Nuveen Investment Trust III

Date: May 7, 2025

/s/ Jordan M. Farris

Jordan M. Farris

Chief Administrative Officer

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N‑CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811‑09037

Nuveen Investment Trust III

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)


Registrant’s telephone number, including area code:		(312) 917‑7700


Date of fiscal year end:		August 31


Date of reporting period:		February 28, 2025

Item 1.

Reports to Stockholders.


		Semi-Annual Shareholder Report February 28, 2025

Nuveen Floating Rate Income Fund

Class A Shares/NFRAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$50	0.98%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$1,646,199,232

Total number of portfolio holdings			389

Portfolio turnover (%)			16%

What did the Fund invest in? (as of February 28, 2025)

(1)

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


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


67066D713_SAR_0225 4335746


		2


		Semi-Annual Shareholder Report February 28, 2025

Nuveen Floating Rate Income Fund

Class C Shares/NFFCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$88	1.73%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$1,646,199,232

Total number of portfolio holdings			389

Portfolio turnover (%)			16%

What did the Fund invest in? (as of February 28, 2025)

(1)


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


67066D697_SAR_0225 4335746


		2


		Semi-Annual Shareholder Report February 28, 2025

Nuveen Floating Rate Income Fund

Class R6 Shares/NFRFX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$34	0.66%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$1,646,199,232

Total number of portfolio holdings			389

Portfolio turnover (%)			16%

What did the Fund invest in? (as of February 28, 2025)

(1)


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


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		2


		Semi-Annual Shareholder Report February 28, 2025

Nuveen Floating Rate Income Fund

Class I Shares/NFRIX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Floating Rate Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$37	0.73%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$1,646,199,232

Total number of portfolio holdings			389

Portfolio turnover (%)			16%

What did the Fund invest in? (as of February 28, 2025)

(1)


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


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		2


		Semi-Annual Shareholder Report February 28, 2025

Nuveen High Yield Income Fund

Class A Shares/NCOAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen High Yield Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$51	1.00%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$699,261,546

Total number of portfolio holdings			209

Portfolio turnover (%)			75%

What did the Fund invest in? (as of February 28, 2025)

(1)


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


67066D754_SAR_0225 4335735


		2


		Semi-Annual Shareholder Report February 28, 2025

Nuveen High Yield Income Fund

Class C Shares/NCFCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen High Yield Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$89	1.75%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$699,261,546

Total number of portfolio holdings			209

Portfolio turnover (%)			75%

What did the Fund invest in? (as of February 28, 2025)

(1)


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


67066D747_SAR_0225 4335735


		2


		Semi-Annual Shareholder Report February 28, 2025

Nuveen High Yield Income Fund

Class R6 Shares/NCSRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen High Yield Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$31	0.60%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$699,261,546

Total number of portfolio holdings			209

Portfolio turnover (%)			75%

What did the Fund invest in? (as of February 28, 2025)

(1)


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


67066D564_SAR_0225 4335735


		2


		Semi-Annual Shareholder Report February 28, 2025

Nuveen High Yield Income Fund

Class I Shares/NCOIX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen High Yield Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$38	0.75%

* Annualized for period less than one year.

Fund Statistics (as of February 28, 2025)



Fund net assets			$699,261,546

Total number of portfolio holdings			209

Portfolio turnover (%)			75%

What did the Fund invest in? (as of February 28, 2025)

(1)


		1		continued>>

Availability of additional information about the Fund

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

•

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

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


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		2

Portfolio of Investments February 28, 2025

Credit Income


(Unaudited)

PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		LONG-TERM INVESTMENTS - 95.2%
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 4.8%
		AUTOMOBILES & COMPONENTS - 0.2%
$175,000	(a),(b)	General Motors Financial Co Inc		5.700%	N/A	$ 169,452
		TOTAL AUTOMOBILES & COMPONENTS				169,452

		BANKS - 0.2%
200,000	(a),(c)	Banque Ouest Africaine de Developpement		8.200	02/13/55	202,340
		TOTAL BANKS				202,340

		ENERGY - 1.7%
375,000		Enbridge Inc		8.500	01/15/84	415,648
185,000	(b)	Energy Transfer LP		6.500	N/A	185,276
160,000	(c)	South Bow Canadian Infrastructure Holdings Ltd		7.625	03/01/55	164,444
312,000	(c)	South Bow Canadian Infrastructure Holdings Ltd		7.500	03/01/55	321,497
800,000	(b),(c)	Venture Global LNG Inc		9.000	N/A	813,687
		TOTAL ENERGY				1,900,552

		FINANCIAL SERVICES - 0.2%
150,000		AerCap Ireland Capital DAC / AerCap Global Aviation Trust		6.950	03/10/55	154,586
		TOTAL FINANCIAL SERVICES				154,586

		INSURANCE - 0.3%
360,000		Enstar Finance LLC		5.750	09/01/40	357,993
		TOTAL INSURANCE				357,993

		MEDIA & ENTERTAINMENT - 0.4%
430,000		Paramount Global		6.375	03/30/62	417,784
		TOTAL MEDIA & ENTERTAINMENT				417,784

		TELECOMMUNICATION SERVICES - 0.3%
368,000		Rogers Communications Inc		7.125	04/15/55	370,163
		TOTAL TELECOMMUNICATION SERVICES				370,163

		UTILITIES - 1.5%
344,000	(c)	AltaGas Ltd		7.200	10/15/54	344,314
290,000	(b)	Edison International		5.375	N/A	278,440
250,000		EUSHI Finance Inc		7.625	12/15/54	261,506
180,000	(b),(c)	NRG Energy Inc		10.250	N/A	200,771
375,000		PG&E Corp		7.375	03/15/55	370,618
230,000	(b),(c)	Vistra Corp		8.875	N/A	246,353
		TOTAL UTILITIES				1,702,002

		TOTAL $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED (Cost $5,172,678)				5,274,872


SHARES		DESCRIPTION	RATE			VALUE
		$25 PAR (OR SIMILAR) RETAIL PREFERRED - 0.3%
		FINANCIAL SERVICES - 0.3%
12,550		Synchrony Financial		8.250		321,280
		TOTAL FINANCIAL SERVICES				321,280

		TOTAL $25 PAR (OR SIMILAR) RETAIL PREFERRED (Cost $319,473)				321,280


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		ASSET-BACKED SECURITIES - 9.9%
1,000,000	(c)	Affirm Asset Securitization Trust 2024-B, 2024 B		7.350	09/15/29	1,006,395
1,000,000	(c)	Affirm Master Trust, 2025 1A		7.180	02/15/33	1,003,056
2,500	(c),(d)	Carvana Auto Receivables Trust 2021-P2, 2021 P2		0.000	05/10/28	407,500
675,000	(c),(e)	CIFC Funding 2022-II Ltd, 2022 2A, (TSFR3M + 4.750%)		9.066	04/19/35	677,332
500,000	(c)	Frontier Issuer LLC, 2023 1		11.500	08/20/53	533,004
500,000	(c),(e)	GoldentTree Loan Management US CLO 1 Ltd, 2021 11A, (LIBOR 3 M + 7.762%)		8.563	10/20/34	493,503
500,000	(c)	Hertz Vehicle Financing III LLC, 2024 1A		9.220	01/25/29	517,551
750,000	(c)	Hotwire Funding LLC, 2024 1A		9.188	06/20/54	790,240
1,525,000	(c),(d)	Mosaic Solar Loan Trust 2019-2, 2019 2A		0.000	09/20/40	556,625
500,000	(c)	Oportun Issuance Trust 2024-2, 2024 2		10.470	02/09/32	513,985


4		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		ASSET-BACKED SECURITIES (continued)
$ 750,000	(c),(e)	Thayer Park CLO Ltd, 2017 1A, (TSFR3M + 9.132%)		1.000%	04/20/34	$ 702,188
1,000,000	(c)	Uniti Fiber Abs Issuer Llc, 2025 1A		9.120	04/20/55	1,043,734
482,220	(c)	VR Funding LLC, 2020 1A		6.420	11/15/50	471,578
1,000,000	(c)	Zayo Issuer LLC, 2025 1A		8.659	03/20/55	1,033,428
1,000,000	(c)	Ziply Fiber Issuer LLC, 2024 1A		11.170	04/20/54	1,084,414
		TOTAL ASSET-BACKED SECURITIES (Cost $11,348,770)				10,834,533


SHARES		DESCRIPTION				VALUE
		COMMON STOCKS - 0.0%
		TRANSPORTATION - 0.0%
8,907	(d),(f)	Jack Cooper Enterprises Inc				89
		TOTAL TRANSPORTATION				89

		TOTAL COMMON STOCKS (Cost $–)				89


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CORPORATE BONDS - 54.0%
		AUTOMOBILES & COMPONENTS - 1.6%
125,000	(c)	Clarios Global LP / Clarios US Finance Co		6.750	02/15/30	127,891
250,000	(a)	Goodyear Tire & Rubber Co/The		5.250	07/15/31	232,078
830,000	(c)	IHO Verwaltungs GmbH		8.000	11/15/32	838,524
510,000	(c)	Phinia Inc		6.625	10/15/32	512,906
		TOTAL AUTOMOBILES & COMPONENTS				1,711,399

		BANKS - 1.5%
200,000	(b)(g)	Banco Bilbao Vizcaya Argentaria SA		9.375	N/A	220,305
200,000	(b),(c)(g)	Banco Mercantil del Norte SA/Grand Cayman		6.625	N/A	181,827
200,000	(g)	Bancolombia SA		8.625	12/24/34	210,635
300,000	(b)(g)	Barclays PLC		8.000	N/A	312,391
200,000	(c)(g)	BBVA Bancomer SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico		7.625	02/11/35	204,292
300,000	(b),(c)(g)	Intesa Sanpaolo SpA		7.700	N/A	299,701
200,000	(c)	Yapi ve Kredi Bankasi AS		7.250	03/03/30	200,117
		TOTAL BANKS				1,629,268

		CAPITAL GOODS - 1.5%
400,000	(c)	Dcli Bidco LLC		7.750	11/15/29	417,600
100,000	(c)	Efesto Bidco S.p.A Efesto US LLC		7.500	02/15/32	99,270
160,000	(c)	Goat Holdco LLC		6.750	02/01/32	159,930
200,000	(a),(c)	IHS Holding Ltd		8.250	11/29/31	199,856
250,000	(c)	Quikrete Holdings Inc		6.375	03/01/32	253,628
250,000	(c)	TransDigm Inc		6.875	12/15/30	256,523
240,000	(c),(h)	WESCO Distribution Inc		6.375	03/15/33	242,235
		TOTAL CAPITAL GOODS				1,629,042

		COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
630,000	(c)	RR Donnelley & Sons Co		9.500	08/01/29	645,996
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES				645,996

		CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.9%
313,374	(c)	Carvana Co, (cash 12.000%, PIK 12.000%)		9.000	12/01/28	324,600
379,125	(c)	Carvana Co, (cash 13.000%, PIK 13.000%)		9.000	06/01/30	402,462
550,000		Kohl’s Corp		4.625	05/01/31	428,867
200,000	(c)	LCM Investments Holdings II LLC		8.250	08/01/31	211,076
475,000	(c)	Macy’s Retail Holdings LLC		6.125	03/15/32	453,107
952,000	(c)	Michaels Cos Inc/The		7.875	05/01/29	581,107
325,000	(c)	Staples Inc		10.750	09/01/29	310,379
225,000	(c)	Veritiv Operating Co		10.500	11/30/30	244,686
250,000	(c)	Wayfair LLC		7.250	10/31/29	253,904
		TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL				3,210,188


See Notes to Financial Statements		5

Portfolio of Investments February 28, 2025 (continued)

Credit Income


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CONSUMER DURABLES & APPAREL - 1.3%
$575,000	(c)	CD&R Smokey Buyer Inc		9.500%	10/15/29	$ 564,938
275,000	(c)	Champ Acquisition Corp		8.375	12/01/31	288,875
525,000	(c)	S&S Holdings LLC		8.375	10/01/31	523,328
		TOTAL CONSUMER DURABLES & APPAREL				1,377,141

		CONSUMER SERVICES - 1.4%
365,000	(a),(c)	Caesars Entertainment Inc		6.000	10/15/32	355,920
200,000		Fortune Star BVI Ltd, Reg S		8.500	05/19/28	204,674
450,000	(a),(c)	Motion Bondco DAC		6.625	11/15/27	441,063
100,000	(c)	Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp		6.625	02/01/33	99,878
200,000	(c)	Studio City Finance Ltd		6.500	01/15/28	196,984
215,000	(c)	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp		6.250	03/15/33	214,520
		TOTAL CONSUMER SERVICES				1,513,039

		CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%
190,000	(c),(h)	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC		6.250	03/15/33	192,369
		TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL				192,369

		ENERGY - 7.8%
195,000	(c)	Archrock Partners LP / Archrock Partners Finance Corp		6.625	09/01/32	197,396
500,000	(c)	Baytex Energy Corp		7.375	03/15/32	488,801
440,244	(c)	Borr IHC Ltd / Borr Finance LLC		10.000	11/15/28	437,602
350,000	(c)	CNX Resources Corp		7.250	03/01/32	358,497
500,000	(c)	Coronado Finance Pty Ltd		9.250	10/01/29	505,974
250,000	(c)	Delek Logistics Partners LP / Delek Logistics Finance Corp		8.625	03/15/29	262,071
200,000		Ecopetrol SA		7.750	02/01/32	198,295
265,000		Genesis Energy LP / Genesis Energy Finance Corp		8.000	05/15/33	267,659
200,000		Genesis Energy LP / Genesis Energy Finance Corp		7.875	05/15/32	201,219
200,000	(c)	Geopark Ltd		8.750	01/31/30	195,936
500,000	(c)	Global Partners LP / GLP Finance Corp		8.250	01/15/32	520,863
200,000	(c)	Gran Tierra Energy Inc		9.500	10/15/29	185,501
375,000	(c)	Harvest Midstream I LP		7.500	05/15/32	393,059
450,000	(c)	Hilcorp Energy I LP / Hilcorp Finance Co		8.375	11/01/33	470,228
300,000	(c)	Indika Energy Tbk PT		8.750	05/07/29	307,571
300,000	(c)	Kosmos Energy Ltd		7.750	05/01/27	293,597
150,000	(c)	Matador Resources Co		6.250	04/15/33	147,383
290,000	(c)	Noble Finance II LLC		8.000	04/15/30	293,049
295,000	(c)	PBF Holding Co LLC / PBF Finance Corp		7.875	09/15/30	282,673
200,000	(c)	Raizen Fuels Finance SA		6.700	02/25/37	200,234
275,000	(c)	Shelf Drilling Holdings Ltd		9.625	04/15/29	243,320
75,000	(c)	Talos Production Inc		9.375	02/01/31	77,176
350,000	(c)	Talos Production Inc		9.000	02/01/29	361,939
280,000	(c)	TransMontaigne Partners LLC		8.500	06/15/30	284,051
113,462	(c)	Transocean Aquila Ltd		8.000	09/30/28	116,124
300,000	(c)	Transocean Inc		8.250	05/15/29	295,875
255,000	(c)	USA Compression Partners LP / USA Compression Finance Corp		7.125	03/15/29	262,072
500,000	(c)	Venture Global LNG Inc		9.875	02/01/32	546,841
200,000	(c)	YPF SA		8.250	01/17/34	202,660
		TOTAL ENERGY				8,597,666

		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.1%
728,000	(a)	MPT Operating Partnership LP / MPT Finance Corp		5.000	10/15/27	655,172
120,000	(c)	MPT Operating Partnership LP / MPT Finance Corp		8.500	02/15/32	123,131
475,000	(c)	Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC		6.500	02/15/29	441,365
		TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				1,219,668

		FINANCIAL SERVICES - 6.2%
600,000	(c)	Azorra Finance Ltd		7.750	04/15/30	609,619
350,000	(b)(g)	Deutsche Bank AG		6.000	N/A	348,926
750,000	(c)	Encore Capital Group Inc		8.500	05/15/30	789,251
420,000	(c)	Freedom Mortgage Holdings LLC		8.375	04/01/32	420,000
310,000	(c)	Icahn Enterprises LP / Icahn Enterprises Finance Corp		10.000	11/15/29	315,061
450,000		Icahn Enterprises LP / Icahn Enterprises Finance Corp		9.000	06/15/30	442,155
200,000		Icahn Enterprises LP / Icahn Enterprises Finance Corp		4.375	02/01/29	171,995
250,000		Icahn Enterprises LP / Icahn Enterprises Finance Corp		5.250	05/15/27	243,027


6		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		FINANCIAL SERVICES (continued)
$650,000	(c)	Jane Street Group / JSG Finance Inc		6.125%	11/01/32	$ 652,571
200,000	(c)	Muthoot Finance Ltd		6.375	04/23/29	199,626
250,000		OneMain Finance Corp		7.125	11/15/31	257,190
250,000		OneMain Finance Corp		6.625	05/15/29	254,824
450,000	(c)	PennyMac Financial Services Inc		7.875	12/15/29	471,184
315,000	(c)	Starwood Property Trust Inc		6.000	04/15/30	312,715
200,000	(b),(c)(g)	UBS Group AG		9.250	N/A	231,486
360,000	(c)	UWM Holdings LLC		6.625	02/01/30	363,028
600,000	(a),(c)	VistaJet Malta Finance PLC / Vista Management Holding Inc		6.375	02/01/30	541,384
200,000	(c)	WEX Inc		6.500	03/15/33	200,230
		TOTAL FINANCIAL SERVICES				6,824,272

		FOOD, BEVERAGE & TOBACCO - 1.3%
400,000	(a),(c)	Fiesta Purchaser Inc		9.625	09/15/32	421,959
250,000	(c)	Post Holdings Inc		6.375	03/01/33	249,265
725,000	(c)	Viking Baked Goods Acquisition Corp		8.625	11/01/31	705,972
		TOTAL FOOD, BEVERAGE & TOBACCO				1,377,196

		HEALTH CARE EQUIPMENT & SERVICES - 2.4%
202,000	(c)	CHS/Community Health Systems Inc		6.125	04/01/30	131,779
425,000	(c)	CHS/Community Health Systems Inc		10.875	01/15/32	434,762
500,000	(c)	DaVita Inc		6.875	09/01/32	507,918
759,244	(c)	Global Medical Response Inc, (cash 10.000%, PIK 10.000%)		10.000	10/31/28	759,244
500,000	(c)	Prime Healthcare Services Inc		9.375	09/01/29	473,446
325,000	(c)	Star Parent Inc		9.000	10/01/30	340,181
		TOTAL HEALTH CARE EQUIPMENT & SERVICES				2,647,330

		INSURANCE - 1.3%
300,000	(c)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer		6.500	10/01/31	300,704
605,000	(c)	APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves		7.875	11/01/29	608,373
260,000	(c)	Ardonagh Finco Ltd		7.750	02/15/31	267,837
225,000	(c)	Panther Escrow Issuer LLC		7.125	06/01/31	231,541
		TOTAL INSURANCE				1,408,455

		MATERIALS - 2.4%
200,000	(c)	Braskem Idesa SAPI		6.990	02/20/32	155,496
200,000	(c)	LD Celulose International GmbH		7.950	01/26/32	207,611
200,000	(c)	Limak Cimento Sanayi ve Ticaret AS		9.750	07/25/29	203,300
500,000	(c)	Mineral Resources Ltd		8.000	11/01/27	505,331
200,000	(a),(c)	Mineral Resources Ltd		8.500	05/01/30	202,139
230,000	(c)	Mineral Resources Ltd		9.250	10/01/28	237,983
300,000	(c)	NOVA Chemicals Corp		7.000	12/01/31	310,511
165,000	(c)	Novelis Corp		3.250	11/15/26	160,071
200,000	(c)	Sasol Financing USA LLC		8.750	05/03/29	203,818
255,000	(c)	Tronox Inc		4.625	03/15/29	228,196
200,000		UPL Corp Ltd, Reg S		4.625	06/16/30	180,174
		TOTAL MATERIALS				2,594,630

		MEDIA & ENTERTAINMENT - 6.7%
675,000	(c)	Advantage Sales & Marketing Inc		6.500	11/15/28	639,268
177,000	(a),(c)	AMC Entertainment Holdings Inc		7.500	02/15/29	149,565
500,000	(c)	CCO Holdings LLC / CCO Holdings Capital Corp		4.250	01/15/34	419,135
750,000		Charter Communications Operating LLC / Charter Communications Operating Capital		4.400	12/01/61	516,907
375,000	(c)	CSC Holdings LLC		5.500	04/15/27	348,012
1,000,000	(c)	CSC Holdings LLC		11.250	05/15/28	973,382
400,000	(c)	Directv Financing LLC / Directv Financing Co-Obligor Inc		5.875	08/15/27	393,709
1,250,000	(c)	DISH Network Corp		11.750	11/15/27	1,318,964
100,000	(c)	Gray Media Inc		4.750	10/15/30	58,914
135,000	(c)	Gray Media Inc		10.500	07/15/29	139,224
1,150,000	(c)	LCPR Senior Secured Financing DAC		6.750	10/15/27	980,286
280,000	(c)	McGraw-Hill Education Inc		7.375	09/01/31	286,359
250,000	(a),(c)	Sirius XM Radio LLC		3.875	09/01/31	216,848
325,000	(c)	Univision Communications Inc		7.375	06/30/30	317,476
400,000	(c)	Univision Communications Inc		8.500	07/31/31	398,766


See Notes to Financial Statements		7

Portfolio of Investments February 28, 2025 (continued)

Credit Income


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		MEDIA & ENTERTAINMENT (continued)
$200,000	(c)	VZ Secured Financing BV		5.000%	01/15/32	$ 176,299
		TOTAL MEDIA & ENTERTAINMENT				7,333,114

		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
400,000	(a),(c)	Bausch Health Cos Inc		5.750	08/15/27	380,500
750,000	(c)	Bausch Health Cos Inc		6.125	02/01/27	722,812
350,000	(c)	Grifols SA		4.750	10/15/28	330,847
125,000	(a),(c)	Organon & Co / Organon Foreign Debt Co-Issuer BV		7.875	05/15/34	128,253
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				1,562,412

		REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
1,204,000	(a),(c)	Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp		7.000	04/15/30	1,111,942
197,460	(c)	Sorik Marapi Geothermal Power PT		7.750	08/05/31	195,199
		TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,307,141

		SOFTWARE & SERVICES - 0.3%
300,000	(c)	Condor Merger Sub Inc		7.375	02/15/30	292,311
60,000	(c)	Gen Digital Inc		6.250	04/01/33	60,074
		TOTAL SOFTWARE & SERVICES				352,385

		TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
765,000	(c)	CommScope LLC		9.500	12/15/31	796,556
1,000,000	(c)	CommScope Technologies LLC		5.000	03/15/27	942,151
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				1,738,707

		TELECOMMUNICATION SERVICES - 5.2%
400,000	(c)	Altice France SA		8.125	02/01/27	358,780
300,000		EchoStar Corp, (cash 6.750%, PIK 10.000%)		6.750	11/30/30	280,934
400,000		EchoStar Corp		10.750	11/30/29	428,560
275,000	(c)	Iliad Holding SASU		7.000	04/15/32	277,692
650,000	(c)	Level 3 Financing Inc		3.750	07/15/29	500,500
450,000	(c)	Level 3 Financing Inc		10.000	10/15/32	450,672
400,000	(c)	Lumen Technologies Inc		4.500	01/15/29	331,063
800,000	(c)	Lumen Technologies Inc		10.000	10/15/32	798,760
200,000	(c)	Turkcell Iletisim Hizmetleri AS		7.650	01/24/32	204,972
365,000	(c)	Windstream Escrow LLC / Windstream Escrow Finance Corp		8.250	10/01/31	377,328
1,150,000	(c)	Zayo Group Holdings Inc		4.000	03/01/27	1,084,864
700,000	(c)	Zayo Group Holdings Inc		6.125	03/01/28	620,061
		TOTAL TELECOMMUNICATION SERVICES				5,714,186

		TRANSPORTATION - 2.7%
320,000	(c)	Air Transport Services Group Inc		7.250	03/15/32	328,938
2,100,000	(c)	Brightline East LLC		11.000	01/31/30	1,920,838
756,000	(a),(c)	VistaJet Malta Finance PLC / Vista Management Holding Inc		9.500	06/01/28	755,910
		TOTAL TRANSPORTATION				3,005,686

		UTILITIES - 1.4%
195,450	(c)	Continuum Green Energy India Pvt / Co-Issuers		7.500	06/26/33	203,975
500,000	(c)	ContourGlobal Power Holdings SA		6.750	02/28/30	502,575
500,000	(c)	Ferrellgas LP / Ferrellgas Finance Corp		5.875	04/01/29	467,097
190,000	(c)	NRG Energy Inc		6.250	11/01/34	190,660
200,000	(c)	Pampa Energia SA		7.950	09/10/31	207,763
		TOTAL UTILITIES				1,572,070

		TOTAL CORPORATE BONDS (Cost $58,445,112)				59,163,360


SHARES		DESCRIPTION				VALUE
		EXCHANGE-TRADED FUNDS - 2.3%
66,827		iShares Broad USD High Yield Corporate Bond ETF				2,502,671
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,500,332)				2,502,671


8		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		MORTGAGE-BACKED SECURITIES - 7.9%
$ 1,000,000	(c)	COMM 2014-UBS3 Mortgage Trust, 2014 UBS3		4.767%	06/10/47	$ 475,920
900,000	(c)	COMM 2015-CCRE22 Mortgage Trust, 2015 CR22		3.000	03/10/48	623,946
485,000		COMM 2015-CCRE25 Mortgage Trust, 2015 CR25		3.768	08/10/48	453,798
850,000	(c),(e)	Connecticut Avenue Securities Trust 2022-R01, 2022 R01, (SOFR30A + 6.000%)		10.352	12/25/41	899,658
565,000	(c),(e)	Connecticut Avenue Securities Trust 2023-R06, 2023 R06, (SOFR30A + 5.900%)		10.252	07/25/43	626,258
1,000,000	(c),(e)	Freddie Mac STACR REMIC Trust 2021-DNA6, 2021 DNA6, (SOFR30A + 7.500%)		11.852	10/25/41	1,079,194
1,000,000	(c),(e)	Freddie Mac STACR REMIC Trust 2022-DNA1, 2022 DNA1, (SOFR30A + 7.100%)		11.452	01/25/42	1,077,027
450,000	(c),(e)	Freddie Mac STACR REMIC Trust 2022-DNA2, 2022 DNA2, (SOFR30A + 4.750%)		9.102	02/25/42	475,343
1,098,000	(c),(e)	Freddie Mac STACR REMIC Trust 2022-DNA2, 2022 DNA2, (SOFR30A + 8.500%)		13.788	02/25/42	1,213,404
920,000	(c),(e)	Freddie Mac STACR REMIC Trust 2022-DNA3, 2022 DNA3, (SOFR30A + 9.750%)		15.087	04/25/42	1,046,893
800,000		JPMBB Commercial Mortgage Securities Trust 2014-C22, 2014 C22		4.509	09/15/47	731,808
		TOTAL MORTGAGE-BACKED SECURITIES (Cost $9,108,733)				8,703,249


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		SOVEREIGN DEBT - 4.4%
		ANGOLA - 0.2%
200,000	(c)	Angolan Government International Bond		8.750	04/14/32	178,753
		TOTAL ANGOLA				178,753

		ARGENTINA - 0.2%
300,000		Argentine Republic Government International Bond		4.125	07/09/35	189,750
		TOTAL ARGENTINA				189,750

		BAHAMAS - 0.2%
200,000	(c)	Bahamas Government International Bond		6.000	11/21/28	191,201
		TOTAL BAHAMAS				191,201

		BENIN - 0.2%
200,000	(c)	Benin Government International Bond		7.960	02/13/38	188,590
		TOTAL BENIN				188,590

		COLOMBIA - 0.1%
200,000		Colombia Government International Bond		3.250	04/22/32	156,803
		TOTAL COLOMBIA				156,803

		COTE D’IVOIRE - 0.2%
300,000	(c)	Ivory Coast Government International Bond		6.125	06/15/33	270,054
		TOTAL COTE D’IVOIRE				270,054

		DOMINICAN REPUBLIC - 0.1%
150,000	(c)	Dominican Republic International Bond		6.600	06/01/36	150,937
		TOTAL DOMINICAN REPUBLIC				150,937

		ECUADOR - 0.2%
155,762	(c)	Ecuador Government International Bond		1.000	07/31/35	83,591
311,523		Ecuador Government International Bond, Reg S		5.500	07/31/35	167,181
		TOTAL ECUADOR				250,772

		EGYPT - 0.3%
200,000	(c)	Egypt Government International Bond		8.625	02/04/30	198,532
200,000	(c)	Egypt Government International Bond		8.750	09/30/51	160,557
		TOTAL EGYPT				359,089

		EL SALVADOR - 0.2%
200,000	(c)	El Salvador Government International Bond		7.625	09/21/34	194,594
		TOTAL EL SALVADOR				194,594

		GHANA - 0.1%
200,000	(c)	Ghana Government International Bond		5.000	07/03/35	148,340
		TOTAL GHANA				148,340


See Notes to Financial Statements		9

Portfolio of Investments February 28, 2025 (continued)

Credit Income


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		HONDURAS - 0.2%
$ 200,000	(c)	Honduras Government International Bond		5.625%	06/24/30	$ 178,700
		TOTAL HONDURAS				178,700

		KENYA - 0.4%
200,000	(c)	Republic of Kenya Government International Bond		7.000	05/22/27	199,500
200,000	(c)	Republic of Kenya Government International Bond		9.500	03/05/36	193,604
		TOTAL KENYA				393,104

		MONGOLIA - 0.2%
200,000	(c)	Mongolia Government International Bond		6.625	02/25/30	198,185
		TOTAL MONGOLIA				198,185

		PAKISTAN - 0.1%
200,000	(c)	Pakistan Government International Bond		7.375	04/08/31	174,375
		TOTAL PAKISTAN				174,375

		PARAGUAY - 0.2%
200,000	(c)	Paraguay Government International Bond		6.000	02/09/36	202,600
		TOTAL PARAGUAY				202,600

		ROMANIA - 0.2%
200,000	(c)	Romanian Government International Bond		7.500	02/10/37	205,717
		TOTAL ROMANIA				205,717

		RWANDA - 0.1%
200,000	(c)	Rwanda International Government Bond		5.500	08/09/31	157,098
		TOTAL RWANDA				157,098

		SENEGAL - 0.2%
300,000	(c)	Senegal Government International Bond		6.250	05/23/33	234,260
		TOTAL SENEGAL				234,260

		SOUTH AFRICA - 0.3%
300,000	(c)	Republic of South Africa Government International Bond		7.100	11/19/36	294,368
		TOTAL SOUTH AFRICA				294,368

		SRI LANKA - 0.2%
200,000	(c)	Sri Lanka Government International Bond		3.100	01/15/30	178,260
		TOTAL SRI LANKA				178,260

		TURKEY - 0.2%
200,000		Turkiye Government International Bond		5.950	01/15/31	190,995
		TOTAL TURKEY				190,995

		UZBEKISTAN - 0.1%
200,000	(c)	Republic of Uzbekistan International Bond		3.700	11/25/30	171,025
		TOTAL UZBEKISTAN				171,025

		TOTAL SOVEREIGN DEBT (Cost $4,878,642)				4,857,570


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		VARIABLE RATE SENIOR LOAN INTERESTS - 11.6%
		CAPITAL GOODS - 0.4%
449,335	(e)	Windsor Holdings III, LLC, First Lien Term Loan B, (TSFR1M + 3.500%)		7.822	08/01/30	449,196
		TOTAL CAPITAL GOODS				449,196

		COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
430,000	(e),(h)	Win Waste Innovations Holdings Inc, Term Loan, (TBD)		TBD	TBD	430,000
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES				430,000

		CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6%
648,375	(e)	Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)		6.820	06/09/31	646,887
		TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL				646,887

		CONSUMER SERVICES - 0.9%
410,660	(e)	ClubCorp Holdings, Inc., Term Loan B2, (TSFR3M + 5.000%)		9.590	09/18/26	413,555
600,000	(e)	GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)		6.802	07/28/31	600,165
		TOTAL CONSUMER SERVICES				1,013,720


10		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		FOOD, BEVERAGE & TOBACCO - 1.4%
$ 89,902	(e)	City Brewing Company, LLC, First Out New Money Term Loan, (TSFR3M + 6.250%)		10.814%	04/05/28	$ 45,850
235,255	(e)	City Brewing Company, LLC, FLFO Roll Up Term Loan, (TSFR3M + 3.500%)		8.064	04/05/28	119,980
19,374	(e)	City Brewing Company, LLC, PIK Super Priority Term Loan, (TSFR1M + 9.000%)		13.423	01/03/26	18,744
1,279,310	(e),(h)	Savor Acquisition Inc, Term Loan, (TBD)		TBD	TBD	1,282,509
120,690	(e),(h)	Savor Acquisition Inc, Term Loan, (TBD)		TBD	TBD	120,991
		TOTAL FOOD, BEVERAGE & TOBACCO				1,588,074

		HEALTH CARE EQUIPMENT & SERVICES - 1.6%
487,500	(e)	Bausch & Lomb Corporation, Term Loan, (TSFR1M + 3.250%)		7.674	05/10/27	486,586
446,901	(e)	Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%)		6.574	10/23/28	448,078
2,418	(e)	Onex TSG Intermediate Corp., Term Loan B, (TSFR3M + 4.750%)		9.302	02/28/28	2,440
279,262	(e)	Parexel International Corporation, Term Loan B, (TSFR1M + 2.500%)		6.824	11/15/28	279,999
500,000	(e)	Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (TSFR1M + 3.250%)		7.574	11/26/31	498,887
		TOTAL HEALTH CARE EQUIPMENT & SERVICES				1,715,990

		INSURANCE - 0.7%
250,000	(e)	Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)		9.688	02/03/28	245,294
497,500	(e)	Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%)		7.324	06/16/31	498,037
		TOTAL INSURANCE				743,331

		MEDIA & ENTERTAINMENT - 0.3%
166,957	(e)	Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M + 3.000%)		7.321	02/10/31	167,500
125,000	(e)	Virgin Media Bristol LLC, Term Loan Q, (TSFR1M + 3.250%)		7.676	01/31/29	123,118
		TOTAL MEDIA & ENTERTAINMENT				290,618

		REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%
261,146	(e)	Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1, (TSFR1M + 2.750%)		7.074	01/31/30	261,146
500,000	(e),(h)	Forest City Enterprises, L.P., Term Loan B, (TBD)		TBD	TBD	485,908
		TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				747,054

		SOFTWARE & SERVICES - 2.8%
428,925	(e)	Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)		6.291	01/31/31	429,676
400,000	(e),(h)	Clearwater Analytics LLC, Term Loan, (TBD)		TBD	TBD	400,250
173,690	(e)	Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)		7.059	04/30/31	172,278
270,000	(e),(h)	Drake Software, LLC, Term Loan B, (TBD)		TBD	TBD	254,475
748,125	(e)	Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.750%)		8.074	06/27/31	749,296
433,500	(e)	Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M + 2.500%)		6.824	01/30/32	432,011
577,000		X Corp, Term Loan		9.500	10/29/29	589,982
		TOTAL SOFTWARE & SERVICES				3,027,968

		TELECOMMUNICATION SERVICES - 0.8%
450,000	(e),(h)	Lumen Technologies, Inc., Extended Term Loan B2, (TBD)		TBD	TBD	423,286
500,000	(e)	Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)		7.438	03/09/27	479,210
		TOTAL TELECOMMUNICATION SERVICES				902,496

		TRANSPORTATION - 0.4%
468,000	(e),(h)	Stonepeak Nile Parent LLC, Term Loan, (TBD)		TBD	TBD	467,050
		TOTAL TRANSPORTATION				467,050

		UTILITIES - 0.6%
701,241	(e)	Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)		6.818	05/17/30	703,068
		TOTAL UTILITIES				703,068

		TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $12,757,141)				12,725,452

		TOTAL LONG-TERM INVESTMENTS (Cost $104,530,881)				104,383,076


See Notes to Financial Statements		11

Portfolio of Investments February 28, 2025 (continued)

Credit Income

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 4.6%

5,055,256

(i)

State Street Navigator Securities Lending Government Money Market Portfolio

4.380%(j)

$ 5,055,256

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $5,055,256)

5,055,256

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 7.6%

REPURCHASE AGREEMENTS - 7.6%

$ 8,100,000

(k)

Fixed Income Clearing Corporation

4.330

03/03/25

8,100,000

268,868

(l)

Fixed Income Clearing Corporation

1.360

03/03/25

268,868

TOTAL REPURCHASE AGREEMENTS

(Cost $8,368,868)

8,368,868

TOTAL SHORT-TERM INVESTMENTS

(Cost $8,368,868)

8,368,868

TOTAL INVESTMENTS - 107.4%

(Cost $117,955,005)

117,807,200

OTHER ASSETS & LIABILITIES, NET - (7.4)%

(8,157,141)

NET ASSETS - 100%

$ 109,650,059

ETF

Exchange-Traded Fund

LIBOR

London Inter-Bank Offered Rate

Month

PIK

Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

SOFR30A

30 Day Average Secured Overnight Financing Rate

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $4,757,757.

(b)

Perpetual security. Maturity date is not applicable.

(c)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $77,905,796 or 66.1% of Total Investments.

(d)

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

(e)

Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(f)

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

(g)

Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. As of the end of the reporting period, the Fund’s total investment in CoCos was 1.7% of Total Investments.

(h)

When-issued or delayed delivery security.

(i)

Investments made with cash collateral received from securities on loan.

(j)

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

(k)

Agreement with Fixed Income Clearing Corporation, 4.330% dated 2/28/25 to be repurchased at $8,102,923 on 3/3/25, collateralized by Government Agency Securities, with coupon rate 2.000% and maturity date 11/15/41, valued at $8,262,106.

(l)

Agreement with Fixed Income Clearing Corporation, 1.360% dated 2/28/25 to be repurchased at $268,898 on 3/3/25, collateralized by Government Agency Securities, with coupon rate 1.750% and maturity date 8/15/41, valued at $274,283.

