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Portfolio of Investments October 31, 2025
JFR
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 153.7% (95.1% of Total Investments)
ASSET-BACKED SECURITIES - 0.2% (0.1% of Total Investments)
–
$
750,000
(a),(b)
Battalion CLO XI Ltd, Series 2017 11A, (LIBOR 3 M + 7.112%)
8.034
%
04/24/34
$
687,073
2,500,000
(a),(b)
Rockford Tower CLO 2017-3 Ltd, Series 2017 3A, (LIBOR 3 M +
6.012%)
6.813
10/20/30
2,467,270
TOTAL ASSET-BACKED SECURITIES
(Cost $3,141,176)
3,154,343
SHARES
DESCRIPTION
VALUE
19638816
COMMON STOCKS - 1.4% (0.9% of Total Investments)
19638816
CAPITAL GOODS - 0.0% (0.0% of Total Investments)
4,865
(c)
TNT Crane & Rigging Inc
2,433
8,626
(c)
TNT Crane & Rigging Inc
86
TOTAL CAPITAL GOODS
2,519
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% (0.0% of Total
Investments)
749
(c),(d)
Belk Inc
5,992
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
5,992
CONSUMER SERVICES - 0.7% (0.4% of Total Investments)
1,458,756
(c)
24 Hour Fitness Worldwide Inc
14,587
57,279
(c)
Cengage Learning Holdings II Inc
1,202,859
397,307
(c)
Crown Finance US Inc
8,364,902
TOTAL CONSUMER SERVICES
9,582,348
ENERGY - 0.3% (0.2% of Total Investments)
42,689
Chord Energy Corp
3,872,746
TOTAL ENERGY
3,872,746
HEALTH CARE EQUIPMENT & SERVICES - 0.0% (0.0% of Total Investments)
167,590
(c),(d)
Millennium Health LLC
15,050
157,320
(c),(d)
Millennium Health LLC
1,573
195,344
(c)
Onex Carestream Finance LP
146,508
TOTAL HEALTH CARE EQUIPMENT & SERVICES
163,131
MATERIALS - 0.0% (0.0% of Total Investments)
80
LyondellBasell Industries NV, Class A
3,714
TOTAL MATERIALS
3,714
MEDIA & ENTERTAINMENT - 0.1% (0.1% of Total Investments)
34,846
(c)
Catalina Marketing Corp
1,045,380
2,513
(c)
Crown Finance US Inc
52,909
TOTAL MEDIA & ENTERTAINMENT
1,098,289
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% (0.0% of Total
Investments)
60,637
(c)
Bright Bidco BV
21,223
44,390
(c)
Bright Bidco BV
15,536
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
36,759
SOFTWARE & SERVICES - 0.0% (0.0% of Total Investments)
573
(c),(d)
Bloom Parent Inc
572,645
TOTAL SOFTWARE & SERVICES
572,645
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% (0.0% of Total Investments)
8,348
(c)
EJF SIDECAR FUND, SERIES LLC
83
63,304
(c)
Riverbed Technology LLC/US
64
45,085
(c)
Windstream Services PE LLC
901,700
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
901,847
TELECOMMUNICATION SERVICES - 0.2% (0.2% of Total Investments)
141,594
(c)
EJF SIDECAR FUND, SERIES LLC
2,344,324
46,534
(c)
Windstream Services PE LLC
930,680
TOTAL TELECOMMUNICATION SERVICES
3,275,004
Portfolio of Investments October 31, 2025
(continued)
JFR
2
SHARES
DESCRIPTION
VALUE
TRANSPORTATION - 0.0% (0.0% of Total Investments)
2,293
(c)
ACBL HLDG CORP
$
123,822
TOTAL TRANSPORTATION
123,822
TOTAL COMMON STOCKS
(Cost $49,006,556)
19,638,816
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
228496488
CORPORATE BONDS - 16.3% (10.1% of Total Investments)
228496488
AUTOMOBILES & COMPONENTS - 0.2% (0.1% of Total Investments)
$
3,000,000
(b)
Dornoch Debt Merger Sub Inc
6.625
%
10/15/29
2,555,665
TOTAL AUTOMOBILES & COMPONENTS
2,555,665
CAPITAL GOODS - 0.9% (0.6% of Total Investments)
9,189,000
(b)
Camelot Return Merger Sub Inc
8.750
08/01/28
8,494,461
4,537,000
TransDigm Inc
4.625
01/15/29
4,462,585
TOTAL CAPITAL GOODS
12,957,046
COMMERCIAL & PROFESSIONAL SERVICES - 0.6% (0.4% of Total Investments)
3,000,000
(b)
Boost Newco Borrower LLC
7.500
01/15/31
3,187,110
762,000
(b)
Prime Security Services Borrower LLC / Prime Finance Inc
5.750
04/15/26
763,875
4,750,000
(b)
Prime Security Services Borrower LLC / Prime Finance Inc
3.375
08/31/27
4,625,855
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
8,576,840
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% (0.3% of Total
Investments)
1,500,000
(b)
Carvana Co
9.000
06/01/30
1,566,556
6,055,000
(b)
Michaels Cos Inc/The
7.875
05/01/29
5,313,262
900,000
(b)
Wand NewCo 3 Inc
7.625
01/30/32
940,621
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
7,820,439
CONSUMER SERVICES - 1.3% (0.8% of Total Investments)
10,261,000
(b)
1011778 BC ULC / New Red Finance Inc
4.000
10/15/30
9,700,629
1,807,000
(b)
1011778 BC ULC / New Red Finance Inc
3.500
02/15/29
1,741,150
5,325,000
(b)
Muvico LLC
15.000
02/19/29
5,763,264
1,000,000
(b)
Premier Entertainment Sub LLC / Premier Entertainment
Finance Corp
5.625
09/01/29
605,000
TOTAL CONSUMER SERVICES
17,810,043
ENERGY - 0.8% (0.5% of Total Investments)
1,314,000
(b)
Borr IHC Ltd / Borr Finance LLC
10.000
11/15/28
1,314,090
1,000,000
(b)
eG Global Finance PLC
12.000
11/30/28
1,095,312
1,799,000
(b)
Hilcorp Energy I LP / Hilcorp Finance Co
6.250
11/01/28
1,802,023
1,799,000
(b)
MEG Energy Corp
5.875
02/01/29
1,800,356
6,000,000
PBF Holding Co LLC / PBF Finance Corp
6.000
02/15/28
5,956,453
TOTAL ENERGY
11,968,234
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.4% (0.9% of Total Investments)
9,750,000
American Tower Corp
2.950
01/15/51
6,292,677
5,920,000
(b)
Office Properties Income Trust
9.000
03/31/29
6,017,727
3,500,000
(b)
Office Properties Income Trust
9.000
09/30/29
2,528,750
5,000,000
(b)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6.500
02/15/29
4,679,629
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
19,518,783
HEALTH CARE EQUIPMENT & SERVICES - 1.3% (0.8% of Total Investments)
3,025,000
(b)
Medline Borrower LP
3.875
04/01/29
2,938,202
9,080,561
(b)
Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)
9.000
06/30/28
9,795,655
1,930,000
(b)
Team Health Holdings Inc
8.375
06/30/28
1,950,632
3,765,000
Tenet Healthcare Corp
6.125
10/01/28
3,769,853
TOTAL HEALTH CARE EQUIPMENT & SERVICES
18,454,342
INSURANCE - 0.2% (0.1% of Total Investments)
935,000
(b)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4.250
10/15/27
920,790
1,825,000
(b)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750
04/15/28
1,858,135
TOTAL INSURANCE
2,778,925
MATERIALS - 0.1% (0.1% of Total Investments)
1,000,000
Ball Corp
6.000
06/15/29
1,024,454
TOTAL MATERIALS
1,024,454
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT - 1.7% (1.1% of Total Investments)
$
750,000
(b)
Advantage Sales & Marketing Inc
6.500
%
11/15/28
$
