1
Portfolio of Investments May 31, 2026
Floating Rate Income
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 97.6%
4005804
COMMON STOCKS - 0.2%
4005804
CAPITAL GOODS - 0.0%
2,687
TNT Crane & Rigging, Inc
$
67
4,761
TNT Crane & Rigging, Inc
48
TOTAL CAPITAL GOODS
115
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0%
99
(a)
Belk, Inc
792
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
792
CONSUMER SERVICES - 0.0%
17,726
Cengage Learning Holdings II, Inc
327,931
4,796
Crown Finance US, Inc
96,519
TOTAL CONSUMER SERVICES
424,450
ENERGY - 0.0%
2,246
Chord Energy Corp
296,180
TOTAL ENERGY
296,180
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
52,393
Onex Carestream Finance LP
13,098
TOTAL HEALTH CARE EQUIPMENT & SERVICES
13,098
MATERIALS - 0.1%
56,897
Kleopatra Finco Sarl
96,029
56,897
Kleopatra Finco Sarl
96,030
56,897
Kleopatra Finco Sarl
96,030
56,897
Kleopatra Finco Sarl
96,030
56,897
Kleopatra Finco Sarl
96,030
56,897
Kleopatra Finco Sarl
96,030
56,897
Kleopatra Finco Sarl, Class A
96,029
56,897
Kleopatra Finco Sarl, Class B
96,029
56,897
Kleopatra Finco Sarl, Class C
96,030
TOTAL MATERIALS
864,267
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
63,592
Bright Bidco BV
15,898
46,554
Bright Bidco BV
11,638
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
27,536
SOFTWARE & SERVICES - 0.0%
205
(a)
Bloom Parent, Inc
204,614
TOTAL SOFTWARE & SERVICES
204,614
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
7,250
MLN US Holdco LLC
363
35,822
(a)
Riverbed Technology LLC
358
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
721
TELECOMMUNICATION SERVICES - 0.1%
75,043
Altice France Lux 3
1,504,993
43,453
Uniti Group, Inc
487,543
TOTAL TELECOMMUNICATION SERVICES
1,992,536
TRANSPORTATION - 0.0%
1,018
ACBL HLDG CORP
30,540
4,313
ACBL HLDG CORP
150,955
TOTAL TRANSPORTATION
181,495
TOTAL COMMON STOCKS
(Cost $13,114,009)
4,005,804
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
201655326
CORPORATE BONDS - 9.8%
201655326
AUTOMOBILES & COMPONENTS - 0.1%
$
2,695,000
(b)
Clarios Global LP / Clarios US Finance Co
6
.750
%
05/15/28
2,744,553
TOTAL AUTOMOBILES & COMPONENTS
2,744,553
Portfolio of Investments May 31, 2026
(continued)
Floating Rate Income
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS - 0.6%
$
2,695,000
(b)
Chart Industries Inc
7
.500
%
01/01/30
$
2,790,020
1,088,000
(b)
TK Elevator US Newco Inc
5
.250
07/15/27
1,088,488
7,530,000
(b)
TransDigm Inc
6
.875
12/15/30
7,762,075
TOTAL CAPITAL GOODS
11,640,583
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
2,275,000
(b)
Allied Universal Holdco LLC
7
.875
02/15/31
2,378,513
1,990,000
(b)
Allied Universal Holdco LLC/Allied Universal Finance Corp/
Atlas Luxco 4 Sarl
4
.625
06/01/28
1,961,467
3,000,000
(b)
CoreLogic Inc
4
.500
05/01/28
2,946,116
1,000,000
(b)
Madison IAQ LLC
4
.125
06/30/28
987,514
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
8,273,610
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.2%
2,000,000
(b)
Carvana Co
9
.000
06/01/30
2,074,304
1,000,000
(b)
Wand NewCo 3 Inc
7
.625
01/30/32
1,034,329
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
3,108,633
CONSUMER SERVICES - 0.4%
2,560,000
(b)
1011778 BC ULC / New Red Finance Inc
3
.875
01/15/28
2,515,313
3,970,000
(b)
1011778 BC ULC / New Red Finance Inc
4
.000
10/15/30
3,762,277
1,275,000
(b)
Caesars Entertainment Inc
7
.000
02/15/30
1,290,114
1,125,000
(b)
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co
Inc
4
.625
01/15/29
1,096,908
TOTAL CONSUMER SERVICES
8,664,612
ENERGY - 0.0%
93,147
(b)
Borr IHC Ltd / Borr Finance LLC
10
.000
11/15/28
97,811
859,000
(b)
EG Global Finance PLC
12
.000
11/30/28
916,557
TOTAL ENERGY
1,014,368
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%
1,000,000
(b),(c)
Office Properties Income Trust
9
.000
03/31/29
1,005,000
3,500,000
(b)
RLJ Lodging Trust LP
3
.750
07/01/26
3,496,985
1,085,000
Service Properties Trust
8
.875
06/15/32
1,120,860
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
5,622,845
FOOD, BEVERAGE & TOBACCO - 0.1%
2,066,000
(b)
Froneri Lux FinCo SARL
6
.000
08/01/32
2,014,615
1,000,000
(b)
Primo Water Holdings Inc / Triton Water Holdings Inc
4
.375
04/30/29
982,208
TOTAL FOOD, BEVERAGE & TOBACCO
2,996,823
HEALTH CARE EQUIPMENT & SERVICES - 1.9%
6,960,000
(b)
Medline Borrower LP
3
.875
04/01/29
6,773,486
1,831,000
(b)
Medline Borrower LP
5
.250
10/01/29
1,827,862
4,545,000
(b)
Radiology Partners Inc
8
.500
07/15/32
4,658,625
15,469,473
(b)
Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)
9
.000
06/30/28
15,854,663
6,660,000
(b)
Team Health Holdings Inc
8
.375
06/30/28
6,682,511
2,875,000
Tenet Healthcare Corp
4
.625
06/15/28
2,856,025
437,000
Tenet Healthcare Corp
6
.125
10/01/28
438,115
TOTAL HEALTH CARE EQUIPMENT & SERVICES
39,091,287
INSURANCE - 0.9%
9,060,000
(b)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4
.250
10/15/27
8,955,612
3,695,000
(b)
CRC Insurance Group LLC
7
.125
06/01/31
3,705,401
6,255,000
(b)
HUB International Ltd
7
.250
06/15/30
6,420,439
TOTAL INSURANCE
19,081,452
MATERIALS - 0.5%
3,415,000
(b)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
4
.000
09/01/29
3,239,129
1,990,000
(b)
Arsenal AIC Parent LLC
8
.000
10/01/30
2,085,092
2,000,000
(b)
Ashland Inc
3
.375
09/01/31
1,826,740
2,062,000
(b)
Qnity Electronics Inc
5
.750
08/15/32
2,075,430
TOTAL MATERIALS
9,226,391
MEDIA & ENTERTAINMENT - 0.9%
686,408
(b)
Advantage Sales & Marketing Inc
9
.000
11/15/30
570,577
2,009,000
(b)
CCO Holdings LLC / CCO Holdings Capital Corp
5
.125
05/01/27
2,007,685
3,085,000
(b)
Directv Financing LLC / Directv Financing Co-Obligor Inc
10
.000
02/15/31
3,227,820
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
896,392
(b)
iHeartCommunications Inc
9
.125
%
05/01/29
$
868,876
4,970,000
(b)
McGraw-Hill Education Inc
5
.750
08/01/28
4,941,080
2,000,000
(b)
Neptune Bidco US Inc
9
.500
02/15/33
2,045,904
500,000
(b)
Outfront Media Capital LLC / Outfront Media Capital Corp
5
.000
08/15/27
499,676
3,500,000
(b)
Sinclair Television Group Inc
8
.125
02/15/33
3,596,250
TOTAL MEDIA & ENTERTAINMENT
17,757,868
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
4,602,000
(b)
1261229 BC Ltd
10
.000
04/15/32
4,711,607
1,000,000
(b)
GENMAB A/S/GENMAB FINANCE LLC
6
.250
12/15/32
1,018,634
1,000,000
(b)
Jazz Securities DAC
4
.375
01/15/29
981,628
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
6,711,869
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
2,280,000
(b)
Cushman & Wakefield US Borrower LLC
6
.750
05/15/28
2,281,810
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
2,281,810
SOFTWARE & SERVICES - 0.2%
1,836,000
(b)
Cloud Software Group Inc
8
.250
06/30/32
1,802,509
2,965,000
(b)
Open Text Holdings Inc
4
.125
12/01/31
2,587,914
TOTAL SOFTWARE & SERVICES
4,390,423
TELECOMMUNICATION SERVICES - 2.3%
4,464,076
(b)
Altice France Lux 3 / Altice Holdings 1
9
.500
11/01/29
4,538,331
3,539,663
(b)
Altice France SA
6
.875
07/15/32
3,455,920
1,000,000
(b)
Connect Holding II LLC
10
.500
04/03/31
1,018,252
1,504,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6
.750
11/30/30
1,536,238
20,041,000
EchoStar Corp
10
.750
11/30/29
21,779,357
3,270,000
(b)
Level 3 Financing Inc
8
.500
01/15/36
3,535,397
260,000
(b)
Telesat Canada / Telesat LLC
5
.625
12/06/26
222,300
277
(a),(d)
Uniti Group Inc
11
.000
N/A
302,436
7,735,695
(b)
Zayo Group Holdings Inc, (cash 5.750%, PIK 0.500%)
9
.250
03/09/30
7,745,365
2,089,286
(b)
Zayo Group Holdings Inc, (cash 7.125%, PIK 1.875%)
13
.750
09/09/30
2,076,353
TOTAL TELECOMMUNICATION SERVICES
46,209,949
TRANSPORTATION - 0.3%
3,287,000
(b)
Air Canada
3
.875
08/15/26
3,278,716
1,000,000
(b)
GB AIT Buyer Inc
8
.750
04/30/34
1,000,817
1,990,000
(b)
United Airlines Inc
4
.625
04/15/29
1,962,798
TOTAL TRANSPORTATION
6,242,331
UTILITIES - 0.3%
2,602,000
PG&E Corp
5
.000
07/01/28
2,589,258
1,000,000
PG&E Corp
5
.250
07/01/30
989,382
1,102,000
(b)
Talen Energy Supply LLC
6
.250
02/01/34
1,097,946
1,831,000
(b)
Vistra Operations Co LLC
7
.750
10/15/31
1,919,333
TOTAL UTILITIES
6,595,919
TOTAL CORPORATE BONDS
(Cost $200,337,429)
201,655,326
SHARES
DESCRIPTION
VALUE
46644397
EXCHANGE-TRADED FUNDS - 2.3%
46644397
40,000
Nuveen AA-BBB CLO ETF
1,002,400
1,815,513
(e)
State Street SPDR Bloomberg Short Term High Yield Bond ETF
45,641,997
TOTAL EXCHANGE-TRADED FUNDS
(Cost $46,933,906)
46,644,397
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1748375459
VARIABLE RATE SENIOR LOAN INTERESTS - 85.3%
1748375459
AUTOMOBILES & COMPONENTS - 1.3%
9,602,371
(f),(g)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6
.120
05/06/30
9,634,059
13,045,971
(g)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6
.098
01/28/32
13,080,217
4,810,550
(g)
DexKo Global Inc., Term Loan B, (TSFR3M + 4.500%)
8
.163
10/09/31
4,706,064
TOTAL AUTOMOBILES & COMPONENTS
27,420,340
Portfolio of Investments May 31, 2026
(continued)
Floating Rate Income
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS - 10.2%
$
358,294
(g)
ACProducts, Inc., First Lien First Out Term Loan, (TSFR3M +
5.500%)
9
.150
%
11/14/31
$
366,506
5,048,597
(g)
ACProducts, Inc., First Lien Second Out Term Loan, (TSFR3M +
5.500%)
9
.150
11/14/31
4,329,172
235,477
(f),(g),(h)
Air Comm Corporation, LLC, Delayed Draw Term Loan
1
.000
12/11/31
236,728
4,818,343
(f),(g)
Air Comm Corporation, LLC, Term Loan, (TSFR1M + TSFR3M +
2.750%)
6
.390
12/11/31
4,843,929
1,962,507
(f),(g)
Albion Financing 3 SARL, Term Loan, (TSFR3M + 3.000%)
6
.632
05/21/31
1,972,319
2,500,000
(g)
Allison Transmission, Inc., Incremental Term Loan B, (TSFR1M +
1.750%)
5
.381
01/03/33
2,506,775
2,349,250
(g)
Amentum Holdings, Inc., Term Loan B, (TSFR1M + 1.750%)
5
.370
09/29/31
2,355,710
2,542,760
(g)
American Trailer World Corp., Term Loan B, (TSFR1M +
3.750%)
7
.470
03/03/28
1,809,950
2,151,447
(f),(g)
Artera Services, LLC, Term Loan, (TSFR1M + 4.500%)
8
.120
02/10/31
1,901,588
7,061,499
(g)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.500%)
6
.120
01/27/32
7,078,058
6,400,000
(g)