Investments in Derivatives


12		See Notes to Financial Statements

Portfolio of Investments February 28, 2025

Flexible Income


(Unaudited)

PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		LONG-TERM INVESTMENTS - 97.5%
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 31.5%
		AUTOMOBILES & COMPONENTS - 0.8%
$6,763,000	(a)	General Motors Financial Co Inc		6.500%	N/A	$ 6,697,766
613,000	(a),(b)	General Motors Financial Co Inc		5.700	N/A	593,567
		TOTAL AUTOMOBILES & COMPONENTS				7,291,333

		BANKS - 6.3%
8,965,000	(a)	Bank of America Corp		6.300	N/A	9,047,980
23,521,000	(a)	Citigroup Inc		6.250	N/A	23,739,299
4,025,000	(a),(c)	First Citizens BancShares Inc/NC (TSFR3M + 4.234%)		8.592	N/A	4,149,566
5,825,000	(a)	JPMorgan Chase & Co		6.875	N/A	6,116,337
6,994,000	(a)	PNC Financial Services Group Inc/The		6.200	N/A	7,079,152
7,250,000	(a),(b)	Wells Fargo & Co		7.625	N/A	7,709,279
		TOTAL BANKS				57,841,613

		ENERGY - 4.5%
5,072,000		Enbridge Inc		8.500	01/15/84	5,621,784
4,050,000	(a)	Energy Transfer LP		7.125	N/A	4,116,695
13,250,000		Energy Transfer LP		8.000	05/15/54	14,088,579
5,406,000	(d)	South Bow Canadian Infrastructure Holdings Ltd		7.500	03/01/55	5,570,546
7,906,000		Transcanada Trust		5.875	08/15/76	7,851,600
1,150,000		Transcanada Trust		5.600	03/07/82	1,075,341
2,550,000	(a),(d)	Venture Global LNG Inc		9.000	N/A	2,593,626
		TOTAL ENERGY				40,918,171

		FINANCIAL SERVICES - 4.7%
8,226,700	(a)	Ally Financial Inc		4.700	N/A	7,968,047
2,750,000	(a)	American Express Co		3.550	N/A	2,664,783
5,425,000	(d)	Ares Finance Co III LLC		4.125	06/30/51	5,227,819
11,550,000	(a)	Goldman Sachs Group Inc/The		7.500	N/A	12,237,548
4,750,000		Morgan Stanley		5.948	01/19/38	4,861,266
10,450,000	(a)	State Street Corp		6.700	N/A	10,684,717
		TOTAL FINANCIAL SERVICES				43,644,180

		FOOD, BEVERAGE & TOBACCO - 0.8%
2,042,000	(a),(d)	Land O’ Lakes Inc		8.000	N/A	1,901,876
3,300,000	(a),(d)	Land O’ Lakes Inc		7.250	N/A	2,789,723
3,200,000	(a),(d)	Land O’ Lakes Inc		7.000	N/A	2,625,120
		TOTAL FOOD, BEVERAGE & TOBACCO				7,316,719

		INSURANCE - 1.3%
650,000		Enstar Finance LLC		5.500	01/15/42	632,280
10,255,000	(d)	Liberty Mutual Group Inc		7.800	03/15/37	11,549,919
		TOTAL INSURANCE				12,182,199

		MEDIA & ENTERTAINMENT - 0.2%
1,575,000		Paramount Global		6.375	03/30/62	1,530,255
		TOTAL MEDIA & ENTERTAINMENT				1,530,255

		TELECOMMUNICATION SERVICES - 0.3%
2,700,000		Bell Telephone Co of Canada or Bell Canada		7.000	09/15/55	2,710,425
		TOTAL TELECOMMUNICATION SERVICES				2,710,425

		UTILITIES - 12.6%
8,250,000		AES Corp/The		7.600	01/15/55	8,418,053
6,350,000		Dominion Energy Inc		6.875	02/01/55	6,580,562
7,228,000		Dominion Energy Inc		7.000	06/01/54	7,626,240
4,514,000		Edison International		7.875	06/15/54	4,399,506
6,125,000	(a)	Edison International		5.000	N/A	5,601,569
1,800,000	(b)	Edison International		8.125	06/15/53	1,773,406
11,870,000		Emera Inc		6.750	06/15/76	11,964,865
6,275,000		EUSHI Finance Inc		7.625	12/15/54	6,563,807
12,090,000		NextEra Energy Capital Holdings Inc		5.650	05/01/79	11,870,959
2,950,000		NextEra Energy Capital Holdings Inc		6.750	06/15/54	3,023,729
11,775,000	(a),(d)	NRG Energy Inc		10.250	N/A	13,133,749
8,050,000		PG&E Corp		7.375	03/15/55	7,955,933
20,475,000	(a),(d)	Vistra Corp		8.000	N/A	21,055,159


14		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		UTILITIES (continued)
$5,090,000	(a),(d)	Vistra Corp		7.000%	N/A	$ 5,173,756
		TOTAL UTILITIES				115,141,293

		TOTAL $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED (Cost $287,683,985)				288,576,188


SHARES		DESCRIPTION	RATE			VALUE
		$25 PAR (OR SIMILAR) RETAIL PREFERRED - 8.2%
		CAPITAL GOODS - 0.6%
204,000		WESCO International Inc		10.625		5,277,480
		TOTAL CAPITAL GOODS				5,277,480

		FINANCIAL SERVICES - 1.8%
314,799		Morgan Stanley		7.125		8,027,374
181,000		Morgan Stanley		6.625		4,720,480
89,574		Morgan Stanley		6.875		2,271,597
82,875		Synchrony Financial		5.625		1,597,001
		TOTAL FINANCIAL SERVICES				16,616,452

		FOOD, BEVERAGE & TOBACCO - 1.3%
90,213		CHS Inc		7.100		2,317,572
384,432		CHS Inc		6.750		9,833,771
		TOTAL FOOD, BEVERAGE & TOBACCO				12,151,343

		INSURANCE - 3.4%
287,059		Allstate Corp/The		7.375		7,808,005
220,806		Athene Holding Ltd		6.375		5,577,559
215,192		Athene Holding Ltd		6.350		5,414,231
169,032		Enstar Group Ltd		7.000		3,556,433
337,825		Reinsurance Group of America Inc		7.125		8,823,989
		TOTAL INSURANCE				31,180,217

		UTILITIES - 1.1%
85,590		Algonquin Power & Utilities Corp		8.864		2,212,502
325,775		SCE Trust VII		7.500		7,740,414
		TOTAL UTILITIES				9,952,916

		TOTAL $25 PAR (OR SIMILAR) RETAIL PREFERRED (Cost $76,756,095)				75,178,408


SHARES		DESCRIPTION				VALUE
		COMMON STOCKS - 9.6%
		BANKS - 0.8%
13,900		Citigroup Inc				1,111,305
14,600		JPMorgan Chase & Co				3,863,890
28,800		Wells Fargo & Co				2,255,616
		TOTAL BANKS				7,230,811

		CAPITAL GOODS - 1.3%
26,300		Carrier Global Corp				1,704,240
18,600		Emerson Electric Co				2,261,946
9,500		General Dynamics Corp				2,399,700
4,500		Hubbell Inc				1,672,155
25,800		nVent Electric PLC				1,556,772
3,400		Parker-Hannifin Corp				2,272,934
		TOTAL CAPITAL GOODS				11,867,747

		CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.1%
2,900		Home Depot Inc/The				1,150,140
		TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL				1,150,140

		CONSUMER SERVICES - 0.2%
29,200		Boyd Gaming Corp				2,226,792
		TOTAL CONSUMER SERVICES				2,226,792

		CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.4%
39,100		Walmart Inc				3,855,651
		TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL				3,855,651


See Notes to Financial Statements		15

Portfolio of Investments February 28, 2025 (continued)

Flexible Income


SHARES		DESCRIPTION	VALUE
		ENERGY - 0.5%
5,300		Cheniere Energy Inc	$ 1,211,368
20,800		Exxon Mobil Corp	2,315,664
8,400		Valero Energy Corp	1,098,132
		TOTAL ENERGY	4,625,164

		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%
10,300		American Tower Corp	2,117,886
99,796		National Storage Affiliates Trust	2,201,500
46,600		Rexford Industrial Realty Inc	1,925,512
		TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)	6,244,898

		FINANCIAL SERVICES - 0.7%
3,800		American Express Co	1,143,648
2,100		Ameriprise Financial Inc	1,128,330
13,200		Bank of New York Mellon Corp/The	1,174,140
4,900	(e)	Fiserv Inc	1,154,881
8,400		KKR & Co Inc	1,138,956
8,300		Morgan Stanley	1,104,813
		TOTAL FINANCIAL SERVICES	6,844,768

		FOOD, BEVERAGE & TOBACCO - 0.5%
27,201		Philip Morris International Inc	4,223,771
		TOTAL FOOD, BEVERAGE & TOBACCO	4,223,771

		HEALTH CARE EQUIPMENT & SERVICES - 0.4%
17,700		Abbott Laboratories	2,442,777
2,300		UnitedHealth Group Inc	1,092,408
		TOTAL HEALTH CARE EQUIPMENT & SERVICES	3,535,185

		INSURANCE - 0.4%
6,100		Allstate Corp/The	1,214,815
8,700		Progressive Corp/The	2,453,400
		TOTAL INSURANCE	3,668,215

		MATERIALS - 0.4%
2,500	(e)	Linde PLC	1,167,625
8,300		Nucor Corp	1,141,001
21,200		Smurfit WestRock PLC	1,103,884
		TOTAL MATERIALS	3,412,510

		MEDIA & ENTERTAINMENT - 0.6%
12,400		Alphabet Inc, Class C	2,135,528
31,400		Walt Disney Co/The	3,573,320
		TOTAL MEDIA & ENTERTAINMENT	5,708,848

		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.7%
7,800		Amgen Inc	2,402,868
5,700		Danaher Corp	1,184,232
54,200		Sanofi SA, ADR	2,952,274
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES	6,539,374

		SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
13,400		Applied Materials Inc	2,118,138
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT	2,118,138

		SOFTWARE & SERVICES - 0.3%
84,400		Gen Digital Inc	2,306,652
		TOTAL SOFTWARE & SERVICES	2,306,652

		TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
54,900		Corning Inc	2,753,235
106,800		Hewlett Packard Enterprise Co	2,115,708
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT	4,868,943

		TELECOMMUNICATION SERVICES - 0.3%
88,400		AT&T Inc	2,423,044
		TOTAL TELECOMMUNICATION SERVICES	2,423,044

		TRANSPORTATION - 0.1%
4,400		FedEx Corp	1,156,760
		TOTAL TRANSPORTATION	1,156,760


16		See Notes to Financial Statements


SHARES		DESCRIPTION				VALUE
		UTILITIES - 0.5%
27,282		Sempra				$ 1,952,573
26,900		Southern Co/The				2,415,351
		TOTAL UTILITIES				4,367,924

		TOTAL COMMON STOCKS (Cost $75,670,091)				88,375,335


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CONVERTIBLE BONDS - 2.3%
		TECHNOLOGY HARDWARE & EQUIPMENT - 1.7%
$5,625,000		Seagate HDD Cayman		3.500%	06/01/28	7,562,813
5,725,000		Western Digital Corp		3.000	11/15/28	7,992,100
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				15,554,913

		UTILITIES - 0.6%
5,625,000		FirstEnergy Corp		4.000	05/01/26	5,644,687
		TOTAL UTILITIES				5,644,687

		TOTAL CONVERTIBLE BONDS (Cost $20,678,158)				21,199,600


SHARES		DESCRIPTION	RATE			VALUE
		CONVERTIBLE PREFERRED SECURITIES - 2.3%
		BANKS - 1.7%
1,100		Bank of America Corp		7.250		1,362,900
11,405		Wells Fargo & Co		7.500		13,835,975
		TOTAL BANKS				15,198,875

		CAPITAL GOODS - 0.2%
25,200		Chart Industries Inc		6.750		1,759,968
		TOTAL CAPITAL GOODS				1,759,968

		TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
69,475		Hewlett Packard Enterprise Co		7.625		3,966,328
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				3,966,328

		TOTAL CONVERTIBLE PREFERRED SECURITIES (Cost $21,747,295)				20,925,171


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CORPORATE BONDS - 43.6%
		AUTOMOBILES & COMPONENTS - 2.8%
2,462,000		Ford Motor Co		5.291	12/08/46	2,032,358
9,365,000		Ford Motor Credit Co LLC		7.350	11/04/27	9,745,891
12,780,000		General Motors Co		6.600	04/01/36	13,518,539
		TOTAL AUTOMOBILES & COMPONENTS				25,296,788

		CAPITAL GOODS - 4.2%
5,450,000	(d)	Builders FirstSource Inc		6.375	03/01/34	5,516,245
5,375,000	(d)	Chart Industries Inc		7.500	01/01/30	5,615,854
2,675,000		Regal Rexnord Corp		6.050	04/15/28	2,735,744
13,025,000		Regal Rexnord Corp		6.400	04/15/33	13,544,421
5,375,000	(b)	United Rentals North America Inc		5.250	01/15/30	5,314,932
5,847,000	(d)	WESCO Distribution Inc		7.250	06/15/28	5,947,925
		TOTAL CAPITAL GOODS				38,675,121

		CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.4%
10,919,000		Bath & Body Works Inc		6.875	11/01/35	11,320,131
6,805,000	(d)	Gap Inc/The		3.875	10/01/31	5,993,472
6,294,000		Nordstrom Inc		5.000	01/15/44	4,798,351
		TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL				22,111,954

		CONSUMER SERVICES - 3.4%
8,605,000	(d)	Caesars Entertainment Inc		6.500	02/15/32	8,728,089
11,100,000	(d)	Light & Wonder International Inc		7.500	09/01/31	11,586,746
9,586,000		Piedmont Operating Partnership LP		9.250	07/20/28	10,590,154
		TOTAL CONSUMER SERVICES				30,904,989


See Notes to Financial Statements		17

Portfolio of Investments February 28, 2025 (continued)

Flexible Income


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.3%
$21,339,000	(d)	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC		7.500%	03/15/26	$ 21,369,942
		TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL				21,369,942

		ENERGY - 6.0%
5,375,000	(d)	Antero Resources Corp		7.625	02/01/29	5,522,232
7,475,000	(d)	Civitas Resources Inc		8.625	11/01/30	7,866,802
14,668,000	(d)	Columbia Pipelines Operating Co LLC		6.544	11/15/53	15,883,769
5,025,000		Diamondback Energy Inc		6.250	03/15/33	5,324,263
5,900,000		PBF Holding Co LLC / PBF Finance Corp		6.000	02/15/28	5,700,975
5,625,000	(d)	Permian Resources Operating LLC		7.000	01/15/32	5,779,013
5,550,000		Valero Energy Corp		6.625	06/15/37	6,016,821
2,475,000	(d)	Venture Global LNG Inc		8.375	06/01/31	2,579,054
		TOTAL ENERGY				54,672,929

		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%
9,917,000	(d)	Iron Mountain Inc		7.000	02/15/29	10,213,687
8,550,000		VICI Properties LP		5.625	05/15/52	8,090,214
		TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				18,303,901

		FINANCIAL SERVICES - 1.2%
10,114,000		Ally Financial Inc		8.000	11/01/31	11,435,651
		TOTAL FINANCIAL SERVICES				11,435,651

		FOOD, BEVERAGE & TOBACCO - 1.5%
5,250,000		Altria Group Inc		5.800	02/14/39	5,326,683
7,500,000		BAT Capital Corp		7.081	08/02/53	8,470,366
		TOTAL FOOD, BEVERAGE & TOBACCO				13,797,049

		MATERIALS - 4.7%
10,275,000		ArcelorMittal SA		7.000	10/15/39	11,270,359
5,645,500		Ashland Inc		6.875	05/15/43	5,911,284
4,075,000		Celanese US Holdings LLC		6.415	07/15/27	4,176,633
4,000,000		Celanese US Holdings LLC		6.800	11/15/30	4,220,103
10,300,000	(d)	Sealed Air Corp		6.875	07/15/33	10,923,294
6,625,000		Southern Copper Corp		5.875	04/23/45	6,521,689
		TOTAL MATERIALS				43,023,362

		MEDIA & ENTERTAINMENT - 4.3%
2,050,000	(d)	CCO Holdings LLC / CCO Holdings Capital Corp		7.375	03/01/31	2,109,680
11,500,000		Charter Communications Operating LLC / Charter Communications Operating Capital		6.484	10/23/45	11,175,619
11,324,000	(d)	Nexstar Media Inc		5.625	07/15/27	11,201,633
6,404,000		Paramount Global		6.875	04/30/36	6,734,116
2,950,000		Time Warner Entertainment Co LP		8.375	07/15/33	3,394,656
6,325,000		Warnermedia Holdings Inc		5.141	03/15/52	4,881,905
		TOTAL MEDIA & ENTERTAINMENT				39,497,609

		SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%
13,308,000	(d)	Amkor Technology Inc		6.625	09/15/27	13,329,998
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				13,329,998

		SOFTWARE & SERVICES - 1.6%
5,750,000	(d)	Gen Digital Inc		7.125	09/30/30	5,929,739
8,000,000		Oracle Corp		6.500	04/15/38	8,719,980
		TOTAL SOFTWARE & SERVICES				14,649,719

		TECHNOLOGY HARDWARE & EQUIPMENT - 2.5%
9,269,000		Hewlett Packard Enterprise Co		6.350	10/15/45	9,793,790
11,728,000		Seagate HDD Cayman		9.625	12/01/32	13,304,321
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				23,098,111

		TELECOMMUNICATION SERVICES - 1.5%
5,832,000	(d)	GCI LLC		4.750	10/15/28	5,523,606
7,400,000	(d)	Level 3 Financing Inc		11.000	11/15/29	8,397,010
		TOTAL TELECOMMUNICATION SERVICES				13,920,616


18		See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION - 1.7%

$8,279,000

XPO CNW Inc

6.700%

05/01/34

8,531,948

2,785,000

(d)

XPO Inc

6.250

06/01/28

2,817,030

4,420,000

(d)

XPO Inc

7.125

06/01/31

4,577,516

TOTAL TRANSPORTATION

15,926,494

TOTAL CORPORATE BONDS
(Cost $404,561,005)

400,014,233

TOTAL LONG-TERM INVESTMENTS
(Cost $887,096,629)

894,268,935

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7%

6,855,249

(f)

State Street Navigator Securities Lending Government Money Market Portfolio

4.380 (g)

6,855,249

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $6,855,249)

6,855,249

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.4%

REPURCHASE AGREEMENTS - 1.4%

393,643

(h)

Fixed Income Clearing Corporation

1.360

03/03/25

393,643

12,075,000

(i)

Fixed Income Clearing Corporation

4.330

03/03/25

12,075,000

TOTAL REPURCHASE AGREEMENTS
(Cost $12,468,643)

12,468,643

TOTAL SHORT-TERM INVESTMENTS
(Cost $12,468,643)

12,468,643

TOTAL INVESTMENTS - 99.6%
(Cost $906,420,521)

913,592,827

OTHER ASSETS & LIABILITIES, NET - 0.4%

3,379,240

NET ASSETS - 100%

$ 916,972,067

ADR	American Depositary Receipt

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

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

(b)	Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $6,627,265.

(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)

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

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

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

(h)	Agreement with Fixed Income Clearing Corporation, 1.360% dated 2/28/25 to be repurchased at $393,688 on 3/3/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 11/15/54, valued at $401,553.

(i)	Agreement with Fixed Income Clearing Corporation, 4.330% dated 2/28/25 to be repurchased at $12,079,357 on 3/3/25, collateralized by Government Agency Securities, with coupon rate 1.750% and maturity date 8/15/41, valued at $12,316,521.


See Notes to Financial Statements		19

Portfolio of Investments February 28, 2025

Floating Rate Income


	(Unaudited)

SHARES			DESCRIPTION				VALUE
			LONG-TERM INVESTMENTS - 98.2%
			COMMON STOCKS - 0.6%
			CAPITAL GOODS - 0.0%
	2,687	(a)	TNT Crane & Rigging Inc				$ 1,120
	4,761	(a)	TNT Crane & Rigging Inc				48
			TOTAL CAPITAL GOODS				1,168

			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0%
	99	(a),(b)	Belk Inc				792
	14,352	(a)	JOANN Inc				144
			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL				936

			CONSUMER SERVICES - 0.0%
	76,044	(a)	24 Hour Fitness Worldwide Inc				2,281
	159,883	(a)	24 Hour Fitness Worldwide Inc				1,599
	17,726	(a)	Cengage Learning Holdings II Inc				363,383
	953	(a)	Crown Finance US Inc				22,912
			TOTAL CONSUMER SERVICES				390,175

			ENERGY - 0.0%
	2,246		Chord Energy Corp				256,718
	76,990	(a)	Transocean Ltd				227,120
			TOTAL ENERGY				483,838

			HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	61,430	(a),(b)	Millennium Health LLC				6,143
	57,666	(a),(b)	Millennium Health LLC				577
	52,393	(a)	Onex Carestream Finance LP				157,179
			TOTAL HEALTH CARE EQUIPMENT & SERVICES				163,899

			MEDIA & ENTERTAINMENT - 0.4%
	7,105	(a)	Catalina Marketing Corp				177,625
	241,503	(a)	Cineworld Group PLC				5,806,215
			TOTAL MEDIA & ENTERTAINMENT				5,983,840

			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	63,592	(a)	Bright Bidco BV				20,222
	46,554	(a)	Bright Bidco BV				14,804
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				35,026

			SOFTWARE & SERVICES - 0.1%
	57,126	(a)	Avaya Inc				338,014
	262,085	(a)	Avaya Inc				1,550,757
	205	(a),(b)	BLOOM PARENT INC				204,614
			TOTAL SOFTWARE & SERVICES				2,093,385

			TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	24,672	(a)	Windstream Services PE LLC				487,272
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				487,272

			TELECOMMUNICATION SERVICES - 0.0%
	18,781	(a)	Windstream Services PE LLC				370,925
			TOTAL TELECOMMUNICATION SERVICES				370,925

			TRANSPORTATION - 0.0%
	4,313	(a)	ACBL HLDG CORP				265,250
	1,018	(a)	ACBL HLDG CORP				47,337
			TOTAL TRANSPORTATION				312,587

			TOTAL COMMON STOCKS (Cost $29,697,659)				10,323,051


PRINCIPAL			DESCRIPTION	RATE		MATURITY	VALUE
			CORPORATE BONDS - 9.7%
			AUTOMOBILES & COMPONENTS - 0.1%
	$1,000,000	(c)	Clarios Global LP / Clarios US Finance Co		6.750%	05/15/28	1,020,898
	525,000	(c)	Dana Financing Luxembourg Sarl		5.750	04/15/25	524,200
			TOTAL AUTOMOBILES & COMPONENTS				1,545,098


20		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CAPITAL GOODS - 0.4%
$2,000,000	(c)	TK Elevator US Newco Inc		5.250%	07/15/27	$ 1,980,064
5,000,000	(c)	TransDigm Inc		6.875	12/15/30	5,130,465
		TOTAL CAPITAL GOODS				7,110,529

		COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
1,500,000	(c)	Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl		4.625	06/01/28	1,426,645
3,750,000	(c)	Boost Newco Borrower LLC		7.500	01/15/31	3,922,533
2,000,000	(c)	Garda World Security Corp		4.625	02/15/27	1,953,681
12,050,000	(c)	GFL Environmental Inc		5.125	12/15/26	12,042,695
6,866,000	(c)	Prime Security Services Borrower LLC / Prime Finance Inc		5.750	04/15/26	6,896,705
250,000	(c)	Prime Security Services Borrower LLC / Prime Finance Inc		6.250	01/15/28	250,424
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES				26,492,683

		CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.1%
2,000,000	(c)	Carvana Co, (cash 13.000%, PIK 13.000%)		9.000	06/01/30	2,123,110
		TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL				2,123,110

		CONSUMER SERVICES - 0.8%
3,000,000	(c)	1011778 BC ULC / New Red Finance Inc		4.000	10/15/30	2,735,619
1,000,000	(c)	Caesars Entertainment Inc		7.000	02/15/30	1,030,096
1,000,000	(c)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc		4.625	01/15/29	945,545
3,000,000	(c)	Merlin Entertainments Group US Holdings Inc		7.375	02/15/31	2,953,270
4,500,000	(c)	Odeon Finco PLC		12.750	11/01/27	4,749,237
		TOTAL CONSUMER SERVICES				12,413,767

		ENERGY - 0.1%
254,878	(c)	Borr IHC Ltd / Borr Finance LLC		10.000	11/15/28	253,348
1,000,000	(c)	eG Global Finance PLC		12.000	11/30/28	1,121,609
1,000,000	(c)	Weatherford International Ltd		8.625	04/30/30	1,032,484
		TOTAL ENERGY				2,407,441

		EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%
3,000,000	(c)	RLJ Lodging Trust LP		3.750	07/01/26	2,944,694
		TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)				2,944,694

		HEALTH CARE EQUIPMENT & SERVICES - 1.6%
5,375,000	(c)	CHS/Community Health Systems Inc		8.000	12/15/27	5,340,600
2,000,000	(c)	CHS/Community Health Systems Inc		10.875	01/15/32	2,045,940
2,031,425	(c)	Global Medical Response Inc, (cash 10.000%, PIK 10.000%)		10.000	10/31/28	2,031,425
3,179,687	(c)	Radiology Partners Inc, (cash 4.275%, PIK 3.500%)		7.775	01/31/29	3,163,789
10,050,031	(c)	Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)		9.000	06/30/28	10,828,908
500,000		Tenet Healthcare Corp		6.125	10/01/28	499,695
2,500,000		Tenet Healthcare Corp		4.625	06/15/28	2,415,443
		TOTAL HEALTH CARE EQUIPMENT & SERVICES				26,325,800

		INSURANCE - 0.5%
4,100,000	(c)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer		4.250	10/15/27	3,954,892
4,000,000	(c)	HUB International Ltd		7.250	06/15/30	4,130,796
		TOTAL INSURANCE				8,085,688

		MATERIALS - 0.5%
1,875,000	(c),(d)	Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC		4.000	09/01/29	1,637,168
1,500,000	(c)	Arsenal AIC Parent LLC		8.000	10/01/30	1,563,149
697,000	(c)	LABL Inc		9.500	11/01/28	669,360
2,000,000	(c)	Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC		4.000	10/15/27	2,004,448
1,000,000	(c)	Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC		4.375	10/15/28	1,005,008
1,175,000	(c)	WR Grace Holdings LLC		4.875	06/15/27	1,145,377
		TOTAL MATERIALS				8,024,510

		MEDIA & ENTERTAINMENT - 0.7%
600,000	(c)	Advantage Sales & Marketing Inc		6.500	11/15/28	568,238
2,900,000	(c)	Clear Channel Outdoor Holdings Inc		5.125	08/15/27	2,835,228
3,500,000	(c)	CSC Holdings LLC		5.500	04/15/27	3,248,109
7,392	(c)	iHeartCommunications Inc		9.125	05/01/29	6,265
2,000,000	(c)	McGraw-Hill Education Inc		5.750	08/01/28	1,961,514


See Notes to Financial Statements		21

Portfolio of Investments February 28, 2025 (continued)

Floating Rate Income


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		MEDIA & ENTERTAINMENT (continued)
$500,000	(c)	Outfront Media Capital LLC / Outfront Media Capital Corp		5.000%	08/15/27	$ 489,939
2,000,000	(c)	Sinclair Television Group Inc		8.125	02/15/33	1,981,079
		TOTAL MEDIA & ENTERTAINMENT				11,090,372

		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
3,000,000	(c),(d)	Organon & Co / Organon Foreign Debt Co-Issuer BV		5.125	04/30/31	2,733,675
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				2,733,675

		REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
2,000,000	(c)	Cushman & Wakefield US Borrower LLC		6.750	05/15/28	2,019,728
		TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				2,019,728

		SOFTWARE & SERVICES - 0.1%
2,240,000	(c)	Open Text Holdings Inc		4.125	12/01/31	2,006,994
		TOTAL SOFTWARE & SERVICES				2,006,994

		TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
2,000,000	(c)	CommScope Technologies LLC		5.000	03/15/27	1,884,302
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				1,884,302

		TELECOMMUNICATION SERVICES - 2.0%
4,500,000		EchoStar Corp		10.750	11/30/29	4,821,304
7,284,000	(c)	Frontier Communications Holdings LLC		5.875	10/15/27	7,281,119
2,000,000	(c)	Level 3 Financing Inc		4.000	04/15/31	1,555,000
2,000,000	(c)	Level 3 Financing Inc		10.500	04/15/29	2,240,000
8,760,000	(c)	Level 3 Financing Inc		10.500	05/15/30	9,537,450
1,000,000	(c)	Lumen Technologies Inc		10.000	10/15/32	998,450
6,935,000	(c)	Zayo Group Holdings Inc		4.000	03/01/27	6,542,204
		TOTAL TELECOMMUNICATION SERVICES				32,975,527

		TRANSPORTATION - 0.3%
3,287,000	(c)	Air Canada		3.875	08/15/26	3,217,517
1,500,000	(c)	United Airlines Inc		4.625	04/15/29	1,446,028
		TOTAL TRANSPORTATION				4,663,545

		UTILITIES - 0.3%
496,702		Pacific Gas and Electric Co		3.150	01/01/26	489,215
496,702		Pacific Gas and Electric Co		4.500	07/01/40	429,352
2,602,000		PG&E Corp		5.000	07/01/28	2,534,759
1,000,000		PG&E Corp		5.250	07/01/30	959,909
		TOTAL UTILITIES				4,413,235

		TOTAL CORPORATE BONDS (Cost $156,341,836)				159,260,698


SHARES		DESCRIPTION				VALUE
		EXCHANGE-TRADED FUNDS - 2.9%
2,015,737		Invesco Senior Loan ETF				42,249,848
120,000		SPDR Blackstone Senior Loan ETF				5,004,000
		TOTAL EXCHANGE-TRADED FUNDS (Cost $47,595,086)				47,253,848


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		VARIABLE RATE SENIOR LOAN INTERESTS - 85.0%
		AUTOMOBILES & COMPONENTS - 1.1%
1,949,284	(e)	Adient US LLC, Term Loan B2, (TSFR1M + 2.250%)		6.574	01/29/31	1,947,666
7,755,563	(e)	Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)		6.824	05/06/30	7,733,265
8,000,000	(e)	Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)		7.074	01/28/32	7,996,680
		TOTAL AUTOMOBILES & COMPONENTS				17,677,611

		CAPITAL GOODS - 6.3%
235,577	(e),(f)	Air Comm Corporation, LLC, Delayed Draw Term Loan		0.000	12/11/31	235,724
2,826,923	(e)	Air Comm Corporation, LLC, Term Loan, (TSFR3M + 3.000%)		7.396	12/11/31	2,828,690
2,568,621	(e)	Archkey Solutions LLC, Term Loan B, (TSFR1M + 4.750%)		9.059	11/03/31	2,580,924
2,493,750	(e)	Azorra Soar TLB Finance Ltd, Term Loan B, (TSFR3M + 3.500%)		7.859	10/18/29	2,512,466
4,982,000	(e),(g)	Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%)		7.324	01/27/32	4,970,317
2,385,234	(e)	Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.750%)		7.079	10/17/30	2,388,037
8,717,334	(e)	Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.250%)		7.674	11/03/28	8,716,114


22		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CAPITAL GOODS (continued)
$ 4,553,235	(e)	Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)		6.805%	03/18/30	$ 4,566,053
702,092	(e)	Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M + 3.250%)		7.662	04/12/28	652,756
2,802,975	(e)	Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)		6.074	06/04/31	2,791,665
1,379,310	(e),(f),(h)	Kaman Corp, Term Loan, (TBD)		TBD	TBD	1,373,883
14,620,690	(e),(h)	Kaman Corp, Term Loan, (TBD)		TBD	TBD	14,563,157
4,359,710	(e)	Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)		6.762	06/21/28	4,360,429
1,685,775	(e)	Madison Safety & Flow LLC, Term Loan B, (TSFR1M + 3.250%)		7.574	09/26/31	1,690,689
2,507,400	(e)	MI Windows and Doors, LLC, Term Loan B2, (TSFR1M + 3.000%)		7.324	03/28/31	2,516,239
1,336,000	(e),(h)	MX Holdings US Inc, Term Loan, (TBD)		TBD	TBD	1,337,670
7,521,000	(e),(h)	Quikrete Holdings Inc, Term Loan, (TBD)		TBD	TBD	7,517,503
1,188,030	(e)	Titan Acquisition Limited, Term Loan B, (TSFR6M + 4.500%)		8.785	02/15/29	1,194,606
12,469,659	(e)	TK Elevator US Newco Inc, Term Loan B, (TSFR6M + 3.500%)		7.737	04/15/30	12,496,219
3,162,075	(e)	TransDigm, Inc., Term Loan, (TSFR3M + 2.500%)		6.829	01/20/32	3,168,462
5,128,073	(e)	TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)		6.829	02/28/31	5,134,483
11,114,762	(e)	Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)		8.188	11/20/28	10,813,718
5,490,938	(e)	Windsor Holdings III, LLC, First Lien Term Loan B, (TSFR1M + 3.500%)		7.822	08/01/30	5,489,236
		TOTAL CAPITAL GOODS				103,899,040

		COMMERCIAL & PROFESSIONAL SERVICES - 4.9%
9,140,604	(e)	Allied Universal Holdco LLC, Incremental Term Loan B, (TSFR1M + 3.750%)		8.174	05/15/28	9,160,987
2,700,163	(e)	Anticimex International AB, Term Loan B1, (SOFR90A + 3.150%)		7.490	11/16/28	2,706,914
4,030,070	(e),(g)	Anticimex International AB, Term Loan B6, (SOFR90A + 3.400%)		7.740	11/16/28	4,048,527
296,379	(e),(f)	Archkey Solutions LLC, Delayed Draw Term Loan B		0.000	11/03/31	297,799
4,322,398	(e)	CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)		7.938	06/02/28	4,313,905
4,860,969	(e)	Creative Artists Agency, LLC , First Lien Term Loan B, (TSFR1M + 2.750%)		7.074	10/01/31	4,870,764
4,408,448	(e)	Dun & Bradstreet Corporation (The), Term Loan, (TSFR1M + 2.250%)		6.574	01/18/29	4,407,764
2,520,303	(e)	Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)		7.291	08/01/29	2,532,451
3,347,000	(e)	First Advantage Holdings, LLC, Term Loan B, (TSFR1M + 3.250%)		7.574	10/31/31	3,357,459
6,438,897	(e)	Garda World Security Corporation, Term Loan B, (TSFR1M + 3.000%)		7.308	02/01/29	6,434,905
8,438,850	(e)	GFL Environmental Inc., Term Loan B, (TSFR3M + 2.000%)		6.305	07/03/31	8,442,521
3,600,000	(e),(h)	GFL Environmental Services Inc/ON, Term Loan, (TBD)		TBD	TBD	3,595,518
2,648,676	(e)	OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)		7.050	07/25/30	2,649,974
4,212,163	(e)	PG Investment Company 59 S.a r.l., Term Loan B, (TSFR3M + 3.000%)		7.329	03/24/31	4,228,822
1,569,211	(e)	Prime Security Services Borrower, LLC, First Lien Term Loan B, (TSFR1M + 2.000%)		6.313	10/15/30	1,568,277
1,715,000	(e),(h)	Win Waste Innovations Holdings Inc, Term Loan, (TBD)		TBD	TBD	1,715,000
14,662,845	(e)	WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)		7.188	03/27/28	14,525,381
2,079,787	(e)	XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%)		7.827	06/24/31	2,090,186
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES				80,947,154

		CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.3%
377,187	(e)	Academy, Ltd., Term Loan, (TSFR1M + 3.750%)		8.173	11/08/27	378,130
2,094,475	(e)	Barentz International B.V., Term Loan B2, (TSFR3M + 4.000%)		8.429	03/28/31	2,093,606
2,941,628	(e)	Belron Finance LLC, Term Loan B, (TSFR3M + 2.750%)		7.052	10/16/31	2,953,129
7,401,392	(e)	CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%)		6.802	11/08/32	7,392,141
3,188,853	(e)	Driven Holdings, LLC, Term Loan B, (TSFR1M + 3.000%)		7.438	12/18/28	3,200,812
3,488,247	(e)	EG Group Limited, Term Loan B, (TSFR3M + 4.250%)		8.563	02/07/28	3,516,275
2,446,863	(e)	EOS Finco Sarl, Term Loan, (TSFR6M + 6.000%)		10.285	10/09/29	1,055,210
1,409,016	(e)	Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)		7.326	06/17/31	1,408,008
6,508,688	(e)	Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)		6.820	06/09/31	6,493,750
1,631,800	(e)	LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M + 3.750%)		8.167	06/06/31	1,592,735
5,387,046	(e)	LBM Acquisition LLC, Term Loan B, (TSFR1M + 3.750%)		8.174	12/20/27	5,383,976
2,556,242	(e)	Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M + 2.500%)		6.819	04/23/31	2,556,242
920,000	(e),(g)	Leslie’s Poolmart, Inc., Term Loan B, (TSFR3M + 2.750%)		7.302	03/09/28	793,500


See Notes to Financial Statements		23

Portfolio of Investments February 28, 2025 (continued)

Floating Rate Income


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued)
$ 2,955,224	(e)	Mister Car Wash Holdings, Inc., Term Loan B, (TSFR3M + 2.750%)		7.041%	03/27/31	$ 2,968,419
8,517,410	(e)	PetSmart, Inc., Term Loan B, (TSFR1M + 3.750%)		8.174	02/14/28	8,497,607
546,691	(e)	Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)		6.938	10/20/28	539,759
3,230,903	(e)	White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)		7.574	10/31/29	3,224,844
		TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL				54,048,143

		CONSUMER DURABLES & APPAREL - 1.8%
8,625,263	(e)	AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M + 3.000%)		7.309	07/31/28	8,606,201
3,126,785	(e)	Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)		6.938	05/30/28	3,130,693
31,332	(e)	Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M + 7.500%)		11.943	06/29/28	29,436
2,500,000	(e)	Tempur Sealy International Inc., Term Loan B, (TSFR1M + 2.500%)		6.824	10/24/31	2,503,125
4,913,000	(e)	Varsity Brands, Inc., Term Loan B, (TSFR3M + 3.500%)		8.068	08/26/31	4,917,913
7,880,982	(e)	Weber-Stephen Products LLC, Term Loan B, (TSFR1M + 3.250%)		7.688	10/29/27	7,835,824
2,915,000	(e)	WH Borrower, LLC, Term Loan B, (TSFR3M + 4.750%)		9.072	02/20/32	2,925,203
		TOTAL CONSUMER DURABLES & APPAREL				29,948,395

