N-CSRS 1 d813055dncsrs.htm NUVEEN FLOATING RATE INCOME FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number |  | 811-21494

Nuveen Floating Rate Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: |  | (800) 257-8787

Date of fiscal year end: |  | July 31

Date of reporting period: |  | January 31, 2025

Item 1. | Reports to Stockholders.

Closed-End
Funds
Closed-End
Funds
Nuveen
January
31,
2025
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
Preferred
Securities
&
Income
Opportunities
Fund
JPI
Nuveen
Variable
Rate
Preferred
&
Income
Fund
NPFD
2
Table
of
Contents
Important
Notices
3
Common
Share
Information
5
About
the
Funds’
Benchmarks
7
Fund
Performance,
Leverage
and
Holdings
Summaries
8
Portfolios
of
Investments
19
Statement
of
Assets
and
Liabilities
63
Statement
of
Operations
65
Statement
of
Changes
in
Net
Assets
66
Statement
of
Cash
Flows
69
Financial
Highlights
72
Notes
to
Financial
Statements
79
Additional
Fund
Information
98
Glossary
of
Terms
Used
in
this
Report
99
Important
Notices
3
Portfolio
manager
commentaries
:
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
your
Fund’s
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Fund’s
annual
shareholder
report.
Fund
changes:
For
changes
that
occurred
to
your
Fund
both
during
and
after
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
Fund
principal
investment
policies
and
principal
risks:
Refer
to
the
Shareholder
Update
section
of
your
Fund’s
annual
shareholder
report
for
information
on
the
Fund’s
principal
investment
policies
and
principal
risks.
Fund
performance:
For
current
information
on
your
Fund’s
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com
.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
JFR
–
Rights
offering:
On
January
8,
2025,
the
Board
of
Trustees
(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
over-subscription
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.
More
details
about
the
Fund’s
rights
offering
is
available
within
these
Notes
to
Financial
Statements
and
on
www.nuveen.com/cref.
JFR
and
JQC
-
Portfolio
manager
updates:
Effective
December
30,
2024,
Coale
Mechlin
was
added
as
a
portfolio
manager
of
the
Funds.
JPI
–
Fund
Restructuring:
On
July
17,
2024,
shareholders
of
the
Fund
approved
a
proposal
to
amend
the
Fund’s
declaration
of
trust
to
eliminate
the
Fund’s
term
structure,
subject
to
the
completion
of
a
tender
offer.
The
amendment
allows
shareholders
the
opportunity
to
maintain
their
investment
in
the
Fund
and
its
leveraged
exposure
to
preferred
and
other
income
producing
securities
in
lieu
of
the
Fund’s
scheduled
termination.
Additionally,
on
July
17,
2024,
the
Fund
conducted
a
tender
offer,
which
allowed
shareholders
to
offer
up
to
100%
of
their
common
shares
for
repurchase
for
cash
at
a
price
per
share
equal
to
100%
of
the
at
net
asset
value
(NAV)
per
share
determined
on
the
date
the
tender
offer
expired.
The
tender
offer
expired
on
August
14,
2024.
In
the
tender
offer
8,672,542
shares
were
tendered,
representing
approximately
38%
of
the
Fund’s
common
shares
outstanding.
Properly
tendered
shares
were
repurchased
at
$20.0081
per
share,
which
was
the
NAV
of
the
Fund
as
of
the
close
of
ordinary
trading
on
the
New
York
Stock
Exchange
on
August
14,
2024.
As
a
result
of
the
successful
completion
of
the
tender
offer,
the
restructuring
of
the
Fund
was
completed
and
on
August
19,
2024,
the
following
changes
became
effective.
•
The
Fund’s
declaration
of
trust
was
amended
to
eliminate
the
term
of
the
Fund.
•
The
Fund’s
name
changed
to
Nuveen
Preferred
Securities
&
Income
Opportunities
Fund.
•
Nuveen
Fund
Advisors,
LLC,
the
investment
adviser
to
the
Fund,
will
waive
50%
of
the
Fund’s
net
management
fees
beginning
August
19,
2024,
and
continuing
over
the
first
year
following
the
elimination
of
the
term.
More
details
about
the
Fund’s
restructuring
is
available
within
these
Notes
to
Financial
Statements
and
on
www.nuveen.com/cref.
JPC,
JPI
and
NPFD
–
Recent
Market
Factors:
JPC,
JPI
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.
Changes
in
Independent
Registered
Public
Accounting
Firm
(a)
Previous
independent
registered
public
accounting
firm:
On
October
24,
2024,
the
Board,
upon
recommendation
from
the
Audit
Committee,
dismissed
KPMG
LLP
(“KPMG”)
as
the
independent
registered
public
accounting
firm
for
the
Funds.
KPMG’s
audit
reports
on
the
Funds’
financial
statements
as
of
and
for
the
fiscal
years
ended
July
31,
2024
and
July
31,
2023
contained
no
adverse
opinion
or
disclaimer
of
opinion
nor
were
they
qualified
or
modified
as
to
uncertainty,
audit
scope
or
accounting
principles.
During
the
Funds’
fiscal
years
ended
July
31,
2024
and
July
31,
2023,
and
for
the
period
August
1,
2024
through
October
24,
2024,
there
were
no
disagreements
with
KPMG
on
any
matter
of
accounting
principles
or
practices,
financial
statement
disclosure
or
auditing
scope
or
procedures,
which
disagreements
if
not
resolved
to
the
satisfaction
of
4
Important
Notices
(continued)
KPMG
would
have
caused
them
to
make
reference
in
connection
with
their
reports
opinion
to
the
subject
matter
of
the
disagreement.
During
the
Funds’
fiscal
years
ended
July
31,
2024
and
July
31,
2023
and
for
the
period
June
1,
2024
through
October
24,
2024,
there
were
no
reportable
events
(as
defined
in
Regulation
S-K
Item
304(a)(1)(v)).
The
Funds
provided
KPMG
with
a
copy
of
the
foregoing
disclosures
and
requested
that
KPMG
furnish
the
Funds
with
a
letter
addressed
to
the
U.S.
Securities
and
Exchange
Commission
stating
whether
KPMG
agrees
with
the
above
statements.
(b)
New
independent
registered
public
accounting
firm:
On
October
24,
2024,
the
Board,
upon
recommendation
from
the
Audit
Committee,
appointed
PricewaterhouseCoopers
LLP
(“PwC”)
as
the
new
independent
registered
public
accounting
firm
for
the
Funds.
During
the
Funds’
fiscal
years
ended
July
31,
2024
and
July
31,
2023
and
for
the
subsequent
interim
period
through
October
24,
2024,
the
Funds
have
not
consulted
with
PwC
regarding
any
of
the
matters
described
in
Regulation
S-K
Item
304
(“S-K
304”),
S-K
304(a)(2)(i)
or
S-K
304(a)(2)(ii)
disclosure.
JQC
–
Rights
Offering:
On
March
19,
2025,
the
Board
approved
the
terms
of
the
issuance
of
Rights
to
the
holders
of
the
Fund’s
Common
Shares
as
of
March
31,
2025
(the
“Record
Date”).
Holders
of
Rights
will
be
entitled
to
subscribe
for
additional
Common
shares
(the
“Offer”)
at
a
discount
to
the
market
price
of
the
Common
Shares.
After
considering
a
number
of
factors,
including
potential
benefits
and
costs,
the
Board
and
the
Adviser,
determined
that
the
Offer
will
benefit
both
the
Fund
and
its
common
shareholders
and
increase
the
assets
of
the
Fund
available
to
take
advantage
of
existing
investment
opportunities,
consistent
with
the
Fund’s
investment
objective
of
providing
shareholders
with
a
high
level
of
current
income
and
its
secondary
investment
objective
of
total
return.
•
The
Fund’s
declaration
of
trust
was
amended
to
eliminate
the
term
of
the
Fund.
Certain
key
terms
of
the
Offer
include:
•
Holders
of
Common
Shares
on
the
Record
Date
(“Record
Date
Shareholders”)
will
receive
one
Right
for
each
outstanding
Common
Share
owned
on
the
Record
Date.
The
Rights
entitle
the
holders
to
purchase
one
new
Common
Share
for
every
five
Rights
held
(1-for-5).
•
The
subscription
price
per
Common
Share
(the
“Subscription
Price”)
will
be
determined
based
upon
a
formula
equal
to
95%
of
the
average
of
the
last
reported
sales
price
of
the
Common
Shares
on
the
NYSE
on
the
Expiration
Date
and
each
of
the
four
preceding
trading
days
(the
“Formula
Price”).
If,
however,
the
Formula
Price
is
less
than
90%
of
the
net
asset
value
per
Common
Share
at
the
close
of
trading
on
the
NYSE
on
the
Expiration
Date,
then
the
Subscription
Price
will
be
90%
of
the
Fund’s
net
asset
value
per
Common
Share
at
the
close
of
trading
on
the
NYSE
on
the
Expiration
Date.
The
Rights
offering
will
expire
at
5:00
p.m.,
Eastern
time,
on
April
29,
2025
(the
“Expiration
Date”).
•
Record
Date
Shareholders
who
fully
exercise
all
Rights
issued
to
them
can
subscribe,
subject
to
certain
limitations
and
allotment,
for
any
additional
Common
Shares
which
were
not
subscribed
for
by
other
holders
of
Rights
at
the
Subscription
Price,
subject
to
the
right
of
the
Board
to
eliminate
this
over-subscription
privilege.
Investors
who
are
not
Record
Date
Shareholders
but
who
otherwise
acquire
Rights
in
the
secondary
market
are
not
entitled
to
participate
in
the
over-subscription
privilege.
If
these
requests
exceed
available
Common
Shares,
they
will
be
allocated
pro
rata
among
those
fully
exercising
Record
Date
Shareholders
who
over-subscribe
based
on
the
number
of
Rights
originally
issued
to
them
by
the
Fund.
•
Rights
are
transferable
and
are
expected
to
be
admitted
for
trading
on
the
NYSE
under
the
symbol
“JQC
RTWI”
initially
trading
“when-issued”
on
March
28,
2025.
The
Rights
will
begin
trading
with
regular
settlement
under
the
symbol
“JQC
RT”
on
or
about
April
2,
2025,
and
will
cease
trading
at
the
close
on
April
28,
2025,
one
day
before
the
Offer’s
Expiration
Date.
During
this
time,
Record
Date
Shareholders
may
also
choose
to
sell
their
Rights.
More
details
about
the
Fund’s
rights
offering
are
available
on
www.nuveen.com/cef.
JPC
and
JPI
–
Fund
Reorganization
:
On
March
19,
2025,
the
merger
of
JPI
into
JPC
was
approved
by
the
Board.
The
merger
is
pending
shareholder
approval
and
satisfying
other
closing
conditions.
Common
Share
Information
5
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding
each
Fund’s
distributions
is
current
as
of
January
31,
2025
.
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
2025
will
be
made
in
early
2026
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
Data
as
of
January
31,
2025
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
81.20%
0.00%
18.80%
$0.5100
$0.4143
$0.0000
$0.0957
JQC
$0.0540
77.50%
0.00%
22.50%
$0.3240
$0.2511
$0.0000
$0.0729
JPC
$0.0665
72.60%
0.00%
27.40%
$0.3990
$0.2897
$0.0000
$0.1093
JPI
$0.1660
69.10%
0.00%
30.90%
$0.9280
$0.6410
$0.0000
$0.2870
NPFD
$0.1675
43.20%
0.00%
56.80%
$1.0050
$0.4340
$0.0000
$0.5710
Common
Share
Information
(continued)
6
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
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
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
January
31,
2025,
(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
1,683,000
Weighted
average
premium
to
NAV
per
common
share
sold
0.30%
JFR
JQC
JPC
JPI
NPFD
Common
shares
cumulatively
repurchased
and
retired
147,593
5,473,400
2,826,100
0
0
Common
shares
authorized
for
repurchase
13,405,000
13,560,000
31,945,000
2,275,000
2,415,000
About
the
Funds’
Benchmarks
7
ICE
BofA
U.S.
All
Capital
Securities
Index:
A
n
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.
8
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,
2025
9
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,
2025
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JFR
at
Common
Share
NAV
3/25/04
4.74%
10.86%
5.16%
4.90%
JFR
at
Common
Share
Price
3/25/04
3.25%
14.25%
6.08%
6.05%
S&P
UBS
Leveraged
Loan
Index
—
4.40%
8.98%
5.77%
5.18%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$9.20
$8.60
(6.52)%
(4.08)%
10
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2025
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
38.20%
Regulatory
Leverage
38.20%
Fund
Allocation
(%
of
net
assets)
Variable
Rate
Senior
Loan
Interests
140
.8‌
%
Corporate
Bonds
17
.7‌
%
Common
Stocks
1
.9‌
%
Asset-Backed
Securities
1
.0‌
%
$25
Par
(or
similar)
Retail
Preferred
0
.0‌
%
Warrants
0
.0‌
%
Short-Term
Investment
Companies
5
.6‌
%
Other
Assets
&
Liabilities,
Net
(5.3)%
Borrowings
(38.7)%
TFP
Shares,
Net
(
23
.0‌
)
%
Net
Assets
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Software
&
Services
14.9%
Consumer
Services
12.7%
Health
Care
Equipment
&
Services
9.6%
Telecommunication
Services
7.2%
Capital
Goods
6.8%
Insurance
6.1%
Commercial
&
Professional
Services
5.8%
Media
&
Entertainment
5.3%
Materials
5.2%
Consumer
Discretionary
Distribution
&
Retail
3.8%
Energy
3.4%
Investment
Companies
3.4%
Technology
Hardware
&
Equipment
3.2%
Consumer
Durables
&
Apparel
1.9%
Transportation
1.8%
Other
8.9%
Total
Investments
100%
Top
Five
Issuers
(%
of
total
long-term
investments)
CommScope,
Inc.,
Term
Loan
2.1%
Level
3
Financing
Inc.,
Extended
Term
Loan
B2
1.7%
Medline
Borrower,
LP,
Add-on
Term
Loan
B
1.6%
Zayo
Group
Holdings
Inc
1.5%
101B.C.
Unlimited
Liability
Company,
Term
Loan
B6
1.5%
Bond
Credit
Quality
(%
of
total
long-term
fixed
income
investments)
BBB
8.9%
BB
or
Lower
80.6%
N/R
(not
rated)
10.5%
Total
100‌
%
1
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,
2025
11
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,
2025
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JQC
at
Common
Share
NAV
6/25/03
4.91%
10.79%
4.15%
4.00%
JQC
at
Common
Share
Price
6/25
/03
3.18%
16.63%
5.84%
5.92%
S&P
UBS
Leveraged
Loan
Index
—
4.40%
8.98%
5.77%
5.18%
JQC
Blended
Benchmark
—
4.51%
9.17%
5.86%
5.22%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$5.87
$5.59
(4.77)%
(2.64)%
12
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2025
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
38.27%
Regulatory
Leverage
30.64%
Fund
Allocation
(%
of
net
assets)
Variable
Rate
Senior
Loan
Interests
114
.4‌
%
Corporate
Bonds
37
.5‌
%
Asset-Backed
Securities
7
.7‌
%
Common
Stocks
1
.2‌
%
Warrants
0
.0‌
%
Short-Term
Investment
Companies
3
.4‌
%
Other
Assets
&
Liabilities,
Net
(2.2)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(
17
.9‌
)
%
Borrowings
(26.6)%
TFP
Shares,
Net
(
17
.5‌
)
%
Net
Assets
100‌
%
Top
Five
Issuers
(%
of
total
long-term
investments)
Level
3
Financing
Inc
1.8%
Medline
Borrower,
LP,
Add-on
Term
Loan
B
1.6%
Zayo
Group
Holdings
Inc
1.5%
CommScope,
Inc.,
Term
Loan
1.5%
Talen
Energy
Supply,
LLC,
Term
Loan
B
1.3%
Portfolio
Composition
1
(%
of
total
investments)
Software
&
Services
13.4%
Health
Care
Equipment
&
Services
10.9%
Consumer
Services
10.6%
Telecommunication
Services
7.9%
Capital
Goods
7.4%
Insurance
6.5%
Materials
5.9%
Media
&
Entertainment
5.0%
Asset-Backed
Securities
4.7%
Commercial
&
Professional
Services
4.4%
Consumer
Discretionary
Distribution
&
Retail
3.8%
Energy
2.8%
Utilities
2.4%
Consumer
Durables
&
Apparel
2.1%
Investment
Companies
2.0%
Other
10.2%
Total
Investments
100%
Bond
Credit
Quality
(%
of
total
long-term
fixed
income
investments)
BBB
10.5%
BB
or
Lower
81.9%
N/R
(not
rated)
7.6%
Total
100‌
%
1
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,
2025
13
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,
2025
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPC
at
Common
Share
NAV
3/26/03
4.77%
11.17%
2.06%
4.91%
JPC
at
Common
Share
Price
3/26/03
8.93%
20.24%
2.53%
6.31%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
4.00%
7.52%
2.46%
4.41%
JPC
Blended
Benchmark
—
4.38%
9.03%
2.18%
4.44%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$8.00
$7.96
(0.50)%
(1.53)%
14
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2025
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
38.04%
Regulatory
Leverage
30.13%
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
85
.4‌
%
Contingent
Capital
Securities
55
.9‌
%
$25
Par
(or
similar)
Retail
Preferred
13
.1‌
%
Corporate
Bonds
3
.0‌
%
Convertible
Preferred
Securities
0
.8‌
%
U.S.
Government
and
Agency
Obligations
0
.6‌
%
Common
Stocks
0
.0‌
%
Repurchase
Agreements
1
.1‌
%
Other
Assets
&
Liabilities,
Net
1.5%
Reverse
Repurchase
Agreements,
including
accrued
interest
(
18
.3‌
)
%
Borrowings
(26.8)%
TFP
Shares,
Net
(
16
.3‌
)
%
Net
Assets
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Banks
54.5%
Financial
Services
18.3%
Insurance
10.9%
Utilities
5.7%
Energy
3.5%
Food,
Beverage
&
Tobacco
2.5%
Other
3.9%
Repurchase
Agreements
0.7%
Total
100%
Country
Allocation
2
(%
of
total
investments)
United
States
55
.5‌
%
United
Kingdom
13
.3‌
%
France
8
.8‌
%
Canada
5
.7‌
%
Spain
4
.3‌
%
Switzerland
3
.8‌
%
Netherlands
2
.1‌
%
Germany
1
.5‌
%
Australia
1
.2‌
%
Ireland
1
.0‌
%
Italy
0
.8‌
%
Other
2
.0‌
%
Total
100‌
%
Top
Five
Issuers
(%
of
total
long-term
investments)
Citigroup
Inc
4.5%
HSBC
Holdings
PLC
4.3%
BNP
Paribas
SA
4.2%
Wells
Fargo
&
Co
3.8%
UBS
Group
AG
3.7%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed
income
investments)
AAA
1.0%
A
0.2%
BBB
78.0%
BB
or
Lower
19.6%
N/R
(not
rated)
1.2%
Total
100‌
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
1.3%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
Nuveen
Preferred
Securities
&
Income
Opportunities
Fund
Fund
Performance,
Leverage
and
Holdings
Summaries
January
31,
2025
15
JPI
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JPI
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,
2025
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPI
at
Common
Share
NAV
7/26/12
4.80%
11.02%
1.72%
5.01%
JPI
at
Common
Share
Price
7/26/12
6.18%
16.18%
2.01%
6.07%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
4.00%
7.52%
2.46%
4.41%
JPI
Blended
Benchmark
—
4.38%
9.03%
2.35%
4.76%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$19.98
$20.15
0.85%
0.43%
16
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2025
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
36.92%
Regulatory
Leverage
30.55%
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
79
.2‌
%
Contingent
Capital
Securities
59
.0‌
%
$25
Par
(or
similar)
Retail
Preferred
16
.1‌
%
U.S.
Government
and
Agency
Obligations
1
.7‌
%
Corporate
Bonds
1
.1‌
%
Repurchase
Agreements
1
.0‌
%
Other
Assets
&
Liabilities,
Net
0.6%
Reverse
Repurchase
Agreements,
including
accrued
interest
(
14
.7‌
)
%
Borrowings
(44.0)%
Net
Assets
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Banks
54.1%
Financial
Services
17.3%
Insurance
10.8%
Utilities
5.7%
Energy
3.5%
Food,
Beverage
&
Tobacco
3.1%
Other
4.9%
Repurchase
Agreements
0.6%
Total
100%
Top
Five
Issuers
(%
of
total
long-term
investments)
HSBC
Holdings
PLC
4.7%
Citigroup
Inc
4.5%
BNP
Paribas
SA
4.2%
UBS
Group
AG
3.8%
Wells
Fargo
&
Co
3.7%
Portfolio
Credit
Quality
(%
of
total
long-term
investments)
AAA
1.1%
BBB
74.7%
BB
or
Lower
22.2%
N/R
(not
rated)
2.0%
Total
100‌
%
Country
Allocation
2
(%
of
total
investments)
United
States
53
.9‌
%
United
Kingdom
14
.2‌
%
France
8
.4‌
%
Canada
5
.0‌
%
Spain
4
.8‌
%
Switzerland
4
.5‌
%
Netherlands
2
.4‌
%
Germany
1
.8‌
%
Italy
1
.0‌
%
Ireland
0
.9‌
%
Australia
0
.9‌
%
Other
2
.2‌
%
Total
100‌
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
1.5%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Fund
Performance,
Leverage
and
Holdings
Summaries
January
31,
2025
17
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,
2025
Cumulative
Average
Annual
Inception
Date
6-Month
1-Y
ear
Since
Inception
NPFD
at
Common
Share
NAV
12/15/21
4.84%
11.10%
0.10%
NPFD
at
Common
Share
Price
12/15/21
7.51%
22.58%
(0.64)%
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index
—
4.60%
9.83%
4.48%
NPFD
Blended
Benchmark
—
4.67%
10.12%
3.67%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$20.09
$19.17
(4.58)%
(7.08)%
18
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2025
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
37.15%
Regulatory
Leverage
34.82%
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
110
.2‌
%
Contingent
Capital
Securities
31
.9‌
%
$25
Par
(or
similar)
Retail
Preferred
13
.7‌
%
U.S.
Government
and
Agency
Obligations
1
.2‌
%
Corporate
Bonds
0
.4‌
%
Repurchase
Agreements
0
.7‌
%
Other
Assets
&
Liabilities,
Net
0.9%
Reverse
Repurchase
Agreements,
including
accrued
interest
(
5
.7‌
)
%
Borrowings
(35.9)%
TFP
Shares,
Net
(
17
.4‌
)
%
Net
Assets
100‌
%
Top
Five
Issuers
(%
of
total
long-term
investments)
Goldman
Sachs
Group
Inc/The
5.0%
Citigroup
Inc
4.0%
JPMorgan
Chase
&
Co
3.4%
Wells
Fargo
&
Co
3.4%
Enbridge
Inc
3.3%
Portfolio
Composition
1
(%
of
total
investments)
Banks
43.2%
Financial
Services
16.9%
Insurance
14.9%
Utilities
9.9%
Energy
6.4%
Capital
Goods
2.4%
Other
5.9%
Repurchase
Agreements
0.4%
Total
100%
Portfolio
Credit
Quality
(%
of
total
long-term
investments)
AAA
0.8%
BBB
72.4%
BB
or
Lower
25.0%
N/R
(not
rated)
1.8%
Total
100‌
%
Country
Allocation
2
(%
of
total
investments)
United
States
67
.2‌
%
Canada
8
.7‌
%
United
Kingdom
8
.1‌
%
France
4
.6‌
%
Switzerland
2
.7‌
%
Spain
2
.5‌
%
Netherlands
1
.3‌
%
Germany
1
.1‌
%
Ireland
0
.9‌
%
Australia
0
.8‌
%
Italy
0
.6‌
%
Other
1
.5‌
%
Total
100‌
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
1.1%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
19
Portfolio
of
Investments
January
31,
2025
JFR
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
RATE
VALUE
LONG-TERM
INVESTMENTS
-
161.4%
(96.6%
of
Total
Investments)
592,432
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0
.0
%
(
0
.0
%
of
Total
Investments)
592,432
TRANSPORTATION
-
0.0%
(0.0%
of
Total
Investments)
9,712
ACBL
HLDG
CORP
0
.000
%
$
592,432
TOTAL
TRANSPORTATION
592,432
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$296,216)
592,432
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
-
1.0%
(0.6%
of
Total
Investments)
–
$
750,000
(a),(b)
Battalion
CLO
XI
Ltd,
(LIBOR
3
M
+
7.112%),
2017
11A
8
.034
04/24/34
705,808
2,000,000
(a),(b)
Dryden
50
Senior
Loan
Fund,
(LIBOR
3
M
+
6.522%),
2017
50A
10
.824
07/15/30
2,008,086
3,000,000
(a),(b)
Flatiron
CLO
19
Ltd,
(TSFR3M
+
6.362%),
2019
1A
10
.847
11/16/34
3,013,122
750,000
(a),(b)
Magnetite
XXVII
Ltd,
(TSFR3M
+
6.262%),
2020
27A
10
.555
10/20/34
757,641
2,875,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd,
(TSFR3M
+
3.200%),
2022
48A
7
.500
04/25/36
2,902,491
2,500,000
(a),(b)
Rockford
Tower
CLO
2017-3
Ltd,
(LIBOR
3
M
+
6.012%),
2017
3A
6
.813
10/20/30
2,506,450
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$11,741,214)
11,893,598
SHARES
DESCRIPTION
VALUE
23468625
COMMON
STOCKS
-
1
.9
%
(
1
.1
%
of
Total
Investments)
23468625
CAPITAL
GOODS
-
0.0%
(0.0%
of
Total
Investments)
4,865
(c)
TNT
Crane
&
Rigging
Inc
3,192
8,626
(c)
TNT
Crane
&
Rigging
Inc
86
TOTAL
CAPITAL
GOODS
3,278
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
(0.0%
of
Total
Investments)
749
(c),(d)
Belk
Inc
5,992
20,857
(c)
Jo-Ann
Stores
LLC
2,086
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
8,078
CONSUMER
SERVICES
-
0.1%
(0.1%
of
Total
Investments)
332,537
(c)
24
Hour
Fitness
Worldwide
Inc
9,976
699,154
(c)
24
Hour
Fitness
Worldwide
Inc
6,992
57,279
(c)
Cengage
Learning
Holdings
II
Inc
1,140,826
2,513
(c)
Crown
Finance
US
Inc
62,719
TOTAL
CONSUMER
SERVICES
1,220,513
ENERGY
-
0.4%
(0.3%
of
Total
Investments)
42,689
Chord
Energy
Corp
4,800,378
215,829
(c)
Transocean
Ltd
846,050
TOTAL
ENERGY
5,646,428
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
(0.0%
of
Total
Investments)
157,320
(c),(d)
Millennium
Health
LLC
1,573
167,590
(c),(d)
Millennium
Health
LLC
16,759
195,344
(c)
Onex
Carestream
Finance
LP
488,360
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
506,692
MATERIALS
-
0.0%
(0.0%
of
Total
Investments)
80
LyondellBasell
Industries
NV,
Class
A
6,056
TOTAL
MATERIALS
6,056
MEDIA
&
ENTERTAINMENT
-
0.9%
(0.5%
of
Total
Investments)
34,846
(c)
Catalina
Marketing
Corp
696,920
410,147
(c)
Cineworld
Group
PLC
10,236,449
TOTAL
MEDIA
&
ENTERTAINMENT
10,933,369
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
(0.0%
of
Total
Investments)
60,637
(c)
Bright
Bidco
BV
18,555
44,390
(c)
Bright
Bidco
BV
13,583
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
32,138
Portfolio
of
Investments
January
31,
2025
(continued)
JFR
20
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
VALUE
SOFTWARE
&
SERVICES
-
0.3%
(0.2%
of
Total
Investments)
81,991
(c)
Avaya
Inc
$
473,990
377,935
(c)
Avaya
Inc
2,184,842
573
(c),(d)
BLOOM
PARENT
INC
572,645
TOTAL
SOFTWARE
&
SERVICES
3,231,477
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.1%
(0.0%
of
Total
Investments)
45,085
(c)
Windstream
Services
PE
LLC
873,522
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
873,522
TELECOMMUNICATION
SERVICES
-
0.1%
(0.0%
of
Total
Investments)
46,534
(c)
Windstream
Services
PE
LLC
901,596
TOTAL
TELECOMMUNICATION
SERVICES
901,596
TRANSPORTATION
-
0.0%
(0.0%
of
Total
Investments)
2,293
(c)
ACBL
HLDG
CORP
105,478
TOTAL
TRANSPORTATION
105,478
TOTAL
COMMON
STOCKS
(Cost
$59,528,444)
23,468,625
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
218161053
CORPORATE
BONDS
-
17
.7
%
(
10
.6
%
of
Total
Investments)
218161053
CAPITAL
GOODS
-
0.4%
(0.2%
of
Total
Investments)
$
4,537,000
TransDigm
Inc
4
.625
%
01/15/29
4,294,433
TOTAL
CAPITAL
GOODS
4,294,433
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.3%
(0.8%
of
Total
Investments)
3,000,000
(b)
Boost
Newco
Borrower
LLC
7
.500
01/15/31
3,140,646
4,650,000
(b)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6
.250
01/15/28
4,644,709
3,431,000
(b)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
5
.750
04/15/26
3,439,298
4,750,000
(b)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3
.375
08/31/27
4,483,343
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
15,707,996
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.7%
(0.4%
of
Total
Investments)
1,500,000
(b)
Carvana
Co,
(cash
13.000%,
PIK
13.000%)
9
.000
06/01/30
1,665,163
6,055,000
(b)
Michaels
Cos
Inc/The
7
.875
05/01/29
3,803,331
1,812,000
(b)
PetSmart
Inc
/
PetSmart
Finance
Corp
4
.750
02/15/28
1,736,645
900,000
(b)
Wand
NewCo
3
Inc
7
.625
01/30/32
931,626
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
8,136,765
CONSUMER
SERVICES
-
1.1%
(0.7%
of
Total
Investments)
1,807,000
(b)
1011778
BC
ULC
/
New
Red
Finance
Inc
3
.500
02/15/29
1,668,896
10,261,000
(b)
1011778
BC
ULC
/
New
Red
Finance
Inc
4
.000
10/15/30
9,291,783
2,955,000
(b)
Carnival
Holdings
Bermuda
Ltd
10
.375
05/01/28
3,144,868
TOTAL
CONSUMER
SERVICES
14,105,547
ENERGY
-
1.7%
(1.0%
of
Total
Investments)
519,024
(b)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10
.000
11/15/28
518,418
3,500,000
(b)
CITGO
Petroleum
Corp
7
.000
06/15/25
3,502,467
1,000,000
(b)
eG
Global
Finance
PLC
12
.000
11/30/28
1,121,097
1,799,000
(b)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6
.250
11/01/28
1,786,656
1,799,000
(b)
MEG
Energy
Corp
5
.875
02/01/29
1,771,352
6,000,000
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
6
.000
02/15/28
5,913,290
1,335,000
(b)
Talos
Production
Inc
9
.375
02/01/31
1,387,140
4,750,000
(b)
Weatherford
International
Ltd
8
.625
04/30/30
4,926,268
TOTAL
ENERGY
20,926,688
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.5%
(0.3%
of
Total
Investments)
9,750,000
American
Tower
Corp
2
.950
01/15/51
6,073,739
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
6,073,739
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.7%
(1.1%
of
Total
Investments)
3,025,000
(b)
Mozart
Debt
Merger
Sub
Inc
3
.875
04/01/29
2,822,644
5,286,929
(b)
Radiology
Partners
Inc,
(cash
4.275%,
PIK
3.500%)
7
.775
01/31/29
5,239,030
8,880,745
(b)
Team
Health
Holdings
Inc,
(cash
9.000%,
PIK
4.500%)
9
.000
06/30/28
9,680,012
3,765,000
Tenet
Healthcare
Corp
6
.125
10/01/28
3,767,018
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
21,508,704
21
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE
-
0.2%
(0.1%
of
Total
Investments)
$
935,000
(b)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4
.250
%
10/15/27
$
904,631
1,825,000
(b)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.750
04/15/28
1,844,268
TOTAL
INSURANCE
2,748,899
MATERIALS
-
0.3%
(0.2%
of
Total
Investments)
1,000,000
Ball
Corp
6
.000
06/15/29
1,010,156
1,280,000
(b)
LABL
Inc
9
.500
11/01/28
1,257,696
1,810,000
(b)
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC
4
.375
09/30/28
1,815,349
TOTAL
MATERIALS
4,083,201
MEDIA
&
ENTERTAINMENT
-
2.4%
(1.4%
of
Total
Investments)
750,000
(b)
Advantage
Sales
&
Marketing
Inc
6
.500
11/15/28
710,394
13,000,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3
.500
03/01/42
8,881,636
4,725,000
(b)
CSC
Holdings
LLC
5
.500
04/15/27
4,375,195
2,000,000
(b)
CSC
Holdings
LLC
5
.375
02/01/28
1,758,276
18,647
(b)
iHeartCommunications
Inc
9
.125
05/01/29
16,316
5,882,000
(b)
McGraw-Hill
Education
Inc
5
.750
08/01/28
5,789,592
8,994,000
(b)
VZ
Secured
Financing
BV
5
.000
01/15/32
8,036,050
TOTAL
MEDIA
&
ENTERTAINMENT
29,567,459
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.2%
(0.1%
of
Total
Investments)
2,650,000
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
2,398,874
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,398,874
SOFTWARE
&
SERVICES
-
0.4%
(0.2%
of
Total
Investments)
1,000,000
(b)
Open
Text
Holdings
Inc
4
.125
12/01/31
896,284
5,518,515
(b)
Rackspace
Finance
LLC
3
.500
05/15/28
2,935,837
1,000,000
(b)
Rocket
Software
Inc
9
.000
11/28/28
1,035,817
TOTAL
SOFTWARE
&
SERVICES
4,867,938
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.7%
(0.4%
of
Total
Investments)
2,290,000
(b)
CommScope
LLC
4
.750
09/01/29
2,038,510
5,250,000
(b)
CommScope
LLC
6
.000
03/01/26
5,250,000
1,750,000
(b)
CommScope
Technologies
LLC
5
.000
03/15/27
1,574,651
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
8,863,161
TELECOMMUNICATION
SERVICES
-
4.9%
(2.9%
of
Total
Investments)
9,216,000
(b)
Frontier
Communications
Holdings
LLC
5
.875
10/15/27
9,218,645
2,000,000
(b)
Frontier
Communications
Holdings
LLC
5
.000
05/01/28
1,979,537
2,250,000
Frontier
Communications
Holdings
LLC
5
.875
11/01/29
2,242,471
3,022,000
(b)
Frontier
Communications
Holdings
LLC
6
.000
01/15/30
3,028,077
5,000,000
(b)
Level
3
Financing
Inc
4
.000
04/15/31
3,900,000
4,990,000
(b)
Level
3
Financing
Inc
10
.500
05/15/30
5,437,653
2,000,000
(b)
Level
3
Financing
Inc
10
.500
04/15/29
2,240,272
1,000,000
(b)
Lumen
Technologies
Inc
10
.000
10/15/32
997,500
7,820,000
(b)
Vmed
O2
UK
Financing
I
PLC
4
.250
01/31/31
6,771,079
8,160,000
(b)
Vmed
O2
UK
Financing
I
PLC
4
.750
07/15/31
7,169,350
18,196,000
(b)
Zayo
Group
Holdings
Inc
4
.000
03/01/27
17,169,573
TOTAL
TELECOMMUNICATION
SERVICES
60,154,157
TRANSPORTATION
-
0.4%
(0.3%
of
Total
Investments)
3,025,000
Delta
Air
Lines
Inc
3
.750
10/28/29
2,843,301
2,377,000
(b)
United
Airlines
Inc
4
.625
04/15/29
2,281,968
TOTAL
TRANSPORTATION
5,125,269
UTILITIES
-
0.8%
(0.5%
of
Total
Investments)
3,060,000
Pacific
Gas
and
Electric
Co
4
.550
07/01/30
2,896,425
1
Pacific
Gas
and
Electric
Co
4
.500
07/01/40
1
6,028,000
PG&E
Corp
5
.000
07/01/28
5,808,379
950,000
PG&E
Corp
5
.250
07/01/30
893,418
TOTAL
UTILITIES
9,598,223
TOTAL
CORPORATE
BONDS
(Cost
$209,301,767)
218,161,053
Portfolio
of
Investments
January
31,
2025
(continued)
JFR
22
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1736015482
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
140
.8
%
(
84
.3
%
of
Total
Investments)
1736015482
AUTOMOBILES
&
COMPONENTS
-
0.6%
(0.4%
of
Total
Investments)
$
1,040,485
(a)
Adient
US
LLC,
Term
Loan
B2,
(TSFR1M
+
2.250%)
6
.562
%
01/29/31
$
1,045,651
3,311,700
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
05/06/30
3,312,942
3,375,000
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.086
01/14/32
3,386,256
TOTAL
AUTOMOBILES
&
COMPONENTS
7,744,849
CAPITAL
GOODS
-
11.0%
(6.6%
of
Total
Investments)
2,017,253
(a)
ACProducts,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.840
05/17/28
1,560,345
206,731
(a)
Air
Comm
Corporation,
LLC,
Delayed
Draw
Term
Loan
0
.000
11/22/31
207,700
2,480,769
(a)
Air
Comm
Corporation,
LLC,
Term
Loan,
(TSFR3M
+
3.000%)
7
.396
11/22/31
2,492,404
6,621,781
(a)
Ali
Group
North
America
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.426
10/13/28
6,656,015
3,393,448
(a)
Archkey
Solutions
LLC,
Term
Loan
B,
(TSFR1M
+
4.750%)
9
.087
11/03/31
3,414,657
2,618,438
(a)
Azorra
Soar
TLB
Finance
Ltd,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.859
10/18/29
2,644,622
2,298,032
(a)
Centuri
Group,
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.925
08/28/28
2,317,117
14,030,027
(a)
Chamberlain
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.662
10/22/28
14,117,785
2,124,697
(a)
Chart