BCPE Empire Holdings, Inc., 10th Amendment Term Loan,
(TSFR1M + 3.500%)
7
.120
12/29/32
6,380,032
2,897,664
(g)
BCPE Empire Holdings, Inc., Term Loan B, (TSFR1M + 3.250%)
6
.870
12/26/30
2,884,625
4,771,670
(g)
Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.250%)
5
.950
10/17/30
4,789,588
2,459,999
(g)
Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)
8
.163
08/01/30
2,026,732
6,132,850
(g)
Centuri Group, Inc, Refinance Term Loan B, (TSFR1M + 2.000%)
5
.648
07/09/32
6,158,915
10,923,652
(g)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 2.750%)
6
.370
09/08/32
10,950,415
5,262,740
(g)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6
.182
03/18/30
5,278,975
5,422,233
(g)
Columbus McKinnon Corporation, Term Loan B, (TSFR3M +
3.500%)
7
.200
02/03/33
5,444,817
2,137,000
(g)
CompoSecure Holdings LLC, Term Loan, (TSFR1M + 2.250%)
5
.875
01/14/33
2,134,329
5,005,368
(f),(g)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7
.485
05/17/28
4,186,640
999,057
(g)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
8
.870
07/08/30
874,484
4,092,150
(g)
Dycom Investments Inc, Term Loan B, (TSFR3M + 1.750%)
5
.401
01/27/33
4,123,496
516,150
(g)
EMRLD Borrower LP, Term Loan B, (TSFR3M + 2.250%)
5
.916
05/31/30
516,991
335,586
(g),(i)
Filtration Group Corporation, Term Loan, (TBD)
TBD
TBD
336,460
516,150
(g)
Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)
5
.370
06/04/31
517,551
3,013,996
(f),(g)
Gibraltar Industries Inc, Term Loan B, (TSFR1M + 2.250%)
5
.890
02/02/33
3,015,880
2,075,000
(g)
Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +
2.750%)
6
.450
09/24/32
2,085,375
1,623,530
(f),(g),(h)
Kaman Corporation, Delayed Draw Term Loan
1
.000
02/26/32
1,628,692
13,945,446
(f),(g)
Kaman Corporation, Term Loan B, (TSFR3M + 2.250%)
5
.950
02/26/32
13,989,792
4,511,000
(g)
LSF12 Helix Parent LLC, Term Loan B, (TSFR1M + 3.500%)
7
.120
02/10/33
4,490,700
2,882,031
(f),(g)
Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +
2.500%)
6
.108
09/26/31
2,893,862
2,466,185
(g)
MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +
2.750%)
6
.370
03/28/31
2,419,562
767,000
(g)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
8
.991
10/15/29
769,876
441,490
(f),(g),(h)
Pinnacle Buyer LLC, Delayed Draw Term Loan
2
.500
10/01/32
444,004
2,290,006
(f),(g)
Pinnacle Buyer LLC, Term Loan, (TSFR3M + 2.500%)
6
.182
10/01/32
2,303,047
516,150
(g),(i)
Quikrete Holdings Inc, (TBD)
TBD
TBD
517,366
10,311,195
(g)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
5
.870
01/31/32
10,326,868
633,000
(g),(i)
Quikrete Holdings, Inc., Term Loan B1, (TBD)
TBD
TBD
634,200
6,916,016
(g)
QXO Inc, Term Loan B, (TSFR1M + 2.000%)
5
.620
04/30/32
6,917,711
3,583,372
(g)
Resideo Funding Inc., Incremental Term Loan, (TSFR3M +
2.000%)
5
.674
08/13/32
3,592,330
8,832,000
(f),(g)
Resilience Parent LLC, First Lien Term Loan, (TSFR6M + 2.500%)
6
.126
02/28/33
8,863,000
21,513,163
(f),(g)
TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 2.750%)
6
.377
04/30/30
21,718,184
3,250,000
(g)
TK Elevator Midco GmbH, Term Loan B, (TSFR3M + 2.750%)
6
.442
04/30/30
3,278,941
4,546,336
(g)
TransDigm, Inc., Term Loan, (TSFR1M + 2.500%)
6
.120
01/20/32
4,562,771
8,907,969
(g)
TransDigm, Inc., Term Loan J, (TSFR1M + 2.500%)
6
.120
02/28/31
8,940,929
516,150
(g)
TransDigm, Inc., Term Loan K, (TSFR1M + 2.250%)
5
.870
03/22/30
517,889
9,679,293
(g)
TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)
6
.120
08/19/32
9,713,993
3,409,000
(g)
TransDigm, Inc., Term Loan N, (TSFR1M + 2.500%)
6
.120
02/10/33
3,421,000
4,900,000
(g)
Victory Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
6
.663
02/14/33
4,941,650
2,255,000
(g)
VSE Corp, Term Loan B, (TSFR1M + 2.000%)
5
.646
05/05/33
2,264,866
TOTAL CAPITAL GOODS
208,257,273
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 6.8%
$
14,956,505
(g)
Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)
6
.870
%
08/20/32
$
15,028,446
6,620,449
(f),(g)
Anticimex International AB, Term Loan, (SOFR90A + 2.900%)
6
.410
11/17/31
6,651,168
2,110,080
(g)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.000%)
7
.700
11/03/31
2,123,004
2,683,150
(g)
CACI International, Inc., Incremental Term Loan B2, (TSFR1M +
1.750%)
5
.370
03/09/33
2,685,390
7,986,237
(g)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7
.235
06/02/28
7,926,341
5,038,345
(g)
Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M
+ 2.500%)
6
.120
10/01/31
5,060,388
11,497,000
(g)
Dayforce, Inc., Term Loan, (TSFR3M + 3.000%)
6
.663
02/04/33
10,973,082
5,346,000
(g)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
6
.663
02/09/33
5,343,461
8,859,485
(g)
Garda World Security Corporation, Term Loan B, (TSFR3M +
2.750%)
6
.419
02/01/29
8,877,204
7,801,023
(g)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6
.166
03/03/32
7,818,965
755,000
(g)
Heritage Environmental Services, Inc., Term Loan B, (TSFR3M +
3.000%)
6
.677
03/21/33
759,719
254,680
(g)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7
.263
11/01/28
29,607
3,945,314
(g)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.750%)
6
.433
12/31/32
3,970,228
2,360,085
(g)
Openlane Inc, Term Loan B, (TSFR3M + 2.500%)
6
.148
10/08/32
2,374,836
5,725,064
(f),(g)
PG Investment Company 59 S.a r.l., Repriced Term Loan B,
(TSFR3M + 2.250%)
5
.950
03/26/31
5,756,752
1,838,116
(g)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR1M + 2.000%)
5
.648
10/15/30
1,838,005
1,691,457
(g)
Prime Security Services Borrower, LLC, Incremental Term Loan
B, (TSFR1M + 1.750%)
5
.398
03/08/32
1,669,959
961,610
(g),(h)
Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan, (N/A +
TSFR3M + 2.500%)
4
.332
12/16/32
964,879
6,951,540
(f),(g)
Pye-Barker Fire & Safety, LLC, Term Loan, (TSFR3M + 2.500%)
6
.163
12/16/32
6,975,175
3,684,365
(g)
Reverb Buyer, Inc., Steerco Term Loan, (TSFR3M + 3.500%)
7
.263
11/01/28
2,708,008
1,840,388
(f),(g)
Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +
2.250%)
5
.858
01/15/31
1,830,044
943,968
(g)
Reworld Holding Corp, First Lien Term Loan C, (TSFR1M +
2.250%)
5
.853
01/15/31
943,774
516,150
(g),(i)
Reworld Holding Corp, Term Loan B, (TBD)
TBD
TBD
516,666
5,809,032
(g)
Reworld Holding Corp, Term Loan B1, (TSFR1M + 2.250%)
5
.853
01/15/31
5,807,841
1,073,433
(g)
Signal Parent, Inc, Term Loan B, (TSFR3M + 3.500%)
7
.263
04/03/28
473,078
9,600,501
(f),(g)
Spin Holdco Inc., First Lien Second Out Term Loan, (TSFR3M +
4.000%)
7
.928
09/04/30
7,109,171
2,474,056
(g)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
7
.913
04/12/27
414,108
517,400
(g)
WIN Waste Innovations Holdings, Inc., First Lien Term Loan,
(TSFR1M + 3.250%)
6
.985
03/27/28
519,987
22,747,681
(f),(g)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6
.485
03/27/28
22,837,079
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
139,986,365
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.1%
6,406,230
(g)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.000%)
5
.657
10/16/31
6,429,677
10,139,561
(g)
CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%)
6
.163
11/08/32
10,181,437
548,611
(g)
Dealer Tire Financial, LLC, Term Loan B4, (TSFR1M + 3.000%)
6
.620
07/02/31
544,839
6,448,459
(g)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.250%)
5
.899
06/09/31
6,462,259
4,383,654
(g)
Les Schwab Tire Centers, Term Loan B, (TSFR3M + 2.500%)
6
.166
04/23/31
4,378,174
3,009,000
(g)
Mister Car Wash Holdings, Inc., Incremental Term Loan B,
(TSFR3M + 3.000%)
6
.641
03/27/31
3,028,528
4,422,582
(g)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR3M +
2.750%)
6
.391
03/27/31
4,439,167
1,626,923
(g)
Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)
8
.192
03/17/31
1,624,027
1,559,093
(g)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
7
.584
08/18/32
1,557,635
1,095,078
(g)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6
.235
10/20/28
1,067,077
14,469,553
(g)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6
.120
01/30/31
14,455,228
2,500,000
(g)
White Cap Buyer LLC, Incremental Term Loan B, (TSFR1M +
3.500%)
7
.120
02/10/33
2,481,413
7,166,286
(g)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
6
.870
10/29/29
7,132,139
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
63,781,600
Portfolio of Investments May 31, 2026
(continued)
Floating Rate Income
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DURABLES & APPAREL - 2.6%
$
4,815,063
(g)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
5
.870
%
12/21/28
$
4,825,175
11,828,727
(g)
AI Aqua Merger Sub, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.500%)
6
.156
07/31/28
11,854,869
5,655,270
(g)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR1M + 2.750%)
6
.382
09/13/32
5,695,564
6,545,124
(f),(g)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6
.235
05/30/28
6,582,856
1,284,943
(g)
MajorDrive Holdings IV LLC, Term Loan B, (TSFR3M + 4.000%)
7
.961
06/01/28
1,231,496
30,939
(g)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11
.314
06/29/28
29,160
2,564,097
(g)
Somnigroup International Inc, Term Loan B, (SOFR30A +
2.250%)
5
.760
10/24/31
2,584,533
6,388,614
(g)
Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 2.750%)
6
.450
08/26/31
6,402,605
8,404,000
(g)
Weber-Stephen Products LLC, Term Loan B, (TSFR3M +
3.750%)
7
.442
10/01/32
8,107,759
5,289,225
(g)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)
8
.142
02/20/32
5,303,558
TOTAL CONSUMER DURABLES & APPAREL
52,617,575
CONSUMER SERVICES - 5.8%
548,542
(g)
101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M
+ 1.750%)
5
.370
09/23/30
550,256
7,137,865
(g)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6
.120
05/31/30
7,170,593
10,632,481
(g)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6
.120
08/17/28
10,670,705
7,429,739
(f),(g)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
5
.870
02/06/30
7,225,421
4,464,721
(g)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
5
.870
02/06/31
4,327,989
5,247,927
(g)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
6