		CONSUMER SERVICES - 8.4%
194,830	(e)	24 Hour Fitness Worldwide, Inc., Exit Delayed Draw Term Loan, (TSFR3M + 14.000%)		18.583	09/29/26	83,777
371,257	(e)	24 Hour Fitness Worldwide, Inc., Exit Term Loan, (TSFR3M + 5.000%), (cash 9.590%, PIK 5.000%)		9.590	12/29/25	141,698
3,600,000	(e),(h)	Allwyn Entertainment Financing US LLC, Term Loan, (TBD)		TBD	TBD	3,595,518
8,644,104	(e)	Alterra Mountain Company, Term Loan B, (TSFR1M + 2.750%)		7.074	08/17/28	8,671,117
3,107,895	(e)	Alterra Mountain Company, Term Loan B7, (TSFR1M + 3.000%)		7.324	05/31/30	3,121,508
8,007,774	(e),(g)	AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M + 7.000%)		11.320	01/04/29	8,156,479
3,985,013	(e)	Caesars Entertainment Inc., Term Loan B, (TSFR3M + 2.250%)		6.563	02/06/30	3,991,488
3,473,750	(e)	Caesars Entertainment Inc., Term Loan B1, (TSFR3M + 2.250%)		6.563	02/06/31	3,483,529
1,953,549	(e)	Carnival Corporation, Term Loan (2027), (TSFR1M + 2.000%)		6.318	08/09/27	1,956,606
2,145,711	(e)	Carnival Corporation, Term Loan (2028), (TSFR1M + 2.000%)		6.318	10/18/28	2,152,792
1,660,000	(e)	Catawba Nation Gaming Authority, Term Loan, (CME Term SOFR 1 Month + 4.750%)		9.303	12/16/31	1,676,600
900,000	(e),(h)	CE Intermediate I LLC, Term Loan, (TBD)		TBD	TBD	902,817
2,947,762	(e)	Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.750%)		7.076	05/24/30	2,972,081
15,405,345	(e)	ClubCorp Holdings, Inc., Term Loan B2, (TSFR3M + 5.000%)		9.590	09/18/26	15,513,953
8,432,000	(e)	Crown Finance US, Inc., Term Loan B, (TSFR1M + 5.250%)		9.559	12/02/31	8,422,008
2,500,000	(e),(h)	DK Crown Holdings Inc, Term Loan, (TBD)		TBD	TBD	2,495,313
3,124,914	(e)	Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.500%)		7.824	01/29/29	3,129,101
5,306,325	(e)	Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)		6.079	11/25/30	5,300,515
3,240,000	(e)	GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)		6.802	07/28/31	3,240,891
4,239,793	(e)	GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR3M + 2.750%)		7.079	10/31/29	4,251,388
4,061,033	(e)	IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%)		6.824	12/15/27	4,062,312
6,069,655	(e)	Light and Wonder International, Inc., Term Loan B2, (TSFR1M + 2.250%)		6.562	04/16/29	6,085,800
7,593,698	(e)	Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)		7.829	11/30/29	7,485,222
3,062,500	(e)	Playa Resorts Holding B.V., Term Loan B, (TSFR1M + 2.750%)		7.074	01/05/29	3,073,341
5,304,743	(e)	Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)		7.296	04/04/29	5,310,074
3,444,204	(e)	SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M + 2.000%)		6.324	12/04/31	3,439,899
1,810,900	(e)	Six Flags Entertainment Corporation, Term Loan B, (TSFR1M + 2.000%)		6.309	05/01/31	1,813,073
9,620,671	(e)	Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)		8.706	03/06/28	8,361,373
2,800,000	(e)	UFC Holdings, LLC, Term Loan B, (TSFR3M + 2.250%)		6.580	11/21/31	2,804,536
7,233,784	(e)	Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M + 2.750%)		7.074	01/30/31	7,222,318
5,953,448	(e)	William Morris Endeavor Entertainment, LLC, First Lien Term Loan, (TSFR1M + 2.750%)		7.188	05/16/25	5,963,688
		TOTAL CONSUMER SERVICES				138,880,815


24		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY	VALUE
		ENERGY - 1.7%
$ 2,562,500	(e)	Epic Crude Services, LP, Term Loan B, (TSFR3M + 3.000%)		7.302%	10/15/31	$ 2,574,851
16,419,564	(e)	Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M + 3.000%)		7.555	11/16/26	16,412,750
1,426,942	(e)	Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M + 3.250%)		7.543	12/21/28	1,428,726
2,082,228	(e),(g)	New Fortress Energy Inc, Term Loan, (TSFR3M + 5.000%)		9.291	10/30/28	1,971,027
3,973,196	(e)	TransMontaigne Operating Company L.P., Term Loan B, (TSFR1M + 3.250%)		7.574	11/17/28	4,002,994
1,172,531	(e)	Traverse Midstream Partners LLC, Term Loan, (TSFR3M + 3.000%)		7.291	02/16/28	1,179,860
		TOTAL ENERGY				27,570,208

		FINANCIAL SERVICES - 0.8%
2,793,000	(e)	AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)		7.074	07/30/31	2,804,786
1,845,000	(e)	AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%)		7.324	08/02/28	1,842,924
1,538,091	(e)	Aragorn Parent Corporation, Term Loan, (TSFR1M + 4.000%)		8.324	12/15/28	1,552,833
1,562,000	(e)	Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M + 3.250%)		7.542	12/03/31	1,565,421
1,777,219	(b),(e),(i)	Ditech Holding Corporation, Term Loan		0.000	06/30/25	178
167,786	(e)	Focus Financial Partners, LLC, Delayed Draw Term Loan, (N/A + TSFR1M + 2.438%)		4.599	09/15/31	167,677
1,562,214	(e)	Focus Financial Partners, LLC, Term Loan B8, (TSFR1M + 3.250%)		7.574	09/15/31	1,561,199
4,329,150	(e)	Kestra Advisor Services Holdings A, Inc., Repriced Term Loan, (TSFR3M + 3.000%)		7.291	03/24/31	4,327,224
		TOTAL FINANCIAL SERVICES				13,822,242

		FOOD, BEVERAGE & TOBACCO - 2.0%
5,265,572	(e)	8th Avenue Food & Provisions, Inc., First Lien Term Loan, (TSFR1M + 3.750%)		8.188	10/01/25	5,180,665
833,235	(e)	8th Avenue Food & Provisions, Inc., Incremental Term Loan, (TSFR1M + 4.750%)		9.188	10/01/25	818,132
1,311,696	(e)	Aspire Bakeries Holdings LLC, Term Loan, (TSFR1M + 4.250%)		8.574	12/23/30	1,319,894
2,576,390	(e)	CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)		7.438	12/08/28	2,582,831
138	(e)	City Brewing Company, LLC, First Lien Second Out PIK TL, (TSFR3M + 5.000%)		9.564	04/14/28	11
738,690	(e)	City Brewing Company, LLC, First Out New Money Term Loan, (TSFR3M + 6.250%)		10.814	04/05/28	376,732
1,933,009	(e)	City Brewing Company, LLC, FLFO Roll Up Term Loan, (TSFR3M + 3.500%)		8.064	04/05/28	985,834
191,140	(e)	City Brewing Company, LLC, PIK Super Priority Term Loan, (TSFR1M + 9.000%)		13.423	01/03/26	184,928
3,295,958	(e)	Fiesta Purchaser, Inc., First Lien Term Loan B, (TSFR1M + 3.250%)		7.574	02/12/31	3,298,447
7,475,888	(e)	Pegasus BidCo BV, Term Loan B, (TSFR3M + 3.250%)		7.573	07/12/29	7,494,578
1,370,690	(e),(g)	Savor Acquisition Inc, Term Loan, (CME Term SOFR 1 Month + 3.250%)		7.572	02/04/32	1,374,117
129,310	(e),(f),(h)	Savor Acquisition Inc, Term Loan, (TBD)		TBD	TBD	129,634
8,609,600	(e)	Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)		6.565	03/31/28	8,630,306
		TOTAL FOOD, BEVERAGE & TOBACCO				32,376,109

		HEALTH CARE EQUIPMENT & SERVICES - 8.3%
2,872,241	(e)	ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)		10.074	12/23/27	2,892,591
5,471,370	(e)	AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.750%)		7.074	08/24/28	5,503,870
11,774,145	(e),(g)	Bausch & Lomb Corporation, Term Loan, (TSFR1M + 3.250%)		7.674	05/10/27	11,752,069
1,175,000		Concentra Health Services Inc, Term Loan		6.324	07/28/31	1,180,875
1,012,462	(e)	Concentra Health Services Inc, Term Loan B, (TSFR1M + 2.250%)		6.574	07/28/31	1,017,525
3,158,579	(e)	Element Materials Technology Group US Holdings Inc., Term Loan, (TSFR3M + 3.750%)		8.079	06/25/29	3,180,784
1,985,000	(e),(h)	Eyecare Partners LLC, Term Loan, (TBD)		TBD	TBD	1,565,123
7,542,299	(e)	Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)		8.429	10/01/27	7,040,283
8,270,155	(e)	Global Medical Response, Inc., PIK Term Loan, (TSFR3M + 5.500%)		9.790	10/02/28	8,278,549
2,505,000	(e)	MedAssets Software Intermediate Holdings, Inc., First Out Term Loan, (TSFR1M + 4.000%)		8.320	12/17/28	2,441,473
16,084,679	(e)	Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%)		6.574	10/23/28	16,127,062
5,464,877	(e)	National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M + 3.750%)		8.176	03/02/28	5,369,241


See Notes to Financial Statements		25

Portfolio of Investments February 28, 2025 (continued)

Floating Rate Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HEALTH CARE EQUIPMENT & SERVICES (continued)
	$157,762	(e)	National Mentor Holdings, Inc., Term Loan C, (TSFR3M + 3.750%)		8.179%		03/02/28		$155,001
	1,268,975	(e)	Onex TSG Intermediate Corp., Term Loan B, (TSFR3M + 4.750%)		9.302		02/28/28		1,280,079
	3,891,592	(e)	Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.750%)		7.070		03/17/31		3,911,342
	13,511,251	(e)	Parexel International Corporation, Term Loan B, (TSFR1M + 2.500%)		6.824		11/15/28		13,546,921
	9,514,441	(e)	Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)		6.824		02/21/31		9,492,511
	1,716,944	(e)	Radiology Partners Inc, Extended Term Loan B, (TSFR3M + 2.500%), (cash 8.090%, PIK 1.500%)		4.795		01/31/29		1,688,838
	3,842,576	(e)	Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)		6.309		12/03/31		3,855,602
	313,000	(e)	Sound Inpatient Physicians, Tranche A Term Loan (First Out), (TSFR3M + 3.250%)		5.545		06/28/28		328,024
	2,460,662	(e)	Sound Inpatient Physicians, Tranche B Term Loan (Second Out), (TSFR3M + 2.500%), (cash 8.090%, PIK 1.500%)		4.795		06/28/28		2,305,332
	17,930,638	(e)	Surgery Center Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)		7.074		12/19/30		17,973,313
	7,541,923	(e)	Team Health Holdings, Inc., Term Loan B, (TSFR3M + 5.250%)		9.541		03/02/27		7,402,888
	3,888,600	(e)	Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)		8.324		10/29/31		3,939,152
	13,456	(b),(e)	Vyaire Medical, Inc., PIK Roll Up Term Loan		0.000		06/14/25		1
	303,385	(b),(e),(i)	Vyaire Medical, Inc., Term Loan B		0.000		04/16/25		30
	4,000,000	(e)	Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (TSFR1M + 3.250%)		7.574		11/26/31		3,991,100

			TOTAL HEALTH CARE EQUIPMENT & SERVICES						136,219,579


			INSURANCE - 6.2%
	5,151,161	(e)	Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)		7.324		11/06/30		5,155,205
	13,205,987	(e)	Alliant Holdings Intermediate, LLC, Term Loan B6, (TSFR1M + 2.750%)		7.072		09/19/31		13,200,638
	5,365,000	(e)	AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)		6.574		01/21/32		5,361,969
	10,644,563	(e)	AssuredPartners, Inc., Incremental Term Loan B5, (TSFR1M + 3.500%)		7.824		02/14/31		10,656,484
	701,866	(e)	Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)		8.674		08/21/28		702,140
	3,813,694	(e)	Asurion LLC, Term Loan B8, (TSFR1M + 3.250%)		7.688		12/23/26		3,813,332
	4,110,485	(e)	Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)		7.688		07/30/27		4,110,156
	22,345,324	(e),(g)	Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%)		7.324		06/16/31		22,369,457
	1,453,500	(e)	Evertec Group, LLC, Term Loan B, (TSFR1M + 2.750%)		7.074		10/15/30		1,464,401
	7,362,643	(e)	HUB International Limited, Term Loan B, (TSFR3M + 2.500%)		6.787		06/20/30		7,376,963
	11,025,189	(e)	Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.250%)		6.574		09/15/31		11,043,105
	8,323,819	(e)	Sedgwick Claims Management Services, Inc., Term Loan B, (TSFR3M + 3.000%)		7.313		07/31/31		8,337,221
	4,196,855	(e)	Truist Insurance Holdings LLC, Term Loan B, (TSFR3M + 2.750%)		7.079		05/06/31		4,201,576
	3,762,565	(e)	USI, Inc., Term Loan C, (TSFR3M + 2.250%)		6.579		09/27/30		3,753,648
	1,054,778	(e)	USI, Inc., Term Loan D, (TSFR3M + 2.250%)		6.579		11/23/29		1,052,637

			TOTAL INSURANCE						102,598,932


			MATERIALS - 4.8%
	3,239,164	(e)	Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)		7.072		08/19/30		3,248,072
	5,315,899	(e)	Ascend Performance Materials Operations LLC, Term Loan B, (TSFR6M + 4.750%)		9.095		08/27/26		2,745,263
	5,926,072	(e)	Berlin Packaging LLC, Term Loan B7, (TSFR1M + TSFR3M + 3.500%)		7.814		06/09/31		5,931,820
	5,967,130	(e)	Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.175%)		7.499		04/13/29		5,971,397
	3,825,000	(e)	CPC Acquisition Corp, Term Loan, (TSFR3M + 3.750%)		8.340		12/29/27		3,264,006
	6,313,569	(e)	Discovery Purchaser Corporation, Term Loan, (TSFR3M + 3.750%)		8.040		10/04/29		6,305,172
	3,575,000	(e),(h)	Fortis 333 Inc, Term Loan, (TBD)		TBD		TBD		3,582,829
	3,043,143	(e)	INEOS Quattro Holdings UK Ltd, First Lien Term Loan B, (TSFR1M + 4.250%)		8.674		03/29/29		2,982,280
	298,375	(e)	INEOS Quattro Holdings UK Ltd, Term Loan, (TSFR1M + 3.750%)		8.174		03/01/30		288,678
	1,144,000	(e)	INEOS Quattro Holdings UK Ltd, Term Loan B, (TSFR1M + 4.250%)		8.574		10/07/31		1,121,120
	1,181,094	(e)	Ineos US Finance LLC, First Lien Term Loan B, (TSFR1M + 3.000%)		7.324		02/07/31		1,165,905
	2,417,709	(e)	Ineos US Finance LLC, Term Loan B, (TSFR1M + 3.250%)		7.574		02/19/30		2,383,716
	6,907,561	(e)	Klockner-Pentaplast of America, Inc., Term Loan B, (TSFR6M + 4.725%)		9.227		02/09/26		6,508,476
	980,000	(e),(h)	Knife River Corp, Term Loan, (TBD)		TBD		TBD		981,534


26		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MATERIALS (continued)
	$3,824,263	(e),(g)	Lonza Group AG, Term Loan B, (TSFR3M + 3.925%)		8.354%		07/03/28		$3,681,541
	4,839,262	(e)	Nouryon Finance B.V., Term Loan B1, (TSFR3M + 3.250%)		7.553		04/03/28		4,871,032
	247,505	(e)	Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)		7.554		04/03/28		249,413
	3,410,461	(e)	Pactiv Evergreen Group Holdings Inc., Term Loan B4, (TSFR1M + 2.500%)		6.824		09/25/28		3,414,827
	535,000	(e)	Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)		8.188		08/03/26		512,263
	4,721,652	(e)	Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)		8.312		09/15/28		4,731,969
	4,550,612	(e)	SupplyOne, Inc, Term Loan B, (TSFR1M + 3.750%)		8.074		04/21/31		4,584,037
	3,598,309	(e)	TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)		7.688		03/03/28		3,596,869
	2,787,625	(e)	Tronox Finance LLC, Term Loan B1, (TSFR3M + 2.250%)		6.601		04/04/29		2,756,264
	310,577	(e),(f)	USALCO, LLC, Delayed Draw Term Loan		4.000		09/30/31		312,130
	3,014,423	(e)	USALCO, LLC, Term Loan B, (TSFR1M + 4.000%)		8.324		09/30/31		3,029,495

			TOTAL MATERIALS						78,220,108


			MEDIA & ENTERTAINMENT - 3.1%
	2,840,701	(e)	ABG Intermediate Holdings 2 LLC, First Lien Term Loan B, (TSFR1M + 2.250%)		6.574		12/21/28		2,840,204
	3,252,324	(e)	Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M + 4.250%)		8.805		10/28/27		3,250,876
	6,682,420	(e)	Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M + TSFR3M + 3.500%)		7.825		03/24/31		6,683,823
	3,119,325	(e)	Century De Buyer LLC, Term Loan B, (TSFR3M + 3.500%)		7.787		10/30/30		3,132,489
	262,642	(e)	Checkout Holding Corp., Exit Term Loan, (TSFR1M + 9.500%)		13.812		05/24/30		253,449
	9,429,401	(e)	Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M + 4.000%)		8.438		08/23/28		9,450,429
	1,656,703	(e)	CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)		7.929		06/18/29		1,532,152
	3,921,680	(e)	CSC Holdings, LLC, Term Loan B5, (LIBOR 6 M + 2.500%)		7.173		04/15/27		3,705,752
	8,144,636	(e),(g)	CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)		8.812		01/18/28		8,016,114
	980,244	(e)	DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.000%)		9.552		08/02/27		983,048
	1,677,206	(e)	Dotdash Meredith Inc, Term Loan, (TSFR1M + 3.500%)		7.809		12/01/28		1,689,785
	5,273,934	(e)	McGraw-Hill Global Education Holdings, LLC, Term Loan B, (TSFR3M + 3.250%)		7.552		08/06/31		5,309,771
	702,520	(e)	Mission Broadcasting, Inc., Term Loan B, (TSFR1M + 2.500%)		6.923		06/02/28		702,959
	5,155	(e)	NEP Group, Inc., Term Loan B, (TSFR3M + 2.375%), (cash 7.825%, PIK 1.500%)		4.662		08/19/26		4,788
	3,273,637	(e)	Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M + 3.000%)		7.321		02/10/31		3,284,277

			TOTAL MEDIA & ENTERTAINMENT						50,839,916


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%
	1,943,265	(e),(h)	Bausch Health Companies Inc., Term Loan B, (TBD)		TBD		TBD		1,935,376
	6,324,523	(e)	Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%)		6.574		05/05/28		6,338,342
	9,623,621	(e)	Organon & Co, Term Loan, (TSFR1M + 2.250%)		6.570		05/19/31		9,615,585
	1,846,629	(e)	Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)		6.324		04/20/29		1,851,245

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						19,740,548


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
	7,172,789	(e)	Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1, (TSFR1M + 2.750%)		7.074		01/31/30		7,172,789
	2,493,750	(e)	Cushman & Wakefield U.S. Borrower, LLC, Tranche 2 Incremental Term Loan, (TSFR1M + 3.250%)		7.574		01/31/30		2,504,136
	5,395,000	(e),(g)	Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)		7.938		12/08/25		5,242,942
	9,074,102	(e),(g)	Verifone Systems, Inc., First Lien Term Loan, (TSFR3M + 4.000%)		8.583		08/20/25		8,680,195

			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						23,600,062


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.5%
	8,843,000	(e)	Instructure Holdings, Inc., Term Loan, (TSFR3M + 3.000%)		7.315		11/13/31		8,830,399

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						8,830,399


			SOFTWARE & SERVICES - 15.2%
	981,693	(e)	Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 3.000%)		7.291		02/03/31		986,376
	1,883,000	(e)	Amentum Government Services Holdings LLC, Term Loan B, (TSFR1M + 2.250%)		6.574		09/29/31		1,859,462
	1,432,815	(e)	Applied Systems, Inc., First Lien Term Loan, (TSFR3M + 2.750%)		7.079		02/24/31		1,443,647
	517,155	(e)	Apttus Corporation, Term Loan B, (TSFR3M + 3.500%)		7.791		05/08/28		521,303
	6,076,126	(e)	Avaya, Inc., Exit Term Loan, (TSFR1M + 3.750%)		5.912		08/01/28		5,050,780


See Notes to Financial Statements		27

Portfolio of Investments February 28, 2025 (continued)

Floating Rate Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SOFTWARE & SERVICES (continued)
	$3,010,000	(e)	BCPE Pequod Buyer Inc, Term Loan B, (TSFR3M + 3.500%)		7.791%		11/25/31		$3,027,067
	13,562,010	(e)	Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)		6.291		01/31/31		13,585,744
	16,978,096	(e),(g)	Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)		7.291		07/30/31		16,965,957
	10,125,928	(e)	Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)		7.074		01/31/31		10,004,416
	3,937,000	(e),(h)	Clearwater Analytics LLC, Term Loan, (TBD)		TBD		TBD		3,939,461
	7,746,560	(e)	Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)		7.059		04/30/31		7,683,619
	6,500,000	(e),(h)	Cotiviti Inc, Term Loan, (TBD)		TBD		TBD		6,424,860
	8,000,000	(e)	Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)		7.535		10/09/31		7,986,800
	12,837,460	(e)	Epicor Software Corporation, Term Loan E, (TSFR1M + 2.750%)		7.074		05/30/31		12,893,303
	2,125,000	(e)	FNZ Group Services Ltd, Term Loan B, (TSFR3M + 5.000%)		9.291		11/05/31		2,041,339
	3,620,925	(e)	Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.750%)		8.074		06/27/31		3,626,592
	20,200,000	(e),(g)	Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M + 2.500%)		6.824		01/30/32		20,130,613
	2,067,927	(e)	IGT Holding IV AB, Term Loan B2, (SOFR90A + 3.400%)		7.942		03/29/28		2,078,267
	5,092,952	(e)	Informatica LLC, Term Loan B, (TSFR1M + 2.250%)		6.574		10/30/28		5,096,135
	4,308,000	(e)	Javelin Buyer, Inc., First Lien Term Loan, (TSFR3M + 3.250%)		7.563		12/08/31		4,332,232
	11,267,548	(e)	McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)		7.309		03/01/29		11,257,689
	10,107,175	(e)	Mitchell International, Inc., First Lien Term Loan, (TSFR1M + 3.250%)		7.574		06/17/31		10,051,282
	3,901,157	(e)	Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)		6.074		01/31/30		3,902,249
	3,114,350	(e)	Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)		9.074		03/24/31		2,963,833
	2,025,000	(e)	PointClickCare Technologies, Inc., Term Loan B, (TSFR3M + 3.250%)		7.579		11/03/31		2,032,594
	5,873,160	(e)	Press Ganey Holdings, Inc., First Lien Term Loan B, (TSFR1M + 3.250%)		7.574		04/30/31		5,872,250
	3,030,000	(e),(h)	Project Alpha Intermediate Holding Inc, Term Loan, (TBD)		TBD		TBD		3,045,317
	4,200,000	(e),(g)	Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%)		7.324		08/31/28		4,215,078
	3,712,845	(e)	Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%)		10.675		05/15/28		3,847,436
	7,779,726	(e)	Rackspace Finance, LLC, First Lien Second Out Term Loan, (TSFR1M + 2.750%)		7.175		05/15/28		4,496,020
	6,833,818	(e)	Rocket Software, Inc., Term Loan B, (TSFR1M + 4.250%)		8.574		11/28/28		6,864,331
	6,907,813	(e),(g)	Sophia, L.P., First Lien Term Loan B, (TSFR1M + 3.000%)		7.324		10/29/29		6,909,678
	882,699	(e)	SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)		6.324		05/09/31		885,082
	2,887,000	(e)	Surf Holdings, LLC, Incremental Term Loan, (TSFR1M + 3.500%)		7.938		03/05/27		2,898,591
	2,875,000	(e)	Synechron Inc, Term Loan B, (TSFR3M + 3.750%)		8.041		10/03/31		2,878,594
	4,064,644	(e)	Syniverse Holdings, Inc., Term Loan, (TSFR3M + 7.000%)		11.329		05/13/27		4,039,240
	2,530,278	(e)	Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M + 1.750%)		6.074		08/31/28		2,518,019
	2,054,850	(e)	Thunder Generation Funding LLC, Term Loan B, (TSFR3M + 3.000%)		7.329		10/03/31		2,063,326
	15,974,666	(e),(g)	UKG Inc., Term Loan B, (TSFR3M + 3.000%)		7.300		02/10/31		15,991,679
	5,369,465	(e)	Vision Solutions, Inc., Incremental Term Loan, (TSFR3M + 4.000%)		8.552		04/24/28		5,291,715
	4,812,938	(e)	VS Buyer, LLC, First Lien Term Loan B, (TSFR1M + 2.750%)		7.070		04/14/31		4,824,970
	3,078,198	(e)	West Corporation, Term Loan B3, (TSFR3M + 4.000%)		8.541		04/12/27		2,154,092
	2,884,000		X Corp, Term Loan		9.500		10/29/29		2,948,890
	1,679,000	(e),(h)	X Corp, Term Loan, (TBD)		TBD		TBD		1,676,448
	7,592,625	(e)	Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)		7.074		09/28/29		7,546,234

			TOTAL SOFTWARE & SERVICES						250,852,610


			TECHNOLOGY HARDWARE & EQUIPMENT - 3.5%
	41,438,723	(e),(g)	CommScope, Inc., Term Loan, (TSFR1M + 5.250%)		9.574		12/17/29		42,429,316
	10,866,027	(e)	Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)		7.050		12/03/29		10,855,867
	2,360,539	(e)	Ingram Micro Inc., Term Loan B, (TSFR3M + 2.750%)		7.077		09/22/31		2,378,986
	6,070,227	(e)	MLN US HoldCo LLC, First Lien Term Loan, (TSFR3M + 4.500%)		8.953		12/01/25		56,271
	3,526,591	(e)	MLN US HoldCo LLC, Second Out Term Loan, (Prime + 5.700%)		13.200		10/18/27		57,325
	1,377,946	(e)	Riverbed Technology, Inc., PIK Term Loan, (TSFR3M + 1.250%)		3.414		07/03/28		847,437

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						56,625,202


			TELECOMMUNICATION SERVICES - 6.4%
	1,837,179	(e)	Altice France S.A., Term Loan B12, (LIBOR 6 M + 3.688%)		8.370		02/02/26		1,607,991
	5,003,525	(e)	Altice France S.A., Term Loan B13, (LIBOR 3 M + 4.000%)		8.682		08/14/26		4,372,631
	1,460,188	(e)	Cablevision Lightpath LLC, Repriced Term Loan, (TSFR1M + 3.000%)		7.312		11/30/27		1,460,465


28		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TELECOMMUNICATION SERVICES (continued)
	$5,597,231	(e)	Cincinnati Bell, Inc., Term Loan B2, (TSFR1M + 2.750%)		7.074%		11/24/28	$	5,603,668
	4,797,182	(b),(e),(i)	Cyxtera DC Holdings, Inc., Term Loan B		0.000		05/01/25		26,384
	4,919,113	(e)	Digicel International Finance Limited, Term Loan, (TSFR3M + 7.500%), (cash 11.791%, PIK 1.500%)		11.791		05/27/27		4,902,954
	13,259,288	(e)	Frontier Communications Corp., Term Loan B, (TSFR6M + 2.500%)		6.792		07/01/31		13,342,158
	2,063,496	(e)	Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)		6.574		09/20/30		2,041,737
	6,187,486	(e)	Level 3 Financing Inc., Extended Term Loan B1, (TSFR1M + 6.560%)		10.884		04/16/29		6,261,396
	12,048,514	(e)	Level 3 Financing Inc., Extended Term Loan B2, (TSFR1M + 6.560%)		10.884		04/15/30		12,192,554
	11,700,149	(e),(g)	Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%)		6.788		04/15/30		11,005,569
	4,231,739	(e)	Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)		10.324		06/01/28		4,244,984
	4,722,463	(e),(g)	Numericable Group SA, Term Loan B11, (LIBOR 3 M + 2.750%)		7.432		07/31/25		4,095,768
	28,071,000	(e),(g)	Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%)		7.438		03/09/27		26,903,808
	7,371,072	(e)	Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)		6.926		04/28/28		7,267,214

			TOTAL TELECOMMUNICATION SERVICES						105,329,281


			TRANSPORTATION - 1.7%
	4,615,125	(e)	Air Canada, Term Loan B, (TSFR3M + 2.000%)		6.337		03/21/31		4,639,654
	2,780,487	(e)	American Airlines, Inc., Term Loan, (TSFR3M + 4.750%)		9.305		04/20/28		2,842,353
	2,602,573	(e)	Brown Group Holding, LLC, Incremental Term Loan B2, (TSFR1M + TSFR3M + 2.500%)		6.813		07/01/31		2,601,896
	417,025	(e)	Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)		6.824		07/01/31		417,070
	9,861,914	(e),(g)	KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)		6.824		09/25/31		9,820,543
	5,000,000	(e),(h)	Stonepeak Nile Parent LLC, Term Loan, (TBD)		TBD		TBD		4,989,850
	2,283,747	(e)	United Airlines, Inc., First Lien Term Loan B, (TSFR3M + 2.000%)		6.297		02/24/31		2,290,405

			TOTAL TRANSPORTATION						27,601,771


			UTILITIES - 2.4%
	4,586,000	(e),(h)	Cornerstone Generation LLC, Term Loan, (TBD)		TBD		TBD		4,606,064
	3,283,500	(e)	EFS Cogen Holdings I LLC, Term Loan B, (TSFR3M + 3.500%)		7.805		10/03/31		3,291,709
	1,497,870	(e)	Hamilton Projects Acquiror, LLC , Term Loan B, (TSFR1M + 3.000%)		7.324		05/30/31		1,503,367
	2,194,500	(e)	Kestrel Acquisition, LLC, Term Loan B, (TSFR3M + 3.500%)		7.829		11/06/31		2,204,101
	2,000,000	(e)	Long Ridge Energy LLC, Term Loan B, (TSFR1M + 4.500%)		8.814		02/19/32		1,988,750
	11,830,000	(e)	Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M + 2.500%)		6.818		12/15/31		11,864,011
	13,579,021	(e)	Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)		6.818		05/17/30		13,614,395

			TOTAL UTILITIES						39,072,397


			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $1,406,930,434)						1,398,700,522


SHARES			DESCRIPTION					VALUE

			WARRANTS - 0.0%

			TELECOMMUNICATION SERVICES - 0.0%
	4		Intelsat SA/Luxembourg						6

			TOTAL TELECOMMUNICATION SERVICES						6

			TRANSPORTATION - 0.0%
	1,071		ACBL HLDG CORP						49,801
	3,029		ACBL HLDG CORP						186,284
	11,952	(b)	American Commercial Barge Line LLC						2,988
	21,203	(b)	American Commercial Barge Line LLC						7,421

			TOTAL TRANSPORTATION						246,494

			TOTAL WARRANTS (Cost $603,807)						246,500

			TOTAL LONG-TERM INVESTMENTS (Cost $1,641,168,822)						1,615,784,619


See Notes to Financial Statements		29

Portfolio of Investments February 28, 2025 (continued)

Floating Rate Income

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%

2,859,986

(j)

State Street Navigator Securities Lending Government Money Market Portfolio

4.380%(k)

$ 2,859,986

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $2,859,986)

2,859,986

DESCRIPTION

RATE

VALUE

SHORT-TERM INVESTMENTS - 8.1%

INVESTMENT COMPANIES - 8.1%

134,144,085

BlackRock Liquidity Funds T-Fund

4.517(l)

134,144,085

TOTAL INVESTMENT COMPANIES

(Cost $134,144,085)

134,144,085

TOTAL SHORT-TERM INVESTMENTS

(Cost $134,144,085)

134,144,085

TOTAL INVESTMENTS - 106.5%

(Cost $1,778,172,893)

1,752,788,690

OTHER ASSETS & LIABILITIES, NET - (6.5)%

(106,589,458)

NET ASSETS - 100%

1,646,199,232


ETF		Exchange-Traded Fund
LIBOR		London Inter-Bank Offered Rate
M		Month
PIK		Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
SOFR90A		90 Day Average Secured Overnight Financing Rate
SPDR		Standard & Poor’s Depositary Receipt
TBD		Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.
TSFR1M		CME Term Secured Overnight Financing Rate 1 Month
TSFR3M		CME Term Secured Overnight Financing Rate 3 Month
TSFR6M		CME Term Secured Overnight Financing Rate 6 Month

(a)		Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)		For fair value measurement disclosure purposes, investment classified as Level 3.
(c)		Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $147,111,021 or 8.4% of Total Investments.
(d)		Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $2,741,372.
(e)		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(f)		Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(g)		Portion of investment purchased on a delayed delivery basis.
(h)		When-issued or delayed delivery security.
(i)		Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(j)		Investments made with cash collateral received from securities on loan.
(k)		The rate shown is the one-day yield as of the end of the reporting period.
(l)		The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.


30		See Notes to Financial Statements

Portfolio of Investments February 28, 2025

High Yield Income

(Unaudited)


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 98.0%

			$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 4.5%

			ENERGY - 1.8%
	$5,000,000	(a)	South Bow Canadian Infrastructure Holdings Ltd		7.625%		03/01/55	$	5,138,885
	7,360,000	(a),(b)	Venture Global LNG Inc		9.000		N/A		7,485,917

			TOTAL ENERGY						12,624,802


			TELECOMMUNICATION SERVICES - 1.3%
	3,675,000		Bell Telephone Co of Canada or Bell Canada		6.875		09/15/55		3,687,263
	5,000,000		Rogers Communications Inc		7.000		04/15/55		5,022,163

			TOTAL TELECOMMUNICATION SERVICES						8,709,426


			UTILITIES - 1.4%
	5,000,000	(a)	AltaGas Ltd		7.200		10/15/54		5,004,565
	5,000,000		PG&E Corp		7.375		03/15/55		4,941,574

			TOTAL UTILITIES						9,946,139


			TOTAL $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED (Cost $31,172,441)						31,280,367


SHARES			DESCRIPTION					VALUE


			COMMON STOCKS - 0.0%

			CONSUMER SERVICES - 0.0%
	86,730	(c)	24 Hour Fitness Worldwide Inc						2,602
	182,331	(c)	24 Hour Fitness Worldwide Inc						1,823

			TOTAL CONSUMER SERVICES						4,425

			TOTAL COMMON STOCKS (Cost $1,549,168)						4,425


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CORPORATE BONDS - 72.5%

			AUTOMOBILES & COMPONENTS - 2.1%
	2,000,000	(d)	Goodyear Tire & Rubber Co/The		5.625		04/30/33		1,841,779
	2,400,000	(a)	IHO Verwaltungs GmbH, (cash 6.375%, PIK 7.125%)		6.375		05/15/29		2,371,591
	4,000,000	(a)	IHO Verwaltungs GmbH		8.000		11/15/32		4,041,080
	4,350,000	(a)	Phinia Inc		6.625		10/15/32		4,374,786
	2,500,000	(a)	ZF North America Capital Inc		6.750		04/23/30		2,458,492

			TOTAL AUTOMOBILES & COMPONENTS						15,087,728


			CAPITAL GOODS - 1.6%
	1,505,000	(a)	Dcli Bidco LLC		7.750		11/15/29		1,571,222
	2,500,000	(a)	Efesto Bidco S.p.A Efesto US LLC		7.500		02/15/32		2,481,750
	1,255,000	(a)	Goat Holdco LLC		6.750		02/01/32		1,254,454
	2,440,000	(a)	Quikrete Holdings Inc		6.375		03/01/32		2,475,404
	1,500,000	(a)	TransDigm Inc		6.875		12/15/30		1,539,140
	1,600,000	(a),(e)	WESCO Distribution Inc		6.375		03/15/33		1,614,898

			TOTAL CAPITAL GOODS						10,936,868


			COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	3,750,000	(a)	RR Donnelley & Sons Co		9.500		08/01/29		3,845,216

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						3,845,216


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.3%
	1,883,345	(a)	Carvana Co, (cash 12.000%, PIK 12.000%)		9.000		12/01/28		1,950,811
	2,261,250	(a)	Carvana Co, (cash 13.000%, PIK 13.000%)		9.000		06/01/30		2,400,441
	1,000,000	(a)	Cougar JV Subsidiary LLC		8.000		05/15/32		1,058,631
	1,425,000	(a)	Group 1 Automotive Inc		6.375		01/15/30		1,450,523
	3,000,000		Kohl’s Corp		4.625		05/01/31		2,339,274
	1,485,000	(a)	LCM Investments Holdings II LLC		8.250		08/01/31		1,567,244
	2,850,000	(a),(d)	Macy’s Retail Holdings LLC		6.125		03/15/32		2,718,642
	8,015,000	(a)	Michaels Cos Inc/The		7.875		05/01/29		4,892,406
	2,315,000	(a)	Veritiv Operating Co		10.500		11/30/30		2,517,544
	2,000,000	(a)	Wayfair LLC		7.250		10/31/29		2,031,230

			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL						22,926,746


See Notes to Financial Statements		31

Portfolio of Investments February 28, 2025 (continued)

High Yield Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CONSUMER DURABLES & APPAREL - 2.1%
	$5,250,000	(a)	CD&R Smokey Buyer Inc		9.500%		10/15/29	$	5,158,125
	2,770,000	(a)	Champ Acquisition Corp		8.375		12/01/31		2,909,758
	1,750,000		Newell Brands Inc		6.625		09/15/29		1,782,998
	4,880,000	(a)	S&S Holdings LLC		8.375		10/01/31		4,864,461

			TOTAL CONSUMER DURABLES & APPAREL						14,715,342


			CONSUMER SERVICES - 2.2%
	2,760,000	(a),(d)	Caesars Entertainment Inc		6.000		10/15/32		2,691,339
	2,690,000	(a)	Life Time Inc		6.000		11/15/31		2,699,941
	1,500,000		MGM Resorts International		6.125		09/15/29		1,508,757
	3,370,000	(a),(d)	NCL Corp Ltd		6.250		03/01/30		3,385,640
	1,620,000	(a)	Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp		6.625		02/01/33		1,618,019
	3,525,000	(a),(d)	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp		6.250		03/15/33		3,517,131

			TOTAL CONSUMER SERVICES						15,420,827


			CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.7%
	1,835,000	(a),(e)	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC		6.250		03/15/33		1,857,884
	2,785,000	(a)	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC		6.500		02/15/28		2,837,363

			TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL						4,695,247


			ENERGY - 12.5%
	3,240,000	(a)	Archrock Partners LP / Archrock Partners Finance Corp		6.625		09/01/32		3,279,810
	5,500,000	(a)	Baytex Energy Corp		7.375		03/15/32		5,376,813
	2,800,000	(a)	Blue Racer Midstream LLC / Blue Racer Finance Corp		7.000		07/15/29		2,888,407
	3,939,024	(a)	Borr IHC Ltd / Borr Finance LLC		10.000		11/15/28		3,915,388
	7,450,000	(a)	Buckeye Partners LP		6.875		07/01/29		7,641,219
	3,335,000	(a)	CNX Resources Corp		7.250		03/01/32		3,415,967
	4,000,000	(a)	Coronado Finance Pty Ltd		9.250		10/01/29		4,047,792
	2,500,000	(a)	CQP Holdco LP / BIP-V Chinook Holdco LLC		5.500		06/15/31		2,422,632
	2,000,000	(a)	Delek Logistics Partners LP / Delek Logistics Finance Corp		8.625		03/15/29		2,096,566
	1,890,000	(a)	EQM Midstream Partners LP		6.375		04/01/29		1,938,454
	2,945,000		Genesis Energy LP / Genesis Energy Finance Corp		7.875		05/15/32		2,962,953
	2,035,000		Genesis Energy LP / Genesis Energy Finance Corp		8.000		05/15/33		2,055,421
	4,560,000	(a)	Global Partners LP / GLP Finance Corp		8.250		01/15/32		4,750,271
	3,790,000	(a)	Harvest Midstream I LP		7.500		05/15/32		3,972,511
	5,350,000	(a)	Hilcorp Energy I LP / Hilcorp Finance Co		8.375		11/01/33		5,590,488
	1,210,000	(a)	Matador Resources Co		6.250		04/15/33		1,188,891
	5,080,000	(a)	Noble Finance II LLC		8.000		04/15/30		5,133,416
	1,800,000	(a)	PBF Holding Co LLC / PBF Finance Corp		7.875		09/15/30		1,724,785
	2,000,000	(a)	Shelf Drilling Holdings Ltd		9.625		04/15/29		1,769,600
	1,700,000	(a)	Talos Production Inc		9.000		02/01/29		1,757,990
	2,475,000	(a)	Talos Production Inc		9.375		02/01/31		2,546,795
	2,290,000	(a)	TransMontaigne Partners LLC		8.500		06/15/30		2,323,130
	3,000,000	(a)	Transocean Inc		8.250		05/15/29		2,958,745
	5,685,000	(a)	USA Compression Partners LP / USA Compression Finance Corp		7.125		03/15/29		5,842,668
	3,000,000	(a)	Venture Global LNG Inc		9.875		02/01/32		3,281,044
	670,000	(a)	Venture Global LNG Inc		7.000		01/15/30		679,233
	1,725,000	(a)	Weatherford International Ltd		8.625		04/30/30		1,781,035

