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Portfolio of Investments October 31, 2025
JQC
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 157.7% (96.0% of Total Investments)
ASSET-BACKED SECURITIES - 8.1% (4.9% of Total Investments)
–
$
4,500,000
(a),(b)
AIMCO CLO 10 Ltd, Series 2019 10A, (TSFR3M + 4.250%)
8.107
%
07/22/37
$
4,526,100
1,500,000
(a),(b)
Allegany Park CLO Ltd, Series 2019 1A, (TSFR3M + 6.400%)
10.284
01/20/35
1,493,496
1,500,000
(a),(b)
Allegro CLO XIII Ltd, Series 2021 1A, (TSFR3M + 6.300%)
10.184
07/20/38
1,504,992
750,000
(a),(b)
Ares LXIII CLO Ltd, Series 2022 63A, (TSFR3M + 6.000%)
10.283
10/15/38
752,779
1,000,000
(a),(b)
Ares XXXIV CLO Ltd, Series 2015 2A, (TSFR3M + 5.500%)
9.382
07/17/38
1,007,603
2,250,000
(a),(b)
Carlyle US CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +
3.100%)
6.958
07/25/36
2,262,800
963,000
(a),(b)
Carlyle US CLO 2022-4 Ltd, Series 2022 4A, (TSFR3M +
6.750%)
11.376
07/25/36
973,535
1,000,000
(a),(b)
CIFC Funding 2020-I Ltd, Series 2020 1A, (TSFR3M + 6.512%)
10.416
07/15/36
1,002,535
2,500,000
(a),(b)
CIFC Funding 2021-I Ltd, Series 2021 1A, (TSFR3M + 6.000%)
9.858
07/25/37
2,513,450
1,250,000
(a),(b)
CIFC Funding 2021-IV Ltd, Series 2021 4A, (TSFR3M + 6.200%)
10.060
07/23/37
1,261,624
665,000
(a),(b)
Elmwood CLO 20 Ltd, Series 2022 7A, (TSFR3M + 6.000%)
9.882
01/17/37
664,377
6,700,000
(a),(b)
Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 6.450%)
10.334
04/18/37
6,778,403
2,000,000
(a),(b)
Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 3.600%)
7.484
04/18/37
2,012,640
1,000,000
(a),(b)
Invesco US CLO 2023-1 Ltd, Series 2023 1A, (TSFR3M +
6.900%)
10.757
04/22/37
1,002,618
4,000,000
(a),(b)
KKR CLO 32 Ltd, Series 2024 32A, (TSFR3M + 5.300%)
9.205
04/15/37
4,035,920
4,000,000
(a),(b)
KKR CLO 40 Ltd, Series E 40A, (TSFR3M + 7.250%)
11.134
10/20/34
3,906,916
5,750,000
(a),(b)
Magnetite XXXV Ltd, Series 2022 35A, (TSFR3M + 7.250%)
11.108
10/25/36
5,806,269
3,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 24 Ltd, Series 2017
24A, (TSFR3M + 7.000%)
10.884
10/19/38
3,066,456
4,000,000
(a),(b)
Neuberger Berman Loan Advisers CLO 55 Ltd, Series 2024
55A, (TSFR3M + 6.500%)
10.357
04/22/38
4,045,184
1,500,000
(a),(b)
Neuberger Berman Loan Advisers LaSalle Street Lending CLO
II Ltd, Series 2024 2A, (TSFR3M + 7.500%)
11.384
04/20/38
1,527,596
2,000,000
(a),(b)
OHA Credit Partners XV Ltd, Series 2017 15A, (TSFR3M +
4.500%)
8.384
04/20/37
2,021,782
2,500,000
(a),(b)
RAD CLO 24 Ltd, Series 2024 24A, (TSFR3M + 6.500%)
10.384
07/20/37
2,537,553
9,250,000
(a),(b)
Rad CLO 7 Ltd, Series 2020 7A, (TSFR3M + 4.150%)
8.032
04/17/36
9,259,574
1,300,000
(a),(b)
REESE PARK CLO LTD, Series 2020 1A, (TSFR3M + 6.000%)
9.905
01/15/38
1,293,400
1,500,000
(a),(b)
Sixth Street CLO XXV Ltd, Series 2024 25A, (TSFR3M + 6.000%)
9.865
07/24/37
1,521,687
TOTAL ASSET-BACKED SECURITIES
(Cost $66,354,572)
66,779,289
SHARES
DESCRIPTION
VALUE
7540822
COMMON STOCKS - 0.9% (0.6% of Total Investments)
7540822
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% (0.0% of Total
Investments)
196
(c),(d)
Belk Inc
1,568
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
1,568
CONSUMER SERVICES - 0.7% (0.4% of Total Investments)
41,905
(d)
Cengage Learning Holdings II Inc
880,005
223,142
(d)
Crown Finance US Inc
4,698,032
TOTAL CONSUMER SERVICES
5,578,037
HEALTH CARE EQUIPMENT & SERVICES - 0.0% (0.0% of Total Investments)
211,860
(c),(d)
Millennium Health LLC
19,025
198,883
(c),(d)
Millennium Health LLC
1,989
242,758
(d)
Onex Carestream Finance LP
182,068
TOTAL HEALTH CARE EQUIPMENT & SERVICES
203,082
MATERIALS - 0.0% (0.0% of Total Investments)
89
LyondellBasell Industries NV, Class A
4,132
TOTAL MATERIALS
4,132
MEDIA & ENTERTAINMENT - 0.0% (0.1% of Total Investments)
10,159
(d)
Catalina Marketing Corp
304,770
1,225
(d)
Crown Finance US Inc
25,791
TOTAL MEDIA & ENTERTAINMENT
330,561
Portfolio of Investments October 31, 2025
(continued)
JQC
2
SHARES
DESCRIPTION
VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% (0.0% of Total
Investments)
39,129
(d)
Bright Bidco BV
$
13,695
28,645
(d)
Bright Bidco BV
10,026
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
23,721
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% (0.0% of Total Investments)
1,069
(d)
EJF SIDECAR FUND, SERIES LLC
11
43,238
(d)
Riverbed Technology LLC/US
43
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
54
TELECOMMUNICATION SERVICES - 0.2% (0.1% of Total Investments)
84,538
(d)
EJF SIDECAR FUND, SERIES LLC
1,399,667
TOTAL TELECOMMUNICATION SERVICES
1,399,667
TOTAL COMMON STOCKS
(Cost $21,220,749)
7,540,822
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
254899748
CORPORATE BONDS - 30.7% (18.7% of Total Investments)
254899748
AUTOMOBILES & COMPONENTS - 0.6% (0.4% of Total Investments)
$
2,000,000
(b)
Dornoch Debt Merger Sub Inc
6.625
%
10/15/29
1,703,777
3,000,000
(e)
Ford Motor Credit Co LLC
7.200
06/10/30
3,210,939
TOTAL AUTOMOBILES & COMPONENTS
4,914,716
CAPITAL GOODS - 3.0% (1.8% of Total Investments)
5,997,000
(b)
Camelot Return Merger Sub Inc
8.750
08/01/28
5,543,725
2,000,000
(b)
Chart Industries Inc
7.500
01/01/30
2,085,802
2,000,000
(b)
EMRLD Borrower LP / Emerald Co-Issuer Inc
6.625
12/15/30
2,056,062
3,500,000
(b),(e)
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC
9.000
02/15/29
3,615,993
3,000,000
(b)
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC
6.750
04/01/32
3,079,356
2,963,000
(e)
TransDigm Inc
4.625
01/15/29
2,914,401
3,000,000
(b)
TransDigm Inc
6.000
01/15/33
3,047,649
2,000,000
(b),(e)
Windsor Holdings III LLC
8.500
06/15/30
2,111,350
TOTAL CAPITAL GOODS
24,454,338
COMMERCIAL & PROFESSIONAL SERVICES - 1.5% (0.9% of Total Investments)
3,000,000
(b),(e)
Allied Universal Holdco LLC
7.875
02/15/31
3,123,647
1,500,000
(b)
Allied Universal Holdco LLC/Allied Universal Finance Corp/
Atlas Luxco 4 Sarl
4.625
06/01/28
1,469,143
4,925,000
(b),(e)
Boost Newco Borrower LLC
7.500
01/15/31
5,232,172
2,500,000
(b),(e)
Prime Security Services Borrower LLC / Prime Finance Inc
3.375
08/31/27
2,434,661
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
12,259,623
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.3% (0.8% of Total
Investments)
3,900,000
(b),(e)
Academy Ltd
