# EDGAR Filing Document

**Accession Number:** 0001227476
**File Stem:** 0001193125-26-139273
**Filing Date:** 2026-4
**Character Count:** 305977
**Document Hash:** 34df3ec3da52d715b4c8e4f7c69a3eb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-139273.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0001193125-26-139273

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**EFFECTIVENESS DATE**: 20260402

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Credit Strategies Income Fund
- **CENTRAL INDEX KEY:** 0001227476

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21333
- **FILM NUMBER:** 26831205

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Multi-Strategy Income & Growth Fund 2
- **DATE OF NAME CHANGE:** 20070522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVEEN PREFERRED CONVERTIBLE INCOME FUND 2
- **DATE OF NAME CHANGE:** 20030415

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>811-21333</u>

Nuveen Credit Strategies Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code:   <u>(800) 257-8787</u>

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

Date of reporting period:   <u>January 31, 2026</u>

------

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

------

Closed-End Funds

Closed-End Funds

Nuveen

January 31, 2026

#### Semi-annual

#### Report
This semi-annual report contains the Funds' unaudited financial statements.

Nuveen Floating Rate Income Fund

JFR

Nuveen Credit Strategies Income Fund

JQC

Nuveen Preferred & Income Opportunities Fund

JPC

Nuveen Variable Rate Preferred & Income Fund

NPFD

Table

of Contents

Important Notices

Common Share Information

About the Funds' Benchmarks

Fund Performance, Leverage and Holdings Summaries

Portfolios of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Statement of Cash Flows

Financial Highlights

Notes to Financial Statements

Additional Fund Information

Glossary of Terms Used in this Report

Important Notices

Portfolio manager commentaries:

The Funds include portfolio manager commentary in their annual shareholder

reports. For your Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers'

Comments section of the Fund's annual shareholder report.

Fund changes:

For changes that occurred to your Fund both during and after this reporting period, please refer to the

Notes to Financial Statements section of this report.

Fund principal investment policies and principal risks:

Refer to the Shareholder Update section of your Fund's

annual shareholder report for information on the Fund's principal investment policies and principal risks.

Fund performance

: For current information on your Fund's average annual total returns please refer to the Fund's

website at

www.nuveen.com

.

For average annual total returns as of the end of this reporting period, please refer to the

Fund Performance, Leverage and Holding Summaries section within this report.

JPC – Fund reorganization:

Effective prior to market open on September 22, 2025, Nuveen Preferred Securities

& Income Opportunities Fund (JPI) was reorganized into JPC. Refer to the Notes to Financial Statements within this

report for further details on the reorganization.

JPC and NPFD – Recent market factors:

JPC and NPFD have substantial allocations to preferred and contingent

capital securities issued by U.S. and non-U.S. banks and other financial institutions. Given the increases in prevailing

interest rates and other market factors, these securities continue to be subject to heightened volatility and may,

ultimately, detract from Fund performance.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding each Fund's distributions is current as of January 31, 2026

.

Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its

common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).

Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution

and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common

share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a

Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains

and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. The practice

of maintaining a stable distribution level had no material effect on each Fund's investment strategy during the most recent fiscal

period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its

NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial

Statements herein.

Actual amounts and sources for tax reporting purposes will be determined as of each Fund's fiscal year-end and reported to

shareholders on Form 1099-DIV.

Because distribution source estimates are updated throughout the current fiscal year based on a fund's performance, these

estimates may differ from both the tax information reported to you in the Fund's 1099 statement, as well as the ultimate economic

sources of distributions over the life of your investment.

The figures in the table below provide an estimate of the sources of distributions and may include amounts attributed to realized

gains and/or returns of capital. A return of capital may occur, for example, when some or all of the money that you invested in a

Fund is paid back to you. A return of capital distribution does not necessarily reflect a Fund's investment performance and should

not be confused with "yield" or "income." The Funds attribute these estimates equally to each regular distribution throughout the

year. Consequently, the estimated information shown below is for the current distribution, and also represents an updated estimate

for all prior months in the fiscal year. These estimates should not be used for tax reporting purposes. The final determination for

all distributions paid in 2026 will be made in early 2027 and reported to you on Form 1099-DIV. More details about each Fund's

distributions and the basis for these estimates are available on www.nuveen.com/en-us/closed-end-funds.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com

and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-

closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,

shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, JPC was authorized by the Securities and Exchange Commission to issue additional common

shares through an equity shelf program (Shelf Offering). Under these programs, JPC, subject to market conditions, may raise

Data as of January 31, 2026

Current Month Estimated

Percentage of the Distribution

Estimated Fiscal YTD

Per Share Amounts

Fund

Latest

Declared

Distribution

Net

Investment

Income

Realized

Gains

Return of

Capital

Total Distributions

Net

Investment

Income

Realized

Gains

Return of

Capital

JFR

$0.0850

72.90%

0.00%

27.10%

$0.5100

$0.3719

$0.0000

$0.1381

JQC

$0.0540

74.50%

0.00%

25.50%

$0.3240

$0.2415

$0.0000

$0.0825

JPC

$0.0625

70.40%

0.00%

29.60%

$0.3910

$0.2754

$0.0000

$0.1156

NPFD

$0.1565

63.00%

0.00%

37.00%

$0.9830

$0.6189

$0.0000

$0.3641

additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common

share. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.

During the current reporting period, JPC sold common shares through its Shelf Offering at a weighted average premium to its NAV

per common share in the accompanying table.

Refer to Notes to Financial Statements for further details of Shelf Offerings and the Fund's transactions.

COMMON SHARE REPURCHASES

The Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each fund to repurchase and retire

an aggregate of up to approximately 10% of its outstanding common shares.

During the current fiscal period, the Funds did not repurchase any of their outstanding common shares. As of January 31, 2026,

(and since the inception of the Funds' repurchase programs), each Fund has cumulatively repurchased and retired its outstanding

common shares as shown in the accompanying table.

JPC

Maximum aggregate offering

Unlimited

JPC

Common shares sold through shelf offering

7,903,716

Weighted average premium to NAV per common share sold

0.83%

JFR

JQC

JPC

NPFD

Common shares cumulatively repurchased and retired

147,593

5,473,400

2,826,100

Common shares authorized for repurchase

16,095,000

13,560,000

32,175,000

2,415,000

About the Funds' Benchmarks

ICE BofA U.S. All Capital Securities Index:

An index designed to measure the performance of investment grade

and below investment grade fixed rate and fixed-to-floating rate, USD-denominated hybrid corporate and preferred

securities publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not

reflect any applicable sales charges or management fees.

ICE BofA U.S. High Yield Index:

An index designed to measure the performance of USD-denominated below

investment grade corporate debt publicly issued in the U.S. domestic market. Index returns assume reinvestment of

distributions, but do not reflect any applicable sales charges or management fees.

ICE USD Contingent Capital Index:

An index designed to measure the performance of USD denominated contingent

capital debt publicly issued in the major domestic and Eurobond markets, including investment grade and below

investment grade issues. Index returns assume reinvestment of distributions, but do not reflect any applicable sales

charges or management fees.

ICE Variable Rate Preferred & Hybrid Securities Index:

An index designed to measure the performance of floating-

and variable-rate investment grade and below investment grade USD-denominated preferred stock and hybrid debt

publicly issued by corporations in the U.S. domestic market. Index returns assume reinvestment of distributions, but do

not reflect any applicable sales charges or management fees.

S&P UBS Leveraged Loan Index:

An index designed to measure the performance of the USD-denominated leveraged

loan market. The index includes issuers from developed countries; issuers from developing countries are excluded.

Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management

fees.

Fund Performance, Leverage and Holdings

Summaries

The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the

report.

Fund Performance

#### Performance data for each Fund shown below represents past performance and does not predict or guarantee future

#### results.
Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that

shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and

assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes

are not available for direct investment.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for

share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com

or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Funds' common shares relative to their comparative benchmarks was the

Funds' use of leverage through bank borrowings, Taxable Fund Preferred Shares (TFP) and/or reverse repurchase agreements. The

Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The

opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns

on its portfolio securities that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund's

common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage

increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through

leverage decline in value. All this will make the shares' total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term

interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have

generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year

lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-

term periods.

Leverage Ratios

Each Fund's Effective Leverage and Regulatory Leverage Ratios are set forth below. "Effective Leverage" is a Fund's effective

economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a

Fund's portfolio that increase the Fund's investment exposure. "Regulatory Leverage" consists of preferred shares or borrowings of

a Fund. Regulatory Leverage is a part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth

in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a

transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such

temporary borrowings are excluded from the calculation of a Fund's Effective Leverage and Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting

period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the

Fund's Portfolio of Investments for individual security information.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies:

Standard & Poor's, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for

other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment

grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these

national rating agencies.

Nuveen Floating Rate Income Fund

Fund Performance, Leverage and Holdings Summaries January 31, 2026

JFR

**Performance\***

\*For purposes of Fund performance, relative results are measured against the S&P UBS Leveraged Loan Index.

**Daily Common Share NAV and Share Price**

Total Returns as of

January 31, 2026

Cumulative

Average Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JFR at Common Share NAV

3/25/04

2.42%

4.01%

6.14%

6.07%

JFR at Common Share Price

3/25/04

(1.61)%

3.55%

7.36%

6.72%

S&P UBS Leveraged Loan Index

—

1.79%

4.90%

6.05%

5.83%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$8.52

$7.87

(7.63)%

(7.52)%

**Leverage and Holdings**

Leverage

Effective Leverage

36.91%

Regulatory Leverage

36.91%

Fund Allocation

(% of net assets)

Variable Rate Senior Loan

Interests

141.6%

Corporate Bonds

14.4%

Common Stocks

1.2%

Asset-Backed Securities

0.2%

Preferred Stock

0.1%

Exchange-Traded Funds

0.1%

Warrants

0.0%

Investment Companies

9.4%

Other Assets & Liabilities, Net

(8.6)%

Borrowings

(37.7)%

TFP Shares, Net

(20.7)%

Net Assets

100%

Portfolio Composition

(% of total investments)

Software & Services

15.1%

Consumer Services

9.1%

Capital Goods

8.5%

Telecommunication Services

7.4 %

Health Care Equipment &

Services

7.3%

Insurance

6.3%

Commercial & Professional

Services

6.3%

Media & Entertainment

6.3%

Pharmaceuticals, Biotechnology

& Life Sciences

4.6%

Materials

3.9%

Energy

3.3%

Consumer Discretionary

Distribution & Retail

3.1%

Consumer Durables & Apparel

2.1%

Utilities

2.1%

Other

8.9%

Asset-Backed Securities

0.1%

Exchange-Traded Funds

0.0%

Investment Companies

5.6%

Total Investments

100%

Portfolio Credit Quality

(% of total investments)

BBB

9.0%

BB or Lower

79.4%

N/R (not rated)

5.2%

N/A (not applicable)

6.4%

Total

100%

See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

Nuveen Credit Strategies Income Fund

Fund Performance, Leverage and Holdings Summaries January 31, 2026

JQC

**Performance\***

\*For purposes of Fund performance, relative results are measured against the JQC Blended Benchmark. As of August 7, 2023, the Fund's Blended

Benchmark consists of: 1) 75% S&P UBS Leveraged Loan Index and 2) 25% ICE BofA U.S. High Yield Index. Prior to August 7, 2023, relative results

were measured against the S&P UBS Leveraged Loan Index.

**Daily Common Share NAV and Share Price**

Total Returns as of

January 31, 2026

Cumulative

Average Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JQC at Common Share NAV

6/25/03

2.95%

5.06%

5.05%

5.25%

JQC at Common Share Price

6/25/03

(0.74)%

4.23%

6.83%

7.24%

S&P UBS Leveraged Loan Index

—

1.79%

4.90%

6.05%

5.83%

JQC Blended Benchmark

—

2.30%

5.56%

6.27%

5.94%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$5.50

$5.16

(6.18)%

(7.07)%

**Leverage and Holdings**

Leverage

Effective Leverage

37.79%

Regulatory Leverage

30.20%

Fund Allocation

(% of net assets)

Variable Rate Senior Loan

Interests

122.4%

Corporate Bonds

27.3%

Asset-Backed Securities

6.2%

Common Stocks

0.8%

Exchange-Traded Funds

0.1%

Warrants

0.0%

Investment Companies

10.2%

Other Assets & Liabilities, Net

(6.3)%

Reverse Repurchase

Agreements, including accrued

interest

(17.5)%

Borrowings

(26.0)%

TFP Shares, Net

(17.2)%

Net Assets

100%

Portfolio Composition

(% of total investments)

Software & Services

13.2%

Capital Goods

8.9%

Consumer Services

8.4%

Health Care Equipment &

Services

7.7%

Telecommunication Services

7.0%

Insurance

6.7%

Commercial & Professional

Services

5.7%

Media & Entertainment

5.4%

Pharmaceuticals, Biotechnology

& Life Sciences

4.5%

Materials

4.1%

Consumer Discretionary

Distribution & Retail

3.1%

Utilities

3.0%

Energy

2.4%

Other

10.0%

Asset-Backed Securities

3.7%

Exchange-Traded Funds

0.1%

Investment Companies

6.1%

Total Investments

100%

Portfolio Credit Quality

(% of total investments)

BBB

10.6%

BB or Lower

78.5%

N/R (not rated)

4.3%

N/A (not applicable)

6.6%

Total

100%

See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

Nuveen Preferred & Income Opportunities Fund

Fund Performance, Leverage and Holdings Summaries January 31, 2026

JPC

**Performance\***

\*For purposes of Fund performance, relative results are measured against the JPC Blended Benchmark. The Fund's Blended Benchmark consists of:

1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index.

**Daily Common Share NAV and Share Price**

Total Returns as of

January 31, 2026

Cumulative

Average Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JPC at Common Share NAV

3/26/03

6.23%

11.83%

4.69%

5.78%

JPC at Common Share Price

3/26/03

6.09%

13.09%

6.25%

6.92%

ICE BofA U.S. All Capital Securities Index

—

4.12%

7.23%

2.78%

4.79%

JPC Blended Benchmark

—

4.47%

8.53%

2.80%

4.84%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$8.11

$8.16

0.62%

0.31%

**Leverage and Holdings**

Leverage

Effective Leverage

37.06%

Regulatory Leverage

29.51 %

Fund Allocation

(% of net assets)

Corporate Bonds

141.1%

Preferred Stock

12.8%

U.S. Government and Agency

Obligations

2.5%

Convertible Preferred Securities

0.7%

Common Stocks

0.0%

Repurchase Agreements

0.6%

Other Assets & Liabilities, Net

1.3%

Reverse Repurchase

Agreements, including accrued

interest

(17.1)%

Borrowings

(27.9)%

TFP Shares, Net

(14.0)%

Net Assets

100%

Portfolio Composition

(% of total investments)

Banks

54.3%

Financial Services

15.7%

Insurance

10.7%

Energy

5.1%

Utilities

5.0%

Food, Beverage & Tobacco

2.4%

Other

6.4%

Repurchase Agreements

0.4%

Total

100%

Portfolio Credit Quality

(% of total investments)

AA

1.6%

A

0.5%

BBB

76.3%

BB or Lower

19.3%

N/R (not rated)

1.9%

N/A (not applicable)

0.4%

Total

100%

Country Allocation

(% of total investments)

United States

53.4%

United Kingdom

12.1%

Canada

9.5%

France

8.9%

Spain

4.3%

Switzerland

4.1%

Netherlands

2.3%

Mexico

1.2%

Ireland

1.0%

Germany

0.8%

Australia

0.8%

Other

1.6%

Total

100%

See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

Includes 1.9% (as a percentage of total investments) in emerging market countries.

Nuveen Variable Rate Preferred & Income Fund

Fund Performance, Leverage and Holdings Summaries January 31, 2026

NPFD

**Performance\***

\*For purposes of Fund performance, relative results are measured against the NPFD Blended Benchmark. The Fund's Blended Benchmark consists of

1) 80% ICE Variable Rate Preferred & Hybrid Securities Index and 2) 20% ICE USD Contingent Capital Index.

**Daily Common Share NAV and Share Price**

Total Returns as of

January 31, 2026

Cumulative

Average Annual

Inception

Date

6-Month

1-Year

Since

Inception

NPFD at Common Share NAV

12/15/21

6.00%

11.30%

2.71%

NPFD at Common Share Price

12/15/21

4.95%

12.24%

2.34%

ICE Variable Rate Preferred & Hybrid Securities Index

—

4.11%

7.73%

5.26%

NPFD Blended Benchmark

—

4.28%

8.28%

4.77%

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$20.26

$19.42

(4.15)%

(3.61)%

**Leverage and Holdings**

Leverage

Effective Leverage

35.87%

Regulatory Leverage

33.47%

Fund Allocation

(% of net assets)

Corporate Bonds

138.5%

Preferred Stock

12.8%

U.S. Government and Agency

Obligations

2.9%

Repurchase Agreements

0.7%

Other Assets & Liabilities, Net

1.0%

Reverse Repurchase

Agreements, including accrued

interest

(5.7)%

Borrowings

(32.9)%

TFP Shares, Net

(17.3)%

Net Assets

100%

Portfolio Composition

(% of total investments)

Banks

46.8%

Financial Services

13.5%

Insurance

12.1%

Utilities

9.3%

Energy

7.9%

Telecommunication Services

2.7%

Other

7.2%

Repurchase Agreements

0.5%

Total

100%

Portfolio Credit Quality

(% of total investments)

AA

1.9%

A

0.5%

BBB

71.3%

BB or Lower

23.1%

N/R (not rated)

2.7%

N/A (not applicable)

0.5%

Total

100%

Country Allocation

(% of total investments)

United States

63.5%

Canada

12.5%

United Kingdom

7.7%

France

5.0%

Switzerland

3.1%

Spain

2.5%

Netherlands

1.5%

Mexico

0.9%

Ireland

0.9%

Germany

0.8%

Finland

0.6%

Other

1.0%

Total

100%

See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

Includes 1.6% (as a percentage of total investments) in emerging market countries.

Portfolio of Investments January 31, 2026

JFR

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 157.6% (94.4% of Total Investments)

ASSET-BACKED SECURITIES - 0.2% (0.1% of Total Investments)

–

$

750,000

(a),(b)

Battalion CLO XI Ltd, Series 2017 11A, (LIBOR 3 M + 7.112%)

.034

%

04/24/34

$

596,382

2,500,000

(a),(b)

Rockford Tower CLO 2017-3 Ltd, Series 2017 3A, (LIBOR 3 M +

6.012%)

.813

10/20/30

2,362,940

TOTAL ASSET-BACKED SECURITIES

(Cost $3,146,688)

2,959,322

SHARES

DESCRIPTION

VALUE

17131995

COMMON STOCKS - 1.2% (0.8% of Total Investments)

17131995

CAPITAL GOODS - 0.0% (0.0% of Total Investments)

4,865

(c) TNT Crane & Rigging, Inc

1,825

8,626

(c) TNT Crane & Rigging, Inc

TOTAL CAPITAL GOODS

1,911

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% (0.0% of Total

Investments)

749

(c),(d)

Belk, Inc

5,992

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

5,992

CONSUMER SERVICES - 0.5% (0.3% of Total Investments)

57,279

(c) Cengage Learning Holdings II, Inc

1,088,301

397,307

(c) Crown Finance US, Inc

6,439,552

TOTAL CONSUMER SERVICES

7,527,853

ENERGY - 0.3% (0.2% of Total Investments)

42,689

Chord Energy Corp

4,279,145

TOTAL ENERGY

4,279,145

HEALTH CARE EQUIPMENT & SERVICES - 0.0% (0.0% of Total Investments)

195,344

(c) Onex Carestream Finance LP

97,672

TOTAL HEALTH CARE EQUIPMENT & SERVICES

97,672

MATERIALS - 0.0% (0.0% of Total Investments)

LyondellBasell Industries NV, Class A

3,920

TOTAL MATERIALS

3,920

MEDIA & ENTERTAINMENT - 0.1% (0.1% of Total Investments)

34,846

(c) Catalina Marketing Corp

1,045,380

2,513

(c) Crown Finance US, Inc

40,731

TOTAL MEDIA & ENTERTAINMENT

1,086,111

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% (0.0% of Total

Investments)

60,637

(c) Bright Bidco BV

21,223

44,390

(c) Bright Bidco BV

15,536

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

36,759

SOFTWARE & SERVICES - 0.0% (0.0% of Total Investments)

573

(c),(d)

Bloom Parent, Inc

572,645

TOTAL SOFTWARE & SERVICES

572,645

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% (0.0% of Total Investments)

8,348

(c) MLN US Holdco LLC

63,304

(c) Riverbed Technology LLC

633

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

1,051

TELECOMMUNICATION SERVICES - 0.3% (0.2% of Total Investments)

141,594

(c) Altice France Lux 3

2,664,938

91,620

(c) Uniti Group, Inc

762,278

TOTAL TELECOMMUNICATION SERVICES

3,427,216

TRANSPORTATION - 0.0% (0.0% of Total Investments)

2,293

(c) ACBL HLDG CORP

91,720

TOTAL TRANSPORTATION

91,720

TOTAL COMMON STOCKS

(Cost $42,511,633)

17,131,995

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

196808382

CORPORATE BONDS - 14.4% (8.6% of Total Investments)

196808382

AUTOMOBILES & COMPONENTS - 0.2% (0.1% of Total Investments)

$

3,000,000

(b) Dornoch Debt Merger Sub Inc

.625

%

10/15/29

$

2,671,356

TOTAL AUTOMOBILES & COMPONENTS

2,671,356

CAPITAL GOODS - 0.8% (0.5% of Total Investments)

9,189,000

(b) Camelot Return Merger Sub Inc

.750

08/01/28

7,143,102

4,537,000

TransDigm Inc

.625

01/15/29

4,509,576

TOTAL CAPITAL GOODS

11,652,678

COMMERCIAL & PROFESSIONAL SERVICES - 0.4% (0.2% of Total Investments)

191,000

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

.750

04/15/26

191,361

4,750,000

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

.375

08/31/27

4,652,791

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

4,844,152

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% (0.4% of Total

Investments)

1,500,000

(b) Carvana Co

.000

06/01/30

1,564,043

6,055,000

(b) Michaels Cos Inc/The

.875

05/01/29

5,899,438

900,000

(b) Wand NewCo 3 Inc

.625

01/30/32

946,303

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

8,409,784

CONSUMER SERVICES - 0.9% (0.5% of Total Investments)

10,261,000

(b) 1011778 BC ULC / New Red Finance Inc

.000

10/15/30

9,790,290

1,807,000

(b) 1011778 BC ULC / New Red Finance Inc

.500

02/15/29

1,741,449

1,000,000

(b) Premier Entertainment Sub LLC / Premier Entertainment

Finance Corp

.625

09/01/29

738,425

TOTAL CONSUMER SERVICES

12,270,164

ENERGY - 0.7% (0.4% of Total Investments)

1,260,000

(b) Borr IHC Ltd / Borr Finance LLC

.000

11/15/28

1,292,977

1,000,000

(b) eG Global Finance PLC

.000

11/30/28

1,082,381

1,799,000

(b) Hilcorp Energy I LP / Hilcorp Finance Co

.250

11/01/28

1,813,770

6,000,000

PBF Holding Co LLC / PBF Finance Corp

.000

02/15/28

5,991,146

TOTAL ENERGY

10,180,274

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.5% (0.9% of Total

Investments)

9,750,000

American Tower Corp

.950

01/15/51

6,203,378

5,920,000

(b) Office Properties Income Trust

.000

03/31/29

6,055,568

3,500,000

(b) Office Properties Income Trust

.000

09/30/29

2,957,500

5,000,000

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

LLC

.500

02/15/29

4,862,927

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

20,079,373

FOOD, BEVERAGE & TOBACCO - 0.2% (0.1% of Total Investments)

2,147,000

(b) Froneri Lux FinCo SARL

.000

08/01/32

2,174,098

TOTAL FOOD, BEVERAGE & TOBACCO

2,174,098

HEALTH CARE EQUIPMENT & SERVICES - 1.3% (0.8% of Total Investments)

3,025,000

(b) Medline Borrower LP

.875

04/01/29

2,957,604

9,284,873

(b) Team Health Holdings Inc, (cash 8.166%, PIK 4.500%)

.000

06/30/28

9,815,410

1,930,000

(b) Team Health Holdings Inc

.375

06/30/28

1,953,488

2,636,000

Tenet Healthcare Corp

.125

10/01/28

2,638,702

TOTAL HEALTH CARE EQUIPMENT & SERVICES

17,365,204

INSURANCE - 0.2% (0.1% of Total Investments)

935,000

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

.250

10/15/27

923,453

1,825,000

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

.750

04/15/28

1,855,195

TOTAL INSURANCE

2,778,648

MATERIALS - 0.1% (0.0% of Total Investments)

1,000,000

Ball Corp

.000

06/15/29

1,029,616

TOTAL MATERIALS

1,029,616

MEDIA & ENTERTAINMENT - 1.6% (1.0% of Total Investments)

750,000

(b) Advantage Sales & Marketing Inc

.500

11/15/28

636,000

13,000,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.500

03/01/42

9,026,873

974,647

(b) iHeartCommunications Inc

.125

05/01/29

921,041

5,882,000

(b) McGraw-Hill Education Inc

.750

08/01/28

5,908,069

1,000,000

(b) Scripps Escrow II Inc

.875

01/15/29

922,905

Portfolio of Investments January 31, 2026

(continued)

JFR

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT

(continued)

$

4,000,000

(b) Sinclair Television Group Inc

.125

%

02/15/33

$

4,137,680

1,199,000

(b) VZ Secured Financing BV

.000

01/15/32

1,082,647

TOTAL MEDIA & ENTERTAINMENT

22,635,215

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3% (0.2% of Total

Investments)

1,185,000

(b) 1261229 BC Ltd

.000

04/15/32

1,216,115

3,600,000

(b) Bausch Health Cos Inc

.250

02/15/31

2,358,000

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

3,574,115

SOFTWARE & SERVICES - 0.4% (0.2% of Total Investments)

1,975,000

(b) Cloud Software Group Inc

.250

06/30/32

2,008,739

1,000,000

(b) Open Text Holdings Inc

.125

12/01/31

898,369

5,518,515

(b) Rackspace Finance LLC

.500

05/15/28

1,434,814

1,000,000

(b) Rocket Software Inc

.000

11/28/28

997,504

TOTAL SOFTWARE & SERVICES

5,339,426

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% (0.1% of Total Investments)

1,250,000

(b) Viasat Inc

.500

05/30/31

1,213,878

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

1,213,878

TELECOMMUNICATION SERVICES - 3.9% (2.4% of Total Investments)

2,124,963

(b) Altice France SA

.875

07/15/32

2,075,118

2,108,000

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

.750

11/30/30

2,145,392

8,622,000

EchoStar Corp

.750

11/30/29

9,451,609

2,000,000

(b) Frontier Communications Holdings LLC

.000

05/01/28

2,000,066

2,250,000

Frontier Communications Holdings LLC

.875

11/01/29

2,270,475

3,022,000

(b) Frontier Communications Holdings LLC

.000

01/15/30

3,048,498

2,400,000

(b) Level 3 Financing Inc

.500

01/15/36

2,456,961

365,000

(b) Telesat Canada / Telesat LLC

.625

12/06/26

287,438

7,820,000

(b) Vmed O2 UK Financing I PLC

.250

01/31/31

7,074,724

8,160,000

(b) Vmed O2 UK Financing I PLC

.750

07/15/31

7,456,261

12,897,377

(b) Zayo Group Holdings Inc

.250

03/09/30

12,593,708

3,467,000

(b) Zayo Group Holdings Inc

.750

09/09/30

3,183,191

TOTAL TELECOMMUNICATION SERVICES

54,043,441

TRANSPORTATION - 0.4% (0.2% of Total Investments)

3,025,000

Delta Air Lines Inc

.750

10/28/29

2,960,197

2,377,000

(b) United Airlines Inc

.625

04/15/29

2,374,784

TOTAL TRANSPORTATION

5,334,981

UTILITIES - 0.8% (0.5% of Total Investments)

3,060,000

Pacific Gas and Electric Co

.550

07/01/30

3,051,573

Pacific Gas and Electric Co

.500

07/01/40

6,028,000

PG&E Corp

.000

07/01/28

6,015,212

950,000

PG&E Corp

.250

07/01/30

944,243

1,185,000

(b) Talen Energy Supply LLC

.250

02/01/34

1,200,950

TOTAL UTILITIES

11,211,979

TOTAL CORPORATE BONDS

(Cost $190,052,499)

196,808,382

SHARES

DESCRIPTION

VALUE

1,006,000

EXCHANGE-TRADED FUNDS - 0.1% (0.0% of Total Investments)

1,006,000

40,000

Nuveen AA-BBB CLO ETF

1,006,000

TOTAL EXCHANGE-TRADED FUNDS

(Cost $1,002,600)

1,006,000

SHARES

DESCRIPTION

RATE

VALUE

1189728

PREFERRED STOCK - 0.1% (0.1% of Total Investments)

1189728

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1% (0.1% of Total

Investments)

584

(d) Uniti Group Inc

.000

616,720

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

616,720

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

VALUE

TRANSPORTATION - 0.0% (0.0% of Total Investments)

9,712

ACBL HLDG CORP

.000

%

$

573,008

TOTAL TRANSPORTATION

573,008

TOTAL PREFERRED STOCK

(Cost $881,408)

1,189,728

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

1941485340

VARIABLE RATE SENIOR LOAN INTERESTS - 141.6% (84.8% of Total Investments)

1941485340

AUTOMOBILES & COMPONENTS - 1.2% (0.7% of Total Investments)

$

1,030,002

(a) Adient US LLC, Term Loan B2, (TSFR1M + 2.000%)

.672

01/29/31

1,030,403

3,278,583

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

.172

05/06/30

3,281,157

5,212,440

(a),(e)

Clarios Global LP, Term Loan B, (TBD)