			TOTAL ENERGY						87,342,024


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.4%
	4,185,000	(a)	Iron Mountain Inc		6.250		01/15/33		4,209,160
	6,000,000	(d)	MPT Operating Partnership LP / MPT Finance Corp		5.000		10/15/27		5,399,770
	1,145,000	(a)	MPT Operating Partnership LP / MPT Finance Corp		8.500		02/15/32		1,174,875
	2,500,000	(a)	RHP Hotel Properties LP / RHP Finance Corp		6.500		04/01/32		2,532,531
	4,000,000	(a)	Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC		6.500		02/15/29		3,716,760

			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)						17,033,096


			FINANCIAL SERVICES - 8.7%
	4,800,000	(a)	Azorra Finance Ltd		7.750		04/15/30		4,876,953
	2,000,000	(a)	Block Inc		6.500		05/15/32		2,040,710
	5,000,000	(a)	Encore Capital Group Inc		8.500		05/15/30		5,261,670
	4,370,000	(a)	Freedom Mortgage Holdings LLC		8.375		04/01/32		4,370,000
	3,000,000	(a)	Hunt Cos Inc		5.250		04/15/29		2,887,480


32		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			FINANCIAL SERVICES (continued)
	$4,550,000		Icahn Enterprises LP / Icahn Enterprises Finance Corp		4.375%		02/01/29	$	3,912,875
	5,760,000		Icahn Enterprises LP / Icahn Enterprises Finance Corp		9.000		06/15/30		5,659,585
	6,525,000	(a)	Jane Street Group / JSG Finance Inc		6.125		11/01/32		6,550,812
	2,425,000	(a)	NCR Atleos Corp		9.500		04/01/29		2,647,249
	2,000,000		OneMain Finance Corp		4.000		09/15/30		1,799,506
	3,650,000		OneMain Finance Corp		6.625		05/15/29		3,720,427
	5,225,000	(a)	PennyMac Financial Services Inc		7.875		12/15/29		5,470,967
	4,365,000	(a)	Starwood Property Trust Inc		6.000		04/15/30		4,333,330
	2,560,000	(a)	UWM Holdings LLC		6.625		02/01/30		2,581,535
	3,500,000	(a),(d)	VistaJet Malta Finance PLC / Vista Management Holding Inc		6.375		02/01/30		3,158,073
	1,400,000	(a)	WEX Inc		6.500		03/15/33		1,401,612

			TOTAL FINANCIAL SERVICES						60,672,784


			FOOD, BEVERAGE & TOBACCO - 1.8%
	3,400,000	(a),(d)	Fiesta Purchaser Inc		9.625		09/15/32		3,586,650
	2,500,000	(a)	Post Holdings Inc		6.375		03/01/33		2,492,652
	6,460,000	(a)	Viking Baked Goods Acquisition Corp		8.625		11/01/31		6,290,454

			TOTAL FOOD, BEVERAGE & TOBACCO						12,369,756


			HEALTH CARE EQUIPMENT & SERVICES - 3.7%
	2,000,000	(a)	CHS/Community Health Systems Inc		6.125		04/01/30		1,304,738
	3,500,000	(a)	CHS/Community Health Systems Inc		10.875		01/15/32		3,580,395
	4,600,000	(a)	DaVita Inc		6.875		09/01/32		4,672,846
	6,063,804	(a)	Global Medical Response Inc, (cash 10.000%, PIK 10.000%)		10.000		10/31/28		6,063,804
	1,000,000	(a)	LifePoint Health Inc		11.000		10/15/30		1,100,436
	2,600,000	(a)	Molina Healthcare Inc		6.250		01/15/33		2,569,409
	4,000,000	(a)	Prime Healthcare Services Inc		9.375		09/01/29		3,787,565
	2,500,000	(a)	Star Parent Inc		9.000		10/01/30		2,616,778

			TOTAL HEALTH CARE EQUIPMENT & SERVICES						25,695,971


			INSURANCE - 2.0%
	4,100,000	(a)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer		6.500		10/01/31		4,109,615
	5,000,000	(a)	APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves		7.875		11/01/29		5,027,879
	2,085,000	(a)	Ardonagh Finco Ltd		7.750		02/15/31		2,147,845
	3,000,000	(a)	Panther Escrow Issuer LLC		7.125		06/01/31		3,087,216

			TOTAL INSURANCE						14,372,555


			MATERIALS - 2.7%
	1,690,000	(a)	Arsenal AIC Parent LLC		8.000		10/01/30		1,761,147
	1,850,000	(a)	EverArc Escrow Sarl		5.000		10/30/29		1,737,941
	3,850,000	(a)	Mineral Resources Ltd		8.000		11/01/27		3,891,053
	1,100,000	(a),(d)	Mineral Resources Ltd		8.500		05/01/30		1,111,762
	2,400,000	(a)	Mineral Resources Ltd		9.250		10/01/28		2,483,299
	1,935,000	(a)	NOVA Chemicals Corp		7.000		12/01/31		2,002,795
	1,565,000	(a)	Novelis Corp		3.250		11/15/26		1,518,248
	2,630,000	(a),(d)	Sealed Air Corp		6.500		07/15/32		2,695,432
	2,000,000	(a),(d)	Tronox Inc		4.625		03/15/29		1,789,773

			TOTAL MATERIALS						18,991,450


			MEDIA & ENTERTAINMENT - 9.0%
	7,325,000	(a)	Advantage Sales & Marketing Inc		6.500		11/15/28		6,937,242
	2,135,000	(a),(d)	AMC Entertainment Holdings Inc		7.500		02/15/29		1,804,077
	1,800,000	(a)	CCO Holdings LLC / CCO Holdings Capital Corp		4.250		01/15/34		1,508,886
	1,800,000	(a)	CCO Holdings LLC / CCO Holdings Capital Corp		4.500		06/01/33		1,556,068
	6,100,000		Charter Communications Operating LLC / Charter Communications Operating Capital		4.400		12/01/61		4,204,179
	3,800,000	(a)	CSC Holdings LLC		11.250		05/15/28		3,698,850
	5,500,000	(a)	CSC Holdings LLC		5.500		04/15/27		5,104,172
	3,000,000	(a)	Directv Financing LLC / Directv Financing Co-Obligor Inc		5.875		08/15/27		2,952,819
	10,500,000	(a)	DISH Network Corp		11.750		11/15/27		11,079,301
	1,525,000	(a)	Gray Media Inc		4.750		10/15/30		898,439
	7,450,000	(a)	LCPR Senior Secured Financing DAC		6.750		10/15/27		6,350,551
	2,400,000	(a)	McGraw-Hill Education Inc		7.375		09/01/31		2,454,506
	2,825,000	(a)	Sirius XM Radio LLC		4.125		07/01/30		2,537,258
	2,750,000	(a),(d)	Sirius XM Radio LLC		3.875		09/01/31		2,385,324


See Notes to Financial Statements		33

Portfolio of Investments February 28, 2025 (continued)

High Yield Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MEDIA & ENTERTAINMENT (continued)
	$2,000,000	(a)	Sunrise HoldCo IV BV		5.500%		01/15/28	$	1,972,600
	3,275,000	(a)	Univision Communications Inc		7.375		06/30/30		3,199,179
	4,100,000	(a)	Univision Communications Inc		8.500		07/31/31		4,087,354

			TOTAL MEDIA & ENTERTAINMENT						62,730,805


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9%
	2,500,000	(a),(d)	Bausch Health Cos Inc		5.750		08/15/27		2,378,125
	5,000,000	(a)	Bausch Health Cos Inc		6.125		02/01/27		4,818,750
	1,550,000	(a)	Bausch Health Cos Inc		9.000		12/15/25		1,542,250
	3,000,000	(a)	Grifols SA		4.750		10/15/28		2,835,832
	2,000,000	(a),(d)	Organon & Co / Organon Foreign Debt Co-Issuer BV		7.875		05/15/34		2,052,042

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						13,626,999


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
	8,522,400	(a),(d)	Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp		7.000		04/15/30		7,870,777
	1,800,000	(d)	Kennedy-Wilson Inc		5.000		03/01/31		1,630,278

			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						9,501,055


			SOFTWARE & SERVICES - 1.0%
	2,000,000	(a)	CA Magnum Holdings		5.375		10/31/26		1,975,431
	775,000	(a)	Cloud Software Group Inc		8.250		06/30/32		803,608
	580,000	(a)	Gen Digital Inc		6.250		04/01/33		580,713
	3,310,000	(a)	Rocket Software Inc		9.000		11/28/28		3,428,802

			TOTAL SOFTWARE & SERVICES						6,788,554


			TECHNOLOGY HARDWARE & EQUIPMENT - 1.5%
	6,800,000	(a)	CommScope LLC		9.500		12/15/31		7,080,500
	2,300,000	(a)	CommScope Technologies LLC		5.000		03/15/27		2,166,948
	1,350,000	(a)	Imola Merger Corp		4.750		05/15/29		1,298,743

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						10,546,191


			TELECOMMUNICATION SERVICES - 5.0%
	3,249,187		Digicel Intermediate Holdings Ltd / Digicel International Finance Ltd / Difl US, (cash 9.000%, PIK 3.000%)		12.000		05/25/27		3,265,433
	2,000,000		EchoStar Corp, (cash 6.750%, PIK 10.000%)		6.750		11/30/30		1,872,892
	3,000,000		EchoStar Corp		10.750		11/30/29		3,214,203
	5,000,000	(a)	Level 3 Financing Inc		3.750		07/15/29		3,850,000
	3,000,000	(a)	Lumen Technologies Inc		4.500		01/15/29		2,482,970
	3,000,000	(a)	Sable International Finance Ltd		7.125		10/15/32		2,940,000
	3,440,000	(a)	Windstream Escrow LLC / Windstream Escrow Finance Corp		8.250		10/01/31		3,556,186
	9,250,000	(a),(d)	Zayo Group Holdings Inc		4.000		03/01/27		8,726,084
	6,000,000	(a)	Zayo Group Holdings Inc		6.125		03/01/28		5,314,808

			TOTAL TELECOMMUNICATION SERVICES						35,222,576


			TRANSPORTATION - 3.6%
	3,200,000	(a)	Air Transport Services Group Inc		7.250		03/15/32		3,289,376
	14,500,000	(a)	Brightline East LLC		11.000		01/31/30		13,262,933
	3,367,000	(a)	Cargo Aircraft Management Inc		4.750		02/01/28		3,360,718
	5,200,000	(a),(d)	VistaJet Malta Finance PLC / Vista Management Holding Inc		9.500		06/01/28		5,199,379

			TOTAL TRANSPORTATION						25,112,406


			UTILITIES - 2.8%
	2,775,000	(a)	California Buyer Ltd / Atlantica Sustainable Infrastructure PLC		6.375		02/15/32		2,751,662
	4,000,000	(a)	ContourGlobal Power Holdings SA		6.750		02/28/30		4,020,600
	3,250,000	(a)	Ferrellgas LP / Ferrellgas Finance Corp		5.875		04/01/29		3,036,130
	2,190,000	(a)	NRG Energy Inc		6.000		02/01/33		2,165,141
	1,750,000	(a)	NRG Energy Inc		6.250		11/01/34		1,756,080
	3,000,000	(a)	Talen Energy Supply LLC		8.625		06/01/30		3,207,645
	2,300,000	(a)	Vistra Operations Co LLC		7.750		10/15/31		2,428,455

			TOTAL UTILITIES						19,365,713


			TOTAL CORPORATE BONDS (Cost $502,045,604)						506,999,909


34		See Notes to Financial Statements


SHARES			DESCRIPTION					VALUE


			EXCHANGE-TRADED FUNDS - 4.3%
	670,996	(d)	iShares Broad USD High Yield Corporate Bond ETF					$	25,128,800
	119,417		SPDR Blackstone Senior Loan ETF						4,979,689


			TOTAL EXCHANGE-TRADED FUNDS (Cost $30,006,592)						30,108,489


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			VARIABLE RATE SENIOR LOAN INTERESTS - 16.7%

			CAPITAL GOODS - 0.8%
	$2,970,075	(f)	Albion Financing 3 SARL, Term Loan B, (TSFR3M + 3.000%)		7.293%		08/02/29		2,980,277
	2,962,612	(f)	TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)		6.829		02/28/31		2,966,316

			TOTAL CAPITAL GOODS						5,946,593


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%
	2,686,500	(f)	Staples, Inc., Term Loan B, (TSFR3M + 5.750%)		10.041		09/10/29		2,533,705

			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL						2,533,705


			CONSUMER SERVICES - 2.4%
	203,444	(f)	24 Hour Fitness Worldwide, Inc., Exit Delayed Draw Term Loan, (TSFR3M + 14.000%)		18.583		09/29/26		87,481
	423,383	(f)	24 Hour Fitness Worldwide, Inc., Exit Term Loan, (TSFR3M + 5.000%), (cash 9.590%, PIK 5.000%)		9.590		12/29/25		161,592
	2,992,481	(f)	AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M + 7.000%)		11.320		01/04/29		3,048,052
	2,481,250	(f)	Caesars Entertainment Inc., Term Loan B1, (TSFR3M + 2.250%)		6.563		02/06/31		2,488,235
	3,491,250	(f)	Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.750%)		7.076		05/24/30		3,520,053
	2,500,000	(f)	Life Time Fitness Inc , Term Loan B, (TSFR3M + 2.500%)		6.796		11/05/31		2,505,313
	1,375,553	(f)	Light and Wonder International, Inc., Term Loan B2, (TSFR1M + 2.250%)		6.562		04/16/29		1,379,211
	3,990,000	(f)	Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)		7.829		11/30/29		3,933,003

			TOTAL CONSUMER SERVICES						17,122,940


			FOOD, BEVERAGE & TOBACCO - 0.5%
	3,599,718	(f)	Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)		6.565		03/31/28		3,608,375

			TOTAL FOOD, BEVERAGE & TOBACCO						3,608,375


			HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	2,971,702	(f)	ADMI Corp., Term Loan B2, (TSFR1M + 3.375%)		7.813		12/23/27		2,944,214
	1,786,259	(f)	Athenahealth Group, Inc., Term Loan B, (TSFR1M + 3.000%)		7.324		02/15/29		1,786,099
	2,244,375	(f)	Concentra Health Services Inc, Term Loan B, (TSFR1M + 2.250%)		6.574		07/28/31		2,255,597
	2,300,000	(f)	Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)		8.429		10/01/27		2,146,912
	5,054,344	(f)	Heartland Dental, LLC, Term Loan, (TSFR1M + 4.500%)		8.824		04/28/28		5,062,380
	2,705,281	(f)	Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%)		6.574		10/23/28		2,712,409
	2,225,672	(f)	Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)		6.824		02/21/31		2,220,542
	4,971,322	(f)	Team Health Holdings, Inc., Term Loan B, (TSFR3M + 5.250%)		9.541		03/02/27		4,879,675

			TOTAL HEALTH CARE EQUIPMENT & SERVICES						24,007,828


			INSURANCE - 1.3%
	2,216,037	(f)	Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)		7.324		11/06/30		2,217,777
	2,623,583	(f)	Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%)		7.324		06/16/31		2,626,416
	2,481,281	(f)	HUB International Limited, Term Loan B, (TSFR3M + 2.500%)		6.787		06/20/30		2,486,107
	1,777,590	(f)	USI, Inc., Term Loan C, (TSFR3M + 2.250%)		6.579		09/27/30		1,773,377

			TOTAL INSURANCE						9,103,677


			MEDIA & ENTERTAINMENT - 1.0%
	2,493,639	(f)	CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)		8.812		01/18/28		2,454,289
	2,000,000	(f)	Gray Television, Inc., Term Loan D, (TSFR1M + 3.000%)		7.423		12/01/28		1,811,070
	2,300,000	(f)	WideOpenWest Finance LLC, Super Priority First Out New Money Term Loan, (TSFR3M + 7.000%)		11.551		12/20/28		2,383,387

			TOTAL MEDIA & ENTERTAINMENT						6,648,746


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
	1,618,366	(f)	Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%)		6.574		05/05/28		1,621,902

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,621,902


See Notes to Financial Statements		35

Portfolio of Investments February 28, 2025 (continued)

High Yield Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SOFTWARE & SERVICES - 2.1%
$	3,383,520	(f)	Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)		7.059%		04/30/31	$	3,356,029
	4,039,875	(f)	McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)		7.309		03/01/29		4,036,340
	3,238,000	(f)	Sophia, L.P., First Lien Term Loan B, (TSFR1M + 3.000%)		7.324		10/29/29		3,238,874
	4,239,000		X Corp, Term Loan		9.500		10/29/29		4,334,378

			TOTAL SOFTWARE & SERVICES						14,965,621


			TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
	8,000,000	(e),(f)	CommScope, Inc., Term Loan, (TBD)		TBD		TBD		8,191,240

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						8,191,240


			TELECOMMUNICATION SERVICES - 2.5%
	1,989,848	(f)	Altice France S.A., Term Loan B12, (LIBOR 6 M + 3.688%)		8.370		02/02/26		1,741,614
	2,474,747	(f)	Altice France S.A., Term Loan B13, (LIBOR 3 M + 4.000%)		8.682		08/14/26		2,162,707
	2,300,000	(f)	Level 3 Financing Inc., Extended Term Loan B1, (TSFR1M + 6.560%)		10.884		04/16/29		2,327,473
	6,790,918	(f)	Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%)		6.788		04/15/30		6,387,775
	989,899	(f)	Numericable Group SA, Term Loan B11, (LIBOR 3 M + 2.750%)		7.432		07/31/25		858,534
	3,750,000	(f)	Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)		6.926		04/28/28		3,697,163

			TOTAL TELECOMMUNICATION SERVICES						17,175,266


			UTILITIES - 0.9%
	5,940,000	(f)	Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M + 2.500%)		6.818		12/15/31		5,957,078

			TOTAL UTILITIES						5,957,078


			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $116,959,490)						116,882,971


			TOTAL LONG-TERM INVESTMENTS (Cost $681,733,295)						685,276,161


SHARES			DESCRIPTION	RATE				VALUE


			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 6.1%
	42,699,202	(g)	State Street Navigator Securities Lending Government Money Market Portfolio		4.380 (h)				42,699,202


			TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $42,699,202)						42,699,202


SHARES			DESCRIPTION	RATE				VALUE


			SHORT-TERM INVESTMENTS - 2.1%

			INVESTMENT COMPANIES - 2.1%
	14,819,832		BlackRock Liquidity Funds T-Fund		4.517(i)				14,819,832


			TOTAL INVESTMENT COMPANIES (Cost $14,819,832)						14,819,832


			TOTAL SHORT-TERM INVESTMENTS (Cost $14,819,832)						14,819,832


			TOTAL INVESTMENTS - 106.2% (Cost $739,252,329)						742,795,195


			OTHER ASSETS & LIABILITIES, NET - (6.2)%						(43,533,649	)


			NET ASSETS - 100%					$	699,261,546


ETF		Exchange-Traded Fund
LIBOR		London Inter-Bank Offered Rate
M		Month
PIK		Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
SPDR		Standard & Poor’s Depositary Receipt
TBD		Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.
TSFR1M		CME Term Secured Overnight Financing Rate 1 Month
TSFR3M		CME Term Secured Overnight Financing Rate 3 Month


36		See Notes to Financial Statements

Portfolio of Investments February 28, 2025

Preferred Securities and Income

(Unaudited)


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 98.1%

			$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 50.2%

			AUTOMOBILES & COMPONENTS - 1.3%
	$21,979,000	(a),(b)	General Motors Financial Co Inc		5.700%		N/A	$	21,282,219
	43,118,000	(b)	General Motors Financial Co Inc		5.750		N/A		41,947,532

			TOTAL AUTOMOBILES & COMPONENTS						63,229,751


			BANKS - 17.8%
	8,030,000	(b)	Bank of America Corp		5.875		N/A		8,076,791
	26,726,000	(b)	Bank of America Corp		6.300		N/A		26,973,376
	6,780,000	(a),(b)	Bank of America Corp		4.375		N/A		6,595,145
	17,716,000		Bank of Montreal		7.700		05/26/84		18,218,088
	32,675,000		Bank of Montreal		7.300		11/26/84		33,011,487
	10,255,000		Bank of Nova Scotia/The		8.000		01/27/84		10,682,705
	18,224,000	(b)	Citigroup Inc		7.000		N/A		19,166,983
	34,157,000	(b)	Citigroup Inc		7.125		N/A		34,876,585
	13,777,000	(b)	Citigroup Inc		6.250		N/A		13,904,864
	31,871,000	(b)	Citigroup Inc		7.625		N/A		33,400,107
	9,885,000	(a),(b)	Citigroup Inc		7.375		N/A		10,255,302
	11,994,000	(b)	Citigroup Inc		4.150		N/A		11,617,872
	44,701,000	(b)	Citigroup Inc		5.950		N/A		44,676,991
	17,365,000	(b)	Citizens Financial Group Inc		4.000		N/A		16,717,353
	3,846,000	(b),(c)	Citizens Financial Group Inc (TSFR3M + 3.419%)		7.715		N/A		3,848,854
	6,770,000	(b),(d)	Farm Credit Bank of Texas		6.200		N/A		6,634,600
	14,665,000	(b),(d)	Farm Credit Bank of Texas		5.700		N/A		14,501,145
	7,016,000	(b),(c)	Fifth Third Bancorp (TSFR3M + 3.295%)		7.623		N/A		6,982,923
	10,336,000	(b)	Fifth Third Bancorp		4.500		N/A		10,227,141
	20,174,000	(a),(b),(c)	First Citizens BancShares Inc/NC (TSFR3M + 4.234%)		8.592		N/A		20,798,345
	26,515,000	(b)	Huntington Bancshares Inc/OH		5.625		N/A		26,210,815
	68,116,000	(a),(b)	JPMorgan Chase & Co		6.875		N/A		71,522,822
	4,657,000	(b)	JPMorgan Chase & Co		3.650		N/A		4,545,371
	33,799,000	(b)	JPMorgan Chase & Co		6.500		N/A		34,580,715
	6,491,000	(b)	KeyCorp		5.000		N/A		6,407,536
	14,785,000	(a),(b)	M&T Bank Corp		3.500		N/A		14,075,888
	5,323,000	(a),(b)	M&T Bank Corp		5.125		N/A		5,279,511
	14,835,000	(b)	PNC Financial Services Group Inc/The		6.000		N/A		14,794,036
	16,330,000	(b)	PNC Financial Services Group Inc/The		3.400		N/A		15,499,905
	6,555,000	(b)	PNC Financial Services Group Inc/The		6.200		N/A		6,634,807
	8,444,000	(a),(b)	PNC Financial Services Group Inc/The		5.000		N/A		8,414,003
	45,844,000	(b)	PNC Financial Services Group Inc/The		6.250		N/A		46,020,087
	14,102,000	(b)	Regions Financial Corp		5.750		N/A		14,069,328
	20,719,000		Toronto-Dominion Bank/The		8.125		10/31/82		21,566,034
	48,536,000	(b)	Truist Financial Corp		6.669		N/A		48,305,600
	24,314,000	(b)	Truist Financial Corp		5.100		N/A		23,719,596
	2,988,000	(a),(b)	US Bancorp		5.300		N/A		2,951,653
	39,036,000	(b)	Wells Fargo & Co		3.900		N/A		38,281,282
	44,179,000	(b)	Wells Fargo & Co		6.850		N/A		45,628,946
	36,382,000	(b)	Wells Fargo & Co		5.875		N/A		36,341,016
	24,750,000	(a),(b)	Wells Fargo & Co		7.625		N/A		26,317,885
	6,580,000		Wells Fargo & Co		7.950		11/15/29		7,416,721

			TOTAL BANKS						869,750,214


			CAPITAL GOODS - 1.8%
	20,599,000	(d)	AerCap Global Aviation Trust		6.500		06/15/45		20,636,674
	11,955,000	(b)	Air Lease Corp		4.650		N/A		11,735,020
	5,586,000	(b)	Air Lease Corp		4.125		N/A		5,356,964
	13,564,000	(d)	ILFC E-Capital Trust I		6.149		12/21/65		11,481,678
	43,963,000	(d)	ILFC E-Capital Trust I		6.399		12/21/65		37,536,519

			TOTAL CAPITAL GOODS						86,746,855


			ENERGY - 2.4%
	4,735,000		Enbridge Inc		5.500		07/15/77		4,620,696
	14,306,000		Enbridge Inc		5.750		07/15/80		13,946,764
	12,755,000		Enbridge Inc		7.625		01/15/83		13,363,528


38		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			ENERGY (continued)
	$2,874,000	(a),(b)	Energy Transfer LP		6.625%		N/A	$	2,858,342
	20,423,000	(b)	Energy Transfer LP		7.125		N/A		20,759,326
	11,442,000	(b)	Energy Transfer LP		6.500		N/A		11,459,083
	5,335,000		Energy Transfer LP		8.000		05/15/54		5,672,647
	8,380,000	(d)	South Bow Canadian Infrastructure Holdings Ltd		7.500		03/01/55		8,635,067
	31,347,000		Transcanada Trust		5.600		03/07/82		29,311,914
	4,125,000		Transcanada Trust		5.875		08/15/76		4,096,616

			TOTAL ENERGY						114,723,983


			FINANCIAL SERVICES - 8.0%
	17,895,000		AerCap Ireland Capital DAC / AerCap Global Aviation Trust		6.950		03/10/55		18,442,087
	12,383,000	(b)	Air Lease Corp		6.000		N/A		12,142,302
	14,202,000	(b)	Ally Financial Inc		4.700		N/A		13,755,479
	19,925,000	(a),(b)	Ally Financial Inc		4.700		N/A		18,086,924
	20,885,000	(b),(d)	American AgCredit Corp		5.250		N/A		20,467,302
	13,930,000	(b)	American Express Co		3.550		N/A		13,498,339
	7,300,000	(a),(b)	Bank of New York Mellon Corp/The		4.700		N/A		7,271,840
	13,295,000	(b),(d)	Capital Farm Credit ACA		5.000		N/A		12,962,625
	11,655,000	(a),(b)	Capital One Financial Corp		3.950		N/A		11,255,027
	12,201,000	(b)	Charles Schwab Corp/The		5.375		N/A		12,204,623
	20,975,000	(b)	Charles Schwab Corp/The		4.000		N/A		20,470,044
	3,955,000		Citigroup Capital III		7.625		12/01/36		4,434,198
	6,700,000	(b),(d)	Compeer Financial ACA		4.875		N/A		6,465,511
	5,000,000	(a),(b)	Discover Financial Services		5.500		N/A		4,883,425
	8,108,000	(b)	Discover Financial Services		6.125		N/A		8,102,842
	28,868,000	(b)	Goldman Sachs Group Inc/The		7.379		N/A		29,081,941
	12,486,000	(b)	Goldman Sachs Group Inc/The		5.300		N/A		12,432,165
	26,992,000	(b)	Goldman Sachs Group Inc/The		6.850		N/A		27,541,125
	33,489,000	(a),(b)	Goldman Sachs Group Inc/The		6.125		N/A		33,154,559
	36,382,000	(b)	Goldman Sachs Group Inc/The		7.500		N/A		38,124,079
	20,175,000	(b)	Goldman Sachs Group Inc/The		7.500		N/A		21,375,978
	18,005,000	(b)	State Street Corp		6.700		N/A		18,409,410
	26,248,000	(b)	Voya Financial Inc		7.758		N/A		27,585,519

			TOTAL FINANCIAL SERVICES						392,147,344


			FOOD, BEVERAGE & TOBACCO - 2.9%
	13,835,000	(b),(d)	Dairy Farmers of America Inc		7.125		N/A		13,281,600
	39,310,000	(b),(d)	Land O’ Lakes Inc		8.000		N/A		36,612,501
	64,838,000	(b),(d)	Land O’ Lakes Inc		7.250		N/A		54,812,145
	46,071,000	(b),(d)	Land O’ Lakes Inc		7.000		N/A		37,794,345

			TOTAL FOOD, BEVERAGE & TOBACCO						142,500,591


			HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	7,648,000		CVS Health Corp		6.750		12/10/54		7,647,551
	4,343,000		CVS Health Corp		7.000		03/10/55		4,382,235

			TOTAL HEALTH CARE EQUIPMENT & SERVICES						12,029,786


			INSURANCE - 8.7%
	7,115,000		Aegon Ltd		5.500		04/11/48		7,096,541
	7,025,000		American International Group Inc		5.750		04/01/48		6,948,914
	51,650,000		Assurant Inc		7.000		03/27/48		52,742,218
	64,240,000	(d)	Assured Guaranty Municipal Holdings Inc		6.400		12/15/66		59,148,659
	19,875,000		AXIS Specialty Finance LLC		4.900		01/15/40		18,788,459
	22,597,000		Corebridge Financial Inc		6.375		09/15/54		22,567,237
	14,288,000		Enstar Finance LLC		5.500		01/15/42		13,898,499
	8,804,000		Enstar Finance LLC		5.750		09/01/40		8,754,911
	5,830,000	(d)	Fidelis Insurance Holdings Ltd		6.625		04/01/41		5,793,855
	4,531,000	(a),(b)	MetLife Inc		5.875		N/A		4,561,494
	7,425,000	(b)	MetLife Inc		3.850		N/A		7,353,997
	24,448,000	(d)	MetLife Inc		9.250		04/08/38		29,069,381
	14,051,000		PartnerRe Finance B LLC		4.500		10/01/50		13,022,519
	21,542,000		Provident Financing Trust I		7.405		03/15/38		23,017,448
	8,234,000		Prudential Financial Inc		5.125		03/01/52		7,837,157
	13,400,000		Prudential Financial Inc		6.500		03/15/54		13,728,005
	4,636,000		Prudential Financial Inc		5.375		05/15/45		4,616,991


See Notes to Financial Statements		39

Portfolio of Investments February 28, 2025 (continued)

Preferred Securities and Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			INSURANCE (continued)
	$15,606,000	(b),(d)	QBE Insurance Group Ltd		5.875%		N/A	$	15,558,748
	55,463,000	(b),(d)	SBL Holdings Inc		6.500		N/A		51,476,453
	61,624,000	(b),(d)	SBL Holdings Inc		7.000		N/A		60,298,690

			TOTAL INSURANCE						426,280,176


			MEDIA & ENTERTAINMENT - 0.4%
	8,767,000	(b),(d)	Farm Credit Bank of Texas		7.750		N/A		9,181,696
	10,628,000		Paramount Global		6.375		03/30/62		10,326,062

			TOTAL MEDIA & ENTERTAINMENT						19,507,758


			TELECOMMUNICATION SERVICES - 1.3%
	14,843,000		Bell Telephone Co of Canada or Bell Canada		7.000		09/15/55		14,900,309
	17,730,000		Rogers Communications Inc		7.125		04/15/55		17,834,199
	9,350,000		Vodafone Group PLC		4.125		06/04/81		8,404,561
	22,509,000		Vodafone Group PLC		7.000		04/04/79		23,146,718

			TOTAL TELECOMMUNICATION SERVICES						64,285,787


			UTILITIES - 5.4%
	13,450,000	(d)	AES Andes SA		6.350		10/07/79		13,424,714
	5,575,000	(d)	AES Andes SA		8.150		06/10/55		5,781,063
	6,473,000		AES Corp/The		7.600		01/15/55		6,604,855
	7,093,000	(d)	AltaGas Ltd		7.200		10/15/54		7,099,476
	11,494,000		American Electric Power Co Inc		3.875		02/15/62		10,947,014
	10,244,000		CMS Energy Corp		6.500		06/01/55		10,146,735
	6,574,000		Dominion Energy Inc		7.000		06/01/54		6,936,206
	8,455,000		Duke Energy Corp		6.450		09/01/54		8,531,525
	13,579,000	(b)	Edison International		5.000		N/A		12,418,563
	14,247,000	(b)	Edison International		5.375		N/A		13,679,086
	35,009,000		Emera Inc		6.750		06/15/76		35,288,792
	18,153,000		Entergy Corp		7.125		12/01/54		18,545,831
	11,121,000		EUSHI Finance Inc		7.625		12/15/54		11,632,844
	15,071,000		NextEra Energy Capital Holdings Inc		6.750		06/15/54		15,447,670
	10,443,000		PG&E Corp		7.375		03/15/55		10,320,970
	12,730,000	(b)	Sempra		4.875		N/A		12,645,343
	14,485,000		Sempra		6.550		04/01/55		14,064,085
	11,762,000		Sempra		4.125		04/01/52		11,112,064
	10,626,000		Southern Co/The		4.000		01/15/51		10,497,706
	3,395,000	(b),(d)	Vistra Corp		8.000		N/A		3,491,197
	5,900,000	(b),(d)	Vistra Corp		7.000		N/A		5,997,085
	17,517,000	(b),(d)	Vistra Corp		8.875		N/A		18,762,511

			TOTAL UTILITIES						263,375,335


			TOTAL $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED (Cost $2,412,685,742)						2,454,577,580


SHARES			DESCRIPTION	RATE				VALUE


			$25 PAR (OR SIMILAR) RETAIL PREFERRED - 10.2%

			BANKS - 1.4%
	486,433		Fifth Third Bancorp		8.296				12,710,494
	280,000		Huntington Bancshares Inc/OH		7.264				6,987,344
	1,355,330		KeyCorp		6.200				33,951,017
	285,287		KeyCorp		6.125				7,212,055
	302,269		Regions Financial Corp		5.700				7,396,523

			TOTAL BANKS						68,257,433


			CAPITAL GOODS - 0.2%
	271,800		WESCO International Inc		10.625				7,031,466

			TOTAL CAPITAL GOODS						7,031,466


			FINANCIAL SERVICES - 2.6%
	558,300		Equitable Holdings Inc		5.250				11,981,118
	518,768		Morgan Stanley		6.375				13,088,516
	1,344,835		Morgan Stanley		5.850				33,432,598
	870,125		Morgan Stanley		6.625				22,692,860
	242,300		Morgan Stanley		6.500				6,214,995
	322,188		Morgan Stanley		6.875				8,170,688


40		See Notes to Financial Statements


SHARES			DESCRIPTION	RATE				VALUE


			FINANCIAL SERVICES (continued)
	350,835		Synchrony Financial		5.625%			$	6,760,590
	1,058,054		Voya Financial Inc		5.350				26,525,414

			TOTAL FINANCIAL SERVICES						128,866,779


			FOOD, BEVERAGE & TOBACCO - 1.3%
	193,870		CHS Inc		7.875				5,147,249
	1,451,502		CHS Inc		7.100				37,289,086
	528,896		CHS Inc		6.750				13,529,160
	44,881		CHS Inc		7.500				1,154,788
	79,800	(d)	Dairy Farmers of America Inc		7.875				7,740,600

			TOTAL FOOD, BEVERAGE & TOBACCO						64,860,883


			INSURANCE - 4.6%
	504,425	(a)	American National Group Inc		7.375				13,205,847
	1,153,711		American National Group Inc		6.625				28,865,849
	603,290		Aspen Insurance Holdings Ltd		5.625				12,156,294
	363,750		Aspen Insurance Holdings Ltd		7.125				9,304,725
	191,504		Assurant Inc		5.250				3,864,551
	396,416		Athene Holding Ltd		6.375				10,013,468
	540,503		Athene Holding Ltd		7.750				14,182,799
	1,006,376		Athene Holding Ltd		6.350				25,320,420
	1,550,528		Delphi Financial Group Inc		7.775				37,290,198
	1,208,861		Enstar Group Ltd		7.000				25,434,435
	398,900		Maiden Holdings North America Ltd		7.750				6,633,707
	23,571		PartnerRe Ltd		4.875				394,814
	769,930		Reinsurance Group of America Inc		5.750				19,024,970
	556,200		Reinsurance Group of America Inc		7.125				14,527,944
	221,929		Selective Insurance Group Inc		4.600				3,976,968

			TOTAL INSURANCE						224,196,989


			TELECOMMUNICATION SERVICES - 0.1%
	314,900		AT&T Inc		4.750				6,275,957

			TOTAL TELECOMMUNICATION SERVICES						6,275,957


			TOTAL $25 PAR (OR SIMILAR) RETAIL PREFERRED (Cost $518,985,216)						499,489,507


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CORPORATE BONDS - 36.1%

			BANKS - 29.1%
	$25,782,000	(b)(e)	Banco Bilbao Vizcaya Argentaria SA		6.125		N/A		24,780,141
	17,200,000	(a),(b)(e)	Banco Bilbao Vizcaya Argentaria SA		7.750		N/A		17,257,930
	44,883,000	(b)(e)	Banco Bilbao Vizcaya Argentaria SA		9.375		N/A		49,439,836
	10,700,000	(a),(b),(d)(e)	Banco Mercantil del Norte SA/Grand Cayman		7.500		N/A		10,610,823
	16,450,000	(b),(d)(e)	Banco Mercantil del Norte SA/Grand Cayman		7.625		N/A		16,481,518
	27,655,400	(b),(d)(e)	Banco Mercantil del Norte SA/Grand Cayman		8.750		N/A		27,660,172
	63,600,000	(a),(b)(e)	Banco Santander SA		9.625		N/A		73,632,518
	15,435,000	(b)(e)	Banco Santander SA		4.750		N/A		14,865,052
	34,800,000	(b)(e)	Banco Santander SA		8.000		N/A		36,846,623
	86,433,000	(b)(e)	Barclays PLC		9.625		N/A		96,016,950
	12,101,000	(b)(e)	Barclays PLC		7.625		N/A		12,124,721
	31,020,000	(b)(e)	Barclays PLC		8.000		N/A		32,301,219
	10,567,000	(b)(e)	Barclays PLC		6.125		N/A		10,579,554
	38,013,000	(a),(b),(d)(e)	BNP Paribas SA		8.500		N/A		40,201,979
	24,811,000	(b),(d)(e)	BNP Paribas SA		9.250		N/A		26,621,558
	64,308,000	(b),(d)(e)	BNP Paribas SA		7.750		N/A		66,742,572
	8,861,000	(b),(d)(e)	BNP Paribas SA		7.000		N/A		8,993,011
	12,326,000	(b),(d)(e)	BNP Paribas SA		7.375		N/A		12,453,956
	44,789,000	(b),(d)(e)	BNP Paribas SA		8.000		N/A		47,199,007
	61,179,000	(a),(b),(d)(e)	Credit Agricole SA		6.700		N/A		59,708,661
	27,374,000	(b),(d)(e)	Credit Agricole SA		8.125		N/A		27,955,697
	40,169,000	(b)(e)	HSBC Holdings PLC		6.000		N/A		39,962,282


