# EDGAR Filing Document

**Accession Number:** 0000820892
**File Stem:** 0001193125-25-269317
**Filing Date:** 2025-11
**Character Count:** 473166
**Document Hash:** b0ce75b6cf176e3b82a65ef1950754d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269317.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269317

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN INVESTMENT FUNDS INC
- **CENTRAL INDEX KEY:** 0000820892

**ORGANIZATION NAME:**
- **EIN:** 411418224
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05309
- **FILM NUMBER:** 251457874

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST AMERICAN INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SECURAL MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19910627

## Series and Classes Contracts Data

### Nuveen Credit Income Fund (Series ID: S000005544)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015076 | Class A      | FJSIX           |
| C000015078 | Class C      | FCSIX           |
| C000015080 | Class I      | FJSYX           |

### Nuveen Strategic Income Fund (Series ID: S000005573)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015185 | Class A      | FCDDX           |
| C000015187 | Class C      | FCBCX           |
| C000015189 | Class I      | FCBYX           |
| C000151934 | Class R6     | FSFRX           |

?xml version='1.0' encoding='ASCII'? Nuveen Investment Funds, Inc.

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 <u>811-05309</u> 

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>312) 917-7700</u>

Date of fiscal year end: <u>August</u> <u>31</u>

Date of reporting period: <u>August</u> <u>31, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g62808g1g19w55.jpg) | <br>Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Credit Income Fund

Class A Shares/FJSIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Credit Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $100 | 0.96% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Credit Income Fund returned 8.22% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund performed in line with the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 8.26%.<br>•  Top contributors to relative performance<br>•  Overweight to the communications sector and security selection within the high-yield corporate bond allocation.<br>•  Out-of-benchmark allocation to emerging markets debt (EMD), particularly sovereign bonds.<br>•  Out-of-benchmark allocation to preferred and contingent capital (CoCo) securities.<br>•  Top detractors from relative performance<br>•  Shorter-duration positioning.<br>•  Out-of-benchmark allocation to senior loans.<br>•  Overweight to and security selection in the energy sector within the high-yield corporate bond allocation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g62808g1g00z02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 8.22% | 5.58% | 5.18% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 3.01% | 4.56% | 4.67% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index | 8.26% | 5.15% | 5.80% |
| &nbsp;&nbsp;&nbsp; Lipper Global High Yield Funds Classification Average | 7.69% | 4.72% | 4.76% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $232575716 |
|  Total number of portfolio holdings | 485 |
|  Portfolio turnover (%) | 99% |
|  Total management fees paid for the year | $726074 |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g62808g1g05a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g05a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Portfolio manager updates:** Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678218_AR_0825<br> 4786809 | ![LOGO](g62808g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g62808g1g19w55.jpg) | <br>Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Credit Income Fund

Class C Shares/FCSIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Credit Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $177 | 1.71% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Credit Income Fund returned 7.39% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 8.26%.<br>•  Top contributors to relative performance<br>•  Overweight to the communications sector and security selection within the high-yield corporate bond allocation.<br>•  Out-of-benchmark allocation to emerging markets debt (EMD), particularly sovereign bonds.<br>•  Out-of-benchmark allocation to preferred and contingent capital (CoCo) securities.<br>•  Top detractors from relative performance<br>•  Shorter-duration positioning.<br>•  Out-of-benchmark allocation to senior loans.<br>•  Overweight to and security selection in the energy sector within the high-yield corporate bond allocation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g62808g1g08a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 7.39% | 4.77% | 4.55% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index | 8.26% | 5.15% | 5.80% |
| &nbsp;&nbsp;&nbsp; Lipper Global High Yield Funds Classification Average | 7.69% | 4.72% | 4.76% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $232575716 |
|  Total number of portfolio holdings | 485 |
|  Portfolio turnover (%) | 99% |
|  Total management fees paid for the year | $726074 |

---

What did the Fund invest in? (as of August 31, 2025)

![LOGO](g62808g1g45b86.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g97q72.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Portfolio manager updates:** Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678267_AR_0825<br> 4786809 | ![LOGO](g62808g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g62808g1g19w55.jpg) | <br>Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Credit Income Fund

Class I Shares/FJSYX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Credit Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $74 | 0.71% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Credit Income Fund returned 8.49% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund performed in line with the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, which returned 8.26%.<br>•  Top contributors to relative performance<br>•  Overweight to the communications sector and security selection within the high-yield corporate bond allocation.<br>•  Out-of-benchmark allocation to emerging markets debt (EMD), particularly sovereign bonds.<br>•  Out-of-benchmark allocation to preferred and contingent capital (CoCo) securities.<br>•  Top detractors from relative performance<br>•  Shorter-duration positioning.<br>•  Out-of-benchmark allocation to senior loans.<br>•  Overweight to and security selection in the energy sector within the high-yield corporate bond allocation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g62808g1g14a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.49% | 5.82% | 5.42% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index | 8.26% | 5.15% | 5.80% |
| &nbsp;&nbsp;&nbsp; Lipper Global High Yield Funds Classification Average | 7.69% | 4.72% | 4.76% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $232575716 |
|  Total number of portfolio holdings | 485 |
|  Portfolio turnover (%) | 99% |
|  Total management fees paid for the year | $726074 |

---

What did the Fund invest in? (as of August 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g88d37.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g87f80.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

• **Portfolio manager update s :** Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective April 1, 2025, Jean Lin retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678234_AR_0825<br> 4786809 | ![LOGO](g62808g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g62808g1g19w55.jpg) | <br>Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Strategic Income Fund

Class A Shares/FCDDX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $82 | 0.80% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Strategic Income Fund returned 5.85% for Class A Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.<br>•  Top contributors to relative performance<br>•  Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).<br>•  Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.<br>•  Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.<br>•  Top detractors from relative performance<br>•  Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g62808g1g20a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 5.85% | 2.72% | 3.78% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 1.38% | 1.83% | 3.33% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| &nbsp;&nbsp;&nbsp; Lipper Multi-Sector Income Funds Classification Average | 5.51% | 2.53% | 3.49% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1142225191 |
|  Total number of portfolio holdings | 615 |
|  Portfolio turnover (%) | 87% |
|  Total management fees paid for the year | $5018415 |

---

What did the Fund invest in? (as of August 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g22a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g22a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

3 continued>>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g22a03.jpg)

How has the Fund changed?

• **Portfolio manager updates:** Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

4 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678366_AR_0825<br> 4786855 | ![LOGO](g62808g1g85u20.jpg) |

---

5.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g62808g1g19w55.jpg) | <br>Annual Shareholder Report <br>August 31, 2025  |

---

Nuveen Strategic Income Fund

Class C Shares/FCBCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $159 | 1.55% |

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\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Strategic Income Fund returned 5.06% for Class C Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.<br>•  Top contributors to relative performance<br>•  Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).<br>•  Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.<br>•  Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.<br>•  Top detractors from relative performance<br>•  Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.<br>

1 continued>>

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How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g62808g1g26a01.jpg)

#### Average Annual Total Returns

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| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 5.06% | 1.94% | 3.18% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| &nbsp;&nbsp;&nbsp; Lipper Multi-Sector Income Funds Classification Average | 5.51% | 2.53% | 3.49% |

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Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

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Fund Statistics (as of August 31, 2025)

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| | |
|:---|:---|
|  Fund net assets | $1142225191 |
|  Total number of portfolio holdings | 615 |
|  Portfolio turnover (%) | 87% |
|  Total management fees paid for the year | $5018415 |

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What did the Fund invest in? (as of August 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g81r06.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g56z88.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

3 continued>>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g24j17.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Portfolio manager updates:** Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

4 continued>>

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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.

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| | |
|:---|:---|
| 670678382_AR_0825<br> 4786855 | ![LOGO](g62808g1g85u20.jpg) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g62808g1g19w55.jpg) | <br>Annual Shareholder Report <br>August 31, 2025  |

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Nuveen Strategic Income Fund

Class R6 Shares/FSFRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $48 | 0.47% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Strategic Income Fund returned 6.32% for Class R6 Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.<br>•  Top contributors to relative performance<br>•  Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).<br>•  Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.<br>•  Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.<br>•  Top detractors from relative performance<br>•  Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.<br>

1 continued>>

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How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g62808g1g32a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 6.32% | 3.06% | 4.14% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| &nbsp;&nbsp;&nbsp; Lipper Multi-Sector Income Funds Classification Average | 5.51% | 2.53% | 3.49% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

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Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1142225191 |
|  Total number of portfolio holdings | 615 |
|  Portfolio turnover (%) | 87% |
|  Total management fees paid for the year | $5018415 |

---

What did the Fund invest in? (as of August 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g81r06.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g93t29.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

3 continued>>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g24j17.jpg)

How has the Fund changed?

• **Portfolio manager updates:** Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

4 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

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| | |
|:---|:---|
| 670693878_AR_0825<br> 4786855 | ![LOGO](g62808g1g85u20.jpg) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g62808g1g19w55.jpg) | <br>Annual Shareholder Report <br>August 31, 2025  |

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Nuveen Strategic Income Fund

Class I Shares/FCBYX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Strategic Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $57 | 0.55% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Strategic Income Fund returned 6.12% for Class I Shares at net asset value (NAV) for the 12 months ended August 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.14%.<br>•  Top contributors to relative performance<br>•  Out-of-benchmark allocation to mortgage credit, particularly agency credit risk transfers (CRTs).<br>•  Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), particularly seasoned conduit issues.<br>•  Out-of-benchmark exposure to U.S. dollar-denominated emerging markets sovereign and corporate issues.<br>•  Top detractors from relative performance<br>•  Longer maturity U.S. Treasury bonds and Treasury bond futures, which declined in value as the yield curve steepened.<br>

1 continued>>

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How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 1, 2015 through August 31, 2025) **Initial Investment of $10,000**

![LOGO](g62808g1g38a01.jpg)

#### Average Annual Total Returns

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| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 6.12% | 2.96% | 4.04% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| &nbsp;&nbsp;&nbsp; Lipper Multi-Sector Income Funds Classification Average | 5.51% | 2.53% | 3.49% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

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Fund Statistics (as of August 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1142225191 |
|  Total number of portfolio holdings | 615 |
|  Portfolio turnover (%) | 87% |
|  Total management fees paid for the year | $5018415 |

---

What did the Fund invest in? (as of August 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g98f80.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g98t16.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

3 continued>>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g62808g1g87i73.jpg)

How has the Fund changed?

• **Portfolio manager updates:** Effective February 11, 2025, James Kim was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by December 30, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Directors engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the August 31, 2024 fiscal year end audit. During the Fund's fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

4 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678390_AR_0825<br> 4786855 | ![LOGO](g62808g1g85u20.jpg) |

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5.0 ------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

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**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.

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**Item 4.** **Principal Accountant Fees and Services.** <br>

Nuveen Investment Funds, Inc.

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the Registrant's current independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended August 31, 2025, and the amount of fees that KPMG LLP ("KPMG"), the Registrant's former independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended August 31, 2024. The Audit Committee approved in advance all audit services and non-audit services that PwC and KPMG provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended<sup>5</sup>** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
| August 31, 2025 (PwC) | $79884 | $0 | $28 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| August 31, 2024 (KPMG) | $79800 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

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1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

5 The Registrant changed audit firm from KPMG to PwC on October 24, 2024.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended August 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended August 31, 2024.

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The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
| August 31, 2025 (PwC) | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
| August 31, 2024 (KPMG) | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

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NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's fiscal year ended August 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant's fiscal year ended August 31, 2024 for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC and KPMG about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's and KPMG's independence.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
| August 31, 2025 (PwC) | $28 | $0 | $11084014 | $11084042 |
| August 31, 2024 (KPMG) | $0 | $0 | $0 | $0 |

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"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

------

Item 4(i) and Item 4(j) are not applicable to the Registrant.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(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.** <br>

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Directors of Nuveen Investment Funds, Inc. and the Board of Trustees of

Nuveen Investment Trust III and Nuveen Investment Trust V and Shareholders of Nuveen

Credit Income Fund, Nuveen Flexible Income Fund, Nuveen Floating Rate Income Fund,

Nuveen High Yield Income Fund, Nuveen Preferred Securities and Income Fund and Nuveen

Strategic Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

Nuveen Credit Income Fund and Nuveen Strategic Income Fund (two of the funds constituting Nuveen Investment

Funds, Inc.), Nuveen Floating Rate Income Fund and Nuveen High Yield Income Fund (constituting Nuveen Investment

Trust III) and Nuveen Flexible Income Fund and Nuveen Preferred Securities and Income Fund (two of the funds

constituting Nuveen Investment Trust V) (hereafter collectively referred to as the "Funds") as of August 31, 2025, the

related statements of operations and of changes in net assets, including the related notes, and the financial highlights

for the year ended August 31, 2025 and, for Nuveen Credit Income Fund and Nuveen Strategic Income Fund, the

financial highlights for each of the years ended June 30, 2022 and 2021 (collectively referred to as the "financial

statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of

each of the Funds as of August 31, 2025, the results of each of their operations, changes in each of their net assets,

and each of the financial highlights for the year ended August 31, 2025 and, for Nuveen Credit Income Fund and

Nuveen Strategic Income Fund, the financial highlights for each of the years ended June 30, 2022 and 2021 in

conformity with accounting principles generally accepted in the United States of America.

The financial statements of Nuveen Flexible Income Fund, Nuveen Floating Rate Income Fund, Nuveen High Yield

Income Fund and Nuveen Preferred Securities and Income Fund as of and for the year ended August 31, 2024 and

the financial highlights for each of the periods ended on or prior to August 31, 2024 (not presented herein, other than

the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated

October 29, 2024 expressed an unqualified opinion on those financial statements and financial highlights.

The financial statements of the Nuveen Credit Income Fund and Nuveen Strategic Income Fund as of and for the year

ended August 31, 2024 and the financial highlights for each of the periods ended August 31, 2024, 2023 and 2022

(not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by

other auditors whose report dated October 29, 2024 expressed an unqualified opinion on those financial statements

and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion

on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to

the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities

owned as of August 31, 2025 by correspondence with the custodian, portfolio company, agent banks and brokers;

when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that

our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 29, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

#### Portfolio of Investments August 31, 2025

#### Credit Income
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 93.2%

ASSET-BACKED SECURITIES - 10.0%

–

$

1,000,000

(a) Affirm Asset Securitization Trust 2024-B, Series 2024 B

7.350 %

09/15/29

$

1,005,907

1,000,000

(a) Affirm Master Trust, Series 2025 1A

7.180 02/15/33

998,507

375,000

(a),(b)

Ares LXIII CLO Ltd, Series 2022 63A, (TSFR3M + 6.000%)

10.283 10/15/38

376,332

1,000,000

(a) Avis Budget Rental Car Funding AESOP LLC, Series 2024 2A

7.430 10/20/28

1,017,000

1,000,000

(a) Centersquare Issuer LLC, Series 2025 1A

5.900 03/26/55

983,012

675,000

(a),(b)

CIFC Funding 2022-II Ltd, Series 2022 2A, (TSFR3M + 4.750%)

9.075 04/19/35

677,938

1,000,000

(a) Consolidated Communications LLC/Fidium Fiber Finance

Holdco LLC, Series 2025 1A

9.408 05/20/55

1,049,207

665,000

(a),(b)

Elmwood CLO 20 Ltd, Series 2022 7A, (TSFR3M + 6.000%)

10.322 01/17/37

667,123

500,000

(a) Frontier Issuer LLC, Series 2023 1

11.500 08/20/53

523,205

500,000

(a),(b)

Goldentree Loan Management US CLO 1 Ltd, Series 2021 11A,

(TSFR3M + 7.762%)

12.087 10/20/34

486,322

500,000

(a),(b),(c)

Gracie Point International Funding 2025-1 LLC, Series 2025 1A,

(SOFR30A + 4.500%)

0.000 08/15/28

500,000

515,000

(a),(b),(c)

Gracie Point International Funding 2025-1 LLC, Series 2025 1A,

(SOFR30A + 2.750%)

0.000 08/15/28

515,000

500,000

(a) Hertz Vehicle Financing III LLC, Series 2024 1A

9.220 01/25/29

514,534

750,000

(a) Hotwire Funding LLC, Series 2024 1A

9.188 06/20/54

787,910

900,000

(a) Lmrk Issuer Co 2 LLC, Series 2025 1A

8.120 09/15/55

905,057

500,000

(a) MetroNet Infrastructure Issuer LLC, Series 2025 2A

7.830 08/20/55

508,297

1,525,000

(a),(d)

Mosaic Solar Loan Trust 2019-2, Series 2019 2A

0.000 09/20/40

535,885

1,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 34 Ltd, Series 2019

34A, (TSFR3M + 5.000%)

9.329 07/20/39

1,004,384

500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021

40A, (TSFR3M + 5.150%)

9.250 10/16/37

502,456

1,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021

40A, (TSFR3M + 2.800%)

6.900 10/16/37

1,001,951

1,000,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 48 Ltd, Series 2022

48A, (TSFR3M + 2.700%)

0.000 04/25/36

1,003,750

1,000,000

(a),(b)

OHA Loan Funding 2013-1 Ltd, Series 2013 1A, (TSFR3M +

3.300%)

7.619 04/23/37

1,007,936

500,000

(a) Oportun Issuance Trust 2024-2, Series 2024 2

10.470 02/09/32

524,646

1,000,000

(a) Oportun Issuance Trust 2025-B, Series 2025 B

9.400 05/09/33

1,002,703

500,000

(a),(b)

Palmer Square CLO 2021-4 Ltd, Series 2021 4A, (TSFR3M +

5.750%)

10.022 07/15/38

504,959

1,000,000

(a),(b)

REESE PARK CLO LTD, Series 2020 1A, (TSFR3M + 6.000%)

10.318 01/15/38

1,005,175

754,293

(a) Sierra Timeshare 2025-1 Receivables Funding LLC, Series 2025

1A

6.860 01/21/42

761,722

750,000

(a),(b)

Thayer Park CLO Ltd, Series 2017 1A, (TSFR3M + 9.132%)

13.457 04/20/34

689,776

1,000,000

(a) Uniti Fiber Abs Issuer Llc, Series 2025 1A

9.018 04/20/55

1,048,226

1,000,000

(a) Zayo Issuer LLC, Series 2025 1A

8.659 03/20/55

1,040,497

TOTAL ASSET-BACKED SECURITIES

(Cost $23,415,814)

23,149,417

SHARES

DESCRIPTION

VALUE

COMMON STOCKS - 0.0%

TRANSPORTATION - 0.0%

8,907

(d),(e)

Jack Cooper Enterprises Inc

TOTAL TRANSPORTATION

TOTAL COMMON STOCKS

(Cost $0)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

137646319

CORPORATE BONDS - 59.2% (f)

137646319

AUTOMOBILES & COMPONENTS - 1.7%

625,000

(a) Clarios Global LP / Clarios US Finance Co

6.750 02/15/30

647,637

350,000

(a) Dealer Tire LLC / DT Issuer LLC

8.000 02/01/28

339,358

430,000

(a),(g)

Dornoch Debt Merger Sub Inc

6.625 10/15/29

373,187

575,000

(h),(i)

General Motors Financial Co Inc

5.750 N/A

561,704

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

AUTOMOBILES & COMPONENTS

(continued)

$

80,000

(g) Goodyear Tire & Rubber Co/The

5.625 %

04/30/33

$

75,184

250,000

Goodyear Tire & Rubber Co/The

5.250 07/15/31

237,409

830,000

(a) IHO Verwaltungs GmbH

8.000 11/15/32

866,585

200,000

(a) Nemak SAB de CV

3.625 06/28/31

171,561

720,000

(a) Phinia Inc

6.625 10/15/32

739,460

TOTAL AUTOMOBILES & COMPONENTS

4,012,085

BANKS - 2.2%

400,000

(h),(j)

Banco Bilbao Vizcaya Argentaria SA

9.375 N/A

442,125

500,000

(a),(g),(j)

Banco Davivienda SA

8.125 07/02/35

517,150

300,000

(a),(i)

Banco de Credito del Peru S.A

6.450 07/30/35

313,065

200,000

(a),(h),(j)

Banco Mercantil del Norte SA/Grand Cayman

6.625 N/A

192,538

300,000

(a),(j)

Bank Hapoalim BM, Reg S

3.255 01/21/32

291,750

200,000

(a),(i)

Banque Ouest Africaine de Developpement

8.200 02/13/55

204,869

500,000

(h),(j)

Barclays PLC

8.000 N/A

526,050

400,000

(a),(j)

BBVA Bancomer SA Institucion de Banca Multiple Grupo

Financiero BBVA Mexico

7.625 02/11/35

418,000

200,000

(a) Caixa Economica Federal

5.625 05/13/30

201,880

500,000

(i) Canadian Imperial Bank of Commerce

6.950 01/28/85

502,899

750,000

(g),(h),(j)

Lloyds Banking Group PLC

6.750 N/A

750,617

300,000

(a),(h),(i)

NBK Tier 1 Ltd

6.375 N/A

306,270

200,000

(a),(i)

Turkiye Garanti Bankasi AS

8.125 01/03/35

206,640

200,000

(a) Yapi ve Kredi Bankasi AS

7.250 03/03/30

204,753

TOTAL BANKS

5,078,606

CAPITAL GOODS - 3.5%

970,000

(a) Albion Financing 1 SARL / Aggreko Holdings Inc

7.000 05/21/30

1,000,946

110,000

(a) AmeriTex HoldCo Intermediate LLC

7.625 08/15/33

113,499

380,000

(a) Builders FirstSource Inc

6.375 03/01/34

391,374

300,000

(a) Cornerstone Building Brands Inc

9.500 08/15/29

288,740

300,000

(a) Dcli Bidco LLC

7.750 11/15/29

307,392

400,000

(a) Efesto Bidco SpA Efesto US LLC

7.500 02/15/32

408,572

590,000

(a) Goat Holdco LLC

6.750 02/01/32

600,237

255,000

(a) Herc Holdings Inc

7.000 06/15/30

265,392

300,000

(a) Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC

9.000 02/15/29

314,801

500,000

(a),(g)

IHS Holding Ltd

8.250 11/29/31

515,927

300,000

(a) IRB Infrastructure Developers Ltd

7.110 03/11/32

307,401

80,000

(a) JH North America Holdings Inc

0.000 01/31/31

80,873

320,000

(a) Masterbrand Inc

7.000 07/15/32

331,489

330,000

(a) New Flyer Holdings Inc

9.250 07/01/30

353,990

400,000

(a) Quikrete Holdings Inc

6.375 03/01/32

412,540

400,000

(a) Standard Building Solutions Inc

6.500 08/15/32

412,845

350,000

(a) Terex Corp

6.250 10/15/32

354,302

400,000

(a) TransDigm Inc

6.375 05/31/33

405,316

500,000

(a) TransDigm Inc

6.000 01/15/33

505,614

450,000

(a) TransDigm Inc

6.875 12/15/30

466,648

240,000

(a) WESCO Distribution Inc

6.375 03/15/33

248,932

TOTAL CAPITAL GOODS

8,086,830

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%

200,000

(a),(g)

Ambipar Lux Sarl

9.875 02/06/31

167,918

270,000

(a) ASGN Inc

4.625 05/15/28

264,249

415,000

(a) CACI International Inc

6.375 06/15/33

428,049

800,000

(a) Neptune Bidco US Inc

9.290 04/15/29

795,592

830,000

(a) RR Donnelley & Sons Co

9.500 08/01/29

842,098

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

2,497,906

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.5%

379,125

(a) Carvana Co, (cash 11.000%, PIK 13.000%)

9.000 06/01/30

396,582

670,000

(a) Cougar JV Subsidiary LLC

8.000 05/15/32

710,081

400,000

Kohl's Corp

5.125 05/01/31

314,722

600,000

(a) Kohl's Corp

10.000 06/01/30

644,380

250,000

(a) LCM Investments Holdings II LLC

8.250 08/01/31

265,083

550,000

(a) Michaels Cos Inc/The

5.250 05/01/28

434,071

400,000

(a) Queen MergerCo Inc

6.750 04/30/32

413,122

#### Portfolio of Investments August 31, 2025
(continued)

#### Credit Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

$

385,000

(a) Veritiv Operating Co

10.500 %

11/30/30

$

416,750

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,594,791

CONSUMER DURABLES & APPAREL - 1.3%

400,000

(a) Beach Acquisition Bidco LLC

10.000 07/15/33

424,582

305,000

(a) CD&R Smokey Buyer Inc

9.500 10/15/29

232,355

620,000

(a) Champ Acquisition Corp

8.375 12/01/31

659,075

250,000

(a),(g)

Hanesbrands Inc

9.000 02/15/31

265,775

180,000

Newell Brands Inc

5.750 04/01/46

156,417

475,000

(a) Newell Brands Inc

8.500 06/01/28

501,469

400,000

(a) S&S Holdings LLC

8.375 10/01/31

375,681

330,000

VF Corp

2.950 04/23/30

287,901

105,000

Whirlpool Corp

6.125 06/15/30

106,167

TOTAL CONSUMER DURABLES & APPAREL

3,009,422

CONSUMER SERVICES - 2.5%

480,000

(a) Carnival Corp

5.875 06/15/31

492,070

435,000

(a) Carnival Corp

5.750 08/01/32

442,178

500,000

(a) Churchill Downs Inc

5.750 04/01/30

500,079

440,000

(a) Flutter Treasury DAC

5.875 06/04/31

448,012

200,000

Fortune Star BVI Ltd, Reg S

8.500 05/19/28

209,000

315,000

(a) Hilton Domestic Operating Co Inc

5.750 09/15/33

317,599

250,000

(a) Life Time Inc

6.000 11/15/31

252,659

300,000

(a) Merlin Entertainments Group US Holdings Inc

7.375 02/15/31

256,478

400,000

(a) Muvico LLC

15.000 02/19/29

426,500

500,000

(a) NCL Corp Ltd

6.750 02/01/32

515,657

300,000

Six Flags Entertainment Corp / Canada's Wonderland Co /

Magnum Management Corp

5.250 07/15/29

290,467

235,000

(a) Vail Resorts Inc

5.625 07/15/30

238,114

500,000

(a) Viking Ocean Cruises Ship VII Ltd

5.625 02/15/29

499,663

300,000

(a) Wynn Macau Ltd

5.625 08/26/28

298,326

585,000

(a) Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

6.250 03/15/33

592,197

TOTAL CONSUMER SERVICES

5,778,999

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%

150,000

(a) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

4.875 02/15/30

147,726

140,000

(a) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

3.250 03/15/26

138,970

100,000

(a) US Foods Inc

5.750 04/15/33

100,327

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

387,023

ENERGY - 7.9%

300,000

(a) Archrock Partners LP / Archrock Partners Finance Corp

6.625 09/01/32

307,526

600,000

(a) Ascent Resources Utica Holdings LLC / ARU Finance Corp

6.625 07/15/33

609,064

300,000

(a) Azule Energy Finance Plc

8.125 01/23/30

302,628

250,000

(a),(g)

Baytex Energy Corp

7.375 03/15/32

244,275

194,660

(a) Borr IHC Ltd / Borr Finance LLC

10.000 11/15/28

197,597

1,230,000

(a) Buckeye Partners LP

6.875 07/01/29

1,274,708

300,000

(a) Chord Energy Corp

6.750 03/15/33

307,685

500,000

(a) CITGO Petroleum Corp

8.375 01/15/29

521,457

300,000

(a) Civitas Resources Inc

8.625 11/01/30

312,313

650,000

(a) CNX Resources Corp

7.250 03/01/32

674,470

300,000

(a) Cosan Luxembourg SA

7.250 06/27/31

308,451

410,000

(a) CQP Holdco LP / BIP-V Chinook Holdco LLC

5.500 06/15/31

404,365

220,000

(a) Delek Logistics Partners LP / Delek Logistics Finance Corp

8.625 03/15/29

229,968

455,000

(a) Delek Logistics Partners LP / Delek Logistics Finance Corp

7.375 06/30/33

455,295

200,000

Ecopetrol SA

7.750 02/01/32

203,587

375,000

(i) Enbridge Inc

8.500 01/15/84

424,205

600,000

(h),(i)

Energy Transfer LP

7.125 N/A

615,709

200,000

(a) Geopark Ltd

8.750 01/31/30

182,250

400,000

Global Partners LP / GLP Finance Corp

6.875 01/15/29

405,362

800,000

(a) Global Partners LP / GLP Finance Corp

8.250 01/15/32

841,000

200,000

(a) Gran Tierra Energy Inc

9.500 10/15/29

162,555

315,000

(a) Harvest Midstream I LP

7.500 05/15/32

324,328

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY

(continued)

$

300,000

(a) Hunt Oil Co of Peru LLC Sucursal Del Peru

7.750 %

11/05/38

$

326,175

300,000

(a) Indika Energy Tbk PT

8.750 05/07/29

295,192

400,000

(a) Kinetik Holdings LP

6.625 12/15/28

411,527

300,000

(a) Kosmos Energy Ltd

7.750 05/01/27

284,209

260,000

(a) Matador Resources Co

6.250 04/15/33

261,922

50,000

(a),(g)

New Fortress Energy Inc

6.500 09/30/26

17,500

160,000

(a) NFE Financing LLC

12.000 11/15/29

58,800

490,000

(a) Noble Finance II LLC

8.000 04/15/30

507,294

300,000

(a) Northern Oil & Gas Inc

8.125 03/01/28

302,263

400,000

PBF Holding Co LLC / PBF Finance Corp

6.000 02/15/28

392,899

200,000

(a) Raizen Fuels Finance SA

6.700 02/25/37

191,716

250,000

(a) Rockies Express Pipeline LLC

6.750 03/15/33

261,144

810,000

(i) South Bow Canadian Infrastructure Holdings Ltd

7.625 03/01/55

842,883

550,000

(a) Sunoco LP

6.250 07/01/33

562,114

350,000

(a) Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp

6.000 09/01/31

343,863

301,692

(a) Transocean Aquila Ltd

8.000 09/30/28

309,776

500,000

(a) Transocean Inc

8.000 02/01/27

499,118

150,000

(a) Transocean Inc

8.250 05/15/29

145,101

600,000

(a) Venture Global Calcasieu Pass LLC

3.875 11/01/33

534,484

500,000

(a) Venture Global LNG Inc

8.375 06/01/31

524,589

500,000

(a) Venture Global LNG Inc

9.875 02/01/32

544,440

800,000

(a),(h),(i)

Venture Global LNG Inc

9.000 N/A

794,433

410,000

(a) Venture Global Plaquemines LNG LLC

6.500 01/15/34

428,026

200,000

(a) YPF SA

8.250 01/17/34

200,073

TOTAL ENERGY

18,348,339

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%

580,000

(a) Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus

LLC / GGSI Sellco LL

5.750 05/15/26

579,575

690,000

(a) Iron Mountain Inc

6.250 01/15/33

706,071

695,000

(a) Millrose Properties Inc

6.375 08/01/30

701,255

728,000

(g) MPT Operating Partnership LP / MPT Finance Corp

5.000 10/15/27

689,614

620,000

(a) MPT Operating Partnership LP / MPT Finance Corp

8.500 02/15/32

650,026

200,000

(a) Office Properties Income Trust

9.000 03/31/29

199,305

300,000

(a) RHP Hotel Properties LP / RHP Finance Corp

6.500 04/01/32

308,341

180,000

(a) RHP Hotel Properties LP / RHP Finance Corp

6.500 06/15/33

185,916

605,000

(a) Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

6.500 02/15/29

576,202

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

4,596,305

FINANCIAL SERVICES - 6.2%

350,000

(i) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.950 03/10/55

366,446

600,000

(a) Azorra Finance Ltd

7.750 04/15/30

629,869

255,000

(a) Azorra Finance Ltd

7.250 01/15/31

263,372

250,000

(a) Block Inc

6.000 08/15/33

256,663

300,000

Block Inc

6.500 05/15/32

310,839

550,000

(a) Burford Capital Global Finance LLC

6.250 04/15/28

549,168

200,000

(a) Burford Capital Global Finance LLC

7.500 07/15/33

204,400

330,000

(a) Compass Group Diversified Holdings LLC

5.250 04/15/29

304,426

600,000

(h),(j)

Deutsche Bank AG, Reg S

8.130 N/A

628,500

EUR

600,000

(h),(j)

Deutsche Bank AG, Reg S

7.125 N/A

725,828

750,000

(a) Encore Capital Group Inc

8.500 05/15/30

792,659

210,000

(a) Freedom Mortgage Holdings LLC

8.375 04/01/32

216,590

350,000

(a) Freedom Mortgage Holdings LLC

7.875 04/01/33

355,835

75,000

(a) HAT Holdings I LLC / HAT Holdings II LLC

3.375 06/15/26

73,971

250,000

(a) Hunt Cos Inc

5.250 04/15/29

244,779

550,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

5.250 05/15/27

536,533

200,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

4.375 02/01/29

168,328

400,000

(a) Icahn Enterprises LP / Icahn Enterprises Finance Corp

10.000 11/15/29

395,954

515,000

(a) Jane Street Group / JSG Finance Inc

6.125 11/01/32

517,380

200,000

(a) Muthoot Finance Ltd

6.375 04/23/29

201,246

640,000

OneMain Finance Corp

5.375 11/15/29

632,810

255,000

OneMain Finance Corp

6.125 05/15/30

258,972

305,000

(a) Osaic Holdings Inc

6.750 08/01/32

310,767

#### Portfolio of Investments August 31, 2025
(continued)

#### Credit Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

$

280,000

(a) PennyMac Financial Services Inc

6.875 %

05/15/32

$

286,674

700,000

(a) PennyMac Financial Services Inc

7.875 12/15/29

744,025

85,000

(a) Rocket Cos Inc

6.375 08/01/33

88,207

160,000

(a) Rocket Cos Inc

6.125 08/01/30

164,632

400,000

(a) Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc

4.000 10/15/33

360,634

700,000

(a) Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc

2.875 10/15/26

685,201

430,000

(a) Starwood Property Trust Inc

6.500 10/15/30

443,883

315,000

(a) Starwood Property Trust Inc

6.000 04/15/30

320,057

890,000

(a) Stonex Escrow Issuer LLC

6.875 07/15/32

914,820

800,000

(a),(h),(j)

UBS Group AG

9.250 N/A

939,511

465,000

(a) WEX Inc

6.500 03/15/33

475,771

TOTAL FINANCIAL SERVICES

14,368,750

FOOD, BEVERAGE & TOBACCO - 0.9%

415,000

(a) Arcor SAIC

7.600 07/31/33

415,830

280,000

(a),(g)

Fiesta Purchaser Inc

9.625 09/15/32

300,835

400,000

(a) Grupo Nutresa SA

8.000 05/12/30

425,400

300,000

(a) Minerva Luxembourg SA

8.875 09/13/33

329,487

350,000

(a) Post Holdings Inc

6.375 03/01/33

353,554

400,000

(a) Viking Baked Goods Acquisition Corp

8.625 11/01/31

396,152

TOTAL FOOD, BEVERAGE & TOBACCO

2,221,258

HEALTH CARE EQUIPMENT & SERVICES - 3.5%

50,000

(a) CHS/Community Health Systems Inc

6.875 04/15/29

39,750

575,000

(a) CHS/Community Health Systems Inc

10.875 01/15/32

608,483

670,000

(a) DaVita Inc

6.875 09/01/32

693,136

450,000

(a) DaVita Inc

4.625 06/01/30

433,226

800,000

(i) DENTSPLY SIRONA Inc

8.375 09/12/55

814,317

320,000

(a),(g)

Embecta Corp

5.000 02/15/30

299,868

813,591

(a) Global Medical Response Inc, (cash 9.500%, PIK 10.000%)

10.000 10/31/28

813,591

400,000

(a),(g)

LifePoint Health Inc

5.375 01/15/29

380,044

200,000

(a) LifePoint Health Inc

11.000 10/15/30

220,475

400,000

(a) Molina Healthcare Inc

6.250 01/15/33

402,845

500,000

(a) Molina Healthcare Inc

3.875 11/15/30

459,278

550,000

(a) Prime Healthcare Services Inc

9.375 09/01/29

567,550

700,000

(a) Radiology Partners Inc

8.500 07/15/32

714,602

472,007

(a) Radiology Partners Inc, (cash 9.781%, PIK 9.781%)

9.781 02/15/30

460,207

560,000

(a) Star Parent Inc

9.000 10/01/30

592,841

515,000

(a) Team Health Holdings Inc

8.375 06/30/28

521,319

200,000

Tenet Healthcare Corp

6.125 06/15/30

203,061

TOTAL HEALTH CARE EQUIPMENT & SERVICES

8,224,593

INSURANCE - 2.7%

800,000

(a) Acrisure LLC / Acrisure Finance Inc

7.500 11/06/30

828,874

210,000

(a) Acrisure LLC / Acrisure Finance Inc

6.750 07/01/32

215,461

300,000

(a) Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

6.750 04/15/28

306,028

840,000

(a) Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

6.500 10/01/31

858,670

1,205,000

(a) APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

7.875 11/01/29

1,250,527

760,000

(a) Ardonagh Finco Ltd

7.750 02/15/31

795,311

485,000

(a),(i)

Enstar Group Ltd

7.500 04/01/45

505,452

420,000

(a) HUB International Ltd

5.625 12/01/29

421,421

525,000

(a) Panther Escrow Issuer LLC

7.125 06/01/31

544,787

500,000

(a),(b)

Residential Reinsurance 2025 Ltd (3-Month U.S. Treasury Bill +

5.750%)

4.783 06/06/29

511,450

100,000

(a) Ryan Specialty LLC

5.875 08/01/32

100,684

TOTAL INSURANCE

6,338,665

MATERIALS - 4.5%

300,000

(a) Arsenal AIC Parent LLC

8.000 10/01/30

317,756

300,000

(a) Braskem Idesa SAPI

6.990 02/20/32

207,440

200,000

(a) Braskem Netherlands Finance BV

4.500 01/10/28

155,586

525,000

Celanese US Holdings LLC

7.050 11/15/30

545,867

200,000

(a),(h),(i)

Cemex SAB de CV

7.200 N/A

206,290

300,000

(a) Cleveland-Cliffs Inc

6.875 11/01/29

304,692

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS

(continued)

$

225,000

(a) Clydesdale Acquisition Holdings Inc

8.750 %

04/15/30

$

231,868

435,000

(a) Clydesdale Acquisition Holdings Inc

6.625 04/15/29

441,231

250,000

(a) Compass Minerals International Inc

8.000 07/01/30

261,496

330,000

(a) Crown Americas LLC

5.875 06/01/33

333,797

1,000,000

(i) FMC Corp

8.450 11/01/55

1,044,785

400,000

(a) Fortescue Treasury Pty Ltd

4.375 04/01/31

380,349

400,000

(a) LD Celulose International GmbH

7.950 01/26/32

420,355

200,000

(a) Limak Cimento Sanayi ve Ticaret AS

9.750 07/25/29

207,713

320,000

(a) Methanex US Operations Inc

6.250 03/15/32

322,902

100,000

(a) Mineral Resources Ltd

9.250 10/01/28

104,542

200,000

(a) Mineral Resources Ltd

8.000 11/01/27

203,565

300,000

(a) NOVA Chemicals Corp

7.000 12/01/31

315,115

230,000

(a) OCP SA

6.700 03/01/36

237,706

570,000

(a) Olin Corp

6.625 04/01/33

569,261

400,000

(a) Olympus Water US Holding Corp

6.750 08/01/32

396,093

250,000

(a),(g)

Olympus Water US Holding Corp

6.250 10/01/29

243,829

200,000

(a) Orbia Advance Corp SAB de CV

6.800 05/13/30

204,098

480,000

(a),(g)

Owens-Brockway Glass Container Inc

7.250 05/15/31

488,397

705,000

(a) Qnity Electronics Inc

6.250 08/15/33

728,775

200,000

(a) Sasol Financing USA LLC

8.750 05/03/29

201,743

400,000

(a),(g)

Sealed Air Corp

6.500 07/15/32

413,763

250,000

(a) Trivium Packaging Finance BV

8.250 07/15/30

265,538

200,000

UPL Corp Ltd, Reg S

4.625 06/16/30

183,409

500,000

(a) WR Grace Holdings LLC

5.625 08/15/29

467,815

TOTAL MATERIALS

10,405,776

MEDIA & ENTERTAINMENT - 5.1%

475,000

(a) Advantage Sales & Marketing Inc

6.500 11/15/28

394,283

400,000

(a) Arches Buyer Inc

4.250 06/01/28

389,024

600,000

CCO Holdings LLC / CCO Holdings Capital Corp, Reg S

4.250 02/01/31

553,449

525,000

(a),(g)

CCO Holdings LLC / CCO Holdings Capital Corp

4.750 02/01/32

487,005

150,000

(a) CCO Holdings LLC / CCO Holdings Capital Corp

4.500 08/15/30

141,984

275,000

(a) Clear Channel Outdoor Holdings Inc

7.750 04/15/28

267,461

1,200,000

(a) CSC Holdings LLC

11.250 05/15/28

1,199,299

825,000

(a) CSC Holdings LLC

5.500 04/15/27

793,411

320,000

(a) CSC Holdings LLC

4.500 11/15/31

207,589

320,000

(a) CSC Holdings LLC

4.125 12/01/30

209,676

600,000

(a) Directv Financing LLC / Directv Financing Co-Obligor Inc

5.875 08/15/27

597,000

250,000

(a) DISH DBS Corp

5.250 12/01/26

242,509

650,000

(a) DISH Network Corp

11.750 11/15/27

687,225

210,000

(a) EW Scripps Co/The

9.875 08/15/30

197,408

200,000

(a) Gray Media Inc

7.250 08/15/33

197,033

300,000

Grupo Televisa SAB

5.250 05/24/49

210,257

210,000

(a) iHeartCommunications Inc

4.750 01/15/28

179,812

600,000

(a) LCPR Senior Secured Financing DAC

6.750 10/15/27

374,119

300,000

(a) Match Group Holdings II LLC

4.125 08/01/30

282,481

580,000

(a) McGraw-Hill Education Inc

7.375 09/01/31

608,880

420,000

(a) Outfront Media Capital LLC / Outfront Media Capital Corp

4.250 01/15/29

403,658

670,000

(i) Paramount Global

6.375 03/30/62

671,118

500,000

(a),(g)

Scripps Escrow II Inc

3.875 01/15/29

442,872

350,000

(a) Sirius XM Radio LLC

3.125 09/01/26

347,837

125,000

(a) Univision Communications Inc

9.375 08/01/32

131,636

200,000

(a) Univision Communications Inc

8.500 07/31/31

206,092

200,000

Univision Communications Inc

8.000 08/15/28

207,585

405,000

(a) Univision Communications Inc

7.375 06/30/30

407,211

200,000

(g) Warnermedia Holdings Inc

4.279 03/15/32

172,600

200,000

Warnermedia Holdings Inc

5.050 03/15/42

134,750

500,000

Warnermedia Holdings Inc

4.054 03/15/29

475,000

TOTAL MEDIA & ENTERTAINMENT

11,820,264

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%

250,000

(a) 1261229 BC Ltd

10.000 04/15/32

259,588

400,000

(a) Bausch Health Americas Inc

8.500 01/31/27

399,000

500,000

(a) Bausch Health Cos Inc

4.875 06/01/28

451,250

#### Portfolio of Investments August 31, 2025
(continued)

#### Credit Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

$

200,000

(a) Bausch Health Cos Inc

11.000 %

09/30/28

$

209,750

600,000

(a) Charles River Laboratories International Inc

4.000 03/15/31

555,062

300,000

(a) Organon & Co / Organon Foreign Debt Co-Issuer BV

4.125 04/30/28

287,294

200,000

(a) Organon & Co / Organon Foreign Debt Co-Issuer BV

5.125 04/30/31

171,377

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,333,321

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%

504,000

(a),(g)

Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp

7.000 04/15/30

496,177

485,000

(a) Avis Budget Car Rental LLC / Avis Budget Finance Inc

5.750 07/15/27

482,982

100,000

(a) Cushman & Wakefield US Borrower LLC

8.875 09/01/31

107,233

375,000

Kennedy-Wilson Inc

4.750 03/01/29

357,116

90,000

(g) Kennedy-Wilson Inc

5.000 03/01/31

84,022

300,000

(a) Permian Resources Operating LLC

6.250 02/01/33

305,581

192,060

(a) Sorik Marapi Geothermal Power PT

7.750 08/05/31

195,086

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

2,028,197

SOFTWARE & SERVICES - 1.4%

600,000

(a) Amentum Escrow Corp

7.250 08/01/32

625,772

300,000

(a) CA Magnum Holdings

5.375 10/31/26

298,121

500,000

(a) Cloud Software Group Inc

6.500 03/31/29

505,498

500,000

(a) Cloud Software Group Inc

8.250 06/30/32

534,564

500,000

(a) Condor Merger Sub Inc

7.375 02/15/30

461,748

230,000

(a) Fair Isaac Corp

6.000 05/15/33

233,086

360,000

(a) Gen Digital Inc

6.250 04/01/33

370,189

100,000

(a) Open Text Holdings Inc

4.125 12/01/31

92,003

190,000

(a) Rocket Software Inc

6.500 02/15/29

182,732

TOTAL SOFTWARE & SERVICES

3,303,713

TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%

220,000

(a) Imola Merger Corp

4.750 05/15/29

214,479

500,000

(a) Viasat Inc

6.500 07/15/28

486,132

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

700,611

TELECOMMUNICATION SERVICES - 3.5%

400,000

(a) Altice Financing SA

9.625 07/15/27

372,000

400,000

(a),(k)

Altice France SA

8.125 02/01/27

370,314

520,000

(a) Altice France SA

5.125 07/15/29

444,600

650,000

EchoStar Corp

10.750 11/30/29

699,562

686,741

EchoStar Corp, (cash 6.750%, PIK 6.750%)

6.750 11/30/30

677,518

450,000

(a) Level 3 Financing Inc

10.000 10/15/32

451,687

245,000

(a) Level 3 Financing Inc

3.625 01/15/29

208,250

280,000

(a) Level 3 Financing Inc

6.875 06/30/33

282,513

400,000

(a) Lumen Technologies Inc

4.500 01/15/29

363,999

800,000

(a) Lumen Technologies Inc

10.000 10/15/32

810,319

468,000

(i) Rogers Communications Inc

7.125 04/15/55

485,820

206,000

(a) Telesat Canada / Telesat LLC

5.625 12/06/26

159,650

200,000

(a) Turkcell Iletisim Hizmetleri AS

7.650 01/24/32

209,216

600,000

(a) Virgin Media Secured Finance PLC

4.500 08/15/30

563,276

610,000

(a) Windstream Escrow LLC / Windstream Escrow Finance Corp

8.250 10/01/31

634,508

1,150,000

(a) Zayo Group Holdings Inc

4.000 03/01/27

1,112,457

400,000

(a) Zayo Group Holdings Inc

6.125 03/01/28

371,506

TOTAL TELECOMMUNICATION SERVICES

8,217,195

TRANSPORTATION - 1.0%

250,000

(a) Air Transport Services Group Inc

7.250 03/15/32

262,462

300,000

(a) Allegiant Travel Co

7.250 08/15/27

305,187

100,000

(a) Genesee & Wyoming Inc

6.250 04/15/32

101,680

400,000

(a),(g)

Grupo Aeromexico SAB de CV

8.625 11/15/31

394,960

225,000

(a),(g)

Montego Bay Airport Revenue Finance Ltd

6.600 06/15/35

229,500

500,000

(a),(g)

Rand Parent LLC

8.500 02/15/30

518,175

456,000

(a),(g)

VistaJet Malta Finance PLC / Vista Management Holding Inc

9.500 06/01/28

474,229

TOTAL TRANSPORTATION

2,286,193

UTILITIES - 4.3%

1,000,000

(i) AES Corp/The

6.950 07/15/55

967,484

494,000

(a),(i)

AltaGas Ltd

7.200 10/15/54

500,580

460,000

(a) California Buyer Ltd / Atlantica Sustainable Infrastructure PLC

6.375 02/15/32

466,556

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

192,900

(a) Continuum Green Energy India Pvt / Co-Issuers

7.500 %

06/26/33

$

200,497

800,000

(a) ContourGlobal Power Holdings SA

6.750 02/28/30

826,000

405,000

(h),(i)

Edison International

5.375 N/A

393,528

250,000

(i) EUSHI Finance Inc

7.625 12/15/54

261,200

500,000

(a) Ferrellgas LP / Ferrellgas Finance Corp

5.875 04/01/29

462,875

200,000

(a) Greenko Wind Projects Mauritius Ltd

7.250 09/27/28

203,965

650,000

(a) LONG RIDGE ENERGY LLC

8.750 02/15/32

673,258

290,000

(a) NRG Energy Inc

6.250 11/01/34

297,322

360,000

(a) NRG Energy Inc

6.000 02/01/33

364,847

305,000

(a),(h),(i)

NRG Energy Inc

10.250 N/A

336,219

200,000

(a) Pampa Energia SA

7.875 12/16/34

198,774

200,000

(a) Pampa Energia SA

7.950 09/10/31

204,177

300,000

(a) Pattern Energy Operations LP / Pattern Energy Operations Inc

4.500 08/15/28

292,370

375,000

(i) PG&E Corp

7.375 03/15/55

372,144

200,000

(a) Saavi Energia Sarl

8.875 02/10/35

212,000

330,000

(a) TerraForm Power Operating LLC

4.750 01/15/30

318,426

730,000

(a),(h),(i)

Vistra Corp

8.875 N/A

794,085

440,000

(a) Vistra Operations Co LLC

5.625 02/15/27

440,178

290,000

(a),(g)

XPLR Infrastructure Operating Partners LP

8.625 03/15/33

305,845

800,000

(a),(g)

XPLR Infrastructure Operating Partners LP

7.250 01/15/29

817,068

100,000

(a) XPLR Infrastructure Operating Partners LP

4.500 09/15/27

98,079

TOTAL UTILITIES

10,007,477

TOTAL CORPORATE BONDS

(Cost $134,597,382)

137,646,319

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 8.8%

–

1,000,000

(a),(b)

ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M

+ 4.500%)

8.863 06/15/35

1,001,666

1,000,000

(b) Benchmark 2019-B14 Mortgage Trust, Series 2019 B14

3.888 12/15/62

699,815

948,827

(a),(b)

BLP Commercial Mortgage Trust 2024-IND2, Series 2024 IND2,

(TSFR1M + 3.689%)

8.011 03/15/41

950,284

1,000,000

(a),(b)

BX Trust 2021-VIEW, Series 2021 VIEW, (TSFR1M + 3.714%)

8.036 06/15/36

1,000,072

1,000,000

(a),(b)

COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3

4.767 06/10/47

435,020

900,000

(a) COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22

3.000 03/10/48

539,464

485,000

(b) COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25

3.768 08/10/48

457,849

1,500,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R01, Series 2022

R01, (SOFR30A + 6.000%)

10.348 12/25/41

1,572,897

1,500,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R02, Series 2022

R02, (SOFR30A + 7.650%)

12.972 01/25/42

1,604,501

1,500,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R06, Series 2022

R06, (SOFR30A + 10.600%)

15.334 05/25/42

1,707,129

565,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R06, Series 2023

R06, (SOFR30A + 5.900%)

10.248 07/25/43

611,658

1,000,000

(a),(b)

Freddie Mac STACR REMIC Trust 2021-DNA6, Series 2021

DNA6, (SOFR30A + 7.500%)

11.848 10/25/41

1,059,076

1,000,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022

DNA1, (SOFR30A + 7.100%)

11.448 01/25/42

1,063,496

450,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022

DNA2, (SOFR30A + 4.750%)

9.098 02/25/42

471,329

1,500,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022

DNA2, (SOFR30A + 8.500%)

13.788 02/25/42

1,632,016

920,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022

DNA3, (SOFR30A + 9.750%)

15.087 04/25/42

1,020,914

1,000,000

(b) GS Mortgage Securities Trust 2018-GS10, Series 2018 GS10

4.547 07/10/51

876,379

1,000,000

(a),(b)

ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2

8.472 07/13/42

1,036,973

800,000

(b) JPMBB Commercial Mortgage Securities Trust 2014-C22,

Series 2014 C22

4.660 09/15/47

743,516

1,000,000

(a) Lmrk Issuer Co 2 LLC, Series 2025 1A

6.200 09/15/55

1,006,057

#### Portfolio of Investments August 31, 2025
(continued)

#### Credit Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

1,000,000

(a),(b)

MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,

(TSFR1M + 5.285%)

9.605 %

03/15/39

$

1,001,364

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $21,039,244)

20,491,475

SHARES

DESCRIPTION

RATE

VALUE

1923495

PREFERRED STOCK - 0.8%

1923495

BANKS - 0.3%

27,750

Wintrust Financial Corp

7.875 732,878

TOTAL BANKS

732,878

FINANCIAL SERVICES - 0.1%

12,550

Synchrony Financial

8.250 324,417

TOTAL FINANCIAL SERVICES

324,417

INSURANCE - 0.3%

28,000

Enstar Group Ltd

7.000 655,200

TOTAL INSURANCE

655,200

UTILITIES - 0.1%

200,000

(a) Trinidad Generation UnLtd

7.750 211,000

TOTAL UTILITIES

211,000

TOTAL PREFERRED STOCK

(Cost $1,767,230)

1,923,495

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

7221428

SOVEREIGN DEBT - 3.1%

7221428

ARGENTINA - 0.1%

600,000

Argentine Republic Government International Bond

4.125 07/09/35

381,150

TOTAL ARGENTINA

381,150

BAHAMAS - 0.1%

200,000

(a) Bahamas Government International Bond

8.250 06/24/36

206,716

TOTAL BAHAMAS

206,716

BARBADOS - 0.1%

200,000

(a) Barbados Government International Bond

8.000 06/26/35

201,168

TOTAL BARBADOS

201,168

BENIN - 0.1%

200,000

(a) Benin Government International Bond

7.960 02/13/38

197,074

TOTAL BENIN

197,074

COLOMBIA - 0.1%

200,000

Colombia Government International Bond

3.250 04/22/32

166,802

TOTAL COLOMBIA

166,802

COTE D'IVOIRE - 0.1%

300,000

(a) Ivory Coast Government International Bond

6.125 06/15/33

278,055

TOTAL COTE D'IVOIRE

278,055

DOMINICAN REPUBLIC - 0.1%

200,000

(a) Dominican Republic International Bond

6.500 02/15/48

194,000

150,000

(a) Dominican Republic International Bond

6.600 06/01/36

154,370

TOTAL DOMINICAN REPUBLIC

348,370

ECUADOR - 0.1%

155,762

(a) Ecuador Government International Bond

1.000 07/31/35

117,214

311,523

Ecuador Government International Bond, Reg S

6.900 07/31/35

234,427

TOTAL ECUADOR

351,641

EGYPT - 0.2%

200,000

(a) Egypt Government International Bond

8.750 09/30/51

169,616

200,000

(a) Egypt Government International Bond

8.625 02/04/30

205,928

TOTAL EGYPT

375,544

EL SALVADOR - 0.1%

200,000

(a) El Salvador Government International Bond

7.625 09/21/34

196,000

TOTAL EL SALVADOR

196,000

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GHANA - 0.1%

$

200,000

(a) Ghana Government International Bond

5.000 %

07/03/35

$

164,286

TOTAL GHANA

164,286

GUATEMALA - 0.1%

300,000

(a) Guatemala Government Bond

3.700 10/07/33

260,400

TOTAL GUATEMALA

260,400

HONDURAS - 0.1%

200,000

(a) Honduras Government International Bond

5.625 06/24/30

191,900

TOTAL HONDURAS

191,900

KENYA - 0.1%

200,000

(a) Republic of Kenya Government International Bond

9.500 03/05/36

197,630

TOTAL KENYA

197,630

MONGOLIA - 0.1%

200,000

(a) Mongolia Government International Bond

6.625 02/25/30

200,984

TOTAL MONGOLIA

200,984

PAKISTAN - 0.1%

200,000

(a) Pakistan Government International Bond

7.375 04/08/31

188,978

TOTAL PAKISTAN

188,978

PANAMA - 0.2%

400,000

Panama Government International Bond

6.875 01/31/36

411,380

TOTAL PANAMA

411,380

PARAGUAY - 0.1%

200,000

(a) Paraguay Government International Bond

6.000 02/09/36

207,580

TOTAL PARAGUAY

207,580

REPUBLIC OF SERBIA - 0.1%

300,000

(a) Serbia International Bond

2.125 12/01/30

258,158

TOTAL REPUBLIC OF SERBIA

258,158

ROMANIA - 0.1%

200,000

(a) Romanian Government International Bond

7.500 02/10/37

212,834

TOTAL ROMANIA

212,834

RWANDA - 0.1%

400,000

(a) Rwanda International Government Bond

5.500 08/09/31

351,276

TOTAL RWANDA

351,276

SENEGAL - 0.1%

300,000

(a) Senegal Government International Bond

6.250 05/23/33

222,652

TOTAL SENEGAL

222,652

SOUTH AFRICA - 0.1%

300,000

(a) Republic of South Africa Government International Bond

7.100 11/19/36

301,982

TOTAL SOUTH AFRICA

301,982

SRI LANKA - 0.1%

200,000

(a) Sri Lanka Government International Bond

3.600 02/15/38

167,947

TOTAL SRI LANKA

167,947

TURKEY - 0.2%

200,000

Turkiye Government International Bond

5.950 01/15/31

196,696

200,000

Turkiye Government International Bond

7.250 05/29/32

206,423

TOTAL TURKEY

403,119

UKRAINE - 0.1%

500,000

(a) Ukraine Government International Bond

1.750 02/01/36

263,750

TOTAL UKRAINE

263,750

UZBEKISTAN - 0.1%

200,000

(a) Republic of Uzbekistan International Bond

3.700 11/25/30

183,362

TOTAL UZBEKISTAN

183,362

ZAMBIA - 0.1%

353,530

(a) Zambia Government International Bond

5.750 06/30/33

330,690

TOTAL ZAMBIA

330,690

TOTAL SOVEREIGN DEBT

(Cost $6,954,186)

7,221,428

#### Portfolio of Investments August 31, 2025
(continued)

#### Credit Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

26291259

VARIABLE RATE SENIOR LOAN INTERESTS - 11.3%

26291259

CAPITAL GOODS - 1.4%

$

2,520,000

(b) Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)

6.566 %

07/09/32

$

2,528,669

198,333

(b) QXO Inc, Term Loan B, (TSFR3M + 3.000%)

7.296 04/30/32

200,327

447,089

(b) Windsor Holdings III, LLC, Term Loan B, (TSFR1M + 2.750%)

7.073 08/01/30

448,300

TOTAL CAPITAL GOODS

3,177,296

COMMERCIAL & PROFESSIONAL SERVICES - 1.7%

3,000,000

(b) Allied Universal Holdco LLC, Term Loan B, (TSFR3M + 3.250%)

7.590 08/20/32

3,013,800

500,000

(b) GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)

6.824 03/03/32

500,313

428,925

(b) WIN Waste Innovations Holdings, Inc., Incremental Term Loan,

(TSFR1M + 3.750%)

8.180 03/27/28

432,545

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

3,946,658

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.3%

146,381

(b) Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)

6.841 06/09/31

146,629

500,000

(b) PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)

8.360 08/18/32

495,860

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

642,489

CONSUMER SERVICES - 0.3%

597,000

(b) GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)

6.814 07/28/31

598,866

TOTAL CONSUMER SERVICES

598,866

ENERGY - 0.2%

498,747

(b) Oryx Midstream Services Permian Basin LLC, Term Loan B,

(TSFR1M + 2.250%)

6.573 10/05/28

499,216

TOTAL ENERGY

499,216

FINANCIAL SERVICES - 0.6%

620,000

(b),(c)

Beach Acquisition Bidco LLC, (TBD)

TBD

TBD

624,650

445,000

(b),(c)

Orion US Finco Inc, (TBD)

TBD

TBD

448,497

246,400

(b),(c)

Tiger Acquisition LLC, (TBD)

TBD

TBD

246,739

TOTAL FINANCIAL SERVICES

1,319,886

FOOD, BEVERAGE & TOBACCO - 0.0%

110,470

(b) City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M

+ 7.000%), (cash 11.198%, PIK 6.000%)

11.198 11/28/25

108,122

21,055

(b) City Brewing Company, LLC, PIK Super Priority Term Loan,

(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)

11.198 11/28/25

21,450

TOTAL FOOD, BEVERAGE & TOBACCO

129,572

HEALTH CARE EQUIPMENT & SERVICES - 1.1%

465,000

(b) Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)

8.566 01/15/31

466,246

1,000,000

(b),(c)

LifePoint Health, Inc., First Lien Term Loan B, (TBD)

TBD

TBD

994,470

433,273

(b) Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)

6.316 10/23/28

433,771

277,865

(b) Parexel International Corporation, Term Loan B, (TSFR1M +

2.500%)

6.816 11/15/28

278,445

497,500

(b) Zelis Payments Buyer, Inc., 5th Amendment Term Loan,

(TSFR1M + 3.250%)

7.566 11/26/31

498,642

TOTAL HEALTH CARE EQUIPMENT & SERVICES

2,671,574

INSURANCE - 1.7%

498,744

(b) Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +

2.500%)

6.823 09/19/31

498,213

250,000

(b) Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)

9.680 02/03/28

244,062

500,000

(b) Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)

8.566 09/19/30

495,313

500,000

(b),(c)

Asurion LLC, Term Loan B8, (TBD)

TBD

TBD

495,312

997,396

(b) Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)

7.680 07/30/27

998,184

495,000

(b) Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)

7.066 06/16/31

495,324

747,490

(b) Sedgwick Claims Management Services, Inc., Term Loan B,

(TSFR1M + 2.500%)

6.816 07/31/31

750,372

TOTAL INSURANCE

3,976,780

MATERIALS - 0.2%

2,998,738

(b) Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)

8.256 09/15/28

499,735

TOTAL MATERIALS

499,735

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT - 0.3%

$

565,111

(b) Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +

3.000%)

7.256 %

02/10/31

$

568,855

125,000

(b) Virgin Media Bristol LLC, Term Loan Q, (TSFR1M + 3.250%)

7.728 01/31/29

124,900

TOTAL MEDIA & ENTERTAINMENT

693,755

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%

221,579

(b) Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1,

(TSFR1M + 2.750%)

7.066 01/31/30

222,502

725,000

(b) Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)

7.930 12/08/25

705,566

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

928,068

SOFTWARE & SERVICES - 2.0%

427,853

(b) Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)

6.296 01/31/31

428,815

498,750

(b) Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)

7.199 07/30/31

498,700

400,000

(b) Clearwater Analytics, LLC, Term Loan B, (TSFR6M + 2.250%)

6.460 04/21/32

401,502

398,997

(b) Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +

3.250%)

7.483 03/24/31

400,522

172,819

(b) Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)

7.104 05/01/31

173,036

179,548

(b) Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)

6.816 05/30/31

180,210

145,883

(b) Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)

7.351 06/27/31

146,521

431,332

(b) Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M

+ 2.500%)

6.816 01/30/32

432,141

100,229

(b),(c)

Javelin Buyer Inc, (TBD)

TBD

TBD

99,760

498,750

(b) Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)

7.058 12/08/31

497,892

248,747

(b) Mitchell International, Inc., First Lien Term Loan, (TSFR1M +

3.250%)

7.566 06/17/31

249,497

498,741

(b) UKG Inc., Term Loan B, (TSFR3M + 2.500%)

6.810 02/10/31

499,075

577,000

X Corp

9.500 10/29/29

568,137

TOTAL SOFTWARE & SERVICES

4,575,808

TELECOMMUNICATION SERVICES - 0.8%

1,000,000

(b) Connect Finco Sarl, Non-Extended Term Loan B, (TSFR1M +

3.500%)

7.816 12/11/26

1,000,155

447,718

(b) Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +

2.350%)

6.780 04/15/30

445,573

500,000

(b) Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)

7.430 03/09/27

485,168

TOTAL TELECOMMUNICATION SERVICES

1,930,896

UTILITIES - 0.3%

697,681

(b) Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)

6.733 05/17/30

700,660

TOTAL UTILITIES

700,660

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $26,117,330)

26,291,259

TOTAL LONG-TERM INVESTMENTS

(Cost $213,891,186)

216,723,482

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 4.0%

9,301,923

(l) State Street Navigator Securities Lending Government Money

Market Portfolio

4.310 (m)

9,301,923

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $9,301,923)

9,301,923

#### Portfolio of Investments August 31, 2025
(continued)

#### Credit Income

See Notes to Financial Statements

Principal denominated in U.S. Dollars, unless otherwise noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 7.3%

16956220

REPURCHASE AGREEMENTS - 7.3%

16956220

$

16,425,000

(n) Fixed Income Clearing Corporation

4.260 %

09/02/25

$

16,425,000

531,220

(o) Fixed Income Clearing Corporation

1.360 09/02/25

531,220

TOTAL REPURCHASE AGREEMENTS

(Cost $16,956,220)

16,956,220

TOTAL SHORT-TERM INVESTMENTS

(Cost $16,956,220)

16,956,220

TOTAL INVESTMENTS - 104.5%

(Cost $240,149,329)

242,981,625

OTHER ASSETS & LIABILITIES, NET - (4.5)%

(10,405,909)

NET ASSETS - 100%

$

232,575,716

EUR

Euro

PIK

Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or

a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the

issuer as of the end of the reporting period.

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering

those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the

registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are

made outside the United States.

REIT

Real Estate Investment Trust

SOFR30A

30 Day Average Secured Overnight Financing Rate

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior

to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon

rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the

final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

TSFR6M

CME Term Secured Overnight Financing Rate 6 Month

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $163,167,433 or 67.2% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(c) When-issued or delayed delivery security.

(d) For fair value measurement disclosure purposes, investment classified as Level 3.

(e) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(f) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(g) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $8,967,812.

(h) Perpetual security. Maturity date is not applicable.

(i) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

5.1% of Total Investments.

(j) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the

issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of

the end of the reporting period, the Fund's total investment in CoCos was 2.2% of Total Investments.

(k) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(l) Investments made with cash collateral received from securities on loan.

(m) The rate shown is the one-day yield as of the end of the reporting period.

(n) Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $16,432,775 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 4/15/28, valued at $16,753,510.

(o) Agreement with Fixed Income Clearing Corporation, 1.360% dated 8/29/25 to be repurchased at $531,300 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 4.125% and maturity date 11/15/32, valued at $541,903.

See Notes to Financial Statements

Investments in Derivatives

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury 5-Year Note

12/25

$

17,413,502

$

17,515,000

$

101,498

Forward Foreign Currency Contracts

Currency Purchased

Notional Amount

(Local Currency)

Currency Sold

Notional Amount

(Local Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

735,011

EUR

624,000

Morgan Stanley Capital Services

LLC

10/10/25

$

3,262

Total

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3,262

Total unrealized appreciation on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3,262

Total unrealized depreciation on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$–

EUR

Euro

#### Portfolio of Investments August 31, 2025

#### Flexible Income
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 97.7%

82890365

COMMON STOCKS - 9.9%

82890365

BANKS - 0.9%

12,900

Citigroup Inc

$

1,245,753

12,700

JPMorgan Chase & Co

3,828,034

34,500

Wells Fargo & Co

2,835,210

TOTAL BANKS

7,908,997

CAPITAL GOODS - 1.2%

21,800

Carrier Global Corp

1,421,360

7,400

General Dynamics Corp

2,401,818

4,000

Hubbell Inc

1,723,960

22,800

nVent Electric PLC

2,060,892

2,900

Parker-Hannifin Corp

2,202,115

TOTAL CAPITAL GOODS

9,810,145

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%

7,400

(a) Amazon.com Inc

1,694,600

4,000

Home Depot Inc/The

1,627,080

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,321,680

CONSUMER SERVICES - 0.3%

26,500

Boyd Gaming Corp

2,275,290

TOTAL CONSUMER SERVICES

2,275,290

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%

23,400

Walmart Inc

2,269,332

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

2,269,332

ENERGY - 0.6%

7,300

Cheniere Energy Inc

1,765,286

19,600

Exxon Mobil Corp

2,240,084

15,600

Shell PLC, ADR

1,152,528

TOTAL ENERGY

5,157,898

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%

7,300

American Tower Corp

1,488,105

46,646

National Storage Affiliates Trust

1,042,538

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,530,643

FINANCIAL SERVICES - 0.7%

3,500

American Express Co

1,159,480

2,100

Ameriprise Financial Inc

1,081,101

12,000

Bank of New York Mellon Corp/The

1,267,200

5,900

(a) Fiserv Inc

815,262

7,900

Morgan Stanley

1,188,792

TOTAL FINANCIAL SERVICES

5,511,835

FOOD, BEVERAGE & TOBACCO - 0.6%

24,000

Coca-Cola Co/The

1,655,760

20,301

Philip Morris International Inc

3,392,906

TOTAL FOOD, BEVERAGE & TOBACCO

5,048,666

HEALTH CARE EQUIPMENT & SERVICES - 0.4%

17,500

Abbott Laboratories

2,321,550

2,200

UnitedHealth Group Inc

681,714

TOTAL HEALTH CARE EQUIPMENT & SERVICES

3,003,264

INSURANCE - 0.5%

8,600

Allstate Corp/The

1,749,670

8,600

Progressive Corp/The

2,124,716

TOTAL INSURANCE

3,874,386

MATERIALS - 0.2%

2,400

(a) Linde PLC

1,147,896

20,600

Smurfit WestRock PLC

975,616

TOTAL MATERIALS

2,123,512

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

MEDIA & ENTERTAINMENT - 0.6%

11,500

Alphabet Inc, Class C

$

2,455,595

18,500

Walt Disney Co/The

2,190,030

TOTAL MEDIA & ENTERTAINMENT

4,645,625

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%

6,900

Amgen Inc

1,985,199

5,400

Danaher Corp

1,111,428

45,700

Sanofi SA, ADR

2,261,236

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

5,357,863

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%

11,300

Applied Materials Inc

1,816,588

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

1,816,588

SOFTWARE & SERVICES - 0.2%

69,300

Gen Digital Inc

2,092,860

TOTAL SOFTWARE & SERVICES

2,092,860

TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%

41,700

Corning Inc

2,795,151

93,400

Hewlett Packard Enterprise Co

2,108,038

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

4,903,189

TELECOMMUNICATION SERVICES - 0.4%

81,500

AT&T Inc

2,387,135

25,100

Verizon Communications Inc

1,110,173

TOTAL TELECOMMUNICATION SERVICES

3,497,308

TRANSPORTATION - 0.1%

4,200

FedEx Corp

970,494

TOTAL TRANSPORTATION

970,494

UTILITIES - 0.8%

36,000

Alliant Energy Corp

2,342,520

26,582

Sempra

2,194,610

24,200

Southern Co/The

2,233,660

TOTAL UTILITIES

6,770,790

TOTAL COMMON STOCKS

(Cost $68,172,528)

82,890,365

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

18097765

CONVERTIBLE BONDS - 2.2%

18097765

TECHNOLOGY HARDWARE & EQUIPMENT - 2.2%

$

2,600,000

Seagate HDD Cayman

3.500 %

06/01/28

5,345,328

5,725,000

Western Digital Corp

3.000 11/15/28

12,752,437

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

18,097,765

TOTAL CONVERTIBLE BONDS

(Cost $10,771,423)

18,097,765

SHARES

DESCRIPTION

RATE

VALUE

27284545

CONVERTIBLE PREFERRED SECURITIES - 3.3%

27284545

BANKS - 1.8%

1,100

Bank of America Corp

7.250 1,371,755

11,405

Wells Fargo & Co

7.500 13,857,075

TOTAL BANKS

15,228,830

CAPITAL GOODS - 0.9%

69,005

Boeing Co/The

6.000 5,135,352

35,950

Chart Industries Inc

6.750 2,542,743

TOTAL CAPITAL GOODS

7,678,095

TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%

69,475

Hewlett Packard Enterprise Co

7.625 4,377,620

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

4,377,620

TOTAL CONVERTIBLE PREFERRED SECURITIES

(Cost $26,439,274)

27,284,545

#### Portfolio of Investments August 31, 2025
(continued)

#### Flexible Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

611179009

CORPORATE BONDS - 73.0% (b)

611179009

AUTOMOBILES & COMPONENTS - 3.2%

$

2,550,000

(c),(d)

Adient Global Holdings Ltd

7.500 %

02/15/33

$

2,655,420

1,950,000

Ford Motor Co

5.291 12/08/46

1,583,286

9,365,000

Ford Motor Credit Co LLC

7.350 11/04/27

9,748,902

4,955,000

General Motors Co

6.600 04/01/36

5,257,811

6,763,000

(e),(f)

General Motors Financial Co Inc

6.500 N/A

6,638,734

613,000

(c),(e),(f)

General Motors Financial Co Inc

5.700 N/A

600,938

TOTAL AUTOMOBILES & COMPONENTS

26,485,091

BANKS - 7.5%

8,965,000

(c),(e),(f)

Bank of America Corp

6.300 N/A

9,000,448

9,050,000

(e),(f)

Bank of America Corp

6.625 N/A

9,317,047

3,049,000

(c),(e),(f)

Citigroup Inc

7.375 N/A

3,167,917

17,675,000

(e),(f)

Citigroup Inc

6.875 N/A

17,984,472

4,025,000

(e),(f),(g)

First Citizens BancShares Inc/NC (TSFR3M + 4.234%)

8.552 N/A

4,145,750

5,825,000

(e),(f)

JPMorgan Chase & Co

6.875 N/A

6,120,770

5,394,000

(e),(f)

PNC Financial Services Group Inc/The

6.200 N/A

5,480,380

7,250,000

(c),(e),(f)

Wells Fargo & Co

7.625 N/A

7,743,130

TOTAL BANKS

62,959,914

CAPITAL GOODS - 3.5%

5,450,000

(d) Builders FirstSource Inc

6.375 03/01/34

5,613,124

3,875,000

(d) Chart Industries Inc

7.500 01/01/30

4,061,345

3,100,000

(d) Herc Holdings Inc

7.000 06/15/30

3,226,337

10,025,000

Regal Rexnord Corp

6.400 04/15/33

10,665,447

5,847,000

(d) WESCO Distribution Inc

7.250 06/15/28

5,937,494

TOTAL CAPITAL GOODS

29,503,747

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%

2,120,000

(d) CACI International Inc

6.375 06/15/33

2,186,658

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

2,186,658

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.5%

8,419,000

Bath & Body Works Inc

6.875 11/01/35

8,768,473

4,000,000

(d) Wayfair LLC

7.750 09/15/30

4,132,616

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

12,901,089

CONSUMER SERVICES - 3.6%

4,205,000

(d) Caesars Entertainment Inc

6.500 02/15/32

4,310,899

8,100,000

(d) Light & Wonder International Inc

7.500 09/01/31

8,455,331

2,025,000

(d) NCL Corp Ltd

7.750 02/15/29

2,163,091

9,586,000

Piedmont Operating Partnership LP

9.250 07/20/28

10,654,616

4,025,000

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

7.125 02/15/31

4,332,578

TOTAL CONSUMER SERVICES

29,916,515

ENERGY - 11.5%

5,375,000

(d) Antero Resources Corp

7.625 02/01/29

5,482,339

7,475,000

(d) Civitas Resources Inc

8.625 11/01/30

7,781,796

12,150,000

(d) Columbia Pipelines Operating Co LLC

6.544 11/15/53

12,569,371

3,925,000

Diamondback Energy Inc

6.250 03/15/33

4,194,519

5,522,000

(f) Enbridge Inc

8.500 01/15/84

6,246,564

4,050,000

(e),(f)

Energy Transfer LP

7.125 N/A

4,156,037

13,250,000

(f) Energy Transfer LP

8.000 05/15/54

14,116,682

6,700,000

PBF Holding Co LLC / PBF Finance Corp

6.000 02/15/28

6,581,063

5,625,000

(d) Permian Resources Operating LLC

7.000 01/15/32

5,832,056

5,406,000

(f) South Bow Corp

7.500 03/01/55

5,650,308

7,906,000

(f) Transcanada Trust

5.875 08/15/76

7,910,846

1,150,000

(f) Transcanada Trust

5.600 03/07/82

1,125,996

4,050,000

Valero Energy Corp

6.625 06/15/37

4,416,755

2,475,000

(d) Venture Global LNG Inc

8.375 06/01/31

2,596,716

2,550,000

(d),(e),(f)

Venture Global LNG Inc

9.000 N/A

2,532,257

4,825,000

Western Midstream Operating LP

6.150 04/01/33

5,041,150

TOTAL ENERGY

96,234,455

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%

$

7,917,000

(d) Iron Mountain Inc

7.000 %

02/15/29

$

8,154,977

6,900,000

VICI Properties LP

5.625 05/15/52

6,303,433

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

14,458,410

FINANCIAL SERVICES - 6.3%

5,126,700

(e),(f)

Ally Financial Inc

4.700 N/A

4,988,593

7,339,000

Ally Financial Inc

8.000 11/01/31

8,399,157

2,750,000

(e),(f)

American Express Co

3.550 N/A

2,683,358

5,425,000

(d),(f)

Ares Finance Co III LLC

4.125 06/30/51

5,309,077

3,200,000

Block Inc

6.500 05/15/32

3,315,613

11,550,000

(e),(f)

Goldman Sachs Group Inc/The

7.500 N/A

12,247,285

4,750,000

(f) Morgan Stanley

5.948 01/19/38

4,935,560

10,450,000

(e),(f)

State Street Corp

6.700 N/A

10,815,468

TOTAL FINANCIAL SERVICES

52,694,111

FOOD, BEVERAGE & TOBACCO - 2.4%

4,250,000

Altria Group Inc

5.800 02/14/39

4,337,596

7,500,000

BAT Capital Corp

7.081 08/02/53

8,334,251

2,042,000

(d),(e),(f)

Land O' Lakes Inc

8.000 N/A

1,955,215

3,300,000

(d),(e),(f)

Land O' Lakes Inc

7.250 N/A

2,820,734

3,200,000

(d),(e),(f)

Land O' Lakes Inc

7.000 N/A

2,653,487

TOTAL FOOD, BEVERAGE & TOBACCO

20,101,283

HEALTH CARE EQUIPMENT & SERVICES - 0.3%

2,100,000

(f) DENTSPLY SIRONA Inc

8.375 09/12/55

2,137,581

TOTAL HEALTH CARE EQUIPMENT & SERVICES

2,137,581

INSURANCE - 2.1%

4,000,000

(d),(e),(h)

Allianz SE

6.550 N/A

4,076,600

650,000

(f) Enstar Finance LLC

5.500 01/15/42

642,617

10,255,000

(d),(f)

Liberty Mutual Group Inc

7.800 03/15/37

11,763,708

1,303,000

(f) MetLife Inc

6.350 03/15/55

1,357,109

TOTAL INSURANCE

17,840,034

MATERIALS - 4.8%

8,275,000

ArcelorMittal SA

7.000 10/15/39

9,174,335

3,645,500

Ashland Inc

6.875 05/15/43

3,825,453

2,592,000

Celanese US Holdings LLC

6.665 07/15/27

2,667,137

4,000,000

Celanese US Holdings LLC

7.050 11/15/30

4,158,988

4,875,000

(c),(d)

Owens-Brockway Glass Container Inc

7.250 05/15/31

4,960,283

8,300,000

(d) Sealed Air Corp

6.875 07/15/33

8,966,324

6,625,000

Southern Copper Corp

5.875 04/23/45

6,647,969

TOTAL MATERIALS

40,400,489

MEDIA & ENTERTAINMENT - 3.3%

2,050,000

(d) CCO Holdings LLC / CCO Holdings Capital Corp

7.375 03/01/31

2,121,128

7,500,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

6.484 10/23/45

7,295,026

8,324,000

(d) Nexstar Media Inc

5.625 07/15/27

8,314,976

4,404,000

Paramount Global

6.875 04/30/36

4,674,014

1,575,000

(f) Paramount Global

6.375 03/30/62

1,577,627

2,950,000

Time Warner Entertainment Co LP

8.375 07/15/33

3,440,613

TOTAL MEDIA & ENTERTAINMENT

27,423,384

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%

7,080,000

(d) Amkor Technology Inc

6.625 09/15/27

7,073,374

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

7,073,374

SOFTWARE & SERVICES - 1.0%

3,750,000

(d) Gen Digital Inc

7.125 09/30/30

3,879,386

3,850,000

Oracle Corp

6.500 04/15/38

4,175,398

TOTAL SOFTWARE & SERVICES

8,054,784

TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%

9,269,000

Hewlett Packard Enterprise Co

6.350 10/15/45

9,550,426

11,728,000

(d) Seagate Data Storage Technology Pte Ltd

9.625 12/01/32

13,315,112

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

22,865,538

#### Portfolio of Investments August 31, 2025
(continued)

#### Flexible Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES - 1.4%

$

3,200,000

(f) Bell Telephone Co of Canada or Bell Canada

7.000 %

09/15/55

$

3,272,912

4,332,000

(d) GCI LLC

4.750 10/15/28

4,218,870

3,950,000

(f) TELUS Corp

7.000 10/15/55

4,053,415

TOTAL TELECOMMUNICATION SERVICES

11,545,197

TRANSPORTATION - 1.5%

5,279,000

XPO CNW Inc

6.700 05/01/34

5,521,464

2,785,000

(d) XPO Inc

6.250 06/01/28

2,833,367

4,420,000

(d) XPO Inc

7.125 06/01/31

4,600,893

TOTAL TRANSPORTATION

12,955,724

UTILITIES - 13.6%

8,250,000

(f) AES Corp/The

7.600 01/15/55

8,477,090

6,350,000

(f) Dominion Energy Inc

6.875 02/01/55

6,637,547

7,228,000

(f) Dominion Energy Inc

7.000 06/01/54

7,735,695

6,125,000

(e),(f)

Edison International

5.000 N/A

5,476,048

1,800,000

(f) Edison International

8.125 06/15/53

1,800,641

4,514,000

(c),(f)

Edison International

7.875 06/15/54

4,462,376

11,870,000

(f) Emera Inc

6.750 06/15/76

11,944,520

6,275,000

(f) EUSHI Finance Inc

7.625 12/15/54

6,556,114

9,290,000

(f) NextEra Energy Capital Holdings Inc

5.650 05/01/79

9,264,173

2,950,000

(f) NextEra Energy Capital Holdings Inc

6.750 06/15/54

3,116,702

11,775,000

(d),(e),(f)

NRG Energy Inc

10.250 N/A

12,980,277

8,050,000

(f) PG&E Corp

7.375 03/15/55

7,988,694

908,000

(f) Southern Co/The

6.375 03/15/55

950,071

20,475,000

(d),(e),(f)

Vistra Corp

8.000 N/A

20,900,389

5,090,000

(d),(e),(f)

Vistra Corp

7.000 N/A

5,151,294

TOTAL UTILITIES

113,441,631

TOTAL CORPORATE BONDS

(Cost $605,188,100)

611,179,009

SHARES

DESCRIPTION

RATE

VALUE

62258023

PREFERRED STOCK - 7.4%

62258023

FINANCIAL SERVICES - 1.8%

314,799

Morgan Stanley

7.125 8,036,818

181,000

Morgan Stanley

6.625 4,693,330

89,574

Morgan Stanley

6.875 2,271,597

TOTAL FINANCIAL SERVICES

15,001,745

FOOD, BEVERAGE & TOBACCO - 1.4%

90,213

CHS Inc

7.100 2,287,802

384,432

CHS Inc

6.750 9,449,338

TOTAL FOOD, BEVERAGE & TOBACCO

11,737,140

INSURANCE - 3.1%

287,059

Allstate Corp/The

7.375 7,819,487

215,192

Athene Holding Ltd

6.350 5,351,825

169,032

Enstar Group Ltd

7.000 3,955,349

337,825

Reinsurance Group of America Inc

7.125 8,634,807

TOTAL INSURANCE

25,761,468

UTILITIES - 1.1%

85,590

Algonquin Power & Utilities Corp

8.864 2,183,401

325,775

SCE Trust VII

7.500 7,574,269

TOTAL UTILITIES

9,757,670

TOTAL PREFERRED STOCK

(Cost $63,414,537)

62,258,023

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

ISSUE PRICE

CAP PRICE

MATURITY

VALUE

11911644

STRUCTURED NOTES - 1.4%

11911644

14,500

JPMorgan Chase Bank,

Mandatory Exchangeable Note,

Linked to Common Stock of

Fiserv, Inc (Cap 111.81% of the

Issue Price)

9.000 %

$166.7382

$186.4300

12/23/25

$

2,063,031

10,500

Merrill Lynch BV, Linked To

Broadcom Inc. (Cap 124.83% of

the Issue Price)

10.000 $231.7476

$289.2905

11/13/25

2,890,046

30,200

Merrill Lynch BV, Linked To

Builders Firstsource Inc. (Cap

120.00% of the Issue Price)

10.500 $136.8830

$164.2596

02/25/26

4,175,349

152,865

Nomura America Finance LLC,

Linked to Common Stock of

Viasat, Inc.

(Cap 117.50% of the Issue Price)

30.000 $14.3409

$16.8506

12/30/25

2,783,218

TOTAL STRUCTURED NOTES

(Cost $11,177,142)

11,911,644

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

3,970,720

VARIABLE RATE SENIOR LOAN INTERESTS - 0.5%

3,970,720

TELECOMMUNICATION SERVICES - 0.5%

$

3,989,832

(g) Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +

2.350%)

6.780 %

04/15/30

3,970,720

TOTAL TELECOMMUNICATION SERVICES

3,970,720

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $3,953,875)

3,970,720

TOTAL LONG-TERM INVESTMENTS

(Cost $789,116,879)

817,592,071

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.5%

12,803,252

(i) State Street Navigator Securities Lending Government Money

Market Portfolio

4.310 (j)

12,803,252

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $12,803,252)

12,803,252

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.2%

10024097

REPURCHASE AGREEMENTS - 1.2%

10024097

299,097

(k) Fixed Income Clearing Corporation

1.360 09/02/25

299,097

9,725,000

(l) Fixed Income Clearing Corporation

4.260 09/02/25

9,725,000

TOTAL REPURCHASE AGREEMENTS

(Cost $10,024,097)

10,024,097

TOTAL SHORT-TERM INVESTMENTS

(Cost $10,024,097)

10,024,097

TOTAL INVESTMENTS - 100.4%

(Cost $811,944,228)

840,419,420

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(3,302,799)

NET ASSETS - 100%

$

837,116,621

ADR

American Depositary Receipt

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(c) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $12,365,857.

(d) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $215,586,321 or 25.7% of Total Investments.

(e) Perpetual security. Maturity date is not applicable.

#### Portfolio of Investments August 31, 2025
(continued)

#### Flexible Income

See Notes to Financial Statements

(f) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

35.5% of Total Investments.