TBD

TBD

5,227,087

6,351,793

(a) DexKo Global Inc., Term Loan B, (TSFR3M + 3.750%)

.678

10/04/28

6,328,768

TOTAL AUTOMOBILES & COMPONENTS

15,867,415

CAPITAL GOODS - 13.4% (8.0% of Total Investments)

8,476,196

(a),(f)

ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)

.184

05/17/28

7,298,937

1,100,000

(a),(e)

Aggreko Holdings Inc, (TBD)

TBD

TBD

1,097,079

151,928

(a),(g)

Air Comm Corporation, LLC, Delayed Draw Term Loan

.000

12/11/31

152,371

3,116,584

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

.506

12/11/31

3,125,669

2,500,000

(a) Allison Transmission, Inc., Incremental Term Loan B, (TSFR3M +

1.750%)

.450

01/03/33

2,509,687

2,092,000

(a),(e)

American Trailer World Corp, (TBD)

TBD

TBD

1,884,223

2,325,046

(a) Artera Services, LLC, Term Loan, (TSFR3M + 4.500%)

.172

02/10/31

1,883,810

3,298,997

(a) Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)

.172

01/27/32

3,304,011

2,422,000

(a),(e)

BCPE Empire Holdings Inc, (TBD)

TBD

TBD

2,413,680

393,000

(a),(e)

Bleriot US Bidco Inc., Term Loan B, (TBD)

TBD

TBD

393,527

3,937,679

(a),(f)

Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)

.354

08/01/30

3,494,690

2,748,900

(a) Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)

.674

07/09/32

2,753,491

14,622,962

(a) Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)

.422

09/08/32

14,630,419

1,889,515

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

.161

03/18/30

1,896,015

2,000,000

(a),(e)

Columbus McKinnon Corp/NY, (TBD)

TBD

TBD

1,990,000

2,325,000

(a) CompoSecure Holdings LLC, Term Loan, (TSFR1M + 2.250%)

.928

01/14/33

2,323,559

2,078,574

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

.536

05/17/28

1,068,522

3,927,098

(a) Core & Main LP, Term Loan B, (TSFR3M + 2.000%)

.690

07/27/28

3,940,608

965,026

(a) Cornerstone Building Brands, Inc., Term Loan, (TSFR1M +

5.625%)

.305

08/01/28

749,101

5,231,251

(a),(f)

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

3.250%)

.030

04/12/28

4,067,298

5,498,722

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

.922

07/08/30

5,420,173

1,147,000

(a),(e)

Dycom Industries Inc, (TBD)

TBD

TBD

1,150,590

3,178,972

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

.422

06/04/31

3,186,538

1,413,000

(a),(e)

Gibraltar Industries Inc, (TBD)

TBD

TBD

1,416,532

2,212,000

(a) Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +

2.750%)

.422

09/24/32

2,216,159

1,866,750

(a) INNIO Group Holding GmbH, First Lien Term Loan B, (TSFR1M

+ 2.250%)

.923

11/06/28

1,870,950

1,505,380

(a),(g)

Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M

+ 1.750%)

.574

02/26/32

1,506,531

15,884,854

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

2.500%)

.433

02/26/32

15,897,006

2,167,000

(a),(e)

Lsf12 Helix Parent LLC, (TBD)

TBD

TBD

2,162,937

6,807,239

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

.128

06/21/28

6,818,335

3,554,642

(a) Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +

2.500%)

.174

09/26/31

3,567,971

1,471,055

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

2.750%)

.422

03/28/31

1,472,990

2,181,598

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

.140

10/15/29

1,428,947

1,124,000

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

.228

10/15/29

1,146,132

392,742

(a),(g)

Pinnacle Buyer LLC, Delayed Draw Term Loan

.250

10/01/32

393,822

2,037,152

(a) Pinnacle Buyer LLC, Term Loan, (TSFR1M + 2.500%)

.161

10/01/32

2,042,755

7,230,643

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

.922

01/31/32

7,238,343

7,814,281

(a) Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)

.922

04/14/31

7,828,385

1,973,222

(a),(e)

QXO Inc, Term Loan B, (TBD)

TBD

TBD

1,979,389

Portfolio of Investments January 31, 2026

(continued)

JFR

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL GOODS

(continued)

$

3,682,275

(a) Resideo Funding Inc., Incremental Term Loan, (TSFR3M +

2.000%)

.723

%

08/13/32

$

3,684,595

3,750,000

(a),(e)

RESILIENCE PARENT LLC, (TBD)

TBD

TBD

3,750,000

14,036,001

(a),(e)

TK Elevator Midco GmbH, Term Loan B, (TBD)

TBD

TBD

14,087,794

3,054,338

(a) TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)

.172

01/20/32

3,055,941

12,799,114

(a) TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)

.172

02/28/31

12,807,626

4,039,552

(a) TransDigm, Inc., Term Loan K, (TSFR1M + 2.250%)

.922

03/22/30

4,040,562

8,553,563

(a) TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)

.172

08/19/32

8,556,813

4,090,628

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

.536

11/20/28

4,121,676

TOTAL CAPITAL GOODS

183,826,189

COMMERCIAL & PROFESSIONAL SERVICES - 10.2% (6.1% of Total Investments)

13,153,538

(a),(e)

Allied Universal Holdco LLC, Term Loan B, (TBD)

TBD

TBD

13,194,050

5,358,788

(a),(f)

Amentum Government Services Holdings LLC, Term Loan B,

(TSFR1M + 2.000%)

.672

09/29/31

5,365,486

5,498,841

(a),(e)

Anticimex International AB, Term Loan, (TBD)

TBD

TBD

5,518,472

598,448

(a),(g)

Archkey Solutions LLC, Delayed Draw Term Loan B

.250

11/03/31

604,714

5,147,718

(a) Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)

.922

11/03/31

5,201,614

4,378,987

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

.286

06/02/28

4,378,089

4,739,849

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

+ 2.500%)

.172

10/01/31

4,740,844

2,125,096

(a),(e)

CSC SERVICEWORKS EAST LL, (TBD)

TBD

TBD

2,162,285

17,952,000

(a),(e)

Dayforce Bidco Inc., Term Loan, (TBD)

TBD

TBD

17,491,980

1,425,367

(a) Dayforce, Inc., Term Loan B, (TSFR3M + 2.000%)

.667

03/03/31

1,424,477

3,601,000

(a),(f)

Ensemble RCM LLC, (TSFR1M + 3.000%)

.675

01/28/33

3,569,491

3,592,547

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

.667

08/01/29

3,567,292

4,879,108

(a) Garda World Security Corporation, Term Loan B, (TSFR3M +

2.750%)

.421

02/01/29

4,879,108

3,891,750

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

.273

03/03/32

3,898,249

4,833,090

(a),(f)

OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)

.455

07/25/30

4,844,883

2,209,000

(a) Openlane Inc, Term Loan B, (TSFR3M + 2.500%)

.365

10/08/32

2,213,142

6,977,594

(a) PG Investment Company 59 S.a r.l., Repriced Term Loan B,

(TSFR3M + 2.250%)

.922

03/26/31

6,986,944

6,489,598

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

(TSFR1M + 2.000%)

.688

10/15/30

6,485,542

1,496,231

(a) Prime Security Services Borrower, LLC, Incremental Term Loan

B, (TSFR1M + 1.750%)

.438

03/08/32

1,490,934

841,490

(a),(f),(g)

Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan

.250

12/16/32

842,891

5,631,510

(a),(f)

Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)

.205

12/16/32

5,640,886

5,202,591

(a),(e)

Reverb Buyer, Inc., Steerco Term Loan, (TBD)

TBD

TBD

3,745,866

835,000

(a) Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +

2.250%)

.923

01/15/31

835,392

306,828

(a),(f)

Reworld Holding Corp, First Lien Term Loan C, (TSFR1M +

2.250%)

.925

01/15/31

306,955

3,313,960

(a) Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)

.921

11/30/28

3,320,174

1,888,172

(a),(f)

Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)

.925

01/15/31

1,888,956

1,160,352

(a) Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)

.267

04/03/28

865,455

3,749,805

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

.667

04/12/27

1,187,057

19,457,330

(a),(f)

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

+ 2.750%)

.536

03/27/28

19,545,471

3,306,942

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

.292

12/01/32

3,249,071

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

139,445,770

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.5% (2.7% of Total

Investments)

803,906

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

.564

11/08/27

805,791

3,982,739

(a) Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)

.120

10/16/31

4,000,661

9,516,066

(a),(e)

CNT Holdings I Corp, Term Loan, (TBD)

TBD

TBD

9,518,064

600,000

(a) Dealer Tire Financial LLC, (TSFR1M + 3.000%)

.672

07/02/31

600,999

2,208,704

(a),(f)

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

.672

06/17/31

2,147,280

3,157,625

(a),(e)

Johnstone Supply LLC, Term Loan B, (TBD)

TBD

TBD

3,162,677

1,142,691

(a) Kodiak Building Partners Inc., Term Loan B, (TSFR1M + 3.750%)

.422

12/04/31

1,125,768

6,989,687

(a),(f)

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

3.750%)

.521

06/06/31

6,745,747

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

$

3,011,981

(a) Les Schwab Tire Centers, Term Loan B, (TSFR1M + 2.500%)

.222

%

04/23/31

$

3,017,644

8,661,191

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

.184

04/17/28

8,601,299

2,871,087

(a),(f)

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

2.500%)

.172

03/27/31

2,880,505

1,981,000

(a),(f)

Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)

.161

03/17/31

1,985,338

4,009,000

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

.671

08/18/32

4,012,508

5,005,495

(a),(f)

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

.286

10/20/28

4,942,351

6,558,057

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

2.500%)

.172

01/30/31

6,562,352

1,804,162

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

.922

10/29/29

1,803,197

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

61,912,181

CONSUMER DURABLES & APPAREL - 3.5% (2.1% of Total Investments)

6,926,368

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

(TSFR1M + 2.250%)

.922

12/21/28

6,931,113

17,361,493

(a) AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR3M +

3.000%)

.753

07/31/28

17,387,621

2,127,118

(a),(f)

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

.286

05/30/28

2,139,381

992,481

(a) Hunter Douglas Inc., Term Loan B, (TSFR3M + 3.000%)

.672

01/20/32

991,653

1,388,185

(a) MajorDrive Holdings IV LLC, Term Loan B, (TSFR3M + 4.000%)

.934

06/01/28

1,325,717

106,947

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

7.500%)

.286

06/29/28

101,118

2,604,614

(a) Somnigroup International Inc, Term Loan B, (SOFR30A +

2.250%)

.900

10/24/31

2,627,404

343,623

(a) Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M +

2.750%)

.422

03/18/30

345,003

5,572,000

(a) Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)

.672

08/26/31

5,578,965

8,980,000

(a),(e)

Weber-Stephen Products LLC, Term Loan B, (TBD)

TBD

TBD

8,990,282

2,278,550

(a) WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)

.389

02/20/32

2,287,095

TOTAL CONSUMER DURABLES & APPAREL

48,705,352

CONSUMER SERVICES - 13.9% (8.3% of Total Investments)

29,007,408

(a) 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M

+ 1.750%)

.422

09/23/30

28,978,400

704,956

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

+ 2.000%)

.667

06/11/31

681,459

2,361,581

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

.172

05/31/30

2,370,437

3,454,932

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

.172

08/17/28

3,467,888

10,023,125

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

.922

02/06/30

9,982,431

3,930,000

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

.922

02/06/31

3,911,333

6,276,356

(a),(e)

Camelot U.S. Acquisition LLC, Term Loan B, (TBD)

TBD

TBD

5,805,630

2,385,000

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

4.750%)

.417

03/29/32

2,440,153

6,574,532

(a) Churchill Downs Incorporated, Incremental Term Loan B1,

(TSFR1M + 1.750%)

.422

03/17/28

6,588,930

6,264,500

(a) Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)

.422

09/19/31

6,271,360

2,914,769

(a),(e)

Element Materials Technology Group US Holdings Inc., Term

Loan, (TBD)

TBD

TBD

2,930,567

12,663,602

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

.922

01/29/29

12,652,014

23,642,500

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

.422

11/29/30

23,648,411

2,475,575

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

.672

06/04/32

2,474,535

2,874,709

(a) GBT US III LLC, Term Loan B, (TSFR3M + 2.000%)

.668

07/28/31

2,866,617

6,334,112

(a),(e)

GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029), (TBD)

TBD

TBD

6,336,582

1,363,150

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

(TSFR1M + 2.500%)

.422

05/27/32

1,368,773

10,242,367

(a) Hilton Domestic Operating Company, Inc., Term Loan B4,

(TSFR1M + 1.750%)

.423

11/08/30

10,306,382

2,159,552

(a) Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +

2.000%)

.672

08/02/28

2,158,397

18,725,798

(a),(f)

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

.172

12/16/30

18,749,205

10,682,831

(a) Light and Wonder International, Inc., Term Loan B, (TSFR1M +

2.000%)

.671

04/16/29

10,682,831

4,222,284

(a) Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)

.172

11/30/29

3,624,556

6,147,450

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

.652

04/04/29

6,055,269

Portfolio of Investments January 31, 2026

(continued)

JFR

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER SERVICES

(continued)

$

4,369,060

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

+ 2.000%)

.672

%

12/04/31

$

4,359,951

12,430,735

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

.022

03/06/28

10,124,834

600,000

(a),(e)

Station Casinos LLC, (TBD)

TBD

TBD

601,239

898,500

(a) TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)

.868

11/21/31

901,470

TOTAL CONSUMER SERVICES

190,339,654

ENERGY - 4.6% (2.7% of Total Investments)

3,522,458

(a) BCP Renaissance Parent LLC, Term Loan B3, (TSFR3M +

2.500%)

.172

10/31/28

3,515,414

2,760,000

(a) EG America LLC, (TSFR1M + 3.250%)

.923

01/30/31

2,753,100

2,562,550

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

.322

02/07/28

2,565,753

19,000,000

(a),(e)

Freeport LNG Investments LLLP, (TBD)

TBD

TBD

18,964,375

12,282,333

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

3.000%)

.929

11/16/26

12,315,619

5,972,801

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

3.250%)

.918

12/21/28

5,986,987

6,251,000

(a),(f)

New Fortress Energy Inc, Incremental Term Loan B, (TSFR3M +

5.500%)

.238

10/30/28

2,506,651

4,875,058

(a),(e)

Oryx Midstream Services Permian Basin LLC, Term Loan B,

(TBD)

TBD

TBD

4,883,516

3,934,455

(a),(f)

TransMontaigne Operating Company L.P., Term Loan B,

(TSFR1M + 2.500%)

.172

11/17/28

3,939,018

5,122,767

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

2.500%)

.167

02/16/28

5,136,854

TOTAL ENERGY

62,567,287

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% (0.0% of Total

Investments)

63,069

Office Properties Income Trust

.000

05/04/26

64,725

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

64,725

FINANCIAL SERVICES - 1.6% (1.0% of Total Investments)

1,184,020

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

.422

07/30/31

1,186,613

2,379,337

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

+ 3.500%)

.172

12/15/28

2,391,234

3,365,000

(a) Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)

.922

09/13/32

3,375,516

2,595,000

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

.410

07/30/32

2,588,785

1,985,000

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

+ 3.000%)

.637

01/27/32

1,990,955

4,526,994

(a),(d),(h)

Ditech Holding Corporation, Term Loan

.000

06/30/27

1,093,763

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

(TSFR1M + 3.000%)

.672

03/24/31

1,091,854

1,333,333

(a) NCR Atleos LLC, Term Loan B, (TSFR3M + 3.000%)

.701

04/16/29

1,320,000

1,901,182

(a) Orion Advisor Solutions, Inc., Repriced Term Loan, (TSFR3M +

3.250%)

.921

09/09/30

1,899,404

1,933,000

(a),(e)

Orion US Finco Inc., First Lien Term Loan, (TBD)

TBD

TBD

1,936,431

3,717,996

(a) WEX Inc., Term Loan B2, (TSFR1M + 1.750%)

.422

04/03/28

3,718,739

TOTAL FINANCIAL SERVICES

21,499,984

FOOD, BEVERAGE & TOBACCO - 2.7% (1.6% of Total Investments)

4,796,231

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

.786

12/08/28

4,815,224

1,565,818

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

+ 7.000%), (cash 10.822%, PIK 7.000%)

.822

09/30/30

641,985

356,048

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

(TSFR3M + 7.000%), (cash 10.822%, PIK 7.000%)

.822

09/30/30

306,201

3,638,214

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

.422

02/12/31

3,540,109

6,145,000

(a),(e)

Froneri Lux Finco Sarl, Term Loan, (TBD)

TBD

TBD

6,145,461

2,157,224

(a) Froneri Lux Finco Sarl, Term Loan B4, (TSFR6M + 2.250%)

.885

09/30/31

2,156,318

2,316,000

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

.172

01/24/29

2,309,098

5,844,856

(a) Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)

.602

07/12/29

5,866,775

129,310

(a),(g)

Sauer Brands Inc, Delayed Draw Term Loan

.000

02/19/32

129,890

1,363,836

(a) Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)

.667

02/19/32

1,369,946

8,994,952

(a),(f)

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

.922

03/31/28

9,008,085

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FOOD, BEVERAGE & TOBACCO

(continued)

$

1,093,616

(a) Wayne Sanderson Farms LLC, Repriced Term Loan B, (TSFR1M

+ 2.000%)

.677

%

05/21/32

$

1,099,992

TOTAL FOOD, BEVERAGE & TOBACCO

37,389,084

HEALTH CARE EQUIPMENT & SERVICES - 10.9% (6.5% of Total Investments)

2,825,469

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

.422

12/23/27

2,754,832

6,696,536

(a),(f)

AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)

.922

09/20/32

6,704,070

4,843,660

(a) Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +

3.750%)

.422

01/15/31

4,886,042

11,192,448

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

.772

10/01/27

10,740,049

14,484,366

(a) Global Medical Response, Inc., Term Loan B, (TSFR3M +

3.500%)

.170

09/20/32

14,551,211

2,057,680

(a) Insulet Corporation, Term Loan, (TSFR1M + 2.000%)

.672

08/04/31

2,072,629

6,107,897

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

3.750%)

.422

05/19/31

6,114,585

427,000

(a) LifePoint Health, Inc., Incremental Term Loan B1, (TSFR3M +

3.500%)

.152

05/19/31

426,646

3,880,000

(a),(f)

Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)

.705

12/17/32

3,901,844

2,696,904

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

Loan, (TSFR3M + 4.000%)

.695

12/18/28

2,369,514

359,072

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

+ 3.500%)

.267

11/01/28

80,567

6,411,298

(a) Medline Borrower, LP, Term Loan B, (TSFR1M + 1.750%)

.422

10/23/28

6,434,154

985,500

(a),(f),(g)

National Mentor Holdings, Inc., Delayed Draw Term Loan

.000

12/12/30

987,895

2,299,500

(a),(f)

National Mentor Holdings, Inc., First Lien Term Loan B,

(TSFR1M + 6.000%)

.672

12/12/30

2,305,088

150,000

(a) National Mentor Holdings, Inc., Term Loan B, (TSFR1M +

6.000%)

.672

12/12/30

150,365

2,714,000

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

3.750%)

.417

08/06/32

2,722,196

5,830,387

(a) Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)

.686

04/23/32

5,837,092

1,828,203

(a),(f)

Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)

.175

03/17/31

1,830,360

14,115,764

(a),(f)

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

.172

02/21/31

14,112,588

6,834,375

(a),(f)

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

.172

06/30/32

6,847,805

1,965,200

(a) Resonetics, LLC, Repriced Term Loan B, (TSFR3M + 2.750%)

.421

06/18/31

1,967,106

411,061

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

(TSFR3M + 3.250%), (cash 9.433%, PIK 1.000%)

.217

06/28/28

426,646

9,238,806

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

(TSFR3M + 2.500%), (cash 7.433%, PIK 1.500%)

.467

06/28/28

9,000,121

2,664,659

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

.672

09/30/30

2,669,416

21,816,631

(a),(e)

Surgery Center Holdings, Inc., Term Loan B, (TBD)

TBD

TBD

21,875,318

10,176,875

(a),(e)

Team Health Holdings, Inc., Term Loan B, (TBD)

TBD

TBD

10,203,131

2,999,118

(a),(f)

Upstream Newco, Inc., Term Loan, (TSFR3M + 4.250%), (cash

7.925%, PIK 1.500%)

.918

11/20/29

2,718,926

4,546,536

(a),(e)

Viant Medical Holdings, Inc., Term Loan B, (TBD)

TBD

TBD

4,547,491

1,403,005

(a),(d),(h)

Vyaire Medical Inc, (TSFR3M + 4.750%)

.000

04/16/25

32,161

(a),(d)

Vyaire Medical Inc

.000

06/14/27

TOTAL HEALTH CARE EQUIPMENT & SERVICES

149,237,830

HOUSEHOLD & PERSONAL PRODUCTS - 0.2% (0.1% of Total Investments)

2,579,845

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

3.500%)

.434

05/16/28

2,590,538

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

2,590,538

INSURANCE - 10.4% (6.2% of Total Investments)

11,043,080

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

.672

11/06/30

11,025,135

5,795,475

(a) Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)

.422

05/28/32

5,787,767

19,292,813

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

2.500%)

.172

09/19/31

19,259,629

3,644,250

(a) AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.000%)

.672

01/30/32

3,641,899

5,193,131

(a),(f)

Asurion LLC, Term Loan B10, (TSFR1M + 4.000%)

.772

08/21/28

5,206,114

251,253

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

.022

08/21/28

251,959

7,960,000

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

.922

09/19/30

7,979,900

22,961,987

(a),(f)

Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)

.192

06/16/31

22,866,695

3,630,500

(a),(e)

Evertec Group, LLC, Term Loan B, (TBD)

TBD

TBD

3,641,083

Portfolio of Investments January 31, 2026

(continued)

JFR

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE

(continued)

$

20,111,049

(a) HUB International Limited, Term Loan B, (TSFR3M + 2.250%)

.920

%

06/20/30

$

20,136,590

2,172,244

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

.672

09/15/31

2,175,415

9,206,630

(a),(f)

Sedgwick Claims Management Services, Inc., Term Loan B,

(TSFR1M + 2.500%)

.172

07/31/31

9,184,350

1,801,988

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

3.250%)

.922

06/17/32

1,794,113

12,554,718

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

2.750%)

.422

05/06/31

12,542,979

5,757,102

(a),(e)

USI, Inc., Term Loan C, (TBD)

TBD

TBD

5,752,065

10,754,559

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

.922

11/23/29

10,756,818

TOTAL INSURANCE

142,002,511

MATERIALS - 6.5% (3.9% of Total Investments)

2,170,097

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

.422

08/19/30

2,177,563

4,947,882

(a),(f)

Berlin Packaging LLC, Term Loan B7, (TSFR3M + 3.250%)

.916

06/09/31

4,948,723

6,788,000

(a) BradyPlus Holdings LLC, Term Loan B, (TSFR3M + 3.500%)

.172

12/29/32

6,759,694

3,538,750

(a) Charter NEX US, Inc., Repriced Term Loan B, (TSFR1M +

2.500%)

.188

12/02/30

3,545,137

7,783,125

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

3.175%)

.847

04/13/29

7,757,207

12,836,905

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

3.250%)

.922

04/01/32

12,788,831

407,947

(a) ECO Services Operations Corp, Term Loan B, (TSFR3M +

2.000%)

.667

06/12/31

408,522

1,446,179

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

.172

04/02/32

1,434,609

2,250,000

(a),(e)

Graham Packaging Co Inc, (TBD)

TBD

TBD

2,250,821

2,245,133

(a),(h)

Klockner Pentaplast of America Inc, (TSFR6M + 4.725%)

.000

02/09/26

347,996

1,377,161

(a) Klockner-Pentaplast of America, Inc., PIK DIP New Money Term

Loan, (TSFR6M + 3.000%), (cash 6.675%, PIK 3.000%)

.675

08/07/26

1,237,145

2,071,967

(a) Klockner-Pentaplast of America, Inc., PIK DIP Roll-Up Term

Loan, (TSFR3M + TSFR6M + 4.500%), (cash 9.675%, PIK

6.000%)

.675

08/07/26

1,861,310

8,518,413

(a) Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)

.036

04/03/28

8,529,062

637,077

(a) Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)

.917

04/03/28

637,376

5,196,849

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

.775

09/15/28

5,208,749

7,774,000

(a) Qnity Electronics Inc, Term Loan B, (TSFR6M + 2.000%)

.698

11/01/32

7,820,178

2,890,000

(a) Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +

1.750%)

.417

10/29/32

2,907,167

4,456,607

(a),(f)

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

.172

04/21/31

4,469,576

12,796,384

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

.922

03/03/31

12,149,911

183,904

(a),(g)

USALCO, LLC, Delayed Draw Term Loan

.000

09/30/31

183,904

1,767,146

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

.172

09/30/31

1,767,146

TOTAL MATERIALS

89,190,627

MEDIA & ENTERTAINMENT - 8.7% (5.2% of Total Investments)

3,823,305

(a),(f)

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

4.250%)

.163

10/28/27

3,244,495

2,362,200

(a) Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)

.797

04/28/28

2,365,152

5,657,005

(a) Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)

.735

10/31/28

5,664,076

9,714,240

(a) Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)

.047

05/14/29

9,738,526

11,740,605

(a),(e)

Altice France S.A., Term Loan B14, (TBD)

TBD

TBD

11,941,135

5,849,316

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

7.000%)

.675

01/04/29

5,822,614

3,217,173

(a) Cengage Learning, Inc., Term Loan B, (TSFR1M + TSFR3M +

3.000%)

.998

03/24/31

3,218,171

1,449,293

(a),(f)

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

.667

10/30/30

1,440,597

4,742,240

(a),(e)

Cinemark USA, Inc., Term Loan B, (TBD)

TBD

TBD

4,754,522

14,291,052

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

4.000%)

.786

08/23/28

14,324,278

4,082,350

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

.272

06/18/29

3,827,203

11,906,438

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

.188

12/02/31

11,632,650

4,217,840

(a),(f)

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

.250

04/15/27

3,776,021

493,655

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

5.750%)

.540

06/30/28

500,033

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT

(continued)

$

2,478,514

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

3.350%)

.140

%

11/30/29

$

2,385,570

2,107,000

(a),(e)

Houghton Mifflin Harcourt Co, (TBD)

TBD

TBD

1,895,310

3,890,690

(a),(e)

iHeartCommunications, Inc., Term Loan, (TBD)

TBD

TBD

3,570,778

2,168,517

(a) McGraw-Hill Global Education Holdings, LLC, First Lien Term

Loan B, (TSFR1M + 2.750%)

.422

08/06/31

2,181,734

3,717,000

(a),(f)

NEP Group, Inc., Term Loan B, (TSFR1M + 4.500%)

.172

10/17/31

3,416,258

2,587,445

(a) Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)

.822

02/10/31

2,593,267

4,299,000

(a),(e)

Radiate Holdco LLC, (TBD)

TBD

TBD

3,717,302

3,509,321

(a) Sinclair Television Group Inc., Term Loan B6, (TSFR1M +

3.300%)

.234

12/31/29

3,044,336

4,393,046

(a),(e)

Sunrise Financing Partnership, Term Loan AAA, (TBD)

TBD

TBD

4,389,246

3,700,000

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

.045

01/31/29

3,700,703

282,000

(a) Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)

.052

03/31/31

277,681

6,332,935

(a) WideOpenWest Finance LLC, Super Senior 2nd Out Term

Loan, (TSFR3M + 3.000%)

.929

12/11/28

5,857,964

TOTAL MEDIA & ENTERTAINMENT

119,279,622

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3% (4.4% of Total

Investments)

3,241,875

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

.172

08/02/32

3,258,084

13,250,215

(a),(e)

Bausch Health Companies Inc., Term Loan B, (TBD)

TBD

TBD

12,952,086

5,100,000

(a),(e)

BioMarin Pharmaceutical Inc, (TBD)

TBD

TBD

5,112,750

3,515,000

(a) Genmab AS, Term Loan B, (TSFR3M + 3.000%)

.733

12/13/32

3,532,258

28,286,000

(a),(e)

HOPPER MERGER SUB INC, (TBD)

TBD

TBD

28,114,587

14,331,422

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

2.250%)

.922

05/05/28

14,389,106

4,005,742

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

.922

05/19/31

3,890,577

27,810,376

(a) Parexel International Corporation, Repriced Term Loan B,

(TSFR1M + 2.750%)

.422

12/12/31

27,845,139

1,596,677

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

.672

04/20/29

1,597,347

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

100,691,934

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% (0.4% of Total Investments)

4,603,300

(a) Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M

+ 2.500%)

.172

01/31/30

4,632,071

3,284,063

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

(TSFR1M + 2.750%)

.422

01/31/30

3,312,814

413,000

(a) Learning Care Group US No 2 Inc, (TSFR1M + 4.000%)

.699

08/11/28

313,880

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

8,258,765

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% (0.4% of Total

Investments)

8,957,976

(a) Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +

2.750%)

.411

11/13/31

8,840,403

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

8,840,403

SOFTWARE & SERVICES - 24.8% (14.9% of Total Investments)

5,139,037

(a),(f)

Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.500%)

.172

02/03/31

5,068,375

2,770,037

(a),(f)

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

.036

01/22/29

2,773,500

4,925,281

(a) Avalara, Inc, Term Loan, (TSFR3M + 2.750%)

.422

03/29/32

4,839,088

7,348,462

(a) Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.216%,

PIK 7.500%)

.172

08/01/28

6,769,771

4,104,401

(a) BCPE Pequod Buyer Inc, Term Loan B, (TSFR3M + 2.750%)

.417

11/25/31

4,093,709

20,304,044

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

.822

07/30/31

19,593,403

1,346,900

(a) CCC Intelligent Solutions Inc., Term Loan, (TSFR1M + 2.000%)

.672

01/23/32

1,338,482

600,000

(a) Clearwater Analytics, LLC, Term Loan B, (TSFR1M + 2.000%)

.673

04/21/32

600,564

2,077,025

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

3.250%)