See Notes to Financial Statements		41

Portfolio of Investments February 28, 2025 (continued)

Preferred Securities and Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			BANKS (continued)
	$26,462,000	(a),(b)(e)	HSBC Holdings PLC		6.500%		N/A	$	26,644,429
	23,395,000	(b)(e)	HSBC Holdings PLC		6.875		N/A		23,518,479
	38,874,000	(a),(b)(e)	HSBC Holdings PLC		6.950		N/A		39,228,725
	14,612,000	(b)(e)	HSBC Holdings PLC		6.950		N/A		14,634,502
	38,510,000	(a),(b)(e)	HSBC Holdings PLC		8.000		N/A		40,576,601
	20,185,000	(b)(e)	ING Groep NV, Reg S		7.500		N/A		20,790,550
	29,400,000	(b)(e)	ING Groep NV		6.500		N/A		29,425,813
	46,559,000	(b)(e)	ING Groep NV		5.750		N/A		46,449,740
	29,565,000	(b),(d)(e)	Intesa Sanpaolo SpA		7.700		N/A		29,535,520
	31,560,000	(b)(e)	Lloyds Banking Group PLC		7.500		N/A		31,854,518
	46,407,000	(a),(b)(e)	Lloyds Banking Group PLC		8.000		N/A		48,629,292
	9,585,000	(a),(b)(e)	Lloyds Banking Group PLC		6.750		N/A		9,276,295
	8,366,000	(b)(e)	NatWest Group PLC		6.000		N/A		8,374,770
	22,494,000	(b)(e)	NatWest Group PLC		8.000		N/A		22,712,709
	49,300,000	(b)(e)	NatWest Group PLC		8.125		N/A		52,492,471
	16,844,000	(a),(b)(e)	NatWest Group PLC		7.300		N/A		16,834,310
	19,767,000	(a),(b),(d)(e)	Nordea Bank Abp		6.300		N/A		19,165,062
	14,535,000	(b),(d)(e)	Nordea Bank Abp		6.625		N/A		14,644,667
	54,126,000	(b),(d)(e)	Societe Generale SA		10.000		N/A		59,110,301
	31,175,000	(b),(d)(e)	Societe Generale SA		8.500		N/A		32,638,510
	45,240,000	(b),(d)(e)	Societe Generale SA		9.375		N/A		48,158,568
	25,875,000	(b),(d)(e)	Standard Chartered PLC		7.750		N/A		26,799,772
	5,986,000	(b),(d)(e)	Standard Chartered PLC		6.000		N/A		5,980,048

			TOTAL BANKS						1,419,911,432


			ENERGY - 1.3%
	55,192,000		Enbridge Inc		8.500		01/15/84		61,174,592

			TOTAL ENERGY						61,174,592


			FINANCIAL SERVICES - 5.5%
	49,069,000	(f)	Credit Suisse Group AG		0.000		01/17/72		5,152,245
	62,450,000	(f)	Credit Suisse Group AG		7.250		03/12/72		6,557,250
	12,260,000	(f)	Credit Suisse Group AG		6.380		02/21/72		1,287,300
	8,421,000	(f)	Credit Suisse Group AG		5.250		02/11/72		884,205
	61,301,000	(f)	Credit Suisse Group AG		7.500		06/11/72		6,436,605
	36,075,000	(f)	Credit Suisse Group AG		7.500		01/17/72		3,787,875
	24,000,000	(b)(e)	Deutsche Bank AG, Reg S		4.789		N/A		23,940,000
	11,000,000	(b)(e)	Deutsche Bank AG		7.500		N/A		10,996,421
	59,519,000	(b)(e)	Deutsche Bank AG		6.000		N/A		59,336,336
	30,187,000	(b)(e)	UBS Group AG, Reg S		6.875		N/A		30,300,201
	62,094,000	(b),(d)(e)	UBS Group AG		9.250		N/A		71,869,441
	29,805,000	(b),(d)(e)	UBS Group AG		9.250		N/A		32,618,711
	14,220,000	(b),(d)(e)	UBS Group AG		7.750		N/A		15,018,169

			TOTAL FINANCIAL SERVICES						268,184,759


			INSURANCE - 0.2%
	11,717,000	(b)(e)	Phoenix Group Holdings PLC, Reg S		8.500		N/A		12,256,568

			TOTAL INSURANCE						12,256,568


			TOTAL CORPORATE BONDS (Cost $1,894,217,727)						1,761,527,351


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.6%
	18,191,000		CoBank ACB		6.250		10/01/73		18,193,183
	33,000,000		CoBank ACB		6.450		01/01/74		33,118,074
	6,807,000		CoBank ACB		7.250		07/01/73		6,943,051
	17,887,000		CoBank ACB		7.125		01/01/74		18,279,298


			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $76,042,460)						76,533,606


			TOTAL LONG-TERM INVESTMENTS (Cost $4,901,931,145)						4,792,128,044


42		See Notes to Financial Statements

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 2.9%

143,657,287

(g)

State Street Navigator Securities Lending Government Money Market Portfolio

4.380%(h)

143,657,287

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $143,657,287)

143,657,287

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

REPURCHASE AGREEMENTS - 0.3%

431,158

(i)

Fixed Income Clearing Corporation

1.360

03/03/25

431,158

13,500,000

(j)

Fixed Income Clearing Corporation

4.330

03/03/25

13,500,000

TOTAL REPURCHASE AGREEMENTS

(Cost $13,931,158)

13,931,158

TOTAL SHORT-TERM INVESTMENTS

(Cost $13,931,158)

13,931,158

TOTAL INVESTMENTS - 101.3%

(Cost $5,059,519,590)

4,949,716,489

OTHER ASSETS & LIABILITIES, NET - (1.3)%

(64,115,812)

NET ASSETS - 100%

4,885,600,677


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)		Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $138,217,956.
(b)		Perpetual security. Maturity date is not applicable.
(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 $1,274,813,563 or 25.8% of Total Investments.
(e)		Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. As of the end of the reporting period, the Fund’s total investment in CoCos was 33.9% of Total Investments.
(f)		For fair value measurement disclosure purposes, investment classified as Level 3.
(g)		Investments made with cash collateral received from securities on loan.
(h)		The rate shown is the one-day yield as of the end of the reporting period.
(i)		Agreement with Fixed Income Clearing Corporation, 1.360% dated 2/28/25 to be repurchased at $431,207 on 3/3/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 11/15/54, valued at $439,886.
(j)		Agreement with Fixed Income Clearing Corporation, 4.330% dated 2/28/25 to be repurchased at $13,504,871 on 3/3/25, collateralized by Government Agency Securities, with coupon rates 2.250%-4.375% and maturity dates 5/15/41-8/15/49, valued at $13,770,129.

Investments in Derivatives

Futures Contracts - Long


Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)

U.S. Treasury 10-Year Note		2,454		6/25		$267,005,541		$272,624,063		$5,618,522
U.S. Treasury Long Bond		592		6/25		67,666,577		69,911,500		2,244,923
U.S. Treasury Ultra Bond		543		6/25		64,719,953		67,399,875		2,679,922

Total						$399,392,071		$409,935,438		$10,543,367


See Notes to Financial Statements		43

Portfolio of Investments February 28, 2025

Strategic Income

(Unaudited)


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE

			LONG-TERM INVESTMENTS - 97.6%

			$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 6.9%

			AUTOMOBILES & COMPONENTS - 0.2%
	$1,735,000	(a)	General Motors Financial Co Inc		5.700%		N/A	$	1,679,997

			TOTAL AUTOMOBILES & COMPONENTS						1,679,997


			BANKS - 2.1%
	1,500,000	(a)	Bank of America Corp		6.125		N/A		1,518,438
	1,685,000	(a)	Citigroup Inc		7.625		N/A		1,765,843
	1,075,000		Citigroup Inc		6.020		01/24/36		1,094,902
	2,000,000	(a)	CoBank ACB		6.250		N/A		2,000,240
	1,560,000	(a)	Huntington Bancshares Inc/OH		5.625		N/A		1,542,103
	2,000,000	(a)	JPMorgan Chase & Co		3.650		N/A		1,952,060
	2,000,000	(a)	JPMorgan Chase & Co		6.875		N/A		2,100,030
	2,000,000	(a)	PNC Financial Services Group Inc/The		3.400		N/A		1,898,335
	1,415,000	(a)	Truist Financial Corp		5.100		N/A		1,380,408
	2,000,000	(a)	Truist Financial Corp		6.669		N/A		1,990,506
	1,440,000	(a),(b)	Wells Fargo & Co		7.625		N/A		1,531,222
	2,900,000	(a)	Wells Fargo & Co		3.900		N/A		2,843,932

			TOTAL BANKS						21,618,019


			ENERGY - 0.5%
	1,400,000	(a)	Energy Transfer LP		6.500		N/A		1,402,090
	1,993,000	(c)	South Bow Canadian Infrastructure Holdings Ltd		7.500		03/01/55		2,053,662
	2,000,000	(a),(c)	Venture Global LNG Inc		9.000		N/A		2,034,217

			TOTAL ENERGY						5,489,969


			FINANCIAL SERVICES - 1.1%
	1,354,000		AerCap Ireland Capital DAC / AerCap Global Aviation Trust		6.950		03/10/55		1,395,395
	2,050,000	(a)	Charles Schwab Corp/The		5.375		N/A		2,050,609
	1,955,000	(a)	Goldman Sachs Group Inc/The		7.500		N/A		2,071,377
	3,000,000	(a)	Goldman Sachs Group Inc/The		6.850		N/A		3,061,032
	1,970,000	(a)	State Street Corp		6.700		N/A		2,014,248
	1,000,000	(a)	Voya Financial Inc		7.758		N/A		1,050,957

			TOTAL FINANCIAL SERVICES						11,643,618


			FOOD, BEVERAGE & TOBACCO - 0.2%
	2,730,000	(a),(c)	Land O’ Lakes Inc		8.000		N/A		2,542,664

			TOTAL FOOD, BEVERAGE & TOBACCO						2,542,664


			INSURANCE - 0.8%
	2,835,000		AXIS Specialty Finance LLC		4.900		01/15/40		2,680,014
	1,485,000		Enstar Finance LLC		5.500		01/15/42		1,444,518
	1,000,000	(c)	Hanwha Life Insurance Co Ltd		3.379		02/04/32		972,509
	1,500,000		Prudential Financial Inc		6.000		09/01/52		1,499,523
	1,900,000		Prudential Financial Inc		6.500		03/15/54		1,946,508

			TOTAL INSURANCE						8,543,072


			MEDIA & ENTERTAINMENT - 0.2%
	2,185,000		Paramount Global		6.375		03/30/62		2,122,925

			TOTAL MEDIA & ENTERTAINMENT						2,122,925


			TELECOMMUNICATION SERVICES - 0.4%
	1,000,000	(a),(c)	Network i2i Ltd		3.975		N/A		982,966
	2,544,000		Rogers Communications Inc		7.125		04/15/55		2,558,951

			TOTAL TELECOMMUNICATION SERVICES						3,541,917


			UTILITIES - 1.4%
	2,000,000		Dominion Energy Inc		7.000		06/01/54		2,110,193
	1,685,000	(a)	Edison International		5.375		N/A		1,617,832
	1,500,000	(a)	Edison International		5.000		N/A		1,371,813
	2,225,000		EUSHI Finance Inc		7.625		12/15/54		2,327,406
	2,500,000		PG&E Corp		7.375		03/15/55		2,470,787
	2,035,000	(a)	Sempra		4.875		N/A		2,021,467
	1,700,000	(a),(c)	Vistra Corp		8.875		N/A		1,820,875

			TOTAL UTILITIES						13,740,373


			TOTAL $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED (Cost $70,440,138)						70,922,554


44		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			ASSET-BACKED SECURITIES - 13.8%
	1,042,059	(c)	Aaset 2021-2 Trust, 2021 2A		2.798%		01/15/47	$	963,195
	600,000	(c),(d)	ACRE Commercial Mortgage 2021-FL4 Ltd, 2021 FL4, (TSFR1M + 2.714%)		7.028		12/18/37		580,578
	2,000,000	(c)	Adams Outdoor Advertising LP, 2023 1		6.967		07/15/53		2,058,789
	2,200,000	(c)	Affirm Asset Securitization Trust 2024-B, 2024 B		5.060		09/15/29		2,203,149
	1,900,000	(c)	Affirm Asset Securitization Trust 2024-B, 2024 B		5.500		09/15/29		1,903,962
	815,972	(c)	Alterna Funding III LLC, 2024 1A		6.260		05/16/39		823,078
	839,028	(c)	Alterna Funding III LLC, 2024 1A		7.136		05/16/39		844,789
	534,227	(d)	Ameriquest Mortgage Securities Inc Asset Back Ser 2004-R1, 2004 R1, (TSFR1M + 0.714%)		2.788		02/25/34		519,531
	850,000	(c)	Avis Budget Rental Car Funding AESOP LLC, 2021 1A		2.130		08/20/27		816,255
	2,400,000	(c)	Blue Stream Issuer LLC, 2024 1A		5.408		11/20/54		2,423,031
	2,425,000	(c)	Bojangles Issuer LLC, 2024 1A		6.584		11/20/54		2,442,617
	3,250,000	(c)	Brex Commercial Charge Card Master Trust, 2024 1		6.680		07/15/27		3,275,210
	230,895	(c)	British Airways 2020-1 Class B Pass Through Trust, 2020 A		8.375		11/15/28		242,734
	1,468,750	(c)	Cars Net Lease Mortgage Notes Series 2020-1, 2020 1A		3.100		12/15/50		1,375,258
	1,250,000	(c)	Cars Net Lease Mortgage Notes Series 2020-1, 2020 1A		4.690		12/15/50		1,152,089
	1,150,000	(c)	CARS-DB4 LP, 2020 1A		4.520		02/15/50		1,107,274
	628,253	(c)	CARS-DB5 LP, 2021 1A		1.920		08/15/51		597,564
	420,973		Carvana Auto Receivables Trust 2021-N4, 2021 N4		2.300		09/11/28		408,087
	5,000,000	(c)	Carvana Auto Receivables Trust 2024-N3, 2024 N3		4.900		12/10/30		5,005,522
	2,760,000	(c)	Centersquare Issuer LLC, 2024 1A		5.600		10/26/54		2,643,624
	2,240,000	(c)	Centersquare Issuer LLC, 2024 1A		5.200		10/26/54		2,188,163
	674,589	(c)	CF Hippolyta Issuer LLC, 2020 1		2.600		07/15/60		597,813
	1,349,178	(c)	CF Hippolyta Issuer LLC, 2020 1		2.280		07/15/60		1,322,124
	2,125,000	(c),(d)	CIFC Funding 2020-I Ltd, 2020 1A, (TSFR3M + 3.362%)		7.664		07/15/36		2,136,826
	385,000	(c),(d)	CIFC Funding 2020-II Ltd, 2020 2A, (LIBOR 3 M + 6.762%)		11.055		10/20/34		388,699
	1,760,000	(c),(d)	CIFC Funding 2020-II Ltd, 2020 2A, (TSFR3M + 3.312%)		7.605		10/20/34		1,767,144
	2,500,000	(c),(d)	CIFC Funding 2022-IV Ltd, 2022 4A, (SOFR + 3.550%)		7.858		07/16/35		2,519,073
	2,410,000	(c)	Cologix Data Centers US Issuer LLC, 2021 1A		3.300		12/26/51		2,291,552
	1,500,000	(c)	Compass Datacenters Issuer III LLC, 2025 1A		5.656		02/25/50		1,525,484
	2,000,000	(c)	Concord Music Royalties LLC, 2022 1A		6.500		01/20/73		2,031,699
	1,000,000	(c)	Concord Music Royalties LLC, 2024 1A		5.644		10/20/74		1,006,002
	3,000,000	(c)	Crescendo Royalty Funding LP, 2021 1		3.567		12/20/51		2,898,244
	1,000,000	(c)	CyrusOne Data Centers Issuer I LLC, 2023 2A		5.560		11/20/48		1,009,444
	1,538,574	(c)	CyrusOne Data Centers Issuer I LLC, 2023 1A		5.450		04/20/48		1,511,864
	1,161,000	(c)	DB Master Finance LLC, 2021 1A		2.045		11/20/51		1,109,237
	624,645	(c)	DB Master Finance LLC, 2019 1A		4.021		05/20/49		618,677
	1,161,000	(c)	DB Master Finance LLC, 2021 1A		2.493		11/20/51		1,069,217
	88,971	(c)	Diamond Resorts Owner Trust 2021-1, 2021 1A		2.700		11/21/33		87,470
	88,971	(c)	Diamond Resorts Owner Trust 2021-1, 2021 1A		3.830		11/21/33		87,311
	1,440,000	(c)	Domino’s Pizza Master Issuer LLC, 2019 1A		3.668		10/25/49		1,366,371
	972,500	(c)	Domino’s Pizza Master Issuer LLC, 2021 1A		2.662		04/25/51		900,005
	2,500,000		Drive Auto Receivables Trust 2024-2, 2024 2		4.670		05/17/32		2,498,607
	1,300,000	(c),(d)	Elmwood CLO 20 Ltd, 2022 7A, (TSFR3M + 3.650%)		7.953		01/17/37		1,323,929
	1,500,000	(c),(d)	Elmwood CLO 26 Ltd, 2024 1A, (TSFR3M + 3.600%)		7.893		04/18/37		1,533,269
	3,900,000	(c)	EWC Master Issuer LLC, 2022 1A		5.500		03/15/52		3,834,692
	2,350,000		Exeter Automobile Receivables Trust 2024-5, 2024 5A		4.640		01/15/30		2,348,543
	1,000,000	(c)	Frontier Issuer LLC, 2023 1		8.300		08/20/53		1,035,938
	1,000,000	(c)	Frontier Issuer LLC, 2023 1		11.500		08/20/53		1,066,007
	2,000,000	(c)	Frontier Issuer LLC, 2023 1		6.600		08/20/53		2,040,922
	2,000,000	(c),(d)	GRACIE POINT INTERNATIONAL FUNDING 2023-2, 2023 2A, (SOFR90A + 5.400%)		9.824		03/01/27		2,022,174
	2,880,000	(c)	Hardee’s Funding LLC, 2020 1A		3.981		12/20/50		2,753,504
	1,000,000	(c)	Hertz Vehicle Financing III LLC, 2024 1A		6.120		01/25/29		1,016,906
	1,500,000	(c)	Hertz Vehicle Financing III LLC, 2024 2A		6.210		01/27/31		1,537,032
	1,150,000	(c)	HI-FI Music IP Issuer LP, 2022 1A		3.939		02/01/62		1,114,650
	223,211	(c)	Hilton Grand Vacations Trust 2019-A, 2019 AA		2.840		07/25/33		218,401
	989,652	(c)	Horizon Aircraft Finance II Ltd, 2019 1		3.721		07/15/39		952,540
	621,846	(c)	Horizon Aircraft Finance III Ltd, 2019 2		3.425		11/15/39		596,224
	1,100,000	(c)	Hotwire Funding LLC, 2021 1		2.658		11/20/51		1,049,034
	1,000,000	(c)	Hotwire Funding LLC, 2024 1A		6.672		06/20/54		1,024,989


See Notes to Financial Statements		45

Portfolio of Investments February 28, 2025 (continued)

Strategic Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			ASSET-BACKED SECURITIES (continued)
	1,025,000	(c)	Hpefs Equipment Trust 2022-2, 2022 2A		4.940%		03/20/30	$	1,026,098
	1,250,000	(c),(e)	Industrial DPR Funding Ltd, 2022 1A		5.380		04/15/34		1,096,150
	1,804,250	(c)	Jonah Energy Abs I LLC, 2022 1		7.200		12/10/37		1,816,303
	1,231,505	(c)	Lunar 2021-1 Structured Aircraft Portfolio Notes, 2021 1		5.682		10/15/46		1,150,523
	1,934,447	(c)	LUNAR AIRCRAFT 2020-1 LTD, 2020 1A		3.376		02/15/45		1,862,969
	3,994,267	(c)	Lyra Music Assets Delaware LP, 2024 2A		5.760		12/22/64		4,025,981
	59,216	(c)	MAPS 2018-1 Ltd, 2018 1A		4.212		05/15/43		58,920
	131,590	(c)	MAPS 2021-1 Trust, 2021 1A		2.521		06/15/46		123,130
	1,000,000	(c)	MetroNet Infrastructure Issuer LLC, 2023 1A		8.010		04/20/53		1,044,004
	2,000,000	(c)	MetroNet Infrastructure Issuer LLC, 2022 1A		6.350		10/20/52		2,042,537
	304,297	(c)	MVW 2019-2 LLC, 2019 2A		2.680		10/20/38		296,777
	116,105	(c)	MVW 2021-1W LLC, 2021 1WA		1.940		01/22/41		109,227
	217,004	(c)	MVW Owner Trust 2019-1, 2019 1A		3.330		11/20/36		215,743
	660,000	(c),(d)	Neuberger Berman Loan Advisers CLO 40 Ltd, 2021 40A, (TSFR3M + 6.112%)		10.419		04/16/33		667,425
	1,625,000	(c),(d)	Neuberger Berman Loan Advisers CLO 48 Ltd, 2022 48A, (TSFR3M + 3.200%)		7.500		04/25/36		1,638,265
	1,000,000	(c)	Oak Street Investment Grade Net Lease Fund Series 2021-1, 2021 1A		4.230		01/20/51		954,888
	477,976	(c)	Oportun Issuance Trust 2021-C, 2021 C		3.610		10/08/31		470,304
	271,137	(c)	Oportun Issuance Trust 2021-C, 2021 C		5.570		10/08/31		265,534
	1,000,000	(c),(d)	Palmer Square CLO 2021-3 Ltd, 2021 3A, (TSFR3M + 3.212%)		5.462		01/15/35		1,006,809
	2,500,000	(c),(d)	Palmer Square CLO 2022-1 Ltd, 2022 1A, (TSFR3M + 3.050%)		7.343		04/20/35		2,520,685
	857,706	(c)	Purewest Funding LLC, 2021 1		4.091		12/22/36		844,419
	1,965,600	(c)	Sesac Finance LLC, 2019 1		5.216		07/25/49		1,953,710
	67,203	(c)	Sierra Timeshare 2021-1 Receivables Funding LLC, 2021 1A		1.790		11/20/37		65,395
	1,843,150	(c)	Sonic Capital LLC, 2020 1A		3.845		01/20/50		1,793,174
	1,000,000	(c)	Sotheby’s Artfi Master Trust, 2024 1A		7.910		12/22/31		1,017,494
	767,313	(c)	Start II LTD, 2019 1		5.095		03/15/44		763,860
	1,496,250	(c)	Subway Funding LLC, 2024 1A		6.028		07/30/54		1,529,582
	2,583,975	(c)	Taco Bell Funding LLC, 2021 1A		2.294		08/25/51		2,332,122
	1,500,000	(c),(d)	TCW CLO 2021-2 Ltd, 2021 2A, (LIBOR 3 M + 7.122%)		6.985		07/25/34		1,507,301
	1,500,000	(c)	Uniti Fiber Abs Issuer Llc, 2025 1A		5.877		04/20/55		1,535,828
	3,000,000	(c)	VB-S1 Issuer LLC - VBTEL, 2022 1A		4.288		02/15/52		2,905,783
	2,155,000	(c)	VB-S1 Issuer LLC - VBTEL, 2022 1A		3.156		02/15/52		2,060,805
	641,420	(c)	Vivint Solar Financing V LLC, 2018 1A		7.370		04/30/48		602,818
	3,651,957	(c)	VR Funding LLC, 2020 1A		2.790		11/15/50		3,389,736
	96,444	(c)	VR Funding LLC, 2020 1A		6.420		11/15/50		94,316
	839,153	(c)	Wendy’s Funding LLC, 2021 1A		2.370		06/15/51		763,298
	1,394,771	(c)	Wendy’s Funding LLC, 2018 1A		3.884		03/15/48		1,357,415
	859,867	(c)	Willis Engine Structured Trust VI, 2021 A		3.104		05/15/46		787,339
	1,263,990	(c)	Willis Engine Structured Trust VII, 2023 A		8.000		10/15/48		1,308,646
	530,750	(c)	Zaxbys Funding LLC, 2021 1A		3.238		07/30/51		490,933
	1,500,000	(c)	Zayo Issuer LLC, 2025 1A		8.659		03/20/55		1,550,142
	1,500,000	(c)	Zayo Issuer LLC, 2025 1A		5.648		03/20/55		1,524,859
	1,000,000	(c)	Ziply Fiber Issuer LLC, 2024 1A		7.810		04/20/54		1,042,180
	1,000,000	(c)	Ziply Fiber Issuer LLC, 2024 1A		11.170		04/20/54		1,084,414


			TOTAL ASSET-BACKED SECURITIES (Cost $142,388,163)						142,483,957


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			CORPORATE BONDS - 20.5%

			BANKS - 4.2%
	375,000	(c)	African Export-Import Bank/The		2.634		05/17/26		361,875
	1,600,000	(a)(f)	Banco Bilbao Vizcaya Argentaria SA		9.375		N/A		1,762,443
	1,500,000	(c)	Banco Bradesco SA/Cayman Islands		6.500		01/22/30		1,534,350
	800,000	(a),(c)(f)	Banco de Credito e Inversiones SA		8.750		N/A		852,006
	500,000	(a),(c)(f)	Banco del Estado de Chile		7.950		N/A		522,650
	1,050,000	(a),(c)(f)	Banco Mercantil del Norte SA/Grand Cayman		7.500		N/A		1,041,249
	500,000	(a),(c)(f)	Banco Mercantil del Norte SA/Grand Cayman		8.375		N/A		497,875
	1,775,000	(c)	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		5.621		12/10/29		1,789,218


46		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			BANKS (continued)
	2,000,000	(a)(f)	Banco Santander SA		8.000%		N/A	$	2,117,622
	2,200,000	(a),(b)(f)	Banco Santander SA		9.625		N/A		2,547,037
	700,000	(a),(c)(f)	Bangkok Bank PCL/Hong Kong		5.000		N/A		695,827
	500,000	(c)	Bangkok Bank PCL/Hong Kong		3.466		09/23/36		443,648
	1,000,000	(c)(f)	Bank Hapoalim BM, Reg S		3.255		01/21/32		955,220
	3,500,000		Bank of America Corp		5.744		02/12/36		3,523,364
	3,025,000		Bank of America Corp		5.162		01/24/31		3,062,382
	1,035,000	(c)	Banque Ouest Africaine de Developpement		4.700		10/22/31		940,039
	1,340,000	(a)(f)	Barclays PLC		8.000		N/A		1,395,346
	1,100,000	(c)(f)	BBVA Bancomer SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico		7.625		02/11/35		1,123,606
	1,000,000	(c)(f)	BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX		8.450		06/29/38		1,053,807
	1,500,000	(a),(c)(f)	BNP Paribas SA		9.250		N/A		1,609,461
	1,575,000		Citibank NA		5.570		04/30/34		1,629,489
	1,675,000	(c)	Development Bank of Kazakhstan JSC		2.950		05/06/31		1,447,882
	375,000	(c)	Grupo Aval Ltd		4.375		02/04/30		336,373
	2,000,000	(c)	Itau Unibanco Holding SA/Cayman Island		6.000		02/27/30		2,012,000
	2,675,000		JPMorgan Chase & Co		5.502		01/24/36		2,744,651
	1,700,000	(c)(f)	Mizrahi Tefahot Bank Ltd, Reg S		3.077		04/07/31		1,637,936
	3,000,000	(a)(f)	NatWest Group PLC		8.125		N/A		3,194,268
	1,875,000		Wells Fargo & Co		2.188		04/30/26		1,867,413

			TOTAL BANKS						42,699,037


			CAPITAL GOODS - 0.7%
	2,600,000		Boeing Co/The		5.805		05/01/50		2,507,901
	1,500,000	(c)	IHS Holding Ltd		7.875		05/29/30		1,494,716
	1,000,000		Regal Rexnord Corp		6.400		04/15/33		1,039,879
	1,275,000	(c)	Sisecam UK PLC		8.625		05/02/32		1,296,037
	1,200,000	(c)	Sociedad Quimica y Minera de Chile SA		6.500		11/07/33		1,265,654

			TOTAL CAPITAL GOODS						7,604,187


			COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	1,025,000		Waste Management Inc		4.950		03/15/35		1,025,868

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,025,868


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%
	1,250,000		Lowe’s Cos Inc		4.250		04/01/52		1,007,994
	1,125,000	(c)	Michaels Cos Inc/The		5.250		05/01/28		844,014
	2,000,000	(c)	Michaels Cos Inc/The		7.875		05/01/29		1,220,812
	1,500,000	(c)	Staples Inc		10.750		09/01/29		1,432,520

			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL						4,505,340


			CONSUMER DURABLES & APPAREL - 0.4%
	2,000,000	(c)	CD&R Smokey Buyer Inc		9.500		10/15/29		1,965,000
	1,500,000	(c)	S&S Holdings LLC		8.375		10/01/31		1,495,224
	725,000		Tapestry Inc		5.500		03/11/35		723,975

			TOTAL CONSUMER DURABLES & APPAREL						4,184,199


			CONSUMER SERVICES - 0.7%
	2,000,000	(c)	Arcos Dorados BV		6.375		01/29/32		2,043,820
	1,420,000	(c)	Motion Finco Sarl		8.375		02/15/32		1,457,148
	2,500,000		Piedmont Operating Partnership LP		9.250		07/20/28		2,761,880
	800,000		Sands China Ltd		3.250		08/08/31		697,118

			TOTAL CONSUMER SERVICES						6,959,966


			CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%
	2,000,000		Kroger Co/The		5.500		09/15/54		1,943,081

			TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL						1,943,081


			ENERGY - 2.1%
	1,675,000		Cheniere Energy Partners LP		4.500		10/01/29		1,643,970
	500,000	(c)	Coronado Finance Pty Ltd		9.250		10/01/29		505,974
	1,300,000	(c)	Cosan Luxembourg SA		5.500		09/20/29		1,248,075
	1,840,000	(c)	DT Midstream Inc		4.375		06/15/31		1,709,015
	450,000		Ecopetrol SA		4.625		11/02/31		382,879
	1,000,000		Ecopetrol SA		5.875		11/02/51		697,573
	575,000		Ecopetrol SA		6.875		04/29/30		575,383


See Notes to Financial Statements		47

Portfolio of Investments February 28, 2025 (continued)

Strategic Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			ENERGY (continued)
	100,000		Ecopetrol SA		5.875%		05/28/45	$	72,099
	1,985,285	(c)	EIG Pearl Holdings Sarl		3.545		08/31/36		1,753,656
	900,000	(c)	Empresa Nacional del Petroleo		3.450		09/16/31		783,525
	826,000	(c)	Energean Israel Finance Ltd, Reg S		5.375		03/30/28		789,433
	1,700,000	(c)	Galaxy Pipeline Assets Bidco Ltd		2.625		03/31/36		1,422,663
	1,325,000		Marathon Petroleum Corp		5.000		09/15/54		1,123,766
	500,000	(c)	Medco Laurel Tree Pte Ltd		6.950		11/12/28		505,413
	500,000	(c)	Medco Maple Tree Pte Ltd		8.960		04/27/29		526,890
	200,000	(c)	Petroleos del Peru SA		4.750		06/19/32		154,934
	559,000		Petroleos Mexicanos		7.690		01/23/50		423,784
	100,000		Petroleos Mexicanos		6.750		09/21/47		69,346
	1,490,000		Petroleos Mexicanos		6.700		02/16/32		1,309,109
	1,500,000	(c)	Raizen Fuels Finance SA		5.700		01/17/35		1,418,250
	1,000,000	(c)	Thaioil Treasury Center Co Ltd		2.500		06/18/30		869,623
	1,780,000		Transcanada Trust		5.500		09/15/79		1,717,228
	555,000	(c)	TransMontaigne Partners LLC		8.500		06/15/30		563,029
	1,275,000	(c)	US LIQUIDSCO0		6.176		10/01/54		1,248,690

			TOTAL ENERGY						21,514,307


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.6%
	1,475,000		GLP Capital LP / GLP Financing II Inc		4.000		01/15/30		1,396,940
	1,875,000		Healthcare Realty Holdings LP		2.400		03/15/30		1,649,182
	2,300,000		Kite Realty Group LP		4.000		10/01/26		2,277,059
	345,000	(c)	MPT Operating Partnership LP / MPT Finance Corp		8.500		02/15/32		354,002

			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)						5,677,183


			FINANCIAL SERVICES - 1.6%
	500,000	(c),(d)	Citrus Re Ltd (3-Month U.S. Treasury Bill + 5.060%)		5.100		06/07/25		504,750
	2,000,000	(a)(f)	Deutsche Bank AG		7.500		N/A		1,999,349
	1,505,000	(a)(f)	Deutsche Bank AG		6.000		N/A		1,500,381
	500,000	(c),(d)	Hestia Re Ltd (1-Month U.S. Treasury Bill + 10.080%)		14.355		04/22/25		467,500
	2,000,000		Icahn Enterprises LP / Icahn Enterprises Finance Corp		9.750		01/15/29		2,038,870
	250,000	(c),(d)	Matterhorn Re Ltd (SOFR + 5.250%)		5.889		03/24/25		249,625
	1,000,000		Morgan Stanley		2.188		04/28/26		996,100
	5,025,000		Morgan Stanley		5.230		01/15/31		5,102,490
	1,000,000	(c),(d)	Sanders Re Ltd (3-Month U.S. Treasury Bill + 3.000%)		3.250		04/07/25		995,000
	2,060,000	(a),(c)(f)	UBS Group AG		9.250		N/A		2,384,305

			TOTAL FINANCIAL SERVICES						16,238,370


			FOOD, BEVERAGE & TOBACCO - 0.9%
	1,200,000	(c)	Bimbo Bakeries USA Inc		6.050		01/15/29		1,245,381
	1,200,000	(c)	Cia Cervecerias Unidas SA		3.350		01/19/32		1,037,295
	1,500,000	(c)	Gruma SAB de CV		5.390		12/09/34		1,484,700
	2,525,000		Kellanova		3.250		04/01/26		2,493,218
	1,700,000		Kellanova		3.400		11/15/27		1,653,757
	1,350,000	(c)	Ulker Biskuvi Sanayi AS		7.875		07/08/31		1,366,443

			TOTAL FOOD, BEVERAGE & TOBACCO						9,280,794


			HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	2,000,000	(c)	CHS/Community Health Systems Inc		10.875		01/15/32		2,045,940
	850,000		CVS Health Corp		5.050		03/25/48		737,107
	1,510,000	(c)	Prime Healthcare Services Inc		9.375		09/01/29		1,429,806
	1,125,000		UnitedHealth Group Inc		5.000		04/15/34		1,119,350

			TOTAL HEALTH CARE EQUIPMENT & SERVICES						5,332,203


			HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,285,000		Haleon US Capital LLC		3.625		03/24/32		1,183,615

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,183,615


			INSURANCE - 0.9%
	1,600,000	(c)	Allianz SE		6.350		09/06/53		1,671,667
	1,125,000		Aon North America Inc		5.450		03/01/34		1,150,805
	1,855,000	(c)	Ardonagh Group Finance Ltd		8.875		02/15/32		1,926,989
	250,000	(c),(d)	Bonanza RE Ltd (3-Month U.S. Treasury Bill + 5.620%)		5.620		03/16/25		249,250
	1,125,000		Reinsurance Group of America Inc		5.750		09/15/34		1,154,402
	1,000,000	(c),(d)	Vitality Re XIV Ltd (3-Month U.S. Treasury Bill + 3.500%)		7.796		01/05/27		1,028,500
	1,000,000	(c),(d)	Vitality Re XV Ltd (3-Month U.S. Treasury Bill + 2.500%)		6.778		01/07/28		1,020,100


48		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	VALUE		MATURITY		VALUE


			INSURANCE (continued)
	$1,500,000	(c),(d)	Vitality Re XVI Ltd (3-Month U.S. Treasury Bill + 1.750%)		6.049%		01/08/29	$	1,500,000

			TOTAL INSURANCE						9,701,713


			MATERIALS - 1.8%
	1,700,000	(c)	Alpek SAB de CV		4.250		09/18/29		1,594,291
	2,250,000		Amcor Finance USA Inc		3.625		04/28/26		2,223,709
	1,000,000		AngloGold Ashanti Holdings PLC		3.750		10/01/30		916,064
	405,000		Berry Global Inc		1.570		01/15/26		394,305
	2,250,000		Celanese US Holdings LLC		6.415		07/15/27		2,306,116
	875,000	(a),(c)	Cemex SAB de CV		9.125		N/A		895,382
	1,750,000	(c)	Corp Nacional del Cobre de Chile		6.330		01/13/35		1,805,895
	1,025,000	(c)	Corp Nacional del Cobre de Chile		6.440		01/26/36		1,065,199
	1,120,000	(c)	Freeport Indonesia PT		5.315		04/14/32		1,117,219
	525,000	(c)	LD Celulose International GmbH		7.950		01/26/32		544,979
	1,525,000	(c)	Mineral Resources Ltd		9.250		10/01/28		1,577,930
	1,025,000	(c)	OCP SA		3.750		06/23/31		905,083
	1,500,000		Suzano Austria GmbH		3.125		01/15/32		1,279,124
	2,080,000		Vale Overseas Ltd		6.400		06/28/54		2,089,861

			TOTAL MATERIALS						18,715,157


			MEDIA & ENTERTAINMENT - 0.9%
	1,500,000		Charter Communications Operating LLC / Charter Communications Operating Capital		6.550		06/01/34		1,554,593
	1,225,000		Comcast Corp		5.650		06/01/54		1,215,500
	2,000,000	(c)	CSC Holdings LLC		11.250		05/15/28		1,946,763
	3,000,000	(c)	DISH Network Corp		11.750		11/15/27		3,165,514
	500,000	(c)	Univision Communications Inc		8.500		07/31/31		498,458
	1,125,000		Warnermedia Holdings Inc		5.141		03/15/52		868,323

			TOTAL MEDIA & ENTERTAINMENT						9,249,151


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	1,100,000		Amgen Inc		5.650		03/02/53		1,102,947
	2,000,000		Pfizer Investment Enterprises Pte Ltd		5.300		05/19/53		1,933,829

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						3,036,776


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
	2,000,000	(b),(c)	Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp		7.000		04/15/30		1,847,080

			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT						1,847,080


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
	1,500,000	(c)	Foundry JV Holdco LLC		6.100		01/25/36		1,562,009
	250,000		Intel Corp		5.700		02/10/53		234,987

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						1,796,996


			SOFTWARE & SERVICES - 0.1%
	1,225,000		Oracle Corp		6.000		08/03/55		1,251,419

			TOTAL SOFTWARE & SERVICES						1,251,419


			TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	2,500,000		Hewlett Packard Enterprise Co		4.550		10/15/29		2,482,136