(g) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(h) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the

issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of

the end of the reporting period, the Fund's total investment in CoCos was 0.5% of Total Investments.

(i) Investments made with cash collateral received from securities on loan.

(j) The rate shown is the one-day yield as of the end of the reporting period.

(k) Agreement with Fixed Income Clearing Corporation, 1.360% dated 8/29/25 to be repurchased at $299,142 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 4.125% and maturity date 11/15/32, valued at $305,168.

(l) Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $9,729,603 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 4/15/28, valued at $9,919,710.

#### Portfolio of Investments August 31, 2025

#### Floating Rate Income
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.2%

6407847

COMMON STOCKS - 0.4%

6407847

CAPITAL GOODS - 0.0%

2,687

(a) TNT Crane & Rigging Inc

$

1,792

4,761

(a) TNT Crane & Rigging Inc

TOTAL CAPITAL GOODS

1,840

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0%

(a),(b)

Belk Inc

792

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

792

CONSUMER SERVICES - 0.3%

333,588

(a) 24 Hour Fitness Worldwide Inc

2,335

17,726

(a) Cengage Learning Holdings II Inc

418,777

953

(a) Crown Finance US Inc

20,983

156,433

(a) Crown Finance US Inc

3,444,342

TOTAL CONSUMER SERVICES

3,886,437

ENERGY - 0.0%

2,246

Chord Energy Corp

246,813

76,990

(a) Transocean Ltd

233,280

TOTAL ENERGY

480,093

HEALTH CARE EQUIPMENT & SERVICES - 0.0%

61,430

(a),(b)

Millennium Health LLC

5,651

57,666

(a),(b)

Millennium Health LLC

577

52,393

(a) Onex Carestream Finance LP

32,746

TOTAL HEALTH CARE EQUIPMENT & SERVICES

38,974

MEDIA & ENTERTAINMENT - 0.0%

7,105

(a) Catalina Marketing Corp

230,913

TOTAL MEDIA & ENTERTAINMENT

230,913

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%

63,592

(a) Bright Bidco BV

14,880

46,554

(a) Bright Bidco BV

10,894

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

25,774

SOFTWARE & SERVICES - 0.1%

33,725

(a) Avaya Inc

250,138

23,225

(a) Avaya Inc

172,260

(a),(b)

Bloom Parent Inc

204,614

TOTAL SOFTWARE & SERVICES

627,012

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%

7,250

(a) MLN US Holdco LLC

3,661

35,822

(a) Riverbed Technology LLC/US

24,672

(a) Windstream Services PE LLC

468,768

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

472,465

TELECOMMUNICATION SERVICES - 0.0%

18,781

(a) Windstream Services PE LLC

356,839

TOTAL TELECOMMUNICATION SERVICES

356,839

TRANSPORTATION - 0.0%

1,018

(a) ACBL HLDG CORP

47,337

4,313

(a) ACBL HLDG CORP

239,371

TOTAL TRANSPORTATION

286,708

TOTAL COMMON STOCKS

(Cost $21,655,153)

6,407,847

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

156416974

CORPORATE BONDS - 9.8%

156416974

AUTOMOBILES & COMPONENTS - 0.1%

$

2,000,000

(c) Clarios Global LP / Clarios US Finance Co

6.750 %

05/15/28

2,044,640

TOTAL AUTOMOBILES & COMPONENTS

2,044,640

#### Portfolio of Investments August 31, 2025
(continued)

#### Floating Rate Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL GOODS - 1.0%

$

3,310,000

(c) Camelot Return Merger Sub Inc

8.750 %

08/01/28

$

3,184,957

2,000,000

(c) Chart Industries Inc

7.500 01/01/30

2,096,178

1,000,000

(c) CP Atlas Buyer Inc

9.750 07/15/30

1,031,800

1,000,000

(c) Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC

9.000 02/15/29

1,049,338

4,000,000

(c) TK Elevator US Newco Inc

5.250 07/15/27

3,988,651

5,000,000

(c) TransDigm Inc

6.875 12/15/30

5,184,975

TOTAL CAPITAL GOODS

16,535,899

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%

1,000,000

(c) Allied Universal Holdco LLC

7.875 02/15/31

1,050,875

1,500,000

(c) Allied Universal Holdco LLC/Allied Universal Finance Corp/

Atlas Luxco 4 Sarl

4.625 06/01/28

1,466,294

3,750,000

(c) Boost Newco Borrower LLC

7.500 01/15/31

3,978,517

2,000,000

(c) Garda World Security Corp

4.625 02/15/27

1,985,692

2,424,000

(c) Prime Security Services Borrower LLC / Prime Finance Inc

5.750 04/15/26

2,434,164

250,000

(c) Prime Security Services Borrower LLC / Prime Finance Inc

6.250 01/15/28

249,924

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

11,165,466

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.2%

2,000,000

(c) Carvana Co, (cash 11.000%, PIK 13.000%)

9.000 06/01/30

2,092,088

1,000,000

(c) LBM Acquisition LLC

9.500 06/15/31

1,048,020

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,140,108

CONSUMER SERVICES - 0.7%

2,000,000

(c) 1011778 BC ULC / New Red Finance Inc

3.875 01/15/28

1,946,738

3,000,000

(c) 1011778 BC ULC / New Red Finance Inc

4.000 10/15/30

2,805,056

1,000,000

(c) Caesars Entertainment Inc

7.000 02/15/30

1,034,118

1,000,000

(c) Fertitta Entertainment LLC / Fertitta Entertainment Finance Co

Inc

4.625 01/15/29

955,951

4,500,000

(c) Odeon Finco PLC

12.750 11/01/27

4,664,412

TOTAL CONSUMER SERVICES

11,406,275

ENERGY - 0.1%

101,488

(c) Borr IHC Ltd / Borr Finance LLC

10.000 11/15/28

103,019

1,000,000

(c) eG Global Finance PLC

12.000 11/30/28

1,104,576

TOTAL ENERGY

1,207,595

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%

1,000,000

(c) Office Properties Income Trust

9.000 03/31/29

996,522

3,000,000

(c) RLJ Lodging Trust LP

3.750 07/01/26

2,961,844

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

3,958,366

HEALTH CARE EQUIPMENT & SERVICES - 2.1%

5,000,000

(c) CHS/Community Health Systems Inc

10.875 01/15/32

5,291,155

2,039,042

(c) Global Medical Response Inc, (cash 9.500%, PIK 10.000%)

10.000 10/31/28

2,039,042

4,500,000

(c) Mozart Debt Merger Sub Inc

3.875 04/01/29

4,321,111

2,750,000

(c) Radiology Partners Inc

8.500 07/15/32

2,807,365

10,276,156

(c) Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)

9.000 06/30/28

11,073,072

4,355,000

(c) Team Health Holdings Inc

8.375 06/30/28

4,408,436

2,500,000

Tenet Healthcare Corp

4.625 06/15/28

2,471,629

500,000

Tenet Healthcare Corp

6.125 10/01/28

500,361

TOTAL HEALTH CARE EQUIPMENT & SERVICES

32,912,171

INSURANCE - 0.8%

6,100,000

(c) Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

4.250 10/15/27

6,013,361

4,000,000

(c) HUB International Ltd

7.250 06/15/30

4,183,896

2,000,000

(c) Panther Escrow Issuer LLC

7.125 06/01/31

2,075,380

TOTAL INSURANCE

12,272,637

MATERIALS - 0.3%

1,875,000

(c),(d)

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal

Packaging Finance PLC

4.000 09/01/29

1,720,564

1,500,000

(c) Arsenal AIC Parent LLC

8.000 10/01/30

1,588,779

776,000

(c) WR Grace Holdings LLC

4.875 06/15/27

769,756

TOTAL MATERIALS

4,079,099

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT - 1.0%

$

600,000

(c) Advantage Sales & Marketing Inc

6.500 %

11/15/28

$

498,041

5,000,000

(c) CCO Holdings LLC / CCO Holdings Capital Corp

5.125 05/01/27

4,974,802

3,500,000

(c) CSC Holdings LLC

5.500 04/15/27

3,365,988

7,392

(c) iHeartCommunications Inc

9.125 05/01/29

6,333

3,000,000

(c) McGraw-Hill Education Inc

5.750 08/01/28

3,015,615

500,000

(c) Outfront Media Capital LLC / Outfront Media Capital Corp

5.000 08/15/27

495,938

3,000,000

(c) Sinclair Television Group Inc

8.125 02/15/33

3,073,500

TOTAL MEDIA & ENTERTAINMENT

15,430,217

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%

3,000,000

(c) Organon & Co / Organon Foreign Debt Co-Issuer BV

5.125 04/30/31

2,570,652

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,570,652

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

2,000,000

(c) Cushman & Wakefield US Borrower LLC

6.750 05/15/28

2,019,712

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

2,019,712

SOFTWARE & SERVICES - 0.1%

2,240,000

(c) Open Text Holdings Inc

4.125 12/01/31

2,060,865

TOTAL SOFTWARE & SERVICES

2,060,865

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

2,000,000

(c) CommScope Technologies LLC

5.000 03/15/27

1,979,715

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

1,979,715

TELECOMMUNICATION SERVICES - 1.5%

1,504,000

EchoStar Corp, (cash 6.750%, PIK 6.750%)

6.750 11/30/30

1,483,801

5,651,000

EchoStar Corp

10.750 11/30/29

6,081,889

7,284,000

(c) Frontier Communications Holdings LLC

5.875 10/15/27

7,281,920

2,000,000

(c) Level 3 Financing Inc

4.000 04/15/31

1,675,000

1,000,000

(c) Lumen Technologies Inc

10.000 10/15/32

1,012,899

260,000

(c) Telesat Canada / Telesat LLC

5.625 12/06/26

201,500

6,935,000

(c) Zayo Group Holdings Inc

4.000 03/01/27

6,708,598

TOTAL TELECOMMUNICATION SERVICES

24,445,607

TRANSPORTATION - 0.3%

3,287,000

(c) Air Canada

3.875 08/15/26

3,247,276

1,500,000

(c) United Airlines Inc

4.625 04/15/29

1,476,141

TOTAL TRANSPORTATION

4,723,417

UTILITIES - 0.3%

496,702

Pacific Gas and Electric Co

3.150 01/01/26

493,700

496,702

Pacific Gas and Electric Co

4.500 07/01/40

423,897

2,602,000

PG&E Corp

5.000 07/01/28

2,572,367

1,000,000

PG&E Corp

5.250 07/01/30

974,569

TOTAL UTILITIES

4,464,533

TOTAL CORPORATE BONDS

(Cost $153,039,841)

156,416,974

SHARES

DESCRIPTION

VALUE

47161218

EXCHANGE-TRADED FUNDS - 2.9%

47161218

2,015,737

(d) Invesco Senior Loan ETF

42,169,218

120,000

SPDR Blackstone Senior Loan ETF

4,992,000

TOTAL EXCHANGE-TRADED FUNDS

(Cost $47,595,086)

47,161,218

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

1359707148

VARIABLE RATE SENIOR LOAN INTERESTS - 85.1%

1359707148

AUTOMOBILES & COMPONENTS - 1.4%

1,939,464

(e) Adient US LLC, Term Loan B2, (TSFR1M + 2.250%)

6.566 01/29/31

1,944,923

8,505,802

(e) Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)

6.816 05/06/30

8,518,561

8,000,000

(e) Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)

7.066 01/28/32

8,016,240

3,239,629

(e) DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%)

8.180 10/04/28

3,177,234

TOTAL AUTOMOBILES & COMPONENTS

21,656,958

#### Portfolio of Investments August 31, 2025
(continued)

#### Floating Rate Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL GOODS - 7.3%

$

180,609

(e),(f)

Air Comm Corporation, LLC, Delayed Draw Term Loan

1.000 %

12/11/31

$

181,399

2,874,824

(e) Air Comm Corporation, LLC, Term Loan, (TSFR3M + 2.750%)

7.064 12/11/31

2,887,401

1,667,889

(e) Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.750%)

9.046 11/03/31

1,688,320

2,089,239

(e) Barentz International B.V., Term Loan B, (TSFR3M + 3.250%)

7.646 03/28/31

2,078,793

4,969,545

(e) Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%)

7.316 01/27/32

4,980,925

2,373,278

(e) Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.500%)

6.808 10/17/30

2,380,695

2,940,000

(e) Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)

6.566 07/09/32

2,950,114

6,982,783

(e) Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.250%)

7.666 11/03/28

6,991,023

585,000

(e),(g)

Chariot Buyer LLC, (TBD)

TBD

TBD

585,951

4,337,237

(e) Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)

6.792 03/18/30

4,364,367

879,432

(e) Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)

8.180 05/17/28

584,822

2,783,369

(e),(h)

Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +

3.250%)

7.713 04/12/28

2,648,265

1,365,000

(e) CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)

9.566 07/08/30

1,315,860

875,000

(e) DG Investment Intermediate Holdings 2, Inc., Term Loan,

(TSFR1M + 3.750%)

8.102 07/12/32

880,469

902,783

(e),(g)

Foundation Building Materials Holding Company LLC, Term

Loan, (TBD)

TBD

TBD

906,259

1,791,438

(e) Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)

6.066 06/04/31

1,790,936

3,333,000

(e) Herc Holdings Inc, Term Loan B, (TSFR1M + 2.000%)

6.351 06/02/32

3,354,664

1,379,310

(e),(f)

Kaman Corporation, Delayed Draw Term Loan, (TSFR3M +

1.875%)

4.039 02/26/32

1,383,628

14,620,690

(e) Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +

2.750%)

6.871 02/26/32

14,666,452

3,351,006

(e) Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)

6.702 06/21/28

3,359,953

1,677,325

(e) Madison Safety & Flow LLC, Term Loan B, (TSFR1M + 2.750%)

7.066 09/26/31

1,685,712

1,529,238

(e) MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +

2.750%)

7.066 03/28/31

1,538,085

1,336,000

(e) Minimax Viking GmbH, Term Loan B, (TSFR1M + 2.250%)

6.566 03/17/32

1,340,596

1,555,890

(e) Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)

8.447 10/15/29

1,234,598

767,000

(e),(h)

Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)

9.545 10/15/29

782,582

5,507,197

(e) Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)

6.566 01/31/32

5,512,374

4,101,016

(e) QXO Inc, Term Loan B, (TSFR3M + 3.000%)

7.296 04/30/32

4,142,231

2,315,000

(e) Resideo Funding Inc., Incremental Term Loan, (TSFR1M +

2.000%)

6.363 08/13/32

2,314,282

1,611,974

(e) Titan Acquisition Limited, Term Loan B, (TSFR3M + TSFR6M +

4.500%)

8.731 02/15/29

1,619,406

14,901,139

(e) TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 3.000%)

7.197 04/30/30

14,970,578

3,146,225

(e) TransDigm, Inc., Term Loan, (TSFR3M + 2.500%)

6.796 01/20/32

3,152,297

5,102,304

(e) TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)

6.796 02/28/31

5,112,151

5,950,000

(e) TransDigm, Inc., Term Loan M, (TSFR3M + 2.500%)

6.853 08/13/32

5,958,449

8,024,936

(e) Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)

8.180 11/20/28

8,046,683

TOTAL CAPITAL GOODS

117,390,320

COMMERCIAL & PROFESSIONAL SERVICES - 4.3%

8,500,000

(e) Allied Universal Holdco LLC, Term Loan B, (TSFR3M + 3.250%)

7.590 08/20/32

8,539,100

1,652,332

(e) Amentum Government Services Holdings LLC, Term Loan B,

(TSFR1M + 2.250%)

6.566 09/29/31

1,655,174

1,329,667

(e) American Auto Auction Group, LLC, Term Loan, (TSFR1M +

4.500%)

8.816 05/28/32

1,343,656

2,686,245

(e) Anticimex International AB, Term Loan B1, (SOFR90A +

3.400%)

7.760 11/16/28

2,696,318

4,009,828

(e) Anticimex International AB, Term Loan B6, (SOFR90A +

3.400%)

7.760 11/16/28

4,027,371

192,931

(e),(f)

Archkey Solutions LLC, Delayed Draw Term Loan B

4.750 11/03/31

195,294

4,784,801

(e) CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)

7.930 06/02/28

4,780,615

4,836,664

(e) Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M

+ 2.500%)

6.816 10/01/31

4,852,214

2,831,786

(e) Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)

7.308 08/01/29

2,847,559

3,277,360

(e) First Advantage Holdings, LLC, Repriced Term Loan B, (TSFR1M

+ 2.750%)

7.066 10/31/31

3,289,667

6,406,702

(e) Garda World Security Corporation, Term Loan B, (TSFR1M +

3.000%)

7.362 02/01/29

6,417,113

3,600,000

(e) GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)

6.824 03/03/32

3,602,250

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

$

2,635,399

(e) OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.500%)

6.814 %

07/25/30

$

2,641,289

1,561,365

(e) Prime Security Services Borrower, LLC, First Lien Term Loan B,

(TSFR6M + 2.000%)

6.129 10/15/30

1,561,685

2,865,755

(e) West Corporation, Term Loan B3, (TSFR3M + 4.000%)

8.558 04/12/27

1,499,148

1,710,713

(e) WIN Waste Innovations Holdings, Inc., Incremental Term Loan,

(TSFR1M + 3.750%)

8.180 03/27/28

1,725,151

14,589,531

(e) WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M

+ 2.750%)

7.180 03/27/28

14,609,081

2,069,363

(e) XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%)

7.796 06/24/31

2,079,709

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

68,362,394

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.9%

370,812

(e) Academy, Ltd., Term Loan, (TSFR1M + 3.750%)

8.218 11/08/27

371,122

2,926,882

(e) Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.500%)

6.742 10/16/31

2,944,810

7,382,889

(e) CNT Holdings I Corp, Term Loan, (TSFR3M + 2.250%)

6.558 11/08/32

7,389,349

1,388,459

(e) Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)

7.296 06/17/31

1,393,666

4,481,088

(e) Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)

6.841 06/09/31

4,488,683

812,738

(e) Kodiak Building Partners Inc., Term Loan B, (TSFR3M + 3.750%)

8.041 12/04/31

809,776

3,968,449

(e),(h)

LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +

3.750%)

8.210 06/06/31

3,867,809

2,549,851

(e) Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M +

2.500%)

6.757 04/23/31

2,550,654

3,215,062

(e) Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)

8.807 04/17/28

2,699,190

3,098,806

(e),(h)

Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +

2.500%)

6.816 03/27/31

3,108,768

977,000

(e) Petco Health and Wellness Company, Inc., Term Loan B,

(TSFR3M + 3.250%)

7.807 03/06/28

946,268

1,950,000

(e) PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)

8.360 08/18/32

1,933,854

425,481

(e) Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)

6.930 10/20/28

409,791

9,642,270

(e) Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +

2.500%)

6.816 01/30/31

9,634,460

3,214,708

(e) White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)

7.566 10/29/29

3,220,205

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

45,768,405

CONSUMER DURABLES & APPAREL - 2.0%

2,826,462

(e) ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,

(TSFR1M + 2.250%)

6.566 12/21/28

2,825,586

8,603,700

(e) AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M +

3.000%)

7.351 07/31/28

8,616,950

3,110,584

(e) Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)

6.930 05/30/28

3,117,754

31,175

(e) Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +

7.500%)

11.910 06/29/28

29,026

2,175,406

(e) Somnigroup International Inc, Term Loan B, (TSFR1M +

2.250%)

6.610 10/24/31

2,183,564

4,900,718

(e) Varsity Brands, Inc., Term Loan, (TSFR3M + 3.250%)

7.448 08/26/31

4,922,942

6,916,649

(e) Weber-Stephen Products LLC, Term Loan B, (TSFR1M +

3.250%)

7.680 10/29/27

6,911,704

3,415,000

(e) WH Borrower, LLC, Term Loan B, (TSFR3M + 4.750%)

8.954 02/20/32

3,432,075

TOTAL CONSUMER DURABLES & APPAREL

32,039,601

CONSUMER SERVICES - 5.8%

3,582,022

(e) Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M

+ 2.000%)

6.329 06/11/31

3,572,333

5,082,356

(e) Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)

6.816 05/31/30

5,098,263

6,962,719

(e) Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)

6.816 08/17/28

6,980,125

3,960,788

(e) Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)

6.566 02/06/30

3,956,827

3,456,250

(e) Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)

6.566 02/06/31

3,451,498

525,000

(e) Catawba Nation Gaming Authority, Term Loan B, (TSFR3M +

4.750%)

9.046 03/29/32

537,141

895,500

(e) CE Intermediate I, LLC, Term Loan B, (TSFR3M + 3.000%)

7.376 03/25/32

899,790

4,429,273

(e) Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +

2.250%)

6.556 05/24/30

4,441,454

8,389,840

(e) Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)

8.854 12/02/31

8,393,783

2,493,750

(e) DK Crown Holdings Inc., Term Loan B, (TSFR1M + 1.750%)

6.101 03/04/32

2,491,518

#### Portfolio of Investments August 31, 2025
(continued)

#### Floating Rate Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER SERVICES

(continued)

$

3,142,464

(e) Element Materials Technology Group US Holdings Inc., Term

Loan, (TSFR3M + 3.675%)

7.971 %

06/25/29

$

3,163,424

2,752,767

(e) Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)

7.566 01/29/29

2,754,667

4,365,000

(e) Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)

6.296 06/04/32

4,361,355

5,279,526

(e) Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)

6.046 11/29/30

5,263,027

4,218,487

(e) GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR6M +

2.750%)

7.016 10/31/29

4,222,874

3,555,000

(e) Herschend Entertainment Company, LLC, Term Loan B,

(TSFR1M + 3.250%)

7.573 05/27/32

3,584,080

4,040,728

(e) IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%)

6.816 12/15/27

4,042,001

6,039,231

(e) Light and Wonder International, Inc., Term Loan B2, (TSFR1M +

2.250%)

6.610 04/16/29

6,061,878

4,191,102

(e) PG Investment Company 59 S.a r.l., Term Loan B, (TSFR3M +

2.750%)

7.046 03/24/31

4,212,057

3,283,178

(e) Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)

7.286 04/04/29

3,253,761

2,659,872

(e) SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M

+ 2.000%)

6.316 12/04/31

2,662,093

455,200

(e) Six Flags Entertainment Corporation, Term Loan B, (TSFR1M +

2.000%)

6.316 05/01/31

453,455

7,889,204

(e) Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)

8.577 03/06/28

6,725,586

2,786,000

(e) UFC Holdings, LLC, Term Loan B, (TSFR3M + 2.250%)

6.465 11/21/31

2,796,712

TOTAL CONSUMER SERVICES

93,379,702

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.0%

700,000

(e),(g)

Boots Group Finco LP, (TBD)

TBD

TBD

702,625

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

702,625

ENERGY - 1.6%

3,470,762

(e) EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)

7.699 02/07/28

3,491,986

2,385,261

(e) Epic Crude Services, LP, Term Loan B, (TSFR3M + 2.500%)

6.828 10/15/31

2,398,117

13,903,408

(e) Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M +

3.000%)

7.587 11/16/26

13,909,248

1,361,988

(e) Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M +

3.250%)

7.575 12/21/28

1,364,780

3,952,715

(e) TransMontaigne Operating Company L.P., Term Loan B,

(TSFR1M + 2.500%)

6.816 11/17/28

3,963,684

1,158,940

(e) Traverse Midstream Partners LLC, Term Loan, (TSFR3M +

2.500%)

6.808 02/16/28

1,162,324

TOTAL ENERGY

26,290,139

FINANCIAL SERVICES - 1.5%

3,654,035

(e) AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)

7.066 07/30/31

3,666,020

1,835,243

(e) AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%)

7.316 08/02/28

1,839,115

1,530,323

(e) Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M

+ 3.500%)

7.816 12/15/28

1,543,078

2,820,000

(e),(g)

Beach Acquisition Bidco LLC, (TBD)

TBD

TBD

2,841,150

3,835,000

(e) Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)

6.050 07/30/32

3,816,170

1,558,095

(e) Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M

+ 3.250%)

7.447 01/27/32

1,564,912

1,777,219

(b),(e),(i)

Ditech Holding Corporation, Term Loan

0.000 06/30/27

4,307,504

(e) Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,

(TSFR1M + 3.000%)

7.316 03/24/31

4,312,501

1,944,000

(e),(g)

Orion US Finco Inc, (TBD)

TBD

TBD

1,959,280

1,750,000

(e) Priority Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)

8.066 07/30/32

1,757,656

400,000

(e),(g)

Tiger Acquisition LLC, (TBD)

TBD

TBD

400,550

TOTAL FINANCIAL SERVICES

23,700,610

FOOD, BEVERAGE & TOBACCO - 2.0%

1,308,392

(e) Aspire Bakeries Holdings LLC, Term Loan B, (TSFR1M +

3.500%)

7.831 12/23/30

1,318,211

629,000

(e),(g)

B&G Foods Inc, (TBD)

TBD

TBD

599,280

2,562,968

(e) CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)

7.430 12/08/28

2,572,579

907,692

(e) City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M

+ 7.000%), (cash 11.198%, PIK 6.000%)

11.198 09/30/30

888,403

207,734

(e) City Brewing Company, LLC, PIK Super Priority Term Loan,

(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)

11.198 09/30/30

211,629

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FOOD, BEVERAGE & TOBACCO

(continued)

$

3,279,437

(e) Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)

7.066 %

02/12/31

$

3,282,766

2,906,000

(e),(g)

Froneri US Inc, (TBD)

TBD

TBD

2,904,736

1,642,000

(e) Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)

9.796 01/24/29

1,646,105

6,440,928

(e) Pegasus BidCo BV, Term Loan B, (TSFR3M + 3.250%)

7.461 07/12/29

6,467,786

129,310

(e),(f)

Sauer Brands Inc, Delayed Draw Term Loan, (TSFR3M +

1.625%)

1.625 02/19/32

130,135

1,370,689

(e) Sauer Brands Inc, Term Loan B, (TSFR1M + 3.000%)

7.316 02/19/32

1,379,428

2,030,000

(e) Sazerac Company, Inc., Term Loan B, (TSFR1M + 2.500%)

6.860 07/09/32

2,043,418

8,566,552

(e) Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)

6.546 03/31/28

8,587,069

TOTAL FOOD, BEVERAGE & TOBACCO

32,031,545

HEALTH CARE EQUIPMENT & SERVICES - 8.6%

2,629,236

(e) ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)

10.066 12/23/27

2,466,552

5,471,370

(e) AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.750%)

7.066 08/24/28

5,499,876

3,459,000

(e) Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)

8.566 01/15/31

3,468,270

2,181,994

(e) Concentra Health Services Inc, Repriced Term Loan B, (TSFR1M

+ 2.000%)

6.316 07/28/31

2,194,955

2,748,673

(e) EyeCare Partners, LLC, Second Out Term Loan B, (TSFR3M +

TSFR6M + 2.305%), (cash 5.227%, PIK 3.610%)

4.419 11/30/28

2,140,034

6,291,449

(e) Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)

8.396 10/01/27

6,201,796

6,760,045

(e) Global Medical Response, Inc., PIK Term Loan, (TSFR3M +

2.750%), (cash 8.945%, PIK 0.750%)

4.848 10/02/28

6,771,064

1,913,193

(e) LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +

3.750%)

8.068 05/19/31

1,902,613

2,992,548

(e) MedAssets Software Intermediate Holdings, Inc., First Out Term

Loan, (TSFR1M + 4.000%)

8.341 12/18/28

2,909,011

3,713,000

(e),(h)

Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M

+ 3.500%)

7.908 11/01/28

2,877,575

22,154,124

(e) Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)

6.316 10/23/28

22,179,602

5,436,488

(e) National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M

+ 3.750%)

8.156 03/02/28

5,380,166

157,762

(e) National Mentor Holdings, Inc., Term Loan C, (TSFR3M +

3.750%)

8.146 03/02/28

156,127

2,000,000

(e) Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +

3.750%)

7.976 08/06/32

2,008,750

3,871,987

(e) Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.750%)

7.091 03/17/31

3,883,003

13,443,695

(e) Parexel International Corporation, Term Loan B, (TSFR1M +

2.500%)

6.816 11/15/28

13,471,725

9,466,750

(e) Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)

6.816 02/21/31

9,487,245

1,965,000

(e) Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)

8.798 06/30/32

1,968,891

3,823,363

(e) Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)

6.316 12/03/31

3,837,700

313,010

(e) Sound Inpatient Physicians, Tranche A Term Loan (First Out),

(TSFR3M + 3.250%), (cash 10.057%, PIK 1.000%)

5.529 06/28/28

327,293

2,939,592

(e) Sound Inpatient Physicians, Tranche B Term Loan (Second Out),

(TSFR3M + 2.500%), (cash 8.057%, PIK 1.500%)

4.779 06/28/28

2,833,046

1,839,343

(e) Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)

8.296 09/30/30

1,831,066

17,840,308

(e) Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +

2.500%)

6.816 12/19/30

17,882,857

7,250,000

(e) Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)

8.796 06/30/28

7,235,681

3,869,157

(e) Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)

8.316 10/29/31

3,870,608

6,954

(b),(e)

Vyaire Medical, Inc., PIK Roll Up Term Loan

0.000 06/14/27

303,385

(b),(e),(i)

Vyaire Medical, Inc., Term Loan B

0.000 04/16/25

3,980,000

(e) Zelis Payments Buyer, Inc., 5th Amendment Term Loan,

(TSFR1M + 3.250%)

7.566 11/26/31

3,989,134

TOTAL HEALTH CARE EQUIPMENT & SERVICES

136,774,671

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%

1,092,518

(e),(h)

Kronos Acquisition Holdings Inc., Term Loan, (TSFR3M +

4.000%)

8.296 07/08/31

814,472

1,158,000

(e) VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +

3.500%)

8.057 05/16/28

1,158,035

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,972,507

#### Portfolio of Investments August 31, 2025
(continued)

#### Floating Rate Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE - 6.9%

$

3,130,418

(e) Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)

7.316 %

11/06/30

$

3,132,875

5,740,000

(e) Alera Group, Inc., Term Loan, (TSFR1M + 3.250%)

7.566 05/28/32

5,770,164

15,241,185

(e),(h)

Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +

2.500%)

6.823 09/19/31

15,224,953

5,338,175

(e) AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)

6.566 01/30/32

5,342,285

4,570,791

(e),(h)

Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)

9.680 02/03/28

4,462,235

698,294

(e) Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)

8.666 08/21/28

698,619

5,813,694

(e) Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)

8.566 09/19/30

5,759,191

10,316,871

(e) Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)

7.680 07/30/27

10,325,022

19,658,227

(e) Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)

7.066 06/16/31

19,671,103

453,500

(e) Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)

6.611 10/15/30

455,768

6,268,807

(e) HUB International Limited, Term Loan B, (TSFR3M + 2.500%)

6.825 06/20/30

6,288,271

10,970,063

(e) Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)

6.316 09/15/31

11,016,686

8,801,479

(e) Sedgwick Claims Management Services, Inc., Term Loan B,

(TSFR1M + 2.500%)

6.816 07/31/31

8,835,409

3,180,000

(e) Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +

3.250%)

7.566 06/17/32

3,197,903

5,941,855

(e) Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +

2.750%)

7.046 05/06/31

5,958,581

3,743,705

(e) USI, Inc., Term Loan C, (TSFR3M + 2.250%)

6.546 09/27/30

3,743,986

1,049,491

(e) USI, Inc., Term Loan D, (TSFR3M + 2.250%)

6.546 11/23/29

1,049,244

TOTAL INSURANCE

110,932,295

MATERIALS - 4.1%

3,222,968

(e) Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)

7.066 08/19/30

3,230,026

5,896,442

(e) Berlin Packaging LLC, Term Loan B7, (TSFR1M + TSFR3M +

3.250%)

7.581 06/09/31

5,918,996

133,677

(e),(f)

Clydesdale Acquisition Holdings Inc, Delayed Draw Term Loan,

(TSFR1M + 2.438%)

4.595 03/29/32

133,695

7,646,323

(e) Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +

3.250%)

7.566 03/29/32

7,647,355

5,967,130

(e) Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +

3.175%)

7.491 04/13/29

5,968,473

1,395,000

(e) CPC Acquisition Corp, Term Loan, (TSFR3M + 3.750%)

8.307 12/29/27

1,192,725

3,353,167

(e) Discovery Purchaser Corporation, Term Loan, (TSFR3M +

3.750%)

8.082 10/04/29

3,349,210

3,575,000

(e) Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)

7.796 04/02/32

3,563,846

192,648

(e) Ineos US Finance LLC, First Lien Term Loan B, (TSFR1M +

3.000%)

7.316 02/07/31

174,507

1,374,188

(e) Ineos US Finance LLC, Term Loan B, (TSFR1M + 3.250%)

7.566 02/19/30

1,265,394

6,871,677

(e) Klockner-Pentaplast of America, Inc., Term Loan B, (TSFR6M +

4.725%)

9.019 02/09/26

4,214,640

1,485,292

(e) Lonza Group AG, Term Loan B, (TSFR3M + 3.925%)

8.321 07/03/28

1,318,204

4,814,835

(e) Nouryon Finance B.V., Term Loan B1, (TSFR1M + 3.250%)

7.601 04/03/28

4,835,899

246,267

(e) Nouryon Finance B.V., Term Loan B2, (TSFR1M + 3.250%)

7.611 04/03/28

247,345

1,145,000

(e),(g)

Olympus Water US Holding Corp, (TBD)

TBD

TBD

1,143,569

532,214

(e) Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)

8.180 08/03/26

486,060

925,000

(e),(g)

Plaze, Inc., Term Loan B, (TBD)

TBD

TBD

844,784

4,697,866

(e) Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)

8.256 09/15/28

4,707,262

5,380,000

(e),(g)

Qnity Electronics Inc, (TBD)

TBD

TBD

5,374,970

4,527,802

(e) SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)

7.816 04/21/31

4,569,797

2,582,304

(e) TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)

7.566 07/30/31

2,572,775

217,170

(e),(f)

USALCO, LLC, Delayed Draw Term Loan

1.000 09/30/31

217,272

2,095,030

(e) USALCO, LLC, Term Loan, (TSFR1M + 3.500%)

7.816 09/30/31

2,096,015

TOTAL MATERIALS

65,072,819

MEDIA & ENTERTAINMENT - 4.2%

1,335,941

(e),(h)

Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +

4.250%)

8.797 10/28/27

1,144,373

12,759,268

(e),(h)

AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +

7.000%)

11.340 01/04/29

12,817,259

6,649,008

(e) Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M +

TSFR3M + 3.500%)

7.773 03/24/31

6,668,290

3,103,728

(e) Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)

7.301 10/30/30

3,110,029

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT

(continued)

$

8,429,401

(e) Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +

4.000%)

8.430 %

08/23/28

$

8,450,475

1,648,382

(e) CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)

7.896 06/18/29

1,589,452

7,463,859

(e) CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)

9.000 04/15/27

7,317,306

10,565,821

(e),(h)

CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)

8.863 01/18/28

10,555,097

980,244

(e) DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.000%)

9.570 08/02/27

983,371

423,057

(e) E.W. Scripps Company (The), Term Loan B2, (TSFR1M +

5.750%)

10.230 06/30/28

426,761

698,000

(e) E.W. Scripps Company (The), Term Loan B3, (TSFR1M +

3.350%)

7.830 11/30/29

675,664

3,352,080

(e) McGraw-Hill Global Education Holdings, LLC, Term Loan B,

(TSFR1M + 3.250%)

7.566 08/06/31

3,368,572

698,880

(e) Mission Broadcasting, Inc., Term Loan B, (TSFR1M + 2.500%)

6.968 06/02/28

696,839

4,148,935

(e) Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +

3.000%)

7.256 02/10/31

4,176,422

1,420,000

(e) Sinclair Television Group Inc., Term Loan B6, (TSFR3M +

3.300%)

7.870 12/31/29

1,289,360

3,352,000

(e),(g)

WideOpenWest Finance LLC, Super Senior 2nd Out Term

Loan, (TBD)

TBD

TBD

3,125,740

TOTAL MEDIA & ENTERTAINMENT

66,395,010

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%

875,000

(e) Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)

7.816 08/02/32

881,562

6,274,032

(e) Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +

2.250%)

6.566 05/05/28

6,297,559

5,625,000

(e) Opal Bidco SAS, Term Loan B, (TSFR3M + 3.250%)

7.575 04/23/32

5,664,544

9,623,621

(e) Organon & Co, Term Loan, (TSFR1M + 2.250%)

6.573 05/19/31

9,415,125

1,837,372

(e) Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)

6.316 04/20/29

1,841,580

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

24,100,370

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%

6,934,511

(e) Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1,

(TSFR1M + 2.750%)

7.066 01/31/30

6,963,393

1,394,457

(e) Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,

(TSFR1M + 2.750%)

7.066 01/31/30

1,398,522

5,740,000

(e) Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)

7.930 12/08/25

5,586,139

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

13,948,054

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%

8,820,893

(e) Instructure Holdings, Inc., Term Loan, (TSFR6M + 3.000%)

7.205 11/13/31

8,836,064

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

8,836,064

SOFTWARE & SERVICES - 15.5%

976,773

(e) Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.750%)

7.046 02/03/31

978,843

136,556

(e) Apttus Corporation, Term Loan B, (TSFR3M + 3.500%)

7.808 05/08/28

137,026

2,013,000

(e) Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)

9.680 01/22/29

1,918,168

3,920,000

(e) Avalara, Inc, Term Loan B, (TSFR3M + 3.250%)

7.546 03/29/32

3,948,322

6,047,799

(e) Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.856%,

PIK 7.500%)

11.856 08/01/28

5,125,510

3,002,475

(e) BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.000%)

7.316 11/25/31

3,010,777

12,031,855

(e) Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)

6.296 01/31/31

12,058,927

16,935,651

(e) Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)

7.199 07/30/31

16,933,957

4,125,927

(e) Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)

7.066 01/31/31

4,106,845

3,937,000

(e) Clearwater Analytics, LLC, Term Loan B, (TSFR6M + 2.250%)

6.460 04/21/32

3,951,783

349,123

(e) Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +

3.250%)

7.483 03/24/31

350,456

730,000

(e) Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +

3.250%)

7.483 08/13/32

732,121

6,500,000

(e) Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +

2.750%)

7.104 03/29/32

6,501,332

7,707,730

(e) Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)

7.104 05/01/31

7,717,403

7,980,000

(e) Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)

7.570 10/09/31

8,007,451

875,000

(e) Disco Parent, Inc., Term Loan B, (TSFR3M + 3.250%)

7.484 08/06/32

881,562

6,893,043

(e) Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +

2.750%)

7.066 10/09/29

6,908,139

13,520,230

(e) Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)

6.816 05/30/31

13,570,119

#### Portfolio of Investments August 31, 2025
(continued)

#### Floating Rate Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOFTWARE & SERVICES

(continued)

$

615,313

(e) Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)

7.351 %

06/27/31

$

618,005

22,018,390

(e) Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M

+ 2.500%)

6.816 01/30/32

22,059,674

5,066,767

(e) Informatica LLC, Term Loan B, (TSFR1M + 2.250%)

6.566 10/30/28

5,082,601

4,817,925

(e) Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)

7.058 12/08/31

4,809,638

3,581,025

(e) Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.250%)

7.566 03/22/32

3,592,717

11,490,509

(e) McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)

7.349 03/01/29

11,006,931

430,000

(e) MedAssets Software Intermediate Holdings, Inc., Second Out

Term Loan, (TSFR1M + 4.000%)

8.455 12/18/28

374,100

10,056,512

(e) Mitchell International, Inc., First Lien Term Loan, (TSFR1M +

3.250%)

7.566 06/17/31

10,086,833

3,869,418

(e) Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)

6.066 01/31/30

3,872,204

3,098,700

(e) Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)

9.066 03/24/31

2,933,121

2,014,875

(e) PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +

2.750%)

7.082 11/03/31

2,023,700

5,843,721

(e) Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +

3.000%)

7.316 04/30/31

5,843,721

3,019,137

(e) Project Alpha Intermediate Holding, Inc., First Lien Term Loan

B, (TSFR3M + 3.250%)

7.546 10/28/30

3,032,527

571,000

(e),(h)

PROOFPOINT INC, (CME Term SOFR 1 Month + 3.000%)

7.311 08/31/28

575,163

4,178,841

(e) Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%)

7.316 08/31/28

4,209,305

3,694,140

(e) Rackspace Finance, LLC, First Lien First Out Term Loan,

(TSFR1M + 6.250%)

10.722 05/15/28

3,750,864

6,406,858

(e) Rackspace Finance, LLC, First Lien Second Out Term Loan,

(TSFR1M + 2.750%)

7.222 05/15/28

3,277,108

8,346,667

(e) Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)

8.066 11/28/28

8,377,967

1,874,517

(e) Surf Holdings, LLC, Incremental Term Loan, (TSFR1M + 3.500%)

7.930 03/05/27

1,880,375

2,867,812

(e) Synechron Inc, Term Loan B, (TSFR3M + 3.750%)

8.058 10/03/31

2,874,982

2,517,627

(e) Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M +

1.750%)

6.066 08/31/28

2,506,411

11,703,003

(e),(h)

Twitter, Inc., Term Loan, (TSFR3M + 6.500%)

10.958 10/29/29

11,456,421

15,398,687

(e) UKG Inc., Term Loan B, (TSFR3M + 2.500%)

6.810 02/10/31

15,409,004

5,341,716

(e) Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +

4.000%)

8.570 04/24/28

5,004,520

4,788,873

(e) VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)

6.560 04/14/31

4,798,858

4,422,000

X Corp

9.500 10/29/29

4,354,078

7,554,375

(e) Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)

7.066 09/28/29

7,543,081

TOTAL SOFTWARE & SERVICES

248,192,650

TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%

22,533,723

(e) CommScope, Inc., Term Loan, (TSFR1M + 4.750%)

9.066 12/17/29

22,973,807

16,202,980

(e) Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)

7.071 12/03/29

16,165,794

2,042,201

(e) Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)

6.560 09/22/31

2,058,160

6,198,002

(e) Verifone Systems, Inc., Term Loan, (TSFR3M + 5.500%)

10.070 08/21/28

5,918,131

336,134

(e) ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)

8.930 03/05/29

334,756

5,136,929

(e) ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)

8.974 05/30/30

5,107,623

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

52,558,271

TELECOMMUNICATION SERVICES - 6.4%

1,832,492

(e),(i)

Altice France S.A., Term Loan B12, (Prime + 2.688%)

10.188 02/02/26

1,634,675

4,727,149

(e),(i)

Altice France S.A., Term Loan B13, (Prime + 3.000%)

10.500 08/14/26

4,211,110

2,886,781

(e) Altice France S.A., Term Loan B14, (TSFR3M + 5.500%)

9.818 08/31/28

2,656,560

4,571,752

(e) Cincinnati Bell, Inc., Term Loan B2, (TSFR1M + 2.750%)

7.066 11/24/28

4,591,273

1,982,980

(e) Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)

8.816 09/13/29

1,961,455

4,797,182

(b),(e)

Cyxtera DC Holdings, Inc., Term Loan B

0.000 05/01/26

26,384

4,178,000

(e) Digicel International Finance Limited, Term Loan B, (Prime +

4.250%)

11.750 07/30/32

4,181,489

13,226,139

(e) Frontier Communications Corp., Term Loan B, (TSFR1M +

2.500%)

6.866 07/01/31

13,256,427

2,025,800

(e) Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)

6.566 09/20/30

2,019,105

7,523,000

(e) Level 3 Financing Inc., Term Loan B, (TSFR1M + 4.250%)

8.566 03/29/32

7,576,300

10,603,457

(e) Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +

2.350%)

6.780 04/15/30

10,552,666

4,119,903

(e) Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)

10.316 06/01/28

4,212,601

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES

(continued)

$

5,113,416

(e),(i)

Numericable Group SA, Term Loan B11, (Prime + 1.750%)

9.250 %

05/31/28

$

4,540,713

2,486,000

(e),(h)

Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)

7.210 12/07/26

1,908,005

786,000

(e),(g)

Zayo Group Holdings Inc, (TBD)

TBD

TBD

773,664

31,407,000

(e) Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)

7.430 03/09/27

30,475,311

7,371,072

(e) Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)

6.978 04/28/28

7,143,233

TOTAL TELECOMMUNICATION SERVICES

101,720,971

TRANSPORTATION - 1.9%

2,403,415

(e) Air Canada, Term Loan B, (TSFR1M + 2.000%)

6.323 03/21/31

2,407,922

2,773,536

(e) American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)

6.575 04/20/28

2,768,779

6,278,353

(e) Brown Group Holding, LLC, Incremental Term Loan B2,

(TSFR1M + TSFR3M + 2.750%)

7.007 07/01/31

6,286,201

414,934

(e) Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)

6.816 07/01/31

414,992

9,812,604

(e) KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)

6.816 09/23/31

9,824,870

2,082,591

(e) PODS, LLC, Term Loan B, (TSFR1M + 3.000%)

7.430 03/31/28

2,017,291

5,000,000

(e) Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.750%)

7.079 04/12/32

5,019,800

2,272,243

(e) United Airlines, Inc., First Lien Term Loan B, (TSFR3M + 2.000%)

6.196 02/24/31

2,279,059

TOTAL TRANSPORTATION

31,018,914

UTILITIES - 2.3%

4,586,000

(e),(h)

Cornerstone Generation LLC, Term Loan B, (TSFR3M + 3.250%)

7.476 10/28/31

4,622,688

1,461,150

(e) Hamilton Projects Acquiror, LLC , Repriced Term Loan B,

(TSFR1M + 2.500%)

6.816 05/30/31

1,468,799

614,062

(e) Invenergy Thermal Operating I LLC, Term Loan B, (TSFR3M +

3.500%)

7.796 05/06/32

621,355

40,938

(e) Invenergy Thermal Operating I LLC, Term Loan C, (TSFR3M +

3.500%)

7.796 05/06/32

41,424

2,159,500

(e) Kestrel Acquisition, LLC, Term Loan B, (TSFR3M + 3.500%)

7.796 11/06/31

2,169,401

798,000

(e) Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)

8.796 02/19/32

789,852

1,750,000

(e) NRG Energy, Inc., Term Loan, (TSFR1M + TSFR3M + 1.750%)

6.115 04/16/31

1,754,428

11,770,850

(e) Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M

+ 2.500%)

6.733 12/15/31

11,826,526

13,510,092

(e) Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)

6.733 05/17/30

13,567,780

TOTAL UTILITIES

36,862,253

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $1,357,232,031)

1,359,707,148

SHARES

DESCRIPTION

VALUE

230440

WARRANTS - 0.0%

230440

TRANSPORTATION - 0.0%

1,071

ACBL HLDG CORP

49,801

3,029

ACBL HLDG CORP

168,110

11,952

(b) American Commercial Barge Line LLC

2,988

27,261

(b) American Commercial Barge Line LLC

9,541

TOTAL TRANSPORTATION

230,440

TOTAL WARRANTS

(Cost $225,956)

230,440

TOTAL LONG-TERM INVESTMENTS

(Cost $1,579,748,067)

1,569,923,627

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7%

10,475,121

(j) State Street Navigator Securities Lending Government Money

Market Portfolio

4.310 (k)

10,475,121

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $10,475,121)

10,475,121

#### Portfolio of Investments August 31, 2025
(continued)

#### Floating Rate Income

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

VALUE

SHORT-TERM INVESTMENTS - 3.7%

INVESTMENT COMPANIES - 3.7%

–

58,694,461

BlackRock Liquidity Funds T-Fund

4.517(l)

$

58,694,461

TOTAL INVESTMENT COMPANIES

(Cost $58,694,461)

58,694,461

TOTAL SHORT-TERM INVESTMENTS

(Cost $58,694,461)

58,694,461

TOTAL INVESTMENTS - 102.6%

(Cost $1,648,917,649)

1,639,093,209

OTHER ASSETS & LIABILITIES, NET - (2.6)%

(41,190,994)

NET ASSETS - 100%

$

1,597,902,215

ETF

Exchange-Traded Fund

PIK

Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or

a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the

issuer as of the end of the reporting period.