.922

03/24/31

2,019,907

2,196,000

(a),(f)

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

3.250%)

.922

08/13/32

2,136,521

2,913,991

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

2.750%)

.450

03/29/32

2,704,184

7,825,352

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

.450

05/01/31

7,262,944

876,023

(a),(d)

Cyxtera DC Holdings, Inc., Term Loan B

.000

07/16/26

4,818

11,406,530

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

.898

10/09/31

11,147,487

Portfolio of Investments January 31, 2026

(continued)

JFR

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOFTWARE & SERVICES

(continued)

$

486,000

(a) Disco Parent, Inc., Term Loan B, (TSFR3M + 3.000%)

.822

%

08/06/32

$

484,177

2,271,678

(a) Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)

.922

06/26/31

2,197,849

9,593,908

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

2.500%)

.172

10/09/29

9,507,563

1,005,000

(a),(e)

EP Purchaser LLC, (TBD)

TBD

TBD

613,050

584,000

(a),(e)

EP Purchaser LLC, (TBD)

TBD

TBD

364,124

21,641,327

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

.172

05/30/31

21,529,766

3,139,349

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

.675

06/27/31

3,088,335

9,263,500

(a) Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)

.422

09/12/29

9,182,444

16,996,862

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

+ 2.500%)

.172

01/30/32

16,662,279

3,852,934

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

.417

12/08/31

3,785,507

6,079,063

(a) Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.000%)

.672

03/22/32

5,872,010

3,155,242

(a) Marcel LUX IV SARL, Repriced Term Loan, (SOFR30A + 3.000%)

.660

11/13/30

3,135,522

15,903,385

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

.672

03/01/29

14,134,133

14,298,525

(a) Mitchell International, Inc., Term Loan, (TSFR1M + 3.000%)

.672

06/17/31

14,021,491

8,157,737

(a),(f)

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

.422

01/31/30

8,051,197

15,452,790

(a),(f)

Peraton Corp., Term Loan B, (TSFR3M + 3.750%)

.517

02/01/28

14,303,489

1,002,499

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

.422

03/24/31

807,227

2,568,000

(a) Ping Identity Corporation, Term Loan, (TSFR3M + 2.750%)

.625

11/15/32

2,551,950

2,307,592

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

2.750%)

.422

11/03/31

2,298,938

7,570,462

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

3.000%)

.672

04/30/31

7,580,948

9,240,346

(a) Proofpoint, Inc., Repriced Term Loan, (TSFR3M + 3.000%)

.916

08/31/28

9,191,279

5,755,681

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

(TSFR1M + 6.250%)

.045

05/15/28

5,706,671

12,925,101

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

(TSFR1M + 2.750%)

.545

05/15/28

3,572,175

8,626,068

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

.422

11/28/28

8,267,568

2,880,820

(a) SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)

.672

05/09/31

2,884,090

2,978,996

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

.572

10/03/31

2,934,311

3,670,661

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

1.750%)

.422

08/31/28

3,379,046

24,774,974

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

.167

02/10/31

24,212,335

6,884,284

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

4.000%)

.928

04/24/28

5,857,665

2,849,785

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

.917

04/14/31

2,826,631

1,858,880

(a) World Wide Technology Holding Co. LLC, Repriced Term Loan

B, (TSFR1M + 2.000%)

.672

03/01/30

1,868,174

10,094,000

(e) X Corp, (TBD)

TBD

TBD

10,464,954

33,261,729

(a),(f)

X Corp., Term Loan, (TSFR3M + 6.500%)

.417

10/29/29

33,258,237

8,510,137

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

.422

09/28/29

8,314,404

7,097,964

(a) ZoomInfo LLC, Term Loan B, (TSFR1M + 1.750%)

.422

02/28/30

7,009,275

TOTAL SOFTWARE & SERVICES

340,271,567

TECHNOLOGY HARDWARE & EQUIPMENT - 2.8% (1.7% of Total Investments)

475,000

(a) Delta TopCo, Inc., 2nd Lien Term Loan, (TSFR3M + 5.250%)

.921

11/29/30

455,800

15,148,891

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

.421

11/30/29

14,797,210

2,522,231

(a) Ingram Micro Inc., Term Loan, (TSFR1M + 2.250%)

.923

09/22/31

2,533,278

1,425,000

(a) Spectris Plc, Term Loan, (TSFR3M + 2.750%)

.490

12/06/32

1,429,460

12,115,089

(a) Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)

.178

08/21/28

11,236,745

487,213

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

.286

03/05/29

487,138

7,887,482

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

.286

05/30/30

7,871,865

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

38,811,496

TELECOMMUNICATION SERVICES - 8.2% (4.9% of Total Investments)

598,489

(a),(e)

Cablevision Lightpath LLC, (TBD)

TBD

TBD

598,677

7,600,887

(a) Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)

.922

11/24/28

7,589,029

3,560,818

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

.172

09/28/29

3,556,367

13,134,000

(a),(f)

Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +

TSFR3M + 4.250%)

.942

04/03/31

12,041,317

6,289,000

(a) Digicel International Finance Limited, Term Loan B, (TSFR3M +

5.250%)

.023

08/09/32

6,320,445

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES

(continued)

$

2,356,000

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

.922

%

09/20/30

$

2,241,569

9,939,000

(a),(f)

Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M +

3.250%)

.922

03/29/32

9,966,332

4,420,676

(a),(f)

Lumen Technologies, Inc., Extended Term Loan B1, (TSFR1M +

2.350%)

.136

04/16/29

4,416,542

13,598,544

(a),(e)

Lumen Technologies, Inc., Extended Term Loan B2, (TBD)

TBD

TBD

13,585,830

6,837,885

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

.716

06/01/28

6,876,349

8,181,000

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

.834

12/07/26

6,503,895

5,143,000

(a) Windstream Services LLC, Term Loan B, (TSFR1M + 4.000%)

.672

10/06/32

5,155,858

34,292,902

(a),(f)

Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 1.750%)

.643

03/11/30

33,066,416

TOTAL TELECOMMUNICATION SERVICES

111,918,626

TRANSPORTATION - 2.3% (1.4% of Total Investments)

505,988

(a) Air Canada, Term Loan B, (TSFR3M + 1.750%)

.417

03/21/31

506,873

4,874,706

(a),(f)

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

.918

04/20/28

4,884,869

3,996,698

(a),(f)

Brown Group Holding, LLC, Incremental Term Loan B2,

(TSFR1M + TSFR3M + 2.500%)

.208

07/01/31

4,002,533

6,304,869

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

.172

07/01/31

6,322,207

2,622,678

(a) First Student Bidco Inc, Term Loan B, (TSFR3M + 2.500%)

.172

08/15/30

2,623,229

479,885

(a) First Student Bidco Inc, Term Loan C, (TSFR3M + 2.500%)

.172

08/15/30

479,585

3,594,421

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

.172

09/23/31

3,600,747

2,463,335

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

.786

03/31/28

2,451,019

4,350,000

(a) Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)

.917

04/09/32

4,350,914

2,903,312

(a) United Airlines, Inc., First Lien Term Loan B, (TSFR1M + 2.000%)

.673

02/24/31

2,911,775

TOTAL TRANSPORTATION

32,133,751

UTILITIES - 2.7% (1.6% of Total Investments)

2,486,227

(a) Constellation Renewables, LLC, Term Loan, (TSFR3M + 2.000%)

.822

12/15/27

2,492,058

2,994,758

(a),(e)

Cornerstone Generation LLC, (TBD)

TBD

TBD

3,021,591

600,000

(a),(e)

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

TBD

TBD

603,963

1,941,254

(a) Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +

2.750%)

.410

05/06/32

1,965,112

122,500

(a) Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +

2.750%)

.410

05/06/32

124,006

2,425,158

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

.522

04/16/31

2,430,918

9,068,400

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

+ 2.500%)

.353

12/15/31

9,086,854

11,042,050

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

.353

05/17/30

11,061,760

5,845,000

(a) Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.000%)

.672

11/26/32

5,853,767

TOTAL UTILITIES

36,640,029

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $1,954,728,278)

1,941,485,340

SHARES

DESCRIPTION

VALUE

677867

WARRANTS - 0.0% (0.0% of Total Investments)

677867

TELECOMMUNICATION SERVICES - 0.0% (0.0% of Total Investments)

17,849

Windstream Parent Inc

148,325

TOTAL TELECOMMUNICATION SERVICES

148,325

TRANSPORTATION - 0.0% (0.0% of Total Investments)

2,411

ACBL HLDG CORP

96,440

6,822

ACBL HLDG CORP

402,498

26,910

(d) American Commercial Barge Line LLC

6,727

68,220

(d) American Commercial Barge Line LLC

23,877

TOTAL TRANSPORTATION

529,542

TOTAL WARRANTS

(Cost $653,019)

677,867

TOTAL LONG-TERM INVESTMENTS

(Cost $2,192,976,125)

2,161,258,634

Portfolio of Investments January 31, 2026

(continued)

JFR

See Notes to Financial Statements

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

SHARES

DESCRIPTION

RATE

VALUE

SHORT-TERM INVESTMENTS - 9.4%(5.6% of Total Investments)

INVESTMENT COMPANIES - 9.4% (5.6% of Total Investments)

–

127,942,965

BlackRock Liquidity Funds T-Fund

4.517(i)

$

127,942,965

TOTAL INVESTMENT COMPANIES

(Cost $127,942,965)

127,942,965

TOTAL SHORT-TERM INVESTMENTS

(Cost $127,942,965)

127,942,965

TOTAL INVESTMENTS - 167.0%

(Cost $2,320,919,090)

2,289,201,599

BORROWINGS - (37.7)% (j),(k)

(517,200,000)

TFP SHARES, NET - (20.7)%(l)

(284,011,667)

OTHER ASSETS & LIABILITIES, NET - (8.6)%

(116,895,341)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

1,371,094,591

ETF

Exchange-Traded Fund

LIBOR

London Inter-Bank Offered Rate

M

Month

PIK

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

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

issuer as of the end of the reporting period.

SOFR30A

30 Day Average Secured Overnight Financing Rate

SOFR90A

90 Day Average Secured Overnight Financing Rate

TBD

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

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

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

final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

TSFR6M

CME Term Secured Overnight Financing Rate 6 Month

(a) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $143,529,711 or 6.3% of Total Investments.

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

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

(e) When-issued or delayed delivery security.

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

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

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

bankruptcy.

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

(j) Borrowings as a percentage of Total Investments is 22.6%.

(k) The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific

investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

(l) TFP Shares, Net as a percentage of Total Investments is 12.4%.

Portfolio of Investments January 31, 2026

JQC

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 156.8% (93.9% of Total Investments)

ASSET-BACKED SECURITIES - 6.2% (3.7% of Total Investments)

–

$

4,500,000

(a),(b)

AIMCO CLO 10 Ltd, Series 2019 10A, (TSFR3M + 4.250%)

7.919 %

07/22/37

$

4,522,815

1,500,000

(a),(b)

Allegany Park CLO Ltd, Series 2019 1A, (TSFR3M + 6.400%)

10.068 01/20/35

1,476,301

1,500,000

(a),(b)

Allegro CLO XIII Ltd, Series 2021 1A, (TSFR3M + 6.300%)

9.968 07/20/38

1,515,862

750,000

(a),(b)

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

9.672 10/15/38

749,844

1,000,000

(a),(b)

Ares XXXIV CLO Ltd, Series 2015 2A, (TSFR3M + 5.500%)

9.168 07/17/38

1,015,375

2,250,000

(a),(b)

Carlyle US CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +

3.100%)

6.768 07/25/36

2,263,896

963,000

(a),(b)

Carlyle US CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +

6.750%)

11.376 07/25/36

973,994

1,000,000

(a),(b)

CIFC Funding 2020-I Ltd, Series 2020 1A, (TSFR3M + 6.512%)

10.184 07/15/36

1,005,168

2,500,000

(a),(b)

CIFC Funding 2021-I Ltd, Series 2021 1A, (TSFR3M + 6.000%)

9.668 07/25/37

2,523,438

1,250,000

(a),(b)

CIFC Funding 2021-IV Ltd, Series 2021 4A, (TSFR3M + 6.200%)

9.871 07/23/37

1,267,997

6,700,000

(a),(b)

Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 6.450%)

10.118 04/18/37

6,781,586

2,000,000

(a),(b)

Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 3.600%)

7.268 04/18/37

2,002,852

1,000,000

(a),(b)

Invesco US CLO 2023-1 Ltd, Series 2023 1A, (TSFR3M +

6.900%)

10.569 04/22/37

1,006,909

4,000,000

(a),(b)

KKR CLO 32 Ltd, Series 2024 32A, (TSFR3M + 5.300%)

8.972 04/15/37

4,026,580

4,000,000

(a),(b)

KKR CLO 40 Ltd, Series E 40A, (TSFR3M + 7.250%)

10.918 10/20/34

3,812,412

3,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 24 Ltd, Series 2017

24A, (TSFR3M + 7.000%)

10.670 10/19/38

3,055,482

4,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 55 Ltd, Series 2024

55A, (TSFR3M + 6.500%)

10.169 04/22/38

4,044,172

1,500,000

(a),(b)

Neuberger Berman Loan Advisers LaSalle Street Lending CLO

II Ltd, Series 2024 2A, (TSFR3M + 7.500%)

11.168 04/20/38

1,520,871

2,000,000

(a),(b)

OHA Credit Partners XV Ltd, Series 2017 15A, (TSFR3M +

4.500%)

8.168 04/20/37

2,014,640

2,500,000

(a),(b)

RAD CLO 24 Ltd, Series 2024 24A, (TSFR3M + 6.500%)

10.168 07/20/37

2,527,113

1,300,000

(a),(b)

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

9.672 01/15/38

1,281,805

1,500,000

(a),(b)

Sixth Street CLO XXV Ltd, Series 2024 25A, (TSFR3M + 6.000%)

9.668 07/24/37

1,524,228

TOTAL ASSET-BACKED SECURITIES

(Cost $50,690,016)

50,913,340

SHARES

DESCRIPTION

VALUE

6480108

COMMON STOCKS - 0.8% (0.5% of Total Investments)

6480108

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% (0.0% of Total

Investments)

(c),(d)

Belk, Inc

1,568

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

1,568

CONSUMER SERVICES - 0.6% (0.4% of Total Investments)

41,905

(d) Cengage Learning Holdings II, Inc

796,195

223,142

(d) Crown Finance US, Inc

3,616,685

TOTAL CONSUMER SERVICES

4,412,880

HEALTH CARE EQUIPMENT & SERVICES - 0.0% (0.0% of Total Investments)

242,758

(d) Onex Carestream Finance LP

121,379

TOTAL HEALTH CARE EQUIPMENT & SERVICES

121,379

MATERIALS - 0.0% (0.0% of Total Investments)

LyondellBasell Industries NV, Class A

4,361

TOTAL MATERIALS

4,361

MEDIA & ENTERTAINMENT - 0.0% (0.0% of Total Investments)

10,159

(d) Catalina Marketing Corp

304,770

1,225

(d) Crown Finance US, Inc

19,855

TOTAL MEDIA & ENTERTAINMENT

324,625

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% (0.0% of Total

Investments)

39,129

(d) Bright Bidco BV

13,695

28,645

(d) Bright Bidco BV

10,026

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

23,721

Portfolio of Investments January 31, 2026

(continued)

JQC

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% (0.0% of Total Investments)

1,069

(d) MLN US Holdco LLC

$

43,238

(d) Riverbed Technology LLC

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

TELECOMMUNICATION SERVICES - 0.2% (0.1% of Total Investments)

84,538

(d) Altice France Lux 3

1,591,088

TOTAL TELECOMMUNICATION SERVICES

1,591,088

TOTAL COMMON STOCKS

(Cost $21,220,749)

6,480,108

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

221550573

CORPORATE BONDS - 27.3% (16.3% of Total Investments)

221550573

AUTOMOBILES & COMPONENTS - 0.6% (0.4% of Total Investments)

$

2,000,000

(b) Dornoch Debt Merger Sub Inc

6.625 %

10/15/29

1,780,904

3,000,000

(e) Ford Motor Credit Co LLC

7.200 06/10/30

3,227,270

TOTAL AUTOMOBILES & COMPONENTS

5,008,174

CAPITAL GOODS - 2.5% (1.5% of Total Investments)

5,997,000

(b),(e)

Camelot Return Merger Sub Inc

8.750 08/01/28

4,661,789

2,000,000

(b) Chart Industries Inc

7.500 01/01/30

2,080,930

2,000,000

(b) EMRLD Borrower LP / Emerald Co-Issuer Inc

6.625 12/15/30

2,070,154

3,000,000

(b) Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC

6.750 04/01/32

3,081,189

2,963,000

(e) TransDigm Inc

4.625 01/15/29

2,945,090

3,000,000

(b) TransDigm Inc

6.000 01/15/33

3,056,679

2,000,000

(b),(e)

Windsor Holdings III LLC

8.500 06/15/30

2,107,476

TOTAL CAPITAL GOODS

20,003,307

COMMERCIAL & PROFESSIONAL SERVICES - 0.9% (0.5% of Total Investments)

3,000,000

(b),(e)

Allied Universal Holdco LLC

7.875 02/15/31

3,157,269

1,500,000

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

Atlas Luxco 4 Sarl

4.625 06/01/28

1,482,393

2,500,000

(b),(e)

Prime Security Services Borrower LLC / Prime Finance Inc

3.375 08/31/27

2,448,837

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

7,088,499

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.4% (0.8% of Total

Investments)

3,900,000

(b),(e)

Academy Ltd

6.000 11/15/27

3,905,956

1,500,000

(b) Carvana Co

9.000 06/01/30

1,564,042

3,945,000

(b),(e)

Michaels Cos Inc/The

7.875 05/01/29

3,843,647

1,850,000

(b) Wand NewCo 3 Inc

7.625 01/30/32

1,945,179

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

11,258,824

CONSUMER SERVICES - 1.3% (0.8% of Total Investments)

6,617,000

(b),(e)

1011778 BC ULC / New Red Finance Inc

4.000 10/15/30

6,313,454

1,193,000

(b),(e)

1011778 BC ULC / New Red Finance Inc

3.500 02/15/29

1,149,723

3,000,000

(b),(e)

Caesars Entertainment Inc

6.500 02/15/32

3,067,575

500,000

(b) Premier Entertainment Sub LLC / Premier Entertainment

Finance Corp

5.625 09/01/29

369,212

TOTAL CONSUMER SERVICES

10,899,964

ENERGY - 1.7% (1.0% of Total Investments)

900,610

(b) Borr IHC Ltd / Borr Finance LLC

10.000 11/15/28

924,180

5,000,000

(b),(e)

DT Midstream Inc

4.375 06/15/31

4,902,088

1,000,000

(b) eG Global Finance PLC

12.000 11/30/28

1,082,381

2,000,000

(e) Expand Energy Corp

4.750 02/01/32

1,981,697

3,201,000

(b),(e)

Hilcorp Energy I LP / Hilcorp Finance Co

6.250 11/01/28

3,227,280

2,000,000

PBF Holding Co LLC / PBF Finance Corp

6.000 02/15/28

1,997,049

TOTAL ENERGY

14,114,675

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.3% (0.7% of Total

Investments)

5,250,000

(e) American Tower Corp

2.950 01/15/51

3,340,280

2,000,000

(e) Crown Castle Inc

2.250 01/15/31

1,788,798

3,290,000

(b) Office Properties Income Trust

9.000 03/31/29

3,365,341

2,000,000

(b) Office Properties Income Trust

9.000 09/30/29

1,690,000

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

10,184,419

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES - 0.1% (0.1% of Total Investments)

$

1,000,000

(b),(e)

LPL Holdings Inc

4.625 %

11/15/27

$

995,339

TOTAL FINANCIAL SERVICES

995,339

FOOD, BEVERAGE & TOBACCO - 0.1% (0.1% of Total Investments)

691,000

(b) Froneri Lux FinCo SARL

6.000 08/01/32

699,721

TOTAL FOOD, BEVERAGE & TOBACCO

699,721

HEALTH CARE EQUIPMENT & SERVICES - 1.6% (1.0% of Total Investments)

1,975,000

(b),(e)

Medline Borrower LP

3.875 04/01/29

1,930,998

5,970,101

(b) Team Health Holdings Inc, (cash 8.166%, PIK 4.500%)

9.000 06/30/28

6,311,233

1,285,000

(b) Team Health Holdings Inc

8.375 06/30/28

1,300,638

3,849,000

(e) Tenet Healthcare Corp

6.125 10/01/28

3,852,945

TOTAL HEALTH CARE EQUIPMENT & SERVICES

13,395,814

INSURANCE - 1.5% (0.9% of Total Investments)

625,000

(b),(e)

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

4.250 10/15/27

617,281

2,175,000

(b),(e)

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

6.750 04/15/28

2,210,986

6,000,000

(b),(e)

HUB International Ltd

7.250 06/15/30

6,260,124

3,000,000

(b) Panther Escrow Issuer LLC

7.125 06/01/31

3,089,778

TOTAL INSURANCE

12,178,169

MATERIALS - 2.2% (1.3% of Total Investments)

3,500,000

(b),(e)

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal

Packaging Finance PLC

4.000 09/01/29

3,324,660

6,425,000

(e) Ball Corp

6.000 06/15/29

6,615,285

3,000,000

(b),(e)

Clydesdale Acquisition Holdings Inc

6.875 01/15/30

3,039,000

5,000,000

(b),(e)

Novelis Corp

4.750 01/30/30

4,846,650

TOTAL MATERIALS

17,825,595

MEDIA & ENTERTAINMENT - 2.1% (1.2% of Total Investments)

1,500,000

(b) Advantage Sales & Marketing Inc

6.500 11/15/28

1,272,000

7,000,000

(e) Charter Communications Operating LLC / Charter

Communications Operating Capital

3.500 03/01/42

4,860,624

591,897

(b) iHeartCommunications Inc

9.125 05/01/29

559,343

5,299,000

(b),(e)

McGraw-Hill Education Inc

5.750 08/01/28

5,322,485

1,000,000

(b) Scripps Escrow II Inc

3.875 01/15/29

922,905

1,000,000

(b) Sinclair Television Group Inc

8.125 02/15/33

1,034,420

2,000,000

(b) Virgin Media Secured Finance PLC

5.500 05/15/29

1,972,623

801,000

(b) VZ Secured Financing BV

5.000 01/15/32

723,269

TOTAL MEDIA & ENTERTAINMENT

16,667,669

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5% (0.3% of Total

Investments)

713,000

(b) 1261229 BC Ltd

10.000 04/15/32

731,721

2,000,000

(e) Amgen Inc

3.150 02/21/40

1,576,049

2,400,000

(b) Bausch Health Cos Inc

5.250 02/15/31

1,572,000

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

3,879,770

SOFTWARE & SERVICES - 1.4% (0.8% of Total Investments)

1,189,000

(b) Cloud Software Group Inc

8.250 06/30/32

1,209,312

1,185,000

(b) Open Text Holdings Inc

4.125 12/01/31

1,064,568

3,666,485

(b) Rackspace Finance LLC

3.500 05/15/28

953,286

6,750,000

(b),(e)

Rocket Software Inc

9.000 11/28/28

6,733,150

1,500,000

(b),(e)

SS&C Technologies Inc

5.500 09/30/27

1,498,702

TOTAL SOFTWARE & SERVICES

11,459,018

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% (0.1% of Total Investments)

875,000

(b) Viasat Inc

7.500 05/30/31

849,715

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

849,715

TELECOMMUNICATION SERVICES - 5.5% (3.3% of Total Investments)

1,673,644

(b) Altice France SA

6.875 07/15/32

1,634,385

1,298,000

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

6.750 11/30/30

1,321,024

4,654,000

(e) EchoStar Corp

10.750 11/30/29

5,101,808

2,000,000

(e) Frontier Communications Holdings LLC

5.875 11/01/29

2,018,200

1,978,000

(b),(e)

Frontier Communications Holdings LLC

6.000 01/15/30

1,995,344

1,500,000

(b) Frontier Communications Holdings LLC

8.625 03/15/31

1,568,244

1,500,000

(b),(e)

Holdco II SAS

7.000 10/15/28

1,517,218

1,440,000

(b) Level 3 Financing Inc

8.500 01/15/36

1,474,177

Portfolio of Investments January 31, 2026

(continued)

JQC

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES

(continued)

$

220,000

(b) Telesat Canada / Telesat LLC

5.625 %

12/06/26

$

173,250

4,000,000

(e) T-Mobile USA Inc

3.500 04/15/31

3,820,551

5,180,000

(b),(e)

Vmed O2 UK Financing I PLC

4.250 01/31/31

4,686,326

10,585,514

(b) Zayo Group Holdings Inc

9.250 03/09/30

10,336,278

2,601,000

(b) Zayo Group Holdings Inc

13.750 09/09/30

2,388,082

6,995,000

(b),(e)

Ziggo BV

4.875 01/15/30

6,603,730

TOTAL TELECOMMUNICATION SERVICES

44,638,617

TRANSPORTATION - 0.4% (0.3% of Total Investments)

1,975,000

(e) Delta Air Lines Inc

3.750 10/28/29

1,932,691

1,623,000

(b),(e)

United Airlines Inc

4.625 04/15/29

1,621,487

TOTAL TRANSPORTATION

3,554,178

UTILITIES - 2.1% (1.2% of Total Investments)

1,940,000

(e) Pacific Gas and Electric Co

4.550 07/01/30

1,934,657

2,000,000

(e) Pacific Gas and Electric Co

4.500 07/01/40

1,740,104

6,318,000

(e) PG&E Corp

5.000 07/01/28

6,304,596

3,000,000

(e) PG&E Corp

5.250 07/01/30

2,981,822

3,000,000

(b) Talen Energy Supply LLC

8.625 06/01/30

3,165,330

713,000

(b) Talen Energy Supply LLC

6.250 02/01/34

722,597

TOTAL UTILITIES

16,849,106

TOTAL CORPORATE BONDS

(Cost $213,545,267)

221,550,573

SHARES

DESCRIPTION

VALUE

1,006,000

EXCHANGE-TRADED FUNDS - 0.1% (0.1% of Total Investments)

1,006,000

40,000

Nuveen AA-BBB CLO ETF

1,006,000

TOTAL EXCHANGE-TRADED FUNDS

(Cost $1,002,600)

1,006,000

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

994438155

VARIABLE RATE SENIOR LOAN INTERESTS - 122.4% (73.3% of Total Investments)

994438155

AUTOMOBILES & COMPONENTS - 0.9% (0.6% of Total Investments)

3,887,972

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

6.172 05/06/30

3,891,024

2,120,312

(a),(f)

Clarios Global LP, Term Loan B, (TBD)

TBD

TBD

2,126,271

1,520,155

(a) DexKo Global Inc., Term Loan B, (TSFR3M + 3.750%)

7.678 10/04/28

1,514,644

TOTAL AUTOMOBILES & COMPONENTS

7,531,939

CAPITAL GOODS - 12.4% (7.4% of Total Investments)

6,237,207

(a),(g)

ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)

8.184 05/17/28

5,370,921

800,000

(a),(f)

Aggreko Holdings Inc, (TBD)

TBD

TBD

797,876

92,390

(a),(h)

Air Comm Corporation, LLC, Delayed Draw Term Loan

1.000 12/11/31

92,659

1,895,246

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

6.506 12/11/31

1,900,770

820,000

(a) Allison Transmission, Inc., Incremental Term Loan B, (TSFR3M +

1.750%)

5.450 01/03/33

823,178

1,255,000

(a),(f)

American Trailer World Corp, (TBD)

TBD

TBD

1,130,353

1,328,312

(a) Artera Services, LLC, Term Loan, (TSFR3M + 4.500%)

8.172 02/10/31

1,076,232

1,512,494

(a) Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)

6.172 01/27/32

1,514,793

1,453,000

(a),(f)

BCPE Empire Holdings Inc, (TBD)

TBD

TBD

1,448,009

164,000

(a),(f)

Bleriot US Bidco Inc., Term Loan B, (TBD)

TBD

TBD

164,220

2,259,378

(a),(g)

Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)

8.354 08/01/30

2,005,198

1,724,800

(a) Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)

5.674 07/09/32

1,727,680

6,279,630

(a) Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)

6.422 09/08/32

6,282,832

1,103,624

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

6.161 03/18/30

1,107,421

917,000

(a),(f)

Columbus McKinnon Corp/NY, (TBD)

TBD

TBD

912,415

1,462,000

(a) CompoSecure Holdings LLC, Term Loan, (TSFR1M + 2.250%)

5.928 01/14/33

1,461,094

1,214,156

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

7.536 05/17/28

624,155

7,566,163

(a) Core & Main LP, Term Loan B, (TSFR3M + 2.000%)

5.690 07/27/28

7,592,190

581,005

(a) Cornerstone Building Brands, Inc., Term Loan, (TSFR1M +

5.625%)

9.305 08/01/28

451,005

2,933,202

(a),(g)

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

3.250%)

7.030 04/12/28

2,280,564

3,295,367

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

8.922 07/08/30

3,248,293

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL GOODS

(continued)

$

618,000

(a),(f)

Dycom Industries Inc, (TBD)

TBD

TBD

$

619,934

1,598,354

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

5.422 %

06/04/31

1,602,158

841,000

(a),(f)

Gibraltar Industries Inc, (TBD)

TBD

TBD

843,103

1,312,000

(a) Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +

2.750%)

6.422 09/24/32

1,314,467

468,035

(a),(h)

Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M

+ 1.750%)

3.574 02/26/32

468,393

4,938,736

(a),(f)

Kaman Corporation, Term Loan B, (TBD)

TBD

TBD

4,942,514

917,000

(a),(f)

Lsf12 Helix Parent LLC, (TBD)

TBD

TBD

915,281

2,217,921

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

6.128 06/21/28

2,221,536

669,593

(a) Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +

2.500%)

6.174 09/26/31

672,104

1,337,558

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

8.140 10/15/29

876,100

661,000

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

9.228 10/15/29

674,015

234,677

(a),(h)