.370
01/31/31
4,974,301
6,536,545
(g)
Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.000%)
5
.632
05/24/30
6,558,998
1,516,150
(g)
Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 1.750%)
5
.450
09/19/31
1,521,199
3,236,156
(g)
DK Crown Holdings Inc., Term Loan B, (TSFR1M + 1.750%)
5
.388
03/04/32
3,245,670
4,094,981
(g)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TSFR3M + 3.500%)
7
.200
06/25/29
4,129,112
4,070,880
(g)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
6
.870
01/29/29
4,062,881
6,935,650
(g)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
5
.450
11/29/30
6,895,180
7,548,339
(f),(g)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
5
.700
06/04/32
7,525,921
5,367,891
(g)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029),
(TSFR3M + 2.250%)
5
.951
10/31/29
5,384,666
4,573,074
(g)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 2.500%)
6
.120
05/27/32
4,591,961
3,942,367
(f),(g)
Houghton Mifflin Harcourt Publishing Company, Term Loan,
(TSFR3M + 5.250%)
9
.013
04/09/29
3,214,448
6,277,653
(f),(g)
IRB Holding Corp, Term Loan B, (TSFR1M + 2.500%)
6
.108
12/16/30
6,299,122
8,352,473
(g)
Light and Wonder International, Inc., Term Loan B, (TSFR1M +
2.000%)
5
.579
04/16/29
8,383,795
516,150
(g),(i)
Marriott Ownership Resorts Inc, (TBD)
TBD
TBD
517,360
4,316,858
(g)
Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)
7
.200
11/30/29
3,704,404
3,375,000
(g),(i)
Pioneer Opco LLC, (TBD)
TBD
TBD
3,402,422
3,629,484
(g)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
6
.674
04/04/29
3,584,805
3,420,808
(g)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
5
.620
12/04/31
3,390,876
1,517,104
(g)
Spin Holdco Inc., First Lien First Out Term Loan, (TSFR3M +
5.430%)
9
.096
09/04/30
1,560,720
548,601
(g)
Station Casinos LLC, Term Loan B, (TSFR1M + 2.000%)
5
.620
03/14/31
551,053
5,472,348
(g)
TKO Worldwide Holdings LLC, (TSFR3M + 2.000%)
5
.636
11/21/31
5,482,472
TOTAL CONSUMER SERVICES
118,926,330
ENERGY - 2.2%
4,923,000
(g)
EG America LLC, Term Loan B, (TSFR3M + 3.250%)
6
.916
02/10/31
4,943,923
18,980,000
(g)
Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M +
3.250%)
6
.925
01/31/33
19,074,900
7,932,005
(f),(g)
New Fortress Energy Inc, Incremental Term Loan B, (Prime +
4.500%)
11
.250
10/30/28
5,227,945
548,611
(g)
Oryx Midstream Services Permian Basin LLC, Term Loan B,
(TSFR1M + 2.250%)
5
.858
10/05/28
550,227
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
5,550,490
(f),(g)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.250%)
5
.870
%
03/18/30
$
5,576,522
2,565,000
(g),(i)
Traverse Midstream Partners LLC, (TBD)
TBD
TBD
2,573,413
1,772,075
(g)
Traverse Midstream Partners LLC, Term Loan, (TSFR3M +
2.500%)
6
.163
02/16/28
1,778,498
5,349,150
(g)
Venture Global Calcasieu Pass, LLC, Term Loan B, (TSFR6M +
3.250%)
6
.937
04/11/33
5,373,676
TOTAL ENERGY
45,099,104
FINANCIAL SERVICES - 1.4%
5,341,572
(g)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
6
.370
07/30/31
5,367,158
2,010,221
(g)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR3M
+ 3.500%)
7
.163
12/15/28
2,021,529
7,508,930
(g)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
5
.380
07/30/32
7,512,572
1,777,219
(a),(c),(g)
Ditech Holding Corporation, Term Loan
0
.000
06/30/27
178
4,136,150
(g),(i)
Jupiter Borrower Inc, (TBD)
TBD
TBD
4,157,699
6,111,694
(g)
Kestra Advisor Services Holdings A, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6
.370
03/24/31
6,105,979
3,044,000
(g)
Orion US Finco Inc., First Lien Term Loan, (TSFR3M + 3.500%)
7
.169
10/12/32
3,052,249
TOTAL FINANCIAL SERVICES
28,217,364
FOOD, BEVERAGE & TOBACCO - 1.8%
3,862,317
(g)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
6
.735
12/08/28
3,880,431
945,291
(g)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 10.666%, PIK 7.000%)
10
.666
09/30/30
141,794
212,285
(g)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 10.666%, PIK 7.000%)
10
.666
09/30/30
95,528
2,204,817
(g)
Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)
6
.370
02/12/31
2,168,294
8,787,975
(g)
Froneri Lux Finco Sarl, Term Loan, (TSFR6M + 2.500%)
6
.127
09/30/32
8,743,464
2,428,000
(f),(g)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9
.200
01/24/29
2,461,774
7,593,951
(g)
Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)
6
.401
07/12/29
7,631,161
10,386,150
(g)
Primo Brands Corporation, Term Loan B, (TSFR3M + 2.750%)
6
.432
03/31/31
10,465,241
169,871
(g),(h)
Sauer Brands Inc, Delayed Draw Term Loan
3
.000
02/19/32
170,615
1,787,696
(g)
Savor Acquisition, Inc., Term Loan B, (TSFR3M + 3.000%)
6
.663
02/19/32
1,795,526
TOTAL FOOD, BEVERAGE & TOBACCO
37,553,828
HEALTH CARE EQUIPMENT & SERVICES - 7.3%
1,297,000
(g),(i)
ADMI Corp, (TBD)
TBD
TBD
1,188,584
4,680,610
(f),(g)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
9
.370
12/23/27
4,389,827
9,091,458
(f),(g)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)
5
.870
09/20/32
9,150,734
4,479,099
(g)
Bausch & Lomb Corporation, Repriced Term Loan, (TSFR1M +
3.750%)
7
.370
01/15/31
4,503,733
516,150
(g)
DaVita, Inc. , Term Loan B, (TSFR1M + 1.750%)
5
.370
05/09/31
519,779
12,339,981
(g)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
7
.800
10/01/27
12,148,711
7,593,594
(g)
Global Medical Response, Inc., Term Loan B, (TSFR1M +
3.250%)
6
.848
10/01/32
7,637,030
9,298,740
(f),(g)
LifePoint Health, Inc., First Lien Term Loan B, (TSFR3M +
3.750%)
7
.423
05/19/31
9,235,741
399,987
(g)
LifePoint Health, Inc., Incremental Term Loan B1, (TSFR3M +
3.500%)
7
.177
05/19/31
396,625
4,080,218
(f),(g)
Lumexa Imaging, Inc., Term Loan B, (TSFR3M + 3.000%)
6
.700
12/17/32
4,109,126
6,329,999
(f),(g)
Medline Borrower LP, (TSFR1M + 1.750%)
5
.364
10/23/30
6,341,583
1,044,000
(g),(i)
Midwest Physician Administrative Services LLC, (TBD)
TBD
TBD
989,900
3,302,000
(f),(g)
National Mentor Holdings, Inc., First Lien Term Loan B,
(TSFR1M + 6.000%)
9
.620
12/12/30
3,329,737
2,270,000
(g)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.250%)
6
.950
08/06/32
2,278,717
6,527,484
(f),(g)
Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)
6
.700
04/23/32
6,540,310
5,013,433
(g)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)
6
.103
03/17/31
5,021,028
10,644,970
(g)
Phoenix Guarantor Inc, (TSFR1M + 2.500%)
6
.114
02/21/31
10,681,589
3,195,322
(g)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8
.200
06/30/32
3,192,653
4,429,150
(g),(i)
Select Medical Corp, (TBD)
TBD
TBD
4,451,296
313,047
(g)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 3.250%), (cash 9.461%, PIK 1.000%)
5
.231
06/28/28
316,699
Portfolio of Investments May 31, 2026
(continued)
Floating Rate Income
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES
(continued)
$
5,250,931
(g)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 2.500%), (cash 7.461%, PIK 1.500%)
4
.481
%
06/28/28
$
5,212,862
5,322,108
(g)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
7
.700
09/30/30
5,338,287
25,593,455
(f),(g)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6
.120
12/19/30
25,699,668
9,988,066
(g)
Team Health Holdings, Inc., Repriced Term Loan B, (TSFR3M +
4.000%)
7
.663
06/30/28
10,040,803
2,790,241
(g)
Upstream Newco, Inc., Term Loan, (TSFR3M + 4.250%), (cash
8.187%, PIK 1.500%)
8
.187
11/20/29
2,651,259
4,244,984
(g)
Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)
7
.620
10/29/31
3,956,686
303,385
(a),(c),(g)
Vyaire Medical Inc, (TSFR3M + 4.750%)
0
.000
04/16/25
30
6,954
(a),(g)
Vyaire Medical Inc
0
.000
06/14/27
1
TOTAL HEALTH CARE EQUIPMENT & SERVICES
149,322,998
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
1,442,467
(g)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
7
.461
05/16/28
1,445,042
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
1,445,042
INSURANCE - 6.4%
2,391,632
(g)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
6
.620
11/06/30
2,276,535
7,477,472
(g)
Alera Group, Inc., Term Loan B, (TSFR1M + 2.750%)
6
.370
05/28/32
7,234,454
21,654,373
(g)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6
.120
09/19/31
21,602,511
7,552,909
(g)
AmWINS Group, Inc., Term Loan B, (TSFR1M + 2.000%)
5
.620
01/30/32
7,544,563
8,716,344
(g)
Asurion LLC, Term Loan B13, (TSFR3M + 4.250%)
7
.913
09/19/30
8,728,591
6,822,102
(g)
Asurion LLC, Term Loan B14, (TSFR3M + 3.750%)
7
.413
02/23/33
6,667,888
27,370,126
(g)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.500%)
6
.120
06/16/31
27,054,275
550,000
(g)
Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)
5
.870
10/15/30
551,603
8,730,301
(g)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
5
.922
06/20/30
8,759,591
14,888,504
(g)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
5
.620
09/15/31
14,938,753
9,940,184
(g)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6
.120
07/31/31
9,943,563
8,286,855
(g)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6
.450
05/06/31
8,227,480
5,472,886
(g)
USI, Inc., Term Loan C, (TSFR3M + 2.250%)
5
.950
09/27/30
5,478,961
1,325,121
(g)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
5
.950
11/23/29
1,327,135
TOTAL INSURANCE
130,335,903
MATERIALS - 4.2%
4,746,887
(f),(g)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
6
.370
08/19/30
4,772,093
8,527,966
(g)
Berlin Packaging LLC, Term Loan B7, (TSFR3M + 3.250%)
6
.941
06/09/31
8,489,761
3,474,000
(g),(i)
Bond US Bidco 1 Inc, (TBD)
TBD
TBD
3,486,211
6,455,130
(g)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
6
.795
04/13/29
6,307,469
8,098,758
(g)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
6
.870
04/01/32
7,674,099
375,000
(g),(i)
ECO Services Operations Corp, Term Loan B, (TBD)
TBD
TBD
377,383
3,699,146
(g)
Fortis 333, Inc., Term Loan B, (TSFR1M + 3.500%)
7
.120
04/02/32
3,674,491
2,100,000
(g)
Graham Packaging Company Inc., Term Loan B, (TSFR1M +
2.250%)
5
.870
01/26/33
2,105,355
620,000
(g)
INEOS Quattro Holdings UK Ltd, Term Loan, (TSFR1M +
3.750%)
7
.470
03/14/30
554,125
1,666,000
(g)
INEOS Quattro Holdings UK Ltd, Term Loan B, (TSFR1M +
4.250%)
7