SOFR90A

90 Day Average Secured Overnight Financing Rate

SPDR

Standard & Poor's Depositary Receipt

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior

to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon

rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the

final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

TSFR6M

CME Term Secured Overnight Financing Rate 6 Month

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) For fair value measurement disclosure purposes, investment classified as Level 3.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $141,414,761 or 8.6% of Total Investments.

(d) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $10,164,871.

(e) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(f) Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.

(g) When-issued or delayed delivery security.

(h) Portion of investment purchased on a delayed delivery basis.

(i) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(j) Investments made with cash collateral received from securities on loan.

(k) The rate shown is the one-day yield as of the end of the reporting period.

(l) The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.

#### Portfolio of Investments August 31, 2025

#### High Yield Income
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 97.2%

2,663

COMMON STOCKS - 0.0%

2,663

CONSUMER SERVICES - 0.0%

380,445

(a) 24 Hour Fitness Worldwide Inc

$

2,663

TOTAL CONSUMER SERVICES

2,663

TOTAL COMMON STOCKS

(Cost $1,432,732)

2,663

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

533319363

CORPORATE BONDS - 88.1% (b)

533319363

AUTOMOBILES & COMPONENTS - 2.3%

$

1,500,000

(c) Dealer Tire LLC / DT Issuer LLC

8.000 %

02/01/28

1,454,390

1,830,000

(c),(d)

Dornoch Debt Merger Sub Inc

6.625 10/15/29

1,588,214

2,400,000

(c) IHO Verwaltungs GmbH, (cash 6.375%, PIK 7.125%)

6.375 05/15/29

2,412,761

4,000,000

(c) IHO Verwaltungs GmbH

8.000 11/15/32

4,176,312

4,350,000

(c) Phinia Inc

6.625 10/15/32

4,467,572

TOTAL AUTOMOBILES & COMPONENTS

14,099,249

CAPITAL GOODS - 6.3%

4,200,000

(c) Albion Financing 1 SARL / Aggreko Holdings Inc

7.000 05/21/30

4,333,993

545,000

(c) AmeriTex HoldCo Intermediate LLC

7.625 08/15/33

562,338

1,800,000

(c) Builders FirstSource Inc

6.375 03/01/34

1,853,876

1,600,000

(c) Cornerstone Building Brands Inc

9.500 08/15/29

1,539,949

1,500,000

(c) Dcli Bidco LLC

7.750 11/15/29

1,536,958

2,500,000

(c) Efesto Bidco SpA Efesto US LLC

7.500 02/15/32

2,553,575

2,655,000

(c) Goat Holdco LLC

6.750 02/01/32

2,701,064

1,275,000

(c) Herc Holdings Inc

7.000 06/15/30

1,326,961

2,000,000

(c) Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC

9.000 02/15/29

2,098,676

1,825,000

(c) JH North America Holdings Inc

0.000 01/31/31

1,844,920

1,500,000

(c) Masterbrand Inc

7.000 07/15/32

1,553,854

1,480,000

(c) New Flyer Holdings Inc

9.250 07/01/30

1,587,590

2,440,000

(c) Quikrete Holdings Inc

6.375 03/01/32

2,516,496

1,750,000

(c) Standard Building Solutions Inc

6.500 08/15/32

1,806,196

1,500,000

(c) Terex Corp

6.250 10/15/32

1,518,438

3,100,000

(c) TransDigm Inc

6.875 12/15/30

3,214,685

2,000,000

(c) TransDigm Inc

6.000 01/15/33

2,022,454

2,000,000

(c) TransDigm Inc

6.375 05/31/33

2,026,578

1,600,000

(c) WESCO Distribution Inc

6.375 03/15/33

1,659,546

TOTAL CAPITAL GOODS

38,258,147

COMMERCIAL & PROFESSIONAL SERVICES - 1.8%

1,250,000

(c) ASGN Inc

4.625 05/15/28

1,223,375

1,565,000

(c) CACI International Inc

6.375 06/15/33

1,614,207

3,000,000

(c) Neptune Bidco US Inc

9.290 04/15/29

2,983,470

4,750,000

(c) RR Donnelley & Sons Co

9.500 08/01/29

4,819,235

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

10,640,287

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.7%

3,000,000

(c) Cougar JV Subsidiary LLC

8.000 05/15/32

3,179,469

1,750,000

Kohl's Corp

5.125 05/01/31

1,376,910

3,000,000

(c) Kohl's Corp

10.000 06/01/30

3,221,901

1,485,000

(c) LCM Investments Holdings II LLC

8.250 08/01/31

1,574,595

3,000,000

(c) Michaels Cos Inc/The

5.250 05/01/28

2,367,659

2,000,000

(c) Queen MergerCo Inc

6.750 04/30/32

2,065,610

2,315,000

(c) Veritiv Operating Co

10.500 11/30/30

2,505,913

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

16,292,057

CONSUMER DURABLES & APPAREL - 2.0%

1,650,000

(c) Beach Acquisition Bidco LLC

10.000 07/15/33

1,751,401

1,250,000

(c) CD&R Smokey Buyer Inc

9.500 10/15/29

952,275

2,770,000

(c) Champ Acquisition Corp

8.375 12/01/31

2,944,576

600,000

Newell Brands Inc

5.750 04/01/46

521,389

2,000,000

(c) Newell Brands Inc

8.500 06/01/28

2,111,450

2,000,000

(c) S&S Holdings LLC

8.375 10/01/31

1,878,407

#### Portfolio of Investments August 31, 2025
(continued)

#### High Yield Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER DURABLES & APPAREL

(continued)

$

2,000,000

VF Corp

2.950 %

04/23/30

$

1,744,851

430,000

Whirlpool Corp

6.125 06/15/30

434,780

TOTAL CONSUMER DURABLES & APPAREL

12,339,129

CONSUMER SERVICES - 5.0%

2,400,000

(c) Carnival Corp

5.875 06/15/31

2,460,348

2,155,000

(c) Carnival Corp

5.750 08/01/32

2,190,557

2,500,000

(c) Churchill Downs Inc

5.750 04/01/30

2,500,395

1,830,000

(c) Flutter Treasury DAC

5.875 06/04/31

1,863,324

1,310,000

(c) Hilton Domestic Operating Co Inc

5.750 09/15/33

1,320,807

2,690,000

(c) Life Time Inc

6.000 11/15/31

2,718,612

1,500,000

(c) Merlin Entertainments Group US Holdings Inc

7.375 02/15/31

1,282,390

1,500,000

MGM Resorts International

6.125 09/15/29

1,532,039

2,000,000

(c) Muvico LLC

15.000 02/19/29

2,132,500

2,500,000

(c) NCL Corp Ltd

6.750 02/01/32

2,578,283

1,500,000

Six Flags Entertainment Corp / Canada's Wonderland Co /

Magnum Management Corp

5.250 07/15/29

1,452,337

2,670,000

(c) Vail Resorts Inc

5.625 07/15/30

2,705,378

2,000,000

(c) Viking Ocean Cruises Ship VII Ltd

5.625 02/15/29

1,998,653

3,525,000

(c) Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

6.250 03/15/33

3,568,368

TOTAL CONSUMER SERVICES

30,303,991

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.6%

3,000,000

(c) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

4.875 02/15/30

2,954,525

500,000

(c) US Foods Inc

5.750 04/15/33

501,632

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

3,456,157

ENERGY - 11.2%

1,500,000

(c) Archrock Partners LP / Archrock Partners Finance Corp

6.625 09/01/32

1,537,630

1,155,000

(c) Ascent Resources Utica Holdings LLC / ARU Finance Corp

6.625 07/15/33

1,172,447

1,500,000

(c),(d)

Baytex Energy Corp

7.375 03/15/32

1,465,649

890,244

(c) Borr IHC Ltd / Borr Finance LLC

10.000 11/15/28

903,677

7,450,000

(c) Buckeye Partners LP

6.875 07/01/29

7,720,793

1,500,000

(c) Chord Energy Corp

6.750 03/15/33

1,538,424

2,000,000

(c) CITGO Petroleum Corp

8.375 01/15/29

2,085,828

1,500,000

(c) Civitas Resources Inc

8.625 11/01/30

1,561,564

3,335,000

(c) CNX Resources Corp

7.250 03/01/32

3,460,549

2,500,000

(c) CQP Holdco LP / BIP-V Chinook Holdco LLC

5.500 06/15/31

2,465,641

1,000,000

(c) Delek Logistics Partners LP / Delek Logistics Finance Corp

8.625 03/15/29

1,045,307

975,000

(c) Delek Logistics Partners LP / Delek Logistics Finance Corp

7.375 06/30/33

975,633

5,560,000

(c) Global Partners LP / GLP Finance Corp

8.250 01/15/32

5,844,950

1,890,000

(c) Harvest Midstream I LP

7.500 05/15/32

1,945,969

2,300,000

(c) Kinetik Holdings LP

6.625 12/15/28

2,366,279

1,600,000

(c) Matador Resources Co

6.250 04/15/33

1,611,828

910,000

(c) NFE Financing LLC

12.000 11/15/29

334,425

2,580,000

(c) Noble Finance II LLC

8.000 04/15/30

2,671,058

1,500,000

(c) Northern Oil & Gas Inc

8.125 03/01/28

1,511,313

2,350,000

PBF Holding Co LLC / PBF Finance Corp

6.000 02/15/28

2,308,283

1,600,000

(c) Rockies Express Pipeline LLC

6.750 03/15/33

1,671,323

3,500,000

(e) South Bow Canadian Infrastructure Holdings Ltd

7.625 03/01/55

3,642,086

2,800,000

(c) Sunoco LP

6.250 07/01/33

2,861,670

1,500,000

(c) Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp

6.000 09/01/31

1,473,700

2,500,000

(c) Transocean Inc

8.000 02/01/27

2,495,588

1,500,000

(c) Transocean Inc

8.250 05/15/29

1,451,011

3,000,000

(c) Venture Global Calcasieu Pass LLC

3.875 11/01/33

2,672,420

670,000

(c),(d)

Venture Global LNG Inc

7.000 01/15/30

690,399

3,000,000

(c) Venture Global LNG Inc

9.875 02/01/32

3,266,637

1,400,000

(c),(e),(f)

Venture Global LNG Inc

9.000 N/A

1,390,259

1,525,000

(c) Venture Global Plaquemines LNG LLC

6.500 01/15/34

1,592,050

TOTAL ENERGY

67,734,390

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.1%

4,185,000

(c) Iron Mountain Inc

6.250 01/15/33

4,282,473

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

$

2,670,000

(c) Millrose Properties Inc

6.375 %

08/01/30

$

2,694,030

3,500,000

(d) MPT Operating Partnership LP / MPT Finance Corp

5.000 10/15/27

3,315,454

2,145,000

(c) MPT Operating Partnership LP / MPT Finance Corp

8.500 02/15/32

2,248,880

1,500,000

(c) Office Properties Income Trust

9.000 03/31/29

1,494,783

1,860,000

(c) RHP Hotel Properties LP / RHP Finance Corp

6.500 04/01/32

1,911,716

640,000

(c) RHP Hotel Properties LP / RHP Finance Corp

6.500 06/15/33

661,036

2,270,000

(c),(d)

Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital

LLC

6.500 02/15/29

2,161,949

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

18,770,321

FINANCIAL SERVICES - 8.8%

2,800,000

(c) Azorra Finance Ltd

7.750 04/15/30

2,939,387

1,280,000

(c) Azorra Finance Ltd

7.250 01/15/31

1,322,025

1,075,000

(c) Block Inc

6.000 08/15/33

1,103,650

2,000,000

Block Inc

6.500 05/15/32

2,072,258

2,800,000

(c) Burford Capital Global Finance LLC

6.250 04/15/28

2,795,766

320,000

(c) Burford Capital Global Finance LLC

7.500 07/15/33

327,040

2,000,000

(c) Compass Group Diversified Holdings LLC

5.250 04/15/29

1,845,005

2,000,000

(c) Encore Capital Group Inc

8.500 05/15/30

2,113,758

1,330,000

(c) Freedom Mortgage Holdings LLC

8.375 04/01/32

1,371,739

2,250,000

(c) Freedom Mortgage Holdings LLC

7.875 04/01/33

2,287,511

3,000,000

(c) Hunt Cos Inc

5.250 04/15/29

2,937,344

2,500,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

5.250 05/15/27

2,438,787

1,380,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

9.000 06/15/30

1,314,636

2,525,000

(c) Jane Street Group / JSG Finance Inc

6.125 11/01/32

2,536,671

1,145,000

OneMain Finance Corp

6.125 05/15/30

1,162,835

2,800,000

OneMain Finance Corp

5.375 11/15/29

2,768,545

1,165,000

(c) Osaic Holdings Inc

6.750 08/01/32

1,187,027

1,600,000

(c) PennyMac Financial Services Inc

6.875 05/15/32

1,638,139

2,725,000

(c) PennyMac Financial Services Inc

7.875 12/15/29

2,896,383

425,000

(c) Rocket Cos Inc

6.375 08/01/33

441,033

800,000

(c) Rocket Cos Inc

6.125 08/01/30

823,160

2,000,000

(c) Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc

4.000 10/15/33

1,803,170

4,365,000

(c) Starwood Property Trust Inc

6.000 04/15/30

4,435,071

4,000,000

(c) Stonex Escrow Issuer LLC

6.875 07/15/32

4,111,552

1,825,000

(c),(f),(g)

UBS Group AG

6.600 N/A

1,824,879

2,400,000

(c) WEX Inc

6.500 03/15/33

2,455,593

TOTAL FINANCIAL SERVICES

52,952,964

FOOD, BEVERAGE & TOBACCO - 0.9%

1,700,000

(c),(d)

Fiesta Purchaser Inc

9.625 09/15/32

1,826,498

1,750,000

(c) Post Holdings Inc

6.375 03/01/33

1,767,769

2,000,000

(c) Viking Baked Goods Acquisition Corp

8.625 11/01/31

1,980,760

TOTAL FOOD, BEVERAGE & TOBACCO

5,575,027

HEALTH CARE EQUIPMENT & SERVICES - 6.3%

1,000,000

(c) CHS/Community Health Systems Inc

6.000 01/15/29

964,049

3,000,000

(c) CHS/Community Health Systems Inc

10.875 01/15/32

3,174,693

2,170,000

(c) DaVita Inc

4.625 06/01/30

2,089,112

4,600,000

(c) DaVita Inc

6.875 09/01/32

4,758,847

1,500,000

(c),(d)

Embecta Corp

5.000 02/15/30

1,405,629

6,086,543

(c) Global Medical Response Inc, (cash 9.500%, PIK 10.000%)

10.000 10/31/28

6,086,543

1,000,000

(c) LifePoint Health Inc

11.000 10/15/30

1,102,375

3,000,000

(c) Molina Healthcare Inc

6.250 01/15/33

3,021,336

2,000,000

(c) Prime Healthcare Services Inc

9.375 09/01/29

2,063,820

2,360,036

(c) Radiology Partners Inc, (cash 9.781%, PIK 9.781%)

9.781 02/15/30

2,301,035

3,290,000

(c) Radiology Partners Inc

8.500 07/15/32

3,358,630

2,500,000

(c) Star Parent Inc

9.000 10/01/30

2,646,613

2,570,000

(c) Team Health Holdings Inc

8.375 06/30/28

2,601,534

2,600,000

Tenet Healthcare Corp

6.125 06/15/30

2,639,798

TOTAL HEALTH CARE EQUIPMENT & SERVICES

38,214,014

#### Portfolio of Investments August 31, 2025
(continued)

#### High Yield Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE - 3.6%

$

2,350,000

(c) Acrisure LLC / Acrisure Finance Inc

6.750 %

07/01/32

$

2,411,112

5,100,000

(c) Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

6.500 10/01/31

5,213,352

5,315,000

(c) APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

7.875 11/01/29

5,515,810

2,995,000

(c) Ardonagh Finco Ltd

7.750 02/15/31

3,134,154

2,000,000

(c) HUB International Ltd

5.625 12/01/29

2,006,768

3,000,000

(c) Panther Escrow Issuer LLC

7.125 06/01/31

3,113,070

500,000

(c) Ryan Specialty LLC

5.875 08/01/32

503,420

TOTAL INSURANCE

21,897,686

MATERIALS - 5.5%

1,690,000

(c) Arsenal AIC Parent LLC

8.000 10/01/30

1,790,024

2,500,000

Celanese US Holdings LLC

7.050 11/15/30

2,599,367

1,500,000

(c) Cleveland-Cliffs Inc

6.875 11/01/29

1,523,458

2,500,000

(c) Clydesdale Acquisition Holdings Inc

6.625 04/15/29

2,535,813

1,245,000

(c) Compass Minerals International Inc

8.000 07/01/30

1,302,251

1,500,000

(c) Crown Americas LLC

5.875 06/01/33

1,517,258

1,750,000

(c) Fortescue Treasury Pty Ltd

4.375 04/01/31

1,664,025

1,500,000

(c) Methanex US Operations Inc

6.250 03/15/32

1,513,604

500,000

(c) Mineral Resources Ltd

9.250 10/01/28

522,709

1,000,000

(c) Mineral Resources Ltd

8.000 11/01/27

1,017,827

1,935,000

(c) NOVA Chemicals Corp

7.000 12/01/31

2,032,493

2,500,000

(c) Olin Corp

6.625 04/01/33

2,496,759

1,990,000

(c) Olympus Water US Holding Corp

6.750 08/01/32

1,970,565

1,800,000

(c),(d)

Olympus Water US Holding Corp

6.250 10/01/29

1,755,567

1,500,000

(c),(d)

Owens-Brockway Glass Container Inc

7.250 05/15/31

1,526,241

2,525,000

(c) Qnity Electronics Inc

6.250 08/15/33

2,610,150

2,630,000

(c),(d)

Sealed Air Corp

6.500 07/15/32

2,720,493

545,000

(c) Trivium Packaging Finance BV

8.250 07/15/30

578,872

1,800,000

(c) WR Grace Holdings LLC

5.625 08/15/29

1,684,135

TOTAL MATERIALS

33,361,611

MEDIA & ENTERTAINMENT - 7.9%

1,715,000

(c) Advantage Sales & Marketing Inc

6.500 11/15/28

1,423,568

3,000,000

CCO Holdings LLC / CCO Holdings Capital Corp, Reg S

4.250 02/01/31

2,767,244

3,000,000

(c) CCO Holdings LLC / CCO Holdings Capital Corp

4.500 08/15/30

2,839,682

2,750,000

(c) CCO Holdings LLC / CCO Holdings Capital Corp

4.750 02/01/32

2,550,976

1,500,000

(c) Clear Channel Outdoor Holdings Inc

7.750 04/15/28

1,458,877

4,000,000

(c),(d)

CSC Holdings LLC

5.500 04/15/27

3,846,844

1,635,000

(c) CSC Holdings LLC

4.125 12/01/30

1,071,313

1,635,000

(c) CSC Holdings LLC

4.500 11/15/31

1,060,650

4,050,000

(c) CSC Holdings LLC

11.250 05/15/28

4,047,635

4,000,000

(c) Directv Financing LLC / Directv Financing Co-Obligor Inc

5.875 08/15/27

3,979,997

1,300,000

(c) DISH DBS Corp

5.250 12/01/26

1,261,049

1,550,000

(c) DISH Network Corp

11.750 11/15/27

1,638,766

1,000,000

(c) Gray Media Inc

7.250 08/15/33

985,165

1,000,000

(c) iHeartCommunications Inc

4.750 01/15/28

856,250

3,365,000

(c) LCPR Senior Secured Financing DAC

6.750 10/15/27

2,098,185

2,210,000

(c) Match Group Holdings II LLC

4.125 08/01/30

2,080,940

2,400,000

(c) McGraw-Hill Education Inc

7.375 09/01/31

2,519,503

2,000,000

(c) Outfront Media Capital LLC / Outfront Media Capital Corp

4.250 01/15/29

1,922,179

2,000,000

Univision Communications Inc

8.000 08/15/28

2,075,854

3,000,000

(c) Univision Communications Inc

7.375 06/30/30

3,016,381

625,000

(c) Univision Communications Inc

9.375 08/01/32

658,183

1,000,000

(d) Warnermedia Holdings Inc

4.279 03/15/32

863,000

1,000,000

Warnermedia Holdings Inc

5.050 03/15/42

673,750

2,500,000

Warnermedia Holdings Inc

4.054 03/15/29

2,375,000

TOTAL MEDIA & ENTERTAINMENT

48,070,991

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%

1,250,000

(c) 1261229 BC Ltd

10.000 04/15/32

1,297,939

2,000,000

(c) Bausch Health Americas Inc

8.500 01/31/27

1,995,000

1,000,000

(c) Bausch Health Cos Inc

5.250 02/15/31

675,000

2,000,000

(c) Bausch Health Cos Inc

4.875 06/01/28

1,805,000

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

$

1,000,000

(c) Bausch Health Cos Inc

11.000 %

09/30/28

$

1,048,750

2,500,000

(c) Charles River Laboratories International Inc

4.000 03/15/31

2,312,760

1,500,000

(c) Organon & Co / Organon Foreign Debt Co-Issuer BV

4.125 04/30/28

1,436,469

1,000,000

(c) Organon & Co / Organon Foreign Debt Co-Issuer BV

5.125 04/30/31

856,884

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

11,427,802

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%

1,892,400

(c),(d)

Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp

7.000 04/15/30

1,863,026

1,855,000

(c) Avis Budget Car Rental LLC / Avis Budget Finance Inc

5.750 07/15/27

1,847,283

500,000

(c) Cushman & Wakefield US Borrower LLC

8.875 09/01/31

536,166

1,000,000

Kennedy-Wilson Inc

4.750 03/01/29

952,308

1,800,000

(d) Kennedy-Wilson Inc

5.000 03/01/31

1,680,436

1,500,000

(c) Permian Resources Operating LLC

6.250 02/01/33

1,527,906

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

8,407,125

SOFTWARE & SERVICES - 2.0%

3,000,000

(c) Amentum Escrow Corp

7.250 08/01/32

3,128,859

2,000,000

(c) CA Magnum Holdings

5.375 10/31/26

1,987,474

775,000

(c) Cloud Software Group Inc

8.250 06/30/32

828,574

2,250,000

(c) Cloud Software Group Inc

6.500 03/31/29

2,274,743

1,500,000

(c) Condor Merger Sub Inc

7.375 02/15/30

1,385,243

1,140,000

(c) Fair Isaac Corp

6.000 05/15/33

1,155,297

580,000

(c) Gen Digital Inc

6.250 04/01/33

596,415

500,000

(c) Open Text Holdings Inc

4.125 12/01/31

460,015

TOTAL SOFTWARE & SERVICES

11,816,620

TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%

1,350,000

(c) Imola Merger Corp

4.750 05/15/29

1,316,121

2,500,000

(c) Viasat Inc

6.500 07/15/28

2,430,661

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

3,746,782

TELECOMMUNICATION SERVICES - 6.9%

2,000,000

(c) Altice Financing SA

9.625 07/15/27

1,860,000

3,150,000

(c) Altice France SA

5.125 07/15/29

2,693,250

710,000

(c) Digicel International Finance Ltd / Difl US LLC

8.625 08/01/32

727,805

3,574,250

EchoStar Corp, (cash 6.750%, PIK 6.750%)

6.750 11/30/30

3,526,248

2,400,000

EchoStar Corp

10.750 11/30/29

2,583,000

1,717,000

(c) Level 3 Financing Inc

3.625 01/15/29

1,459,450

1,200,000

(c) Level 3 Financing Inc

6.875 06/30/33

1,210,770

3,000,000

(c) Level 3 Financing Inc

7.000 03/31/34

3,020,376

1,500,000

(c) Lumen Technologies Inc

4.500 01/15/29

1,364,996

3,500,000

(e) Rogers Communications Inc

7.000 04/15/55

3,590,230

3,000,000

(c) Sable International Finance Ltd

7.125 10/15/32

3,050,259

295,000

(c) Telesat Canada / Telesat LLC

5.625 12/06/26

228,625

3,000,000

(c) Virgin Media Secured Finance PLC

4.500 08/15/30

2,816,379

2,720,000

(c) Windstream Escrow LLC / Windstream Escrow Finance Corp

8.250 10/01/31

2,829,281

9,250,000

(c) Zayo Group Holdings Inc

4.000 03/01/27

8,948,022

2,120,000

(c) Zayo Group Holdings Inc

6.125 03/01/28

1,968,984

TOTAL TELECOMMUNICATION SERVICES

41,877,675

TRANSPORTATION - 1.5%

1,500,000

(c) Air Transport Services Group Inc

7.250 03/15/32

1,574,769

1,800,000

(c) Allegiant Travel Co

7.250 08/15/27

1,831,124

500,000

(c) Genesee & Wyoming Inc

6.250 04/15/32

508,400

1,600,000

(c),(d)

Grupo Aeromexico SAB de CV

8.625 11/15/31

1,579,840

2,000,000

(c),(d)

Rand Parent LLC

8.500 02/15/30

2,072,702

1,595,000

(c),(d)

VistaJet Malta Finance PLC / Vista Management Holding Inc

9.500 06/01/28

1,658,760

TOTAL TRANSPORTATION

9,225,595

UTILITIES - 5.8%

5,000,000

(c),(e)

AltaGas Ltd

7.200 10/15/54

5,066,595

2,775,000

(c) California Buyer Ltd / Atlantica Sustainable Infrastructure PLC

6.375 02/15/32

2,814,552

4,000,000

(c) ContourGlobal Power Holdings SA

6.750 02/28/30

4,130,000

2,250,000

(c) Ferrellgas LP / Ferrellgas Finance Corp

5.875 04/01/29

2,082,935

3,000,000

(c) LONG RIDGE ENERGY LLC

8.750 02/15/32

3,107,346

3,000,000

(c) NRG Energy Inc

5.250 06/15/29

2,991,100

2,190,000

(c) NRG Energy Inc

6.000 02/01/33

2,219,484

#### Portfolio of Investments August 31, 2025
(continued)

#### High Yield Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,750,000

(c) NRG Energy Inc

6.250 %

11/01/34

$

1,794,182

2,000,000

(c) Pattern Energy Operations LP / Pattern Energy Operations Inc

4.500 08/15/28

1,949,137

2,000,000

(c) TerraForm Power Operating LLC

4.750 01/15/30

1,929,856

2,500,000

(c) XPLR Infrastructure Operating Partners LP

4.500 09/15/27

2,451,973

2,500,000

(c),(d)

XPLR Infrastructure Operating Partners LP

7.250 01/15/29

2,553,338

1,670,000

(c) XPLR Infrastructure Operating Partners LP

8.625 03/15/33

1,761,245

TOTAL UTILITIES

34,851,743

TOTAL CORPORATE BONDS

(Cost $520,414,343)

533,319,363

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

54991275

VARIABLE RATE SENIOR LOAN INTERESTS - 9.1%

54991275

CAPITAL GOODS - 0.2%

1,496,104

(h) Foundation Building Materials Holding Company LLC, Term

Loan, (TSFR1M + TSFR3M + 3.250%)

7.750 01/31/28

1,501,864

TOTAL CAPITAL GOODS

1,501,864

HEALTH CARE EQUIPMENT & SERVICES - 1.8%

2,288,021

(h) Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)

8.396 10/01/27

2,255,417

2,028,881

(h) Heartland Dental, LLC, Term Loan, (TSFR1M + 4.500%)

8.858 04/28/28

2,032,817

2,000,000

(h) Pathway Vet Alliance LLC, Tranche A Term Loan A, (TSFR3M +

5.000%)

9.308 06/30/28

2,014,460

4,500,000

(h) Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)

8.796 06/30/28

4,491,112

TOTAL HEALTH CARE EQUIPMENT & SERVICES

10,793,806

INSURANCE - 0.5%

3,000,000

(h) Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)

8.666 08/21/28

3,001,395

TOTAL INSURANCE

3,001,395

MATERIALS - 0.6%

1,500,000

(h) Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +

3.175%)

7.491 04/13/29

1,500,338

2,178,594

(h) Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)

8.180 08/03/26

1,989,666

TOTAL MATERIALS

3,490,004

MEDIA & ENTERTAINMENT - 2.0%

2,977,556

(h) AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +

7.000%)

11.340 01/04/29

2,991,089

2,480,916

(h) CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)

8.863 01/18/28

2,478,398

1,246,118

(h) E.W. Scripps Company (The), Term Loan B2, (TSFR1M +

5.750%)

10.230 06/30/28

1,257,028

4,964,987

(h) WideOpenWest Finance LLC, Super Priority First Out New

Money Term Loan, (TSFR3M + 7.000%)

11.582 12/20/28

5,091,793

TOTAL MEDIA & ENTERTAINMENT

11,818,308

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%

1,770,000

(h) Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)

7.930 12/08/25

1,722,555

1,500,000

(h) U.S. Anesthesia Partners, Inc., Term Loan, (TSFR1M + 4.250%)

8.718 10/02/28

1,496,565

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

3,219,120

SOFTWARE & SERVICES - 0.6%

1,994,885

(h) Twitter, Inc., Term Loan, (TSFR3M + 6.500%)

10.958 10/29/29

1,952,853

2,000,000

(h) Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +

4.000%)

8.570 04/24/28

1,873,750

TOTAL SOFTWARE & SERVICES

3,826,603

TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%

1,500,000

(h) CommScope, Inc., Term Loan, (TSFR1M + 4.750%)

9.066 12/17/29

1,529,295

1,500,000

(h) ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)

8.974 05/30/30

1,491,442

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

3,020,737

TELECOMMUNICATION SERVICES - 2.2%

1,984,772

(h),(i)

Altice France S.A., Term Loan B12, (Prime + 2.688%)

10.188 02/02/26

1,770,515

2,468,434

(h),(i)

Altice France S.A., Term Loan B13, (Prime + 3.000%)

10.500 08/14/26

2,198,968

1,991,646

(h) GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M +

3.750%)

8.180 04/28/28

1,992,274

2,753,962

(h) Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +

2.350%)

6.780 04/15/30

2,740,771

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES

(continued)

$

987,374

(h),(i)

Numericable Group SA, Term Loan B11, (Prime + 1.750%)

9.250 %

05/31/28

$

876,788

2,680,000

(h) Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)

7.210 12/07/26

2,056,900

1,750,000

(h) Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)

6.978 04/28/28

1,695,907

TOTAL TELECOMMUNICATION SERVICES

13,332,123

UTILITIES - 0.2%

997,500

(h) Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)

8.796 02/19/32

987,315

TOTAL UTILITIES

987,315

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $54,770,183)

54,991,275

TOTAL LONG-TERM INVESTMENTS

(Cost $576,617,258)

588,313,301

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 5.1%

30,684,351

(j) State Street Navigator Securities Lending Government Money

Market Portfolio

4.310 (k)

30,684,351

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $30,684,351)

30,684,351

SHARES

DESCRIPTION

RATE

VALUE

SHORT-TERM INVESTMENTS - 1.0%

INVESTMENT COMPANIES - 1.0%

–

6,235,829

BlackRock Liquidity Funds T-Fund

4.517(l)

6,235,829

TOTAL INVESTMENT COMPANIES

(Cost $6,235,829)

6,235,829

TOTAL SHORT-TERM INVESTMENTS

(Cost $6,235,829)

6,235,829

TOTAL INVESTMENTS - 103.3%

(Cost $613,537,438)

625,233,481

OTHER ASSETS & LIABILITIES, NET - (3.3)%

(19,951,734)

NET ASSETS - 100%

$

605,281,747

PIK

Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or

a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the

issuer as of the end of the reporting period.

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering

those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the

registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are

made outside the United States.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $480,907,938 or 76.9% of Total Investments.

(d) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $29,452,227.

(e) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

2.2% of Total Investments.

(f) Perpetual security. Maturity date is not applicable.

(g) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the

issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of

the end of the reporting period, the Fund's total investment in CoCos was 0.3% of Total Investments.

(h) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(i) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of

bankruptcy.

(j) Investments made with cash collateral received from securities on loan.

(k) The rate shown is the one-day yield as of the end of the reporting period.

#### Portfolio of Investments August 31, 2025
(continued)

#### High Yield Income

See Notes to Financial Statements

(l) The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.

#### Portfolio of Investments August 31, 2025

#### Preferred Securities and Income
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.8%

4718445707

CORPORATE BONDS - 87.1% (a)

4718445707

AUTOMOBILES & COMPONENTS - 1.1%

$

43,118,000

(b),(c)

General Motors Financial Co Inc

5.750 %

N/A

$

42,120,952

16,979,000

(b),(c),(d)

General Motors Financial Co Inc

5.700 N/A

16,644,915

TOTAL AUTOMOBILES & COMPONENTS

58,765,867

BANKS - 50.1%

25,782,000

(b),(e)

Banco Bilbao Vizcaya Argentaria SA

6.125 N/A

25,656,916

44,883,000

(b),(e)

Banco Bilbao Vizcaya Argentaria SA

9.375 N/A

49,609,763

52,800,000

(b),(d),(e)

Banco Bilbao Vizcaya Argentaria SA

7.750 N/A

54,934,704

16,450,000

(b),(e),(f)

Banco Mercantil del Norte SA/Grand Cayman

7.625 N/A

16,724,616

10,700,000

(b),(e),(f)

Banco Mercantil del Norte SA/Grand Cayman

7.500 N/A

10,799,323

27,655,400

(b),(e),(f)

Banco Mercantil del Norte SA/Grand Cayman

8.750 N/A

29,110,821

49,400,000

(b),(e)

Banco Santander SA

8.000 N/A

53,684,215

15,435,000

(b),(e)

Banco Santander SA

4.750 N/A

15,081,443

78,000,000

(b),(e)

Banco Santander SA

9.625 N/A

91,944,372

44,789,000

(b),(c)

Bank of America Corp

6.250 N/A

44,828,987

70,396,000

(b),(c)

Bank of America Corp

6.625 N/A

72,473,245

6,780,000

(b),(c)

Bank of America Corp

4.375 N/A

6,622,816

26,726,000

(b),(c)

Bank of America Corp

6.300 N/A

26,831,675

29,666,000

(c) Bank of Montreal

6.875 11/26/85

29,848,001

75,435,000

(c) Bank of Montreal

7.300 11/26/84

79,115,926

37,542,000

(c) Bank of Montreal

7.700 05/26/84

39,142,828

15,255,000

(c) Bank of Nova Scotia/The

8.000 01/27/84

16,255,118

31,020,000

(b),(e)

Barclays PLC

8.000 N/A

32,636,142

96,433,000

(b),(e)

Barclays PLC

9.625 N/A

108,144,209

22,101,000

(b),(e)

Barclays PLC

7.625 N/A

22,829,051

32,326,000

(b),(d),(e),(f)

BNP Paribas SA

7.375 N/A

33,229,738

64,127,000

(b),(e),(f)

BNP Paribas SA

8.000 N/A

68,085,816

38,013,000

(b),(e),(f)

BNP Paribas SA

8.500 N/A

40,376,040

24,811,000

(b),(e),(f)

BNP Paribas SA

9.250 N/A

26,602,776

47,866,000

(b),(e),(f)

BNP Paribas SA

7.750 N/A

50,270,213

17,778,000

(b),(e),(f)

BNP Paribas SA

7.450 N/A

18,143,548

36,102,000

(c) Canadian Imperial Bank of Commerce

7.000 10/28/85

36,811,188

41,168,000

(c) Canadian Imperial Bank of Commerce

6.950 01/28/85

41,406,692

13,777,000

(b),(c)

Citigroup Inc

6.250 N/A

13,860,310

9,885,000

(b),(c),(d)

Citigroup Inc

7.375 N/A

10,270,535

31,871,000

(b),(c)

Citigroup Inc

7.625 N/A

33,335,472

34,157,000

(b),(c)

Citigroup Inc

7.125 N/A

34,970,415

33,224,000

(b),(c)

Citigroup Inc

7.000 N/A

34,871,678

12,000,000

(b),(c)

Citigroup Inc

6.950 N/A

12,184,704

24,862,000

(b),(c)

Citigroup Inc

6.875 N/A

25,297,309

16,865,000

(b),(c)

Citizens Financial Group Inc

4.000 N/A

16,480,525

3,846,000

(b),(c),(g)

Citizens Financial Group Inc (TSFR3M + 3.419%)

7.704 N/A

3,849,254

106,179,000

(b),(d),(e),(f)

Credit Agricole SA

6.700 N/A

105,772,686

10,336,000

(b),(c)

Fifth Third Bancorp

4.500 N/A

10,308,141

7,016,000

(b),(c),(g)

Fifth Third Bancorp (TSFR3M + 3.295%)

7.590 N/A

6,994,311

20,174,000

(b),(c),(g)

First Citizens BancShares Inc/NC (TSFR3M + 4.234%)

8.552 N/A

20,779,220

14,612,000

(b),(d),(e)

HSBC Holdings PLC

6.950 N/A

15,013,742

21,462,000

(b),(d),(e)

HSBC Holdings PLC

6.500 N/A

21,828,399

53,510,000

(b),(d),(e)

HSBC Holdings PLC

8.000 N/A

56,516,031

23,395,000

(b),(e)

HSBC Holdings PLC

6.875 N/A

24,128,153

61,624,000

(b),(d),(e)

HSBC Holdings PLC

6.950 N/A

63,705,289

26,515,000

(b),(c)

Huntington Bancshares Inc/OH

5.625 N/A

27,024,565

36,559,000

(b),(d),(e)

ING Groep NV

5.750 N/A

36,611,974

33,907,000

(b),(e)

ING Groep NV, Reg S

7.500 N/A

35,316,791

40,809,000

(b),(c)

JPMorgan Chase & Co

6.500 N/A

41,913,822

4,657,000

(b),(c)

JPMorgan Chase & Co

3.650 N/A

4,590,787

73,116,000

(b),(c)

JPMorgan Chase & Co

6.875 N/A

76,828,538

6,491,000

(b),(c)

KeyCorp

5.000 N/A

6,416,651

37,007,000

(b),(e)

Lloyds Banking Group PLC

8.000 N/A

39,750,329

58,896,000

(b),(e)

Lloyds Banking Group PLC

6.750 N/A

58,944,475

#### Portfolio of Investments August 31, 2025
(continued)

#### Preferred Securities and Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS

(continued)

$

5,323,000

(b),(c)

M&T Bank Corp

5.125 %

N/A

$

5,280,506

14,785,000

(b),(c)

M&T Bank Corp

3.500 N/A

14,291,285

81,636,000

(b),(e)

NatWest Group PLC

8.125 N/A

90,390,236

61,624,000

(b),(e)

NatWest Group PLC

7.300 N/A

64,134,747

19,767,000

(b),(d),(e),(f)

Nordea Bank Abp

6.300 N/A

19,764,739

14,535,000

(b),(e),(f)

Nordea Bank Abp

6.625 N/A

14,618,649

45,844,000

(b),(c)

PNC Financial Services Group Inc/The

6.250 N/A

46,368,272

6,555,000

(b),(c)

PNC Financial Services Group Inc/The

6.200 N/A

6,659,972

14,835,000

(b),(c)

PNC Financial Services Group Inc/The

6.000 N/A

14,934,305

16,330,000

(b),(c)