Pinnacle Buyer LLC, Delayed Draw Term Loan

1.250 10/01/32

235,323

1,217,272

(a) Pinnacle Buyer LLC, Term Loan, (TSFR1M + 2.500%)

6.161 10/01/32

1,220,619

2,551,882

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

5.922 01/31/32

2,554,600

8,991,092

(a) Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)

5.922 04/14/31

9,007,321

1,417,333

(a),(f)

QXO Inc, Term Loan B, (TBD)

TBD

TBD

1,421,763

2,150,238

(a) Resideo Funding Inc., Incremental Term Loan, (TSFR3M +

2.000%)

5.723 08/13/32

2,151,592

2,280,000

(a),(f)

RESILIENCE PARENT LLC, (TBD)

TBD

TBD

2,280,000

7,757,083

(a),(f)

TK Elevator Midco GmbH, Term Loan B, (TBD)

TBD

TBD

7,785,707

1,221,538

(a) TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)

6.172 01/20/32

1,222,179

8,084,820

(a) TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)

6.172 02/28/31

8,090,196

1,911,060

(a) TransDigm, Inc., Term Loan K, (TSFR1M + 2.250%)

5.922 03/22/30

1,911,538

5,149,095

(a) TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)

6.172 08/19/32

5,151,052

617,584

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

7.536 11/20/28

622,272

TOTAL CAPITAL GOODS

100,815,625

COMMERCIAL & PROFESSIONAL SERVICES - 8.7% (5.2% of Total Investments)

7,107,812

(a),(f)

Allied Universal Holdco LLC, Term Loan B, (TBD)

TBD

TBD

7,129,705

1,371,363

(a),(g)

Amentum Government Services Holdings LLC, Term Loan B,

(TSFR1M + 2.000%)

5.672 09/29/31

1,373,077

2,541,558

(a),(f)

Anticimex International AB, Term Loan, (TBD)

TBD

TBD

2,550,632

169,138

(a),(h)

Archkey Solutions LLC, Delayed Draw Term Loan B

4.250 11/03/31

170,909

1,454,886

(a) Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)

7.922 11/03/31

1,470,119

250,000

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

7.286 06/02/28

249,949

2,653,744

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

+ 2.500%)

6.172 10/01/31

2,654,301

1,092,856

(a),(f)

CSC SERVICEWORKS EAST LL, (TBD)

TBD

TBD

1,111,981

2,141,000

(a),(g)

Ensemble RCM LLC, (TSFR1M + 3.000%)

6.675 01/28/33

2,122,266

3,040,249

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

6.667 08/01/29

3,018,876

9,067,409

(a) Garda World Security Corporation, Term Loan B, (TSFR3M +

2.750%)

6.421 02/01/29

9,067,409

1,048,000

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

6.273 03/03/32

1,049,750

1,801,463

(a),(g)

OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)

6.455 07/25/30

1,805,859

1,657,000

(a) Openlane Inc, Term Loan B, (TSFR3M + 2.500%)

6.365 10/08/32

1,660,107

2,802,410

(a) PG Investment Company 59 S.a r.l., Repriced Term Loan B,

(TSFR3M + 2.250%)

5.922 03/26/31

2,806,165

1,334,898

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

(TSFR1M + 2.000%)

5.688 10/15/30

1,334,063

937,638

(a) Prime Security Services Borrower, LLC, Incremental Term Loan

B, (TSFR1M + 1.750%)

5.438 03/08/32

934,319

489,190

(a),(g),(h)

Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan

1.250 12/16/32

490,005

3,273,810

(a),(g)

Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)

6.205 12/16/32

3,279,261

3,126,941

(a) Reverb Buyer, Inc., Steerco Term Loan, (TSFR3M + 3.500%)

7.267 11/01/28

2,251,397

485,000

(a) Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +

2.250%)

5.923 01/15/31

485,228

112,527

(a),(g)

Reworld Holding Corp, First Lien Term Loan C, (TSFR1M +

2.250%)

5.925 01/15/31

112,574

1,731,663

(a) Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)

5.921 11/30/28

1,734,910

692,473

(a),(g)

Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)

5.925 01/15/31

692,760

Portfolio of Investments January 31, 2026

(continued)

JQC

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

$

698,810

(a) Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)

7.267 %

04/03/28

$

521,211

10,844,000

(a),(f)

United States, (TBD)

TBD

TBD

10,566,122

1,879,262

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

7.667 04/12/27

594,908

7,681,370

(a),(g)

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

+ 2.750%)

6.536 03/27/28

7,716,167

2,082,981

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

7.292 12/01/32

2,046,529

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

71,000,559

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.9% (2.3% of Total

Investments)

375,156

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

7.564 11/08/27

376,036

2,614,999

(a) Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)

6.120 10/16/31

2,626,767

4,777,333

(a),(f)

CNT Holdings I Corp, Term Loan, (TBD)

TBD

TBD

4,778,336

250,000

(a) Dealer Tire Financial LLC, (TSFR1M + 3.000%)

6.672 07/02/31

250,416

928,741

(a),(g)

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

6.672 06/17/31

902,913

1,365,875

(a),(f)

Johnstone Supply LLC, Term Loan B, (TBD)

TBD

TBD

1,368,060

685,251

(a) Kodiak Building Partners Inc., Term Loan B, (TSFR1M + 3.750%)

7.422 12/04/31

675,103

2,924,903

(a),(g)

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

3.750%)

7.521 06/06/31

2,822,824

1,295,160

(a) Les Schwab Tire Centers, Term Loan B, (TSFR1M + 2.500%)

6.222 04/23/31

1,297,594

4,974,134

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

8.184 04/17/28

4,939,738

710,796

(a),(g)

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

2.500%)

6.172 03/27/31

713,128

1,193,000

(a),(g)

Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)

8.161 03/17/31

1,195,613

2,004,000

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

7.671 08/18/32

2,005,754

2,950,726

(a),(g)

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

6.286 10/20/28

2,913,502

3,686,636

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

2.500%)

6.172 01/30/31

3,689,051

1,150,438

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

6.922 10/29/29

1,149,822

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

31,704,657

CONSUMER DURABLES & APPAREL - 3.7% (2.2% of Total Investments)

3,788,072

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

(TSFR1M + 2.250%)

5.922 12/21/28

3,790,667

8,178,591

(a) AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR3M +

3.000%)

6.753 07/31/28

8,190,899

7,400,760

(a),(g)

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

6.286 05/30/28

7,443,425

794,961

(a),(g)

MajorDrive Holdings IV LLC, Term Loan B, (TSFR3M + 4.000%)

7.934 06/01/28

759,188

6,180

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

7.500%)

11.286 06/29/28

5,844

1,736,409

(a) Somnigroup International Inc, Term Loan B, (SOFR30A +

2.250%)

5.900 10/24/31

1,751,603

244,601

(a) Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M +

2.750%)

6.422 03/18/30

245,583

1,736,275

(a) Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)

6.672 08/26/31

1,738,445

4,480,000

(a),(f)

Weber-Stephen Products LLC, Term Loan B, (TBD)

TBD

TBD

4,485,130

1,502,450

(a) WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)

8.389 02/20/32

1,508,084

TOTAL CONSUMER DURABLES & APPAREL

29,918,868

CONSUMER SERVICES - 12.0% (7.2% of Total Investments)

8,985,374

(a) 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M

+ 1.750%)

5.422 09/23/30

8,976,389

386,917

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

+ 2.000%)

5.667 06/11/31

374,021

1,866,019

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

6.172 05/31/30

1,873,016

3,463,837

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

6.172 08/17/28

3,476,826

3,907,003

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

5.922 02/06/30

3,891,141

1,903,594

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

5.922 02/06/31

1,894,552

1,365,860

(a),(f)

Camelot U.S. Acquisition LLC, Term Loan B, (TBD)

TBD

TBD

1,263,421

1,445,000

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

4.750%)

8.417 03/29/32

1,478,416

3,229,902

(a) Churchill Downs Incorporated, Incremental Term Loan B1,

(TSFR1M + 1.750%)

5.422 03/17/28

3,236,976

3,685,000

(a) Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)

5.422 09/19/31

3,689,035

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER SERVICES

(continued)

$

3,034,096

(a),(f)

Element Materials Technology Group US Holdings Inc., Term

Loan, (TBD)

TBD

TBD

$

3,050,541

10,500,678

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

6.922 %

01/29/29

10,491,070

9,800,000

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

5.422 11/29/30

9,802,450

2,115,625

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

5.672 06/04/32

2,114,736

1,602,004

(a) GBT US III LLC, Term Loan B, (TSFR3M + 2.000%)

5.668 07/28/31

1,597,494

3,317,582

(a),(f)

GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029), (TBD)

TBD

TBD

3,318,876

746,250

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

(TSFR1M + 2.500%)

5.422 05/27/32

749,328

3,231,412

(a) Hilton Domestic Operating Company, Inc., Term Loan B4,

(TSFR1M + 1.750%)

5.423 11/08/30

3,251,608

1,233,888

(a) Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +

2.000%)

5.672 08/02/28

1,233,228

10,306,013

(a),(g)

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

6.172 12/16/30

10,318,896

4,608,715

(a) Light and Wonder International, Inc., Term Loan B, (TSFR1M +

2.000%)

5.671 04/16/29

4,608,715

2,424,762

(a) Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)

7.172 11/30/29

2,081,501

5,318,267

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

6.652 04/04/29

5,238,519

2,974,679

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

+ 2.000%)

5.672 12/04/31

2,968,477

6,392,653

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

8.022 03/06/28

5,206,816

250,000

(a),(f)

Station Casinos LLC, (TBD)

TBD

TBD

250,516

1,009,185

(a) TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)

5.868 11/21/31

1,012,520

TOTAL CONSUMER SERVICES

97,449,084

ENERGY - 2.4% (1.4% of Total Investments)

2,250,000

(a) EG America LLC, (TSFR1M + 3.250%)

6.923 01/30/31

2,244,375

2,404,086

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

7.322 02/07/28

2,407,091

3,500,000

(a),(f)

Freeport LNG Investments LLLP, (TBD)

TBD

TBD

3,493,438

3,551,238

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

3.000%)

6.929 11/16/26

3,560,862

3,767,000

(a),(g)

New Fortress Energy Inc, Incremental Term Loan B, (TSFR3M +

5.500%)

9.238 10/30/28

1,510,567

3,123,110

(a),(f)

Oryx Midstream Services Permian Basin LLC, Term Loan B,

(TBD)

TBD

TBD

3,128,528

2,689,845

(a),(g)

TransMontaigne Operating Company L.P., Term Loan B,

(TSFR1M + 2.500%)

6.172 11/17/28

2,692,965

250,000

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

2.500%)

6.167 02/16/28

250,688

TOTAL ENERGY

19,288,514

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% (0.0% of Total

Investments)

36,040

Office Properties Income Trust

12.000 05/04/26

36,986

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

36,986

FINANCIAL SERVICES - 1.6% (1.0% of Total Investments)

746,231

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

6.422 07/30/31

747,866

408,533

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

+ 3.500%)

7.172 12/15/28

410,575

2,060,000

(a) Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)

6.922 09/13/32

2,066,438

3,576,662

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

5.410 07/30/32

3,568,096

1,364,688

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

+ 3.000%)

6.637 01/27/32

1,368,782

3,020,507

(a),(c),(i)

Ditech Holding Corporation, Term Loan

0.000 06/30/27

783,263

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

(TSFR1M + 3.000%)

6.672 03/24/31

781,897

1,083,000

(a),(f)

Orion US Finco Inc., First Lien Term Loan, (TBD)

TBD

TBD

1,084,922

2,877,867

(a) Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%)

5.422 06/24/31

2,883,061

TOTAL FINANCIAL SERVICES

12,911,939

Portfolio of Investments January 31, 2026

(continued)

JQC

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FOOD, BEVERAGE & TOBACCO - 2.3% (1.4% of Total Investments)

$

1,933,746

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

6.786 %

12/08/28

$

1,941,404

960,067

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

+ 7.000%), (cash 10.822%, PIK 7.000%)

10.822 09/30/30

393,628

218,328

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

(TSFR3M + 7.000%), (cash 10.822%, PIK 7.000%)

10.822 09/30/30

187,762

4,026,000

(a) Froneri Lux Finco Sarl, Term Loan, (TSFR6M + 2.250%)

5.881 09/30/32

4,026,302

1,900,638

(a) Froneri Lux Finco Sarl, Term Loan B4, (TSFR6M + 2.250%)

5.885 09/30/31

1,899,839

1,422,000

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

9.172 01/24/29

1,417,762

4,220,267

(a) Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)

6.602 07/12/29

4,236,093

64,655

(a),(h)

Sauer Brands Inc, Delayed Draw Term Loan

.000

02/19/32

64,945

681,918

(a) Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)

6.667 02/19/32

684,973

3,494,789

(a),(g)

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

5.922 03/31/28

3,499,891

656,751

(a) Wayne Sanderson Farms LLC, Repriced Term Loan B, (TSFR1M

+ 2.000%)

5.677 05/21/32

660,580

TOTAL FOOD, BEVERAGE & TOBACCO

19,013,179

HEALTH CARE EQUIPMENT & SERVICES - 11.2% (6.7% of Total Investments)

792,389

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

9.422 12/23/27

772,579

4,495,646

(a),(g)

AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)

5.922 09/20/32

4,500,703

2,932,884

(a) Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +

3.750%)

7.422 01/15/31

2,958,547

6,107,742

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

7.772 10/01/27

5,860,867

12,769,962

(a) Global Medical Response, Inc., Term Loan B, (TSFR3M +

3.500%)

7.170 09/20/32

12,828,896

4,180,877

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

3.750%)

7.422 05/19/31

4,185,455

256,000

(a) LifePoint Health, Inc., Incremental Term Loan B1, (TSFR3M +

3.500%)

7.152 05/19/31

255,787

2,346,000

(a),(g)

Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)

6.705 12/17/32

2,359,208

1,111,873

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

Loan, (TSFR3M + 4.000%)

7.695 12/18/28

976,898

207,860

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

+ 3.500%)

7.267 11/01/28

46,638

4,178,363

(a),(e)

Medline Borrower, LP, Term Loan B, (TSFR1M + 1.750%)

5.422 10/23/28

4,193,259

604,800

(a),(g),(h)

National Mentor Holdings, Inc., Delayed Draw Term Loan

6.000 12/12/30

606,270

1,411,200

(a),(g)

National Mentor Holdings, Inc., First Lien Term Loan B,

(TSFR1M + 6.000%)

9.672 12/12/30

1,414,629

113,000

(a) National Mentor Holdings, Inc., Term Loan B, (TSFR1M +

6.000%)

9.672 12/12/30

113,275

1,714,000

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

3.750%)

7.417 08/06/32

1,719,176

3,850,350

(a) Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)

6.686 04/23/32

3,854,778

780,584

(a),(g)

Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)

6.175 03/17/31

781,505

10,578,983

(a),(g)

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

6.172 02/21/31

10,576,602

4,187,133

(a),(g)

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

8.172 06/30/32

4,195,360

271,040

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

(TSFR3M + 3.250%), (cash 9.433%, PIK 1.000%)

5.217 06/28/28

281,317

4,439,408

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

(TSFR3M + 2.500%), (cash 7.433%, PIK 1.500%)

4.467 06/28/28

4,324,716

1,568,030

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

7.672 09/30/30

1,570,829

11,934,472

(a),(f)

Surgery Center Holdings, Inc., Term Loan B, (TBD)

TBD

TBD

11,966,576

6,269,750

(a),(f)

Team Health Holdings, Inc., Term Loan B, (TBD)

TBD

TBD

6,285,926

1,789,457

(a),(g)

Upstream Newco, Inc., Term Loan, (TSFR3M + 4.250%), (cash

7.925%, PIK 1.500%)

7.918 11/20/29

1,622,277

2,560,264

(a),(f)

Viant Medical Holdings, Inc., Term Loan B, (TBD)

TBD

TBD

2,560,802

TOTAL HEALTH CARE EQUIPMENT & SERVICES

90,812,875

HOUSEHOLD & PERSONAL PRODUCTS - 0.1% (0.1% of Total Investments)

1,166,884

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

3.500%)

7.434 05/16/28

1,171,720

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,171,720

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE - 9.7% (5.8% of Total Investments)

$

11,079,943

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

6.672 %

11/06/30

$

11,061,938

3,561,075

(a) Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)

6.422 05/28/32

3,556,339

10,146,775

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

2.500%)

6.172 09/19/31

10,129,322

2,259,700

(a) AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.000%)

5.672 01/30/32

2,258,242

3,011,863

(a),(g)

Asurion LLC, Term Loan B10, (TSFR1M + 4.000%)

7.772 08/21/28

3,019,393

164,617

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

8.022 08/21/28

165,079

5,423,660

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

7.922 09/19/30

5,437,219

13,998,972

(a),(e),(g)

Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)

6.192 06/16/31

13,940,877

250,000

(a),(f)

Evertec Group, LLC, Term Loan B, (TBD)

TBD

TBD

250,729

7,326,743

(a) HUB International Limited, Term Loan B, (TSFR3M + 2.250%)

5.920 06/20/30

7,336,048

488,219

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

5.672 09/15/31

488,931

4,375,011

(a),(g)

Sedgwick Claims Management Services, Inc., Term Loan B,

(TSFR1M + 2.500%)

6.172 07/31/31

4,364,423

2,993,125

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

3.250%)

6.922 06/17/32

2,980,045

6,183,669

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

2.750%)

6.422 05/06/31

6,177,888

1,066,338

(a),(f)

USI, Inc., Term Loan C, (TBD)

TBD

TBD

1,065,405

6,337,823

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

5.922 11/23/29

6,339,154

TOTAL INSURANCE

78,571,032

MATERIALS - 4.7% (2.8% of Total Investments)

706,576

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

6.422 08/19/30

709,007

1,003,069

(a),(g)

Berlin Packaging LLC, Term Loan B7, (TSFR3M + 3.250%)

6.916 06/09/31

1,003,240

3,962,000

(a) BradyPlus Holdings LLC, Term Loan B, (TSFR3M + 3.500%)

7.172 12/29/32

3,945,478

819,155

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

3.175%)

6.847 04/13/29

816,428

7,441,396

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

3.250%)

6.922 04/01/32

7,413,528

203,973

(a) ECO Services Operations Corp, Term Loan B, (TSFR3M +

2.000%)

5.667 06/12/31

204,261

931,672

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

7.172 04/02/32

924,218

1,350,000

(a),(f)

Graham Packaging Co Inc, (TBD)

TBD

TBD

1,350,493

1,668,373

(a),(i)

Klockner Pentaplast of America Inc, (TSFR6M + 4.725%)

0.000 02/09/26

258,598

1,023,382

(a) Klockner-Pentaplast of America, Inc., PIK DIP New Money Term

Loan, (TSFR6M + 3.000%), (cash 6.675%, PIK 3.000%)

6.675 08/07/26

919,335

1,539,700

(a) Klockner-Pentaplast of America, Inc., PIK DIP Roll-Up Term

Loan, (TSFR3M + TSFR6M + 4.500%), (cash 9.675%, PIK

6.000%)

9.675 08/07/26

1,383,158

5,396,925

(a) Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)

7.036 04/03/28

5,403,671

475,358

(a) Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)

6.917 04/03/28

475,581

4,652,000

(a) Qnity Electronics Inc, Term Loan B, (TSFR6M + 2.000%)

5.698 11/01/32

4,679,633

1,720,000

(a) Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +

1.750%)

5.417 10/29/32

1,730,217

780,591

(a),(g)

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

7.172 04/21/31

782,862

5,949,206

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

6.922 03/03/31

5,648,652

46,070

(a),(h)

USALCO, LLC, Delayed Draw Term Loan

.000

09/30/31

46,070

442,690

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

7.172 09/30/31

442,690

TOTAL MATERIALS

38,137,120

MEDIA & ENTERTAINMENT - 6.9% (4.2% of Total Investments)

1,550,348

(a),(g)

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

4.250%)

8.163 10/28/27

1,315,641

2,464,750

(a) Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)

7.797 04/28/28

2,467,831

485,803

(a) Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)

8.735 10/31/28

486,410

6,436,297

(a) Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)

9.047 05/14/29

6,452,387

7,117,153

(a),(f)

Altice France S.A., Term Loan B14, (TBD)

TBD

TBD

7,238,714

2,903,336

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

7.000%)

10.675 01/04/29

2,890,082

2,172,035

(a) Cengage Learning, Inc., Term Loan B, (TSFR1M + TSFR3M +

3.000%)

6.998 03/24/31

2,172,709

250,000

(a),(f)

Century De Buyer LLC, Term Loan B, (TBD)

TBD

TBD

248,500

2,195,548

(a),(f)

Cinemark USA, Inc., Term Loan B, (TBD)

TBD

TBD

2,201,234

Portfolio of Investments January 31, 2026

(continued)

JQC

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEDIA & ENTERTAINMENT

(continued)

$

4,345,965

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

4.000%)

7.786 %

08/23/28

$

4,356,069

1,375,280

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

7.272 06/18/29

1,289,325

5,282,002

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

8.188 12/02/31

5,160,543

2,542,256

(a),(g)

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

8.250 04/15/27

2,275,955

294,642

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

5.750%)

9.540 06/30/28

298,449

844,577

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

3.350%)

7.140 11/30/29

812,905

1,262,000

(a),(f)

Houghton Mifflin Harcourt Co, (TBD)

TBD

TBD

1,135,207

2,230,998

(a),(f)

iHeartCommunications, Inc., Term Loan, (TBD)

TBD

TBD

2,047,554

1,458,730

(a) McGraw-Hill Global Education Holdings, LLC, First Lien Term

Loan B, (TSFR1M + 2.750%)

6.422 08/06/31

1,467,621

2,111,000

(a),(g)

NEP Group, Inc., Term Loan B, (TSFR1M + 4.500%)

8.172 10/17/31

1,940,199

1,953,207

(a) Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)

6.822 02/10/31

1,957,602

2,581,000

(a),(f)

Radiate Holdco LLC, (TBD)

TBD

TBD

2,231,765

2,154,148

(a) Sinclair Television Group Inc., Term Loan B6, (TSFR1M +

3.300%)

7.234 12/31/29

1,868,723

250,000

(a),(f)

Sunrise Financing Partnership, Term Loan AAA, (TBD)

TBD

TBD

249,784

120,000

(a) Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)

7.052 03/31/31

118,162

3,809,710

(a) WideOpenWest Finance LLC, Super Senior 2nd Out Term

Loan, (TSFR3M + 3.000%)

6.929 12/11/28

3,523,982

TOTAL MEDIA & ENTERTAINMENT

56,207,353

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1% (4.2% of Total

Investments)

748,125

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

7.172 08/02/32

751,866

8,453,389

(a),(f)

Bausch Health Companies Inc., Term Loan B, (TBD)

TBD

TBD

8,263,187

3,000,000

(a),(f)

BioMarin Pharmaceutical Inc, (TBD)

TBD

TBD

3,007,500

1,860,000

(a) Genmab AS, Term Loan B, (TSFR3M + 3.000%)

6.733 12/13/32

1,869,133

17,089,000

(a),(f)

HOPPER MERGER SUB INC, (TBD)

TBD

TBD

16,985,441

7,310,593

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

2.250%)

5.922 05/05/28

7,340,018

1,306,742

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

5.922 05/19/31

1,269,173

16,769,658

(a) Parexel International Corporation, Repriced Term Loan B,

(TSFR1M + 2.750%)

6.422 12/12/31

16,790,620

1,136,723

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

5.672 04/20/29

1,137,200

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

57,414,138

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% (0.4% of Total Investments)

2,241,567

(a) Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M

+ 2.500%)

6.172 01/31/30

2,255,577

2,118,750

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

(TSFR1M + 2.750%)

6.422 01/31/30

2,137,300

247,000

(a) Learning Care Group US No 2 Inc, (TSFR1M + 4.000%)

7.699 08/11/28

187,720

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

4,580,597

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% (0.3% of Total

Investments)

4,603,637

(a) Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +

2.750%)

6.411 11/13/31

4,543,214

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

4,543,214

SOFTWARE & SERVICES - 20.8% (12.4% of Total Investments)

2,218,123

(a),(g)

Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.500%)

6.172 02/03/31

2,187,624

2,158,878

(a),(g)

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

9.036 01/22/29

2,161,577

2,940,243

(a) Avalara, Inc, Term Loan, (TSFR3M + 2.750%)

6.422 03/29/32

2,888,789

6,143,925

(a) Avaya, Inc., Exit Term Loan, (TSFR1M + 7.500%), (cash 11.216%,

PIK 7.500%)

11.172 08/01/28

5,660,091

2,437,765

(a) BCPE Pequod Buyer Inc, Term Loan B, (TSFR3M + 2.750%)

6.417 11/25/31

2,431,415

10,742,916

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

6.822 07/30/31

10,366,914

1,255,732

(a) CCC Intelligent Solutions Inc., Term Loan, (TSFR1M + 2.000%)

5.672 01/23/32

1,247,883

250,000

(a) Clearwater Analytics, LLC, Term Loan B, (TSFR1M + 2.000%)

5.673 04/21/32

250,235

649,000

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

3.250%)

6.922 03/24/31

631,153

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOFTWARE & SERVICES

(continued)

$

1,399,288

(a),(g)

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

3.250%)

6.922 %

08/13/32

$

1,361,388

1,973,479

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

2.750%)

6.450 03/29/32

1,831,389

3,570,730

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

6.450 05/01/31

3,314,102

581,141

(a),(c)

Cyxtera DC Holdings, Inc., Term Loan B

0.000 07/16/26

3,196

4,003,545

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

6.898 10/09/31

3,912,625

294,000

(a) Disco Parent, Inc., Term Loan B, (TSFR3M + 3.000%)

6.822 08/06/32

292,897

435,841

(a) Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)

7.922 06/26/31

421,676

7,191,237

(a),(e)

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

2.500%)

6.172 10/09/29

7,126,516

602,401

(a),(f)

EP Purchaser LLC, (TBD)

TBD

TBD

367,465

351,000

(a),(f)

EP Purchaser LLC, (TBD)

TBD

TBD

218,848

9,967,083

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

6.172 05/30/31

9,915,703

2,060,229

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

6.675 06/27/31

2,026,750

2,855,569

(a) Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)

5.422 09/12/29

2,830,583

6,285,291

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

+ 2.500%)

6.172 01/30/32

6,161,565

1,111,614

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

6.417 12/08/31

1,092,161

4,168,500

(a) Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.000%)

6.672 03/22/32

4,026,521

6,978,437

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

6.672 03/01/29

6,202,086

747,538

(a) Mitchell International, Inc., Term Loan, (TSFR1M + 3.000%)

6.672 06/17/31

733,054

6,628,503

(a),(g)

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

5.422 01/31/30

6,541,935

9,031,165

(a),(g)

Peraton Corp., Term Loan B, (TSFR3M + 3.750%)

7.517 02/01/28

8,359,472

1,570,000

(a) Ping Identity Corporation, Term Loan, (TSFR3M + 2.750%)

6.625 11/15/32

1,560,187

1,488,769

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

2.750%)

6.422 11/03/31

1,483,186

4,085,443

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

3.000%)

6.672 04/30/31

4,091,101

4,405,807

(a) Proofpoint, Inc., Repriced Term Loan, (TSFR3M + 3.000%)

6.916 08/31/28

4,382,412

3,466,849

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

(TSFR1M + 6.250%)

10.045 05/15/28

3,437,329

6,514,324

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

(TSFR1M + 2.750%)

6.545 05/15/28

1,800,396

965,203

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

7.422 11/28/28

925,089

2,801,790

(a) SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)

5.672 05/09/31

2,804,970

1,702,711

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

.572

10/03/31

1,677,170

4,820,561

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

1.750%)

5.422 08/31/28

4,437,592

14,898,732

(a),(e)

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

6.167 02/10/31

14,560,382

2,704,114

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

4.000%)

7.928 04/24/28

2,300,863

676,617

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

5.917 04/14/31

671,119

1,312,150

(a) World Wide Technology Holding Co. LLC, Repriced Term Loan

B, (TSFR1M + 2.000%)

5.672 03/01/30

1,318,711

5,666,000

(f) X Corp, (TBD)

TBD

TBD

5,874,226

18,068,963

(a),(e),(g)

X Corp., Term Loan, (TSFR3M + 6.500%)

10.417 10/29/29

18,067,065

4,874,207

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

6.422 09/28/29

4,762,100

TOTAL SOFTWARE & SERVICES

168,719,511

TECHNOLOGY HARDWARE & EQUIPMENT - 1.7% (1.0% of Total Investments)

1,181,030

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

6.421 11/30/29

1,153,612

1,298,871

(a) Ingram Micro Inc., Term Loan, (TSFR1M + 2.250%)

5.923 09/22/31

1,304,561

850,000

(a) Spectris Plc, Term Loan, (TSFR3M + 2.750%)

6.490 12/06/32

852,660

5,202,521

(a) Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)

9.178 08/21/28

4,825,338

285,779

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

8.286 03/05/29

285,735

5,583,162

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

8.286 05/30/30

5,572,108

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

13,994,014

TELECOMMUNICATION SERVICES - 6.0% (3.6% of Total Investments)

249,370

(a),(f)

Cablevision Lightpath LLC, (TBD)

TBD

TBD

249,449

1,406,368

(a) Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)

5.922 11/24/28

1,404,174

1,690,098

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

8.172 09/28/29

1,687,986

Portfolio of Investments January 31, 2026

(continued)

JQC

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION SERVICES

(continued)

$

7,757,483

(a),(g)

Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +

TSFR3M + 4.250%)

7.942 %

04/03/31

$

7,112,099

3,717,000

(a) Digicel International Finance Limited, Term Loan B, (TSFR3M +

5.250%)

9.023 08/09/32

3,735,585

1,418,000

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

5.922 09/20/30

1,349,128

2,328,000

(a),(g)

Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M +

3.250%)

6.922 03/29/32

2,334,402

2,560,441

(a),(g)

Lumen Technologies, Inc., Extended Term Loan B1, (TSFR1M +

2.350%)

6.136 04/16/29

2,558,047

3,656,955

(a),(f)

Lumen Technologies, Inc., Extended Term Loan B2, (TBD)

TBD

TBD

3,653,535

4,509,052

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

9.716 06/01/28

4,534,415

4,826,000

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

6.834 12/07/26

3,836,670

2,909,000

(a) Windstream Services LLC, Term Loan B, (TSFR1M + 4.000%)

7.672 10/06/32

2,916,272

14,170,058

(a),(g)

Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 1.750%)

3.643 03/11/30

13,663,266

TOTAL TELECOMMUNICATION SERVICES

49,035,028

TRANSPORTATION - 2.2% (1.3% of Total Investments)

505,988

(a) Air Canada, Term Loan B, (TSFR3M + 1.750%)

5.417 03/21/31

506,873

2,762,480

(a),(g)

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

5.918 04/20/28

2,768,239

4,651,083

(a),(g)

Brown Group Holding, LLC, Incremental Term Loan B2,

(TSFR1M + TSFR3M + 2.500%)

.208

07/01/31

4,657,874

2,143,528

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

6.172 07/01/31

2,149,423

2,917,367

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

6.172 09/23/31

2,922,502

1,861,606

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

6.786 03/31/28

1,852,298

1,500,000

(a) Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)

5.917 04/09/32

1,500,315

1,660,074

(a) WestJet Loyalty LP, Term Loan B, (TSFR3M + 2.750%)

6.422 02/14/31

1,653,326

TOTAL TRANSPORTATION

18,010,850

UTILITIES - 2.9% (1.8% of Total Investments)

2,461,658

(a),(f)

Cornerstone Generation LLC, (TBD)

TBD

TBD

2,483,714

250,000

(a),(f)

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

TBD

TBD

251,651

1,297,471

(a) Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +

2.750%)

6.410 05/06/32

1,313,417

81,875

(a) Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +

2.750%)

6.410 05/06/32

82,881

1,492,405

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

5.522 04/16/31

1,495,949

6,430,050

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

+ 2.500%)

6.353 12/15/31

6,443,135

7,490,773

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

6.353 05/17/30

7,504,145

3,691,000

(a) Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.000%)

5.672 11/26/32

3,696,536

297,112

(a),(e)

Vistra Operations Company LLC, First Lien Term Loan B3,

(TSFR1M + 1.750%)

5.422 12/20/30

297,925

TOTAL UTILITIES

23,569,353

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $1,000,528,691)

994,438,155

SHARES

DESCRIPTION

VALUE

WARRANTS - 0.0% (0.0% of Total Investments)

MEDIA & ENTERTAINMENT - 0.0% (0.0% of Total Investments)

4,644

(c) Tenerity Inc

TOTAL MEDIA & ENTERTAINMENT

TOTAL WARRANTS

(Cost $1,087,698)

TOTAL LONG-TERM INVESTMENTS

(Cost $1,288,075,021)

1,274,388,222

See Notes to Financial Statements

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

SHARES

DESCRIPTION

RATE

VALUE

SHORT-TERM INVESTMENTS - 10.2%(6.1% of Total Investments)

INVESTMENT COMPANIES - 10.2% (6.1% of Total Investments)

–

82,579,358

BlackRock Liquidity Funds T-Fund

4.517(j)

$

82,579,358

TOTAL INVESTMENT COMPANIES

(Cost $82,579,358)

82,579,358

TOTAL SHORT-TERM INVESTMENTS

(Cost $82,579,358)

82,579,358

TOTAL INVESTMENTS - 167.0%

(Cost $1,370,654,379)

1,356,967,580

BORROWINGS - (26.0)% (k),(l)

(211,600,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (17.5)%(m)

(142,553,090)

TFP SHARES, NET - (17.2)%(n)

(139,364,423)

OTHER ASSETS & LIABILITIES, NET - (6.3)%

(50,996,911)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

812,453,156

ETF

Exchange-Traded Fund

PIK

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

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

issuer as of the end of the reporting period.