Industries,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.805
03/18/30
2,137,976
3,973,551
(a)
Core
&
Main
LP,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.311
07/27/28
3,993,419
1,413,538
(a)
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.656
04/12/28
1,350,155
3,888,255
(a)
Gates
Global
LLC,
Term
Loan
B5,
(TSFR1M
+
1.750%)
6
.062
05/23/31
3,898,170
3,636,000
(a),(e)
Goat
Holdco
LLC,
(TBD)
TBD
TBD
3,648,272
1,885,750
(a)
INNIO
Group
Holding
GmbH,
First
Lien
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.807
11/06/28
1,899,101
1,185,345
(a),(e)
Kaman
Corp,
(TBD)
TBD
TBD
1,189,049
12,564,655
(a),(e)
Kaman
Corp,
(TBD)
TBD
TBD
12,603,920
6,255,860
(a)
Madison
IAQ
LLC,
Term
Loan,
(TSFR6M
+
2.500%)
6
.762
06/21/28
6,275,410
2,289,263
(a)
Madison
Safety
&
Flow
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
09/19/31
2,309,660
1,721,350
(a)
MI
Windows
and
Doors,
LLC,
Term
Loan
B2,
(TSFR1M
+
3.000%)
7
.312
03/28/31
1,737,763
6,581,000
(a),(e)
Quikrete
Holdings
Inc,
(TBD)
TBD
TBD
6,622,131
7,893,213
(a)
Quikrete
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
04/14/31
7,913,459
3,860,600
(a)
Titan
Acquisition
Limited,
Term
Loan
B,
(TSFR6M
+
4.500%)
8
.785
02/01/29
3,897,604
11,440,879
(a)
TK
Elevator
US
Newco
Inc,
Term
Loan
B,
(TSFR6M
+
3.500%)
7
.737
04/15/30
11,539,214
3,085,267
(a),(f)
TransDigm,
Inc.,
Term
Loan,
(TSFR3M
+
2.500%)
6
.829
09/07/32
3,102,607
11,143,105
(a)
TransDigm,
Inc.,
Term
Loan
J,
(TSFR3M
+
2.500%)
6
.829
02/28/31
11,197,428
4,070,181
(a)
TransDigm,
Inc.,
Term
Loan
K,
(TSFR3M
+
2.750%)
7
.079
03/22/30
4,090,878
4,133,128
(a)
Victory
Buyer
LLC,
Term
Loan,
(TSFR1M
+
3.750%)
8
.176
11/20/28
4,068,920
8,715,004
(a)
Windsor
Holdings
III,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.802
08/01/30
8,801,239
TOTAL
CAPITAL
GOODS
135,687,020
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
8.4%
(5.0%
of
Total
Investments)
15,137,825
(a)
Allied
Universal
Holdco
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.162
05/15/28
15,207,081
4,591,245
(a)
Anticimex
International
AB,
Term
Loan
B1,
(SOFR90A
+
3.150%)
7
.720
11/16/28
4,630,592
1,116,563
(a)
Anticimex
International
AB,
Term
Loan
B6,
(SOFR90A
+
3.400%)
7
.970
11/16/28
1,127,494
391,552
(a),(g)
Archkey
Solutions
LLC,
Delayed
Draw
Term
Loan
B
0
.000
10/10/31
393,999
1,777,315
(a)
CHG
Healthcare
Services
Inc.,
Term
Loan
B1,
(TSFR3M
+
3.000%)
7
.395
09/29/28
1,791,987
3,818,454
(a)
CoreLogic,
Inc.,
Term
Loan,
(TSFR1M
+
3.500%)
7
.926
06/02/28
3,811,886
5,985,656
(a)
Creative
Artists
Agency,
LLC
,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
10/01/31
6,012,263
1,439,765
(a)
Dayforce,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.791
03/03/31
1,454,163
7,425,449
(a)
Dun
&
Bradstreet
Corporation
(The),
Term
Loan,
(TSFR1M
+
2.250%)
6
.561
01/18/29
7,448,096
5,541,663
(a)
EAB
Global,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
7
.562
08/16/28
5,550,336
1,800,927
(a)
Ensemble
RCM,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.291
08/01/29
1,818,180
3,030,500
(a)
Evertec
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
10/15/30
3,072,169
3,750,000
(a)
First
Advantage
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
09/19/31
3,789,263
4,928,392
(a)
Garda
World
Security
Corporation,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.805
02/01/29
4,951,186
3,162,075
(a)
GFL
Environmental
Inc.,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.305
06/27/31
3,165,980
1,693,125
(a)
Herman
Miller,
Inc,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.426
07/19/28
1,692,600
1,875,546
(a)
LABL,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
5.000%)
9
.412
10/29/28
1,762,310
4,275,849
(a)
OMNIA
Partners
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.050
07/25/30
4,300,563
23
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES
(continued)
$
7,298,259
(a)
Prime
Security
Services
Borrower,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.326
%
10/15/30
$
7,323,328
4,166,096
(a)
Reworld
Holding
Corp,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.552
11/30/28
4,181,343
320,098
(a)
Reworld
Holding
Corp,
Term
Loan
C,
(TSFR1M
+
2.250%)
6
.552
11/30/28
321,270
17,671,688
(a)
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.176
03/27/28
17,226,185
2,673,300
(a)
XPLOR
T1
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.827
06/24/31
2,708,387
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
103,740,661
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
5.7%
(3.4%
of
Total
Investments)
832,031
(a)
Academy,
Ltd.,
Term
Loan,
(TSFR1M
+
3.750%)
8
.202
11/08/27
834,461
1,810,900
(a)
Barentz
International
B.V.,
Term
Loan
B2,
(TSFR3M
+
4.000%)
8
.429
03/28/31
1,829,009
4,022,917
(a)
Belron
Finance
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.273
10/02/31
4,062,644
8,983,442
(a)
CNT
Holdings
I
Corp,
Term
Loan,
(TSFR3M
+
3.500%)
7
.791
11/08/27
9,022,115
1,317,193
(a)
Driven
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.426
12/18/28
1,322,132
1,982,349
(a)
EG
Group
Limited,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.607
02/07/28
2,010,379
2,418,363
(a)
EOS
Finco
Sarl,
Term
Loan,
(TSFR6M
+
6.000%)
10
.285
08/03/29
1,031,674
762,926
(a)
Fastlane
Parent
Company,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.500%)
8
.812
09/29/28
712,382
1,725,808
(a)
Gulfside
Supply
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.326
05/29/31
1,737,267
2,583,525
(a)
Johnstone
Supply
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.799
06/09/31
2,594,350
1,243,750
(a)
LBM
Acquisition
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.152
06/06/31
1,229,876
7,261,694
(a)
LBM
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.162
12/20/27
7,284,968
2,430,208
(a)
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
04/23/31
2,439,698
2,641,742
(a)
Mister
Car
Wash
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.041
03/27/31
2,658,596
17,862,589
(a)
PetSmart,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.162
02/14/28
17,929,573
5,686,506
(a)
Restoration
Hardware,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.926
10/15/28
5,664,300
5,464,364
(a)
Wand
NewCo
3,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.310
01/30/31
5,471,195
1,822,432
(a),(f)
White
Cap
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
10/19/29
1,828,729
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
69,663,348
CONSUMER
DURABLES
&
APPAREL
-
3.1%
(1.9%
of
Total
Investments)
13,888,153
(a)
AI
Aqua
Merger
Sub,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.337
07/31/28
13,939,956
1,543,109
(a)
Hayward
Industries,
Inc.,
Term
Loan,
(TSFR1M
+
2.500%)
6
.926
05/30/28
1,551,666
108,030
(a)
Serta
Simmons
Bedding,
LLC,
New
Term
Loan,
(TSFR3M
+
7.500%)
11
.943
06/29/28
99,118
2,092,533
(a)
SRAM,
LLC
,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.176
05/18/28
2,117,393
3,375,000
(a)
Tempur
Sealy
International
Inc.,
Term
Loan
B,
(SOFR30A
+
2.500%)
6
.840
10/04/31
3,391,183
5,871,775
(a)
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
03/18/30
5,874,828
5,600,000
(a)
Varsity
Brands,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.271
07/28/31
5,618,088
261,655
(a)
Weber-Stephen
Products
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.662
10/29/27
262,145
5,518,890
(a)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.676
10/29/27
5,514,143
TOTAL
CONSUMER
DURABLES
&
APPAREL
38,368,520
CONSUMER
SERVICES
-
19.8%
(11.9%
of
Total
Investments)
29,977,228
(a)
101B.C.
Unlimited
Liability
Company,
Term
Loan
B6,
(TSFR1M
+
1.750%)
6
.062
09/23/30
29,921,021
838,612
(a)
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Delayed
Draw
Term
Loan,
(TSFR3M
+
14.000%)
18
.683
09/29/26
461,237
1,623,472
(a)
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan,
(TSFR3M
+
5.000%),
(cash
9.865%,
PIK
5.000%)
9
.590
12/29/25
641,272
1,497,484
(a)
Allwyn
Entertainment
Financing
US
LLC,
Term
Loan
B,
(TSFR3M
+
2.250%)
6
.539
06/30/31
1,499,356
4,324,928
(a)
Alterra
Mountain
Company,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
08/17/28
4,360,090
1,076,378
(a)
Alterra
Mountain
Company,
Term
Loan
B7,
(TSFR1M
+
3.000%)
7
.312
05/31/30
1,086,469
8,264,212
(a),(f)
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
(TSFR1M
+
7.000%)
11
.300
01/04/29
8,411,025
9,812,425
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
02/06/30
9,857,415
3,970,000
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B1,
(TSFR1M
+
2.250%)
6
.562
02/06/31
3,987,786
2,545,474
(a)
Carnival
Corporation,
Term
Loan
(2027),
(TSFR1M
+
2.000%)
6
.302
08/09/27
2,562,974
3,053,784
(a)
Carnival
Corporation,
Term
Loan
(2028),
(TSFR1M
+
2.000%)
6
.302
10/18/28
3,070,320
Portfolio
of
Investments
January
31,
2025
(continued)
JFR
24
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
SERVICES
(continued)
$
2,385,000
(a),(e)
Catawba
Nation
Gaming
Authority,
(TBD)
TBD
TBD
$
2,405,869
6,643,555
(a)
Churchill
Downs
Incorporated,
Incremental
Term
Loan
B1,
(TSFR1M
+
2.000%)
6
.412
%
03/17/28
6,651,893
4,184,028
(a)
Cinemark
USA,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.750%)
7
.070
05/24/30
4,226,914
15,134,563
(a)
ClubCorp
Holdings,
Inc.,
Term
Loan
B2,
(TSFR3M
+
5.000%)
9
.590
09/18/26
15,219,695
8,305,000
(a)
Crown
Finance
US,
Inc.,
Term
Loan
B,
(TSFR1M
+
5.250%)
9
.587
10/31/31
8,306,163
4,176,336
(a)
Delta
2
(LUX)
S.a.r.l.,
Term
Loan
B1,
(TSFR3M
+
2.000%)
6
.329
09/10/31
4,192,520
2,088,164
(a),(e)
Delta
2
Lux
Sarl,
(TBD)
TBD
TBD
2,096,255
15,157,569
(a)
Fertitta
Entertainment,
LLC,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.812
01/29/29
15,253,138
23,883,750
(a)
Flutter
Financing
B.V.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.079
11/29/30
23,934,981
4,205,000
(a)
GBT
US
III
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.300
07/28/31
4,223,838
5,777,516
(a)
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B3,
(TSFR3M
+
2.750%)
7
.079
10/31/29
5,813,105
10,242,367
(a)
Hilton
Domestic
Operating
Company,
Inc.,
Term
Loan
B4,
(TSFR1M
+
1.750%)
6
.061
11/08/30
10,319,185
2,175,871
(a)
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.312
08/02/28
2,183,497
15,310,560
(a)
IRB
Holding
Corp,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
12/15/27
15,376,931
10,791,012
(a)
Light
and
Wonder
International,
Inc.,
Term
Loan
B2,
(TSFR1M
+
2.250%)
6
.551
04/16/29
10,850,632
11,203,457
(a)
Motion
Finco
Sarl,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.829
11/30/29
11,079,379
3,008,373
(a)
PCI
Gaming
Authority,
Term
Loan,
(TSFR1M
+
2.000%)
6
.312
06/06/31
3,010,163
2,540,363
(a)
PENN
Entertainment,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
04/20/29
2,559,580
6,512,438
(a)
PG
Investment
Company
59
S.a
r.l.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.329
03/24/31
6,565,351
7,293,854
(a)
Scientific
Games
Holdings
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.296
04/04/29
7,327,260
5,685,492
(a)
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B3,
(TSFR1M
+
2.000%)
6
.312
11/19/31
5,694,361
2,213,875
(a)
Six
Flags
Entertainment
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.357
04/18/31
2,223,561
7,981,464
(a)
Spin
Holdco
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
8
.706
03/06/28
6,700,758
2,566,081
(a)
William
Morris
Endeavor
Entertainment,
LLC,
First
Lien
Term
Loan,
(TSFR1M
+
2.750%)
7
.176
05/16/25
2,571,432
TOTAL
CONSUMER
SERVICES
244,645,426
ENERGY
-
3.5%
(2.1%
of
Total
Investments)
3,652,374
(a)
BCP
Renaissance
Parent
LLC,
Term
Loan
B3,
(TSFR3M
+
3.000%)
7
.329
10/31/28
3,690,414
2,125,000
(a)
Epic
Crude
Services,
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.302
10/09/31
2,146,250
11,871,578
(a)
Freeport
LNG
Investments,
LLLP,
Term
Loan
A,
(TSFR3M
+
3.000%)
7
.555
11/16/26
11,883,450
6,280,905
(a)
Freeport
LNG
Investments,
LLLP,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.543
01/10/28
6,305,777
4,710,081
(a),(f)
New
Fortress
Energy
Inc,
Term
Loan,
(TSFR3M
+
5.000%)
9
.291
10/30/28
4,697,575
4,318,237
(a)
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.552
10/05/28
4,341,512
3,977,000
(a)
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
11/05/28
4,026,017
4,833,844
(a)
Traverse
Midstream
Partners
LLC,
Term
Loan,
(TSFR3M
+
3.000%)
7
.291
02/16/28
4,870,098
1,647,746
(a)
Whitewater
Whistler
Holdings,
LLC,
Refinancing
Term
Loan,
(TSFR3M
+
1.750%)
6
.125
02/15/30
1,645,340
4
(a)
Whitewater
Whistler
Holdings,
LLC,
Refinancing
Term
Loan,
(TSFR3M
+
1.750%)
6
.125
02/15/30
4
TOTAL
ENERGY
43,606,437
FINANCIAL
SERVICES
-
2.7%
(1.6%
of
Total
Investments)
2,397,408
(a)
Aragorn
Parent
Corporation,
Term
Loan,
(TSFR1M
+
4.000%)
8
.311
12/15/28
2,423,780
1,575,000
(a),(e)
Ascensus
Holdings
Inc,
(TBD)
TBD
TBD
1,579,591
17,618,843
(a)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.829
01/31/31
17,715,746
2,000,000
(a),(e)
Dechra
Finance
US
LLC,
(TBD)
TBD
TBD
2,014,070
4,526,994
(a),(d),(h)
Ditech
Holding
Corporation,
Term
Loan
0
.000
06/30/24
453
243,920
(a),(g)
Focus
Financial
Partners,
LLC,
Delayed
Draw
Term
Loan,
(N/A
+
TSFR1M
+
2.438%)
4
.593
09/10/31
244,644
2,271,080
(a)
Focus
Financial
Partners,
LLC,
Term
Loan
B8,
(TSFR1M
+
3.250%)
7
.562
09/10/31
2,277,825
25
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL
SERVICES
(continued)
$
498,750
(a)
Kestra
Advisor
Services
Holdings
A,
Inc.,
Repriced
Term
Loan,
(TSFR3M
+
3.000%)
7
.291
%
03/24/31
$
499,997
1,416,667
(a)
NCR
Atleos
LLC,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.053
04/16/29
1,428,843
1,920,361
(a)
Orion
Advisor
Solutions,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.041
10/09/30
1,944,366
3,755,647
(a)
WEX
Inc.,
Term
Loan
B2,
(TSFR1M
+
1.750%)
6
.062
04/03/28
3,761,656
TOTAL
FINANCIAL
SERVICES
33,890,971
FOOD,
BEVERAGE
&
TOBACCO
-
3.0%
(1.8%
of
Total
Investments)
4,351,805
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.750%)
8
.176
10/01/25
4,278,368
296,173
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
4.750%)
9
.175
10/01/25
291,113
4,240,414
(a)
CHG
PPC
Parent
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7
.426
12/08/28
4,274,889
1,257,928
(a)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10
.814
04/05/28
712,302
3,291,752
(a)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8
.064
04/14/28
1,909,216
323,323
(a)
City
Brewing
Company,
LLC,
PIK
Super
Priority
Term
Loan,
(TSFR3M
+
1.500%)
13
.452
01/03/26
312,815
5,099,407
(a)
Fiesta
Purchaser,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
02/12/31
5,121,462
2,173,529
(a)
Froneri
International
Ltd.,
Term
Loan,
(TSFR6M
+
2.000%)
6
.237
09/18/31
2,180,234
6,311,370
(a)
Pegasus
BidCo
BV,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.773
07/12/29
6,382,372
2,534,562
(a)
Sycamore
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.669
07/23/29
2,542,166
1,049,400
(a)
Triton
Water
Holdings,
Inc,
Incremental
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.079
03/31/28
1,055,198
7,430,350
(a)
Triton
Water
Holdings,
Inc,
Term
Loan,
(TSFR3M
+
3.250%)
7
.840
03/31/28
7,474,858
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
36,534,993
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
14.2%
(8.5%
of
Total
Investments)
3,910,500
(a)
ADMI
Corp.,
Term
Loan
B5,
(TSFR1M
+
5.750%)
10
.062
12/23/27
3,959,381
6,263,194
(a)
AHP
Health
Partners,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
08/24/28
6,322,883
22,550,174
(a)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7
.661
05/05/27
22,689,985
1,311,712
(a)
Concentra
Health
Services
Inc,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
06/26/31
1,315,812
2,338,633
(a)
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
3.750%)
8
.079
04/12/29
2,359,096
1,080,000
(a),(e)
Eyecare
Partners
LLC,
(TBD)
TBD
TBD
852,304
3,186,000
(a),(e)
FinThrive
Software
Intermediate
Holdings
Inc,
(TBD)
TBD
TBD
3,088,827
6,546,382
(a)
Gainwell
Acquisition
Corp.,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.429
10/01/27
6,250,158
10,899,239
(a)
Global
Medical
Response,
Inc.,
PIK
Term
Loan,
(TSFR3M
+
5.500%)
9
.790
10/02/28
10,952,209
2,079,227
(a)
Insulet
Corporation,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
07/31/31
2,095,902
32,183,032
(a)
Medline
Borrower,
LP,
Add-on
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
10/23/28
32,371,463
6,956,804
(a),(f)
National
Mentor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
TSFR3M
+
3.750%)
8
.170
03/02/28
6,895,167
154,648
(a),(f)
National
Mentor
Holdings,
Inc.,
Term
Loan
C,
(TSFR3M
+
3.750%)
8
.179
03/02/28
153,278
4,752,625
(a)
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.302
02/28/28
4,798,179
1,240,625
(a)
Pacific
Dental
Services,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.049
03/17/31
1,252,591
19,102,646
(a)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
11/15/28
19,204,176
13,652,633
(a)
Phoenix
Guarantor
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
02/21/31
13,722,670
1,985,025
(a)
Resonetics,
LLC,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.603
06/18/31
2,002,513
2,648,416
(a)
Select
Medical
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.332
11/18/31
2,661,115
411,000
(a)
Sound
Inpatient
Physicians,
Tranche
A
Term
Loan
(First
Out),
(TSFR3M
+
3.250%)
5
.545
06/28/28
430,652
3,272,537
(a)
Sound
Inpatient
Physicians,
Tranche
B
Term
Loan
(Second
Out),
(TSFR3M
+
2.500%),
(cash
8.090%,
PIK
1.500%)
4
.795
06/28/28
3,048,238
17,431,213
(a)
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.061
12/19/30
17,525,952
4,789,467
(a)
Team
Health
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
5.250%)
9
.541
03/02/27
4,663,791
2,324,829
(a)
US
Radiology
Specialists,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.079
12/15/27
2,330,165
3,986,400
(a)
Viant
Medical
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.313
10/15/31
4,046,694
62,225
(a),(d)
Vyaire
Medical,
Inc.,
PIK
Roll
Up
Term
Loan
0
.000
06/14/25
6
1,403,005
(a),(d),(h)
Vyaire
Medical,
Inc.,
Term
Loan
B
0
.000
04/16/25
140
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
174,993,347
Portfolio
of
Investments
January
31,
2025
(continued)
JFR
26
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE
-
10.0%
(6.0%
of
Total
Investments)
$
10,262,164
(a)
Acrisure,
LLC,
First
Lien
Term
Loan
B6,
(TSFR1M
+
3.000%)
7
.312
%
11/06/30
$
10,300,237
12,751,879
(a)
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6,
(TSFR1M
+
2.750%)
7
.052
09/12/31
12,806,903
3,075,000
(a),(e)
AmWINS
Group
Inc,
(TBD)
TBD
TBD
3,084,994
7,170,812
(a)
AssuredPartners,
Inc.,
Incremental
Term
Loan
B5,
(TSFR1M
+
3.500%)
7
.812
02/14/31
7,184,796
253,837
(a)
Asurion
LLC,
Term
Loan
B11,
(TSFR1M
+
4.250%)
8
.662
08/21/28
254,511
16,286,353
(a)
Asurion
LLC,
Term
Loan
B8,
(TSFR1M
+
3.250%)
7
.676
12/23/26
16,293,764
2,875,802
(a)
Asurion
LLC,
Term
Loan
B9,
(TSFR1M
+
3.250%)
7
.676
07/30/27
2,876,607
17,244,131
(a)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.000%)
7
.312
01/27/27
17,349,923
19,050,869
(a)
HUB
International
Limited,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.043
06/20/30
19,143,456
1,588,125
(a)
Ryan
Specialty
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
09/11/31
1,597,257
7,967,456
(a)
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
06/27/31
8,021,714
7,954,718
(a)
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.079
05/06/31
7,989,520
5,209,326
(a)
USI,
Inc.,
Term
Loan
C,
(TSFR3M
+
2.250%)
6
.579
09/27/30
5,215,108
10,863,466
(a)
USI,
Inc.,
Term
Loan
D,
(TSFR3M
+
2.250%)
6
.579
11/23/29
10,873,623
TOTAL
INSURANCE
122,992,413
MATERIALS
-
8.3%
(5.0%
of
Total
Investments)
1,315,000
(a)
AAP
Buyer
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
08/01/31
1,326,506
2,699,848
(a)
Arsenal
AIC
Parent
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
08/19/30
2,716,722
856,268
(a)
Ascend
Performance
Materials
Operations
LLC,
Term
Loan
B,
(TSFR6M
+
4.750%)
9
.095
08/27/26
656,436
1,940,481
(a)
Berlin
Packaging
LLC,
Term
Loan
B7,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.833
06/09/31
1,954,094
3,576,000
(a)
Charter
NEX
US,
Inc.,
Term
Loan
B1,
(TSFR1M
+
3.000%)
7
.326
12/02/30
3,603,839
7,783,125
(a)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.175%)
7
.487
04/13/29
7,812,312
6,749,000
(a)
CPC
Acquisition
Corp,
Term
Loan,
(TSFR3M
+
3.750%)
8
.340
12/29/27
6,036,980
9,034,321
(a)
Discovery
Purchaser
Corporation,
Term
Loan,
(TSFR3M
+
3.750%)
8
.040
08/03/29
9,066,348
983,644
(a)
ECO
Services
Operations
Corp,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.291
06/12/31
988,356
4,476,958
(a)
INEOS
Quattro
Holdings
UK
Ltd,
First
Lien
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.662
03/29/29
4,493,747
1,477,500
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan,
(TSFR1M
+
3.750%)
8
.162
03/03/30
1,482,125
4,340,000
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.562
10/02/31
4,356,275
1,990,013
(a)
Ineos
US
Finance
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
02/07/31
1,992,301
5,180,320
(a)
Ineos
US
Finance
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
02/09/30
5,186,821
4,330,137
(a)
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B,
(TSFR6M
+
4.725%)
9
.723
02/09/26
3,860,772
4,440,054
(a)
Lonza
Group
AG,
Term
Loan
B,
(TSFR3M
+
3.925%)
8
.354
07/03/28
4,340,641
8,075,560
(a)
Nouryon
Finance
B.V.,
Term
Loan
B1,
(TSFR6M
+
3.250%)
7
.657
04/03/28
8,155,064
643,512
(a)
Nouryon
Finance
B.V.,
Term
Loan
B2,
(TSFR6M
+
3.250%)
7
.657
04/03/28
649,346
6,682,540
(a)
Pactiv
Evergreen
Group
Holdings
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.500%)
6
.812
09/25/28
6,714,048
683,000
(a),(e)
Plaze
Inc,
(TBD)
TBD
TBD
646,774
3,249,743
(a)
Proampac
PG
Borrower
LLC,
Term
Loan,
(TSFR3M
+
4.000%)
8
.413
09/15/28
3,261,247
3,895,563
(a)
SupplyOne,
Inc,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.062
04/21/31
3,935,122
9,926,524
(a),(f)
TricorBraun
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
7
.676
03/03/28
9,956,254
4,239,331
(a)
Tronox
Finance
LLC,
Term
Loan
B1,
(TSFR3M
+
2.250%)
6
.601
04/04/29
4,251,794
392,308
(a),(g)
USALCO,
LLC,
Delayed
Draw
Term
Loan
4
.000
09/17/31
396,906
3,807,692
(a)
USALCO,
LLC,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.312
09/17/31
3,852,318
866,071
(a)
W.R.
Grace
&
Co.-Conn.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.579
09/22/28
874,299
TOTAL
MATERIALS
102,567,447
MEDIA
&
ENTERTAINMENT
-
5.7%
(3.4%
of
Total
Investments)
6,390,432
(a)
ABG
Intermediate
Holdings
2
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.560
12/21/28
6,427,816
4,013,549
(a)
Advantage
Sales
&
Marketing,
Inc.,
Term
Loan,
(TSFR3M
+
4.250%)
8
.805
10/28/27
4,014,492
2,895,000
(a)
Cable
One,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.000%)
6
.426
05/03/28
2,868,771
27
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA
&
ENTERTAINMENT
(continued)
$
3,249,670
(a)
Cengage
Learning,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.908
%
03/24/31
$
3,270,289
855,700
(a)
Century
De
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.787
10/30/30
864,077
1,272,096
(a)
Checkout
Holding
Corp.,
Exit
Term
Loan,
(TSFR1M
+
9.500%)
13
.805
05/24/30
1,227,573
9,291,052
(a)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
4.000%)
8
.426
08/23/28
9,342,385
2,123,774
(a)
CMG
Media
Corporation,
Term
Loan,
(TSFR3M
+
3.500%)
7
.929
06/18/29
1,968,738
4,003,465
(a)
CSC
Holdings,
LLC,
Term
Loan
B5,
(LIBOR
6
M
+
2.500%)
7
.173
04/15/27
3,737,615
6,881,463
(a),(f)
CSC
Holdings,
LLC,
Term
Loan
B6,
(TSFR1M
+
4.500%)
8
.806
01/18/28
6,753,537
5,587,739
(a)
DirecTV
Financing,
LLC,
Term
Loan,
(TSFR3M
+
5.000%)
9
.552
08/02/27
5,606,821
3,714,880
(a)
Dotdash
Meredith
Inc,
Term
Loan,
(TSFR1M
+
3.500%)
7
.837
12/01/28
3,749,726
4,659,630
(a)
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.329
08/06/31
4,713,892
1,185,020
(a)
Mission
Broadcasting,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.952
06/02/28
1,189,096
1,417,606
(a)
Nexstar
Broadcasting,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.500%)
6
.926
09/18/26
1,423,808
2,122,779
(a)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.521
02/10/31
2,138,477
2,095,216
(a)
Project
Ruby
Ultimate
Parent
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.426
03/10/28
2,107,222
1,544,439
(a)
Red
Ventures,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
03/04/30
1,556,432
2,568,046
(a)
UPC
Financing
Partnership,
Term
Loan
AX,
(TSFR1M
+
2.925%)
7
.346
01/31/29
2,573,349
3,700,000
(a)
Virgin
Media
Bristol
LLC,
Term
Loan
Q,
(TSFR1M
+
3.250%)
7
.671
01/31/29
3,652,695
513,000
(a)
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
(TSFR6M
+
3.175%)
7
.724
03/06/31
503,876
TOTAL
MEDIA
&
ENTERTAINMENT
69,690,687
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
2.1%
(1.2%
of
Total
Investments)
3,298,877
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan
B,
(TSFR1M
+
5.500%)
9
.812
05/04/28
3,399,213
1,752,610
(a)
Elanco
Animal
Health
Incorporated,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.187
08/02/27
1,753,416
14,064,998
(a)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
05/05/28
14,120,695
4,577,742
(a)
Organon
&
Co,
Term
Loan,
(TSFR1M
+
2.250%)
6
.549
05/19/31
4,600,631
1,612,846
(a)
Perrigo
Investments,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.312
04/20/29
1,617,886
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
25,491,841
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.9%
(1.1%
of
Total
Investments)
4,718,159
(a),(f)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B,
(CME
Term
SOFR
1
Month
+
3.000%)
7
.062
01/31/30
4,747,648
3,865,313
(a)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Tranche
2
Incremental
Term
Loan,
(TSFR1M
+
3.250%)
7
.562
01/31/30
3,894,302
5,898,000
(a),(f)
Forest
City
Enterprises,
L.P.,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.925
12/08/25
5,721,797
9,321,614
(a),(f)
Verifone
Systems,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
4.000%)
8
.782
08/20/25
8,850,221
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
23,213,968
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.2%
(0.1%
of
Total
Investments)
3,000,000
(a)
Instructure
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
3.000%)
7
.516
09/12/31
3,017,805
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
3,017,805
SOFTWARE
&
SERVICES
-
24.3%
(14.5%
of
Total
Investments)
3,970,950
(a)
Ahead
DB
Holdings,
LLC,
Term
Loan
B3,
(TSFR3M
+
3.500%)
7
.829
02/03/31
4,007,622
6,085,000
(a)
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
07/30/31
6,072,830
1,425,113
(a)
Apttus
Corporation,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.791
05/08/28
1,439,813
10,138,521
(a)
Avaya,
Inc.,
Exit
Term
Loan,
(TSFR1M
+
7.500%)
11
.812
08/01/28
8,567,050
3,999,926
(a)
Axalta
Coating
Systems
U.S.
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.079
12/20/29
4,020,766
4,125,000
(a)
BCPE
Pequod
Buyer
Inc,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.791
09/19/31
4,174,851
16,457,476
(a)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.291
07/30/31
16,547,662
5,676,356
(a)
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
01/31/31
5,691,966
849,885
(a)
CCC
Intelligent
Solutions
Inc.,
Term
Loan,
(TSFR1M
+
2.000%)
6
.312
01/16/32
853,956
10,707,225
(a)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
2.750%)
7
.087
04/30/31
10,794,221
6,250,000
(a)
Darktrace
PLC,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.535
07/02/31
6,262,688
3,857,446
(a)
DTI
Holdco,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
9
.062
04/21/29
3,895,596
18,607,969
(a)
Epicor
Software
Corporation,
Term
Loan
E,
(TSFR1M
+
2.750%)
7
.062
05/23/31
18,779,813
2,875,000
(a)
FNZ
Group
Services
Ltd,
Term
Loan
B,
(TSFR3M
+
5.000%)
9
.554
10/05/31
2,795,046
Portfolio
of
Investments
January
31,
2025
(continued)
JFR
28
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE
&
SERVICES
(continued)
$
3,163,073
(a)
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.812
%
05/08/31
$
3,172,973
9,409,000
(a)
Gen
Digital
Inc.,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.062
09/12/29
9,424,290
9,533,000
(a),(e)
Genesys
Cloud
Services
Holdings
II
LLC,
(TBD)
TBD
TBD
9,568,796
9,359,962
(a)
Genesys
Cloud
Services
Holdings
II
LLC,
(CME
Term
SOFR
1
Month
+
3.000%)
7
.357
12/01/27
9,386,310
12,496,625
(a)
Informatica
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
10/30/28
12,590,350
1,156,000
(a)
Javelin
Buyer,
Inc.,
First
Lien
Term
Loan,
(Prime
+
2.250%)
10
.000
10/08/31
1,168,283
3,179,045
(a)
Marcel
LUX
IV
SARL,
Term
Loan
B7,
(SOFR30A
+
3.500%)
7
.900
11/13/30
3,226,731
11,906,342
(a)
McAfee,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.337
03/01/29
11,964,386
11,443,320
(a)
Mitchell
International,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.250%)
7
.562
06/06/31
11,451,502
8,931,100
(a)
Open
Text
Corporation,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.062
01/31/30
8,952,937
2,527,300
(a)
Perforce
Software,
Inc.,
Add-on
Term
Loan,
(TSFR1M
+
4.750%)
9
.062
03/24/31
2,455,702
1,130,000
(a)
Perforce
Software,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
9
.062
07/01/29
1,107,101
2,325,000
(a)
PointClickCare
Technologies,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.579
10/11/31
2,344,623
7,646,835
(a)
Press
Ganey
Holdings,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
04/30/31
7,675,855
750,000
(a),(e)
Project
Alpha
Intermediate
Holding
Inc,
(TBD)
TBD
TBD
758,164
6,334,395
(a)
Proofpoint,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.312
08/31/28
6,379,939
4,503,000
(a)
Quartz
Acquireco
LLC,
Term
Loan
B1,
(TSFR3M
+
2.750%)
7
.079
06/28/30
4,533,958
5,814,263
(a)
Rackspace
Finance,
LLC,
First
Lien
First
Out
Term
Loan,
(TSFR1M
+
6.250%)
10
.662
05/15/28
6,032,297
9,406,149
(a)
Rackspace
Finance,
LLC,
First
Lien
Second
Out
Term
Loan,
(TSFR1M
+
2.750%)
7
.162
05/15/28
5,495,260
6,907,036
(a)
Rocket
Software,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.562
11/28/28
7,002,941
6,659,553
(a)
Sophia,
L.P.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
10/29/29
6,707,402
2,664,535
(a)
SS&C
Technologies
Inc.,
Term
Loan
B8,
(TSFR1M
+
2.000%)
6
.312
05/09/31
2,675,060
3,500,000
(a)
Synechron
Inc,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.041
10/03/31
3,521,875
8,499,113
(a)
Syniverse
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
7.000%)
11
.329
05/10/29
8,528,349
4,359,628
(a)
Tempo
Acquisition
LLC,
Repriced
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.062
08/31/28
4,363,900
1,685,775
(a)
Thunder
Generation
Funding
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.329
09/26/31
1,699,893
19,962,507
(a)
UKG
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.300
02/10/31
20,103,742
4,168,344
(a)
Vision
Solutions,
Inc.,
Incremental
Term
Loan,
(TSFR3M
+
4.000%)
8
.552
04/24/28
4,142,291
2,723,175
(a)
VS
Buyer,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.049
04/14/31
2,741,910
4,134,708
(a),(f)
West
Corporation,
Term
Loan
B3,
(TSFR3M
+
4.000%)
8
.291
04/12/27
2,905,935
1,877,632
(a)
World
Wide
Technology
Holding
Co.
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.552
03/01/30
1,898,756
14,037,920
(a)
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
09/28/29
14,092,808
7,170,208
(a)
ZoomInfo
LLC,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.062
02/28/30
7,134,357
TOTAL
SOFTWARE
&
SERVICES
299,112,556
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
4.6%
(2.8%
of
Total
Investments)
35,654,869
(a),(f)
CommScope,
Inc.,
Term
Loan,
(TSFR1M
+
5.500%)
9
.812
12/17/29
36,497,928
12,103,180
(a)
Delta
TopCo,
Inc.,
Term
Loan,
(TSFR6M
+
3.500%)
7
.050
12/03/29
12,131,562
3,587,718
(a)
II-VI
Incorporated,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.312
07/02/29
3,609,585
2,915,395
(a)
Ingram
Micro
