Shenkman Capital Floating Rate High Income Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Principal

Fair

Amount

Value

BANK LOANS - 81.53% (h)

AEROSPACE & DEFENSE - 1.01%

Barnes Group, Inc., Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%), 09/03/2030 (a)

             594,510

             597,185

Bleriot U.S. Bidco, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%), 10/31/2028 (a)

296,510

298,071

Dynasty Acquisition Co., Inc.

Senior Secured First Lien Term Loan 9.348% (1 Month SOFR USD + 4.00%), 08/24/2028 (a)

236,810

237,718

Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%), 08/24/2028 (a)

551,230

553,344

KKR Apple Bidco, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%, 0.500% Floor), 09/22/2028 (a)

632,223

635,188

LSF11 Trinity Bidco, Inc., Senior Secured First Lien Term Loan 9.358% (1 Month SOFR USD + 4.00%), 06/17/2030 (a)

392,303

395,245

2,716,751

AUTO RETAIL - 0.84%

CWGS Group, LLC

 

 

 

Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%, 0.750% Floor), 06/05/2028 (a)

47,955

 

47,020

Senior Secured First Lien Term Loan 7.972% (1 Month SOFR USD + 2.50%, 0.750% Floor), 06/05/2028 (a)

687,529

 

674,125

LS Group Opco Acquisition, LLC, Senior Secured First Lien Term Loan 8.71% (1 Month SOFR USD + 3.25%, 0.750% Floor), 11/02/2027 (a)

989,400

990,845

Mavis Tire Express Services Topco Corp., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 05/04/2028 (a)

536,523

538,199

2,250,189

AUTOMOTIVE - 1.07%

American Axle & Manufacturing, Inc.

 

 

 

Senior Secured First Lien Term Loan 8.957% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a)

281,380

 

282,787

Senior Secured First Lien Term Loan 9.007% (3 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a)

450,886

 

453,140

Autokiniton U.S. Holdings, Inc., Senior Secured First Lien Term Loan 9.97% (1 Month SOFR USD + 4.50%, 0.500% Floor), 04/06/2028 (a)

298,923

300,445

First Brands Group, LLC

Senior Secured First Lien Term Loan 10.881% (6 Month SOFR USD + 5.00%, 1.000% Floor), 03/30/2027 (a)

318,363

316,373

Senior Secured First Lien Term Loan 10.881% (6 Month SOFR USD + 5.00%, 1.000% Floor), 03/30/2027 (a)

468,633

465,999

Phinia, Inc., Senior Secured First Lien Term Loan 9.456% (3 Month SOFR USD + 4.00%), 07/03/2028 (a)

268,535

270,046

Tenneco, Inc.

 

 

 

Senior Secured First Lien Term Loan 10.448% (3 Month SOFR USD + 5.00%, 0.500% Floor), 11/17/2028 (a)

1,354

 

1,199

Senior Secured First Lien Term Loan 10.469% (3 Month SOFR USD + 5.00%, 0.500% Floor), 11/17/2028 (a)

479,646

 

424,517

Thor Industries, Inc., Senior Secured First Lien Term Loan 8.112% (1 Month SOFR USD + 2.75%), 11/15/2030 (a)

363,000

364,452

2,878,958

BUILDING PRODUCTS - 2.53%

Cornerstone Building Brands, Inc., Senior Secured First Lien Term Loan 8.712% (1 Month SOFR USD + 3.25%, 0.500% Floor), 04/12/2028 (a)

744,658

746,133

CPG International, LLC, Senior Secured First Lien Term Loan 7.956% (1 Month SOFR USD + 2.50%, 0.500% Floor), 04/30/2029 (a)

1,243,263

1,248,235

FleetPride, Inc., Senior Secured First Lien Term Loan 9.856% (1 Month SOFR USD + 4.50%, 0.500% Floor), 09/29/2028 (a)

350,123

350,287

Griffon Corp., Senior Secured First Lien Term Loan 7.748% (3 Month SOFR USD + 2.25%, 0.500% Floor), 01/24/2029 (a)

381,326

382,357

Janus International Group, LLC, Senior Secured First Lien Term Loan 8.764% (3 Month SOFR USD + 3.25%, 1.000% Floor), 08/05/2030 (a)

801,990

804,873

QUIKRETE Holdings, Inc., Senior Secured First Lien Term Loan 8.095% (1 Month SOFR USD + 2.625%), 02/01/2027 (a)

897,729

903,622

SRS Distribution, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 06/02/2028 (a)

769,099

771,345

Standard Industries, Inc., Senior Secured First Lien Term Loan 7.699%, 05/27/2027 (a)(e)

268,000

 

268,886

Summit Materials, LLC, Senior Secured First Lien Term Loan 8.102%, 11/28/2029 (a)(e)

524,000

 

526,295

TAMKO Building Products, LLC, Senior Secured First Lien Term Loan 8.87% (3 Month SOFR USD + 3.50%), 09/20/2030 (a)

455,911

458,667

Verde Purchaser, LLC, Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%), 11/17/2030 (a)

360,000

350,327

6,811,027

CHEMICALS - 3.06%

Axalta Coating Systems U.S. Holdings, Inc., Senior Secured First Lien Term Loan 7.848% (3 Month SOFR USD + 2.50%, 0.500% Floor), 12/20/2029 (a)

815,388

819,208

Discovery Purchaser Corp., Senior Secured First Lien Term Loan 9.765% (3 Month SOFR USD + 4.375%, 0.500% Floor), 10/04/2029 (a)

625,692

618,878

INEOS U.S. Petrochem, LLC

Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 01/29/2026 (a)

486,455

487,671

Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%), 03/14/2030 (a)

237,805

234,238

Koppers, Inc., Senior Secured First Lien Term Loan 8.96% (1 Month SOFR USD + 3.50%, 0.500% Floor), 04/10/2030 (a)

233,679

235,140

LSF11 A5 Holdco, LLC

Senior Secured First Lien Term Loan 9.706% (1 Month SOFR USD + 4.25%, 0.500% Floor), 10/15/2028 (a)

323,375

324,858

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 10/16/2028 (a)

451,954

453,651

Lummus Technology Holdings V, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 06/30/2027 (a)

466,492

467,921

Nouryon Finance B.V., Senior Secured First Lien Term Loan 9.441% (1 Month SOFR USD + 4.00%), 04/03/2028 (a)

307,455

308,992

Olympus Water U.S. Holding Corp., Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%, 0.500% Floor), 11/09/2028 (a)

284,288

286,302

Orion Engineered Carbons GmbH, Senior Secured First Lien Term Loan 7.598% (3 Month SOFR USD + 2.15%, 0.500% Floor), 09/22/2028 (a)

281,520

279,409

PMHC II, Inc., Senior Secured First Lien Term Loan 9.807% (3 Month SOFR USD + 4.25%, 0.500% Floor), 04/23/2029 (a)

678,718

652,065

Polar U.S. Borrower, LLC, Senior Secured First Lien Term Loan 10.244% (3 Month SOFR USD + 4.75%), 10/15/2025 (a)

481,310

330,419

PQ Corp., Senior Secured First Lien Term Loan 7.983% (3 Month SOFR USD + 2.50%, 0.500% Floor), 06/09/2028 (a)

350,025

351,033

PQ Performance Chemicals, Senior Secured First Lien Term Loan 8.705% (1 Month SOFR USD + 3.25%, 0.750% Floor), 08/02/2028 (a)

518,420

518,423

SCIH Salt Holdings, Inc.