SOFR30A

30 Day Average Secured Overnight Financing Rate

SOFR90A

90 Day Average Secured Overnight Financing Rate

TBD

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

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

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

final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

TSFR6M

CME Term Secured Overnight Financing Rate 6 Month

(a) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $213,123,373 or 15.7% of Total Investments.

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

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

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $205,081,146 have been pledged as

collateral for reverse repurchase agreements.

(f) When-issued or delayed delivery security.

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

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

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

bankruptcy.

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

(k) Borrowings as a percentage of Total Investments is 15.6%.

(l) The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific

investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

(m) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 10.5%.

(n) TFP Shares, Net as a percentage of Total Investments is 10.3%.

Portfolio of Investments January 31, 2026

JPC

See Notes to Financial Statements

(Unaudited)

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 157.1% (99.6% of Total Investments)

2,940

COMMON STOCKS - 0.0% (0.0% of Total Investments)

2,940

MATERIALS - 0.0% (0.0% of Total Investments)

LyondellBasell Industries NV, Class A

$

2,940

TOTAL MATERIALS

2,940

TOTAL COMMON STOCKS

(Cost $0)

2,940

SHARES

DESCRIPTION

RATE

VALUE

22032442

CONVERTIBLE PREFERRED SECURITIES - 0.7% (0.4% of Total Investments)

22032442

BANKS - 0.7% (0.4% of Total Investments)

5,849

Bank of America Corp

7.250 %

7,287,854

11,949

Wells Fargo & Co

7.500 14,744,588

TOTAL BANKS

22,032,442

TOTAL CONVERTIBLE PREFERRED SECURITIES

(Cost $24,885,224)

22,032,442

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

4237279689

CORPORATE BONDS - 141.1% (89.5% of Total Investments) (a)

4237279689

AUTOMOBILES & COMPONENTS - 0.8% (0.5% of Total Investments)

$

16,352,000

(b),(c)

General Motors Financial Co Inc

5.750 N/A

16,258,174

8,914,000

(b),(c)

General Motors Financial Co Inc

5.700 N/A

8,957,626

TOTAL AUTOMOBILES & COMPONENTS

25,215,800

BANKS - 82.5% (52.3% of Total Investments)

5,445,000

(b),(d),(e)

Australia & New Zealand Banking Group Ltd/United Kingdom

6.750 N/A

5,488,462

37,869,000

(b),(e)

Banco Bilbao Vizcaya Argentaria SA

9.375 N/A

42,369,011

20,330,000

(b),(e),(f)

Banco Bilbao Vizcaya Argentaria SA

6.125 N/A

20,575,119

13,800,000

(b),(e),(f)

Banco Bilbao Vizcaya Argentaria SA

7.750 N/A

14,845,736

26,519,800

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

8.750 N/A

28,697,924

6,440,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

7.500 N/A

6,656,068

3,120,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

7.625 N/A

3,210,386

49,600,000

(b),(e)

Banco Santander SA

9.625 N/A

59,861,149

61,000,000

(b),(e)

Banco Santander SA

8.000 N/A

67,247,437

6,800,000

(b),(c)

Bank of America Corp

6.300 N/A

6,818,401

47,134,000

(b),(c)

Bank of America Corp

6.125 N/A

47,738,399

44,725,000

(b),(c)

Bank of America Corp

6.625 N/A

46,469,991

22,872,000

(b),(c)

Bank of America Corp

6.250 N/A

23,280,282

11,420,000

(b),(c)

Bank of America Corp

4.375 N/A

11,361,278

24,483,000

(c) Bank of Montreal

7.300 11/26/84

26,119,493

21,308,000

(c) Bank of Montreal

6.875 11/26/85

21,938,759

8,880,000

(c) Bank of Montreal

7.700 05/26/84

9,442,699

10,550,000

(c),(f)

Bank of Nova Scotia/The

8.625 10/27/82

11,172,503

15,800,000

(c) Bank of Nova Scotia/The

6.875 10/27/85

16,223,566

10,625,000

(c),(f)

Bank of Nova Scotia/The

8.000 01/27/84

11,376,070

30,508,000

(b),(e)

Barclays PLC

8.000 N/A

32,614,394

82,251,000

(b),(e),(f)

Barclays PLC

9.625 N/A

93,540,197

11,522,000

(b),(e)

Barclays PLC

7.625 N/A

12,418,181

12,749,000

(b),(d),(e)

BNP Paribas SA

7.375 N/A

13,465,787

56,473,000

(b),(d),(e),(f)

BNP Paribas SA

8.000 N/A

61,522,307

37,327,000

(b),(d),(e)

BNP Paribas SA

8.500 N/A

39,969,528

30,155,000

(b),(d),(e),(f)

BNP Paribas SA

9.250 N/A

32,207,952

42,151,000

(b),(d),(e)

BNP Paribas SA

7.750 N/A

44,769,125

16,286,000

(b),(d),(e)

BNP Paribas SA

7.450 N/A

17,177,431

10,329,000

(c) Canadian Imperial Bank of Commerce

6.500 07/28/86

10,358,269

19,585,000

(c) Canadian Imperial Bank of Commerce

7.000 10/28/85

20,348,502

21,630,000

(c) Canadian Imperial Bank of Commerce

6.950 01/28/85

22,315,152

13,084,000

(b),(c)

Citigroup Inc

6.875 N/A

13,366,042

21,433,000

(b),(c)

Citigroup Inc

6.250 N/A

21,559,626

11,606,000

(b),(c)

Citigroup Inc

7.375 N/A

12,017,754

44,617,000

(b),(c),(g)

Citigroup Inc

7.625 N/A

46,782,932

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS

(continued)

$

38,257,000

(b),(c),(g)

Citigroup Inc

7.125 %

N/A

$

39,595,153

18,072,000

(b),(c),(f)

Citigroup Inc

7.000 N/A

18,922,078

10,825,000

(b),(c)

Citigroup Inc

6.625 N/A

11,022,817

12,700,000

(b),(c)

Citigroup Inc

6.950 N/A

13,082,626

6,409,000

(b),(c),(h)

Citizens Financial Group Inc (TSFR3M + 3.419%)

7.068 N/A

6,378,177

7,000,000

(b),(c),(h)

Citizens Financial Group Inc (TSFR3M + 3.265%)

6.914 N/A

6,998,530

44,807,000

(b),(d),(e),(f)

Credit Agricole SA

7.125 N/A

46,850,423

39,041,000

(b),(d),(e),(g)

Credit Agricole SA

6.700 N/A

39,924,264

16,531,000

(b),(c),(h)

Fifth Third Bancorp (TSFR3M + 3.295%)

6.967 N/A

16,579,618

20,549,000

(b),(c),(f),(h)

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

7.957 N/A

21,000,749

12,521,000

(b),(c)

First Citizens BancShares Inc/NC

7.000 N/A

12,802,046

67,864,000

(b),(e),(f),(g)

HSBC Holdings PLC

6.950 N/A

71,456,692

37,770,000

(b),(e),(g)

HSBC Holdings PLC

8.000 N/A

39,748,619

12,363,000

(b),(e)

HSBC Holdings PLC

6.500 N/A

12,641,044

13,942,000

(b),(e)

HSBC Holdings PLC

6.950 N/A

14,508,951

22,328,000

(b),(e),(g)

HSBC Holdings PLC

6.875 N/A

23,068,196

23,540,000

(b),(c)

Huntington Bancshares Inc/OH

5.625 N/A

23,927,776

21,012,000

(b),(c)

Huntington Bancshares Inc/OH

6.250 N/A

21,008,340

55,681,000

(b),(e),(f)

ING Groep NV

7.000 N/A

58,260,422

47,335,000

(b),(e)

ING Groep NV, Reg S

7.500 N/A

49,400,560

3,600,000

(c),(f)

JPMorgan Chase & Co

8.750 09/01/30

4,233,158

33,300,000

(b),(c),(g)

JPMorgan Chase & Co

6.500 N/A

34,649,351

13,830,000

(b),(c)

JPMorgan Chase & Co

3.650 N/A

13,817,976

67,326,000

(b),(c),(g)

JPMorgan Chase & Co

6.875 N/A

71,026,102

8,000,000

(c),(f)

KeyCorp Capital III

7.750 07/15/29

8,562,480

53,461,000

(b),(e),(g)

Lloyds Banking Group PLC

8.000 N/A

58,032,129

25,437,000

(b),(e)

Lloyds Banking Group PLC

6.750 N/A

26,458,957

2,395,000

(b),(c)

M&T Bank Corp

5.125 N/A

2,391,216

5,960,000

(b),(c)

M&T Bank Corp

3.500 N/A

5,853,727

10,555,000

(b),(d),(e)

Macquarie Bank Ltd/London

6.125 N/A

10,707,731

70,914,000

(b),(e),(f),(g)

NatWest Group PLC

8.125 N/A

80,150,549

26,710,000

(b),(e)

NatWest Group PLC

7.300 N/A

28,353,146

9,865,000

(b),(d),(e)

Nordea Bank Abp

6.300 N/A

10,085,868

23,618,000

(b),(d),(e)

Nordea Bank Abp

6.750 N/A

24,265,676

39,650,000

(b),(c),(g)

PNC Financial Services Group Inc/The

6.250 N/A

40,951,947

19,180,000

(b),(c)

PNC Financial Services Group Inc/The

6.200 N/A

19,472,975

9,520,000

(b),(c)

PNC Financial Services Group Inc/The

3.400 N/A

9,372,883

7,265,000

(b),(c)

PNC Financial Services Group Inc/The

6.000 N/A

7,311,627

21,448,000

(c) Royal Bank of Canada

6.750 08/24/85

22,179,870

20,754,000

(c) Royal Bank of Canada

6.500 05/24/86

20,739,206

36,067,000

(b),(d),(e)

Societe Generale SA

9.375 N/A

38,523,126

9,850,000

(b),(d),(e)

Societe Generale SA

8.500 N/A

10,944,288

31,029,000

(b),(d),(e)

Societe Generale SA

7.125 N/A

30,933,611

41,677,000

(b),(d),(e)

Societe Generale SA

10.000 N/A

46,384,501

24,100,000

(b),(c),(d)

Standard Chartered PLC

7.014 N/A

25,511,609

10,725,000

(b),(d),(e),(g)

Standard Chartered PLC

7.750 N/A

11,169,305

17,919,000

(c) Toronto-Dominion Bank/The

6.350 10/31/85

18,210,417

34,690,000

(c) Toronto-Dominion Bank/The

8.125 10/31/82

36,344,678

73,333,000

(b),(c),(g)

Truist Financial Corp

6.669 N/A

73,451,506

8,007,000

(b),(c),(g)

Truist Financial Corp

5.100 N/A

8,059,029

33,839,000

(b),(c),(f)

Wells Fargo & Co

3.900 N/A

33,801,503

32,797,000

(b),(c),(g)

Wells Fargo & Co

7.625 N/A

34,930,248

26,000,000

(c),(f)

Wells Fargo & Co

7.950 11/15/29

29,198,032

56,669,000

(b),(c),(f),(g)

Wells Fargo & Co

6.850 N/A

59,266,963

TOTAL BANKS

2,477,848,383

CAPITAL GOODS - 1.5% (1.0% of Total Investments)

8,660,000

(b),(c)

Air Lease Corp

4.650 N/A

8,617,230

5,325,000

(b),(c)

Air Lease Corp

4.125 N/A

5,275,426

18,086,000

(b),(c)

Air Lease Corp

6.000 N/A

17,410,273

1,960,000

(c),(d)

ILFC E-Capital Trust I

6.270 12/21/65

1,687,140

15,131,000

(c),(d)

ILFC E-Capital Trust II

6.600 12/21/65

13,268,222

TOTAL CAPITAL GOODS

46,258,291

Portfolio of Investments January 31, 2026

(continued)

JPC

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY - 8.1% (5.1% of Total Investments)

$

4,043,000

(c) Enbridge Inc

5.500 %

07/15/77

$

4,041,051

14,823,000

(c) Enbridge Inc

5.750 07/15/80

15,003,707

19,015,000

(c) Enbridge Inc

7.625 01/15/83

20,743,350

1,900,000

(c) Enbridge Inc

8.250 01/15/84

2,030,923

48,218,000

(c) Enbridge Inc

8.500 01/15/84

55,177,159

2,986,000

(b),(c)

Energy Transfer LP

6.625 N/A

3,021,136

40,246,000

(b),(c)

Energy Transfer LP

7.125 N/A

41,569,409

4,564,000

(b),(c)

Energy Transfer LP

6.500 N/A

4,585,086

5,485,000

(c),(f)

Energy Transfer LP

8.000 05/15/54

5,861,222

21,310,000

(c) Energy Transfer LP

6.750 02/15/56

21,461,898

8,263,000

(c) South Bow Canadian Infrastructure Holdings Ltd

7.500 03/01/55

8,734,793

15,985,000

(b),(c),(d)

Sunoco LP

7.875 N/A

16,465,030

4,145,000

(c),(f)

Transcanada Trust

5.875 08/15/76

4,154,844

17,785,000

(c) Transcanada Trust

5.600 03/07/82

17,705,442

24,210,000

(b),(c),(d)

Venture Global LNG Inc

9.000 N/A

21,298,100

TOTAL ENERGY

241,853,150

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5% (0.3% of Total

Investments)

16,100,000

(c),(d),(f)

Scentre Group Trust 2

5.125 09/24/80

16,206,952

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

16,206,952

FINANCIAL SERVICES - 20.4% (12.9% of Total Investments)

23,817,000

(c),(f)

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.950 03/10/55

24,933,063

20,900,000

(c),(f)

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.500 01/31/56

21,492,222

12,285,000

(b),(c)

Ally Financial Inc

4.700 N/A

12,210,247

15,739,000

(b),(c),(f)

Ally Financial Inc

4.700 N/A

15,085,979

10,060,000

(b),(c),(d)

American AgCredit Corp

5.250 N/A

9,909,100

5,440,000

(b),(c),(d)

Capital Farm Credit ACA

5.000 N/A

5,419,600

2,410,000

(b),(c)

Capital One Financial Corp

5.500 N/A

2,418,360

17,115,000

(b),(c),(f)

Capital One Financial Corp

3.950 N/A

16,988,436

41,640,000

(b),(c),(g)

Charles Schwab Corp/The

4.000 N/A

41,474,048

2,400,000

(b),(c),(d)

Compeer Financial ACA

4.875 N/A

2,355,120

15,890,000

(b),(c),(d)

Compeer Financial ACA

7.875 N/A

16,346,838

3,989,000

(c),(f)

Corebridge Financial Inc

6.875 12/15/52

4,096,858

12,473,000

(b),(c)

Corebridge Financial Inc

6.875 N/A

12,959,048

27,270,000

(i) Credit Suisse Group AG

0.000 01/17/72

9,271,800

19,307,000

(i) Credit Suisse Group AG

7.500 06/11/72

6,564,380

11,045,000

(i) Credit Suisse Group AG

6.380 02/21/72

3,755,300

19,725,000

(i) Credit Suisse Group AG

7.250 03/12/72

6,706,500

12,740,000

(i) Credit Suisse Group AG

7.500 01/17/72

4,331,600

36,400,000

(b),(e)

Deutsche Bank AG, Reg S

8.130 N/A

39,218,707

33,976,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

35,866,459

3,347,000

(b),(c)

Goldman Sachs Group Inc/The

5.300 N/A

3,352,723

26,003,000

(b),(c),(g)

Goldman Sachs Group Inc/The

6.850 N/A

27,099,500

27,992,000

(b),(c)

Goldman Sachs Group Inc/The

6.125 N/A

28,520,277

35,550,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

37,602,753

10,200,000

(b),(e)

Julius Baer Group Ltd, Reg S

7.500 N/A

10,673,739

10,116,000

(b),(e)

Nomura Holdings Inc

7.000 N/A

10,509,654

18,445,000

(b),(c)

State Street Corp

6.700 N/A

19,132,224

7,781,000

(b),(d),(e)

UBS Group AG

7.000 N/A

7,908,251

53,767,000

(b),(d),(e),(g)

UBS Group AG

9.250 N/A

62,884,789

35,350,000

(b),(d),(e)

UBS Group AG

9.250 N/A

38,594,474

41,104,000

(b),(d),(e)

UBS Group AG

7.750 N/A

44,075,860

29,627,000

(b),(c)

Voya Financial Inc

7.758 N/A

31,260,692

TOTAL FINANCIAL SERVICES

613,018,601

FOOD, BEVERAGE & TOBACCO - 2.4% (1.5% of Total Investments)

12,605,000

(b),(c),(d)

Dairy Farmers of America Inc

7.125 N/A

12,636,512

30,110,000

(b),(c),(d)

Land O' Lakes Inc

8.000 N/A

30,108,594

16,840,000

(b),(c),(d)

Land O' Lakes Inc

7.250 N/A

15,408,134

15,283,000

(b),(c),(d)

Land O' Lakes Inc

7.000 N/A

13,640,078

TOTAL FOOD, BEVERAGE & TOBACCO

71,793,318

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE EQUIPMENT & SERVICES - 0.4% (0.3% of Total Investments)

$

7,397,000

(c),(f)

CVS Health Corp

6.750 %

12/10/54

$

7,689,833

4,200,000

(c),(f)

CVS Health Corp

7.000 03/10/55

4,395,913

TOTAL HEALTH CARE EQUIPMENT & SERVICES

12,085,746

INSURANCE - 13.2% (8.4% of Total Investments)

16,663,000

(c) American National Group Inc

7.000 12/01/55

16,828,130

20,974,000

(c),(f)

Assurant Inc

7.000 03/27/48

21,595,182

19,509,000

(c),(d)

Assured Guaranty Municipal Holdings Inc

6.400 12/15/66

18,287,018

4,395,000

(c),(f)

AXIS Specialty Finance LLC

4.900 01/15/40

4,241,863

21,454,000

(c),(f)

Corebridge Financial Inc

6.375 09/15/54

21,918,600

15,713,000

(c),(f)

Enstar Finance LLC

5.500 01/15/42

15,609,151

9,348,000

(c),(d),(f)

Enstar Group Ltd

7.500 04/01/45

9,733,035

2,670,000

(c),(d)

Fidelis Insurance Holdings Ltd

6.625 04/01/41

2,664,836

19,860,000

(c),(d),(f)

Liberty Mutual Group Inc

7.800 03/15/37

22,769,874

6,150,000

(c),(d),(f)

Liberty Mutual Insurance Co

7.697 10/15/97

6,786,480

20,900,000

(c),(d),(f)

MetLife Capital Trust IV

7.875 12/15/37

23,131,786

10,425,000

(c),(f)

MetLife Inc

6.350 03/15/55

10,948,981

46,259,000

(c),(d),(f)

MetLife Inc

9.250 04/08/38

55,487,948

5,165,000

(c) MetLife Inc

10.750 08/01/39

6,885,823

31,538,000

(c),(f)

Nationwide Financial Services Inc

6.750 05/15/37

31,591,463

20,525,000

(d) Omnis Funding Trust

6.722 05/15/55

21,565,417

14,520,000

(c) PartnerRe Finance B LLC

4.500 10/01/50

13,717,561

13,209,000

(b),(e)

Phoenix Group Holdings PLC, Reg S

8.500 N/A

14,330,444

8,238,000

(c) Provident Financing Trust I

7.405 03/15/38

8,899,440

8,462,000

(c),(f)

Prudential Financial Inc

6.500 03/15/54

8,908,912

3,000,000

(c),(g)

Prudential Financial Inc

6.000 09/01/52

3,097,059

4,295,000

(c),(g)

Prudential Financial Inc

5.125 03/01/52

4,242,057

5,000,000

(c) QBE Insurance Group Ltd, Reg S

5.875 06/17/46

5,020,873

2,000,000

(c) Reinsurance Group of America Inc

6.650 09/15/55

2,064,674

16,412,000

(b),(c)

RLGH Finance Bermuda Ltd, Reg S

6.875 N/A

16,723,413

16,670,000

(b),(c),(d)

SBL Holdings Inc

9.508 N/A

16,839,621

12,135,000

(b),(c),(d),(g)

SBL Holdings Inc

6.500 N/A

11,616,312

TOTAL INSURANCE

395,505,953

MATERIALS - 0.9% (0.6% of Total Investments)

14,568,000

(b),(c),(d)

Cemex SAB de CV

7.200 N/A

15,274,548

13,950,000

(c) FMC Corp

8.450 11/01/55

11,188,306

TOTAL MATERIALS

26,462,854

MEDIA & ENTERTAINMENT - 0.3% (0.2% of Total Investments)

7,694,000

(b),(c),(d)

Farm Credit Bank of Texas

7.750 N/A

8,037,283

TOTAL MEDIA & ENTERTAINMENT

8,037,283

TELECOMMUNICATION SERVICES - 2.4% (1.5% of Total Investments)

14,146,000

(c),(f)

Bell Telephone Co of Canada or Bell Canada

7.000 09/15/55

14,836,749

16,931,000

(c),(f)

Rogers Communications Inc

7.125 04/15/55

17,754,646

11,859,000

(c),(f)

TELUS Corp

7.000 10/15/55

12,402,578

25,700,000

(c),(f)

Vodafone Group PLC

7.000 04/04/79

27,100,162

TOTAL TELECOMMUNICATION SERVICES

72,094,135

UTILITIES - 7.7% (4.9% of Total Investments)

5,975,000

(c),(d),(f)

AES Andes SA

8.150 06/10/55

6,350,890

10,231,000

(c),(f)

AES Corp/The

7.600 01/15/55

10,373,559

14,881,000

(c),(f)

AES Corp/The

6.950 07/15/55

14,547,396

6,779,000

(c),(d),(f)

AltaGas Ltd

7.200 10/15/54

7,050,438

15,754,000

(c),(f)

CMS Energy Corp

6.500 06/01/55

16,271,582

7,058,000

(c),(f)

Dominion Energy Inc

7.000 06/01/54

7,632,253

5,393,000

(c) Dominion Energy Inc

6.625 05/15/55

5,544,732

7,824,000

(c),(f)

Duke Energy Corp

6.450 09/01/54

8,185,731

7,165,000

(c),(f)

Edison International

8.125 06/15/53

7,414,917

4,560,000

(c) Edison International

7.875 06/15/54

4,749,450

21,856,000

(c),(f)

Emera Inc

6.750 06/15/76

22,005,298

17,941,000

(c),(f)

Entergy Corp

7.125 12/01/54

18,782,935

11,083,000

(c),(f)

EUSHI Finance Inc

7.625 12/15/54

11,656,955

15,131,000

(c),(f)

NextEra Energy Capital Holdings Inc

6.750 06/15/54

16,077,096

7,074,000

(c),(f)

PG&E Corp

7.375 03/15/55

7,300,715

Portfolio of Investments January 31, 2026

(continued)

JPC

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

8,261,000

(c),(g)

Sempra

4.125 %

04/01/52

$

8,184,400

13,818,000

(c),(f)

Sempra

6.550 04/01/55

14,065,230

9,475,000

(c),(f)

Sempra

6.375 04/01/56

9,693,380

13,860,000

(b),(c),(d),(g)

Vistra Corp

8.000 N/A

14,115,537

1,840,000

(b),(c),(d)

Vistra Corp

7.000 N/A

1,867,828

17,331,000

(b),(c),(d)

Vistra Corp

8.875 N/A

19,028,901

TOTAL UTILITIES

230,899,223

TOTAL CORPORATE BONDS

(Cost $4,106,428,755)

4,237,279,689

SHARES

DESCRIPTION

RATE

VALUE

382724015

PREFERRED STOCK - 12.8% (8.1% of Total Investments)

382724015

BANKS - 2.5% (1.6% of Total Investments)

357,589

Fifth Third Bancorp

7.973 9,154,278

871,568

KeyCorp

6.125 21,937,367

794,684

KeyCorp

6.200 20,121,399

191,550

KeyCorp

5.625 4,200,692

192,036

KeyCorp

5.650 4,213,270

35,902

Pinnacle Financial Partners, Inc

8.397 933,093

574,902

Regions Financial Corp

5.700 14,205,828

TOTAL BANKS

74,765,927

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2% (0.1% of Total

Investments)

85,181

ProLogis, Inc

8.540 4,510,334

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

4,510,334

FINANCIAL SERVICES - 4.5% (2.8% of Total Investments)

644,550

Bank of New York Mellon Corp

6.150 16,603,608

161,670

Capital One Financial Corp

5.000 3,183,282

418,308

Equitable Holdings, Inc

5.250 8,759,369

102,771

Equitable Holdings, Inc

4.300 1,712,165

170,085

Morgan Stanley

6.375 4,298,048

682,721

Morgan Stanley

7.125 17,436,694

909,676

Morgan Stanley

5.850 22,396,223

856,975

Morgan Stanley

6.625 22,469,885

95,400

Morgan Stanley

6.500 2,428,884

821,980

Morgan Stanley

6.875 20,754,995

165,064

Synchrony Financial

5.625 3,245,158

594,637

Voya Financial, Inc

5.350 14,497,250

TOTAL FINANCIAL SERVICES

137,785,561

FOOD, BEVERAGE & TOBACCO - 1.4% (0.9% of Total Investments)

179,570

CHS, Inc

7.875 4,702,938

653,626

CHS, Inc

7.100 16,634,782

770,646

CHS, Inc

6.750 19,327,802

TOTAL FOOD, BEVERAGE & TOBACCO

40,665,522

INSURANCE - 3.6% (2.3% of Total Investments)

484,425

American National Group, Inc

7.375 12,139,690

186,080

Aspen Insurance Holdings Ltd

5.625 3,695,549

353,675

Aspen Insurance Holdings Ltd

7.125 8,725,162

141,786

Assurant, Inc

5.250 2,920,792

206,658

Athene Holding Ltd

7.750 5,344,176

965,505

Athene Holding Ltd

6.350 23,925,214

80,000

Axis Capital Holdings Ltd

5.500 1,623,200

63,400

Delphi Financial Group, Inc

7.303 1,559,640

1,152,441

Enstar Group Ltd

7.000 27,543,340

416,243

Reinsurance Group of America, Inc

5.750 10,414,400

271,619

Reinsurance Group of America, Inc

7.125 6,912,703

131,736

Selective Insurance Group, Inc

4.600 2,242,147

TOTAL INSURANCE

107,046,013

TELECOMMUNICATION SERVICES - 0.5% (0.3% of Total Investments)

735,814

(f) AT&T, Inc

4.750 14,201,210

TOTAL TELECOMMUNICATION SERVICES

14,201,210

See Notes to Financial Statements

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

SHARES

DESCRIPTION

RATE

VALUE

UTILITIES - 0.1% (0.1% of Total Investments)

154,489

NextEra Energy Capital Holdings, Inc

5.650 %

$

3,749,448

TOTAL UTILITIES

3,749,448

TOTAL PREFERRED STOCK

(Cost $390,792,782)

382,724,015

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

74378120

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.5% (1.6% of Total Investments)

74378120

$

15,688,000

(b) CoBank ACB

6.250 N/A

15,780,496

14,700,000

(b),(f)

CoBank ACB

6.450 N/A

14,814,925

8,500,000

(b) CoBank ACB

7.250 N/A

8,694,709

17,078,000

(b) CoBank ACB

7.125 N/A

17,661,846

6,450,000

(b),(d)

Farm Credit Bank of Texas

6.200 N/A

6,433,875

10,567,000

(b) Farm Credit Bank of Texas

7.000 N/A

10,992,269

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $73,238,161)

74,378,120

TOTAL LONG-TERM INVESTMENTS

(Cost $4,595,344,922)

4,716,417,206

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.6%(0.4% of Total Investments)

17868855

REPURCHASE AGREEMENTS - 0.6% (0.4% of Total Investments)

17868855

16,525,000

(j) Fixed Income Clearing Corporation

3.630 02/02/26

16,525,000

1,343,855

(k) Fixed Income Clearing Corporation

1.060 02/02/26

1,343,855

TOTAL REPURCHASE AGREEMENTS

(Cost $17,868,855)

17,868,855

TOTAL SHORT-TERM INVESTMENTS

(Cost $17,868,855)

17,868,855

TOTAL INVESTMENTS - 157.7%

(Cost $4,613,213,777)

4,734,286,061

BORROWINGS - (27.9)% (l),(m)

(837,000,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (17.1)%(n)

(513,977,495)

TFP SHARES, NET - (14.0)%(o)

(418,824,025)

OTHER ASSETS & LIABILITIES, NET - 1.3%

37,559,084

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

3,002,043,625

Reg S

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

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

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

made outside the United States.