644,557
13,000,000
Charter Communications Operating LLC / Charter
Communications Operating Capital
3.500
03/01/42
9,201,325
2,353,000
(b)
CSC Holdings LLC
5.500
04/15/27
2,183,312
18,647
(b)
iHeartCommunications Inc
9.125
05/01/29
17,157
5,882,000
(b)
McGraw-Hill Education Inc
5.750
08/01/28
5,870,163
1,000,000
(b)
Scripps Escrow II Inc
3.875
01/15/29
904,176
4,000,000
(b)
Sinclair Television Group Inc
8.125
02/15/33
4,076,360
1,199,000
(b)
VZ Secured Financing BV
5.000
01/15/32
1,089,311
TOTAL MEDIA & ENTERTAINMENT
23,986,361
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3% (0.2% of Total
Investments)
3,600,000
(b)
Bausch Health Cos Inc
5.250
02/15/31
2,425,716
2,650,000
(b)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5.125
04/30/31
2,031,323
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
4,457,039
SOFTWARE & SERVICES - 0.5% (0.3% of Total Investments)
4,000,000
(b)
McAfee Corp
7.375
02/15/30
3,661,762
1,000,000
(b)
Open Text Holdings Inc
4.125
12/01/31
930,996
5,518,515
(b)
Rackspace Finance LLC
3.500
05/15/28
2,152,221
1,000,000
(b)
Rocket Software Inc
9.000
11/28/28
1,030,478
TOTAL SOFTWARE & SERVICES
7,775,457
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6% (0.4% of Total Investments)
2,301,000
(b)
CommScope LLC
4.750
09/01/29
2,293,830
4,750,000
(b)
CommScope Technologies LLC
5.000
03/15/27
4,731,934
1,250,000
(b)
Viasat Inc
7.500
05/30/31
1,172,925
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
8,198,689
TELECOMMUNICATION SERVICES - 4.7% (2.9% of Total Investments)
1,000,000
(b)
Altice France SA
6.875
07/15/32
960,094
2,108,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6.750
11/30/30
2,175,266
8,622,000
EchoStar Corp
10.750
11/30/29
9,491,740
9,216,000
(b)
Frontier Communications Holdings LLC
5.875
10/15/27
9,208,908
2,000,000
(b)
Frontier Communications Holdings LLC
5.000
05/01/28
1,997,349
2,250,000
Frontier Communications Holdings LLC
5.875
11/01/29
2,275,769
3,022,000
(b)
Frontier Communications Holdings LLC
6.000
01/15/30
3,064,432
10,000,000
(b)
Level 3 Financing Inc
4.000
04/15/31
8,925,000
1,000,000
(b)
Lumen Technologies Inc
10.000
10/15/32
1,010,000
365,000
(b)
Telesat Canada / Telesat LLC
5.625
12/06/26
277,400
7,820,000
(b)
Vmed O2 UK Financing I PLC
4.250
01/31/31
7,139,643
8,160,000
(b)
Vmed O2 UK Financing I PLC
4.750
07/15/31
7,552,046
11,864,377
(b)
Zayo Group Holdings Inc
9.250
03/09/30
11,281,124
TOTAL TELECOMMUNICATION SERVICES
65,358,771
TRANSPORTATION - 0.4% (0.2% of Total Investments)
3,025,000
Delta Air Lines Inc
3.750
10/28/29
2,934,511
2,377,000
(b)
United Airlines Inc
4.625
04/15/29
2,354,230
TOTAL TRANSPORTATION
5,288,741
UTILITIES - 0.7% (0.4% of Total Investments)
3,060,000
Pacific Gas and Electric Co
4.550
07/01/30
3,040,563
1
Pacific Gas and Electric Co
4.500
07/01/40
1
6,028,000
PG&E Corp
5.000
07/01/28
5,985,970
950,000
PG&E Corp
5.250
07/01/30
940,125
TOTAL UTILITIES
9,966,659
TOTAL CORPORATE BONDS
(Cost $218,976,002)
228,496,488
Portfolio of Investments October 31, 2025
(continued)
JFR
4
SHARES
DESCRIPTION
RATE
VALUE
559,654
PREFERRED STOCK - 0.1% (0.0% of Total Investments)
559,654
TRANSPORTATION - 0.1% (0.0% of Total Investments)
9,712
ACBL HLDG CORP
0.000
%
$
559,654
TOTAL TRANSPORTATION
559,654
TOTAL PREFERRED STOCK
(Cost $296,216)
559,654
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1904036793
VARIABLE RATE SENIOR LOAN INTERESTS - 135.7% (84.0% of Total Investments)
1904036793
AUTOMOBILES & COMPONENTS - 1.1% (0.7% of Total Investments)
$
1,032,622
(a)
Adient US LLC, Term Loan B2, (TSFR1M + 2.250%)
6.215
01/29/31
1,035,266
3,286,862
(a)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6.465
05/06/30
3,292,006
4,624,000
(a)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6.715
01/28/32
4,644,230
6,368,292
(a)
DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%)
7.829
10/04/28
6,283,625
TOTAL AUTOMOBILES & COMPONENTS
15,255,127
CAPITAL GOODS - 11.6% (7.2% of Total Investments)
7,896,815
(a),(e)
ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)
8.513
05/17/28
6,922,861
124,038
(a),(f)
Air Comm Corporation, LLC, Delayed Draw Term Loan
1.000
12/11/31
124,349
2,550,866
(a)
Air Comm Corporation, LLC, Term Loan, (TSFR1M + TSFR3M +
2.750%)
6.727
12/11/31
2,557,256
3,617,820
(a)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.750%)
6.715
01/27/32
3,620,841
2,716,172
(a),(e)
Brand Industrial Services Inc, Term Loan B, (TSFR3M + 4.500%)
8.796
08/01/30
2,410,603
3,570,000
(a)
Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)
6.227
07/09/32
3,590,528
13,460,698
(a)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.000%)
6.965
09/08/32
13,519,588
1,889,515
(a)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6.476
03/18/30
1,900,144
1,200,620
(a)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7.829
05/17/28
720,372
3,938,712
(a)
Core & Main LP, Term Loan B, (TSFR1M + 2.000%)
5.991
07/27/28
3,946,097
967,513
(a)
Cornerstone Building Brands, Inc., Term Loan, (TSFR1M +
5.625%)
9.657
08/01/28
894,949
4,643,406
(a)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7.482
04/12/28
4,264,830
4,911,000
(a)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
9.215
07/08/30
4,860,662
1,042,000
(a)
DG Investment Intermediate Holdings 2, Inc., Term Loan,
(TSFR1M + 3.750%)
7.715
07/12/32
1,045,913
3,187,020
(a)
Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)
5.715
06/04/31
3,189,155
2,212,000
(a)
Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +
2.750%)
6.753
09/24/32
2,218,227
1,871,500
(a)
INNIO Group Holding GmbH, First Lien Term Loan B, (TSFR3M
+ 2.250%)
6.158
11/06/28
1,876,881
1,443,619
(a),(f)
Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M
+ 1.750%)
3.714
02/26/32
1,449,408
15,267,769
(a)
Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +
2.500%)
6.621
02/26/32
15,328,993
465,555
(d)
Kloeckner Pentaplast
13.991
11/07/25
415,088
6,223,446
(a)
Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)
6.702
06/21/28
6,242,739
3,554,642
(a)
Madison Safety & Flow LLC, First Lien Term Loan B, (TSFR1M +
2.500%)
6.468
09/26/31
3,575,383
1,474,752
(a),(e)
MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +
2.750%)
6.715
03/28/31
1,478,903
2,187,107
(a)
Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)
8.447
10/15/29
1,684,620
1,124,000
(a),(e)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
9.545
10/15/29
1,146,480
2,080,638
(a)
Oscar AcquisitionCo, LLC, Term Loan B, (TSFR3M + 4.250%)
8.252
04/30/29
1,880,376
2,042,258
(a)
PINNACLE BUYER LLC, (CME Term SOFR 1 Month + 2.500%)
6.485
10/01/32
2,053,746
392,742
(a),(f)
Pinnacle Buyer LLC, Delayed Draw Term Loan
0.000
10/01/32
394,951
6,548,095
(a)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
6.215
01/31/32
6,563,450
7,834,014
(a)
Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)
6.215
04/14/31
7,855,361
1,373,222
(a)
QXO Inc, Term Loan B, (TSFR1M + 3.000%)
6.965
04/30/32
1,377,246
3,090,000
(a)
Resideo Funding Inc., Incremental Term Loan, (TSFR3M +
2.000%)
6.038
08/13/32
3,090,000
5,703,024
(a)
Titan Acquisition Limited, Term Loan B, (TSFR3M + TSFR6M +
3.750%)
7.590
02/15/29
5,728,631
13,469,675
(a)
TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 3.000%)
7.197
04/30/30
13,567,936
3,062,070
(a)
TransDigm, Inc., Term Loan, (TSFR3M + 2.500%)
6.502
01/20/32
3,067,536
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS
(continued)
$
11,059,112
(a)
TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)
6.502
%
02/28/31
$
11,086,594
4,049,676
(a)
TransDigm, Inc., Term Loan K, (TSFR3M + 2.250%)
6.252
03/22/30
4,057,532
8,575,000
(a)
TransDigm, Inc., Term Loan M, (TSFR3M + 2.500%)
6.502
08/19/32
8,587,605
4,101,253
(a)
Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)
7.829
11/20/28
4,119,196
TOTAL CAPITAL GOODS
162,415,030
COMMERCIAL & PROFESSIONAL SERVICES - 7.9% (4.9% of Total Investments)
11,250,000
(a)
Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)
7.315
08/20/32
11,308,331
4,868,000
(a)
Amentum Government Services Holdings LLC, Term Loan B,
(TSFR1M + 2.250%)
6.215
09/29/31
4,872,868
4,555,746
(a)
Anticimex International AB, Term Loan B1, (SOFR90A +
3.400%)
7.760
11/16/28
4,582,169
1,852,497
(a)
Anticimex International AB, Term Loan B6, (SOFR90A +
3.400%)
7.760
11/16/28
1,864,371
598,448
(a),(f)
Archkey Solutions LLC, Delayed Draw Term Loan B
4.250
11/03/31
603,760
5,160,651
(a)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)
8.252
11/03/31
5,206,452
3,788,854
(a)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7.579
06/02/28
3,794,537
5,955,728
(a)
Creative Artists Agency, LLC , Repriced Term Loan B, (TSFR1M
+ 2.500%)
6.465
10/01/31
5,971,034
1,428,967
(a)
Dayforce, Inc., Term Loan B, (TSFR3M + 2.000%)
5.840
03/03/31
1,431,646
3,000,162
(a)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
6.840
08/01/29
3,015,553
4,891,429
(a)
Garda World Security Corporation, Term Loan B, (TSFR1M +
3.000%)
7.048
02/01/29
4,900,601
3,300,000
(a)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6.671
03/03/32
3,305,775
4,243,699
(a)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.500%)
6.359
07/25/30
4,251,996
2,209,000
(a)
Openlane Inc, Term Loan B, (TSFR1M + 2.500%)
6.588
10/08/32
2,214,523
1,500,000
(a),(g)
Prime Security Services Borrower LLC, (TBD)
TBD
TBD
1,493,437
6,507,843
(a)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR6M + 2.000%)
6.129
10/15/30
6,504,394
835,000
(a)
Reworld Holding Corp, First Lien Term Loan B, (TSFR1M +
2.250%)
6.265
01/15/31
834,478
4,134,850
(a)
Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)
6.281
11/30/28
4,142,086
320,098
(a)
Reworld Holding Corp, Term Loan C, (TSFR1M + 2.250%)
6.281
11/30/28
320,658
16,284,000
(a),(g)
United States, (TBD)
TBD
TBD
16,249,071
3,757,032
(a)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
8.090
04/12/27
1,668,141
17,583,330
(a)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
6.829
03/27/28
17,625,090
2,250,000
(a),(g)
XPLOR T1 LLC, (TBD)
TBD
TBD
2,252,812
2,653,200
(a)
XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%)
7.502
06/24/31
2,656,517
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
111,070,300
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.1% (2.5% of Total
Investments)
810,937
(a)
Academy, Ltd., Term Loan, (TSFR1M + 3.750%)
7.999
11/08/27
813,301
3,992,746
(a)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)
6.492
10/16/31
4,017,301
8,938,524
(a)
CNT Holdings I Corp, Term Loan, (TSFR3M + 2.250%)
6.090
11/08/32
8,964,178
1,689,815
(a)
Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)
7.002
06/17/31
1,675,451
2,564,100
(a)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)
6.502
06/09/31
2,571,113
1,142,691
(a)
Kodiak Building Partners Inc., Term Loan B, (TSFR3M + 3.750%)
7.752
12/04/31
1,137,183
5,298,904
(a),(e)
LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +
3.750%)
7.881
06/06/31
5,131,115
2,418,057
(a)
Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M +
2.500%)
6.582
04/23/31
2,410,500
8,683,864
(a)
Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)
8.513
04/17/28
8,328,738
2,371,056
(a)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.465
03/27/31
2,381,856
1,245,000
(a)
Park River Holdings Inc, Term Loan, (TSFR3M + 4.500%)
8.485
03/17/31
1,251,225
2,854,000
(a)
Petco Health and Wellness Company, Inc., Term Loan B,
(TSFR3M + 3.250%)
7.513
03/06/28
2,818,468
4,009,000
(a)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
8.031
08/18/32
3,958,888
4,416,998
(a)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6.579
10/20/28
4,300,146
5,973,917
(a)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6.465
01/30/31
5,967,495
Portfolio of Investments October 31, 2025
(continued)
JFR
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
$
1,808,730
(a)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
7.215
%
10/29/29
$
1,815,214
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
57,542,172
CONSUMER DURABLES & APPAREL - 3.3% (2.1% of Total Investments)
6,342,384
(a)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
6.215
12/21/28
6,346,951
16,803,713
(a)
AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M +
3.000%)
7.129
07/31/28
16,859,333
1,531,116
(a)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6.579
05/30/28
1,537,600
994,987
(a)
Hunter Douglas Inc., Term Loan B, (TSFR3M + 3.250%)
7.252
01/20/32
998,982
107,218
(a)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11.616
06/29/28
101,053
2,612,503
(a)
Somnigroup International Inc, Term Loan B, (TSFR1M +
2.250%)
6.215
10/24/31
2,630,464
3,671,566
(a)
Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M +
3.000%)
6.965
03/18/30
3,650,289
5,586,000
(a)
Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)
7.026
08/26/31
5,605,551
7,020,000
(a)
Weber-Stephen Products LLC, Term Loan B, (TSFR3M +
3.750%)
7.735
10/01/32
7,009,786
2,284,275
(a)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)
8.704
02/20/32
2,289,986
TOTAL CONSUMER DURABLES & APPAREL
47,029,995
CONSUMER SERVICES - 13.8% (8.6% of Total Investments)
29,751,269
(a)
101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M
+ 1.750%)
5.715
09/23/30
29,706,196
1,486,281
(a)
Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M
+ 2.000%)
5.912
06/11/31
1,469,561
1,765,996
(a)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6.465
05/31/30
1,773,731
3,463,591
(a)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6.465
08/17/28
3,480,909
9,722,950
(a)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
6.215
02/06/30
9,675,356
3,940,000
(a)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
6.215
02/06/31
3,912,913
5,676,356
(a)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
6.715
01/31/31
5,582,356
2,385,000
(a)
Catawba Nation Gaming Authority, Term Loan B, (TSFR1M +
4.750%)
8.715
03/29/32
2,440,904
6,591,787
(a)
Churchill Downs Incorporated, Incremental Term Loan B1,
(TSFR1M + 1.750%)
5.715
03/17/28
6,600,027
6,264,500
(a)
Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 2.000%)
6.002
09/19/31
6,282,103
2,320,735
(a)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TSFR3M + 3.675%)
7.677
06/25/29
2,341,053
12,094,936
(a)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
7.215
01/29/29
12,098,020
23,702,813
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
5.752
11/29/30
23,637,630
1,880,288
(a)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
6.002
06/04/32
1,874,017
2,881,969
(a)
GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)
6.358
07/28/31
2,889,995
5,748,483
(a)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029),
(SOFR90A + 2.250%)
6.370
10/31/29
5,757,939
1,366,575
(a)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 3.250%)
7.215
05/27/32
1,374,993
10,242,367
(a)
Hilton Domestic Operating Company, Inc., Term Loan B4,
(TSFR1M + 1.750%)
5.741
11/08/30
10,279,854
2,164,992
(a)
Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +
2.000%)
5.965
08/02/28
2,163,195
18,173,231
(a)
IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%)
6.465
12/15/27
18,219,027
10,709,877
(a)
Light and Wonder International, Inc., Term Loan B2, (TSFR1M +
2.250%)
6.287
04/16/29
10,756,732
3,845,363
(a),(e)
Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)
7.502
11/30/29
3,343,408
6,463,594
(a)
PG Investment Company 59 S.a r.l., Term Loan B, (TSFR1M +
2.750%)
6.715
03/24/31
6,496,720
7,239,013
(a)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
6.934
04/04/29
7,163,004
4,380,121
(a)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
5.965
12/04/31
4,376,026
11,740,469
(a)
Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)
8.393
03/06/28
9,855,713
299,250
(a)
TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)
6.038
11/21/31
300,257
TOTAL CONSUMER SERVICES
193,851,639
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY - 2.8% (1.7% of Total Investments)
$
3,522,458
(a)
BCP Renaissance Parent LLC, Term Loan B3, (TSFR3M +
2.500%)
6.502
%
10/31/28
$
3,538,750
1,967,481
(a)
EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)
7.699
02/07/28
1,981,214
1,973,076
(a)
Epic Crude Services, LP, Term Loan B, (TSFR3M + 2.500%)
6.340
10/15/31
1,984,885
12,437,486
(a)
Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M +
3.000%)
7.146
11/16/26
12,515,220
5,989,160
(a)
Freeport LNG Investments, LLLP, Term Loan B, (TSFR3M +
3.250%)
7.120
12/21/28
6,009,732
2,151,000
(a),(g)
New Fortress Energy Inc, (TBD)
TBD
TBD
989,460
4,285,852
(a)
Oryx Midstream Services Permian Basin LLC, Term Loan B,
(TSFR1M + 2.250%)
6.227
10/05/28
4,301,667
3,352,227
(a)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.500%)
6.465
11/17/28
3,361,395
4,522,767
(a)
Traverse Midstream Partners LLC, Term Loan, (TSFR3M +
2.500%)
6.340
02/16/28
4,542,554
4
(a)
Whitewater Whistler Holdings, LLC, Refinancing Term Loan,
(TSFR3M + 1.750%)
5.813
02/15/30
4
TOTAL ENERGY
39,224,881
FINANCIAL SERVICES - 1.6% (1.0% of Total Investments)
1,187,010
(a)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
6.715
07/30/31
1,190,500
1,562,506
(a)
AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%)
6.965
08/02/28
1,566,170
2,385,300
(a)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M
+ 3.500%)
7.465
12/15/28
2,402,761
2,765,000
(a)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)
7.308
09/13/32
2,783,429
2,000,000
(a)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
5.870
07/30/32
1,993,570
1,990,000
(a)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 3.250%)
7.447
01/27/32
1,997,880
4,526,994
(a),(d),(h)
Ditech Holding Corporation, Term Loan
0.000
06/30/27
453
495,174
(a)
Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,
(TSFR1M + 3.000%)
6.965
03/24/31
496,823
1,333,333
(a)
NCR Atleos LLC, Term Loan B, (TSFR3M + 3.000%)
7.026
09/20/32
1,336,113
1,905,959
(a)
Orion Advisor Solutions, Inc., Repriced Term Loan, (TSFR3M +
3.250%)
7.110
09/09/30
1,915,193
1,333,000
(a)
Orion US Finco Inc., First Lien Term Loan, (TSFR3M + 3.500%)
7.427
10/12/32
1,341,025
2,402,667
(a)
Priority Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7.715
07/30/32
2,406,871
3,727,409
(a)
WEX Inc., Term Loan B2, (TSFR1M + 1.750%)
5.715
04/03/28
3,722,171
TOTAL FINANCIAL SERVICES
23,152,959
FOOD, BEVERAGE & TOBACCO - 2.5% (1.6% of Total Investments)
873,794
(a),(e)
B&G Foods, Inc., Term Loan B, (TSFR1M + 3.500%)
7.465
10/10/29
839,279
4,207,277
(a)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
7.079
12/08/28
4,233,572
1,545,723
(a)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 11.198%, PIK 6.000%)
11.198
09/30/30
633,746
353,734
(a)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)
11.198
09/30/30
304,211
7,046,162
(a)
Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)