.870
10/07/31
1,493,153
5,384,691
(g)
Ineos US Finance LLC, Term Loan B, (TSFR1M + 3.250%)
6
.870
02/19/30
5,127,814
3,221,646
(g)
Ineos US Finance LLC, Term Loan B, (TSFR1M + 2.500%)
6
.220
11/09/28
3,206,987
6,198,791
(g)
Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)
6
.936
04/03/28
6,212,367
274,260
(g)
Nouryon Finance B.V., Term Loan B2, (TSFR6M + 3.250%)
6
.937
04/03/28
274,818
5,729,000
(g)
Proampac PG Borrower LLC, Term Loan B, (TSFR1M + TSFR3M
+ 4.000%)
7
.665
02/22/33
5,623,987
9,149,512
(f),(g)
Qnity Electronics Inc, Term Loan B, (TSFR3M + 2.000%)
5
.666
11/01/32
9,199,057
2,722,763
(f),(g)
SCIH Salt Holdings Inc., Repriced Term Loan B, (TSFR6M +
2.750%)
6
.350
01/31/29
2,733,368
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
$
3,303,250
(g)
Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +
1.750%)
5
.413
%
10/29/32
$
3,328,536
6,495,036
(g)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7
.120
04/21/31
6,511,956
3,333,145
(g)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
6
.870
03/03/31
3,185,054
803,290
(g)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7
.120
09/30/31
807,106
TOTAL MATERIALS
85,145,190
MEDIA & ENTERTAINMENT - 6.2%
3,150,225
(g)
Advantage Sales & Marketing, Inc., First Out Term Loan,
(TSFR3M + 6.000%)
9
.930
04/18/30
2,651,812
3,871,470
(g)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
7
.798
04/28/28
3,884,362
1,387,417
(g)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
8
.736
10/31/28
1,393,057
5,735,791
(f),(g)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9
.048
05/14/29
5,765,072
9,891,977
(g)
Altice France S.A., Term Loan B14, (TSFR3M + 6.875%)
10
.548
05/15/31
10,055,837
4,564,077
(g)
Cengage Learning, Inc., Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6
.623
03/24/31
4,504,881
3,527,631
(g)
Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
6
.663
10/30/30
3,498,969
10,989,401
(g)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
7
.735
08/23/28
11,036,106
2,516,030
(g)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7
.300
06/18/29
2,281,951
11,523,811
(g)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8
.145
12/02/31
11,559,823
1,906,597
(g)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
8
.250
04/15/27
1,474,038
938,150
(g),(i)
DirecTV Financing, LLC, Term Loan, (TBD)
TBD
TBD
945,186
19,380,000
(g),(i)
Discovery Global Holdings Inc, (TBD)
TBD
TBD
19,437,559
404,723
(g)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9
.467
06/30/28
405,734
769,593
(g)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7
.067
11/30/29
750,931
3,100,840
(g)
iHeartCommunications, Inc., Term Loan, (TSFR1M + 5.775%)
9
.510
05/01/29
2,961,302
2,322,592
(g)
McGraw-Hill Global Education Holdings, LLC, First Lien Term
Loan B, (TSFR1M + 2.750%)
6
.370
08/06/31
2,332,045
3,844,000
(g)
NEP Group, Inc., Term Loan B, (TSFR1M + 4.500%)
8
.120
10/17/31
3,542,669
3,738,000
(g)
Neptune Bidco US Inc, Term Loan B, (TSFR3M + 5.000%)
8
.769
02/03/33
3,702,657
5,753,456
(g)
Nexstar Broadcasting, Inc., Term Loan B7, (TSFR1M + 2.750%)
6
.370
03/21/33
5,763,352
7,615,150
(g),(i)
OAK-Eagle Acquireco Inc, (TBD)
TBD
TBD
7,648,771
5,830,916
(g)
Planet US Buyer LLC, Term Loan B, (TSFR1M + TSFR3M +
3.000%)
6
.632
02/10/31
5,869,954
5,963,261
(g)
Radiate Holdco, LLC, FLFO Term Loan, (TSFR1M + 2.500%),
(cash 7.235%, PIK 1.500%)
4
.367
09/25/29
5,411,659
2,786,218
(f),(g)
Sinclair Television Group Inc., Term Loan B6, (TSFR1M +
3.300%)
7
.035
12/31/29
2,535,473
3,330,000
(g)
Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +
2.470%)
6
.099
02/17/32
3,328,552
5,169,593
(g)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
6
.931
12/11/28
4,745,247
TOTAL MEDIA & ENTERTAINMENT
127,486,999
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.9%
1,511,150
(g)
Amneal Pharmaceuticals LLC, Term Loan, (TSFR1M + 3.000%)
6
.620
08/02/32
1,520,829
6,751,370
(g)
Bausch Health Companies Inc., Term Loan B, (TSFR1M +
6.250%)
9
.870
10/08/30
6,533,807
7,386,150
(f),(g)
BioMarin Pharmaceutical Inc, Term Loan B, (TSFR6M + 1.750%)
5
.428
04/27/33
7,404,615
2,039,054
(g)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 2.750%)
6
.387
01/27/32
2,048,698
5,176,650
(f),(g)
Genmab AS, Term Loan B, (TSFR3M + 3.000%)
6
.700
12/13/32
5,195,079
1,572,150
(g)
Grifols Worldwide Operations USA, Inc., Term Loan B, (TSFR6M
+ 2.500%)
6
.187
04/14/33
1,581,795
32,208,150
(g)
Hologic Inc., Term Loan B, (TSFR3M + 2.250%)
5
.924
04/07/33
31,922,142
11,402,310
(f),(g)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
5
.870
05/05/28
11,461,488
9,043,948
(g)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
5
.870
05/19/31
9,059,277
22,073,594
(g)
Parexel International Corporation, Repriced Term Loan B,
(TSFR1M + 2.500%)
6
.120
12/12/31
22,135,732
Portfolio of Investments May 31, 2026
(continued)
Floating Rate Income
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
$
2,350,811
(g)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
5
.620
%
04/20/29
$
2,351,305
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
101,214,767
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
8,424,511
(g)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M
+ 2.500%)
6
.120
01/31/30
8,453,997
2,183,830
(g)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
6
.370
01/31/30
2,201,116
391,003
(g)
Learning Care Group (US) No. 2 Inc., Term Loan B, (TSFR3M +
4.000%)
7
.671
08/11/28
305,308
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
10,960,421
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
11,185,150
(g)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6
.437
11/13/31
10,709,390
1,413,565
(g)
MKS Instruments, Inc., Term Loan B, (TSFR1M + 1.750%)
5
.395
02/04/33
1,421,028
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
12,130,418
SOFTWARE & SERVICES - 8.3%
3,092,314
(g)
Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.500%)
6
.200
02/03/31
3,092,515
3,191,841
(g)
Asurion LLC, Second Lien Term Loan B4, (TSFR3M + 5.250%)
9
.175
01/22/29
3,199,326
1,335,196
(g)
Avalara, Inc, Term Loan, (TSFR3M + 2.750%)
6
.450
03/29/32
1,298,758
1,632,055
(g)
Avaya, Inc., Exit Term Loan, (TSFR1M + 3.750%), (cash 11.120%,
PIK 7.500%)
5
.560
08/01/28
1,422,442
3,962,544
(g)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 2.750%)
6
.370
11/25/31
3,940,611
12,899,184
(g)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
6
.666
07/30/31
12,120,138
548,622
(g)
Clearwater Analytics, LLC, Term Loan B, (TSFR1M + 2.000%)
5
.584
04/21/32
548,794
5,987,768
(f),(g)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
6
.950
03/24/31
5,643,472
1,955,271
(g)
Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +
3.250%)
6
.950
08/13/32
1,835,237
8,660,000
(g),(h)
Coreweave Financing DDTL V LLC, Delayed Draw Term Loan,
(N/A + TSFR1M + 2.500%)
4
.306
11/17/31
8,852,945
3,024,956
(g)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
6
.399
03/29/32
2,840,630
467,813
(g)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6
.399
05/01/31
439,940
11,649,456
(g)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
6
.927
10/09/31
11,158,315
428,778
(g)
Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)
7
.950
06/26/31
411,734
4,509,184
(g)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.500%)
6
.120
10/09/29
4,464,407
942,545
(g)
EP Purchaser, LLC, Term Loan B, (TSFR3M + 3.500%)
7
.280
11/06/28
654,127
546,377
(g)
EP Purchaser, LLC, Term Loan B, (TSFR3M + 4.500%)
8
.280
11/06/28
379,186
10,695,281
(g)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6
.120
05/30/31
10,569,504
1,457,799
(g)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
6
.638
06/27/31
1,446,865
14,352,450
(g)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6
.120
01/30/32
13,844,732
2,463,287
(g)
Kaseya Inc., First Lien Term Loan B, (TSFR3M + 3.250%)
6
.913
03/22/32
2,149,218
577,354
(g)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
6
.620
03/01/29
526,010
10,344,200
(g)
Mitchell International, Inc., Add-on Term Loan, (TSFR1M +
3.000%)
6
.620
06/17/31
10,231,965
4,505,005
(g)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
5
.370
01/31/30
4,444,954
17,822,579
(g)
Peraton Corp., Term Loan B, (TSFR3M + 3.750%)
7
.513
02/01/28
15,903,444
1,410,141
(g)
Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)
8
.370
03/24/31
734,514
2,377,926
(g)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
6
.413
11/03/31
2,382,384
1,134,600
(g)
Project Alpha Intermediate Holding, Inc., First Lien Term Loan
B, (TSFR3M + 3.250%)
6
.950
10/28/30
827,316
4,649,590
(g)
Proofpoint, Inc., Repriced Term Loan, (TSFR3M + 3.000%)
6
.700
08/31/28
4,547,300
3,666,084
(g)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
9
.967
05/15/28
3,767,818
13,524,240
(f),(g)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
6
.467
05/15/28
11,795,031
2,727,336
(g)
Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)
7
.370
11/28/28
2,660,721
1,494,304
(g)
SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)
5
.620
05/09/31
1,494,581
2,511,041
(g)
Synechron Inc, Term Loan B, (TSFR3M + 3.750%)
7
.450
10/03/31
2,360,379
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
$
13,081,803
(g)
UKG Inc., Term Loan B, (TSFR3M + 2.250%)
5
.913
%
02/10/31
$
12,660,504
217,000
(g)
Virtusa Corporation, Term Loan B, (TSFR1M + 3.250%)
6
.870
02/15/29
207,054
2,744,356
(g)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
5
.913
04/14/31
2,670,944
2,071,369
(g)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
6
.370
09/28/29
2,046,865
TOTAL SOFTWARE & SERVICES
169,574,680
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
13,717,181
(g)
Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)
6
.424
11/30/29
13,297,092
1,814,332
(g)
Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)
5
.935
09/22/31
1,823,404
903,689
(g)
SonicWall US Holdings Inc., Term Loan, (TSFR3M + 5.000%)
8
.700
05/16/28
296,708
1,172,063
(g)
Spectris Plc, Term Loan, (TSFR3M + 2.750%)
6
.450
12/06/32