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

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

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

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

55.5% of Total Investments.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $1,143,719,793 or 24.2% of Total Investments.

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

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

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

the end of the reporting period, the Fund's total investment in CoCos was 32.9% of Total Investments.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $1,031,568,523 have been pledged as

collateral for reverse repurchase agreements.

(g) Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the fiscal period

was $668,614,861.

(h) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

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

Portfolio of Investments January 31, 2026

(continued)

JPC

See Notes to Financial Statements

Investments in Derivatives

(j) Agreement with Fixed Income Clearing Corporation, 3.630% dated 1/30/26 to be repurchased at $16,529,999 on 2/2/26,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 11/15/55, valued at $16,855,571.

(k) Agreement with Fixed Income Clearing Corporation, 1.060% dated 1/30/26 to be repurchased at $1,343,974 on 2/2/26,

collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 7/15/27, valued at $1,370,748.

(l) Borrowings as a percentage of Total Investments is 17.7%.

(m) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for

specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the

reporting period, investments with a value of $1,750,032,450 have been pledged as collateral for borrowings.

(n) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 10.9%.

(o) TFP Shares, Net as a percentage of Total Investments is 8.8%.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury 10-Year Note

1,418

3/26

$

160,369,745

$

158,572,281

$

(1,797,464)

U.S. Treasury Ultra Bond

3/26

16,080,281

15,736,625

(343,656)

Total

$176,450,026

$174,308,906

$(2,141,120)

Interest Rate Swaps - OTC Uncleared

Counterparty

Fund

Pay/Receive

Floating Rate

Floating Rate

Index

Fixed Rate

(Annualized)

Fixed Rate

Payment

Frequency

Effective

Date(a)

Optional

Termination

Date

Maturity

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Morgan Stanley

Capital Services,

LLC

Receive

SOFR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

$

90,000,000

$

604,235

$

604,235

Morgan Stanley

Capital Services,

LLC

Receive

SOFR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

48,000,000

322,258

322,258

Total

$

926,493

SOFR

Secured Overnight Financing Rate

(a) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.

Portfolio of Investments January 31, 2026

NPFD

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 154.2% (99.5% of Total Investments)

677932772

CORPORATE BONDS - 138.5% (89.4% of Total Investments) (a)

677932772

AUTOMOBILES & COMPONENTS - 2.8% (1.8% of Total Investments)

$

10,476,000

(b),(c)

General Motors Financial Co Inc

.750

%

N/A

$

10,415,890

3,195,000

(b),(c)

General Motors Financial Co Inc

.700

N/A

3,210,637

TOTAL AUTOMOBILES & COMPONENTS

13,626,527

BANKS - 68.9% (44.5% of Total Investments)

3,075,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

.375

N/A

3,440,405

2,495,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

.125

N/A

2,525,082

1,400,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

.750

N/A

1,506,089

1,940,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

.750

N/A

2,099,336

715,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

.500

N/A

738,989

1,595,000

(b),(d),(e)

Banco Mercantil del Norte SA/Grand Cayman

.625

N/A

1,641,207

6,800,000

(b),(d)

Banco Santander SA

.625

N/A

8,206,770

3,200,000

(b),(d)

Banco Santander SA

.000

N/A

3,527,734

1,775,000

(b),(c)

Bank of America Corp

.300

N/A

1,779,803

6,425,000

(b),(c)

Bank of America Corp

.250

N/A

6,539,691

17,981,000

(b),(c)

Bank of America Corp

.625

N/A

18,682,547

4,783,000

(c) Bank of Montreal

.300

11/26/84

5,102,705

3,538,000

(c) Bank of Montreal

.875

11/26/85

3,642,732

1,470,000

(c) Bank of Montreal

.700

05/26/84

1,563,150

3,090,000

(c),(f)

Bank of Nova Scotia/The

.000

01/27/84

3,308,429

2,555,000

(c) Bank of Nova Scotia/The

.875

10/27/85

2,623,494

3,510,000

(b),(d)

Barclays PLC

.000

N/A

3,752,344

977,000

(b),(d)

Barclays PLC

.625

N/A

1,052,991

3,083,000

(b),(d)

Barclays PLC

.625

N/A

3,506,151

986,000

(b),(d),(e)

BNP Paribas SA

.450

N/A

1,039,970

1,997,000

(b),(d),(e)

BNP Paribas SA

.375

N/A

2,109,277

5,225,000

(b),(d),(e)

BNP Paribas SA

.000

N/A

5,692,173

2,430,000

(b),(d),(e)

BNP Paribas SA

.500

N/A

2,602,029

2,150,000

(b),(d),(e)

BNP Paribas SA

.250

N/A

2,296,372

3,559,000

(b),(d),(e)

BNP Paribas SA

.750

N/A

3,780,060

1,646,000

(c) Canadian Imperial Bank of Commerce

.500

07/28/86

1,650,664

3,298,000

(c) Canadian Imperial Bank of Commerce

.000

10/28/85

3,426,569

3,617,000

(c) Canadian Imperial Bank of Commerce

.950

01/28/85

3,731,572

4,177,000

(b),(c)

Citigroup Inc

.875

N/A

4,267,040

2,875,000

(b),(c)

Citigroup Inc

.250

N/A

2,891,986

1,650,000

(b),(c)

Citigroup Inc

.375

N/A

1,708,538

13,100,000

(b),(c)

Citigroup Inc

.625

N/A

13,735,940

5,351,000

(b),(c)

Citigroup Inc

.125

N/A

5,538,167

3,014,000

(b),(c)

Citigroup Inc

.000

N/A

3,155,774

1,732,000

(b),(c)

Citigroup Inc

.625

N/A

1,763,651

6,500,000

(b),(c),(g)

Citizens Financial Group Inc (TSFR3M + 3.419%)

.068

N/A

6,468,739

4,326,000

(b),(d),(e)

Credit Agricole SA

.125

N/A

4,523,287

4,185,000

(b),(d),(e)

Credit Agricole SA

.700

N/A

4,279,681

2,224,000

(b),(c),(g)

Fifth Third Bancorp (TSFR3M + 3.295%)

.967

N/A

2,230,541

7,070,000

(b),(c),(g)

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

.957

N/A

7,225,427

2,020,000

(b),(c)

First Citizens BancShares Inc/NC

.000

N/A

2,065,341

975,000

(b),(d)

HSBC Holdings PLC

.500

N/A

996,928

4,560,000

(b),(d)

HSBC Holdings PLC

.000

N/A

4,798,880

3,763,000

(b),(d)

HSBC Holdings PLC

.875

N/A

3,887,747

4,539,000

(b),(d)

HSBC Holdings PLC

.950

N/A

4,779,293

1,171,000

(b),(d)

HSBC Holdings PLC

.950

N/A

1,218,619

7,400,000

(b),(c)

Huntington Bancshares Inc/OH

.625

N/A

7,521,901

3,406,000

(b),(c)

Huntington Bancshares Inc/OH

.250

N/A

3,405,407

3,784,000

(b),(d)

ING Groep NV

.000

N/A

3,959,294

6,795,000

(b),(d)

ING Groep NV, Reg S

.500

N/A

7,091,514

8,663,000

(b),(c)

JPMorgan Chase & Co

.500

N/A

9,014,034

17,767,000

(b),(c)

JPMorgan Chase & Co

.875

N/A

18,743,439

6,996,000

(b),(d)

Lloyds Banking Group PLC

.000

N/A

7,594,186

1,300,000

(b),(d)

Lloyds Banking Group PLC

.750

N/A

1,352,229

3,000,000

(b),(c)

M&T Bank Corp

.125

N/A

2,995,260

Portfolio of Investments January 31, 2026

(continued)

NPFD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS

(continued)

$

1,500,000

(b),(d),(e)

Macquarie Bank Ltd/London

.125

%

N/A

$

1,521,705

7,262,000

(b),(d)

NatWest Group PLC

.125

N/A

8,207,876

1,370,000

(b),(d)

NatWest Group PLC

.300

N/A

1,454,280

745,000

(b),(d),(e)

Nordea Bank Abp

.300

N/A

761,680

2,280,000

(b),(d),(e)

Nordea Bank Abp

.750

N/A

2,342,524

1,559,000

(b),(d),(e)

Nordea Bank Abp

.625

N/A

1,562,252

5,735,000

(b),(c)

PNC Financial Services Group Inc/The

.250

N/A

5,923,315

6,990,000

(b),(c)

PNC Financial Services Group Inc/The

.200

N/A

7,096,772

2,445,000

(b),(c)

PNC Financial Services Group Inc/The

.000

N/A

2,460,692

3,586,000

(c) Royal Bank of Canada

.750

08/24/85

3,708,365

3,301,000

(c) Royal Bank of Canada

.500

05/24/86

3,298,647

1,680,000

(b),(d),(e)

Societe Generale SA

.375

N/A

1,794,406

770,000

(b),(d),(e)

Societe Generale SA

.500

N/A

855,543

4,952,000

(b),(d),(e)

Societe Generale SA

.125

N/A

4,936,777

3,631,000

(b),(d),(e)

Societe Generale SA

.000

N/A

4,041,129

1,700,000

(b),(d),(e)

Standard Chartered PLC

.750

N/A

1,770,426

3,240,000

(c) Toronto-Dominion Bank/The

.350

10/31/85

3,292,692

3,495,000

(c) Toronto-Dominion Bank/The

.125

10/31/82

3,661,708

13,209,000

(b),(c)

Truist Financial Corp

.669

N/A

13,230,346

12,345,000

(b),(c)

Wells Fargo & Co

.625

N/A

13,147,968

12,874,000

(b),(c)

Wells Fargo & Co

.850

N/A

13,464,202

TOTAL BANKS

337,314,483

CAPITAL GOODS - 1.7% (1.1% of Total Investments)

5,601,000

(b),(c)

Air Lease Corp

.000

N/A

5,391,736

3,673,000

(c),(e)

ILFC E-Capital Trust I

.270

12/21/65

3,161,666

TOTAL CAPITAL GOODS

8,553,402

ENERGY - 12.2% (7.9% of Total Investments)

4,546,000

(c) Enbridge Inc

.500

07/15/77

4,543,809

6,360,000

(c) Enbridge Inc

.625

01/15/83

6,938,086

8,696,000

(c) Enbridge Inc

.500

01/15/84

9,951,068

761,000

(b),(c)

Energy Transfer LP

.625

N/A

769,955

6,970,000

(b),(c)

Energy Transfer LP

.125

N/A

7,199,194

1,886,000

(b),(c)

Energy Transfer LP

.500

N/A

1,894,713

4,570,000

(c) Energy Transfer LP

.000

05/15/54

4,883,461

4,947,000

(c) Energy Transfer LP

.750

02/15/56

4,982,262

3,554,000

(c) South Bow Canadian Infrastructure Holdings Ltd

.500

03/01/55

3,756,923

2,870,000

(b),(c),(e)

Sunoco LP

.875

N/A

2,956,186

5,600,000

(c) TransCanada PipeLines Ltd

.590

05/15/67

5,012,010

1,500,000

(c) Transcanada Trust

.875

08/15/76

1,503,562

2,155,000

(c) Transcanada Trust

.600

03/07/82

2,145,360

3,673,000

(b),(c),(e)

Venture Global LNG Inc

.000

N/A

3,231,224

TOTAL ENERGY

59,767,813

FINANCIAL SERVICES - 18.3% (11.8% of Total Investments)

3,350,000

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

.950

03/10/55

3,506,981

3,200,000

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

.500

01/31/56

3,290,675

2,906,000

(b),(c)

Ally Financial Inc

.700

N/A

2,785,428

3,250,000

(b),(c),(e)

Capital Farm Credit ACA

.000

N/A

3,237,813

3,690,000

(b),(c)

Capital One Financial Corp

.500

N/A

3,702,801

350,000

(b),(c),(e)

Compeer Financial ACA

.875

N/A

343,455

2,574,000

(b),(c),(e)

Compeer Financial ACA

.875

N/A

2,648,003

2,012,000

(b),(c)

Corebridge Financial Inc

.875

N/A

2,090,404

3,325,000

(h) Credit Suisse Group AG

.500

01/17/72

1,130,500

2,460,000

(h) Credit Suisse Group AG

.500

06/11/72

836,400

5,850,000

(h) Credit Suisse Group AG

.380

02/21/72

1,989,000

9,004,000

(h) Credit Suisse Group AG

.000

01/17/72

3,061,360

5,600,000

(b),(d)

Deutsche Bank AG, Reg S

.130

N/A

6,033,647

5,249,000

(b),(c)

Goldman Sachs Group Inc/The

.125

N/A

5,348,061

11,071,000

(b),(c)

Goldman Sachs Group Inc/The

.500

N/A

11,687,002

5,140,000

(b),(c)

Goldman Sachs Group Inc/The

.500

N/A

5,436,797

5,784,000

(b),(c)

Goldman Sachs Group Inc/The

.850

N/A

6,027,901

1,600,000

(b),(d)

Julius Baer Group Ltd, Reg S

.500

N/A

1,674,312

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL SERVICES

(continued)

$

1,026,000

(b),(d)

Nomura Holdings Inc

.000

%

N/A

$

1,065,926

4,250,000

(b),(c)

State Street Corp

.700

N/A

4,408,346

1,280,000

(b),(d),(e)

UBS Group AG

.000

N/A

1,300,933

3,853,000

(b),(d),(e)

UBS Group AG

.250

N/A

4,506,390

4,325,000

(b),(d),(e)

UBS Group AG

.250

N/A

4,721,955

3,892,000

(b),(d),(e)

UBS Group AG

.750

N/A

4,173,395

4,352,000

(b),(c)

Voya Financial Inc

.758

N/A

4,591,978

TOTAL FINANCIAL SERVICES

89,599,463

HEALTH CARE EQUIPMENT & SERVICES - 0.5% (0.3% of Total Investments)

1,381,000

(c) CVS Health Corp

.750

12/10/54

1,435,671

1,174,000

(c) CVS Health Corp

.000

03/10/55

1,228,762

TOTAL HEALTH CARE EQUIPMENT & SERVICES

2,664,433

INSURANCE - 14.1% (9.1% of Total Investments)

3,308,000

(c) American National Group Inc

.000

12/01/55

3,340,782

8,045,000

(c),(f)

Assurant Inc

.000

03/27/48

8,283,267

3,000,000

(c),(e)

Assured Guaranty Municipal Holdings Inc

.400

12/15/66

2,812,089

3,982,000

(c) Corebridge Financial Inc

.375

09/15/54

4,068,233

6,115,000

(c) Enstar Finance LLC

.500

01/15/42

6,074,585

2,061,000

(c),(e)

Enstar Group Ltd

.500

04/01/45

2,145,891

2,000,000

(c) MetLife Inc

.750

08/01/39

2,666,340

2,518,000

(c) MetLife Inc

.350

03/15/55

2,644,560

3,396,000

(e) Omnis Funding Trust

.722

05/15/55

3,568,144

2,955,000

(b),(d)

Phoenix Group Holdings PLC, Reg S

.500

N/A

3,205,880

3,248,000

(c),(f)

Prudential Financial Inc

.750

03/01/53

3,463,563

6,688,000

(c) Prudential Financial Inc

.500

03/15/54

7,041,220

2,648,000

(b),(c)

RLGH Finance Bermuda Ltd, Reg S

.875

N/A

2,698,245

13,500,000

(b),(c),(e)

SBL Holdings Inc

.508

N/A

13,637,366

3,415,000

(b),(c),(e)

SBL Holdings Inc

.500

N/A

3,269,032

TOTAL INSURANCE

68,919,197

MATERIALS - 0.8% (0.5% of Total Investments)

2,434,000

(b),(c),(e)

Cemex SAB de CV

.200

N/A

2,552,049

1,550,000

(c) FMC Corp

.450

11/01/55

1,243,145

TOTAL MATERIALS

3,795,194

MEDIA & ENTERTAINMENT - 0.6% (0.4% of Total Investments)

2,566,000

(b),(c),(e)

Farm Credit Bank of Texas

.750

N/A

2,680,487

TOTAL MEDIA & ENTERTAINMENT

2,680,487

TELECOMMUNICATION SERVICES - 4.2% (2.7% of Total Investments)

3,791,000

(c) Bell Telephone Co of Canada or Bell Canada

.000

09/15/55

3,976,115

3,941,000

(c) Rogers Communications Inc

.125

04/15/55

4,132,719

1,977,000

(c) TELUS Corp

.000

10/15/55

2,067,619

10,000,000

(c) Vodafone Group PLC

.000

04/04/79

10,544,810

TOTAL TELECOMMUNICATION SERVICES

20,721,263

UTILITIES - 14.4% (9.3% of Total Investments)

1,300,000

(c),(e)

AES Andes SA

.150

06/10/55

1,381,783

2,456,000

(c) AES Corp/The

.600

01/15/55

2,490,222

3,817,000

(c),(f)

AES Corp/The

.950

07/15/55

3,731,430

1,302,000

(c),(e)

AltaGas Ltd

.200

10/15/54

1,354,133

3,416,000

(c) CMS Energy Corp

.500

06/01/55

3,528,229

3,593,000

(c) Dominion Energy Inc

.000

06/01/54

3,885,334

3,000,000

(c) Dominion Energy Inc

.625

05/15/55

3,084,405

3,244,000

(c) Duke Energy Corp

.450

09/01/54

3,393,981

1,529,000

(c) Edison International

.875

06/15/54

1,592,524

2,404,000

(c) Edison International

.125

06/15/53

2,487,852

10,143,000

(c),(f)

Emera Inc

.750

06/15/76

10,212,287

4,322,000

(c),(f)

Entergy Corp

.125

12/01/54

4,524,823

2,713,000

(c) EUSHI Finance Inc

.625

12/15/54

2,853,498

6,174,000

(c),(f)

NextEra Energy Capital Holdings Inc

.750

06/15/54

6,560,042

1,925,000

(c) PG&E Corp

.375

03/15/55

1,986,694

6,476,000

(c) Sempra

.550

04/01/55

6,591,868

1,921,000

(c) Sempra

.375

04/01/56

1,965,275

2,215,000

(b),(c),(e)

Vistra Corp

.000

N/A

2,248,500

Portfolio of Investments January 31, 2026

(continued)

NPFD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,560,000

(b),(c),(e)

Vistra Corp

.000

%

N/A

$

1,588,762

4,398,000

(b),(c),(e)

Vistra Corp

.875

N/A

4,828,868

TOTAL UTILITIES

70,290,510

TOTAL CORPORATE BONDS

(Cost $671,472,937)

677,932,772

SHARES

DESCRIPTION

RATE

VALUE

62416423

PREFERRED STOCK - 12.8% (8.2% of Total Investments)

62416423

BANKS - 3.7% (2.3% of Total Investments)

121,601

Fifth Third Bancorp

.973

3,112,986

62,700

KeyCorp

.125

1,578,159

297,600

KeyCorp

.200

7,535,232

31,966

KeyCorp

.625

701,014

31,875

KeyCorp

.650

699,338

5,984

Pinnacle Financial Partners, Inc

.397

155,524

163,723

Regions Financial Corp

.700

4,045,595

TOTAL BANKS

17,827,848

FINANCIAL SERVICES - 2.6% (1.7% of Total Investments)

139,125

Bank of New York Mellon Corp

.150

3,583,860

143,950

Morgan Stanley

.625

3,774,369

211,000

Voya Financial, Inc

.350

5,144,180

TOTAL FINANCIAL SERVICES

12,502,409

FOOD, BEVERAGE & TOBACCO - 1.8% (1.2% of Total Investments)

237,055

CHS, Inc

.100

6,033,050

115,393

CHS, Inc

.750

2,894,056

TOTAL FOOD, BEVERAGE & TOBACCO

8,927,106

INSURANCE - 4.7% (3.0% of Total Investments)

185,450

American National Group, Inc

.375

4,647,377

59,425

Aspen Insurance Holdings Ltd

.125

1,466,015

194,775

Athene Holding Ltd

.350

4,826,524

243,575

Enstar Group Ltd

.000

5,821,443

160,800

Reinsurance Group of America, Inc

.750

4,023,216

93,300

Reinsurance Group of America, Inc

.125

2,374,485

TOTAL INSURANCE

23,159,060

TOTAL PREFERRED STOCK

(Cost $66,448,327)

62,416,423

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

14346998

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.9% (1.9% of Total Investments)

14346998

6,050,000

(b) CoBank ACB

.450

N/A

6,097,299

2,062,000

(b) CoBank ACB

.250

N/A

2,109,234

3,785,000

(b) CoBank ACB

.125

N/A

3,914,398

50,000

(b),(e)

Farm Credit Bank of Texas

.200

N/A

49,875

2,092,000

(b) Farm Credit Bank of Texas

.000

N/A

2,176,192

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $14,061,669)

14,346,998

TOTAL LONG-TERM INVESTMENTS

(Cost $751,982,933)

754,696,193

See Notes to Financial Statements

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.7%(0.5% of Total Investments)

3552188

REPURCHASE AGREEMENTS - 0.7% (0.5% of Total Investments)

3552188

$

127,188

(i) Fixed Income Clearing Corporation

.060

%

02/02/26

$

127,188

3,425,000

(j) Fixed Income Clearing Corporation

.630

02/02/26

3,425,000

TOTAL REPURCHASE AGREEMENTS

(Cost $3,552,188)

3,552,188

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,552,188)

3,552,188

TOTAL INVESTMENTS - 154.9%

(Cost $755,535,121)

758,248,381

BORROWINGS - (32.9)% (k),(l)

(161,314,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (5.7)%(m)

(27,787,566)

TFP SHARES, NET - (17.3)%(n)

(84,578,016)

OTHER ASSETS & LIABILITIES, NET - 1.0%

5,080,976

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

489,649,775

Reg S

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

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

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

made outside the United States.

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

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

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

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

68.2% of Total Investments.

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

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

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

the end of the reporting period, the Fund's total investment in CoCos was 19.8% of Total Investments.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $122,786,822 or 16.2% of Total Investments.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $37,794,842 have been pledged as collateral

for reverse repurchase agreements.

(g) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

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

(i) Agreement with Fixed Income Clearing Corporation, 1.060% dated 1/30/26 to be repurchased at $127,199 on 2/2/26,

collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 7/15/27, valued at $129,885.

(j) Agreement with Fixed Income Clearing Corporation, 3.630% dated 1/30/26 to be repurchased at $3,426,036 on 2/2/26,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 11/15/55, valued at $3,493,559.

(k) Borrowings as a percentage of Total Investments is 21.3%.

(l) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for

specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the

reporting period, investments with a value of $371,245,006 have been pledged as collateral for borrowings.

(m) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 3.7%.

(n) TFP Shares, Net as a percentage of Total Investments is 11.2%.

Statement of Assets and Liabilities

See Notes to Financial Statements

January 31, 2026 (Unaudited)

JFR

JQC

JPC

NPFD

ASSETS

Long-term investments, at value

†

$

2,161,258,634

$

1,274,388,222

$

4,716,417,206

$

754,696,193

Short-term investments, at value

◊

127,942,965

82,579,358

17,868,855

3,552,188

Cash

9,373,920

118,702

–

Cash denominated in foreign currencies

^

–

–

–

Cash collateral at broker for investments in futures contracts

–

–

2,291,716

–

Unrealized appreciation on interest rate swaps contracts

–

–

926,493

–

Receivables:

Dividends

–

–

218,445

–

Interest

14,419,307

9,237,334

65,044,565

10,344,245

Investments sold

52,886,407

38,798,973

–

–

Reclaims

–

1,372

141,260

20,916

Reimbursement from Adviser

–

–

Shares sold

–

–

987,928

–

Deferred offering costs

–

–

4,994

–

Other

763,462

236,747

719,593

85,421

Total assets

2,366,644,908

1,405,360,918

4,804,621,195

768,698,963

LIABILITIES

Borrowings

517,200,000

211,600,000

837,000,000

161,314,000

Reverse repurchase agreements, including accrued interest

–

142,553,090

513,977,495

27,787,566

TFP Shares, Net

\*\*

284,011,667

139,364,423

418,824,025

84,578,016

Payables:

Management fees

1,418,002

908,932

3,012,830

581,890

Dividends

13,326,255

7,870,823

22,614,194

3,781,062

Interest

342,433

1,043,412

3,409,148

643,404

Investments purchased - regular settlement

2,931,853

399,140

2,179,292

219,908

Investments purchased - when-issued/delayed-delivery settlement

170,839,748

86,637,932

–

–

Unfunded senior loans

4,217,544

1,905,534

–

–

Variation margin on futures contracts

–

–

90,375

–

Accrued expenses:

Custodian fees

591,779

317,712

413,907

72,733

Investor relations fees

34,586

32,641

87,759

10,128

Trustees fees

185,712

150,506

407,154

17,754

Professional fees

17,314

17,903

12,885

12,811

Shareholder reporting expenses

81,040

66,809

169,853

21,518

Shareholder servicing agent fees

823

906

3,353

Shelf offering costs

–

27,877

13,587

–

Other

351,561

10,122

361,713

8,287

Total liabilities

995,550,317

592,907,762

1,802,577,570

279,049,188

Commitments and contingencies

(1) Net assets applicable to common shares

$

1,371,094,591

$

812,453,156

$

3,002,043,625

$

489,649,775

Common shares outstanding

160,967,425

147,816,679

369,975,711

24,164,141

Net asset value ("NAV") per common share outstanding

$

.52

$

.50

$

.11

$

.26

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Common shares, $0.01 par value per share

$

1,609,674

$

1,478,167

$

3,699,757

$

241,641

Paid-in capital

1,850,422,239

1,179,326,020

3,371,800,824

571,983,502

Total distributable earnings (loss)

(480,937,322)

(368,351,031)

(373,456,956)

(82,575,368)

Net assets applicable to common shares

$

1,371,094,591

$

812,453,156

$

3,002,043,625

$

489,649,775

Authorized shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

Unlimited

†

&nbsp;&nbsp;&nbsp;&nbsp; Long-term investments, cost

$

2,192,976,125

$

1,288,075,021

$

4,595,344,922

$

751,982,933

◊

&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, cost

$

127,942,965

$

82,579,358

$

17,868,855

$

3,552,188

^

&nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currencies, cost

$

–

$

$

–

$

–

\*\*

&nbsp;&nbsp;&nbsp;&nbsp; TFP Shares, liquidation preference

$

285,000,000

$

140,000,000

$

420,000,000

$

85,000,000

(1) As disclosed in Notes to Financial Statements.