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.077
09/22/31
2,942,727
6,990,173
(a)
MLN
US
HoldCo
LLC,
First
Lien
Term
Loan,
(TSFR3M
+
4.500%)
8
.953
12/01/25
78,640
4,060,847
(a)
MLN
US
HoldCo
LLC,
Second
Out
Term
Loan,
(Prime
+
5.700%)
13
.200
10/18/27
66,009
2,435,038
(a)
Riverbed
Technology,
Inc.,
PIK
Term
Loan,
(TSFR3M
+
1.250%)
3
.414
07/03/28
1,497,548
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
56,823,999
TELECOMMUNICATION
SERVICES
-
7.2%
(4.3%
of
Total
Investments)
2,465,824
(a)
Altice
France
S.A.,
Term
Loan
B12,
(LIBOR
6
M
+
3.688%)
8
.370
02/02/26
2,094,409
11,772,681
(a)
Altice
France
S.A.,
Term
Loan
B13,
(LIBOR
3
M
+
4.000%)
8
.682
08/14/26
9,975,876
7,053,701
(a)
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(CME
Term
SOFR
1
Month
+
3.250%)
7
.062
11/24/28
7,083,926
876,023
(a)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0
.000
05/01/25
4,818
1,957,475
(a)
Digicel
International
Finance
Limited,
Term
Loan,
(TSFR3M
+
7.500%),
(cash
11.335%,
PIK
1.500%)
11
.791
05/27/27
1,936,276
7,421,400
(a)
Frontier
Communications
Corp.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.803
07/01/31
7,486,337
29
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
(continued)
$
11,120,588
(a)
Level
3
Financing
Inc.,
Extended
Term
Loan
B1,
(TSFR1M
+
6.560%)
10
.872
%
04/16/29
$
11,287,397
11,516,412
(a),(f)
Level
3
Financing
Inc.,
Extended
Term
Loan
B2,
(TSFR1M
+
6.560%)
10
.872
04/15/30
11,668,601
2,198,456
(a),(f)
Lumen
Technologies,
Inc.,
Extended
Term
Loan
B2,
(TSFR1M
+
2.350%)
6
.776
04/15/30
2,054,490
7,219,477
(a)
Lumen
Technologies,
Inc.,
Term
Loan
A,
(TSFR1M
+
6.000%)
10
.312
06/01/28
7,249,112
2,779,908
(a)
Numericable
Group
SA,
Term
Loan
B11,
(LIBOR
3
M
+
2.750%)
7
.432
07/31/25
2,564,716
13,498,000
(a),(f)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.426
03/09/27
13,021,926
12,234,274
(a)
Ziggo
Financing
Partnership,
Term
Loan
I,
(TSFR1M
+
2.500%)
6
.921
04/28/28
12,174,999
TOTAL
TELECOMMUNICATION
SERVICES
88,602,883
TRANSPORTATION
-
2.5%
(1.5%
of
Total
Investments)
511,138
(a)
Air
Canada,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.337
03/21/31
515,050
895,397
(a)
American
Airlines,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
1.750%)
6
.175
01/29/27
894,152
4,308,527
(a)
American
Airlines,
Inc.,
Term
Loan,
(TSFR3M
+
4.750%)
9
.305
04/20/28
4,418,718
3,327,057
(a)
Brown
Group
Holding,
LLC,
Incremental
Term
Loan
B2,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.857
07/01/31
3,340,898
6,352,633
(a)
Brown
Group
Holding,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
07/01/31
6,379,632
2,380,510
(a)
First
Student
Bidco
Inc,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.892
07/21/28
2,388,984
728,004
(a)
First
Student
Bidco
Inc,
Term
Loan
C,
(TSFR3M
+
2.500%)
6
.892
07/21/28
730,596
866,228
(a)
KKR
Apple
Bidco,
LLC,
Incremental
Term
Loan,
(TSFR1M
+
3.500%)
7
.812
09/23/28
873,366
2,764,500
(a)
KKR
Apple
Bidco,
LLC,
Term
Loan,
(TSFR1M
+
2.750%)
7
.176
09/25/28
2,785,068
894,616
(a)
PODS,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.552
03/31/28
817,790
4,846,077
(a)
SkyMiles
IP
Ltd.,
Skymiles
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.043
10/20/27
4,942,102
2,932,862
(a)
United
Airlines,
Inc.,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.297
02/24/31
2,946,735
TOTAL
TRANSPORTATION
31,033,091
UTILITIES
-
2.0%
(1.2%
of
Total
Investments)
2,625,610
(a)
Constellation
Renewables,
LLC,
Term
Loan,
(TSFR3M
+
2.250%)
6
.764
12/15/27
2,634,642
1,685,000
(a),(e)
Cornerstone
Generation
LLC,
(TBD)
TBD
TBD
1,697,815
671,625
(a)
EFS
Cogen
Holdings
I
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.805
10/01/27
676,303
9,160,000
(a)
Talen
Energy
Supply,
LLC,
Incremental
Term
Loan
B,
(TSFR3M
+
2.500%)
7
.023
12/11/31
9,209,647
10,323,197
(a)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
7
.023
05/17/30
10,374,813
TOTAL
UTILITIES
24,593,220
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$1,739,136,740)
1,736,015,482
SHARES
DESCRIPTION
VALUE
548109
WARRANTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
548109
TELECOMMUNICATION
SERVICES
-
0.0%
(0.0%
of
Total
Investments)
7
Intelsat
SA/Luxembourg
8
TOTAL
TELECOMMUNICATION
SERVICES
8
TRANSPORTATION
-
0.0%
(0.0%
of
Total
Investments)
2,411
ACBL
HLDG
CORP
110,906
6,822
ACBL
HLDG
CORP
416,142
26,910
(d)
American
Commercial
Barge
Line
LLC
6,727
40,932
(d)
American
Commercial
Barge
Line
LLC
14,326
TOTAL
TRANSPORTATION
548,101
TOTAL
WARRANTS
(Cost
$1,169,933)
548,109
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$2,021,174,314)
1,990,679,299
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM
INVESTMENTS
-
5.6%(3.4%
of
Total
Investments)
Portfolio
of
Investments
January
31,
2025
(continued)
JFR
30
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
INVESTMENT
COMPANIES
-
5.6%
(3.4%
of
Total
Investments)
–
69,265,042
BlackRock
Liquidity
Funds
T-Fund
4.517(i)
$
69,265,042
TOTAL
INVESTMENT
COMPANIES
(Cost
$69,265,042)
69,265,042
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$69,265,042)
69,265,042
TOTAL
INVESTMENTS
-
167
.0
%
(Cost
$
2,090,439,356
)
2,059,944,341
BORROWINGS
-
(38.7)%
(j),(k)
(
477,200,000
)
TFP
SHARES,
NET
-
(23.0)%(l)
(
283,785,008
)
OTHER
ASSETS
&
LIABILITIES,
NET
- (5.3)%
(
65,654,435
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
1,233,304,898
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,
unless
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
reporting
period,
the
aggregate
value
of
these
securities
is
$185,430,384
or
9.0%
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
23.2%.
(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
13.8%.
31
Portfolio
of
Investments
January
31,
2025
JQC
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
160.8%
(98.0%
of
Total
Investments)
ASSET-BACKED
SECURITIES
-
7.7%
(4.7%
of
Total
Investments)
–
$
4,500,000
(a),(b)
AIMCO
CLO
10
Ltd,
(TSFR3M
+
4.250%),
2019
10A
8
.540
%
07/22/37
$
4,594,329
963,000
(a),(b)
Carlyle
US
CLO
2022-4
Ltd,
(TSFR3M
+
6.750%),
2022
4A
11
.376
07/25/36
995,643
2,250,000
(a),(b)
Carlyle
US
CLO
2022-4
Ltd,
(TSFR3M
+
3.100%),
2022
4A
7
.400
07/25/36
2,296,971
1,000,000
(a),(b)
CIFC
Funding
2020-I
Ltd,
(TSFR3M
+
6.512%),
2020
1A
10
.814
07/15/36
1,011,184
2,500,000
(a),(b)
CIFC
Funding
2021-I
Ltd,
(TSFR3M
+
6.000%),
2021
1A
10
.300
07/25/37
2,581,250
1,250,000
(a),(b)
CIFC
Funding
2021-IV
Ltd,
(TSFR3M
+
6.200%),
2021
4A
10
.490
07/23/37
1,294,439
2,000,000
(a),(b)
Elmwood
CLO
26
Ltd,
(TSFR3M
+
3.600%),
2024
1A
7
.893
04/18/37
2,049,246
6,700,000
(a),(b)
Elmwood
CLO
26
Ltd,
(TSFR3M
+
6.450%),
2024
1A
10
.743
04/18/37
6,943,927
1,000,000
(a),(b)
Invesco
US
CLO
2023-1
Ltd,
(TSFR3M
+
6.900%),
2023
1A
11
.190
04/22/37
1,026,497
4,000,000
(a),(b)
KKR
Clo
32
Ltd,
(TSFR3M
+
5.300%),
2024
32A
9
.602
04/15/37
4,098,088
4,000,000
(a),(b)
KKR
CLO
40
Ltd,
(TSFR3M
+
7.250%),
E
40A
11
.543
10/20/34
4,017,128
5,750,000
(a),(b)
Magnetite
XXXV
Ltd,
(TSFR3M
+
7.250%),
2022
35A
11
.550
10/25/36
5,887,603
3,000,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
24
Ltd,
(TSFR3M
+
7.000%),
2017
24A
11
.290
10/19/38
3,107,508
4,000,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
55
Ltd,
(TSFR3M
+
6.500%),
2024
55A
10
.790
04/22/38
4,138,204
1,500,000
(a),(b)
Neuberger
Berman
Loan
Advisers
LaSalle
Street
Lending
CLO
II
Ltd,
(TSFR3M
+
7.500%),
2024
2A
11
.793
04/20/38
1,550,316
2,000,000
(a),(b)
OHA
Credit
Partners
XV
Ltd,
(TSFR3M
+
4.500%),
2017
15A
8
.793
04/20/37
2,050,044
2,500,000
(a),(b)
RAD
CLO
24
Ltd,
(TSFR3M
+
6.500%),
2024
24A
10
.793
07/20/37
2,579,170
9,250,000
(a),(b)
Rad
CLO
7
Ltd,
(TSFR3M
+
4.150%),
2020
7A
8
.453
04/17/36
9,291,366
1,500,000
(a),(b)
Sixth
Street
CLO
XXV
Ltd,
(TSFR3M
+
6.000%),
2024
25A
10
.297
07/24/37
1,556,389
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$59,631,678)
61,069,302
SHARES
DESCRIPTION
VALUE
9700822
COMMON
STOCKS
-
1
.2
%
(
0
.7
%
of
Total
Investments)
9700822
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
(0.0%
of
Total
Investments)
196
(c),(d)
Belk
Inc
1,568
14,544
(d)
Jo-Ann
Stores
LLC
1,454
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,022
CONSUMER
SERVICES
-
0.1%
(0.1%
of
Total
Investments)
41,905
(d)
Cengage
Learning
Holdings
II
Inc
834,622
1,225
(d)
Crown
Finance
US
Inc
30,574
TOTAL
CONSUMER
SERVICES
865,196
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.1%
(0.0%
of
Total
Investments)
198,883
(c),(d)
Millennium
Health
LLC
1,989
211,860
(c),(d)
Millennium
Health
LLC
21,186
242,758
(d)
Onex
Carestream
Finance
LP
606,895
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
630,070
MATERIALS
-
0.0%
(0.0%
of
Total
Investments)
89
LyondellBasell
Industries
NV,
Class
A
6,737
TOTAL
MATERIALS
6,737
MEDIA
&
ENTERTAINMENT
-
0.7%
(0.4%
of
Total
Investments)
10,159
(d)
Catalina
Marketing
Corp
203,180
230,354
(d)
Cineworld
Group
PLC
5,749,175
8
(d)
Cumulus
Media
Inc,
Class
A
7
TOTAL
MEDIA
&
ENTERTAINMENT
5,952,362
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
(0.0%
of
Total
Investments)
39,129
(d)
Bright
Bidco
BV
11,974
28,645
(d)
Bright
Bidco
BV
8,765
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
20,739
Portfolio
of
Investments
January
31,
2025
(continued)
JQC
32
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
VALUE
SOFTWARE
&
SERVICES
-
0.3%
(0.2%
of
Total
Investments)
68,536
(d)
Avaya
Inc
$
396,207
315,947
(d)
Avaya
Inc
1,826,489
TOTAL
SOFTWARE
&
SERVICES
2,222,696
TOTAL
COMMON
STOCKS
(Cost
$27,805,613)
9,700,822
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
299083189
CORPORATE
BONDS
-
37
.5
%
(
22
.9
%
of
Total
Investments)
299083189
AUTOMOBILES
&
COMPONENTS
-
0.7%
(0.4%
of
Total
Investments)
$
2,697,000
(b),(e)
Clarios
Global
LP
/
Clarios
US
Finance
Co
6
.250
%
05/15/26
2,696,313
3,000,000
(e)
Ford
Motor
Credit
Co
LLC
7
.200
06/10/30
3,164,002
TOTAL
AUTOMOBILES
&
COMPONENTS
5,860,315
CAPITAL
GOODS
-
2.9%
(1.7%
of
Total
Investments)
2,000,000
(b)
Chart
Industries
Inc
7
.500
01/01/30
2,089,464
2,000,000
(b)
EMRLD
Borrower
LP
/
Emerald
Co-Issuer
Inc
6
.625
12/15/30
2,022,962
3,500,000
(b)
Husky
Injection
Molding
Systems
Ltd
/
Titan
Co-Borrower
LLC
9
.000
02/15/29
3,669,699
3,000,000
(b)
Miter
Brands
Acquisition
Holdco
Inc
/
MIWD
Borrower
LLC
6
.750
04/01/32
3,036,198
4,000,000
(b),(e)
TK
Elevator
Holdco
GmbH
7
.625
07/15/28
4,032,824
2,963,000
(e)
TransDigm
Inc
4
.625
01/15/29
2,804,586
3,000,000
(b)
TransDigm
Inc
6
.000
01/15/33
2,960,315
2,000,000
(b),(e)
Windsor
Holdings
III
LLC
8
.500
06/15/30
2,115,474
TOTAL
CAPITAL
GOODS
22,731,522
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.8%
(1.1%
of
Total
Investments)
3,000,000
(b)
Allied
Universal
Holdco
LLC
7
.875
02/15/31
3,075,879
1,500,000
(b)
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp/Atlas
Luxco
4
Sarl
4
.625
06/01/28
1,430,145
4,925,000
(b),(e)
Boost
Newco
Borrower
LLC
7
.500
01/15/31
5,155,894
2,650,000
(b),(e)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6
.250
01/15/28
2,646,985
2,500,000
(b),(e)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3
.375
08/31/27
2,359,654
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
14,668,557
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.4%
(0.8%
of
Total
Investments)
3,900,000
(b),(e)
Academy
Ltd
6
.000
11/15/27
3,894,236
1,500,000
(b)
Carvana
Co,
(cash
13.000%,
PIK
13.000%)
9
.000
06/01/30
1,665,164
3,945,000
(b),(e)
Michaels
Cos
Inc/The
7
.875
05/01/29
2,477,975
1,188,000
(b),(e)
PetSmart
Inc
/
PetSmart
Finance
Corp
4
.750
02/15/28
1,138,595
1,850,000
(b)
Wand
NewCo
3
Inc
7
.625
01/30/32
1,915,008
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
11,090,978
CONSUMER
SERVICES
-
2.1%
(1.3%
of
Total
Investments)
1,193,000
(b),(e)
1011778
BC
ULC
/
New
Red
Finance
Inc
3
.500
02/15/29
1,101,823
6,617,000
(b),(e)
1011778
BC
ULC
/
New
Red
Finance
Inc
4
.000
10/15/30
5,991,982
3,000,000
(b),(e)
Caesars
Entertainment
Inc
6
.500
02/15/32
3,037,359
1,895,000
(b),(e)
Carnival
Holdings
Bermuda
Ltd
10
.375
05/01/28
2,016,759
5,000,000
(b),(e)
Merlin
Entertainments
Group
US
Holdings
Inc
7
.375
02/15/31
4,850,808
TOTAL
CONSUMER
SERVICES
16,998,731
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.5%
(0.3%
of
Total
Investments)
4,000,000
(b),(e)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4
.625
01/15/27
3,928,800
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,928,800
ENERGY
-
2.7%
(1.7%
of
Total
Investments)
2,358,781
(b)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10
.000
11/15/28
2,356,025
5,000,000
(b),(e)
DT
Midstream
Inc
4
.375
06/15/31
4,624,806
1,000,000
(b)
eG
Global
Finance
PLC
12
.000
11/30/28
1,121,097
2,000,000
(e)
Expand
Energy
Corp
4
.750
02/01/32
1,865,864
3,201,000
(b),(e)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6
.250
11/01/28
3,179,036
1,201,000
(b),(e)
MEG
Energy
Corp
5
.875
02/01/29
1,182,543
1,500,000
(b)
Talos
Production
Inc
9
.000
02/01/29
1,559,922
4,000,000
(b),(e)
Talos
Production
Inc
9
.375
02/01/31
4,156,224
1,500,000
(b),(e)
Weatherford
International
Ltd
8
.625
04/30/30
1,555,663
TOTAL
ENERGY
21,601,180
33
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.6%
(0.4%
of
Total
Investments)
$
5,250,000
(e)
American
Tower
Corp
2
.950
%
01/15/51
$
3,270,475
2,000,000
(e)
Crown
Castle
Inc
2
.250
01/15/31
1,691,807
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,962,282
FINANCIAL
SERVICES
-
0.3%
(0.2%
of
Total
Investments)
1,000,000
(b),(e)
LPL
Holdings
Inc
4
.625
11/15/27
982,152
1,000,000
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
10
.500
02/15/28
1,069,182
TOTAL
FINANCIAL
SERVICES
2,051,334
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
3.1%
(1.9%
of
Total
Investments)
6,000,000
(b),(e)
CHS/Community
Health
Systems
Inc
8
.000
12/15/27
5,961,455
1,975,000
(b),(e)
Mozart
Debt
Merger
Sub
Inc
3
.875
04/01/29
1,842,883
5,118,024
(b),(e)
Radiology
Partners
Inc,
(cash
4.275%,
PIK
3.500%)
7
.775
01/31/29
5,071,655
5,710,250
(b)
Team
Health
Holdings
Inc,
(cash
9.000%,
PIK
4.500%)
9
.000
06/30/28
6,224,172
5,500,000
(e)
Tenet
Healthcare
Corp
6
.125
10/01/28
5,502,948
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
24,603,113
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
604,699
2,175,000
(b),(e)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.750
04/15/28
2,197,964
6,000,000
(b),(e)
HUB
International
Ltd
7
.250
06/15/30
6,203,874
3,000,000
(b)
Panther
Escrow
Issuer
LLC
7
.125
06/01/31
3,072,207
TOTAL
INSURANCE
12,078,744
MATERIALS
-
3.5%
(2.2%
of
Total
Investments)
3,500,000
(b),(e)
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4
.000
09/01/29
3,054,759
6,425,000
(e)
Ball
Corp
6
.000
06/15/29
6,490,254
3,000,000
(b)
Clydesdale
Acquisition
Holdings
Inc
6
.875
01/15/30
3,047,697
4,000,000
(b),(e)
Herens
Holdco
Sarl
4
.750
05/15/28
3,673,550
2,000,000
(b),(e)
LABL
Inc
9
.500
11/01/28
1,965,151
5,000,000
(b),(e)
Novelis
Corp
4
.750
01/30/30
4,697,954
5,190,000
(b),(e)
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC
4
.375
09/30/28
5,205,336
TOTAL
MATERIALS
28,134,701
MEDIA
&
ENTERTAINMENT
-
3.4%
(2.1%
of
Total
Investments)
1,500,000
(b)
Advantage
Sales
&
Marketing
Inc
6
.500
11/15/28
1,420,788
7,000,000
(e)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3
.500
03/01/42
4,782,420
3,000,000
(b),(e)
Clear
Channel
Outdoor
Holdings
Inc
5
.125
08/15/27
2,922,351
3,220,000
(b)
CSC
Holdings
LLC
5
.500
04/15/27
2,981,614
2,000,000
(b)
CSC
Holdings
LLC
5
.375
02/01/28
1,758,276
1,000,000
(b)
DISH
Network
Corp
11
.750
11/15/27
1,055,895
16,897
(b)
iHeartCommunications
Inc
9
.125
05/01/29
14,785
5,299,000
(b),(e)
McGraw-Hill
Education
Inc
5
.750
08/01/28
5,215,751
2,000,000
(b)
Virgin
Media
Secured
Finance
PLC
5
.500
05/15/29
1,914,928
6,006,000
(b),(e)
VZ
Secured
Financing
BV
5
.000
01/15/32
5,366,301
TOTAL
MEDIA
&
ENTERTAINMENT
27,433,109
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.4%
(0.2%
of
Total
Investments)
2,000,000
(e)
Amgen
Inc
3
.150
02/21/40
1,496,015
1,500,000
(b),(e)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
1,357,853
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,853,868
SOFTWARE
&
SERVICES
-
1.4%
(0.9%
of
Total
Investments)
1,185,000
(b)
Open
Text
Holdings
Inc
4
.125
12/01/31
1,062,097
3,666,485
(b)
Rackspace
Finance
LLC
3
.500
05/15/28
1,950,561
6,750,000
(b),(e)
Rocket
Software
Inc
9
.000
11/28/28
6,991,765
1,500,000
(b),(e)
SS&C
Technologies
Inc
5
.500
09/30/27
1,496,091
TOTAL
SOFTWARE
&
SERVICES
11,500,514
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.4%
(0.2%
of
Total
Investments)
1,975,000
(b),(e)
CommScope
LLC
4
.750
09/01/29
1,758,103
1,250,000
(b)
CommScope
Technologies
LLC
5
.000
03/15/27
1,124,751
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
2,882,854
Portfolio
of
Investments
January
31,
2025
(continued)
JQC
34
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
-
8.1%
(4.9%
of
Total
Investments)
$
6,313,000
(b),(e)
Frontier
Communications
Holdings
LLC
5
.875
%
10/15/27
$
6,314,812
1,978,000
(b),(e)
Frontier
Communications
Holdings
LLC
6
.000
01/15/30
1,981,978
2,000,000
(e)
Frontier
Communications
Holdings
LLC
5
.875
11/01/29
1,993,308
1,500,000
(b)
Frontier
Communications
Holdings
LLC
8
.625
03/15/31
1,602,562
1,500,000
(b),(e)
Iliad
Holding
SASU
7
.000
10/15/28
1,527,084
13,419,000
(b)
Level
3
Financing
Inc
10
.500
05/15/30
14,622,818
1,000,000
(b)
Level
3
Financing
Inc
4
.875
06/15/29
861,183
3,250,000
(b)
Level
3
Financing
Inc
4
.000
04/15/31
2,535,000
1,000,000
(b)
Lumen
Technologies
Inc
10
.000
10/15/32
997,500
4,000,000
(e)
T-Mobile
USA
Inc
3
.500
04/15/31
3,640,012
5,180,000
(b),(e)
Vmed
O2
UK
Financing
I
PLC
4
.250
01/31/31
4,485,191
15,089,000
(b)
Zayo
Group
Holdings
Inc
4
.000
03/01/27
14,237,837
10,000,000
(b),(e)
Ziggo
BV
4
.875
01/15/30
9,367,508
TOTAL
TELECOMMUNICATION
SERVICES
64,166,793
TRANSPORTATION
-
0.7%
(0.5%
of
Total
Investments)
1,975,000
(e)
Delta
Air
Lines
Inc
3
.750
10/28/29
1,856,370
2,500,000
(b),(e)
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd
6
.500
06/20/27
2,522,052
1,623,000
(b),(e)
United
Airlines
Inc
4
.625
04/15/29
1,558,113
TOTAL
TRANSPORTATION
5,936,535
UTILITIES
-
2.0%
(1.2%
of
Total
Investments)
1,940,000
(e)
Pacific
Gas
and
Electric
Co
4
.550
07/01/30
1,836,296
2,000,000
(e)
Pacific
Gas
and
Electric
Co
4
.500
07/01/40
1,653,721
6,318,000
(e)
PG&E
Corp
5
.000
07/01/28
6,087,814
3,000,000
(e)
PG&E
Corp
5
.250
07/01/30
2,821,319
3,000,000
(b)
Talen
Energy
Supply
LLC
8
.625
06/01/30
3,200,109
TOTAL
UTILITIES
15,599,259
TOTAL
CORPORATE
BONDS
(Cost
$288,499,804)
299,083,189
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
910472266
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
114
.4
%
(
69
.7
%
of
Total
Investments)
910472266
AUTOMOBILES
&
COMPONENTS
-
0.7%
(0.5%
of
Total
Investments)
1,875,000
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.086
01/14/32
1,881,253
3,927,245
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
05/06/30
3,928,718
TOTAL
AUTOMOBILES
&
COMPONENTS
5,809,971
CAPITAL
GOODS
-
9.4%
(5.7%
of
Total
Investments)
1,286,218
(a)
ACProducts,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.840
05/17/28
994,890
134,615
(a)
Air
Comm
Corporation,
LLC,
Delayed
Draw
Term
Loan
0
.000
11/22/31
135,247
1,615,385
(a)
Air
Comm
Corporation,
LLC,
Term
Loan,
(TSFR3M
+
3.000%)
7
.396
11/22/31
1,622,961
4,226,667
(a)
Ali
Group
North
America
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.426
10/13/28
4,248,519
1,465,862
(a)
Archkey
Solutions
LLC,
Term
Loan
B,
(TSFR1M
+
4.750%)
9
.087
11/03/31
1,475,024
997,500
(a)
Azorra
Soar
TLB
Finance
Ltd,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.859
10/18/29
1,007,475
1,517,627
(a)
Centuri
Group,
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.925
08/28/28
1,530,231
5,642,969
(a)
Chamberlain
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.662
10/22/28
5,678,265
1,240,988
(a)
Chart
Industries,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.805
03/18/30
1,248,745
10,655,661
(a)
Core
&
Main
LP,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.311
07/27/28
10,708,939
789,130
(a)
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.656
04/12/28
753,745
1,955,100
(a)
Gates
Global
LLC,
Term
Loan
B5,
(TSFR1M
+
1.750%)
6
.062
05/23/31
1,960,085
1,667,000
(a),(f)
Goat
Holdco
LLC,
(TBD)
TBD
TBD
1,672,626
431,034
(a),(f)
Kaman
Corp,
(TBD)
TBD
TBD
432,381
4,568,966
(a),(f)
Kaman
Corp,
(TBD)
TBD
TBD
4,583,244
1,983,335
(a)
Madison
IAQ
LLC,
Term
Loan,
(TSFR6M
+
2.500%)
6
.762
06/21/28
1,989,533
807,975
(a)
Madison
Safety
&
Flow
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
09/19/31
815,174
2,149,000
(a),(f)
Quikrete
Holdings
Inc,
(TBD)
TBD
TBD
2,162,431
9,081,911
(a)
Quikrete
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
04/14/31
9,105,206
687,545
(a)
Titan
Acquisition
Limited,
Term
Loan
B,
(TSFR6M
+
4.500%)
8
.785
02/01/29
694,135
6,204,180
(a)
TK
Elevator
US
Newco
Inc,
Term
Loan
B,
(TSFR6M
+
3.500%)
7
.737
04/15/30
6,257,505
1,233,907
(a),(g)
TransDigm,
Inc.,
Term
Loan,
(TSFR3M
+
2.500%)
6
.829
09/07/32
1,240,842
35
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL
GOODS
(continued)
$
7,098,158
(a)
TransDigm,
Inc.,
Term
Loan
J,
(TSFR3M
+
2.500%)
6
.829
%
02/28/31
$
7,132,762
1,925,550
(a)
TransDigm,
Inc.,
Term
Loan
K,
(TSFR3M
+
2.750%)
7
.079
03/22/30
1,935,341
724,258
(a)
Victory
Buyer
LLC,
Term
Loan,
(TSFR1M
+
3.750%)
8
.176
11/20/28
713,007
4,706,344
(a)
Windsor
Holdings
III,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.802
08/01/30
4,752,913
TOTAL
CAPITAL
GOODS
74,851,226
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
5.4%
(3.3%
of
Total
Investments)
5,250,633
(a)
Allied
Universal
Holdco
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.162
05/15/28
5,274,655
1,610,818
(a)
Anticimex
International
AB,
Term
Loan
B1,
(SOFR90A
+
3.150%)
7
.720
11/16/28
1,624,623
930,469
(a)
Anticimex
International
AB,
Term
Loan
B6,
(SOFR90A
+
3.400%)
7
.970
11/16/28
939,578
169,138
(a),(h)
Archkey
Solutions
LLC,
Delayed
Draw
Term
Loan
B
0
.000
10/10/31
170,195
622,668
(a)
CHG
Healthcare
Services
Inc.,
Term
Loan
B1,
(TSFR3M
+
3.000%)
7
.395
09/29/28
627,808
3,352,156
(a)
Creative
Artists
Agency,
LLC
,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
10/01/31
3,367,056
1,152,350
(a)
Dun
&
Bradstreet
Corporation
(The),
Term
Loan,
(TSFR1M
+
2.250%)
6
.561
01/18/29
1,155,865
2,044,699
(a)
Ensemble
RCM,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.291
08/01/29
2,064,287
1,250,000
(a)
First
Advantage
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
09/19/31
1,263,088
9,158,999
(a)
Garda
World
Security
Corporation,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.805
02/01/29
9,201,360
1,685,775
(a)
GFL
Environmental
Inc.,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.305
06/27/31
1,687,857
1,152,466
(a)
LABL,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
5.000%)
9
.412
10/29/28
1,082,885
1,567,135
(a)
OMNIA
Partners
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.050
07/25/30
1,576,193
1,501,237
(a)
Prime
Security
Services
Borrower,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.326
10/15/30
1,506,394
2,176,934
(a)
Reworld
Holding
Corp,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.552
11/30/28
2,184,901
167,247
(a)
Reworld
Holding
Corp,
Term
Loan
C,
(TSFR1M
+
2.250%)
6
.552
11/30/28
167,860
7,468,714
(a)
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.176
03/27/28
7,280,427
1,725,675
(a)
XPLOR
T1
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.827
06/24/31
1,748,325
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
42,923,357
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
5.0%
(3.0%
of
Total
Investments)
388,281
(a)
Academy,
Ltd.,
Term
Loan,
(TSFR1M
+
3.750%)
8
.202
11/08/27
389,415
2,641,380
(a)
Belron
Finance
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.273
10/02/31
2,667,464
4,561,545
(a)
CNT
Holdings
I
Corp,
Term
Loan,
(TSFR3M
+
3.500%)
7
.791
11/08/27
4,581,182
539,325
(a)
Driven
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.426
12/18/28
541,348
2,175,817
(a)
EG
Group
Limited,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.607
02/07/28
2,206,583
1,508,815
(a)
EOS
Finco
Sarl,
Term
Loan,
(TSFR6M
+
6.000%)
10
.285
08/03/29
643,660
728,149
(a)
Gulfside
Supply
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.326
05/29/31
732,984
1,127,175
(a)
Johnstone
Supply
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.799
06/09/31
1,131,898
6,436,400
(a)
LBM
Acquisition
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.152
06/06/31
6,364,602
1,053,057
(a)
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
04/23/31
1,057,170
537,303
(a)
Mister
Car
Wash
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.041
03/27/31
540,731
10,869,906
(a)
PetSmart,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.162
02/14/28
10,910,668
3,485,932
(a)
Restoration
Hardware,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.926
10/15/28
3,472,319
3,144,817
(a)
Wand
NewCo
3,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.310
01/30/31
3,148,748
1,162,088
(a),(g)
White
Cap
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
10/19/29
1,166,103
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
39,554,875
CONSUMER
DURABLES
&
APPAREL
-
3.5%
(2.1%
of
Total
Investments)
7,988,504
(a)
AI
Aqua
Merger
Sub,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.337
07/31/28
8,018,302
7,225,637
(a)
Hayward
Industries,
Inc.,
Term
Loan,
(TSFR1M
+
2.500%)
6
.926
05/30/28
7,265,703
6,243
(a)
Serta
Simmons
Bedding,
LLC,
New
Term
Loan,
(TSFR3M
+
7.500%)
11
.943
06/29/28
5,728
992,727
(a)
SRAM,
LLC
,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.176
05/18/28
1,004,521
2,250,000
(a)
Tempur
Sealy
International
Inc.,
Term
Loan
B,
(SOFR30A
+
2.500%)
6
.840
10/04/31
2,260,789
4,264,813
(a)
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
03/18/30
4,267,030
1,745,000
(a)
Varsity
Brands,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.271
07/28/31
1,750,636
Portfolio
of
Investments
January
31,
2025
(continued)
JQC
36
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
DURABLES
&
APPAREL
(continued)
$
154,207
(a)
Weber-Stephen
Products
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.662
%
10/29/27
$
154,496
3,252,526
(a)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.676
10/29/27
3,249,729
TOTAL
CONSUMER
DURABLES
&
APPAREL
27,976,934
CONSUMER
SERVICES
-
15.1%
(9.2%
of
Total
Investments)
8,514,564
(a)
101B.C.
Unlimited
Liability
Company,
Term
Loan
B6,
(TSFR1M
+
1.750%)
6
.062
09/23/30
8,498,599
820,880
(a)
Allwyn
Entertainment
Financing
US
LLC,
Term
Loan
B,
(TSFR3M
+
2.250%)
6
.539
06/30/31
821,906
4,336,075
(a)
Alterra
Mountain
Company,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
08/17/28
4,371,327
990,019
(a)
Alterra
Mountain
Company,
Term
Loan
B7,
(TSFR1M
+
3.000%)
7
.312
05/31/30
999,300
4,189,079
(a),(g)
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
(TSFR1M
+
7.000%)
11
.300
01/04/29
4,263,498
3,815,391
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
02/06/30
3,832,884
1,922,969
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B1,
(TSFR1M
+
2.250%)
6
.562
02/06/31
1,931,584
1,627,601
(a)
Carnival
Corporation,
Term
Loan
(2027),
(TSFR1M
+
2.000%)
6
.302
08/09/27
1,638,791
1,700,243
(a)
Carnival
Corporation,
Term
Loan
(2028),
(TSFR1M
+
2.000%)
6
.302
10/18/28
1,709,450
1,445,000
(a),(f)
Catawba
Nation
Gaming
Authority,
(TBD)
TBD
TBD
1,457,644
3,263,812
(a)
Churchill
Downs
Incorporated,
Incremental
Term
Loan
B1,
(TSFR1M
+
2.000%)
6
.412
03/17/28
3,267,908
1,965,175
(a)
Cinemark
USA,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.750%)
7
.070
05/24/30
1,985,318
5,853,213
(a)
ClubCorp
Holdings,
Inc.,
Term
Loan
B2,
(TSFR3M
+
5.000%)
9
.590
09/18/26
5,886,138
4,905,000
(a)
Crown
Finance
US,
Inc.,
Term
Loan
B,
(TSFR1M
+
5.250%)
9
.587
10/31/31
4,905,687
2,456,668
(a)
Delta
2
(LUX)
S.a.r.l.,
Term
Loan
B1,
(TSFR3M
+
2.000%)
6
.329
09/10/31
2,466,188
1,228,332
(a),(f)
Delta
2
Lux
Sarl,
(TBD)
TBD
TBD
1,233,091
12,698,197
(a)
Fertitta
Entertainment,
LLC,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.812
01/29/29
12,778,259
9,900,000
(a)
Flutter
Financing
B.V.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.079
11/29/30
9,921,236
2,344,000
(a)
GBT
US
III
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.300
07/28/31
2,354,501
3,090,802
(a)
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B3,
(TSFR3M
+
2.750%)
7
.079
10/31/29
3,109,841
3,231,412
(a)
Hilton
Domestic
Operating
Company,
Inc.,
Term
Loan
B4,
(TSFR1M
+
1.750%)
6
.061
11/08/30
3,255,647
1,243,212
(a)
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.312
08/02/28
1,247,570
10,158,407
(a)
IRB
Holding
Corp,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
12/15/27
10,202,443
4,655,385
(a)
Light
and
Wonder
International,
Inc.,
Term
Loan
B2,
(TSFR1M
+
2.250%)
6
.551
04/16/29
4,681,107
4,734,950
(a)
Motion
Finco
Sarl,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.829
11/30/29
4,682,511
1,809,844
(a)
PENN
Entertainment,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
04/20/29
1,823,535
2,607,970
(a)
PG
Investment
Company
59
S.a
r.l.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.329
03/24/31
2,629,160
6,310,176
(a)
Scientific
Games
Holdings
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.296
04/04/29
6,339,076
3,870,973
(a)
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B3,
(TSFR1M
+
2.000%)
6
.312
11/19/31
3,877,012
4,389,349
(a)
Spin
Holdco
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
8
.706
03/06/28
3,685,035
367,480
(a)
William
Morris
Endeavor
Entertainment,
LLC,
First
Lien
Term
Loan,
(TSFR1M
+
2.750%)
7
.176
05/16/25
368,246
TOTAL
CONSUMER
SERVICES
120,224,492
ENERGY
-
1.8%
(1.1%
of
Total
Investments)
1,000,000
(a)
Epic
Crude
Services,
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.302
10/09/31
1,010,000
4,299,877
(a)
Freeport
LNG
Investments,
LLLP,
Term
Loan
A,
(TSFR3M
+
3.000%)
7
.555
11/16/26
4,304,176
3,460,493
(a),(g)
New
Fortress
Energy
Inc,
Term
Loan,
(TSFR3M
+
5.000%)
9
.291
10/30/28
3,451,305
2,902,128
(a)
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.552
10/05/28
2,917,771
2,910,000
(a)
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
11/05/28
2,945,866
TOTAL
ENERGY
14,629,118
FINANCIAL
SERVICES
-
2.0%
(1.2%
of
Total
Investments)
411,635
(a)
Aragorn
Parent
Corporation,
Term
Loan,
(TSFR1M
+
4.000%)
8
.311
12/15/28
416,164
680,000
(a),(f)
Ascensus
Holdings
Inc,
(TBD)
TBD
TBD
681,982
9,547,072
(a)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.829
01/31/31
9,599,581
37
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL
SERVICES
(continued)
$
1,375,000
(a),(f)
Dechra
Finance
US
LLC,
(TBD)
TBD
TBD
$
1,384,673
3,020,507
(a),(c),(i)
Ditech
Holding
Corporation,
Term
Loan
0
.000
%
06/30/24
302
61,101
(a),(h)
Focus
Financial
Partners,
LLC,
Delayed
Draw
Term
Loan,
(N/A
+
TSFR1M
+
2.438%)
4
.593
09/10/31
61,283
568,899
(a)
Focus
Financial
Partners,
LLC,
Term
Loan
B8,
(TSFR1M
+
3.250%)
7
.562
09/10/31
570,588
538,650
(a)
Kestra
Advisor
Services
Holdings
A,
Inc.,
Repriced
Term
Loan,
(TSFR3M
+
3.000%)
7
.291
03/24/31
539,997
2,907,084
(a)
Trans
Union,
LLC,
Term
Loan
B8,
(TSFR1M
+
1.750%)
6
.062
06/24/31
2,910,718
TOTAL
FINANCIAL
SERVICES
16,165,288
FOOD,
BEVERAGE
&
TOBACCO
-
2.3%
(1.4%
of
Total
Investments)
2,661,199
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.750%)
8
.176
10/01/25
2,616,291
177,704
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
4.750%)
9
.175
10/01/25
174,668
1,701,475
(a)
CHG
PPC
Parent
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7
.426
12/08/28
1,715,308
144
(a)
City
Brewing
Company,
LLC,
First
Lien
Second
Out
PIK
TL,
(TSFR3M
+
5.000%)
9
.564
04/14/28
18
771,288
(a)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10
.814
04/05/28
436,741
2,018,309
(a)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8
.064
04/14/28
1,170,619
198,261
(a)
City
Brewing
Company,
LLC,