6.715
02/12/31
7,029,356
2,162,657
(a)
Froneri Lux Finco Sarl, Term Loan B4, (TSFR6M + 2.000%)
6.197
09/30/31
2,150,060
2,316,000
(a)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9.502
01/24/29
2,338,847
5,258,034
(a)
Pegasus BidCo BV, Repriced Term Loan B, (TSFR3M + 2.750%)
6.762
07/12/29
5,297,469
129,310
(a),(f)
Sauer Brands Inc, Delayed Draw Term Loan
3.000
02/19/32
130,011
1,367,263
(a)
Sauer Brands Inc, Term Loan B, (TSFR3M + 3.000%)
6.840
02/19/32
1,374,667
2,494,872
(a)
Sycamore Buyer LLC, Term Loan B, (TSFR1M + 2.250%)
6.265
05/21/32
2,505,276
8,416,152
(a)
Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)
6.252
03/31/28
8,447,923
TOTAL FOOD, BEVERAGE & TOBACCO
35,284,417
HEALTH CARE EQUIPMENT & SERVICES - 14.1% (8.7% of Total Investments)
3,582,677
(a)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
9.715
12/23/27
3,464,001
6,263,195
(a)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)
6.215
09/20/32
6,295,512
4,855,830
(a)
Bausch & Lomb Corporation, Term Loan B, (TSFR1M + 4.250%)
8.215
01/15/31
4,892,249
9,995,683
(a)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
8.102
10/01/27
9,920,715
13,884,366
(a)
Global Medical Response, Inc., Term Loan B, (TSFR3M +
3.500%)
7.384
09/20/32
13,959,202
2,063,067
(a)
Insulet Corporation, Term Loan, (TSFR1M + 2.000%)
5.965
08/04/31
2,077,343
255,000
(a),(g)
LifePoint Health, Inc., First Lien Term Loan B, (TBD)
TBD
TBD
255,490
Portfolio of Investments October 31, 2025
(continued)
JFR
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES
(continued)
$
7,020,270
(a)
MedAssets Software Intermediate Holdings, Inc., First Out Term
Loan, (TSFR3M + 4.000%)
8.003
%
12/18/28
$
6,760,520
5,202,591
(a),(e)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7.440
11/01/28
3,901,943
33,718,921
(a),(e)
Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)
5.965
10/23/28
33,783,493
6,902,595
(a)
National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M
+ 3.750%)
7.833
03/02/28
6,722,300
154,648
(a)
National Mentor Holdings, Inc., Term Loan C, (TSFR3M +
3.750%)
7.852
03/02/28
150,609
2,714,000
(a)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.750%)
7.590
08/06/32
2,730,230
5,845,000
(a)
Opal Bidco SAS, First Lien Term Loan B, (TSFR3M + 3.000%)
6.902
04/23/32
5,876,972
1,231,289
(a)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)
6.537
03/17/31
1,235,180
24,110,376
(a),(e)
Parexel International Corporation, Term Loan B, (TSFR1M +
2.500%)
6.465
11/15/28
24,203,924
13,549,981
(a)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6.465
02/21/31
13,606,485
6,250,000
(a)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8.502
06/30/32
6,249,375
1,970,137
(a)
Resonetics, LLC, Repriced Term Loan B, (TSFR3M + 2.750%)
6.593
06/18/31
1,973,890
2,628,553
(a)
Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)
5.965
12/03/31
2,638,410
411,037
(a)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 3.250%), (cash 9.763%, PIK 1.000%)
5.382
06/28/28
427,481
7,054,134
(a)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 2.500%), (cash 7.763%, PIK 1.500%)
4.632
06/28/28
6,776,413
2,671,439
(a)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
8.002
09/30/30
2,679,187
21,269,939
(a)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6.465
12/19/30
21,350,127
9,600,938
(a)
Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)
8.340
06/30/28
9,630,268
2,307,349
(a)
US Radiology Specialists, Inc., Term Loan B, (TSFR3M + 4.750%)
8.752
12/15/27
2,319,913
3,956,502
(a)
Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)
7.965
10/29/31
3,959,390
32,161
(a),(d)
Vyaire Medical, Inc., PIK Roll Up Term Loan
0.000
06/14/27
3
1,403,005
(a),(d)
Vyaire Medical, Inc., Term Loan B
0.000
04/16/25
140
TOTAL HEALTH CARE EQUIPMENT & SERVICES
197,840,765
HOUSEHOLD & PERSONAL PRODUCTS - 0.2% (0.1% of Total Investments)
2,586,563
(a)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
7.763
05/16/28
2,595,383
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
2,595,383
INSURANCE - 10.6% (6.5% of Total Investments)
11,070,966
(a)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
6.965
11/06/30
11,077,886
5,810,000
(a)
Alera Group, Inc., Term Loan, (TSFR1M + 3.250%)
7.215
05/28/32
5,846,051
17,348,780
(a)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6.465
09/19/31
17,351,729
3,051,938
(a)
AmWINS Group, Inc., Term Loan B, (TSFR3M + 2.250%)
6.252
01/30/32
3,059,354
14,126,000
(a),(e)
Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)
9.329
02/03/28
13,876,605
251,899
(a)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8.327
08/21/28
253,044
7,980,000
(a)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
8.215
09/19/30
7,958,414
5,027,013
(a)
Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)
7.329
07/30/27
5,034,101
21,810,857
(a)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)
6.715
06/16/31
21,886,323
3,030,500
(a)
Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)
6.215
10/15/30
3,045,652
19,568,676
(a)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
6.120
06/20/30
19,655,072
1,576,214
(a)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
5.965
09/15/31
1,580,651
8,628,255
(a)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6.465
07/31/31
8,636,064
1,205,000
(a)
Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +
3.250%)
7.215
06/17/32
1,211,025
11,954,718
(a)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6.752
05/06/31
11,962,309
5,170,158
(a)
USI, Inc., Term Loan C, (TSFR3M + 2.250%)
6.252
09/27/30
5,179,154
10,781,786
(a)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
6.252
11/23/29
10,807,393
TOTAL INSURANCE
148,420,827
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS - 5.8% (3.6% of Total Investments)
$
1,570,097
(a)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
6.715
%
08/19/30
$
1,576,967
3,920,779
(a)
Berlin Packaging LLC, Term Loan B7, (TSFR1M + TSFR3M +
3.250%)
7.314
06/09/31
3,921,269
3,548,062
(a)
Charter NEX US, Inc., Term Loan B1, (TSFR1M + 2.750%)
6.798
12/02/30
3,565,040
215,633
(a),(f)
Clydesdale Acquisition Holdings Inc, Delayed Draw Term Loan
3.250
03/29/32
215,406
12,690,561
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
7.215
03/29/32
12,677,172