 

 

 

Senior Secured First Lien Term Loan 9.463% (1 Month SOFR USD + 4.00%, 0.750% Floor), 03/16/2027 (a)

962,936

 

965,718

Senior Secured First Lien Term Loan 9.471% (1 Month SOFR USD + 4.00%, 0.750% Floor), 03/16/2027 (a)

77,267

 

77,490

Tronox Finance, LLC

 

 

 

Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 03/10/2028 (a)

70,154

 

70,171

Senior Secured First Lien Term Loan 8.11% (3 Month SOFR USD + 2.50%), 03/10/2028 (a)

346,154

 

346,235

Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan 10.108% (1 Month SOFR USD + 4.75%, 0.500% Floor), 10/26/2026 (a)

436,124

421,950

8,249,772

COMMERCIAL SERVICES - 6.06%

AlixPartners, , LLP, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 02/04/2028 (a)

1,195,269

1,199,302

Allied Universal Holdco, LLC, Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 05/12/2028 (a)

443,888

444,893

American Auto Auction Group, LLC, Senior Secured First Lien Term Loan 10.498% (3 Month SOFR USD + 5.00%, 0.750% Floor), 12/30/2027 (a)

414,316

409,481

Apex Group Treasury, LLC, Senior Secured First Lien Term Loan 9.377% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/27/2028 (a)

404,184

403,173

Aramark Services, Inc.

Senior Secured First Lien Term Loan 7.22% (1 Month SOFR USD + 1.75%), 01/15/2027 (a)

398,000

398,123

Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 06/24/2030 (a)

456,854

458,494

Camelot U.S. Acquisition, LLC

Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%), 10/30/2026 (a)

615,522

617,138

Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 1.000% Floor), 10/30/2026 (a)

830,543

833,035

Deerfield Dakota Holding, LLC, Senior Secured First Lien Term Loan 9.098% (3 Month SOFR USD + 3.75%, 1.000% Floor), 04/09/2027 (a)

991,449

984,013

Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 8.205% (1 Month SOFR USD + 2.75%), 02/06/2026 (a)

1,761,870

1,767,658

EAB Global, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 08/16/2028 (a)

491,392

491,392

Galaxy U.S. Opco, Inc., Senior Secured First Lien Term Loan 10.133% (3 Month SOFR USD + 4.75%, 0.500% Floor), 04/30/2029 (a)

353,430

293,347

Garda World Security Corp., Senior Secured First Lien Term Loan 9.725% (3 Month SOFR USD + 4.25%), 10/30/2026 (a)

880,876

883,563

Garrett LX III SARL, Senior Secured First Lien Term Loan 9.883% (3 Month SOFR USD + 4.50%, 0.500% Floor), 05/01/2028 (a)

267,857

268,527

HomeServe U.S.A. Corp., Senior Secured First Lien Term Loan 8.358% (1 Month SOFR USD + 3.00%), 10/21/2030 (a)

358,000

359,566

Indy U.S. BIDCO, LLC

Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 03/06/2028 (a)

282,714

271,264

Senior Secured First Lien Term Loan 11.606% (1 Month SOFR USD + 6.25%, 0.500% Floor), 03/06/2028 (a)

633,418

621,145

Iron Mountain Information Management, LLC

Senior Secured First Lien Term Loan 7.22% (1 Month SOFR USD + 1.75%), 01/02/2026 (a)

527,601

527,864

Senior Secured First Lien Term Loan 7.607% (1 Month SOFR USD + 2.25%), 01/31/2031 (a)

557,963

558,837

Isolved, Inc., Senior Secured First Lien Term Loan 9.484% (6 Month SOFR USD + 4.00%, 0.500% Floor), 10/05/2030 (a)

430,000

431,344

OMNIA Partners, LLC

Senior Secured First Lien Term Loan 9.628% (3 Month SOFR USD + 4.25%), 07/25/2030 (a)

552,133

556,277

Senior Secured First Lien Delayed-Draw Term Loan 9.915%, 07/25/2030 (a)(e)(g)

51,867

 

52,256

Pre-Paid Legal Services, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.500% Floor), 12/15/2028 (a)

442,492

440,143

Saphilux SARL

 

 

 

Senior Secured First Lien Term Loan 10.144% (6 Month SOFR USD + 4.75%, 0.500% Floor), 07/18/2028 (a)

365,085

 

366,684

Senior Secured First Lien Term Loan 10.144% (Daily SOFR USD + 4.75%, 0.500% Floor), 07/18/2028 (a)

915

 

919

SS&C Technologies, Inc.

Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a)

594,509

596,194

Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a)

353,276

354,278

Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 8.106% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/31/2028 (a)

74,625

75,058

Trans Union, LLC, Senior Secured First Lien Term Loan 7.72% (1 Month SOFR USD + 2.25%, 0.500% Floor), 12/01/2028 (a)

1,068,957

1,073,836

VT Topco, Inc., Senior Secured First Lien Term Loan 9.606% (1 Month SOFR USD + 4.25%, 0.500% Floor), 08/09/2030 (a)

579,720

583,343

16,321,147

CONSTRUCTION & ENGINEERING - 2.18%

Amentum Government Services Holdings, LLC

Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 02/01/2027 (a)

923,505

926,100

Senior Secured First Lien Term Loan 9.358% (1 Month SOFR USD + 4.00%, 0.500% Floor), 02/15/2029 (a)

297,639

298,309

American Residential Services, LLC, Senior Secured First Lien Term Loan 9.11% (3 Month SOFR USD + 3.50%, 0.750% Floor), 10/15/2027 (a)

658,630

658,630

Api Group DE, Inc.

Senior Secured First Lien Term Loan 7.72% (1 Month SOFR USD + 2.25%), 10/01/2026 (a)

519,910

521,397

Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 01/03/2029 (a)

498,332

499,356

Brand Industrial Services, Inc., Senior Secured First Lien Term Loan 10.877% (3 Month SOFR USD + 5.50%, 0.500% Floor), 07/25/2030 (a)

832,913

830,014

Centuri Group, Inc., Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%, 0.500% Floor), 08/28/2028 (a)

661,667

662,494

Tecta America Corp.

Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 04/06/2028 (a)

683,409

686,187

Senior Secured First Lien Term Loan 9.72% (1 Month SOFR USD + 4.25%, 0.750% Floor), 04/10/2028 (a)

212,468

213,331

Tiger Acquisition, LLC, Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/01/2028 (a)

581,613

579,856

5,875,674

CONSUMER DISCRETIONARY - 1.84%

Champ Acquisition Corp., Senior Secured First Lien Term Loan 11.11% (3 Month SOFR USD + 5.50%), 12/19/2025 (a)

158,063

158,854

Fugue Finance, LLC, Senior Secured First Lien Term Loan 9.388% (3 Month SOFR USD + 4.00%, 0.500% Floor), 01/31/2028 (a)

444,026

446,628

Hanesbrands, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/08/2030 (a)

502,205

502,205

KUEHG Corp., Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%, 0.500% Floor), 06/12/2030 (a)

251,370

252,784

Learning Care Group (U.S.) No. 2, Inc.

 

 

 

Senior Secured First Lien Term Loan 10.098% (3 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a)

8,224

 

11,056

Senior Secured First Lien Term Loan 10.11% (1 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a)

17,222

 

23,155

Senior Secured First Lien Term Loan 10.121% (3 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a)

21,528

 

28,943

Senior Secured First Lien Term Loan 10.137% (3 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a)

68,889

 

92,618

Prometric Holdings, Inc., Senior Secured First Lien Term Loan 10.72% (1 Month SOFR USD + 5.25%, 0.500% Floor), 01/31/2028 (a)

724,000

724,568

Renaissance Holding Corp., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 04/05/2030 (a)

728,175

731,713

Spring Education Group, Inc., Senior Secured First Lien Term Loan 9.848% (3 Month SOFR USD + 4.50%), 10/04/2030 (a)

361,000

362,489

Tory Burch, LLC, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 04/14/2028 (a)

365,625

365,426

Tumi, Inc., Senior Secured First Lien Term Loan 8.106% (1 Month SOFR USD + 2.75%, 0.500% Floor), 06/21/2030 (a)

379,095

380,043

Wand NewCo 3, Inc., Senior Secured First Lien Term Loan 8.213%, 02/05/2026 (a)(e)

667,262

 

670,058

WW International, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 04/13/2028 (a)

273,415

194,922

4,945,462

CONSUMER NON-DISCRETIONARY - 0.28%

Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 9.36% (3 Month SOFR USD + 3.75%, 0.500% Floor), 12/22/2026 (a)

761,450

762,189

ENVIRONMENTAL SERVICES - 1.96%

Action Environmental Group, Inc.