PIK
Super
Priority
Term
Loan,
(TSFR3M
+
1.500%)
13
.452
01/03/26
191,818
1,915,000
(a)
Froneri
International
Ltd.,
Term
Loan,
(TSFR6M
+
2.000%)
6
.237
09/18/31
1,920,908
4,778,078
(a)
Pegasus
BidCo
BV,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.773
07/12/29
4,831,831
1,534,950
(a)
Sycamore
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.669
07/23/29
1,539,555
495,000
(a)
Triton
Water
Holdings,
Inc,
Incremental
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.079
03/31/28
497,735
2,782,565
(a)
Triton
Water
Holdings,
Inc,
Term
Loan,
(TSFR3M
+
3.250%)
7
.840
03/31/28
2,799,232
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
17,894,724
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
14.8%
(9.0%
of
Total
Investments)
891,000
(a)
ADMI
Corp.,
Term
Loan
B5,
(TSFR1M
+
5.750%)
10
.062
12/23/27
902,137
4,319,444
(a)
AHP
Health
Partners,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
08/24/28
4,360,609
14,534,733
(a)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7
.661
05/05/27
14,624,849
2,812,798
(a)
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
3.750%)
8
.079
04/12/29
2,837,410
704,000
(a),(f)
Eyecare
Partners
LLC,
(TBD)
TBD
TBD
555,576
2,079,000
(a),(f)
FinThrive
Software
Intermediate
Holdings
Inc,
(TBD)
TBD
TBD
2,015,590
5,002,792
(a)
Gainwell
Acquisition
Corp.,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.429
10/01/27
4,776,415
12,533,375
(a)
Global
Medical
Response,
Inc.,
PIK
Term
Loan,
(TSFR3M
+
5.500%)
9
.790
10/02/28
12,594,287
20,974,740
(a)
Medline
Borrower,
LP,
Add-on
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
10/23/28
21,097,548
4,335,445
(a)
National
Mentor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
TSFR3M
+
3.750%)
8
.170
03/02/28
4,297,032
147,516
(a)
National
Mentor
Holdings,
Inc.,
Term
Loan
C,
(TSFR3M
+
3.750%)
8
.179
03/02/28
146,209
3,266,525
(a)
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.302
02/28/28
3,297,835
535,950
(a)
Pacific
Dental
Services,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.049
03/17/31
541,119
13,963,383
(a)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
11/15/28
14,037,599
10,433,580
(a)
Phoenix
Guarantor
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
02/21/31
10,487,104
2,127,913
(a)
Select
Medical
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.332
11/18/31
2,138,116
271,000
(a)
Sound
Inpatient
Physicians,
Tranche
A
Term
Loan
(First
Out),
(TSFR3M
+
3.250%)
5
.545
06/28/28
283,958
2,158,967
(a)
Sound
Inpatient
Physicians,
Tranche
B
Term
Loan
(Second
Out),
(TSFR3M
+
2.500%),
(cash
8.090%,
PIK
1.500%)
4
.795
06/28/28
2,010,992
11,802,647
(a)
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.061
12/19/30
11,866,794
2,442,114
(a)
Team
Health
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
5.250%)
9
.541
03/02/27
2,378,033
2,333,600
(a)
Viant
Medical
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.313
10/15/31
2,368,896
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
117,618,108
Portfolio
of
Investments
January
31,
2025
(continued)
JQC
38
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE
-
9.3%
(5.6%
of
Total
Investments)
$
13,305,429
(a)
Acrisure,
LLC,
First
Lien
Term
Loan
B6,
(TSFR1M
+
3.000%)
7
.312
%
11/06/30
$
13,354,792
9,569,616
(a)
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6,
(TSFR1M
+
2.750%)
7
.052
09/12/31
9,610,909
2,030,000
(a),(f)
AmWINS
Group
Inc,
(TBD)
TBD
TBD
2,036,597
4,168,500
(a)
AssuredPartners,
Inc.,
Incremental
Term
Loan
B5,
(TSFR1M
+
3.500%)
7
.812
02/14/31
4,176,628
166,310
(a)
Asurion
LLC,
Term
Loan
B11,
(TSFR1M
+
4.250%)
8
.662
08/21/28
166,751
4,440,131
(a)
Asurion
LLC,
Term
Loan
B8,
(TSFR1M
+
3.250%)
7
.676
12/23/26
4,442,152
3,077,798
(a)
Asurion
LLC,
Term
Loan
B9,
(TSFR1M
+
3.250%)
7
.676
07/30/27
3,078,659
12,197,034
(a)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.000%)
7
.312
01/27/27
12,271,862
8,360,653
(a)
HUB
International
Limited,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.043
06/20/30
8,401,286
240,625
(a)
Ryan
Specialty
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
09/11/31
242,009
3,740,625
(a)
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
06/27/31
3,766,099
4,888,669
(a)
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.079
05/06/31
4,910,057
824,604
(a)
USI,
Inc.,
Term
Loan
C,
(TSFR3M
+
2.250%)
6
.579
09/27/30
825,520
6,402,003
(a)
USI,
Inc.,
Term
Loan
D,
(TSFR3M
+
2.250%)
6
.579
11/23/29
6,407,989
TOTAL
INSURANCE
73,691,310
MATERIALS
-
6.0%
(3.7%
of
Total
Investments)
785,102
(a)
Arsenal
AIC
Parent
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
08/19/30
790,009
538,650
(a)
Berlin
Packaging
LLC,
Term
Loan
B7,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.833
06/09/31
542,429
819,155
(a)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.175%)
7
.487
04/13/29
822,227
4,281,000
(a)
CPC
Acquisition
Corp,
Term
Loan,
(TSFR3M
+
3.750%)
8
.340
12/29/27
3,829,354
4,885,233
(a)
Discovery
Purchaser
Corporation,
Term
Loan,
(TSFR3M
+
3.750%)
8
.040
08/03/29
4,902,551
491,822
(a)
ECO
Services
Operations
Corp,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.291
06/12/31
494,178
2,907,898
(a)
INEOS
Quattro
Holdings
UK
Ltd,
First
Lien
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.662
03/29/29
2,918,802
1,103,200
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan,
(TSFR1M
+
3.750%)
8
.162
03/03/30
1,106,653
2,630,000
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.562
10/02/31
2,639,862
3,024,819
(a)
Ineos
US
Finance
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
02/07/31
3,028,298
3,399,804
(a)
Ineos
US
Finance
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
02/09/30
3,404,071
3,217,760
(a)
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B,
(TSFR6M
+
4.725%)
9
.723
02/09/26
2,868,971
1,812,527
(a)
Lonza
Group
AG,
Term
Loan
B,
(TSFR3M
+
3.925%)
8
.354
07/03/28
1,771,944
5,249,069
(a)
Nouryon
Finance
B.V.,
Term
Loan
B1,
(TSFR6M
+
3.250%)
7
.657
04/03/28
5,300,746
480,159
(a)
Nouryon
Finance
B.V.,
Term
Loan
B2,
(TSFR6M
+
3.250%)
7
.657
04/03/28
484,512
3,488,336
(a)
Pactiv
Evergreen
Group
Holdings
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.500%)
6
.812
09/25/28
3,504,784
445,000
(a),(f)
Plaze
Inc,
(TBD)
TBD
TBD
421,397
535,950
(a)
SupplyOne,
Inc,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.062
04/21/31
541,393
6,008,337
(a),(g)
TricorBraun
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
7
.676
03/03/28
6,026,332
1,122,188
(a)
Tronox
Finance
LLC,
Term
Loan
B1,
(TSFR3M
+
2.250%)
6
.601
04/04/29
1,125,487
98,077
(a),(h)
USALCO,
LLC,
Delayed
Draw
Term
Loan
4
.000
09/17/31
99,226
951,923
(a)
USALCO,
LLC,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.312
09/17/31
963,080
TOTAL
MATERIALS
47,586,306
MEDIA
&
ENTERTAINMENT
-
4.1%
(2.5%
of
Total
Investments)
3,573,901
(a)
ABG
Intermediate
Holdings
2
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.560
12/21/28
3,594,808
2,619,129
(a)
Advantage
Sales
&
Marketing,
Inc.,
Term
Loan,
(TSFR3M
+
4.250%)
8
.805
10/28/27
2,619,745
942,788
(a)
Cable
One,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.000%)
6
.426
05/03/28
934,246
2,193,975
(a)
Cengage
Learning,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.908
03/24/31
2,207,896
370,866
(a)
Checkout
Holding
Corp.,
Exit
Term
Loan,
(TSFR1M
+
9.500%)
13
.805
05/24/30
357,885
4,345,965
(a)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
4.000%)
8
.426
08/23/28
4,369,976
1,389,235
(a)
CMG
Media
Corporation,
Term
Loan,
(TSFR3M
+
3.500%)
7
.929
06/18/29
1,287,821
39
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA
&
ENTERTAINMENT
(continued)
$
3,028,032
(a)
CSC
Holdings,
LLC,
Term
Loan
B5,
(LIBOR
6
M
+
2.500%)
7
.173
%
04/15/27
$
2,826,955
3,682,369
(a),(g)
CSC
Holdings,
LLC,
Term
Loan
B6,
(TSFR1M
+
4.500%)
8
.806
01/18/28
3,613,914
3,077,992
(a)
DirecTV
Financing,
LLC,
Term
Loan,
(TSFR3M
+
5.000%)
9
.552
08/02/27
3,088,504
3,134,466
(a)
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.329
08/06/31
3,170,967
400,475
(a)
Mission
Broadcasting,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.952
06/02/28
401,853
886,004
(a)
Nexstar
Broadcasting,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.500%)
6
.926
09/18/26
889,880
1,768,544
(a)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.521
02/10/31
1,781,622
723,750
(a)
Project
Ruby
Ultimate
Parent
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.426
03/10/28
727,897
817,476
(a)
Red
Ventures,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
03/04/30
823,824
217,000
(a)
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
(TSFR6M
+
3.175%)
7
.724
03/06/31
213,141
TOTAL
MEDIA
&
ENTERTAINMENT
32,910,934
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
1.2%
(0.8%
of
Total
Investments)
7,174,143
(a)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
05/05/28
7,202,553
1,492,742
(a)
Organon
&
Co,
Term
Loan,
(TSFR1M
+
2.250%)
6
.549
05/19/31
1,500,206
1,148,234
(a)
Perrigo
Investments,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.312
04/20/29
1,151,822
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
9,854,581
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.8%
(1.1%
of
Total
Investments)
2,347,197
(a)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B,
(CME
Term
SOFR
1
Month
+
3.000%)
7
.062
01/31/30
2,361,867
2,493,750
(a)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Tranche
2
Incremental
Term
Loan,
(TSFR1M
+
3.250%)
7
.562
01/31/30
2,512,453
4,026,000
(a),(g)
Forest
City
Enterprises,
L.P.,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.925
12/08/25
3,905,723
6,090,667
(a),(g)
Verifone
Systems,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
4.000%)
8
.782
08/20/25
5,782,662
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
14,562,705
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.2%
(0.2%
of
Total
Investments)
1,875,000
(a)
Instructure
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
3.000%)
7
.516
09/12/31
1,886,128
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
1,886,128
SOFTWARE
&
SERVICES
-
20.2%
(12.3%
of
Total
Investments)
1,560,333
(a)
Ahead
DB
Holdings,
LLC,
Term
Loan
B3,
(TSFR3M
+
3.500%)
7
.829
02/03/31
1,574,743
1,455,000
(a)
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
07/30/31
1,452,090
1,034,310
(a)
Apttus
Corporation,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.791
05/08/28
1,044,979
8,475,221
(a)
Avaya,
Inc.,
Exit
Term
Loan,
(TSFR1M
+
7.500%)
11
.812
08/01/28
7,161,562
2,680,801
(a)
Axalta
Coating
Systems
U.S.
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.079
12/20/29
2,694,768
2,450,000
(a)
BCPE
Pequod
Buyer
Inc,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.791
09/19/31
2,479,608
10,824,097
(a)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.291
07/30/31
10,883,413
1,115,860
(a)
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
01/31/31
1,118,929
984,550
(a)
CCC
Intelligent
Solutions
Inc.,
Term
Loan,
(TSFR1M
+
2.000%)
6
.312
01/16/32
989,266
6,255,806
(a)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
2.750%)
7
.087
04/30/31
6,306,635
2,400,000
(a)
Darktrace
PLC,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.535
07/02/31
2,404,872
1,766,181
(a)
DTI
Holdco,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
9
.062
04/21/29
1,783,649
10,412,469
(a)
Epicor
Software
Corporation,
Term
Loan
E,
(TSFR1M
+
2.750%)
7
.062
05/23/31
10,508,628
2,000,000
(a)
FNZ
Group
Services
Ltd,
Term
Loan
B,
(TSFR3M
+
5.000%)
9
.554
10/05/31
1,944,380
2,075,798
(a)
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.812
05/08/31
2,082,295
2,900,421
(a)
Gen
Digital
Inc.,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.062
09/12/29
2,905,135
4,767,000
(a),(f)
Genesys
Cloud
Services
Holdings
II
LLC,
(TBD)
TBD
TBD
4,784,900
6,807,500
(a)
Informatica
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.562
10/30/28
6,858,556
694,000
(a)
Javelin
Buyer,
Inc.,
First
Lien
Term
Loan,
(Prime
+
2.250%)
10
.000
10/08/31
701,374
6,052,950
(a)
McAfee,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.337
03/01/29
6,082,458
755,108
(a)
Mitchell
International,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.250%)
7
.562
06/06/31
755,647
6,810,108
(a)
Open
Text
Corporation,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.062
01/31/30
6,826,758
750,000
(a)
Perforce
Software,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
9
.062
07/01/29
734,801
1,500,000
(a)
PointClickCare
Technologies,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.579
10/11/31
1,512,660
Portfolio
of
Investments
January
31,
2025
(continued)
JQC
40
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE
&
SERVICES
(continued)
$
4,126,658
(a)
Press
Ganey
Holdings,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.562
%
04/30/31
$
4,142,318
461,000
(a),(f)
Project
Alpha
Intermediate
Holding
Inc,
(TBD)
TBD
TBD
466,018
3,298,946
(a)
Proofpoint,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.312
08/31/28
3,322,666
3,579,688
(a)
Quartz
Acquireco
LLC,
Term
Loan
B1,
(TSFR3M
+
2.750%)
7
.079
06/28/30
3,604,298
3,502,135
(a)
Rackspace
Finance,
LLC,
First
Lien
First
Out
Term
Loan,
(TSFR1M
+
6.250%)
10
.662
05/15/28
3,633,465
6,008,102
(a)
Rackspace
Finance,
LLC,
First
Lien
Second
Out
Term
Loan,
(TSFR1M
+
2.750%)
7
.162
05/15/28
3,510,053
7,899,483
(a)
Sophia,
L.P.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.312
10/29/29
7,956,241
2,971,156
(a)
SS&C
Technologies
Inc.,
Term
Loan
B8,
(TSFR1M
+
2.000%)
6
.312
05/09/31
2,982,892
2,000,000
(a)
Synechron
Inc,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.041
10/03/31
2,012,500
6,223,366
(a)
Syniverse
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
7.000%)
11
.329
05/10/29
6,244,774
7,725,677
(a)
Tempo
Acquisition
LLC,
Term
Loan
B,
(CME
Term
SOFR
1
Month
+
2.250%)
6
.607
08/31/28
7,733,248
1,122,187
(a)
Thunder
Generation
Funding
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.329
09/26/31
1,131,586
15,011,507
(a)
UKG
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.300
02/10/31
15,117,713
1,980,412
(a)
Vision
Solutions,
Inc.,
Incremental
Term
Loan,
(TSFR3M
+
4.000%)
8
.552
04/24/28
1,968,035
538,650
(a)
VS
Buyer,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.049
04/14/31
542,356
1,650,802
(a),(g)
West
Corporation,
Term
Loan
B3,
(TSFR3M
+
4.000%)
8
.291
04/12/27
1,160,209
1,325,388
(a)
World
Wide
Technology
Holding
Co.
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.552
03/01/30
1,340,298
8,039,250
(a)
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.062
09/28/29
8,070,684
TOTAL
SOFTWARE
&
SERVICES
160,531,460
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2.8%
(1.7%
of
Total
Investments)
17,474,097
(a)
CommScope,
Inc.,
Term
Loan,
(TSFR1M
+
5.500%)
9
.812
12/17/29
17,887,272
1,893,518
(a)
II-VI
Incorporated,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.312
07/02/29
1,905,059
1,501,340
(a)
Ingram
Micro
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.077
09/22/31
1,515,414
974,886
(a)
MLN
US
HoldCo
LLC,
First
Lien
Term
Loan,
(TSFR3M
+
4.500%)
8
.953
12/01/25
10,968
440,016
(a)
MLN
US
HoldCo
LLC,
Second
Out
Term
Loan,
(Prime
+
5.700%)
13
.200
10/18/27
7,153
1,663,189
(a)
Riverbed
Technology,
Inc.,
PIK
Term
Loan,
(TSFR3M
+
1.250%)
3
.414
07/03/28
1,022,861
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
22,348,727
TELECOMMUNICATION
SERVICES
-
5.0%
(3.0%
of
Total
Investments)
641,137
(a)
Altice
France
S.A.,
Term
Loan
B12,
(LIBOR
6
M
+
3.688%)
8
.370
02/02/26
544,566
9,677,695
(a)
Altice
France
S.A.,
Term
Loan
B13,
(LIBOR
3
M
+
4.000%)
8
.682
08/14/26
8,200,637
1,165,092
(a)
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(CME
Term
SOFR
1
Month
+
3.250%)
7
.062
11/24/28
1,170,084
581,141
(a)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0
.000
05/01/25
3,196
1,923,345
(a)
Digicel
International
Finance
Limited,
Term
Loan,
(TSFR3M
+
7.500%),
(cash
11.335%,
PIK
1.500%)
11
.791
05/27/27
1,902,515
4,219,425
(a)
Frontier
Communications
Corp.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.803
07/01/31
4,256,345
2,318,993
(a)
Level
3
Financing
Inc.,
Extended
Term
Loan
B1,
(TSFR1M
+
6.560%)
10
.872
04/16/29
2,353,778
2,715,007
(a),(g)
Level
3
Financing
Inc.,
Extended
Term
Loan
B2,
(TSFR1M
+
6.560%)
10
.872
04/15/30
2,750,886
1,450,343
(a),(g)
Lumen
Technologies,
Inc.,
Extended
Term
Loan
B2,
(TSFR1M
+
2.350%)
6
.776
04/15/30
1,355,367
4,760,681
(a)
Lumen
Technologies,
Inc.,
Term
Loan
A,
(TSFR1M
+
6.000%)
10
.312
06/01/28
4,780,224
3,211,891
(a),(g)
Numericable
Group
SA,
Term
Loan
B11,
(LIBOR
3
M
+
2.750%)
7
.432
07/31/25
2,963,258
5,865,000
(a),(g)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.426
03/09/27
5,658,141
3,650,838
(a)
Ziggo
Financing
Partnership,
Term
Loan
I,
(TSFR1M
+
2.500%)
6
.921
04/28/28
3,633,150
TOTAL
TELECOMMUNICATION
SERVICES
39,572,147
TRANSPORTATION
-
1.8%
(1.1%
of
Total
Investments)
511,138
(a)
Air
Canada,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.337
03/21/31
515,050
134,636
(a)
American
Airlines,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
1.750%)
6
.175
01/29/27
134,449
2,532,099
(a)
American
Airlines,
Inc.,
Term
Loan,
(TSFR3M
+
4.750%)
9
.305
04/20/28
2,596,857
2,266,127
(a)
Brown
Group
Holding,
LLC,
Incremental
Term
Loan
B2,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.857
07/01/31
2,275,554
2,159,767
(a)
Brown
Group
Holding,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.812
07/01/31
2,168,946
2,946,835
(a)
KKR
Apple
Bidco,
LLC,
Term
Loan,
(TSFR1M
+
2.750%)
7
.176
09/25/28
2,968,760
41
See
Notes
to
Financial
Statements
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
585,248
(a)
PODS,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.552
%
03/31/28
$
534,990
337,288
(a)
SkyMiles
IP
Ltd.,
Skymiles
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.043
10/20/27
343,971
2,485,006
(a)
WestJet
Loyalty
LP,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.579
02/14/31
2,497,431
TOTAL
TRANSPORTATION
14,036,008
UTILITIES
-
2.0%
(1.2%
of
Total
Investments)
1,295,000
(a),(f)
Cornerstone
Generation
LLC,
(TBD)
TBD
TBD
1,304,848
447,750
(a)
EFS
Cogen
Holdings
I
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.805
10/01/27
450,869
6,495,000
(a)
Talen
Energy
Supply,
LLC,
Incremental
Term
Loan
B,
(TSFR3M
+
2.500%)
7
.023
12/11/31
6,530,203
7,220,891
(a)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
7
.023
05/17/30
7,256,996
300,144
(a)
Vistra
Operations
Company
LLC,
First
Lien
Term
Loan
B3,
(TSFR1M
+
1.750%)
6
.062
12/20/30
300,951
TOTAL
UTILITIES
15,843,867
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$908,654,883)
910,472,266
SHARES
DESCRIPTION
VALUE
46
WARRANTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
46
MEDIA
&
ENTERTAINMENT
-
0.0%
(0.0%
of
Total
Investments)
4,644
(c)
Tenerity
Inc
46
TOTAL
MEDIA
&
ENTERTAINMENT
46
TOTAL
WARRANTS
(Cost
$1,087,698)
46
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,285,679,676)
1,280,325,625
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM
INVESTMENTS
-
3.4%(2.0%
of
Total
Investments)
INVESTMENT
COMPANIES
-
3.4%
(2.0%
of
Total
Investments)
–
26,667,178
BlackRock
Liquidity
Funds
T-Fund
4.517(j)
26,667,178
TOTAL
INVESTMENT
COMPANIES
(Cost
$26,667,178)
26,667,178
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$26,667,178)
26,667,178
TOTAL
INVESTMENTS
-
164
.2
%
(Cost
$
1,312,346,854
)
1,306,992,803
BORROWINGS
-
(26.6)%
(k),(l)
(
211,600,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(17.9)%(m)
(
142,674,342
)
TFP
SHARES,
NET
-
(17.5)%(n)
(
139,265,370
)
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.2)%
(
17,401,707
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
796,051,384
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
Portfolio
of
Investments
January
31,
2025
(continued)
JQC
42
See
Notes
to
Financial
Statements
(a)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(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
reporting
period,
the
aggregate
value
of
these
securities
is
$309,195,280
or
23.7%
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
reporting
period,
investments
with
a
value
of
$192,780,575
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
16.2%.
(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
10.9%.
(n)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.7%.
43
Portfolio
of
Investments
January
31,
2025
JPC
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
158.8%
(99.3%
of
Total
Investments)
2196694380
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
85.4%
(53.4%
of
Total
Investments)
2196694380
AUTOMOBILES
&
COMPONENTS
-
0.9%
(0.5%
of
Total
Investments)
$
14,869,000
(a)
General
Motors
Financial
Co
Inc
5.750
%
N/A
$
14,477,013
8,014,000
(a)
General
Motors
Financial
Co
Inc
5.700
N/A
7,799,323
TOTAL
AUTOMOBILES
&
COMPONENTS
22,276,336
BANKS
-
35.3%
(22.1%
of
Total
Investments)
45,134,000
(a)
Bank
of
America
Corp
6.125
N/A
45,636,206
10,850,000
(a)
Bank
of
America
Corp
4.375
N/A
10,527,030
4,450,000
(a)
Bank
of
America
Corp
6.300
N/A
4,503,582
6,955,000
(a)
Bank
of
America
Corp
6.100
N/A
6,946,007
6,364,000
Bank
of
Montreal
7.300
11/26/84
6,479,806
8,080,000
Bank
of
Montreal
7.700
05/26/84
8,364,332
3,000,000
(a)
Bank
of
Nova
Scotia/The
4.900
N/A
2,990,652
10,550,000
Bank
of
Nova
Scotia/The
8.625
10/27/82
11,124,246
9,650,000
(b)
Bank
of
Nova
Scotia/The
8.000
01/27/84
10,064,863
19,799,000
(a)
Citigroup
Inc
4.000
N/A
19,514,873
33,702,000
(a)
Citigroup
Inc
7.125
N/A
34,584,217
16,219,000
(a)
Citigroup
Inc
7.000
N/A
16,900,295
10,740,000
(a)
Citigroup
Inc
4.150
N/A
10,431,516
7,175,000
(a)
Citigroup
Inc
7.375
N/A
7,446,588
14,589,000
(a)
Citigroup
Inc
5.950
N/A
14,577,613
27,500,000
(a),(c)
Citigroup
Inc
3.875
N/A
26,927,835
32,448,000
(a)
Citigroup
Inc
7.625
N/A
33,991,000
22,389,000
(a)
Citigroup
Inc
6.250
N/A
22,614,333
7,000,000
(a),(d)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.265%)
7.561
N/A
6,947,497
5,529,000
(a),(d)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7.715
N/A
5,487,891
3,976,000
(a)
Citizens
Financial
Group
Inc
5.650
N/A
3,954,361
9,515,000
(a)
Citizens
Financial
Group
Inc
4.000
N/A
9,082,992
14,700,000
(a)
CoBank
ACB
6.450
N/A
14,763,636
17,983,000
(a)
CoBank
ACB
6.250
N/A
17,983,665
5,800,000
(d),(e)
Corestates
Capital
III
(TSFR3M
+
0.832%)
5.355
02/15/27
5,733,635
6,450,000
(a),(b),(e)
Farm
Credit
Bank
of
Texas
6.200
N/A
6,330,676
3,060,000
(a),(e)
Farm
Credit
Bank
of
Texas
5.700
N/A
3,044,700
16,256,000
(a),(d)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7.623
N/A
16,204,737
1,225,000
(a)
Fifth
Third
Bancorp
4.500
N/A
1,208,741
18,714,000
(a),(d)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8.592
N/A
19,228,635
20,300,000
(a)
Huntington
Bancshares
Inc/OH
5.625
N/A
19,883,022
25,000,000
(a)
Huntington
Bancshares
Inc/OH
4.450
N/A
24,021,283
3,600,000
(b)
JPMorgan
Chase
&
Co
8.750
09/01/30
4,243,317
29,237,000
(a)
JPMorgan
Chase
&
Co
6.500
N/A
29,561,213
13,830,000
(a)
JPMorgan
Chase
&
Co
3.650
N/A
13,477,465
59,179,000
(a),(c)
JPMorgan
Chase
&
Co
6.875
N/A
61,775,064
2,800,000
(a)
KeyCorp
5.000
N/A
2,733,119
8,000,000
(b)
KeyCorp
Capital
III
7.750
07/15/29
8,340,840
2,395,000
(a)
M&T
Bank
Corp
5.125
N/A
2,372,533
5,960,000
(a)
M&T
Bank
Corp
3.500
N/A
5,616,964
2,000,000
(b),(d)
M&T
Bank
Corp
(TSFR3M
+
1.262%)
5.564
01/15/27
1,969,011
34,335,000
(a),(c)
PNC
Financial
Services
Group
Inc/The
6.250
N/A
34,487,756
2,923,000
(a)
PNC
Financial
Services
Group
Inc/The
5.000
N/A
2,901,114
6,605,000
(a)
PNC
Financial
Services
Group
Inc/The
6.000
N/A
6,610,277
18,235,000
(a),(c)
PNC
Financial
Services
Group
Inc/The
6.200
N/A
18,392,623
9,520,000
(a)
PNC
Financial
Services
Group
Inc/The
3.400
N/A
9,039,410
5,855,000
(a)
Regions
Financial
Corp
5.750
N/A
5,846,831
32,700,000
Toronto-Dominion
Bank/The
8.125
10/31/82
34,167,053
6,687,000
(a)
Truist
Financial
Corp
5.100
N/A
6,429,545
16,800,000
(a),(c)
Truist
Financial
Corp
4.950
N/A
16,727,263
52,724,000
(a),(c)
Truist
Financial
Corp
6.669
N/A
52,453,487
4,465,000
(a)
US
Bancorp
5.300
N/A
4,427,417
52,985,000
(a),(c)
Wells
Fargo
&
Co
6.850
N/A
54,407,329
Portfolio
of
Investments
January
31,
2025
(continued)
JPC
44
See
Notes
to
Financial
Statements
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
7,295,000
(a)
Wells
Fargo
&
Co
7.625
%
N/A
$
7,760,020
31,027,000
(a)
Wells
Fargo
&
Co
3.900
N/A
30,484,306
20,133,000
(a),(c)
Wells
Fargo
&
Co
5.875
N/A
20,075,228
24,770,000
(b)
Wells
Fargo
&
Co
7.950
11/15/29
27,494,942
TOTAL
BANKS
909,294,592
CAPITAL
GOODS
-
2.1%
(1.3%
of
Total
Investments)
18,093,000
(b),(e)
AerCap
Global
Aviation
Trust
6.500
06/15/45
18,090,641
13,660,000
(a)
Air
Lease
Corp
4.650
N/A
13,329,226
4,837,000
(a)
Air
Lease
Corp
4.125
N/A
4,618,963
9,254,000
(a)
Air
Lease
Corp
6.000
N/A
9,055,176
1,960,000
(e)
ILFC
E-Capital
Trust
I
6.149
12/21/65
1,611,059
8,474,000
(e)
ILFC
E-Capital
Trust
I
6.399
12/21/65
7,148,496
TOTAL
CAPITAL
GOODS
53,853,561
ENERGY
-
5.6%
(3.5%
of
Total
Investments)
1,695,000
Enbridge
Inc
6.000
01/15/77
1,682,555
22,395,000
Enbridge
Inc
5.750
07/15/80
21,803,015
17,110,000
Enbridge
Inc
7.625
01/15/83
17,932,290
33,706,000
Enbridge
Inc
8.500
01/15/84
37,324,292
2,798,000
Enbridge
Inc
5.500
07/15/77
2,724,160
2,550,000
(a)
Energy
Transfer
LP
6.625
N/A
2,507,091
18,259,000
(a)
Energy
Transfer
LP
7.125
N/A
18,517,383
6,615,000
(a)
Energy
Transfer
LP
6.500
N/A
6,611,448
4,990,000
(b)
Energy
Transfer
LP
8.000
05/15/54
5,266,476
7,362,000
(b),(e)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7.500
03/01/55
7,584,251
2,468,000
Transcanada
Trust
5.500
09/15/79
2,364,789
3,490,000
(b)
Transcanada
Trust
5.875
08/15/76
3,439,034
16,135,000
(b)
Transcanada
Trust
5.600
03/07/82
15,328,899
TOTAL
ENERGY
143,085,683
FINANCIAL
SERVICES
-
15.8%
(10.0%
of
Total
Investments)
22,551,000
(b)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
23,117,921
12,644,000
(a)
Ally
Financial
Inc
4.700
N/A
12,123,572
14,240,000
(a)
Ally
Financial
Inc
4.700
N/A
12,937,826
4,875,000
(a),(e)
American
AgCredit
Corp
5.250
N/A
4,740,152
24,688,000
(a)
American
Express
Co
3.550
N/A
23,801,441
4,778,000
(a)
Bank
of
New
York
Mellon
Corp/The
4.700
N/A
4,756,311
22,600,000
(a)
Bank
of
New
York
Mellon
Corp/The
3.750
N/A
21,576,934
3,015,000
(a),(e)
Capital
Farm
Credit
ACA
5.000
N/A
2,939,625
17,115,000
(a)
Capital
One
Financial
Corp
3.950
N/A
16,508,681
30,020,000
(a)
Charles
Schwab
Corp/The
5.375
N/A
29,893,012
41,640,000
(a),(c)
Charles
Schwab
Corp/The
4.000
N/A
40,635,893
1,350,000
(a),(e)
Compeer
Financial
ACA
4.875
N/A
1,302,751
3,989,000
(b)
Corebridge
Financial
Inc
6.875
12/15/52
4,102,338
13,510,000
(a)
Discover
Financial
Services
6.125
N/A
13,511,608
1,610,000
(a)
Discover
Financial
Services
5.500
N/A
1,569,066
8,120,000
(a)
Goldman
Sachs
Group
Inc/The
5.300
N/A
8,088,701
28,394,000
(a)
Goldman
Sachs
Group
Inc/The
7.500
N/A
29,730,676
25,062,000
(a)
Goldman
Sachs
Group
Inc/The
6.125
N/A
24,479,577
32,355,000
(a)
Goldman
Sachs
Group
Inc/The
7.500
N/A
34,133,587
27,937,000
(a)
Goldman
Sachs
Group
Inc/The
7.379
N/A
28,108,058
23,482,000
(a)
Goldman
Sachs
Group
Inc/The
6.850
N/A
23,696,618
16,795,000
(a)
State
Street
Corp
6.700
N/A
17,124,148
27,956,000
(a),(c)
Voya
Financial
Inc
7.758
N/A
29,560,535
TOTAL
FINANCIAL
SERVICES
408,439,031
FOOD,
BEVERAGE
&
TOBACCO
-
2.3%
(1.5%
of
Total
Investments)
10,855,000
(a),(e)
Dairy
Farmers
of
America
Inc
7.125
N/A
10,366,525
30,110,000
(a),(e)
Land
O'
Lakes
Inc
8.000
N/A
28,051,680
16,840,000
(a),(e)
Land
O'
Lakes
Inc
7.250
N/A
14,027,976
9,260,000
(a),(e)
Land
O'
Lakes
Inc
7.000
N/A
7,593,341
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
60,039,522
45
See
Notes
to
Financial
Statements
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
(0.2%
of
Total
Investments)
$
6,678,000
(b)
CVS
Health
Corp
6.750
%
12/10/54
$
6,602,463
3,792,000
(b)
CVS
Health
Corp
7.000
03/10/55
3,830,157
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
10,432,620
INSURANCE
-
12.3%
(7.7%
of
Total
Investments)
1,895,000
Aegon
Ltd
5
.500
04/11/48
1,876,630
9,010,000
(b)
American
International
Group
Inc
5.750
04/01/48
8,931,600
17,894,000
(b)
Assurant
Inc
7.000
03/27/48
18,207,163
14,909,000
(e)
Assured
Guaranty
Municipal
Holdings
Inc
6.400
12/15/66
13,754,092
3,725,000
(b)
AXIS
Specialty
Finance
LLC
4.900
01/15/40
3,479,313
19,473,000
(b)
Corebridge
Financial
Inc
6.375
09/15/54
19,254,020
14,208,000
(b)
Enstar
Finance
LLC
5.500
01/15/42
13,696,329
5,695,000
(b)
Enstar
Finance
LLC
5.750
09/01/40
5,656,215
19,860,000
(b),(e)
Liberty
Mutual
Group
Inc
7.800
03/15/37
22,080,197
23,055,000
(a)
Markel
Group
Inc
6.000
N/A
22,994,709
2,215,000
(a)
MetLife
Inc
5.875
N/A
2,208,895
43,519,000
(b),(e)
MetLife
Inc
9.250
04/08/38
51,280,527
3,000,000
MetLife
Inc
10.750
08/01/39
3,995,058
20,900,000
(b),(e)
MetLife
Inc
7.875
12/15/37
22,830,821
10,160,000
(a),(c)
MetLife
Inc
3.850
N/A
10,063,150
31,538,000
(b)
Nationwide
Financial
Services
Inc
6
.750
05/15/37
32,124,197
13,185,000
(b)
PartnerRe
Finance
B
LLC
4.500
10/01/50
12,161,790
8,238,000
Provident
Financing
Trust
I
7.405
03/15/38
8,687,103
4,156,000
Prudential
Financial
Inc
5.375
05/15/45
4,148,973
2,890,000
(c)
Prudential
Financial
Inc
5.125
03/01/52
2,724,711
7,770,000
(b)
Prudential
Financial
Inc
6.500
03/15/54
7,894,872
3,000,000
Prudential
Financial
Inc
6.000
09/01/52
2,990,359
3,900,000
(a),(e)
QBE
Insurance
Group
Ltd
5.875
N/A
3,902,726
11,975,000
(a),(e)
SBL
Holdings
Inc
7.000
N/A
11,795,375
11,535,000
(a),(e)
SBL
Holdings
Inc
6.500
N/A
10,693,405
TOTAL
INSURANCE
317,432,230
MEDIA
&
ENTERTAINMENT
-
0.5%
(0.3%
of
Total
Investments)
7,694,000
(a),(b),(e)
Farm
Credit
Bank
of
Texas
7.750
N/A
7,973,292
4,065,000
Paramount
Global
6.375
03/30/62
3,962,483
TOTAL
MEDIA
&
ENTERTAINMENT
11,935,775
TELECOMMUNICATION
SERVICES
-
1.1%
(0.7%
of
Total
Investments)
24,020,000
(b)
Vodafone
Group
PLC
7.000
04/04/79
24,996,485
2,315,000
Vodafone
Group
PLC
4.125
06/04/81
2,079,329
TOTAL
TELECOMMUNICATION
SERVICES
27,075,814
UTILITIES
-
9.1%
(5.6%
of
Total
Investments)
4,975,000
(b),(e)
AES
Andes
SA
8.150
06/10/55
5,098,114
5,020,000
(e)
AES
Andes
SA
6.350
10/07/79
5,002,781
5,916,000
AES
Corp/The
7.600
01/15/55
6,022,849
6,156,000
(b),(e)
AltaGas
Ltd
7.200
10/15/54
6,185,567
10,915,000
(b)
American
Electric
Power
Co
Inc
3.875
02/15/62
10,356,791
16,200,000
CMS
Energy
Corp
3.750
12/01/50
14,181,508
1,285,000
CMS
Energy
Corp
4.750
06/01/50
1,218,571
6,029,000
(b)
Dominion
Energy
Inc
7.000
06/01/54
6,376,915
7,773,000
(b)
Duke
Energy
Corp
6.450
09/01/54
7,796,871
5,684,000
(a)
Edison
International
5.375
N/A
5,234,729
4,680,000
(a)
Edison
International
5.000
N/A
4,198,036
6,470,000
Edison
International
8.125
06/15/53
6,134,589
4,117,000
Edison
International
7.875
06/15/54
3,842,334
41,756,000
(b)
Emera
Inc
6.750
06/15/76
42,141,241
16,384,000
(b)
Entergy
Corp
7.125
12/01/54
16,703,406
10,092,000
EUSHI
Finance
Inc
7.625
12/15/54
10,523,057
13,706,000
(b)
NextEra
Energy
Capital
Holdings
Inc
6.750
06/15/54
14,020,539
6,412,000
PG&E
Corp
7.375
03/15/55
6,229,897
8,976,000
Sempra
4.125
04/01/52
8,507,817
11,240,000
(b)
Sempra
6.550
04/01/55
10,969,689
13,190,000
(a)
Sempra
4.875
N/A
13,052,600
Portfolio
of
Investments
January
31,
2025
(continued)
JPC
46
See
Notes
to
Financial
Statements
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
6,440,000
Southern
Co/The
4.000
%
01/15/51
$
6,342,571
7,365,000
(a),(e)
Vistra
Corp
8.875
N/A
7,891,399
1,745,000
(a),(e)
Vistra
Corp
7.000
N/A
1,750,835
12,725,000
(a),(e)
Vistra
Corp
8.000
N/A
13,046,510
TOTAL
UTILITIES
232,829,216
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$2,151,573,023)
2,196,694,380
SHARES
DESCRIPTION
RATE
VALUE
337436350
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
13.1%
(8.2%
of
Total
Investments)
337436350
BANKS
-
2.2%
(1.4%
of
Total
Investments)
304,913
Fifth
Third
Bancorp
8.296
7,897,247
825,668
KeyCorp
6.125
20,476,567
