C
138,891
925,682
366,389
2,435,023
Class I
21,285,183
142,464,984
26,375,081
175,432,785
Total subscriptions
22,453,583
150,265,074
29,024,733
193,160,478
Reinvestments of distributions:
Class A
229,076
1,529,942
584,641
3,903,492
Class C
29,309
195,405
70,987
473,436
Class I
1,320,556
8,834,245
981,204
6,542,355
Total reinvestments of distributions
1,578,941
10,559,592
1,636,832
10,919,283
Redemptions:
Class A
(1,135,226)
(7,589,856)
(2,871,275)
(19,190,675)
Class C
(161,657)
(1,078,080)
(428,065)
(2,850,165)
Class C - automatic conversion to Class A
(154)
(1,029)
(309)
(2,056)
Class I
(2,844,651)
(19,033,334)
(5,642,489)
(37,816,414)
Total redemptions
(4,141,688)
(27,702,299)
(8,942,138)
(59,859,310)
Net increase (decrease)
19,890,836
$133,122,367
21,719,427
$144,220,451
99
Six Months Ended
2/28/26
Year Ended
8/31/25
Flexible Income
Shares
Value
Shares
Value
Subscriptions:
Class A
1,039,361
$20,481,940
1,424,462
$26,905,852
Class A - automatic conversion of Class C
3,146
62,486
1,277
24,172
Class C
180,406
3,563,033
126,259
2,384,651
Class R6
1,217,213
24,356,662
77,752
1,474,868
Class I
2,909,069
57,423,932
3,921,034
74,131,230
Total subscriptions
5,349,195
105,888,053
5,550,784
104,920,773
Reinvestments of distributions:
Class A
261,026
5,156,261
449,679
8,497,666
Class C
110,215
2,172,358
224,529
4,234,800
Class R6
7,834
155,922
12,574
239,325
Class I
872,251
17,245,910
1,731,313
32,756,020
Total reinvestments of distributions
1,251,326
24,730,451
2,418,095
45,727,811
Redemptions:
Class A
(1,137,117)
(22,401,652)
(2,589,956)
(48,864,945)
Class C
(804,419)
(15,821,296)
(2,117,089)
(39,848,883)
Class C - automatic conversion to Class A
(3,152)
(62,486)
(1,279)
(24,172)
Class R6
(58,987)
(1,171,021)
(108,265)
(2,054,292)
Class I
(4,635,621)
(91,812,657)
(14,423,204)
(272,034,126)
Total redemptions
(6,639,296)
(131,269,112)
(19,239,793)
(362,826,418)
Net increase (decrease)
(38,775)
$(650,608)
(11,270,914)
$(212,177,834)
Six Months Ended
2/28/26
Year Ended
8/31/25
Floating Rate Income
Shares
Value
Shares
Value
Subscriptions:
Class A
1,414,570
$25,298,948
5,285,888
$95,655,468
Class A - automatic conversion of Class C
-
-
1,858
33,722
Class C
174,339
3,121,199
628,381
11,364,708
Class R6
33,033,558
595,611,584
4,512,867
81,874,956
Class I
14,010,860
251,124,316
32,543,677
589,601,192
Total subscriptions
48,633,327
875,156,047
42,972,671
778,530,046
Reinvestments of distributions:
Class A
324,697
5,801,632
761,234
13,758,055
Class C
69,191
1,236,224
169,657
3,067,018
Class R6
1,279,747
22,946,678
986,255
17,921,662
Class I
1,876,927
33,561,720
4,093,610
74,061,454
Total reinvestments of distributions
3,550,562
63,546,254
6,010,756
108,808,189
Redemptions:
Class A
(3,281,875)
(58,553,539)
(5,799,007)
(104,401,809)
Class C
(525,780)
(9,403,036)
(1,036,766)
(18,746,929)
Class C - automatic conversion to Class A
-
-
(1,858)
(33,722)
Class R6
(4,793,138)
(86,380,193)
(5,252,765)
(95,546,624)
Class I
(18,412,005)
(329,619,904)
(31,888,199)
(575,196,141)
Total redemptions
(27,012,798)
(483,956,672)
(43,978,595)
(793,925,225)
Net increase (decrease)
25,171,091
$454,745,629
5,004,832
$93,413,010
100
Notes to Financial Statements
(continued)
Six Months Ended
2/28/26
Year Ended
8/31/25
High Yield Income
Shares
Value
Shares
Value
Subscriptions:
Class A
621,158
$11,103,081
818,647
$14,613,283
Class A - automatic conversion of Class C
-
-
840
15,107
Class C
157,137
2,808,255
224,268
4,004,875
Class R6
187,024
3,367,251
2,212,975
39,894,865
Class I
2,675,723
47,983,804
5,090,857
90,990,538
Total subscriptions
3,641,042
65,262,391
8,347,587
149,518,668
Reinvestments of distributions:
Class A
117,081
2,094,431
232,287
4,139,467
Class C
21,391
382,341
45,788
814,919
Class R6
45,019
810,649
86,098
1,543,047
Class I
967,134
17,325,387
2,396,260
42,758,588
Total reinvestments of distributions
1,150,625
20,612,808
2,760,433
49,256,021
Redemptions:
Class A
(447,964)
(8,013,969)
(1,004,820)
(17,848,293)
Class C
(93,307)
(1,668,027)
(300,377)
(5,330,221)
Class C - automatic conversion to Class A
-
-
(840)
(15,107)
Class R6
(54,563)
(982,970)
(2,151,348)
(38,622,505)
Class I
(7,502,350)
(134,341,751)
(10,717,275)
(190,363,008)
Total redemptions
(8,098,184)
(145,006,717)
(14,174,660)
(252,179,134)
Net increase (decrease)