7,783,125
(a)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
7.140
04/13/29
7,787,250
0
(a)
Discovery Purchaser Corporation, Term Loan, (TSFR3M +
3.750%)
7.607
10/04/29
0
976,230
(a)
ECO Services Operations Corp, Term Loan B, (TSFR3M +
2.000%)
5.840
06/12/31
975,097
1,921,813
(a)
Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)
7.502
04/02/32
1,861,275
4,307,643
(a)
Klockner-Pentaplast of America, Inc., Term Loan B, (CME Term
SOFR 6 Month + 4.725%)
0.000
02/09/26
1,903,461
2,478,202
(a)
Lonza Group AG, Term Loan B, (TSFR3M + 3.925%)
8.027
07/03/28
2,209,639
7,938,602
(a)
Nouryon Finance B.V., Term Loan B1, (TSFR6M + 3.250%)
7.036
04/03/28
7,943,564
638,686
(a)
Nouryon Finance B.V., Term Loan B2, (TSFR3M + 3.250%)
7.162
04/03/28
638,986
677,664
(a)
Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)
7.829
08/03/26
629,489
1,176,878
(a)
Plaze, Inc., Term Loan B, (TSFR1M + 3.500%)
7.579
08/03/26
1,093,214
5,210,072
(a)
Proampac PG Borrower LLC, Term Loan, (TSFR3M + 4.000%)
8.050
09/15/28
5,216,871
7,174,000
(a),(g)
Qnity Electronics Inc, (TBD)
TBD
TBD
7,187,487
2,890,000
(a)
Solstice Advanced Materials Inc, Term Loan B, (TSFR3M +
1.750%)
5.593
09/16/32
2,900,231
3,866,321
(a)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7.465
04/21/31
3,877,862
12,829,795
(a)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
7.215
03/03/31
12,789,446
183,904
(a),(f)
USALCO, LLC, Delayed Draw Term Loan
1.000
09/30/31
184,249
1,771,586
(a)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7.465
09/30/31
1,774,908
TOTAL MATERIALS
80,928,883
MEDIA & ENTERTAINMENT - 9.8% (6.0% of Total Investments)
2,525,939
(a),(e)
Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +
4.250%)
8.446
10/28/27
2,235,280
2,394,670
(a)
Altice France S.A., Term Loan B11, (TSFR3M + 4.125%)
8.110
04/28/28
2,358,762
5,734,764
(a)
Altice France S.A., Term Loan B12, (TSFR3M + 5.063%)
9.048
10/31/28
5,658,291
9,847,769
(a)
Altice France S.A., Term Loan B13, (TSFR3M + 5.375%)
9.360
05/14/29
9,749,291
9,675,413
(a),(e)
Altice France S.A., Term Loan B14, (TSFR3M + 6.875%)
10.860
05/15/31
9,666,802
22,336,156
(a),(e)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
11.031
01/04/29
22,418,688
2,872,500
(a)
Cable One, Inc., Term Loan B4, (TSFR1M + 2.000%)
6.079
05/03/28
2,806,087
3,225,297
(a)
Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M +
TSFR3M + 3.500%)
7.588
03/24/31
3,188,013
851,422
(a)
Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
6.840
10/30/30
855,466
4,152,674
(a)
Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.250%)
6.233
05/24/30
4,158,238
14,291,052
(a)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
8.079
08/23/28
14,336,140
4,092,706
(a)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7.602
06/18/29
3,795,985
11,220,354
(a)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8.629
12/02/31
11,211,321
8,195,576
(a)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
8.500
04/15/27
7,739,779
12,321,225
(a),(e)
CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)
8.532
01/18/28
12,227,399
592,628
(a)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
9.897
06/30/28
602,196
2,484,757
(a)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7.497
11/30/29
2,413,941
2,373,116
(a)
McGraw-Hill Global Education Holdings, LLC, First Lien Term
Loan B, (TSFR1M + 2.750%)
6.815
08/06/31
2,373,116
2,106,779
(a)
Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
7.198
02/10/31
2,120,441
3,518,160
(a)
Sinclair Television Group Inc., Term Loan B6, (TSFR3M +
3.300%)
7.402
12/31/29
3,215,827
2,568,046
(a)
Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +
2.500%)
6.691
02/17/32
2,564,477
Portfolio of Investments October 31, 2025
(continued)
JFR
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA & ENTERTAINMENT
(continued)
$
1,225,000
(a)
Sunrise Financing Partnership, Term Loan AAA1, (TSFR3M +
2.500%)
6.426
%
02/17/32
$
1,224,657
3,700,000
(a)
Virgin Media Bristol LLC, Term Loan Q, (TSFR1M + 3.250%)
7.397
01/31/29
3,698,465
513,000
(a)
Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)
7.052
03/31/31
503,107
6,348,967
(a)
WideOpenWest Finance LLC, Super Senior 2nd Out Term
Loan, (TSFR3M + 3.000%)
7.173
12/11/28
5,852,986
TOTAL MEDIA & ENTERTAINMENT
136,974,755
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.2% (1.4% of Total
Investments)
8,477,000
(a),(g)
1261229 BC Ltd, (TBD)
TBD
TBD
8,439,955
3,250,000
(a)
Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)
7.465
08/02/32
3,281,135
13,896,566
(a)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
6.215
05/05/28
13,945,760
4,577,742
(a)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
6.241
05/19/31
4,155,720
1,600,719
(a)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
5.965
04/20/29
1,606,386
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
31,428,956
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4% (0.9% of Total Investments)
4,003,300
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M
+ 2.500%)
6.465
01/31/30
4,025,819
3,284,063
(a)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
6.715
01/31/30
3,297,757
11,898,000
(a)
Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)
7.579
12/08/25
11,877,357
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
19,200,933
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% (0.1% of Total
Investments)
2,992,500
(a)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6.753
11/13/31
2,995,029
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
2,995,029
SOFTWARE & SERVICES - 25.5% (15.8% of Total Investments)
3,941,168
(a)
Ahead DB Holdings, LLC, Term Loan B3, (TSFR3M + 2.750%)
6.752
02/03/31
3,957,583
353
(a)
Apttus Corporation, Term Loan B, (TSFR3M + 3.500%)
7.340
05/08/28
353
6,457,000
(a)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9.329
01/22/29
6,174,054
4,937,625
(a)
Avalara, Inc, Term Loan, (TSFR3M + 2.750%)
6.735
03/29/32
4,953,697
9,289,622
(a)
Avaya, Inc., Exit Term Loan, (TSFR1M + 3.750%), (cash 11.465%,
PIK 7.500%)
5.732
08/01/28
8,178,165
4,114,687
(a)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.000%)
6.965
11/25/31
4,131,578
17,530,748
(a)
Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)
6.002
01/31/31
17,596,489