Statement of Operations

See Notes to Financial Statements

Six Months Ended January 31, 2026 (Unaudited)

JFR

JQC

JPC

NPFD

INVESTMENT INCOME

Dividends

$

129,311

$

6,204

$

12,972,680

$

2,139,667

Interest

89,849,329

54,185,559

136,825,403

22,306,860

Rehypothecation income

—

—

154,356

—

Tax withheld

—

—

(28,024)

—

Total investment income

89,978,640

54,191,763

149,924,415

24,446,527

EXPENSES

–

–

–

–

Management fees

8,475,389

5,428,113

17,261,944

3,453,391

Shareholder servicing agent fees

504

1,372

4,721

Interest expense and amortization of offering costs

20,390,201

12,141,198

40,483,454

6,525,669

Trustees fees

49,208

30,058

102,928

17,579

Custodian expenses

264,502

148,261

176,339

33,022

Investor relations expenses

163,597

122,849

350,404

46,107

Liquidity fees

752,219

619,474

1,967,741

398,234

Professional fees

80,071

74,618

72,682

37,690

Remarketing fees

86,889

71,556

214,667

43,444

Shareholder reporting expenses

72,869

62,271

147,748

18,914

Rights offering expense

829

—

—

—

Stock exchange listing fees

21,368

21,610

51,033

3,891

Other

19,593

29,934

72,862

37,165

Total expenses

30,377,239

18,751,314

60,906,523

10,615,277

Net investment income (loss)

59,601,401

35,440,449

89,017,892

13,831,250

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(9,712,643)

(1,573,573)

8,901,667

(1,344,892)

Futures contracts

—

—

5,777,678

—

Swap contracts

—

—

1,409,836

—

Foreign currency transactions

—

—

(32,798)

—

Net realized gain (loss)

(9,712,643)

(1,573,573)

16,056,383

(1,344,892)

Change in unrealized appreciation (depreciation) on:

Investments

(17,203,800)

(10,826,342)

72,738,094

16,174,104

Futures contracts

—

—

(4,413,567)

—

Swap contracts

—

—

(1,463,509)

—

Foreign currency translations

—

(790) —

Net change in unrealized appreciation (depreciation)

(17,203,800)

(10,826,341)

66,860,228

16,174,104

Net realized and unrealized gain (loss)

(26,916,443)

(12,399,914)

82,916,611

14,829,212

Net increase (decrease) in net assets applicable to common shares from

operations

$

32,684,958

$

23,040,535

$

171,934,503

$

28,660,462

Statement of Changes in Net Assets

See Notes to Financial Statements

JFR

JQC

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

OPERATIONS

Net investment income (loss)

$

59,601,401

$

110,946,491

$

35,440,449

$

66,422,709

Net realized gain (loss)

(9,712,643)

(25,473,772)

(1,573,573)

(14,391,769)

Net change in unrealized appreciation (depreciation)

(17,203,800)

18,510,139

(10,826,341)

11,955,726

Net increase (decrease) in net assets applicable to common shares

from operations

32,684,958

103,982,858

23,040,535

63,986,666

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends

(82,093,388)

(115,969,240)

(47,892,604)

(68,447,068)

Return of Capital

–

(32,205,348)

–

(21,405,349)

Total distributions

(82,093,388)

(148,174,588)

(47,892,604)

(89,852,417)

CAPITAL SHARE TRANSACTIONS

Common shares:

Proceeds from rights offering, net of offering costs

—

220,672,151

—

62,135,610

Net increase (decrease) applicable to common shares from capital

share transactions

—

220,672,151

—

62,135,610

Net increase (decrease) in net assets applicable to common shares

(49,408,430)

176,480,421

(24,852,069)

36,269,859

Net assets applicable to common shares at the beginning of period

1,420,503,021

1,244,022,600

837,305,225

801,035,366

Net assets applicable to common shares at the end of period

$

1,371,094,591

$

1,420,503,021

$

812,453,156

$

837,305,225

See Notes to Financial Statements

JPC

NPFD

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

Unaudited

Six Months Ended

1/31/26

Year Ended

7/31/25

OPERATIONS

Net investment income (loss)

$

89,017,892

$

148,612,392

$

13,831,250

$

23,367,902

Net realized gain (loss)

16,056,383

41,540,125

(1,344,892)

(5,510,671)

Net change in unrealized appreciation (depreciation)

66,860,228

62,171,327

16,174,104

28,979,344

Net increase (decrease) in net assets applicable to common shares

from operations

171,934,503

252,323,844

28,660,462

46,836,575

DISTRIBUTIONS TO COMMON SHAREHOLDERS

Dividends

(138,636,628)

(177,916,653)

(23,753,351)

(22,339,894)

Return of Capital

–

(78,577,161)

–

(26,230,031)

Total distributions

(138,636,628)

(256,493,814)

(23,753,351)

(48,569,925)

CAPITAL SHARE TRANSACTIONS

Fund Reorganization

287,101,572

—

—

—

Proceeds from shelf offering, net of offering costs

63,982,737

54,493,622

—

—

Reinvestments of distributions

2,215,372

1,251,009

—

—

Net increase (decrease) applicable to common shares from capital

share transactions

353,299,681

55,744,631

—

—

Net increase (decrease) in net assets applicable to common shares

386,597,556

51,574,661

4,907,111

(1,733,350)

Net assets applicable to common shares at the beginning of period

2,615,446,069

2,563,871,408

484,742,664

486,476,014

Net assets applicable to common shares at the end of period

$

3,002,043,625

$

2,615,446,069

$

489,649,775

$

484,742,664

Statement of Cash Flows

January 31, 2026

See Notes to financial statements

Six Months Ended January 31, 2026 (Unaudited)

JFR

JQC

JPC

NPFD

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets Applicable to Common Shares from

Operations

$

32,684,958

$

23,040,535

$

171,934,503

$

28,660,462

Adjustments to reconcile the net increase (decrease) in net assets applicable to common

shares from operations to net cash provided by (used in) operating activities:

Purchases of investments

(510,755,681)

(283,641,052)

(483,546,031)

(63,835,401)

Proceeds from sale and maturities of investments

586,396,586

321,989,074

388,202,966

72,632,251

Proceeds from (Purchase of) short-term investments, net

(99,319,748)

(23,916,504)

5,190,487

836,091

Proceeds from (Purchase of) closed foreign currency spot transactions

—

—

(32,796)

—

Proceeds from litigation settlement

—

—

Payment-in-kind distributions

(8,783)

(31,601)

—

—

Amortization (Accretion) of premiums and discounts, net

(8,313,530)

(5,076,840)

5,723,526

1,378,133

Amortization of deferred offering costs

102,650

49,933

(535,201)

26,573

(Increase) Decrease in:

Receivable for dividends

—

—

172,516

—

Receivable for interest

925,522

1,313,574

(5,019,722)

(222,548)

Receivable for reclaims

—

(1)

(107,137)

(20,801)

Receivable for investments sold

(41,885,504)

(32,194,757)

8,427,599

417,857

Receivable for reimbursement from Adviser

(213)

(192)

—

—

Receivable for variation margin on futures contracts

—

—

164,125

—

Other assets

(287,676)

24,245

15,858

(921)

Increase (Decrease) in:

Payable for interest

184,231

(325,709)

1,703,458

(39,094)

Payable for investments purchased - regular settlement

1,184,947

(540,963)

(26,300,166)

(1,152,488)

Payable for investments purchased - when-issued/delayed-delivery settlement

97,552,178

33,328,233

—

—

Payable for unfunded senior loans

1,392,700

974,571

—

—

Payable for variation margin on futures contracts

—

—

90,375

—

Payable for management fees

(23,808)

(13,235)

380,309

3,851

Accrued custodian fees

262,813

145,210

207,343

33,063

Accrued investor relations fees

11,675

14,110

29,495

Accrued Trustees fees

(3,881)

(570)

38,038

(3,061)

Accrued professional fees

(30,687)

(32,435)

(18,707)

(21,846)

Accrued shareholder reporting expenses

36,862

31,538

72,356

9,379

Accrued shareholder servicing agent fees

(2,438)

1,679

Accrued shelf offering costs

(2,163)

(88,233)

—

—

Accrued other expenses

(17,310)

(3,934)

(660,128)

6,855

Net realized (gain) loss from investments

9,712,643

1,573,573

(8,901,667)

1,344,892

Net realized (gain) loss from foreign currency transactions

—

—

32,798

—

Net change in unrealized (appreciation) depreciation of investments

17,203,800

10,826,342

(72,738,094)

(16,174,104)

Net change in unrealized (appreciation) depreciation of swap contracts

—

—

1,463,509

—

Net change in unrealized (appreciation) depreciation on foreign currency translations

—

(1)

790

—

Net cash provided by (used in) operating activities

87,000,143

47,445,397

(14,007,865)

23,879,364

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

—

—

70,000,000

—

Increase (Decrease) in:

Cash collateral due to broker

—

—

(1,938,338)

—

Cash distributions paid to common shareholders

(82,093,321)

(47,834,882)

(135,036,325)

(24,019,112)

Proceeds from shelf offering, net of offering costs

—

—

63,982,737

—

Net cash provided by (used in) financing activities

(82,093,321)

(47,834,882)

(2,991,926)

(24,019,112)

Net increase (decrease) in cash, cash denominated in foreign currencies and cash

collateral at brokers

4,906,822

(389,485)

(16,999,791)

(139,748)

Cash and cash denominated in foreign currencies at the beginning of period

4,467,098

508,205

19,291,647

139,748

Cash, cash denominated in foreign currencies and cash collateral at brokers at the end of

period

$

9,373,920

$

118,720

$

2,291,856

$

—

See Notes to financial statements

The following table provides a reconciliation of cash, cash denominated in foreign currencies and cash collateral at brokers to the Statement of

Assets and Liabilities:

JFR

JQC

JPC

NPFD

Cash

$

9,373,920

$

118,702

$

$

—

Cash denominated in foreign currencies

—

—

—

Cash collateral at broker for investments in futures contracts

—

—

2,291,716

—

Total cash, cash denominated in foreign currencies and cash collateral at brokers

$

9,373,920

$

118,720

$

2,291,856

$

—

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

JFR

JQC

JPC

NPFD

Cash paid for interest (excluding borrowing and amortization of offering costs)

$

19,880,312

$

12,333,928

$

38,632,625

$

6,513,108

Non-cash financing activities not included herein consists of reinvestments of common

share distributions

—

—

2,215,372

—

Financial Highlights

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions to

Common Shareholders

Common Share

Common

Share

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From Net

Realized

Gains

Return of

Capital

Total

Net Asset

Value,

End of

Period

Share

Price,

End of

Period

JFR

1/31/26

(d) $

8.82 $

0.37 $

(0.16)

$

0.21 $

(0.51)

$

—

$

—

$

(0.51)

$

8.52 $

7.87 7/31/25

9.28 0.76 (0.20)

0.56 (0.80)

—

(0.22)

(1.02)

8.82 8.52 7/31/24

9.13 0.89 0.28 1.17 (0.99)

—

(0.03)

(1.02)

9.28 8.82 7/31/23

9.39 0.91 (0.30)

0.61 (0.87)

—

—

(0.87)

9.13 8.08 7/31/22

10.36 0.56 (0.83)

(0.27)

(0.61)

—

(0.09)

(0.70)

9.39 8.84 7/31/21

9.40 0.54 1.04 1.58 (0.62)

—

—

(0.62)

10.36 9.76 JQC

1/31/26

(d) 5.66 0.24 (0.08)

0.16 (0.32)

—

—

(0.32)

5.50 5.16 7/31/25

5.91 0.48 (0.08)

0.40 (0.50)

—

(0.15)

(0.65)

5.66 5.53 7/31/24

5.83 0.56 0.16 0.72 (0.57)

—

(0.07)

(0.64)

5.91 5.73 7/31/23

6.10 0.52 (0.24)

0.28 (0.53)

—

(0.02)

(0.55)

5.83 5.08 7/31/22

6.91 0.35 (0.68)

(0.33)

(0.35)

—

(0.13)

(0.48)

6.10 5.50 7/31/21

6.88 0.32 0.56 0.88 (0.30)

—

(0.55)

(0.85)

6.91 6.53 (a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last

distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The

actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different

from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at

the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the

following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place

over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the

calculation. Total returns are not annualized.

See Notes to Financial Statements

Ratios of Interest

Expense

to Average Net

Assets Applicable

to Common Shares

JFR

1/31/26

(d) 3.00 %

(e) 7/31/25

3.37 7/31/24

4.08 7/31/23

3.28 7/31/22

0.80 7/31/21

0.82 JQC

1/31/26

(d) 3.07 (e) 7/31/25

3.53 7/31/24

4.03 7/31/23

3.30 7/31/22

0.91 7/31/21

0.80 Common Share Supplemental Data/

Ratios Applicable to Common Shares

Common Share

Total Returns

Ratios to Average

Net Assets

Based

on

Net Asset

Value

(b) Based

on

Share

Price

(b) Net

Assets,

End of

Period (000)

Expenses

(c) Net

Investment

Income

(Loss)

(c) Portfolio

Turnover

Rate

2.42 %

(1.61)

%

$

1,371,095

4.30 %

(e) 8.44 %

(e) 24

%

6.37 8.66 1,420,503

4.78 8.43 31

13.46 23.15 1,244,023

5.52 9.63 38

6.88 1.57 1,224,552

4.77 9.88 28

(2.84)

(2.59)

534,392

2.17 5.49 38

17.36 30.14 589,469

2.20 5.39 43

2.95 (0.74)

812,453

4.49 (e) 8.49 (e) 22

7.06 8.35 837,305

5.09 8.27 33

13.00 27.08 801,035

5.48 9.45 39

5.01 2.77 789,958

4.75 8.90 28

(5.15)

(8.93)

827,031

2.35 5.20 33

13.42 26.98 937,712

2.22 4.64 43

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse

repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase

agreements (as described in Notes to Financial Statements), where applicable, as follows:

(d) Unaudited.

(e) Annualized.

Financial Highlights (continued)

The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions to

Common Shareholders

Common Share

Common

Share

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From Net

Realized

Gains

Return of

Capital

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Net Asset

Value,

End of

Period

Share

Price,

End of

Period

JPC

1/31/26

(d) $

8.01 $

0.25 $

0.24 $

0.49 $

(0.39)

$

—

$

—

$

(0.39)

$

—

$

—

$

8.11 $

8.16 7/31/25

8.03 0.46 0.32 0.78 (0.56)

—

(0.24)

(0.80)

—

—

8.01 8.07 7/31/24

7.45 0.40 0.77 1.17 (0.59)

—

—

(0.59)

—

—

8.03 7.68 7/31/23

8.41 0.46 (0.84)

(0.38)

(0.58)

—

—

(0.58)

—

—

7.45 6.60 7/31/22

9.91 0.66 (1.52)

(0.86)

(0.64)

—

—

(0.64)

—

(f) —

(f) 8.41 8.20 7/31/21

8.83 0.67 1.05 1.72 (0.64)

—

—

(0.64)

—

(f) —

(f) 9.91 10.00 NPFD

1/31/26

(d) 20.06 0.57 0.61 1.18 (0.98)

—

—

(0.98)

—

—

20.26 19.42 7/31/25

20.13 0.97 0.97 1.94 (0.92)

—

(1.09)

(2.01)

—

—

20.06 19.45 7/31/24

18.77 0.76 1.95 2.71 (1.15)

—

(0.20)

(1.35)

—

—

20.13 18.80 7/31/23

21.06 0.70 (1.72)

(1.02)

(1.24)

—

(0.03)

(1.27)

—

—

18.77 16.39 7/31/22

(g) 25.00 0.61 (3.72)

(3.11)

(0.83)

—

—

(0.83)

—

—

21.06 19.98 (a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last

distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The

actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different

from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at

the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the

following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place

over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the

calculation. Total returns are not annualized.

See Notes to Financial Statements

Ratios of Interest

Expense

to Average Net

Assets Applicable

to Common Shares

JPC

1/31/26

(d) 2.93 %

(e) 7/31/25

3.39 7/31/24

3.86 7/31/23

3.07 7/31/22

0.72 7/31/21

0.49 NPFD

1/31/26

(d) 2.82 (e) 7/31/25

3.24 7/31/24

3.67 7/31/23

2.93 7/31/22

(g) 0.74 (e) Common Share Supplemental Data/

Ratios Applicable to Common Shares

Common Share

Total Returns

Ratios to Average

Net Assets

Based

on

Net Asset

Value

(b) Based

on

Share

Price

(b) Net

Assets,

End of

Period (000)

Expenses

(c) Net

Investment

Income

(Loss)

(c) Portfolio

Turnover

Rate

6.23 %

6.09 %

$

3,002,044

4.19 %

(e) 6.12 %

(e) 8

%

10.29 16.10 2,615,446

4.67 5.78 33

16.21 26.70 2,563,871

5.20 5.22 39

(4.47)

(12.60)

783,007

4.46 5.92 15

(9.05)

(11.91)

884,062

2.06 7.10 71

19.93 21.55 1,028,714

1.81 7.02 23

6.00 4.95 489,650

4.30 (e) 5.61 (e) 8

10.09 14.97 484,743

4.79 4.82 37

14.87 24.03 486,476

5.21 3.93 33

(4.82)

(11.68)

453,637

4.43 3.64 17

(12.48)

(16.77)

508,829

2.13 (e) 4.33 (e) 14

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse

repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase

agreements (as described in Notes to Financial Statements), where applicable, as follows:

(d) Unaudited.

(e) Annualized.

(f) Value rounded to zero.

(g) For the period December 15, 2021 (commencement of operations) through July 31, 2022.

Financial Highlights (continued)

The following table sets forth information regarding each Fund's outstanding senior securities as of the

end of each of the Fund's last five fiscal periods, as applicable.

Borrowings

TFP Shares

Term Preferred

VRTP Shares

Aggregate

Amount

Outstanding

(000) (a) Asset

Coverage

Per $1,000

(b) Aggregate

Amount

Outstanding

(000) (a) Asset

Coverage

Per $1,000

(c) Aggregate

Amount

Outstanding

(000) (a) Asset

Coverage

Per $1,000

(c) Aggregate

Amount

Outstanding

(000) Asset

Coverage

Per

$100,000

(d) Asset

Coverage

Per $1

Liquidation

Preference

(e) JFR

1/31/26

(f) $

517,200

$

4,202

$

285,000

$

2,709

$

—

$

—

$

—

$

—

$

2.71 7/31/25

517,200

4,298

285,000

2,771

—

—

—

—

2.77 7/31/24

477,200

4,204

285,000

2,632

—

—

—

—

2.63 7/31/23

477,200

4,163

285,000

2,607

—

—

—

—

2.61 7/31/22

233,400

3,718

100,000

2,603

—

—

—

—

2.60 7/31/21

238,400

3,892

100,000

2,742

—

—

—

—

2.74 JQC

1/31/26

(f) 211,600

5,501

140,000

3,311

—

—

—

—

3.31 7/31/25

211,600

5,619

140,000

3,381

—

—

—

—

3.38 7/31/24

211,600

5,447

140,000

3,278

—

—

—

—

3.28 7/31/23

211,600

5,395

140,000

3,247

—

—

—

—

3.25 7/31/22

246,000

4,931

140,000

3,143

—

—

—

—

3.14 7/31/21

402,000

3,333

—

—

—

—

—

—

—

JPC

1/31/26

(f) 837,000

5,088

420,000

3,388

—

—

—

—

3.39 7/31/25

649,000

5,677

420,000

3,447

—

—

—

—

3.45 7/31/24

689,000

5,331

420,000

3,312

—

—

—

—

3.31 7/31/23

219,600

5,249

150,000

3,119

—

—

—

—

3.12 7/31/22

423,400

3,088

—

—

—

—

—

—

—

7/31/21

462,700

3,223

—

—

—

—

—

—

—

NPFD

1/31/26

(f) 161,314

4,562

85,000

2,988

—

—

—

—

2.99 7/31/25

161,314

4,532

85,000

2,968

—

—

—

—

2.97 7/31/24

174,314

4,278

85,000

2,876

—

—

—

—

2.88 7/31/23

147,614

4,649

85,000

2,950

—

—

—

—

2.95 7/31/22

(g) 188,600

3,698

—

—

—

—

—

—

—

(a) Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if

applicable, as of the end of the relevant fiscal year.

(b) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented

by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's borrowings (excluding

temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities

consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the

economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments

were included, the asset coverage amounts presented would be lower.

(c) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and indebtedness not represented

by senior securities from the Fund's total assets, dividing the result by the aggregate of the involuntary liquidation preference of the

outstanding preferred shares and multiplying the result by 1,000. For purpose of asset coverage above, senior securities consist of

preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other

investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage

effects of such investments were included, the asset coverage amounts presented would be lower.

(d) Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's liabilities and indebtedness not

represented by senior securities from the Fund's total assets, dividing the result by the aggregate of the involuntary liquidation preference

of the outstanding preferred shares and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist

of preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other

investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage

effects of such investments were included, the asset coverage amounts presented would be lower.

(e) Includes all borrowings and preferred shares presented for the Fund.

(f) Unaudited.

(g) For the period December 15, 2021 (commencement of operations) through July 31, 2022.

Notes to Financial Statements

(Unaudited)

1. General Information

Fund Information:

The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a

"Fund" and collectively, the "Funds"):

Nuveen Floating Rate Income Fund (JFR)

Nuveen Credit Strategies Income Fund (JQC)

Nuveen Preferred & Income Opportunities Fund (JPC)

Nuveen Variable Rate Preferred & Income Fund (NPFD)

The Funds are registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as closed-end management investment

companies. JFR, JQC, JPC and NPFD were each organized as Massachusetts business trusts on January 15, 2004, March 17, 2003, January 27, 2003

and June 1, 2021, respectively.

Current Fiscal Period

: The end of the reporting period for the Funds is January 31, 2026, and the period covered by these Notes to Financial

Statements is the six months ended January 31, 2026 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC

("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolio of the Funds. The Adviser is responsible for managing JPC's investments in swap contracts.

JPC and JPI – Fund Reorganization:

Effective prior to opening of business on September 22, 2025 Nuveen Preferred & Income Securities Fund (JPI)

(the "Target Fund") was reorganized into JPC (the "Acquiring Fund") (the "Reorganization"). With respect to the Reorganization of the Target Fund

with and into the Acquiring Fund, the separate legal existence of the Target Fund ceased for all purposes and the Acquiring Fund succeeded to

all the assets and assumed all the liabilities of the Target Fund. Shares of the Target Fund were converted into newly issued shares of the Acquiring

Fund. Holders of common shares of the Target Fund received newly issued common shares of the Acquiring Fund, the aggregate NAV of which

was equal to the aggregate NAV of the common shares of the Target Fund held immediately prior to the Reorganization (including for this purpose

fractional Acquiring Fund shares to which shareholders were entitled). For accounting and performance reporting purposes, the Acquiring Fund is

the survivor.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow accounting guidance in the Financial Accounting Standards Board ("FASB")

Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ from

the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share

transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.

The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds

from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to

defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred

amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Common Shareholders:

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and

timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares

(stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute

all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least

annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than

its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such

distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share

may erode.

Notes to Financial Statements

(continued)

Foreign Currency Transactions and Translation:

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency

other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency

will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds' investments denominated

in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot

rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in

foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies

are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the

prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)

derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and

the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized

as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i)

investments and (ii) other assets and liabilities are recognized as a component of "Change in net unrealized appreciation (depreciation) on foreign

currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange

rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized

appreciation (depreciation)" on the Statement of Operations, when applicable.

As of the end of the current fiscal period, the percentage of investments in non-U.S. securities for JPC and NPFD are as follows:

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may

be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that

exist in the markets in which the Funds invest.

Indemnifications:

Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general

indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and

expects the risk of loss to be remote.

JPC

Value

% of Total

Investments

Country:

United Kingdom

$

573,767,410

12.1 %

Canada

448,410,163

9.5 France

422,672,343

8.9 Spain

204,898,452

4.3 Switzerland

194,766,692

4.1 Netherlands

107,660,983

2.3 Mexico

53,838,927

1.2 Ireland

46,425,285

1.0 Germany

39,218,707

0.8 Australia

37,424,018

0.8 Other

80,356,211

1.6 Total non-U.S. Securities

$2,209,439,191

46.6%

NPFD

Value

% of Total

Investments

Country:

Canada

$

94,604,418

12.5 %

United Kingdom

58,122,638

7.7 France

37,950,705

5.0 Switzerland

23,394,246

3.1 Spain

19,206,082

2.5 Netherlands

11,050,808

1.5 Mexico

7,031,581

0.9 Ireland

6,797,656

0.9 Germany

6,033,647

0.8 Finland

4,666,456

0.6 Other

8,133,674

1.0 Total non-U.S. Securities

$276,991,911

36.5%

Investments and Investment Income:

Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date

for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade

date for senior and subordinated loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains

and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for

certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recorded on the ex-dividend

date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of

premiums for financial reporting purposes. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK

interest represents income received in the form of securities in lieu of cash. Rehypothecation income is comprised of fees earned in connection

with the rehypothecation of pledged collateral as further described later in these Notes to Financial Statements. Fee income consists primarily of

amendment fees, when applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan

agreement and are recognized when received. Fee income and amendment fees, if any, are recognized as "Fees" on the Statement of Operations.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase

agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").

Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when

applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages

its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting

agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can

be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker

("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-

term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the

Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and

changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess

the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment,

is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as

"total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2023-09)

: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,

Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09

is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes

paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently

evaluating the implications of these changes on the financial statements.

New Accounting Pronouncement (ASU No. 2025-11)

: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow

Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required

by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting

period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting

periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these

changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Notes to Financial Statements

(continued)

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price

or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade

on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to

U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when

the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in

accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no

valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price

or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally

classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as

Level 1.

Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to

value them:

JFR

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

2,959,322

$

–

$

2,959,322

Common Stocks

5,045,343

11,508,015

578,637

17,131,995

Corporate Bonds

–

196,808,382

–

196,808,382

Exchange-Traded Funds

1,006,000

–

–

1,006,000

Preferred Stock

–

573,008

616,720

1,189,728

Variable Rate Senior Loan Interests

–

1,941,479,926

5,414

1,941,485,340

Warrants

–

647,263

30,604

677,867

Short-Term Investments:

Investment Companies

127,942,965

–

–

127,942,965

Total

$

133,994,308

$

2,153,975,916

$

1,231,375

$

2,289,201,599

JQC

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Asset-Backed Securities

$

–

$

50,913,340

$

–

$

50,913,340

Common Stocks

4,361

6,474,179

1,568

6,480,108

Corporate Bonds

–

221,550,573

–

221,550,573

Exchange-Traded Funds

1,006,000

–

–

1,006,000

Variable Rate Senior Loan Interests

–

994,434,657

3,498

994,438,155

Warrants

–

–

Short-Term Investments:

Investment Companies

82,579,358

–

–

82,579,358

Total

$

83,589,719

$

1,273,372,749

$

5,112

$

1,356,967,580

The Funds hold liabilities in preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds' liabilities for

preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in these Notes to

Financial Statements.

The following is a reconciliation of the Funds' Level 3 investments held at the beginning and end of the measurement period:

JPC

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

2,940

$

–

$

–

$

2,940

Convertible Preferred Securities

22,032,442

–

–

22,032,442

Corporate Bonds

–

4,206,650,109

30,629,580

4,237,279,689

Preferred Stock

382,724,015

–

–

382,724,015

U.S. Government and Agency Obligations

–

74,378,120

–

74,378,120

Short-Term Investments:

Repurchase Agreements

–

17,868,855

–

17,868,855

Investments in Derivatives:

Futures Contracts\*

(2,141,120)

–

–

(2,141,120)

Interest Rate Swaps\*

–

926,493

–

926,493

Total

$

402,618,277

$

4,299,823,577

$

30,629,580

$

4,733,071,434

NPFD

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

670,915,512

$

7,017,260

$

677,932,772

Preferred Stock

62,416,423

–

–

62,416,423

U.S. Government and Agency Obligations

–

14,346,998

–

14,346,998

Short-Term Investments:

Repurchase Agreements

–

3,552,188

–

3,552,188

Total

$

62,416,423

$

688,814,698

$

7,017,260

$

758,248,381

\*

Represents net unrealized appreciation (depreciation).

JFR

Level 3

Common

Stocks

Variable Rate

Senior Loan

Interests

Preferred Stocks

Warrants

Balance at the beginning of period

$595,629

$5,417

$-

$25,830

Gains (losses):

Net realized gains (losses)

281,536

1,764

-

-

Change in net unrealized appreciation (depreciation)

(16,992)

(17,624)

31,528

8,881

Purchases at cost

-

-

585,192

144,218

Sales at proceeds

(281,536)

(30,064)

-

-

Net discounts (premiums)

-

45,921

-

-

Transfers into

-

-

-

-

Transfers (out of)

-

-

-

-

Balance at the end of period

$578,637

$5,414

616,720

$178,929

Change in net unrealized appreciation (depreciation) during the period of Level 3

securities held as of period end

-

$(17,624)

$31,528

$8,881

Notes to Financial Statements

(continued)

JQC

Level 3

Common Stocks

Variable Rate

Senior Loan

Interests

Warrants

Balance at the beginning of period

$23,048

$3,498

$47

Gains (losses):

Net realized gains (losses)

355,916

-

-

Change in net unrealized appreciation (depreciation)

(21,480)

-

(1) Purchases at cost

-

-

-

Sales at proceeds

(355,916)

-

-

Net discounts (premiums)

-

-

-

Transfers into

-

-

-

Transfers (out of)

-

-

-

Balance at the end of period

$1,568

$3,498

$46

Change in net unrealized appreciation (depreciation) during the period of Level 3

securities held as of period end

-

-

(1) JPC

Level 3

Corporate Bonds

Balance at the beginning of period

$7,053,409

Gains (losses):

Net realized gains (losses)

-

Change in net unrealized appreciation (depreciation)

(5,925,971)

Purchases at cost

29,502,142

Sales at proceeds

-

Net discounts (premiums)

-

Transfers into

-

Transfers (out of)

-

Balance at the end of period

$30,629,580

Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end

$(5,925,971)

NPFD

Level 3

Corporate Bonds

Balance at the beginning of period

$2,425,083

Gains (losses):

Net realized gains (losses)

-

Change in net unrealized appreciation (depreciation)

4,592,177

Purchases at cost

-

Sales at proceeds

-

Net discounts (premiums)

-

Transfers into

-

Transfers (out of)

-

Balance at the end of period

$7,017,260

Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end

$4,592,177

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the current

fiscal period, were as follows:

The significant unobservable inputs used in the fair value measurement of the reporting entity's corporate bonds are estimates of litigation proceeds

reflected by way of broker-dealer price quotations or estimated recovery proceeds. Significant increases (decreases) in these estimates, estimates

in expected recovery proceeds or changes in value from a recent acquisition cost, could have resulted in significantly higher (lower) fair value

measurements of our level 3 investments.