6.000
11/15/27
3,909,465
1,500,000
(b)
Carvana Co
9.000
06/01/30
1,566,556
3,945,000
(b),(e)
Michaels Cos Inc/The
7.875
05/01/29
3,461,737
1,850,000
(b)
Wand NewCo 3 Inc
7.625
01/30/32
1,933,498
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
10,871,256
CONSUMER SERVICES - 1.8% (1.1% of Total Investments)
6,617,000
(b),(e)
1011778 BC ULC / New Red Finance Inc
4.000
10/15/30
6,255,634
1,193,000
(b),(e)
1011778 BC ULC / New Red Finance Inc
3.500
02/15/29
1,149,525
3,000,000
(b),(e)
Caesars Entertainment Inc
6.500
02/15/32
3,024,981
3,500,000
(b)
Muvico LLC
15.000
02/19/29
3,788,061
500,000
(b)
Premier Entertainment Sub LLC / Premier Entertainment
Finance Corp
5.625
09/01/29
302,500
TOTAL CONSUMER SERVICES
14,520,701
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.5% (0.3% of Total Investments)
4,000,000
(b),(e)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
4.625
01/15/27
3,991,656
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
3,991,656
ENERGY - 1.8% (1.1% of Total Investments)
939,208
(b)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
939,272
5,000,000
(b),(e)
DT Midstream Inc
4.375
06/15/31
4,853,770
1,000,000
(b)
eG Global Finance PLC
12.000
11/30/28
1,095,312
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
2,000,000
(e)
Expand Energy Corp
4.750
%
02/01/32
$
1,963,358
3,201,000
(b),(e)
Hilcorp Energy I LP / Hilcorp Finance Co
6.250
11/01/28
3,206,378
1,201,000
(b),(e)
MEG Energy Corp
5.875
02/01/29
1,201,906
2,000,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
1,985,484
TOTAL ENERGY
15,245,480
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.2% (0.7% of Total Investments)
5,250,000
(e)
American Tower Corp
2.950
01/15/51
3,388,365
2,000,000
(e)
Crown Castle Inc
2.250
01/15/31
1,781,948
3,290,000
(b)
Office Properties Income Trust
9.000
03/31/29
3,344,311
2,000,000
(b)
Office Properties Income Trust
9.000
09/30/29
1,445,000
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
9,959,624
FINANCIAL SERVICES - 0.1% (0.1% of Total Investments)
1,000,000
(b),(e)
LPL Holdings Inc
4.625
11/15/27
996,782
TOTAL FINANCIAL SERVICES
996,782
HEALTH CARE EQUIPMENT & SERVICES - 1.8% (1.1% of Total Investments)
1,975,000
(b),(e)
Medline Borrower LP
3.875
04/01/29
1,918,330
5,838,730
(b)
Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)
9.000
06/30/28
6,298,530
1,285,000
(b)
Team Health Holdings Inc
8.375
06/30/28
1,298,737
5,500,000
(e)
Tenet Healthcare Corp
6.125
10/01/28
5,507,089
TOTAL HEALTH CARE EQUIPMENT & SERVICES
15,022,686
INSURANCE - 1.5% (0.9% of Total Investments)
625,000
(b),(e)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4.250
10/15/27
615,502
2,175,000
(b),(e)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750
04/15/28
2,214,489
6,000,000
(b),(e)
HUB International Ltd
7.250
06/15/30
6,263,988
3,000,000
(b)
Panther Escrow Issuer LLC
7.125
06/01/31
3,100,431
TOTAL INSURANCE
12,194,410
MATERIALS - 2.5% (1.5% of Total Investments)
3,500,000
(b),(e)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC
4.000
09/01/29
3,263,085
6,425,000
(e)
Ball Corp
6.000
06/15/29
6,582,117
3,000,000
(b),(e)
Clydesdale Acquisition Holdings Inc
6.875
01/15/30
3,029,961
4,000,000
(b),(e)
Herens Holdco Sarl
4.750
05/15/28
3,376,605
5,000,000
(b),(e)
Novelis Corp
4.750
01/30/30
4,832,894
TOTAL MATERIALS
21,084,662
MEDIA & ENTERTAINMENT - 2.1% (1.3% of Total Investments)
1,500,000
(b)
Advantage Sales & Marketing Inc
6.500
11/15/28
1,289,113
7,000,000
(e)
Charter Communications Operating LLC / Charter
Communications Operating Capital
3.500
03/01/42
4,954,560
1,604,000
(b)
CSC Holdings LLC
5.500
04/15/27
1,488,327
16,897
(b)
iHeartCommunications Inc
9.125
05/01/29
15,547
5,299,000
(b),(e)
McGraw-Hill Education Inc
5.750
08/01/28
5,288,336
1,000,000
(b)
Scripps Escrow II Inc
3.875
01/15/29
904,176
1,000,000
(b)
Sinclair Television Group Inc
8.125
02/15/33
1,019,090
2,000,000
(b)
Virgin Media Secured Finance PLC
5.500
05/15/29
1,963,261
801,000
(b)
VZ Secured Financing BV
5.000
01/15/32
727,722
TOTAL MEDIA & ENTERTAINMENT
17,650,132
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5% (0.3% of Total
Investments)
2,000,000
(e)
Amgen Inc
3.150
02/21/40
1,579,849
2,400,000
(b)
Bausch Health Cos Inc
5.250
02/15/31
1,617,144
1,500,000
(b),(e)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5.125
04/30/31
1,149,805
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
4,346,798
SOFTWARE & SERVICES - 1.5% (0.9% of Total Investments)
2,000,000
(b)
McAfee Corp
7.375
02/15/30
1,830,881
1,185,000
(b)
Open Text Holdings Inc
4.125
12/01/31
1,103,231
3,666,485
(b)
Rackspace Finance LLC
3.500
05/15/28
1,429,929
6,750,000
(b),(e)
Rocket Software Inc
9.000
11/28/28
6,955,728
1,500,000
(b),(e)
SS&C Technologies Inc
5.500
09/30/27
1,500,843
TOTAL SOFTWARE & SERVICES
12,820,612
Portfolio of Investments October 31, 2025
(continued)
JQC
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6% (0.3% of Total Investments)
$
1,503,000
(b),(e)
CommScope LLC
4.750
%
09/01/29
$
1,498,317
2,250,000
(b)
CommScope Technologies LLC
5.000
03/15/27
2,241,442
875,000
(b)
Viasat Inc
7.500
05/30/31
821,047
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
4,560,806
TELECOMMUNICATION SERVICES - 6.1% (3.7% of Total Investments)
1,000,000
(b)
Altice France SA
6.875
07/15/32
960,094
1,298,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
1,339,419
4,654,000
EchoStar Corp
10.750
11/30/29
5,123,470
6,313,000
(b),(e)
Frontier Communications Holdings LLC
5.875
10/15/27
6,308,142
2,000,000
(e)
Frontier Communications Holdings LLC
5.875
11/01/29
2,022,906
1,978,000
(b),(e)
Frontier Communications Holdings LLC
6.000
01/15/30
2,005,773
1,500,000
(b)
Frontier Communications Holdings LLC
8.625
03/15/31
1,583,526
1,500,000
(b),(e)
Holdco II SAS
7.000
10/15/28
1,522,351
1,000,000
(b)
Level 3 Financing Inc
4.875
06/15/29
956,250
3,250,000
(b)
Level 3 Financing Inc
4.000
04/15/31
2,900,625
1,000,000
(b)
Lumen Technologies Inc
10.000
10/15/32
1,010,000
220,000
(b)
Telesat Canada / Telesat LLC
5.625
12/06/26
167,200
4,000,000
(e)
T-Mobile USA Inc
3.500
04/15/31
3,803,459
5,180,000
(b),(e)
Vmed O2 UK Financing I PLC
4.250
01/31/31
4,729,329
9,838,514
(b)
Zayo Group Holdings Inc
9.250
03/09/30
9,354,853
6,995,000
(b)
Ziggo BV
4.875