20,355,188
(a)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
7.199
07/30/31
20,245,067
843,511
(a)
CCC Intelligent Solutions Inc., Term Loan, (TSFR1M + 2.000%)
5.965
01/23/32
845,359
992,506
(a)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
7.252
03/24/31
993,826
2,921,312
(a)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
6.884
03/29/32
2,818,146
11,275,163
(a)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
6.884
05/01/31
10,889,947
8,208,750
(a)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
7.185
10/09/31
8,236,988
1,205,000
(a)
Disco Parent, Inc., Term Loan B, (TSFR3M + 3.250%)
7.484
08/06/32
1,212,531
1,552,721
(a)
Drake Software, LLC, Term Loan B, (TSFR1M + 4.250%)
8.215
06/26/31
1,544,957
9,611,255
(a)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.750%)
6.715
10/09/29
9,637,542
22,437,988
(a)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6.465
05/30/31
22,512,819
3,147,218
(a)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
7.106
06/27/31
3,159,020
9,299,875
(a)
Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)
5.715
09/12/29
9,306,199
17,039,784
(a)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6.465
01/30/32
16,877,906
12,400,250
(a)
Informatica LLC, Term Loan B, (TSFR1M + 2.250%)
6.215
10/30/28
12,454,501
3,862,614
(a)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
6.590
12/08/31
3,868,891
6,094,375
(a)
Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.250%)
7.215
03/22/32
6,101,353
3,171,097
(a)
Marcel LUX IV SARL, Repriced Term Loan, (SOFR30A + 3.000%)
7.130
11/13/30
3,182,989
14,794,545
(a)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
6.965
03/01/29
14,085,590
14,334,724
(a)
Mitchell International, Inc., First Lien Term Loan, (TSFR1M +
3.250%)
7.215
06/17/31
14,364,611
8,255,111
(a)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
5.715
01/31/30
8,259,775
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
$
6,979,000
(a),(g)
Peraton Corp., Term Loan B, (TBD)
TBD
TBD
$
6,047,164
1,405,043
(a)
Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)
8.715
%
03/24/31
1,239,950
2,313,375
(a)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
6.752
11/03/31
2,322,050
7,589,484
(a)
Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +
3.000%)
6.965
04/30/31
7,608,799
746,231
(a)
Project Alpha Intermediate Holding, Inc., First Lien Term Loan
B, (TSFR3M + 3.250%)
7.252
10/28/30
747,295
9,263,858
(a)
Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%)
6.965
08/31/28
9,320,645
5,770,326
(a)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
10.412
05/15/28
5,876,125
12,958,963
(a)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
6.912
05/15/28
5,892,311
6,855,234
(a)
Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)
7.715
11/28/28
6,837,479
2,399,872
(a)
SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)
5.965
05/09/31
2,407,875
2,986,500
(a)
Synechron Inc, Term Loan B, (TSFR1M + 3.750%)
7.715
10/03/31
2,919,304
4,326,931
(a)
Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M +
1.750%)
5.715
08/31/28
4,221,462
27,449,409
(a)
Twitter, Inc., Term Loan, (TSFR3M + 6.500%)
10.340
10/29/29
26,797,485
24,837,067
(a)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6.338
02/10/31
24,862,277
5,628,259
(a)
Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +
4.000%)
8.102
04/24/28
5,441,823
2,709,559
(a)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
6.090
04/14/31
2,689,237
1,863,550
(a)
World Wide Technology Holding Co. LLC, Repriced Term Loan
B, (TSFR1M + 2.000%)
5.991
03/01/30
1,871,703
5,010,000
X Corp
9.500
10/29/29
5,031,919
13,931,840
(a)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
6.715
09/28/29
13,751,353
7,116,025
(a)
ZoomInfo LLC, Term Loan B, (TSFR1M + 1.750%)
5.715
02/28/30
7,036,432
TOTAL SOFTWARE & SERVICES
358,512,624
TECHNOLOGY HARDWARE & EQUIPMENT - 5.4% (3.4% of Total Investments)
36,260,869
(a)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
8.715
12/17/29
36,637,258
475,000
(a)
Delta TopCo, Inc., 2nd Lien Term Loan, (TSFR1M + TSFR3M +
5.250%)
9.308
11/29/30
474,112
15,225,595
(a)
Delta TopCo, Inc., Term Loan B, (TSFR1M + TSFR3M + 2.750%)
6.808
11/30/29
15,075,242
2,522,231
(a)
Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)
6.248
09/22/31
2,533,782
1,425,000
(a),(g)
PROJECT AURORA US FINCO, (TBD)
TBD
TBD
1,430,344
12,145,605
(a)
Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)
9.352
08/21/28
11,661,481
488,475
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.579
03/05/29
485,728
7,907,655
(a)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8.646
05/30/30
7,838,463
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
76,136,410
TELECOMMUNICATION SERVICES - 7.1% (4.4% of Total Investments)
7,018,433
(a)
Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)
6.215
11/24/28
7,031,031
3,569,879
(a)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8.465
09/28/29
3,559,723
6,048,000
(a),(g)
Connect Holding II LLC, (TBD)
TBD
TBD
5,569,573
876,023
(a),(d)
Cyxtera DC Holdings, Inc., Term Loan B
0.000
05/01/26
4,818
5,689,000
(a)
Digicel International Finance Limited, Term Loan B, (Prime +
5.250%)
9.492
08/09/32
5,615,043
7,384,293
(a)
Frontier Communications Corp., Term Loan B, (TSFR1M +
2.500%)
6.532
07/01/31
7,400,465
9,339,000
(a)
Level 3 Financing Inc., Repriced Term Loan B4, (TSFR1M +
3.250%)
7.215
03/29/32
9,339,000
13,633,379
(a),(e)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6.429
04/15/30
13,583,549
6,933,283
(a)
Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)
9.965
06/01/28
7,050,282
1,182,000
(a),(g)
Lumen Technologies, Inc., Term Loan B1, (TBD)
TBD
TBD
1,177,573
6,575,000
(a),(e)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
7.210
12/07/26
5,166,832
4,543,000
(a)
Windstream Services LLC, (CME Term SOFR 1 Month + 4.000%)
7.965
10/06/32
4,508,928
26,768,393
(a),(e)
Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.500%)
7.579
03/11/30
25,626,587
3,716,523
(a)
Ziggo Financing Partnership, Term Loan I, (TSFR6M + 2.500%)
6.706
04/28/28
3,717,397
TOTAL TELECOMMUNICATION SERVICES
99,350,801
Portfolio of Investments October 31, 2025
(continued)
JFR
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 - 2.2% (1.3% of Total Investments)