1,178,409
333,535
(g)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8
.223
03/05/29
335,786
5,843,889
(g)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8
.193
05/30/30
5,880,414
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
22,811,813
TELECOMMUNICATION SERVICES - 4.4%
7,206,540
(g)
Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)
5
.870
11/24/28
7,199,226
2,515,127
(g)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8
.120
09/28/29
2,527,992
15,309,000
(g)
Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +
4.250%)
7
.858
04/03/31
14,611,599
4,797,182
(a),(g)
Cyxtera DC Holdings, Inc., Term Loan B
0
.000
07/16/26
26,384
5,187,593
(g)
Digicel International Finance Limited, Term Loan B, (TSFR1M +
4.500%)
8
.114
08/09/32
5,206,501
1,277,000
(g)
Ensono, LP, Term Loan, (TSFR1M + 4.000%)
7
.735
05/30/28
1,257,494
4,237,950
(f),(g)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
5
.870
09/20/30
4,205,636
14,393,150
(f),(g)
Level 3 Financing Inc., Term Loan B, (TSFR1M + 2.750%)
6
.381
03/29/32
14,478,645
958,000
(g)
Patagonia Holdco LLC, Term Loan B1, (TSFR3M + 5.750%)
9
.400
08/01/29
766,783
10,844,000
(g)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
6
.677
12/07/26
9,335,545
6,175,965
(g)
Windstream Services, LLC, Term Loan B, (TSFR1M + 4.000%)
7
.620
10/06/32
6,195,296
24,347,831
(f),(g)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 1.750%),
(cash 6.735%, PIK 0.500%)
3
.617
03/11/30
24,363,779
TOTAL TELECOMMUNICATION SERVICES
90,174,880
TRANSPORTATION - 3.2%
3,250,000
(g)
AGI-CFI Acquisition Corp., Term Loan B, (TSFR3M + 4.500%)
8
.200
03/25/33
3,236,464
3,136,350
(g)
Air Canada, Term Loan B, (TSFR3M + 1.750%)
5
.413
03/21/31
3,135,378
3,565,150
(g)
AIT Worldwide Logistics, Inc, Term Loan B, (TSFR3M + 4.250%)
7
.913
04/29/33
3,578,430
4,255,000
(g),(i)
American Airlines Inc, (TBD)
TBD
TBD
4,221,492
5,833,486
(g)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
5
.925
04/20/28
5,817,356
1,321,000
(g),(i)
Boluda Towage Luxembourg Sarl, (TBD)
TBD
TBD
1,328,431
9,120,989
(g)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.500%)
6
.142
07/01/31
9,163,538
1,123,011
(f),(g)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6
.120
07/01/31
1,128,301
1,347,577
(f),(g)
First Student Bidco Inc, Term Loan B, (TSFR3M + 2.250%)
5
.950
08/15/30
1,353,055
246,573
(f),(g)
First Student Bidco Inc, Term Loan C, (TSFR3M + 2.250%)
5
.950
08/15/30
247,575
5,047,649
(g)
Genesee & Wyoming Inc. (New), Term Loan B, (TSFR3M +
1.750%)
5
.450
04/10/31
5,046,967
886,309
(g)
Hertz Corporation, (The), Term Loan B, (TSFR3M + 3.500%)
7
.425
06/30/28
690,031
175,365
(g)
Hertz Corporation, (The), Term Loan C, (TSFR3M + 3.500%)
7
.425
06/30/28
136,530
12,753,375
(g)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6
.120
09/23/31
12,790,232
10,593,892
(g)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)
5
.919
04/09/32
10,604,910
2,986,254
(g)
United Airlines, Inc., Term Loan B, (TSFR1M + 1.750%)
5
.358
02/24/31
2,994,660
1,087,226
(f),(g)
WestJet Loyalty LP, Term Loan B, (TSFR3M + 2.750%)
6
.450
02/14/31
1,070,375
TOTAL TRANSPORTATION
66,543,725
UTILITIES - 2.9%
5,968,406
(f),(g)
Cornerstone Generation LLC, Term Loan B, (TSFR3M + 2.250%)
5
.913
08/11/32
5,990,160
2,380,656
(g)
Hamilton Projects Acquiror, LLC , Repriced Term Loan B,
(TSFR1M + 2.500%)
6
.120
05/30/31
2,396,856
1,499,728
(g)
Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +
2.750%)
6
.380
05/06/32
1,508,786
107,659
(g)
Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +
2.750%)
6
.380
05/06/32
108,309
310,821
(g)
Kestrel Acquisition, LLC, Term Loan, (TSFR3M + 3.000%)
6
.700
11/06/31
312,153
3,585,000
(g)
NRG Energy, Inc., Incremental Term Loan B, (TSFR1M +
1.750%)
5
.364
04/28/33
3,594,339
Portfolio of Investments May 31, 2026
(continued)
Floating Rate Income
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
3,201,443
(g)
NRG Energy, Inc., Term Loan, (TSFR1M + TSFR3M + 1.750%)
5
.395
%
04/16/31
$
3,210,776
15,388,359
(g)
Talen Energy Supply, LLC, 2024-1 Incremental Term Loan,
(TSFR1M + 1.750%)
5
.375
12/13/31
15,340,271
18,383,068
(g)
Talen Energy Supply, LLC, Term Loan B, (TSFR1M + 2.500%)
6
.125
11/25/32
18,297,771
8,664,094
(f),(g)
Talen Energy Supply, LLC, Term Loan B, (TSFR1M + 2.000%)
5
.620
11/26/32
8,609,423
TOTAL UTILITIES
59,368,844
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $1,752,531,970)
1,748,375,459
SHARES
DESCRIPTION
MATURITY
VALUE
233520
WARRANTS - 0.0%
233520
TELECOMMUNICATION SERVICES - 0.0%
8,465
Windstream Parent Inc
8/01/28
94,892
TOTAL TELECOMMUNICATION SERVICES
94,892
TRANSPORTATION - 0.0%
1,071
ACBL HLDG CORP
4/27/45
32,130
3,029
ACBL HLDG CORP
4/27/45
106,015
11,952
American Commercial Barge Line LLC
8/18/30
120
36,348
American Commercial Barge Line LLC
4/30/45
363
TOTAL TRANSPORTATION
138,628
TOTAL WARRANTS
(Cost $294,354)
233,520
TOTAL LONG-TERM INVESTMENTS
(Cost $2,013,211,668)
2,000,914,506
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%
1,158,209
(j)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.650 (k)
1,158,209
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $1,158,209)
1,158,209
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS -  5.8%
INVESTMENT COMPANIES - 5.8%
–
118,086,872
BlackRock Liquidity Funds T-Fund
4.517(l)
118,086,872
TOTAL INVESTMENT COMPANIES
(Cost $118,086,872)
118,086,872
TOTAL SHORT-TERM INVESTMENTS
(Cost $118,086,872)
118,086,872
TOTAL INVESTMENTS - 103.4%
(Cost $2,132,456,749)
2,120,159,587
OTHER ASSETS & LIABILITIES, NET -  (3.4)%
(
69,615,892
)
NET ASSETS - 100%
$
2,050,543,695
ETF
Exchange-Traded Fund
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash,
securities, or a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK
payment made by the issuer as of the end of the reporting period.
SOFR30A
30 Day Average Secured Overnight Financing Rate
SOFR90A
90 Day Average Secured Overnight Financing Rate
SPDR
Standard & Poor's Depositary Receipt
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not
known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and
therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will
provide the Fund with the final coupon rate and maturity date.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
13
Investments in Derivatives
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. 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).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(a)
For fair value measurement disclosure purposes, investment classified as Level 3.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $170,043,655 or 8.0% of Total Investments.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(d)
Perpetual security. Maturity date is not applicable.
(e)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $1,121,244.
(f)
Portion of investment purchased on a delayed delivery basis.
(g)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(h)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(i)
When-issued or delayed delivery security.
(j)
Investments made with cash collateral received from securities on loan.
(k)
The rate shown is the one-day yield as of the end of the reporting period.
(l)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
Credit Default Swaps - Centrally Cleared
SOLD
Counterparty
Reference Entity
Fixed
Rate
(Annualized)
Current
Credit
Spread (a)
Fixed Rate
Payment
Frequency
Maturity
Date
Notional
Amount(b)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Morgan Stanley
CDX-NAHYS45V1
5
.000
%
3
.59
%
Quarterly
12/20/30
$
15,680,000
$
1,234,744
$
1,032,031
$
202,713
Total
$
15,680,000
$
1,234,744
$1,032,031
$
202,713
(a)
The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the
likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include
upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher
likelihood of performance by the seller of protection.
(b)
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit
protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by
any recoverable assets, if applicable.
Portfolio of Investments May 31, 2026
(continued)
Floating Rate Income
14
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the
reporting period, were as follows:
The table below presents the transfers in and out of the three valuation levels for the Fund as of the end of the reporting period when compared
to the valuation levels at the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an
assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to
the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
Floating Rate Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
296,180
$
3,503,860
$
205,764
$
4,005,804
Corporate Bonds
–
201,352,890
302,436
201,655,326
Exchange-Traded Funds
46,644,397
–
–
46,644,397
Variable Rate Senior Loan Interests
–
1,748,348,866
26,593
1,748,375,459
Warrants
–
233,520
–
233,520
Investments Purchased with Collateral from Securities
Lending
1,158,209
–
–
1,158,209
Short-Term Investments:
Investment Companies
118,086,872
–
–
118,086,872
$
166,185,658
$
1,953,439,136
$
534,793
$
2,120,159,587
Investments in Derivatives:
Credit Default Swaps - Centrally Cleared
–
202,713
–
202,713
$
–
$
202,713
$
–
$
202,713
Level 3
Floating Rate Income
Common
Stocks
Corporate
Bonds
Variable Rate
Senior Loan
Interests
Warrants
Balance at the beginning of period
$211,634
$-
$26,593
$12,529
Gains (losses):
Net realized gains (losses)
103,198
-
-
-
Change in net unrealized appreciation (depreciation)
(6,228)
24,894
(4,891)
(12,046)
Purchases at cost
-
277,542
-
-
Sales at proceeds
(103,198)
-
-
-
Net discounts (premiums)
-
-
4,891
-
Transfers into
358
-
-
-
Transfers (out of)
-
-
-
(483)
Balance at the end of period
$205,764
$302,436
$26,593
$-
Change in net unrealized appreciation (depreciation) during the
period of Level 3 securities held as of period end
$322
$24,894
$(4,891)
$-
Fund
Asset Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Floating Rate
Income
Common Stocks
$792
Expected Recovery