01/15/30
6,602,227
TOTAL TELECOMMUNICATION SERVICES
50,389,624
TRANSPORTATION - 0.4% (0.3% of Total Investments)
1,975,000
(e)
Delta Air Lines Inc
3.750
10/28/29
1,915,920
1,623,000
(b),(e)
United Airlines Inc
4.625
04/15/29
1,607,453
TOTAL TRANSPORTATION
3,523,373
UTILITIES - 1.9% (1.2% of Total Investments)
1,940,000
(e)
Pacific Gas and Electric Co
4.550
07/01/30
1,927,677
2,000,000
(e)
Pacific Gas and Electric Co
4.500
07/01/40
1,738,629
6,318,000
(e)
PG&E Corp
5.000
07/01/28
6,273,948
3,000,000
(e)
PG&E Corp
5.250
07/01/30
2,968,816
3,000,000
(b)
Talen Energy Supply LLC
8.625
06/01/30
3,183,399
TOTAL UTILITIES
16,092,469
TOTAL CORPORATE BONDS
(Cost $245,209,045)
254,899,748
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
978821717
VARIABLE RATE SENIOR LOAN INTERESTS - 118.0% (71.8% of Total Investments)
978821717
AUTOMOBILES & COMPONENTS - 0.9% (0.5% of Total Investments)
3,897,790
(a)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6.465
05/06/30
3,903,891
1,875,000
(a)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6.715
01/28/32
1,883,203
1,524,103
(a)
DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%)
7.829
10/04/28
1,503,840
TOTAL AUTOMOBILES & COMPONENTS
7,290,934
CAPITAL GOODS - 10.6% (6.5% of Total Investments)
6,002,880
(a),(f)
ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)
8.513
05/17/28
5,262,515
80,769
(a),(g)
Air Comm Corporation, LLC, Delayed Draw Term Loan
1.000
12/11/31
80,972
1,661,029
(a)
Air Comm Corporation, LLC, Term Loan, (TSFR1M + TSFR3M +
2.750%)
6.727
12/11/31
1,665,190
1,658,665
(a)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.750%)
6.715
01/27/32
1,660,050
1,635,491
(a),(f)
Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)
8.796
08/01/30
1,451,498
2,240,000
(a)
Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)
6.227
07/09/32
2,252,880
5,577,609
(a)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.000%)
6.965
09/08/32
5,602,011
1,103,624
(a)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6.476
03/18/30
1,109,832
701,519
(a)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7.829
05/17/28
420,912
7,588,537
(a)
Core & Main LP, Term Loan B, (TSFR1M + 2.000%)
5.991
07/27/28
7,602,766
582,503
(a)
Cornerstone Building Brands, Inc., Term Loan, (TSFR1M +
5.625%)
9.657
08/01/28
538,815
2,690,244
(a)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7.482
04/12/28
2,470,909
3,053,000
(a)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
9.215
07/08/30
3,021,707
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS
(continued)
$
750,000
(a)
DG Investment Intermediate Holdings 2, Inc., Term Loan,
(TSFR1M + 3.750%)
7.715
%
07/12/32
$
752,816
1,602,400
(a)
Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)
5.715
06/04/31
1,603,474
1,312,000
(a)
Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +
2.750%)
6.753
09/24/32
1,315,693
430,931
(a),(g)
Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M
+ 1.750%)
3.714
02/26/32
432,659
4,557,543
(a)
Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +
2.500%)
6.621
02/26/32
4,575,819
345,958
(c)
Kloeckner Pentaplast
13.991
11/07/25
308,456
1,973,059
(a)
Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)
6.702
06/21/28
1,979,175
669,593
(a)
Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +
2.500%)
6.468
09/26/31
673,500
1,340,936
(a)
Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)
8.447
10/15/29
1,032,856
661,000
(a),(f)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
9.545
10/15/29
674,220
1,253,769
(a)
Oscar AcquisitionCo, LLC, Term Loan B, (TSFR3M + 4.250%)
8.252
04/30/29
1,133,093
1,220,323
(a)
PINNACLE BUYER LLC, (CME Term SOFR 1 Month + 2.500%)
6.485
10/01/32
1,227,187
234,677
(a),(g)
Pinnacle Buyer LLC, Delayed Draw Term Loan
0.000
10/01/32
235,997
2,138,255
(a)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
6.215
01/31/32
2,143,269
9,013,797
(a)
Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)
6.215
04/14/31
9,038,359
1,167,333
(a)
QXO Inc, Term Loan B, (TSFR1M + 3.000%)
6.965
04/30/32
1,170,754
1,905,000
(a)
Resideo Funding Inc., Incremental Term Loan, (TSFR3M +
2.000%)
6.038
08/13/32
1,905,000
1,051,494
(a)
Titan Acquisition Limited, Term Loan B, (TSFR3M + TSFR6M +
3.750%)
7.590
02/15/29
1,056,215
7,525,898
(a)
TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 3.000%)
7.197
04/30/30
7,580,800
1,224,630
(a)
TransDigm, Inc., Term Loan, (TSFR3M + 2.500%)
6.502
01/20/32
1,226,816
7,044,655
(a)
TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)
6.502
02/28/31
7,062,161
1,915,850
(a)
TransDigm, Inc., Term Loan K, (TSFR3M + 2.250%)
6.252
03/22/30
1,919,566
5,162,000
(a)
TransDigm, Inc., Term Loan M, (TSFR3M + 2.500%)
6.502
08/19/32
5,169,588
619,188
(a)
Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)
7.829
11/20/28
621,897
TOTAL CAPITAL GOODS
87,979,427
COMMERCIAL & PROFESSIONAL SERVICES - 6.9% (4.2% of Total Investments)
6,875,000
(a)
Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)
7.315
08/20/32
6,910,647
1,164,000
(a)
Amentum Government Services Holdings LLC, Term Loan B,
(TSFR1M + 2.250%)
6.215
09/29/31
1,165,164
1,598,363
(a)
Anticimex International AB, Term Loan B1, (SOFR90A +
3.400%)
7.760
11/16/28
1,607,634
1,364,109
(a)
Anticimex International AB, Term Loan B6, (SOFR90A +
3.400%)
7.760
11/16/28
1,372,853
169,138
(a),(g)
Archkey Solutions LLC, Delayed Draw Term Loan B
4.250
11/03/31
170,639
1,458,542
(a)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)
8.252
11/03/31
1,471,486
3,335,395
(a)
Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M
+ 2.500%)
6.465
10/01/31
3,343,967
2,797,349
(a)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
6.840
08/01/29
2,811,699
9,090,307
(a)
Garda World Security Corporation, Term Loan B, (TSFR1M +
3.000%)
7.048
02/01/29
9,107,351
800,000
(a)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.671
03/03/32
801,400
1,555,352
(a)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.500%)
6.359
07/25/30
1,558,393
1,657,000
(a)
Openlane Inc, Term Loan B, (TSFR1M + 2.500%)
6.588
10/08/32
1,661,142
940,000
(a),(h)
Prime Security Services Borrower LLC, (TBD)
TBD
TBD
935,887
1,338,651
(a)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR6M + 2.000%)
6.129
10/15/30
1,337,941
485,000
(a)
Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +
2.250%)
6.265
01/15/31
484,697
2,160,607
(a)
Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)
6.281
11/30/28
2,164,388
167,247
(a)
Reworld Holding Corp, Term Loan C, (TSFR1M + 2.250%)
6.281
11/30/28
167,540
9,942,000
(a)
United States, (CME Term SOFR 1 Month + 3.000%)
0.000
10/07/32
9,920,674
1,882,883
(a)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
8.090
04/12/27
836,010
7,431,370
(a)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6.829
03/27/28
7,449,020
Portfolio of Investments October 31, 2025
(continued)
JQC
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL & PROFESSIONAL SERVICES
(continued)
$
1,712,700
(a)
XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%)
7.502
%
06/24/31
$
1,714,841
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
56,993,373
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.6% (2.2% of Total
Investments)
378,438
(a)
Academy, Ltd., Term Loan, (TSFR1M + 3.750%)
7.999
11/08/27
379,541
2,621,570
(a)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)
6.492
10/16/31
2,637,692
4,538,737
(a)
CNT Holdings I Corp, Term Loan, (TSFR3M + 2.250%)
6.090
11/08/32
4,551,763
712,963
(a)
Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)
7.002
06/17/31
706,903
1,118,700
(a)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)
6.502
06/09/31
1,121,760
685,251
(a)
Kodiak Building Partners Inc., Term Loan B, (TSFR3M + 3.750%)
7.752
12/04/31
681,948
2,218,692
(a),(f)
LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +
3.750%)
7.881
06/06/31
2,148,437
1,047,792
(a)
Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M +
2.500%)
6.582
04/23/31
1,044,518
4,987,155
(a)
Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)
8.513
04/17/28
4,783,206
482,249
(a)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.465
03/27/31
484,445
750,000
(a)
Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)
8.485
03/17/31
753,750
1,122,000
(a)
Petco Health and Wellness Company, Inc., Term Loan B,
(TSFR3M + 3.250%)
7.513
03/06/28
1,108,031
2,004,000
(a)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
8.031
08/18/32
1,978,950
2,707,777
(a)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6.579
10/20/28
2,636,143
3,445,785
(a)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.465
01/30/31
3,442,080
1,153,350
(a)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
7.215
10/29/29
1,157,485
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
29,616,652
CONSUMER DURABLES & APPAREL - 3.7% (2.2% of Total Investments)
3,547,030
(a)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
6.215
12/21/28
3,549,583
7,948,562
(a)
AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M +
3.000%)
7.129
07/31/28
7,974,872
7,169,479
(a)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6.579
05/30/28
7,199,842
6,196
(a)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11.616
06/29/28
5,840
1,741,669
(a)
Somnigroup International Inc, Term Loan B, (TSFR1M +
2.250%)
6.215
10/24/31
1,753,643
2,613,524
(a)
Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M +
3.000%)
6.965
03/18/30
2,598,379
1,740,637
(a)
Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)
7.026
08/26/31
1,746,730
4,230,000
(a)
Weber-Stephen Products LLC, Term Loan B, (TSFR3M +
3.750%)
7.735
10/01/32
4,223,845
1,506,225
(a)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)
8.704
02/20/32
1,509,990
TOTAL CONSUMER DURABLES & APPAREL
30,562,724
CONSUMER SERVICES - 12.0% (7.3% of Total Investments)
9,148,616
(a)
101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M
+ 1.750%)
5.715
09/23/30
9,134,756
814,739
(a)
Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M
+ 2.000%)
5.912
06/11/31
805,573
1,620,069
(a)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6.465
05/31/30
1,627,164
3,472,518
(a)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6.465
08/17/28
3,489,880
3,780,600
(a)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
6.215
02/06/30
3,762,094
1,908,437
(a)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
6.215
02/06/31
1,895,317
1,115,860
(a)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
6.715
01/31/31
1,097,382
1,445,000
(a)
Catawba Nation Gaming Authority, Term Loan B, (TSFR1M +
4.750%)
8.715
03/29/32
1,478,871
3,238,380
(a)
Churchill Downs Incorporated, Incremental Term Loan B1,
(TSFR1M + 1.750%)
5.715
03/17/28
3,242,428
3,685,000
(a)
Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 2.000%)
6.002
09/19/31
3,695,355
2,791,271
(a)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TSFR3M + 3.675%)
7.677
06/25/29
2,815,709
10,277,303
(a)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
7.215
01/29/29
10,279,924
9,825,000
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
5.752
11/29/30
9,797,981
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES
(continued)
$
1,870,312
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
6.002
%
06/04/32
$
1,864,075
1,606,049
(a)
GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)
6.358
07/28/31
1,610,522
3,075,270
(a)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029),
(SOFR90A + 2.250%)
6.370
10/31/29
3,080,329
748,125
(a)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 3.250%)
7.215
05/27/32
752,733
3,231,412
(a)
Hilton Domestic Operating Company, Inc., Term Loan B4,
(TSFR1M + 1.750%)
5.741
11/08/30
3,243,239
1,236,997
(a)
Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +
2.000%)
5.965
08/02/28
1,235,970
10,082,219
(a)
IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%)
6.465
12/15/27
10,107,626
4,620,383
(a)
Light and Wonder International, Inc., Term Loan B2, (TSFR1M +
2.250%)
6.287
04/16/29
4,640,597
2,309,212
(a),(f)
Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)
7.502
11/30/29
2,007,779
2,588,410
(a)
PG Investment Company 59 S.a r.l., Term Loan B, (TSFR1M +
2.750%)
6.715
03/24/31
2,601,676
6,262,731
(a)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
6.934
04/04/29
6,196,972
2,982,210
(a)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
5.965
12/04/31
2,979,422
6,037,458
(a)
Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)
8.393
03/06/28
5,068,234
761,093
(a)
TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)
6.038