Senior Secured First Lien Term Loan 9.878% (3 Month SOFR USD + 4.50%, 0.500% Floor), 10/24/2030 (a)

511,000

513,555

Senior Secured First Lien Delayed-Draw Term Loan 9.824%, 10/31/2030 (a)(e)(g)

77,000

 

77,385

Belfor Holdings, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 10/25/2030 (a)

1,003,000

1,007,393

Brightview Landscapes, LLC, Senior Secured First Lien Term Loan 8.383% (3 Month SOFR USD + 3.00%, 0.500% Floor), 04/20/2029 (a)

466,785

467,807

Covanta Holding Corp.

Senior Secured First Lien Term Loan 7.848% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a)

26,282

26,308

Senior Secured First Lien Term Loan 7.856% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a)

344,720

345,070

Senior Secured First Lien Term Loan 8.36% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/30/2028 (a)

412,866

413,899

Senior Secured First Lien Term Loan 8.36% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/30/2028 (a)

31,043

31,120

EnergySolutions, LLC, Senior Secured First Lien Term Loan 9.356% (3 Month SOFR USD + 4.00%, 0.500% Floor), 09/20/2030 (a)

361,095

361,546

GFL Environmental, Inc., Senior Secured First Lien Term Loan 7.912% (3 Month SOFR USD + 2.50%, 0.500% Floor), 05/31/2027 (a)

658,899

662,111

JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien Term Loan 10.403% (3 Month SOFR USD + 5.00%, 0.500% Floor), 10/04/2030 (a)

427,000

428,601

WIN Waste Innovations Holdings, Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 03/24/2028 (a)

994,712

939,197

5,273,992

FINANCIALS: DIVERSIFIED - 3.51%

 Citco Group, Ltd., Senior Secured First Lien Term Loan 8.887% (3 Month SOFR USD + 3.50%, 0.500% Floor), 04/26/2028 (a)

428,575

430,450

 Edelman Financial Engines Centre, LLC

Senior Secured Second Lien Term Loan 12.22% (1 Month SOFR USD + 6.75%), 07/20/2026 (a)

815,000

816,528

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.750% Floor), 04/07/2028 (a)

446,709

447,897

Amynta Agency Borrower, Inc., Senior Secured First Lien Term Loan 10.424%, 02/28/2028 (a)(e)

327,357

 

328,175

Avolon TLB Borrower 1 (U.S.), LLC, Senior Secured First Lien Term Loan 7.858% (1 Month SOFR USD + 2.50%, 0.500% Floor), 06/22/2028 (a)

907,811

910,911

Castlelake Aviation One, LLC

Senior Secured First Lien Term Loan 8.421% (3 Month LIBOR USD + 2.75%, 0.500% Floor), 10/22/2026 (a)

514,436

516,080

Senior Secured First Lien Term Loan 8.135% (3 Month SOFR USD + 2.75%, 0.500% Floor), 10/22/2027 (a)

520,740

522,097

Citco Funding, LLC, Senior Secured First Lien Term Loan 8.637% (3 Month SOFR USD + 3.25%, 0.500% Floor), 04/27/2028 (a)

249,375

250,583

Corp. Service Co.

Senior Secured First Lien Term Loan 7.956% (1 Month SOFR USD + 2.50%), 11/03/2027 (a)

396,459

393,735

Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/02/2029 (a)

514,800

516,731

Focus Financial Partners, LLC, Senior Secured First Lien Term Loan 8.606% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)

752,832

755,418

GTCR W Merger Sub, LLC, Senior Secured First Lien Term Loan 3.75%, 09/21/2030 (a)(e)

952,000

 

957,355

Moneygram International, Inc., Senior Secured First Lien Term Loan 10.877% (3 Month SOFR USD + 5.50%, 0.500% Floor), 06/01/2030 (a)

318,203

309,883

NAB Holdings, LLC, Senior Secured First Lien Term Loan 8.248% (3 Month SOFR USD + 2.75%, 0.500% Floor), 11/24/2028 (a)

495,583

496,866

Nuvei Technologies Corp., Senior Secured First Lien Term Loan 7.939%, 09/29/2025 (a)(e)

596,000

 

596,653

VFH Parent, LLC, Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%, 0.500% Floor), 01/12/2029 (a)

513,884

515,619

WEX, Inc., Senior Secured First Lien Term Loan 7.72% (1 Month SOFR USD + 2.25%), 03/31/2028 (a)

697,283

700,382

9,465,363

FINANCIALS: INSURANCE - 2.91%

Acrisure, LLC

Senior Secured First Lien Term Loan 9.15% (1 Month LIBOR USD + 3.50%), 02/16/2027 (a)

890,687

890,451

Senior Secured First Lien Term Loan 9.689% (1 Month LIBOR USD + 4.25%, 0.500% Floor), 02/16/2027 (a)

259,700

260,836

AssuredPartners, Inc.

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 02/12/2027 (a)

630,350

632,559

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/12/2027 (a)

356,788

358,125

Asurion, LLC, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%), 12/23/2026 (a)

2,024,527

2,023,404

Broadstreet Partners, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 01/26/2029 (a)

321,270

322,642

HUB International, Ltd., Senior Secured First Lien Term Loan 9.662% (3 Month SOFR USD + 4.25%, 0.750% Floor), 06/20/2030 (a)

528,769

531,706

Jones DesLauriers Insurance Management, Inc., Senior Secured First Lien Term Loan 9.624% (3 Month SOFR USD + 4.25%), 03/16/2030 (a)

367,000

369,064

NFP Corp, Senior Secured First Lien Term Loan 8.713%, 02/04/2027 (a)(e)

468,284

 

471,248

OneDigital Borrower, LLC, Senior Secured First Lien Term Loan 9.698% (1 Month SOFR USD + 4.25%, 0.500% Floor), 11/16/2027 (a)

294,397

294,583

USI, Inc.

Senior Secured First Lien Term Loan 8.358% (3 Month SOFR USD + 3.00%, 0.500% Floor), 11/14/2029 (a)

945,882

948,914

Senior Secured First Lien Term Loan 8.598% (3 Month SOFR USD + 3.25%), 09/27/2030 (a)

742,140

744,226

7,847,758

FOOD & BEVERAGE - 0.82%

BCPE Empire Holdings, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 12/11/2028 (a)

451,730

453,510

Froneri U.S., Inc., Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%), 01/29/2027 (a)

395,974

396,885

Pegasus Bidco B.V., Senior Secured First Lien Term Loan 9.63% (3 Month SOFR USD + 4.25%, 0.500% Floor), 07/12/2029 (a)

531,226

532,304

Triton Water Holdings, Inc., Senior Secured First Lien Term Loan 8.86% (3 Month SOFR USD + 3.25%, 0.500% Floor), 03/31/2028 (a)

821,384

815,223

2,197,922

HEALTHCARE: EQUIPMENT & SUPPLIES - 3.39%

athenahealth Group, Inc., Senior Secured First Lien Term Loan 8.606% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/15/2029 (a)

748,870

746,624

Azalea TopCo, Inc.

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 07/24/2026 (a)

217,591

216,014

Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%, 0.750% Floor), 07/24/2026 (a)

350,662

347,592

Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 07/24/2026 (a)

108,576

107,490

Bausch & Lomb Corp., Senior Secured First Lien Term Loan 8.71% (1 Month SOFR USD + 3.25%, 0.500% Floor), 05/10/2027 (a)

749,585

743,498

Cvet Midco 2, LP, Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%, 0.500% Floor), 10/15/2029 (a)

233,238

233,421

Gainwell Acquisition Corp., Senior Secured First Lien Term Loan 9.448% (3 Month SOFR USD + 4.00%, 0.750% Floor), 10/01/2027 (a)

1,541,571

1,503,031

Insulet Corp., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2028 (a)

1,202,367

1,208,379

Medline Borrower, LP, Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 10/23/2028 (a)

1,759,363

1,770,219

Navicure, Inc., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 10/22/2026 (a)

2,245,934

2,257,163

9,133,431

HEALTHCARE: FACILITIES - 3.02%

ADMI Corp., Senior Secured First Lien Term Loan 9.213% (1 Month SOFR USD + 3.75%, 0.500% Floor), 12/23/2027 (a)

635,375

605,592

Charlotte Buyer, Inc., Senior Secured First Lien Term Loan 10.607% (1 Month SOFR USD + 5.25%, 0.500% Floor), 02/11/2028 (a)

286,277

287,827

CHG Healthcare Services, Inc.

Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 09/29/2028 (a)

294,500

295,302

Senior Secured First Lien Term Loan 9.145% (3 Month SOFR USD + 3.75%, 0.500% Floor), 09/29/2028 (a)

390,304

391,565

Electron Bidco, Inc., Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/01/2028 (a)

954,826

958,407

Heartland Dental, LLC, Senior Secured First Lien Term Loan 10.358% (1 Month SOFR USD + 5.00%, 0.750% Floor), 04/28/2028 (a)

675,914

675,704

Option Care Health, Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 10/27/2028 (a)

1,042,043

1,047,467

Pluto Acquisition I, Inc., Senior Secured First Lien Term Loan 9.65% (3 Month SOFR USD + 4.00%), 06/22/2026 (a)

408,830

321,614

Premier Dental Services, Inc.

Senior Secured First Lien Delayed-Draw Term Loan 10.15% (3 Month SOFR USD + 4.50%, 0.750% Floor), 08/18/2028 (a)

31,160

19,698

Senior Secured First Lien Term Loan 10.15% (3 Month SOFR USD + 4.50%, 0.750% Floor), 08/18/2028 (a)

305,016

192,813

Select Medical Corp., Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%), 03/06/2027 (a)

731,949

733,321

Sotera Health Holdings, LLC

Senior Secured First Lien Term Loan 8.395% (3 Month SOFR USD + 2.75%, 0.500% Floor), 12/11/2026 (a)

261,000

261,217

Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 12/11/2026 (a)

323,375

323,983

Surgery Center Holdings, Inc., Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%), 12/05/2030 (a)

1,306,000

1,312,942

U.S. Radiology Specialists, Inc., Senior Secured First Lien Term Loan 10.748% (3 Month SOFR USD + 5.25%, 0.500% Floor), 12/15/2027 (a)

713,440

708,681

8,136,133

HEALTHCARE: LIFE SCIENCES - 2.42%

Avantor Funding, Inc., Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%, 0.500% Floor), 11/08/2027 (a)

1,334,263

1,338,900

Cambrex Corp., Senior Secured First Lien Term Loan 8.956% (1 Month SOFR USD + 3.50%, 0.750% Floor), 12/04/2026 (a)

971,749

954,500

Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%), 02/22/2028 (a)

522,000

523,305

Curia Global, Inc., Senior Secured First Lien Term Loan 9.233% (3 Month SOFR USD + 3.75%, 0.750% Floor), 08/31/2026 (a)

832,419

751,520

ICON Luxembourg SARL, Senior Secured First Lien Term Loan 7.86% (3 Month SOFR USD + 2.25%, 0.500% Floor), 07/03/2028 (a)

800,000

803,876

IQVIA, Inc., Senior Secured First Lien Term Loan 7.348% (3 Month SOFR USD + 2.00%), 01/02/2031 (a)

289,000

290,523

Parexel International, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/15/2028 (a)

618,056

622,459

PRA Health Sciences, Inc., Senior Secured First Lien Term Loan 7.86% (3 Month SOFR USD + 2.25%, 0.500% Floor), 07/03/2028 (a)

199,320

200,286

Star Parent, Inc., Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%), 09/27/2030 (a)

1,057,250

1,047,412

6,532,781

HEALTHCARE: MANAGED HEALTH CARE - 0.84%

Verscend Holding Corp., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 08/27/2025 (a)

2,248,762

2,259,061

HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 1.07%

Financiere Mendel, Senior Secured First Lien Term Loan 9.616% (3 Month SOFR USD + 4.25%), 11/12/2030 (a)

672,000

673,996

Jazz Pharmaceuticals, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 05/05/2028 (a)

1,542,437

1,552,393

Perrigo Investments, LLC, Senior Secured First Lien Term Loan 7.456% (1 Month SOFR USD + 2.25%, 0.500% Floor), 04/20/2029 (a)

656,000

656,272

2,882,661

INDUSTRIAL MACHINERY - 4.66%

AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan 9.093% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/31/2028 (a)

671,920

673,270

Ali Group North America Corp., Senior Secured First Lien Term Loan 7.47% (1 Month SOFR USD + 2.00%), 07/30/2029 (a)

554,456

556,050

ASP Blade Holdings, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.500% Floor), 10/13/2028 (a)

410,454

368,126

AZZ, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 05/11/2029 (a)

555,543

558,865

Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/01/2025 (a)

1,679,190

1,685,563

Chart Industries, Inc., Senior Secured First Lien Term Loan 8.691% (1 Month SOFR USD + 3.25%, 0.500% Floor), 03/17/2030 (a)

851,627

854,463

Clark Equipment Co., Senior Secured First Lien Term Loan 7.948% (3 Month SOFR USD + 2.50%, 0.500% Floor), 04/20/2029 (a)

390,049

391,303

Columbus McKinnon Corp., Senior Secured First Lien Term Loan 8.389% (3 Month SOFR USD + 2.75%, 0.500% Floor), 05/15/2028 (a)

574,290

576,444

CPM Holdings, Inc., Senior Secured First Lien Term Loan 9.843% (1 Month SOFR USD + 4.50%, 0.500% Floor), 09/27/2028 (a)

649,000

651,976

EMRLD Borrower, LP, Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%), 05/31/2030 (a)

598,676

601,484

Filtration Group Corp.

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 10/20/2028 (a)

266,220

266,886

Senior Secured First Lien Term Loan 9.72% (1 Month SOFR USD + 4.25%, 0.500% Floor), 10/23/2028 (a)

406,925

409,214

Gates Global, LLC

Senior Secured First Lien Term Loan 7.956% (1 Month SOFR USD + 2.50%, 0.750% Floor), 03/31/2027 (a)

264,319

265,075

Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/16/2029 (a)

520,413

522,692

Indicor, LLC, Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%, 0.500% Floor), 11/22/2029 (a)

537,942

539,792

LSF12 Badger Bidco, LLC, Senior Secured First Lien Term Loan 11.356% (1 Month SOFR USD + 6.00%), 09/02/2030 (a)

586,000

585,634

Madison IAQ, LLC, Senior Secured First Lien Term Loan 8.721% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/21/2028 (a)

595,725

594,709

Pro Mach Group, Inc., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 1.000% Floor), 08/31/2028 (a)

967,536

971,569

TK Elevator Midco GMBH, Senior Secured First Lien Term Loan 9.381% (6 Month SOFR USD + 3.50%, 0.500% Floor), 07/30/2027 (a)

898,950

902,096

Vertiv Group Corp., Senior Secured First Lien Term Loan 7.974% (1 Month SOFR USD + 2.50%), 03/02/2027 (a)

568,686

571,282

12,546,493

LEISURE: CASINOS & GAMING - 3.49%

888 Acquisitions, Ltd., Senior Secured First Lien Term Loan 10.817% (6 Month SOFR USD + 5.25%, 0.500% Floor), 07/08/2028 (a)

481,466

468,741

Aristocrat Technologies, Inc., Senior Secured First Lien Term Loan 7.698% (3 Month SOFR USD + 2.25%, 0.500% Floor), 05/24/2029 (a)

224,143

224,866

Bally's Corp., Senior Secured First Lien Term Loan 8.927% (3 Month SOFR USD + 3.25%, 0.500% Floor), 10/02/2028 (a)

415,635

395,053

Caesars Entertainment, Inc., Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/06/2030 (a)

707,653

710,473

Entain Holdings (Gibraltar), Ltd.

Senior Secured First Lien Term Loan 7.948% (3 Month SOFR USD + 2.50%, 0.500% Floor), 03/29/2027 (a)

728,325

731,187

Senior Secured First Lien Term Loan 8.948% (3 Month SOFR USD + 3.50%, 0.500% Floor), 10/31/2029 (a)

1,059,853

1,063,166

Everi Holdings, Inc., Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%, 0.500% Floor), 08/03/2028 (a)

454,538

456,499

Fertitta Entertainment, LLC, Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%, 0.500% Floor), 01/29/2029 (a)

803,869

805,251

Flutter Entertainment PLC, Senior Secured First Lien Term Loan 7.698% (3 Month SOFR USD + 2.25%, 0.500% Floor), 11/25/2030 (a)

2,127,000

2,134,977

Ontario Gaming GTA, LP, Senior Secured First Lien Term Loan 9.598% (3 Month SOFR USD + 4.25%, 0.500% Floor), 08/01/2030 (a)

738,000

742,085

Penn National Gaming, Inc., Senior Secured First Lien Term Loan 8.205% (1 Month SOFR USD + 2.75%, 0.500% Floor), 05/03/2029 (a)

589,472

591,617

Scientific Games International, Inc., Senior Secured First Lien Term Loan 8.465% (1 Month SOFR USD + 3.00%, 0.500% Floor), 04/16/2029 (a)

854,980

858,720

Stars Group Holdings B.V., Senior Secured First Lien Term Loan 8.863% (3 Month SOFR USD + 3.25%, 0.500% Floor), 07/21/2028 (a)

210,636

211,630

9,394,265

LEISURE: HOTELS - 2.40%

Alterra Mountain Co., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 08/17/2028 (a)

1,791,149

1,796,002

Carnival Corp., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 10/18/2028 (a)

481,180

482,585

Herschend Entertainment Co., LLC, Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.500% Floor), 08/28/2028 (a)

1,176,670

1,181,818

Hilton Grand Vacations Borrower, LLC, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/02/2028 (a)

434,010

434,824

Hilton Worldwide Finance, LLC, Senior Secured First Lien Term Loan 7.205% (1 Month SOFR USD + 1.75%), 06/21/2028 (a)

524,000

525,582

Lakeland Tours, LLC, Senior Unsecured First Lien Term Loan 8.00%, 09/27/2027

333,330

258,331

RHP Hotel Properties, LP, Senior Secured First Lien Term Loan 8.106% (1 Month SOFR USD + 2.75%), 05/20/2030 (a)

632,223

633,948

Sabre GLBL, Inc.

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/17/2027 (a)

143,000

125,768

Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/17/2027 (a)

90,766

79,829

Senior Secured First Lien Term Loan 9.706% (1 Month SOFR USD + 4.25%, 0.500% Floor), 06/30/2028 (a)

78,000

69,342

Travel + Leisure Co., Senior Secured First Lien Term Loan 8.608% (1 Month SOFR USD + 3.25%, 0.500% Floor), 12/14/2029 (a)

504,000

505,449

Wyndham Hotels & Resorts, Inc., Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%), 05/24/2030 (a)

375,115

376,546

6,470,024

LEISURE: RESTAURANTS - 1.89%

1011778 B.C. Unlimited Liability Co., Senior Secured First Lien Term Loan 7.606% (1 Month SOFR USD + 2.25%), 09/20/2030 (a)

624,000

625,002

Dave & Buster's, Inc., Senior Secured First Lien Term Loan 9.25% (1 Month SOFR USD + 3.75%, 0.500% Floor), 06/29/2029 (a)

664,485

667,333

Fogo De Chao, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 09/22/2030 (a)

442,000

434,448

IRB Holding Corp., Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%, 0.750% Floor), 12/15/2027 (a)

1,557,670

1,562,117

Tacala, LLC, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 02/05/2027 (a)

1,120,835

1,126,820

Whatabrands, LLC, Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 08/03/2028 (a)

662,368

664,322

5,080,042

MEDIA: BROADCASTING - 0.65%

Hubbard Radio, LLC, Senior Secured First Lien Term Loan 9.73% (1 Month LIBOR USD + 4.25%, 1.000% Floor), 03/28/2025 (a)

457,988

380,130

Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 09/18/2026 (a)

700,890

702,096

Univision Communications, Inc., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 03/13/2026 (a)

664,292

666,372

1,748,598

MEDIA: CABLE & SATELLITE - 2.49%

Charter Communications Operating, LLC., Senior Secured First Lien Term Loan 7.133% (3 Month SOFR USD + 1.75%), 02/01/2027 (a)

668,255

669,094

Connect U.S. Finco, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%, 1.000% Floor), 12/11/2026 (a)

1,463,875

1,466,216

Coral-U.S. Co-Borrower, LLC, Senior Secured First Lien Term Loan 7.793% (1 Month SOFR USD + 2.25%), 01/31/2028 (a)

585,000

582,479

CSC Holdings, LLC, Senior Secured First Lien Term Loan 9.862% (1 Month SOFR USD + 4.50%), 01/18/2028 (a)

695,563

673,611

DIRECTV Financing, LLC, Senior Secured First Lien Term Loan 10.65% (3 Month SOFR USD + 5.00%, 0.750% Floor), 08/02/2027 (a)

656,429

657,621

Iridium Satellite, LLC, Senior Secured First Lien Term Loan 7.856% (1 Month SOFR USD + 2.50%, 0.750% Floor), 09/20/2030 (a)

836,204

839,574

Radiate Holdco, LLC, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 09/25/2026 (a)

557,080

448,711

Telesat Canada, Senior Secured First Lien Term Loan 8.40% (3 Month SOFR USD + 2.75%), 12/07/2026 (a)

517,907

335,024

Virgin Media Bristol, LLC, Senior Secured First Lien Term Loan 7.976% (1 Month SOFR USD + 2.50%), 01/31/2028 (a)

630,000

628,863

Xplornet Communications, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.500% Floor), 10/02/2028 (a)

686,501

419,356

6,720,549

MEDIA: DIVERSIFIED - 1.49%

ABG Intermediate Holdings 2, LLC, Senior Secured First Lien Term Loan 8.956% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/21/2028 (a)

467,046

469,802

AP Core Holdings II, LLC, Senior Secured First Lien Term Loan 10.97% (1 Month SOFR USD + 5.50%, 0.750% Floor), 09/01/2027 (a)

317,000

310,264

Arches Buyer, Inc., Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 12/06/2027 (a)

541,718

531,374

Buzz Finco, LLC, Senior Secured First Lien Term Loan 8.206% (1 Month SOFR USD + 2.75%), 01/29/2027 (a)

606,375

609,028

Dotdash Meredith, Inc., Senior Secured First Lien Term Loan 9.443% (1 Month SOFR USD + 4.00%, 0.500% Floor), 12/01/2028 (a)

525,168

522,543

Getty Images, Inc., Senior Secured First Lien Term Loan 9.948% (3 Month SOFR USD + 4.50%), 02/19/2026 (a)

847,951

852,932

McGraw-Hill Education, Inc., Senior Secured First Lien Term Loan 10.22% (1 Month SOFR USD + 4.75%, 0.500% Floor), 07/28/2028 (a)

728,138

728,367

4,024,310

MEDIA: ENTERTAINMENT - 2.54%

Cirque du Soleil Holding U.S.A. Newco, Inc., Senior Secured First Lien Term Loan 9.598% (3 Month SOFR USD + 4.25%, 0.500% Floor), 03/08/2030 (a)

670,264

668,800

Creative Artists Agency, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%), 11/27/2028 (a)

769,035

773,173

Delta 2 (Lux) SARL, Senior Secured First Lien Term Loan 7.598% (3 Month SOFR USD + 2.25%, 0.500% Floor), 01/15/2030 (a)

850,000

853,324

Hoya Midco, LLC, Senior Secured First Lien Term Loan 8.633% (3 Month SOFR USD + 3.25%, 0.500% Floor), 01/26/2029 (a)

556,004

556,838

Live Nation Entertainment, Inc., Senior Secured First Lien Term Loan 7.208% (1 Month SOFR USD + 1.75%), 10/18/2026 (a)

925,583

926,259

Nascar Holdings, LLC, Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 10/19/2026 (a)

220,052

221,164

Pug, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 02/12/2027 (a)

664,912

655,906

UFC Holdings, LLC, Senior Secured First Lien Term Loan 8.399% (3 Month SOFR USD + 2.75%, 0.750% Floor), 04/29/2026 (a)

733,617

737,234

William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%), 05/16/2025 (a)