Recovery Proceeds
$8.00
N/A
204,972
Enterprise Value
Acquisition Cost
$1,000.00
N/A
Variable Rate Senior Loan
Interests
26,593
Broker-Dealer Price
Quotation(s)
Litigation Proceeds
$0.55
N/A
Corporate Bonds
302,436
Expected Recovery
Recovery Proceeds
$1,091.62
N/A
$534,793
Level 1
Level 2
Level 3
Transfers In
(Transfers Out)
Transfers In
(Transfers Out)
Transfers In
(Transfers Out)
Common Stocks
$-
$-
$-
$(358)
$358
$-
Warrants
-
-
483
-
-
(483)
15
Portfolio of Investments May 31, 2026
High Yield Income
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 95.6%
780022
COMMON STOCKS - 0.1%
780022
TELECOMMUNICATION SERVICES - 0.1%
14,262
(a)
Altice France Lux 3
$
286,025
24,632
(a)
Altice France Lux 3
493,997
TOTAL TELECOMMUNICATION SERVICES
780,022
TOTAL COMMON STOCKS
(Cost $659,862)
780,022
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
785,000
CONVERTIBLE BONDS - 0.2%
785,000
MEDIA & ENTERTAINMENT - 0.2%
$
200,000
EchoStar Corp
3.875
%
11/30/30
785,000
TOTAL MEDIA & ENTERTAINMENT
785,000
TOTAL CONVERTIBLE BONDS
(Cost $741,990)
785,000
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
451945814
CORPORATE BONDS - 83.5% (b)
451945814
AUTOMOBILES & COMPONENTS - 2.7%
775,000
(c)
Cyprium Corp / Cyprium Holdings Luxembourg Sarl
6.125
04/15/31
775,267
3,000,000
(c)
Dealer Tire LLC / DT Issuer LLC
8.000
02/01/28
2,964,295
2,914,900
(c),(d)
Dexko Global Inc
7.500
04/15/32
2,520,776
700,000
Goodyear Tire & Rubber Co/The
5.250
04/30/31
625,139
1,200,000
(c)
IHO Verwaltungs GmbH, (cash 6.375%, PIK 7.125%)
6.375
05/15/29
1,203,072
1,000,000
(c)
IHO Verwaltungs GmbH
8.000
11/15/32
1,043,730
1,800,000
(c)
Nissan Motor Acceptance Co LLC
5.625
09/29/28
1,797,070
2,350,000
(c)
Phinia Inc
6.625
10/15/32
2,411,215
500,000
ZF North America Capital Inc
6.875
04/23/32
491,781
895,000
(c)
ZF North America Capital Inc
7.500
03/24/31
903,958
TOTAL AUTOMOBILES & COMPONENTS
14,736,303
CAPITAL GOODS - 5.2%
4,200,000
(c)
Albion Financing 1 SARL / Aggreko Holdings Inc
7.000
05/21/30
4,336,290
1,575,000
(c),(d)
Alta Equipment Group Inc
9.000
06/01/29
1,503,693
1,500,000
(c)
Builders FirstSource Inc
6.375
03/01/34
1,498,721
500,000
(c),(d)
Camelot Return Merger Sub Inc
8.750
08/01/28
304,742
2,200,000
(c)
Columbus McKinnon Corp/NY
7.125
01/31/33
2,229,480
369,673
(c)
CP Atlas Buyer Inc, (cash 7.000%, PIK 5.750%)
12.750
01/15/31
277,536
1,355,000
(c)
Goat Holdco LLC
6.750
02/01/32
1,378,880
925,000
(c)
Lsf12 Helix Parent LLC
7.125
02/01/33
906,419
1,500,000
(c)
Masterbrand Inc
7.000
07/15/32
1,497,212
1,480,000
(c)
New Flyer Holdings Inc
9.250
07/01/30
1,588,139
2,440,000
(c)
Quikrete Holdings Inc
6.375
03/01/32
2,484,564
1,200,000
(c)
Standard Building Solutions Inc
6.250
08/01/33
1,201,816
1,500,000
(c)
Terex Corp
6.250
10/15/32
1,522,980
1,000,000
(c)
TransDigm Inc
7.125
12/01/31
1,038,580
2,000,000
(c)
TransDigm Inc
6.000
01/15/33
2,022,866
1,500,000
(c)
TransDigm Inc
6.375
05/31/33
1,514,402
1,350,000
(c)
TransDigm Inc
6.125
07/31/34
1,344,418
1,500,000
(c)
United Rentals North America Inc
5.375
11/15/33
1,481,240
TOTAL CAPITAL GOODS
28,131,978
COMMERCIAL & PROFESSIONAL SERVICES - 2.0%
1,800,000
(c)
Allied Universal Holdco LLC
7.875
02/15/31
1,881,900
1,565,000
(c)
CACI International Inc
6.375
06/15/33
1,600,558
900,000
(c)
Garda World Security Corp
8.375
11/15/32
932,496
2,595,000
(c)
GFL Environmental Holdings US Inc
5.500
02/01/34
2,534,496
1,700,000
(c)
Neptune Bidco US Inc
9.290
04/15/29
1,737,917
2,250,000
(c)
RR Donnelley & Sons Co
9.500
08/01/29
2,333,306
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
11,020,673
Portfolio of Investments May 31, 2026
(continued)
High Yield Income
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.3%
$
1,000,000
(c)
Asbury Automotive Group Inc
5.000
%
02/15/32
$
954,653
2,500,000
(c)
Cougar JV Subsidiary LLC
8.000
05/15/32
2,618,458
1,000,000
(c)
Kohl's Corp
10.000
06/01/30
1,087,372
525,000
(c)
LBM Acquisition LLC
6.250
01/15/29
323,415
500,000
(c)
Michaels Cos Inc/The
11.000
03/15/34
472,742
760,000
(c)
Michaels Cos Inc/The
8.500
03/15/33
741,983
1,150,000
(c)
Park River Holdings Inc
8.000
03/15/31
1,164,426
668,000
(c)
Park River Holdings Inc
8.750
12/31/30
647,110
1,250,000
(c)
PetSmart Inc / PetSmart Finance Corp
10.000
09/15/33
1,261,665
2,000,000
(c)
QXO Building Products Inc
6.750
04/30/32
2,037,910
1,000,000
(c)
Staples Inc
10.750
09/01/29
951,381
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
12,261,115
CONSUMER DURABLES & APPAREL - 1.8%
2,529,716
(c)
Beach Acquisition Bidco LLC, (cash 10.00%, PIK 10.750%)
10.000
07/15/33
2,797,474
2,320,000
(c)
CD&R Smokey Buyer Inc / Radio Systems Corp
9.500
10/15/29
1,392,469
1,500,000
(c)
K Hovnanian Enterprises Inc
8.375
10/01/33
1,514,367
500,000
(c)
MajorDrive Holdings IV LLC
6.375
06/01/29
423,874
1,000,000
(c)
Newell Brands Inc
8.500
06/01/28
1,044,147
1,500,000
(c)
S&S Holdings LLC
8.375
10/01/31
1,438,665
1,200,000
Whirlpool Corp
4.750
02/26/29
1,133,834
TOTAL CONSUMER DURABLES & APPAREL
9,744,830
CONSUMER SERVICES - 5.0%
1,500,000
(c)
Caesars Entertainment Inc
7.000
02/15/30
1,517,781
1,265,000
(c)
Caesars Entertainment Inc
6.000
10/15/32
1,132,633
1,000,000
(c)
Carnival Corp Ltd
6.125
02/15/33
1,012,788
1,800,000
(c)
Carnival Corp Ltd
5.875
06/15/31
1,827,845
1,200,000
(c)
Carnival Corp Ltd
5.750
08/01/32
1,212,218
2,500,000
(c)
Churchill Downs Inc
5.750
04/01/30
2,500,135
1,340,000
(c)
Life Time Inc
6.000
11/15/31
1,359,411
500,000
(c)
Merlin Entertainments Group US Holdings Inc
7.375
02/15/31
420,038
1,500,000
MGM Resorts International
6.125
09/15/29
1,522,214
1,200,000
(c),(d)
Motion Bondco DAC
6.625
11/15/27
1,150,624
1,250,000
(c)
NCL Corp Ltd
6.750
02/01/32
1,238,688
800,000
(c)
NCL Corp Ltd
6.250
09/15/33
767,010
445,000
(c)
Pioneer Opco LLC
7.000
05/15/33
454,612
2,250,000
Six Flags Entertainment Corp / Canada's Wonderland Co /
Magnum Management Corp
6.500
10/01/28
2,257,571
1,650,000
(c)
Sotheby's
8.250
04/15/31
1,624,355
1,000,000
(c),(e)
Travel + Leisure Co
6.125
09/01/33
982,825
1,300,000
(c),(e)
Vail Resorts Inc
5.625
07/15/30
1,303,250
2,000,000
(c),(e)
Viking Ocean Cruises Ship VII Ltd
5.625
02/15/29
2,000,421
1,129,000
(c)
Voyager Parent LLC
9.250
07/01/32
1,197,260
1,525,000
(c)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6.250
03/15/33
1,530,409
TOTAL CONSUMER SERVICES
27,012,088
ENERGY - 10.6%
1,875,000
(c)
Antero Midstream Partners LP / Antero Midstream Finance
Corp
5.750
10/15/33
1,855,302
2,145,000
(c)
ARCHROCK SERVICES/PARTNE
6.000
02/01/34
2,145,824
1,155,000
(c)
Ascent Resources Utica Holdings LLC / ARU Finance Corp
6.625
07/15/33
1,183,536
1,225,609
(c)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
1,286,979
965,000
(c),(f)
Borr IHC Ltd / Borr Finance LLC
9.000
01/15/34
968,089
1,515,000
(c)
Bristow Group Inc
6.750
02/01/33
1,529,062
1,000,000
Buckeye Partners LP
5.850
11/15/43
910,292
1,210,000
(c)
California Resources Corp
7.000
01/15/34
1,219,765
2,835,000
(c)
CNX Resources Corp
7.250
03/01/32
2,930,089
2,500,000
(c)
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500
06/15/31
2,461,434
457,000
(c)
CVR Energy Inc
5.750
02/15/28
455,616
2,175,000
(c)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7.375
06/30/33
2,245,768
2,560,000
(c)
Global Partners LP / GLP Finance Corp
8.250
01/15/32
2,686,618
940,000
(c)
Harvest Midstream I LP
7.500
05/15/32
976,693
680,000
(c)
Harvest Midstream I LP
6.750
05/15/34
698,135
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
645,000
(c)
Infinity Natural Resources LLC
7.625
%
04/01/31
$
651,546
1,800,000
(c)
ITT Holdings LLC
6.500
08/01/29
1,788,861
1,020,000
(c)
Kodiak Gas Services LLC
5.875
04/01/31
1,026,215
2,500,000
(c)
Kodiak Gas Services LLC
6.500
10/01/33
2,544,222
1,100,000
(c)
Matador Resources Co
6.250
04/15/33
1,106,073
520,000
(c)
Matador Resources Co
6.000
04/15/34
513,794
1,500,000
(c)
Moss Creek Resources Holdings Inc
8.250
09/01/31
1,526,127
500,000
(c)
Rockies Express Pipeline LLC
4.800
05/15/30
489,914
1,525,000
(c)
Solaris Energy Infrastructure LLC
6.375
05/15/31
1,548,863
3,500,000
(g)
South Bow Canadian Infrastructure Holdings Ltd
7.625
03/01/55
3,657,661
2,800,000
(c)
Sunoco LP
6.250
07/01/33
2,847,407
2,000,000
(c)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
6.000
09/01/31
2,000,382
1,275,000
(c)
Transocean International Ltd
7.875
10/15/32
1,360,326
265,000
(c)
Venture Global Calcasieu Pass LLC
6.000
05/01/36
267,980
2,000,000
(c)
Venture Global Calcasieu Pass LLC
3.875
11/01/33
1,782,837
670,000
(c)
Venture Global LNG Inc
7.000
01/15/30
687,260
2,000,000
(c)
Venture Global LNG Inc
9.875
02/01/32
2,138,431
2,000,000
(c),(g),(h)
Venture Global LNG Inc
9.000
N/A
1,975,095
1,500,000
(c)
Venture Global Plaquemines LNG LLC
6.750
01/15/36
1,590,939
1,525,000
(c)
Venture Global Plaquemines LNG LLC
6.500
01/15/34
1,594,397
1,500,000
(c)
Venture Global Plaquemines LNG LLC
6.500
06/15/34
1,565,427
1,000,000
(c)
Weatherford International Ltd
6.750
10/15/33
1,029,006
TOTAL ENERGY
57,245,965
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.0%
2,055,000
(c)
Diversified Healthcare Trust
7.250
10/15/30
2,110,267
4,185,000
(c)
Iron Mountain Inc
6.250
01/15/33
4,250,039
2,670,000
(c)
Millrose Properties Inc
6.375
08/01/30
2,706,763
1,000,000
(c)
Millrose Properties Inc
6.250
09/15/32
1,004,514
3,250,000
(d)
MPT Operating Partnership LP / MPT Finance Corp
5.000
10/15/27
3,172,903
1,220,000
MPT Operating Partnership LP / MPT Finance Corp
3.500
03/15/31
874,081
2,145,000
(c)
MPT Operating Partnership LP / MPT Finance Corp
8.500
02/15/32
2,233,372
2,000,000
(c),(i)
Office Properties Income Trust
9.000
03/31/29
2,010,000
1,860,000
(c)
RHP Hotel Properties LP / RHP Finance Corp
6.500
04/01/32
1,907,168
695,000
(c)
RHP Hotel Properties LP / RHP Finance Corp
5.750
03/15/34
689,494
1,000,000
(c)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6.500
02/15/29
987,848
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
21,946,449
FINANCIAL SERVICES - 8.2%
1,105,000
(c)
Azorra Finance Ltd