4. Portfolio Securities

Unfunded Commitments:

Pursuant to the terms of certain of the variable rate senior loan agreements, JFR and JQC may have unfunded senior loan

commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal

to the amount of unfunded senior loan commitments. As of the end of the current fiscal period, JFR and JQC's outstanding unfunded senior loan

commitments were as follows:

Participation Commitments:

With respect to the senior loans held in JFR and JQC's portfolio, the Funds may: 1) invest in assignments; 2) act as a

participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Funds would

typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As

such, the Funds not only assume the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the

Fund and the borrower. As of the end of the current fiscal period, the Funds had no such outstanding participation commitments.

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the

underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all

times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal

period, and the collateral delivered related to those repurchase agreements.

Fund

Asset Class

Market Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

JFR

Common Stocks

$5,992

Expected Recovery

Recovery Proceeds

$8.00

N/A

572,645

Enterprise Value

Acquisition Cost

$1,000.00

N/A

Preferred Stock

616,720

Expected Recovery

Recovery Proceeds

$1,055.15

N/A

Variable Rate

Senior Loan

Interests

5,414

Broker-Dealer

Price Quotation(s)

Litigation Proceeds

$0.55

N/A

Warrants

30,604

Expected Recovery

Recovery Proceeds

$0.25-$0.35

$0.33

Total

$1,231,375

JQC

Common Stocks

$1,568

Expected Recovery

Recovery Proceeds

$8.00

N/A

Variable Rate

Senior Loan

Interests

3,498

Broker-Dealer Price Quotation(s)

Litigation Proceeds

$0.55

N/A

Warrants

Expected Recovery

Recovery Proceeds

$0.01

N/A

Total

$5,112

JPC

Corporate Bonds

$30,629,580

Indicative Trade

Broker Quote

$34.00

N/A

NPFD

Corporate Bonds

$7,017,260

Indicative Trade

Broker Quote

$34.00

N/A

Fund

Outstanding Unfunded Senior Loan

Commitments

JFR

$

4,217,544

JQC

1,905,534

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

JPC

Fixed Income Clearing Corporation

$

17,868,855

$

(18,226,319)

NPFD

Fixed Income Clearing Corporation

3,552,188

(3,623,444)

Notes to Financial Statements

(continued)

Zero Coupon Securities:

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the

holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the

security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices

of securities that pay interest periodically.

Purchases and Sales:

Long-term purchases and sales (excluding in-kind transactions, where applicable) during the current fiscal period were as

follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Futures Contracts:

During the current fiscal period, JPC used U.S. Treasury futures as part of an overall portfolio construction strategy to manage

portfolio duration and yield curve exposure.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a

futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker

equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments

and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-

to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value

of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a

receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss

equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized

gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of

Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the

possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with

a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

Interest Rate Swap Contracts:

During the current fiscal period, JPC used interest rate swap contracts to partially hedge its interest cost of leverage.

Interest rate swap contracts involve the Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the

counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve the Fund's agreement with a counterparty to

pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for

which would begin at a specified date in the future (the "effective date").

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

JFR

$

510,755,681

$

586,396,586

JQC

283,641,052

321,989,074

JPC

483,546,031

388,202,966

NPFD

63,835,401

72,632,251

Fund

Average Notional Amount of Futures

Contracts Outstanding

\*

JPC

$

180,201,035

\*

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal

period and at the end of each fiscal quarter within the current fiscal period.

Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues

the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap

contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts.

The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest

rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss on such transactions

is limited to the net amount of interest payments that the Fund is to receive from the counterparty. Payments paid (received) at the beginning of

the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable. Interest rate

swaps can be settled either directly with the counterparty ("OTC") or through a central clearinghouse ("centrally cleared"). For OTC swaps, the daily

change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized appreciation (depreciation)

on interest rate swaps contracts on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an

account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified

in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and

the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash

settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation

margin on interest rate swaps contracts.

Changes in the value of the swap contracts during the fiscal period are recognized as net unrealized appreciation (depreciation) of swaps

contracts on the Statement of Operations. The net amount of periodic payments settled in cash are recognized as net realized gain (loss) from swap

contracts on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the

end of the current fiscal period.

As of the end of the current fiscal period, the Funds have invested in derivative contracts which are reflected in the Statement of Assets and

Liabilities as follows:

During the current fiscal period, the effect of derivative contracts on the Funds' Statements of Operations was as follows:

Fund

Average Notional Amount of Interest Rate

Swap Contracts Outstanding

\*

JPC

$

138,000,000

\*

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal

period and at the end of each fiscal quarter within the current fiscal period.

Fund

Counterparty

Gross Unrealized

Appreciation Interest

Rate Swaps\*\*\*

Gross Unrealized

(Depreciation) Interest

Rate Swaps\*\*\*

Net Unrealized Appreciation

(Depreciation) on Interest

Rate Swaps

Collateral

Pledged to (from)

Counterparty

Net Exposure

JPC

Morgan Stanley Capital

Services LLC

$

926,493

$

-

$

926,493

$

(1,057,178)

$

(130,685)

\*\*\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

JPC

Futures Contracts

Interest rate

-

$

–

Unrealized depreciation on

futures contracts

\*

$

(2,141,120)

Interest Rate Swaps

Interest rate

Unrealized appreciation on

interest rate swaps contracts

926,493

-

–

\*

The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying

Statement of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

JPC

Futures contracts

Interest rate

$

5,777,678

$

(4,413,567)

Swap contracts

Interest rate

1,409,836

(1,463,509)

Notes to Financial Statements

(continued)

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Common Shares

JFR – Rights offering:

On January 8, 2025, the Board approved the terms of the issuance of transferable rights ("Rights") to the holders of the Fund's

common shares (par value $0.01 per share) ("Common Shares") as of January 21, 2025 (the "Record Date"). Holders of Common Shares on the

Record Date ("Record Date Shareholders") received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled

the holders to purchase one new Common Share for every 5 Rights held (1-for-5), for an aggregate of up to an additional 26,911,238 Common

Shares.

Holders of Rights were entitled to subscribe for additional Common Shares (the "Offer") at a discount to the market price of the Common Shares,

prior to 5:00 p.m., Eastern time, on February 19, 2025 (the "Expiration Date"). The subscription price per Common Share (the "Subscription Price")

was $8.20 per Common Share, which was equal to 90% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the

Expiration Date. The gross proceeds of the Offer were approximately $220.7 million (including oversubscription requests and notices of guaranteed

delivery).

The Offer was over-subscribed; however, the Fund did not exercise the secondary oversubscription privilege. The available primary over-subscription

shares were allocated pro-rata among those fully exercising record date shareholders who over-subscribed based on the number of rights originally

issued to them by the Fund. The Fund returned to those investors that submitted over-subscription requests the full amount of their excess

payments. The Common Shares subscribed for were issued on February 25, 2025, after completion of the pro-rata allocation of Common Shares in

respect of the primary oversubscription privilege and receipt of all shareholder payments.

JQC – Rights Offering:

On March 19, 2025, the Board approved the terms of the issuance of transferable rights ("Rights") to the holders of the

Fund's common shares (par value $0.01 per share) ("Common Shares") as of March 31, 2025 (the "Record Date"). Holders of Common Shares on the

Record Date ("Record Date Shareholders") received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled

the holders to purchase one new Common Share for every 5 Rights held (1-for-5), for an aggregate of up to an additional 12.2 million Common

Shares.

Holders of Rights were entitled to subscribe for additional Common Shares (the "Offer") at a discount to the market price of the Common Shares,

prior to 5:00 p.m., Eastern time, on April 29, 2025 (the "Expiration Date"). The subscription price per Common Share (the "Subscription Price") was

$5.09 per Common Share, which was equal to 90% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the

Expiration Date. The gross proceeds of the Offer were approximately $62.1 million.

The Common Shares subscribed for were issued on May 5, 2025, after completion and receipt of all shareholder payments. The final Subscription

Price was lower than the original estimated Subscription Price. Accordingly, any excess payments were returned to subscribing rights holders, in

accordance with the prospectus supplement filed with the Securities and Exchange Commission on March 20, 2025.

Common Shares Equity Shelf Programs and Offering Costs:

JPC has filed a registration statement with the Securities and Exchange Commission

("SEC") authorizing the Fund to issue additional common shares through one or more equity shelf programs ("Shelf Offering"), which became

effective with the SEC during a prior fiscal period.

Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from

time to time in varying amounts and by different offering methods at a net price at or above Fund's NAV per common share. In the event the Fund's

Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the

registration statement has been filed with the SEC.

Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under the Fund's Shelf Offering during the Fund's

current and prior fiscal period were as follows:

Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as "Deferred

offering costs" on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as

a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any deferred offering costs

remaining after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current

are expensed as incurred and recognized as a component of "Other expenses" on the Statement of Operations.

Common Share Transactions:

Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable,

were as follows:

Sorry e

Preferred Shares

Taxable Fund Preferred Shares:

JFR, JQC, JPC and NPFD have issued and have outstanding Taxable Fund Preferred ("TFP") Shares, with a $1,000

liquidation preference per share. These TFP Shares were issued via private placement and are not publicly available.

The Fund is obligated to redeem its TFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier

redeemed by the Fund. TFP Shares are initially issued in a pre-specified mode, however, TFP Shares can be subsequently designated as an

alternative mode at a later date at the discretion of the Funds. The modes within TFP Shares detail the dividend mechanics and are described as

follows. At a subsequent date, the Funds may establish additional mode structures with the TFP Share.

• Variable Rate Mode ("VRM") – Dividends for TFP Shares designated in this mode are based upon a short-term index plus an additional fixed

"spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be

required to either extend the term of the mode, designate an alternative mode or redeem the TFP Shares.

The fair value of TFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares

remains roughly in line with the "spread' being demanded by investors on instruments having similar terms in the current market. During the current

fiscal period, the Adviser determined that the fair value of the shares approximated their liquidation preference.

JPC

Unaudited

Six Months

Ended

1/31/26

Year Ended

7/31/25

Maximum aggregate offering

Unlimited

Unlimited

Common shares sold

7,903,716

6,853,100

Offering proceeds, net of offering costs

$63,982,737

$54,493,622

JFR

Unaudited

Six Months

Ended

1/31/26

Year Ended

7/31/25

Common Shares:

Sold through rights offering

—

26,911,238

Total

—

26,911,238

JQC

Unaudited

Six Months

Ended

1/31/26

Year Ended

7/31/25

Common Shares:

Sold through rights offering

—

12,207,389

Total

—

12,207,389

JPC

Unaudited

Six Months

Ended

1/31/26

Year Ended

7/31/25

Common Shares:

Sold through shelf offering

7,903,716

6,853,100

Issued to shareholders due to reinvestment of distributions

274,425

156,693

Total

8,178,141

7,009,793

Weighted average common share:

Premium to NAV per shelf offering common share sold

0.83%

0.59%

Notes to Financial Statements

(continued)

• Variable Rate Demand Mode ("VRDM") – Dividends for TFP Shares designated in this mode will be established by a remarketing agent; therefore,

the market value of the TFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional

liquidity feature that enable its shareholders to require a liquidity provider, which each Fund has entered into a contractual agreement, to purchase

shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully

remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a

specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. Each Fund is required to redeem any

shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Funds will pay a liquidity and remarketing fee on the aggregate principal amount of all TFP Shares while within VRDM. Payments made by the

Funds to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement of

Operations.

For financial reporting purposes, the liquidation preference of TFP Shares is recorded as a liability and is recognized as a component of "TFP Shares,

net" on the Statement of Assets and Liabilities. Dividends on the TFP shares are treated as interest payments for financial reporting purposes.

Unpaid dividends on TFP shares are recognized as a component on "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued

on TFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Subject to certain conditions, TFP Shares may be redeemed, in whole or in part, at any time at the option of the Funds. Additionally, TFP Shares

in VRM mode are subject to a 60-Day Evergreen tenor. Each Fund may also be required to redeem certain TFP shares if the Fund fails to maintain

certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances

is equal to the liquidation preference per share plus any accumulated but unpaid dividends.

Cost incurred by each Fund in connection with its offerings of TFP Shares, which were recorded as a deferred charge and are being amortized over

the life of the shares. These offering costs are recognized as a component of "TFP Shares, Net" on the Statement of Assets and Liabilities and

"Interest expense and amortization of offering costs" on the Statement of Operations.

As of the end of the current fiscal period, JFR, JQC, JPC, and NPFD had of $284,011,667, $139,364,423, $418,824,025 and $84,578,016

respectively, TFP Shares at liquidation preference, net of deferred offering costs. Further details of the Funds' TFP Shares outstanding as of the end

of the current fiscal period, were as follows:

The average liquidation preference of TFP Shares outstanding and the annualized dividend rate for the Funds during the current fiscal period were as

follows:

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

Fund

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

JFR

A

170,000

$

170,000,000

$

January 1, 2031

VRDM

B

115,000

115,000,000

December 1, 2030

VRM

JQC

A

140,000

$

140,000,000

July 1, 2032

VRDM

JPC

A

150,000

$

150,000,000

August 1, 2037

VRDM

B

270,000

270,000,000

July 1, 2032

VRDM

NPFD

A

85,000

$

85,000,000

February 1, 2034

VRDM

JFR

JQC

JPC

NPFD

Average liquidation preference of TFP Shares outstanding

$285,000,000

$140,000,000

$420,000,000

$85,000,000

Average dividend rate

4.65%

4.22%

4.23%

4.27%

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

8. Management Fees and Other Transactions with Affiliates

Management Fees

: Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and

a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed

by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JFR

$

2,321,672,657

$

31,225,887

$

(63,696,945)

$

(32,471,058)

JQC

1,371,447,771

21,784,153

(36,264,344)

(14,480,191)

JPC

4,605,983,725

185,968,751

(58,881,042)

127,087,709

NPFD

755,083,723

22,512,039

(19,347,381)

3,164,658

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

JFR

$

—

$

—

$

(15,511,158)

$

(402,335,504)

$

—

$

(13,682,231)

$

(431,528,893)

JQC

—

—

(3,758,889)

(331,757,973)

—

(7,982,101)

(343,498,963)

JPC

—

—

65,508,399

(440,291,959)

—

(21,970,650)

(396,754,210)

NPFD

—

—

(14,718,133)

(68,716,852)

—

(4,047,494)

(87,482,479)

Fund

Short-Term

Long-Term

Total

JFR

$

43,059,963

$

359,275,541

$

402,335,504

JQC

47,573,508

284,184,465

331,757,973

JPC

66,744,870

373,547,089

440,291,959

NPFD

10,524,357

58,192,495

68,716,852

A portion of JFR's and JPC's capital loss carryforwards is subject to an annual limitation under the Internal Revenue Code and related regulations.

Average Daily Managed Assets\*

JFR

JQC

NPFD

For the first $500 million

0.6500 %

0.6800 %

0.7500 %

For the next $500 million

0.6250 0.6550 0.7250 For the next $500 million

0.6000 0.6300 0.7000 For the next $500 million

0.5750 0.6050 0.6750 For managed assets over $2 billion

0.5500 0.5800 0.6500 78

Notes to Financial Statements

(continued)

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual

Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments

in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively

financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in

certain circumstances.

As of the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:

9. Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Funds to some risk of loss. These could include

recourse arrangements for certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements.

The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the current fiscal period, the

Funds did not have any unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable.

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to

the enforcement of the Funds' rights under contracts. As of the end of the current fiscal period, management has determined that any legal

proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds'

financial statements.

10. Borrowings Arrangements and Reverse Repurchase Agreements

Borrowings:

Each Fund entered into a borrowing arrangement ("Borrowings") as a means of leverage. As of the end of the current fiscal period,

each Fund's maximum commitment amount under these Borrowings is as follows:

Average Total Daily Managed Assets\*

JPC

Fund-Level Fee

Rate

For the first $500 million

0.6800 %

For the next $500 million

0.6550 For the next $500 million

0.6300 For the next $500 million

0.6050 For the next $750 million

0.5800 For the next $750 million

0.5550 For the next $1.5 billion

0.5300 For managed assets over $5 billion

0.5050 Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 Fund

Complex-Level Fee

JFR

0.1558 %

JQC

0.1558 JPC

0.1558 NPFD

0.1558 79

As of the end of the current fiscal period, each Fund's outstanding balance on its Borrowings was as follows:

For JFR, interest is charged at a rate equal to 1-Month Term SOFR plus 0.95%. JFR accrues 0.15% per annum on the undrawn balance if the

undrawn portion of the Borrowings on a particular day is more than the maximum commitment amount. Interest is charged on the Borrowings at a

rate per annum equal to the daily SOFR plus 1.10% for JQC and the Fund accrues 1.10% per annum on any positive difference between 90% of the

maximum commitment amount and the daily drawn amount.

For JPC, interest is charged on these Borrowings at OBFR ("Overnight Bank Funding Rate") plus 0.85% per annum on the amounts borrowed. For

NPFD, interest is charged on these Borrowings at OBFR plus 0.75% per annum on the amounts borrowed and 0.25% per annum on the undrawn

balance if the undrawn portion of the Borrowings on a particular day is more than 25% of the maximum commitment amount.

During the current fiscal period, the average daily balance outstanding and average annual interest rate on each Fund's Borrowings were as follows:

Other Borrowings Information for the Funds:

In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage

and other requirements. The Funds' borrowings outstanding are fully secured by eligible securities held in each Fund's portfolio of investments.

("Pledged Collateral") Borrowings outstanding are recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest expense incurred

on the borrowed amount and undrawn balance and amendment fees are recognized as a component of "Interest expense and amortization of

offering costs" on the Statement of Operations.

Rehypothecation:

JPC has entered into a Rehypothecation Side Letter ("Side Letter") with its prime brokerage lender, allowing it to re-register the

Pledged Collateral in its own name or in a name other than the Funds' to pledge, re-pledge, hypothecate, rehypothecate, sell, lend or otherwise

transfer or use the Pledged Collateral (the "Hypothecated Securities") with all rights of ownership as described in the Side Letter. Subject to certain

conditions, the total value of the outstanding Hypothecated Securities shall not exceed the lesser of (i) 98% of the outstanding balance on the

Borrowings to which the Pledged Collateral relates and (ii) 33

1⁄3

% of the Funds' total assets. The Funds may designate any Pledged Collateral as

ineligible for rehypothecation. The Funds may also recall Hypothecated Securities on demand.

The Funds also have the right to apply and set-off an amount equal to one-hundred percent (100%) of the then-current fair market value of such

Pledged Collateral against the current Borrowings under the Side Letter in the event that the prime brokerage lender fails to timely return the

Pledged Collateral and in certain other circumstances. In such circumstances, however, the Funds may not be able to obtain replacement financing

required to purchase replacement securities and, consequently, the Funds' income generating potential may decrease. Even if a Fund is able to

obtain replacement financing, it might not be able to purchase replacement securities at favourable prices.

The Funds will receive a fee in connection with the Hypothecated Securities ("Rehypothecation Fees") in addition to any principal, interest, dividends

and other distributions paid on the Hypothecated Securities.

Fund

Maximum

Commitment

Amount

JFR

$

660,000,000

JQC

250,000,000

JPC

850,000,000

NPFD

190,000,000

Fund

Outstanding

Balance on

Borrowings

JFR

$

517,200,000

JQC

211,600,000

JPC

837,000,000

NPFD

161,314,000

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

JFR

$

517,200,000

5.18 %

JQC

211,600,000

5.18 JPC

777,532,609

5.18 NPFD

161,314,000

5.18 80

Notes to Financial Statements

(continued)

As of the end of the reporting period, the Fund had $668,614,861 in Hypothecated Securities. During the current fiscal period, the Fund earned

Rehypothecation Fees of $154,356, which is recognized as "Rehypothecation income" on the Statement of Operations.

Reverse Repurchase Agreements:

During the current fiscal period, certain funds utilized reverse repurchase agreements as a means of leverage.

Each Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by

the Adviser to be creditworthy. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous

agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It

may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to

be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to

counterparties are recognized as a component of "Interest expense" on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the

risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a

counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be

delayed.

As of the end of the current fiscal period, the Fund's outstanding balances on its reverse repurchase agreements were as follows:

During the current fiscal period, the average daily balance outstanding and average annual interest rate on the Funds' reverse repurchase

agreements were as follows:

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse

repurchase agreements.

11. Inter-Fund Borrowing and Lending

Inter-Fund Lending Program:

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate

in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to

satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-

end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund

Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number

of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless

it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund

may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the

inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other

lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent

percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than

10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value and Accrued

Interest

JQC

Societe Generale SA

4.51%

$

(142,000,000)

4/01/28

$

(142,000,000)

$

(142,553,090)

JPC

BNP Paribas SA

4.43%

(360,000,000)

12/31/49

(360,000,000)

(361,374,600)

JPC

Royal Bank of Canada

4.64%

(150,853,000)

2/03/26

(150,853,000)

(152,602,895)

Total

$(510,853,000)

$(510,853,000)

$(513,977,495)

NPFD

Royal Bank of Canada

4.35%

(27,592,000)

3/05/26

(27,592,000)

(27,787,566)

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

JQC

$

(142,000,000)

4.95%

JPC

(499,266,043)

4.85 NPFD

(27,592,000)

4.82 Fund

Counterparty

Reverse

Repurchase

Agreements\*\*\*

Collateral

Pledged to

Counterparty

JQC

Societe Generale SA

$

(142,553,090)

$

(205,081,146)

JPC

BNP Paribas SA

(361,374,600)

(839,184,997)

JPC

Royal Bank of Canada

(152,602,895)

(192,383,526)

Total

$

(513,977,495)

$

(1,031,568,523)

NPFD

Royal Bank of Canada

(27,787,566)

(37,794,842)

\*\*\* Represents gross value and accrued interest for the counterparty as reported in the preceding table.

cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund

loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to

receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice

by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only

if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for

overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize

the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without

risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case

the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another

fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

12. Fund Reorganization

The Reorganization as previously described in these Notes to Financial Statements was structured to qualify as a tax-free reorganization under

the Internal Revenue Code for federal income tax purposes, and the Target Fund's shareholders recognized no gain or loss for federal income tax

purposes as a result. Prior to the closing of the Reorganization, the Target Fund distributed all of its net investment income and capital gains, if any.

Such a distribution may be taxable to the Target Fund's shareholders for federal income tax purposes.

Investments:

The cost, fair value and net unrealized appreciation (depreciation) of the investments (including investments in derivatives) of the

Target Fund as of the date of the Reorganization, were as follows:

For financial reporting purposes, assets received and shares issued by the Acquiring Fund was recorded at fair value; however, the cost basis of the

investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and

losses with amounts distributable to shareholders for tax purposes.

Common Shares:

The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately

before and after the Reorganization were as follows:

Pro Forma Results of Operations:

The beginning of JPI's current fiscal period was August 1, 2025. Assuming the Reorganization had been

completed on August 1, 2025, the beginning of the Acquiring Fund's current fiscal period, the pro forma results of operations for the Fund's current

fiscal period, are as follows:

JPI

Cost of investments

$448,658,890

Fair value of investments

438,658,268

Net unrealized appreciation (depreciation) of investments

(10,000,622)

Target Fund - Prior to Reorganization

JPI

Common shares outstanding

14,124,969

Net assets applicable to common shares

$287,101,572

NAV per common share outstanding

$20.33

Acquiring Fund - Prior to Reorganization

JPC

Common shares outstanding

330,292,472

Net assets applicable to common shares

$2,686,045,734

NAV per common share outstanding

$8.13

Acquiring Fund - After Reorganization

JPC

Common shares outstanding

365,596,297

Net assets applicable to common shares

$2,973,147,306

NAV per common share outstanding

$8.13

Notes to Financial Statements

(continued)

13. Subsequent Events

JFR – Borrowing Arrangement:

During March 2026, the Fund amended its Borrowings, at which time the maximum commitment was reduced to

$610,000,000, all other terms remained unchanged.

JPC – Borrowing Arrangement:

During March 2026, the Fund amended its Borrowings, at which time the maximum commitment was increased to

$950,000,000, all other terms remained unchanged.

Acquiring Fund - Pro Forma Results from Operations

JPC

Net investment income (loss)

$92,208,082

Net realized and unrealized gains (losses)

16,206,879

Change in net assets resulting from operations

71,141,663

Additional Fund Information

#### (U
naudited)

#### Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with

the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its

report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.

#### Active Shelf Offering Statement of Additional Information (SAI) for JPC
The SAI for the active shelf offerings

for JPC contains additional information about the Fund's Board of Trustees. You may obtain a copy of the fund's SAI

without charge, upon request, by calling Nuveen at (312) 917-7700, by writing to the Fund, or on Nuveen's website at

www.nuveen.com. You may also obtain this information on the SEC's website at http://www.sec.gov.

#### Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies

relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon

request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description

of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities

without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information

directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

#### CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock

Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the

Sarbanes-Oxley Act.

#### Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program,

shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered

by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future

repurchases will be reported to shareholders in the next annual or semi-annual report.

#### FINRA BrokerCheck:
The Financial Industry Regulatory Authority (FINRA) provides information regarding the

disciplinary history of FINRA member firms and associated investment professionals. This information as well as an

investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline

number at (800) 289-9999 or by visiting www.FINRA.org.

Board of Trustees

Joseph A. Boateng

Michael A. Forrester

Thomas J. Kenny

Amy B.R. Lancellotta

Joanne T. Medero

Albin F. Moschner

John K. Nelson

Loren M. Starr

Matthew Thornton III

Terence J. Toth

Margaret L. Wolff

Robert L. Young

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

One Congress Street

Suite 1

Boston, MA 02114-2016

Legal Counsel

Chapman and Cutler

LLP

Chicago, IL 60606

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers

LLP

One North Wacker Drive

Chicago, IL 60606

Transfer Agent and

Shareholder Services

Computershare Trust Company,

N.A.

150 Royall Street

Canton, MA 02021

(800) 257-8787

JFR

JQC

JPC

NPFD

Common shares repurchased

Glossary of Terms Used in this Report

(U

#### naudited)
19(a) Notice:

Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made

from a source other than the fund's net income be accompanied by a written notice that discloses the estimated sources of such

payment.

Average Annual Total Return:

This is a commonly used method to express an investment's performance over a particular,

usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual

cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over

the time period being considered.

Collateralized Loan Obligation (CLO):

A security backed by a pool of debt, often low rated corporate loans. Collateralized

loan obligations (CLOs) are similar to collateralized mortgage obligations, except for the different type of underlying loan.

Contingent Capital Securities (CoCos):

CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption

contingency mechanisms built into the terms of the security, for example a mandatory conversion into common stock of the issuer,

or a principal write-down, which if triggered would likely cause the CoCo investment to lose value. Loss absorption mechanisms

would become effective upon the occurrence of a specified contingency event, or at the discretion of a regulatory body. Specified

contingency events, as identified in the CoCo's governing documents, usually reference a decline in the issuer's capital below a

specified threshold level, and/or certain regulatory events. A loss absorption contingency event for CoCos would likely be the result

of, or related to, the deterioration of the issuer's financial condition and/or its status as a going concern. In such a case, with respect

to CoCos that provide for conversion into common stock upon the occurrence of the contingency event, the market price of the

issuer's common stock received by the Acquiring Fund will have likely declined, perhaps substantially, and may continue to decline

after conversion. CoCos rated below investment grade should be considered high yield securities, or "junk," but often are issued

by entities whose more senior securities are rated investment grade. CoCos are a relatively new type of security; and there is a risk

that CoCo security issuers may suffer the sort of future financial distress that could materially increase the likelihood (or the market's

perception of the likelihood) that an automatic write-down or conversion event on those issuers' CoCoswill occur. Additionally,

the trading behavior of a given issuer's CoCo may be strongly impacted by the trading behavior of other issuers' CoCos, such

that negative information from an unrelated CoCo security may cause a decline in value of one or more CoCos held by the Fund.

Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities.

Despite these concerns, the prospective reward vs. risk characteristics of at least certain CoCos may be very attractive relative to

other fixed-income alternatives.

Duration:

Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is

a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a

bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.

Effective Leverage:

Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see below)

and the leverage effects of certain derivative investments in the fund's portfolio.

Leverage:

Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100%

of the investment capital.

Net Asset Value (NAV) Per Share:

A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and

receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

Regulatory Leverage:

Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part

of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

Nuveen Securities, LLC, member FINRA and SIPC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

ESA-A-0126P 5190024

Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable

investment solutions through continued adherence to proven, long-term investing principles. Today,

we offer a range of high quality solutions designed to be integral components of a well-diversified core

portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global

asset managers, with specialist knowledge across all major asset classes and particular strength

in solutions that provide income for investors and that draw on our expertise in alternatives and

responsible investing. Nuveen is driven not only by the independent investment processes across

the firm, but also the insights, risk management, analytics and other tools and resources that a truly

world-class platform provides. As a global asset manager, our mission is to work in partnership with

our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your

financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information

provided carefully before you invest. Investors should consider the investment objective and policies,

risk considerations, charges and expenses of any investment carefully. Where applicable, be sure

to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,

please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.

Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at:

www.nuveen.com/closed-end-funds

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

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

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

------

**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 implemented after the registrant last provided disclosure in response to this Item.

------

**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.

------

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d107175dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d107175dex99906cert.htm)

------

**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 Credit Strategies Income Fund</u> 

---

| | | |
|:---|:---|:---|
| Date: April 2, 2026 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: April 2, 2026 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: April 2, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Credit Strategies Income Fund;

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: April 2, 2026 | By: /s/ David J. Lamb |
|  | David J. Lamb |
|  | Chief Administrative Officer |
|  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Credit Strategies Income Fund;

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: April 2, 2026 | By: /s/ Marc Cardella |
|  | Marc Cardella |
|  | Vice President and Controller |
|  | (principal financial officer) |

---

## 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 semi-annual report of the Nuveen Credit Strategies Income Fund (the "Fund") on Form N-CSR for the period ended January 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: April 2, 2026 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: April 2, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---