659,461
KeyCorp
6.200
16,110,632
517,064
Regions
Financial
Corp
5.700
12,792,163
TOTAL
BANKS
57,276,609
CAPITAL
GOODS
-
0.2%
(0.1%
of
Total
Investments)
218,500
WESCO
International
Inc
10.625
5,611,080
TOTAL
CAPITAL
GOODS
5,611,080
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.2%
(0.1%
of
Total
Investments)
85,181
Prologis
Inc
8.540
4,855,317
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,855,317
FINANCIAL
SERVICES
-
4.3%
(2.7%
of
Total
Investments)
146,670
Capital
One
Financial
Corp
5.000
2,943,667
381,058
Equitable
Holdings
Inc
5.250
8,158,452
145,721
Equitable
Holdings
Inc
4.300
2,668,151
116,785
Morgan
Stanley
6.375
2,933,639
79,400
Morgan
Stanley
6.500
2,041,374
631,349
Morgan
Stanley
7
.125
16,118,340
842,201
Morgan
Stanley
5.850
20,524,438
774,375
Morgan
Stanley
6.625
20,133,750
746,004
Morgan
Stanley
6.875
18,926,122
144,314
Synchrony
Financial
5.625
2,814,123
494,554
Voya
Financial
Inc
5.350
11,948,425
TOTAL
FINANCIAL
SERVICES
109,210,481
FOOD,
BEVERAGE
&
TOBACCO
-
1.6%
(1.0%
of
Total
Investments)
117,770
CHS
Inc
7.875
3,092,640
711,041
CHS
Inc
6.750
17,704,921
577,198
CHS
Inc
7.100
14,614,653
56,400
(e)
Dairy
Farmers
of
America
Inc
7.875
5,442,600
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
40,854,814
INSURANCE
-
3.9%
(2.5%
of
Total
Investments)
437,400
American
National
Group
Inc
7.375
11,394,270
334,249
American
National
Group
Inc
6.625
8,433,102
124,080
Aspen
Insurance
Holdings
Ltd
5.625
2,543,640
319,325
Aspen
Insurance
Holdings
Ltd
7.125
8,094,889
96,786
Assurant
Inc
5.250
2,012,181
621,947
Athene
Holding
Ltd
6.375
15,592,211
206,658
Athene
Holding
Ltd
7.750
5,387,574
876,205
Athene
Holding
Ltd
6.350
21,545,881
80,000
Axis
Capital
Holdings
Ltd
5.500
1,657,600
63,400
Delphi
Financial
Group
Inc
7.975
1,540,620
342,645
Enstar
Group
Ltd
7.000
6,931,708
90,695
Maiden
Holdings
North
America
Ltd
7.750
1,523,676
300,532
Reinsurance
Group
of
America
Inc
5.750
7,450,188
207,319
Reinsurance
Group
of
America
Inc
7.125
5,496,027
88,536
Selective
Insurance
Group
Inc
4.600
1,566,202
TOTAL
INSURANCE
101,169,769
47
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
RATE
VALUE
TELECOMMUNICATION
SERVICES
-
0.5%
(0.3%
of
Total
Investments)
686,314
AT&T
Inc
4.750
%
$
13,232,134
20,680
AT&T
Inc
5.000
422,699
TOTAL
TELECOMMUNICATION
SERVICES
13,654,833
UTILITIES
-
0.2%
(0.1%
of
Total
Investments)
204,489
NextEra
Energy
Capital
Holdings
Inc
5.650
4,803,447
TOTAL
UTILITIES
4,803,447
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$347,969,329)
337,436,350
SHARES
DESCRIPTION
VALUE
4,542
COMMON
STOCKS
-
0.0%
(0.0%
of
Total
Investments)
4,542
MATERIALS
-
0.0%
(0.0%
of
Total
Investments)
60
LyondellBasell
Industries
NV,
Class
A
4,542
TOTAL
MATERIALS
4,542
TOTAL
COMMON
STOCKS
(Cost
$0)
4,542
PRINCIPAL
DESCRIPTION(f)
RATE
MATURITY
VALUE
1435962875
CONTINGENT
CAPITAL
SECURITIES
-
55.9%
(34.9%
of
Total
Investments)
1435962875
BANKS
-
47.1%
(29.5%
of
Total
Investments)
$
4,825,000
(a),(c),(e)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6.750
N/A
4,904,917
34,227,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375
N/A
37,328,343
17,520,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125
N/A
16,855,197
10,615,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500
N/A
10,591,040
12,400,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
7.750
N/A
12,399,510
3,120,000
(a),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.625
N/A
3,077,301
5,440,000
(a),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.500
N/A
5,259,878
23,940,300
(a),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.750
N/A
23,803,005
9,505,000
(a)
Banco
Santander
SA
4.750
N/A
9,102,980
35,600,000
(a)
Banco
Santander
SA
8.000
N/A
37,242,477
44,600,000
(a)
Banco
Santander
SA
9.625
N/A
51,317,340
30,085,000
(a),(c)
Barclays
PLC
8.000
N/A
31,352,120
14,778,000
(a)
Barclays
PLC
6.125
N/A
14,812,876
76,877,000
(a)
Barclays
PLC
9.625
N/A
85,587,702
10,656,000
(a),(b),(e)
BNP
Paribas
SA
7.375
N/A
10,671,409
38,609,000
(a),(e)
BNP
Paribas
SA
8.000
N/A
40,416,365
33,437,000
(a),(c),(e)
BNP
Paribas
SA
8.500
N/A
35,151,850
28,795,000
(a),(e)
BNP
Paribas
SA
9.250
N/A
30,834,262
7,595,000
(a),(e)
BNP
Paribas
SA
7.000
N/A
7,625,061
47,851,000
(a),(e)
BNP
Paribas
SA
7.750
N/A
49,492,241
37,831,000
(a),(e)
Credit
Agricole
SA
6.700
N/A
36,475,122
4,466,000
(a)
Credit
Agricole
SA,
Reg
S
8.125
N/A
4,566,485
45,870,000
(a),(e)
Credit
Agricole
SA
8.125
N/A
46,902,075
36,120,000
(a)
HSBC
Holdings
PLC
6.000
N/A
35,908,976
42,501,000
(a),(b)
HSBC
Holdings
PLC
6.950
N/A
42,572,359
20,269,000
(a)
HSBC
Holdings
PLC
6.875
N/A
20,353,614
39,405,000
(a),(c)
HSBC
Holdings
PLC
8.000
N/A
41,471,122
10,713,000
(a)
HSBC
Holdings
PLC
6.500
N/A
10,693,066
24,533,000
(a),(c)
HSBC
Holdings
PLC
6.375
N/A
24,522,699
36,830,000
(a),(c)
ING
Groep
NV
6.500
N/A
36,873,680
30,760,000
(a),(c)
ING
Groep
NV
5.750
N/A
30,629,319
16,750,000
(a)
ING
Groep
NV,
Reg
S
7.500
N/A
17,200,575
32,590,000
(a),(c),(e)
Intesa
Sanpaolo
SpA
7.700
N/A
32,547,297
44,473,000
(a)
Lloyds
Banking
Group
PLC
8.000
N/A
46,614,909
8,293,000
(a)
Lloyds
Banking
Group
PLC
6.750
N/A
7,982,507
21,165,000
(a)
Lloyds
Banking
Group
PLC
7.500
N/A
21,373,518
9,005,000
(a),(e)
Macquarie
Bank
Ltd/London
6.125
N/A
9,071,709
14,570,000
(a),(b)
NatWest
Group
PLC
7.300
N/A
14,356,040
34,286,000
(a)
NatWest
Group
PLC
8.125
N/A
36,441,561
10,450,000
(a)
NatWest
Group
PLC
6.000
N/A
10,436,908
23,805,000
(a)
NatWest
Group
PLC
8.000
N/A
24,083,376
Portfolio
of
Investments
January
31,
2025
(continued)
JPC
48
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION(f)
RATE
MATURITY
VALUE
BANKS
(continued)
$
12,501,000
(a),(e)
Nordea
Bank
Abp
6.625
%
N/A
$
12,573,718
17,000,000
(a),(e)
Nordea
Bank
Abp
6.300
N/A
16,353,933
33,667,000
(a),(e)
Societe
Generale
SA
10.000
N/A
36,668,177
14,545,000
(a),(e)
Societe
Generale
SA
9.375
N/A
15,273,035
8,430,000
(a),(e)
Societe
Generale
SA
8.500
N/A
8,570,402
40,236,000
(a),(e)
Societe
Generale
SA
8.000
N/A
40,699,680
3,046,000
(a),(e)
Standard
Chartered
PLC
6.000
N/A
3,051,154
7,585,000
(a),(e)
Standard
Chartered
PLC
7.750
N/A
7,843,997
TOTAL
BANKS
1,209,936,887
FINANCIAL
SERVICES
-
8.4%
(5.1%
of
Total
Investments)
24,200,000
(a)
Deutsche
Bank
AG
7.500
N/A
24,268,413
30,215,000
(a),(c)
Deutsche
Bank
AG
6.000
N/A
30,004,290
9,400,000
(a)
Deutsche
Bank
AG,
Reg
S
4.789
N/A
9,317,750
23,385,000
(a),(e)
UBS
Group
AG
9.250
N/A
25,499,191
13,310,000
(a),(e)
UBS
Group
AG
7.750
N/A
13,949,040
46,572,000
(a),(e)
UBS
Group
AG
9.250
N/A
53,791,219
18,000,000
(a),(b),(e)
UBS
Group
AG
4.875
N/A
17,475,469
41,023,000
(a)
UBS
Group
AG,
Reg
S
6.875
N/A
41,279,394
TOTAL
FINANCIAL
SERVICES
215,584,766
INSURANCE
-
0.4%
(0.3%
of
Total
Investments)
10,126,000
(a)
Phoenix
Group
Holdings
PLC,
Reg
S
8.500
N/A
10,441,222
TOTAL
INSURANCE
10,441,222
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$1,389,874,649)
1,435,962,875
SHARES
DESCRIPTION
RATE
VALUE
21365342
CONVERTIBLE
PREFERRED
SECURITIES
-
0.8%
(0.5%
of
Total
Investments)
21365342
BANKS
-
0.8%
(0.5%
of
Total
Investments)
5,849
Bank
of
America
Corp
7.250
7,159,176
11,949
Wells
Fargo
&
Co
7.500
14,206,166
TOTAL
BANKS
21,365,342
TOTAL
CONVERTIBLE
PREFERRED
SECURITIES
(Cost
$24,885,224)
21,365,342
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
76209075
CORPORATE
BONDS
-
3.0%
(1.9%
of
Total
Investments)
76209075
BANKS
-
1.0%
(0.6%
of
Total
Investments)
24,100,000
(a),(e)
Standard
Chartered
PLC
7.014
N/A
25,378,939
TOTAL
BANKS
25,378,939
ENERGY
-
0.1%
(0.0%
of
Total
Investments)
1,900,000
Enbridge
Inc
8.250
01/15/84
2,012,127
TOTAL
ENERGY
2,012,127
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.6%
(0.4%
of
Total
Investments)
16,100,000
(e)
Scentre
Group
Trust
2
5.125
09/24/80
15,698,168
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
15,698,168
FINANCIAL
SERVICES
-
0.7%
(0.5%
of
Total
Investments)
18,750,000
(g)
Credit
Suisse
Group
AG
0.000
01/17/72
1,875,000
10,229,000
(g)
Credit
Suisse
Group
AG
7.250
03/12/72
1,022,900
9,090,000
(g)
Credit
Suisse
Group
AG
6.380
02/21/72
909,000
13,505,000
(g)
Credit
Suisse
Group
AG
7.500
06/11/72
1,350,500
8,455,000
(g)
Credit
Suisse
Group
AG
7.500
01/17/72
845,500
12,800,000
(b),(e)
Scentre
Group
Trust
2
4.750
09/24/80
12,628,601
TOTAL
FINANCIAL
SERVICES
18,631,501
49
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
INSURANCE
-
0.6%
(0.4%
of
Total
Investments)
$
2,670,000
(e)
Fidelis
Insurance
Holdings
Ltd
6.625
%
04/01/41
$
2,651,566
6,150,000
(b),(e)
Liberty
Mutual
Insurance
Co
7.697
10/15/97
6,825,656
5,000,000
QBE
Insurance
Group
Ltd,
Reg
S
5.875
06/17/46
5,011,118
TOTAL
INSURANCE
14,488,340
TOTAL
CORPORATE
BONDS
(Cost
$129,688,645)
76,209,075
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
15151312
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
0.6%
(0.4%
of
Total
Investments)
15151312
4,883,000
CoBank
ACB
7.250
07/01/73
4,983,277
9,939,000
CoBank
ACB
7.125
12/30/49
10,168,035
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$14,858,075)
15,151,312
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$4,058,848,945)
4,082,823,876
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
1.1%(0.7%
of
Total
Investments)
28656420
REPURCHASE
AGREEMENTS
-
1.1%
(0.7%
of
Total
Investments)
28656420
231,420
(h)
Fixed
Income
Clearing
Corporation
1
.360
02/03/25
231,420
28,425,000
(i)
Fixed
Income
Clearing
Corporation
4.320
02/03/25
28,425,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$28,656,420)
28,656,420
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$28,656,420)
28,656,420
TOTAL
INVESTMENTS
-
159.9%
(Cost
$4,087,505,365
)
4,111,480,296
BORROWINGS
-
(26.8)%
(j),(k)
(689,000,000)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(18.3)%(l)
(471,781,787)
TFP
SHARES,
NET
-
(16.3)%(m)
(418,549,387
)
OTHER
ASSETS
&
LIABILITIES,
NET
- 1.5%
39,110,515
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
2,571,259,637
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)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
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
reporting
period,
investments
with
a
value
of
$871,780,341
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(c)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$515,668,874.
(d)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(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
reporting
period,
the
aggregate
value
of
these
securities
is
$958,458,186
or
23.3%
of
Total
Investments.
(f)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
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.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.360%
dated
1/31/25
to
be
repurchased
at
$231,446
on
2/3/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.250%
and
maturity
date
6/30/27,
valued
at
$236,217.
(i)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.320%
dated
1/31/25
to
be
repurchased
at
$28,435,233
on
2/3/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.875%
and
maturity
date
4/30/29,
valued
at
$28,993,606.
(j)
Borrowings
as
a
percentage
of
Total
Investments
is
16.8%.
Portfolio
of
Investments
January
31,
2025
(continued)
JPC
50
See
Notes
to
Financial
Statements
Investments
in
Derivatives
(k)
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
$1,467,018,693
have
been
pledged
as
collateral
for
borrowings.
(l)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
11.5%.
(m)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.2%.
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
1,679
3/25
$
184,377,764
$
182,748,656
$
(1,629,108)
U.S.
Treasury
Ultra
Bond
142
3/25
17,435,421
16,822,563
(
612,858)
Total
$201,813,185
$199,571,219
$(2,241,966)
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
(Annualized)
Fixed
Rate
Payment
Frequency
Effective
Date
(a)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
$
798,500,000
Receive
1-Month
LIBOR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
9,476,454
$
9,476,454
Morgan
Stanley
Capital
Services,
LLC
138,000,000
Receive
1-Month
LIBOR
0.000%
Monthly
7/01/19
7/01/26
7/01/28
3,565,438
3,565,438
Total
$
13,041,892
(a)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
51
Portfolio
of
Investments
January
31,
2025
JPI
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
157.1%
(99.4%
of
Total
Investments)
223178870
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
79.2%
(50.1%
of
Total
Investments)
223178870
AUTOMOBILES
&
COMPONENTS
-
0.8%
(0.5%
of
Total
Investments)
$
900,000
(a)
General
Motors
Financial
Co
Inc
5.700
%
N/A
$
875,891
1,483,000
(a)
General
Motors
Financial
Co
Inc
5.750
N/A
1,443,904
TOTAL
AUTOMOBILES
&
COMPONENTS
2,319,795
BANKS
-
31.7%
(20.0%
of
Total
Investments)
600,000
(a)
Bank
of
America
Corp
5.875
N/A
601,699
2,000,000
(a)
Bank
of
America
Corp
6.125
N/A
2,022,254
2,350,000
(a)
Bank
of
America
Corp
6.300
N/A
2,378,296
1,210,000
(a)
Bank
of
America
Corp
6.100
N/A
1,208,435
570,000
(a)
Bank
of
America
Corp
4.375
N/A
553,033
603,000
Bank
of
Montreal
7.300
11/26/84
613,973
800,000
Bank
of
Montreal
7.700
05/26/84
828,152
975,000
(b)
Bank
of
Nova
Scotia/The
8
.000
01/27/84
1,016,916
4,555,000
(a),(c)
Citigroup
Inc
7.125
N/A
4,674,236
1,853,000
(a)
Citigroup
Inc
7.000
N/A
1,930,837
2,315,000
(a)
Citigroup
Inc
7.375
N/A
2,402,627
1,785,000
(a)
Citigroup
Inc
7.625
N/A
1,869,882
6,308,000
(a),(c)
Citigroup
Inc
5.950
N/A
6,303,077
1,170,000
(a)
Citigroup
Inc
6.250
N/A
1,181,775
1,695,000
(a)
Citigroup
Inc
4.150
N/A
1,646,315
1,070,000
(a)
Citizens
Financial
Group
Inc
4.000
N/A
1,021,419
880,000
(a),(d)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7.715
N/A
873,457
275,000
(a),(d)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7.623
N/A
274,133
1,065,000
(a)
Fifth
Third
Bancorp
4.500
N/A
1,050,865
1,835,000
(a),(d)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8.592
N/A
1,885,462
3,240,000
(a)
Huntington
Bancshares
Inc/OH
5.625
N/A
3,173,448
985,000
(a)
JPMorgan
Chase
&
Co
3.650
N/A
959,892
8,147,000
(a),(c)
JPMorgan
Chase
&
Co
6.875
N/A
8,504,393
3,138,000
(a)
JPMorgan
Chase
&
Co
6.500
N/A
3,172,798
5,315,000
(a)
PNC
Financial
Services
Group
Inc/The
6.250
N/A
5,338,646
1,407,000
(a)
PNC
Financial
Services
Group
Inc/The
5.000
N/A
1,396,465
930,000
(a)
PNC
Financial
Services
Group
Inc/The
3.400
N/A
883,052
660,000
(a)
PNC
Financial
Services
Group
Inc/The
6.000
N/A
660,527
945,000
(a)
PNC
Financial
Services
Group
Inc/The
6.200
N/A
953,169
1,625,000
(a)
Regions
Financial
Corp
5.750
N/A
1,622,733
1,990,000
Toronto-Dominion
Bank/The
8.125
10/31/82
2,079,279
2,270,000
(a),(c)
Truist
Financial
Corp
5.100
N/A
2,182,603
5,609,000
(a),(c)
Truist
Financial
Corp
6.669
N/A
5,580,222
2,195,000
(a)
US
Bancorp
5.300
N/A
2,176,524
3,684,000
(a)
Wells
Fargo
&
Co
6.850
N/A
3,782,893
4,305,000
(a),(c)
Wells
Fargo
&
Co
7.625
N/A
4,579,422
1,230,000
(b)
Wells
Fargo
&
Co
7.950
11/15/29
1,365,312
2,812,000
(a),(c)
Wells
Fargo
&
Co
3.900
N/A
2,762,815
3,799,000
(a),(c)
Wells
Fargo
&
Co
5.875
N/A
3,788,099
TOTAL
BANKS
89,299,135
CAPITAL
GOODS
-
4.2%
(2.6%
of
Total
Investments)
2,840,000
(b),(e)
AerCap
Global
Aviation
Trust
6.500
06/15/45
2,839,630
2,045,000
(a)
Air
Lease
Corp
4.650
N/A
1,995,481
488,000
(a)
Air
Lease
Corp
4.125
N/A
466,002
963,000
(a)
Air
Lease
Corp
6.000
N/A
942,310
6,657,000
(c),(e)
ILFC
E-Capital
Trust
I
6.399
12/21/65
5,615,711
TOTAL
CAPITAL
GOODS
11,859,134
ENERGY
-
5.5%
(3.5%
of
Total
Investments)
1,245,000
Enbridge
Inc
5.500
07/15/77
1,212,144
1,920,000
Enbridge
Inc
5.750
07/15/80
1,869,247
1,905,000
Enbridge
Inc
7.625
01/15/83
1,996,552
3,541,000
Enbridge
Inc
8.500
01/15/84
3,921,121
436,000
(a)
Energy
Transfer
LP
6.625
N/A
428,664
Portfolio
of
Investments
January
31,
2025
(continued)
JPI
52
See
Notes
to
Financial
Statements
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
490,000
(a)
Energy
Transfer
LP
6.500
%
N/A
$
489,737
495,000
(b)
Energy
Transfer
LP
8.000
05/15/54
522,426
1,925,000
(a)
Energy
Transfer
LP
7.125
N/A
1,952,241
901,000
(b),(e)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7.500
03/01/55
928,200
1,650,000
Transcanada
Trust
5.600
03/07/82
1,567,566
655,000
(b)
Transcanada
Trust
5.875
08/15/76
645,435
TOTAL
ENERGY
15,533,333
FINANCIAL
SERVICES
-
12.9%
(8.1%
of
Total
Investments)
1,266,000
(b)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
1,297,826
980,000
(a)
Ally
Financial
Inc
4.700
N/A
939,663
1,970,000
(a)
Ally
Financial
Inc
4.700
N/A
1,789,854
2,010,000
(a),(e)
American
AgCredit
Corp
5.250
N/A
1,954,401
1,350,000
(a)
American
Express
Co
3.550
N/A
1,301,521
820,000
(a)
Bank
of
New
York
Mellon
Corp/The
4.700
N/A
816,278
2,425,000
(a),(c),(e)
Capital
Farm
Credit
ACA
5.000
N/A
2,364,375
1,755,000
(a)
Capital
One
Financial
Corp
3.950
N/A
1,692,827
1,065,000
(a)
Charles
Schwab
Corp/The
5.375
N/A
1,060,495
2,135,000
(a)
Charles
Schwab
Corp/The
4.000
N/A
2,083,517
1,050,000
(a),(e)
Compeer
Financial
ACA
4.875
N/A
1,013,251
820,000
(a)
Discover
Financial
Services
6.125
N/A
820,098
800,000
(a)
Discover
Financial
Services
5.500
N/A
779,660
827,000
(a)
Goldman
Sachs
Group
Inc/The
5.300
N/A
823,812
2,930,000
(a),(b)
Goldman
Sachs
Group
Inc/The
6.125
N/A
2,861,909
2,660,000
(a),(c)
Goldman
Sachs
Group
Inc/The
7.500
N/A
2,785,222
2,521,000
(a)
Goldman
Sachs
Group
Inc/The
6.850
N/A
2,544,041
2,455,000
(a)
Goldman
Sachs
Group
Inc/The
7.379
N/A
2,470,032
3,195,000
(a),(c)
Goldman
Sachs
Group
Inc/The
7.500
N/A
3,370,632
1,650,000
(a)
State
Street
Corp
6.700
N/A
1,682,337
1,671,000
(a)
Voya
Financial
Inc
7.758
N/A
1,766,907
TOTAL
FINANCIAL
SERVICES
36,218,658
FOOD,
BEVERAGE
&
TOBACCO
-
2.3%
(1.5%
of
Total
Investments)
1,750,000
(a),(e)
Dairy
Farmers
of
America
Inc
7.125
N/A
1,671,250
6,023,000
(a),(c),(e)
Land
O'
Lakes
Inc
7.000
N/A
4,938,951
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
6,610,201
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
(0.3%
of
Total
Investments)
719,000
CVS
Health
Corp
6.750
12/10/54
710,867
408,000
CVS
Health
Corp
7.000
03/10/55
412,106
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,122,973
INSURANCE
-
10.8%
(6.8%
of
Total
Investments)
1,505,000
(b)
Aegon
Ltd
5.500
04/11/48
1,490,411
817,000
(b)
American
International
Group
Inc
5.750
04/01/48
809,891
3,080,000
(b)
Assurant
Inc
7.000
03/27/48
3,133,903
4,600,000
(e)
Assured
Guaranty
Municipal
Holdings
Inc
6.400
12/15/66
4,243,666
670,000
(b)
AXIS
Specialty
Finance
LLC
4.900
01/15/40
625,809
1,981,000
(b)
Corebridge
Financial
Inc
6.375
09/15/54
1,958,723
540,000
(c)
Enstar
Finance
LLC
5.750
09/01/40
536,322
1,505,000
(b)
Enstar
Finance
LLC
5.500
01/15/42
1,450,801
1,525,000
(a),(c)
MetLife
Inc
3.850
N/A
1,510,463
395,000
(a)
MetLife
Inc
5.875
N/A
393,911
2,740,000
(c),(e)
MetLife
Inc
9.250
04/08/38
3,228,674
1,335,000
(b)
PartnerRe
Finance
B
LLC
4.500
10/01/50
1,231,399
692,000
Prudential
Financial
Inc
6.500
03/15/54
703,121
1,405,000
(c)
Prudential
Financial
Inc
5.125
03/01/52
1,324,643
711,000
Prudential
Financial
Inc
5.375
05/15/45
709,798
1,770,000
(a),(e)
QBE
Insurance
Group
Ltd
5.875
N/A
1,771,237
4,695,000
(a),(c),(e)
SBL
Holdings
Inc
7.000
N/A
4,624,575
600,000
(a),(e)
SBL
Holdings
Inc
6.500
N/A
556,224
TOTAL
INSURANCE
30,303,571
53
See
Notes
to
Financial
Statements
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA
&
ENTERTAINMENT
-
0.6%
(0.4%
of
Total
Investments)
$
1,660,000
Paramount
Global
6.375
%
03/30/62
$
1,618,136
TOTAL
MEDIA
&
ENTERTAINMENT
1,618,136
TELECOMMUNICATION
SERVICES
-
1.0%
(0.7%
of
Total
Investments)
1,680,000
Vodafone
Group
PLC
7.000
04/04/79
1,748,297
1,290,000
Vodafone
Group
PLC
4.125
06/04/81
1,158,676
TOTAL
TELECOMMUNICATION
SERVICES
2,906,973
UTILITIES
-
9.0%
(5.7%
of
Total
Investments)
1,000,000
(b),(e)
AES
Andes
SA
8.150
06/10/55
1,024,746
499,000
AES
Corp/The
7.600
01/15/55
508,012
623,000
(b),(e)
AltaGas
Ltd
7.200
10/15/54
625,992
1,070,000
(c)
American
Electric
Power
Co
Inc
3.875
02/15/62
1,015,279
1,570,000
CMS
Energy
Corp
4.750
06/01/50
1,488,838
1,029,000
(c)
Dominion
Energy
Inc
7.000
06/01/54
1,088,380
811,000
(b)
Duke
Energy
Corp
6.450
09/01/54
813,491
443,000
Edison
International
7.875
06/15/54
413,445
695,000
Edison
International
8.125
06/15/53
658,971
810,000
(a)
Edison
International
5.000
N/A
726,583
611,000
(a)
Edison
International
5.375
N/A
562,706
5,100,000
(b)
Emera
Inc
6.750
06/15/76
5,147,053
1,557,000
Entergy
Corp
7.125
12/01/54
1,587,354
991,000
EUSHI
Finance
Inc
7.625
12/15/54
1,033,328
1,425,000
(b)
NextEra
Energy
Capital
Holdings
Inc
6.750
06/15/54
1,457,702
662,000
PG&E
Corp
7.375
03/15/55
643,199
1,211,000
(b)
Sempra
6.550
04/01/55
1,181,877
1,365,000
(a)
Sempra
4.875
N/A
1,350,781
785,000
Sempra
4.125
04/01/52
744,055
1,435,000
Southern
Co/The
4.000
01/15/51
1,413,290
95,000
(a),(e)
Vistra
Corp
7.000
N/A
95,318
600,000
(a),(e)
Vistra
Corp
8.875
N/A
642,884
1,135,000
(a),(e)
Vistra
Corp
8.000
N/A
1,163,677
TOTAL
UTILITIES
25,386,961
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$220,317,981)
223,178,870
SHARES
DESCRIPTION
RATE
VALUE
45485315
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
16.1%
(10.2%
of
Total
Investments)
45485315
BANKS
-
2.6%
(1.6%
of
Total
Investments)
52,676
Fifth
Third
Bancorp
8.296
1,364,308
45,900
KeyCorp
6.125
1,138,320
135,223
KeyCorp
6.200
3,303,498
57,838
Regions
Financial
Corp
5.700
1,430,912
TOTAL
BANKS
7,237,038
CAPITAL
GOODS
-
0.4%
(0.2%
of
Total
Investments)
41,600
WESCO
International
Inc
10.625
1,068,288
TOTAL
CAPITAL
GOODS
1,068,288
FINANCIAL
SERVICES
-
4.4%
(2.9%
of
Total
Investments)
15,000
Capital
One
Financial
Corp
5.000
301,050
37,250
Equitable
Holdings
Inc
5.250
797,523
67,475
Morgan
Stanley
5.850
1,644,366
82,600
Morgan
Stanley
6.625
2,147,600
75,976
Morgan
Stanley
6.875
1,927,511
16,000
Morgan
Stanley
6.500
411,360
53,300
Morgan
Stanley
6.375
1,338,896
51,372
Morgan
Stanley
7.125
1,311,527
20,750
Synchrony
Financial
5.625
404,625
100,083
Voya
Financial
Inc
5.350
2,418,005
TOTAL
FINANCIAL
SERVICES
12,702,463
Portfolio
of
Investments
January
31,
2025
(continued)
JPI
54
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
RATE
VALUE
FOOD,
BEVERAGE
&
TOBACCO
-
2.5%
(1.6%
of
Total
Investments)
61,800
CHS
Inc
7.875
%
$
1,622,868
76,428
CHS
Inc
7.100
1,935,157
59,605
CHS
Inc
6.750
1,484,165
20,500
(e)
Dairy
Farmers
of
America
Inc
7.875
1,978,250
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
7,020,440
INSURANCE
-
5.9%
(3.7%
of
Total
Investments)
47,025
American
National
Group
Inc
7.375
1,225,001
79,578
American
National
Group
Inc
6.625
2,007,753
62,000
Aspen
Insurance
Holdings
Ltd
5.625
1,271,000
34,350
Aspen
Insurance
Holdings
Ltd
7.125
870,773
45,000
Assurant
Inc
5.250
935,550
89,300
Athene
Holding
Ltd
6.350
2,195,887
70,100
Athene
Holding
Ltd
6.375
1,757,407
98,400
Enstar
Group
Ltd
7.000
1,990,632
71,800
Reinsurance
Group
of
America
Inc
5.750
1,779,922
64,300
Reinsurance
Group
of
America
Inc
7.125
1,704,593
43,200
Selective
Insurance
Group
Inc
4.600
764,208
TOTAL
INSURANCE
16,502,726
TELECOMMUNICATION
SERVICES
-
0.3%
(0.2%
of
Total
Investments)
49,500
AT&T
Inc
4.750
954,360
TOTAL
TELECOMMUNICATION
SERVICES
954,360
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$47,369,961)
45,485,315
PRINCIPAL
DESCRIPTION(f)
RATE
MATURITY
VALUE
166383632
CONTINGENT
CAPITAL
SECURITIES
-
59.0%
(37.3%
of
Total
Investments)
166383632
BANKS
-
49.9%
(31.4%
of
Total
Investments)
$
620,000
(a),(e)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6.750
N/A
630,269
1,400,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
7.750
N/A
1,399,945
2,810,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125
N/A
2,703,374
1,620,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500
N/A
1,616,343
3,642,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375
N/A
3,972,005
2,579,500
(a),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.750
N/A
2,564,707
1,000,000
(a),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.500
N/A
966,889
2,060,000
(a)
Banco
Santander
SA
4.750
N/A
1,972,871
3,600,000
(a)
Banco
Santander
SA
8.000
N/A
3,766,093
5,000,000
(a)
Banco
Santander
SA
9.625
N/A
5,753,065
8,114,000
(a)
Barclays
PLC
9.625
N/A
9,033,373
1,445,000
(a)
Barclays
PLC
6.125
N/A
1,448,410
3,840,000
(a)
Barclays
PLC
8.000
N/A
4,001,733
2,093,000
(a),(b),(e)
BNP
Paribas
SA
7.375
N/A
2,096,027
3,632,000
(a),(c),(e)
BNP
Paribas
SA
8.000
N/A
3,802,021
1,360,000
(a),(e)
BNP
Paribas
SA
9.250
N/A
1,456,315
6,141,000
(a),(e)
BNP
Paribas
SA
7.750
N/A
6,351,630
810,000
(a),(e)
BNP
Paribas
SA
7.000
N/A
813,206
3,890,000
(a),(e)
BNP
Paribas
SA
8.500
N/A
4,089,503
4,486,000
(a),(e)
Credit
Agricole
SA
6.700
N/A
4,325,220
4,644,000
(a),(e)
Credit
Agricole
SA
8.125
N/A
4,748,490
3,363,000
(a),(b)
HSBC
Holdings
PLC
6.950
N/A
3,368,647
2,495,000
(a),(c)
HSBC
Holdings
PLC
6.375
N/A
2,493,952
3,565,000
(a),(c)
HSBC
Holdings
PLC
6.000
N/A
3,544,172
1,650,000
(a)
HSBC
Holdings
PLC
6.500
N/A
1,646,930
7,365,000
(a),(c)
HSBC
Holdings
PLC
8.000
N/A
7,751,169
2,059,000
(a),(b)
HSBC
Holdings
PLC
6.875
N/A
2,067,595
3,035,000
(a),(c)
ING
Groep
NV
5.750
N/A
3,022,106
3,640,000
(a),(c)
ING
Groep
NV
6.500
N/A
3,644,317
2,685,000
(a)
ING
Groep
NV,
Reg
S
7.500
N/A
2,757,227
4,529,000
(a),(c),(e)
Intesa
Sanpaolo
SpA
7.700
N/A
4,523,066
894,000
(a)
Lloyds
Banking
Group
PLC
6.750
N/A
860,528
2,985,000
(a)
Lloyds
Banking
Group
PLC
7.500
N/A
3,014,408
4,188,000
(a)
Lloyds
Banking
Group
PLC
8.000
N/A
4,389,703
55
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION(f)
RATE
MATURITY
VALUE
BANKS
(continued)
$
1,550,000
(a),(e)
Macquarie
Bank
Ltd/London
6.125
%
N/A
$
1,561,482
1,125,000
(a)
NatWest
Group
PLC
6.000
N/A
1,123,591
1,574,000
(a)
NatWest
Group
PLC
7.300
N/A
1,550,886
6,762,000
(a)
NatWest
Group
PLC
8.125
N/A
7,187,127
2,395,000
(a)
NatWest
Group
PLC
8.000
N/A
2,423,007
1,748,000
(a),(e)
Nordea
Bank
Abp
6.300
N/A
1,681,569
1,285,000
(a),(e)
Nordea
Bank
Abp
6.625
N/A
1,292,475
1,420,000
(a),(e)
Societe
Generale
SA
8.500
N/A
1,443,650
3,480,000
(a),(c),(e)
Societe
Generale
SA
9.375
N/A
3,654,188
100,000
(a),(e)
Societe
Generale
SA
8.000
N/A
101,152
3,981,000
(a),(e)
Societe
Generale
SA
10.000
N/A
4,335,878
140,000
(a),(e)
Standard
Chartered
PLC
6.000
N/A
140,237
3,140,000
(a),(c),(e)
Standard
Chartered
PLC
7.750
N/A
3,247,218
TOTAL
BANKS
140,337,769
FINANCIAL
SERVICES
-
8.7%
(5.6%
of
Total
Investments)
1,000,000
(a)
Deutsche
Bank
AG,
Reg
S
4
.789
N/A
991,250
1,800,000
(a)
Deutsche
Bank
AG
7.500
N/A
1,805,089
5,165,000
(a),(c)
Deutsche
Bank
AG
6.000
N/A
5,128,981
5,195,000
(a),(e)
UBS
Group
AG
9.250
N/A
6,000,287
3,965,000
(a),(e)
UBS
Group
AG
9.250
N/A
4,323,468
1,955,000
(a),(e)
UBS
Group
AG
7.750
N/A
2,048,864
4,584,000
(a)
UBS
Group
AG,
Reg
S
6.875
N/A
4,612,650
TOTAL
FINANCIAL
SERVICES
24,910,589
INSURANCE
-
0.4%
(0.3%
of
Total
Investments)
1,101,000
(a)
Phoenix
Group
Holdings
PLC,
Reg
S
8.500
N/A
1,135,274
TOTAL
INSURANCE
1,135,274
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$159,809,753)
166,383,632
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3005800
CORPORATE
BONDS
-
1.1%
(0.7%
of
Total
Investments)
3005800
FINANCIAL
SERVICES
-
1.1%
(0.7%
of
Total
Investments)
8,520,000
(g)
Credit
Suisse
Group
AG
0.000
01/17/72
852,000
9,496,000
(g)
Credit
Suisse
Group
AG
7.250
03/12/72
949,600
5,802,000
(g)
Credit
Suisse
Group
AG
7.500
06/11/72
580,200
1,955,000
(g)
Credit
Suisse
Group
AG
6.380
02/21/72
195,500
4,285,000
(g)
Credit
Suisse
Group
AG
7.500
01/17/72
428,500
TOTAL
FINANCIAL
SERVICES
3,005,800
TOTAL
CORPORATE
BONDS
(Cost
$29,458,797)
3,005,800
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
4818673
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
1.7%
(1.1%
of
Total
Investments)
4818673
3,617,000
(b)
CoBank
ACB
7.250
07/01/73
3,691,279
1,102,000
(b)
CoBank
ACB
7.125
12/30/49
1,127,394
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$4,849,476)
4,818,673
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$461,805,968)
442,872,290
Portfolio
of
Investments
January
31,
2025
(continued)
JPI
56
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
-
1.0%(0.6%
of
Total
Investments)
2,700,000
REPURCHASE
AGREEMENTS
-
1.0%
(0.6%
of
Total
Investments)
2,700,000
$
2,700,000
(h)
Fixed
Income
Clearing
Corporation
4.320
%
02/03/25
$
2,700,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$2,700,000)
2,700,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$2,700,000)
2,700,000
TOTAL
INVESTMENTS
-
158.1%
(Cost
$464,505,968
)
445,572,290
BORROWINGS
-
(44.0)%
(i),(j)
(124,000,000)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(14.7)%(k)
(41,338,116)
OTHER
ASSETS
&
LIABILITIES,
NET
- 0.6%
1,646,350
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
281,880,524
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)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
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
reporting
period,
investments
with
a
value
of
$97,392,959
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(c)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$103,670,484.
(d)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(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
reporting
period,
the
aggregate
value
of
these
securities
is
$107,478,823
or
24.1%
of
Total
Investments.
(f)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
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.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.320%
dated
1/31/25
to
be
repurchased
at
$2,700,972
on
2/3/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.875%
and
maturity
date
4/30/29,
valued
at
$2,754,095.
(i)
Borrowings
as
a
percentage
of
Total
Investments
is
27.8%.
(j)
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
$291,909,013
have
been
pledged
as
collateral
for
borrowings.
(k)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
9.3%.
57
Portfolio
of
Investments
January
31,
2025
NPFD
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
157.4%
(99.6%
of
Total
Investments)
534571653
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
110
.2
%
(
69
.7
%
of
Total
Investments)
534571653
AUTOMOBILES
&
COMPONENTS
-
3.8%
(2.4%
of
Total
Investments)
$
10,476,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
10,199,824
8,195,000
(a)
General
Motors
Financial
Co
Inc
5
.700
N/A
7,975,474
TOTAL
AUTOMOBILES
&
COMPONENTS
18,175,298
BANKS
-
38.0%
(24.0%
of
Total
Investments)
2,219,000
(a)
Bank
of
America
Corp
6
.100
N/A
2,216,131
1,775,000
(a)
Bank
of
America
Corp
6
.300
N/A
1,796,373
5,000,000
(a)
Bank
of
America
Corp
5
.875
N/A
5,014,160
1,470,000
Bank
of
Montreal
7
.700
05/26/84
1,521,729
3,782,000
Bank
of
Montreal
7
.300
11/26/84
3,850,821
3,090,000
(b)
Bank
of
Nova
Scotia/The
8
.000
01/27/84
3,222,842
1,650,000
(a)
Citigroup
Inc
7
.375
N/A
1,712,456
13,100,000
(a)
Citigroup
Inc
7
.625
N/A
13,722,944
3,014,000
(a)
Citigroup
Inc
7
.000
N/A
3,140,606
5,351,000
(a)
Citigroup
Inc
7
.125
N/A
5,491,073
3,375,000
(a)
Citigroup
Inc
5
.950
N/A
3,372,366
2,875,000
(a)
Citigroup
Inc
6
.250
N/A
2,903,935
6,500,000
(a),(c)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7
.715
N/A
6,451,671
6,050,000
(a)
CoBank
ACB
6
.450
N/A
6,076,190
50,000
(a),(d)
Farm
Credit
Bank
of
Texas
6
.200
N/A
49,075
50,000
(a),(d)
Farm
Credit
Bank
of
Texas
5
.700
N/A
49,750
2,224,000
(a),(c)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7
.623
N/A
2,216,987
3,271,000
(a)
Fifth
Third
Bancorp
4
.500
N/A
3,227,585
7,070,000
(a),(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8
.592
N/A
7,264,425
8,400,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
8,227,457
17,767,000
(a)
JPMorgan
Chase
&
Co
6
.875
N/A
18,546,403
7,763,000
(a)
JPMorgan
Chase
&
Co
6
.500
N/A
7,849,085
1,755,000
(a)
KeyCorp
5
.000
N/A
1,713,080
6,000,000
(a)
M&T
Bank
Corp
5
.125
N/A
5,943,715
6,990,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
7,050,421
5,735,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
5,760,515
2,445,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
2,446,953
2,470,000
(a)
Regions
Financial