PNC Financial Services Group Inc/The

3.400 N/A

15,793,004

8,444,000

(b),(c)

PNC Financial Services Group Inc/The

5.000 N/A

8,391,123

49,105,000

(c) Royal Bank of Canada

6.750 08/24/85

49,892,300

45,240,000

(b),(e),(f)

Societe Generale SA

9.375 N/A

48,291,890

39,975,000

(b),(e),(f)

Societe Generale SA

8.500 N/A

42,190,055

54,126,000

(b),(e),(f)

Societe Generale SA

10.000 N/A

59,569,668

25,875,000

(b),(e),(f)

Standard Chartered PLC

7.750 N/A

26,828,494

20,719,000

(c) Toronto-Dominion Bank/The

8.125 10/31/82

21,820,028

48,536,000

(b),(c)

Truist Financial Corp

6.669 N/A

48,531,103

17,384,000

(b),(c)

Truist Financial Corp

5.100 N/A

17,233,197

2,988,000

(b),(c)

US Bancorp

5.300 N/A

2,978,843

6,580,000

(c) Wells Fargo & Co

7.950 11/15/29

7,360,873

39,036,000

(b),(c)

Wells Fargo & Co

3.900 N/A

38,660,567

24,750,000

(b),(c),(d)

Wells Fargo & Co

7.625 N/A

26,433,446

44,179,000

(b),(c)

Wells Fargo & Co

6.850 N/A

46,282,230

TOTAL BANKS

2,715,463,820

CAPITAL GOODS - 1.5%

11,955,000

(b),(c)

Air Lease Corp

4.650 N/A

11,823,851

5,586,000

(b),(c)

Air Lease Corp

4.125 N/A

5,460,919

12,383,000

(b),(c)

Air Lease Corp

6.000 N/A

12,165,327

18,564,000

(c),(f)

ILFC E-Capital Trust I

6.430 12/21/65

15,584,923

43,963,000

(c),(f)

ILFC E-Capital Trust I

6.680 12/21/65

37,614,800

TOTAL CAPITAL GOODS

82,649,820

ENERGY - 4.5%

4,735,000

(c) Enbridge Inc

5.500 07/15/77

4,715,287

14,306,000

(c) Enbridge Inc

5.750 07/15/80

14,288,080

14,880,000

(c) Enbridge Inc

7.625 01/15/83

15,883,894

55,192,000

(c) Enbridge Inc

8.500 01/15/84

62,433,963

2,874,000

(b),(c)

Energy Transfer LP

6.625 N/A

2,855,404

44,894,000

(b),(c)

Energy Transfer LP

7.125 N/A

46,069,415

11,442,000

(b),(c)

Energy Transfer LP

6.500 N/A

11,483,660

5,335,000

(c) Energy Transfer LP

8.000 05/15/54

5,683,962

24,656,000

(c) Energy Transfer LP

6.750 02/15/56

24,535,170

8,380,000

(c) South Bow Corp

7.500 03/01/55

8,758,709

4,125,000

(c) Transcanada Trust

5.875 08/15/76

4,127,528

31,347,000

(c) Transcanada Trust

5.600 03/07/82

30,692,685

11,570,000

(b),(c),(f)

Venture Global LNG Inc

9.000 N/A

11,489,494

TOTAL ENERGY

243,017,251

FINANCIAL SERVICES - 11.6%

17,895,000

(c) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.950 03/10/55

18,735,857

20,600,000

(c) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.500 01/31/56

21,191,405

12,807,000

(b),(c)

Ally Financial Inc

4.700 N/A

12,461,996

12,289,000

(b),(c)

Ally Financial Inc

4.700 N/A

11,206,823

20,885,000

(b),(c),(f)

American AgCredit Corp

5.250 N/A

20,362,875

13,295,000

(b),(c),(f)

Capital Farm Credit ACA

5.000 N/A

13,128,813

5,000,000

(b),(c)

Capital One Financial Corp

5.500 N/A

4,957,534

11,655,000

(b),(c),(d)

Capital One Financial Corp

3.950 N/A

11,420,936

20,975,000

(b),(c)

Charles Schwab Corp/The

4.000 N/A

20,658,986

3,955,000

(c) Citigroup Capital III

7.625 12/01/36

4,394,279

6,700,000

(b),(c),(f)

Compeer Financial ACA

4.875 N/A

6,499,000

49,069,000

(h) Credit Suisse Group AG

0.000 12/31/49

6,133,625

61,301,000

(h) Credit Suisse Group AG

7.500 12/31/49

7,662,625

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

$

8,421,000

(h) Credit Suisse Group AG

5.250 %

12/31/49

$

1,052,625

12,260,000

(h) Credit Suisse Group AG

6.380 12/31/49

1,532,500

62,450,000

(h) Credit Suisse Group AG

7.250 12/31/49

7,806,250

36,075,000

(h) Credit Suisse Group AG

7.500 12/31/49

4,509,375

16,319,000

(b),(e)

Deutsche Bank AG

6.000 N/A

16,300,529

30,600,000

(b),(d),(e)

Deutsche Bank AG, Reg S

8.130 N/A

32,053,500

36,992,000

(b),(c)

Goldman Sachs Group Inc/The

6.850 N/A

38,097,062

28,868,000

(b),(c),(d)

Goldman Sachs Group Inc/The

7.379 N/A

29,012,138

12,486,000

(b),(c)

Goldman Sachs Group Inc/The

5.300 N/A

12,454,864

33,489,000

(b),(c),(d)

Goldman Sachs Group Inc/The

6.125 N/A

33,545,596

45,460,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

47,720,953

20,175,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

21,392,985

2,400,000

(b),(e)

Julius Baer Group Ltd, Reg S

7.500 N/A

2,480,784

11,629,000

(b),(e)

Nomura Holdings Inc

7.000 N/A

11,919,678

30,495,000

(b),(c)

State Street Corp

6.700 N/A

31,561,502

13,334,000

(b),(e),(f)

UBS Group AG

7.000 N/A

13,440,985

74,094,000

(b),(e),(f)

UBS Group AG

9.250 N/A

87,015,179

29,805,000

(b),(e),(f)

UBS Group AG

9.250 N/A

32,664,462

18,420,000

(b),(d),(e),(f)

UBS Group AG

7.750 N/A

19,667,752

26,248,000

(b),(c)

Voya Financial Inc

7.758 N/A

27,683,556

TOTAL FINANCIAL SERVICES

630,727,029

FOOD, BEVERAGE & TOBACCO - 2.7%

13,835,000

(b),(c),(f)

Dairy Farmers of America Inc

7.125 N/A

13,419,950

39,310,000

(b),(c),(f)

Land O' Lakes Inc

8.000 N/A

37,639,325

65,313,000

(b),(c),(f)

Land O' Lakes Inc

7.250 N/A

55,827,462

46,071,000

(b),(c),(f)

Land O' Lakes Inc

7.000 N/A

38,202,755

TOTAL FOOD, BEVERAGE & TOBACCO

145,089,492

HEALTH CARE EQUIPMENT & SERVICES - 0.2%

7,648,000

(c) CVS Health Corp

6.750 12/10/54

7,752,839

4,343,000

(c) CVS Health Corp

7.000 03/10/55

4,521,532

TOTAL HEALTH CARE EQUIPMENT & SERVICES

12,274,371

INSURANCE - 9.6%

7,115,000

(c) Aegon Ltd

5.500 04/11/48

7,154,339

19,306,000

(c) American National Group Inc

7.000 12/01/55

19,754,672

51,650,000

(c) Assurant Inc

7.000 03/27/48

52,851,834

64,240,000

(c),(f)

Assured Guaranty Municipal Holdings Inc

6.400 12/15/66

59,487,649

19,875,000

(c) AXIS Specialty Finance LLC

4.900 01/15/40

19,253,178

22,597,000

(c) Corebridge Financial Inc

6.375 09/15/54

22,873,226

14,288,000

(c) Enstar Finance LLC

5.500 01/15/42

14,125,708

9,883,000

(c),(f)

Enstar Group Ltd

7.500 04/01/45

10,299,746

5,830,000

(c),(f)

Fidelis Insurance Holdings Ltd

6.625 04/01/41

5,813,594

24,448,000

(c),(f)

MetLife Inc

9.250 04/08/38

29,053,905

4,531,000

(b),(c)

MetLife Inc

5.875 N/A

4,602,250

11,023,000

(c) MetLife Inc

6.350 03/15/55

11,480,741

14,051,000

(c) PartnerRe Finance B LLC

4.500 10/01/50

13,156,957

45,898,000

(b),(e)

Phoenix Group Holdings PLC, Reg S

8.500 N/A

48,800,560

21,542,000

(c) Provident Financing Trust I

7.405 03/15/38

23,304,389

8,234,000

(c) Prudential Financial Inc

5.125 03/01/52

8,068,713

13,400,000

(c) Prudential Financial Inc

6.500 03/15/54

14,084,204

9,585,000

(c) Reinsurance Group of America Inc

6.650 09/15/55

9,763,377

89,664,000

(b),(c),(f)

SBL Holdings Inc

9.508 N/A

90,560,640

55,600,000

(b),(c),(f)

SBL Holdings Inc

6.500 N/A

52,820,000

TOTAL INSURANCE

517,309,682

MATERIALS - 0.1%

5,000,000

(b),(c),(f)

Cemex SAB de CV

7.200 N/A

5,157,250

TOTAL MATERIALS

5,157,250

MEDIA & ENTERTAINMENT - 0.2%

10,628,000

(c) Paramount Global

6.375 03/30/62

10,645,727

TOTAL MEDIA & ENTERTAINMENT

10,645,727

#### Portfolio of Investments August 31, 2025
(continued)

#### Preferred Securities and Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES - 1.5%

$

14,843,000

(c) Bell Telephone Co of Canada or Bell Canada

7.000 %

09/15/55

$

15,181,198

17,730,000

(c) Rogers Communications Inc

7.125 04/15/55

18,405,100

13,396,000

(c) TELUS Corp

7.000 10/15/55

13,746,721

22,509,000

(c) Vodafone Group PLC

7.000 04/04/79

23,750,956

9,350,000

(c) Vodafone Group PLC

4.125 06/04/81

8,655,760

TOTAL TELECOMMUNICATION SERVICES

79,739,735

UTILITIES - 4.0%

5,575,000

(c),(f)

AES Andes SA

8.150 06/10/55

5,885,845

9,618,000

(c) AES Corp/The

7.600 01/15/55

9,882,746

7,093,000

(c),(f)

AltaGas Ltd

7.200 10/15/54

7,187,472

11,494,000

(c) American Electric Power Co Inc

3.875 02/15/62

11,143,312

10,244,000

(c) CMS Energy Corp

6.500 06/01/55

10,449,320

6,574,000

(c) Dominion Energy Inc

7.000 06/01/54

7,035,758

8,455,000

(c) Duke Energy Corp

6.450 09/01/54

8,754,070

35,009,000

(c) Emera Inc

6.750 06/15/76

35,228,786

18,153,000

(c) Entergy Corp

7.125 12/01/54

18,905,505

11,121,000

(c) EUSHI Finance Inc

7.625 12/15/54

11,619,210

15,071,000

(c) NextEra Energy Capital Holdings Inc

6.750 06/15/54

15,922,647

10,443,000

(c) PG&E Corp

7.375 03/15/55

10,363,470

11,762,000

(c) Sempra

4.125 04/01/52

11,399,227

14,485,000

(c) Sempra

6.550 04/01/55

14,265,468

10,983,000

(c) Sempra

6.375 04/01/56

11,071,479

3,395,000

(b),(c),(f)

Vistra Corp

8.000 N/A

3,465,535

5,900,000

(b),(c),(f)

Vistra Corp

7.000 N/A

5,971,048

17,517,000

(b),(c),(f)

Vistra Corp

8.875 N/A

19,054,765

TOTAL UTILITIES

217,605,663

TOTAL CORPORATE BONDS

(Cost $4,740,558,813)

4,718,445,707

SHARES

DESCRIPTION

RATE

VALUE

515968502

PREFERRED STOCK - 9.5%

515968502

BANKS - 1.4%

486,433

Fifth Third Bancorp

8.267 12,428,363

280,000

(g) Huntington Bancshares Inc/OH (TSFR3M + 2.962%)

7.279 6,705,972

285,287

KeyCorp

6.125 7,120,763

1,355,330

KeyCorp

6.200 33,612,184

217,405

KeyCorp

5.625 4,893,787

209,354

KeyCorp

5.650 4,670,688

302,269

Regions Financial Corp

5.700 7,230,274

35,354

Synovus Financial Corp

8.397 934,760

TOTAL BANKS

77,596,791

FINANCIAL SERVICES - 2.7%

680,940

Bank of New York Mellon Corp/The

6.150 17,622,727

558,300

Equitable Holdings Inc

5.250 11,942,037

518,768

Morgan Stanley

6.375 13,078,141

1,344,835

Morgan Stanley

5.850 32,921,561

870,125

Morgan Stanley

6.625 22,562,341

242,300

Morgan Stanley

6.500 6,183,496

322,188

Morgan Stanley

6.875 8,170,688

350,835

(d) Synchrony Financial

5.625 6,883,383

1,058,054

Voya Financial Inc

5.350 24,991,235

TOTAL FINANCIAL SERVICES

144,355,609

FOOD, BEVERAGE & TOBACCO - 1.2%

193,870

CHS Inc

7.875 5,141,432

1,451,502

CHS Inc

7.100 36,810,091

528,896

CHS Inc

6.750 13,000,264

44,881

CHS Inc

7.500 1,148,505

79,800

(f) Dairy Farmers of America Inc

7.875 7,660,800

TOTAL FOOD, BEVERAGE & TOBACCO

63,761,092

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

VALUE

INSURANCE - 4.1%

504,425

American National Group Inc

7.375 %

$

12,812,395

1,233,711

American National Group Inc

6.625 30,978,483

603,290

(d) Aspen Insurance Holdings Ltd

5.625 13,103,459

367,750

(d) Aspen Insurance Holdings Ltd

7.125 9,340,850

191,504

Assurant Inc

5.250 3,908,597

540,503

Athene Holding Ltd

7.750 13,993,623

1,006,376

Athene Holding Ltd

6.350 25,028,571

1,550,528

Delphi Financial Group Inc

7.663 37,522,777

1,540,908

Enstar Group Ltd

7.000 36,057,247

78,593

Enstar Group Ltd

7.000 1,787,991

23,571

PartnerRe Ltd

4.875 400,707

853,330

Reinsurance Group of America Inc

5.750 21,077,251

556,200

Reinsurance Group of America Inc

7.125 14,216,472

221,929

Selective Insurance Group Inc

4.600 3,848,249

TOTAL INSURANCE

224,076,672

TELECOMMUNICATION SERVICES - 0.1%

314,900

AT&T Inc

4.750 6,178,338

TOTAL TELECOMMUNICATION SERVICES

6,178,338

TOTAL PREFERRED STOCK

(Cost $533,798,344)

515,968,502

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

115255612

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.2%

115255612

$

18,191,000

(b) CoBank ACB

6.250 N/A

18,198,458

33,000,000

(b) CoBank ACB

6.450 N/A

33,395,076

6,807,000

(b) CoBank ACB

7.250 N/A

6,993,451

17,887,000

(b) CoBank ACB

7.125 N/A

18,327,997

6,770,000

(b),(f)

Farm Credit Bank of Texas

6.200 N/A

6,668,025

8,767,000

(b),(f)

Farm Credit Bank of Texas

7.750 N/A

9,127,744

21,999,000

(b) Farm Credit Bank of Texas

7.000 N/A

22,544,861

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $113,759,203)

115,255,612

TOTAL LONG-TERM INVESTMENTS

(Cost $5,388,116,360)

5,349,669,821

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.7%

91,596,475

(i) State Street Navigator Securities Lending Government Money

Market Portfolio

4.310 (j)

91,596,475

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $91,596,475)

91,596,475

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.0%

1,200,000

REPURCHASE AGREEMENTS - 0.0%

1,200,000

1,200,000

(k) Fixed Income Clearing Corporation

4.260 09/02/25

1,200,000

TOTAL REPURCHASE AGREEMENTS

(Cost $1,200,000)

1,200,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,200,000)

1,200,000

TOTAL INVESTMENTS - 100.5%

(Cost $5,480,912,835)

5,442,466,296

OTHER ASSETS & LIABILITIES, NET - (0.5)%

(24,804,750)

NET ASSETS - 100%

$

5,417,661,546

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering

those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the

registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are

made outside the United States.

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

#### Portfolio of Investments August 31, 2025
(continued)

#### Preferred Securities and Income

See Notes to Financial Statements

Investments in Derivatives

(a) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(b) Perpetual security. Maturity date is not applicable.

(c) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

52.4% of Total Investments.

(d) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $87,619,914.

(e) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the

issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of

the end of the reporting period, the Fund's total investment in CoCos was 33.7% of Total Investments.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $1,331,150,865 or 24.5% of Total Investments.

(g) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(h) For fair value measurement disclosure purposes, investment classified as Level 3.

(i) Investments made with cash collateral received from securities on loan.

(j) The rate shown is the one-day yield as of the end of the reporting period.

(k) Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $1,200,568 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 4/15/28, valued at $1,224,023.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury 10-Year Note

2,229

12/25

$

249,674,973

$

250,762,500

$

1,087,527

U.S. Treasury Long Bond

553

12/25

63,068,527

63,180,250

111,723

U.S. Treasury Ultra Bond

530

12/25

61,894,305

61,778,125

(116,180)

Total

$374,637,805

$375,720,875

$1,083,070

#### Portfolio of Investments August 31, 2025

#### Strategic Income
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.6%

ASSET-BACKED SECURITIES - 12.0%

–

$

1,000,535

(a) Aaset 2021-2 Trust, Series 2021 2A

2.798 %

01/15/47

$

942,315

600,000

(a),(b)

ACRE Commercial Mortgage 2021-FL4 Ltd, Series 2021 FL4,

(TSFR1M + 3.214%)

7.574 12/18/37

570,244

2,000,000

(a) Adams Outdoor Advertising LP, Series 2023 1

6.967 07/15/53

2,047,655

2,200,000

(a) Affirm Asset Securitization Trust 2024-B, Series 2024 B

5.060 09/15/29

2,198,811

1,900,000

(a) Affirm Asset Securitization Trust 2024-B, Series 2024 B

5.500 09/15/29

1,899,913

763,144

(a) Alterna Funding III LLC, Series 2024 1A

6.260 05/16/39

769,877

791,099

(a) Alterna Funding III LLC, Series 2024 1A

7.136 05/16/39

797,265

524,408

(b) Ameriquest Mortgage Securities Inc Asset Back Ser 2004-R1,

Series 2004 R1, (TSFR1M + 0.714%)

2.788 02/25/34

516,847

3,000,000

(a) Applebee's Funding LLC / IHOP Funding LLC

6.720 06/07/55

3,010,565

850,000

(a) Avis Budget Rental Car Funding AESOP LLC, Series 2021 1A

2.130 08/20/27

830,891

2,400,000

(a) Blue Stream Issuer LLC, Series 2024 1A

5.408 11/20/54

2,431,893

2,425,000

(a) Bojangles Issuer LLC, Series 2024 1A

6.584 11/20/54

2,488,472

3,250,000

(a) Brex Commercial Charge Card Master Trust, Series 2024 1

6.680 07/15/27

3,263,629

204,131

(a) British Airways 2020-1 Class B Pass Through Trust, Series 2020

A

8.375 11/15/28

215,556

1,465,000

(a) Cars Net Lease Mortgage Notes Series 2020-1, Series 2020 1A

3.100 12/15/50

1,388,306

1,250,000

(a) Cars Net Lease Mortgage Notes Series 2020-1, Series 2020 1A

4.690 12/15/50

1,172,114

1,150,000

(a) CARS-DB4 LP, Series 2020 1A

4.520 02/15/50

1,115,758

626,666

(a) CARS-DB5 LP, Series 2021 1A

1.920 08/15/51

604,208

321,095

Carvana Auto Receivables Trust 2021-N4, Series 2021 N4

2.300 09/11/28

313,637

500,000

(a) Carvana Auto Receivables Trust 2024-N3, Series 2024 N3

4.900 12/10/30

502,827

2,240,000

(a) Centersquare Issuer LLC, Series 2024 1A

5.200 10/26/54

2,221,139

2,760,000

(a) Centersquare Issuer LLC, Series 2024 1A

5.600 10/26/54

2,717,841

1,349,178

(a) CF Hippolyta Issuer LLC, Series 2020 1

2.280 07/15/60

1,053,766

674,589

(a) CF Hippolyta Issuer LLC, Series 2020 1

2.600 07/15/60

520,137

2,125,000

(a),(b)

CIFC Funding 2020-I Ltd, Series 2020 1A, (TSFR3M + 3.362%)

7.679 07/15/36

2,133,715

385,000

(a),(b)

CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 6.762%)

11.087 10/20/34

387,167

1,760,000

(a),(b)

CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 3.312%)

7.637 10/20/34

1,767,147

2,410,000

(a) Cologix Data Centers US Issuer LLC, Series 2021 1A

3.300 12/26/51

2,340,055

1,500,000

(a) Compass Datacenters Issuer III LLC, Series 2025 1A

5.656 02/25/50

1,526,664

1,000,000

(a) Concord Music Royalties LLC, Series 2024 1A

5.644 10/20/74

1,006,797

2,500,000

(a) Consolidated Communications LLC/Fidium Fiber Finance

Holdco LLC, Series 2025 1A

6.000 05/20/55

2,575,391

3,000,000

(a) Crescendo Royalty Funding LP, Series 2021 1

3.567 12/20/51

2,934,947

1,482,776

(a) CyrusOne Data Centers Issuer I LLC, Series 2023 1A

5.450 04/20/48

1,453,474

1,000,000

(a) CyrusOne Data Centers Issuer I LLC, Series 2023 2A

5.560 11/20/48

1,011,082

621,340

(a) DB Master Finance LLC, Series 2019 1A

4.021 05/20/49

618,027

1,155,000

(a) DB Master Finance LLC, Series 2021 1A

2.045 11/20/51

1,119,231

1,155,000

(a) DB Master Finance LLC, Series 2021 1A

2.493 11/20/51

1,080,421

73,600

(a) Diamond Resorts Owner Trust 2021-1, Series 2021 1A

2.700 11/21/33

73,482

73,600

(a) Diamond Resorts Owner Trust 2021-1, Series 2021 1A

3.830 11/21/33

73,487

1,440,000

(a) Domino's Pizza Master Issuer LLC, Series 2019 1A

3.668 10/25/49

1,384,939

972,500

(a) Domino's Pizza Master Issuer LLC, Series 2021 1A

2.662 04/25/51

918,891

1,300,000

(a),(b)

Elmwood CLO 20 Ltd, Series 2022 7A, (TSFR3M + 3.650%)

7.972 01/17/37

1,312,557

1,500,000

(a),(b)

Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 3.600%)

7.929 04/18/37

1,513,154

3,880,000

(a) EWC Master Issuer LLC, Series 2022 1A

5.500 03/15/52

3,836,970

2,187,386

(a),(b)

FNA 8 LLC, Series 2025 1

5.623 03/15/45

2,204,590

1,000,000

(a) Frontier Issuer LLC, Series 2023 1

11.500 08/20/53

1,046,410

2,000,000

(a) Frontier Issuer LLC, Series 2023 1

6.600 08/20/53

2,032,099

1,000,000

(a) Frontier Issuer LLC, Series 2023 1

8.300 08/20/53

1,025,238

2,000,000

(a),(b)

GRACIE POINT INTERNATIONAL FUNDING 2023-2, Series

2023 2A, (SOFR90A + 5.400%)

9.748 03/01/27

2,011,398

2,865,000

(a) Hardee's Funding LLC, Series 2020 1A

3.981 12/20/50

2,752,047

1,500,000

(a) Hertz Vehicle Financing III LLC, Series 2024 2A

6.210 01/27/31

1,540,766

1,000,000

(a) Hertz Vehicle Financing III LLC, Series 2024 1A

6.120 01/25/29

1,020,074

6,150,000

(a) HI-FI Music IP Issuer LP, Series 2022 1A

3.939 02/01/62

6,046,356

179,327

(a) Hilton Grand Vacations Trust 2019-A, Series 2019 AA

2.840 07/25/33

177,412

707,625

(a) Horizon Aircraft Finance II Ltd, Series 2019 1

3.721 07/15/39

688,137

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED SECURITIES

(continued)

557,209

(a) Horizon Aircraft Finance III Ltd, Series 2019 2

3.425 %

11/15/39

$

530,897

2,862,600

(a) Horizon Aircraft Finance IV Ltd, Series 2024 1

5.375 09/15/49

2,890,789

1,000,000

(a) Hotwire Funding LLC, Series 2024 1A

6.672 06/20/54

1,022,798

1,100,000

(a) Hotwire Funding LLC, Series 2021 1

2.658 11/20/51

1,065,969

324,076

(a) Hpefs Equipment Trust 2022-2, Series 2022 2A

4.940 03/20/30

324,089

1,222,678

(a),(c)

Industrial DPR Funding Ltd, Series 2022 1A

5.380 04/15/34

1,098,735

1,545,999

(a) Jonah Energy Abs I LLC, Series 2022 1

7.200 12/10/37

1,556,139

932,179

(a) Lunar 2021-1 Structured Aircraft Portfolio Notes, Series 2021 1

5.682 10/15/46

897,553

1,805,484

(a) LUNAR AIRCRAFT 2020-1 LTD, Series 2020 1A

3.376 02/15/45

1,764,788

3,994,267

(a) Lyra Music Assets Delaware LP, Series 2024 2A

5.760 12/22/64

4,054,196

123,368

(a) MAPS 2021-1 Trust, Series 2021 1A

2.521 06/15/46

116,975

2,500,000

(a) Mission Lane Credit Card Master Trust, Series 2025 A

12.250 05/15/30

2,526,960

251,449

(a) MVW 2019-2 LLC, Series 2019 2A

2.680 10/20/38

248,675

94,715

(a) MVW 2021-1W LLC, Series 2021 1WA

1.940 01/22/41

90,829

1,000,000

(a) Oak Street Investment Grade Net Lease Fund Series 2021-1,

Series 2021 1A

4.230 01/20/51

855,982

301,339

(a) Oportun Issuance Trust 2021-C, Series 2021 C

3.610 10/08/31

296,941

170,938

(a) Oportun Issuance Trust 2021-C, Series 2021 C

5.570 10/08/31

168,759

5,000,000

(a) Oportun Issuance Trust 2025-B, Series 2025 B

6.450 05/09/33

5,045,366

2,500,000

(a),(b)

Palmer Square CLO 2022-1 Ltd, Series 2022 1A, (TSFR3M +

3.050%)

7.375 04/20/35

2,507,595

52,652

(a) Sierra Timeshare 2021-1 Receivables Funding LLC, Series 2021

1A

1.790 11/20/37

52,057

1,833,500

(a) Sonic Capital LLC, Series 2020 1A

3.845 01/20/50

1,801,546

1,000,000

(a) Sotheby's Artfi Master Trust, Series 2024 1A

7.910 12/22/31

1,007,048

714,747

(a) Start II LTD, Series 2019 1

5.095 03/15/44

710,655

1,488,750

(a) Subway Funding LLC, Series 2024 1A

6.028 07/30/54

1,512,215

2,583,975

(a) Taco Bell Funding LLC, Series 2021 1A

2.294 08/25/51

2,385,251

1,500,000

(a) Uniti Fiber Abs Issuer Llc, Series 2025 1A

5.877 04/20/55

1,540,545

2,155,000

(a) VB-S1 Issuer LLC - VBTEL, Series 2022 1A

3.156 02/15/52

2,081,789

3,000,000

(a) VB-S1 Issuer LLC - VBTEL, Series 2022 1A

4.288 02/15/52

2,875,825

550,670

(a) Vivint Solar Financing V LLC, Series 2018 1A

7.370 04/30/48

527,972

1,387,179

(a) Wendy's Funding LLC, Series 2018 1A

3.884 03/15/48

1,360,016

834,645

(a) Wendy's Funding LLC, Series 2021 1A

2.370 06/15/51

773,616

826,440

(a) Willis Engine Structured Trust VI, Series 2021 A

3.104 05/15/46

774,504

976,757

(a) Willis Engine Structured Trust VII, Series 2023 A

8.000 10/15/48

1,013,339

1,491,766

(a) Willis Engine Structured Trust VIII, Series 2025 A

6.070 06/15/50

1,517,121

624,000

(a) Zaxbys Funding LLC, Series 2021 1A

3.238 07/30/51

587,338

4,500,000

(a) Zayo Issuer LLC, Series 2025 1A

5.648 03/20/55

4,600,265

1,500,000

(a) Zayo Issuer LLC, Series 2025 1A

8.659 03/20/55

1,560,746

TOTAL ASSET-BACKED SECURITIES

(Cost $136,629,050)

136,951,674

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

348077641

CORPORATE BONDS - 30.5% (d)

348077641

AUTOMOBILES & COMPONENTS - 0.3%

1,500,000

(a) Ford Otomotiv Sanayi AS

7.125 04/25/29

1,535,515

2,000,000

(e),(f)

General Motors Financial Co Inc

5.750 N/A

1,953,753

TOTAL AUTOMOBILES & COMPONENTS

3,489,268

BANKS - 7.1%

1,600,000

(e),(g)

Banco Bilbao Vizcaya Argentaria SA

9.375 N/A

1,768,501

1,500,000

(a),(h)

Banco Bradesco SA/Cayman Islands

6.500 01/22/30

1,582,350

800,000

(a),(e),(g)

Banco de Credito e Inversiones SA

8.750 N/A

864,520

500,000

(a),(e),(g)

Banco del Estado de Chile

7.950 N/A

533,756

1,050,000

(a),(e),(g)

Banco Mercantil del Norte SA/Grand Cayman

7.500 N/A

1,059,747

500,000

(a),(e),(g)

Banco Mercantil del Norte SA/Grand Cayman

8.375 N/A

520,000

1,500,000

(a),(e),(g)

Banco Mercantil del Norte SA/Grand Cayman

8.750 N/A

1,578,941

1,775,000

(a) Banco Santander Mexico SA Institucion de Banca Multiple

Grupo Financiero Santand

5.621 12/10/29

1,825,942

2,200,000

(e),(g)

Banco Santander SA

9.625 N/A

2,593,303

500,000

(a),(f)

Bangkok Bank PCL/Hong Kong

3.466 09/23/36

454,051

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS

(continued)

1,000,000

(a),(g)

Bank Hapoalim BM, Reg S

3.255 %

01/21/32

$

972,500

1,500,000

(e),(f)

Bank of America Corp

6.125 N/A

1,513,943

1,000,000

(f) Bank of America Corp

5.744 02/12/36

1,024,537

4,800,000

(e),(f)

Bank of America Corp

6.625 N/A

4,941,638

1,685,000

Bank of America Corp

5.162 01/24/31

1,739,060

5,000,000

(f) Bank of Montreal

7.300 11/26/84

5,243,980

1,340,000

(e),(g)

Barclays PLC

8.000 N/A

1,409,814

1,100,000

(a),(g)

BBVA Bancomer SA Institucion de Banca Multiple Grupo

Financiero BBVA Mexico

7.625 02/11/35

1,149,500

1,000,000

(a),(g)

BBVA Mexico SA Institucion De Banca Multiple Grupo

Financiero BBVA Mexico/TX

8.450 06/29/38

1,087,475

2,040,000

(a),(e),(g)

BNP Paribas SA

7.450 N/A

2,081,946

3,000,000

(f) Canadian Imperial Bank of Commerce

6.950 01/28/85

3,017,394

1,945,000

Citibank NA

4.576 05/29/27

1,960,633

2,235,000

Citigroup Inc

5.610 09/29/26

2,236,595

1,685,000

(e),(f)

Citigroup Inc

7.625 N/A

1,762,426

2,000,000

(e),(f)

CoBank ACB

6.250 N/A

2,000,820

1,675,000

(a) Development Bank of Kazakhstan JSC

2.950 05/06/31

1,477,251

375,000

(a) Grupo Aval Ltd

4.375 02/04/30

348,450

1,560,000

(e),(f),(h)

Huntington Bancshares Inc/OH

5.625 N/A

1,589,980

2,000,000

(a),(h)

Itau Unibanco Holding SA/Cayman Island

6.000 02/27/30

2,069,980

900,000

(f) JPMorgan Chase & Co

5.576 07/23/36

918,006

2,000,000

(e),(f)

JPMorgan Chase & Co

3.650 N/A

1,971,564

2,000,000

(e),(f)

JPMorgan Chase & Co

6.875 N/A

2,101,552

2,000,000

(e),(g),(h)

Lloyds Banking Group PLC

6.750 N/A

2,001,646

1,700,000

(a),(g)

Mizrahi Tefahot Bank Ltd, Reg S

3.077 04/07/31

1,672,545

2,975,000

Morgan Stanley Private Bank NA

4.734 07/18/31

3,016,792

3,000,000

(e),(g)

NatWest Group PLC

8.125 N/A

3,321,705

2,000,000

(e),(f)

PNC Financial Services Group Inc/The

3.400 N/A

1,934,232

3,000,000

(f) Royal Bank of Canada

6.750 08/24/85

3,048,099

2,000,000

(e),(f)

Truist Financial Corp

6.669 N/A

1,999,798

1,415,000

(e),(f)

Truist Financial Corp

5.100 N/A

1,402,725

2,900,000

(e),(f)

Wells Fargo & Co

3.900 N/A

2,872,109

1,130,000

Wells Fargo & Co

5.605 04/23/36

1,173,206

1,440,000

(e),(f)

Wells Fargo & Co

7.625 N/A

1,537,946

1,500,000

(a),(e),(g),(i)

Yapi ve Kredi Bankasi AS

8.250 N/A

1,505,625

TOTAL BANKS

80,886,583

CAPITAL GOODS - 1.4%

1,500,000

(a) Albion Financing 1 SARL / Aggreko Holdings Inc

7.000 05/21/30

1,547,855

3,890,000

Boeing Co/The

5.805 05/01/50

3,740,767

1,000,000

(a) Goat Holdco LLC

6.750 02/01/32

1,017,350

1,500,000

(a),(h)

IHS Holding Ltd

7.875 05/29/30

1,530,644

1,500,000

(a),(h)

IHS Holding Ltd

8.250 11/29/31

1,547,782

2,500,000

(a) IRB Infrastructure Developers Ltd

7.110 03/11/32

2,561,676

1,515,000

Regal Rexnord Corp

6.050 04/15/28

1,568,471

1,275,000

(a),(h)

Sisecam UK PLC

8.625 05/02/32

1,338,750

1,200,000

(a) Sociedad Quimica y Minera de Chile SA

6.500 11/07/33

1,281,564

TOTAL CAPITAL GOODS

16,134,859

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%

1,500,000

(a) RR Donnelley & Sons Co

9.500 08/01/29

1,521,864

1,380,000

Verisk Analytics Inc

5.250 03/15/35

1,391,722

1,270,000

Waste Management Inc

4.950 03/15/35

1,276,351

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

4,189,937

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.3%

1,500,000

(a) Kohl's Corp

10.000 06/01/30

1,610,950

1,625,000

(a) Michaels Cos Inc/The

5.250 05/01/28

1,282,482

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,893,432

CONSUMER DURABLES & APPAREL - 0.1%

1,500,000

(a) S&S Holdings LLC

8.375 10/01/31

1,408,805

TOTAL CONSUMER DURABLES & APPAREL

1,408,805

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER SERVICES - 0.7%

2,000,000

(a) Arcos Dorados BV

6.375 %

01/29/32

$

2,088,480

4,085,000

Piedmont Operating Partnership LP

9.250 07/20/28

4,540,383

800,000

Sands China Ltd

3.250 08/08/31

725,311

TOTAL CONSUMER SERVICES

7,354,174

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%

1,210,000

Kroger Co/The

5.000 09/15/34

1,205,986

975,000

Kroger Co/The

5.500 09/15/54

912,938

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

2,118,924

ENERGY - 2.8%

1,000,000

(a) Buckeye Partners LP

6.875 07/01/29

1,036,348

1,000,000

(a) CNX Resources Corp

7.250 03/01/32

1,037,646

1,300,000

(a) Cosan Luxembourg SA

5.500 09/20/29

1,257,779

1,100,000

(a) Eagle Funding Luxco Sarl

5.500 08/17/30

1,115,510

100,000

Ecopetrol SA

5.875 05/28/45

73,773

575,000

Ecopetrol SA

6.875 04/29/30

585,336

450,000

Ecopetrol SA

4.625 11/02/31

394,897

1,000,000

(h) Ecopetrol SA

5.875 11/02/51

707,171

1,985,285

(a) EIG Pearl Holdings Sarl

3.545 08/31/36

1,803,346

900,000

(a) Empresa Nacional del Petroleo

3.450 09/16/31

814,725

826,000

(a) Energean Israel Finance Ltd, Reg S

5.375 03/30/28

801,220

2,470,000

(e),(f)

Energy Transfer LP

7.125 N/A

2,534,670

1,700,000

(a) Galaxy Pipeline Assets Bidco Ltd

2.625 03/31/36

1,482,642

1,400,000

(a) Global Partners LP / GLP Finance Corp

8.250 01/15/32

1,471,750

2,000,000

(a) Indika Energy Tbk PT

8.750 05/07/29

1,967,949

500,000

(a) Medco Laurel Tree Pte Ltd

6.950 11/12/28

503,871

500,000

(a) Medco Maple Tree Pte Ltd

8.960 04/27/29

522,469

1,060,000

ONEOK Inc

5.050 11/01/34

1,033,500

200,000

(a) Petroleos del Peru SA

4.750 06/19/32

162,134

1,490,000

Petroleos Mexicanos

6.700 02/16/32

1,432,539

100,000

Petroleos Mexicanos

6.750 09/21/47

78,375

559,000

Petroleos Mexicanos

7.690 01/23/50

477,808

560,000

(a) Petronas Capital Ltd

4.950 01/03/31

579,457

2,400,000

(a) Petronas Capital Ltd

5.340 04/03/35

2,478,487

1,500,000

(a) Raizen Fuels Finance SA

5.700 01/17/35

1,375,350

1,993,000

(f) South Bow Corp

7.500 03/01/55

2,083,068

1,000,000

(a) Thaioil Treasury Center Co Ltd

2.500 06/18/30

900,977

1,780,000

(f) Transcanada Trust

5.500 09/15/79

1,753,481

2,000,000

(a),(e),(f)

Venture Global LNG Inc

9.000 N/A

1,986,084

TOTAL ENERGY

32,452,362

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.8%

1,625,000

GLP Capital LP / GLP Financing II Inc

5.750 06/01/28

1,668,041

1,655,000

GLP Capital LP / GLP Financing II Inc

4.000 01/15/30

1,601,065

986,000

Healthcare Realty Holdings LP

3.750 07/01/27

977,251

2,990,000

Healthcare Realty Holdings LP

2.400 03/15/30

2,704,478

1,000,000

(a) MPT Operating Partnership LP / MPT Finance Corp

8.500 02/15/32

1,048,429

1,490,000

Ventas Realty LP

5.000 01/15/35

1,473,095

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

9,472,359

FINANCIAL SERVICES - 3.7%

1,354,000

(f) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.950 03/10/55

1,417,622

1,500,000

(a) Azorra Finance Ltd

7.750 04/15/30

1,574,672

1,075,000

(a) Block Inc

6.000 08/15/33

1,103,650

EUR

3,000,000

(e),(g)

Deutsche Bank AG, Reg S

7.125 N/A

3,629,139

1,955,000

(e),(f)

Goldman Sachs Group Inc/The

7.500 N/A

2,073,025

3,000,000

(e),(f)

Goldman Sachs Group Inc/The

6.850 N/A

3,089,619

14,286

(a),(b)

Hestia Re Ltd (1-Month U.S. Treasury Bill + 0.100%)

4.262 04/22/29

7,143

1,655,000

JPMorgan Chase & Co

5.572 04/22/36

1,720,594

6,625,000

JPMorgan Chase & Co

5.103 04/22/31

6,834,958

6,095,000

Morgan Stanley

5.192 04/17/31

6,282,573

3,055,000

Morgan Stanley

5.664 04/17/36

3,179,877

2,000,000

(a) Muthoot Finance Ltd

6.375 04/23/29

2,012,461

1,429,000

(e),(g)

Nomura Holdings Inc

7.000 N/A

1,464,719

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

1,970,000

(e),(f)

State Street Corp

6.700 %

N/A

$

2,038,897

2,060,000

(a),(e),(g)

UBS Group AG

9.250 N/A

2,419,241

830,000

(a),(e),(g)

UBS Group AG

7.000 N/A

836,660

1,000,000

(e),(f)

Voya Financial Inc

7.758 N/A

1,054,692

1,585,000

(a) Wynnton Funding Trust II

5.991 08/15/55

1,575,400

TOTAL FINANCIAL SERVICES

42,314,942

FOOD, BEVERAGE & TOBACCO - 1.5%

1,275,000

(a) Arcor SAIC

7.600 07/31/33

1,277,550

1,200,000

(a) Cia Cervecerias Unidas SA

3.350 01/19/32

1,075,319

2,000,000

(a) Grupo Nutresa SA

8.000 05/12/30

2,127,000

2,730,000

(a),(e),(f)

Land O' Lakes Inc

8.000 N/A

2,613,975

2,370,000

(a) Mars Inc

4.600 03/01/28

2,399,520

3,090,000

(a) Mars Inc

4.800 03/01/30

3,149,046

1,815,000

(a) Mars Inc

5.200 03/01/35

1,831,826

2,125,000

(a) Mars Inc

5.700 05/01/55

2,072,193

TOTAL FOOD, BEVERAGE & TOBACCO

16,546,429

HEALTH CARE EQUIPMENT & SERVICES - 0.5%

2,000,000

(a) CHS/Community Health Systems Inc

10.875 01/15/32

2,116,462

1,010,000

CVS Health Corp

5.050 03/25/48

865,869

515,000

CVS Health Corp

5.450 09/15/35

516,156

1,375,000

UnitedHealth Group Inc

5.050 04/15/53

1,206,813

1,500,000

UnitedHealth Group Inc

5.500 07/15/44

1,457,226

TOTAL HEALTH CARE EQUIPMENT & SERVICES

6,162,526

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%

1,540,000

Haleon US Capital LLC

3.625 03/24/32

1,452,084

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,452,084

INSURANCE - 2.0%

1,600,000

(a),(f)

Allianz SE

6.350 09/06/53

1,697,842

2,000,000

(a) APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

7.875 11/01/29

2,075,564

2,835,000

(f) AXIS Specialty Finance LLC

4.900 01/15/40

2,746,302

1,485,000

(f) Enstar Finance LLC

5.500 01/15/42

1,468,133

2,424,000

(a),(f)

Enstar Group Ltd

7.500 04/01/45

2,526,215

1,000,000

(a),(f)

Hanwha Life Insurance Co Ltd

3.379 02/04/32

981,440

1,810,000

(a) Omnis Funding Trust

6.722 05/15/55

1,869,230

1,070,000

(a) Pine Street Trust III

6.223 05/15/54

1,062,743

1,500,000

(f) Prudential Financial Inc

6.000 09/01/52

1,547,715

1,900,000

(f) Prudential Financial Inc

6.500 03/15/54

1,997,014

1,355,000

Reinsurance Group of America Inc

5.750 09/15/34

1,396,980

1,000,000

(a),(b)