(3,306,517)
$(59,131,518)
(3,066,640)
$(53,404,445)
Six Months Ended
2/28/26
Year Ended
8/31/25
Preferred Securities and Income
Shares
Value
Shares
Value
Subscriptions:
Class A
3,532,982
$57,255,583
7,682,763
$120,155,000
Class A - automatic conversion of Class C
-
-
1,697
26,930
Class C
1,186,737
19,270,368
1,098,444
17,227,064
Class R6
21,669,635
353,475,624
26,263,698
412,696,662
Class I
40,319,691
654,601,181
77,811,701
1,216,989,771
Total subscriptions
66,709,045
1,084,602,756
112,858,303
1,767,095,427
Reinvestments of distributions:
Class A
708,028
11,502,000
1,432,171
22,432,813
Class C
156,882
2,550,042
356,562
5,588,025
Class R6
1,433,620
23,373,809
1,907,089
29,999,323
Class I
6,308,468
102,578,677
12,233,625
191,841,229
Total reinvestments of distributions
8,606,998
140,004,528
15,929,447
249,861,390
Redemptions:
Class A
(3,667,399)
(59,381,599)
(8,352,879)
(130,606,969)
Class C
(1,356,503)
(21,988,428)
(2,706,946)
(42,329,861)
Class C - automatic conversion to Class A
-
-
(1,696)
(26,930)
Class R6
(5,666,180)
(92,253,172)
(15,043,589)
(236,097,567)
Class I
(34,287,709)
(555,990,337)
(73,078,945)
(1,141,388,008)
Total redemptions
(44,977,791)
(729,613,536)
(99,184,055)
(1,550,449,335)
Net increase (decrease)
30,338,252
$494,993,748
29,603,695
$466,507,482
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.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax
purposes were as follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
Six Months Ended
2/28/26
Year Ended
8/31/25
Strategic Income
Shares
Value
Shares
Value
Subscriptions:
Class A
3,414,376
$34,183,518
4,876,876
$48,144,280
Class A - automatic conversion of Class C
43
427
2,824
27,902
Class C
693,034
6,906,320
1,199,989
11,836,037
Class R6
3,883,588
39,019,368
5,427,815
53,714,595
Class I
23,919,008
239,492,086
34,138,673
336,967,623
Total subscriptions
31,910,049
319,601,719
45,646,177
450,690,437
Reinvestments of distributions:
Class A
358,191
3,588,544
770,855
7,621,078
Class C
49,638
494,909
95,960
943,896
Class R6
918,193
9,230,963
1,882,852
18,677,958
Class I
1,772,336
17,756,637
3,138,098
31,010,735
Total reinvestments of distributions
3,098,358
31,071,053
5,887,765
58,253,667
Redemptions:
Class A
(2,019,590)
(20,223,492)
(5,472,949)
(54,018,163)
Class C
(216,577)
(2,157,424)
(586,954)
(5,767,776)
Class C - automatic conversion to Class A
(43)
(427)
(2,836)
(27,902)
Class R6
(1,403,635)
(14,098,629)
(4,297,518)
(42,344,642)
Class I
(11,168,209)
(111,794,016)
(17,956,725)
(176,745,455)
Total redemptions
(14,808,054)
(148,273,988)
(28,316,982)
(278,903,938)
Net increase (decrease)
20,200,353
$202,398,784
23,216,960
$230,040,166
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Credit Income
$
377,524,700
$
6,131,875
$
(4,520,357)
$
1,611,518
Flexible Income
831,846,931
48,708,196
(5,709,325)
42,998,871
Floating Rate Income
2,152,725,787
13,249,003
(57,750,066)
(44,501,063)
High Yield Income
543,222,084
11,976,481
(3,520,810)
8,455,671
Preferred Securities and Income
6,078,741,699
250,525,250
(144,101,669)
106,423,581
Strategic Income
1,405,272,533
27,026,249
(24,722,812)
2,303,437
102
Notes to Financial Statements
(continued)
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
8. Management Fees and Other Transactions with Affiliates
Management Fees:
Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and
general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components - a fund-level fee, based only on the amount of assets within each individual Fund, and
a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's
shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed
by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual
Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments
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)
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
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
103
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:
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
Fund
Complex-Level Fee
Credit Income
0.1555
%
Flexible Income
0.1555
Floating Rate Income
0.1555
High Yield Income
0.1555
Preferred Securities and Income
0.1555
Strategic Income
0.1555
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.