Corp
5
.750
N/A
2,466,554
3,495,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
3,651,800
13,209,000
(a)
Truist
Financial
Corp
6
.669
N/A
13,141,228
3,195,000
(a)
Truist
Financial
Corp
5
.100
N/A
3,071,990
5,000,000
(a)
US
Bancorp
5
.300
N/A
4,957,914
12,874,000
(a)
Wells
Fargo
&
Co
6
.850
N/A
13,219,590
12,345,000
(a)
Wells
Fargo
&
Co
7
.625
N/A
13,131,932
TOTAL
BANKS
184,479,756
CAPITAL
GOODS
-
3.2%
(2.0%
of
Total
Investments)
3,200,000
(d)
AerCap
Global
Aviation
Trust
6
.500
06/15/45
3,199,583
2,841,000
(a)
Air
Lease
Corp
4
.650
N/A
2,772,205
2,897,000
(a)
Air
Lease
Corp
4
.125
N/A
2,766,412
4,101,000
(a)
Air
Lease
Corp
6
.000
N/A
4,012,889
3,673,000
(d)
ILFC
E-Capital
Trust
I
6
.149
12/21/65
3,019,092
TOTAL
CAPITAL
GOODS
15,770,181
ENERGY
-
10.2%
(6.4%
of
Total
Investments)
6,360,000
Enbridge
Inc
7
.625
01/15/83
6,665,655
6,956,000
Enbridge
Inc
8
.500
01/15/84
7,702,718
2,350,000
Enbridge
Inc
6
.000
01/15/77
2,332,746
8,546,000
(b)
Enbridge
Inc
5
.500
07/15/77
8,320,468
4,279,000
(a)
Energy
Transfer
LP
7
.125
N/A
4,339,552
761,000
(a)
Energy
Transfer
LP
6
.625
N/A
748,195
2,345,000
(a)
Energy
Transfer
LP
6
.500
N/A
2,343,741
4,570,000
Energy
Transfer
LP
8
.000
05/15/54
4,823,205
3,554,000
(d)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
3,661,292
3,600,000
TransCanada
PipeLines
Ltd
7
.590
05/15/67
3,402,303
Portfolio
of
Investments
January
31,
2025
(continued)
NPFD
58
See
Notes
to
Financial
Statements
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
2,155,000
Transcanada
Trust
5
.600
%
03/07/82
$
2,047,337
1,500,000
Transcanada
Trust
5
.875
08/15/76
1,478,095
1,460,000
Transcanada
Trust
5
.500
09/15/79
1,398,943
TOTAL
ENERGY
49,264,250
FINANCIAL
SERVICES
-
18.7%
(12.0%
of
Total
Investments)
3,350,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
3,434,218
4,200,000
(a)
Ally
Financial
Inc
4
.700
N/A
3,815,932
2,320,000
(a)
Ally
Financial
Inc
4
.700
N/A
2,224,509
2,405,000
(a)
Bank
of
New
York
Mellon
Corp/The
4
.700
N/A
2,394,083
3,250,000
(a),(d)
Capital
Farm
Credit
ACA
5
.000
N/A
3,168,750
3,845,000
(a)
Capital
One
Financial
Corp
3
.950
N/A
3,708,786
5,000,000
(a)
Charles
Schwab
Corp/The
4
.000
N/A
4,879,430
10,128,000
(a)
Charles
Schwab
Corp/The
5
.375
N/A
10,085,158
350,000
(a),(d)
Compeer
Financial
ACA
4
.875
N/A
337,750
3,690,000
(a)
Discover
Financial
Services
5
.500
N/A
3,596,183
1,745,000
(a)
Discover
Financial
Services
6
.125
N/A
1,745,208
9,875,000
(a)
Goldman
Sachs
Group
Inc/The
7
.379
N/A
9,935,465
5,890,000
(a)
Goldman
Sachs
Group
Inc/The
5
.300
N/A
5,867,296
5,784,000
(a)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
5,836,864
5,249,000
(a)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
5,127,017
5,140,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
5,422,551
6,071,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
6,356,798
4,250,000
(a)
State
Street
Corp
6
.700
N/A
4,333,291
4,000,000
Transcanada
Trust
5
.625
05/20/75
3,985,861
4,352,000
(a)
Voya
Financial
Inc
7
.758
N/A
4,601,783
TOTAL
FINANCIAL
SERVICES
90,856,933
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.5%
(0.3%
of
Total
Investments)
1,381,000
CVS
Health
Corp
6
.750
12/10/54
1,365,379
1,174,000
CVS
Health
Corp
7
.000
03/10/55
1,185,814
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,551,193
INSURANCE
-
17.0%
(10.7%
of
Total
Investments)
2,595,000
Aegon
Ltd
5
.500
04/11/48
2,569,844
2,250,000
(b)
American
International
Group
Inc
5
.750
04/01/48
2,230,422
8,045,000
(b)
Assurant
Inc
7
.000
03/27/48
8,185,795
3,000,000
(d)
Assured
Guaranty
Municipal
Holdings
Inc
6
.400
12/15/66
2,767,609
3,050,000
(b)
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
2,848,834
3,982,000
Corebridge
Financial
Inc
6
.375
09/15/54
3,937,221
1,000,000
Enstar
Finance
LLC
5
.750
09/01/40
993,190
6,115,000
Enstar
Finance
LLC
5
.500
01/15/42
5,894,781
10,345,000
(a)
Markel
Group
Inc
6
.000
N/A
10,317,947
2,000,000
MetLife
Inc
10
.750
08/01/39
2,663,372
6,495,000
(a)
MetLife
Inc
5
.875
N/A
6,477,097
3,395,000
Prudential
Financial
Inc
5
.125
03/01/52
3,200,829
3,248,000
(b)
Prudential
Financial
Inc
6
.750
03/01/53
3,365,565
6,688,000
Prudential
Financial
Inc
6
.500
03/15/54
6,795,483
3,600,000
(a),(d)
QBE
Insurance
Group
Ltd
5
.875
N/A
3,602,516
13,500,000
(a),(d)
SBL
Holdings
Inc
7
.000
N/A
13,297,500
3,415,000
(a),(d)
SBL
Holdings
Inc
6
.500
N/A
3,165,841
TOTAL
INSURANCE
82,313,846
MEDIA
&
ENTERTAINMENT
-
1.1%
(0.6%
of
Total
Investments)
2,566,000
(a),(d)
Farm
Credit
Bank
of
Texas
7
.750
N/A
2,659,146
2,375,000
Paramount
Global
6
.375
03/30/62
2,315,104
TOTAL
MEDIA
&
ENTERTAINMENT
4,974,250
TELECOMMUNICATION
SERVICES
-
2.1%
(1.4%
of
Total
Investments)
10,000,000
Vodafone
Group
PLC
7
.000
04/04/79
10,406,530
TOTAL
TELECOMMUNICATION
SERVICES
10,406,530
UTILITIES
-
15.6%
(9.9%
of
Total
Investments)
1,300,000
(d)
AES
Andes
SA
8
.150
06/10/55
1,332,170
1,700,000
(d)
AES
Andes
SA
6
.350
10/07/79
1,694,169
1,635,000
AES
Corp/The
7
.600
01/15/55
1,664,530
59
See
Notes
to
Financial
Statements
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,302,000
(d)
AltaGas
Ltd
7
.200
%
10/15/54
$
1,308,253
2,600,000
American
Electric
Power
Co
Inc
3
.875
02/15/62
2,467,032
2,500,000
CMS
Energy
Corp
4
.750
06/01/50
2,370,762
3,593,000
Dominion
Energy
Inc
7
.000
06/01/54
3,800,341
3,000,000
Dominion
Energy
Inc
6
.625
05/15/55
3,029,538
3,539,000
Duke
Energy
Corp
6
.450
09/01/54
3,549,868
1,445,000
(a)
Edison
International
5
.375
N/A
1,330,785
3,910,000
(a)
Edison
International
5
.000
N/A
3,507,333
2,404,000
Edison
International
8
.125
06/15/53
2,279,375
1,529,000
Edison
International
7
.875
06/15/54
1,426,993
12,143,000
(b)
Emera
Inc
6
.750
06/15/76
12,255,031
4,322,000
(b)
Entergy
Corp
7
.125
12/01/54
4,406,257
2,713,000
EUSHI
Finance
Inc
7
.625
12/15/54
2,828,880
6,174,000
(b)
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
6,315,687
1,925,000
PG&E
Corp
7
.375
03/15/55
1,870,329
3,210,000
(a)
Sempra
4
.875
N/A
3,176,561
6,476,000
Sempra
6
.550
04/01/55
6,320,259
2,000,000
Southern
Co/The
4
.000
01/15/51
1,969,743
2,850,000
(a),(d)
Vistra
Corp
8
.875
N/A
3,053,698
2,215,000
(a),(d)
Vistra
Corp
7
.000
N/A
2,222,407
1,560,000
(a),(d)
Vistra
Corp
8
.000
N/A
1,599,415
TOTAL
UTILITIES
75,779,416
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$537,556,312)
534,571,653
SHARES
DESCRIPTION
RATE
VALUE
66487705
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
13
.7
%
(
8
.6
%
of
Total
Investments)
66487705
BANKS
-
3.3%
(2.1%
of
Total
Investments)
121,601
Fifth
Third
Bancorp
8
.296
3,149,466
62,700
KeyCorp
6
.125
1,554,960
297,600
KeyCorp
6
.200
7,270,368
163,723
Regions
Financial
Corp
5
.700
4,050,507
TOTAL
BANKS
16,025,301
CAPITAL
GOODS
-
0.7%
(0.4%
of
Total
Investments)
132,300
WESCO
International
Inc
10
.625
3,397,464
TOTAL
CAPITAL
GOODS
3,397,464
FINANCIAL
SERVICES
-
1.8%
(1.1%
of
Total
Investments)
143,950
Morgan
Stanley
6
.625
3,742,700
211,000
Voya
Financial
Inc
5
.350
5,097,760
TOTAL
FINANCIAL
SERVICES
8,840,460
FOOD,
BEVERAGE
&
TOBACCO
-
1.9%
(1.2%
of
Total
Investments)
237,055
CHS
Inc
7
.100
6,002,232
115,393
CHS
Inc
6
.750
2,873,286
4,400
(d)
Dairy
Farmers
of
America
Inc
7
.875
424,600
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
9,300,118
INSURANCE
-
6.0%
(3.8%
of
Total
Investments)
185,450
American
National
Group
Inc
7
.375
4,830,972
160,150
American
National
Group
Inc
6
.625
4,040,585
59,425
Aspen
Insurance
Holdings
Ltd
7
.125
1,506,424
157,150
Athene
Holding
Ltd
6
.375
3,939,750
194,775
Athene
Holding
Ltd
6
.350
4,789,517
131,900
Enstar
Group
Ltd
7
.000
2,668,337
188,600
Reinsurance
Group
of
America
Inc
5
.750
4,675,394
93,300
Reinsurance
Group
of
America
Inc
7
.125
2,473,383
TOTAL
INSURANCE
28,924,362
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$72,757,747)
66,487,705
Portfolio
of
Investments
January
31,
2025
(continued)
NPFD
60
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
(e)
RATE
MATURITY
VALUE
154968354
CONTINGENT
CAPITAL
SECURITIES
-
31
.9
%
(
20
.2
%
of
Total
Investments)
154968354
BANKS
-
25.8%
(16.3%
of
Total
Investments)
$
1,000,000
(a),(d)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6
.750
%
N/A
$
1,016,563
2,495,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
N/A
2,400,326
3,075,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
3,353,629
1,400,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
7
.750
N/A
1,399,945
1,940,000
(a),(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.750
N/A
1,928,874
715,000
(a),(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.500
N/A
691,326
1,595,000
(a),(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.625
N/A
1,573,171
4,200,000
(a)
Banco
Santander
SA
8
.000
N/A
4,393,775
6,800,000
(a)
Banco
Santander
SA
9
.625
N/A
7,824,168
3,083,000
(a)
Barclays
PLC
9
.625
N/A
3,432,325
5,490,000
(a)
Barclays
PLC
8
.000
N/A
5,721,228
1,960,000
(a)
Barclays
PLC
6
.125
N/A
1,964,626
2,150,000
(a),(d)
BNP
Paribas
SA
9
.250
N/A
2,302,263
1,513,000
(a),(d)
BNP
Paribas
SA
7
.000
N/A
1,518,988
4,801,000
(a),(d)
BNP
Paribas
SA
7
.750
N/A
4,965,669
2,430,000
(a),(d)
BNP
Paribas
SA
8
.500
N/A
2,554,625
1,997,000
(a),(d)
BNP
Paribas
SA
7
.375
N/A
1,999,888
3,770,000
(a),(d)
BNP
Paribas
SA
8
.000
N/A
3,946,481
4,941,000
(a),(d)
Credit
Agricole
SA
6
.700
N/A
4,763,913
5,240,000
(a),(d)
Credit
Agricole
SA
8
.125
N/A
5,357,900
3,763,000
(a)
HSBC
Holdings
PLC
6
.875
N/A
3,778,709
5,560,000
(a)
HSBC
Holdings
PLC
8
.000
N/A
5,851,527
975,000
(a)
HSBC
Holdings
PLC
6
.500
N/A
973,186
4,553,000
(a)
HSBC
Holdings
PLC
6
.375
N/A
4,551,088
4,539,000
(a)
HSBC
Holdings
PLC
6
.950
N/A
4,546,621
335,000
(a)
ING
Groep
NV
5
.750
N/A
333,577
6,795,000
(a)
ING
Groep
NV,
Reg
S
7
.500
N/A
6,977,786
4,413,000
(a),(d)
Intesa
Sanpaolo
SpA
7
.700
N/A
4,407,218
784,000
(a)
Lloyds
Banking
Group
PLC
6
.750
N/A
754,647
6,996,000
(a)
Lloyds
Banking
Group
PLC
8
.000
N/A
7,332,941
1,500,000
(a),(d)
Macquarie
Bank
Ltd/London
6
.125
N/A
1,511,112
1,625,000
(a)
NatWest
Group
PLC
8
.000
N/A
1,644,003
1,370,000
(a)
NatWest
Group
PLC
7
.300
N/A
1,349,882
4,400,000
(a)
NatWest
Group
PLC
8
.125
N/A
4,676,628
1,589,000
(a),(d)
Nordea
Bank
Abp
6
.300
N/A
1,528,612
1,559,000
(a),(d)
Nordea
Bank
Abp
6
.625
N/A
1,568,069
1,487,000
(a),(d)
Societe
Generale
SA
8
.000
N/A
1,504,136
3,631,000
(a),(d)
Societe
Generale
SA
10
.000
N/A
3,954,678
1,680,000
(a),(d)
Societe
Generale
SA
9
.375
N/A
1,764,091
770,000
(a),(d)
Societe
Generale
SA
8
.500
N/A
782,824
755,000
(a),(d)
Standard
Chartered
PLC
6
.000
N/A
756,277
1,700,000
(a),(d)
Standard
Chartered
PLC
7
.750
N/A
1,758,048
TOTAL
BANKS
125,415,343
FINANCIAL
SERVICES
-
5.5%
(3.5%
of
Total
Investments)
4,290,000
(a)
Deutsche
Bank
AG
6
.000
N/A
4,260,083
1,800,000
(a)
Deutsche
Bank
AG
7
.500
N/A
1,805,089
2,000,000
(a)
Deutsche
Bank
AG,
Reg
S
4
.789
N/A
1,982,500
2,465,000
(a),(d)
UBS
Group
AG
7
.750
N/A
2,583,350
4,325,000
(a),(d)
UBS
Group
AG
9
.250
N/A
4,716,015
3,853,000
(a),(d)
UBS
Group
AG
9
.250
N/A
4,450,261
6,872,000
(a)
UBS
Group
AG,
Reg
S
6
.875
N/A
6,914,950
TOTAL
FINANCIAL
SERVICES
26,712,248
INSURANCE
-
0.6%
(0.4%
of
Total
Investments)
2,755,000
(a)
Phoenix
Group
Holdings
PLC,
Reg
S
8
.500
N/A
2,840,763
TOTAL
INSURANCE
2,840,763
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$151,518,886)
154,968,354
61
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
2063900
CORPORATE
BONDS
-
0
.4
%
(
0
.3
%
of
Total
Investments)
2063900
FINANCIAL
SERVICES
-
0.4%
(0.3%
of
Total
Investments)
$
9,004,000
(f)
Credit
Suisse
Group
AG
0
.000
%
01/17/72
$
900,400
2,460,000
(f)
Credit
Suisse
Group
AG
7
.500
06/11/72
246,000
3,325,000
(f)
Credit
Suisse
Group
AG
7
.500
01/17/72
332,500
5,850,000
(f)
Credit
Suisse
Group
AG
6
.380
02/21/72
585,000
TOTAL
FINANCIAL
SERVICES
2,063,900
TOTAL
CORPORATE
BONDS
(Cost
$21,499,143)
2,063,900
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
5976567
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
1
.2
%
(
0
.8
%
of
Total
Investments)
5976567
3,785,000
CoBank
ACB
7
.125
12/30/49
3,872,222
2,062,000
CoBank
ACB
7
.250
07/01/73
2,104,345
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$5,872,965)
5,976,567
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$789,205,053)
764,068,179
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
0.7%(0.4%
of
Total
Investments)
3,200,000
REPURCHASE
AGREEMENTS
-
0
.7
%
(
0
.4
%
of
Total
Investments)
3,200,000
3,200,000
(g)
Fixed
Income
Clearing
Corporation
4
.320
02/03/25
3,200,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$3,200,000)
3,200,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$3,200,000)
3,200,000
TOTAL
INVESTMENTS
-
158
.1
%
(Cost
$
792,405,053
)
767,268,179
BORROWINGS
-
(35.9)%
(h),(i)
(
174,314,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(5.7)%(j)
(
27,817,350
)
TFP
SHARES,
NET
-
(17.4)%(k)
(
84,524,246
)
OTHER
ASSETS
&
LIABILITIES,
NET
- 0.9%
4,765,705
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
485,378,288
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)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
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
reporting
period,
investments
with
a
value
of
$38,202,102
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(c)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$114,516,968
or
14.9%
of
Total
Investments.
(e)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
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.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.320%
dated
1/31/25
to
be
repurchased
at
$3,201,152
on
2/3/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.625%
and
maturity
date
4/30/29,
valued
at
$3,264,137.
(h)
Borrowings
as
a
percentage
of
Total
Investments
is
22.7%.
(i)
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
$281,333,639
have
been
pledged
as
collateral
for
borrowings.
(j)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
3.6%.
Portfolio
of
Investments
January
31,
2025
(continued)
NPFD
62
See
Notes
to
Financial
Statements
(k)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
11.0%.
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
63
January
31,
2025
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
ASSETS
Long-term
investments,
at
value
†
$
1,990,679,299‌
$
1,280,325,625‌
$
4,082,823,876‌
$
442,872,290‌
$
764,068,179‌
Short-term
investments,
at
value
◊
69,265,042‌
26,667,178‌
28,656,420‌
2,700,000‌
3,200,000‌
Cash
–‌
–‌
665,585‌
120,871‌
106,005‌
Cash
denominated
in
foreign
currencies
^
–‌
16‌
–‌
–‌
–‌
Unrealized
appreciation
on
interest
rate
swaps
contracts
–‌
–‌
13,041,892‌
–‌
–‌
Receivables:
Dividends
–‌
–‌
251,285‌
14,695‌
–‌
Interest
12,544,424‌
9,523,148‌
58,291,661‌
6,220,499‌
10,614,033‌
Investments
sold
18,125,613‌
16,560,807‌
32,522,500‌
1,554,350‌
7,263,750‌
Reclaims
–‌
17,734‌
48,322‌
–‌
–‌
Reimbursement
from
Adviser
–‌
–‌
–‌
162,101‌
–‌
Deferred
offering
costs
–‌
–‌
125,000‌
–‌
–‌
Other
438,869‌
248,995‌
689,811‌
50,270‌
75,313‌
Total
assets
2,091,053,247‌
1,333,343,503‌
4,217,116,352‌
453,695,076‌
785,327,280‌
LIABILITIES
Cash
overdraft
–‌
1,063‌
–‌
–‌
–‌
Cash
collateral
due
to
broker
for
investments
in
futures
contracts
(1)
–‌
–‌
8,582,597‌
–‌
–‌
Borrowings
477,200,000‌
211,600,000‌
689,000,000‌
124,000,000‌
174,314,000‌
Reverse
repurchase
agreements,
including
accrued
interest
–‌
142,674,342‌
471,781,787‌
41,338,116‌
27,817,350‌
TFP
Shares,
Net
**
283,785,008‌
139,265,370‌
418,549,387‌
–‌
84,524,246‌
Payables:
Management
fees
1,306,134‌
894,564‌
2,650,044‌
324,203‌
587,568‌
Dividends
11,086,562‌
7,172,438‌
20,936,471‌
2,291,344‌
4,046,823‌
Interest
9,403‌
1,182,290‌
3,073,323‌
553,109‌
762,527‌
Investments
purchased
-
regular
settlement
8,959,067‌
6,219‌
29,237,000‌
3,138,000‌
7,763,000‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
73,350,223‌
33,446,409‌
–‌
–‌
–‌
Unfunded
senior
loans
1,050,230‌
598,396‌
–‌
–‌
–‌
Offering
costs
21,136‌
–‌
115,365‌
–‌
1,000‌
Variation
margin
on
futures
contracts
–‌
–‌
811,172‌
–‌
–‌
Accrued
expenses:
Custodian
fees
271,406‌
148,790‌
187,979‌
49,836‌
36,765‌
Investor
relations
16,817‌
14,439‌
39,075‌
4,182‌
4,938‌
Trustees
fees
207,271‌
168,364‌
412,005‌
44,907‌
19,051‌
Professional
fees
33,789‌
31,494‌
33,019‌
22,275‌
22,848‌
Shareholder
reporting
expenses
95,256‌
82,340‌
201,145‌
48,580‌
30,111‌
Shareholder
servicing
agent
fees
3,202‌
230‌
512‌
–‌
–‌
Shelf
offering
costs
–‌
–‌
13,587‌
–‌
–‌
Other
352,845‌
5,371‌
232,247‌
—‌
18,765‌
Total
liabilities
857,748,349‌
537,292,119‌
1,645,856,715‌
171,814,552‌
299,948,992‌
Commitments
and
contingencies
(2)
Net
assets
applicable
to
common
shares
$
1,233,304,898‌
$
796,051,384‌
$
2,571,259,637‌
$
281,880,524‌
$
485,378,288‌
Common
shares
outstanding
134,056,187‌
135,609,290‌
321,216,191‌
14,107,042‌
24,164,141‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
9
.20‌
$
5
.87‌
$
8
.00‌
$
19
.98‌
$
20
.09‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
1,340,562‌
$
1,356,093‌
$
3,212,162‌
$
141,070‌
$
241,641‌
Paid-in
capital
1,662,449,034‌
1,138,816,888‌
3,045,838,157‌
362,946,012‌
598,266,362‌
Total
distributable
earnings
(loss)
(
430,484,698‌
)
(
344,121,597‌
)
(
477,790,682‌
)
(
81,206,558‌
)
(
113,129,715‌
)
Net
assets
applicable
to
common
shares
$
1,233,304,898‌
$
796,051,384‌
$
2,571,259,637‌
$
281,880,524‌
$
485,378,288‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
2,021,174,314‌
$
1,285,679,676‌
$
4,058,848,945‌
$
461,805,968‌
$
789,205,053‌
◊
Short-term
investments,
cost
69,265,042‌
26,667,178‌
28,656,420‌
2,700,000‌
3,200,000‌
^
Cash
denominated
in
foreign
currencies,
cost
$
–‌
$
17‌
$
–‌
$
–‌
$
–‌
**
TFP
Shares,
liquidation
preference
285,000,000‌
140,000,000‌
420,000,000‌
–‌
85,000,000‌
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
64
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives
is
in
addition
to
the
Fund’s
securities
pledged
as
collateral
as
noted
in
the
Portfolio
of
Investments.
(2)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements
65
Six
Months
Ended
January
31,
2025
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
INVESTMENT
INCOME
Dividends
$
181,296‌
$
239‌
$
13,773,980‌
$
1,782,168‌
$
2,893,453‌
Interest
86,086,097‌
54,658,943‌
120,227,047‌
12,768,071‌
19,993,127‌
Rehypothecation
income
—‌
—‌
130,062‌
16,736‌
—‌
Total
investment
income
86,267,393‌
54,659,182‌
134,131,089‌
14,566,975‌
22,886,580‌
EXPENSES
–
–
–
–
–
Management
fees
7,761,957‌
5,320,267‌
15,841,657‌
1,935,141‌
3,514,526‌
Shareholder
servicing
agent
fees
—‌
2,329‌
3,144‌
175‌
213‌
Interest
expense
and
amortization
of
offering
costs
22,211,280‌
14,370,009‌
44,912,834‌
4,362,210‌
8,004,875‌
Trustees
fees
39,592‌
25,600‌
82,332‌
8,371‌
15,371‌
Custodian
expenses
201,152‌
153,925‌
178,801‌
63,103‌
41,667‌
Investor
relations
expenses
178,562‌
138,676‌
128,630‌
33,044‌
42,637‌
Liquidity
fees
752,219‌
619,474‌
1,967,742‌
—‌
398,234‌
Merger
expenses
17,000‌
—‌
—‌
—‌
—‌
Professional
fees
104,432‌
74,533‌
190,356‌
62,989‌
104,547‌
Remarketing
fees
86,889‌
71,556‌
214,667‌
—‌
43,444‌
Shareholder
reporting
expenses
66,608‌
56,952‌
123,649‌
27,664‌
187,462‌
Stock
exchange
listing
fees
21,397‌
21,646‌
50,996‌
6,393‌
7,704‌
Other
23,767‌
29,369‌
—‌
8,242‌
38,728‌
Total
expenses
before
expense
reimbursement
31,464,855‌
20,884,336‌
63,694,808‌
6,507,332‌
12,399,408‌
Expense
reimbursement
—‌
—‌
—‌
(
862,599‌
)
—‌
Net
expenses
31,464,855‌
20,884,336‌
63,694,808‌
5,644,733‌
12,399,408‌
Net
investment
income
(loss)
54,802,538‌
33,774,846‌
70,436,281‌
8,922,242‌
10,487,172‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
319,601‌
(
4,285,433‌
)
1,258,466‌
531,460‌
(
4,602,737‌
)
Futures
contracts
—‌
—‌
1,133,461‌
—‌
—‌
Swap
contracts
—‌
—‌
14,891,875‌
—‌
—‌
Foreign
currency
transactions
—‌
—‌
(
530,814‌
)
8,398‌
(
512‌
)
Net
realized
gain
(loss)
319,601‌
(
4,285,433‌
)
16,752,988‌
539,858‌
(
4,603,249‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
2,528,815‌
9,464,580‌
56,132,267‌
4,394,122‌
17,303,314‌
Futures
contracts
—‌
—‌
(
8,802,229‌
)
—‌
—‌
Swap
contracts
—‌
—‌
(
13,382,464‌
)
—‌
—‌
Foreign
currency
translations
—‌
(
565‌
)
(
1,024‌
)
—‌
0‌
Net
change
in
unrealized
appreciation
(depreciation)
2,528,815‌
9,464,015‌
33,946,550‌
4,394,122‌
17,303,314‌
Net
realized
and
unrealized
gain
(loss)
2,848,416‌
5,178,582‌
50,699,538‌
4,933,980‌
12,700,065‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
57,650,954‌
$
38,953,428‌
$
121,135,819‌
$
13,856,222‌
$
23,187,237‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
66
JFR
JQC
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
54,802,538‌
$
119,060,019‌
$
33,774,846‌
$
75,281,341‌
Net
realized
gain
(loss)
319,601‌
(
17,276,337‌
)
(
4,285,433‌
)
(
18,940,185‌
)
Net
change
in
unrealized
appreciation
(depreciation)
2,528,815‌
54,424,668‌
9,464,015‌
41,730,015‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
57,650,954‌
156,208,350‌
38,953,428‌
98,071,171‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
68,368,656‌
)
(
132,318,523‌
)
(
43,937,410‌
)
(
77,350,572‌
)
Return
of
Capital
–‌
(
4,418,789‌
)
–‌
(
9,642,788‌
)
Total
distributions
(
68,368,656‌
)
(
136,737,312‌
)
(
43,937,410‌
)
(
86,993,360‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
10,717,702‌
)
19,471,038‌
(
4,983,982‌
)
11,077,811‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,244,022,600‌
1,224,551,562‌
801,035,366‌
789,957,555‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,233,304,898‌
$
1,244,022,600‌
$
796,051,384‌
$
801,035,366‌
See
Notes
to
Financial
Statements
67
JPC
JPI
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
70,436,281‌
$
106,326,517‌
$
8,922,242‌
$
24,546,634‌
Net
realized
gain
(loss)
16,752,988‌
(
35,265,792‌
)
539,858‌
(
5,862,811‌
)
Net
change
in
unrealized
appreciation
(depreciation)
33,946,550‌
310,419,011‌
4,394,122‌
42,581,549‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
121,135,819‌
381,479,736‌
13,856,222‌
61,265,372‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
127,600,086‌
)
(
152,486,748‌
)
(
13,088,225‌
)
(
25,243,405‌
)
Return
of
Capital
–‌
–‌
–‌
(
1,536,960‌
)
Total
distributions
(
127,600,086‌
)
(
152,486,748‌
)
(
13,088,225‌
)
(
26,780,365‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Fund
Merger
—‌
1,551,871,080‌
—‌
—‌
Proceeds
from
shelf
offering,
net
of
offering
costs
13,454,152‌
—‌
—‌
—‌
Reinvestments
of
distributions
398,344‌
—‌
145,384‌
—‌
Cost
of
shares
repurchased
and
retired
through
tender
offer
–‌
–‌
(
173,521,088‌
)
–‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
13,852,496‌
1,551,871,080‌
(
173,375,704‌
)
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
7,388,229‌
1,780,864,068‌
(
172,607,707‌
)
34,485,007‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
2,563,871,408‌
783,007,340‌
454,488,231‌
420,003,224‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
2,571,259,637‌
$
2,563,871,408‌
$
281,880,524‌
$
454,488,231‌
See
Notes
to
Financial
Statements
68
Statement
of
Changes
in
Net
Assets
(continued)
NPFD
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
10,487,172‌
$
18,346,533‌
Net
realized
gain
(loss)
(
4,603,249‌
)
(
10,004,771‌
)
Net
change
in
unrealized
appreciation
(depreciation)
17,303,314‌
57,022,131‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
23,187,237‌
65,363,893‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
24,284,963‌
)
(
27,667,206‌
)
Return
of
Capital
–‌
(
4,857,728‌
)
Total
distributions
(
24,284,963‌
)
(
32,524,934‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
1,097,726‌
)
32,838,959‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
486,476,014‌
453,637,055‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
485,378,288‌
$
486,476,014‌
Statement
of
Cash
Flows
See
Notes
to
financial
statements
69
Six
Months
Ended
January
31,
2025
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
57,650,954‌
$
38,953,428‌
$
121,135,819‌
$
13,856,221‌
$
23,187,237‌
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
(322,890,395‌)
(201,977,170‌)
(604,681,539‌)
(103,760,214‌)
(160,673,858‌)
Proceeds
from
sale
and
maturities
of
investmen
ts
295,708,412‌
201,364,597‌
666,236,159‌
127,563,197‌
166,669,531‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
(7,977,497‌)
9,965,121‌
(21,130,663‌)
8,250,000‌
—‌
Proceeds
from
(Purchase
of)
closed
foreign
currency
spot
transactions
—‌
—‌
(530,812‌)
8,398‌
—‌
Proceeds
from
litigation
settlement
8,153‌
1,941‌
1,366‌
—‌
—‌
Payment-in-kind
distributions
(490,648‌)
(275,428‌)
—‌
—‌
—‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
(5,813,621‌)
(3,903,234‌)
4,378,591‌
347,126‌
2,726,182‌
Amortization
of
deferred
offering
costs
104,612‌
49,934‌
83,672‌
—‌
26,632‌
(Increase)
Decrease
in:
Receivable
for
dividends
107‌
—‌
23,247‌
—‌
—‌
Receivable
for
interest
2,431,920‌
2,520,580‌
(3,492,205‌)
(225,579‌)
(655,701‌)
Receivable
for
reclaims
—‌
566‌
1,023‌
—‌
—‌
Receivable
for
investments
sold
14,760,605‌
(3,391,015‌)
(19,684,465‌)
212,426,292‌
(7,056,899‌)
Receivable
for
reimbursement
from
Adviser
—‌
—‌
—‌
(162,101‌)
—‌
Receivable
for
variation
margin
on
futures
contracts
—‌
—‌
572,250‌
—‌
—‌
Other
assets
157,207‌
47,720‌
20,676‌
10,773‌
109,909‌
Increase
(Decrease)
in:
Payable
for
interest
(249,367‌)
(238,397‌)
312,328‌
(444,633‌)
48,586‌
Payable
for
investments
purchased
-
regular
settlement
(841,087‌)
(2,017,870‌)
12,815,000‌
933,600‌
5,559,700‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
35,522,362‌
7,352,922‌
—‌
—‌
—‌
Payable
for
unfunded
senior
loans
859,590‌
401,830‌
—‌
—‌
—‌
Payable
for
variation
margin
on
futures
contracts
—‌
—‌
811,172‌
—‌
—‌
Payable
for
management
fees
(1,000‌)
160‌
11,228‌
(183,810‌)
3,923‌
Accrued
custodian
fees
(147,505‌)
(58,488‌)
(91,687‌)
(5,017‌)
(8,418‌)
Accrued
investor
relations
fees
15,634‌
13,515‌
(18,213‌)
(4,861‌)
(4,647‌)
Accrued
Trustees
fees
12,593‌
9,653‌
27,884‌
(122‌)
2,583‌
Accrued
professional
fees
(15,383‌)
(20,134‌)
1,812‌
(3,839‌)
22,848‌
Accrued
shareholder
reporting
expenses
38,414‌
36,919‌
83,532‌
20,857‌
30,111‌
Accrued
shareholder
servicing
agent
fees
(2,226‌)
(37‌)
(477‌)
(23‌)
(24‌)
Accrued
shelf
offering
costs
—‌
—‌
(79,701‌)
—‌
—‌
Accrued
other
expenses
22,851‌
5,371‌
(91,875‌)
—‌
2,765‌
Net
realized
(gain)
loss
from
investments
(319,601‌)
4,285,433‌
(1,258,466‌)
(531,460‌)
4,602,737‌
Net
realized
(gain)
loss
from
foreign
currency
transactions
—‌
—‌
530,814‌
(8,397‌)
512‌
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(2,528,815‌)
(9,464,580‌)
(56,132,267‌)
(4,394,122‌)
(17,303,314‌)
Net
change
in
unrealized
(appreciation)
depreciation
of
swap
contracts
—‌
—‌
13,382,464‌
—‌
—‌
Net
change
in
unrealized
(appreciation)
depreciation
on
foreign
currency
translations
—‌
565‌
1,024‌
—‌
—‌
Net
cash
provided
by
(used
in)
operating
activities
66,016,269‌
43,663,902‌
113,237,691‌
253,692,286‌
17,290,395‌
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
—‌
—‌
—‌
124,000,000‌
—‌
(Repayments)
of
borrowings
—‌
—‌
—‌
(147,500,000‌)
—‌
Proceeds
from
reverse
repurchase
agreements
—‌
—‌
15,000,000‌
41,000,000‌
7,000,000‌
(Repayments
of)
reverse
repurchase
agreements
—‌
—‌
—‌
(65,000,000‌)
—‌
Increase
(Decrease)
in:
Cash
overdraft
—‌
1,063‌
—‌
(19,698,007‌)
—‌
Cash
collateral
due
to
broker
for
investments
in
futures
contracts
—‌
—‌
(13,942,588‌)
—‌
—‌
Cash
overdraft
denominated
in
foreign
currencies
—‌
—‌
—‌
—‌
(32‌)
Cash
distributions
paid
to
common
shareholders
(68,386,881‌)
(43,942,485‌)
(127,132,617‌)
(12,852,320‌)
(24,284,794‌)
Proceeds
from
shelf
offering
—‌
—‌
13,454,152‌
—‌
—‌
Cost
of
common
shares
repurchased
and
retired
through
tender
offer
—‌
—‌
—‌
(173,521,088‌)
—‌
Net
cash
provided
by
(used
in)
financing
activities
(68,386,881‌)
(43,941,422‌)
(112,621,053‌)
(253,571,415‌)
(17,284,826‌)
Net
increase
(decrease)
in
Cash
and
cash
denominated
in
foreign
currencies
(2,370,612‌)
(277,520‌)
616,638‌
120,871‌
5,569‌
See
Notes
to
financial
statements
70
The
following
table
provides
a
reconciliation
of
cash
and
cash
denominated
in
foreign
currencies
to
the
Statement
of
Assets
and
Liabilities:
Six
Months
Ended
January
31,
2025
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
Cash
and
cash
denominated
in
foreign
currencies
at
the
beginning
of
period
2,370,612‌
277,536‌
48,947‌
—‌
100,436‌
Cash
and
cash
denominated
in
foreign
currencies
at
the
end
of
period
$
—‌
$
16‌
$
665,585‌
$
120,871‌
$
106,005‌
JFR
JQC
JPC
JPI
NPFD
Cash
$
—‌
$
—‌
$
665,585‌
$
120,871‌
$
106,005‌
Cash
denominated
in
foreign
currencies
—‌
16‌
—‌
—‌
—‌
Total
cash
and
cash
denominated
in
foreign
currencies
$
—‌
$
16‌
$
665,585‌
$
120,871‌
$
106,005‌
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
JFR
JQC
JPC
JPI
NPFD
Cash
paid
for
interest
(excluding
borrowing
and
amortization
of
offering
costs)
$
22,115,257‌
$
14,530,622‌
$
44,229,367‌
$
4,747,208‌
$
7,834,910‌
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
common
share
distributions
—‌
—‌
398,344‌
145,384‌
—‌
Financial
Highlights
72
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
1/31/25
(d)
$
9.28
$
0.41
$
0.02
$
0.43
$
(0.51)
$
—
$
—
$
(0.51)
$
9.20
$
8.60
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
7/31/20
11.04
0.60
(1.54)
(0.94)
(0.70)
—
—
(0.70)
9.40
8.03
JQC
1/31/25
(d)
5.91
0.25
0.03
0.28
(0.32)
—
—
(0.32)
5.87
5.59
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
7/31/20
8.49
0.39
(0.87)
(0.48)
(0.39)
—
(0.74)
(1.13)
6.88
5.88
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
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
dividend
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
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
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
dividend
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
73
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
JFR
JQC
1/31/25
(d)
3.69
%
(e)
3.74
%
(e)
7/31/24
4.08
4.03
7/31/23
3.28
3.30
7/31/22
0.80
0.91
7/31/21
0.82
0.80
7/31/20
1.64
1.72
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
4.74‌
%
3.25‌
%
$
1,233,305
5.04‌
%
(e)
8.78‌
%
(e)
15‌
%
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
(8.82‌)
(10.98‌)
534,861
3.01‌
5.93‌
44‌
4.91‌
3.18‌
796,051
5.18‌
(e)
8.38‌
(e)
16‌
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
(5.91‌)
(9.54‌)
932,800
3.11‌
5.11‌
52‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares,
borrowings,
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
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)
74
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
1/31/25
(e)
$
8.03
$
0.22
$
0.15
$
0.37
$
(0.40)
$
—
$
—
$
(0.40)
$
—
$
—
$
8.00
$
7.96
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)
—
(g)
—
(g)
8.41
8.20
7/31/21
8.83
0.67
1.05
1.72
(0.64)
—
—
(0.64)
—
(g)
—
(g)
9.91
10.00
7/31/20
10.14
0.65
(1.26)
(0.61)
(0.68)
—
(0.02)
(0.70)
—
—
8.83
8.81
JPI
1/31/25
(e)
19.96
0.60
0.35
0.95
(0.93)
—
—
(0.93)
—
—
19.98
20.15
7/31/24
18.44
1.08
1.62
2.70
(1.11)
—
(0.07)
(1.18)
—
—
19.96
19.87
7/31/23
21.26
1.15
(2.60)
(1.45)
(1.37)
—
—
(1.37)
—
—
18.44
17.63
7/31/22
25.38
1.58
(4.13)
(2.55)
(1.57)
—
—
(1.57)
—
—
21.26
20.51
7/31/21
22.45
1.65
2.85
4.50
(1.57)
—
—
(1.57)
—
—
25.38
26.26
7/31/20
24.67
1.59
(2.20)
(0.61)
(1.57)
—
(0.04)
(1.61)
—
—
22.45
22.20
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
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
dividend
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
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
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
dividend
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
75
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
JPC
JPI
1/31/25
(e)
3.61
%
(
f)
2.87
%
(
f)
7/31/24
3.86
3.54
7/31/23
3.07
2.96
7/31/22
0.72
0.69
7/31/21
0.49
0.44
7/31/20
1.17
1.01
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)
(d)
Expenses
After
Reimbursement
(c)
(d)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
4.77‌
%
8.93‌
%
$
2,571,260
4.88‌
%
(f)
N/A‌
%
5.40‌
%
(f)
15‌
%
16.21‌
26.70‌