954,400

958,131

WMG Acquisition Corp., Senior Secured First Lien Term Loan 7.588% (1 Month SOFR USD + 2.125%), 01/20/2028 (a)

498,077

499,135

6,849,964

METALS & MINING - 0.58%

Arsenal AIC Parent, LLC, Senior Secured First Lien Term Loan 9.856% (1 Month SOFR USD + 4.50%), 08/18/2030 (a)

508,725

511,587

Atkore International, Inc., Senior Secured First Lien Term Loan 7.61% (3 Month SOFR USD + 2.00%, 0.500% Floor), 05/26/2028 (a)

386,988

388,499

Grinding Media, Inc., Senior Secured First Lien Term Loan 9.684% (3 Month SOFR USD + 4.00%, 0.750% Floor), 10/12/2028 (a)

671,562

671,562

1,571,648

MIDSTREAM: STORAGE & TRANSPORT - 2.23%

Buckeye Partners, LP, Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%), 11/02/2026 (a)

1,064,953

1,068,894

ITT Holdings, LLC, Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 10/05/2030 (a)

645,383

648,342

Northriver Midstream Finance, LP, Senior Secured First Lien Term Loan 8.395% (3 Month SOFR USD + 3.00%), 08/16/2030 (a)

738,287

740,653

Oryx Midstream Services Permian Basin, LLC, Senior Secured First Lien Term Loan 8.71% (1 Month SOFR USD + 3.25%, 0.500% Floor), 10/05/2028 (a)

1,499,296

1,505,090

TransMontaigne Operating Co., LP, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 11/17/2028 (a)

1,016,260

1,014,172

Traverse Midstream Partners, LLC, Senior Secured First Lien Term Loan 9.24% (3 Month SOFR USD + 3.75%, 0.500% Floor), 02/16/2028 (a)

652,652

654,555

UGI Energy Services, LLC, Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/22/2030 (a)

373,230

374,654

6,006,360

OIL & GAS: EQUIPMENT & SERVICES - 0.14%

U.S. Silica Co., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 03/25/2030 (a)

378,293

379,509

PACKAGING - 1.69%

Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 9.631% (1 Month SOFR USD + 4.175%, 0.500% Floor), 04/13/2029 (a)

616,610

620,078

LABL, Inc., Senior Secured First Lien Term Loan 10.456% (1 Month SOFR USD + 5.00%, 0.500% Floor), 10/30/2028 (a)

398,319

383,109

Mauser Packaging Solutions Holding Co., Senior Secured First Lien Term Loan 9.343% (1 Month SOFR USD + 4.00%), 08/13/2026 (a)

664,081

667,448

Pregis Topco, LLC

Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 07/31/2026 (a)

523,200

525,042

Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/31/2026 (a)

537,625

539,195

RLG Holdings, LLC, Senior Secured First Lien Term Loan 9.72% (1 Month SOFR USD + 4.25%, 0.750% Floor), 07/07/2028 (a)

576,240

543,394

Sabert Corp., Senior Secured First Lien Term Loan 9.219% (1 Month SOFR USD + 3.75%, 1.000% Floor), 12/10/2026 (a)

354,314

357,194

Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.500% Floor), 09/15/2028 (a)

910,663

909,339

4,544,799

REAL ESTATE: MANAGEMENT - 0.31%

Cushman & Wakefield U.S. Borrower, LLC, Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%, 0.500% Floor), 01/31/2030 (a)

288,000

288,360

Greystar Real Estate Partners, LLC, Senior Secured First Lien Term Loan 9.125% (3 Month SOFR USD + 3.75%, 0.500% Floor), 08/21/2030 (a)

546,630

547,997

836,357

RETAIL: FOOD & DRUG - 0.25%

BJ's Wholesale Club, Inc., Senior Secured First Lien Term Loan 7.36% (1 Month SOFR USD + 2.00%), 02/03/2029 (a)

574,075

577,843

JP Intermediate B, LLC, Senior Secured First Lien Term Loan 11.145% (3 Month SOFR USD + 5.7616%, 1.000% Floor), 11/20/2027 (a)

452,852

96,161

674,004

RETAILING - 1.77%

Belron Finance U.S., LLC, Senior Secured First Lien Term Loan 8.067% (3 Month SOFR USD + 2.425%, 0.500% Floor), 04/13/2028 (a)

1,191,631

1,194,759

Great Outdoors Group, LLC, Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 03/06/2028 (a)

1,138,008

1,139,430

Harbor Freight Tools U.S.A., Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 10/19/2027 (a)

476,364

476,450

Michaels Cos., Inc. , Senior Secured First Lien Term Loan 9.86% (3 Month SOFR USD + 4.25%, 0.750% Floor), 04/14/2028 (a)

479,700

400,070

Peer Holding III B.V., Senior Secured First Lien Term Loan 8.604%, 10/18/2030 (a)(e)

633,000

 

635,769

PetSmart, Inc., Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%, 0.750% Floor), 02/11/2028 (a)

451,536

447,246

Sally Holdings, LLC, Senior Secured First Lien Term Loan 7.606% (1 Month SOFR USD + 2.25%), 02/28/2030 (a)

477,393

480,152

4,773,876

TECHNOLOGY HARDWARE - 1.29%

EOS U.S. Finco, LLC, Senior Secured First Lien Term Loan 11.098% (3 Month SOFR USD + 5.75%, 0.500% Floor), 10/05/2029 (a)

411,709

379,802

Ingram Micro, Inc., Senior Secured First Lien Term Loan 8.61% (3 Month SOFR USD + 3.00%, 0.500% Floor), 06/30/2028 (a)

394,200

395,925

MKS Instruments, Inc., Senior Secured First Lien Term Loan 7.841% (1 Month SOFR USD + 2.50%, 0.500% Floor), 08/17/2029 (a)

885,862

889,423

Presidio Holdings, Inc.

 

 

 

Senior Secured First Lien Term Loan 8.956% (1 Month SOFR USD + 3.50%), 01/22/2027 (a)

13,904

 

13,950

Senior Secured First Lien Term Loan 8.983% (3 Month SOFR USD + 3.50%), 01/22/2027 (a)

448,776

 

450,248

Synaptics, Inc., Senior Secured First Lien Term Loan 7.875% (3 Month SOFR USD + 2.25%, 0.500% Floor), 12/04/2028 (a)

401,972

400,967

World Wide Technology Holding Co., LLC, Senior Secured First Lien Term Loan 8.707% (1 Month SOFR USD + 3.25%, 0.500% Floor), 03/01/2030 (a)

926,935

931,574

3,461,889

TECHNOLOGY: SOFTWARE & SERVICES - 9.43%

Access CIG, LLC, Senior Secured First Lien Term Loan 10.388% (3 Month SOFR USD + 5.00%, 0.500% Floor), 08/18/2028 (a)

713,213

715,295

Barracuda Parent, LLC, Senior Secured First Lien Term Loan 9.883% (3 Month SOFR USD + 4.50%, 0.500% Floor), 08/15/2029 (a)

422,864

414,011

Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 9.598%, 12/31/2028 (a)(e)

1,192,000

 

1,202,282

Central Parent, Inc., Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%), 07/06/2029 (a)

728,940

733,912

Cloud Software Group, Inc., Senior Secured First Lien Term Loan 9.99% (3 Month SOFR USD + 4.50%, 0.500% Floor), 03/30/2029 (a)

673,385

659,456

CommerceHub, Inc., Senior Secured First Lien Term Loan 9.54% (3 Month SOFR USD + 4.00%, 0.750% Floor), 12/29/2027 (a)

453,263

430,790

Connectwise, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 09/29/2028 (a)

1,127,678

1,127,679

DCert Buyer, Inc., Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%), 10/16/2026 (a)

444,634

441,628

E2Open, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/04/2028 (a)

606,372

607,824

Ensono, LP, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 05/19/2028 (a)

696,642

672,956

Flexera Software, LLC, Senior Secured First Lien Term Loan 9.213%, 03/03/2028 (a)(e)

559,547

 

559,941

GI Consilio Parent, LLC, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.500% Floor), 05/12/2028 (a)

292,493

291,945

Go Daddy Operating Co., LLC, Senior Secured First Lien Term Loan 7.47% (1 Month SOFR USD + 2.00%), 08/10/2027 (a)