Vitality Re XIV Ltd (3-Month U.S. Treasury Bill + 3.500%)

7.812 01/05/27

1,025,700

1,000,000

(a),(b)

Vitality Re XV Ltd (3-Month U.S. Treasury Bill + 2.500%)

0.000 01/07/28

1,014,700

1,500,000

(a),(b)

Vitality Re XVI Ltd (3-Month U.S. Treasury Bill + 1.750%)

6.049 01/08/29

1,500,300

TOTAL INSURANCE

22,909,878

MATERIALS - 2.0%

1,700,000

(a) Alpek SAB de CV

4.250 09/18/29

1,601,489

1,990,000

Amcor Finance USA Inc

3.625 04/28/26

1,979,463

1,000,000

AngloGold Ashanti Holdings PLC

3.750 10/01/30

946,258

1,005,000

Berry Global Inc

1.570 01/15/26

993,153

1,275,000

(a),(e),(f)

Cemex SAB de CV

7.200 N/A

1,315,099

1,025,000

(a) Corp Nacional del Cobre de Chile

6.440 01/26/36

1,085,611

1,750,000

(a) Corp Nacional del Cobre de Chile

6.330 01/13/35

1,828,435

1,120,000

(a) Freeport Indonesia PT

5.315 04/14/32

1,143,047

530,000

International Flavors & Fragrances Inc

5.000 09/26/48

455,757

1,525,000

(a) LD Celulose International GmbH

7.950 01/26/32

1,602,602

1,025,000

(a) OCP SA

3.750 06/23/31

938,336

500,000

(a) OCP SA

6.700 03/01/36

516,753

1,500,000

(a) Olin Corp

6.625 04/01/33

1,498,055

1,990,000

(a) Olympus Water US Holding Corp

6.750 08/01/32

1,970,565

2,000,000

(a) Sasol Financing USA LLC

8.750 05/03/29

2,017,430

1,500,000

Suzano Austria GmbH

3.125 01/15/32

1,327,772

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS

(continued)

2,000,000

(a) Windfall Mining Group Inc / Groupe Minier Windfall Inc

5.854 %

05/13/32

$

2,056,103

TOTAL MATERIALS

23,275,928

MEDIA & ENTERTAINMENT - 0.7%

800,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

6.550 06/01/34

848,632

660,000

Comcast Corp

5.650 06/01/54

633,735

2,475,000

(a) CSC Holdings LLC

11.250 05/15/28

2,473,555

$

1,200,000

(a) Gray Media Inc

7.250 08/15/33

1,182,197

2,185,000

(f) Paramount Global

6.375 03/30/62

2,188,645

TOTAL MEDIA & ENTERTAINMENT

7,326,764

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%

1,325,000

Amgen Inc

5.650 03/02/53

1,281,474

985,000

(a) Merck KGaA

4.125 08/15/28

985,124

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,266,598

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%

1,065,000

Broadcom Inc

5.200 07/15/35

1,074,691

285,000

Intel Corp

5.700 02/10/53

262,083

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

1,336,774

SOFTWARE & SERVICES - 0.2%

1,000,000

(a) Amentum Escrow Corp

7.250 08/01/32

1,042,953

1,465,000

Oracle Corp

6.000 08/03/55

1,431,127

TOTAL SOFTWARE & SERVICES

2,474,080

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

1,500,000

(a) Viasat Inc

6.500 07/15/28

1,458,396

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

1,458,396

TELECOMMUNICATION SERVICES - 1.3%

2,360,000

AT&T Inc

3.800 12/01/57

1,624,009

1,555,000

AT&T Inc

5.400 02/15/34

1,603,043

775,000

(a) CT Trust

5.125 02/03/32

734,824

1,400,000

(a) Level 3 Financing Inc

6.875 06/30/33

1,412,565

1,000,000

(a) Liberty Costa Rica Senior Secured Finance

10.875 01/15/31

1,061,860

1,000,000

(a),(e),(f)

Network i2i Ltd

3.975 N/A

991,500

2,544,000

(f) Rogers Communications Inc

7.125 04/15/55

2,640,867

1,375,000

(a) Sitios Latinoamerica SAB de CV

5.375 04/04/32

1,353,113

300,000

(a) Sitios Latinoamerica SAB de CV

6.000 11/25/29

309,173

1,000,000

(a) Veon Midco BV

3.375 11/25/27

934,319

2,000,000

(a) Zayo Group Holdings Inc

4.000 03/01/27

1,934,707

TOTAL TELECOMMUNICATION SERVICES

14,599,980

TRANSPORTATION - 0.7%

500,000

(a) Adani Ports & Special Economic Zone Ltd

3.100 02/02/31

435,114

1,132,826

American Airlines 2021-1 Class A Pass Through Trust2021 2021

2.875 07/11/34

1,018,799

1,500,000

(a) Grupo Aeromexico SAB de CV

8.250 11/15/29

1,483,031

975,000

(a) Kingston Airport Revenue Finance Ltd

6.750 12/15/36

1,005,722

2,575,000

(a),(h)

Montego Bay Airport Revenue Finance Ltd

6.600 06/15/35

2,626,500

1,500,000

(a) Transnet SOC Ltd

8.250 02/06/28

1,574,980

TOTAL TRANSPORTATION

8,144,146

UTILITIES - 3.3%

2,900,000

(f) AES Corp/The

6.950 07/15/55

2,805,705

1,185,655

(a) Alfa Desarrollo SpA2021 1

4.550 09/27/51

933,793

340,000

American Water Capital Corp

5.700 09/01/55

334,584

960,000

Atmos Energy Corp

5.200 08/15/35

972,815

2,000,000

(a) Comision Federal de Electricidad

3.348 02/09/31

1,785,319

775,000

(a) Comision Federal de Electricidad

5.700 01/24/30

780,138

1,446,750

(a) Continuum Green Energy India Pvt / Co-Issuers

7.500 06/26/33

1,503,727

2,000,000

(f) Dominion Energy Inc

7.000 06/01/54

2,140,480

725,000

DTE Energy Co

5.850 05/15/55

741,181

1,950,000

Duke Energy Progress LLC

5.350 03/15/53

1,837,106

500,000

Duke Energy Progress LLC

5.050 03/15/35

504,642

1,685,000

(e),(f)

Edison International

5.375 N/A

1,637,272

1,500,000

(e),(f)

Edison International

5.000 N/A

1,341,073

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

VALUE

MATURITY

VALUE

UTILITIES

(continued)

$

800,000

(a) Empresas Publicas de Medellin ESP

4.375 %

02/15/31

$

728,392

950,000

(a) Eskom Holdings SOC Ltd

6.350 08/10/28

969,117

2,225,000

(f) EUSHI Finance Inc

7.625 12/15/54

2,324,678

870,000

Florida Power & Light Co

5.700 03/15/55

870,929

1,050,000

Interstate Power and Light Co

5.600 06/29/35

1,085,670

2,000,000

(a) LONG RIDGE ENERGY LLC

8.750 02/15/32

2,071,564

2,500,000

(f) PG&E Corp

7.375 03/15/55

2,480,961

1,500,000

(a) ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9

Subsidiaries

4.500 07/14/28

1,438,970

1,500,000

(a) Saavi Energia Sarl

8.875 02/10/35

1,590,000

2,035,000

(e),(f)

Sempra

4.875 N/A

2,033,965

687,075

(a) Sweihan PV Power Co PJSC2022 1

3.625 01/31/49

570,255

551,554

(a) UEP Penonome II SA2020 1

6.500 10/01/38

494,882

1,700,000

(a),(e),(f)

Vistra Corp

8.875 N/A

1,849,238

1,500,000

(a),(h)

XPLR Infrastructure Operating Partners LP

8.625 03/15/33

1,581,957

TOTAL UTILITIES

37,408,413

TOTAL CORPORATE BONDS

(Cost $344,611,771)

348,077,641

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES - 33.1%

–

2,000,000

(a),(b)

Alen 2021-ACEN Mortgage Trust, Series 2021 ACEN, (TSFR1M

+ 4.114%)

8.478 04/15/34

1,567,750

2,500,000

(a),(b)

ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M

+ 1.750%)

6.113 06/15/35

2,501,448

2,500,000

(a),(b)

ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M

+ 3.000%)

7.363 06/15/35

2,503,883

1,000,000

(a),(b)

ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M

+ 4.500%)

8.863 06/15/35

1,001,666

257,024

(a),(b)

Arroyo Mortgage Trust 2019-3, Series 2019 3

3.416 10/25/48

246,500

3,500,000

(a),(b)

BAMLL Trust 2025-ASHF, Series 2025 ASHF, (TSFR1M +

2.350%)

6.714 02/15/42

3,524,028

1,200,000

(b) BANK, Series 2017 BNK5

4.190 06/15/60

1,145,315

700,000

(b) BANK 2017-BNK8, Series 2017 BNK8

4.227 11/15/50

582,778

2,700,000

(b) BANK 2019-BNK18, Series 2019 BN18

4.214 05/15/62

2,291,532

2,000,000

(a) BANK 2019-BNK21, Series 2019 BN21

2.500 10/17/52

1,485,196

2,000,000

(b) BANK5 2024-5YR5

6.539 02/15/29

2,083,012

2,000,000

(b) BBCMS Mortgage Trust 2022-C16, Series 2022 C16

4.600 06/15/55

1,930,040

3,925,000

(a),(b)

BBCMS Trust 2015-SRCH, Series 2015 SRCH

5.122 08/10/35

3,697,135

3,000,000

(a),(b)

BBCMS Trust 2018-CBM, Series 2018 CBM, (TSFR1M + 1.488%)

6.817 07/15/37

2,862,545

3,400,000

(b) Benchmark 2018-B1 Mortgage Trust, Series 2018 B1

4.343 01/15/51

2,789,587

3,400,000

(b) Benchmark 2018-B2 Mortgage Trust, Series 2018 B2

4.435 02/15/51

2,582,789

2,500,000

(b) Benchmark 2018-B3 Mortgage Trust, Series 2018 B3

4.553 04/10/51

2,193,912

3,000,000

(b) Benchmark 2019-B14 Mortgage Trust, Series 2019 B14

3.888 12/15/62

2,099,444

1,000,000

(a) Benchmark 2019-B14 Mortgage Trust, Series 2019 B14

2.500 12/15/62

360,373

1,500,000

Benchmark 2019-B14 Mortgage Trust, Series 2019 B14

3.493 12/15/62

1,249,088

2,500,000

(b) Benchmark 2019-B15 Mortgage Trust, Series 2019 B15

3.830 12/15/72

1,990,251

1,750,000

Benchmark 2019-B9 Mortgage Trust, Series 2019 B9

4.267 03/15/52

1,683,997

3,600,000

(b) Benchmark 2019-B9 Mortgage Trust, Series 2019 B9

4.971 03/15/52

3,184,799

1,000,000

(a),(b)

Benchmark 2020-IG2 Mortgage Trust, Series 2020 IG2

2.791 09/15/48

837,002

1,000,000

(a),(b)

Benchmark 2020-IG3 Mortgage Trust, Series 2020 IG3

3.654 09/15/48

959,116

2,000,000

Benchmark Mortgage Trust Series - 2019 B12 (Class C)

3.873 08/15/52

1,621,199

1,500,000

(b) BMO 2024-C9 Mortgage Trust, Series 2024 C9

6.340 07/15/57

1,586,938

2,000,000

(a),(b)

BPR 2023-STON Mortgage Trust, Series 2023 STON

7.871 12/05/39

2,081,182

3,000,000

(a),(b)

BSST 2022-1700 Mortgage Trust, Series 2022 1700, (TSFR1M

+ 1.300%)

5.664 02/15/37

2,688,028

1,753,476

(a),(b)

BX Commercial Mortgage Trust 2021-SOAR, Series 2021

SOAR, (LIBOR 1 M + 1.914%)

1.910 06/15/38

1,753,585

2,500,000

(a),(b)

BX Commercial Mortgage Trust 2024-BRBK, Series 2024 BRBK,

(TSFR1M + 4.874%)

9.234 10/15/41

2,516,182

1,500,000

(a),(b)

BX Trust 2023-DELC, Series 2023 DELC, (TSFR1M + 3.339%)

7.702 05/15/38

1,514,129

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

3,500,000

(b) Cantor Commercial Real Estate Lending 2019-CF1, Series 2019

CF1

4.352 %

05/15/52

$

3,007,687

705,000

(b) CD 2016-CD1 Mortgage Trust, Series 2016 CD1

3.631 08/10/49

480,988

2,000,000

(b) CD Mortgage Trust, Series 2017 CD3

3.984 02/10/50

1,368,258

47,867

(a),(b)

CF 2020-P1 Mortgage Trust, Series 2020 P1

2.840 04/15/52

47,573

750,000

(a),(b)

CF 2020-P1 Mortgage Trust, Series 2020 P1

3.603 04/15/52

692,491

567,647

(a),(b)

Citigroup Commercial Mortgage Trust 2014-GC23, Series 2014

GC23

4.741 07/10/47

542,777

1,527,979

(b) Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015

GC29

3.758 04/10/48

1,472,401

1,690,000

(b) Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015

GC29

4.111 04/10/48

1,539,551

1,900,000

Citigroup Commercial Mortgage Trust 2016-GC37, Series 2016

GC37

4.233 04/10/49

1,872,621

3,500,000

(b) Citigroup Commercial Mortgage Trust 2016-P3, Series 2016 P3

4.271 04/15/49

3,300,027

2,500,000

(b) Citigroup Commercial Mortgage Trust 2017-C4, Series 2017

C4

4.283 10/12/50

2,390,516

2,260,000

(b) Citigroup Commercial Mortgage Trust 2017-P8, Series 2017 P8

4.254 09/15/50

1,766,861

1,574,000

Citigroup Commercial Mortgage Trust 2019-GC41, Series 2019

GC41

3.502 08/10/56

1,349,086

850,000

(a),(b)

Citigroup Commercial Mortgage Trust 2021-PRM2, Series 2021

PRM2, (TSFR1M + 2.014%)

6.378 10/15/38

845,266

1,511,544

COMM 2014-CCRE17 Mortgage Trust, Series 2014 CR17

4.377 05/10/47

1,467,573

830,745

(b) COMM 2014-CR14 Mortgage Trust, Series 2014 CR14

3.792 02/10/47

804,481

2,000,000

(a),(b)

COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3

4.767 06/10/47

870,040

2,000,000

(b) COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3

4.751 06/10/47

1,410,040

2,000,000

(a) COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22

3.000 03/10/48

1,198,808

1,840,000

(b) COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22

3.885 03/10/48

1,666,804

684,109

(b) COMM 2015-CCRE23 Mortgage Trust, Series 2015 CR23

4.367 05/10/48

665,349

122,774

(b) COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24

4.413 08/10/48

122,305

1,500,000

(b) COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24

3.463 08/10/48

1,377,712

500,000

(b) COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24

4.413 08/10/48

481,760

550,000

(b) COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25

3.768 08/10/48

519,211

3,000,000

(b) COMM 2015-CCRE26 Mortgage Trust, Series 2015 CR26

4.670 10/10/48

2,835,286

2,043,000

(b) COMM 2015-LC23 Mortgage Trust, Series 2015 LC23

4.701 10/10/48

1,969,620

3,500,000

(b) COMM 2018-COR3 Mortgage Trust, Series 2018 COR3

4.668 05/10/51

2,968,896

2,500,000

(b) COMM 2019-GC44 Mortgage Trust, Series 2019 GC44

3.625 08/15/57

2,101,792

4,830,000

(a),(b)

Connecticut Avenue Securities Trust 2021-R03, Series 2021

R03, (SOFR30A + 5.500%)

9.848 12/25/41

5,037,082

5,000,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R01, Series 2022

R01, (SOFR30A + 6.000%)

10.348 12/25/41

5,242,989

6,000,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R02, Series 2022

R02, (SOFR30A + 7.650%)

12.972 01/25/42

6,418,004

4,500,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R03, Series 2022

R03, (SOFR30A + 9.850%)

14.823 03/25/42

5,011,203

5,000,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R04, Series 2022

R04, (SOFR30A + 9.500%)

14.837 03/25/42

5,530,056

5,000,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R05, Series 2022

R05, (SOFR30A + 7.000%)

11.348 04/25/42

5,393,711

6,000,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R06, Series 2022

R06, (SOFR30A + 10.600%)

15.334 05/25/42

6,828,518

4,000,000

(a),(b)

Connecticut Avenue Securities Trust 2022-R07, Series 2022

R07, (SOFR30A + 12.000%)

16.350 06/25/42

4,643,982

3,500,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R02, Series 2023

R02, (SOFR30A + 5.550%)

9.898 01/25/43

3,814,068

3,350,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R02, Series 2023

R02, (SOFR30A + 7.900%)

12.248 01/25/43

3,764,654

3,000,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R04, Series 2023

R04, (SOFR30A + 5.350%)

9.700 05/25/43

3,282,219

5,000,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R04, Series 2023

R04, (SOFR30A + 8.250%)

12.600 05/25/43

5,622,634

5,000,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R05, Series 2023

R05, (SOFR30A + 4.750%)

9.100 06/25/43

5,396,246

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

1,415,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R05, Series 2023

R05, (SOFR30A + 6.850%)

11.200 %

06/25/43

$

1,580,041

5,000,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R06, Series 2023

R06, (SOFR30A + 3.900%)

9.188 07/25/43

5,288,925

6,000,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R06, Series 2023

R06, (SOFR30A + 5.900%)

10.248 07/25/43

6,495,485

6,000,000

(a),(b)

Connecticut Avenue Securities Trust 2023-R08, Series 2023

R08, (SOFR30A + 3.550%)

7.898 10/25/43

6,300,955

3,972,870

(a),(b)

CSMC 2021-INV2 Trust, Series 2021 INV2

3.280 11/25/56

3,317,725

1,000,000

(a),(b)

CSMC 2021-NQM1, Series 2021 NQM1

2.130 05/25/65

802,850

1,871,000

(b) CSMC Trust 2016-NXSR, Series 2016 NXSR

4.251 12/15/49

1,774,773

3,500,000

(b) CSMC Trust 2016-NXSR, Series 2016 NXSR

4.422 12/15/49

3,196,338

1,300,000

(a),(b)

DBSG 2024-ALTA Mortgage Trust, Series 2024 ALTA

7.296 06/10/37

1,311,906

30,450,000

(a),(b)

DOLP Trust 2021-NYC, Series 2021 NYC

0.665 05/10/41

888,019

6,368,442

Fannie Mae Pool, FN MA5165

5.500 10/01/53

6,426,099

12,326,396

Fannie Mae Pool, FN MA5107

5.500 08/01/53

12,425,653

12,789,850

Fannie Mae Pool, FN MA5039

5.500 06/01/53

12,896,786

9,963

(b) Fannie Mae Pool, FN 946228, (LIBOR 12 M + 1.587%)

7.337 09/01/37

10,172

641

(b) Fannie Mae Pool, FN 905597, (LIBOR 12 M + 1.875%)

6.750 12/01/36

660

7,633,911

Fannie Mae Pool, FN MA4919

5.500 02/01/53

7,711,093

137,310

(b) Fannie Mae REMICS, Series 2013 98, (SOFR30A + 5.836%),

(I/O)

1.487 09/25/43

14,655

76,640

(a),(b)

Flagstar Mortgage Trust 2017-2, Series 2017 2

3.977 10/25/47

70,223

1,798,699

(a),(b)

Flagstar Mortgage Trust 2021-11INV, Series 2021 11IN

3.449 11/25/51

1,461,685

11,173,637

(b) Freddie Mac Multifamily ML Certificates, Series 2021 ML12,

(I/O)

1.305 07/25/41

988,308

1,000,000

(a),(b)

Freddie Mac STACR REMIC Trust 2020-DNA6, Series 2020

DNA6, (SOFR30A + 3.000%)

7.348 12/25/50

1,068,956

5,000,000

(a),(b)

Freddie Mac STACR REMIC Trust 2021-DNA6, Series 2021

DNA6, (SOFR30A + 7.500%)

11.848 10/25/41

5,295,380

6,000,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022

DNA1, (SOFR30A + 7.100%)

11.448 01/25/42

6,380,975

6,000,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022

DNA2, (SOFR30A + 8.500%)

13.788 02/25/42

6,528,065

6,000,000

(a),(b)

Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022

DNA3, (SOFR30A + 9.750%)

15.087 04/25/42

6,658,136

2,605,667

(b) Government National Mortgage Association, Series 2023 111,

(SOFR30A + 23.205%)

6.259 08/20/53

2,893,529

1,614,076

(b) Government National Mortgage Association, Series 2023 96,

(SOFR30A + 26.100%)

7.199 07/20/53

1,765,255

1,081,000

(a),(b)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (LIBOR 1 M + 1.497%)

3.449 07/15/31

341,401

1,500,000

(a),(b)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (TSFR1M + 1.897%)

6.261 07/15/31

212,342

1,000,000

(b) GS Mortgage Securities Trust 2016-GS3, Series 2016 GS3

4.100 10/10/49

947,566

2,260,000

(b) GS Mortgage Securities Trust 2016-GS4, Series 2016 GS4

4.035 11/10/49

2,045,957

1,500,000

(b) GS Mortgage Securities Trust 2018-GS10, Series 2018 GS10

4.547 07/10/51

1,314,569

6,000,000

(b) GS Mortgage Securities Trust 2018-GS9, Series 2018 GS9

4.489 03/10/51

5,259,403

1,425,000

(b) GS Mortgage Securities Trust 2019-GC38, Series 2019 GC38

4.158 02/10/52

1,381,142

1,000,000

GS Mortgage Securities Trust 2020-GSA2, Series 2020 GSA2

2.012 12/12/53

881,182

4,450

(a),(b)

GS Mortgage-Backed Securities Corp Trust 2019-PJ2, Series

2019 PJ2

4.000 11/25/49

4,215

92,504

(a),(b)

GS Mortgage-Backed Securities Corp Trust 2019-PJ2, Series

2019 PJ2

4.000 11/25/49

87,623

6,307,599

(a),(b)

GS Mortgage-Backed Securities Trust 2022-PJ1, Series 2022

PJ1

2.829 05/28/52

5,198,524

3,000,000

(a),(b)

Houston Galleria Mall Trust 2025-HGLR, Series 2025 HGLR

5.644 02/05/45

3,093,192

2,000,000

(a),(b)

HTL Commercial Mortgage Trust 2024-T53, Series 2024 T53

7.324 05/10/39

2,040,722

1,500,000

(a),(b)

ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2

6.023 07/13/42

1,531,821

334,556

(b) Impac Secured Assets CMN Owner Trust, Series 2000 3

8.000 10/25/30

312,714

203,330

(a),(b)

Imperial Fund Mortgage Trust 2020-NQM1, Series 2020 NQM1

2.051 10/25/55

193,467

2,000,000

(a),(b)

Imperial Fund Mortgage Trust 2020-NQM1, Series 2020 NQM1

3.531 10/25/55

1,863,532

311,011

(a),(b)

Imperial Fund Mortgage Trust 2021-NQM1, Series 2021 NQM1

1.617 06/25/56

276,817

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

450,000

(a),(b)

Imperial Fund Mortgage Trust 2021-NQM1, Series 2021 NQM1

2.383 %

06/25/56

$

342,615

2,000,000

(a),(b)

IP 2025-IP Mortgage Trust, Series 2025 IP

7.969 06/10/42

2,039,895

2,440,699

(a),(b)

J.P. Morgan Chase Commercial Mortgage Securities Trust

2022-NLP, Series 2022 NLP, (TSFR1M + 2.858%)

7.918 04/15/37

2,335,974

4,634,713

(a),(b)

J.P. Morgan Mortgage Trust 2022-LTV2, Series 2022 LTV2

3.658 09/25/52

3,940,184

134,194

(b) JP Morgan Alternative Loan Trust 2007-S1, Series 2007 S1,

(TSFR1M + 0.674%)

4.997 04/25/47

129,186

2,000,000

(a) JP Morgan Chase Commercial Mortgage Securities Trust 2020-

NNN, Series 2020 NNN

3.065 01/16/37

1,620,019

1,318,813

(a),(b)

JP Morgan Mortgage Trust 2020-INV1, Series 2020 INV1

4.186 08/25/50

1,152,601

1,500,000

(b) JPMBB Commercial Mortgage Securities Trust 2015-C31,

Series 2015 C31

4.728 08/15/48

1,423,473

2,500,000

(b) JPMBB Commercial Mortgage Securities Trust 2015-C31,

Series 2015 C31

4.728 08/15/48

1,986,074

3,750,000

(a),(b)

JPMBB Commercial Mortgage Securities Trust 2015-C33,

Series 2015 C33

4.136 12/15/48

3,427,946

1,400,000

(a),(b)

JPMBB Commercial Mortgage Securities Trust 2016-C1, Series

2016 C1

4.348 03/17/49

1,232,999

1,500,000

(b) JPMBB Commercial Mortgage Securities Trust 2016-C1, Series

2016 C1

4.848 03/17/49

1,450,902

2,000,000

(b) JPMCC Commercial Mortgage Securities Trust 2017-JP6,

Series 2017 JP6

3.848 07/15/50

1,741,645

1,400,000

(a),(b)

JPMCC Commercial Mortgage Securities Trust 2017-JP7,

Series 2017 JP7

4.570 09/15/50

900,284

2,000,000

(b) JPMCC Commercial Mortgage Securities Trust 2017-JP7,

Series 2017 JP7

3.820 09/15/50

1,705,743

190,000

(a) Ladder Capital Commercial Mortgage 2013-GCP Mortgage

Trust, Series 2013 GCP

3.985 02/15/36

180,910

3,015,000

(a) Legends Outlets Kansas City KS Mortgage Secured Pass-

Through Trust, Series 2024 LGND

6.733 11/05/39

3,018,041

34,356,000

(a),(b)

MFT Trust 2020-ABC, Series 2020 ABC, (I/O)

0.235 02/10/42

200,641

2,765,000

Morgan Stanley Capital I Trust 2019-H7, Series 2019 H7

3.524 07/15/52

2,627,708

2,000,000

(a) MRCD 2019-MARK Mortgage Trust, Series 2019 PARK

2.718 12/15/36

1,411,800

1,000,000

(a),(b)

MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,

(TSFR1M + 2.943%)

7.773 03/15/39

999,149

1,500,000

(a),(b)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 3.579%)

7.943 07/15/36

1,097,276

1,500,000

(a),(b)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 4.329%)

8.693 07/15/36

1,014,305

61,363

(a),(b)

New Residential Mortgage Loan Trust 2015-2, Series 2015 2A

5.276 08/25/55

61,077

3,200,000

(a),(b)

NYCT Trust 2024-3ELV, Series 2024 3ELV, (TSFR1M + 2.840%)

7.203 08/15/29

3,195,446

1,150,000

(a) One Bryant Park Trust 2019-OBP, Series 2019 OBP

2.516 09/15/54

1,059,165

2,400,000

(a),(b)

OPEN Trust 2023-AIR, Series 2023 AIR, (TSFR1M + 5.236%)

9.599 11/15/40

2,409,783

2,000,000

(a),(b)

PKHL Commercial Mortgage Trust 2021-MF, Series 2021 MF,

(TSFR1M + 0.994%)

5.358 07/15/38

1,878,905

9,289

(a),(b)

Sequoia Mortgage Trust 2018-7, Series 2018 7

4.000 09/25/48

8,852

4,946

(a),(b)

Sequoia Mortgage Trust 2019-2, Series 2019 2

4.000 06/25/49

4,701

40,180,000

(a),(b)

SLG Office Trust 2021-OVA, Series 2021 OVA, (I/O)

0.258 07/15/41

483,289

1,155,000

(a) SLG Office Trust 2021-OVA, Series 2021 OVA

2.851 07/15/41

976,821

1,831,354

(a),(b)

SMR 2022-IND Mortgage Trust, Series 2022 IND, (TSFR1M +

3.950%)

8.313 02/15/39

1,835,596

2,140,000

(a),(b)

SREIT Trust 2021-PALM, Series 2021 PALM, (TSFR1M + 1.524%)

5.887 10/15/34

2,135,009

2,000,000

(a),(b)

TX Trust 2024-HOU, Series 2024 1, (TSFR1M + 3.239%)

7.602 06/15/39

2,003,000

2,511,000

UBS Commercial Mortgage Trust 2017-C1, Series 2017 C1

4.036 06/15/50

2,380,778

5,100,000

(b) UBS Commercial Mortgage Trust 2018-C11, Series 2018 C11

5.044 06/15/51

4,741,271

2,500,000

(b) UBS Commercial Mortgage Trust 2018-C8, Series 2018 C8

4.838 02/15/51

2,307,860

2,000,000

(a),(b)

Verus Securitization Trust 2021-8, Series 2021 8

3.288 11/25/66

1,570,511

26,925

(b) Washington Mutual MSC Mortgage Pass-Through Certificates

Series 2004-RA3 Trust, Series 2004 RA3

5.509 08/25/38

26,832

2,000,000

(b) Wells Fargo Commercial Mortgage Trust 2015-P2, Series 2015

P2

4.818 12/15/48

1,974,704

1,765,000

(b) Wells Fargo Commercial Mortgage Trust 2016-C36, Series

2016 C36

4.249 11/15/59

1,552,114

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED SECURITIES

(continued)

$

2,400,000

(a),(b)

Wells Fargo Commercial Mortgage Trust 2017-SMP, Series

2017 SMP, (TSFR1M + 0.921%)

6.258 %

12/15/34

$

2,234,995

3,000,000

(b) Wells Fargo Commercial Mortgage Trust 2024-C63, Series

2024 C63

5.820 08/15/57

3,110,406

1,500,000

(a),(b)

Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series

2025 AGLN, (TSFR1M + 2.941%)

7.304 07/15/37

1,506,082

2,400,000

(a),(b)

Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series

2025 B33RP, (TSFR1M + 2.500%)

6.850 08/15/42

2,406,301

2,500,000

(a),(b)

Wells Fargo Commercial Mortgage Trust 2025-DWHP, Series

2025 DWHP, (TSFR1M + 3.340%)

7.703 04/15/38

2,500,875

919,520

(a),(b)

Wells Fargo Mortgage Backed Securities 2021-INV1 Trust,

Series 2021 INV1

3.308 08/25/51

776,418

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $387,558,044)

377,894,572

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

91336247

SOVEREIGN DEBT - 8.0%

91336247

ANGOLA - 0.2%

2,150,000

(a) Angolan Government International Bond

8.750 04/14/32

1,986,381

TOTAL ANGOLA

1,986,381

ARGENTINA - 0.1%

2,325,000

Argentine Republic Government International Bond

4.125 07/09/35

1,476,956

TOTAL ARGENTINA

1,476,956

AZERBAIJAN - 0.1%

1,700,000

(a) Republic of Azerbaijan International Bond

3.500 09/01/32

1,573,319

TOTAL AZERBAIJAN

1,573,319

BAHRAIN - 0.0%

500,000

(a) Bahrain Government International Bond

6.000 09/19/44

437,779

TOTAL BAHRAIN

437,779

BARBADOS - 0.2%

2,250,000

(a) Barbados Government International Bond

8.000 06/26/35

2,263,140

TOTAL BARBADOS

2,263,140

BENIN - 0.1%

1,550,000

(a) Benin Government International Bond

7.960 02/13/38

1,527,321

TOTAL BENIN

1,527,321

BRAZIL - 0.2%

1,145,000

Brazilian Government International Bond

6.000 10/20/33

1,151,240

1,250,000

Brazilian Government International Bond

7.125 05/13/54

1,215,037

TOTAL BRAZIL

2,366,277

CHILE - 0.4%

EUR

800,000

Chile Government International Bond

3.750 01/14/32

958,048

EUR

530,000

Chile Government International Bond

3.800 07/01/35

621,418

2,150,000

Chile Government International Bond

3.100 05/07/41

1,601,535

TOTAL CHILE

3,181,001

COLOMBIA - 0.2%

3,200,000

Colombia Government International Bond

5.000 06/15/45

2,333,408

459,000

Colombia Government International Bond

5.200 05/15/49

336,071

TOTAL COLOMBIA

2,669,479

COSTA RICA - 0.1%

905,000

(a) Costa Rica Government International Bond

5.625 04/30/43

822,645

TOTAL COSTA RICA

822,645

COTE D'IVOIRE - 0.4%

1,725,000

(a) Ivory Coast Government International Bond

6.125 06/15/33

1,598,817

621,254

(a) Ivory Coast Government International Bond

5.750 12/31/32

603,536

1,625,000

(a) Ivory Coast Government International Bond

8.250 01/30/37

1,618,531

TOTAL COTE D'IVOIRE

3,820,884

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

DOMINICAN REPUBLIC - 0.3%

$

1,525,000

(a) Dominican Republic International Bond

4.500 %

01/30/30

$

1,475,514

2,225,000

(a) Dominican Republic International Bond

6.950 03/15/37

2,319,674

TOTAL DOMINICAN REPUBLIC

3,795,188

ECUADOR - 0.0%

380,000

(a) Ecuador Government International Bond

5.000 07/31/30

340,347

TOTAL ECUADOR

340,347

EGYPT - 0.3%

1,500,000

(a) Egypt Government International Bond

8.625 02/04/30

1,544,458

2,250,000

(a) Egypt Government International Bond

8.500 01/31/47

1,870,661

TOTAL EGYPT

3,415,119

GHANA - 0.1%

157,300

(a) Ghana Government International Bond

5.000 07/03/29

150,990

1,651,200

(a) Ghana Government International Bond

5.000 07/03/35

1,356,342

TOTAL GHANA

1,507,332

GUATEMALA - 0.2%

1,475,000

(a) Guatemala Government Bond

6.600 06/13/36

1,541,375

750,000

(a) Guatemala Government Bond

6.250 08/15/36

769,215

TOTAL GUATEMALA

2,310,590

HONDURAS - 0.2%

1,675,000

(a) Honduras Government International Bond

5.625 06/24/30

1,607,163

TOTAL HONDURAS

1,607,163

HUNGARY - 0.5%

1,650,000

Hungary Government International Bond

7.625 03/29/41

1,906,178

1,600,000

(a) Hungary Government International Bond

5.500 03/26/36

1,575,589

1,500,000

(a) Hungary Government International Bond

5.375 09/26/30

1,535,756

1,300,000

(a) Magyar Export-Import Bank Zrt

6.125 12/04/27

1,342,819

TOTAL HUNGARY

6,360,342

INDONESIA - 0.1%

1,475,000

Indonesia Government International Bond

5.250 01/15/30

1,533,963

TOTAL INDONESIA

1,533,963

IRAQ - 0.1%

942,187

(a) Iraq International Bond

5.800 01/15/28

934,398

TOTAL IRAQ

934,398

ISRAEL - 0.1%

1,675,000

Israel Government International Bond

5.750 03/12/54

1,548,085

TOTAL ISRAEL

1,548,085

JORDAN - 0.2%

600,000

(a) Jordan Government International Bond

7.375 10/10/47

556,338

600,000

(a) Jordan Government International Bond

5.850 07/07/30

594,097

TOTAL JORDAN

1,150,435

KAZAKHSTAN - 0.1%

1,500,000

(a) Kazakhstan Government International Bond

5.500 07/01/37

1,524,043

TOTAL KAZAKHSTAN

1,524,043

MEXICO - 0.7%

1,966,000

Mexico Government International Bond

4.750 03/08/44

1,560,512

1,000,000

Mexico Government International Bond

4.750 04/27/32

964,500

3,325,000

Mexico Government International Bond

4.280 08/14/41

2,600,150

1,975,000

Mexico Government International Bond

6.400 05/07/54

1,830,233

1,300,000

Mexico Government International Bond

7.375 05/13/55

1,363,050

TOTAL MEXICO

8,318,445

MOROCCO - 0.1%

850,000

(a) Morocco Government International Bond

5.500 12/11/42

783,173

TOTAL MOROCCO

783,173

NIGERIA - 0.2%

2,150,000

(a) Nigeria Government International Bond

10.375 12/09/34

2,359,839

TOTAL NIGERIA

2,359,839

OMAN - 0.2%

2,050,000

(a) Oman Government International Bond

6.500 03/08/47

2,154,985

TOTAL OMAN

2,154,985

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PANAMA - 0.2%

$

1,450,000

Panama Government International Bond

8.000 %

03/01/38

$

1,600,220

TOTAL PANAMA

1,600,220

PARAGUAY - 0.2%

1,625,000

(a) Paraguay Government International Bond

5.600 03/13/48

1,475,939

1,425,000

(a) Paraguay Government International Bond

6.000 02/09/36

1,479,007

TOTAL PARAGUAY

2,954,946

PERU - 0.3%

2,000,000

Peruvian Government International Bond

3.300 03/11/41

1,515,700

1,755,000

Peruvian Government International Bond

5.875 08/08/54

1,707,615

TOTAL PERU

3,223,315

PHILIPPINES - 0.1%

1,225,000

Philippine Government International Bond

4.200 03/29/47

1,025,082

TOTAL PHILIPPINES

1,025,082

POLAND - 0.2%

1,555,000

Republic of Poland Government International Bond

5.500 04/04/53

1,458,572

1,475,000

Republic of Poland Government International Bond

5.375 02/12/35

1,508,556

TOTAL POLAND

2,967,128

REPUBLIC OF SERBIA - 0.2%

1,500,000

(a) Serbia International Bond

6.500 09/26/33

1,598,460

TOTAL REPUBLIC OF SERBIA

1,598,460

ROMANIA - 0.3%

1,370,000

(a) Romanian Government International Bond

6.125 01/22/44

1,253,569

450,000

(a) Romanian Government International Bond

7.625 01/17/53

469,429

1,100,000

(a) Romanian Government International Bond

5.750 03/24/35

1,043,616

TOTAL ROMANIA

2,766,614

RWANDA - 0.1%

1,375,000

(a) Rwanda International Government Bond

5.500 08/09/31

1,207,510

TOTAL RWANDA

1,207,510

SAUDI ARABIA - 0.2%

2,065,000

(a) Saudi Government International Bond

3.750 01/21/55

1,425,681

1,500,000

(a) Saudi Government International Bond

5.625 01/13/35

1,578,116

TOTAL SAUDI ARABIA

3,003,797

SENEGAL - 0.1%

1,600,000

(a) Senegal Government International Bond

6.250 05/23/33

1,187,480

700,000

(a) Senegal Government International Bond

6.750 03/13/48

444,788

TOTAL SENEGAL

1,632,268

SOUTH AFRICA - 0.2%

1,900,000

Republic of South Africa Government International Bond

5.375 07/24/44

1,466,785

1,575,000

Republic of South Africa Government International Bond

7.300 04/20/52

1,439,252

TOTAL SOUTH AFRICA

2,906,037

TURKEY - 0.3%

EUR

850,000

Turkiye Government International Bond

5.200 08/17/31

1,004,192

1,950,000

Turkiye Government International Bond

7.125 02/12/32

1,999,695

TOTAL TURKEY

3,003,887

UKRAINE - 0.0%

55,000

(a) Ukraine Government International Bond

1.750 02/01/29

35,613

73,658

(a) Ukraine Government International Bond

0.000 02/01/35

38,118

15,548

(a) Ukraine Government International Bond

0.000 02/01/36

8,007

TOTAL UKRAINE

81,738

UZBEKISTAN - 0.2%

1,600,000

(a) Republic of Uzbekistan International Bond

5.375 02/20/29

1,596,616

TOTAL UZBEKISTAN

1,596,616

TOTAL SOVEREIGN DEBT

(Cost $92,388,907)

91,336,247

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

73640508

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 6.4%

73640508

4,000,000

United States Treasury Note/Bond

4.750 02/15/45

3,940,625

25,000,000

United States Treasury Note/Bond

5.000 05/15/45

25,417,969

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

$

12,000,000

United States Treasury Note/Bond

4.750 %

08/15/55

$

11,677,500

2,000,000

United States Treasury Note/Bond

3.875 07/31/30

2,016,094

16,000,000

United States Treasury Note/Bond

3.875 07/31/27

16,066,250

4,000,000

United States Treasury Note/Bond

4.250 08/15/35

4,008,125

10,500,000

United States Treasury Note/Bond

3.625 08/15/28

10,513,945

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $73,451,119)

73,640,508

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

87538297

VARIABLE RATE SENIOR LOAN INTERESTS - 7.6%

87538297

CAPITAL GOODS - 1.1%

2,493,750

(b) Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%)

7.316 01/27/32

2,499,461

3,640,000

(b) Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)

6.566 07/09/32

3,652,522

2,000,000

(b),(i)

Chariot Buyer LLC, (TBD)

TBD

TBD

2,003,250

258,621

(b),(j)

Kaman Corporation, Delayed Draw Term Loan, (TSFR3M +

1.875%)

4.039 02/26/32

259,430

2,741,379

(b) Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +

2.750%)

6.871 02/26/32

2,749,960

549,667

(b) QXO Inc, Term Loan B, (TSFR3M + 3.000%)

7.296 04/30/32

555,191

1,473,918

(b) Windsor Holdings III, LLC, Term Loan B, (TSFR1M + 2.750%)

7.073 08/01/30

1,477,912

TOTAL CAPITAL GOODS

13,197,726

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%

5,000,000

(b) Allied Universal Holdco LLC, Term Loan B, (TSFR3M + 3.250%)

7.590 08/20/32

5,023,000

3,000,000

(b) GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)

6.824 03/03/32

3,001,875

997,500

(b) WIN Waste Innovations Holdings, Inc., Incremental Term Loan,

(TSFR1M + 3.750%)

8.180 03/27/28

1,005,919

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

9,030,794

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%

2,502,621

(b) Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M +

2.500%)

6.757 04/23/31

2,503,410

2,247,384

(b) Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +

2.500%)

6.816 01/30/31

2,245,563

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

4,748,973

CONSUMER DURABLES & APPAREL - 0.2%

1,500,000

(b) AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M +

3.000%)

7.351 07/31/28

1,502,310

428,894

(b) Weber-Stephen Products LLC, Term Loan B, (TSFR1M +

3.250%)

7.680 10/29/27

428,587

TOTAL CONSUMER DURABLES & APPAREL

1,930,897

CONSUMER SERVICES - 0.3%

992,201

(b) Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)

6.816 05/31/30

995,306

2,333,841

(b) GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR6M +

2.750%)

7.016 10/31/29

2,336,268

TOTAL CONSUMER SERVICES

3,331,574

FOOD, BEVERAGE & TOBACCO - 0.1%

88,376

(b) City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M

+ 7.000%), (cash 11.198%, PIK 6.000%)

11.198 09/30/30

86,498

16,844

(b) City Brewing Company, LLC, PIK Super Priority Term Loan,

(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)

11.198 09/30/30

17,160

120,690

(b),(j)

Sauer Brands Inc, Delayed Draw Term Loan, (TSFR3M +

1.625%)

1.625 02/19/32

121,459

1,279,310

(b) Sauer Brands Inc, Term Loan B, (TSFR1M + 3.000%)

7.316 02/19/32

1,287,466

TOTAL FOOD, BEVERAGE & TOBACCO

1,512,583

HEALTH CARE EQUIPMENT & SERVICES - 0.5%

1,860,000

(b) Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)

8.566 01/15/31

1,864,985

1,925,182

(b) Parexel International Corporation, Term Loan B, (TSFR1M +

2.500%)

6.816 11/15/28

1,929,195

990,012

(b) Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)

6.816 02/21/31

992,156

839,375

(b) Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +

2.500%)

6.816 12/19/30

841,377

TOTAL HEALTH CARE EQUIPMENT & SERVICES

5,627,713

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE - 1.7%

$

1,994,987

(b) Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)

7.316 %

11/06/30

$

1,996,553

3,000,000

(b),(i)

Alera Group, Inc., Term Loan, (TBD)

TBD

TBD

3,015,765

1,243,750

(b) AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)

6.566 01/30/32

1,244,708

3,000,000

(b) Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)

8.566 09/19/30

2,971,875

2,496,094

(b),(k)

Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)

7.680 07/30/27

2,498,066

3,633,325

(b) Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)

7.066 06/16/31

3,635,705

1,989,975

(b) Sedgwick Claims Management Services, Inc., Term Loan B,

(TSFR1M + 2.500%)

6.816 07/31/31

1,997,646

1,595,081

(b) Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +

2.750%)

7.046 05/06/31

1,599,571

TOTAL INSURANCE

18,959,889

MATERIALS - 0.7%

1,500,000

(b) Charter NEX US, Inc., Term Loan B1, (TSFR1M + 2.750%)

7.107 12/02/30

1,508,025

3,441,350

(b) Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +

3.175%)

7.491 04/13/29

3,442,125

478,481

(b) Plaze, Inc., Term Loan B, (TSFR1M + 3.500%)

7.930 08/03/26

436,987

3,220,017

(b) Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)

8.256 09/15/28

3,226,457

TOTAL MATERIALS

8,613,594

MEDIA & ENTERTAINMENT - 0.3%

3,197,775

(b) Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +

3.000%)

7.256 02/10/31

3,218,960

TOTAL MEDIA & ENTERTAINMENT

3,218,960

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%

682,478

(b) Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +

2.250%)

6.566 05/05/28

685,037

1,512,645

(b) Organon & Co, Term Loan, (TSFR1M + 2.250%)

6.573 05/19/31

1,479,874

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,164,911

SOFTWARE & SERVICES - 1.1%

905,456

(b) Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)

6.296 01/31/31

907,493

2,493,750

(b) Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)

7.199 07/30/31

2,493,501

2,384,903

(b) Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)

7.104 05/01/31

2,387,896

1,995,000

(b) Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)

7.570 10/09/31

2,001,863

480,000

(b) IGT Holding IV AB, Term Loan B5, (TSFR3M + 3.500%)

7.796 08/04/31

484,502

3,491,250

(b) Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)

7.058 12/08/31

3,485,245

1,087,678

(b) UKG Inc., Term Loan B, (TSFR3M + 2.500%)

6.810 02/10/31

1,088,407

TOTAL SOFTWARE & SERVICES

12,848,907

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

1,100,000

(b) CommScope, Inc., Term Loan, (TSFR1M + 4.750%)

9.066 12/17/29

1,121,483

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

1,121,483

TRANSPORTATION - 0.0%

48,294

(b) SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%)

8.075 10/20/27

48,524

TOTAL TRANSPORTATION

48,524

UTILITIES - 0.1%

1,176,744

(b) Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)

6.733 05/17/30

1,181,769

TOTAL UTILITIES

1,181,769

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $87,279,031)

87,538,297

TOTAL LONG-TERM INVESTMENTS

(Cost $1,121,917,922)

1,115,438,939

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.2%

13,304,127

(l) State Street Navigator Securities Lending Government Money

Market Portfolio

4.310 (m)

13,304,127

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $13,304,127)

13,304,127

#### Portfolio of Investments August 31, 2025
(continued)

#### Strategic Income

See Notes to Financial Statements

Principal denominated in U.S. Dollars, unless otherwise noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.0%

23053216

REPURCHASE AGREEMENTS - 2.0%

23053216

$

18,900,000

(n) Fixed Income Clearing Corporation

4.260 %

09/02/25

$

18,900,000

4,153,216

(o) Fixed Income Clearing Corporation

1.360 09/02/25

4,153,216

TOTAL REPURCHASE AGREEMENTS

(Cost $23,053,216)

23,053,216

TOTAL SHORT-TERM INVESTMENTS

(Cost $23,053,216)

23,053,216

TOTAL INVESTMENTS - 100.8%

(Cost $1,158,275,265)

1,151,796,282

OTHER ASSETS & LIABILITIES, NET - (0.8)%

(9,571,091)

NET ASSETS - 100%

$

1,142,225,191

EUR

Euro

I/O

Interest only security

LIBOR

London Inter-Bank Offered Rate

M

Month

PIK

Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or

a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the

issuer as of the end of the reporting period.