$
507,275
(a)
Air Canada, Term Loan B, (TSFR1M + 2.000%)
5.965
%
03/21/31
$
509,114
4,286,984
(a)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
6.134
04/20/28
4,296,737
3,302,037
(a)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.688%)
6.742
07/01/31
3,319,488
6,320,790
(a)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6.465
07/01/31
6,345,757
2,622,678
(a)
First Student Bidco Inc, Term Loan B, (TSFR3M + 2.500%)
6.711
08/15/30
2,629,563
479,885
(a)
First Student Bidco Inc, Term Loan C, (TSFR3M + 2.500%)
6.711
08/15/30
481,024
3,603,498
(a)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6.465
09/23/31
3,616,921
2,469,767
(a)
PODS, LLC, Term Loan B, (TSFR1M + 3.000%)
7.079
03/31/28
2,428,744
3,750,000
(a)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.250%)
6.162
04/09/32
3,750,394
2,910,700
(a)
United Airlines, Inc., First Lien Term Loan B, (TSFR3M + 2.000%)
6.196
02/24/31
2,922,401
TOTAL TRANSPORTATION
30,300,143
UTILITIES - 2.5% (1.5% of Total Investments)
2,486,228
(a)
Constellation Renewables, LLC, Term Loan, (TSFR3M + 2.000%)
5.935
12/15/27
2,487,781
2,485,000
(a)
Cornerstone Generation LLC, Term Loan B, (TSFR3M + 3.250%)
7.476
10/28/31
2,510,297
1,713,492
(a)
Invenergy Thermal Operating I LLC, Term Loan B, (SOFR90A +
3.500%)
7.734
05/06/32
1,728,314
122,500
(a)
Invenergy Thermal Operating I LLC, Term Loan C, (SOFR90A +
3.500%)
7.734
05/06/32
123,560
2,431,329
(a)
NRG Energy, Inc., Term Loan, (TSFR1M + TSFR3M + 1.750%)
5.660
04/16/31
2,439,778
5,845,000
(a),(e)
Talen Energy Supply LLC, (CME Term SOFR 1 Month + 2.000%)
5.984
10/12/32
5,848,653
9,091,300
(a)
Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M
+ 2.500%)
6.733
12/15/31
9,116,892
10,244,594
(a)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6.733
05/17/30
10,269,489
TOTAL UTILITIES
34,524,764
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $1,900,320,323)
1,904,036,793
SHARES
DESCRIPTION
VALUE
551528
WARRANTS - 0.0% (0.0% of Total Investments)
551528
TRANSPORTATION - 0.0% (0.0% of Total Investments)
2,411
ACBL HLDG CORP
130,194
6,822
ACBL HLDG CORP
393,118
26,910
(d)
American Commercial Barge Line LLC
6,727
61,398
(d)
American Commercial Barge Line LLC
21,489
TOTAL TRANSPORTATION
551,528
TOTAL WARRANTS
(Cost $508,799)
551,528
TOTAL LONG-TERM INVESTMENTS
(Cost $2,172,249,072)
2,156,437,622
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM INVESTMENTS -  7.9%(4.9% of Total Investments)
INVESTMENT COMPANIES - 7.9% (4.9% of Total Investments)
–
111,441,675
BlackRock Liquidity Funds T-Fund
4.517(i)
111,441,675
TOTAL INVESTMENT COMPANIES
(Cost $111,441,675)
111,441,675
TOTAL SHORT-TERM INVESTMENTS
(Cost $111,441,675)
111,441,675
TOTAL INVESTMENTS - 161.6%
(Cost $2,283,690,747)
2,267,879,297
BORROWINGS - (36.9)% (j),(k)
(517,200,000)
TFP SHARES, NET - (20.2)%(l)
(283,960,342)
OTHER ASSETS & LIABILITIES, NET -  (4.5)%
(63,334,453)
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
1,403,384,502
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:
LIBOR
London Inter-Bank Offered Rate
M
Month
PIK
Payment-in-kind (“PIK”) security.  Depending on the terms of the security, income may be received in the form of cash, securities, or
a combination of both.  The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the
issuer as of the end of the reporting period.
SOFR30A
30 Day Average Secured Overnight Financing Rate
SOFR90A
90 Day Average Secured Overnight Financing Rate
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior
to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon
rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the
final coupon rate and maturity date.
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
(a)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $174,099,539 or 7.7% of Total Investments.
(c)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(d)
For fair value measurement disclosure purposes, investment classified as Level 3.
(e)
Portion of investment purchased on a delayed delivery basis.
(f)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(g)
When-issued or delayed delivery security.
(h)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(i)
The rate shown is the annualized seven-day subsidized yield as of end of the reporting period.
(j)
Borrowings as a percentage of Total Investments is 22.8%.
(k)
The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific
investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.
(l)
TFP Shares, Net as a percentage of Total Investments is 12.5%.
Portfolio of Investments October 31, 2025
(continued)
JFR
14
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the report-
ing period, were as follows:
JFR
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
–
$
3,154,343
$
–
$
3,154,343
Common Stocks
3,876,460
15,167,096
595,260
19,638,816
Corporate Bonds
–
228,496,488
–
228,496,488
Preferred Stock
–
559,654
–
559,654
Variable Rate Senior Loan Interests
–
1,903,616,291
420,502
1,904,036,793
Warrants
–
523,312
28,216
551,528
Short-Term Investments:
Investment Companies
111,441,675
–
–
111,441,675
Total
$
115,318,135
$
2,151,517,184
$
1,043,978
$
2,267,879,297
JFR
Level 3
Common
Stocks
Variable Rate
Senior Loan
Interests
Warrants
Balance at the beginning of period
$595,629
$5,417
$25,830
Gains (losses):
Net realized gains (losses)
-
1,764
-
Change in net unrealized appreciation (depreciation)
(369)
(24,662)
2,386
Purchases at cost
-
418,929
-
Sales at proceeds
-
(30,065)
-
Net discounts (premiums)
-
49,119
-
Transfers into
-
-
-
Transfers (out of)
-
-
-
Balance at the end of period
$595,260
$420,502
$28,216
Change in net unrealized appreciation (depreciation) during the period of Level 3
securities held as of period end
$(369)
$(24,662)
$2,386
Fund
Asset Class
Market Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JFR
Common Stocks
$22,615
Expected Recovery
Recovery Proceeds
$0.01-$8.00
$2.18
572,645
Enterprise Value
Acquisition Cost
$1,000.00
N/A
Variable Rate
Senior Loan
Interests
415,684
Broker-Dealer
Price Quotation(s)
Litigation Proceeds
$0.55
N/A
4,818
Enterprise Value
Acquisition Cost
$89.16
N/A
Warrants
28,216
Expected Recovery
Recovery Proceeds
$0.25-$0.35
$0.32
Total
$1,043,978