Nuveen Core Plus Impact Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-23627

Nuveen Core Plus Impact Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Important Notices

Portfolio manager commentaries:

The Funds include portfolio manager commentary in their annual shareholder reports. For your Fund’s

most recent annual portfolio manager discussion, please refer to the Discussion of Fund Performance section of the Fund’s annual shareholder

report.

Fund changes:

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

Statements section of this report.

Fund principal investment policies and principal risks:

Refer to the Shareholder Update section of your Fund’s annual shareholder

report for information on the Fund’s principal investment policies and principal risks.

Fund performance:

For current information on your Fund’s average annual total returns please refer to the Fund’s website at

www.nuveen.

com

. For average annual total returns as of the end of this reporting period, please refer to the Fund Performance, Leverage and Holding Summaries

section within this report.

JGH and NPCT – Name and investment policy changes:

On August 25, 2026, the Board of Trustees of the Funds have approved

name changes for JGH and NPCT, which will be effective on November 16, 2026. In connection with the name changes, each Fund will also adopt

revised investment policies associated with their respective new names, which will also be effective November 16, 2026. There will be no changes in

the investment approach or investment objective of any of the Funds as a result of the name and investment policy changes.

Name changes

JGH, currently known as Nuveen Global High Income Fund, will be renamed Nuveen Global Credit Income Fund. NPCT, currently known as Nuveen

Core Plus Impact Fund, will be renamed Nuveen Credit and Impact Bond Fund.

Investment policy changes

JGH's current policy states that, under normal conditions, the Fund will invest at least 80% of its Managed Assets in global income-producing

securities. Under the new policy, under normal market conditions, the Fund will invest at least 80% of the sum of its net assets and the amount of any

borrowings for investment purposes ("Assets") in global credit and credit-related instruments.

NPCT’s, current policy states that, under normal market conditions, the Fund will invest at least 80% of its net assets plus the amount of any

borrowings for investment purposes in fixed-income investments of any type, which are subject to the Impact Criteria or Nuveen's ESG criteria.

Under the new policy, under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for

investment purposes (“Assets”) in a combination of credit instruments and impact bonds.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the distributions for each fund are current as of June 30, 2026, and likely will vary over time

based on each Fund's investment activities and portfolio investment value changes..

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

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

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

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

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

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

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

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

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

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

Statements herein.

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

shareholders on Form 1099-DIV.

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

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

sources of distributions over the life of your investment.

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

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

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

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

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

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

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

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

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

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

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

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

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

Data as of June 30, 2026

Current Month

Estimated Percentage of Distributions

Fiscal YTD

Estimated Per Share Amounts

Fund

Latest

Monthly

Per Share

Distributions

Net

Investment

Income

Realized

Gains

Return of

Capital

Total

Distributions

Net

Investment

Income

Realized

Gains

Return of

Capital

JGH(FYE 12/31)

$0.1035

89.9%

0.0%

10.1%

$0.6210

$0.5582

$0.0000

$0.0628

NPCT(FYE 12/31)

$0.0895

34.0%

0.0%

66.0%

$0.5845

$0.1989

$0.0000

$0.3856

JLS(FYE 12/31)

$0.1535

71.2%

0.0%

28.8%

$0.9210

$0.6554

$0.0000

$0.2656

About the Funds’ Benchmarks

Bloomberg Global High Yield Index (USD Hedged):

An index designed to measure the performance of the fixed-rate, high

yield debt of companies in the U.S., developed markets and emerging markets. Index returns assume reinvestment of distributions,

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

Bloomberg MSCI U.S. Green Bond Index:

An index designed to measure the performance of USD-denominated, U.S. and

non-U.S. fixed income securities, issued to fund projects with direct environmental benefits. Index returns assume reinvestment of

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

Bloomberg U.S. Aggregate Bond Index:

An index designed to measure the performance of the USD-denominated, fixed-rate,

U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage

backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Index returns assume

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

Bloomberg U.S. Corporate High Yield Bond Index

: An index designed to measure the performance of the USD-

denominated, fixed rate corporate high yield bond market. Index returns assume reinvestment of distributions, but do not reflect

any applicable sales charges or management fees.

ICE BofA U.S. ABS & CMBS Index:

An index that consists of a 50/50 blend of USD-denominated investment grade fixed-

and floating-rate asset backed securities (ABS) and fixed-rate commercial mortgage-backed securities (CMBS) publicly issued in

the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or

management fees.

Fund Performance, Leverage and Holdings

Summaries

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

report.

Fund Performance

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

results.

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

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

reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not

available for direct investment.

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

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

or call (800) 257-8787.

Impact of Leverage

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

Funds’ use of leverage through their issuance of bank borrowings, Taxable Fund Preferred Shares (TFP) and/or reverse repurchase

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

additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the

interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.

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

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

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

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

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

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

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

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

term periods.

Leverage Ratios

Each Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “Effective Leverage” is a Fund’s effective

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

Fund’s portfolio that increase the Fund’s investment exposure. “Regulatory Leverage” consists of preferred shares or borrowings of

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

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

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

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

Holding Summaries

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

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

Fund’s Portfolio of Investments for individual security information.

With respect to JGH and NPCT, the Funds use credit quality ratings for its portfolio securities provided by Standard & Poor’s Group,

Moody’s Investors Service, Inc. and Fitch, Inc. If all three provide a rating for a security, the middle is used; if two of the three

agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. This treatment of

split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to

change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings

designated N/R are not rated by these national rating agencies.

Fund Performance, Leverage and Holdings

June 30, 2026

(continued)

Leverage and Holdings

Leverage

Effective Leverage

28.99%

Regulatory Leverage

24.47%

Fund Allocation

(% of net assets)

Corporate Bonds

81.9‌%

Variable Rate Senior Loan

Interests

20.0‌%

Sovereign Debt

18.1‌%

Asset-Backed Securities

12.9‌%

Mortgage-Backed Securities

4.2‌%

Preferred Stock

1.1‌%

Common Stocks

0.2‌%

Repurchase Agreements

1.1‌%

Other Assets & Liabilities, Net

1.4%

Reverse Repurchase

Agreements, including accrued

interest

(8.5‌)%

Borrowings

(32.4)%

Net Assets

100‌%

Portfolio Composition

(% of total investments)

Energy

9.3%

Telecommunication Services

5.9%

Banks

6.2%

Utilities

5.8%

Financial Services

5.6%

Media & Entertainment

5.4%

Insurance

4.7%

Materials

4.0%

Health Care Equipment &

Services

3.3%

Software & Services

2.9%

Capital Goods

2.7%

Commercial & Professional

Services

2.5%

Food, Beverage & Tobacco

2.4%

Consumer Discretionary

Distribution & Retail

2.3%

Consumer Durables & Apparel

2.2%

Pharmaceuticals, Biotechnology

& Life Sciences

2.2%

Consumer Services

1.6%

Automobiles & Components

1.5%

Other

3.5%

Sovereign Debt

12.9%

Asset-Backed Securities

9.2%

Mortgage-Backed Securities

3.1%

Repurchase Agreements

0.8%

Total

100%

Portfolio Credit Quality

(% of total investments)

0.2%

BBB

9.5%

BB or Lower

84.5%

N/R (not rated)

4.8%

N/A (not applicable)

1.0%

Total

100‌%

Country Allocation

2,3

(% of total investments)

United States

62.8‌%

Mexico

3.8‌%

Argentina

3.3‌%

Colombia

2.7‌%

Turkey

2.6‌%

Canada

2.2‌%

United Kingdom

2.0‌%

France

2.0‌%

Germany

1.6‌%

Switzerland

1.6‌%

South Africa

1.2‌%

Nigeria

1.0‌%

Other

13.2‌%

Total

100‌%

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

Includes 27.7% (as a percentage of total investments) in emerging market countries.

“Other” countries include thirty-six countries that individually constitute less than 1.1% as a percentage of total investments.

Fund Performance, Leverage and Holdings

June 30, 2026

(continued)

Leverage and Holdings

Leverage

Effective Leverage

36.92%

Regulatory Leverage

29.96%

Fund Allocation

(% of net assets)

Corporate Bonds

102.4‌%

Mortgage-Backed Securities

23.3‌%

Sovereign Debt

8.1‌%

U.S. Government and Agency

Obligations

6.2‌%

Preferred Stock

6.0‌%

Municipal Bonds

4.7‌%

Variable Rate Senior Loan

Interests

1.2‌%

Asset-Backed Securities

1.1‌%

Repurchase Agreements

3.9‌%

Other Assets & Liabilities, Net

1.6%

Reverse Repurchase

Agreements, including accrued

interest

(15.8‌)%

Borrowings

(20.2)%

TFP Shares, Net

(22.5‌)%

Net Assets

100‌%

Portfolio Composition

(% of total investments)

Utilities

31.0%

Banks

15.1%

Financial Services

8.1%

Capital Goods

4.6%

Energy

2.9%

Materials

2.9%

Telecommunication Services

2.8%

Insurance

1.0%

Equity Real Estate Investment

Trusts (Reits)

0.9%

Automobiles & Components

0.4%

Real Estate Management &

Development

0.2%

Mortgage-Backed Securities

14.9%

Sovereign Debt

5.1%

U.S. Government and Agency

Obligations

3.9%

Municipal Bonds

3.0%

Asset-Backed Securities

0.7%

Repurchase Agreements

2.5%

Total

100%

Portfolio Credit Quality

(% of total investments)

AAA

0.9%

7.2%

9.4%

BBB

39.8%

BB or Lower

26.2%

N/R (not rated)

14.0%

N/A (not applicable)

2.5%

Total

100‌%

Country Allocation

2,3

(% of total investments)

United States

60.4‌%

Italy

6.1‌%

United Kingdom

5.2‌%

Chile

4.2‌%

Mexico

3.7‌%

Australia

2.9‌%

Canada

2.6‌%

Indonesia

2.2‌%

Benin

2.2‌%

France

1.7‌%

India

1.7‌%

United Arab Emirates

1.5‌%

Other

5.6‌%

Total

100‌%

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

Includes 18.6% (as a percentage of total investments) in emerging market countries.

“Other” countries include seven countries that individually constitute less than 1.2% as a percentage of total investments.

Portfolio of Investments June 30, 2026

JGH

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 138.4% (99.2% of Total Investments)

49578053

ASSET-BACKED SECURITIES - 12.9% (9.2% of Total Investments)

CAYMAN ISLANDS - 2.6%

650,000

(a),(b)

Ballyrock CLO 22 Ltd , Series 2024 22AR (TSFR3M + 5.750%)

9.375

07/15/39

652,284

625,000

(a),(b)

Barings CLO Ltd 2026-I , Series 2026 1A (TSFR3M + 6.050%)

9.715

04/15/39

638,899

500,000

(a),(b)

Carlyle US CLO 2026-3 Ltd , Series 2026 3A (TSFR3M + 6.000%)

9.668

04/15/39

507,892

500,000

(a),(b)

CIFC Funding 2020-III Ltd , Series 2020 3A (TSFR3M + 4.800%)

8.475

10/20/38

492,855

500,000

(a),(b)

CIFC Funding 2025-VII Ltd , Series 2025 7A (TSFR3M + 4.750%)

8.414

01/22/39

499,499

250,000

(a),(b)

Galaxy 32 CLO Ltd , Series 2023 32A (TSFR3M + 5.850%)

9.525

01/20/39

250,908

500,000

(a),(b)

Goldentree Loan Management US Clo 8 Ltd , Series 2020 8A

(TSFR3M + 2.900%)

6.568

10/20/34

500,599

683,112

(b),(c)

Industrial DPR Funding Ltd , Series 2022 1A

5.380

04/15/34

611,051

1,500,000

(a),(b)

Madison Park Funding LI Ltd , Series 2021 51A (TSFR3M +

2.900%)

6.784

10/19/38

1,474,034

335,000

(a),(b)

Magnetite LV Ltd , Series 2026 55A (TSFR3M + 5.000%)

8.680

04/15/39

337,870

375,000

(a),(b)

Neuberger Berman CLO XXII Ltd , Series 2016 22A (TSFR3M +

6.250%)

9.930

04/17/40

385,067

500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 33 Ltd , Series 2019 33A

(TSFR3M + 5.500%)

9.394

04/16/39

496,693

500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 47 Ltd , Series 2022 47A

(TSFR3M + 2.800%)

7.005

04/16/35

496,892

1,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 48 Ltd , Series 2022 48A

(TSFR3M + 2.700%)

7.018

04/25/36

993,680

500,000

(a),(b)

OCP CLO 2017-14 Ltd , Series 2017 14A (TSFR3M + 6.550%)

10.434

07/20/37

497,121

250,000

(a),(b)

OCP CLO 2018-15 Ltd , Series 2018 15A (TSFR3M + 2.750%)

6.418

01/20/38

250,298

500,000

(a)

OHA Credit Funding 10-R Ltd , Series 2021 10RX (TSFR3M +

4.850%)

8.518

07/18/38

490,241

500,000

(a),(b)

Palmer Square CLO 2025-2 Ltd , Series 2025 2A (TSFR3M +

5.750%)

9.418

07/20/38

503,177

TOTAL CAYMAN ISLANDS

10,079,060

JERSEY, C.I. - 0.4%

625,000

(a)

AIMCO CLO 18 Ltd , Series 2022 18X (TSFR3M + 2.850%)

7.175

07/20/37

626,344

500,000

(a),(b)

Invesco US CLO 2024-3 Ltd , Series 2024 3A (TSFR3M + 6.500%)

10.168

07/20/37

494,158

250,000

(a),(b)

OCP CLO 2024-31 Ltd , Series 2026 31A (TSFR3M + 4.950%)

8.618

04/20/39

248,405

TOTAL JERSEY, C.I.