11/21/31
763,654
TOTAL CONSUMER SERVICES
99,275,262
ENERGY - 1.5% (0.9% of Total Investments)
2,159,499
(a)
EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)
7.699
02/07/28
2,174,571
928,506
(a)
Epic Crude Services, LP, Term Loan B, (TSFR3M + 2.500%)
6.340
10/15/31
934,063
3,596,098
(a)
Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M +
3.000%)
7.146
11/16/26
3,618,574
1,297,000
(a),(h)
New Fortress Energy Inc, (TBD)
TBD
TBD
596,620
2,880,364
(a)
Oryx Midstream Services Permian Basin LLC, Term Loan B,
(TSFR1M + 2.250%)
6.227
10/05/28
2,890,993
2,452,849
(a)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.500%)
6.465
11/17/28
2,459,558
TOTAL ENERGY
12,674,379
FINANCIAL SERVICES - 1.7% (1.0% of Total Investments)
748,116
(a)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
6.715
07/30/31
750,315
674,606
(a)
AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%)
6.965
08/02/28
676,187
409,556
(a)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M
+ 3.500%)
7.465
12/15/28
412,554
1,810,000
(a)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)
7.308
09/13/32
1,822,064
3,335,000
(a)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
5.870
07/30/32
3,324,278
1,368,125
(a)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 3.250%)
7.447
01/27/32
1,373,543
3,020,507
(a),(c),(i)
Ditech Holding Corporation, Term Loan
0.000
06/30/27
302
534,788
(a)
Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,
(TSFR1M + 3.000%)
6.965
03/24/31
536,569
833,000
(a)
Orion US Finco Inc., First Lien Term Loan, (TSFR3M + 3.500%)
7.427
10/12/32
838,015
1,478,261
(a)
Priority Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7.715
07/30/32
1,480,848
2,885,171
(a)
Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%)
5.715
06/24/31
2,887,421
TOTAL FINANCIAL SERVICES
14,102,096
FOOD, BEVERAGE & TOBACCO - 2.3% (1.4% of Total Investments)
525,673
(a),(f)
B&G Foods, Inc., Term Loan B, (TSFR1M + 3.500%)
7.465
10/10/29
504,909
1,688,178
(a)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
7.079
12/08/28
1,698,730
947,747
(a)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 11.198%, PIK 6.000%)
11.198
09/30/30
388,576
216,909
(a)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)
11.198
09/30/30
186,542
3,090,000
(a),(f)
Froneri Lux Finco Sarl, Term Loan, (TSFR6M + 2.500%)
6.372
09/30/32
3,092,101
1,905,425
(a)
Froneri Lux Finco Sarl, Term Loan B4, (TSFR6M + 2.000%)
6.197
09/30/31
1,894,326
1,422,000
(a)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9.502
01/24/29
1,436,028
3,980,242
(a)
Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)
6.762
07/12/29
4,010,094
64,655
(a),(g)
Sauer Brands Inc, Delayed Draw Term Loan
3.000
02/19/32
65,005
683,632
(a)
Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)
6.840
02/19/32
687,333
Portfolio of Investments October 31, 2025
(continued)
JQC
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FOOD, BEVERAGE & TOBACCO
(continued)
$
1,510,913
(a)
Sycamore Buyer LLC, Term Loan B, (TSFR1M + 2.250%)
6.265
%
05/21/32
$
1,517,214
3,252,983
(a)
Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)
6.252
03/31/28
3,265,263
TOTAL FOOD, BEVERAGE & TOBACCO
18,746,121
HEALTH CARE EQUIPMENT & SERVICES - 14.7% (9.0% of Total Investments)
1,004,410
(a)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
9.715
12/23/27
971,139
4,319,445
(a)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)
6.215
09/20/32
4,341,733
2,940,253
(a)
Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)
8.215
01/15/31
2,962,305
5,527,249
(a)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
8.102
10/01/27
5,485,795
12,519,962
(a)
Global Medical Response, Inc., Term Loan B, (TSFR3M +
3.500%)
7.384
09/20/32
12,587,445
1,906,644
(a),(f)
LifePoint Health, Inc., First Lien Term Loan B, (TSFR1M +
TSFR3M + 3.750%)
7.718
05/19/31
1,910,305
2,893,558
(a)
MedAssets Software Intermediate Holdings, Inc., First Out Term
Loan, (TSFR3M + 4.000%)
8.003
12/18/28
2,786,496
3,126,941
(a)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7.440
11/01/28
2,345,206
21,975,256
(a),(f)
Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)
5.965
10/23/28
22,017,339
4,301,662
(a)
National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M
+ 3.750%)
7.833
03/02/28
4,189,302
147,516
(a)
National Mentor Holdings, Inc., Term Loan C, (TSFR3M +
3.750%)
7.852
03/02/28
143,663
1,714,000
(a)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.750%)
7.590
08/06/32
1,724,250
3,860,000
(a)
Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)
6.902
04/23/32
3,881,114
531,917
(a)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)
6.537
03/17/31
533,598
14,569,658
(a),(e),(f)
Parexel International Corporation, Term Loan B, (TSFR1M +
2.500%)
6.465
11/15/28
14,626,188
10,355,132
(a)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6.465
02/21/31
10,398,313
3,947,000
(a)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8.502
06/30/32
3,946,605
2,111,954
(a)
Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)
5.965
12/03/31
2,119,873
271,024
(a)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 3.250%), (cash 9.763%, PIK 1.000%)
5.382
06/28/28
281,867
3,420,748
(a)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 2.500%), (cash 7.763%, PIK 1.500%)
4.632
06/28/28
3,286,073
1,572,020
(a)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
8.002
09/30/30
1,576,579
11,713,830
(a)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.465
12/19/30
11,757,991
6,034,875
(a)
Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)
8.340
06/30/28
6,053,311
2,316,098
(a)
Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)
7.965
10/29/31
2,317,789
TOTAL HEALTH CARE EQUIPMENT & SERVICES
122,244,279
HOUSEHOLD & PERSONAL PRODUCTS - 0.1% (0.1% of Total Investments)
1,169,922
(a)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
7.763
05/16/28
1,173,912
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
1,173,912
INSURANCE - 10.4% (6.3% of Total Investments)
11,107,923
(a)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
6.965
11/06/30
11,114,865
3,570,000
(a)
Alera Group, Inc., Term Loan, (TSFR1M + 3.250%)
7.215
05/28/32
3,592,152
9,921,641
(a)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.465
09/19/31