7.750
04/15/30
1,148,351
1,280,000
(c)
Azorra Finance Ltd
7.250
01/15/31
1,308,037
1,000,000
Block Inc
6.500
05/15/32
1,018,984
2,300,000
(c),(d)
Burford Capital Global Finance LLC
6.250
04/15/28
2,246,214
585,000
(c)
Burford Capital Global Finance LLC
8.500
01/15/34
508,526
1,058,741
(c)
Compass Group Diversified Holdings LLC
5.250
04/15/29
1,013,280
3,500,000
(c)
Encore Capital Group Inc
6.625
06/01/32
3,499,212
700,000
(c)
Freedom Mortgage Holdings LLC
8.375
04/01/32
710,779
2,200,000
(g)
HA Sustainable Infrastructure Capital Inc
8.000
06/01/56
2,348,630
600,000
(g)
HA Sustainable Infrastructure Capital Inc
7.125
11/15/56
606,346
2,000,000
(c)
Hunt Cos Inc
5.250
04/15/29
1,966,179
4,000,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
5.250
05/15/27
3,956,646
1,000,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
9.750
01/15/29
992,456
1,380,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
9.000
06/15/30
1,312,932
2,525,000
(c)
Jane Street Group / JSG Finance Inc
6.125
11/01/32
2,531,332
2,800,000
OneMain Finance Corp
5.375
11/15/29
2,731,868
1,165,000
(c)
Osaic Holdings Inc
6.750
08/01/32
1,175,837
1,600,000
(c)
PennyMac Financial Services Inc
6.875
05/15/32
1,566,533
1,500,000
(c)
Rocket Cos Inc
6.375
08/01/33
1,523,251
4,365,000
(c)
Starwood Property Trust Inc
6.000
04/15/30
4,402,757
4,000,000
(c)
Stonex Escrow Issuer LLC
6.875
07/15/32
4,127,120
2,725,000
(c),(d),(h),(j)
UBS Group AG
6.600
N/A
2,746,307
500,000
(c)
VistaJet Malta Finance PLC / Vista Management Holding Inc
6.375
02/01/30
456,042
Portfolio of Investments May 31, 2026
(continued)
High Yield Income
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
600,000
(c)
WEX Inc
6.500
%
03/15/33
$
597,483
TOTAL FINANCIAL SERVICES
44,495,102
FOOD, BEVERAGE & TOBACCO - 1.3%
1,215,000
(c)
Chobani LLC / Chobani Finance Corp Inc
6.375
04/15/34
1,235,120
1,000,000
(c)
Fiesta Purchaser Inc
7.875
03/01/31
1,005,540
1,200,000
(c),(d)
Fiesta Purchaser Inc
9.625
09/15/32
1,205,194
1,750,000
(c)
Post Holdings Inc
6.375
03/01/33
1,744,956
2,000,000
(c)
Viking Baked Goods Acquisition Corp
8.625
11/01/31
2,043,976
TOTAL FOOD, BEVERAGE & TOBACCO
7,234,786
HEALTH CARE EQUIPMENT & SERVICES - 3.8%
2,500,000
Centene Corp
2.500
03/01/31
2,177,874
1,000,000
(c)
CHS/Community Health Systems Inc
6.875
04/15/29
989,337
1,150,000
(c)
CHS/Community Health Systems Inc
10.875
01/15/32
1,239,116
2,170,000
(c)
DaVita Inc
4.625
06/01/30
2,108,553
1,000,000
(c)
Embecta Corp
5.000
02/15/30
773,427
2,070,000
(c)
Global Medical Response Inc
7.375
10/01/32
2,150,792
2,705,000
(c)
LifePoint Health Inc
7.000
05/01/34
2,641,317
875,000
(c)
Molina Healthcare Inc
6.500
02/15/31
887,287
1,375,000
(c)
National Mentor Holdings Inc
10.500
12/15/30
1,447,431
2,000,000
(c)
Prime Healthcare Services Inc
9.375
09/01/29
2,092,013
1,500,000
(c)
Star Parent Inc
9.000
10/01/30
1,574,720
2,070,000
(c)
Team Health Holdings Inc
8.375
06/30/28
2,076,997
425,000
(c)
Tenet Healthcare Corp
6.000
11/15/33
429,147
TOTAL HEALTH CARE EQUIPMENT & SERVICES
20,588,011
INSURANCE - 3.9%
2,650,000
(c)
Acrisure LLC / Acrisure Finance Inc
6.750
07/01/32
2,558,967
4,080,000
(c)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.500
10/01/31
4,089,535
2,140,000
(c)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7.875
11/01/29
2,148,025
2,995,000
(c)
Ardonagh Finco Ltd
7.750
02/15/31
3,020,490
1,200,000
(c)
Ardonagh Group Finance Ltd
8.875
02/15/32
1,170,242
835,000
(c)
Asurion LLC/ Asurion Co-Issuer Inc
8.000
12/31/32
870,728
1,000,000
(c)
Asurion LLC/ Asurion Co-Issuer Inc
8.375
02/01/34
977,347
3,000,000
(c)
CRC Insurance Group LLC
7.125
06/01/31
3,008,445
2,000,000
(c)
HUB International Ltd
5.625
12/01/29
1,970,263
1,200,000
(c)
HUB International Ltd
7.375
01/31/32
1,229,328
TOTAL INSURANCE
21,043,370
MATERIALS - 5.6%
2,635,000
(c)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
6.250
01/30/31
2,655,318
1,745,000
(c)
Ashland Inc
3.375
09/01/31
1,593,831
1,925,000
(c)
Bond US Bidco 1 Inc/Bidco 2/Bidco 3/German Bidco 1 GmbH/
German Bidco 2
7.125
06/15/33
1,940,051
2,000,000
Celanese US Holdings LLC
7.550
11/15/30
2,127,358
2,000,000
(c)
Cleveland-Cliffs Inc
6.750
04/15/30
2,009,930
1,000,000
(c)
Clydesdale Acquisition Holdings Inc
8.750
04/15/30
960,842
1,500,000
(c)
Commercial Metals Co
5.750
11/15/33
1,501,129
1,245,000
(c)
Compass Minerals International Inc
8.000
07/01/30
1,312,310
1,500,000
Crown Americas LLC
5.875
06/01/33
1,508,534
510,000
(c),(f)
FMC Corp
8.125
06/01/31
532,971
1,000,000
FMC Corp
3.450
10/01/29
914,022
1,000,000
(c)
Herens Holdco Sarl
4.750
05/15/28
877,489
1,500,000
(c)
Methanex US Operations Inc
6.250
03/15/32
1,544,628
860,000
(c)
Mineral Resources Ltd
7.000
04/01/31
894,026
2,450,000
(c)
Mineral Resources Ltd
6.000
05/01/32
2,440,365
1,500,000
(c)
Novelis Corp
6.375
08/15/33
1,514,622
1,000,000
(c)
Olin Corp
6.625
04/01/33
992,662
935,000
(c)
Owens-Brockway Glass Container Inc
9.500
06/01/33
961,326
1,325,000
(c)
Qnity Electronics Inc
6.250
08/15/33
1,351,134
1,000,000
(c)
Sword Purchaser LLC
8.250
04/15/33
1,029,833
500,000
(c)
Sword Purchaser LLC
10.500
04/15/34
519,991
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
$
1,000,000
(c)
WR Grace Holdings LLC
5.625
%
08/15/29
$
957,717
TOTAL MATERIALS
30,140,089
MEDIA & ENTERTAINMENT - 8.3%
1,623,710
(c)
Advantage Sales & Marketing Inc
9.000
11/15/30
1,349,709
3,000,000
CCO Holdings LLC / CCO Holdings Capital Corp, Reg S
4.250
02/01/31
2,716,203
3,000,000
(c)
CCO Holdings LLC / CCO Holdings Capital Corp
4.500
08/15/30
2,791,976
1,125,000
(c)
CCO Holdings LLC / CCO Holdings Capital Corp
4.750
02/01/32
1,002,934
1,000,000
(c)
CSC Holdings LLC
5.750
01/15/30
255,920
1,200,000
(c)
CSC Holdings LLC
4.125
12/01/30
683,996
750,000
(c)
CSC Holdings LLC
11.250
05/15/28
500,647
1,000,000
(c)
Directv Financing LLC
8.875
02/01/30
1,021,931
1,715,000
(c)
Directv Financing LLC
8.875
02/01/30
1,758,443
2,150,000
(c)
Directv Financing LLC / Directv Financing Co-Obligor Inc
10.000
02/15/31
2,249,534
2,855,000
(c)
Directv Financing LLC / Directv Financing Co-Obligor Inc
9.250
06/01/32
2,931,027
1,385,000
(f)
Discovery Communications LLC
3.625
05/15/30
1,311,066
1,000,000
(f)
Discovery Global Holdings Inc
4.279
03/15/32
883,710
1,700,000
(f)
Discovery Global Holdings Inc
5.050
03/15/42
1,235,594
2,000,000
DISH DBS Corp
5.125
06/01/29
1,810,112
500,000
(c)
Gray Media Inc
5.375
11/15/31
358,790
2,000,000
(c)
Gray Media Inc
7.250
08/15/33
1,982,454
1,000,000
(c)
iHeartCommunications Inc
4.750
01/15/28
953,340
750,000
(c)
LCPR Senior Secured Financing DAC
6.750
10/15/27
473,940
2,400,000
(c)
McGraw-Hill Education Inc
7.375
09/01/31
2,450,781
825,000
(c)
Neptune Bidco US Inc
10.375
05/15/31
861,857
3,155,000
(c)
Nexstar Media Inc
6.500
09/15/33
3,180,139
3,280,000
(c)
OAK-Eagle Acquireco Inc
7.250
07/01/33
3,420,537
1,400,000
(c)
OAK-Eagle Acquireco Inc
8.750
07/01/34
1,479,589
750,000
Paramount Global
7.875
07/30/30
787,325
1,150,000
Paramount Global
6.875
04/30/36
1,063,763
1,000,000
(c)
Sirius XM Radio LLC
5.875
04/15/32
995,406
2,000,000
(c)
Sirius XM Radio LLC
4.125
07/01/30
1,885,387
350,000
(c)
Telesat Canada / Telesat LLC
6.500
10/15/27
231,000
335,000
(c)
Univision Communications Inc
7.375
06/30/30
333,579
1,125,000
(c)
Univision Communications Inc
9.375
08/01/32
1,151,998
1,000,000
(c),(d)
ZoomInfo Technologies LLC/ZoomInfo Finance Corp
3.875
02/01/29
783,884
TOTAL MEDIA & ENTERTAINMENT
44,896,571
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%
1,469,000
(c)
1261229 BC Ltd
10.000
04/15/32
1,503,986
1,500,000
(c)
Bausch Health Americas Inc
8.500
01/31/27
1,488,655
1,000,000
(c)
Bausch Health Cos Inc
5.250
02/15/31
565,940
296,000
(c)
Bausch Health Cos Inc
4.875
06/01/28
273,705
407,000
(c)
Bausch Health Cos Inc
11.000
09/30/28
424,859
1,250,000
(c)
Charles River Laboratories International Inc
4.000
03/15/31
1,170,592
1,500,000
(c)
Emergent BioSolutions Inc
3.875
08/15/28
1,363,748
2,020,000
(c)
GENMAB A/S/GENMAB FINANCE LLC
7.250
12/15/33
2,102,802
1,000,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
7.875
05/15/34
1,073,339
1,170,000
(c)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5.125
04/30/31
1,159,715
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
11,127,341
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%
2,092,400
(c)
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp
7.000
04/15/30
2,110,428
1,800,000
Kennedy-Wilson Inc
5.000
03/01/31
1,814,409
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
3,924,837
SOFTWARE & SERVICES - 2.7%
2,000,000
(c)
Amentum Holdings Inc
7.250
08/01/32
2,070,268
2,350,000
(c)
Cloud Software Group Inc
8.250
06/30/32
2,307,133
2,250,000
(c)
Cloud Software Group Inc
6.500
03/31/29
2,232,795
1,200,000
(c)
CoreWeave Inc
9.250
06/01/30
1,224,273
1,100,000
(c),(d)
CoreWeave Inc
9.000
02/01/31
1,115,312
1,230,000
(c)
CoreWeave Inc
9.750
10/01/31
1,268,712
1,000,000
(c)
Gen Digital Inc
6.250
04/01/33
996,210
500,000
(c)
Open Text Holdings Inc
4.125
12/01/31
436,410
Portfolio of Investments May 31, 2026
(continued)
High Yield Income
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
$
2,400,000
(c)
Rackspace Finance LLC
3.500
%
05/15/28
$
2,027,823
1,000,000
(c)
Rocket Software Inc
6.500
02/15/29
935,335
TOTAL SOFTWARE & SERVICES
14,614,271
TELECOMMUNICATION SERVICES - 7.8%
1,000,000
(c)
Altice France Lux 3 / Altice Holdings 1
10.000
01/15/33
974,988
2,400,917
(c)
Altice France SA
6.500
04/15/32
2,336,521
955,000
(c)
APLD ComputeCo 2 LLC
6.750
03/15/31
962,576
1,100,000
(c)
APLD COMPUTECO LLC
9.250
12/15/30
1,187,382
1,120,000
(c)
Cipher Compute LLC
7.125
11/15/30
1,167,545
1,500,000
(c)
Connect Holding II LLC
10.500
04/03/31
1,527,378
2,000,000
(c)
Core Scientific Finance I LLC
7.750
05/15/31
2,045,322
1,460,000
(c)
Digicel International Finance Ltd / Difl US LLC
8.625
08/01/32
1,513,705
785,000
(c)
Level 3 Financing Inc
7.500
02/15/37
809,099
2,000,000
(c)
Level 3 Financing Inc
7.000
03/31/34
2,072,973
2,200,000
(c)