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering

those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the

registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are

made outside the United States.

SOFR30A

30 Day Average Secured Overnight Financing Rate

SOFR90A

90 Day Average Secured Overnight Financing Rate

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior

to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon

rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the

final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

TSFR6M

CME Term Secured Overnight Financing Rate 6 Month

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $574,488,731 or 49.9% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(c) For fair value measurement disclosure purposes, investment classified as Level 3.

(d) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(e) Perpetual security. Maturity date is not applicable.

(f) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

8.6% of Total Investments.

(g) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the

issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of

the end of the reporting period, the Fund's total investment in CoCos was 2.8% of Total Investments.

(h) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $12,857,885.

(i) When-issued or delayed delivery security.

(j) Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.

(k) Portion of investment purchased on a delayed delivery basis.

(l) Investments made with cash collateral received from securities on loan.

(m) The rate shown is the one-day yield as of the end of the reporting period.

(n) Agreement with Fixed Income Clearing Corporation, 4.260% dated 8/29/25 to be repurchased at $18,908,946 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 3.750% and maturity date 5/15/28, valued at $19,278,080.

(o) Agreement with Fixed Income Clearing Corporation, 1.360% dated 8/29/25 to be repurchased at $4,153,844 on 9/2/25,

collateralized by Government Agency Securities, with coupon rate 4.125% and maturity date 11/15/32, valued at $4,236,352.

See Notes to Financial Statements

Investments in Derivatives

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury Long Bond

12/25

$

42,631,636

$

42,843,750

$

212,114

U.S. Treasury Ultra Bond

12/25

17,538,596

17,484,375

(54,221)

Total

$60,170,232

$60,328,125

$157,893

Forward Foreign Currency Contracts

Currency Purchased

Notional Amount

(Local Currency)

Currency Sold

Notional Amount

(Local Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

5,284,461

EUR

4,480,507

Morgan Stanley Capital Services

LLC

10/10/25

$

30,284

$

999,256

EUR

849,898

Toronto Dominion Bank

10/10/25

2,602

Total

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32,886

Total unrealized appreciation on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32,886

Total unrealized depreciation on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$–

EUR

Euro

Credit Default Swaps - Centrally Cleared

PURCHASED

Counterparty

Reference Entity

Fixed

Rate

(Annualized)

Current

Credit

Spread (a)

Fixed Rate

Payment

Frequency

Maturity

Date

Notional

Amount(b)

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Citigroup Global

Markets, Inc

CDX-NAHYS44V1-5Y

5.000 %

–

%

Quarterly

6/20/30

$

10,000,000

$

(821,735)

$

(733,428)

$

(88,307)

Total

$

10,000,000

$

(821,735)

$(733,428)

$

(88,307)

(a) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the

likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include

upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher

likelihood of performance by the seller of protection.

(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit

protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by

any recoverable assets, if applicable.

Statement of Assets and Liabilities

See Notes to Financial Statements

August 31, 2025

Credit Income

Flexible Income

Floating Rate

Income

High Yield

Income

Preferred

Securities and

Income

Strategic Income

ASSETS

Long-term investments, at value

†‡

$

216,723,482

$

817,592,071

$

1,569,923,627

$

588,313,301

$

5,349,669,821

$

1,115,438,939

Investments purchased with collateral from

securities lending, at value (cost approximates

value)

9,301,923

12,803,252

10,475,121

30,684,351

91,596,475

13,304,127

Short-term investments, at value

◊

16,956,220

10,024,097

58,694,461

6,235,829

1,200,000

23,053,216

Cash

1,190,428

19,342

–

–

61,746

951,471

Cash denominated in foreign currencies

^

–

–

–

–

Cash collateral at broker for investments in futures

contracts

(1) 200,051

–

–

–

8,954,987

2,160,036

Cash collateral at broker for investments in swap

contracts

(1) –

–

–

–

–

482,355

Unrealized appreciation on forward foreign

currency contracts

3,262

–

–

–

–

32,886

Receivables:

Dividends

12,250

516,900

2,920

–

1,849,429

–

Interest

3,008,071

11,130,589

11,792,825

10,600,080

73,973,529

9,769,490

Investments sold

860,000

–

3,774,421

4,627,618

–

3,877,527

Reclaims

–

86,910

–

3,045

22,317

–

Reimbursement from Adviser

–

48,388

–

29,051

–

71,159

Shares sold

1,134,053

155,728

1,348,139

195,286

4,438,739

1,324,915

Variation margin on swaps contracts

–

–

–

–

–

5,798

Other

39,352

85,926

157,945

83,886

292,834

76,447

Total assets

249,429,124

852,463,203

1,656,169,459

640,772,447

5,532,059,877

1,170,548,380

LIABILITIES

Cash overdraft denominated in foreign currencies

\*

–

–

–

1,354

–

–

Payables:

Management fees

101,021

484,248

774,972

307,967

2,936,506

466,295

Collateral from securities lending

9,301,923

12,803,252

10,475,121

30,684,351

91,596,475

13,304,127

Dividends

20,132

82,304

1,310,158

108,941

3,813,216

698,839

Interest

41,655

1,626

11,874

Investments purchased - regular settlement

2,061,957

–

2,375,301

1,995,000

106,362

3,760,845

Investments purchased - when-issued/delayed-

delivery settlement

4,911,985

–

36,462,473

–

–

7,519,375

Shares redeemed

272,289

1,526,639

3,809,833

1,773,824

13,227,560

1,359,588

Unfunded senior loans

–

–

2,070,243

–

–

354,483

Variation margin on futures contracts

1,250

–

–

–

983,781

342,188

Accrued expenses:

Custodian fees

31,360

59,689

248,401

66,820

231,439

98,214

Directors/Trustees fees

18,074

43,360

75,292

33,745

200,561

45,203

Professional fees

43,923

48,983

53,740

49,133

72,341

49,846

Shareholder reporting expenses

14,329

27,664

36,563

43,940

113,472

32,594

Shareholder servicing agent fees

36,384

158,720

265,750

400,113

880,528

202,622

12b-1 distribution and service fees

15,431

110,932

85,785

22,156

194,458

48,451

Other

23,103

535

181,957

1,730

29,758

40,306

Total liabilities

16,853,408

15,346,582

58,267,244

35,490,700

114,398,331

28,323,189

Net assets

$

232,575,716

$

837,116,621

$

1,597,902,215

$

605,281,747

$

5,417,661,546

$

1,142,225,191

NET ASSETS CONSIST OF:

Paid-in capital

$

371,149,895

$

1,069,101,005

$

1,924,876,405

$

815,415,261

$

5,919,864,456

$

1,255,135,431

Total distributable earnings (loss)

(138,574,179)

(231,984,384)

(326,974,190)

(210,133,514)

(502,202,910)

(112,910,240)

Net assets

$

232,575,716

$

837,116,621

$

1,597,902,215

$

605,281,747

$

5,417,661,546

$

1,142,225,191

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

213,891,186

$

789,116,879

$

1,579,748,067

$

576,617,258

$

5,388,116,360

$

1,121,917,922

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

16,956,220

$

10,024,097

$

58,694,461

$

6,235,829

$

1,200,000

$

23,053,216

‡ Includes securities loaned of

$

8,967,812

$

12,365,857

$

10,164,871

$

29,452,227

$

87,619,914

$

12,857,885

^

&nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, cost

$

$

–

$

–

$

–

$

–

$

\*

&nbsp;&nbsp;&nbsp;&nbsp;Cash overdraft denominated in foreign

currencies, cost

$

–

$

–

$

–

$

1,248

$

–

$

–

#### Statement of Assets and Liabilities
(continued)

See Notes to Financial Statements

Credit Income

Flexible Income

Floating Rate

Income

High Yield

Income

Preferred

Securities and

Income

Strategic Income

CLASS A:

Net assets

$

47,766,449

$

170,489,141

$

213,718,666

$

59,354,038

$

463,327,470

$

144,931,445

Shares outstanding

7,148,872

8,843,264

11,871,783

3,321,457

29,089,972

14,590,295

Net asset value ("NAV") per share

$

6.68 $

19.28 $

18.00 $

17.87 $

15.93 $

9.93 Maximum sales charge

4.75%

4.75%

3.00%

4.75%

4.75%

4.25%

Offering price per share (NAV per share plus

maximum sales charge)

$

7.01 $

20.24 $

18.56 $

18.76 $

16.72 $

10.37 CLASS C:

Net assets

$

6,372,597

$

87,597,873

$

47,085,111

$

11,247,831

$

113,220,255

$

21,433,840

Shares outstanding

955,251

4,551,939

2,615,082

629,985

7,103,238

2,168,365

NAV and offering price per share

$

6.67 $

19.24 $

18.01 $

17.85 $

15.94 $

9.88 CLASS R6:

Net assets

$

—

$

14,522,660

$

276,318,615

$

19,778,823

$

857,655,522

$

304,223,469

Shares outstanding

—

747,924

15,266,356

1,099,530

53,661,155

30,522,904

NAV and offering price per share

$

—

$

19.42 $

18.10 $

17.99 $

15.98 $

9.97 CLASS I:

Net assets

$

178,436,670

$

564,506,947

$

1,060,779,823

$

514,901,055

$

3,983,458,299

$

671,636,437

Shares outstanding

26,654,405

29,245,233

58,863,719

28,777,098

249,819,209

67,625,227

NAV and offering price per share

$

6.69 $

19.30 $

18.02 $

17.89 $

15.95 $

9.93 Authorized shares - per class

2 billion

Unlimited

Unlimited

Unlimited

Unlimited

2 billion

Par value per share

$

0.0001 $

0.01 $

0.01 $

0.01 $

0.01 $

0.0001 (1) Cash pledged to collateralize the net payment obligations for investments in derivatives.

Statement of Operations

See Notes to Financial Statements

Year Ended August 31, 2025

Credit Income

Flexible Income

Floating Rate

Income

High Yield Income

INVESTMENT INCOME

Affiliated income

$

—

$

41,758

$

—

$

—

Dividends

64,823

9,273,853

3,262,980

1,038,409

Interest

10,821,829

43,160,871

127,230,307

52,432,454

Securities lending income, net

89,507

147,951

64,653

630,868

Tax withheld

(3,735)

(12,781)

—

—

Total investment income

10,972,424

52,611,652

130,557,940

54,101,731

EXPENSES

–

–

–

–

Management fees

726,074

6,333,075

8,846,534

3,856,580

12b-1 service fees - Class A

121,590

434,819

548,318

148,804

12b-1 distribution and service fees - Class C

61,032

1,011,131

489,684

122,297

Shareholder servicing agent fees - Class A

42,733

115,910

162,727

99,887

Shareholder servicing agent fees - Class C

5,366

65,512

36,115

20,399

Shareholder servicing agent fees - Class R6

—

546

8,464

786

Shareholder servicing agent fees - Class I

64,965

415,538

769,821

934,649

Interest expense

6,294

6,420

360,317

25,370

Directors/Trustees fees

5,152

35,154

58,224

24,884

Custodian expenses

45,083

86,896

385,263

106,024

Registration fees

60,773

80,405

115,603

76,035

Professional fees

57,012

63,286

74,782

69,509

Shareholder reporting expenses

48,478

62,087

79,170

136,749

Other

12,346

12,471

31,129

16,637

Total expenses before fee waiver/expense reimbursement

1,256,898

8,723,250

11,966,151

5,638,610

Fee waiver/expense reimbursement

(146,062)

(708,476)

—

(476,928)

Net expenses

1,110,836

8,014,774

11,966,151

5,161,682

Net investment income (loss)

9,861,588

44,596,878

118,591,789

48,940,049

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(853,871)

(6,996,126)

(21,341,786)

(425,245)

Futures contracts

(106,535)

—

—

—

Swap contracts

—

—

—

122,874

Foreign currency transactions

(13,976)

—

—

—

Net realized gain (loss)

(974,382)

(6,996,126)

(21,341,786)

(302,371)

Change in unrealized appreciation (depreciation) on:

Investments

2,905,998

23,544,646

7,081,172

(753,783)

Forward foreign currency contracts

3,262

—

—

—

Futures contracts

120,370

—

—

—

Foreign currency translations

—

—

(75) Net change in unrealized appreciation (depreciation)

3,029,816

23,544,646

7,081,172

(753,858)

Net realized and unrealized gain (loss)

2,055,434

16,548,520

(14,260,614)

(1,056,229)

Net increase (decrease) in net assets from operations

$

11,917,022

$

61,145,398

$

104,331,175

$

47,883,820

#### Statement of Operations
(continued)

See Notes to Financial Statements

Year Ended August 31, 2025

Preferred Securities

and Income

Strategic Income

INVESTMENT INCOME

Dividends

$

36,912,938

$

23,188

Interest

291,336,477

67,853,964

Securities lending income, net

660,751

181,393

Tax withheld

—

(24,025)

Total investment income

328,910,166

68,034,520

EXPENSES

–

–

Management fees

31,977,228

5,018,415

12b-1 service fees - Class A

1,120,476

356,432

12b-1 distribution and service fees - Class C

1,220,796

191,394

Shareholder servicing agent fees - Class A

322,844

120,669

Shareholder servicing agent fees - Class C

85,641

16,837

Shareholder servicing agent fees - Class R6

22,674

17,670

Shareholder servicing agent fees - Class I

2,715,025

510,244

Interest expense

239,173

5,799

Directors/Trustees fees

189,235

39,456

Custodian expenses

351,923

136,975

Registration fees

186,761

101,268

Professional fees

117,438

63,712

Shareholder reporting expenses

224,060

81,522

Other

6,963

18,506

Total expenses before fee waiver/expense reimbursement

38,780,237

6,678,899

Fee waiver/expense reimbursement

—

(758,432)

Net expenses

38,780,237

5,920,467

Net investment income (loss)

290,129,929

62,114,053

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

12,367,016

(7,193,449)

Futures contracts

(23,628,333)

(5,315,700)

Swap contracts

—

58,247

Foreign currency transactions

(17) (112,401)

Net realized gain (loss)

(11,261,334)

(12,563,303)

Change in unrealized appreciation (depreciation) on:

Investments

112,893,225

12,225,576

Forward foreign currency contracts

—

32,886

Futures contracts

5,829,632

755,619

Swap contracts

—

(88,307)

Foreign currency translations

(17) 1,404

Net change in unrealized appreciation (depreciation)

118,722,840

12,927,178

Net realized and unrealized gain (loss)

107,461,506

363,875

Net increase (decrease) in net assets from operations

$

397,591,435

$

62,477,928

Statement of Changes in Net Assets

See Notes to Financial Statements

Credit Income

Flexible Income

Year Ended

8/31/25

Year Ended

8/31/24

Year Ended

8/31/25

Year Ended

8/31/24

OPERATIONS

Net investment income (loss)

$

9,861,588

$

7,321,561

$

44,596,878

$

52,276,725

Net realized gain (loss)

(974,382)

(413,832)

(6,996,126)

(49,059,553)

Net change in unrealized appreciation (depreciation)

3,029,816

4,310,914

23,544,646

101,070,773

Net increase (decrease) in net assets from operations

11,917,022

11,218,643

61,145,398

104,287,945

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(4,154,447)

(3,822,374)

(5,956,884)

(6,367,223)

Class C

(473,436)

(428,850)

(2,687,594)

(3,616,429)

Class R6

—

—

(531,919)

(562,593)

Class I

(6,588,592)

(2,324,305)

(23,469,161)

(28,194,294)

Return of Capital:

Class A

—

—

(2,730,505)

(3,165,640)

Class C

—

—

(1,588,514)

(2,300,779)

Class R6

—

—

(222,053)

(253,401)

Class I

—

—

(10,028,362)

(13,021,895)

Total distributions

(11,216,475)

(6,575,529)

(47,214,992)

(57,482,254)

FUND SHARE TRANSACTIONS

Subscriptions

193,160,478

37,553,006

104,920,773

177,062,947

Reinvestments of distributions

10,919,283

6,281,220

45,727,811

54,888,232

Redemptions

(59,859,310)

(41,171,264)

(362,826,418)

(432,934,498)

Net increase (decrease) from Fund share transactions

144,220,451

2,662,962

(212,177,834)

(200,983,319)

Net increase (decrease) in net assets

144,920,998

7,306,076

(198,247,428)

(154,177,628)

Net assets at the beginning of period

87,654,718

80,348,642

1,035,364,049

1,189,541,677

Net assets at the end of period

$

232,575,716

$

87,654,718

$

837,116,621

$

1,035,364,049

See Notes to Financial Statements

Floating Rate Income

High Yield Income

Year Ended

8/31/25

Year Ended

8/31/24

Year Ended

8/31/25

Year Ended

8/31/24

OPERATIONS

Net investment income (loss)

$

118,591,789

$

132,363,519

$

48,940,049

$

43,406,139

Net realized gain (loss)

(21,341,786)

215,043

(302,371)

5,707,310

Net change in unrealized appreciation (depreciation)

7,081,172

24,901,300

(753,858)

22,326,292

Net increase (decrease) in net assets from operations

104,331,175

157,479,862

47,883,820

71,439,741

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(16,923,196)

(18,833,686)

(4,483,363)

(3,908,135)

Class C

(3,407,278)

(4,126,036)

(831,810)

(796,402)

Class R6

(20,081,086)

(25,603,934)

(1,899,960)

(1,547,013)

Class I

(81,903,164)

(93,983,573)

(43,761,517)

(37,160,207)

Total distributions

(122,314,724)

(142,547,229)

(50,976,650)

(43,411,757)

FUND SHARE TRANSACTIONS

Subscriptions

778,530,046

579,282,071

149,518,668

193,087,475

Reinvestments of distributions

108,808,189

127,062,716

49,256,021

42,067,758

Redemptions

(793,925,225)

(739,248,278)

(252,179,134)

(109,692,325)

Net increase (decrease) from Fund share transactions

93,413,010

(32,903,491)

(53,404,445)

125,462,908

Net increase (decrease) in net assets

75,429,461

(17,970,858)

(56,497,275)

153,490,892

Net assets at the beginning of period

1,522,472,754

1,540,443,612

661,779,022

508,288,130

Net assets at the end of period

$

1,597,902,215

$

1,522,472,754

$

605,281,747

$

661,779,022

See Notes to Financial Statements

#### Statement of Changes in Net Assets
(continued)

Preferred Securities and Income

Strategic Income

Year Ended

8/31/25

Year Ended

8/31/24

Year Ended

8/31/25

Year Ended

8/31/24

OPERATIONS

Net investment income (loss)

$

290,129,929

$

257,129,683

$

62,114,053

$

47,595,563

Net realized gain (loss)

(11,261,334)

(18,961,664)

(12,563,303)

(4,584,741)

Net change in unrealized appreciation (depreciation)

118,722,840

351,748,258

12,927,178

41,124,915

Net increase (decrease) in net assets from operations

397,591,435

589,916,277

62,477,928

84,135,737

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(25,346,949)

(25,893,378)

(9,001,828)

(8,094,811)

Class C

(5,978,155)

(6,797,617)

(1,064,482)

(688,437)

Class R6

(37,835,606)

(34,998,738)

(19,112,428)

(16,092,382)

Class I

(220,299,721)

(196,297,552)

(37,760,450)

(23,165,366)

Total distributions

(289,460,431)

(263,987,285)

(66,939,188)

(48,040,996)

FUND SHARE TRANSACTIONS

Subscriptions

1,767,095,427

1,729,989,088

450,690,437

339,570,250

Reinvestments of distributions

249,861,390

231,131,799

58,253,667

42,325,280

Redemptions

(1,550,449,335)

(1,831,897,089)

(278,903,938)

(202,865,773)

Net increase (decrease) from Fund share transactions

466,507,482

129,223,798

230,040,166

179,029,757

Net increase (decrease) in net assets

574,638,486

455,152,790

225,578,906

215,124,498

Net assets at the beginning of period

4,843,023,060

4,387,870,270

916,646,285

701,521,787

Net assets at the end of period

$

5,417,661,546

$

4,843,023,060

$

1,142,225,191

$

916,646,285

Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Return

of

Capital

Total

Net Asset

Value,

End of

Period

Credit Income

Class

A

8/31/25

$

6.72 $

0.50 $

0.03 $

0.53 $

(0.57)

$

—

$

—

$

(0.57)

$

6.68 8/31/24

6.36 0.58 0.30 0.88 (0.52)

—

—

(0.52)

6.72 8/31/23

6.36 0.47 (0.05)

0.42 (0.42)

—

—

(0.42)

6.36 8/31/22

(d) 6.22 0.06 0.14 0.20 (0.05)

—

(0.01)

(0.06)

6.36 6/30/22

7.42 0.32 (1.20)

(0.88)

(0.32)

—

—

(0.32)

6.22 6/30/21

6.69 0.34 0.71 1.05 (0.32)

—

—

(0.32)

7.42 Class

C

8/31/25

6.71 0.45 0.03 0.48 (0.52)

—

—

(0.52)

6.67 8/31/24

6.35 0.53 0.30 0.83 (0.47)

—

—

(0.47)

6.71 8/31/23

6.35 0.42 (0.05)

0.37 (0.37)

—

—

(0.37)

6.35 8/31/22

(d) 6.21 0.05 0.14 0.19 (0.04)

—

(0.01)

(0.05)

6.35 6/30/22

7.41 0.26 (1.19)

(0.93)

(0.27)

—

—

(0.27)

6.21 6/30/21

6.69 0.29 0.70 0.99 (0.27)

—

—

(0.27)

7.41 Class

I

8/31/25

6.73 0.50 0.05 0.55 (0.59)

—

—

(0.59)

6.69 8/31/24

6.37 0.60 0.30 0.90 (0.54)

—

—

(0.54)

6.73 8/31/23

6.37 0.48 (0.04)

0.44 (0.44)

—

—

(0.44)

6.37 8/31/22

(d) 6.23 0.06 0.14 0.20 (0.05)

—

(0.01)

(0.06)

6.37 6/30/22

7.45 0.34 (1.22)

(0.88)

(0.34)

—

—

(0.34)

6.23 6/30/21

6.71 0.36 0.72 1.08 (0.34)

—

—

(0.34)

7.45 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was June 30th.

(e) Annualized.

See Notes to Financial Statements

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

.22

%

$

47,766

.07

%

.96

%

.55

%

%

.38

48,050

.25

.04

.87

.87

47,566

.23

.01

.49

.16

51,908

.50

(e) 1

.03

(e) 5

.53

(e) 6

(12

.23)

51,332

.15

.00

.51

.01

77,953

.12

.00

.75

.39

6,373

.82

.71

.81

.57

6,346

.99

.79

.12

.09

6,265

.98

.76

.72

.02

8,926

.25

(e) 1

.78

(e) 4

.77

(e) 6

(12

.92)

8,887

.90

.75

.70

.03

15,101

.87

.75

.02

.49

178,437

.82

.71

.59

.67

33,259

.99

.79

.17

.16

26,519

.98

.76

.61

.20

60,706

.25

(e) 0

.78

(e) 5

.55

(e) 6

(12

.23)

25,439

.90

.75

.63

.40

94,051

.87

.75

.99

Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Return

of

Capital

Total

Net Asset

Value,

End of

Period

Flexible Income

Class

A

8/31/25

$

18.93 $

0.89 $

0.40 $

1.29 $

(0.64)

$

—

$

(0.30)

$

(0.94)

$

19.28 8/31/24

18.11 0.86 0.91 1.77 (0.64)

—

(0.31)

(0.95)

18.93 8/31/23

18.93 0.81 (0.43)

0.38 (1.20)

—

—

(1.20)

18.11 8/31/22

(e) 22.27 0.72 (3.16)

(2.44)

(0.90)

—

—

(0.90)

18.93 9/30/21

21.36 0.81 1.04 1.85 (0.94)

—

—

(0.94)

22.27 9/30/20

22.06 0.88 (0.39)

0.49 (1.19)

—

—

(1.19)

21.36 Class

C

8/31/25

18.89 0.74 0.41 1.15 (0.50)

—

(0.30)

(0.80)

19.24 8/31/24

18.08 0.72 0.90 1.62 (0.50)

—

(0.31)

(0.81)

18.89 8/31/23

18.90 0.67 (0.43)

0.24 (1.06)

—

—

(1.06)

18.08 8/31/22

(e) 22.22 0.58 (3.15)

(2.57)

(0.75)

—

—

(0.75)

18.90 9/30/21

21.31 0.64 1.04 1.68 (0.77)

—

—

(0.77)

22.22 9/30/20

22.01 0.72 (0.39)

0.33 (1.03)

—

—

(1.03)

21.31 Class

R6

8/31/25

19.06 0.95 0.42 1.37 (0.71)

—

(0.30)

(1.01)

19.42 8/31/24

18.24 0.92 0.91 1.83 (0.70)

—

(0.31)

(1.01)

19.06 8/31/23

19.06 0.87 (0.43)

0.44 (1.26)

—

—

(1.26)

18.24 8/31/22

(e) 22.42 0.79 (3.19)

(2.40)

(0.96)

—

—

(0.96)

19.06 9/30/21

21.50 0.89 1.04 1.93 (1.01)

—

—

(1.01)

22.42 9/30/20

22.20 0.96 (0.40)

0.56 (1.26)

—

—

(1.26)

21.50 Class

I

8/31/25

18.95 0.94 0.40 1.34 (0.69)

—

(0.30)

(0.99)

19.30 8/31/24

18.13 0.91 0.90 1.81 (0.68)

—

(0.31)

(0.99)

18.95 8/31/23

18.95 0.86 (0.44)

0.42 (1.24)

—

—

(1.24)

18.13 8/31/22

(e) 22.29 0.77 (3.16)

(2.39)

(0.95)

—

—

(0.95)

18.95 9/30/21

21.38 0.87 1.03 1.90 (0.99)

—

—

(0.99)

22.29 9/30/20

22.08 0.93 (0.39)

0.54 (1.24)

—

—

(1.24)

21.38 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

(e) For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.

(f) Annualized.

See Notes to Financial Statements

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

.05

%

$

170,489

.03

%

.96

%

.71

%

%

.04

180,920

.04

.96

.69

.13

190,438

.03

.96

.45

(11

.18)

230,505

.02

(f) 0

.95

(f) 3

.78

(f) 31

.71

298,734

.04

.95

.66

.35

264,865

.04

.96

.13

.25

87,598

.78

.71

.95

.17

119,398

.79

.71

.94

.37

150,633

.78

.71

.70

(11

.81)

208,775

.77

(f) 1

.70

(f) 3

.03

(f) 31

.97

276,035

.79

.70

.91

.59

262,068

.79

.71

.38

.40

14,523

.72

.65

.02

.36

14,599

.73

.65

.00

.48

15,278

.72

.65

.75

(10

.96)

15,113

.71

(f) 0

.64

(f) 4

.12

(f) 31

.09

14,881

.72

.64

.97

.69

6,682

.72

.64

.46

.31

564,507

.78

.71

.95

.31

720,447

.79

.71

.94

.40

833,193

.78

.71

.69

(11

.00)

1,040,308

.77

(f) 0

.70

(f) 4

.03

(f) 31

.02

1,283,908

.79

.70

.90

.60

1,060,386

.79

.71

.38

#### Financial Highlights
(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Floating Rate Income

Class

A

8/31/25

$

18.18 $

1.35 $

(0.13)

$

1.22 $

(1.40)

$

—

$

(1.40)

$

18.00 8/31/24

17.99 1.50 0.31 1.81 (1.62)

—

(1.62)

18.18 8/31/23

18.11 1.36 (0.11)

1.25 (1.37)

—

(1.37)

17.99 8/31/22

(d) 19.06 0.63 (0.93)

(0.30)

(0.65)

—

(0.65)

18.11 9/30/21

17.80 0.72 1.32 2.04 (0.78)

—

(0.78)

19.06 9/30/20

19.08 0.80 (1.14)

(0.34)

(0.94)

—

(0.94)

17.80 Class

C

8/31/25

18.18 1.22 (0.13)

1.09 (1.26)

—

(1.26)

18.01 8/31/24

17.99 1.37 0.31 1.68 (1.49)

—

(1.49)

18.18 8/31/23

18.11 1.23 (0.11)

1.12 (1.24)

—

(1.24)

17.99 8/31/22

(d) 19.06 0.50 (0.93)

(0.43)

(0.52)

—

(0.52)

18.11 9/30/21

17.80 0.59 1.31 1.90 (0.64)

—

(0.64)

19.06 9/30/20

19.08 0.66 (1.14)

(0.48)

(0.80)

—

(0.80)

17.80 Class

R6

8/31/25

18.27 1.42 (0.13)

1.29 (1.46)

—

(1.46)

18.10 8/31/24

18.09 1.57 0.30 1.87 (1.69)

—

(1.69)

18.27 8/31/23

18.21 1.45 (0.13)

1.32 (1.44)

—

(1.44)

18.09 8/31/22

(d) 19.16 0.69 (0.93)

(0.24)

(0.71)

—

(0.71)

18.21 9/30/21

17.88 0.79 1.33 2.12 (0.84)

—

(0.84)

19.16 9/30/20

19.17 0.86 (1.15)

(0.29)

(1.00)

—

(1.00)

17.88 Class

I

8/31/25

18.20 1.40 (0.14)

1.26 (1.44)

—

(1.44)

18.02 8/31/24

18.01 1.55 0.31 1.86 (1.67)

—

(1.67)

18.20 8/31/23

18.14 1.38 (0.09)

1.29 (1.42)

—

(1.42)

18.01 8/31/22

(d) 19.08 0.67 (0.92)

(0.25)

(0.69)

—

(0.69)

18.14 9/30/21

17.81 0.77 1.32 2.09 (0.82)

—

(0.82)

19.08 9/30/20

19.10 0.84 (1.15)

(0.31)

(0.98)

—

(0.98)

17.81 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense

reimbursement during the periods presented herein. See Notes to Financial Statements for more information.

(d) For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.

(e) Annualized.

See Notes to Financial Statements

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

.93

%

$

213,719

.97

%

.49

%

%

.51

211,263

.99

.31

.24

204,409

.02

.61

(1

.61)

246,410

.94

(e) 3

.70

(e) 37

.67

121,925

.03

.88

(1

.81)

90,684

.01

.43

.18

47,085

.72

.75

.69

51,907

.74

.56

.45

48,289

.77

.89

(2

.30)

55,285

.69

(e) 2

.93

(e) 37

.79

34,192

.78

.14

(2

.50)

33,375

.76

.66

.33

276,319

.65

.79

.79

274,487

.67

.64

.59

271,373

.70

.08

(1

.29)

227,215

.61

(e) 4

.03

(e) 37

.03

83,970

.70

.20

(1

.46)

55,634

.67

.75

.20

1,060,780

.72

.73

.79

984,816

.74

.56

.46

1,016,373

.77

.73

(1

.32)

1,795,387

.69

(e) 3

.97

(e) 37

.93

828,572

.78

.10

(1

.56)

535,410

.76

.65

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

High Yield Income

Class

A

8/31/25

$

17.91 $

1.29 $

0.01 $

1.30 $

(1.34)

$

—

$

(1.34)

$

17.87 8/31/24

17.07 1.26 0.85 2.11 (1.27)

—

(1.27)

17.91 8/31/23

17.09 1.10 (0.05)

1.05 (1.07)

—

(1.07)

17.07 8/31/22

(d) 19.77 0.77 (2.68)

(1.91)

(0.77)

—

(0.77)

17.09 9/30/21

18.51 0.86 1.40 2.26 (1.00)

—

(1.00)

19.77 9/30/20

20.16 1.04 (1.57)

(0.53)

(1.12)

—

(1.12)

18.51 Class

C

8/31/25

17.90 1.15 0.01 1.16 (1.21)

—

(1.21)

17.85 8/31/24

17.06 1.13 0.84 1.97 (1.13)

—

(1.13)

17.90 8/31/23

17.08 0.97 (0.05)

0.92 (0.94)

—

(0.94)

17.06 8/31/22

(d) 19.75 0.64 (2.67)

(2.03)

(0.64)

—

(0.64)

17.08 9/30/21

18.49 0.72 1.40 2.12 (0.86)

—

(0.86)

19.75 9/30/20

20.14 0.89 (1.56)

(0.67)

(0.98)

—

(0.98)

18.49 Class

R6

8/31/25

18.02 1.37 0.02 1.39 (1.42)

—

(1.42)

17.99 8/31/24

17.17 1.33 0.86 2.19 (1.34)

—

(1.34)

18.02 8/31/23

17.19 1.19 (0.07)

1.12 (1.14)

—

(1.14)

17.17 8/31/22

(d) 19.88 0.84 (2.70)

(1.86)

(0.83)

—

(0.83)

17.19 9/30/21

18.60 0.93 1.42 2.35 (1.07)

—

(1.07)

19.88 9/30/20

20.25 1.11 (1.57)

(0.46)

(1.19)

—

(1.19)

18.60 Class

I

8/31/25

17.94 1.33 0.01 1.34 (1.39)

—

(1.39)

17.89 8/31/24

17.09 1.31 0.85 2.16 (1.31)

—

(1.31)

17.94 8/31/23

17.11 1.15 (0.06)

1.09 (1.11)

—

(1.11)

17.09 8/31/22

(d) 19.79 0.81 (2.67)

(1.86)

(0.82)

—

(0.82)

17.11 9/30/21

18.53 0.91 1.40 2.31 (1.05)

—

(1.05)

19.79 9/30/20

20.17 1.08 (1.55)

(0.47)

(1.17)

—

(1.17)

18.53 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d) For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.

(e) Annualized.

See Notes to Financial Statements

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

.55

%

$

59,354

.07

%

.00

%

.23

%

%

.81

58,657

.08

.01

.26

.37

49,840

.07

.00

.51

(9

.85)

50,895

.05

(e) 1

.00

(e) 4

.54

(e) 116

.44

53,994

.06

.99

.40

(2

.58)

39,747

.04

.00

.43

.71

11,248

.82

.75

.48

.96

11,835

.83

.76

.50

.57

13,359

.82

.75

.72

(10

.46)

18,123

.80

(e) 1

.75

(e) 3

.76

(e) 116

.61

30,391

.81

.75

.69

(3

.33)

36,222

.80

.75

.70

.02

19,779

.66

.59

.62

.26

17,151

.69

.62

.62

.70

17,731

.68

.61

.99

(9

.50)

7,779

.67

(e) 0

.62

(e) 4

.94

(e) 116

.87

7,568

.70

.63

.78

(2

.19)

6,567

.68

.63

.82

.77

514,901

.82

.75

.48

.14

574,136

.83

.76

.53

.62

427,359

.82

.75

.76

(9

.63)

458,620

.80

(e) 0

.75

(e) 4

.77

(e) 116

.69

579,139

.81

.74

.66

(2

.29)

427,818

.79

.75

.67

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Return

of

Capital

Total

Net Asset

Value,

End of

Period

Preferred Securities and Income

Class

A

8/31/25

$

15.60 $

0.88 $

0.33 $

1.21 $

(0.88)

$

—

$

—

$

(0.88)

$

15.93 8/31/24

14.46 0.84 1.17 2.01 (0.87)

—

—

(0.87)

15.60 8/31/23

15.49 0.79 (0.98)

(0.19)

(0.84)

—

—

(0.84)

14.46 8/31/22

(d) 17.84 0.66 (2.25)

(1.59)

(0.73)

—

(0.03)

(0.76)

15.49 9/30/21

16.73 0.76 1.18 1.94 (0.83)

—

—

(0.83)

17.84 9/30/20

17.21 0.83 (0.45)

0.38 (0.86)

—

—

(0.86)

16.73 Class

C

8/31/25

15.61 0.77 0.33 1.10 (0.77)

—

—

(0.77)

15.94 8/31/24

14.47 0.73 1.17 1.90 (0.76)

—

—

(0.76)

15.61 8/31/23

15.50 0.68 (0.98)

(0.30)

(0.73)

—

—

(0.73)

14.47 8/31/22

(d) 17.85 0.55 (2.26)

(1.71)

(0.61)

—

(0.03)

(0.64)

15.50 9/30/21

16.74 0.63 1.18 1.81 (0.70)

—

—

(0.70)

17.85 9/30/20

17.21 0.70 (0.44)

0.26 (0.73)

—

—

(0.73)

16.74 Class

R6

8/31/25

15.65 0.94 0.32 1.26 (0.93)

—

—

(0.93)

15.98 8/31/24

14.51 0.90 1.16 2.06 (0.92)

—

—

(0.92)

15.65 8/31/23

15.53 0.84 (0.97)

(0.13)

(0.89)

—

—

(0.89)

14.51 8/31/22

(d) 17.89 0.71 (2.26)

(1.55)

(0.78)

—

(0.03)

(0.81)

15.53 9/30/21

16.77 0.83 1.18 2.01 (0.89)

—

—

(0.89)

17.89 9/30/20

17.25 0.89 (0.46)

0.43 (0.91)

—

—

(0.91)

16.77 Class

I

8/31/25

15.62 0.92 0.33 1.25 (0.92)

—

—

(0.92)

15.95 8/31/24

14.47 0.88 1.18 2.06 (0.91)

—

—

(0.91)

15.62 8/31/23

15.50 0.83 (0.98)

(0.15)

(0.88)

—

—

(0.88)

14.47 8/31/22

(d) 17.86 0.70 (2.26)

(1.56)

(0.77)

—

(0.03)

(0.80)

15.50 9/30/21

16.74 0.81 1.19 2.00 (0.88)

—

—

(0.88)

17.86 9/30/20

17.22 0.87 (0.45)

0.42 (0.90)

—

—

(0.90)

16.74 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense

reimbursement during the periods presented herein. See Notes to Financial Statements for more information.

(d) For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was September 30th.

(e) Annualized.