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						2,482,136


			TELECOMMUNICATION SERVICES - 1.0%
	1,000,000		AT&T Inc		3.500		09/15/53		696,457
	1,850,000		AT&T Inc		3.800		12/01/57		1,328,644
	775,000	(c)	CT Trust		5.125		02/03/32		710,629
	2,000,000	(c)	Level 3 Financing Inc		4.875		06/15/29		1,730,000
	1,000,000	(c)	Liberty Costa Rica Senior Secured Finance		10.875		01/15/31		1,082,269
	300,000	(c)	Sitios Latinoamerica SAB de CV		6.000		11/25/29		303,798
	1,375,000	(c)	Sitios Latinoamerica SAB de CV		5.375		04/04/32		1,323,188
	1,460,000	(c)	Windstream Escrow LLC / Windstream Escrow Finance Corp		8.250		10/01/31		1,509,311
	2,000,000	(c)	Zayo Group Holdings Inc		4.000		03/01/27		1,886,721

			TOTAL TELECOMMUNICATION SERVICES						10,571,017


			TRANSPORTATION - 0.9%
	500,000	(c)	Adani Ports & Special Economic Zone Ltd		3.100		02/02/31		405,538
	640,000	(c)	Air Transport Services Group Inc		7.250		03/15/32		657,875
	1,169,022		American Airlines 2021-1 Class A Pass Through Trust2021 2021		2.875		07/11/34		1,020,323
	3,500,000	(c)	Brightline East LLC		11.000		01/31/30		3,201,398


See Notes to Financial Statements		49

Portfolio of Investments February 28, 2025 (continued)

Strategic Income


PRINCIPAL			DESCRIPTION	VALUE		MATURITY		VALUE


			TRANSPORTATION (continued)
	$1,500,000	(c)	Grupo Aeromexico SAB de CV		8.250%		11/15/29	$	1,485,000
	975,000	(c)	Kingston Airport Revenue Finance Ltd		6.750		12/15/36		977,437
	1,000,000	(c)	Transnet SOC Ltd		8.250		02/06/28		1,019,680

			TOTAL TRANSPORTATION						8,767,251


			UTILITIES - 1.5%
	1,189,247	(c)	Alfa Desarrollo SpA2021 1		4.550		09/27/51		914,228
	1,125,000		Atmos Energy Corp		5.000		12/15/54		1,037,570
	775,000	(c)	Comision Federal de Electricidad		5.700		01/24/30		753,965
	1,465,875	(c)	Continuum Green Energy India Pvt / Co-Issuers		7.500		06/26/33		1,529,809
	1,900,000		Duke Energy Progress LLC		5.350		03/15/53		1,839,110
	800,000	(c)	Empresas Publicas de Medellin ESP		4.375		02/15/31		695,883
	950,000	(c)	Eskom Holdings SOC Ltd		6.350		08/10/28		943,549
	1,625,000	(c)	Ferrellgas LP / Ferrellgas Finance Corp		5.875		04/01/29		1,518,065
	1,825,000		Florida Power & Light Co		5.150		06/15/29		1,870,580
	675,000		Interstate Power and Light Co		3.100		11/30/51		447,183
	1,500,000	(c)	ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries		4.500		07/14/28		1,415,592
	550,000		Southern California Edison Co		5.875		12/01/53		539,014
	691,680	(c)	Sweihan PV Power Co PJSC2022 1		3.625		01/31/49		560,355
	565,425	(c)	UEP Penonome II SA2020 1		6.500		10/01/38		504,805
	1,000,000		Wisconsin Power and Light Co		5.375		03/30/34		1,019,015

			TOTAL UTILITIES						15,588,723

			TOTAL CORPORATE BONDS (Cost $213,927,597)						211,155,569


	PRINCIPAL		DESCRIPTION		RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES - 37.8%
	2,500,000	(c),(d)	Alen 2021-ACEN Mortgage Trust, 2021 ACEN, (TSFR1M + 4.114%)		8.426		04/15/34		1,575,001
	303,962	(c)	Arroyo Mortgage Trust 2019-3, 2019 3		3.416		10/25/48		288,593
	1,813,812	(c),(d)	BAMLL Commercial Mortgage Securities Trust 2022-DKLX, 2022 DKLX, (TSFR1M + 3.000%)		7.312		01/15/39		1,802,794
	3,500,000	(c),(d)	BAMLL Trust 2025-ASHF, 2025 ASHF, (TSFR1M + 2.350%)		6.750		02/15/42		3,515,038
	1,200,000		BANK, 2017 BNK5		4.190		06/15/60		1,154,029
	700,000		BANK 2017-BNK8, 2017 BNK8		4.092		11/15/50		562,322
	2,700,000		BANK 2019-BNK18, 2019 BN18		4.214		05/15/62		2,224,249
	2,000,000	(c)	BANK 2019-BNK21, 2019 BN21		2.500		10/17/52		1,439,562
	2,000,000		BANK5 2024-5YR5		6.539		02/15/29		2,081,950
	3,925,000	(c)	BBCMS Trust 2015-SRCH, 2015 SRCH		4.957		08/10/35		3,604,196
	3,000,000	(c),(d)	BBCMS Trust 2018-CBM, 2018 CBM, (TSFR1M + 1.488%)		6.817		07/15/37		2,922,477
	3,400,000		Benchmark 2018-B1 Mortgage Trust, 2018 B1		4.204		01/15/51		2,958,264
	2,650,000		Benchmark 2018-B2 Mortgage Trust, 2018 B2		4.304		02/15/51		2,153,120
	1,500,000		Benchmark 2019-B14 Mortgage Trust, 2019 B14		3.493		12/15/62		1,239,953
	3,000,000		Benchmark 2019-B14 Mortgage Trust, 2019 B14		3.768		12/15/62		2,388,136
	1,000,000	(c)	Benchmark 2019-B14 Mortgage Trust, 2019 B14		2.500		12/15/62		609,527
	2,500,000		Benchmark 2019-B15 Mortgage Trust, 2019 B15		3.715		12/15/72		2,001,430
	1,500,000	(c)	Benchmark 2020-B18 Mortgage Trust, 2020 B18		4.139		07/15/53		1,450,578
	1,000,000	(c)	Benchmark 2020-IG2 Mortgage Trust, 2020 IG2		2.791		09/15/48		854,494
	1,000,000	(c)	Benchmark 2020-IG3 Mortgage Trust, 2020 IG3		3.536		09/15/48		941,206
	2,000,000		Benchmark Mortgage Trust Series - 2019 B12 (Class C)		3.873		08/15/52		1,649,497
	2,000,000	(c)	BPR 2023-STON Mortgage Trust, 2023 STON		7.871		12/05/39		2,071,199
	2,500,000	(c),(d)	BSST 2022-1700 Mortgage Trust, 2022 1700, (TSFR1M + 1.300%)		5.612		02/15/37		2,235,481
	1,250,000	(c),(d)	BX Commercial Mortgage Trust 2019-IMC, 2019 IMC, (TSFR1M + 1.946%)		6.258		04/15/34		1,240,049
	2,000,000	(c),(d)	BX Commercial Mortgage Trust 2024-BRBK, 2024 BRBK, (TSFR1M + 4.874%)		9.187		10/15/41		2,018,576
	1,500,000	(c),(d)	BX Trust 2023-DELC, 2023 DELC, (TSFR1M + 3.339%)		7.651		05/15/38		1,512,705
	705,000		CD 2016-CD1 Mortgage Trust, 2016 CD1		3.631		08/10/49		498,296
	1,440,000		CD Mortgage Trust, 2017 CD3		3.984		02/10/50		961,162
	48,133	(c)	CF 2020-P1 Mortgage Trust, 2020 P1		2.840		04/15/25		47,845
	750,000	(c)	CF 2020-P1 Mortgage Trust, 2020 P1		3.603		04/15/52		676,685


50		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES (continued)
$	579,816	(c)	Citigroup Commercial Mortgage Trust 2014-GC23, 2014 GC23		4.588%		07/10/47	$	550,178
	1,690,000		Citigroup Commercial Mortgage Trust 2015-GC29, 2015 GC29		4.164		04/10/48		1,609,708
	2,750,000		Citigroup Commercial Mortgage Trust 2015-GC29, 2015 GC29		3.758		04/10/48		2,672,973
	1,900,000		Citigroup Commercial Mortgage Trust 2016-GC37, 2016 GC37		4.233		04/10/49		1,839,549
	2,500,000		Citigroup Commercial Mortgage Trust 2017-C4, 2017 C4		4.138		10/12/50		2,348,227
	850,000	(c),(d)	Citigroup Commercial Mortgage Trust 2021-PRM2, 2021 PRM2, (TSFR1M + 2.014%)		6.326		10/15/38		843,082
	1,511,544		COMM 2014-CCRE17 Mortgage Trust, 2014 CR17		4.377		05/10/47		1,478,332
	836,199		COMM 2014-CR14 Mortgage Trust, 2014 CR14		3.773		02/10/47		804,472
	2,000,000	(c)	COMM 2014-UBS3 Mortgage Trust, 2014 UBS3		4.767		06/10/47		951,840
	2,000,000		COMM 2014-UBS3 Mortgage Trust, 2014 UBS3		4.657		06/10/47		1,432,660
	1,840,000		COMM 2015-CCRE22 Mortgage Trust, 2015 CR22		4.046		03/10/48		1,634,056
	2,000,000	(c)	COMM 2015-CCRE22 Mortgage Trust, 2015 CR22		3.000		03/10/48		1,386,546
	2,628,000		COMM 2015-CCRE23 Mortgage Trust, 2015 CR23		4.379		05/10/48		2,140,733
	1,000,000		COMM 2015-CCRE24 Mortgage Trust, 2015 CR24		4.350		08/10/48		984,292
	1,500,000		COMM 2015-CCRE24 Mortgage Trust, 2015 CR24		3.463		08/10/48		1,243,498
	500,000		COMM 2015-CCRE24 Mortgage Trust, 2015 CR24		4.350		08/10/48		462,937
	550,000		COMM 2015-CCRE25 Mortgage Trust, 2015 CR25		3.768		08/10/48		514,617
	3,000,000		COMM 2015-CCRE26 Mortgage Trust, 2015 CR26		4.462		10/10/48		2,787,047
	2,043,000		COMM 2015-LC23 Mortgage Trust, 2015 LC23		4.544		10/10/48		1,950,818
	3,500,000		COMM 2018-COR3 Mortgage Trust, 2018 COR3		4.516		05/10/51		3,054,413
	2,000,000		COMM 2019-GC44 Mortgage Trust, 2019 GC44		3.509		08/15/57		1,720,527
	4,830,000	(c),(d)	Connecticut Avenue Securities Trust 2021-R03, 2021 R03, (SOFR30A + 5.500%)		9.852		12/25/41		5,073,226
	5,000,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R01, 2022 R01, (SOFR30A + 6.000%)		10.352		12/25/41		5,292,106
	5,000,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R02, 2022 R02, (SOFR30A + 7.650%)		12.972		01/25/42		5,449,146
	4,000,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R03, 2022 R03, (SOFR30A + 9.850%)		14.823		03/25/42		4,566,326
	5,000,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R04, 2022 R04, (SOFR30A + 9.500%)		14.837		03/25/42		5,675,761
	5,000,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R05, 2022 R05, (SOFR30A + 7.000%)		11.352		04/25/42		5,484,421
	2,500,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R06, 2022 R06, (SOFR30A + 10.600%)		15.334		05/25/42		2,916,166
	1,500,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R07, 2022 R07, (SOFR30A + 4.650%)		9.003		06/25/42		1,614,948
	4,000,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R07, 2022 R07, (SOFR30A + 12.000%)		16.353		06/25/42		4,792,134
	600,000	(c),(d)	Connecticut Avenue Securities Trust 2022-R09, 2022 R09, (SOFR30A + 6.750%)		11.103		09/25/42		673,817
	3,350,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R02, 2023 R02, (SOFR30A + 7.900%)		12.252		01/25/43		3,841,112
	5,045,600	(c),(d)	Connecticut Avenue Securities Trust 2023-R02, 2023 R02, (SOFR30A + 5.550%)		9.902		01/25/43		5,586,592
	6,217,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R04, 2023 R04, (SOFR30A + 5.350%)		9.703		05/25/43		6,893,582
	5,000,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R04, 2023 R04, (SOFR30A + 8.250%)		12.603		05/25/43		5,760,861
	5,000,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R05, 2023 R05, (SOFR30A + 4.750%)		9.103		06/25/43		5,466,428
	1,415,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R05, 2023 R05, (SOFR30A + 6.850%)		11.203		06/25/43		1,587,670
	3,390,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R06, 2023 R06, (SOFR30A + 5.900%)		10.252		07/25/43		3,757,550
	5,000,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R06, 2023 R06, (SOFR30A + 3.900%)		9.188		07/25/43		5,334,080
	6,000,000	(c),(d)	Connecticut Avenue Securities Trust 2023-R08, 2023 R08, (SOFR30A + 3.550%)		7.902		10/25/43		6,350,954
	4,037,723	(c)	CSMC 2021-INV2 Trust, 2021 INV2		3.283		11/25/56		3,311,878
	1,000,000	(c)	CSMC 2021-NQM1, 2021 NQM1		2.130		05/25/65		755,329
	1,871,000		CSMC Trust 2016-NXSR, 2016 NXSR		4.251		12/15/49		1,729,002


See Notes to Financial Statements		51

Portfolio of Investments February 28, 2025 (continued)

Strategic Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES (continued)
$	1,300,000	(c)	DBSG 2024-ALTA Mortgage Trust, 2024 ALTA		7.296%		06/10/37	$	1,318,962
	30,450,000	(c)	DOLP Trust 2021-NYC, 2021 NYC, (I/O)		0.665		05/10/41		950,189
	6,854,358		Fannie Mae Pool, FN MA4918		5.000		02/01/53		6,763,836
	10,205	(d)	Fannie Mae Pool, FN 946228, (LIBOR 12 M + 1.587%)		7.337		09/01/37		10,425
	659	(d)	Fannie Mae Pool, FN 905597, (LIBOR 12 M + 1.875%)		6.750		12/01/36		677
	11,866,577		Fannie Mae Pool, FN MA5353		5.500		05/01/54		11,922,358
	13,209,024		Fannie Mae Pool, FN MA5165		5.500		10/01/53		13,287,602
	13,008,750		Fannie Mae Pool, FN MA5107		5.500		08/01/53		13,051,801
	13,558,531		Fannie Mae Pool, FN MA5039		5.500		06/01/53		13,609,687
	8,109,125		Fannie Mae Pool, FN MA4919		5.500		02/01/53		8,161,554
	145,314	(d)	Fannie Mae REMICS, 2013 98, (SOFR30A + 5.836%), (I/O)		1.484		09/25/43		15,666
	78,532	(c)	Flagstar Mortgage Trust 2017-2, 2017 2		3.980		10/25/47		71,445
	1,820,361	(c)	Flagstar Mortgage Trust 2021-11INV, 2021 11IN		3.449		11/25/51		1,477,051
	11,259,162		Freddie Mac Multifamily ML Certificates, 2021 ML12, (I/O)		1.226		07/25/41		1,027,962
	1,000,000	(c),(d)	Freddie Mac STACR REMIC Trust 2020-DNA6, 2020 DNA6, (SOFR30A + 3.000%)		7.352		12/25/50		1,088,195
	5,000,000	(c),(d)	Freddie Mac STACR REMIC Trust 2021-DNA6, 2021 DNA6, (SOFR30A + 7.500%)		11.852		10/25/41		5,395,968
	6,000,000	(c),(d)	Freddie Mac STACR REMIC Trust 2022-DNA1, 2022 DNA1, (SOFR30A + 7.100%)		11.452		01/25/42		6,462,163
	6,000,000	(c),(d)	Freddie Mac STACR REMIC Trust 2022-DNA2, 2022 DNA2, (SOFR30A + 8.500%)		13.788		02/25/42		6,630,622
	5,900,000	(c),(d)	Freddie Mac STACR REMIC Trust 2022-DNA2, 2022 DNA2, (SOFR30A + 4.750%)		9.102		02/25/42		6,232,270
	6,000,000	(c),(d)	Freddie Mac STACR REMIC Trust 2022-DNA3, 2022 DNA3, (SOFR30A + 9.750%)		15.087		04/25/42		6,827,566
	5,000,000	(c),(d)	Freddie Mac STACR REMIC Trust 2022-DNA3, 2022 DNA3, (SOFR30A + 5.650%)		8.647		04/25/42		5,407,330
	5,000,000	(c),(d)	Freddie Mac STACR REMIC Trust 2022-HQA1, 2022 HQA1, (SOFR30A + 7.000%)		9.997		03/25/42		5,507,176
	4,600,000	(c),(d)	Freddie Mac STACR REMIC Trust 2022-HQA2, 2022 HQA2, (SOFR30A + 4.000%)		8.352		07/25/42		4,886,870
	2,898,192	(d)	Government National Mortgage Association, 2023 111, (SOFR30A + 23.205%)		6.256		08/20/53		3,130,217
	20,090,384	(d)	Government National Mortgage Association, 2020 61, (TSFR1M + 6.326%), (I/O)		1.566		07/20/43		2,348,925
	1,830,002	(d)	Government National Mortgage Association, 2023 96, (SOFR30A + 26.100%)		7.195		07/20/53		1,943,535
	1,500,000	(c),(d)	GS Mortgage Securities Corp Trust 2018-TWR, 2018 TWR, (TSFR1M + 1.897%)		6.209		07/15/31		379,072
	1,081,000	(c),(d)	GS Mortgage Securities Corp Trust 2018-TWR, 2018 TWR, (LIBOR 1 M + 1.497%)		3.449		07/15/31		544,252
	2,000,000	(c),(d)	GS Mortgage Securities Corp Trust 2021-ARDN, 2021 ARDN, (TSFR1M + 3.464%)		7.776		11/15/36		1,982,973
	2,600,000	(c),(d)	GS Mortgage Securities Corp Trust 2021-ARDN, 2021 ARDN, (TSFR1M + 1.364%)		5.676		11/15/36		2,586,969
	1,000,000		GS Mortgage Securities Trust 2016-GS3, 2016 GS3		3.979		10/10/49		919,136
	2,260,000		GS Mortgage Securities Trust 2016-GS4, 2016 GS4		3.949		11/10/49		1,971,288
	1,425,000		GS Mortgage Securities Trust 2019-GC38, 2019 GC38		4.158		02/10/52		1,358,980
	1,000,000		GS Mortgage Securities Trust 2020-GSA2, 2020 GSA2		2.012		12/12/53		848,285
	4,677	(c)	GS Mortgage-Backed Securities Corp Trust 2019-PJ2, 2019 PJ2		4.000		11/25/49		4,410
	97,219	(c)	GS Mortgage-Backed Securities Corp Trust 2019-PJ2, 2019 PJ2		4.000		11/25/49		91,677
	6,434,945	(c)	GS Mortgage-Backed Securities Trust 2022-PJ1, 2022 PJ1		2.829		05/28/52		5,306,560
	3,000,000	(c)	Houston Galleria Mall Trust 2025-HGLR, 2025 HGLR		5.462		02/05/45		3,087,865
	2,000,000	(c)	HTL Commercial Mortgage Trust 2024-T53, 2024 T53		7.088		05/10/39		2,051,820
	1,500,000	(c),(d)	ILPT Commercial Mortgage Trust 2022-LPF2, 2022 LPF2, (TSFR1M + 2.744%)		7.056		10/15/39		1,500,461
	355,502		Impac Secured Assets CMN Owner Trust, 2000 3		8.000		10/25/30		327,161
	241,979	(c)	Imperial Fund Mortgage Trust 2020-NQM1, 2020 NQM1		2.051		10/25/55		227,806
	2,000,000	(c)	Imperial Fund Mortgage Trust 2020-NQM1, 2020 NQM1		3.531		10/25/55		1,818,245
	450,000	(c)	Imperial Fund Mortgage Trust 2021-NQM1, 2021 NQM1		2.383		06/25/56		348,704
	329,312	(c)	Imperial Fund Mortgage Trust 2021-NQM1, 2021 NQM1		1.617		06/25/56		288,609


52		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES (continued)
$	2,500,000	(c),(d)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2022- ACB, 2022 ACB, (SOFR30A + 3.350%)		7.757%		03/15/39	$	2,508,508
	2,440,699	(c),(d)	J.P. Morgan Chase Commercial Mortgage Securities Trust 2022- NLP, 2022 NLP, (TSFR1M + 2.608%)		7.918		04/15/37		2,348,374
	4,691,287	(c)	J.P. Morgan Mortgage Trust 2022-LTV2, 2022 LTV2		3.665		09/25/52		3,990,637
	145,943	(d)	JP Morgan Alternative Loan Trust 2007-S1, 2007 S1, (TSFR1M + 0.674%)		4.994		04/25/47		140,470
	1,000,000	(c)	JP Morgan Chase Commercial Mortgage Securities Trust 2020- NNN, 2020 NNN		3.065		01/16/37		797,650
	1,347,787	(c)	JP Morgan Mortgage Trust 2020-INV1, 2020 INV1		4.186		08/25/50		1,176,925
	1,500,000		JPMBB Commercial Mortgage Securities Trust 2015-C31, 2015 C31		4.642		08/15/48		1,430,698
	2,500,000		JPMBB Commercial Mortgage Securities Trust 2015-C31, 2015 C31		4.642		08/15/48		2,025,119
	2,500,000	(c)	JPMBB Commercial Mortgage Securities Trust 2015-C33, 2015 C33		4.136		12/15/48		2,253,972
	1,500,000		JPMBB Commercial Mortgage Securities Trust 2016-C1, 2016 C1		4.699		03/17/49		1,401,963
	1,400,000	(c)	JPMBB Commercial Mortgage Securities Trust 2016-C1, 2016 C1		4.199		03/17/49		1,219,857
	2,000,000		JPMCC Commercial Mortgage Securities Trust 2017-JP6, 2017 JP6		3.701		07/15/50		1,615,953
	1,335,000		JPMCC Commercial Mortgage Securities Trust 2017-JP7, 2017 JP7		3.675		09/15/50		1,109,996
	1,400,000	(c)	JPMCC Commercial Mortgage Securities Trust 2017-JP7, 2017 JP7		4.425		09/15/50		814,918
	190,000	(c)	Ladder Capital Commercial Mortgage 2013-GCP Mortgage Trust, 2013 GCP		3.985		02/15/36		177,153
	3,015,000	(c)	Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust, 2024 LGND		6.733		11/05/39		3,043,133
	34,356,000	(c)	MFT Trust 2020-ABC, 2020 ABC, (I/O)		0.119		02/10/42		225,831
	1,150,000		Morgan Stanley Capital I Trust 2019-H7, 2019 H7		3.524		07/15/52		1,075,361
	2,000,000	(c)	MRCD 2019-MARK Mortgage Trust, 2019 PARK		2.718		12/15/36		1,464,010
	1,500,000	(c)	MSCG Trust 2015-ALDR, 2015 ALDR		3.462		06/07/35		1,399,044
	500,000	(c)	MSCG Trust 2015-ALDR, 2015 ALDR		3.462		06/07/35		456,412
	1,000,000	(c),(d)	MTN Commercial Mortgage Trust 2022-LPFL, 2022 LPFL, (TSFR1M + 2.943%)		7.773		03/15/39		1,000,737
	1,500,000	(c),(d)	Natixis Commercial Mortgage Securities Trust 2019-MILE, 2019 MILE, (TSFR1M + 4.329%)		8.641		07/15/36		992,029
	1,500,000	(c),(d)	Natixis Commercial Mortgage Securities Trust 2019-MILE, 2019 MILE, (TSFR1M + 3.579%)		7.891		07/15/36		1,074,538
	71,141	(c)	New Residential Mortgage Loan Trust 2015-2, 2015 2A		5.318		08/25/55		70,416
	3,200,000	(c),(d)	NYC Trust 2024-3ELV, 2024 3ELV, (TSFR1M + 2.840%)		7.152		08/15/29		3,228,081
	1,150,000	(c)	One Bryant Park Trust 2019-OBP, 2019 OBP		2.516		09/15/54		1,028,386
	2,400,000	(c),(d)	OPEN Trust 2023-AIR, 2023 AIR, (TSFR1M + 5.236%)		9.548		11/15/40		2,419,611
	2,000,000	(c),(d)	PKHL Commercial Mortgage Trust 2021-MF, 2021 MF, (TSFR1M + 0.994%)		5.306		07/15/38		1,920,050
	1,000,000	(c),(d)	RLGH Trust 2021-TROT, 2021 TROT, (LIBOR 1 M + 1.828%)		1.821		04/15/36		991,437
	9,988	(c)	Sequoia Mortgage Trust 2018-7, 2018 7		4.000		09/25/48		9,432
	5,497	(c)	Sequoia Mortgage Trust 2019-2, 2019 2		4.000		06/25/49		5,181
	1,155,000	(c)	SLG Office Trust 2021-OVA, 2021 OVA		2.851		07/15/41		967,624
	40,180,000	(c)	SLG Office Trust 2021-OVA, 2021 OVA, (I/O)		0.258		07/15/41		518,117
	1,831,354	(c),(d)	SMR 2022-IND Mortgage Trust, 2022 IND, (TSFR1M + 3.950%)		8.262		02/15/39		1,785,760
	2,140,000	(c),(d)	SREIT Trust 2021-PALM, 2021 PALM, (TSFR1M + 1.524%)		5.836		10/15/34		2,122,967
	2,000,000	(c),(d)	TX Trust 2024-HOU, 2024 1, (TSFR1M + 3.239%)		7.551		06/15/39		2,013,526
	2,600,000		UBS Commercial Mortgage Trust 2018-C11, 2018 C11		5.044		06/15/51		2,365,166
	2,000,000	(c)	Verus Securitization Trust 2021-8, 2021 8		3.288		11/25/66		1,570,527
	29,379		Washington Mutual MSC Mortgage Pass-Through Certificates Series 2004-RA3 Trust, 2004 RA3		5.585		08/25/38		29,047
	1,615,000		Wells Fargo Commercial Mortgage Trust 2015-NXS1, 2015 NXS1		3.658		05/15/48		1,600,905
	2,000,000		Wells Fargo Commercial Mortgage Trust 2015-P2, 2015 P2		4.818		12/15/48		1,952,102
	4,500,000		Wells Fargo Commercial Mortgage Trust 2024-C63, 2024 C63		5.820		08/15/57		4,687,592


See Notes to Financial Statements		53

Portfolio of Investments February 28, 2025 (continued)

Strategic Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			MORTGAGE-BACKED SECURITIES (continued)
$	930,972	(c)	Wells Fargo Mortgage Backed Securities 2021-INV1 Trust, 2021 INV1		3.311%		08/25/51	$	782,764

			TOTAL MORTGAGE-BACKED SECURITIES (Cost $397,310,501)						389,988,312


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SOVEREIGN DEBT - 7.4%

			ANGOLA - 0.1%
	1,050,000	(c)	Angolan Government International Bond		8.750		04/14/32		938,453

			TOTAL ANGOLA						938,453


			ARGENTINA - 0.1%
	2,325,000		Argentine Republic Government International Bond		4.125		07/09/35		1,470,562

			TOTAL ARGENTINA						1,470,562


			AZERBAIJAN - 0.1%
	1,700,000	(c)	Republic of Azerbaijan International Bond		3.500		09/01/32		1,485,809

			TOTAL AZERBAIJAN						1,485,809


			BAHRAIN - 0.0%
	500,000	(c)	Bahrain Government International Bond		6.000		09/19/44		425,910

			TOTAL BAHRAIN						425,910


			BENIN - 0.1%
	1,550,000	(c)	Benin Government International Bond		7.960		02/13/38		1,461,573

			TOTAL BENIN						1,461,573


			BRAZIL - 0.2%
	1,250,000		Brazilian Government International Bond		7.125		05/13/54		1,207,875
	1,145,000		Brazilian Government International Bond		6.000		10/20/33		1,110,168

			TOTAL BRAZIL						2,318,043


			CHILE - 0.2%
	2,150,000		Chile Government International Bond		3.100		05/07/41		1,585,320

			TOTAL CHILE						1,585,320


			COLOMBIA - 0.3%
	2,225,000		Colombia Government International Bond		5.200		05/15/49		1,542,630
	3,200,000		Colombia Government International Bond		5.000		06/15/45		2,227,027

			TOTAL COLOMBIA						3,769,657


			COSTA RICA - 0.1%
	905,000	(c)	Costa Rica Government International Bond		5.625		04/30/43		816,717

			TOTAL COSTA RICA						816,717


			COTE D’IVOIRE - 0.4%
	662,954	(c)	Ivory Coast Government International Bond 2032 144A		5.750		12/31/32		630,654
	2,125,000	(c)	Ivory Coast Government International Bond		8.250		01/30/37		2,065,713
	1,175,000	(c)	Ivory Coast Government International Bond		6.125		06/15/33		1,057,711

			TOTAL COTE D’IVOIRE						3,754,078


			DOMINICAN REPUBLIC - 0.1%
	1,525,000	(c)	Dominican Republic International Bond		4.500		01/30/30		1,421,544

			TOTAL DOMINICAN REPUBLIC						1,421,544


			ECUADOR - 0.0%
	380,000	(c)	Ecuador Government International Bond		5.000		07/31/30		250,672

			TOTAL ECUADOR						250,672


			EGYPT - 0.3%
	1,500,000	(c)	Egypt Government International Bond		8.625		02/04/30		1,488,987
	2,250,000	(c)	Egypt Government International Bond		8.500		01/31/47		1,785,627

			TOTAL EGYPT						3,274,614


			GHANA - 0.0%
	157,300	(c)	Ghana Government International Bond		5.000		07/03/29		139,879
	276,200	(c)	Ghana Government International Bond		5.000		07/03/35		204,858

			TOTAL GHANA						344,737


			GUATEMALA - 0.1%
	500,000	(c)	Guatemala Government Bond		6.600		06/13/36		503,683

			TOTAL GUATEMALA						503,683


54		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HONDURAS - 0.3%
$	1,675,000	(c)	Honduras Government International Bond		5.625%		06/24/30	$	1,496,612
	1,575,000	(c)	Honduras Government International Bond		8.625		11/27/34		1,552,162

			TOTAL HONDURAS						3,048,774


			HUNGARY - 0.3%
	1,650,000		Hungary Government International Bond		7.625		03/29/41		1,908,794
	1,300,000	(c)	Magyar Export-Import Bank Zrt		6.125		12/04/27		1,325,485

			TOTAL HUNGARY						3,234,279


			INDONESIA - 0.1%
	950,000	(c)	Perusahaan Penerbit SBSN Indonesia III		3.800		06/23/50		721,932

			TOTAL INDONESIA						721,932


			IRAQ - 0.1%
	1,130,625	(c)	Iraq International Bond		5.800		01/15/28		1,110,975

			TOTAL IRAQ						1,110,975


			ISRAEL - 0.1%
	600,000		Israel Government International Bond		5.750		03/12/54		564,975

			TOTAL ISRAEL						564,975


			JORDAN - 0.2%
	600,000	(c)	Jordan Government International Bond		7.375		10/10/47		534,192
	600,000	(c)	Jordan Government International Bond		5.850		07/07/30		558,846

			TOTAL JORDAN						1,093,038


			KENYA - 0.2%
	500,000	(c)	Republic of Kenya Government International Bond		9.750		02/16/31		505,627
	1,445,000	(c)	Republic of Kenya Government International Bond		6.300		01/23/34		1,171,614

			TOTAL KENYA						1,677,241


			MEXICO - 0.8%
	1,975,000		Mexico Government International Bond		6.400		05/07/54		1,837,216
	1,966,000		Mexico Government International Bond		4.750		03/08/44		1,545,928
	1,000,000		Mexico Government International Bond		4.750		04/27/32		931,429
	3,325,000		Mexico Government International Bond		4.280		08/14/41		2,540,365
	1,300,000		Mexico Government International Bond		7.375		05/13/55		1,355,353

			TOTAL MEXICO						8,210,291


			MONGOLIA - 0.1%
	795,000	(c)	Mongolia Government International Bond		4.450		07/07/31		692,179

			TOTAL MONGOLIA						692,179


			MOROCCO - 0.1%
	850,000	(c)	Morocco Government International Bond		5.500		12/11/42		762,875

			TOTAL MOROCCO						762,875


			NIGERIA - 0.2%
	2,150,000	(c)	Nigeria Government International Bond		10.375		12/09/34		2,242,665

			TOTAL NIGERIA						2,242,665


			OMAN - 0.2%
	2,050,000	(c)	Oman Government International Bond		6.500		03/08/47		2,100,553

			TOTAL OMAN						2,100,553


			PANAMA - 0.3%
	1,360,000		Panama Bonos del Tesoro		3.362		06/30/31		1,103,640
	1,450,000		Panama Government International Bond		8.000		03/01/38		1,513,934

			TOTAL PANAMA						2,617,574


			PARAGUAY - 0.1%
	675,000	(c)	Paraguay Government International Bond		6.000		02/09/36		683,775
	1,625,000	(c)	Paraguay Government International Bond		5.600		03/13/48		1,457,124

			TOTAL PARAGUAY						2,140,899


			PERU - 0.3%
	1,050,000		Peruvian Government International Bond		3.300		03/11/41		780,982
	1,755,000		Peruvian Government International Bond		5.875		08/08/54		1,724,037

			TOTAL PERU						2,505,019


			PHILIPPINES - 0.1%
	1,225,000		Philippine Government International Bond		4.200		03/29/47		1,014,554

			TOTAL PHILIPPINES						1,014,554


See Notes to Financial Statements		55

Portfolio of Investments February 28, 2025 (continued)

Strategic Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			POLAND - 0.1%
$	630,000		Republic of Poland Government International Bond		5.500%		04/04/53	$	605,490

			TOTAL POLAND						605,490


			QATAR - 0.1%
	850,000	(c)	Qatar Government International Bond		4.817		03/14/49		789,453

			TOTAL QATAR						789,453


			REPUBLIC OF SERBIA - 0.2%
	1,500,000	(c)	Serbia International Bond		6.500		09/26/33		1,565,887

			TOTAL REPUBLIC OF SERBIA						1,565,887


			ROMANIA - 0.2%
	450,000	(b),(c)	Romanian Government International Bond		7.625		01/17/53		459,000
	1,100,000	(c)	Romanian Government International Bond		5.750		03/24/35		1,004,302
	1,370,000	(c)	Romanian Government International Bond		6.125		01/22/44		1,213,043

			TOTAL ROMANIA						2,676,345


			RWANDA - 0.1%
	1,375,000	(c)	Rwanda International Government Bond		5.500		08/09/31		1,080,049

			TOTAL RWANDA						1,080,049


			SAUDI ARABIA - 0.3%
	2,065,000	(c)	Saudi Government International Bond		3.750		01/21/55		1,439,421
	1,500,000	(c)	Saudi Government International Bond		5.625		01/13/35		1,536,966

			TOTAL SAUDI ARABIA						2,976,387


			SENEGAL - 0.1%
	1,600,000	(c)	Senegal Government International Bond		6.250		05/23/33		1,249,384
	700,000	(c)	Senegal Government International Bond		6.750		03/13/48		469,000

			TOTAL SENEGAL						1,718,384


			SOUTH AFRICA - 0.2%
	1,575,000		Republic of South Africa Government International Bond		7.300		04/20/52		1,437,282
	1,900,000		Republic of South Africa Government International Bond		5.375		07/24/44		1,451,940

			TOTAL SOUTH AFRICA						2,889,222


			TURKEY - 0.3%
	1,025,000		Turkiye Government International Bond		7.625		05/15/34		1,055,596
	1,950,000		Turkiye Government International Bond		7.125		02/12/32		1,948,467

			TOTAL TURKEY						3,004,063


			UKRAINE - 0.0%
	73,658	(c)	Ukraine Government International Bond		0.000		02/01/35		48,320
	55,000	(c)	Ukraine Government International Bond		1.750		02/01/29		39,242
	15,548	(c)	Ukraine Government International Bond		0.000		02/01/36		10,161

			TOTAL UKRAINE						97,723


			UZBEKISTAN - 0.2%
	1,600,000	(c)	Republic of Uzbekistan International Bond		5.375		02/20/29		1,532,352

			TOTAL UZBEKISTAN						1,532,352


			TOTAL SOVEREIGN DEBT (Cost $80,784,188)						76,494,550


	PRINCIPAL		DESCRIPTION		RATE		MATURITY		VALUE


			U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.8%
	17,000,000		United States Treasury Note/Bond		4.125		08/15/44		16,078,281
	20,000,000		United States Treasury Note/Bond		4.625		11/15/44		20,218,750
	1,000,000		United States Treasury Note/Bond		4.125		10/31/31		1,001,563
	5,000,000		United States Treasury Note/Bond		4.375		12/31/29		5,078,125
	3,000,000		United States Treasury Note/Bond		4.250		12/31/26		3,012,422
	14,250,000		United States Treasury Note/Bond		4.250		01/15/28		14,355,761


			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $60,042,049)						59,744,902


56		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			VARIABLE RATE SENIOR LOAN INTERESTS - 5.4%

			CAPITAL GOODS - 0.7%
$	2,500,000	(d)	Barnes Group Inc, Term Loan B, (TSFR1M + 3.000%)		7.324%		01/27/32	$	2,494,137
	2,741,379	(d),(g)	Kaman Corp, Term Loan, (TBD)		TBD		TBD		2,730,592
	258,621	(d),(g)	Kaman Corp, Term Loan, (TBD)		TBD		TBD		257,603
	1,481,325	(d)	Windsor Holdings III, LLC, First Lien Term Loan B, (TSFR1M + 3.500%)		7.822		08/01/30		1,480,866

			TOTAL CAPITAL GOODS						6,963,198


			COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	1,000,000	(d),(g)	Win Waste Innovations Holdings Inc, Term Loan, (TBD)		TBD		TBD		1,000,000

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						1,000,000


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.5%
	2,457,118	(d)	CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%)		6.802		11/08/32		2,454,047
	2,508,894	(d),(h)	Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M + 2.500%)		6.819		04/23/31		2,508,893

			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL						4,962,940


			CONSUMER DURABLES & APPAREL - 0.0%
	431,647	(d)	Weber-Stephen Products LLC, Term Loan B, (TSFR1M + 3.250%)		7.688		10/29/27		429,174

			TOTAL CONSUMER DURABLES & APPAREL						429,174


			CONSUMER SERVICES - 0.5%
	997,186	(d)	Alterra Mountain Company, Term Loan B7, (TSFR1M + 3.000%)		7.324		05/31/30		1,001,555
	2,345,628	(d),(h)	GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR3M + 2.750%)		7.079		10/31/29		2,352,043
	2,280,481	(d)	Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M + 2.750%)		7.074		01/30/31		2,276,866

			TOTAL CONSUMER SERVICES						5,630,464


			FOOD, BEVERAGE & TOBACCO - 0.2%
	71,921	(d)	City Brewing Company, LLC, First Out New Money Term Loan, (TSFR3M + 6.250%)		10.814		04/05/28		36,680
	188,204	(d)	City Brewing Company, LLC, FLFO Roll Up Term Loan, (TSFR3M + 3.500%)		8.064		04/05/28		95,984
	15,499	(d)	City Brewing Company, LLC, PIK Super Priority Term Loan, (TSFR1M + 9.000%)		13.423		01/03/26		14,995
	1,279,310	(d),(g)	Savor Acquisition Inc, Term Loan, (TBD)		TBD		TBD		1,282,509
	120,690	(d),(g)	Savor Acquisition Inc, Term Loan, (TBD)		TBD		TBD		120,991