9,923,328
2,014,775
(a)
AmWINS Group, Inc., Term Loan B, (TSFR3M + 2.250%)
6.252
01/30/32
2,019,671
6,337,000
(a),(f)
Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)
9.329
02/03/28
6,225,120
165,040
(a)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8.327
08/21/28
165,790
5,437,287
(a)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
8.215
09/19/30
5,422,579
7,158,325
(a)
Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)
7.329
07/30/27
7,168,418
13,529,287
(a)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)
6.715
06/16/31
13,576,098
7,097,645
(a)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
6.120
06/20/30
7,128,981
238,820
(a)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
5.965
09/15/31
239,493
4,135,375
(a)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.465
07/31/31
4,139,118
2,750,000
(a)
Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +
3.250%)
7.215
06/17/32
2,763,750
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE
(continued)
$
5,933,669
(a)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6.752
%
05/06/31
$
5,937,437
818,404
(a)
USI, Inc., Term Loan C, (TSFR3M + 2.250%)
6.252
09/27/30
819,828
6,353,868
(a)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
6.252
11/23/29
6,368,959
TOTAL INSURANCE
86,605,587
MATERIALS - 4.0% (2.4% of Total Investments)
456,577
(a)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
6.715
08/19/30
458,574
535,957
(a)
Berlin Packaging LLC, Term Loan B7, (TSFR1M + TSFR3M +
3.250%)
7.314
06/09/31
536,024
125,000
(a),(g)
Clydesdale Acquisition Holdings Inc, Delayed Draw Term Loan
3.250
03/29/32
124,868
819,155
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
7.140
04/13/29
819,589
7,356,562
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
7.215
03/29/32
7,348,801
0
(a)
Discovery Purchaser Corporation, Term Loan, (TSFR3M +
3.750%)
7.607
10/04/29
0
488,115
(a)
ECO Services Operations Corp, Term Loan B, (TSFR3M +
2.000%)
5.840
06/12/31
487,549
1,239,013
(a)
Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)
7.502
04/02/32
1,199,984
3,201,045
(a)
Klockner-Pentaplast of America, Inc., Term Loan B, (CME Term
SOFR 6 Month + 4.725%)
0.000
02/09/26
1,414,478
1,011,019
(a)
Lonza Group AG, Term Loan B, (TSFR3M + 3.925%)
8.027
07/03/28
901,455
5,160,047
(a)
Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)
7.036
04/03/28
5,163,272
476,558
(a)
Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)
7.162
04/03/28
476,782
441,523
(a)
Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)
7.829
08/03/26
410,136
766,966
(a)
Plaze, Inc., Term Loan B, (TSFR1M + 3.500%)
7.579
08/03/26
712,442
4,402,000
(a),(h)
Qnity Electronics Inc, (TBD)
TBD
TBD
4,410,276
1,720,000
(a)
Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +
1.750%)
5.593
09/16/32
1,726,089
531,927
(a)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7.465
04/21/31
533,515
5,964,740
(a)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
7.215
03/03/31
5,945,980
46,070
(a),(g)
USALCO, LLC, Delayed Draw Term Loan
1.000
09/30/31
46,156
443,802
(a)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7.465
09/30/31
444,635
TOTAL MATERIALS
33,160,605
MEDIA & ENTERTAINMENT - 7.5% (4.5% of Total Investments)
769,674
(a),(f)
Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +
4.250%)
8.446
10/28/27
681,108
2,498,630
(a)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
8.110
04/28/28
2,461,162
492,480
(a)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
9.048
10/31/28
485,913
6,524,768
(a)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9.360
05/14/29
6,459,520
5,613,329
(a),(f)
Altice France S.A., Term Loan B14, (TSFR3M + 6.875%)
10.860
05/15/31
5,608,333
11,086,051
(a),(f)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
11.031
01/04/29
11,127,014
935,460
(a)
Cable One, Inc., Term Loan B4, (TSFR1M + 2.000%)
6.079
05/03/28
913,832
2,177,520
(a)
Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M +
TSFR3M + 3.500%)
7.588
03/24/31
2,152,348
1,950,448
(a)
Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.250%)
6.233
05/24/30
1,953,062
4,345,965
(a)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
8.079
08/23/28
4,359,677
1,378,769
(a)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7.602
06/18/29
1,278,808
4,868,274
(a)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8.629
12/02/31
4,864,355
3,641,560
(a)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
8.500
04/15/27
3,439,034
6,043,560
(a),(f)
CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)
8.532
01/18/28
5,997,538
353,715
(a)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9.897
06/30/28
359,426
846,704
(a)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7.497
11/30/29
822,573
1,596,361
(a)
McGraw-Hill Global Education Holdings, LLC, First Lien Term
Loan B, (TSFR1M + 2.750%)
6.815
08/06/31
1,596,361
1,755,213
(a)
Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
7.198
02/10/31
1,766,596
Portfolio of Investments October 31, 2025
(continued)
JQC
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
2,159,574
(a)
Sinclair Television Group Inc., Term Loan B6, (TSFR3M +
3.300%)
7.402
%
12/31/29
$
1,973,991
217,000
(a)
Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)
7.052
03/31/31
212,815
3,819,355
(a)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
7.173
12/11/28
3,520,987
TOTAL MEDIA & ENTERTAINMENT
62,034,453
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9% (1.2% of Total
Investments)
5,497,000
(a),(h)
1261229 BC Ltd, (TBD)
TBD
TBD
5,472,978
750,000
(a)
Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)
7.465
08/02/32
757,185
7,088,231
(a)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
6.215
05/05/28
7,113,323
1,492,742
(a)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
6.241
05/19/31
1,355,126
1,139,601
(a)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
5.965
04/20/29
1,143,635
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
15,842,247
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1% (0.7% of Total Investments)
1,991,567
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M
+ 2.500%)
6.465
01/31/30
2,002,770
2,118,750
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
6.715
01/31/30
2,127,585
5,283,000
(a)
Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)
7.579
12/08/25
5,273,834
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
9,404,189
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% (0.1% of Total
Investments)
1,870,312
(a)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6.753
11/13/31
1,871,893
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
1,871,893
SOFTWARE & SERVICES - 21.8% (13.3% of Total Investments)
1,548,631
(a)
Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.750%)
6.752
02/03/31
1,555,081
5,250,000
(a)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9.329
01/22/29
5,019,945
2,947,613
(a)
Avalara, Inc, Term Loan, (TSFR3M + 2.750%)
6.735
03/29/32
2,957,207
7,765,955
(a)
Avaya, Inc., Exit Term Loan, (TSFR1M + 3.750%), (cash 11.465%,
PIK 7.500%)
5.732
08/01/28
6,836,797
2,443,875
(a)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.000%)
6.965
11/25/31
2,453,907
9,499,337
(a),(e)
Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)
6.002
01/31/31
9,534,960
10,769,977
(a)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
7.199
07/30/31
10,711,711
977,166
(a)
CCC Intelligent Solutions Inc., Term Loan, (TSFR1M + 2.000%)
5.965
01/23/32
979,306
685,000
(a)
Cloud Software Group, Inc., Term Loan B (2032), (TSFR3M +
3.250%)
7.252
08/13/32
685,805
1,978,438
(a)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
6.884
03/29/32
1,908,569
5,145,770
(a)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6.884
05/01/31
4,969,965
2,388,000
(a)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
7.185
10/09/31
2,396,215
730,000
(a)
Disco Parent, Inc., Term Loan B, (TSFR3M + 3.250%)
7.484
08/06/32
734,562
7,859,986
(a),(e)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.750%)
6.715
10/09/29
7,881,483
10,334,180
(a)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.465
05/30/31
10,368,644
2,065,393
(a)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
7.106
06/27/31
2,073,138
2,866,782
(a)
Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)
5.715
09/12/29
2,868,732
6,301,163
(a)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6.465
01/30/32
6,241,302
6,755,000
(a)
Informatica LLC, Term Loan B, (TSFR1M + 2.250%)
6.215
10/30/28
6,784,553
1,114,407
(a)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
6.590
12/08/31
1,116,218
4,179,000
(a)
Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.250%)
7.215
03/22/32
4,183,785
6,304,059
(a)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
6.965
03/01/29
6,001,969
749,430
(a)
Mitchell International, Inc., First Lien Term Loan, (TSFR1M +
3.250%)
7.215
06/17/31
750,993
6,946,131
(a),(f)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
5.715
01/31/30
6,950,056
4,215,000
(a),(h)
Peraton Corp., Term Loan B, (TBD)
TBD
TBD
3,652,213
1,492,500
(a)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
6.752
11/03/31
1,498,097
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
$
4,095,708
(a)
Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +
3.000%)
6.965
%
04/30/31
$
4,106,131
458,683
(a)
Project Alpha Intermediate Holding, Inc., First Lien Term Loan
B, (TSFR3M + 3.250%)
7.252
10/28/30
459,337
1,143,000
(a),(f)
PROOFPOINT INC, (CME Term SOFR 1 Month + 3.000%)
7.311
08/31/28
1,150,007
3,274,017
(a)
Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%)
6.965
08/31/28
3,294,087
3,475,670
(a)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
10.412
05/15/28
3,539,397
6,531,391
(a)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
6.912
05/15/28
2,969,758
2,676,037
(a)
SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)
5.965
05/09/31
2,684,961
1,707,000
(a)
Synechron Inc, Term Loan B, (TSFR1M + 3.750%)
7.715
10/03/31
1,668,592
5,682,734
(a)
Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M +
1.750%)
5.715
08/31/28
5,544,217
14,678,988
(a)
Twitter, Inc., Term Loan, (TSFR3M + 6.500%)
10.340
10/29/29
14,330,362
14,936,072
(a),(e)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.338
02/10/31
14,951,232
2,711,174
(a)
Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +
4.000%)
8.102
04/24/28
2,621,366
535,957
(a)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
6.090
04/14/31
531,937
1,315,447
(a)
World Wide Technology Holding Co. LLC, Repriced Term Loan
B, (TSFR1M + 2.000%)
5.991
03/01/30
1,321,202
2,954,000
X Corp
9.500
10/29/29
2,966,924
7,978,500
(a)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
6.715
09/28/29
7,875,139
TOTAL SOFTWARE & SERVICES
181,129,862
TECHNOLOGY HARDWARE & EQUIPMENT - 3.2% (1.9% of Total Investments)
12,118,097
(a)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
8.715
12/17/29
12,243,883
1,187,010
(a)
Delta TopCo, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.750%)
6.808
11/30/29
1,175,288
1,298,872
(a)
Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)
6.248
09/22/31
1,304,820
850,000
(a),(h)
PROJECT AURORA US FINCO, (TBD)
TBD
TBD
853,188
5,215,625
(a)
Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)
9.352
08/21/28
5,007,730
286,519
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.579
03/05/29
284,908
5,597,442
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.646
05/30/30
5,548,464
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
26,418,281
TELECOMMUNICATION SERVICES - 5.1% (3.1% of Total Investments)
1,159,267
(a)
Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)
6.215
11/24/28
1,161,347
1,694,399
(a)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8.465
09/28/29
1,689,579
3,642,483
(a),(h)
Connect Holding II LLC, (TBD)
TBD
TBD
3,354,344
581,141
(a),(c)
Cyxtera DC Holdings, Inc., Term Loan B
0.000
05/01/26
3,196
3,467,000
(a)
Digicel International Finance Limited, Term Loan B, (Prime +
5.250%)
9.492
08/09/32
3,421,929
4,198,328
(a)
Frontier Communications Corp., Term Loan B, (TSFR1M +
2.500%)
6.532
07/01/31
4,207,522
2,078,000
(a)
Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M +
3.250%)
7.215
03/29/32
2,078,000
3,666,322
(a),(f)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6.429
04/15/30
3,652,922
4,571,959
(a)
Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)
9.965
06/01/28
4,649,111
711,000
(a),(h)
Lumen Technologies, Inc., Term Loan B1, (TBD)
TBD
TBD
708,337
3,969,000
(a),(f)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
7.210
12/07/26
3,118,959
2,659,000
(a),(f)
Windstream Services LLC, (CME Term SOFR 1 Month + 4.000%)
7.965
10/06/32
2,639,058
10,504,277
(a),(f)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.500%)
7.579
03/11/30
10,056,217
1,109,050
(a)
Ziggo Financing Partnership, Term Loan I, (TSFR6M + 2.500%)
6.706
04/28/28
1,109,311
TOTAL TELECOMMUNICATION SERVICES
41,849,832
TRANSPORTATION - 2.1% (1.3% of Total Investments)
507,275
(a)
Air Canada, Term Loan B, (TSFR1M + 2.000%)
5.965
03/21/31
509,114
2,519,438
(a)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
6.134
04/20/28
2,525,170
4,240,792
(a)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.688%)
6.742
07/01/31
4,263,205
2,148,942
(a)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6.465
07/01/31
2,157,430
2,924,734
(a)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6.465
09/23/31
2,935,629
1,866,466
(a)
PODS, LLC, Term Loan B, (TSFR1M + 3.000%)
7.079
03/31/28
1,835,464
1,250,000
(a)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)
6.162
04/09/32
1,250,131
Portfolio of Investments October 31, 2025
(continued)
JQC
12
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,664,299
(a)
WestJet Loyalty LP, Term Loan B, (TSFR3M + 3.250%)
7.252
%
02/14/31
$
1,672,104
TOTAL TRANSPORTATION
17,148,247
UTILITIES - 2.7% (1.7% of Total Investments)
2,295,000
(a)
Cornerstone Generation LLC, Term Loan B, (TSFR3M + 3.250%)
7.476
10/28/31
2,318,363
1,145,242
(a)
Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +
3.500%)
7.734
05/06/32
1,155,149
81,875
(a)
Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +
3.500%)
7.734
05/06/32
82,583
1,496,203
(a)
NRG Energy, Inc., Term Loan, (TSFR1M + TSFR3M + 1.750%)
5.660
04/16/31
1,501,402
3,691,000
(a),(f)
Talen Energy Supply LLC, (CME Term SOFR 1 Month + 2.000%)
5.984
10/12/32
3,693,307
6,446,287
(a)
Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M
+ 2.500%)
6.733
12/15/31
6,464,434
7,165,910
(a)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.733
05/17/30
7,183,323
297,870
(a),(e)
Vistra Operations Company LLC, First Lien Term Loan B3,
(TSFR1M + 1.750%)
5.715
12/20/30
298,801
TOTAL UTILITIES
22,697,362
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $977,076,532)
978,821,717
SHARES
DESCRIPTION
VALUE
47
WARRANTS - 0.0% (0.0% of Total Investments)
47
MEDIA & ENTERTAINMENT - 0.0% (0.0% of Total Investments)
4,644
(c)
Tenerity Inc
47
TOTAL MEDIA & ENTERTAINMENT
47
TOTAL WARRANTS
(Cost $1,087,698)
47
TOTAL LONG-TERM INVESTMENTS
(Cost $1,310,948,596)
1,308,041,623
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS -  6.5%(4.0% of Total Investments)
INVESTMENT COMPANIES - 6.5% (4.0% of Total Investments)
–
54,251,916
BlackRock Liquidity Funds T-Fund
4.517(j)
54,251,916
TOTAL INVESTMENT COMPANIES
(Cost $54,251,916)
54,251,916
TOTAL SHORT-TERM INVESTMENTS
(Cost $54,251,916)
54,251,916
TOTAL INVESTMENTS - 164.2%
(Cost $1,365,200,512)
1,362,293,539
BORROWINGS - (25.5)% (k),(l)
(211,600,000)
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (17.2)%(m)
(142,637,698)
TFP SHARES, NET - (16.8)%(n)
(139,339,456)
OTHER ASSETS & LIABILITIES, NET -  (4.7)%
(39,259,463)
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
829,456,922
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
SOFR90A
90 Day Average Secured Overnight Financing Rate
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior
to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon
rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the
final coupon rate and maturity date.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
13
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
(a)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $260,696,683 or 19.1% of Total Investments.
(c)
For fair value measurement disclosure purposes, investment classified as Level 3.
(d)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(e)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse
repurchase agreements. As of the end of the fiscal period, investments with a value of $199,855,086 have been pledged as
collateral for reverse repurchase agreements.
(f)
Portion of investment purchased on a delayed delivery basis.
(g)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(h)
When-issued or delayed delivery security.
(i)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(j)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
(k)
Borrowings as a percentage of Total Investments is 15.5%.
(l)
The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific
investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.
(m)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 10.5%.
(n)
TFP Shares, Net as a percentage of Total Investments is 10.2%.
JQC
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
–
$
66,779,289
$
–
$
66,779,289
Common Stocks
4,132
7,514,108
22,582
7,540,822
Corporate Bonds
–
254,899,748
–
254,899,748
Variable Rate Senior Loan Interests
–
978,509,763
311,954
978,821,717
Warrants
–
–
47
47
Short-Term Investments:
Investment Companies
54,251,916
–
–
54,251,916
Total
$
54,256,048
$
1,307,702,908
$
334,583
$
1,362,293,539
Portfolio of Investments October 31, 2025
(continued)
JQC
14
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the report-
ing period, were as follows:
p
JQC
Level 3
Common Stocks
Variable Rate
Senior Loan
Interests
Warrants
Balance at the beginning of period
$23,048
$3,498
$47
Gains (losses):
Net realized gains (losses)
-
-
-
Change in net unrealized appreciation (depreciation)
(466)
(23,643)
-
Purchases at cost
-
311,310
-
Sales at proceeds
-
-
-
Net discounts (premiums)
-
20,789
-
Transfers into
-
-
-
Transfers (out of)
-
-
-
Balance at the end of period
$22,582
$311,954
$47
Change in net unrealized appreciation (depreciation) during the period of Level 3
securities held as of period end
$(466)
$(23,643)
-
Fund
Asset Class
Market Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JQC
Common Stocks
$22,582
Expected Recovery
Recovery Proceeds
$0.01-$8.00
$0.632
Variable Rate
Senior Loan
Interests
3,498
Broker-Dealer
Price Quotation(s)
Litigation Proceeds
$0.55
N/A
3,196
Enterprise Value
Acquisition Cost
$89.16
N/A
Warrants
47
Expected Recovery
Recovery Proceeds
$0.01
N/A
Total
$334,583