1,368,907

UNITED STATES - 9.9%

2,500,000

(b)

Avis Budget Rental Car Funding LLC , Series 2026 4A

7.800

12/20/32

2,528,198

250,000

(b)

Cajun Global LLC , Series 2025 2A

5.912

11/20/55

249,167

1,000,000

(b)

Cajun Global LLC , Series 2025 2A

8.720

11/20/55

986,241

2,520

(b)

Chase Auto Owner Trust 2025-2 , Series 2025 2A

0.000

02/25/33

355,149

2,500,000

(b)

Consolidated Communications LLC/Fidium Fiber Finance Holdco

LLC , Series 2025 4A

8.098

12/20/55

2,559,745

1,000,000

(b)

DataBank Issuer , Series 2026 1A

6.493

02/25/56

995,282

449,482

(b)

Elara Hgv Timeshare Issuer 2025-A LLC , Series 2025 A

6.910

01/25/40

447,328

1,000,000

(b)

Exeter Automobile Receivables Trust 2026-3 , Series 2026 3A

7.670

07/17/34

999,371

1,500,000

(b)

Flexential Issuer LLC , Series 2025 1A

6.030

10/25/60

1,492,690

2,000,000

(b),(d)

GoTo Foods Funding LLC , Series 2026 1A

6.854

04/30/56

2,002,521

1,315,000

(a),(b)

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

(SOFR30A + 2.750%)

6.342

08/15/28

1,315,659

1,000,000

(a),(b)

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

(SOFR30A + 4.500%)

8.092

08/15/28

999,038

500,000

(b)

Hertz Vehicle Financing III LLC , Series 2025 6A

8.300

05/25/32

499,024

1,150,000

(b)

Hilton Grand Vacations Trust 2026-2 , Series 2026 2A

6.000

03/27/45

1,118,636

558,625

(b)

Hin Timeshare Trust , Series 2025 B

9.410

05/15/45

555,130

372,417

(b)

HIN Timeshare Trust , Series 2025 B

7.580

05/15/45

375,017

1,250,000

(b)

Kinetic ABS Issuer LLC , Series 2026 1A

7.653

02/25/56

1,268,126

1,000,000

(b)

LMDV Issuer Co LLC , Series 2025 1A

7.880

12/15/55

1,014,174

1,000,000

(b)

LMDV Issuer Co LLC , Series 2026 1A

8.457

07/17/56

1,005,508

1,000,000

(b)

LMRK Issuer Co 2 LLC , Series 2025 1A

6.200

09/15/55

993,700

900,000

(b)

LMRK Issuer Co 2 LLC , Series 2025 1A

8.120

09/15/55

904,942

500,000

(b)

MetroNet Infrastructure Issuer LLC , Series 2025 2A

7.830

08/20/55

509,831

1,000,000

(b)

MetroNet Infrastructure Issuer LLC , Series 2025 4A

7.112

12/20/55

1,006,109

Portfolio of Investments June 30, 2026

(continued)

JGH

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED STATES

(continued)

1,500,000

(b)

MetroNet Infrastructure Issuer LLC , Series 2026 1A

7.100

04/20/56

1,505,617

525,000

(b)

NMEF Funding 2026-A LLC , Series 2026 A

6.730

02/15/34

519,477

996,667

(b)

OHS Issuer LLC , Series 2026 1

5.980

02/25/61

970,795

4,000,000

(b)

OHS Issuer LLC , Series 2026 1

8.350

02/25/61

3,906,408

1,000,000

(b)

QTS Issuer ABS II LLC , Series 2026 1A

6.729

01/05/56

1,000,988

3,000,000

(b)

TSC SPV Funding LLC , Series 2026 1A

8.905

05/20/56

3,000,070

2,000,000

(b)

Uniti Fiber Abs Issuer LLC , Series 2025 2A

7.834

01/20/56

2,040,766

1,000,000

(b)

VB-S1 Issuer LLC , Series 2026 1A

6.843

03/15/56

1,005,379

TOTAL UNITED STATES

38,130,086

TOTAL ASSET-BACKED SECURITIES

(Cost $49,488,028)

49,578,053

DESCRIPTION

VALUE

927082

COMMON STOCKS - 0.2% (0.2% of Total Investments)

LUXEMBOURG - 0.0%

6,134

(e)

Altice France Lux 3

120,844

TOTAL LUXEMBOURG

120,844

MEXICO - 0.2%

44,791

(e)

Grupo Aeromexico SAB de C.V. (ADR)

806,238

TOTAL MEXICO

806,238

TOTAL COMMON STOCKS

(Cost $945,603)

927,082

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

315905045

CORPORATE BONDS - 81.9% (58.7% of Total Investments) (f)

ANGOLA - 0.3%

750,000

(b)

Azule Energy Finance Plc

8.125

01/23/30

754,471

475,000

(b)

Azule Energy Finance Plc

8.625

01/22/33

475,552

TOTAL ANGOLA

1,230,023

ARGENTINA - 1.6%

515,000

(b)

Arcor SAIC

7.600

07/31/33

535,600

1,000,000

(b)

Pampa Energia SA

7.875

12/16/34

1,033,500

500,000

(b)

Vista Energy Argentina SAU

7.875

04/08/38

514,750

4,000,000

(b)

YPF SA

8.250

01/17/34

4,180,156

TOTAL ARGENTINA

6,264,006

BERMUDA - 0.3%

417,000

(a),(b)

Bonanza RE Ltd (Money Market US Treasury Fund Index +

0.000%)

3.607

01/08/27

379,053

420,000

(a),(b)

Integrity RE III Ltd (Federated Hermes U.S. Treasury Cash

Reserves Fund Yield + 7.000%)

10.500

06/07/29

419,202

250,000

(a),(b)

Meadows Ltd (3-Month U.S. Treasury Bill + 7.500%)

11.362

12/07/29

245,750

TOTAL BERMUDA

1,044,005

BRAZIL - 0.6%

300,000

(b)

LD Celulose International GmbH

7.950

01/26/32

313,853

500,000

(b)

Minerva Luxembourg SA

8.875

09/13/33

517,443

980,000

Petrobras Global Finance BV

6.900

03/19/49

965,300

750,000

(b)

Raizen Fuels Finance SA

5.700

01/17/35

414,375

TOTAL BRAZIL

2,210,971

CANADA - 3.1%

2,047,000

(b),(g)

AltaGas Ltd

7.200

10/15/54

2,146,083

508,000

(b)

Bausch Health Cos Inc

11.000

09/30/28

517,307

2,000,000

(g)

Enbridge Inc

8.500

01/15/84

2,286,394

3,600,000

(b)

Garda World Security Corp

8.375

11/15/32

3,682,994

500,000

(b)

Open Text Corp

3.875

12/01/29

459,722

1,526,000

(g)

Rogers Communications Inc

7.125

04/15/55

1,567,824

1,500,000

(b)

Telesat Canada / Telesat LLC

5.625

12/06/26

1,335,000

TOTAL CANADA

11,995,324

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAYMAN ISLANDS - 0.1%

500,000

(a),(b)

Residential Reinsurance 2026 Ltd (JPMorgan 100% US Treasury

Securities Money Market Fund Yield + 4.500%)

3.550

06/06/30

499,850

TOTAL CAYMAN ISLANDS

499,850

CHILE - 0.4%

600,000

(b),(g)

AES Andes SA

8.150

06/10/55

625,500

750,000

(b)

Latam Airlines Group SA

7.875

04/15/30

780,375

TOTAL CHILE

1,405,875

COLOMBIA - 2.3%

475,000

(b)

Banco Davivienda SA

8.125

07/02/35

491,625

800,000

Bancolombia SA

8.625

12/24/34

854,007

1,000,000

(h)

Ecopetrol SA

5.875

11/02/51

801,372

1,500,000

(h)

Ecopetrol SA

8.875

01/13/33

1,642,668

280,000

Ecopetrol SA

8.375

01/19/36

303,248

500,000

(h)

Ecopetrol SA

7.750

02/01/32

523,532

1,050,000

(b)

Grupo Aval Ltd

4.375

02/04/30

996,592

800,000

(b),(g),(i)

Grupo Nutresa SA

7.875

N/A

798,000

1,000,000

(b)

Grupo Nutresa SA

9.000

05/12/35

1,111,250

1,275,000

(b)

SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia

Energy Development

9.000

11/14/30

1,252,687

TOTAL COLOMBIA

8,774,981

COSTA RICA - 0.4%

1,300,000

(b),(h)

Liberty Costa Rica Senior Secured Finance

10.875

01/15/31

1,358,786

TOTAL COSTA RICA

1,358,786

FRANCE - 2.7%

4,226,272

(b)

Altice France SA

6.500

04/15/32

4,084,364

2,000,000

(b),(i)

BNP Paribas SA

7.450

N/A

2,063,540

1,500,000

(b)

Iliad Holding SAS

8.500

04/15/31

1,589,152

1,800,000

(b),(i)

Societe Generale SA

7.125

N/A

1,788,359

1,000,000

(b),(i)

Societe Generale SA

10.000

N/A

1,091,319

TOTAL FRANCE

10,616,734

GERMANY - 1.7%

EUR

2,000,000

(i)

Deutsche Bank AG, Reg S

7.125

N/A

2,439,074

2,815,000

(b)

IHO Verwaltungs GmbH

8.000

11/15/32

2,925,593

1,250,000

(b)

ZF North America Capital Inc

7.500

03/24/31

1,258,430

TOTAL GERMANY

6,623,097

GHANA - 0.2%

725,000

(b)

Kosmos Energy Ltd

8.750

10/01/31

592,959

TOTAL GHANA

592,959

INDIA - 0.1%

463,500

(b)

Continuum Green Energy India Pvt / Co-Issuers

7.500

06/26/33

475,378

TOTAL INDIA

475,378

INDONESIA - 0.7%

1,000,000

(b)

Indika Energy Tbk PT

8.750

05/07/29

1,011,190

500,000

(b)

Medco Laurel Tree Pte Ltd

6.950

11/12/28

500,749

1,000,000

(b),(h)

Medco Maple Tree Pte Ltd

8.960

04/27/29

1,031,673

TOTAL INDONESIA

2,543,612

ISRAEL - 0.7%

2,351,000

(b)

Energean Israel Finance Ltd, Reg S

5.875

03/30/31

2,252,193

485,000

(b)

Energean Israel Finance Ltd, Reg S

8.500

09/30/33

511,126

TOTAL ISRAEL

2,763,319

KUWAIT - 0.1%

500,000

(b),(g),(i)

NBK Tier 1 Ltd

3.625

N/A

497,629

TOTAL KUWAIT

497,629

LUXEMBOURG - 0.3%

270,579

(b)

Altice France Lux 3 / Altice Holdings 1

9.500

11/01/29

274,669

750,000

(b)

Altice France Lux 3 / Altice Holdings 1

10.000

01/15/33

737,681

TOTAL LUXEMBOURG

1,012,350

Portfolio of Investments June 30, 2026

(continued)

JGH

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEXICO - 5.1%

1,975,000

(b),(i)

Banco Mercantil del Norte SA/Grand Cayman

8.375

N/A

2,047,088

1,125,000

(b),(i)

Banco Mercantil del Norte SA/Grand Cayman

8.750

N/A

1,161,596

800,000

(b),(i)

Banco Mercantil del Norte SA/Grand Cayman

8.450

N/A

801,139

1,400,000

(b)

Banco Nacional de Mexico SA

6.697

08/07/36

1,378,860

500,000

(b)

BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero

BBVA Mexico/TX

8.450

06/29/38

539,451

965,000

(b)

Borr IHC Ltd / Borr Finance LLC

9.000

01/15/34

933,183

1,500,000

(b)

COX Asset Mexico SA de CV

7.750

05/08/36

1,532,250

1,000,000

(b)

Grupo Aeromexico SAB de CV

8.625

11/15/31

1,025,000

1,000,000

Grupo Televisa SAB

6.125

01/31/46

774,493

500,000

(b)

Nemak SAB de CV

3.625

06/28/31

432,332

750,000

(b)

Orbia Advance Corp SAB de CV

7.500

05/13/35

750,872

950,000

(h)

Petroleos MexicanosA1

6.625

06/15/35

922,319

4,671,000

(h)

Petroleos Mexicanos

6.700

02/16/32

4,712,334

1,300,000

Petroleos Mexicanos

6.375

01/23/45

1,108,121

1,500,000

(b)

Saavi Energia Sarl

8.875

02/10/35

1,641,000

TOTAL MEXICO

19,760,038

NETHERLANDS - 0.4%

1,500,000

(i)

ING Groep NV, Reg S

7.500

N/A

1,546,972

TOTAL NETHERLANDS

1,546,972

NIGERIA - 0.3%

1,250,000

(b),(h)

IHS Holding Ltd

8.250

11/29/31

1,306,841

TOTAL NIGERIA

1,306,841

PANAMA - 0.4%

665,000

(b),(h)

C&W Senior Finance Ltd

9.000

01/15/33

671,620

400,000

(b)

Empresa de Transmision Electrica SA

5.125

05/02/49

320,460

200,000

(b)

Sable International Finance Ltd

7.125

10/15/32

198,514

514,406

(b)

UEP Penonome II SA2020 1

6.500

10/01/38

461,422

TOTAL PANAMA

1,652,016

PERU - 0.7%

1,000,000

(b)

Auna SA / Oncosalud SAC

8.750

11/06/32

1,001,900

600,000

(b)

Petroleos del Peru SA

4.750

06/19/32

510,432

1,140,000

(b)

Volcan Cia Minera SAA

8.500

10/28/32

1,179,558

TOTAL PERU

2,691,890

SAUDI ARABIA - 0.3%

1,250,000

Arabian Centres Sukuk IV Ltd, Reg S

8.875

12/04/30

1,258,833

TOTAL SAUDI ARABIA

1,258,833

SOUTH AFRICA - 1.0%

1,400,000

(b),(h)

Eskom Holdings

6.350

08/10/28

1,422,751

1,500,000

Sasol Financing USA LLC

5.500

03/18/31

1,396,955

925,000

(b)

Sasol Financing USA LLC

8.750

04/10/33

957,375

TOTAL SOUTH AFRICA

3,777,081

SPAIN - 1.3%

1,400,000

(i)

Banco Bilbao Vizcaya Argentaria SA

9.375

N/A

1,528,848

3,000,000

(i)

Banco Santander SA

9.625

N/A

3,535,809

TOTAL SPAIN

5,064,657

SWITZERLAND - 2.2%

1,500,000

(c)

Credit Suisse Group AG

7.500

01/17/72

510,000

3,030,000

(b),(i)

UBS Group AG

9.250

N/A

3,500,111

3,000,000

(b),(h)

VistaJet Malta Finance PLC / Vista Management Holding Inc

6.375

02/01/30

2,854,600

1,475,000

(b),(h)

VistaJet Malta Finance PLC / Vista Management Holding Inc

9.500

06/01/28

1,493,200

TOTAL SWITZERLAND

8,357,911

TURKEY - 1.7%

2,000,000

(b),(h)

Limak Cimento Sanayi ve Ticaret AS

9.750

07/25/29

2,021,716

925,000

(b)

Sisecam UK PLC

8.625

05/02/32

940,204

500,000

(b)

Sisecam UK PLC

8.375

01/23/33

507,533

1,000,000

(b),(g)

Turkiye Garanti Bankasi AS

7.625

04/15/36

991,385

1,000,000

(b),(g),(h)

Yapi ve Kredi Bankasi AS

9.250

01/17/34

1,036,059

1,000,000

(b),(i)

Yapi ve Kredi Bankasi AS

9.375

N/A

1,009,267

TOTAL TURKEY

6,506,164

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED KINGDOM - 2.8%

3,250,000

(b),(h)

Ardonagh Group Finance Ltd

8.875

02/15/32

3,157,194

1,475,000

(i)

Barclays PLC

8.000

N/A

1,549,192

1,500,000

(i)

Lloyds Banking Group PLC

8.000

N/A

1,596,615

2,000,000

(b)

Merlin Entertainments Group US Holdings Inc

7.375

02/15/31

1,687,588

1,500,000

(b)

Motion Bondco DAC

6.625

11/15/27

1,451,273

1,400,000

(i)

NatWest Group PLC

8.125

N/A

1,549,512

TOTAL UNITED KINGDOM

10,991,374

UNITED STATES - 50.0%

1,506,000

(b)

1261229 BC Ltd

10.000

04/15/32

1,525,331

1,893,540

(b)

Advantage Sales & Marketing Inc

9.000

11/15/30

1,687,618

1,667,000

(g)