930,589

933,497

Greeneden U.S. Holdings II, LLC, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 12/01/2027 (a)

550,708

553,509

Informatica, LLC, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%), 10/27/2028 (a)

669,865

672,099

Marcel Bidco, LLC, Senior Secured First Lien Term Loan 9.82%, 10/26/2030 (a)(e)

572,000

 

575,815

McAfee Corp., Senior Secured First Lien Term Loan 9.193% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/01/2029 (a)

1,040,854

1,039,339

Mitchell International, Inc., Senior Secured First Lien Term Loan 9.40% (3 Month SOFR USD + 3.75%, 0.500% Floor), 10/16/2028 (a)

941,960

942,912

Mosel Bidco SE (Software AG), Senior Secured First Lien Term Loan 10.098% (3 Month SOFR USD + 4.75%, 0.500% Floor), 09/16/2030 (a)

732,000

733,830

N-Able International Holdings II, LLC, Senior Secured First Lien Term Loan 8.40% (3 Month SOFR USD + 2.75%, 0.500% Floor), 07/19/2028 (a)

501,458

502,084

Open Text Corp., Senior Secured First Lien Term Loan 7.206% (1 Month SOFR USD + 1.75%), 05/30/2025 (a)

1,318,503

1,322,347

Optiv Parent, Inc., Senior Secured First Lien Term Loan 10.63% (3 Month SOFR USD + 5.25%), 07/31/2026 (a)

553,611

530,636

Peraton Corp., Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%, 0.750% Floor), 02/01/2028 (a)

948,707

952,264

Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 10/28/2030 (a)

868,000

874,419

Proofpoint, Inc., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 08/31/2028 (a)

1,342,184

1,344,466

Quartz AcquireCo, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%), 06/28/2030 (a)

525,683

527,982

RealPage, Inc., Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 04/24/2028 (a)

382,715

380,587

Rocket Software, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 11/28/2028 (a)

405,983

399,639

Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 02/24/2028 (a)

1,313,078

1,318,731

SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 02/05/2027 (a)

1,056,319

1,060,138

Sovos Compliance, LLC, Senior Secured First Lien Term Loan 9.97% (1 Month SOFR USD + 4.50%, 0.500% Floor), 08/11/2028 (a)

412,231

408,109

UKG, Inc.

Senior Secured First Lien Term Loan 8.764% (3 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2026 (a)

964,893

968,742

Senior Secured First Lien Term Loan 9.233% (3 Month SOFR USD + 3.75%), 05/04/2026 (a)

717,168

719,764

Senior Secured First Lien Term Loan 9.988% (3 Month SOFR USD + 4.50%, 0.500% Floor), 05/04/2026 (a)

253,725

255,132

VS Buyer, LLC, Senior Secured First Lien Term Loan 8.698% (1 Month SOFR USD + 3.25%), 02/26/2027 (a)

534,923

536,929

25,410,689

TELECOM SERVICES: DIVERSIFIED - 2.00%

Altice France SA, Senior Secured First Lien Term Loan 10.894% (3 Month SOFR USD + 5.50%), 08/15/2028 (a)

336,044

302,860

Cincinnati Bell, Inc., Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/22/2028 (a)

568,400

564,341

Crown Subsea Communications Holding, Inc., Senior Secured First Lien Term Loan 10.707% (1 Month SOFR USD + 5.25%, 0.750% Floor), 04/27/2027 (a)

874,575

880,588

Eagle Broadband Investments, LLC, Senior Secured First Lien Term Loan 8.61% (3 Month SOFR USD + 3.00%, 0.750% Floor), 11/12/2027 (a)

609,734

599,826

Frontier Communications Corp., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 10/08/2027 (a)

271,303

270,285

Guardian U.S. Holdco, LLC, Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%, 0.500% Floor), 01/31/2030 (a)

353,225

354,696

Lumen Technologies, Inc., Senior Secured First Lien Term Loan 7.713% (1 Month SOFR USD + 2.25%), 03/15/2027 (a)

628,815

435,980

Telenet Financing USD, LLC, Senior Secured First Lien Term Loan 7.476% (1 Month SOFR USD + 2.00%), 04/28/2028 (a)

755,000

752,263

Voyage U.S., LLC, Senior Secured First Lien Term Loan 9.177% (3 Month SOFR USD + 3.50%, 0.500% Floor), 07/20/2028 (a)

470,178

471,353

Zayo Group Holdings, Inc., Senior Secured First Lien Term Loan 9.681% (1 Month SOFR USD + 4.325%, 0.500% Floor), 03/09/2027 (a)

363,525

313,428

Ziggo Financing Partnership, Senior Secured First Lien Term Loan 7.976% (1 Month SOFR USD + 2.50%), 04/28/2028 (a)

455,000

454,513

5,400,133

TELECOM SERVICES: WIRELESS - 0.20%

CCI Buyer, Inc., Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%, 0.750% Floor), 12/17/2027 (a)

530,013

529,255

TRANSPORTATION - 2.48%

AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 10.427% (3 Month SOFR USD + 4.75%, 0.750% Floor), 04/20/2028 (a)

654,466

673,333

Atlas CC Acquisition Corp.

Senior Secured First Lien Term Loan 9.90% (3 Month SOFR USD + 4.25%, 0.750% Floor), 05/25/2028 (a)

590,277

551,307

Senior Secured First Lien Term Loan 9.90% (3 Month SOFR USD + 4.25%, 0.750% Floor), 05/25/2028 (a)

128,809

120,305

Avis Budget Car Rental, LLC

Senior Secured First Lien Term Loan 7.22% (1 Month SOFR USD + 1.75%), 08/06/2027 (a)

400,956

400,655

Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%, 0.500% Floor), 03/16/2029 (a)

358,645

359,879

Brown Group Holding, LLC

 

 

 

Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)

193,503

194,283

Senior Secured First Lien Term Loan 9.133% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)

480,172

 

482,107

Senior Secured First Lien Term Loan 9.138% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)

227,853

 

228,771

Hertz Corp.

Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)

377,379

376,790

Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)

72,945

72,831

Senior Secured First Lien Term Loan 9.108% (1 Month SOFR USD + 3.75%), 06/30/2028 (a)

373,000

373,157

Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 03/24/2026 (a)

477,815

476,938

Lasership, Inc., Senior Secured First Lien Term Loan 10.396% (6 Month SOFR USD + 4.50%, 0.750% Floor), 05/08/2028 (a)

733,709

675,929

Mileage Plus Holdings, LLC, Senior Secured First Lien Term Loan 10.77% (3 Month SOFR USD + 5.25%, 1.000% Floor), 06/21/2027 (a)

52,242

54,108

United Airlines, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 04/21/2028 (a)

607,875

610,914

WWEX UNI TopCo Holdings, LLC, Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.750% Floor), 07/26/2028 (a)

561,540

551,904

XPO, Inc., Senior Secured First Lien Term Loan 7.36% (1 Month SOFR USD + 2.00%), 02/01/2031 (a)

486,000

487,317

6,690,528

UTILITIES: POWER - 0.74%

Calpine Corp.