2,563,871
5.20‌
N/A‌
5.22‌
39‌
(4.47‌)
(12.60‌)
783,007
4.46‌
N/A‌
5.92‌
15‌
(9.05‌)
(11.91‌)
884,062
2.06‌
N/A‌
7.10‌
71‌
19.93‌
21.55‌
1,028,714
1.81‌
N/A‌
7.02‌
23‌
(6.16‌)
(4.12‌)
912,193
2.50‌
N/A‌
6.87‌
32‌
4.80‌
6.18‌
281,881
4.28‌
(f)
3.72‌
(f)
5.87‌
(f)
24‌
15.10‌
20.11‌
454,488
4.97‌
N/A‌
5.67‌
42‌
(6.85‌)
(7.39‌)
420,003
4.40‌
N/A‌
6.00‌
14‌
(10.41‌)
(16.35‌)
484,242
2.06‌
N/A‌
6.75‌
9‌
20.54‌
26.22‌
577,883
1.76‌
N/A‌
6.79‌
23‌
(2.50‌)
(1.93‌)
511,060
2.34‌
N/A‌
6.75‌
34‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares,
borrowings,
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
preferred
shares
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements)
where
applicable,
as
follows:
(d)
During
the
six
months
ended
January
31,
2025,
the
Adviser
voluntarily
reimbursed
JPI
for
certain
expenses
incurred
in
connection
with
its
restructuring.
See
Notes
to
Financial
Statements
for
more
information.
(e)
Unaudited.
(f)
Annualized.
(g)
Value
rounded
to
zero.
Financial
Highlights
(continued)
76
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
NPFD
1/31/25
(d)
$
20.13
$
0.43
$
0.54
$
0.97
$
(1.01)
$
—
$
—
$
(1.01)
$
20.09
$
19.17
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
(f)
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
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
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
dividend
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
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
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
dividend
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
77
Ratios
of
Interest
Expense
to
Average
Net
Assets
A
pplicable
to
Common
Shares
NPFD
1/31/25
(d)
3.42
%
(e)
7/31/24
3.67
7/31/23
2.93
7/31/22
(f)
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
4.84‌
%
7.51‌
%
$
485,378
5.02‌
%
(e)
4.24‌
%
(e)
21‌
%
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
preferred
shares,
borrowings,
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
preferred
shares
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
period
December
15,
2021
(commencement
of
operations)
through
July
31,
2022.
78
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
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$1,000
Share
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$1,000
Share
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$1,000
Share
(b)
Asset
Coverage
Per
$1
Liquidation
Preference
(c)
JFR
1/31/25
(d)
$
477,200
$
4,182
$
285,000
$
2,618
$
—
$
—
$
2.62
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
7/31/20
208,100
4,003
—
—
90,000
2,794
2.79
JQC
1/31/25
(d)
211,600
5,424
140,000
3,264
—
—
3.26
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
—
—
—
—
—
7/31/20
402,000
3,320
—
—
—
—
—
JPC
1/31/25
(d)
689,000
5,341
420,000
3,319
—
—
3.32
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
—
—
—
—
—
7/31/20
400,000
3,280
—
—
—
—
—
JPI
1/31/25
(d)
124,000
3,273
—
—
—
—
—
7/31/24
147,500
4,081
—
—
—
—
—
7/31/23
180,900
3,322
—
—
—
—
—
7/31/22
216,000
3,242
—
—
—
—
—
7/31/21
234,800
3,461
—
—
—
—
—
7/31/20
200,000
3,555
—
—
—
—
—
NPFD
1/31/25
(d)
174,314
4,272
85,000
2,872
—
—
2.87
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
(e)
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
senior
securities
representing
indebtedness
then
outstanding
(if
applicable),
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
1,000.
(c)
Includes
all
borrowings
and
preferred
shares
presented
for
the
Fund.
(d)
Unaudited.
(e)
For
the
period
December
15,
2021
(commencement
of
operations)
through
July
31,
2022.
Notes
to
Financial
Statements
79
(U
naudited)
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
Preferred
Securities
&
Income
Opportunities
Fund
(JPI)
(formerly
Nuveen
Preferred
and
Income
Term
Fund)
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,
JPI
and
NPFD
were
each
organized
as
Massachusetts
business
trusts
on
January
15,
2004,
March
17,
2003,
January
27,
2003,
April
18,
2012
and
June
1,
2021,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
January
31,
2025,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
January
31,
2025
(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.
T
he
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
manage
the
investment
portfolio
of
the
Funds.
The
Adviser
is
responsible
for
managing
JPC’s
and
JPI’s
investments
in
swap
contracts.
JPI
Fund
Restructuring
:
On
July
17,
2024,
shareholders
of
JPI
approved
a
proposal
to
amend
the
Fund’s
declaration
of
trust
to
eliminate
the
Fund’s
term
structure,
subject
to
the
completion
of
a
tender
offer.
The
amendment
allows
shareholders
the
opportunity
to
maintain
their
investment
in
the
Fund
and
its
leveraged
exposure
to
preferred
and
other
income
producing
securities
in
lieu
of
the
Fund’s
scheduled
termination.
Additionally,
on
July
17,
2024,
the
Fund
conducted
a
tender
offer,
which
allowed
shareholders
to
offer
up
to
100%
of
their
common
shares
for
repurchase
for
cash
at
a
price
per
share
equal
to
100%
of
the
at
net
asset
value
(“NAV”)
per
share
determined
on
the
date
the
tender
offer
expired.
The
tender
offer
expired
on
August
14,
2024.
In
the
tender
offer
8,672,542
shares
were
tendered,
representing
approximately
38%
of
the
Fund’s
common
shares
outstanding.
Properly
tendered
shares
were
repurchased
at
$20.0081
per
share,
which
was
the
NAV
of
the
Fund
as
of
the
close
of
ordinary
trading
on
the
New
York
Stock
Exchange
on
August
14,
2024.
As
a
result
of
the
successful
completion
of
the
tender
offer,
the
restructuring
of
the
Fund
was
completed
and
on
August
19,
2024,
the
following
changes
became
effective.
The
Fund’s
declaration
of
trust
was
amended
to
eliminate
the
term
of
the
Fund.
The
Fund’s
name
changed
from
Nuveen
Preferred
and
Income
Term
Fund
to
Nuveen
Preferred
Securities
&
Income
Opportunities
Fund.
Nuveen
Fund
Advisors,
LLC,
the
investment
adviser
to
the
Fund,
will
waive
50%
of
the
Fund’s
net
management
fees
beginning
August
19,
2024,
and
continuing
over
the
first
year
following
the
elimination
of
the
term.
Fund
Mergers:
Effective
prior
to
opening
of
business
on
November
6,
2023,
Nuveen
Preferred
&
Income
Securities
Fund
(JPS)
and
Nuveen
Preferred
and
Income
Fund
(JPT)
(the
“Target
Funds”)
were
each
merged
into
JPC
(the
“Acquiring
Fund”)
(each
a
“Merger”).
With
respect
to
each
Merger
of
a
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
Merger
(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.
Each
Fund
is
an
investment
company
and
follows
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
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
80
Notes
to
Financial
Statements
(continued)
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
Funds'
Board
of
Trustees
(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
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.
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)
of
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
net
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
the
percentage
of
investments
in
non-U.S.
securities
for
JPC,
JPI
and
NPFD
are
as
follows:
JPC
Value
%
of
Total
Investments
Country:
United
Kingdom
$
545,006,044
13.3
%
France
363,346,163
8.8
Canada
233,713,172
5.7
Spain
174,836,888
4.3
Switzerland
157,997,213
3.8
Netherlands
86,580,205
2.1
Germany
63,590,453
1.5
Australia
51,217,240
1.2
Ireland
41,208,562
1.0
Other
114,354,555
2.8
Total
non-U.S.
Securities
$1,831,850,495
44.5%
81
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.
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
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
JPI
Value
%
of
Total
Investments
Country:
United
Kingdom
$
63,334,933
14.2
%
France
37,217,280
8.4
Canada
22,451,631
5.0
Spain
21,183,696
4.8
Switzerland
19,991,069
4.5
Netherlands
10,914,060
2.4
Germany
7,925,319
1.8
Italy
4,523,066
1.0
Ireland
4,137,456
0.9
Other
13,635,149
3.1
Total
non-U.S.
Securities
$205,313,659
46.1%
NPFD
Value
%
of
Total
Investments
Country:
Canada
$
66,805,894
8.7
%
United
Kingdom
62,339,029
8.1
France
35,415,457
4.6
Switzerland
20,728,475
2.7
Spain
19,371,844
2.5
Netherlands
9,881,207
1.3
Germany
8,047,671
1.1
Ireland
6,633,800
0.9
Australia
6,130,191
0.8
Other
16,230,034
2.1
Total
non-U.S.
Securities
$251,583,602
32.8%
82
Notes
to
Financial
Statements
(continued)
Segment
Reporting:
In
November
2023,
the
FASB
issued
Accounting
Standard
Update
(“ASU”)
No.
2023-07,
Segment
Reporting
(Topic
280)
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”).
The
amendments
in
ASU
2023-07
improve
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
significant
segment
expenses.
ASU
2023-07
also
requires
a
public
entity
that
has
a
single
reportable
segment
to
provide
all
the
disclosures
required
by
the
amendments
in
ASU
2023-07
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
in
ASU
2023-07
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
fiscal
years
beginning
after
December
15,
2024.
The
Funds
adopted
ASU
2023-07
during
the
current
reporting
period.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds’
financial
positions
or
the
results
of
their
operations.
The
officers
of
the
Funds
act
as
the
chief
operating
decision
maker
(“CODM”).
Each
Fund
represents
a
single
operating
segment.
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.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
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
83
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
reporting
period,
based
on
the
inputs
used
to
value
them:
JFR
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$25
Par
(or
similar)
Retail
Preferred
$
–
$
592,432
$
–
$
592,432
Asset-Backed
Securities
–
11,893,598
–
11,893,598
Common
Stocks
6,803,286
16,068,370
596,969
23,468,625
Corporate
Bonds
–
218,161,053
–
218,161,053
Variable
Rate
Senior
Loan
Interests
–
1,736,014,883
599
1,736,015,482
Warrants
–
527,056
21,053
548,109
Short-Term
Investments:
Investment
Companies
69,265,042
–
–
69,265,042
Total
$
76,068,328
$
1,983,257,392
$
618,621
$
2,059,944,341
JQC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Asset-Backed
Securities
$
–
$
61,069,302
$
–
$
61,069,302
Common
Stocks
841,366
8,834,713
24,743
9,700,822
Corporate
Bonds
–
299,083,189
–
299,083,189
Variable
Rate
Senior
Loan
Interests
–
910,471,964
302
910,472,266
Warrants
–
–
46
46
Short-Term
Investments:
Investment
Companies
26,667,178
–
–
26,667,178
Total
$
27,508,544
$
1,279,459,168
$
25,091
$
1,306,992,803
JPC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
2,196,694,380
$
–
$
2,196,694,380
$25
Par
(or
similar)
Retail
Preferred
337,436,350
–
–
337,436,350
Common
Stocks
4,542
–
–
4,542
Contingent
Capital
Securities
–
1,435,962,875
–
1,435,962,875
Convertible
Preferred
Securities
21,365,342
–
–
21,365,342
Corporate
Bonds
–
70,206,175
6,002,900
76,209,075
U.S.
Government
and
Agency
Obligations
–
15,151,312
–
15,151,312
Short-Term
Investments:
Repurchase
Agreements
–
28,656,420
–
28,656,420
Investments
in
Derivatives:
Futures
Contracts*
(2,241,966)
–
–
(2,241,966)
Interest
Rate
Swaps*
–
13,041,892
–
13,041,892
Total
$
356,564,268
$
3,759,713,054
$
6,002,900
$
4,122,280,222
JPI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
223,178,870
$
–
$
223,178,870
$25
Par
(or
similar)
Retail
Preferred
45,485,315
–
–
45,485,315
Contingent
Capital
Securities
–
166,383,632
–
166,383,632
Corporate
Bonds
–
–
3,005,800
3,005,800
U.S.
Government
and
Agency
Obligations
–
4,818,673
–
4,818,673
Short-Term
Investments:
Repurchase
Agreements
–
2,700,000
–
2,700,000
Total
$
45,485,315
$
397,081,175
$
3,005,800
$
445,572,290
84
Notes
to
Financial
Statements
(continued)
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:
NPFD
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
534,571,653
$
–
$
534,571,653
$25
Par
(or
similar)
Retail
Preferred
66,487,705
–
–
66,487,705
Contingent
Capital
Securities
–
154,968,354
–
154,968,354
Corporate
Bonds
–
–
2,063,900
2,063,900
U.S.
Government
and
Agency
Obligations
–
5,976,567
–
5,976,567
Short-Term
Investments:
Repurchase
Agreements
–
3,200,000
–
3,200,000
Total
$
66,487,705
$
698,716,574
$
2,063,900
$
767,268,179
*
Represents
net
unrealized
appreciation
(depreciation).
JFR
Level
3
Common
Stocks
Variable
Rate
Senior
Loan
Interests
Corporate
Bonds
Warrants
Balance
at
the
beginning
of
period
$15,680,702
$963,764
$963,624
$16,278
Gains
(losses):
Net
realized
gains
(losses)
(6,251,839)
(869,683)
(869,683)
-
Change
in
net
unrealized
appreciation
(depreciation)
(8,831,894)
88,117
151,260
4,775
Purchases
at
cost
-
44,808
-
-
Sales
at
proceeds
-
(486,275)
(486,275)
-
Net
discounts
(premiums)
-
259,415
241,074
-
Transfers
into
-
453
-
-
Transfers
(out
of)
-
-
-
-
Balance
at
the
end
of
period
$596,969
$599
-
$21,053
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$-
$(204,159)
$-
$4,775
JQC
Level
3
Common
Stocks
Variable
Rate
Senior
Loan
Interests
Warrants
Balance
at
the
beginning
of
period
$5,603,105
$-
$46
Gains
(losses):
Net
realized
gains
(losses)
(2,312,143)
-
-
Change
in
net
unrealized
appreciation
(depreciation)
(3,266,219)
-
-
Purchases
at
cost
-
-
-
Sales
at
proceeds
-
-
-
Net
discounts
(premiums)
-
-
-
Transfers
into
-
302
-
Transfers
(out
of)
-
-
-
Balance
at
the
end
of
period
$24,743
$302
$46
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$-
$(94,089)
$-
85
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
reporting
period,
were
as
follows:
JPC
Level
3
Corporate
Bonds
Balance
at
the
beginning
of
period
$-
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
-
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
6,002,900
Transfers
(out
of)
-
Balance
at
the
end
of
period
$6,002,900
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(600,290)
JPI
Level
3
Corporate
Bonds
Balance
at
the
beginning
of
period
$-
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
-
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
3,005,800
Transfers
(out
of)
-
Balance
at
the
end
of
period
$3,005,800
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(300,580)
NPFD
Level
3
Corporate
Bonds
Balance
at
the
beginning
of
period
$-
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
-
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
2,063,900
Transfers
(out
of)
-
Balance
at
the
end
of
period
$2,063,900
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(206,390)
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JFR
Common
Stocks
$597,568
Expected
Recovery
Recovery
Proceeds
$0.01-$8.00
$2.04
Enterprise
Value
Acquisition
Cost
$1,000.00
N/A
Warrants
$21,053
Expected
Recovery
Recovery
Proceeds
$0.25-$0.35
$0.30
Total
$618,621
JQC
Common
Stocks
$25,091
Expected
Recovery
Recovery
Proceeds
$0.01-$8.00
$2.04
Enterprise
Value
Acquisition
Cost
$1,000.00
N/A
JPC
Corporate
Bonds
$6,002,900
Indicative
Trade
Broker
Quote
$10.00
N/A
JPI
Corporate
Bonds
$3,005,800
Indicative
Trade
Broker
Quote
$10.00
N/A
NPFD
Corporate
Bonds
$2,063,900
Indicative
Trade
Broker
Quote
$10.00
N/A
86
Notes
to
Financial
Statements
(continued)
The
table
below
presents
the
transfers
in
and
out
of
the
three
valuation
levels
for
the
Funds
as
of
the
end
of
the
reporting
period
when
compared
to
the
valuation
levels
at
the
end
of
the
previous
fiscal
year.
Changes
in
valuation
inputs
or
methodologies
may
result
in
transfers
into
or
out
of
an
assigned
level
within
the
fair
value
hierarchy.
Transfers
in
or
out
of
levels
are
generally
due
to
the
availability
of
publicly
available
information
and
to
the
significance
or
extent
the
Adviser
determines
that
the
valuation
inputs
or
methodologies
may
impact
the
valuation
of
those
securities.
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
reporting
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
reporting
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
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Level
1
Level
2
Level
3
JFR
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Variable
Rate
Senior
Loan
Interest
$-
$-
$-
$(453)
$453
$-
Level
1
Level
2
Level
3
JQC
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Variable
Rate
Senior
Loan
Interest
$-
$-
$-
$(302)
$302
$-
Level
1
Level
2
Level
3
JPC
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Corporate
Bonds
$-
$-
$-
$(6,002,900)
$6,002,900
$-
Level
1
Level
2
Level
3
JPI
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Corporate
Bonds
$-
$-
$-
$(3,005,800)
$3,005,800
$-
Level
1
Level
2
Level
3
NPFD
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Corporate
Bonds
$-
$-
$-
$(2,063,900)
$2,063,900
$-
Fund
Outstanding
Unfunded
Senior
Loan
Commitments
JFR
$
1,050,230
JQC
598,396
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
JPC
Fixed
Income
Clearing
Corporation
$
28,656,420
$
(29,229,823)
JPI
Fixed
Income
Clearing
Corporation
2,700,000
(2,754,095)
NPFD
Fixed
Income
Clearing
Corporation
3,200,000
(3,264,137)
87
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
reporting
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
their
interest
cost
of
leverage.
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
JFR
$
322,890,395
$
295,708,412
JQC
201,977,170
201,364,597
JPC
604,681,539
666,236,159
JPI
103,760,214
127,563,197
NPFD
160,673,858
166,669,531
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding
*
JPC
$
213,320,566
*
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.
88
Notes
to
Financial
Statements
(continued)
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”).
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
reporting
period.
As
of
the
end
of
the
reporting
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
$
936,500,000
*
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
$
13,041,892
$
-
$
13,041,892
$
(13,458,799)
$
(416,907)
*** 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
*
$
(2,241,966)
Interest
Rate
Swaps
Interest
rate
Unrealized
appreciation
on
interest
rate
swaps
contracts
13,041,892
-
–
1
1
1
1
1
1
1
1
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
in
the
accompanying
Statements
of
Assets
and
Liabilities
is
only
the
receivable
or
payable
for
variation
margin
on
open
futures
contracts.
89
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
Tender
Offer
The
Board
authorized
JPI
to
conduct
a
tender
offer
pursuant
to
which
the
Fund
offered
to
purchase
up
to
100%
of
its
then
outstanding
shares
for
cash
on
a
pro
rata
basis
at
a
price
per
share
equal
100%
of
the
NAV
per
share
as
determined
as
of
the
close
of
regular
trading
on
the
NYSE
on
the
expiration
date
of
the
tender
offer.
On
July
17,
2024,
Nuveen
announced
the
Fund’s
tender
offer,
which
commenced
on
July
17,
2024
and
expired
on
August
14,
2024.
Details
of
the
tender
offer
from
participating
shareholders
during
the
current
reporting
period
were
as
follows:
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:
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
JPC
Futures
contracts
Interest
rate
$
1,133,461
$
(8,802,229)
Swap
contracts
Interest
rate
14,891,875
(13,382,464)
JPI
Number
of
common
shares
outstanding
before
tender
offer
22,772,419
Number
of
common
shares
authorized
for
tender
offer
8,672,542
Percentage
of
common
shares
outstanding
tendered
38%
Purchase
price
(100%
of
share
NAV
on
expiration
date)
20.0081
Number
of
common
shares
outstanding
after
tender
offer
14,099,877
JPC
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Maximum
aggregate
offering
Unlimited
Unlimited
Common
shares
sold
1,683,000
–
Offering
proceeds,
net
of
offering
costs
$13,454,152
$–
90
Notes
to
Financial
Statements
(continued)
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:
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
reporting
period,
the
Adviser
determined
that
the
fair
value
of
the
shares
approximated
their
liquidation
preference.
•
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.
JPC
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Common
Shares:
Issued
in
the
Merger
—
214,414,720
Sold
through
shelf
offering
1,683,000
—
Issued
to
shareholders
due
to
reinvestment
of
distributions
49,239
—
Total
1,732,239
214,414,720
Weighted
average
common
share:
Premium
to
NAV
per
shelf
offering
common
share
sold
0.30%
–%
JPI
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
7,165
—
Repurchased
and
retired
through
tender
offer
(8,672,542)
—
Total
(8,665,377)
—
91
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
reporting
period,
JFR,
JQC,
JPC,
and
NPFD
had
of
$283,785,008,
$139,265,370,
$418,549,387
and
$84,524,246
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
reporting
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:
Preferred
Share
Transactions:
Transactions
in
preferred
shares
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
tables.
Transactions
in
TFP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
*
Issued
in
the
Merger
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
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
5.46%
5.05%
5.05%
5.04%
Year
Ended
July
31,
2024
JFR
Series
Shares
Amount
TFP
Shares
Issued
A
70,000
$70,000,000
TFP
Shares
Redeemed
C
(70,000)
(70,000,000)
Year
Ended
July
31,
2024
JPC
Series
Shares
Amount
TFP
Shares
Issued*
B
270,000
$270,000,000
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
JFR
$
2,093,068,581
$
43,965,470
$
(77,089,710)
$
(33,124,240)
JQC
1,314,057,234
29,482,071
(36,546,502)
(7,064,431)
JPC
4,101,517,493
122,059,279
(101,296,550)
20,762,729
JPI
462,339,295
12,831,200
(29,598,205)
(16,767,005)
NPFD
803,989,301
11,537,515
(48,258,637)
(36,721,122)
92
Notes
to
Financial
Statements
(continued)
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
The
management
fee
compensates
the
Adviser
for
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
Fund
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
schedules:
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
$
—
$
—
$
(34,948,246)
$
(373,423,974)
$
—
$
(11,394,776)
$
(419,766,996)
JQC
—
—
(16,082,471)
(315,732,242)
—
(7,322,902)
(339,137,615)
JPC
19,751,674
—
(34,195,528)
(435,299,708)
—
(21,582,854)
(471,326,416)
JPI
—
—
(21,647,661)
(58,095,196)
—
(2,231,697)
(81,974,554)
NPFD
—
—
(56,589,504)
(51,394,991)
—
(4,047,494)
(112,031,989)
Fund
Short-Term
Long-Term
Total
JFR
1
$
35,842,447
$
337,581,527
$
373,423,974
JQC
45,322,422
270,409,820
315,732,242
JPC
1
66,999,115
368,300,593
435,299,708
JPI
9,974,787
48,120,409
58,095,196
NPFD
10,606,011
40,788,980
51,394,991
1
A
portion
of
JFR's
and
JPC's
capital
loss
carryforwards
is
subject
to
an
annual
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
Average
Daily
Managed
Assets*
JFR
JQC
JPI
NPFD
For
the
first
$500
million
0.6500
%
0.6800
%
0.7000
%
0.7500
%
For
the
next
$500
million
0.6250
0.6550
0.6750
0.7250
For
the
next
$500
million
0.6000
0.6300
0.6500
0.7000
For
the
next
$500
million
0.5750
0.6050
0.6250
0.6750
For
managed
assets
over
$2
billion
0.5500
0.5800
0.6000
0.6500
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
93
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
January
31,
2025,
the
annual
complex-level
fee
for
each
Fund
was
as
follows:
Beginning
August
19,
2024,
and
for
a
one-year
period,
the
Adviser
is
waiving
50%
of
JPI’s
net
management
fees.
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
reporting
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
reporting
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
reporting
period,
each
Fund’s
maximum
commitment
amount
under
these
Borrowings
is
as
follows:
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Fund
Complex-Level
Fee
JFR
0.1574%
JQC
0.1574%
JPC
0.1574%
JPI
0.1574%
NPFD
0.1574%
Fund
Maximum
Commitment
Amount
JFR
$
550,000,000
JQC
235,000,000
JPC
715,000,000
JPI
135,000,000
NPFD
190,000,000
94
Notes
to
Financial
Statements
(continued)
As
of
the
end
of
the
reporting
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
and
JPI
funds,
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
and
JPI
have
each
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.
As
of
the
end
of
the
reporting
period,
JPC
and
JPI
each
had
Hypothecated
Securities
as
follows:
JPC
and
JPI
earn
Rehypothecation
Fees,
which
are
recognized
as
“Rehypothecation
income”
on
the
Statement
of
Operations.
During
the
current
fiscal
period,
the
Rehypothecation
Fees
earned
by
each
Fund
were
as
follows:
Fund
Outstanding
Balance
on
Borrowings
JFR
$
477,200,000
JQC
211,600,000
JPC
689,000,000
JPI
124,000,000
NPFD
174,314,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
JFR
184
$
477,200,000
5.99
%
JQC
184
211,600,000
5.99
JPC
184
689,000,000
5.99
JPI
171
119,891,813
5.95
NPFD
184
174,314,000
5.99
JPC
JPI
Hypothecated
Securities
$515,668,874
$103,670,484
95
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
reporting
period,
the
Fund’s
outstanding
balances
on
its
reverse
repurchase
agreements
were
as
follows:
dra
*
The
Fund
may
repurchase
the
reverse
repurchase
agreement
prior
to
the
maturity
date
and/or
counterparty
may
accelerate
maturity
upon
pre-
specified
advance
notice.
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
Borrowing
and
Lending:
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
JPC
JPI
Rehypothecation
Fees
$130,062
$16,736
Fund
Counterparty
Rate
Principal
Amount
Maturity
Value
Value
and
Accrued
Interest
JQC
Societe
Generale
SA
Daily
SOFR
plus
0.85%
$
(142,000,000)
4/01/28
$
(142,000,000)
$
(142,674,342)
JPC
BNP
Paribas
SA
5.13%
(319,000,000)
T+29
Days
(319,000,000)
(320,409,183)
JPC
Royal
Bank
of
Canada
4.96%
(150,853,000)
2/07/25
(150,853,000)
(151,372,605)
Total
$(469,853,000)
$(469,853,000)
$(471,781,788)
JPI
BNP
Paribas
SA
5.13%
(41,000,000)
T+29
Days
(41,000,000)
(41,338,116)
NPFD
Royal
Bank
of
Canada
5.11%
(27,592,000)
3/06/25
(27,592,000)
(27,817,350)
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
JQC
184
$
(142,000,000)
5.83%
JPC
184
(467,570,391)
5.95
JPI
184
(37,415,205)
6.41
NPFD
184
(26,543,087)
5.62
Fund
Counterparty
Reverse
Repurchase
Agreements***
Collateral
Pledged
to
Counterparty
JQC
Societe
Generale
SA
$
(142,674,342)
$
(192,780,575)
JPC
BNP
Paribas
SA
(320,409,183)
(688,430,243)
JPC
Royal
Bank
of
Canada
(151,372,605)
(183,350,098)
Total
$
(471,781,788)
$
(871,780,341)
JPI
BNP
Paribas
SA
(41,338,116)
(97,392,959)
NPFD
Royal
Bank
of
Canada
(27,817,350)
(38,202,102)
***
Represents
gross
value
and
accrued
interest
for
the
counterparty
as
reported
in
the
preceding
table.
96
Notes
to
Financial
Statements
(continued)
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
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
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
12.
Subsequent
Events
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
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.
JFR
-
Borrowing
Arrangement:
During
March
2025,
the
Fund
amended
its
Borrowings,
at
which
time
the
maximum
commitment
amount
was
increased
to
$660,000,000,
all
other
terms
remained
unchanged.
JQC
–
Rights
Offering:
On
March
19,
2025,
the
Board
approved
the
terms
of
the
issuance
of
Rights
to
the
holders
of
the
Fund’s
Common
Shares
as
of
March
31,
2025
(the
“Record
Date”).
Holders
of
Rights
will
be
entitled
to
subscribe
for
additional
Common
shares
(the
“Offer”)
at
a
discount
to
the
market
price
of
the
Common
Shares.
After
considering
a
number
of
factors,
including
potential
benefits
and
costs,
the
Board
and
the
Adviser,
determined
that
the
Offer
will
benefit
both
the
Fund
and
its
common
shareholders
and
increase
the
assets
of
the
Fund
available
to
take
advantage
of
existing
investment
opportunities,
consistent
with
the
Fund’s
investment
objective
of
providing
shareholders
with
a
high
level
of
current
income
and
its
secondary
investment
objective
of
total
return.
Certain
key
terms
of
the
Offer
include:
Holders
of
Common
Shares
on
the
Record
Date
(“Record
Date
Shareholders”)
will
receive
one
Right
for
each
outstanding
Common
Share
owned
on
the
Record
Date.
The
Rights
entitle
the
holders
to
purchase
one
new
Common
Share
for
every
five
Rights
held
(1-for-5).
97
The
subscription
price
per
Common
Share
(the
“Subscription
Price”)
will
be
determined
based
upon
a
formula
equal
to
95%
of
the
average
of
the
last
reported
sales
price
of
the
Common
Shares
on
the
NYSE
on
the
Expiration
Date
and
each
of
the
four
preceding
trading
days
(the
“Formula
Price”).
If,
however,
the
Formula
Price
is
less
than
90%
of
the
net
asset
value
per
Common
Share
at
the
close
of
trading
on
the
NYSE
on
the
Expiration
Date,
then
the
Subscription
Price
will
be
90%
of
the
Fund’s
net
asset
value
per
Common
Share
at
the
close
of
trading
on
the
NYSE
on
the
Expiration
Date.
The
Rights
offering
will
expire
at
5:00
p.m.,
Eastern
time,
on
April
29,
2025
(the
“Expiration
Date”).
Record
Date
Shareholders
who
fully
exercise
all
Rights
issued
to
them
can
subscribe,
subject
to
certain
limitations
and
allotment,
for
any
additional
Common
Shares
which
were
not
subscribed
for
by
other
holders
of
Rights
at
the
Subscription
Price,
subject
to
the
right
of
the
Board
to
eliminate
this
over-subscription
privilege.
Investors
who
are
not
Record
Date
Shareholders
but
who
otherwise
acquire
Rights
in
the
secondary
market
are
not
entitled
to
participate
in
the
over-subscription
privilege.
If
these
requests
exceed
available
Common
Shares,
they
will
be
allocated
pro
rata
among
those
fully
exercising
Record
Date
Shareholders
who
over-subscribe
based
on
the
number
of
Rights
originally
issued
to
them
by
the
Fund.
Rights
are
transferable
and
are
expected
to
be
admitted
for
trading
on
the
NYSE
under
the
symbol
“JQC
RTWI”
initially
trading
“when-
issued”
on
March
28,
2025.
The
Rights
will
begin
trading
with
regular
settlement
under
the
symbol
“JQC
RT”
on
or
about
April
2,
2025,
and
will
cease
trading
at
the
close
on
April
28,
2025,
one
day
before
the
Offer’s
Expiration
Date.
During
this
time,
Record
Date
Shareholders
may
also
choose
to
sell
their
Rights.
More
details
about
the
Fund’s
rights
offering
are
available
on
www.nuveen.com/cef.
JPC
and
JPI
–
Fund
Reorganization:
On
March
19,
2025,
the
merger
of
JPI
into
JPC
was
approved
by
the
Board.
The
merger
is
pending
shareholder
approval
and
satisfying
other
closing
conditions.
98
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
*Serves
as
a
Trustee
to
JFR,
JQC,
JPC
and
JPI
and
a
consultant
to
NPFD.
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
JPI
NPFD
Common
shares
repurchased
0
0
0
0
0
Glossary
of
Terms
Used
in
this
Report
99
(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-0125P
4212143-0326
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
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Nuveen
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investment
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firm,
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As
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global
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manager,
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To
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how
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and
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talk
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advisor,
or
call
us
at
(800)
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Please
read
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provided
carefully
before
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Investors
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and
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considerations,
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Where
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prospectus,
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and
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To
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NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

Item 2. | Code of Ethics.

Not applicable to this filing.

Item 3. | Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. | Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. | Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. | Investments.

(a) |  | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) |  | Not applicable.

Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. | Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this filing.

Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13. | Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) As of the date of filing this report, Coale Mechlin was added as a portfolio manager of the Nuveen Floating Rate Income Fund effective December 30, 2024.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Portfolio Manager Biography

As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Coale Mechlin is a portfolio manager on the leveraged finance investment team at Nuveen, focusing on bank loan strategies. Coale joined Nuveen in 2017 as a research analyst covering the technology sector. In 2021, Coale became an associate portfolio manager for the platform’s bank loan strategy, supporting the lead portfolio manager, and he continues in this capacity as co-portfolio manager. Prior to joining the firm, he was a high yield/senior loan capital markets associate for J.P. Morgan and an analyst for the UBS Investment Bank. Coale graduated with a B.A. in Economics from Wesleyan University.

Other Accounts Managed by Portfolio Manager

Other Accounts Managed. In addition to managing the registrant, the Portfolio Manager is also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager |  | Type of Account Managed |  | Number of Accounts |  |  | Assets* |
Coale Mechlin |  | Registered Investment Company |  |  | 2 |  |  | $ | 2.90 billion |
|  | Other Pooled Investment Vehicles |  |  | 0 |  |  | $ | 0 |
|  | Other Accounts |  |  | 0 |  |  | $ | 0 |

* Assets are as of January 31, 2025. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or

exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Manager’s compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of JFR Securities

As of January 31, 2025, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund.

Name of Portfolio Manager |  | None |  | $1- $10,000 |  | $10,001- $50,000 |  | $50,001- $100,000 |  | $100,001- $500,000 |  | $500,001- $1,000,000 |  | Over $1,000,000
Coale Mechlin |  | X |  |  |  |  |  |  |  |  |  |  |  |

Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. | Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16. | Controls and Procedures.

(a) |  | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) |  | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. | Recovery of Erroneously Awarded Compensation.

(a) |  | Not applicable.

(b) |  | Not applicable.

Item 19. | Exhibits.

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Change in the registrant’s independent public accountant. Filed herewith.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen Floating Rate Income Fund

Date: April 4, 2025 |  | 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 4, 2025 |  | By: |  | /s/ David J. Lamb
|  |  |  | David J. Lamb
|  |  |  | Chief Administrative Officer
|  |  |  | (principal executive officer)

Date: April 4, 2025 |  | By: |  | /s/ Marc Cardella
|  |  |  | Marc Cardella
|  |  |  | Vice President and Controller
|  |  |  | (principal financial officer)