See Notes to Financial Statements

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

.03

%

$

463,327

.00

%

.66

%

%

.31

441,911

.03

.65

(1

.21)

459,831

.01

.36

(9

.07)

551,741

.99

(e) 4

.34

(e) 12

.79

597,657

.99

.32

.33

458,391

.03

.97

.22

113,220

.75

.90

.46

130,468

.78

.90

(1

.93)

146,126

.76

.62

(9

.72)

184,904

.74

(e) 3

.57

(e) 12

.96

232,618

.74

.57

.63

235,790

.78

.21

.35

857,656

.68

.97

.62

634,395

.70

.96

(0

.81)

559,817

.69

.66

(8

.84)

1,051,040

.67

(e) 4

.65

(e) 12

.16

944,235

.68

.65

.66

453,348

.69

.32

.28

3,983,458

.75

.91

.64

3,636,249

.78

.89

(0

.94)

3,222,096

.76

.62

(8

.91)

3,338,638

.74

(e) 4

.57

(e) 12

.11

3,842,118

.74

.57

.57

2,792,500

.78

.20

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Strategic Income

Class

A

8/31/25

$

9.99 $

0.58 $

(0.02)

$

0.56 $

(0.62)

$

—

$

(0.62)

$

9.93 8/31/24

9.55 0.57 0.45 1.02 (0.58)

—

(0.58)

9.99 8/31/23

9.78 0.49 (0.23)

0.26 (0.49)

—

(0.49)

9.55 8/31/22

(d) 9.66 0.07 0.12 0.19 (0.07)

—

(0.07)

9.78 6/30/22

11.23 0.35 (1.59)

(1.24)

(0.33)

—

(0.33)

9.66 6/30/21

10.69 0.34 0.53 0.87 (0.33)

—

(0.33)

11.23 Class

C

8/31/25

9.94 0.50 (0.01)

0.49 (0.55)

—

(0.55)

9.88 8/31/24

9.51 0.50 0.43 0.93 (0.50)

—

(0.50)

9.94 8/31/23

9.73 0.41 (0.22)

0.19 (0.41)

—

(0.41)

9.51 8/31/22

(d) 9.61 0.05 0.13 0.18 (0.06)

—

(0.06)

9.73 6/30/22

11.17 0.26 (1.57)

(1.31)

(0.25)

—

(0.25)

9.61 6/30/21

10.64 0.26 0.52 0.78 (0.25)

—

(0.25)

11.17 Class

R6

8/31/25

10.02 0.61 —

0.61 (0.66)

—

(0.66)

9.97 8/31/24

9.59 0.61 0.43 1.04 (0.61)

—

(0.61)

10.02 8/31/23

9.82 0.52 (0.23)

0.29 (0.52)

—

(0.52)

9.59 8/31/22

(d) 9.69 0.07 0.13 0.20 (0.07)

—

(0.07)

9.82 6/30/22

11.27 0.39 (1.60)

(1.21)

(0.37)

—

(0.37)

9.69 6/30/21

10.73 0.38 0.53 0.91 (0.37)

—

(0.37)

11.27 Class

I

8/31/25

9.99 0.60 (0.01)

0.59 (0.65)

—

(0.65)

9.93 8/31/24

9.55 0.60 0.44 1.04 (0.60)

—

(0.60)

9.99 8/31/23

9.78 0.51 (0.23)

0.28 (0.51)

—

(0.51)

9.55 8/31/22

(d) 9.66 0.07 0.12 0.19 (0.07)

—

(0.07)

9.78 6/30/22

11.23 0.37 (1.58)

(1.21)

(0.36)

—

(0.36)

9.66 6/30/21

10.69 0.37 0.53 0.90 (0.36)

—

(0.36)

11.23 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d) For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund's fiscal year end was June 30th.

(e) Annualized.

See Notes to Financial Statements

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

.85

%

$

144,931

.87

%

.80

%

.84

%

%

.04

143,953

.93

.82

.94

.72

117,023

.96

.83

.12

.94

105,182

.02

(e) 0

.84

(e) 3

.99

(e) 10

(11

.26)

102,000

.93

.83

.19

.25

139,845

.95

.84

.07

.06

21,434

.62

.55

.10

.11

14,533

.68

.57

.18

.04

12,794

.71

.59

.33

.82

18,212

.77

(e) 1

.59

(e) 3

.23

(e) 10

(11

.91)

19,754

.68

.58

.43

.39

30,993

.70

.59

.33

.32

304,223

.54

.47

.18

.28

275,725

.59

.48

.28

.09

243,866

.62

.50

.45

.10

240,575

.69

(e) 0

.51

(e) 4

.31

(e) 10

(10

.97)

236,581

.59

.49

.59

.59

67,689

.62

.51

.40

.12

671,636

.62

.55

.10

.32

482,436

.68

.57

.18

.97

327,839

.71

.58

.35

.99

329,623

.77

(e) 0

.59

(e) 4

.23

(e) 10

(11

.01)

333,270

.68

.58

.46

.51

424,677

.70

.59

.32

Notes to Financial Statements

1. General Information

Trust and Fund Information

:

The Nuveen Investment Funds, Inc., Nuveen Investment Trust III and Nuveen Investment Trust V (each a "Trust" and

collectively, the "Trusts") are open-end management investment companies registered under the Investment Company Act of 1940 (the "1940 Act"),

as amended. The Nuveen Investment Funds, Inc. is comprised of Nuveen Credit Income Fund ("Credit Income") and Nuveen Strategic Income Fund

("Strategic Income"), among others, Nuveen Investment Trust III is comprised of Nuveen Floating Rate Income Fund ("Floating Rate Income") and

Nuveen High Yield Income Fund ("High Yield Income"), and Nuveen Investment Trust V is comprised of Nuveen Flexible Income Fund ("Flexible

Income") and Nuveen Preferred Securities and Income Fund ("Preferred Securities and Income") among others (each a "Fund" and collectively the

"Funds"). Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. Nuveen Investment Trust III was organized

as a Massachusetts business trust on August 20, 1998. Nuveen Investment Trust V was organized as a Massachusetts business trust on September 27,

2006. Current Fiscal Period

: The end of the reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial

Statements is the fiscal year ended August 31, 2025 (the "current fiscal period").

Investment Adviser and Sub-Advisers:

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen,

LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has

overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and

provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into

sub-advisory agreements with Nuveen Asset Management LLC ("NAM"), a subsidiary of the Adviser, under which the Sub-Adviser manages the

investment portfolios of the Funds.

Share Classes and Sales Charges:

Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or

more are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of

1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if

redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and

Class I Shares are sold without an upfront sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board

("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ

from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share

transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.

The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation

: None of the Trusts pay compensation directly to those of its officers, all of whom receive remuneration for their services to

each Trust from the Adviser or its affiliates. The Funds' Board of Directors/Trustees (the "Board") has adopted a deferred compensation plan for

independent trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to

receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in

shares of select Nuveen-advised funds.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign Currency Transactions and Translation:

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments,

and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and

expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)

derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and

the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized

as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with

(i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) on foreign

currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange

rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized

appreciation (depreciation)" on the Statement of Operations, when applicable.

As of the end of the current fiscal period, the percentage of investments in non-U.S. securities for Preferred Securities and Income and Strategic

Income are as follows:

#### Notes to Financial Statements
(continued)

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may

be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that

exist in the markets in which the Funds invest.

Indemnifications:

Under each Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general

indemnifications to other parties. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims that

may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and

expects the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date

for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade

date for senior and subordinated loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains

and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or,

for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend

date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of

premiums for financial reporting purposes. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK

interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when applicable.

Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when

received. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Fee income and

amendment fees, if any, are recognized as "Fees" on the Statement of Operations.

Multiclass Operations and Allocations:

Income and expenses of the Funds that are not directly attributable to a specific class of shares are

prorated among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are

recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.

Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of

Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase

agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").

Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when

applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages

Preferred Securities and Income

Value

% of Total

Investments

Country:

United Kingdom

$

711,870,168

13.1 %

Canada

544,941,506

10.0 France

492,532,431

9.1 Spain

290,911,413

5. 3

Switzerland

183,966,162

3.4 Netherlands

79,083,103

1.5 Mexico

61,792,010

1.1 Germany

48,354,029

0.9 Ireland

39,927,262

0.7 Other

75,033,927

1.3 Total non-U.S. Securities

$2,528,412,011

46.4%

Strategic Income

Value

% of Total

Investments

Country:

Mexico

$

27,199,357

2.4 %

Canada

23,833,245

2.1 Brazil

15,332,877

1.3 Chile

11,598,725

1.0 South Africa

9,523,666

0.8 United Kingdom

9,284,990

0.8 India

8,943,448

0.8 Colombia

7,634,497

0.7 Turkey

7,383,778

0.6 Other

126,890,454

11.0 Total non-U.S. Securities

$247,625,037

21.5%

its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting

agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can

be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280)

Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a

single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic

280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker ("CODM"). The CODM

monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with

the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial

information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's

comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's

financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and

expenses are listed on the Statement of Operations.

New Accounting Pronouncement

: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax

disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness

of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09

are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the

financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price

or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade

on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to

U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when

the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in

accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no

valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price

or official closing price, these securities are generally classified as Level 2.

Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price,

official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

(continued)

Structured notes are valued based upon a price supplied by a pricing service and are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally

classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as

Level 1.

Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing

service using the procedures approved by the Adviser, subject to the oversight of the Board, and are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to

value them:

Credit Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

22,613,532

$

535,885

$

23,149,417

Common Stocks

–

–

Corporate Bonds

–

137,646,319

–

137,646,319

Mortgage-Backed Securities

–

20,491,475

–

20,491,475

Preferred Stock

1,712,495

211,000

–

1,923,495

Sovereign Debt

–

7,221,428

–

7,221,428

Variable Rate Senior Loan Interests

–

26,291,259

–

26,291,259

Investments Purchased with Collateral from Securities

Lending

9,301,923

–

–

9,301,923

Short-Term Investments:

Repurchase Agreements

–

16,956,220

–

16,956,220

Investments in Derivatives:

Forward Foreign Currency Contracts\*

–

3,262

–

3,262

Futures Contracts\*

101,498

–

–

101,498

Total

$

11,115,916

$

231,434,495

$

535,974

$

243,086,385

Flexible Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

82,890,365

$

–

$

–

$

82,890,365

Convertible Bonds

–

18,097,765

–

18,097,765

Convertible Preferred Securities

27,284,545

–

–

27,284,545

Corporate Bonds

–

611,179,009

–

611,179,009

Preferred Stock

62,258,023

–

–

62,258,023

Structured Notes

–

11,911,644

–

11,911,644

Variable Rate Senior Loan Interests

–

3,970,720

–

3,970,720

Investments Purchased with Collateral from Securities

Lending

12,803,252

–

–

12,803,252

Short-Term Investments:

Repurchase Agreements

–

10,024,097

–

10,024,097

Total

$

185,236,185

$

655,183,235

$

–

$

840,419,420

Floating Rate Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

480,093

$

5,716,120

$

211,634

$

6,407,847

Corporate Bonds

–

156,416,974

–

156,416,974

Exchange-Traded Funds

47,161,218

–

–

47,161,218

Variable Rate Senior Loan Interests

–

1,359,680,555

26,593

1,359,707,148

Warrants

–

217,911

12,529

230,440

Investments Purchased with Collateral from Securities

Lending

10,475,121

–

–

10,475,121

Short-Term Investments:

Investment Companies

58,694,461

–

–

58,694,461

Total

$

116,810,893

$

1,522,031,560

$

250,756

$

1,639,093,209

High Yield Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

–

$

2,663

$

–

$

2,663

Corporate Bonds

–

533,319,363

–

533,319,363

Variable Rate Senior Loan Interests

–

54,991,275

–

54,991,275

Investments Purchased with Collateral from Securities

Lending

30,684,351

–

–

30,684,351

Short-Term Investments:

Investment Companies

6,235,829

–

–

6,235,829

Total

$

36,920,180

$

588,313,301

$

–

$

625,233,481

Preferred Securities and Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

4,689,748,707

$

28,697,000

$

4,718,445,707

Preferred Stock

515,968,502

–

–

515,968,502

U.S. Government and Agency Obligations

–

115,255,612

–

115,255,612

Investments Purchased with Collateral from Securities

Lending

91,596,475

–

–

91,596,475

Short-Term Investments:

Repurchase Agreements

–

1,200,000

–

1,200,000

Investments in Derivatives:

Futures Contracts\*

1,083,070

–

–

1,083,070

Total

$

608,648,047

$

4,806,204,319

$

28,697,000

$

5,443,549,366

Strategic Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

135,852,939

$

1,098,735

$

136,951,674

Corporate Bonds

–

348,077,641

–

348,077,641

Mortgage-Backed Securities

–

377,894,572

–

377,894,572

Sovereign Debt

–

91,336,247

–

91,336,247

U.S. Government and Agency Obligations

–

73,640,508

–

73,640,508

Variable Rate Senior Loan Interests

–

87,538,297

–

87,538,297

Investments Purchased with Collateral from Securities

Lending

13,304,127

–

–

13,304,127

Short-Term Investments:

Repurchase Agreements

–

23,053,216

–

23,053,216

Investments in Derivatives:

Credit Default Swaps - Centrally Cleared\*

–

(88,307)

–

(88,307)

Forward Foreign Currency Contracts\*

–

32,886

–

32,886

Futures Contracts\*

157,893

–

–

157,893

Total

$

13,462,020

$

1,137,337,999

$

1,098,735

$

1,151,898,754

\*

Represents net unrealized appreciation (depreciation).

(continued)

4. Portfolio Securities

Unfunded Commitments:

Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds (except Preferred Securities and

Income) may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans

having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Funds'

outstanding unfunded senior loan commitments were as follows:

Participation Commitments:

With respect to the senior loans held in each Fund's portfolio, the Funds (except Preferred Securities and Income)

may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of

a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather

than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other

persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Funds had no such outstanding participation

commitments.

Securities Lending:

Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other

institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the

economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set

maturity. The Funds' custodian, State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the

market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.

Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements

of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the

Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,

which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of

the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination

at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the

securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent

may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned

securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities

have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and

compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of

the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at

all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal

period, and the collateral delivered related to those repurchase agreements.

Fund

Outstanding Unfunded Senior Loan

Commitments

Floating Rate Income

$

2,070,243

Strategic Income

354,483

Aggregate Value of Securities on Loan

Fund

Equity

Securities

Fixed Income

Securities

Cash Collateral

Received\*

Credit Income

$–

$8,967,812

$9,301,923

Flexible Income

–

12,365,857

12,803,252

Floating Rate Income

9,675,772

489,099

10,475,121

High Yield Income

–

29,452,227

30,684,351

Preferred Securities and Income

–

87,619,914

91,596,475

Strategic Income

–

12,857,885

13,304,127

\*May include cash and investment of cash collateral.

Zero Coupon Securities:

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the

holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the

security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices

of securities that pay interest periodically.

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

Sale of Vistra Vision interests:

On December 31, 2024, Floating Rate Income and High Yield Income received all the proceeds for the sale of their

interest in Vistra Vision. As of January 1, 2025, the Funds no longer have a receivable or payable on the Statement of Assets and Liabilities for this

sale. During the current fiscal period, Floating Rate Income and High Yield Income sold their interest back to Vistra and recognized a realized gain of

$3,746,234 and $1,262,768, respectively, which is recognized as "Realized gain (loss) from investments" on the Statement of Operations.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Forward Foreign Currency Contracts:

During the current fiscal period, Credit Income and Strategic Income used forward foreign currency

contracts to manage non-U.S. dollar denominated currency exposure.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the

future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery

of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all details of the contract are negotiated

between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are

reflected as appreciation or depreciation on the Statement of Assets and Liabilities. The Funds realizes gains and losses at the time the forward

contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated

movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets

and Liabilities.

The average notional amount of forward contracts outstanding during the current fiscal period was as follows:

The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those

forward foreign currency contracts as of the end of the reporting period.

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

Credit Income

Fixed Income Clearing Corporation

$

16,956,220

$

(17,295,413)

Flexible Income

Fixed Income Clearing Corporation

10,024,097

(10,224,878)

Preferred Securities and Income

Fixed Income Clearing Corporation

1,200,000

(1,224,023)

Strategic Income

Fixed Income Clearing Corporation

23,053,216

(23,514,432)

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

U.S.

Government

Sales

Credit Income

$

253,682,387

$

4,420,354

$

126,712,516

$

—

Flexible Income

242,239,803

—

437,893,681

—

Floating Rate Income

769,162,572

—

745,977,667

—

High Yield Income

1,086,357,589

—

1,121,339,560

—

Preferred Securities and Income

1,954,471,794

—

1,391,731,387

—

Strategic Income

684,151,308

442,714,568

432,401,084

441,548,878

Fund

Average Notional Amount of Forward

Contracts Outstanding

\*

Credit Income

$

147,002

Strategic Income

1,256,743

(continued)

Credit Default Swap Contracts:

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment

or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer's default. During the current

fiscal period, Strategic Income used credit default swap index contracts to gain broad exposure to the high yield bond market.

Credit default swap contracts involve one party making a stream of payments (buyer of protection) to another party (seller of protection) in exchange

for the right to receive a specified return if/when there is a credit event by a third party. Credit events are agreement specific but may include

bankruptcy, failure to pay, or restructuring. When a Fund has bought (sold) protection in a credit default swap upon occurrence of a specific credit

event with respect to the underlying referenced entity, the Fund will either (i) receive (deliver) that security, or an equivalent amount of cash, from the

counterparty in exchange for receipt (payment) of the notional amount to the counterparty, or (ii) receive (pay) a net settlement amount of the credit

default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Payments paid

(received) at the beginning of the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities,

when applicable. Credit default swaps are "marked-to-market" on a daily basis to reflect the value of the swap agreement at the end of each trading

day and are recognized as unrealized appreciation (depreciation) on the Statement of Operations.

Credit default swaps can be settled either directly with the counterparty ("OTC") or through a central clearinghouse ("centrally cleared"). For

OTC swaps, the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized

appreciation (depreciation) on credit default swaps on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an

account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified

in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and

the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash

settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation

margin on credit default swaps.

The difference between the value of the security received (delivered) and the notional amount delivered (received) as well as payments received or

made as a result of a credit event or termination of a contract are recognized as realized gains or losses on the Statement of Operations.

The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap contract is limited

to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced

entity.

The average notional amount of swap contracts outstanding during the current fiscal period was as follows:

Futures Contracts:

During the current fiscal period, Credit Income, Preferred Securities and Income and Strategic Income used U.S. Treasury futures

as part of their overall portfolio construction strategy to manage portfolio duration and yield curve exposure.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a

futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker

equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments

and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-

to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value

of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a

receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss

equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized

gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of

Operations.

Fund

Counterparty

Gross Unrealized

Appreciation on

Forward Foreign

Currency Contracts\*

Gross Unrealized

(Depreciation) on

Forward Foreign

Currency Contracts\*

Net Unrealized

Appreciation

(Depreciation) on

Forward Foreign

Currency Contracts

Collateral

Pledged

to (from)

Counterparty

Net Exposure

Credit Income

Morgan Stanley Capital Services

LLC

$

3,262

$

-

$

3,262

$

-

$

3,262

Strategic Income

Morgan Stanley Capital Services

LLC

$

30,284

$

-

$

30,284

$

-

$

30,284

Toronto Dominion Bank

2,602

-

2,602

-

2,602

Total

$

32,886

$

-

$

32,886

$

-

$

32,886

\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds' Portfolio of Investments.

Fund

Average Notional Amount of Credit Default

Swaps Contracts Outstanding

\*

Strategic Income

$

2,000,000

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the

possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with

a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

As of the end of the current fiscal period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets

and Liabilities as follows:

During the current fiscal period, the effect of derivative contracts on the Funds' Statement of Operations was as follows:

Fund

Average Notional Amount of Futures

Contracts Outstanding

\*

Credit Income

$

10,049,585

Preferred Securities and Income

406,833,229

Strategic Income

120,397,386

\*

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of

the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

Credit Income

Futures Contracts

Interest rate

Unrealized appreciation on

futures contracts

\*

$

101,498

-

$

–

Forward Foreign Currency

Contracts

Foreign currency

exchange rate

Unrealized appreciation on

forward contracts

3,262

-

–

Preferred Securities and Income

Futures Contracts

Interest rate

Unrealized appreciation on

futures contracts

\*

1,083,070

-

–

Strategic Income

Futures Contracts

Interest rate

Unrealized appreciation on

futures contracts

\*

157,893

-

–

Forward Foreign Currency

Contracts

Foreign currency

exchange rate

Unrealized appreciation on

forward contracts

32,886

-

–

Credit Default Swaps -

Centrally Cleared

Credit

-

–

Unrealized depreciation on

swap contracts

\*\*

(88,307)

\*

The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying

Statement of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

\*\*

The fair value presented includes cumulative gain (loss) on open credit default swap contracts; however, the value reflected in the

accompanying Statement of Assets and Liabilities is only the receivable or payable for variation margin on open credit default swap

contacts.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

Credit Income

Futures contracts

Interest rate

$

(106,535)

$

120,370

Forward foreign currency contracts

Foreign currency exchange rate

–

3,262

High Yield Income

Swap contracts

Credit

122,874

–

Preferred Securities and Income

Futures contracts

Interest rate

(23,628,333)

5,829,632

Strategic Income

Futures contracts

Interest rate

(5,315,700)

755,619

Forward foreign currency contracts

Foreign currency exchange rate

–

32,886

Swap contracts

Credit

58,247

(88,307)

(continued)

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Year Ended

8/31/25

Year Ended

8/31/24

Credit Income

Shares

Value

Shares

Value

Subscriptions:

Class A

2,282,955

$15,290,614

1,005,007

$6,519,904

Class A - automatic conversion of Class C

2,056

—

—

Class C

366,389

2,435,023

286,559

1,876,863

Class I

26,375,081

175,432,785

4,453,741

29,156,239

Total subscriptions

29,024,733

193,160,478

5,745,307

37,553,006

Reinvestments of distributions:

Class A

584,641

3,903,492

548,517

3,577,714

Class C

70,987

473,436

65,812

428,835

Class I

981,204

6,542,355

347,875

2,274,671

Total reinvestments of distributions

1,636,832

10,919,283

962,204

6,281,220

Redemptions:

Class A

(2,871,275)

(19,190,675)

(1,882,772)

(12,236,169)

Class C

(428,065)

(2,850,165)

(392,831)

(2,515,846)

Class C - automatic conversion to Class A

(309) (2,056)

—

—

Class I

(5,642,489)

(37,816,414)

(4,022,296)

(26,419,249)

Total redemptions

(8,942,138)

(59,859,310)

(6,297,899)

(41,171,264)

Net increase (decrease)

21,719,427

$144,220,451

409,612

$2,662,962

Year Ended

8/31/25

Year Ended

8/31/24

Flexible Income

Shares

Value

Shares

Value

Subscriptions:

Class A

1,424,462

$26,905,852

1,643,955

$30,114,555

Class A - automatic conversion of Class C

1,277

24,172

—

—

Class C

126,259

2,384,651

239,413

4,361,603

Class R6

77,752

1,474,868

80,253

1,494,087

Class I

3,921,034

74,131,230

7,704,152

141,092,702

Total subscriptions

5,550,784

104,920,773

9,667,773

177,062,947

Reinvestments of distributions:

Class A

449,679

8,497,666

508,790

9,335,948

Class C

224,529

4,234,800

320,049

5,854,348

Class R6

12,574

239,325

16,267

300,515

Class I

1,731,313

32,756,020

2,145,669

39,397,421

Total reinvestments of distributions

2,418,095

45,727,811

2,990,775

54,888,232

Redemptions:

Class A

(2,589,956)

(48,864,945)

(3,109,442)

(57,094,029)

Class C

(2,117,089)

(39,848,883)

(2,572,608)

(47,029,811)

Class C - automatic conversion to Class A

(1,279)

(24,172)

—

—

Class R6

(108,265)

(2,054,292)

(168,219)

(3,120,359)

Class I

(14,423,204)

(272,034,126)

(17,780,482)

(325,690,299)

Total redemptions

(19,239,793)

(362,826,418)

(23,630,751)

(432,934,498)

Net increase (decrease)

(11,270,914)

$(212,177,834)

(10,972,203)

$(200,983,319)

Year Ended

8/31/25

Year Ended

8/31/24

Floating Rate Income

Shares

Value

Shares

Value

Subscriptions:

Class A

5,285,888

$95,655,468

4,320,216

$78,241,393

Class A - automatic conversion of Class C

1,858

33,722

—

—

Class C

628,381

11,364,708

866,417

15,665,769

Class R6

4,512,867

81,874,956

2,637,769

48,074,593

Class I

32,543,677

589,601,192

24,155,645

437,300,316

Total subscriptions

42,972,671

778,530,046

31,980,047

579,282,071

Reinvestments of distributions:

Class A

761,234

13,758,055

847,038

15,327,337

Class C

169,657

3,067,018

205,154

3,711,737

Class R6

986,255

17,921,662

1,288,693

23,442,662

Class I

4,093,610

74,061,454

4,669,808

84,580,980

Total reinvestments of distributions

6,010,756

108,808,189

7,010,693

127,062,716

Redemptions:

Class A

(5,799,007)

(104,401,809)

(4,905,544)

(88,824,423)

Class C

(1,036,766)

(18,746,929)

(899,744)

(16,279,194)

Class C - automatic conversion to Class A

(1,858)

(33,722)

—

—

Class R6

(5,252,765)

(95,546,624)

(3,909,927)

(71,086,773)

Class I

(31,888,199)

(575,196,141)

(31,134,250)

(563,057,888)

Total redemptions

(43,978,595)

(793,925,225)

(40,849,465)

(739,248,278)

Net increase (decrease)

5,004,832

$93,413,010

(1,858,725)

$(32,903,491)

(continued)

Year Ended

8/31/25

Year Ended

8/31/24

High Yield Income

Shares

Value

Shares

Value

Subscriptions:

Class A

818,647

$14,613,283

857,944

$14,907,105

Class A - automatic conversion of Class C

840

15,107

—

—

Class C

224,268

4,004,875

174,300

3,048,284

Class R6

2,212,975

39,894,865

1,367,256

24,200,012

Class I

5,090,857

90,990,538

8,610,554

150,932,074

Total subscriptions

8,347,587

149,518,668

11,010,054

193,087,475

Reinvestments of distributions:

Class A

232,287

4,139,467

204,050

3,559,325

Class C

45,788

814,919

44,340

771,832

Class R6

86,098

1,543,047

77,777

1,364,179

Class I

2,396,260

42,758,588

2,080,633

36,372,422

Total reinvestments of distributions

2,760,433

49,256,021

2,406,800

42,067,758

Redemptions:

Class A

(1,004,820)

(17,848,293)

(707,349)

(12,305,477)

Class C

(300,377)

(5,330,221)

(340,706)

(5,902,383)

Class C - automatic conversion to Class A

(840) (15,107)

—

—

Class R6

(2,151,348)

(38,622,505)

(1,525,650)

(27,000,153)

Class I

(10,717,275)

(190,363,008)

(3,688,741)

(64,484,312)

Total redemptions

(14,174,660)

(252,179,134)

(6,262,446)

(109,692,325)

Net increase (decrease)

(3,066,640)

$(53,404,445)

7,154,408

$125,462,908

Year Ended

8/31/25

Year Ended

8/31/24

Preferred Securities and Income

Shares

Value

Shares

Value

Subscriptions:

Class A

7,682,763

$120,155,000

7,990,278

$119,278,069

Class A - automatic conversion of Class C

1,697

26,930

—

—

Class C

1,098,444

17,227,064

1,389,023

20,933,804

Class R6

26,263,698

412,696,662

14,390,444

217,467,311

Class I

77,811,701

1,216,989,771

91,622,434

1,372,309,904

Total subscriptions

112,858,303

1,767,095,427

115,392,179

1,729,989,088

Reinvestments of distributions:

Class A

1,432,171

22,432,813

1,538,769

23,059,470

Class C

356,562

5,588,025

425,606

6,379,598

Class R6

1,907,089

29,999,323

1,906,821

28,684,996

Class I

12,233,625

191,841,229

11,520,586

173,007,735

Total reinvestments of distributions

15,929,447

249,861,390

15,391,782

231,131,799

Redemptions:

Class A

(8,352,879)

(130,606,969)

(12,999,657)

(193,881,884)

Class C

(2,706,946)

(42,329,861)

(3,554,566)

(52,902,714)

Class C - automatic conversion to Class A

(1,696)

(26,930)

—

—

Class R6

(15,043,589)

(236,097,567)

(14,356,646)

(214,357,113)

Class I

(73,078,945)

(1,141,388,008)

(92,906,073)

(1,370,755,378)

Total redemptions

(99,184,055)

(1,550,449,335)

(123,816,942)

(1,831,897,089)

Net increase (decrease)

29,603,695

$466,507,482

6,967,019

$129,223,798

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains

and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted

in reclassifications among the components of net assets relate primarily to bond premium amortization adjustments, complex securities character

adjustments, foreign currency transactions, investments in partnerships, paydowns, return of capital and long-term capital gain distributions received

from portfolio investments, and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund's net

assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as

follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

Year Ended

8/31/25

Year Ended

8/31/24

Strategic Income

Shares

Value

Shares

Value

Subscriptions:

Class A

4,876,876

$48,144,280

4,613,405

$44,145,230

Class A - automatic conversion of Class C

2,824

27,902

—

—

Class C

1,199,989

11,836,037

623,523

6,041,600

Class R6

5,427,815

53,714,595

2,861,144

27,833,777

Class I

34,138,673

336,967,623

26,871,228

261,549,643

Total subscriptions

45,646,177

450,690,437

34,969,300

339,570,250

Reinvestments of distributions:

Class A

770,855

7,621,078

722,846

7,004,281

Class C

95,960

943,896

66,046

636,587

Class R6

1,882,852

18,677,958

1,608,071

15,634,485

Class I

3,138,098

31,010,735

1,964,364

19,049,927

Total reinvestments of distributions

5,887,765

58,253,667

4,361,327

42,325,280

Redemptions:

Class A

(5,472,949)

(54,018,163)

(3,170,921)

(30,716,414)

Class C

(586,954)

(5,767,776)

(573,143)

(5,490,942)

Class C - automatic conversion to Class A

(2,836)

(27,902)

—

—

Class R6

(4,297,518)

(42,344,642)

(2,395,241)

(23,289,883)

Class I

(17,956,725)

(176,745,455)

(14,844,018)

(143,368,534)

Total redemptions

(28,316,982)

(278,903,938)

(20,983,323)

(202,865,773)

Net increase (decrease)

23,216,960

$230,040,166

18,347,304

$179,029,757

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Credit Income

$

240,556,767

$

5,162,152

$

(2,632,534)

$

2,529,618

Flexible Income

812,179,829

37,295,547

(9,055,956)

28,239,591

Floating Rate Income

1,650,523,264

25,030,678

(36,460,733)

(11,430,055)

High Yield Income

614,670,790

15,666,587

(5,103,896)

10,562,691

Preferred Securities and Income

5,456,153,239

196,069,916

(208,673,789)

(12,603,873)

Strategic Income

1,157,858,855

18,802,081

(24,762,182)

(5,960,101)

(continued)

The tax character of distributions paid was as follows:

As of year end, the Funds had capital loss carryforwards, which will not expire:

8. Management Fees and Other Transactions with Affiliates

Management Fees:

Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and

a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed

by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Credit Income

$

1,211,208

$

—

$

2,529,804

$

(140,916,434)

$

—

$

(1,398,757)

$

(138,574,179)

Flexible Income

—

—

28,239,591

(256,678,566)

—

(3,545,409)

(231,984,384)

Floating Rate Income

3,508,090

—

(11,430,055)

(308,623,502)

—

(10,428,723)

(326,974,190)

High Yield Income

4,421,103

—

10,562,585

(221,038,525)

—

(4,078,677)

(210,133,514)

Preferred Securities and

Income

370,633

—

(12,603,873)

(463,632,281)

—

(26,337,389)

(502,202,910)

Strategic Income

2,797,909

—

(5,958,697)

(104,107,411)

—

(5,642,041)

(112,910,240)

8/31/25

8/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return

of

Capital

Credit Income

$

11,216,475

$

—

$

—

$

6,575,529

$

—

$

—

Flexible Income

32,645,558

—

14,569,434

38,740,539

—

18,741,715

Floating Rate Income

122,314,724

—

—

142,547,229

—

—

High Yield Income

50,976,650

—

—

43,411,757

—

—

Preferred Securities and Income

289,460,431

—

—

263,987,285

—

—

Strategic Income

66,939,188

—

—

48,040,996

—

—

Fund

Short-Term

Long-Term

Total

Credit Income

$

46,905,679

$

94,010,755

$

140,916,434

Flexible Income

78,595,619

178,082,947

256,678,566

Floating Rate Income

74,763,786

233,859,716

308,623,502

High Yield Income

27,208,918

193,829,607

221,038,525

Preferred Securities and Income

114,038,738

349,593,543

463,632,281

Strategic Income

40,108,436

63,998,975

104,107,411

Average Daily Net Assets

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

For the first $125 million

0.4000 %

0.5500 %

0.4500 %

0.4500 %

0.5500 %

0.3600 %

For the next $125 million

0.3875 0.5375 0.4375 0.4375 0.5375 0.3475 For the next $250 million

0.3750 0.5250 0.4250 0.4250 0.5250 0.3350 For the next $500 million

0.3625 0.5125 0.4125 0.4125 0.5125 0.3225 For the next $1 billion

0.3500 0.5000 0.4000 0.4000 0.5000 0.3100 For the next $3 billion

0.3250 0.4750 0.3750 0.3750 0.4750 0.2850 For the next $5 billion

0.3000 0.4500 0.3500 0.3500 0.4500 0.2600 For net assets over $10 billion

0.2875 0.4375 0.3375 0.3375 0.4375 0.2475 103

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual

Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments

in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively

financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in

certain circumstances.

As of the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the Funds so that the total annual Fund operating expenses

(excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing

of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the

time periods stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual

fund operating expense for the Class R6 Shares will be less than the expense limitation. The temporary expense limitations may be terminated or

modified prior to expiration date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified

only with the approval of shareholders of each Fund.

Distribution and Service Fees:

Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares

incur a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6

Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the

"Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing

and maintaining shareholder accounts.

Other Transactions with Affiliates:

The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research

services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the

Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period

is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary

compensation were as follows:

Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 Fund

Complex-Level Fee

Credit Income

0.1568 %

Flexible Income

0.1568 Floating Rate Income

0.1568 High Yield Income

0.1568 Preferred Securities and Income

0.1568 Strategic Income

0.1568 Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Permanent

Expense Cap

Credit Income

0.75%

July 31, 2027

N/A

Flexible Income

0.75%

July 31, 2027

1.25%

Floating Rate Income

0.85%

July 31, 2027

1.10%

High Yield Income

0.79%

July 31, 2027

1.35%

Preferred Securities and Income

N/A

N/A

1.25%

Strategic Income

0.59%

July 31, 2027

N/A

N/A - Not Applicable.

(continued)

The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of

the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures

have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment

adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions

are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current

fiscal period, the Funds engaged in the following security transactions with affiliated entities:

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as

concessions to financial intermediaries as follows:

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for

providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as

follows:

Fund

Value

Credit Income

$

—

Flexible Income

41,758

Floating Rate Income

—

High Yield Income

—

Preferred Securities and Income

—

Strategic Income

—

Fund

Purchases

Sales

Realized

Gain (Loss)

Credit Income

$

—

$

—

$

—

Flexible Income

—

—

—

Floating Rate Income

—

—

—

High Yield Income

127,753

—

—

Preferred Securities and Income

—

—

—

Strategic Income

—

—

—

Fund

Sales Charges

Collected

(Unaudited)

Paid to Financial

Intermediaries

(Unaudited)

Credit Income

$

34,646

$

30,394

Flexible Income

106,118

95,571

Floating Rate Income

293,996

276,544

High Yield Income

116,631

103,873

Preferred Securities and Income

607,255

559,534

Strategic Income

275,609

255,176

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the

first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to

their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

Affiliated Owned Shares:

As of the end of the current fiscal period, the percentage of Fund shares owned by affiliates was as follows:

9. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have

established a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary

purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's

capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw

on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the

Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other

Participating Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

Fund

Commission

Advances

(Unaudited)

Credit Income

$

20,935

Flexible Income

32,927

Floating Rate Income

298,339

High Yield Income

28,875

Preferred Securities and Income

361,104

Strategic Income

226,348

Fund

12b-1 Fees

Retained

(Unaudited)

Credit Income

$

12,297

Flexible Income

29,514

Floating Rate Income

85,366

High Yield Income

20,952

Preferred Securities and Income

157,320

Strategic Income

62,123

Fund

CDSC

Retained

(Unaudited)

Credit Income

$

1,424

Flexible Income

3,968

Floating Rate Income

14,010

High Yield Income

6,616

Preferred Securities and Income

32,179

Strategic Income

900

Fund

Nuveen Owned Shares

Flexible Income

-%\*

Floating Rate Income

-%\*

\*Rounds to less than 1%.

(continued)

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher

of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts

borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the

Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest

expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the

relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each

Participating Fund.

During the current fiscal period, the following Funds utilized this facility. The Fund's maximum outstanding balance during the utilization period was

as follows:

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on

the Borrowings were as follows:

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

Fund

Maximum

Outstanding

Balance

Credit Income

$

—

Flexible Income

—

Floating Rate Income

44,472,273

High Yield Income

—

Preferred Securities and Income

33,500,000

Strategic Income

—

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Credit Income

—

$

—

—

%

Flexible Income

—

—

—

Floating Rate Income

15,762,305

6.03 High Yield Income

—

—

—

Preferred Securities and Income

33,500,000

6.53 Strategic Income

—

—

—

Important Tax Information

#### (U

#### naudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must

be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications

of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which

will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being

from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

eligible for the dividends received deduction for corporate shareholders:

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Qualified Interest Income (QII)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal

Revenue Code:

Fund

Net Long-Term

Capital Gains

Credit Income

$

—

Flexible Income

—

Floating Rate Income

—

High Yield Income

—

Preferred Securities and Income

—

Strategic Income

—

Fund

Percentage

Credit Income

.9

%

Flexible Income

.3

Floating Rate Income

.3

High Yield Income

.3

Preferred Securities and Income

.6

Strategic Income

.0

Fund

Percentage

Credit Income

.7

%

Flexible Income

.5

Floating Rate Income

.3

High Yield Income

.0

Preferred Securities and Income

.8

Strategic Income

.0

#### Important Tax Information
(continued)

163(j)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as

Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:

Fund

Prior Year End to

12/31 Percentage

1/1 to Current

Year End

Percentage

Credit Income

71.7 %

68.4 %

Flexible Income

94.7 44.1 Floating Rate Income

66.3 89.1 High Yield Income

79.8 74.2 Preferred Securities and Income

18.9 4.0 Strategic Income

58.1 70.5 Fund

Percentage

Credit Income

.0

%

Flexible Income

.4

Floating Rate Income

.6

High Yield Income

.5

Preferred Securities and Income

.7

Strategic Income

.5

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

#### Changes in Independent Registered Public Accounting Firm
**(a) Previous independent registered public accounting firm:** On October 24, 2024, the Funds' Board of Directors/Trustees (the "Board"), upon recommendation from the Audit Committee, notified KPMG LLP ("KPMG") that it would be dismissed as the independent registered public accounting firm for the Funds effective upon (i) completion of KPMG's audit of the Funds' financial statements to be included in the Funds' Annual Report on Form N-CSR (the "2024 Annual Report") for the fiscal year ended August 31, 2024 and (ii) the issuance of KPMG's report on the same. KPMG's dismissal as the Funds' independent registered public accounting firm was effective on October 29, 2024, which is the date on which KPMG issued their report on their audit of the Funds' financial statements to be included in the 2024 Annual Report. KPMG's audit reports on the Funds' financial statements as of and for the fiscal years ended August 31, 2024 and August 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds' fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Funds' fiscal years ended August 31, 2024 and August 31, 2023 and the subsequent interim period through October 29, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

The Funds provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.

**(b) New independent registered public accounting firm:** On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP ("PwC") as the new independent registered public accounting firm for the Funds for the fiscal year ending August 31, 2025. During the Funds' fiscal years ended August 31, 2024 and August 31, 2023, and the subsequent interim period through October 29, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 ("S-K 304"), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The aggregate remuneration paid to the directors/trustees (all of whom are independent) by each Fund is reported as "Directors/Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

## Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

#### Nuveen Credit Income Fund

#### Nuveen Flexible Income Fund

#### Nuveen Floating Rate Income Fund

#### Nuveen High Yield Income Fund

#### Nuveen Preferred Securities and Income Fund

#### Nuveen Strategic Income Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Trustees of Nuveen Investment Trust III ("NIT III") and Nuveen Investment Trust V ("NIT V") and the Board of Directors of Nuveen Investment Funds, Inc. ("NIF") (collectively, the "Board" and each Trustee or Director, as applicable, a "Board Member") approved, for each applicable series of NIT III, NIT V and NIF, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"). Similarly, for each respective series, the Board approved the renewal of the sub-advisory agreement (each a "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Sub-Adviser is also an affiliate of the Adviser. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the "Funds").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively, the "Fund Advisers" and each a "Fund Adviser."

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or the "funds"). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

#### 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub- Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

• For Nuveen Credit Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Flexible Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the five-year period ended December 31, 2024. The Board considered that the Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Floating Rate Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2024 and second quartile of its Performance Peer Group for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen High Yield Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one- and three-year periods and second quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Preferred Securities and Income Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one-year period ended December 31, 2024, the Fund outperformed its benchmark for the three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Strategic Income Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

#### 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

C. Fees, Expenses and Profitability

**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/ or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

• For Nuveen Credit Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, first quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate and actual management fee rate were each below the Expense Group median, and the net total expense ratio matched the Expense Group median. The Fund's contractual management fee rate and actual management fee rate were each below the Expense Universe median, and the Fund's net total expense ratio was slightly above (within 5 basis points) the Expense Universe median.

• For Nuveen Flexible Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Floating Rate Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and second quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was slightly above (within 5 basis points) the Expense Group median and Expense Universe median, the contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

• For Nuveen High Yield Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Universe. Further, the Fund's contractual management fee rate and actual management fee rate were each below the Expense Group median, and net total expense ratio was slightly above (within 5 basis points) the Expense Group median. Although the Fund's net total expense ratio was above the Expense Universe median, the Fund's contractual management fee rate was slightly above (within 5 basis points) and actual management fee rate was generally in-line with the Expense Universe median.

• For Nuveen Preferred Securities and Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the Fund's actual management fee rate matched the Expense Universe median.

• For Nuveen Strategic Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

**3.** **Profitability of the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

#### 6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors that were applicable to the particular Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds. Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

#### 8

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.

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**Item 16.** **Controls and Procedures.** <br>

(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.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

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| | |
|:---|:---|
| [(a)(3)](d62808dex99cert.htm) | [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.](d62808dex99cert.htm)  |

---

(a)(4) Not applicable.

[(a)(5)](d62808dex9919a5.htm) [Change in the registrant's independent public accountant. Filed herewith.](d62808dex9919a5.htm)

[(b)](d62808dex99906cert.htm) [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.](d62808dex99906cert.htm) 

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#### 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.

<u>Nuveen Investment Funds, Inc.</u> 

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: November 6, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

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| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

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**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Ex-99.(19)(A5)

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| | |
|:---|:---|
| ![LOGO](g62808g1106080140218.jpg) | <br> KPMG LLP<br> Aon Center<br> Suite 5500<br> 200 E. Randolph Street<br> Chicago, IL 60601-6436 |

---

November 6, 2025

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for the Funds listed in Appendix I (the Funds) and, under the date of October 29, 2024, we reported on the financial statements of the Funds as of and for the years ended August 31, 2024 and 2023. On October 24, 2024, we were notified that the Funds appointed PricewaterhouseCoopers LLP as its principal accountant for the year ending August 31, 2025 and that the auditor-client relationship with KPMG LLP will cease upon completion of the audits of the Funds' financial statements as of and for the year ended August 31, 2024, and the issuance of our reports thereon. On October 29, 2024, we completed our audits and the auditor-client relationship ceased.

We have read the statements made by the Funds included under Item 8 of Form N-CSR dated November 6, 2025, and we agree with such statements, except we are not in a position to agree or disagree with the Funds' statements in section b of Item 8 of Form N-CSR.

Very truly yours,

![LOGO](g62808g1106080140140.jpg)

Attachment

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

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**Appendix I** 

Nuveen Investment Funds, Inc.

Nuveen Credit Income Fund (FHIB)

Nuveen Strategic Income Fund (FTRB)

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of Nuveen Investment Funds, Inc. (the "Registrant") on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: November 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---