Level 3 Financing Inc
8.500
01/15/36
2,378,554
2,200,000
(c)
Level 3 Financing Inc
6.875
06/30/33
2,266,070
1,500,000
(c)
Lumen Technologies Inc
4.500
01/15/29
1,443,750
2,000,000
(c)
Meridian Arc Holdco LLC
6.250
04/30/31
2,010,284
3,500,000
(g)
Rogers Communications Inc
7.000
04/15/55
3,580,752
1,500,000
(c)
SV RNO Property Owner 1 LLC
5.875
03/01/31
1,481,170
295,000
(c)
Telesat Canada / Telesat LLC
5.625
12/06/26
252,225
1,600,000
(c)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
8.625
06/15/32
1,677,354
1,900,000
(c)
Virgin Media Secured Finance PLC
4.500
08/15/30
1,653,326
2,720,000
(c)
Windstream Services LLC / Windstream Escrow Finance Corp
8.250
10/01/31
2,869,641
1,750,000
(c)
WULF COMPUTE LLC
7.750
10/15/30
1,838,830
3,549,958
(c)
Zayo Group Holdings Inc, (cash 5.750%, PIK 0.500%)
9.250
03/09/30
3,554,395
2,527,830
(c)
Zayo Group Holdings Inc, (cash 7.125%, PIK 1.875%)
13.750
09/09/30
2,512,183
TOTAL TELECOMMUNICATION SERVICES
42,116,023
TRANSPORTATION - 1.1%
2,150,000
(c)
Alaska Airlines Inc
6.500
06/01/31
2,136,770
2,330,000
(c)
GB AIT Buyer Inc
8.750
04/30/34
2,331,902
1,595,000
(c),(d)
VistaJet Malta Finance PLC / Vista Management Holding Inc
9.500
06/01/28
1,587,902
TOTAL TRANSPORTATION
6,056,574
UTILITIES - 4.4%
890,000
(c)
Alpha Generation LLC
6.250
01/15/34
882,302
5,000,000
(c),(g)
AltaGas Ltd
7.200
10/15/54
5,210,397
2,775,000
(c)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6.375
02/15/32
2,758,910
1,500,000
(c)
Clearway Energy Operating LLC
5.750
01/15/34
1,489,678
2,000,000
(c)
ContourGlobal Power Holdings SA
6.750
02/28/30
2,043,620
2,500,000
(c)
Ferrellgas LP / Ferrellgas Finance Corp
5.875
04/01/29
2,451,808
1,690,000
(c)
NRG Energy Inc
6.000
02/01/33
1,702,779
1,500,000
(c)
Talen Energy Supply LLC
6.250
02/01/34
1,494,482
1,300,000
(c)
Talen Energy Supply LLC
6.500
02/01/36
1,307,331
2,000,000
(c)
TerraForm Power Operating LLC
4.750
01/15/30
1,931,298
1,140,000
(c)
VoltaGrid LLC
7.375
11/01/30
1,187,093
1,070,000
(c)
XPLR Infrastructure Operating Partners LP
8.625
03/15/33
1,149,740
TOTAL UTILITIES
23,609,438
TOTAL CORPORATE BONDS
(Cost $445,318,641)
451,945,814
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
63930190
VARIABLE RATE SENIOR LOAN INTERESTS - 11.8%
63930190
CAPITAL GOODS - 0.5%
2,593,212
(e)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7.485
05/17/28
2,169,040
997,375
(e)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR3M +
3.250%)
7.024
04/12/28
597,926
TOTAL CAPITAL GOODS
2,766,966
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
$
1,500,000
(e)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7.235
%
06/02/28
$
1,488,750
2,000,000
(e)
Prime Security Services Borrower, LLC, Incremental Term Loan
B, (TSFR1M + 1.750%)
5.398
03/08/32
1,974,580
2,492,167
(e)
Spin Holdco Inc., First Lien Second Out Term Loan, (TSFR3M +
4.000%)
7.928
09/04/30
1,845,450
2,200,000
(e)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
7.913
04/12/27
368,236
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
5,677,016
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.2%
2,400,000
(e)
Leslie's Poolmart, Inc., Term Loan B, (TSFR1M + 2.750%)
6.485
03/09/28
942,264
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
942,264
CONSUMER DURABLES & APPAREL - 0.2%
994,764
(e)
S&S Holdings LLC, Term Loan, (TSFR1M + 5.000%)
8.708
03/13/28
975,700
TOTAL CONSUMER DURABLES & APPAREL
975,700
CONSUMER SERVICES - 1.0%
1,490,798
(e)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
5.870
02/06/30
1,449,801
1,500,000
(e)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
6.870
01/29/29
1,497,052
1,200,000
(e)
Houghton Mifflin Harcourt Publishing Company, Term Loan,
(TSFR3M + 5.250%)
9.013
04/09/29
978,432
1,333,750
(e)
Spin Holdco Inc., First Lien First Out Term Loan, (TSFR3M +
5.430%)
9.096
09/04/30
1,372,095
TOTAL CONSUMER SERVICES
5,297,380
ENERGY - 0.4%
2,260,000
(e)
Venture Global Calcasieu Pass, LLC, Term Loan B, (TSFR6M +
3.250%)
6.937
04/11/33
2,270,362
TOTAL ENERGY
2,270,362
INSURANCE - 0.3%
1,484,655
(e)
Asurion LLC, Term Loan B14, (TSFR3M + 3.750%)
7.413
02/23/33
1,451,094
TOTAL INSURANCE
1,451,094
MATERIALS - 0.2%
1,201,605
(e)
Ineos US Finance LLC, Term Loan B, (TSFR1M + 2.500%)
6.220
11/09/28
1,196,137
TOTAL MATERIALS
1,196,137
MEDIA & ENTERTAINMENT - 4.1%
747,561
(e)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
7.798
04/28/28
750,050
1,502,711
(e)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
8.736
10/31/28
1,508,819
1,868,901
(e)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9.048
05/14/29
1,878,442
2,759,530
(e)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
10.603
01/04/29
2,769,713
1,429,000
(e),(f)
Discovery Global Holdings Inc, (TBD)
TBD
TBD
1,433,244
919,371
(e)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9.467
06/30/28
921,670
1,400,000
(e),(f)
iHeartCommunications, Inc., Term Loan, (TBD)
TBD
TBD
1,337,000
2,007,449
(e)
Radiate Holdco, LLC, FLFO Term Loan, (TSFR1M + 2.500%),
(cash 7.235%, PIK 1.500%)
4.367
09/25/29
1,821,760
8,322,022
(e)
WideOpenWest Finance LLC, Super Priority First Out New
Money Term Loan, (TSFR3M + 7.000%)
10.931
12/20/28
8,448,351
1,296,709
(e)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
6.931
12/11/28
1,190,268
TOTAL MEDIA & ENTERTAINMENT
22,059,317
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
991,237
(e)
Bausch Health Companies Inc., Term Loan B, (TSFR1M +
6.250%)
9.870
10/08/30
959,295
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
959,295
SOFTWARE & SERVICES - 1.0%
1,000,000
(e)
Drake Software, LLC, Term Loan B, (TSFR3M + 4.250%)
7.950
06/26/31
960,250
2,500,000
(e)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
9.967
05/15/28
2,569,375
2,000,000
(e),(k)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
6.467
05/15/28
1,744,280
500,000
(e),(f)
Rocket Software, Inc., Term Loan B, (TBD)
TBD
TBD
487,787
TOTAL SOFTWARE & SERVICES
5,761,692
Portfolio of Investments May 31, 2026
(continued)
High Yield Income
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES - 1.6%
$
4,500,000
(e)
Connect Holding II LLC, Delayed Draw Term Loan, (TSFR1M +
4.250%)
7.858
%
04/03/31
$
4,295,003
1,800,000
(e)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
5.870
09/20/30
1,786,275
2,930,000
(e)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
6.677
12/07/26
2,522,422
TOTAL TELECOMMUNICATION SERVICES
8,603,700
TRANSPORTATION - 0.4%
2,000,000
(e),(f)
American Airlines Inc, (TBD)
TBD
TBD
1,978,750
TOTAL TRANSPORTATION
1,978,750
UTILITIES - 0.7%
1,482,462
(e)
Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)
8.200
02/19/32
1,490,342
2,500,000
(e)
Vistra Zero Operating Company, LLC, Term Loan B, (TSFR1M +
2.000%)
5.620
04/30/31
2,500,175
TOTAL UTILITIES
3,990,517
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $63,198,358)
63,930,190
TOTAL LONG-TERM INVESTMENTS
(Cost $509,918,851)
517,441,026
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 3.0%
16,358,817
(l)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.670 (m)
16,358,817
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $16,358,817)
16,358,817
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS -  0.8%
INVESTMENT COMPANIES - 0.8%
–
4,411,406
BlackRock Liquidity Funds T-Fund
4.517(n)
4,411,406
TOTAL INVESTMENT COMPANIES
(Cost $4,411,406)
4,411,406
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,411,406)
4,411,406
TOTAL INVESTMENTS - 99.4%
(Cost $530,689,074)
538,211,249
OTHER ASSETS & LIABILITIES, NET -  0.6%
3,400,581
NET ASSETS - 100%
$
541,611,830
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash,
securities, or a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK
payment made by the issuer as of the end of the reporting period.
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without
registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor
from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic
issuers that are made outside the United States.
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not
known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and
therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will
provide the Fund with the final coupon rate and maturity date.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
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)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(c)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $402,401,754 or 74.8% of Total Investments.
(d)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $15,611,618.
(e)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
23
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. 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).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(f)
When-issued or delayed delivery security.
(g)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
3.2% of Total Investments.
(h)
Perpetual security. Maturity date is not applicable.
(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)
Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms
of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the
issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. As of
the end of the reporting period, the Fund’s total investment in CoCos was 0.5% of Total Investments.
(k)
Portion of investment purchased on a delayed delivery basis.
(l)
Investments made with cash collateral received from securities on loan.
(m)
The rate shown is the one-day yield as of the end of the reporting period.
(n)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
High Yield Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
–
$
780,022
$
–
$
780,022
Convertible Bonds
–
785,000
–
785,000
Corporate Bonds
–
451,945,814
–
451,945,814
Variable Rate Senior Loan Interests
–
63,930,190
–
63,930,190
Investments Purchased with Collateral from Securities
Lending
16,358,817
–
–
16,358,817
Short-Term Investments:
Investment Companies
4,411,406
–
–
4,411,406
$
20,770,223
$
517,441,026
$
–
$
538,211,249