AES Corp/The

7.600

01/15/55

1,706,803

1,500,000

(g),(i)

Ally Financial Inc

7.100

N/A

1,520,245

1,800,000

(b)

Alta Equipment Group Inc

9.000

06/01/29

1,726,934

3,625,000

(b)

APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

7.875

11/01/29

3,670,675

1,000,000

(b)

Asurion LLC/ Asurion Co-Issuer Inc

8.000

12/31/32

1,007,556

2,000,000

(b)

Asurion LLC/ Asurion Co-Issuer Inc

8.375

02/01/34

1,851,358

1,250,000

(b)

Bausch Health Americas Inc

8.500

01/31/27

1,247,663

4,427,004

(b)

Beach Acquisition Bidco LLC, (cash 10.000%, PIK 10.750%)

10.000

07/15/33

5,027,062

1,925,000

(b)

Bond US Bidco 1 Inc/Bidco 2/Bidco 3/German Bidco 1 GmbH/

German Bidco 2

7.125

06/15/33

1,943,724

490,000

(b)

Burford Capital Global Finance LLC

8.500

01/15/34

429,485

1,300,000

(b)

CD&R Smokey Buyer Inc / Radio Systems Corp

9.500

10/15/29

689,001

1,383,000

(b)

CHS/Community Health Systems Inc

10.875

01/15/32

1,489,409

1,500,000

(b)

Cloud Software Group Inc

8.250

06/30/32

1,405,868

500,000

(b)

Clue Opco LLC

9.500

10/15/31

480,701

3,300,000

(b)

Clydesdale Acquisition Holdings Inc

8.750

04/15/30

3,255,147

2,000,000

(b)

Columbus McKinnon Corp/NY

7.125

01/31/33

2,004,258

1,660,000

(b)

Compass Minerals International Inc

8.000

07/01/30

1,750,634

4,000,000

(b),(g),(i)

Compeer Financial ACA

7.875

N/A

4,060,003

3,450,000

(b),(h)

Connect Holding II LLC

10.500

04/03/31

3,456,096

600,000

(b)

Core Scientific Finance I LLC

7.750

05/15/31

608,433

2,000,000

(b)

CoreWeave Inc

9.250

06/01/30

2,012,991

1,475,000

(b)

CoreWeave Inc

9.750

10/01/31

1,471,746

369,673

(b)

CP Atlas Buyer Inc, (cash 7.000%, PIK 5.750%)

12.750

01/15/31

283,966

500,000

(b)

CRC Insurance Group LLC

7.125

06/01/31

498,406

1,000,000

(b)

Delek Logistics Partners LP / Delek Logistics Finance Corp

7.375

06/30/33

1,018,755

1,900,000

(g)

DENTSPLY SIRONA Inc

8.375

09/12/55

1,901,480

1,411,100

(b)

Dexko Global Inc

7.500

04/15/32

1,164,528

1,715,000

(b)

Directv Financing LLC

8.875

02/01/30

1,745,429

1,750,000

(b)

Directv Financing LLC / Directv Financing Co-Obligor Inc

10.000

02/15/31

1,815,984

2,445,000

(b)

Directv Financing LLC / Directv Financing Co-Obligor Inc

9.250

06/01/32

2,484,232

1,000,000

(b)

Diversified Healthcare Trust

7.250

10/15/30

1,029,267

1,200,000

(b)

Emergent BioSolutions Inc

3.875

08/15/28

1,112,592

2,085,000

(b)

Encore Capital Group Inc

6.625

04/15/31

2,108,973

2,685,000

(b),(g)

Enstar Group Ltd

7.500

04/01/45

2,834,458

1,000,000

(g)

EUSHI Finance Inc

7.625

12/15/54

1,038,683

1,750,000

(b)

EW Scripps Co/The

9.875

08/15/30

1,531,729

2,800,000

(b)

Ferrellgas LP / Ferrellgas Finance Corp

5.875

04/01/29

2,723,353

1,900,000

(b)

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc

6.750

01/15/30

1,863,332

900,000

(b)

Fiesta Purchaser Inc

9.625

09/15/32

881,596

2,000,000

(a),(g),(i)

Fifth Third Bancorp (TSFR3M + 3.295%)

7.027

N/A

2,001,792

1,500,000

(a),(g),(i)

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

7.898

N/A

1,501,275

475,000

(b)

FMC Corp

8.125

06/01/31

494,375

1,500,000

(b)

Freedom Mortgage Holdings LLC

8.375

04/01/32

1,525,788

1,830,000

(b)

GB AIT Buyer Inc

8.750

04/30/34

1,834,866

615,000

Goodyear Tire & Rubber Co/The

8.875

07/15/32

620,338

1,500,000

(b)

Gray Media Inc

7.250

08/15/33

1,476,979

2,026,000

(g)

HA Sustainable Infrastructure Capital Inc

8.000

06/01/56

2,146,259

2,735,000

(g)

HA Sustainable Infrastructure Capital Inc

7.125

11/15/56

2,776,465

1,250,000

(b)

Hilcorp Energy I LP / Hilcorp Finance Co

7.250

02/15/35

1,230,765

1,000,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

9.750

01/15/29

980,729

Portfolio of Investments June 30, 2026

(continued)

JGH

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED STATES

(continued)

1,230,000

(b)

Icahn Enterprises LP / Icahn Enterprises Finance Corp

10.000

11/15/29

1,213,045

1,750,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

9.000

06/15/30

1,631,936

2,750,000

(b),(g)

ILFC E-Capital Trust I

6.270

12/21/65

2,362,405

645,000

(b)

Infinity Natural Resources LLC

7.625

04/01/31

640,631

2,000,000

(b)

ITT Holdings LLC

6.500

08/01/29

1,976,561

1,000,000

(b)

Kohl's Corp

10.000

06/01/30

1,081,590

1,500,000

(b),(g),(i)

Land O' Lakes Inc

8.000

N/A

1,492,500

1,000,000

(b),(g),(i)

Land O' Lakes Inc

7.000

N/A

877,500

488,000

(b)

LBM Acquisition LLC

6.250

01/15/29

352,673

1,000,000

(b)

LBM Acquisition LLC

9.500

06/15/31

886,710

2,345,000

(b)

Level 3 Financing Inc

8.500

01/15/36

2,518,141

685,000

(b)

Level 3 Financing Inc

7.500

02/15/37

703,070

1,250,000

(b)

Long Ridge Energy LLC

8.750

02/15/32

1,319,374

500,000

(b)

MajorDrive Holdings IV LLC

6.375

06/01/29

419,273

760,000

(b)

Michaels Cos Inc/The

8.500

03/15/33

752,776

1,500,000

(b)

Moss Creek Resources Holdings Inc

8.250

09/01/31

1,487,147

1,515,000

(b)

MPT Operating Partnership LP / MPT Finance Corp

8.500

02/15/32

1,551,042

2,000,000

MPT Operating Partnership LP / MPT Finance Corp

5.000

10/15/27

1,939,920

1,700,000

(b)

National Mentor Holdings Inc

10.500

12/15/30

1,791,623

1,675,000

(b)

Neptune Bidco US Inc

9.290

04/15/29

1,708,204

825,000

(b)

Neptune Bidco US Inc

10.375

05/15/31

855,042

500,000

(b)

Neptune Bidco US Inc

9.500

02/15/33

505,529

1,500,000

Newell Brands Inc

7.500

04/01/46

1,399,371

1,500,000

(b),(g),(i)

NRG Energy Inc

10.250

N/A

1,618,549

1,335,000

(b)

OAK-Eagle Acquireco Inc

7.250

07/01/33

1,396,559

1,335,000

(b)

OAK-Eagle Acquireco Inc

8.750

07/01/34

1,416,865

1,000,000

(b),(j)

Office Properties Income Trust/MD

9.000

03/31/29

1,000,000

800,000

(b)

Organon & Co / Organon Foreign Debt Co-Issuer BV

7.875

05/15/34

856,458

1,065,000

(b)

Owens-Brockway Glass Container Inc

9.500

06/01/33

1,090,954

667,000

(b)

Park River Holdings Inc

8.750

12/31/30

646,259

1,500,000

(b)

Park River Holdings Inc

8.000

03/15/31

1,513,092

1,000,000

(b)

PetSmart Inc / PetSmart Finance Corp

10.000

09/15/33

1,001,592

2,360,000

(g)

PG&E Corp

7.375

03/15/55

2,404,798

545,000

(b)

Pioneer Opco LLC

7.000

05/15/33

554,595

3,000,000

(a),(g),(i)

Plains All American Pipeline LP (TSFR3M + 4.372%)

8.023

N/A

2,999,948

2,520,000

(b)

Prime Healthcare Services Inc

9.375

09/01/29

2,632,616

1,022,875

(b)

Rackspace Finance LLC

3.500

05/15/28

928,259

500,000

(b)

Rocket Software Inc

6.500

02/15/29

450,229

1,750,000

(b)

RR Donnelley & Sons Co

9.500

08/01/29

1,814,437

1,500,000

(b)

S&S Holdings LLC

8.375

10/01/31

1,419,410

1,540,000

(b)

Sabre GLBL Inc

11.125

07/15/30

1,477,230

1,000,000

(b),(g),(i)

SBL Holdings Inc

9.508

N/A

950,552

1,000,000

(b),(g),(i)

SBL Holdings Inc

6.500

N/A

907,500

2,460,000

(b)

Sotheby's

8.250

04/15/31

2,447,042

1,000,000

(b)

Staples Inc

10.750

09/01/29

953,948

1,500,000

(b)

Star Parent Inc

9.000

10/01/30

1,569,830

3,570,000

(b),(g),(i)

Sunoco LP

7.875

N/A

3,712,576

1,500,000

(b)

Sword Purchaser LLC

8.250

04/15/33

1,552,155

665,000

(b)

Synergy Infrastructure Holdings LLC

7.000

07/15/34

674,536

1,500,000

(b)

TransMontaigne Partners LLC

8.500

06/15/30

1,528,319

2,000,000

(b)

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

6.500

02/15/29

1,984,214

1,600,000

(b)

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

8.625

06/15/32

1,669,145

960,000

(b)

Uniti Services LLC

7.500

10/15/33

1,010,282

570,000

(b)

Univision Communications Inc

8.875

04/15/33

561,122

650,000

(b)

Univision Communications Inc

9.375

08/01/32

660,425

3,530,000

(b),(h)

Univision Communications Inc

7.375

06/30/30

3,539,542

1,500,000

(b)

US Acute Care Solutions LLC

9.750

05/15/29

1,414,253

1,000,000

(b)

Venture Global LNG Inc

9.875

02/01/32

1,067,557

6,000,000

(b),(g),(i)

Venture Global LNG Inc

9.000

N/A

5,857,891

2,930,000

(b)

Viking Baked Goods Acquisition Corp

8.625

11/01/31

2,961,661

3,000,000

(b),(g),(i)

Vistra Corp

8.875

N/A

3,217,377

2,000,000

(b)

VoltaGrid LLC

7.375

11/01/30

2,076,342

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED STATES

(continued)

570,000

(b)

Whirlpool Corp

7.500

07/01/31

576,810

1,000,000

(b)

Windstream Services LLC / Windstream Escrow Finance Corp

8.250

10/01/31

1,054,555

2,000,000

(b)

WR Grace Holdings LLC

5.625

08/15/29

1,879,783

1,000,000

(b)

XPLR Infrastructure Operating Partners LP

8.625

03/15/33

1,072,363

1,724,359

(b)

Zayo Group Holdings Inc, (cash 5.750%, PIK 0.500%)

9.250

03/09/30

1,722,204

2,839,834

(b)

Zayo Group Holdings Inc, (cash 7.125%, PIK 1.875%)

13.750

09/09/30

2,804,989

TOTAL UNITED STATES

192,770,021

ZAMBIA - 0.1%

300,000

(b)

First Quantum Minerals Ltd

8.625

06/01/31

312,348

TOTAL ZAMBIA

312,348

TOTAL CORPORATE BONDS

(Cost $312,282,821)

315,905,045

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

16379546

MORTGAGE-BACKED SECURITIES - 4.2% (3.1% of Total Investments)

UNITED STATES - 4.2%

1,250,000

(a),(b)

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

+ 4.500%)

8.125

06/15/35

1,253,586

850,000

(a)

Benchmark 2018-B4 Mortgage Trust , Series 2018 B4

4.662

07/15/51

734,445

1,500,000

(a)

Benchmark 2019-B14 Mortgage Trust , Series 2019 B14

3.897

12/15/62

1,080,081

2,100,000

(a),(b)

BX Commercial Mortgage Trust 2024-BRBK , Series 2024 BRBK

(TSFR1M + 5.971%)

9.705

10/15/41

2,099,014

725,000

(a),(b)

BX Trust , Series 2025 DELC (TSFR1M + 3.050%)

6.675

12/15/42

727,043

1,000,000

(a),(b)

CIP Commercial Mortgage Trust 2025-SBAY , Series 2025 SBAY

(TSFR1M + 3.750%)

7.850

10/15/37

1,005,986

1,800,000

(a),(b)

Freddie Mac STACR REMIC Trust 2023-DNA2 , Series 2023 DNA2

(SOFR30A + 7.600%)

11.228

04/25/43

1,989,443

1,500,000

(a),(b)

Freddie Mac STACR Trust 2019-HQA2 , Series 2019 HQA2

(SOFR30A + 11.364%)

15.436

04/25/49

1,756,497

3,750,000

(a),(b)

ILPT Commercial Mortgage Trust 2025-LPF2 , Series 2025 LPF2

8.199

07/13/42

3,828,676

1,250,000

(a),(b)

MFT Trust 2020-ABC , Series 2020 ABC

3.593

02/10/42

921,415

848,449

(a),(b)

Santander Bank Mortgage Credit-Linked Notes , Series 2023

MTG1 (SOFR30A + 4.900%)

9.256

02/26/52

983,360

TOTAL UNITED STATES

16,379,546

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $16,348,148)

16,379,546

DESCRIPTION

RATE

VALUE

4165616

PREFERRED STOCK - 1.1% (0.8% of Total Investments)

UNITED STATES - 1.1%

102,091

Enstar Group Ltd

7.000

2,164,329

33,625

Synchrony Financial

8.250

869,879

43,200

Wintrust Financial Corp

7.875

1,131,408

TOTAL UNITED STATES

4,165,616

TOTAL PREFERRED STOCK

(Cost $3,956,117)

4,165,616

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

69645459

SOVEREIGN DEBT - 18.1% (12.9% of Total Investments)

ANGOLA - 0.3%

465,000

(b)

Angolan Government International Bond

8.000

11/26/29

473,168

725,000

(b)

Angolan Government International Bond

8.750

04/14/32

731,086

TOTAL ANGOLA

1,204,254

ARGENTINA - 3.0%

6,550,000

Argentine Republic Government International Bond

4.125

07/09/35

5,233,450

4,480,000

Argentine Republic Government International Bond

5.000

01/09/38

3,731,840

3,325,000

Argentine Republic Government International Bond

2.500

07/09/41

2,485,437

TOTAL ARGENTINA

11,450,727

Portfolio of Investments June 30, 2026

(continued)

JGH

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BARBADOS - 0.5%

1,950,000

(b)

Barbados Government International Bond

8.000

06/26/35

2,088,977

TOTAL BARBADOS

2,088,977

BENIN - 1.0%

EUR

1,050,000

(b)

Benin Government International Bond

4.950

01/22/35

1,130,971

1,475,000

(b)

Benin Government International Bond

7.960

02/13/38

1,564,538

925,000

(b)

Benin Government International Bond

8.375

01/23/41

997,363

TOTAL BENIN

3,692,872

BOLIVIA - 0.3%

1,325,000

(b)

Bolivian Government International Bond

9.450

05/14/31

1,354,150

TOTAL BOLIVIA

1,354,150

BRAZIL - 0.3%

1,000,000

(h)

Brazilian Government International Bond

7.125

05/13/54

1,004,000

TOTAL BRAZIL

1,004,000

COLOMBIA - 1.4%

EUR

1,515,000

Colombia Government International Bond

5.000

09/19/32

1,716,550

1,650,000

Colombia Government International Bond

6.125

01/18/41

1,543,575

1,400,000

Colombia Government International Bond

5.625

02/26/44

1,207,500

1,000,000

(h)

Colombia Government International Bond

7.750

11/07/36

1,089,000

TOTAL COLOMBIA

5,556,625

COTE D'IVOIRE - 1.0%

750,000

(b)

Ivory Coast Government International Bond

6.125

06/15/33

744,895

EUR

1,625,000

(b)

Ivory Coast Government International Bond

6.875

10/17/40

1,905,406

1,000,000

(b)

Ivory Coast Government International Bond

8.075

04/01/36

1,093,445

TOTAL COTE D'IVOIRE

3,743,746

DOMINICAN REPUBLIC - 0.3%

1,000,000

(b)

Dominican Republic International Bond

6.150

05/17/38

992,850

TOTAL DOMINICAN REPUBLIC

992,850

ECUADOR - 1.5%

1,596,475

(b)

Ecuador Government International Bond

6.900

07/31/35

1,464,766

88,000

(b)

Ecuador Government International Bond

5.000

07/31/40

73,636

2,100,000

(b)

Ecuador Government International Bond

9.250

01/29/39

2,155,650

1,850,000

(b)

Ecuador Government International Bond

8.750

01/29/34

1,865,725

TOTAL ECUADOR

5,559,777

EGYPT - 1.1%

2,300,000

(b),(h)

Egypt Government International Bond

7.053

01/15/32

2,302,124

2,075,000

(b),(h)

Egypt Government International Bond

8.500

01/31/47

2,029,029

TOTAL EGYPT

4,331,153

EL SALVADOR - 0.4%

1,825,000

(b),(h)

El Salvador Government International Bond

7.125

01/20/50

1,691,921

TOTAL EL SALVADOR

1,691,921

GHANA - 0.3%

1,125,000

(b)

Ghana Government International Bond

5.000

07/03/35

1,043,661

TOTAL GHANA

1,043,661

HONDURAS - 0.4%

1,300,000

(b),(h)

Honduras Government International Bond

8.625

11/27/34

1,503,632

TOTAL HONDURAS

1,503,632

JORDAN - 0.4%

1,500,000

(b)

Jordan Government International Bond

5.750

11/12/32

1,478,898

TOTAL JORDAN

1,478,898

NIGERIA - 1.1%

1,425,000

(b),(h)

Nigeria Government International Bond

10.375

12/09/34

1,691,606

1,000,000

(b)

Nigeria Government International Bond

8.631

01/13/36

1,083,691

1,425,000

(b),(h)

Nigeria Government International Bond

7.875

02/16/32

1,484,057

TOTAL NIGERIA

4,259,354

ROMANIA - 0.5%

EUR

1,050,000

(b)

Romanian Government International Bond

2.000

04/14/33

984,559

1,000,000

(b)

Romanian Government International Bond

7.500

02/10/37

1,079,190

TOTAL ROMANIA

2,063,749

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

RWANDA - 0.3%

1,425,000

(b),(h)

Rwanda International Government Bond

5.500

08/09/31

1,362,129

TOTAL RWANDA

1,362,129

SENEGAL - 0.5%

2,100,000

(b)

Senegal Government International Bond

6.250

05/23/33

1,112,263

1,325,000

(b)

Senegal Government International Bond

6.750

03/13/48

685,722

TOTAL SENEGAL

1,797,985

SOUTH AFRICA - 0.7%

1,400,000

(h)

Republic of South Africa Government International Bond

5.000

10/12/46

1,095,801

1,475,000

(h)

Republic of South Africa Government International Bond

7.300

04/20/52

1,486,199

TOTAL SOUTH AFRICA

2,582,000

SRI LANKA - 0.5%

2,500,000

(b)

Sri Lanka Government International Bond

3.600

06/15/35

2,084,705

TOTAL SRI LANKA

2,084,705

TURKEY - 1.9%

1,225,000

Turkiye Government International Bond

6.000

01/14/41

1,082,209

1,375,000

(h)

Turkiye Government International Bond

4.875

04/16/43

1,043,813

1,500,000

Turkiye Government International Bond

6.500

09/20/33

1,477,793

2,225,000

(h)

Turkiye Government International Bond

7.625

05/15/34

2,336,761

1,375,000

Turkiye Government International Bond

6.300

03/14/33

1,342,869

TOTAL TURKEY

7,283,445

UKRAINE - 0.1%

617,307

(b)

Ukraine Government International Bond

0.000

02/01/35

369,458

131,089

(b)

Ukraine Government International Bond

0.000

02/01/36

78,326

TOTAL UKRAINE

447,784

UZBEKISTAN - 0.3%

1,150,000

(b)

Republic of Uzbekistan International Bond

3.900

10/19/31

1,067,065

TOTAL UZBEKISTAN

1,067,065

TOTAL SOVEREIGN DEBT

(Cost $63,949,720)

69,645,459

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

77168483

VARIABLE RATE SENIOR LOAN INTERESTS - 20.0% (14.3% of Total Investments)

GERMANY - 0.5%

1,995,000

(a)

TK Elevator Midco GmbH, Term Loan B, (TSFR3M + 2.750%)

6.480

04/30/30

2,005,913

TOTAL GERMANY

2,005,913

JAMAICA - 0.5%

1,724,012

(a)

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

4.500%)

8.232

08/09/32

1,736,943

TOTAL JAMAICA

1,736,943

NETHERLANDS - 0.7%

2,029,986

(a)

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

6.938

04/03/28

2,032,949

846,905

(a)

Pegasus BidCo BV, Term Loan B, (TSFR3M + 2.500%)

6.167

07/12/32

848,320

TOTAL NETHERLANDS

2,881,269

UNITED STATES - 18.3%

492,516

(a)

AAL Delaware Holdco, Inc., Term Loan B, (TSFR1M + 2.500%)

6.144

07/30/31

493,543

1,982,538

(a)

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

6.394

05/28/32

1,889,120

2,977,500

(a)

Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)

6.894

08/20/32

2,982,398

2,977,556

(a)

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

7.000%)

10.639

01/04/29

2,992,012

1,989,924

(a)

Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.000%)

7.732

11/03/31

1,999,048

940,741

(a)

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

6.957

06/09/31

937,255

1,177,538

(a)

Boxer Parent Company Inc., Term Loan B, (TSFR3M + 2.750%)

6.416

07/30/31

1,064,323

4,180,325

(a)

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

6.144

06/16/31

4,046,074

582,172

(a)

Brown Group Holding, LLC, Incremental Term Loan B2, (TSFR1M

+ TSFR3M + 2.500%)

6.154

07/01/31

584,279

1,990,000

(a)

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

6.144

01/28/32

1,994,358

2,000,000

(a)

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

4.250%)

7.903

04/03/31

1,883,060

533,000

(a),(k)

Coreweave Financing DDTL V LLC, Delayed Draw Term Loan,

(N/A + TSFR3M + 2.500%)

4.321

11/17/31

544,452

Portfolio of Investments June 30, 2026

(continued)

JGH

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED STATES

(continued)

2,000,000

(a)

Dayforce, Inc., Term Loan, (TSFR3M + 3.000%)

6.663

02/04/33

1,829,440

2,335,212

(a)

Discovery Global Holdings, Inc., Term Loan B, (TSFR1M +

2.500%)

6.144

05/27/33

2,338,761

2,462,641

(a)

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

6.624

06/27/31

2,454,945

282,853

(a)

Javelin Buyer, Inc., 2nd Lien Term Loan, (TSFR3M + 5.000%)

8.666

12/06/32

256,453

1,384,222

(a)

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

2.250%)

5.894

05/05/28

1,389,600

1,866,750

(a)

Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.250%)

5.870

06/09/31

1,867,777

1,200,000

(a),(d)

OAK-Eagle Acquireco Inc, Term Loan, (TBD)

TBD

1,204,308

3,112,455

(a)

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

5.894

05/19/31

3,114,400

1,879,298

(a)

Parexel International Corporation, Repriced Term Loan B,

(TSFR1M + 2.500%)

6.144

12/12/31

1,881,845

2,992,500

(a)

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

7.652

08/18/32

2,993,128

1,217,875

(a)

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

6.656

02/10/31

1,223,873

3,152,100

(a)

Primo Brands Corporation, Term Loan B, (TSFR3M + 2.750%)

6.482

03/31/31

3,170,114

217,218

(a)

Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M

+ 6.250%)

10.004

05/15/28

222,525

1,994,747

(a)

Rackspace Finance, LLC, First Lien Second Out Term Loan,

(TSFR1M + 2.750%)

6.504

05/15/28

1,814,731

1,050,000

(a),(d)

Select Medical Corp, Term Loan, (TBD)

TBD

1,055,250

1,003,949

(a)

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

(cash 7.494%, PIK 1.500%), (TSFR3M + 2.500%)

4.497

06/28/28

1,002,904

3,654,350

(a)

Talen Energy Supply, LLC, 2024-1 Incremental Term Loan,

(TSFR1M + 1.750%)

5.387

12/15/31

3,645,872

606,250

(a)

Talen Energy Supply, LLC, Term Loan B, (TSFR1M + 1.750%)

5.387

11/26/32

603,761

992,506

(a)

Team Health Holdings, Inc., Repriced Term Loan B, (TSFR3M +

4.000%)

7.663

06/30/28

995,127

305,690

(a)

Tiger Acquisition, LLC, Term Loan B, (TSFR1M + 2.500%)

6.153

08/23/32

306,879

873,440

(a)

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

6.144

02/28/31

874,585

786,060

(a)

UKG Inc., Term Loan B, (TSFR3M + 2.250%)

5.913

02/10/31

742,111

2,361,195

(a)

Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 2.750%)

6.482

08/26/31

2,367,310

1,953,964

(a)

VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M + 3.500%)

7.494

05/16/28

1,958,742

992,424

(a)

WideOpenWest Finance LLC, Super Senior 2nd Out Term Loan,

(TSFR3M + 3.000%)

6.931

12/11/28

909,309

1,272,174

(a)

WIN Waste Innovations Holdings, Inc., First Lien Term Loan,

(TSFR1M + 3.250%)

7.008

03/27/28

1,274,820

2,942,528

(a)

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

6.394

08/01/30

2,946,207

1,798,417

(a)

Zayo Group Holdings, Inc., Term Loan, (cash 6.758%, PIK 0.500%),

(TSFR1M + 1.750%)

6.758

03/11/30

1,800,216

2,955,000

(a)

Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (TSFR1M

+ 3.250%)

6.894

11/26/31

2,889,443

TOTAL UNITED STATES

70,544,358

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $77,169,849)

77,168,483

TOTAL LONG-TERM INVESTMENTS

(Cost $524,140,286)

533,769,284

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1% (0.8% of Total Investments)

4401210

REPURCHASE AGREEMENTS - 1.1% (0.8% of Total Investments)

3,451,210

(l)

Fixed Income Clearing Corporation

1.060

07/01/26

3,451,210

950,000

(m)

Fixed Income Clearing Corporation

3.610

07/01/26

950,000

TOTAL REPURCHASE AGREEMENTS

(Cost $4,401,210)

4,401,210

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,401,210)

4,401,210

TOTAL INVESTMENTS (Cost $528,541,496) - 139.5%

538,170,494

BORROWINGS - (32.4)% (n),(o)

(125,000,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (8.5)%(p)

(32,788,339)

OTHER ASSETS & LIABILITIES, NET - 1.4%

5,403,571

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

385,785,726

See Notes to Financial Statements

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

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

Investments in Derivatives

ABS

Asset-Backed Security

EUR

Euro

MBS

Mortgage-Backed Security

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

TSFR6M

CME Term Secured Overnight Financing Rate 6 Month

(a)

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

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

(b)

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

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

As of the end of the fiscal period, the aggregate value of these securities is $360,756,731 or 67.0% of Total Investments.

(c)

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

(d)

When-issued or delayed delivery security.

(e)

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

(f)

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

(g)

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

10.7% of Total Investments.

(h)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $41,909,871 have been pledged as collateral

for reverse repurchase agreements.

(i)

Perpetual security. Maturity date is not applicable.

(j)

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

bankruptcy.

(k)

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

(l)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $3,451,312 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 12/31/30, valued at $3,520,348.

(m)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $950,095 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 1.625% and maturity date 5/15/31, valued at $969,036.

(n)

Borrowings as a percentage of Total Investments is 23.2%.

(o)

The Fund may pledge up to 100% of its eligible investment (excluding any investments pledged as collateral to specific investments

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

(p)

Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 6.1%.

Forward Foreign Currency Contracts

Currency Purchased

Notional Amount

(Local Currency)

Currency Sold

Notional Amount

(Local Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

EUR

902,941

1,067,844

Toronto Dominion Bank

7/08/26

(35,895)

9,199,113

EUR

7,942,828

Toronto Dominion Bank

7/08/26

121,447

Total

$85,552

Total unrealized appreciation on forward foreign currency contracts

$121,447

Total unrealized depreciation on forward foreign currency contracts

$(35,895)

EUR

Euro

Consolidated Portfolio of Investments June 30, 2026

NPCT

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 153.0% (97.5% of Total Investments)

3481622

ASSET-BACKED SECURITIES - 1.1% (0.7% of Total Investments)

3481622

OTHER ABS - 1.1%

1,912,799

(a)

GoodLeap Sustainable Home Solutions Trust 2021-3, Series

2021 3CS

3.500

05/20/48

1,033,914

2,281,482

(a)

GoodLeap Sustainable Home Solutions Trust 2021-4, Series

2021 4GS

3.500

07/20/48

1,129,467

5,481,250

(a),(b)

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

0.000

09/20/40

1,318,241

TOTAL OTHER ABS

3,481,622

TOTAL ASSET-BACKED SECURITIES

(Cost $8,133,002)

3,481,622

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

317291636

CORPORATE BONDS - 102.4% (65.3% of Total Investments) (c)

317291636

AUTOMOBILES & COMPONENTS - 0.7%

2,013,000

Dana Inc

4.250

09/01/30

2,006,197

TOTAL AUTOMOBILES & COMPONENTS

2,006,197

BANKS - 23.7%

10,375,000

(a),(d)

Banco Nacional de Comercio Exterior SNC/Cayman Islands

2.720

08/11/31

10,287,336

2,000,000

Banco Santander SA

5.127

11/06/35

1,960,885

2,600,000

(d)

Canadian Imperial Bank of Commerce

7.000

10/28/85

2,665,673

4,250,000

(d),(e)

Citigroup Inc

4.150

N/A

4,232,343

17,000,000

(a),(d)

Intesa Sanpaolo SpA

4.950

06/01/42

14,838,938

5,000,000

(f)

Lloyds Banking Group PLC

4.976

08/11/33

4,979,101

10,195,000

(d),(e)

PNC Financial Services Group Inc/The

3.400

N/A

10,155,374

10,000,000

(a),(d),(f)

Standard Chartered PLC

5.300

01/09/43

9,316,224

15,000,000

(a),(d)

UniCredit SpA

5.459

06/30/35

15,080,092

TOTAL BANKS

73,515,966

CAPITAL GOODS - 5.6%

5,800,000

(f)

GATX Corp

3.100

06/01/51

3,694,363

5,000,000

(a)

Sociedad De Transmision Austral SA

4.000

01/27/32

4,756,549

9,000,000

(d),(e)

Sumisho Air Lease Corp

8.256

N/A

9,043,785

TOTAL CAPITAL GOODS

17,494,697

ENERGY - 4.5%

15,000,000

(a),(f)

Santos Finance Ltd

3.649

04/29/31

14,019,342

TOTAL ENERGY

14,019,342

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.4%

2,500,000

ERP Operating LP

4.150

12/01/28

2,476,222

2,000,000

Host Hotels & Resorts LP

2.900

12/15/31

1,791,264

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

4,267,486

FINANCIAL SERVICES - 11.4%

7,200,000

(d),(e)

American Express Co

3.550

N/A

7,168,620

2,400,000

Community Preservation Corp/The

2.867

02/01/30

2,222,660

875,000

(d)

HA Sustainable Infrastructure Capital Inc

7.125

11/15/56

888,266

5,835,000

(a)

HAT Holdings I LLC / HAT Holdings II LLC

3.750

09/15/30

5,444,156

EUR

5,400,000

(g)

Power Finance Corp Ltd

1.841

09/21/28

5,954,519

4,292,000

(a)

Starwood Property Trust Inc

3.625

07/15/26

4,285,048

5,710,000

(a)

Starwood Property Trust Inc

4.375

01/15/27

5,698,990

1,445,000

(a)

Starwood Property Trust Inc

6.000

04/15/30

1,450,263

850,000

(a)

Starwood Property Trust Inc

6.125

06/01/31

854,494

1,185,000

(a),(h)

Starwood Property Trust Inc

5.875

08/15/29

1,188,542

TOTAL FINANCIAL SERVICES

35,155,558

INSURANCE - 1.5%

4,800,000

(a),(d),(f)

Swiss Re Finance Luxembourg SA

5.000

04/02/49

4,786,632

TOTAL INSURANCE

4,786,632

MATERIALS - 4.5%

345,000

(a)

Alcoa Nederland Holding BV

7.125

03/15/31

358,025

5,000,000

(a)

LG Chem Ltd

2.375

07/07/31

4,382,868

5,000,000

LYB International Finance III LLC

3.800

10/01/60

3,155,741

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS

(continued)

6,025,000

(a)

Star Energy Geothermal Wayang Windu Ltd

6.750

04/24/33

6,083,852

TOTAL MATERIALS

13,980,486

TELECOMMUNICATION SERVICES - 4.4%

2,760,000

(a)

Turkcell Iletisim Hizmetleri AS

7.650

01/24/32

2,852,285

5,000,000

Verizon Communications Inc

2.987

10/30/56

2,944,183

10,000,000

(d)

Vodafone Group PLC

5.125

06/04/81

7,817,445

TOTAL TELECOMMUNICATION SERVICES

13,613,913

UTILITIES - 44.7%

1,750,000

AES Corp/The

2.450

01/15/31

1,561,072

1,700,000

(d)

AES Corp/The

7.600

01/15/55

1,740,591

5,000,000

(d)

Algonquin Power & Utilities Corp

4.750

01/18/82

4,951,415

15,000,000

(a),(f)

Brooklyn Union Gas Co/The

4.273

03/15/48

11,758,360

3,125,000

(a)

California Buyer Ltd / Atlantica Sustainable Infrastructure PLC

6.375

02/15/32

3,132,719

5,100,000

(a)

Clearway Energy Operating LLC

3.750

01/15/32

4,641,309

1,250,000

(a)

Clearway Energy Operating LLC

5.750

01/15/34

1,225,641

2,500,000

(d)

CMS Energy Corp

4.750

06/01/50

2,449,746

2,500,000

(d)

CMS Energy Corp

3.750

12/01/50

2,319,388

7,050,000

(a)

Colbun SA

3.150

01/19/32

6,371,278

2,244,000

Consolidated Edison Co of New York Inc

4.300

12/01/56

1,763,425

EUR

5,000,000

(d),(g),(i)

EDP - Energias de Portugal SA

1.875

03/14/82

5,371,874

EUR

8,000,000

(d),(e),(g)

Engie SA, Reg S

1.875

N/A

8,315,078

2,306,500

(a)

India Cleantech Energy2021 1

4.700

08/10/26

2,294,969

6,650,000

(a),(f)

Interchile SA

4.500

06/30/56

5,616,319

2,000,000

(a)

Leeward Renewable Energy Operations LLC

4.250

07/01/29

1,910,114

7,330,000

(a),(f)

Liberty Utilities Finance GP 1

2.050

09/15/30

6,563,875

3,835,000

MidAmerican Energy Co

3.100

05/01/27

3,799,813

2,325,000

(a)

New York State Electric & Gas Corp

5.050

08/15/35

2,300,083

7,000,000

(a)

Pattern Energy Operations LP / Pattern Energy Operations Inc

4.500

08/15/28

6,853,847

815,869

PG&E Recovery Funding LLC

4.838

06/01/33

817,752

4,600,000

(d)

Sempra

4.125

04/01/52

4,561,293

4,083,372

(a)

Solar Star Funding LLC

5.375

06/30/35

4,063,965

13,000,000

(f)

Southern California Edison Co

3.650

06/01/51

8,942,226

4,000,000

Southern Co Gas Capital Corp

3.150

09/30/51

2,629,990

5,000,000

(d)

Southern Co/The

3.750

09/15/51

4,982,932

5,000,000

(a)

Star Energy Geothermal Darajat II / Star Energy Geothermal

Salak

4.850

10/14/38

4,699,121

8,075,000

(j)

Sunnova Energy Corp

0.000

09/01/26

20,188

8,941,300

(a),(f)

Sweihan PV Power Co PJSC2022 1

3.625

01/31/49

7,312,651

4,512,873

(a)

Topaz Solar Farms LLC

5.750

09/30/39

4,432,544

7,741,995

(a)

Topaz Solar Farms LLC

4.875

09/30/39

6,832,311

1,500,000

(a),(d),(e)

Vistra Corp

7.000

N/A

1,511,885

2,033,000

(a)

XPLR Infrastructure Operating Partners LP

7.250

01/15/29

2,103,620

570,000

(a)

XPLR Infrastructure Operating Partners LP

7.750

04/15/34

599,965

TOTAL UTILITIES

138,451,359

TOTAL CORPORATE BONDS

(Cost $362,358,896)

317,291,636

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

72279499

MORTGAGE-BACKED SECURITIES - 23.3% (14.9% of Total Investments)

72279499

COMMERCIAL MBS - 23.3%

5,000,000

(a),(i)

Alen 2021-ACEN Mortgage Trust, Series 2021 ACEN, (TSFR1M

+ 4.114%)

7.740

04/15/34

3,836,250

5,000,000

(a),(i)

BAMLL Commercial Mortgage Securities Trust 2021-JACX,

Series 2021 JACX, (TSFR1M + 3.864%)

7.490

09/15/38

4,623,049

1,250,000

(a),(i)

BBCMS Mortgage Trust 2020-C6, Series 2020 C6

3.811

02/15/53

1,006,794

4,000,000

(a),(i)

BBCMS Mortgage Trust 2020-C6, Series 2020 C6

3.811

02/15/53

3,003,650

3,840,000

(a),(i)

Benchmark 2019-B10 Mortgage Trust, Series 2019 B10

4.029

03/15/62

3,118,807

2,500,000

(a),(i)

BSST 2022-1700 Mortgage Trust, Series 2022 1700, (TSFR1M

+ 1.300%)

4.926

02/15/37

2,231,642

7,887,000

(a),(i)

COMM 2020-CX Mortgage Trust, Series 2020 CX

2.773

11/10/46

5,860,748

Consolidated Portfolio of Investments June 30, 2026

(continued)

NPCT

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL MBS

(continued)

62,109,604

(a),(i)

Freddie Mac Multifamily ML Certificates, Series 2021 ML11,

(I/O)

0.769

03/25/38

2,780,647

23,476,225

(i)

Freddie Mac Multifamily ML Certificates, Series 2023 ML18

1.508

09/25/37

2,437,302

27,310,700

(i)

Freddie Mac Multifamily ML Certificates, Series 2021 ML10,

(I/O)

2.130

01/25/38

3,573,605

44,116,055

(i)

Freddie Mac Multifamily ML Certificates, Series 2021 ML12,

(I/O)

1.306

07/25/41

3,780,746

2,500,000

(a),(i)

Hudson Yards 2019-55HY Mortgage Trust, Series 2019 55HY

3.041

12/10/41

2,166,350

5,000,000

(a),(i)

J.P. Morgan Chase Commercial Mortgage Securities Trust

2018-AON, Series 2018 AON

4.767

07/05/31

912,135

10,000,000

(a),(i)

MFT Trust 2020-ABC, Series 2020 ABC

3.593

02/10/42

6,880,420

4,261,000

(a),(i)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 2.829%)

6.455

07/15/36

3,856,579

500,000

(a),(i)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 3.579%)

7.205

07/15/36

424,043

6,000,000

(a),(i)

NYC Commercial Mortgage Trust, Series 2025 11X, (TSFR1M +

3.191%)

6.851

10/15/40

6,048,287

4,420,000

(a),(i)

NYC Commercial Mortgage Trust 2021-909, Series 2021 909

3.312

04/10/43

3,333,199

80,369,000

(a),(i)

SLG Office Trust 2021-OVA, Series 2021 OVA, (I/O)

0.258

07/15/41

823,485

2,850,000

(a)

SLG Office Trust 2021-OVA, Series 2021 OVA

2.851

07/15/41

2,455,817

7,000,000

(a)

SLG Office Trust 2021-OVA, Series 2021 OVA

2.851

07/15/41

5,822,424

3,500,000

(a),(i)

SUMIT 2022-BVUE Mortgage Trust, Series 2022 BVUE

2.989

02/12/41

2,835,956

500,000

(a),(i)

Wells Fargo Commercial Mortgage Trust 2017-SMP, Series

2017 SMP, (TSFR1M + 0.921%)

6.258

12/15/34

467,564

TOTAL COMMERCIAL MBS

72,279,499

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $93,537,682)

72,279,499

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

14578587

MUNICIPAL BONDS - 4.7% (3.0% of Total Investments)

14578587

ARIZONA - 0.2%

595,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, KIPPC NYC Public Charter Schools - Gerard

Facility Project, Series 2021C

3.250

07/01/31

547,278

TOTAL ARIZONA

547,278

CALIFORNIA - 0.9%

375,000

California Municipal Finance Authority

5.425

09/01/28

375,363

490,000

California Municipal Finance Authority

5.811

09/01/31

494,444

2,000,000

(a),(h)

California Municipal Finance Authority

6.625

08/20/33

1,985,334

TOTAL CALIFORNIA

2,855,141

DISTRICT OF COLUMBIA - 0.1%

254,000

District of Columbia Water and Sewer Authority, Public Utility

Revenue Bonds, Taxable Senior Lien Green Series 2014A

4.814

10/01/14

212,328

TOTAL DISTRICT OF COLUMBIA

212,328

INDIANA - 0.0%

234,358

(j)

Fort Wayne, Indiana Economic Development, Solid Waste

Facility Revenue Bonds, Do Good Foods LLC Fort Wayne,

Taxable Series 2022A-2

10.750

12/01/29

TOTAL INDIANA

MICHIGAN - 1.6%

1,000,000

Detroit, Wayne County, Michigan, General Obligation Bonds,

Series 2021

2.960

04/01/27

987,645

2,245,000

Detroit, Wayne County, Michigan, General Obligation Bonds,

Series 2021

3.244

04/01/29

2,148,358

425,000

Detroit, Wayne County, Michigan, General Obligation Bonds,

Series 2021

3.344

04/01/30

401,542

1,575,000

Detroit, Wayne County, Michigan, General Obligation Bonds,

Taxable Series 2021B

3.644

04/01/34

1,429,505

TOTAL MICHIGAN

4,967,050

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW HAMPSHIRE - 0.7%

60,926,993

New Hampshire Business Finance Authority

0.597

08/20/39

2,265,875

TOTAL NEW HAMPSHIRE

2,265,875

NEW YORK - 0.8%

2,500,000

New York Transportation Development Corporation, Revenue

Bonds, MTA ADA Upgrades Project, Long Term Taxable

Sustainability Green Series 2023B

6.971

06/30/51

2,513,704

TOTAL NEW YORK

2,513,704

OHIO - 0.3%

1,000,000

(a)

Columbus-Franklin County Finance Authority. Ohio

7.750

01/15/30

993,115

TOTAL OHIO

993,115

WISCONSIN - 0.1%

223,432

(a)

Public Finance Authority, Wisconsin, Educational Facilities

Revenue Bonds, Series 2025-B

6.250

06/01/31

224,072

TOTAL WISCONSIN

224,072

TOTAL MUNICIPAL BONDS

(Cost $16,309,263)

14,578,587

DESCRIPTION

RATE

VALUE

18557642

PREFERRED STOCK - 6.0% (3.8% of Total Investments)

18557642

CAPITAL GOODS - 1.6%

269,000

Triton International Ltd

5.750

4,922,700

TOTAL CAPITAL GOODS

4,922,700

FINANCIAL SERVICES - 1.4%

300,000

Affiliated Managers Group, Inc

4.200

4,338,000

TOTAL FINANCIAL SERVICES

4,338,000

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%

77,904

Brookfield Property Partners LP

5.750

1,011,973

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,011,973

UTILITIES - 2.7%

100,426

Brookfield Infrastructure Partners LP

5.125

1,642,969

200,000

Brookfield Renewable Partners LP

5.250

3,230,000

200,000

CMS Energy Corp

4.200

3,412,000

TOTAL UTILITIES

8,284,969

TOTAL PREFERRED STOCK

(Cost $28,938,056)

18,557,642

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

25088934

SOVEREIGN DEBT - 8.1% (5.1% of Total Investments)

25088934

BENIN - 3.5%

EUR

10,000,000

(a)

Benin Government International Bond

4.950

01/22/35

10,771,155

TOTAL BENIN

10,771,155

BRAZIL - 0.9%

3,000,000

Brazilian Government International Bond

5.500

02/04/33

2,956,350

TOTAL BRAZIL

2,956,350

CHILE - 1.2%

5,000,000

Chile Government International Bond

3.100

05/07/41

3,822,500

TOTAL CHILE

3,822,500

MEXICO - 2.5%

EUR

5,000,000

Mexico Government International Bond

2.250

08/12/36

4,554,304

3,150,000

Mexico Government International Bond

4.875

05/19/33

2,984,625

TOTAL MEXICO

7,538,929

TOTAL SOVEREIGN DEBT

(Cost $28,533,642)

25,088,934

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

19031305

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 6.2% (3.9% of Total Investments)

19031305

5,724,000

United States Treasury Note/Bond

4.750

02/15/56

5,560,329

5,054,000

United States Treasury Note/Bond

4.375

05/15/36

5,027,151

Consolidated Portfolio of Investments June 30, 2026

(continued)

NPCT

See Notes to Financial Statements

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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

1,282,000

United States Treasury Note/Bond

4.125

06/15/29

1,280,798

2,588,000

United States Treasury Note/Bond

4.125

06/30/31

2,578,902

4,550,000

United States Treasury Note/Bond

5.000

05/15/46

4,584,125

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $18,969,490)

19,031,305

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

3716513

VARIABLE RATE SENIOR LOAN INTERESTS - 1.2% (0.8% of Total Investments)

3716513

UTILITIES - 1.2%

921,560

(i)

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

5.666

12/15/27

920,601

2,800,000

(i)

Vistra Zero Operating Company, LLC, Term Loan B, (TSFR1M +

2.000%)

5.644

04/30/31

2,795,912

TOTAL UTILITIES

3,716,513

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $3,658,303)

3,716,513

TOTAL LONG-TERM INVESTMENTS

(Cost $560,438,334)

474,025,738

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.9%(2.5% of Total Investments)

12152511

REPURCHASE AGREEMENTS - 3.9% (2.5% of Total Investments)

12152511

9,700,000

(k)

Fixed Income Clearing Corporation

3.610

07/01/26

9,700,000

2,452,511

(l)

Fixed Income Clearing Corporation

1.060

07/01/26

2,452,511

TOTAL REPURCHASE AGREEMENTS

(Cost $12,152,511)

12,152,511

TOTAL SHORT-TERM INVESTMENTS

(Cost $12,152,511)

12,152,511

TOTAL INVESTMENTS - 156.9%

(Cost $572,590,845)

486,178,249

BORROWINGS - (20.2)% (m),(n)

(62,500,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (15.8)%(o)

(48,999,283)

TFP SHARES, NET - (22.5)%(p)

(69,767,885)

OTHER ASSETS & LIABILITIES, NET - 1.6%

4,872,040

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

309,783,121

ABS

Asset-Backed Security

EUR

Euro

I/O

Interest only security

MBS

Mortgage-Backed Security

Reg S

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

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

from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic

issuers that are made outside the United States.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a)

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 $269,851,356 or 55.5% of Total Investments.

(b)

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

(c)

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

(d)

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

27.3% of Total Investments.

(e)

Perpetual security. Maturity date is not applicable.

(f)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $64,952,087 have been pledged as collateral

for reverse repurchase agreements.

(g)

All or a portion of this security is owned by Nuveen Core Plus Impact Fund Ltd. which is a 100% owned subsidiary of the fund.

(h)

When-issued or delayed delivery security.

See Notes to Financial Statements

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

Investments in Derivatives

(i)

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.

(j)

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

bankruptcy.

(k)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $9,700,973 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 8/31/29, valued at $9,894,043.

(l)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $2,452,583 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/33, valued at $2,501,583.

(m)

Borrowings as a percentage of Total Investments is 12.9%.

(n)

The Fund may pledge up to 100% of its eligible investment (excluding any investments pledged as collateral to specific investments

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

(o)

Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 10.1%.

(p)

TFP Shares, Net as a percentage of Total Investments is 14.4%.

Forward Foreign Currency Contracts

Currency Purchased

Notional Amount

(Local Currency)

Currency Sold

Notional Amount

(Local Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

7,716,636

EUR

6,675,207

Citibank N.A.

7/08/26

87,703

Total

$87,703

Total unrealized appreciation on forward foreign currency contracts

$87,703

Total unrealized depreciation on forward foreign currency contracts

$–

EUR

Euro

Cross Currency Swaps - OTC Uncleared

Counterparty

Terms of payments

to be paid

Terms of payments

to be received

Currency

Maturity

Date

Notional

Amount

(Local

Currency)

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Citibank N.A.

Fixed semi-annual

1.875%

Fixed annual 3.493%

USD

EUR

7/02/31

3,543,900

3,000,000

145,374

(7,382)

152,756

Citibank N.A.

Fixed semi-annual

1.875%

Fixed annual 3.472%

USD

EUR

7/02/31

5,904,500

5,000,000

234,100

15,637

218,463

Citibank N.A.

Fixed semi-annual

2.250%

Fixed annual 3.775%

USD

EUR

8/12/36

5,909,000

5,000,000

288,863

12,387

276,476

JPMorgan Chase Bank,

N.A.

Fixed semi-annual

1.875%

Fixed annual 3.431%

USD

EUR

6/14/29

5,905,000

5,000,000

172,919

(2,443)

175,362

Morgan Stanley Capital

Services LLC

Fixed semi-annual

1.841%

Fixed annual 3.337%

USD

EUR

9/21/28

6,376,320

5,400,000

166,841

(4)

166,845

Total

1,008,097

18,195

989,902

Portfolio of Investments June 30, 2026

JLS

See Notes to Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 129.7% (98.4% of Total Investments)

48111620

ASSET-BACKED SECURITIES - 46.7% (35.4% of Total Investments)

48111620

AUTOMOBILE ABS - 2.7%

550,000

(a),(b)

Avis Budget Rental Car Funding AESOP LLC, Series 2021 2A

4.080

02/20/28

545,851

1,000,000

(b)

Avis Budget Rental Car Funding LLC, Series 2026 4A

7.800

12/20/32

1,011,279

1,580

(b)

Chase Auto Owner Trust 2025-2, Series 2025 2A

0.000

02/25/33

222,673

500,000

(b)

Exeter Automobile Receivables Trust 2026-3, Series 2026 3A

7.670

07/17/34

499,686

500,000

(b)

Hertz Vehicle Financing III LLC, Series 2025 6A

8.300

05/25/32

499,024

TOTAL AUTOMOBILE ABS

2,778,513

COMMERCIAL MBS - 2.6%

2,000,000

(a),(b)

Cars Net Lease Mortgage Notes, Series 2020 1A

4.690

12/15/50

1,830,191

500,000

(b)

LMRK Issuer Co 2 LLC, Series 2025 1A

6.200

09/15/55

496,850

400,000

(b)

LMRK Issuer Co 2 LLC, Series 2025 1A

8.120

09/15/55

402,197

TOTAL COMMERCIAL MBS

2,729,238

FINANCIAL SERVICES - 1.1%

7,143

(b),(c)

Hestia Re Ltd, (SOFR + 0.100%)

3.620

04/22/29

3,571

1,000,000

(a),(b)

Mexico Remittances Funding Fiduciary Estate Management

Sarl

12.500

10/15/31

1,077,000

TOTAL FINANCIAL SERVICES

1,080,571

INSURANCE - 2.1%

375,000

(b),(c)

Armor RE II Ltd, (3-Month U.S. Treasury Bill + 8.500%)

12.060

01/07/28

395,213

250,000

(b),(c)

Armor RE II Ltd, (3-Month U.S. Treasury Bill + 5.000%)

3.713

06/07/29

249,500

250,000

(b),(c)

Bonanza RE Ltd

3.607

01/08/27

227,250

250,000

(b),(c)

Integrity RE III Ltd, (Federated Hermes U.S. Treasury Cash

Reserves Fund Yield + 7.000%)

10.500

06/07/29

249,525

500,000

(b),(c)

Residential Reinsurance 2022 Ltd, (CJTXX + 7.130%)

10.680

12/06/26

497,050

250,000

(b),(c)

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

5.750%)

4.783

06/06/29

258,050

250,000

(b),(c)

Residential Reinsurance 2026 Ltd, (JPMorgan 100% US

Treasury Securities Money Market Fund Yield + 4.500%)

3.550

06/06/30

249,925

TOTAL INSURANCE

2,126,513

OTHER ABS - 37.6%

500,000

(b),(c)

AIMCO CLO 17 Ltd, Series 2022 17A, (TSFR3M + 2.900%)

6.564

07/20/37

501,120

500,000

(a),(b),(c)

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

9.975

07/20/38

485,797

375,000

(b),(c)

Apidos CLO Lvi, Series 2026 56A, (TSFR3M + 5.300%)

8.982

04/24/39

380,589

750,000

(a),(b),(c)

Apidos CLO XLII Ltd, Series 2022 42A, (TSFR3M + 3.650%)

7.919

04/20/38

741,823

375,000

(a),(b),(c)

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

9.673

10/15/38

337,400

500,000

(b),(c)

Ballyrock CLO 21 Ltd, Series 2022 21A, (TSFR3M + 6.000%)

9.668

10/20/37

493,496

350,000

(b),(c)

Ballyrock CLO 22 Ltd, Series 2024 22AR, (TSFR3M + 5.750%)

9.375

07/15/39

351,230

500,000

(b),(c)

Barings CLO Ltd 2026-I, Series 2026 1A, (TSFR3M + 3.100%)

6.765

04/15/39

506,098

250,000

(b),(c)

Barings CLO Ltd 2026-I, Series 2026 1A, (TSFR3M + 6.050%)

9.715

04/15/39

255,560

500,000

(b)

Cajun Global LLC, Series 2025 2A

8.720

11/20/55

493,120

775,000

(b)

CARS-DB4 LP, Series 2020 1A

4.520

02/15/50

766,678

750,000

(a),(b),(c)

Cayuga Park CLO Ltd, Series 2020 1A, (TSFR3M + 5.500%)

9.180

10/17/38

694,593

1,000,000

(b)

Centersquare Issuer LLC, Series 2024 1A

5.600

10/26/54

963,963

700,000

(b),(c)

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

8.425

04/19/35

683,255

500,000

(b),(c)

CIFC Funding 2025-VII Ltd, Series 2025 7A, (TSFR3M +

4.750%)

8.414

01/22/39

499,499

1,000,000

(b)

Consolidated Communications LLC/Fidium Fiber Finance

Holdco LLC, Series 2025 1A

9.408

05/20/55

1,042,813

500,000

(b)

DataBank Issuer, Series 2026 1A

6.493

02/25/56

497,641

449,482

(b)

Elara Hgv Timeshare Issuer 2025-A LLC, Series 2025 A

6.910

01/25/40

447,328

500,000

(b)

ExteNet Issuer LLC, Series 2024 1A

9.050

07/25/54

400,260

1,000,000

(b)

Flexential Issuer LLC, Series 2025 1A

6.030

10/25/60

995,127

250,000

(b),(c)

Galaxy 32 CLO Ltd, Series 2023 32A, (TSFR3M + 5.850%)

9.525

01/20/39

250,908

500,000

(b),(c)

GoldenTree Loan Management US CLO 29 Ltd, Series 2026

29A, (TSFR3M + 2.950%)

6.589

04/20/39

500,937

1,500,000

(b),(d)

GoTo Foods Funding LLC, Series 2026 1A

6.854

04/30/56

1,501,891

100,000

(b),(c)

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

(SOFR30A + 4.500%)

8.092

08/15/28

99,904

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OTHER ABS

(continued)

127,000

(b),(c)

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

(SOFR30A + 2.750%)

6.342

08/15/28

127,064

325,000

(b),(c)

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

(SOFR30A + 2.000%)

5.592

08/15/28

324,835

472,500

(b)

Hardee's Funding LLC, Series 2020 1A

3.981

12/20/50

458,146

1,000,000

(b)

Hilton Grand Vacations Trust 2026-2, Series 2026 2A

6.000

03/27/45

972,727

372,417

(b)

HIN Timeshare Trust, Series 2025 B

7.580

05/15/45

375,017

750,000

(b)

Hotwire Funding LLC, Series 2024 1A

9.188

06/20/54

774,758

500,000

(a),(b),(c)

Invesco US CLO 2024-3 Ltd, Series 2024 3A, (TSFR3M +

6.500%)

10.168

07/20/37

494,158

1,000,000

(b)

Kinetic ABS Issuer LLC, Series 2026 1A

7.653

02/25/56

1,014,500

600,000

(b)

Lightpath Fiber Issuer LLC, Series 2026 1A

5.597

03/25/56

599,170

1,000,000

(b)

LMDV Issuer Co LLC, Series 2025 1A

7.880

12/15/55

1,014,174

154,133

(b)

LUNAR AIRCRAFT 2020-1 LTD, Series 2020 1A

3.376

02/15/45

152,207

250,000

(b),(c)

Magnetite LV Ltd, Series 2026 55A, (TSFR3M + 5.000%)

8.680

04/15/39

252,142

1,000,000

MetroNet Infrastructure Issuer LLC, Series 2025 1

9.370

07/20/55

1,042,756

500,000

(b)

MetroNet Infrastructure Issuer LLC, Series 2025 2A

7.830

08/20/55

509,831

1,525,000

(b),(e)

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

0.000

09/20/40

366,763

436,583

(b)

Mosaic Solar Loan Trust 2020-2, Series 2020 2A

5.420

08/20/46

376,126

78,279

(b)

MVW 2020-1 LLC, Series 2020 1A

7.140

10/20/37

78,363

500,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 34 Ltd, Series 2019

34A, (TSFR3M + 5.000%)

8.675

07/20/39

493,992

500,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021

40A, (TSFR3M + 2.800%)

6.480

10/16/37

500,652

500,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 40 Ltd, Series 2021

40A, (TSFR3M + 5.150%)

8.830

10/16/37

495,878

500,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 41 Ltd, Series 2021

41A, (TSFR3M + 2.800%)

6.473

04/15/34

498,807

1,000,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 48 Ltd, Series 2022

48A, (TSFR3M + 2.700%)

7.018

04/25/36

993,680

525,000

(b)

NMEF Funding 2026-A LLC, Series 2026 A

6.730

02/15/34

519,477

250,000

(b),(c)

OCP CLO 2018-15 Ltd, Series 2018 15A, (TSFR3M + 2.750%)

6.418

01/20/38

250,298

250,000

(b),(c)

OCP CLO 2024-31 Ltd, Series 2026 31A, (TSFR3M + 4.950%)

8.618

04/20/39

248,405

500,000

(c)

OHA Credit Funding 10-R Ltd, Series 2021 10RX, (TSFR3M +

4.850%), Reg S

8.518

07/18/38

490,241

1,000,000

(b)

OHS Issuer LLC, Series 2026 1

8.350

02/25/61

976,602

997,500

(b)

OHS Issuer LLC, Series 2026 1

5.980

02/25/61

971,607

93,770

(b)

Oportun Issuance Trust 2021-B, Series 2021 B

5.410

05/08/31

93,193

65,048

(b)

Oportun Issuance Trust 2021-C, Series 2021 C

5.570

10/08/31

64,432

1,000,000

(b)

Oportun Issuance Trust 2025-B, Series 2025 B

9.400

05/09/33

1,005,810

500,000

(b)

QTS Issuer ABS II LLC, Series 2026 1A

6.729

01/05/56

500,494

500,000

(b),(c)

Rad CLO 6 Ltd, Series 2019 6A, (TSFR3M + 6.750%)

10.425

10/20/37

476,444

350,000

(b),(c)

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

9.673

01/15/38

309,649

304,297

(b)

Start II LTD, Series 2019 1

5.095

03/15/44

305,517

961,917

(b),(c)

TruPS Financials Note Securitization 2025-2, Series 2025 2A,

(TSFR3M + 1.900%)

5.573

07/15/39

962,854

1,000,000

(b),(c)

TruPS Financials Note Securitization 2025-2, Series 2025 2A,

(TSFR3M + 2.250%)

5.923

07/15/39

1,002,506

1,400,000

(b),(c)

TruPS Financials Note Securitization 2026-1, Series 2026 1A,

(TSFR3M + 1.750%)

5.423

01/15/38

1,400,043

1,000,000

(b)

TSC SPV Funding LLC, Series 2026 1A

8.905

05/20/56

1,000,023

1,000,000

(b)

Uniti Fiber Abs Issuer LLC, Series 2025 1A

9.018

04/20/55

1,043,966

500,000

(b)

VB-S1 Issuer LLC, Series 2026 1A

6.843

03/15/56

502,689

327,774

(b)

Vivint Solar Financing V LLC, Series 2018 1A

7.370

04/30/48

321,565

500,000

(b)

Zayo Issuer LLC, Series 2025 1A

8.659

03/20/55

515,986

TOTAL OTHER ABS

38,768,577

STUDENT LOAN ABS - 0.6%

627,474

(b)

AASET 2020-1 Trust, Series 2020 1A

6.413

01/16/40

628,208

TOTAL STUDENT LOAN ABS

628,208

TOTAL ASSET-BACKED SECURITIES

(Cost $49,006,049)

48,111,620

Portfolio of Investments June 30, 2026

(continued)

JLS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

85648318

MORTGAGE-BACKED SECURITIES - 83.0% (63.0% of Total Investments)

85648318

COMMERCIAL MBS - 42.1%

1,000,000

(a),(b),(c)

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

+ 3.000%)

6.625

06/15/35

1,002,811

1,000,000

(b),(c)

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

+ 4.500%)

8.125

06/15/35

1,002,869

1,000,000

(a),(c)

BANK 2017-BNK6, Series 2017 BNK6

3.851

07/15/60

927,988

1,000,000

(a),(b)

BANK 2019-BNK21, Series 2019 BN21

2.500

10/17/52

748,865

1,000,000

(b),(c)

BBCMS Mortgage Trust 2020-C6, Series 2020 C6

3.811

02/15/53

805,435

1,750,000

(a),(b),(c)

BBCMS Trust 2015-SRCH, Series 2015 SRCH

5.122

08/10/35

1,640,761

500,000

(c)

Benchmark 2018-B2 Mortgage Trust, Series 2018 B2

4.432

02/15/51

308,006

500,000

(a),(c)

Benchmark 2018-B4 Mortgage Trust, Series 2018 B4

4.662

07/15/51

432,026

1,100,000

(a),(c)

Benchmark 2019-B14 Mortgage Trust, Series 2019 B14

3.897

12/15/62

792,060

761,017

(b),(c)

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

(TSFR1M + 3.689%)

8.011

03/15/41

756,143

1,000,000

(b),(c)

BX Commercial Mortgage Trust 2024-BRBK, Series 2024 BRBK,

(TSFR1M + 5.971%)

9.705

10/15/41

999,531

1,000,000

(a),(c)

Cantor Commercial Real Estate Lending 2019-CF1, Series 2019

CF1

4.352

05/15/52

827,436

845,000

(c)

CD 2016-CD1 Mortgage Trust, Series 2016 CD1

3.631

08/10/49

482,309

1,500,000

(c)

CD 2016-CD2 Mortgage Trust, Series 2016 CD2

4.113

11/10/49

909,151

1,978,000

(c)

CD 2017-CD3 Mortgage Trust, Series 2017 CD3

4.711

02/10/50

618,703

23,912

(b),(c)

CF 2020-P1 Mortgage Trust, Series 2020 P1

2.840

04/15/52

23,772

500,000

(b),(c)

CIP Commercial Mortgage Trust 2025-SBAY, Series 2025 SBAY,

(TSFR1M + 3.750%)

7.850

10/15/37

502,993

1,437,245

(b),(c)

COMM 2013-LC13 Mortgage Trust, Series 2013 LC13

5.548

08/10/46

1,346,235

925,000

(a),(c)

COMM 2014-CCRE15 Mortgage Trust, Series 2014 CR15

3.961

02/10/47

872,573

752,021

(a)

COMM 2014-CCRE17 Mortgage Trust, Series 2014 CR17

4.377

05/10/47

748,395

389,536

(a),(c)

COMM 2014-CR14 Mortgage Trust, Series 2014 CR14

3.246

02/10/47

384,813

1,500,000

(b),(c)

COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3

4.767

06/10/47

892,500

1,400,000

(b),(c)

COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22

3.000

03/10/48

769,608

1,800,000

(c)

COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24

3.463

08/10/48

1,664,065

110,684

(c)

COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25

3.768

08/10/48

107,000

1,000,000

(b),(c)

DK Trust, Series 2025 LXP, (TSFR1M + 2.891%)

6.524

08/15/37

1,005,269

33,000,000

(b),(c)

DOLP Trust 2021-NYC, Series 2021 NYC, (I/O)

0.665

05/10/41

857,106

7,352,676

(c)

Freddie Mac Multifamily ML Certificates, Series 2021 ML12,

(I/O)

1.306

07/25/41

630,124

1,000,000

(b),(c)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (TSFR1M + 1.747%)

5.373

07/15/31

191,615

1,100,000

(b),(c)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (TSFR1M + 1.897%)

5.523

07/15/31

115,477

700,000

(b),(c)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (TSFR1M + 2.397%)

6.023

07/15/31

36,735

700,000

(b),(c)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (TSFR1M + 3.097%)

6.723

07/15/31

18,360

892,000

(b),(c)

GS Mortgage Securities Corp Trust 2018-TWR, Series 2018

TWR, (TSFR1M + 4.222%)

7.848

07/15/31

8,902

2,000,000

(a),(c)

GS Mortgage Securities Trust 2016-GS4, Series 2016 GS4

3.990

11/10/49

1,927,441

1,250,000

(b),(c)

ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2

8.199

07/13/42

1,276,225

366,000

(b)

JP Morgan Chase Commercial Mortgage Securities Trust 2020-

NNN, Series 2020 NNN

3.972

01/16/37

128,111

2,000,000

(c)

JPMBB Commercial Mortgage Securities Trust 2014-C22,

Series 2014 C22

5.512

09/15/47

1,897,691

1,000,000

JPMBB Commercial Mortgage Securities Trust 2015-C27,

Series 2015 C27

3.898

02/15/48

864,625

1,189,000

(a),(c)

JPMBB Commercial Mortgage Securities Trust 2016-C1, Series

2016 C1

4.915

03/17/49

1,155,409

2,000,000

(a),(c)

JPMCC Commercial Mortgage Securities Trust 2017-JP5,

Series 2017 JP5

3.904

03/15/50

1,778,843

1,500,000

(a),(b),(c)

JPMCC Commercial Mortgage Securities Trust 2017-JP6,

Series 2017 JP6

4.580

07/15/50

1,271,925

1,849,000

(a),(b),(c)

JPMCC Commercial Mortgage Securities Trust 2017-JP7,

Series 2017 JP7

4.562

09/15/50

1,396,383

750,000

(b),(c)

MFT Trust 2020-ABC, Series 2020 ABC

3.593

02/10/42

552,849

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL MBS

(continued)

122,063

(c)

Morgan Stanley Capital I Trust 2015-MS1, Series 2015 MS1

4.162

05/15/48

118,795

1,000,000

(b)

MRCD 2019-MARK Mortgage Trust, Series 2019 PARK

2.718

12/15/36

687,510

600,000

(b),(c)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 2.279%)

5.905

07/15/36

554,759

710,000

(b),(c)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 2.829%)

6.455

07/15/36

642,612

1,000,000

(b),(c)

Natixis Commercial Mortgage Securities Trust 2019-MILE,

Series 2019 MILE, (TSFR1M + 4.329%)

7.955

07/15/36

810,086

1,000,000

(b),(c)

PKHL Commercial Mortgage Trust 2021-MF, Series 2021 MF,

(TSFR1M + 0.994%)

4.620

07/15/38

951,376

1,000,000

(b),(c)

PKHL Commercial Mortgage Trust 2021-MF, Series 2021 MF,

(TSFR1M + 2.114%)

5.740

07/15/38

598,804

1,575,000

(b),(c)

SMR 2022-IND Mortgage Trust, Series 2022 IND, (TSFR1M +

3.950%)

7.575

02/15/39

1,578,469

127,100,000

(b),(c)

SUMIT 2022-BVUE Mortgage Trust, Series 2022 BVUE, (I/O)

0.179

02/12/41

320,152

600,000

(b),(c)

SUMIT 2022-BVUE Mortgage Trust, Series 2022 BVUE

2.989

02/12/41

486,164

1,000,000

(a),(b),(c)

TX Trust 2024-HOU, Series 2024 1, (TSFR1M + 3.239%)

6.864

06/15/39

1,005,642

1,096,547

(a),(c)

Wells Fargo Commercial Mortgage Trust 2015-NXS1, Series

2015 NXS1

3.901

05/15/48

995,102

TOTAL COMMERCIAL MBS

43,428,609

WL COLLATERAL CMO - 40.9%

625,000

(b),(c)

Connecticut Avenue Securities Trust 2021-R03, Series 2021

R03, (SOFR30A + 5.500%)

9.128

12/25/41

636,943

2,100,000

(b),(c)

Connecticut Avenue Securities Trust 2022-R01, Series 2022

R01, (SOFR30A + 6.000%)

9.628

12/25/41

2,145,623

1,000,000

(b),(c)

Connecticut Avenue Securities Trust 2022-R03, Series 2022

R03, (SOFR30A + 9.850%)

14.823

03/25/42

1,059,406

2,840,000

(a),(b),(c)

Connecticut Avenue Securities Trust 2022-R05, Series 2022

R05, (SOFR30A + 7.000%)

10.628

04/25/42

2,966,117

1,900,000

(b),(c)

Connecticut Avenue Securities Trust 2022-R07, Series 2022

R07, (SOFR30A + 12.000%)

15.628

06/25/42

2,087,978

4,000,000

(a),(b),(c)

Connecticut Avenue Securities Trust 2023-R02, Series 2023

R02, (SOFR30A + 5.550%)

9.178

01/25/43

4,231,326

2,000,000

(a),(b),(c)

Connecticut Avenue Securities Trust 2023-R04, Series 2023

R04, (SOFR30A + 5.350%)

8.978

05/25/43

2,145,204

2,250,000

(a),(b),(c)

Connecticut Avenue Securities Trust 2023-R05, Series 2023

R05, (SOFR30A + 4.750%)

8.378

06/25/43

2,383,938

2,280,000

(a),(b),(c)

Connecticut Avenue Securities Trust 2023-R06, Series 2023

R06, (SOFR30A + 3.900%)

9.188

07/25/43

2,385,334

3,110,000

(b),(c)

Connecticut Avenue Securities Trust 2023-R06, Series 2023

R06, (SOFR30A + 5.900%)

9.528

07/25/43

3,371,599

2,270,000

(b),(c)

Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022

DNA1, (SOFR30A + 7.100%)

10.728

01/25/42

2,340,373

4,400,000

(b),(c)

Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022

DNA2, (SOFR30A + 4.750%)

8.378

02/25/42

4,500,690

2,270,000

(b),(c)

Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022

DNA2, (SOFR30A + 8.500%)

13.788

02/25/42

2,371,988

2,945,000

(a),(b),(c)

Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022

DNA3, (SOFR30A + 9.750%)

15.087

04/25/42

3,135,663

3,250,000

(b),(c)

Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022

DNA3, (SOFR30A + 5.650%)

10.218

04/25/42

3,363,144

1,900,000

(b),(c)

Freddie Mac STACR REMIC Trust 2023-DNA1, Series 2023

DNA1, (SOFR30A + 8.150%)

11.780

03/25/43

2,111,022

848,448

(b),(c)

Santander Bank Mortgage Credit-Linked Notes, Series 2023

MTG1, (SOFR30A + 4.900%)

9.256

02/26/52

983,361

TOTAL WL COLLATERAL CMO

42,219,709

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $96,659,049)

85,648,318

TOTAL LONG-TERM INVESTMENTS

(Cost $145,665,098)

133,759,938

Portfolio of Investments June 30, 2026

(continued)

JLS

See Notes to Financial Statements

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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.0%(1.6% of Total Investments)

2,113,091

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.0% (1.6% of Total Investments)

2,113,091

2,115,000

Federal Home Loan Bank Discount Notes

0.000

07/09/26

2,113,091

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $2,113,299)

2,113,091

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,113,299)

2,113,091

TOTAL INVESTMENTS - 131.7%

(Cost $147,778,397)

135,873,029

BORROWINGS - (2.4)% (f),(g)

(2,520,000)

REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (27.5)%(h)

(28,350,992)

OTHER ASSETS & LIABILITIES, NET - (1.8)%

(1,839,383)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

103,162,654

ABS

Asset-Backed Security

CJTXX

JPMorgan 100% U.S. Treasury Securities Money Market Fund

CMO

Collateralized Mortgage Obligation

I/O

Interest only security

MBS

Mortgage-Backed Security

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

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

Whole Loan

(a)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse

repurchase agreements. As of the end of the fiscal period, investments with a value of $39,286,364 have been pledged as collateral

for reverse repurchase agreements.

(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 $113,784,384 or 83.7% of Total Investments.

(c)

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.

(d)

When-issued or delayed delivery security.

(e)

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

(f)

Borrowings as a percentage of Total Investments is 1.9%.

(g)

The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for

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

reporting period, investments with a value of $13,244,772 have been pledged as collateral for borrowings.

(h)

Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 20.9%.

Statement of Assets and Liabilities

See Notes to Financial Statements

June 30, 2026 (Unaudited)

JGH

NPCT

(1)

JLS

ASSETS

Long-term investments, at value

†

533,769,284‌

474,025,738‌

133,759,938‌

Short-term investments, at value

◊

4,401,210‌

12,152,511‌

2,113,091‌

Cash

–‌

198,658‌

623‌

Cash denominated in foreign currencies

–‌

563,873‌

–‌

Cash collateral at brokers for investments in swap contracts

–‌

2,845,122‌

–‌

Swap premiums paid

–‌

18,195‌

–‌

Unrealized appreciation on cross currency swap contracts

–‌

989,902‌

–‌

Unrealized appreciation on forward foreign currency contracts

121,447‌

87,703‌

–‌

Receivables:

Dividends

–‌

27,997‌

–‌

Interest

8,618,565‌

5,298,623‌

721,048‌

Investments sold

5,391,585‌

5,934,444‌

–‌

Reclaims

3,676‌

29,788‌

–‌

Other

73,736‌

37,054‌

27,081‌

Total assets

552,379,503‌

502,209,608‌

136,621,781‌

LIABILITIES

Cash overdraft

200,000‌

–‌

Borrowings

125,000,000‌

62,500,000‌

2,520,000‌

Reverse repurchase agreements, including accrued interest

32,788,339‌

48,999,283‌

28,350,992‌

Unrealized depreciation on forward foreign currency contracts

35,895‌

–‌

TFP Shares, Net

–‌

69,767,885‌

–‌

Payables:

Management fees

380,546‌

385,897‌

105,147‌

Dividends

2,835,006‌

2,499,773‌

828,969‌

Interest

554,552‌

265,312‌

12,242‌

Investments purchased - regular settlement

4,601‌

4,642,685‌

–‌

Investments purchased - when-issued/delayed-delivery settlement

4,221,500‌

3,179,880‌

1,500,000‌

Unfunded senior loans

343,699‌

–‌

Accrued expenses:

Custodian fees

122,831‌

89,572‌

57,955‌

Investor relations fees

15,160‌

14,398‌

4,964‌

Trustees fees

41,270‌

14,723‌

21,347‌

Professional fees

27,079‌

27,038‌

48,573‌

Shareholder reporting expenses

21,316‌

19,511‌

8,332‌

Shareholder servicing agent fees

52‌

2,569‌

–‌

Other

1,931‌

17,961‌

606‌

Total liabilities

166,593,777‌

192,426,487‌

33,459,127‌

Commitments and contingencies

(2)

Net assets applicable to common shares

385,785,726‌

309,783,121‌

103,162,654‌

Common shares outstanding

28,125,837‌

28,755,000‌

5,476,626‌

Net asset value ("NAV") per common share outstanding

13.72‌

10.77‌

18.84‌

NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Common shares, $0.01 par value per share

281,258‌

287,550‌

54,766‌

Paid-in capital

518,232,031‌

491,003,001‌

120,600,485‌

Total distributable earnings (loss)

(132,727,563‌)

(181,507,430‌)

(17,492,597‌)

Net assets applicable to common shares

385,785,726‌

309,783,121‌

103,162,654‌

Authorized shares:

Common

Unlimited

Preferred

—

Unlimited

—

†

Long-term investments, cost

524,140,286‌

560,438,334‌

145,665,098‌

◊

Short-term investments, cost

4,401,210‌

12,152,511‌

2,113,299‌

Cash denominated in foreign currencies, cost

–‌

573,843‌

–‌

TFP Shares, unamortized net deferred offering costs

–‌

232,115‌

–‌

(1)

Consolidated Statement of Assets and Liabilities (as disclosed in Notes to Financial Statements).

(2)

As disclosed in Notes to Financial Statements.

Statement of Operations

See Notes to Financial Statements

Six Months Ended June 30, 2026 (Unaudited)

JGH

NPCT

(1)

JLS

INVESTMENT INCOME

Dividends

282,629‌

654,923‌

—‌

Interest

20,616,079‌

11,257,682‌

5,295,496‌

Rehypothecation income

—‌

121‌

Tax withheld

—‌

(4,187‌)

—‌

Total investment income

20,898,708‌

11,908,418‌

5,295,617‌

EXPENSES

–

Management fees

2,296,398‌

2,356,199‌

642,476‌

Shareholder servicing agent fees

327‌

301‌

455‌

Interest expense and amortization of offering costs #

3,578,472‌

4,141,395‌

755,844‌

Trustees fees

17,199‌

21,139‌

4,295‌

Custodian expenses

42,093‌

33,109‌

19,005‌

Investor relations expenses

69,090‌

70,297‌

26,293‌

Professional fees

72,336‌

49,603‌

58,929‌

Shareholder reporting expenses

22,568‌

24,561‌

14,559‌

Stock exchange listing fees

4,350‌

4,449‌

3,772‌

Other

7,771‌

12,367‌

6,003‌

Total expenses before expense reimbursement

6,110,604‌

6,713,420‌

1,531,631‌

Expense reimbursement

(6,245‌)

—‌

Net expenses

6,104,359‌

6,713,420‌

1,531,631‌

Net investment income (loss)

14,794,349‌

5,194,998‌

3,763,986‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(152,201‌)

(5,695,059‌)

201,907‌

Affiliated investments

(99,600‌)

—‌

Forward foreign currency contracts

209,642‌

16,991‌

—‌

Swap contracts

—‌

435,185‌

—‌

Foreign currency transactions

(8,632‌)

159,332‌

—‌

Net realized gain (loss)

(50,791‌)

(5,083,551‌)

201,907‌

Change in unrealized appreciation (depreciation) on:

Investments

832,317‌

4,442,883‌

(1,706,298‌)

Affiliated investments

(18,600‌)

—‌

Forward foreign currency contracts

112,272‌

103,358‌

—‌

Swap contracts

—‌

(1‌)

—‌

Foreign currency translations

(7,599‌)

(33,121‌)

—‌

Net change in unrealized appreciation (depreciation)

918,390‌

4,513,119‌

(1,706,298‌)

Net realized and unrealized gain (loss)

867,599‌

(570,432‌)

(1,504,391‌)

Net increase (decrease) in net assets applicable to common shares from operations

15,661,948‌

4,624,566‌

2,259,595‌

# SUPPLEMENTAL INFORMATION FOR DEBT TRANSACTIONS

JGH

NPCT

(1)

JLS

Aggregate amount of debt outstanding

157,500,000‌

181,320,000‌

30,657,000‌

Aggregate average interest rate

4.55%

4.52%

4.94%

(1)

Consolidated Statement of Operations (as disclosed in Notes to Financial Statements).

Statement of Cash Flows

See Notes to Financial Statements

Six Months Ended June 30, 2026 (Unaudited)

JGH

NPCT

(1)

JLS

CASH FLOWS FROM OPERATING ACTIVITIES

Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations

15,661,948‌

4,624,566‌

2,259,595‌

Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from

operations to net cash provided by (used in) operating activities:

Purchases of investments

(168,511,776‌)

(68,131,378‌)

(19,785,894‌)

Proceeds from sale and maturities of investments

170,846,479‌

75,724,791‌

17,537,646‌

Proceeds from (Purchase of) short-term investments, net

10,898,790‌

1,672,489‌

1,502,889‌

Proceeds from (Purchase of) closed foreign currency spot transactions

1,729‌

9,362‌

—‌

Proceeds from litigation settlement

4,227‌

—‌

Premiums received (paid) for credit default swaps contracts

—‌

4,251‌

—‌

Amortization (Accretion) of premiums and discounts, net

(338,588‌)

721,305‌

(51,090‌)

Amortization of deferred offering costs

—‌

16,826‌

—‌

(Increase) Decrease in:

Receivable for dividends

21,251‌

24,503‌

—‌

Receivable for interest

(325,968‌)

(177,828‌)

(9,388‌)

Receivable for reclaims

(3,676‌)

(15,296‌)

—‌

Receivable for investments sold

(5,300,749‌)

(5,934,444‌)

—‌

Receivable for reimbursement from Adviser

1,138‌

—‌

Other assets

(33,399‌)

8,886‌

(3,013‌)

Increase (Decrease) in:

Payable for interest

382,271‌

(70,384‌)

(5,910‌)

Payable for investments purchased - regular settlement

2,633‌

4,642,685‌

—‌

Payable for investments purchased - when-issued/delayed-delivery settlement

(6,133,176‌)

3,179,880‌

1,500,000‌

Payable for unfunded loan commitments

343,699‌

—‌

Payable for management fees

(4,750‌)

(24,022‌)

(5,683‌)

Accrued custodian fees

39,416‌

29,330‌

18,913‌

Accrued investor relations fees

6,911‌

10,379‌

4,964‌

Accrued Trustees fees

573‌

10,320‌

(3,693‌)

Accrued professional fees

27,079‌

27,038‌

8,026‌

Accrued shareholder reporting expenses

(3,880‌)

(1,993‌)

(35‌)

Accrued shareholder servicing agent fees

(110‌)

72‌

(393‌)

Accrued other expenses

(323,697‌)

3,343‌

404‌

Net realized (gain) loss from investments

152,201‌

5,695,059‌

(201,907‌)

Net realized (gain) loss from affiliated investments

99,600‌

—‌

Net realized (gain) loss from foreign currency transactions

8,632‌

(159,332‌)

—‌

Net realized (gain) loss from paydowns

4,699‌

159,882‌

(43,737‌)

Net change in unrealized (appreciation) depreciation of investments

(832,317‌)

(4,442,883‌)

1,706,298‌

Net change in unrealized (appreciation) depreciation of affiliated investments

18,600‌

—‌

Net change in unrealized (appreciation) depreciation of forward foreign currency

(112,272‌)

(103,358‌)

—‌

Net change in unrealized (appreciation) depreciation of swap contracts

—‌

1‌

—‌

Net change in unrealized (appreciation) depreciation on foreign currency translations

7,599‌

33,121‌

—‌

Net cash provided by (used in) operating activities

16,605,117‌

17,537,171‌

4,427,992‌

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from reverse repurchase agreements

—‌

245,390,676‌

421,000‌

(Repayments of) reverse repurchase agreements

—‌

(245,390,676‌)

(421,000‌)

Increase (Decrease) in:

Cash overdraft

(1,973,978‌)

(2,301,443‌)

(212,365‌)

Cash distributions paid to common shareholders

(14,631,139‌)

(14,307,525‌)

(4,215,004‌)

Net cash provided by (used in) financing activities

(16,605,117‌)

(16,608,968‌)

(4,427,369‌)

Net increase (decrease) in cash, cash denominated in foreign currencies and cash collateral at brokers

–‌

928,203‌

623‌

Cash, cash denominated in foreign currencies and cash collateral at brokers at the beginning of period

—‌

2,679,450‌

—‌

Cash, cash denominated in foreign currencies and cash collateral at brokers at the end of period

—‌

3,607,653‌

623‌

(1)

Consolidated Statement of Cash Flows (as disclosed in Notes to Financial Statements).

Financial Highlights

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

Investment Operations

Less Distributions to

Common Shareholders

Common Share

Common

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

Price,

End of

Period

JGH

6/30/26

(d)

13.78

0.53

0.03

0.56

(0.62)

—

(0.62)

13.72

12.73

12/31/25

13.84

1.11

0.07

1.18

(1.16)

—

(0.08)

(1.24)

13.78

12.61

12/31/24

13.37

0.99

0.72

1.71

(1.13)

—

(0.11)

(1.24)

13.84

12.84

12/31/23

12.79

0.82

1.00

1.82

(0.95)

—

(0.29)

(1.24)

13.37

12.20

12/31/22

16.63

0.95

(3.43)

(2.48)

(0.99)

—

(0.37)

(1.36)

12.79

11.25

12/31/21

16.97

1.04

(0.08)

0.96

(0.98)

—

(0.32)

(1.30)

16.63

15.88

NPCT

(f)

6/30/26

(d)

11.20

0.18

(0.03)

0.15

(0.58)

—

(0.58)

10.77

10.13

12/31/25

11.64

0.46

0.44

0.90

(0.49)

—

(0.85)

(1.34)

11.20

10.18

12/31/24

11.94

0.49

0.98

(0.60)

—

(0.68)

(1.28)

11.64

10.51

12/31/23

12.27

0.38

0.33

0.71

(0.45)

—

(0.59)

(1.04)

11.94

10.08

12/31/22

19.66

0.67

(6.83)

(6.16)

(0.78)

—

(0.45)

(1.23)

12.27

10.36

12/31/21

(g)

20.00

0.31

0.07

0.38

(0.36)

(0.03)

(0.33)

(0.72)

19.66

18.30

(a)

Based on average shares outstanding.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last

distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The

actual reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different

from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at

the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the

following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place

over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the

calculation. Total returns are not annualized.

See Notes to Financial Statements.

Ratios of Interest

Expense

to Average Net

Assets Applicable

to Common Shares

JGH

6/30/26

(d)

1.87

(e)

12/31/25

2.04

12/31/24

2.41

12/31/23

2.46

12/31/22

1.04

12/31/21

0.35

NPCT

6/30/26

(d)

2.6

(e)

12/31/25

2.81

12/31/24

3.36

12/31/23

3.77

12/31/22

1.33

12/31/21

0.18

(e)

Common Share Supplemental Data/

Ratios Applicable to Common Shares

Common Share

Total Returns

Ratios to Average

Net Assets

Based

Net Asset

Value

(b)

Based

Price

(b)

Net

Assets,

End of

Period (000)

Expenses

(c)

Net

Investment

Income

(Loss)

(c)

Portfolio

Turnover

Rate

4.09‌

5.99‌

385,786

3.20‌

(e)

7.75‌

(e)

32‌

8.94‌

8.01‌

387,590

3.37‌

8.09‌

58‌

13.39‌

15.87‌

320,863

3.73‌

7.29‌

93‌

15.15‌

20.80‌

309,940

3.82‌

6.43‌

35‌

(15.10‌)

(21.07‌)

296,494

2.43‌

6.82‌

26‌

5.82‌

10.84‌

385,474

1.68‌

6.16‌

87‌

1.41‌

5.30‌

309,783

4.28‌

(e)

3.31‌

(e)

13‌

8.15‌

9.62‌

321,966

4.43‌

4.09‌

21‌

8.44‌

17.15‌

334,831

5.08‌

4.08‌

27‌

6.21‌

7.77‌

343,345

5.50‌

3.27‌

11‌

(31.89‌)

(37.45‌)

352,717

2.95‌

4.61‌

10‌

1.90‌

(4.96‌)

565,276

1.47‌

(e)

2.28‌

(e)

17‌

(c)

• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse

repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase

agreements (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates

issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as

follows:

(d)

Unaudited.

(e)

Annualized.

(f)

Consolidated Financial Highlights (as disclosed in Notes to Financial Statements).

(g)

For the period April 27, 2021 (commencement of operations) through December 31, 2021.

Financial Highlights (continued)

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

Investment Operations

Less Distributions to

Common Shareholders

Common Share

Common

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

Discount

Per

Repurchased

and Retired

Net Asset

Value,

End of

Period

Price,

End of

Period

JLS

6/30/26

(d)

19.35

0.69

(0.28)

0.41

(0.92)

—

(0.92)

—

18.84

17.48

12/31/25

19.45

1.57

0.17

1.74

(1.65)

—

(0.19)

(1.84)

—

19.35

18.19

12/31/24

18.78

1.76

0.69

2.45

(1.78)

—

(1.78)

—

19.45

18.00

12/31/23

18.86

1.51

(0.02)

1.49

(1.57)

—

(1.57)

—

18.78

16.88

12/31/22

22.19

1.12

(3.38)

(2.26)

(0.86)

—

(0.20)

(1.06)

(0.01)

18.86

16.18

12/31/21

22.17

0.83

0.16

0.99

(0.85)

—

(0.12)

(0.97)

—

22.19

20.96