			TOTAL FOOD, BEVERAGE & TOBACCO						1,551,159


			HEALTH CARE EQUIPMENT & SERVICES - 1.0%
	1,950,000	(d)	Bausch & Lomb Corporation, Term Loan, (TSFR1M + 3.250%)		7.674		05/10/27		1,946,344
	3,979,382	(d)	Insulet Corporation, First Lien Term Loan B, (TSFR1M + 2.500%)		6.824		08/04/31		3,999,697
	530,255	(d)	Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%)		6.574		10/23/28		531,653
	1,934,856	(d),(h)	Parexel International Corporation, Term Loan B, (TSFR1M + 2.500%)		6.824		11/15/28		1,939,964
	995,000	(d)	Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)		6.824		02/21/31		992,706
	843,625	(d)	Surgery Center Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)		7.074		12/19/30		845,633

			TOTAL HEALTH CARE EQUIPMENT & SERVICES						10,255,997


			INSURANCE - 0.5%
	1,250,000	(d)	AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.250%)		6.574		01/21/32		1,249,294
	2,651,675	(d)	Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%)		7.324		06/16/31		2,654,539
	1,595,081	(d)	Truist Insurance Holdings LLC, Term Loan B, (TSFR3M + 2.750%)		7.079		05/06/31		1,596,875

			TOTAL INSURANCE						5,500,708


			MATERIALS - 0.4%
	1,441,350	(d)	Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.175%)		7.499		04/13/29		1,442,381
	481,013	(d)	Plaze, Inc., Term Loan B, (TSFR1M + 3.500%)		7.938		08/03/26		460,570
	1,732,533	(d)	Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)		8.312		09/15/28		1,736,318
	67,900	(d)	W.R. Grace & Co.-Conn., Term Loan B, (TSFR3M + 3.250%)		7.579		09/22/28		67,985

			TOTAL MATERIALS						3,707,254


			MEDIA & ENTERTAINMENT - 0.1%
	1,213,925	(d),(h)	Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M + 3.000%)		7.321		02/10/31		1,217,870

			TOTAL MEDIA & ENTERTAINMENT						1,217,870


See Notes to Financial Statements		57

Portfolio of Investments February 28, 2025 (continued)

Strategic Income


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
$	687,970	(d)	Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%)		6.574%		05/05/28	$	689,474
	1,512,645	(d)	Organon & Co, Term Loan, (TSFR1M + 2.250%)		6.570		05/19/31		1,511,382

			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2,200,856


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	699,358	(d)	Ultra Clean Holdings, Inc, Term Loan B, (TSFR1M + 3.250%)		7.574		02/25/28		703,728

			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						703,728


			SOFTWARE & SERVICES - 1.0%
	907,725	(d)	Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)		6.291		01/31/31		909,314
	2,500,000	(d)	Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)		7.291		07/30/31		2,498,212
	2,396,918	(d)	Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)		7.059		04/30/31		2,377,443
	481,250	(d)	IGT Holding IV AB, Term Loan B2, (SOFR90A + 3.400%)		7.942		03/29/28		483,656
	2,500,000	(d)	Javelin Buyer, Inc., First Lien Term Loan, (TSFR3M + 3.250%)		7.563		12/08/31		2,514,063
	1,093,172	(d),(h)	UKG Inc., Term Loan B, (TSFR3M + 3.000%)		7.300		02/10/31		1,094,336

			TOTAL SOFTWARE & SERVICES						9,877,024


			TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	184,917	(d)	Ingram Micro Inc., Term Loan B, (TSFR3M + 2.750%)		7.077		09/22/31		186,362

			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						186,362


			TRANSPORTATION - 0.0%
	59,025	(d)	SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%)		8.043		10/20/27		59,918

			TOTAL TRANSPORTATION						59,918


			UTILITIES - 0.1%
	1,182,748	(d)	Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)		6.818		05/17/30		1,185,829

			TOTAL UTILITIES						1,185,829


			TOTAL VARIABLE RATE SENIOR LOAN INTERESTS (Cost $55,204,959)						55,432,481


			TOTAL LONG-TERM INVESTMENTS (Cost $1,020,097,595)						1,006,222,325


	SHARES		DESCRIPTION		RATE				VALUE


			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING- 0.5%
	5,100,745	(i)	State Street Navigator Securities Lending Government Money Market Portfolio		4.380 (j)				5,100,745


			TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $5,100,745)						5,100,745


	PRINCIPAL		DESCRIPTION		RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 2.4%

			REPURCHASE AGREEMENTS - 2.4%
	23,500,000	(k)	Fixed Income Clearing Corporation		4.330		03/03/25		23,500,000
	707,266	(l)	Fixed Income Clearing Corporation		1.360		03/03/25		707,266


			TOTAL REPURCHASE AGREEMENTS (Cost $24,207,266)						24,207,266


			TOTAL SHORT-TERM INVESTMENTS (Cost $24,207,266)						24,207,266


			TOTAL INVESTMENTS - 100.5% (Cost $1,049,405,606)						1,035,530,336


			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(4,691,060)


			NET ASSETS - 100%				$ 1,030,839,276


I/O		Interest only security
LIBOR		London Inter-Bank Offered Rate
M		Month
Reg S		Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.
SOFR		Secured Overnight Financing Rate
SOFR30A		30 Day Average Secured Overnight Financing Rate
SOFR90A		90 Day Average Secured Overnight Financing Rate


58		See Notes to Financial Statements


TBD		Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.
TSFR1M		CME Term Secured Overnight Financing Rate 1 Month
TSFR3M		CME Term Secured Overnight Financing Rate 3 Month

(a)		Perpetual security. Maturity date is not applicable.
(b)		Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $4,893,415.
(c)		Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $542,206,931 or 52.4% of Total Investments.
(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)		For fair value measurement disclosure purposes, investment classified as Level 3.
(f)		Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. As of the end of the reporting period, the Fund’s total investment in CoCos was 2.6% of Total Investments.
(g)		When-issued or delayed delivery security.
(h)		Portion of investment purchased on a delayed delivery basis.
(i)		Investments made with cash collateral received from securities on loan.
(j)		The rate shown is the one-day yield as of the end of the reporting period.
(k)		Agreement with Fixed Income Clearing Corporation, 4.330% dated 2/28/25 to be repurchased at $23,508,480 on 3/3/25, collateralized by Government Agency Securities, with coupon rates 1.750%–2.000% and maturity dates 8/15/41–11/15/41, valued at $23,970,023.
(l)		Agreement with Fixed Income Clearing Corporation, 1.360% dated 2/28/25 to be repurchased at $707,346 on 3/3/25, collateralized by Government Agency Securities, with coupon rates 0.125%–1.750% and maturity dates 7/15/30–8/15/41, valued at $721,618.

Investments in Derivatives

Futures Contracts - Long


Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)

U.S. Treasury 2-Year Note		500		6/25		$51,615,100		$51,742,188		$127,088
U.S. Treasury 5-Year Note		125		6/25		13,415,829		13,492,188		76,359
U.S. Treasury Long Bond		200		6/25		23,452,766		23,618,750		165,984
U.S. Treasury Ultra Bond		200		6/25		24,649,882		24,825,000		175,118

Total						$113,133,577		$113,678,126		$544,549


See Notes to Financial Statements		59

Statement of Assets and Liabilities


February 28, 2025 (Unaudited)	Credit Income			Flexible Income			Floating Rate Income			High Yield Income			Preferred Securities and Income			Strategic Income
ASSETS

Long-term investments, at value^†‡	$	104,383,076		$	894,268,935		$	1,615,784,619		$	685,276,161		$	4,792,128,044		$	1,006,222,325

Investments purchased with collateral from securities lending, at value (cost approximates value)		5,055,256			6,855,249			2,859,986			42,699,202			143,657,287			5,100,745

Short-term investments, at value^à		8,368,868			12,468,643			134,144,085			14,819,832			13,931,158			24,207,266

Cash		251,076			–			2,696			–			–			3,692,540

Cash collateral at broker for investments in futures contracts⁽¹⁾		75,450			–			–			–			9,588,088			2,226,234

Receivables:

Dividends		–			588,277			–			–			1,898,925			–

Interest		1,617,174			13,178,591			10,320,960			12,430,940			73,018,093			8,293,306

Investments sold		257,957			–			27,825,474			2,859,202			14,782,567			7,176,495

Reclaims		–			86,910			–			–			5,332			–

Reimbursement from Adviser		14,216			67,514			–			32,898			–			47,181

Shares sold		1,104,732			612,727			2,068,337			111,910			4,518,132			2,007,688

Variation margin on futures contracts		18,477			–			–			–			1,853,750			386,523

Other		104,617			86,660			551,510			528,562			331,025			92,043

Total assets		121,250,899			928,213,506			1,793,557,667			758,758,707			5,055,712,401			1,059,452,346
LIABILITIES

Cash overdraft denominated in foreign currencies^*		–			–			–			1,200			–			–

Payables:

Management fees		43,258			491,383			718,064			315,989			2,409,602			381,308

Collateral from securities lending		5,055,256			6,855,249			2,859,986			42,699,202			143,657,287			5,100,745

Dividends		25,835			107,339			1,113,726			219,363			3,059,567			748,557

Interest		206			249			39,553			1,552			11,117			193

Investments purchased - regular settlement		823,251			–			2,839,876			2,510,389			7,902,278			7,641,617

Investments purchased - when-issued/delayed-delivery settlement		4,282,092			–			111,481,822			11,610,000			–			12,158,277

Shares redeemed		1,258,200			3,335,502			26,660,194			1,574,283			11,578,726			2,185,995

Unfunded senior loans		–			–			936,026			–			–			–

Accrued expenses:

Custodian fees		25,915			41,631			166,864			46,436			138,790			80,056

Directors/Trustees fees		17,701			48,241			74,867			34,651			204,275			44,635

Professional fees		28,483			30,654			45,770			33,969			40,090			47,055

Shareholder reporting expenses		3,488			56,136			80,367			62,674			228,021			34,426

Shareholder servicing agent fees		21,777			162,008			256,995			364,865			700,353			142,295

12b-1 distribution and service fees		14,525			111,590			83,044			21,718			180,725			43,160

Other		853			1,457			1,281			870			893			4,751

Total liabilities		11,600,840			11,241,439			147,358,435			59,497,161			170,111,724			28,613,070

Net assets	$	109,650,059		$	916,972,067		$	1,646,199,232		$	699,261,546		$	4,885,600,677		$	1,030,839,276

NET ASSETS CONSIST OF:

Paid-in capital	$	248,743,861		$	1,178,026,381		$	1,961,793,808		$	905,122,133		$	5,467,410,917		$	1,142,833,130

Total distributable earnings (loss)		(139,093,802	)		(261,054,314	)		(315,594,576	)		(205,860,587	)		(581,810,240	)		(111,993,854	)

Net assets	$	109,650,059		$	916,972,067		$	1,646,199,232		$	699,261,546		$	4,885,600,677		$	1,030,839,276

^† Long-term investments, cost	$	104,530,881		$	887,096,629		$	1,641,168,822		$	681,733,295		$	4,901,931,145		$	1,020,097,595

^à Short-term investments, cost		8,368,868			12,468,643			134,144,085			14,819,832			13,931,158			24,207,266

‡ Includes securities loaned of	$	4,757,757		$	6,627,265		$	2,741,372		$	39,250,818		$	138,217,956		$	4,893,415

* Cash overdraft denominated in foreign currencies, cost	$	–		$	–		$	–		$	1,248		$	–		$	–

See Notes to Financial Statements

Statement of Assets and Liabilities (continued)


	Credit Income		Flexible Income		Floating Rate Income		High Yield Income		Preferred Securities and Income		Strategic Income
CLASS A:

Net assets	$	48,857,962	$	173,380,421	$	235,628,416	$	62,164,236	$	444,696,029	$	145,239,929

Shares outstanding		7,256,566		9,165,167		13,011,341		3,462,261		28,339,175		14,602,202

Net asset value (“NAV”) per share	$	6.73	$	18.92	$	18.11	$	17.95	$	15.69	$	9.95

Maximum sales charge		4.75%		4.75%		3.00%		4.75%		4.75%		4.25%

Offering price per share (NAV per share plus maximum sales charge)	$	7.07	$	19.86	$	18.67	$	18.85	$	16.47	$	10.39
CLASS C:

Net assets	$	5,863,240	$	101,466,982	$	49,103,204	$	12,883,939	$	123,593,122	$	19,910,680

Shares outstanding		872,288		5,373,704		2,711,495		718,156		7,869,935		2,011,469

NAV and offering price per share	$	6.72	$	18.88	$	18.11	$	17.94	$	15.70	$	9.90
CLASS R6:

Net assets	$	—	$	14,319,844	$	234,801,179	$	34,077,527	$	585,940,763	$	297,143,718

Shares outstanding		—		751,677		12,896,829		1,885,852		37,215,053		29,772,224

NAV and offering price per share	$	—	$	19.05	$	18.21	$	18.07	$	15.74	$	9.98
CLASS I:

Net assets	$	54,928,857	$	627,804,820	$	1,126,666,433	$	590,135,844	$	3,731,370,763	$	568,544,949

Shares outstanding		8,142,714		33,148,210		62,145,815		32,824,226		237,527,873		57,163,210

NAV and offering price per share	$	6.75	$	18.94	$	18.13	$	17.98	$	15.71	$	9.95

Authorized shares - per class		2 billion		Unlimited		Unlimited		Unlimited		Unlimited		2 billion

Par value per share		$0.0001		$0.01		$0.01		$0.01		$0.01		$0.0001

(1)	Cash pledged to collateralize the net payment obligations for investments in derivatives.

See Notes to Financial Statements

Statement of Operations


Six Months Ended February 28, 2025 (Unaudited)	Credit Income			Flexible Income			Floating Rate Income			High Yield Income

INVESTMENT INCOME
Affiliated income	$	—		$	16,767		$	—		$	—
Dividends		8,727			4,846,289			1,534,162			811,825
Interest		4,116,082			22,704,186			64,329,691			26,486,183
Securities lending income, net		43,542			111,212			9,554			392,107
Tax withheld		(2,316	)		—			—			(15,314	)
Total investment income		4,166,035			27,678,454			65,873,407			27,674,801

EXPENSES
Management fees		258,572			3,378,876			4,337,612			1,985,594
12b-1 service fees - Class A		60,253			221,082			273,545			75,727
12b-1 distribution and service fees - Class C		31,560			546,311			249,907			61,301
Shareholder servicing agent fees - Class A		22,661			55,139			83,314			47,587
Shareholder servicing agent fees - Class C		2,948			34,156			19,057			9,645
Shareholder servicing agent fees - Class R6		—			264			3,677			415
Shareholder servicing agent fees - Class I		17,966			216,338			383,122			454,338
Interest expense		4,256			3,121			210,822			19,536
Directors/Trustees fees		1,838			19,614			29,123			13,314
Custodian expenses		28,817			45,238			214,223			60,658
Registration fees		27,909			40,835			49,128			37,317
Professional fees		25,758			25,876			41,985			36,188
Shareholder reporting expenses		11,282			34,063			44,794			88,000
Other		7,805			17,252			45,507			11,088
Total expenses before fee waiver/expense reimbursement		501,625			4,638,165			5,985,816			2,900,708
Fee waiver/expense reimbursement		(78,710	)		(361,179	)		—			(236,604	)
Net expenses		422,915			4,276,986			5,985,816			2,664,104

Net investment income (loss)		3,743,120			23,401,468			59,887,591			25,010,697

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments		706,606			(1,358,554	)		2,999,356			10,969,274
Futures contracts		(165,100	)		–			–			–
Swap contracts		—			—			—			(210,055	)
Net realized gain (loss)		541,506			(1,358,554	)		2,999,356			10,759,219

Change in unrealized appreciation (depreciation) on:
Investments		(74,103	)		2,241,761			(8,478,591	)		(8,906,960	)
Futures contracts		52,470			—			—			—
Swap contracts		—			—			—			210,411
Foreign currency translations		—			—			—			78
Net change in unrealized appreciation (depreciation)		(21,633	)		2,241,761			(8,478,591	)		(8,696,471	)

Net realized and unrealized gain (loss)		519,873			883,207			(5,479,235	)		2,062,748

Net increase (decrease) in net assets from operations	$	4,262,993		$	24,284,675		$	54,408,356		$	27,073,445

See Notes to Financial Statements

Statement of Operations (continued)


Six Months Ended February 28, 2025 (Unaudited)	Preferred Securities and Income			Strategic Income

INVESTMENT INCOME
Dividends	$	19,675,603		$	23,382
Interest		139,292,802			32,020,647
Securities lending income, net		351,205			128,322
Total investment income		159,319,610			32,172,351

EXPENSES
Management fees		15,523,740			2,365,350
12b-1 service fees - Class A		556,253			179,795
12b-1 distribution and service fees - Class C		635,270			88,166
Shareholder servicing agent fees - Class A		157,656			59,582
Shareholder servicing agent fees - Class C		45,059			7,270
Shareholder servicing agent fees - Class R6		10,249			6,656
Shareholder servicing agent fees - Class I		1,288,256			215,497
Interest expense		179,436			4,327
Directors/Trustees fees		95,057			19,378
Custodian expenses		166,939			83,419
Registration fees		70,116			42,853
Professional fees		44,397			38,300
Shareholder reporting expenses		115,164			31,616
Other		53,041			15,061
Total expenses before fee waiver/expense reimbursement		18,940,633			3,157,270
Fee waiver/expense reimbursement		–			(359,281	)
Net expenses		18,940,633			2,797,989

Net investment income (loss)		140,378,977			29,374,362

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments		1,615,686			(2,323,978	)
Futures contracts		(30,325,834	)		(4,279,003	)
Foreign currency transactions		(17	)		3
Net realized gain (loss)		(28,710,165	)		(6,602,978	)

Change in unrealized appreciation (depreciation) on:
Investments		41,536,663			4,829,289
Futures contracts		15,289,929			1,142,275
Foreign currency translations		(17	)		(93	)
Net change in unrealized appreciation (depreciation)		56,826,575			5,971,471

Net realized and unrealized gain (loss)		28,116,410			(631,507	)

Net increase (decrease) in net assets from operations	$	168,495,387		$	28,742,855

See Notes to Financial Statements

Statement of Changes in Net Assets


	Credit Income						Flexible Income
	Unaudited Six Months Ended 2/28/25			Year Ended 8/31/24			Unaudited Six Months Ended 2/28/25			Year Ended 8/31/24
OPERATIONS
Net investment income (loss)	$	3,743,120		$	7,321,561		$	23,401,468		$	52,276,725
Net realized gain (loss)		541,506			(413,832	)		(1,358,554	)		(49,059,553	)
Net change in unrealized appreciation (depreciation)		(21,633	)		4,310,914			2,241,761			101,070,773

Net increase (decrease) in net assets from operations		4,262,993			11,218,643			24,284,675			104,287,945

DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A		(2,102,089	)		(3,822,374	)		(4,347,749	)		(6,367,223	)
Class C		(250,459	)		(428,850	)		(2,267,700	)		(3,616,429	)
Class R6		–			–			(372,148	)		(562,593	)
Class I		(1,729,521	)		(2,324,305	)		(17,866,803	)		(28,194,294	)
Return of Capital:
Class A		–			–			–			(3,165,640	)
Class C		–			–			–			(2,300,779	)
Class R6		–			–			–			(253,401	)
Class I		–			–			–			(13,021,895	)

Total distributions		(4,082,069	)		(6,575,529	)		(24,854,400	)		(57,482,254	)

FUND SHARE TRANSACTIONS
Subscriptions		50,820,567			37,553,006			65,370,933			177,062,947
Reinvestments of distributions		3,922,506			6,281,220			23,896,026			54,888,232
Redemptions		(32,928,656	)		(41,171,264	)		(207,089,216	)		(432,934,498	)

Net increase (decrease) from Fund share transactions		21,814,417			2,662,962			(117,822,257	)		(200,983,319	)
Net increase (decrease) in net assets		21,995,341			7,306,076			(118,391,982	)		(154,177,628	)
Net assets at the beginning of period		87,654,718			80,348,642			1,035,364,049			1,189,541,677

Net assets at the end of period	$	109,650,059		$	87,654,718		$	916,972,067		$	1,035,364,049

See Notes to Financial Statements


	Floating Rate Income						High Yield Income

	Unaudited Six Months Ended 2/28/25			Year Ended 8/31/24			Unaudited Six Months Ended 2/28/25			Year Ended 8/31/24
OPERATIONS
Net investment income (loss)	$	59,887,591		$	132,363,519		$	25,010,697		$	43,406,139
Net realized gain (loss)		2,999,356			215,043			10,759,219			5,707,310
Net change in unrealized appreciation (depreciation)		(8,478,591	)		24,901,300			(8,696,471	)		22,326,292

Net increase (decrease) in net assets from operations		54,408,356			157,479,862			27,073,445			71,439,741

DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A		(8,588,250	)		(18,833,686	)		(2,226,606	)		(3,908,135	)
Class C		(1,770,721	)		(4,126,036	)		(405,816	)		(796,402	)
Class R6		(9,862,852	)		(25,603,934	)		(1,023,781	)		(1,547,013	)
Class I		(40,790,468	)		(93,983,573	)		(22,026,734	)		(37,160,207	)

Total distributions		(61,012,291	)		(142,547,229	)		(25,682,937	)		(43,411,757	)

FUND SHARE TRANSACTIONS

Subscriptions		452,398,615			579,282,071			99,755,312			193,087,475

Reinvestments of distributions		54,798,286			127,062,716			24,674,676			42,067,758

Redemptions		(376,866,488	)		(739,248,278	)		(88,337,972	)		(109,692,325	)

Net increase (decrease) from Fund share transactions		130,330,413			(32,903,491	)		36,092,016			125,462,908
Net increase (decrease) in net assets		123,726,478			(17,970,858	)		37,482,524			153,490,892
Net assets at the beginning of period		1,522,472,754			1,540,443,612			661,779,022			508,288,130

Net assets at the end of period	$	1,646,199,232		$	1,522,472,754		$	699,261,546		$	661,779,022

See Notes to Financial Statements

Statement of Changes in Net Assets (continued)


	Preferred Securities and Income						Strategic Income

	Unaudited Six Months Ended 2/28/25			Year Ended 8/31/24			Unaudited Six Months Ended 2/28/25			Year Ended 8/31/24
OPERATIONS
Net investment income (loss)	$	140,378,977		$	257,129,683		$	29,374,362		$	47,595,563
Net realized gain (loss)		(28,710,165	)		(18,961,664	)		(6,602,978	)		(4,584,741	)
Net change in unrealized appreciation (depreciation)		56,826,575			351,748,258			5,971,471			41,124,915

Net increase (decrease) in net assets from operations		168,495,387			589,916,277			28,742,855			84,135,737

DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A		(12,571,964	)		(25,893,378	)		(4,656,350	)		(8,094,811	)
Class C		(3,100,909	)		(6,797,617	)		(505,064	)		(688,437	)
Class R6		(17,237,493	)		(34,998,738	)		(9,531,491	)		(16,092,382	)
Class I		(107,061,507	)		(196,297,552	)		(17,594,919	)		(23,165,366	)

Total distributions		(139,971,873	)		(263,987,285	)		(32,287,824	)		(48,040,996	)

FUND SHARE TRANSACTIONS

Subscriptions		726,967,494			1,729,989,088			211,110,187			339,570,250

Reinvestments of distributions		121,126,446			231,131,799			27,997,705			42,325,280

Redemptions		(834,039,837	)		(1,831,897,089	)		(121,369,932	)		(202,865,773	)

Net increase (decrease) from Fund share transactions		14,054,103			129,223,798			117,737,960			179,029,757
Net increase (decrease) in net assets		42,577,617			455,152,790			114,192,991			215,124,498
Net assets at the beginning of period		4,843,023,060			4,387,870,270			916,646,285			701,521,787

Net assets at the end of period	$	4,885,600,677		$	4,843,023,060		$	1,030,839,276		$	916,646,285

See Notes to Financial Statements

Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:


			Investment Operations						Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)		Total		From NII		From Net Realized Gains		Return of Capital		Total		Net Asset Value, End of Period
Credit Income
Class A
2/28/25^(d)		$6.72		$0.27		$0.03		$0.30		$(0.29)		$–		$–		$(0.29)		$6.73
8/31/24		6.36		0.58		0.30		0.88		(0.52)		–		–		(0.52)		6.72
8/31/23		6.36		0.47		(0.05)		0.42		(0.42)		–		–		(0.42)		6.36
8/31/22^(f)		6.22		0.06		0.14		0.20		(0.05)		–		(0.01)		(0.06)		6.36
6/30/22		7.42		0.32		(1.20)		(0.88)		(0.32)		–		–		(0.32)		6.22
6/30/21		6.69		0.34		0.71		1.05		(0.32)		–		–		(0.32)		7.42
6/30/20		7.44		0.38		(0.75)		(0.37)		(0.35)		–		(0.03)		(0.38)		6.69
Class C
2/28/25^(d)		6.71		0.24		0.04		0.28		(0.27)		–		–		(0.27)		6.72
8/31/24		6.35		0.53		0.30		0.83		(0.47)		–		–		(0.47)		6.71
8/31/23		6.35		0.42		(0.05)		0.37		(0.37)		–		–		(0.37)		6.35
8/31/22^(f)		6.21		0.05		0.14		0.19		(0.04)		–		(0.01)		(0.05)		6.35
6/30/22		7.41		0.26		(1.19)		(0.93)		(0.27)		–		–		(0.27)		6.21
6/30/21		6.69		0.29		0.70		0.99		(0.27)		–		–		(0.27)		7.41
6/30/20		7.43		0.33		(0.74)		(0.41)		(0.30)		–		(0.03)		(0.33)		6.69
Class I
2/28/25^(d)		6.73		0.28		0.04		0.32		(0.30)		–		–		(0.30)		6.75
8/31/24		6.37		0.60		0.30		0.90		(0.54)		–		–		(0.54)		6.73
8/31/23		6.37		0.48		(0.04)		0.44		(0.44)		–		–		(0.44)		6.37
8/31/22^(f)		6.23		0.06		0.14		0.20		(0.05)		–		(0.01)		(0.06)		6.37
6/30/22		7.45		0.34		(1.22)		(0.88)		(0.34)		–		–		(0.34)		6.23
6/30/21		6.71		0.36		0.72		1.08		(0.34)		–		–		(0.34)		7.45
6/30/20		7.47		0.40		(0.76)		(0.36)		(0.37)		–		(0.03)		(0.40)		6.71

^(a)	Based on average shares outstanding.

^(b)	Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

^(c)	After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

^(d)	Unaudited.

^(e)	Annualized.

^(f)	For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund’s fiscal year end was June 30th.

Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:


			Investment Operations						Less Distributions

	Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)		Total		From NII		From Net Realized Gains		Return of Capital		Total		Net Asset Value, End of Period
Flexible Income
Class A
2/28/25^(e)		$18.93		$0.43		$0.02		$0.45		$(0.46)		$—		$—		$(0.46)		$18.92
8/31/24		18.11		0.86		0.91		1.77		(0.64)		—		(0.31)		(0.95)		18.93
8/31/23		18.93		0.81		(0.43)		0.38		(1.20)		—		—		(1.20)		18.11
8/31/22^(g)		22.27		0.72		(3.16)		(2.44)		(0.90)		—		—		(0.90)		18.93
9/30/21		21.36		0.81		1.04		1.85		(0.94)		—		—		(0.94)		22.27
9/30/20		22.06		0.88		(0.39)		0.49		(1.19)		—		—		(1.19)		21.36
9/30/19		21.44		1.02		0.76		1.78		(1.16)		—		—		(1.16)		22.06
Class C
2/28/25^(e)		18.89		0.36		0.02		0.38		(0.39)		—		—		(0.39)		18.88
8/31/24		18.08		0.72		0.90		1.62		(0.50)		—		(0.31)		(0.81)		18.89
8/31/23		18.90		0.67		(0.43)		0.24		(1.06)		—		—		(1.06)		18.08
8/31/22^(g)		22.22		0.58		(3.15)		(2.57)		(0.75)		—		—		(0.75)		18.90
9/30/21		21.31		0.64		1.04		1.68		(0.77)		—		—		(0.77)		22.22
9/30/20		22.01		0.72		(0.39)		0.33		(1.03)		—		—		(1.03)		21.31
9/30/19		21.40		0.86		0.75		1.61		(1.00)		—		—		(1.00)		22.01
Class R6
2/28/25^(e)		19.06		0.47		0.02		0.49		(0.50)		—		—		(0.50)		19.05
8/31/24		18.24		0.92		0.91		1.83		(0.70)		—		(0.31)		(1.01)		19.06
8/31/23		19.06		0.87		(0.43)		0.44		(1.26)		—		—		(1.26)		18.24
8/31/22^(g)		22.42		0.79		(3.19)		(2.40)		(0.96)		—		—		(0.96)		19.06
9/30/21		21.50		0.89		1.04		1.93		(1.01)		—		—		(1.01)		22.42
9/30/20		22.20		0.96		(0.40)		0.56		(1.26)		—		—		(1.26)		21.50
9/30/19		21.57		1.11		0.74		1.85		(1.22)		—		—		(1.22)		22.20
Class I
2/28/25^(e)		18.95		0.46		0.02		0.48		(0.49)		—		—		(0.49)		18.94
8/31/24		18.13		0.91		0.90		1.81		(0.68)		—		(0.31)		(0.99)		18.95
8/31/23		18.95		0.86		(0.44)		0.42		(1.24)		—		—		(1.24)		18.13
8/31/22^(g)		22.29		0.77		(3.16)		(2.39)		(0.95)		—		—		(0.95)		18.95
9/30/21		21.38		0.87		1.03		1.90		(0.99)		—		—		(0.99)		22.29
9/30/20		22.08		0.93		(0.39)		0.54		(1.24)		—		—		(1.24)		21.38
9/30/19		21.47		1.08		0.74		1.82		(1.21)		—		—		(1.21)		22.08

^(a)	Based on average shares outstanding.

^(b)	Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

^(c)	After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

^(d)	Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

^(e)	Unaudited.

^(f)	Annualized.

^(g)	For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund’s fiscal year end was September 30th.


69


			Ratio/Supplemental Data
					Ratios to Average Net Assets

Total Return^(b)			Net Assets End of Period (000)		Gross Expenses			Net Expenses^(c)			NII (Loss)^(c),(d)			Portfolio Turnover Rate




	2.41	%		$173,380		1.03	%^(f)		0.96	%^(f)		4.62	%^(f)		14%
	10.04			180,920		1.04			0.96			4.69			40
	2.13			190,438		1.03			0.96			4.45			26
	(11.18	)		230,505		1.02	^(f)		0.95	^(f)		3.78	^(f)		31
	8.71			298,734		1.04			0.95			3.66			30
	2.35			264,865		1.04			0.96			4.13			38
	8.69			221,484		1.06			0.96			4.85			24


	2.03			101,467		1.78	^(f)		1.71	^(f)		3.87	^(f)		14
	9.17			119,398		1.79			1.71			3.94			40
	1.37			150,633		1.78			1.71			3.70			26
	(11.81	)		208,775		1.77	^(f)		1.70	^(f)		3.03	^(f)		31
	7.97			276,035		1.79			1.70			2.91			30
	1.59			262,068		1.79			1.71			3.38			38
	7.85			223,364		1.81			1.71			4.10			24


	2.57			14,320		0.72	^(f)		0.65	^(f)		4.93	^(f)		14
	10.36			14,599		0.73			0.65			5.00			40
	2.48			15,278		0.72			0.65			4.75			26
	(10.96	)		15,113		0.71	^(f)		0.64	^(f)		4.12	^(f)		31
	9.09			14,881		0.72			0.64			3.97			30
	2.69			6,682		0.72			0.64			4.46			38
	9.03			649		0.74			0.64			5.22			24


	2.54			627,805		0.78	^(f)		0.71	^(f)		4.86	^(f)		14
	10.31			720,447		0.79			0.71			4.94			40
	2.40			833,193		0.78			0.71			4.69			26
	(11.00	)		1,040,308		0.77	^(f)		0.70	^(f)		4.03	^(f)		31
	9.02			1,283,908		0.79			0.70			3.90			30
	2.60			1,060,386		0.79			0.71			4.38			38
	8.91			961,413		0.80			0.71			5.09			24

See Notes to Financial Statements

Financial Highlights (continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:


			Investment Operations						Less Distributions

	Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)		Total		From NII		From Net Realized Gains		Total		Net Asset Value, End of Period
Floating Rate Income
Class A
2/28/25^(d)		$18.18		$0.70		$(0.06)		$0.64		$(0.71)		$—		$(0.71)	$18.11
8/31/24		17.99		1.50		0.31		1.81		(1.62)		—		(1.62)	18.18
8/31/23		18.11		1.36		(0.11)		1.25		(1.37)		—		(1.37)	17.99
8/31/22^(f)		19.06		0.63		(0.93)		(0.30)		(0.65)		—		(0.65)	18.11
9/30/21		17.80		0.72		1.32		2.04		(0.78)		—		(0.78)	19.06
9/30/20		19.08		0.80		(1.14)		(0.34)		(0.94)		—		(0.94)	17.80
9/30/19		19.65		0.93		(0.56)		0.37		(0.94)		—		(0.94)	19.08
Class C
2/28/25^(d)		18.18		0.63		(0.06)		0.57		(0.64)		—		(0.64)	18.11
8/31/24		17.99		1.37		0.31		1.68		(1.49)		—		(1.49)	18.18
8/31/23		18.11		1.23		(0.11)		1.12		(1.24)		—		(1.24)	17.99
8/31/22^(f)		19.06		0.50		(0.93)		(0.43)		(0.52)		—		(0.52)	18.11
9/30/21		17.80		0.59		1.31		1.90		(0.64)		—		(0.64)	19.06
9/30/20		19.08		0.66		(1.14)		(0.48)		(0.80)		—		(0.80)	17.80
9/30/19		19.65		0.79		(0.56)		0.23		(0.80)		—		(0.80)	19.08
Class R6
2/28/25^(d)		18.27		0.73		(0.05)		0.68		(0.74)		—		(0.74)	18.21
8/31/24		18.09		1.57		0.30		1.87		(1.69)		—		(1.69)	18.27
8/31/23		18.21		1.45		(0.13)		1.32		(1.44)		—		(1.44)	18.09
8/31/22^(f)		19.16		0.69		(0.93)		(0.24)		(0.71)		—		(0.71)	18.21
9/30/21		17.88		0.79		1.33		2.12		(0.84)		—		(0.84)	19.16
9/30/20		19.17		0.86		(1.15)		(0.29)		(1.00)		—		(1.00)	17.88
9/30/19		19.73		1.06		(0.62)		0.44		(1.00)		—		(1.00)	19.17
Class I
2/28/25^(d)		18.20		0.72		(0.06)		0.66		(0.73)		—		(0.73)	18.13
8/31/24		18.01		1.55		0.31		1.86		(1.67)		—		(1.67)	18.20
8/31/23		18.14		1.38		(0.09)		1.29		(1.42)		—		(1.42)	18.01
8/31/22^(f)		19.08		0.67		(0.92)		(0.25)		(0.69)		—		(0.69)	18.14
9/30/21		17.81		0.77		1.32		2.09		(0.82)		—		(0.82)	19.08
9/30/20		19.10		0.84		(1.15)		(0.31)		(0.98)		—		(0.98)	17.81
9/30/19		19.67		0.97		(0.55)		0.42		(0.99)		—		(0.99)	19.10

^(a)	Based on average shares outstanding.

^(b)	Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

^(c)	The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more information.

^(d)	Unaudited.

^(e)	Annualized.

^(f)	For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund’s fiscal year end was September 30th.


71


	Ratio/Supplemental Data
		Ratios to Average Net Assets
Total Return^(b)	Net Assets, End of Period (000)	Expenses^(c)	NII (Loss)^(c)	Portfolio Turnover Rate


3.56%	$235,628	0.98%^(e)	7.71%^(e)	16%
10.51	211,263	0.99	8.31	24
7.24	204,409	1.02	7.61	24
(1.61)	246,410	0.94 ^(e)	3.70 ^(e)	37
11.67	121,925	1.03	3.88	52
(1.81)	90,684	1.01	4.43	63
1.93	112,723	1.00	4.81	32

3.17	49,103	1.73 ^(e)	6.97 ^(e)	16
9.69	51,907	1.74	7.56	24
6.45	48,289	1.77	6.89	24
(2.30)	55,285	1.69 ^(e)	2.93 ^(e)	37
10.79	34,192	1.78	3.14	52
(2.50)	33,375	1.76	3.66	63
1.21	53,639	1.75	4.10	32

3.78	234,801	0.66 ^(e)	8.04 ^(e)	16
10.79	274,487	0.67	8.64	24
7.59	271,373	0.70	8.08	24
(1.29)	227,215	0.61 ^(e)	4.03 ^(e)	37
12.03	83,970	0.70	4.20	52
(1.46)	55,634	0.67	4.75	63
2.34	54,122	0.66	5.53	32

3.69	1,126,666	0.73 ^(e)	7.96 ^(e)	16
10.79	984,816	0.74	8.56	24
7.46	1,016,373	0.77	7.73	24
(1.32)	1,795,387	0.69 ^(e)	3.97 ^(e)	37
11.93	828,572	0.78	4.10	52
(1.56)	535,410	0.76	4.65	63
2.24	895,304	0.76	5.04	32

See Notes to Financial Statements

Financial Highlights (continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:


		Investment Operations					Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a	⁾	Net Realized/ Unrealized Gain (Loss)	Total		From NII	From Net Realized Gains	Total	Net Asset Value, End of Period

High Yield Income


Class A
2/28/25^(d)	$17.91		$0.64		$0.05	$0.69		$(0.65)	$—	$(0.65)	$17.95
8/31/24	17.07		1.26		0.85	2.11		(1.27)	—	(1.27)	17.91
8/31/23	17.09		1.10		(0.05)	1.05		(1.07)	—	(1.07)	17.07
8/31/22^(f)	19.77		0.77		(2.68)	(1.91)		(0.77)	—	(0.77)	17.09
9/30/21	18.51		0.86		1.40	2.26		(1.00)	—	(1.00)	19.77
9/30/20	20.16		1.04		(1.57)	(0.53)		(1.12)	—	(1.12)	18.51
9/30/19	20.14		1.03		0.07	1.10		(1.08)	—	(1.08)	20.16


Class C
2/28/25^(d)	17.90		0.57		0.06	0.63		(0.59)	—	(0.59)	17.94
8/31/24	17.06		1.13		0.84	1.97		(1.13)	—	(1.13)	17.90
8/31/23	17.08		0.97		(0.05)	0.92		(0.94)	—	(0.94)	17.06
8/31/22^(f)	19.75		0.64		(2.67)	(2.03)		(0.64)	—	(0.64)	17.08
9/30/21	18.49		0.72		1.40	2.12		(0.86)	—	(0.86)	19.75
9/30/20	20.14		0.89		(1.56)	(0.67)		(0.98)	—	(0.98)	18.49
9/30/19	20.11		0.88		0.08	0.96		(0.93)	—	(0.93)	20.14


Class R6
2/28/25^(d)	18.02		0.67		0.07	0.74		(0.69)	—	(0.69)	18.07
8/31/24	17.17		1.33		0.86	2.19		(1.34)	—	(1.34)	18.02
8/31/23	17.19		1.19		(0.07)	1.12		(1.14)	—	(1.14)	17.17
8/31/22^(f)	19.88		0.84		(2.70)	(1.86)		(0.83)	—	(0.83)	17.19
9/30/21	18.60		0.93		1.42	2.35		(1.07)	—	(1.07)	19.88
9/30/20	20.25		1.11		(1.57)	(0.46)		(1.19)	—	(1.19)	18.60
9/30/19	20.22		1.11		0.07	1.18		(1.15)	—	(1.15)	20.25


Class I
2/28/25^(d)	17.94		0.66		0.06	0.72		(0.68)	—	(0.68)	17.98
8/31/24	17.09		1.31		0.85	2.16		(1.31)	—	(1.31)	17.94
8/31/23	17.11		1.15		(0.06)	1.09		(1.11)	—	(1.11)	17.09
8/31/22^(f)	19.79		0.81		(2.67)	(1.86)		(0.82)	—	(0.82)	17.11
9/30/21	18.53		0.91		1.40	2.31		(1.05)	—	(1.05)	19.79
9/30/20	20.17		1.08		(1.55)	(0.47)		(1.17)	—	(1.17)	18.53
9/30/19	20.15		1.08		0.07	1.15		(1.13)	—	(1.13)	20.17

^(a)	Based on average shares outstanding.