Senior Secured First Lien Term Loan 7.47% (1 Month SOFR USD + 2.00%), 04/06/2026 (a)

264,308

265,155

Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 12/16/2027 (a)

266,000

266,842

Lightstone Holdco, LLC

Senior Secured First Lien Term Loan 11.133% (3 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a)

779,249

743,696

Senior Secured First Lien Term Loan 11.133% (3 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a)

44,074

42,063

WaterBridge Midstream Operating, LLC, Senior Secured First Lien Term Loan 11.39% (3 Month SOFR USD + 5.75%, 1.000% Floor), 06/22/2026 (a)

661,561

663,384

1,981,140

TOTAL BANK LOANS (Cost $219,442,069)

 

 

219,634,703

CORPORATE BONDS - 14.18% (d)

AEROSPACE & DEFENSE - 0.60%

TransDigm, Inc. 6.25%, 03/15/2026 (f)

1,606,000

1,604,756

BUILDING PRODUCTS - 0.19%

Standard Industries, Inc./NJ 3.375%, 01/15/2031 (f)

600,000

517,008

CHEMICALS - 0.11%

Olympus Water U.S. Holding Corp. 7.125%, 10/01/2027 (f)

200,000

200,379

Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.125%, 04/01/2029 (b)(f)

238,000

97,468

297,847

COMMERCIAL SERVICES - 0.39%

OPENLANE, Inc. 5.125%, 06/01/2025 (f)

424,000

418,374

Tempo Acquisition, LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (f)

625,000

628,365

1,046,739

CONSTRUCTION & ENGINEERING - 0.37%

Pike Corp. 5.50%, 09/01/2028 (f)

1,043,000

994,928

ENVIRONMENTAL SERVICES - 0.25%

Stericycle, Inc. 5.375%, 07/15/2024 (f)

679,000

677,364

HEALTHCARE: EQUIPMENT & SUPPLIES - 0.23%

Garden Spinco Corp. 8.625%, 07/20/2030 (f)

589,000

631,013

HEALTHCARE: FACILITIES - 1.17%

Fresenius Medical Care U.S. Finance III, Inc. 2.375%, 02/16/2031 (f)

925,000

717,001

RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, 12/01/2026 (f)

1,002,000

997,011

Select Medical Corp. 6.25%, 08/15/2026 (f)

437,000

439,592

Tenet Healthcare Corp. 6.25%, 02/01/2027

995,000

1,000,568

3,154,172

HEALTHCARE: MANAGED HEALTH CARE - 0.38%

Verscend Escrow Corp. 9.75%, 08/15/2026 (f)

1,010,000

1,017,455

HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 0.91%

Organon & Co. / Organon Foreign Debt Co.-Issuer B.V. 4.125%, 04/30/2028 (f)

1,902,000

1,752,960

Teva Pharmaceutical Finance Netherlands III B.V. 3.15%, 10/01/2026 (b)

765,000

708,918

2,461,878

HEALTHCARE: REITs - 0.29%

MPT Operating Partnership, LP / MPT Finance Corp. 3.50%, 03/15/2031

1,270,000

795,314

INDUSTRIAL MACHINERY - 0.27%

WESCO Distribution, Inc. 7.125%, 06/15/2025 (f)

715,000

720,841

LEISURE: CASINOS & GAMING - 2.42%

Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029 (b)(f)

440,000

449,900

Caesars Entertainment, Inc. 6.25%, 07/01/2025 (f)

1,225,000

1,229,349

Caesars Resort Collection, LLC / CRC Finco, Inc. 5.75%, 07/01/2025 (f)

849,000

849,241

International Game Technology PLC

6.50%, 02/15/2025 (b)(f)

931,000

932,639

4.125%, 04/15/2026 (b)(f)

1,095,000

1,064,933

Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.

5.625%, 09/01/2029 (f)

561,000

445,428

5.875%, 09/01/2031 (f)

562,000

435,278

VICI Properties, LP / VICI Note Co., Inc. 3.50%, 02/15/2025 (f)

1,145,000

1,116,438

6,523,206

LEISURE: HOTELS - 1.23%

NCL Corp., Ltd.

3.625%, 12/15/2024 (b)(f)

925,000

900,143

8.375%, 02/01/2028 (b)(f)

444,000

470,772

Royal Caribbean Cruises, Ltd.

5.50%, 08/31/2026 (b)(f)

421,000

417,289

11.625%, 08/15/2027 (b)(f)

592,000

644,605

Sabre GLBL, Inc. 8.625%, 06/01/2027 (f)

972,000

883,723

3,316,532

LEISURE: RESTAURANTS - 0.24%

CEC Entertainment, LLC 6.75%, 05/01/2026 (f)

660,000

644,817

MEDIA: BROADCASTING - 0.07%

Univision Communications, Inc. 5.125%, 02/15/2025 (f)

178,000

177,490

MEDIA: CABLE & SATELLITE - 0.57%

DISH DBS Corp.

5.875%, 11/15/2024

475,000

445,810

5.125%, 06/01/2029

575,000

296,944

Hughes Satellite Systems Corp. 6.625%, 08/01/2026

490,000

386,784

Sable International Finance, Ltd. 5.75%, 09/07/2027 (b)(f)

430,000

406,582

1,536,120

MEDIA: ENTERTAINMENT - 0.27%

Playtika Holding Corp. 4.25%, 03/15/2029 (f)

821,000

717,159

METALS & MINING - 0.28%

GrafTech Finance, Inc. 4.625%, 12/15/2028 (f)

127,000

84,346

GrafTech Global Enterprises, Inc. 9.875%, 12/15/2028 (f)

857,000

662,032

746,378

MIDSTREAM: STORAGE & TRANSPORT - 0.54%

Venture Global Calcasieu Pass, LLC

6.25%, 01/15/2030 (f)

290,000

288,794

3.875%, 11/01/2033 (f)

510,000

433,269

Venture Global LNG, Inc. 8.125%, 06/01/2028 (f)

712,000

719,664

1,441,727

OIL & GAS: EQUIPMENT & SERVICES - 0.17%

Borr IHC, Ltd. / Borr Finance, LLC 10.00%, 11/15/2028 (b)(f)

426,000

445,170

PACKAGING - 0.28%

Ball Corp. 5.25%, 07/01/2025

758,000

757,756

TECHNOLOGY HARDWARE - 0.36%

Entegris Escrow Corp. 4.75%, 04/15/2029 (f)

1,005,000

969,030

TECHNOLOGY: SOFTWARE & SERVICES - 1.25%

Boxer Parent Co., Inc. 7.125%, 10/02/2025 (f)

385,000

387,476

Elastic N.V. 4.125%, 07/15/2029 (b)(f)

844,000

775,895

Gen Digital, Inc. 5.00%, 04/15/2025 (f)

2,220,000

2,199,787

3,363,158

TELECOM SERVICES: DIVERSIFIED - 0.3%

Altice France SA/France 5.50%, 01/15/2028 (b)(f)

400,000

329,749

Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (f)

605,000

485,734

815,483

TRANSPORTATION - 0.83%

Uber Technologies, Inc. 8.00%, 11/01/2026 (f)

1,175,000

1,197,621

XPO, Inc.

6.25%, 06/01/2028 (f)

758,000

768,489

7.125%, 06/01/2031 (f)

264,000

273,922

2,240,032

UTILITIES: PROPANE - 0.21%

AmeriGas Partners, LP / AmeriGas Finance Corp. 5.50%, 05/20/2025

585,000

577,347

TOTAL CORPORATE BONDS (Cost $39,147,448)

 

 

38,190,720

Shares

MONEY MARKET FUND - 5.83%

First American Government Obligations Fund - Class X, 5.29% (c)

15,701,380

15,701,380

TOTAL MONEY MARKET FUND (Cost $15,701,380)

 

 

15,701,380

Total Investments (Cost $274,290,897) - 101.54%

273,526,803

Liabilities in Excess of Other Assets  - (1.54%)

(4,136,018)

TOTAL NET ASSETS - 100.00%

      269,390,785

 

Percentages are stated as a percent of net assets.

LIBOR

London Interbank Offered Rate

PLC

Public Limited Company

REIT

Real Estate Investment Trust

SOFR

Secured Overnight Funding Rate

(a)

Variable rate securities.  The coupon rate shown is the effective interest rate as of December 31, 2023.

(b)

U.S. traded security of a foreign issuer.

(c)

Rate shown is the 7-day annualized yield as of December 31, 2023.

(d)

All or a portion is posted as collateral for delayed settlement securities.

(e)

Final terms of the bank loan are not yet known, so reference index and spread information may not be presented.

(f)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers

in the program or other "qualified institutional buyers."  As of December 31, 2023, the value of these investments was

$33,221,279 or 12.33% of total net assets.

(g)

All or a portion of the loan is unfunded.

(h)

Rates for senior loans will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread.  Senior loans that reference SOFR may be subject to a credit spread adjustment, particularly to legacy LIBOR bank loans that have transitioned to SOFR as the base lending rate.

 The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI,

 Inc. and Standard & Poor's Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has

 been licensed for use by Shenkman Capital Management, Inc.  Industries presented are at the discretion

 of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.