Fund
Value
Credit Income
$
-
Flexible Income
8,993
Floating Rate Income
-
High Yield Income
-
Preferred Securities and Income
-
Strategic Income
-
104
Notes to Financial Statements
(continued)
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 did not engage in cross-trades pursuant to these procedures.
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:
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:
Fund
Sales Charges
Collected
Paid to Financial
Intermediaries
Credit Income
$
32,642
$
28,876
Flexible Income
86,174
80,865
Floating Rate Income
75,495
70,223
High Yield Income
120,121
105,405
Preferred Securities and Income
311,774
286,752
Strategic Income
235,041
222,805
Fund
Commission
Advances
Credit Income
$
8,493
Flexible Income
65,618
Floating Rate Income
70,641
High Yield Income
18,268
Preferred Securities and Income
279,153
Strategic Income
195,187
Fund
12b-1 Fees
Retained
Credit Income
$
7,734
Flexible Income
10,900
Floating Rate Income
33,194
High Yield Income
8,474
Preferred Securities and Income
68,402
Strategic Income
33,914
Fund
CDSC
Retained
Credit Income
$
420
Flexible Income
1,427
Floating Rate Income
14,505
High Yield Income
103
Preferred Securities and Income
2,433
Strategic Income
2,804
105
Affiliated Owned Shares:
As of the end of the current fiscal period, the percentage of Fund shares owned by affiliates was as follows:
Affiliated Investments:
Investments in other investment companies advised by the Adviser are deemed to be "affiliated investments". A complete
schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form
N-PORT and is available on the SEC's website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available
for each of the affiliated investments at https://www.nuveen.com/en-us/mutual-funds/prospectuses, or upon request by calling (800) 257-8787.
Information regarding transactions with affiliated investments is 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.
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 Funds did not utilize this facility.
Fund
Nuveen Owned Shares
Flexible Income
-%*
Floating Rate Income
-%*
*Rounds to less than 1%.
Underlying Fund
Nuveen
Lifecycle
Funds
Total
Credit Income
-%
-%
Flexible Income
-%
-%
Floating Rate Income
27%
27%
High Yield Income
-%
-%
Preferred Securities and Income
-%
-%
Strategic Income
-%
-%
Issue
Value at
8/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Shares at
2/28/26
Value at
2/28/26
Dividend
Income
Credit Income
Exchange-Traded Funds
Nuveen High Yield Corporate
Bond ETF
$-
$4,985,000
$-
$-
$23,000
200,000
$5,008,000
$30,020
Total
$-
$4,985,000
$-
$-
$23,000
200,000
$5,008,000
$30,020
Floating Rate Income
Exchange-Traded Funds
Nuveen AA-BBB CLO ETF
$-
$1,002,600
$-
$-
$(200)
40,000
$1,002,400
$10,060
Total
$-
$1,002,600
$-
$-
$(200)
40,000
$1,002,400
$10,060
Preferred Securities and Income
Exchange-Traded Funds
Nuveen Preferred And Income
ETF
$-
$74,903,375
$-
$-
$158,919
2,847,000
$75,062,294
$588,947
Total
$-
$74,903,375
$-
$-
$158,919
2,847,000
$75,062,294
$588,947
| Item 8. |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable.
| Item 9. |
Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the directors/trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, by each Fund is reported as "Directors/Trustees fees" and "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. |
Not applicable.
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 13. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 14. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to open-end investment 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-End Management Investment Companies. |
(a) Not applicable to open-end investment companies.
(b) Not applicable to open-end investment companies.
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
| (a) |
Not applicable. |
| (b) |
Not applicable. |
| Item 19. |
Exhibits. |
| (a)(1) |
Not applicable to this filing. |
| (a)(2) |
Not applicable to this filing. |
| (a)(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) |
Not applicable. |
| (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 Trust III
| Date: August 17, 2026 | 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: August 17, 2026 | By: |
/s/ Jordan M. Farris |
||||
| Jordan M. Farris | ||||||
| Chief Administrative Officer | ||||||
| (principal executive officer) | ||||||
| Date: August 17, 2026 | By: |
/s/ Marc Cardella |
||||
| Marc Cardella | ||||||
| Vice President and Controller | ||||||
| (principal financial officer) | ||||||
Nuveen Investment Trust III published this content on August 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 17, 2026 at 13:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]