^(b)	Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

^(c)	After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

^(d)	Unaudited.

^(e)	Annualized.

^(f)	For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund’s fiscal year end was September 30th.


73


			Ratio/Supplemental Data
					Ratios to Average Net Assets Net
Total Return^(b)			Net Assets, End of Period (000)			Gross Expenses			Net Expenses^(c)			NII (Loss)^(c)			Portfolio Turnover Rate




	3.93	%		$62,164			1.07	%^(e)		1.00	%^(e)		7.17	%^(e)		75%
	12.81			58,657			1.08			1.01			7.26			181
	6.37			49,840			1.07			1.00			6.51			135
	(9.85	)		50,895			1.05	^(e)		1.00	^(e)		4.54	^(e)		116
	12.44			53,994			1.06			0.99			4.40			134
	(2.58	)		39,747			1.04			1.00			5.43			128
	5.73			47,647			1.04			1.00			5.22			70


	3.55			12,884			1.82	^(e)		1.75	^(e)		6.42	^(e)		75
	11.96			11,835			1.83			1.76			6.50			181
	5.57			13,359			1.82			1.75			5.72			135
	(10.46	)		18,123			1.80	^(e)		1.75	^(e)		3.76	^(e)		116
	11.61			30,391			1.81			1.75			3.69			134
	(3.33	)		36,222			1.80			1.75			4.70			128
	4.94			54,408			1.80			1.75			4.47			70


	4.18			34,078			0.67	^(e)		0.60	^(e)		7.53	^(e)		75
	13.26			17,151			0.69			0.62			7.62			181
	6.70			17,731			0.68			0.61			6.99			135
	(9.50	)		7,779			0.67	^(e)		0.62	^(e)		4.94	^(e)		116
	12.87			7,568			0.70			0.63			4.78			134
	(2.19	)		6,567			0.68			0.63			5.82			128
	6.09			6,651			0.68			0.64			5.58			70


	4.06			590,136			0.82	^(e)		0.75	^(e)		7.41	^(e)		75
	13.14			574,136			0.83			0.76			7.53			181
	6.62			427,359			0.82			0.75			6.76			135
	(9.63	)		458,620			0.80	^(e)		0.75	^(e)		4.77	^(e)		116
	12.69			579,139			0.81			0.74			4.66			134
	(2.29	)		427,818			0.79			0.75			5.67			128
	5.98			492,539			0.79			0.75			5.45			70

See Notes to Financial Statements

Financial Highlights (continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:


		Investment Operations					Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a	⁾	Net Realized/ Unrealized Gain (Loss)	Total		From NII	From Net Realized Gains	Return of Capital	Total	Net Asset Value, End of Period
Preferred Securities and Income
Class A
2/28/25^(d)	$15.60		$0.44		$0.09	$0.53		$(0.44)	$—	$—	$(0.44)	$15.69
8/31/24	14.46		0.84		1.17	2.01		(0.87)	—	—	(0.87)	15.60
8/31/23	15.49		0.79		(0.98)	(0.19)		(0.84)	—	—	(0.84)	14.46
8/31/22^(f)	17.84		0.66		(2.25)	(1.59)		(0.73)	—	(0.03)	(0.76)	15.49
9/30/21	16.73		0.76		1.18	1.94		(0.83)	—	—	(0.83)	17.84
9/30/20	17.21		0.83		(0.45)	0.38		(0.86)	—	—	(0.86)	16.73
9/30/19	16.75		0.90		0.46	1.36		(0.90)	—	—	(0.90)	17.21
Class C
2/28/25^(d)	15.61		0.38		0.09	0.47		(0.38)	—	—	(0.38)	15.70
8/31/24	14.47		0.73		1.17	1.90		(0.76)	—	—	(0.76)	15.61
8/31/23	15.50		0.68		(0.98)	(0.30)		(0.73)	—	—	(0.73)	14.47
8/31/22^(f)	17.85		0.55		(2.26)	(1.71)		(0.61)	—	(0.03)	(0.64)	15.50
9/30/21	16.74		0.63		1.18	1.81		(0.70)	—	—	(0.70)	17.85
9/30/20	17.21		0.70		(0.44)	0.26		(0.73)	—	—	(0.73)	16.74
9/30/19	16.77		0.78		0.44	1.22		(0.78)	—	—	(0.78)	17.21
Class R6
2/28/25^(d)	15.65		0.46		0.09	0.55		(0.46)	—	—	(0.46)	15.74
8/31/24	14.51		0.90		1.16	2.06		(0.92)	—	—	(0.92)	15.65
8/31/23	15.53		0.84		(0.97)	(0.13)		(0.89)	—	—	(0.89)	14.51
8/31/22^(f)	17.89		0.71		(2.26)	(1.55)		(0.78)	—	(0.03)	(0.81)	15.53
9/30/21	16.77		0.83		1.18	2.01		(0.89)	—	—	(0.89)	17.89
9/30/20	17.25		0.89		(0.46)	0.43		(0.91)	—	—	(0.91)	16.77
9/30/19	16.79		0.95		0.46	1.41		(0.95)	—	—	(0.95)	17.25
Class I
2/28/25^(d)	15.62		0.46		0.09	0.55		(0.46)	—	—	(0.46)	15.71
8/31/24	14.47		0.88		1.18	2.06		(0.91)	—	—	(0.91)	15.62
8/31/23	15.50		0.83		(0.98)	(0.15)		(0.88)	—	—	(0.88)	14.47
8/31/22^(f)	17.86		0.70		(2.26)	(1.56)		(0.77)	—	(0.03)	(0.80)	15.50
9/30/21	16.74		0.81		1.19	2.00		(0.88)	—	—	(0.88)	17.86
9/30/20	17.22		0.87		(0.45)	0.42		(0.90)	—	—	(0.90)	16.74
9/30/19	16.77		0.95		0.44	1.39		(0.94)	—	—	(0.94)	17.22

^(a)	Based on average shares outstanding.

^(b)	Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

^(c)	The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Notes to Financial Statements for more information.

^(d)	Unaudited.

^(e)	Annualized.

^(f)	For the eleven months ended August 31, 2022. Prior to July 1, 2022, the Fund’s fiscal year end was September 30th.


75

Financial Highlights (continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:


		Investment Operations					Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a	⁾	Net Realized/ Unrealized Gain (Loss)	Total		From NII	From Net Realized Gains	Total	Net Asset Value, End of Period

Strategic Income


Class A
2/28/25^(d)	$9.99		$0.29		$(0.01)	$0.28		$(0.32)	$—	$(0.32)	$9.95
8/31/24	9.55		0.57		0.45	1.02		(0.58)	—	(0.58)	9.99
8/31/23	9.78		0.49		(0.23)	0.26		(0.49)	—	(0.49)	9.55
8/31/22^(f)	9.66		0.07		0.12	0.19		(0.07)	—	(0.07)	9.78
6/30/22	11.23		0.35		(1.59)	(1.24)		(0.33)	—	(0.33)	9.66
6/30/21	10.69		0.34		0.53	0.87		(0.33)	—	(0.33)	11.23
6/30/20	10.60		0.36		0.12	0.48		(0.39)	—	(0.39)	10.69


Class C
2/28/25^(d)	9.94		0.25		(0.01)	0.24		(0.28)	—	(0.28)	9.90
8/31/24	9.51		0.50		0.43	0.93		(0.50)	—	(0.50)	9.94
8/31/23	9.73		0.41		(0.22)	0.19		(0.41)	—	(0.41)	9.51
8/31/22^(f)	9.61		0.05		0.13	0.18		(0.06)	—	(0.06)	9.73
6/30/22	11.17		0.26		(1.57)	(1.31)		(0.25)	—	(0.25)	9.61
6/30/21	10.64		0.26		0.52	0.78		(0.25)	—	(0.25)	11.17
6/30/20	10.55		0.28		0.12	0.40		(0.31)	—	(0.31)	10.64


Class R6
2/28/25^(d)	10.02		0.31		(0.01)	0.30		(0.34)	—	(0.34)	9.98
8/31/24	9.59		0.61		0.43	1.04		(0.61)	—	(0.61)	10.02
8/31/23	9.82		0.52		(0.23)	0.29		(0.52)	—	(0.52)	9.59
8/31/22^(f)	9.69		0.07		0.13	0.20		(0.07)	—	(0.07)	9.82
6/30/22	11.27		0.39		(1.60)	(1.21)		(0.37)	—	(0.37)	9.69
6/30/21	10.73		0.38		0.53	0.91		(0.37)	—	(0.37)	11.27
6/30/20	10.64		0.40		0.12	0.52		(0.43)	—	(0.43)	10.73


Class I
2/28/25^(d)	9.99		0.30		(0.01)	0.29		(0.33)	—	(0.33)	9.95
8/31/24	9.55		0.60		0.44	1.04		(0.60)	—	(0.60)	9.99
8/31/23	9.78		0.51		(0.23)	0.28		(0.51)	—	(0.51)	9.55
8/31/22^(f)	9.66		0.07		0.12	0.19		(0.07)	—	(0.07)	9.78
6/30/22	11.23		0.37		(1.58)	(1.21)		(0.36)	—	(0.36)	9.66
6/30/21	10.69		0.37		0.53	0.90		(0.36)	—	(0.36)	11.23
6/30/20	10.60		0.39		0.12	0.51		(0.42)	—	(0.42)	10.69

^(a)	Based on average shares outstanding.

^(b)	Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

^(c)	After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

^(d)	Unaudited.

^(e)	Annualized.

^(f)	For the two months ended August 31, 2022. Prior to July 1, 2022, the Fund’s fiscal year end was June 30th.


77

Notes to Financial Statements

(Unaudited)

1.	General Information

Trust and Fund Information: The Nuveen Investment Funds, Inc., Nuveen Investment Trust III and Nuveen Investment Trust V (each a “Trust” and collectively, the “Trusts”) are open-end management investment companies registered under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Nuveen Investment Funds, Inc. is comprised of Nuveen Credit Income Fund (“Credit Income”) and Nuveen Strategic Income Fund (“Strategic Income”), among others, Nuveen Investment Trust III is comprised of Nuveen Floating Rate Income Fund (“Floating Rate Income”) and Nuveen High Yield Income Fund (“High Yield Income”), among others and Nuveen Investment Trust V is comprised of Nuveen Flexible Income Fund (“Flexible Income”) and Nuveen Preferred Securities and Income Fund (“Preferred Securities and Income”) among others (each a “Fund” and collectively the “Funds”). Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. Nuveen Investment Trust III was organized as a Massachusetts business trust on August 20, 1998. Nuveen Investment Trust V was organized as a Massachusetts business trust on September 27, 2006.

Current Fiscal Period: The end of the reporting period for the Funds is February 28, 2025, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2025 (the “current fiscal period”).

Investment Adviser and Sub-Advisers: The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management LLC (“NAM”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Share Classes and Sales Charges: Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and Class I Shares are sold without an upfront sales charge.

2.	Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. 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 common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: None of the Trusts pay compensation directly to those of its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign Currency Transactions and Translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of “Net realized gain (loss) from foreign currency transactions” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in unrealized appreciation (depreciation) on foreign currency translations” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

Notes to Financial Statements (continued)


Preferred Securities and Income	Value		% of Total Investments

Country:
United Kingdom		$608,143,348		12.3%
France		429,783,820		8.7
Canada		293,750,268		5.9
Spain		216,822,100		4.4
Switzerland		173,912,002		3.5
Netherlands		103,762,644		2.1
Germany		94,272,757		1.9
Mexico		54,752,513		1.1
Ireland		39,078,761		0.8
Other		119,965,607		2.4

Total non-U.S. Securities		$2,134,243,820		43.1%


Strategic Income	Value		% of Total Investments

Country:
Cayman Islands		$25,225,111		2.4%
Mexico		22,977,002		2.2
Brazil		16,115,488		1.5
United Kingdom		10,568,529		1.0
Chile		9,831,771		1.0
Canada		8,693,181		0.8
Colombia		6,529,847		0.7
Spain		6,427,102		0.6
Turkey		5,666,544		0.6
Other		102,764,579		9.8

Total non-U.S. Securities		$214,799,154		20.6%

Foreign Taxes: The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Indemnifications: Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Fee income and amendment fees, if any, are recognized as “Fees” on the Statement of Operations.

Multiclass Operations and Allocations: Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.

Sub-transfer agent fees and similar fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages


80

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.

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.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

3.	Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Notes to Financial Statements (continued)

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:


Credit Income	Level 1		Level 2		Level 3		Total

Long-Term Investments:
$1,000 Par (or similar) Institutional Preferred	$	–	$	5,274,872	$	–	$	5,274,872
$25 Par (or similar) Retail Preferred		321,280		–		–		321,280
Asset-Backed Securities		–		9,870,408		964,125		10,834,533
Common Stocks		–		–		89		89
Corporate Bonds		–		59,163,360		–		59,163,360
Exchange-Traded Funds		2,502,671		–		–		2,502,671
Mortgage-Backed Securities		–		8,703,249		–		8,703,249
Sovereign Debt		–		4,857,570		–		4,857,570
Variable Rate Senior Loan Interests		–		12,725,452		–		12,725,452
Investments Purchased with Collateral from Securities Lending		5,055,256		–		–		5,055,256
Short-Term Investments:
Repurchase Agreements		–		8,368,868		–		8,368,868
Investments in Derivatives:
Futures Contracts*		33,598		–		–		33,598

Total	$	7,912,805	$	108,963,779	$	964,214	$	117,840,798


Flexible Income	Level 1		Level 2		Level 3		Total

Long-Term Investments:
$1,000 Par (or similar) Institutional Preferred	$	–	$	288,576,188	$	–	$	288,576,188
$25 Par (or similar) Retail Preferred		75,178,408		–		–		75,178,408
Common Stocks		88,375,335		–		–		88,375,335
Convertible Bonds		–		21,199,600		–		21,199,600
Convertible Preferred Securities		20,925,171		–		–		20,925,171
Corporate Bonds		–		400,014,233		–		400,014,233
Investments Purchased with Collateral from Securities Lending		6,855,249		–		–		6,855,249
Short-Term Investments:
Repurchase Agreements		–		12,468,643		–		12,468,643

Total	$	191,334,163	$	722,258,664	$	–	$	913,592,827


82


Floating Rate Income	Level 1		Level 2		Level 3		Total

Long-Term Investments:
Common Stocks	$	483,838	$	9,627,087	$	212,126	$	10,323,051
Corporate Bonds		–		159,260,698		–		159,260,698
Exchange-Traded Funds		47,253,848		–		–		47,253,848
Variable Rate Senior Loan Interests		–		1,398,673,929		26,593		1,398,700,522
Warrants		–		236,091		10,409		246,500
Investments Purchased with Collateral from Securities Lending		2,859,986		–		–		2,859,986
Short-Term Investments:
Investment Companies		134,144,085		–		–		134,144,085

Total	$	184,741,757	$	1,567,797,805	$	249,128	$	1,752,788,690


High Yield Income	Level 1		Level 2		Level 3		Total

Long-Term Investments:
$1,000 Par (or similar) Institutional Preferred	$	–	$	31,280,367	$	–	$	31,280,367
Common Stocks		–		4,425		–		4,425
Corporate Bonds		–		506,999,909		–		506,999,909
Exchange-Traded Funds		30,108,489		–		–		30,108,489
Variable Rate Senior Loan Interests		–		116,882,971		–		116,882,971
Investments Purchased with Collateral from Securities Lending		42,699,202		–		–		42,699,202
Short-Term Investments:
Investment Companies		14,819,832		–		–		14,819,832

Total	$	87,627,523	$	655,167,672	$	–	$	742,795,195


Preferred Securities and Income	Level 1		Level 2		Level 3		Total

Long-Term Investments:
$1,000 Par (or similar) Institutional Preferred	$	–	$	2,454,577,580	$	–	$	2,454,577,580
$25 Par (or similar) Retail Preferred		499,489,507		–		–		499,489,507
Corporate Bonds		–		1,737,421,871		24,105,480		1,761,527,351
U.S. Government and Agency Obligations		–		76,533,606		–		76,533,606
Investments Purchased with Collateral from Securities Lending		143,657,287		–		–		143,657,287
Short-Term Investments:
Repurchase Agreements		–		13,931,158		–		13,931,158
Investments in Derivatives:
Futures Contracts*		10,543,367		–		–		10,543,367

Total	$	653,690,161	$	4,282,464,215	$	24,105,480	$	4,960,259,856


Strategic Income	Level 1		Level 2		Level 3		Total

Long-Term Investments:
$1,000 Par (or similar) Institutional Preferred	$	–	$	70,922,554	$	–	$	70,922,554
Asset-Backed Securities		–		141,387,807		1,096,150		142,483,957
Corporate Bonds		–		211,155,569		–		211,155,569
Mortgage-Backed Securities		–		389,988,312		–		389,988,312
Sovereign Debt		–		76,494,550		–		76,494,550
U.S. Government and Agency Obligations		–		59,744,902		–		59,744,902
Variable Rate Senior Loan Interests		–		55,432,481		–		55,432,481
Investments Purchased with Collateral from Securities Lending		5,100,745		–		–		5,100,745
Short-Term Investments:
Repurchase Agreements		–		24,207,266		–		24,207,266
Investments in Derivatives:
Futures Contracts*		544,549		–		–		544,549

Total	$	5,645,294	$	1,029,333,441	$	1,096,150	$	1,036,074,885

*	Represents net unrealized appreciation (depreciation).

Notes to Financial Statements (continued)

4.	Portfolio Securities

Unfunded Commitments: Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds (except Flexible Income and Preferred Securities and Income) may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Funds’ outstanding unfunded senior loan commitments were as follows:


Fund	Outstanding Unfunded Senior Loan Commitments

Floating Rate Income		$936,026

Participation Commitments: With respect to the senior loans held in each Fund’s portfolio, the Funds (except Flexible Income and Preferred Securities and Income) may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Funds had no such outstanding participation commitments.

Securities Lending: Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. The Funds’ custodian, State Street Bank and Trust Company, serves as the securities lending agent (the “Agent”).

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:


Fund	Asset Class out on Loan	Long-Term Investments, at Value		Total Collateral Received

Credit Income	$1,000 Par (or similar) Institutional Preferred		$311,478		$321,900
	Corporate Bonds		4,446,279		4,733,356

Total			$4,757,757		$5,055,256

Flexible Income	$1,000 Par (or similar) Institutional Preferred		$2,384,220		$2,461,555
	Corporate Bonds		4,243,045		4,393,694

Total			$6,627,265		$6,855,249

Floating Rate Income	Corporate Bonds		$2,741,372		$2,859,986

High Yield Income	Corporate Bonds		$37,618,522		$41,032,037
	Exchange-Traded Funds		1,632,296		1,667,165

Total			$39,250,818		$42,699,202

Preferred Securities and Income	$1,000 Par (or similar) Institutional Preferred		$60,212,436		$62,190,285
	$25 Par (or similar) Institutional Preferred		1,159,774		1,185,025
	Corporate Bonds		76,845,746		80,281,977

Total			$138,217,956		$143,657,287

Strategic Income	$1,000 Par (or similar) Institutional Preferred		$659,205		$683,625
	Corporate Bonds		4,147,761		4,328,920
	Sovereign Debt		86,449		88,200

Total			$4,893,415		$5,100,745


84

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.


Fund	Counterparty	Short-term Investments, at Value		Collateral Pledged (From) Counterparty

Credit Income	Fixed Income Clearing Corporation	$	8,368,868	$	(8,536,389)
Flexible Income	Fixed Income Clearing Corporation		12,468,643		(12,718,074)
Preferred Securities and Income	Fixed Income Clearing Corporation		13,931,158		(14,210,015)
Strategic Income	Fixed Income Clearing Corporation		24,207,266		(24,691,641)

Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:


Fund	Non-U.S. Government Purchases		U.S. Government Purchases		Non-U.S. Government Sales and Maturities		U.S. Government Sales


Credit Income	$	77,916,027	$	—	$	56,471,444	$	—
Flexible Income		134,263,708		—		213,197,017		—
Floating Rate Income		466,345,647		—		241,453,048		—
High Yield Income		560,407,330		—		495,418,810		—
Preferred Securities and Income		742,032,881		—		629,623,907		—
Strategic Income		307,340,599		220,985,860		172,162,892		188,856,226

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.

Sale of Vistra Vision interests: On December 31, 2024, Floating Rate Income and High Yield Income received all the proceeds for the sale of their interest in Vistra Vision. As of January 1, 2025, the Funds no longer have a receivable or payable on the Statement of Assets and Liabilities for this sale.

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.

Credit Default Swap Contracts: A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. During the current fiscal period, High Yield Income used credit default index swap contracts to gain broad exposure to the high yield bond market.

Credit default swap contracts involve one party making a stream of payments (buyer of protection) to another party (seller of protection) in exchange for the right to receive a specified return if/when there is a credit event by a third party. Credit events are agreement specific but may include bankruptcy, failure to pay, or restructuring. When a Fund has bought (sold) protection in a credit default swap upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either (i) receive (deliver) that security, or an equivalent amount of cash, from the counterparty in exchange for receipt (payment) of the notional amount to the counterparty, or (ii) receive (pay) a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Payments paid (received) at the beginning of the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable. Credit default swaps are “marked-to-market” on a daily basis to reflect the value of the swap agreement at the end of each trading day and are recognized as unrealized appreciation (depreciation) on the Statement of Operations.

Notes to Financial Statements (continued)

Credit default swaps can be settled either directly with the counterparty (“OTC”) or through a central clearinghouse (“centrally cleared”). For OTC swaps, the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized appreciation (depreciation) on credit default swaps on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on credit default swaps.

The difference between the value of the security received (delivered) and the notional amount delivered (received) as well as payments received or made as a result of a credit event or termination of a contract are recognized as realized gains or losses on the Statement of Operations.

The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

Futures Contracts: During the current fiscal period, Credit Income, Preferred Securities and Income and Strategic Income used U.S. Treasury futures as part of their overall portfolio construction strategy to manage portfolio duration and yield curve exposure.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking- to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:


Fund	Average Notional Amount of Futures Contracts Outstanding*

Credit Income		$6,269,803
Preferred Securities and Income		427,052,548
Strategic Income		138,364,009

*	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.

As of the end of the reporting period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

Credit Income

Futures Contracts

Interest rate

Unrealized appreciation on futures contracts*

$33,598

$–

Preferred Securities and Income

Futures Contracts

Interest rate

Unrealized appreciation on futures contracts*

10,543,367

–

Strategic Income

Futures Contracts

Interest rate

Unrealized appreciation on futures contracts*

544,549

–


86

*	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.

During the current fiscal period, the effect of derivative contracts on the Funds’ Statement of Operations was as follows:

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

Credit Income

Futures contracts

Interest rate

$(165,100)

$52,470

High Yield Income

Swap contracts

Credit

(210,055)

210,411

Preferred Securities and Income

Futures contracts

Interest rate

(30,325,834)

15,289,929

Strategic Income

Futures contracts

Interest rate

(4,279,003)

1,142,275

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.

Notes to Financial Statements (continued)

6.	Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:


	Six Months Ended 2/28/25				Year Ended 8/31/24
Credit Income	Shares		Amount		Shares		Amount
Subscriptions:
Class A		1,451,478		$9,793,072		1,005,007		$6,519,904
Class A - automatic conversion of Class C		155		1,046		–		–
Class C		133,935		899,876		286,559		1,876,863
Class I		5,944,550		40,126,573		4,453,741		29,156,239
Total subscriptions		7,530,118		50,820,567		5,745,307		37,553,006
Reinvestments of distributions:
Class A		292,036		1,967,757		548,517		3,577,714
Class C		37,234		250,459		65,812		428,835
Class I		252,377		1,704,290		347,875		2,274,671
Total reinvestments of distributions		581,647		3,922,506		962,204		6,281,220
Redemptions:
Class A		(1,639,346)		(11,041,879)		(1,882,772)		(12,236,169)
Class C		(244,974)		(1,646,568)		(392,831)		(2,515,846)
Class C - automatic conversion to Class A		(156)		(1,046)		–		–
Class I		(2,994,822)		(20,239,163)		(4,022,296)		(26,419,249)
Total redemptions		(4,879,298)		(32,928,656)		(6,297,899)		(41,171,264)
Net increase (decrease)		3,232,467		$21,814,417		409,612		$2,662,962

	Six Months Ended 2/28/25				Year Ended 8/31/24
Flexible Income	Shares		Amount		Shares		Amount
Subscriptions:
Class A		795,233		$15,102,149		1,643,955		$30,114,555
Class A - automatic conversion of Class C		1,277		24,172		–		–
Class C		82,266		1,562,188		239,413		4,361,603
Class R6		29,998		571,750		80,253		1,494,087
Class I		2,536,091		48,110,674		7,704,152		141,092,702
Total subscriptions		3,444,865		65,370,933		9,667,773		177,062,947
Reinvestments of distributions:
Class A		224,249		4,250,956		508,790		9,335,948
Class C		118,704		2,246,021		320,049		5,854,348
Class R6		6,397		122,121		16,267		300,515
Class I		910,371		17,276,928		2,145,669		39,397,421
Total reinvestments of distributions		1,259,721		23,896,026		2,990,775		54,888,232
Redemptions:
Class A		(1,413,394)		(26,769,618)		(3,109,442)		(57,094,029)
Class C		(1,145,506)		(21,689,752)		(2,572,608)		(47,029,811)
Class C - automatic conversion to Class A		(1,279)		(24,172)		–		–
Class R6		(50,581)		(966,191)		(168,219)		(3,120,359)
Class I		(8,314,342)		(157,639,483)		(17,780,482)		(325,690,299)
Total redemptions		(10,925,102)		(207,089,216)		(23,630,751)		(432,934,498)
Net increase (decrease)		(6,220,516)		$(117,822,257)		(10,972,203)		$(200,983,319)


88


	Six Months Ended 2/28/25		Year Ended 8/31/24
Floating Rate Income	Shares	Amount	Shares	Amount
Subscriptions:
Class A	3,418,750	$62,215,286	4,320,216	$78,241,393
Class A - automatic conversion of Class C	1,730	31,422	–	–
Class C	358,173	6,513,051	866,417	15,665,769
Class R6	1,842,946	33,715,493	2,637,769	48,074,593
Class I	19,221,080	349,923,363	24,155,645	437,300,316
Total subscriptions	24,842,679	452,398,615	31,980,047	579,282,071
Reinvestments of distributions:
Class A	386,401	7,022,921	847,038	15,327,337
Class C	87,924	1,598,065	205,154	3,711,737
Class R6	494,909	9,043,988	1,288,693	23,442,662
Class I	2,040,835	37,133,312	4,669,808	84,580,980
Total reinvestments of distributions	3,010,069	54,798,286	7,010,693	127,062,716
Redemptions:
Class A	(2,417,350)	(43,966,552)	(4,905,544)	(88,824,423)
Class C	(588,540)	(10,702,024)	(899,744)	(16,279,194)
Class C - automatic conversion to Class A	(1,730)	(31,422)	–	–
Class R6	(4,461,025)	(81,342,950)	(3,909,927)	(71,086,773)
Class I	(13,230,731)	(240,823,540)	(31,134,250)	(563,057,888)
Total redemptions	(20,699,376)	(376,866,488)	(40,849,465)	(739,248,278)
Net increase (decrease)	7,153,372	$130,330,413	(1,858,725)	$(32,903,491)

	Six Months Ended 2/28/25		Year Ended 8/31/24
High Yield Income	Shares	Amount	Shares	Amount
Subscriptions:
Class A	454,857	$8,182,062	857,944	$14,907,105
Class A - automatic conversion of Class C	840	15,107	–	–
Class C	136,247	2,450,062	174,300	3,048,284
Class R6	2,034,486	36,732,109	1,367,256	24,200,012
Class I	2,911,044	52,375,972	8,610,554	150,932,074
Total subscriptions	5,537,474	99,755,312	11,010,054	193,087,475
Reinvestments of distributions:
Class A	114,587	2,058,857	204,050	3,559,325
Class C	22,046	395,775	44,340	771,832
Class R6	38,871	702,744	77,777	1,364,179
Class I	1,195,885	21,517,300	2,080,633	36,372,422
Total reinvestments of distributions	1,371,389	24,674,676	2,406,800	42,067,758
Redemptions:
Class A	(382,526)	(6,874,150)	(707,349)	(12,305,477)
Class C	(100,443)	(1,802,720)	(340,706)	(5,902,383)
Class C - automatic conversion to Class A	(840)	(15,107)	–	–
Class R6	(1,139,310)	(20,554,934)	(1,525,650)	(27,000,153)
Class I	(3,289,959)	(59,091,061)	(3,688,741)	(64,484,312)
Total redemptions	(4,913,078)	(88,337,972)	(6,262,446)	(109,692,325)
Net increase (decrease)	1,995,785	$36,092,016	7,154,408	$125,462,908

Notes to Financial Statements (continued)


	Six Months Ended 2/28/25		Year Ended 8/31/24
Preferred Securities and Income	Shares	Amount	Shares	Amount
Subscriptions:
Class A	3,321,201	$51,977,040	7,990,278	$119,278,069
Class C	710,745	11,140,427	1,389,023	20,933,804
Class R6	6,348,259	99,648,631	14,390,444	217,467,311
Class I	36,031,398	564,201,396	91,622,434	1,372,309,904
Total subscriptions	46,411,603	726,967,494	115,392,179	1,729,989,088
Reinvestments of distributions:
Class A	712,910	11,150,661	1,538,769	23,059,470
Class C	185,377	2,901,767	425,606	6,379,598
Class R6	861,707	13,523,663	1,906,821	28,684,996
Class I	5,974,845	93,550,355	11,520,586	173,007,735
Total reinvestments of distributions	7,734,839	121,126,446	15,391,782	231,131,799
Redemptions:
Class A	(4,021,156)	(62,872,592)	(12,999,657)	(193,881,884)
Class C	(1,383,061)	(21,636,025)	(3,554,566)	(52,902,714)
Class R6	(10,528,870)	(165,323,463)	(14,356,646)	(214,357,113)
Class I	(37,331,198)	(584,207,757)	(92,906,073)	(1,370,755,378)
Total redemptions	(53,264,285)	(834,039,837)	(123,816,942)	(1,831,897,089)
Net increase (decrease)	882,157	$14,054,103	6,967,019	$129,223,798

	Six Months Ended 2/28/25		Year Ended 8/31/24
Strategic Income	Shares	Amount	Shares	Amount
Subscriptions:
Class A	2,944,335	$29,128,169	4,613,405	$44,145,230
Class A - automatic conversion of Class C	2,824	27,902	–	–
Class C	778,955	7,713,141	623,523	6,041,600
Class R6	2,718,349	26,972,892	2,861,144	27,833,777
Class I	14,855,268	147,268,083	26,871,228	261,549,643
Total subscriptions	21,299,731	211,110,187	34,969,300	339,570,250
Reinvestments of distributions:
Class A	401,346	3,977,641	722,846	7,004,281
Class C	46,077	454,514	66,046	636,587
Class R6	930,358	9,255,591	1,608,071	15,634,485
Class I	1,444,230	14,309,959	1,964,364	19,049,927
Total reinvestments of distributions	2,822,011	27,997,705	4,361,327	42,325,280
Redemptions:
Class A	(3,158,992)	(31,262,805)	(3,170,921)	(30,716,414)
Class C	(272,933)	(2,694,012)	(573,143)	(5,490,942)
Class C - automatic conversion to Class A	(2,836)	(27,902)	–	–
Class R6	(1,386,238)	(13,762,638)	(2,395,241)	(23,289,883)
Class I	(7,441,469)	(73,622,575)	(14,844,018)	(143,368,534)
Total redemptions	(12,262,468)	(121,369,932)	(20,983,323)	(202,865,773)
Net increase (decrease)	11,859,274	$117,737,960	18,347,304	$179,029,757

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.


90

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	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Credit Income	$	118,312,079	$	2,113,558	$	(2,584,839)	$	(471,281)
Flexible Income		930,766,566		25,166,300		(42,340,039)		(17,173,739)
Floating Rate Income		1,780,795,992		25,140,313		(53,147,615)		(28,007,302)
High Yield Income		740,090,149		10,684,837		(7,979,791)		2,705,046
Preferred Securities and Income		5,070,297,780		146,527,284		(256,565,208)		(110,037,924)
Strategic Income		1,051,082,169		16,101,918		(31,109,202)		(15,007,284)

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:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)			Capital Loss Carryforwards			Late-Year Loss Deferrals		Other Book-to-Tax Differences			Total
Credit Income	$	1,876,565	$	–	$	(384,768	)	$	(140,154,157	)	$	–	$	(612,366	)	$	(139,274,726	)
Flexible Income		–		–		(20,139,714	)		(212,929,007	)		(23,132,980)		(4,282,888	)		(260,484,589	)
Floating Rate Income		6,542,405		–		(19,750,108	)		(284,363,143	)		–		(11,419,795	)		(308,990,641	)
High Yield Income		5,762,596		–		11,768,329			(220,506,365	)		–		(4,065,244	)		(207,040,684	)
Preferred Securities and Income		10,002,262		–		(160,742,572	)		(436,532,560	)		–		(23,061,044	)		(610,333,914	)
Strategic Income		7,701,108		–		(19,990,950	)		(91,194,814	)		–		(4,964,324	)		(108,448,980	)

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:


Fund	Short-Term		Long-Term		Total

Credit Income	$	46,863,731	$	93,290,426	$	140,154,157

Flexible Income		79,805,787		133,123,220		212,929,007

Floating Rate Income		67,754,876		216,608,267		284,363,143

High Yield Income		28,577,504		191,928,861		220,506,365

Preferred Securities and Income		108,964,664		327,567,896		436,532,560

Strategic Income		34,458,557		56,736,257		91,194,814

8.	Management Fees and Other Transactions with Affiliates

Management Fees: Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Notes to Financial Statements (continued)

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

Annual fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:


Average Daily Net Assets	Credit Income			Flexible Income			Floating Rate Income			High Yield Income			Preferred Securities and Income			Strategic Income
For the first $125 million		0.4000	%		0.5500	%		0.4500	%		0.4500	%		0.5500	%		0.3600	%
For the next $125 million		0.3875			0.5375			0.4375			0.4375			0.5375			0.3475
For the next $250 million		0.3750			0.5250			0.4250			0.4250			0.5250			0.3350
For the next $500 million		0.3625			0.5125			0.4125			0.4125			0.5125			0.3225
For the next $1 billion		0.3500			0.5000			0.4000			0.4000			0.5000			0.3100
For the next $3 billion		0.3250			0.4750			0.3750			0.3750			0.4750			0.2850
For the next $5 billion		0.3000			0.4500			0.3500			0.3500			0.4500			0.2600
For net assets over $10 billion		0.2875			0.4375			0.3375			0.3375			0.4375			0.2475

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:


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

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 February 28, 2025, the complex-level fee for each Fund was as follows:


Fund	Complex-Level Fee


Credit Income		0.1574%

Flexible Income		0.1574%

Floating Rate Income		0.1574%

High Yield Income		0.1574%

Preferred Securities and Income		0.1574%


92


Fund	Complex-Level Fee


Strategic Income		0.1574%

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual fund operating expense for the Class R6 Shares will be less than the expense limitation. The temporary expense limitations may be terminated or modified prior to expiration date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified only with the approval of shareholders of each Fund.

Fund

Temporary

Expense Cap

Temporary

Expense Cap
Expiration Date

Permanent

Expense Cap

Credit Income

0.75%

July 31, 2026

N/A

Flexible Income

0.75%

July 31, 2026

1.25%

Floating Rate Income

0.85%

July 31, 2026

1.10%

High Yield Income

0.79%

July 31, 2026

1.35%

Preferred Securities and Income

N/A

1.25%

Strategic Income

0.59%

July 31, 2026

N/A

N/A - Not Applicable.

Distribution and Service Fees: Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder accounts.

Other Transactions with Affiliates: The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized in “Affiliated income” on the Statement of Operations and any amounts due to the Funds at the end of the reporting period is recognized in “Reimbursement from Adviser” on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:


Fund	Amount

Credit Income		$–

Flexible Income		16,767

Floating Rate Income		–

High Yield Income		–

Preferred Securities and Income		–

Strategic Income		–

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:


Fund	Sales Charges Collected		Paid to Financial Intermediaries


Credit Income	$	–	$	–

Flexible Income		57,162		52,187

Floating Rate Income		139,377		131,086

High Yield Income		54,912		48,874

Preferred Securities and Income		360,236		331,515

Strategic Income		158,175		145,104

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

Notes to Financial Statements (continued)

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:


Fund	Commission Advances

Credit Income	$	5,898

Flexible Income		22,263

Floating Rate Income		146,893

High Yield Income		16,076

Preferred Securities and Income		222,267

Strategic Income		133,801

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:


Fund	12b-1 Fees Retained

Credit Income	$	6,858

Flexible Income		18,988

Floating Rate Income		44,710

High Yield Income		10,192

Preferred Securities and Income		87,407

Strategic Income		24,348

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:


Fund	CDSC Retained

Credit Income	$	1,029

Flexible Income		776

Floating Rate Income		12,897

High Yield Income		1,963

Preferred Securities and Income		16,086

Strategic Income		120

As of the end of the reporting period, the percentage of Fund shares owned by Nuveen were as follows:


Fund	Nuveen Owned Shares

Flexible Income		-%*
Floating Rate Income		-%*

*Rounds to less than 1%.

9.	Borrowing Arrangements

Committed Line of Credit: The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser (“Participating Funds”), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2025 unless extended or renewed.


94

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Fund utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:


Fund	Maximum Outstanding Balance

Credit Income	$	–

Flexible Income		–

Floating Rate Income		44,472,273

High Yield Income		–

Preferred Securities and Income		33,500,000

Strategic Income		–

During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Credit Income

–

–%

Flexible Income

–

Floating Rate Income

15,762,305

6.03

High Yield Income

–

Preferred Securities and Income

33,500,000

6.53

Strategic Income

–

Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities.