Shenkman Capital Floating Rate High Income Fund
           
Schedule of Investments
           
December 31, 2022 (Unaudited)
           
             
   
Principal
   
Fair
 
   
Amount
   
Value
 
BANK LOANS - 83.34%
           
AEROSPACE & DEFENSE - 1.12%
           
Peraton Corp., Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 02/01/2028 (a)
$
          2,337,191
  $
          2,286,555
 
Spirit Aerosystems, Inc., Senior Secured First Lien Term Loan 8.823% (1 Month SOFR USD + 4.50%, 0.500% Floor), 01/15/2027 (a)
 
598,500
   
594,574
 
TransDigm, Inc., Senior Secured First Lien Term Loan 7.567% (1 Month SOFR USD + 3.25%), 02/22/2027 (a)
 
455,000
   
454,006
 
         
3,335,135
 
AUTO RETAIL - 0.91%
           
CWGS Group, LLC
 
 
 
 
 
 
Senior Secured First Lien Term Loan 6.571% (2 Month LIBOR USD + 2.50%, 0.750% Floor), 06/05/2028 (a)
 
57,409
 
 
53,401
 
Senior Secured First Lien Term Loan 6.818% (1 Month LIBOR USD + 2.50%, 0.750% Floor), 06/05/2028 (a)
 
685,638
 
 
637,766
 
LS Group Opco Acquisition, LLC, Senior Secured First Lien Term Loan 6.58% (6 Month LIBOR USD + 3.25%, 0.750% Floor), 11/02/2027 (a)
 
999,600
   
988,355
 
Mavis Tire Express Services Topco Corp., Senior Secured First Lien Term Loan 8.50% (1 Month SOFR USD + 4.00%, 0.750% Floor), 05/04/2028 (a)
 
1,067,755
   
1,021,419
 
         
2,700,941
 
AUTOMOTIVE - 0.36%
           
American Axle & Manufacturing, Inc., Senior Secured First Lien Term Loan 7.898% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a)
 
511,000
   
501,207
 
LTI Holdings, Inc., Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%), 09/08/2025 (a)
 
603,225
   
578,906
 
         
1,080,113
 
BUILDING PRODUCTS - 2.04%
           
Cornerstone Building Brands, Inc., Senior Secured First Lien Term Loan 7.568% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 04/12/2028 (a)
 
752,315
   
678,562
 
CPG International, LLC, Senior Secured First Lien Term Loan 6.923% (1 Month SOFR USD + 2.50%, 0.500% Floor), 04/30/2029 (a)
 
1,255,853
   
1,224,457
 
Griffon Corp., Senior Secured First Lien Term Loan 7.009% (3 Month SOFR USD + 2.50%, 0.500% Floor), 01/24/2029 (a)
 
408,622
   
402,366
 
QUIKRETE Holdings, Inc.
           
Senior Secured First Lien Term Loan 7.009% (1 Month LIBOR USD + 2.625%), 02/01/2027 (a)
 
1,384,541
   
1,371,672
 
Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%), 06/11/2028 (a)
 
1,136,413
   
1,129,043
 
TAMKO Building Products, LLC
 
 
 
 
 
 
Senior Secured First Lien Term Loan 7.415% (3 Month LIBOR USD + 3.00%), 05/29/2026 (a)
 
338,171
 
 
328,448
 
Senior Secured First Lien Term Loan 7.73% (3 Month LIBOR USD + 3.00%), 05/29/2026 (a)
 
155,444
 
 
150,975
 
Senior Secured First Lien Term Loan 7.735% (3 Month LIBOR USD + 3.00%), 05/29/2026 (a)
 
166,287
 
 
161,507
 
VC GB Holdings I Corp., Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 07/21/2028 (a)
 
656,370
   
593,742
 
         
6,040,772
 
CHEMICALS - 3.74%
           
Axalta Coating Systems U.S. Holdings, Inc., Senior Secured First Lien Term Loan 7.505% (1 Month SOFR USD + 3.00%, 0.500% Floor), 12/20/2029 (a)
 
913,204
   
915,259
 
Discovery Purchaser Corp., Senior Secured First Lien Term Loan 7.968% (3 Month SOFR USD + 4.375%, 0.500% Floor), 10/04/2029 (a)
 
632,000
   
578,122
 
HB Fuller Co., Senior Secured First Lien Term Loan 6.353% (1 Month LIBOR USD + 2.00%), 10/21/2024 (a)
 
190,359
   
190,498
 
Ineos Finance PLC, Senior Secured First Lien Term Loan 6.923% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/06/2028 (a)
 
714,600
   
690,482
 
Ineos U.S. Petrochem, LLC, Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 01/29/2026 (a)
 
492,500
   
485,113
 
LSF11 A5 Holdco, LLC, Senior Secured First Lien Term Loan 7.938% (1 Month SOFR USD + 3.50%, 0.500% Floor), 10/16/2028 (a)
 
456,554
   
442,173
 
LSF11 Skyscraper Holdco SARL, Senior Secured First Lien Term Loan 8.23% (3 Month LIBOR USD + 3.50%, 0.750% Floor), 09/29/2027 (a)
 
1,509,592
   
1,479,399
 
Lummus Technology Holdings V, LLC, Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%), 06/30/2027 (a)
 
976,536
   
937,475
 
Olympus Water U.S. Holding Corp., Senior Secured First Lien Term Loan 8.50% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 11/09/2028 (a)
 
479,915
   
461,986
 
Orion Engineered Carbons GmbH, Senior Secured First Lien Term Loan 6.98% (3 Month LIBOR USD + 2.25%, 0.500% Floor), 09/22/2028 (a)
 
284,400
   
279,423
 
PMHC II, Inc., Senior Secured First Lien Term Loan 8.494% (3 Month SOFR USD + 4.25%, 0.500% Floor), 04/23/2029 (a)
 
1,824,309
   
1,551,136
 
Polar U.S. Borrower, LLC
 
 
 
 
 
 
Senior Secured First Lien Term Loan 8.691% (3 Month LIBOR USD + 4.75%), 10/15/2025 (a)
 
223,933
 
 
182,058
 
Senior Secured First Lien Term Loan 9.021% (6 Month SOFR USD + 4.75%), 10/15/2025 (a)
 
257,377
 
 
209,247
 
PQ Corp., Senior Secured First Lien Term Loan 6.915% (3 Month LIBOR USD + 2.50%, 0.500% Floor), 06/09/2028 (a)
 
353,615
   
348,974
 
PQ Performance Chemicals, Senior Secured First Lien Term Loan 7.392% (1 Month LIBOR USD + 3.25%, 0.750% Floor), 08/02/2028 (a)
 
523,710
   
511,055
 
SCIH Salt Holdings, Inc., Senior Secured First Lien Term Loan 8.415% (6 Month LIBOR USD + 4.00%, 0.750% Floor), 03/16/2027 (a)
 
812,472
   
791,867
 
Spectrum Holdings III Corp., Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 1.000% Floor), 01/31/2025 (a)
 
706,422
   
651,674
 
Tronox Finance, LLC, Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%), 03/10/2028 (a)
 
416,308
   
404,033
 
         
11,109,974
 
COMMERCIAL SERVICES - 5.35%
           
AlixPartners, LLP, Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 02/04/2028 (a)
 
647,846
   
643,509
 
Allied Universal Holdco, LLC, Senior Secured First Lien Term Loan 7.821% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 05/12/2028 (a)
 
1,244,145
   
1,184,432
 
American Auto Auction Group, LLC, Senior Secured First Lien Term Loan 9.73% (3 Month SOFR USD + 5.00%, 0.750% Floor), 12/30/2027 (a)
 
884,070
   
694,437
 
Apex Group Treasury, LLC, Senior Secured First Lien Term Loan 8.258% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 07/27/2028 (a)
 
1,250,314
   
1,197,176
 
Camelot U.S. Acquisition 1 Co.
           
Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%), 10/30/2026 (a)
 
699,548
   
689,492
 
Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%, 1.000% Floor), 10/30/2026 (a)
 
1,954,658
   
1,927,781
 
Corelogic, Inc., Senior Secured First Lien Term Loan 7.938% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 06/02/2028 (a)
 
1,218,681
   
1,021,029
 
Deerfield Dakota Holding, LLC, Senior Secured First Lien Term Loan 8.073% (1 Month SOFR USD + 3.75%, 1.000% Floor), 04/09/2027 (a)
 
1,583,912
   
1,483,191
 
Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 7.639% (1 Month LIBOR USD + 3.25%), 02/06/2026 (a)
 
1,780,548
   
1,767,355
 
EAB Global, Inc., Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 08/16/2028 (a)
 
496,406
   
478,766
 
Galaxy U.S. Opco, Inc., Senior Secured First Lien Term Loan 9.073% (1 Month SOFR USD + 4.75%, 0.500% Floor), 04/30/2029 (a)
 
357,000
   
323,978
 
Garda World Security Corp.
           
Senior Secured First Lien Term Loan 8.93% (3 Month LIBOR USD + 4.25%), 10/30/2026 (a)
 
575,876
   
561,767
 
Senior Secured First Lien Term Loan 8.534% (3 Month SOFR USD + 4.25%), 02/01/2029 (a)
 
498,750
   
481,294
 
Indy U.S. Bidco, LLC, Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%), 03/06/2028 (a)
 
837,143
   
731,806
 
Pre-Paid Legal Services, Inc., Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 12/15/2028 (a)
 
707,653
   
682,127
 
Spin Holdco, Inc., Senior Secured First Lien Term Loan 8.765% (3 Month LIBOR USD + 4.00%, 0.750% Floor), 03/06/2028 (a)
 
513,278
   
435,517
 
Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%), 05/01/2024 (a)
 
185,137
   
184,951
 
Trans Union, LLC, Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%, 0.500% Floor), 12/01/2028 (a)
 
1,403,672
   
1,392,267
 
         
15,880,875
 
CONSTRUCTION & ENGINEERING - 1.96%
           
Amentum Government Services Holdings, LLC
 
 
 
 
 
 
Senior Secured First Lien Term Loan 8.17% (6 Month LIBOR USD + 4.00%), 02/01/2027 (a)
 
233,082
 
 
228,518
 
Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%), 02/01/2027 (a)
 
699,993
 
 
686,284
 
Senior Secured First Lien Term Loan 7.558% (6 Month SOFR USD + 4.00%, 0.500% Floor), 02/15/2029 (a)
 
361,847
 
 
353,479
 
Senior Secured First Lien Term Loan 8.768% (3 Month SOFR USD + 4.00%, 0.500% Floor), 02/15/2029 (a)
 
319,728
 
 
312,335
 
American Residential Services, LLC, Senior Secured First Lien Term Loan 8.23% (3 Month LIBOR USD + 3.50%, 0.750% Floor), 10/15/2027 (a)
 
665,420
   
649,616
 
Api Group DE, Inc.
           
Senior Secured First Lien Term Loan 6.571% (1 Month LIBOR USD + 2.50%), 10/01/2026 (a)
 
556,066
   
553,169
 
Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%), 01/03/2029 (a)
 
548,606
   
544,971
 
Brand Industrial Services, Inc.
 
 
 
 
 
 
Senior Secured First Lien Term Loan 8.034% (3 Month LIBOR USD + 4.25%, 1.000% Floor), 06/21/2024 (a)
 
85,172
 
 
76,548
 
Senior Secured First Lien Term Loan 8.608% (3 Month LIBOR USD + 4.25%, 1.000% Floor), 06/21/2024 (a)
 
344,146
 
 
309,301
 
Centuri Group, Inc.
 
 
 
 
 
 
Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%, 0.500% Floor), 08/28/2028 (a)
 
49,913
 
 
49,195
 
Senior Secured First Lien Term Loan 7.235% (3 Month LIBOR USD + 2.50%, 0.500% Floor), 08/28/2028 (a)
 
619,374
 
 
610,471
 
Tecta America Corp., Senior Secured First Lien Term Loan 8.688% (1 Month SOFR USD + 4.25%, 0.750% Floor), 04/06/2028 (a)
 
912,546
   
878,325
 
Tiger Acquisition, LLC, Senior Secured First Lien Term Loan 7.321% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 06/01/2028 (a)
 
587,563
   
559,324
 
         
5,811,536
 
CONSUMER DISCRETIONARY - 1.27%
           
Champ Acquisition Corp., Senior Secured First Lien Term Loan 10.23% (3 Month LIBOR USD + 5.50%), 12/19/2025 (a)
 
168,004
   
166,744
 
Houghton Mifflin Harcourt Co., Senior Secured First Lien Term Loan 9.673% (1 Month SOFR USD + 5.25%, 0.500% Floor), 04/09/2029 (a)
 
1,221,938
   
1,165,801
 
Learning Care Group (U.S.) No. 2, Inc.
 
 
 
 
 
 
Senior Secured First Lien Term Loan 7.608% (3 Month LIBOR USD + 3.25%, 1.000% Floor), 03/13/2025 (a)
 
345,544
 
 
322,350
 
Senior Secured First Lien Term Loan 7.665% (3 Month LIBOR USD + 3.25%, 1.000% Floor), 03/13/2025 (a)
 
86,386
 
 
80,588
 
Senior Secured First Lien Term Loan 7.98% (3 Month LIBOR USD + 3.25%, 1.000% Floor), 03/13/2025 (a)
 
20,625
 
 
19,240
 
Prometric Holdings, Inc., Senior Secured First Lien Term Loan 7.39% (1 Month LIBOR USD + 3.00%, 1.000% Floor), 01/29/2025 (a)
 
953,781
   
842,909
 
Renaissance Holding Corp., Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 4.50%, 0.500% Floor), 03/30/2029 (a)
 
732,710
   
706,332
 
Tory Burch, LLC, Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 04/14/2028 (a)
 
369,375
   
342,289
 
WW International, Inc., Senior Secured First Lien Term Loan 7.89% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 04/13/2028 (a)
 
233,415
   
134,797
 
         
3,781,050
 
CONSUMER NON-DISCRETIONARY - 0.25%
           
Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 8.485% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 12/22/2026 (a)
 
769,300
   
733,893
 
ENVIRONMENTAL SERVICES - 1.10%
           
Belfor Holdings, Inc., Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%), 04/06/2026 (a)
 
497,749
   
495,260
 
Brightview Landscapes, LLC, Senior Secured First Lien Term Loan 7.573% (1 Month SOFR USD + 3.25%, 0.500% Floor), 04/20/2029 (a)
 
755,205
   
729,717
 
Covanta Holding Corp.
           
Senior Secured First Lien Term Loan 6.823% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a)
 
613,095
   
609,484
 
Senior Secured First Lien Term Loan 6.823% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a)
 
46,272
   
45,999
 
WIN Waste Innovations Holdings, Inc., Senior Secured First Lien Term Loan 7.48% (3 Month LIBOR USD + 2.75%, 0.500% Floor), 03/24/2028 (a)
 
1,433,175
   
1,374,952
 
         
3,255,412
 
FINANCIALS - DIVERSIFIED - 1.55%
           
Blackstone Mortgage Trust, Inc.
           
Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%), 04/23/2026 (a)
 
565,988
   
553,607
 
Senior Secured First Lien Term Loan 7.823% (1 Month SOFR USD + 3.50%, 0.500% Floor), 05/09/2029 (a)
 
766,150
   
752,742
 
Citco Group, Ltd., Senior Secured First Lien Term Loan 7.554% (3 Month SOFR USD + 3.50%, 0.500% Floor), 04/26/2028 (a)
 
432,915
   
430,750
 
Corp. Service Co., Senior Secured First Lien Term Loan 7.673% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/02/2029 (a)
 
600,000
   
594,750
 
Focus Financial Partners, LLC, Senior Secured First Lien Term Loan 7.573% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)
 
760,456
   
753,011
 
Starwood Property Mortgage, LLC, Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%), 07/27/2026 (a)
 
459,563
   
453,818
 
VFH Parent, LLC, Senior Secured First Lien Term Loan 7.421% (1 Month SOFR USD + 3.00%, 0.500% Floor), 01/12/2029 (a)
 
1,075,000
   
1,049,738
 
         
4,588,416
 
FINANCIALS - INSURANCE - 3.35%
           
Acrisure, LLC
           
Senior Secured First Lien Term Loan 9.916% (3 Month SOFR USD + 5.75%, 1.000% Floor), 02/15/2027 (a)
 
575,000
   
571,886
 
Senior Secured First Lien Term Loan 8.634% (1 Month LIBOR USD + 4.25%, 0.500% Floor), 02/16/2027 (a)
 
262,350
   
254,588
 
AssuredPartners, Inc.
           
Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%), 02/12/2027 (a)
 
636,916
   
620,067
 
Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 02/12/2027 (a)
 
359,525
   
349,099
 
Asurion, LLC
           
Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%), 11/04/2024 (a)
 
404,408
   
393,792
 
Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%), 12/23/2026 (a)
 
3,365,308
   
3,008,451
 
Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%), 07/30/2027 (a)
 
1,069,135
   
938,840
 
Senior Secured Second Lien Term Loan 9.634% (1 Month LIBOR USD + 5.25%), 01/31/2028 (a)
 
340,000
   
267,182
 
Senior Secured Second Lien Term Loan 9.634% (1 Month LIBOR USD + 5.25%), 01/19/2029 (a)
 
820,000
   
642,236
 
HUB International, Ltd., Senior Secured First Lien Term Loan 7.528% (3 Month LIBOR USD + 3.25%, 0.750% Floor), 04/25/2025 (a)
 
1,962,179
   
1,947,237
 
USI, Inc., Senior Secured First Lien Term Loan 8.33% (3 Month SOFR USD + 3.75%, 0.500% Floor), 11/14/2029 (a)
 
955,436
   
948,270
 
         
9,941,648
 
FOOD & BEVERAGE - 1.19%
           
H-Food Holdings, LLC
           
Senior Secured First Lien Term Loan 8.071% (1 Month LIBOR USD + 3.6875%), 05/23/2025 (a)
 
869,050
   
776,388
 
Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%), 05/23/2025 (a)
 
120,000
   
107,614
 
Pegasus Bidco B.V., Senior Secured First Lien Term Loan 8.515% (3 Month SOFR USD + 4.25%, 0.500% Floor), 07/12/2029 (a)
 
991,000
   
961,270
 
Triton Water Holdings, Inc., Senior Secured First Lien Term Loan 8.23% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 03/31/2028 (a)
 
1,814,645
   
1,693,744
 
         
3,539,016
 
HEALTHCARE - EQUIPMENT & SUPPLIES - 3.20%
           
athenahealth Group, Inc.
           
Senior Secured First Lien Term Loan 7.821% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/15/2029 (a)
 
1,615,664
   
1,462,757
 
Senior Secured First Lien Delayed-Draw Term Loan 7.821% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/15/2029 (a)(i)
 
275,217
   
249,171
 
Aveanna Healthcare, LLC, Senior Secured First Lien Term Loan 8.139% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 07/17/2028 (a)
 
479,582
   
371,437
 
Azalea TopCo, Inc.
           
Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%), 07/24/2026 (a)
 
219,864
   
202,069
 
Senior Secured First Lien Term Loan 7.936%, 07/24/2026 (a)(g)
 
154,223
 
 
142,271
 
Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 07/24/2026 (a)
 
109,689
   
101,325
 
Bausch & Lomb Corp., Senior Secured First Lien Term Loan 7.842% (3 Month SOFR USD + 3.25%, 0.500% Floor), 05/10/2027 (a)
 
757,195
   
722,296
 
Cvet Midco 2, LP, Senior Secured First Lien Term Loan 9.58% (3 Month SOFR USD + 5.00%, 0.500% Floor), 10/15/2029 (a)
 
235,000
   
220,783
 
Embecta Corp., Senior Secured First Lien Term Loan 7.791% (6 Month SOFR USD + 3.00%, 0.500% Floor), 03/30/2029 (a)
 
408,306
   
390,316
 
Greatbatch, Ltd., Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%, 0.500% Floor), 09/02/2028 (a)
 
719,196
   
710,386
 
Greenway Health, LLC, Senior Secured First Lien Term Loan 8.48% (3 Month LIBOR USD + 3.75%, 1.000% Floor), 02/16/2024 (a)
 
614,250
   
427,518
 
Insulet Corp., Senior Secured First Lien Term Loan 7.688% (1 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2028 (a)
 
768,300
   
759,660
 
Medline Borrower, LP, Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 10/23/2028 (a)
 
933,823
   
889,097
 
Milano Acquisition Corp., Senior Secured First Lien Term Loan 8.73% (3 Month LIBOR USD + 4.00%, 0.750% Floor), 10/01/2027 (a)
 
927,463
   
872,975
 
MPH Acquisition Holdings, LLC, Senior Secured First Lien Term Loan 8.985% (3 Month LIBOR USD + 4.25%, 0.500% Floor), 09/01/2028 (a)
 
482,159
   
414,054
 
Navicure, Inc., Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%), 10/22/2026 (a)
 
1,575,921
   
1,552,282
 
         
9,488,397
 
HEALTHCARE - FACILITIES - 3.44%
           
ADMI Corp.
           
Senior Secured First Lien Term Loan 7.759% (1 Month LIBOR USD + 3.375%, 0.500% Floor), 12/23/2027 (a)
 
641,685
   
583,773
 
Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 12/23/2027 (a)
 
641,875
   
586,314
 
CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 09/29/2028 (a)
 
1,021,075
   
1,001,154
 
Electron Bidco, Inc., Senior Secured First Lien Term Loan 7.387% (1 Month LIBOR USD + 3.00%, 0.500% Floor), 11/01/2028 (a)
 
1,396,448
   
1,361,711
 
Global Medical Response, Inc.
           
Senior Secured First Lien Term Loan 8.634% (1 Month LIBOR USD + 4.25%, 1.000% Floor), 03/14/2025 (a)
 
524,725
   
374,961
 
Senior Secured First Lien Term Loan 8.422% (1 Month LIBOR USD + 4.25%, 1.000% Floor), 10/02/2025 (a)
 
321,845
   
227,506
 
Heartland Dental, LLC
           
Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%), 04/30/2025 (a)
 
802,870
   
744,060
 
Senior Secured First Lien Term Loan 8.387% (1 Month LIBOR USD + 4.00%), 04/30/2025 (a)
 
1,108,125
   
1,032,495
 
Option Care Health, Inc., Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 10/27/2028 (a)
 
768,240
   
763,919
 
Pluto Acquisition I, Inc., Senior Secured First Lien Term Loan 8.735% (3 Month LIBOR USD + 4.00%), 06/22/2026 (a)
 
1,051,747
   
715,188
 
Premier Dental Services, Inc.
           
Senior Secured First Lien Term Loan 9.235% (3 Month LIBOR USD + 4.50%, 0.750% Floor), 08/18/2028 (a)
 
308,129
   
283,350
 
Senior Secured First Lien Delayed-Draw Term Loan 9.235% (3 Month LIBOR USD + 4.50%, 0.750% Floor), 08/18/2028 (a)
 
31,478
   
28,947
 
Sotera Health Holdings, LLC, Senior Secured First Lien Term Loan 7.165% (3 Month LIBOR USD + 2.75%, 0.500% Floor), 12/11/2026 (a)
 
1,136,000
   
1,053,640
 
U.S. Radiology Specialists, Inc., Senior Secured First Lien Term Loan 8.938% (3 Month LIBOR USD + 5.25%, 0.500% Floor), 12/15/2027 (a)
 
720,720
   
653,041
 
Vizient, Inc., Senior Secured First Lien Term Loan 6.671% (1 Month SOFR USD + 2.25%, 0.500% Floor), 04/27/2029 (a)
 
812,915
   
813,118
 
         
10,223,177
 
HEALTHCARE - LIFE SCIENCES - 2.10%
           
Avantor Funding, Inc., Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%, 0.500% Floor), 11/08/2027 (a)
 
1,207,383
   
1,203,610
 
Cambrex Corp., Senior Secured First Lien Term Loan 7.923% (1 Month SOFR USD + 3.50%, 0.750% Floor), 12/04/2026 (a)
 
1,522,797
   
1,483,013
 
Curia Global, Inc., Senior Secured First Lien Term Loan 8.165% (3 Month LIBOR USD + 3.75%, 0.750% Floor), 08/31/2026 (a)
 
1,647,094
   
1,364,519
 
ICON Luxembourg SARL, Senior Secured First Lien Term Loan 7.00% (3 Month LIBOR USD + 2.25%, 0.500% Floor), 07/03/2028 (a)
 
1,033,759
   
1,031,955
 
Phoenix Newco, Inc., Senior Secured First Lien Term Loan 7.321% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 11/15/2028 (a)
 
919,346
   
887,427
 
PRA Health Sciences, Inc., Senior Secured First Lien Term Loan 7.00% (3 Month LIBOR USD + 2.25%, 0.500% Floor), 07/03/2028 (a)
 
257,562
   
257,112
 
         
6,227,636
 
HEALTHCARE - MANAGED HEALTH CARE - 0.57%
           
Bella Holding Co., LLC, Senior Secured First Lien Term Loan 7.821% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 05/10/2028 (a)
 
455,238
   
430,882
 
Verscend Holding Corp., Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%), 08/27/2025 (a)
 
1,258,831
   
1,253,324
 
         
1,684,206
 
HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 0.43%
           
Organon & Co., Senior Secured First Lien Term Loan 7.75% (3 Month LIBOR USD + 3.00%, 0.500% Floor), 06/02/2028 (a)
 
1,288,807
   
1,279,489
 
HEALTHCARE - REITs - 0.26%
           
AHP Health Partners, Inc., Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 08/24/2028 (a)
 
787,038
   
774,988
 
INDUSTRIAL MACHINERY - 4.54%
           
AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan 7.967% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/31/2028 (a)
 
905,450
   
855,084
 
Ali Group North America Corp., Senior Secured First Lien Term Loan 6.438% (1 Month SOFR USD + 2.00%), 07/30/2029 (a)
 
614,689
   
610,847
 
ASP Blade Holdings, Inc., Senior Secured First Lien Term Loan 8.73% (3 Month LIBOR USD + 4.00%, 0.500% Floor), 10/13/2028 (a)
 
995,541
   
798,300
 
AZZ, Inc., Senior Secured First Lien Term Loan 8.673% (3 Month SOFR USD + 4.25%, 0.500% Floor), 05/11/2029 (a)
 
557,295
   
557,905
 
Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 08/01/2025 (a)
 
1,696,501
   
1,675,210
 
Chart Industries, Inc., Senior Secured First Lien Term Loan 7.874%, 12/28/2029 (a)(g)
 
1,670,000
 
 
1,655,397
 
Clark Equipment Co., Senior Secured First Lien Term Loan 7.18% (3 Month SOFR USD + 2.50%, 0.500% Floor), 04/20/2029 (a)
 
447,618
   
442,022
 
Columbus McKinnon Corp., Senior Secured First Lien Term Loan 7.50% (3 Month LIBOR USD + 2.75%, 0.500% Floor), 05/15/2028 (a)
 
406,051
   
401,483
 
Conair Holdings, LLC, Senior Secured First Lien Term Loan 7.424% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 05/17/2028 (a)
 
608,454
   
514,904
 
CPM Holdings, Inc.
           
Senior Secured First Lien Term Loan 7.62% (1 Month LIBOR USD + 3.50%), 11/17/2025 (a)
 
423,382
   
417,031
 
Senior Secured Second Lien Term Loan 12.37% (1 Month LIBOR USD + 8.25%), 11/16/2026 (a)
 
219,444
   
215,422
 
Filtration Group Corp., Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 10/20/2028 (a)
 
1,581,087
   
1,556,050
 
Gates Global, LLC, Senior Secured First Lien Term Loan 7.823% (1 Month SOFR USD + 3.50%, 0.500% Floor), 11/16/2029 (a)
 
525,683
   
522,891
 
Madison IAQ, LLC, Senior Secured First Lien Term Loan 7.988% (3 Month LIBOR USD + 3.25%, 0.500% Floor), 06/21/2028 (a)
 
601,835
   
561,440
 
Penn Engineering & Manufacturing Corp., Senior Secured First Lien Term Loan 7.23% (3 Month LIBOR USD + 2.50%, 1.000% Floor), 06/27/2024 (a)
 
584,302
   
584,302
 
Pro Mach Group, Inc., Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%, 1.000% Floor), 08/31/2028 (a)
 
977,406
   
952,848
 
TK Elevator Midco GMBH, Senior Secured First Lien Term Loan 6.871% (6 Month LIBOR USD + 3.50%, 0.500% Floor), 07/30/2027 (a)
 
612,256
   
590,687
 
Vertiv Group Corp., Senior Secured First Lien Term Loan 6.892% (1 Month LIBOR USD + 2.75%), 03/02/2027 (a)
 
575,974
   
557,376
 
         
13,469,199
 
LEISURE - CASINOS & GAMING - 3.35%
           
Aristocrat Technologies, Inc., Senior Secured First Lien Term Loan 6.93% (3 Month SOFR USD + 2.25%, 0.500% Floor), 05/24/2029 (a)
 
224,143
   
224,143
 
Bally's Corp., Senior Secured First Lien Term Loan 7.542% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 10/02/2028 (a)
 
419,877
   
389,646
 
Entain Holdings (Gibraltar), Ltd.
           
Senior Secured First Lien Term Loan 7.23% (3 Month LIBOR USD + 2.50%, 0.500% Floor), 03/29/2027 (a)
 
735,795
   
731,542
 
Senior Secured First Lien Term Loan 8.18% (3 Month SOFR USD + 3.50%, 0.500% Floor), 10/31/2029 (a)
 
760,000
   
757,625
 
Everi Holdings, Inc., Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%, 0.500% Floor), 08/03/2028 (a)
 
459,188
   
456,127
 
Fertitta Entertainment, LLC, Senior Secured First Lien Term Loan 8.323% (1 Month SOFR USD + 4.00%, 0.500% Floor), 01/29/2029 (a)
 
1,054,886
   
1,005,048
 
Golden Entertainment, Inc., Senior Secured First Lien Term Loan 7.39% (1 Month LIBOR USD + 3.00%, 0.750% Floor), 10/21/2024 (a)
 
440,765
   
440,214
 
Penn National Gaming, Inc., Senior Secured First Lien Term Loan 7.173% (1 Month SOFR USD + 2.75%, 0.500% Floor), 05/03/2029 (a)
 
1,506,032
   
1,493,585
 
Scientific Games International, Inc., Senior Secured First Lien Term Loan 7.417% (1 Month SOFR USD + 3.00%, 0.500% Floor), 04/16/2029 (a)
 
863,660
   
854,099
 
Stars Group Holdings B.V.
           
Senior Secured First Lien Term Loan 6.98% (3 Month LIBOR USD + 2.25%), 07/21/2026 (a)
 
3,133,212
   
3,094,908
 
Senior Secured First Lien Term Loan 8.092% (3 Month SOFR USD + 3.25%, 0.500% Floor), 07/21/2028 (a)
 
508,725
   
507,242
 
         
9,954,179
 
LEISURE - HOTELS - 1.72%
           
Alterra Mountain Co., Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 08/17/2028 (a)
 
1,809,472
   
1,791,947
 
Carnival Corp., Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 0.750% Floor), 10/18/2028 (a)
 
486,090
   
456,439
 
Herschend Entertainment Co., LLC, Senior Secured First Lien Term Loan 8.19% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 08/28/2028 (a)
 
1,188,707
   
1,179,793
 
Hilton Grand Vacations Borrower, LLC, Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%, 0.500% Floor), 08/02/2028 (a)
 
438,450
   
436,093
 
Lakeland Tours, LLC
           
Senior Secured First Lien Term Loan 10.415% (3 Month LIBOR USD + 6.00%, 1.250% Floor), 09/25/2025 (a)
 
239,594
   
196,068
 
Senior Unsecured First Lien Term Loan 13.25% PIK, 09/27/2027
 
292,892
   
187,940
 
United PF Holdings, LLC, Senior Secured First Lien Term Loan 8.73% (3 Month LIBOR USD + 4.00%), 12/30/2026 (a)
 
1,038,989
   
846,126
 
         
5,094,406
 
LEISURE - RESTAURANTS - 1.52%
           
Dave & Buster's, Inc., Senior Secured First Lien Term Loan 9.438% (1 Month SOFR USD + 5.00%, 0.500% Floor), 06/29/2029 (a)
 
545,633
   
543,758
 
IRB Holding Corp.
           
Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 02/05/2025 (a)
 
734,669
   
729,273
 
Senior Secured First Lien Term Loan 7.317% (1 Month SOFR USD + 3.00%, 0.750% Floor), 12/15/2027 (a)
 
1,293,526
   
1,257,307
 
Tacala, LLC, Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.750% Floor), 02/05/2027 (a)
 
1,132,725
   
1,092,230
 
Whatabrands, LLC, Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 08/03/2028 (a)
 
901,890
   
873,706
 
         
4,496,274
 
MEDIA - BROADCASTING - 2.21%
           
EW Scripps Co.
           
Senior Secured First Lien Term Loan 6.946% (1 Month LIBOR USD + 2.5625%, 0.750% Floor), 05/01/2026 (a)
 
864,905
   
852,256
 
Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.750% Floor), 01/07/2028 (a)
 
873,326
   
851,418
 
Gray Television, Inc., Senior Secured First Lien Term Loan 7.12% (1 Month LIBOR USD + 3.00%), 12/01/2028 (a)
 
1,727,550
   
1,681,304
 
Hubbard Radio, LLC, Senior Secured First Lien Term Loan 8.64% (1 Month LIBOR USD + 4.25%, 1.000% Floor), 03/28/2025 (a)
 
475,118
   
422,855
 
Learfield Communications, LLC, Senior Secured First Lien Term Loan 7.64% (1 Month LIBOR USD + 3.25%, 1.000% Floor), 12/01/2023 (a)
 
731,505
   
550,326
 
Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%), 09/18/2026 (a)
 
700,890
   
696,422
 
Sinclair Television Group, Inc., Senior Secured First Lien Term Loan 6.89% (1 Month LIBOR USD + 2.50%), 09/30/2026 (a)
 
914,288
   
874,059
 
Univision Communications, Inc.
           
Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 03/15/2024 (a)
 
107,264
   
107,287
 
Senior Secured First Lien Term Loan 8.83% (3 Month SOFR USD + 4.25%, 0.500% Floor), 06/24/2029 (a)
 
520,385
   
515,441
 
         
6,551,368
 
MEDIA - CABLE & SATELLITE - 4.26%
           
Connect U.S. Finco, LLC, Senior Secured First Lien Term Loan 7.89% (1 Month LIBOR USD + 3.50%, 1.000% Floor), 12/11/2026 (a)
 
1,799,909
   
1,782,845
 
Coral-U.S. Co-Borrower, LLC, Senior Secured First Lien Term Loan 6.568% (1 Month LIBOR USD + 2.25%), 01/31/2028 (a)
 
585,000
   
567,596
 
DIRECTV Financing, LLC, Senior Secured First Lien Term Loan 9.384% (1 Month LIBOR USD + 5.00%, 0.750% Floor), 08/02/2027 (a)
 
1,421,490
   
1,386,990
 
Iridium Satellite, LLC, Senior Secured First Lien Term Loan 6.923% (1 Month LIBOR USD + 2.50%, 0.750% Floor), 11/04/2026 (a)
 
549,640
   
545,469
 
Maxar Technologies, Ltd., Senior Secured First Lien Term Loan 8.673% (1 Month SOFR USD + 4.25%, 0.500% Floor), 06/14/2029 (a)
 
1,360,165
   
1,360,771
 
Radiate Holdco, LLC, Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 0.750% Floor), 09/25/2026 (a)
 
965,818
   
789,006
 
Telenet Financing USD, LLC, Senior Secured First Lien Term Loan 6.318% (1 Month LIBOR USD + 2.00%), 04/28/2028 (a)
 
2,230,000
   
2,175,922
 
Telesat Canada, Senior Secured First Lien Term Loan 7.17% (3 Month LIBOR USD + 2.75%), 12/07/2026 (a)
 
1,292,907
   
609,974
 
UPC Financing Partnership, Senior Secured First Lien Term Loan 6.568% (1 Month LIBOR USD + 2.25%), 04/28/2028 (a)
 
765,000
   
748,266
 
Virgin Media Bristol, LLC, Senior Secured First Lien Term Loan 6.818% (1 Month LIBOR USD + 2.50%), 01/31/2028 (a)
 
1,035,000
   
1,019,568
 
WideOpenWest Finance, LLC, Senior Secured First Lien Term Loan 7.58% (3 Month SOFR USD + 3.00%, 0.500% Floor), 12/20/2028 (a)
 
737,550
   
715,424
 
Xplornet Communications, Inc., Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%, 0.500% Floor), 10/02/2028 (a)
 
1,197,351
   
941,417
 
         
12,643,248
 
MEDIA - DIVERSIFIED - 1.33%
           
ABG Intermediate Holdings 2, LLC, Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 0.750% Floor), 09/27/2024 (a)
 
750,379
   
746,548
 
Arches Buyer, Inc., Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 12/06/2027 (a)
 
1,318,169
   
1,223,841
 
Buzz Finco, LLC, Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%), 01/29/2027 (a)
 
612,675
   
604,637
 
Dotdash Meredith, Inc., Senior Secured First Lien Term Loan 8.224% (1 Month SOFR USD + 4.00%, 0.500% Floor), 12/01/2028 (a)
 
530,527
   
458,906
 
Getty Images, Inc., Senior Secured First Lien Term Loan 8.938% (1 Month LIBOR USD + 4.50%), 02/19/2026 (a)
 
915,042
   
914,470
 
         
3,948,402
 
MEDIA - ENTERTAINMENT - 3.01%
           
CDS U.S. Intermediate Holdings, Inc., Senior Secured First Lien Term Loan 10.726% (3 Month LIBOR USD + 6.00%, 1.000% Floor), 11/24/2025 (a)
 
642,873
   
640,864
 
Cirque Du Soleil Holding, Senior Secured Second Lien Term Loan 4.642% (3 Month LIBOR USD + 1.00%, 1.000% Floor), 11/24/2027 (a)
 
393,207
   
385,630
 
Creative Artists Agency, LLC
           
Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%), 11/26/2026 (a)
 
572,040
   
569,357
 
Senior Secured First Lien Term Loan 8.573% (1 Month SOFR USD + 4.25%, 1.000% Floor), 11/27/2026 (a)
 
174,125
   
173,363
 
Crown Finance U.S., Inc.
           
Senior Secured First Lien Term Loan 13.882% (1 Month SOFR USD + 10.00%, 1.000% Floor), 09/07/2023 (a)
 
56,742
 
 
55,880
 
Senior Secured First Lien Term Loan 14.417% (1 Month SOFR USD + 10.00%, 1.000% Floor), 09/07/2023 (a)
 
675,234
 
 
664,966
 
Senior Secured First Lien Term Loan 5.487% (6 Month LIBOR USD + 2.75%, 1.000% Floor), 09/30/2026 (a)(j)
 
1,489,347
   
275,745
 
Delta 2 (Lux) SARL, Senior Secured First Lien Term Loan 7.573% (1 Month SOFR USD + 3.25%, 0.500% Floor), 01/14/2030 (a)
 
850,000
   
850,638
 
Lions Gate Capital Holdings, LLC, Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%), 03/24/2025 (a)
 
429,483
   
411,230
 
Nascar Holdings, LLC, Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%), 10/19/2026 (a)
 
440,910
   
440,463
 
Playtika Holding Corp., Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%), 03/13/2028 (a)
 
2,391,307
   
2,288,182
 
UFC Holdings, LLC, Senior Secured First Lien Term Loan 7.11% (3 Month LIBOR USD + 2.75%, 0.750% Floor), 04/29/2026 (a)
 
741,951
   
733,604
 
William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 7.14% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)
 
980,828
   
962,193
 
WMG Acquisition Corp., Senior Secured First Lien Term Loan 6.509% (1 Month LIBOR USD + 2.125%), 01/20/2028 (a)
 
498,077
   
493,096
 
         
8,945,211
 
METALS & MINING - 0.46%
           
Atkore International, Inc., Senior Secured First Lien Term Loan 6.188% (6 Month LIBOR USD + 2.00%, 0.500% Floor), 05/26/2028 (a)
 
386,988
   
385,941
 
GrafTech Finance, Inc., Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%, 0.500% Floor), 02/12/2025 (a)
 
205,729
   
204,186
 
Grinding Media, Inc.
 
 
 
 
 
 
Senior Secured First Lien Term Loan 7.702% (3 Month LIBOR USD + 4.00%, 0.750% Floor), 10/12/2028 (a)
 
286,109
 
 
267,512
 
Senior Secured First Lien Term Loan 7.702% (6 Month LIBOR USD + 4.00%, 0.750% Floor), 10/12/2028 (a)
 
359,692
 
 
336,312
 
Senior Secured First Lien Term Loan 8.765% (3 Month LIBOR USD + 4.00%, 0.750% Floor), 10/12/2028 (a)
 
179,749
 
 
168,065
 
         
1,362,016
 
MIDSTREAM - STORAGE & TRANSPORT - 1.50%
           
Buckeye Partners, LP, Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%), 11/02/2026 (a)
 
675,992
   
673,071
 
DT Midstream, Inc., Senior Secured First Lien Term Loan 6.438% (1 Month LIBOR USD + 2.00%, 0.500% Floor), 06/26/2028 (a)
 
229,614
   
230,260
 
ITT Holdings, LLC, Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 07/10/2028 (a)
 
572,750
   
567,023
 
Northriver Midstream Finance, LP, Senior Secured First Lien Term Loan 6.924% (3 Month LIBOR USD + 3.25%), 10/01/2025 (a)
 
722,913
   
718,846
 
Oryx Midstream Services Permian Basin, LLC, Senior Secured First Lien Term Loan 7.924% (3 Month LIBOR USD + 3.25%, 0.500% Floor), 10/05/2028 (a)
 
1,264,874
   
1,251,928
 
TransMontaigne Operating Co., LP
 
 
 
 
 
 
Senior Secured First Lien Term Loan 7.854% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 11/17/2028 (a)
 
513,315
 
 
504,493
 
Senior Secured First Lien Term Loan 7.889% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 11/17/2028 (a)
 
513,315
 
 
504,494
 
         
4,450,115
 
OIL & GAS - EQUIPMENT & SERVICES - 0.13%
           
U.S. Silica Co., Senior Secured First Lien Term Loan 8.438% (1 Month LIBOR USD + 4.00%, 1.000% Floor), 05/01/2025 (a)
 
399,643
   
396,646
 
PACKAGING - 2.14%
           
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 8.598% (1 Month SOFR USD + 4.175%, 0.500% Floor), 04/13/2029 (a)
 
622,870
   
594,763
 
LABL, Inc., Senior Secured First Lien Term Loan 9.384% (1 Month LIBOR USD + 5.00%, 0.500% Floor), 10/30/2028 (a)
 
829,620
   
789,694
 
Mauser Packaging Solutions Holding Co., Senior Secured First Lien Term Loan 7.37% (1 Month LIBOR USD + 3.25%), 04/03/2024 (a)
 
1,587,386
   
1,552,994
 
Plastipak Packaging, Inc., Senior Secured First Lien Term Loan 6.938% (1 Month LIBOR USD + 2.50%, 0.500% Floor), 12/01/2028 (a)
 
492,782
   
488,251
 
Pregis Topco, LLC
           
Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 07/31/2026 (a)
 
543,125
   
528,189
 
Senior Secured First Lien Term Loan 8.188% (1 Month SOFR USD + 3.75%), 07/31/2026 (a)
 
528,650
   
515,236
 
RLG Holdings, LLC, Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%, 0.750% Floor), 07/07/2028 (a)
 
582,120
   
549,620
 
Sabert Corp., Senior Secured First Lien Term Loan 8.938% (1 Month LIBOR USD + 4.50%, 1.000% Floor), 12/10/2026 (a)
 
458,480
   
456,188
 
Trident TPI Holdings, Inc.
           
Senior Secured First Lien Term Loan 7.674% (3 Month LIBOR USD + 4.00%, 0.500% Floor), 09/15/2028 (a)
 
805,156
   
775,108
 
Senior Secured First Lien Term Loan 7.674% (3 Month LIBOR USD + 4.00%, 0.500% Floor), 09/15/2028 (a)
 
71,791
 
 
69,111
 
Senior Secured First Lien Term Loan 8.071% (1 Month LIBOR USD + 4.00%, 0.500% Floor), 09/15/2028 (a)
 
42,915
 
 
41,314
 
         
6,360,468
 
RETAIL - FOOD & DRUG - 0.35%
           
BJ's Wholesale Club, Inc., Senior Secured First Lien Term Loan 6.27% (1 Month LIBOR USD + 2.00%), 02/02/2024 (a)
 
645,834
   
646,977
 
JP Intermediate B, LLC, Senior Secured First Lien Term Loan 9.915% (3 Month LIBOR USD + 5.50%, 1.000% Floor), 11/20/2025 (a)
 
517,663
   
377,894
 
         
1,024,871
 
RETAILING - 1.95%
           
Autokiniton U.S. Holdings, Inc., Senior Secured First Lien Term Loan 8.792% (1 Month LIBOR USD + 4.50%, 0.500% Floor), 04/06/2028 (a)
 
662,905
   
643,435
 
Belron Finance U.S., LLC, Senior Secured First Lien Term Loan 7.063% (3 Month LIBOR USD + 2.50%, 0.500% Floor), 04/13/2028 (a)
 
1,203,884
   
1,195,420
 
Great Outdoors Group, LLC, Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 03/06/2028 (a)
 
1,149,650
   
1,107,257
 
Harbor Freight Tools U.S.A., Inc., Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 10/19/2027 (a)
 
490,973
   
468,989
 
Hoya Midco, LLC, Senior Secured First Lien Term Loan 7.573% (1 Month SOFR USD + 3.25%, 0.500% Floor), 01/26/2029 (a)
 
561,663
   
556,047
 
Michaels Cos., Inc., Senior Secured First Lien Term Loan 8.98% (3 Month LIBOR USD + 4.25%, 0.750% Floor), 04/14/2028 (a)
 
583,120
   
505,533
 
Pug, LLC, Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%), 02/12/2027 (a)
 
911,800
   
759,074
 
Restoration Hardware, Inc., Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%, 0.500% Floor), 10/20/2028 (a)
 
498,191
   
459,706
 
Sally Holdings, LLC, Senior Secured First Lien Term Loan 6.64% (1 Month LIBOR USD + 2.25%), 07/05/2024 (a)
 
93,632
   
93,398
 
         
5,788,859
 
TECHNOLOGY - SOFTWARE & SERVICES - 13.47%
           
Access CIG, LLC
           
Senior Secured First Lien Term Loan 7.821% (1 Month LIBOR USD + 3.75%), 02/27/2025 (a)
 
1,901,605
   
1,866,939
 
Senior Secured Second Lien Term Loan 11.821% (1 Month LIBOR USD + 7.75%), 02/27/2026 (a)
 
616,742
   
548,901
 
Almonde, Inc., Senior Secured First Lien Term Loan 6.871% (6 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024 (a)
 
2,980,803
   
2,644,211
 
Barracuda Parent, LLC, Senior Secured First Lien Term Loan 8.594% (1 Month SOFR USD + 4.50%, 0.500% Floor), 08/15/2029 (a)
 
1,040,000
   
1,004,754
 
Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%), 10/02/2025 (a)
 
1,089,672
   
1,045,840
 
CCC Information Services, Inc., Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%, 0.500% Floor), 09/21/2028 (a)
 
619,740
   
616,022
 
Central Parent, Inc., Senior Secured First Lien Term Loan 9.08% (3 Month SOFR USD + 4.50%, 0.500% Floor), 07/06/2029 (a)
 
955,000
   
948,000
 
CommerceHub, Inc., Senior Secured First Lien Term Loan 8.777% (6 Month SOFR USD + 4.00%, 0.750% Floor), 12/29/2027 (a)
 
663,460
   
611,710
 
Connectwise, LLC, Senior Secured First Lien Term Loan 7.886% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 09/29/2028 (a)
 
1,159,910
   
1,104,815
 
Dawn Acquisition, LLC, Senior Secured First Lien Term Loan 7.424% (3 Month LIBOR USD + 3.75%), 12/31/2025 (a)
 
483,748
   
319,791
 
DCert Buyer, Inc., Senior Secured First Lien Term Loan 8.696% (6 Month SOFR USD + 4.00%), 10/16/2026 (a)
 
1,042,155
   
1,009,030
 
E2Open, LLC, Senior Secured First Lien Term Loan 7.685% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 02/04/2028 (a)
 
813,093
   
800,644
 
EagleView Technology Corp., Senior Secured First Lien Term Loan 8.23% (3 Month LIBOR USD + 3.50%), 08/14/2025 (a)
 
854,400
   
753,342
 
Ensono, LP, Senior Secured First Lien Term Loan 8.901% (6 Month LIBOR USD + 3.75%, 0.750% Floor), 05/19/2028 (a)
 
772,861
   
696,541
 
Gen Digital, Inc., Senior Secured First Lien Term Loan 6.423% (1 Month SOFR USD + 2.00%, 0.500% Floor), 09/12/2029 (a)
 
1,515,000
   
1,492,593
 
GI Consilio Parent, LLC, Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%, 0.500% Floor), 05/12/2028 (a)
 
295,486
   
280,289
 
Greeneden U.S. Holdings II, LLC, Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%, 0.750% Floor), 12/01/2027 (a)
 
556,371
   
535,393
 
Hyland Software, Inc., Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%, 0.750% Floor), 07/01/2024 (a)
 
1,365,780
   
1,350,244
 
McAfee Corp., Senior Secured First Lien Term Loan 7.974% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/01/2029 (a)
 
1,886,717
   
1,761,382
 
Mitchell International, Inc., Senior Secured First Lien Term Loan 8.415% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 10/16/2028 (a)
 
1,999,888
   
1,848,866
 
Moneygram International, Inc., Senior Secured First Lien Term Loan 8.884% (1 Month LIBOR USD + 4.50%, 0.500% Floor), 07/21/2026 (a)
 
195,090
   
194,998
 
NAB Holdings, LLC, Senior Secured First Lien Term Loan 7.73% (3 Month SOFR USD + 3.00%, 0.500% Floor), 11/24/2028 (a)
 
500,640
   
488,499
 
N-Able International Holdings II, LLC, Senior Secured First Lien Term Loan 7.735% (3 Month LIBOR USD + 3.00%, 0.500% Floor), 07/19/2028 (a)
 
506,588
   
493,923
 
Open Text Corp., Senior Secured First Lien Term Loan 7.301%, 11/16/2029 (a)(g)
 
2,335,542
 
 
2,286,788
 
Optiv Security, Inc., Senior Secured First Lien Term Loan 7.42% (6 Month LIBOR USD + 3.25%, 1.000% Floor), 02/01/2024 (a)
 
2,603,003
   
2,496,175
 
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 8.39% (1 Month LIBOR USD + 4.00%), 04/26/2024 (a)
 
2,322,165
   
2,271,078
 
Proofpoint, Inc., Senior Secured First Lien Term Loan 7.985% (3 Month LIBOR USD + 3.25%, 0.500% Floor), 08/31/2028 (a)
 
1,436,490
   
1,384,812
 
RealPage, Inc., Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%, 0.500% Floor), 04/24/2028 (a)
 
1,206,961
   
1,150,234
 
Rocket Software, Inc.
           
Senior Secured First Lien Term Loan 8.634% (1 Month LIBOR USD + 4.25%), 11/28/2025 (a)
 
330,841
   
318,890
 
Senior Secured First Lien Term Loan 8.634% (1 Month LIBOR USD + 4.25%, 0.500% Floor), 11/28/2025 (a)
 
216,536
   
209,093
 
Sedgwick Claims Management Services, Inc.
           
Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%), 12/31/2025 (a)
 
443,159
   
431,803
 
Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%), 09/03/2026 (a)
 
158,577
   
155,943
 
SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan 8.323% (1 Month SOFR USD + 4.00%), 02/05/2027 (a)
 
1,064,301
   
1,055,430
 
Sovos Compliance, LLC, Senior Secured First Lien Term Loan 8.571% (1 Month LIBOR USD + 4.50%, 0.500% Floor), 08/11/2028 (a)
 
494,022
   
456,352
 
SS&C Technologies, Inc.
           
Senior Secured First Lien Term Loan 6.673% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a)
 
604,526
   
594,893
 
Senior Secured First Lien Term Loan 6.673% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a)
 
401,207
   
394,814
 
TIBCO Software, Inc., Senior Secured First Lien Term Loan 9.18% (3 Month SOFR USD + 4.50%, 0.500% Floor), 03/30/2029 (a)
 
600,000
   
537,321
 
TierPoint, LLC, Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 05/05/2026 (a)
 
433,693
   
406,721
 
UKG, Inc.
           
Senior Secured First Lien Term Loan 6.998% (3 Month LIBOR USD + 3.25%, 0.500% Floor), 05/04/2026 (a)
 
974,738
   
929,657
 
Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%), 05/04/2026 (a)
 
724,658
   
700,070
 
VM Consolidated, Inc., Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%), 03/24/2028 (a)
 
657,492
   
654,863
 
VS Buyer, LLC, Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%), 02/26/2027 (a)
 
455,828
   
444,147
 
WEX, Inc., Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%), 03/31/2028 (a)
 
704,453
   
701,371
 
         
39,997,182
 
TECHNOLOGY HARDWARE - 1.29%
           
EOS U.S. Finco, LLC, Senior Secured First Lien Term Loan 9.612% (3 Month SOFR USD + 6.00%, 0.500% Floor), 10/05/2029 (a)
 
422,266
   
412,237
 
II-VI, Inc., Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 06/29/2029 (a)
 
921,844
   
914,469
 
Ingram Micro, Inc., Senior Secured First Lien Term Loan 8.23% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 06/30/2028 (a)
 
531,900
   
525,251
 
MKS Instruments, Inc., Senior Secured First Lien Term Loan 7.171% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/17/2029 (a)
 
1,283,783
   
1,271,632
 
Presidio Holdings, Inc.
 
 
 
 
 
 
Senior Secured First Lien Term Loan 7.89% (1 Month LIBOR USD + 3.50%), 01/22/2027 (a)
 
28,899
 
 
28,493
 
Senior Secured First Lien Term Loan 7.92% (3 Month LIBOR USD + 3.50%), 01/22/2027 (a)
 
693,576
 
 
683,824
 
         
3,835,906
 
TELECOMMUNICATION SERVICES - DIVERSIFIED - 2.58%
           
Cablevision Lightpath, LLC, Senior Secured First Lien Term Loan 7.568% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 11/30/2027 (a)
 
145,923
   
139,996
 
Cincinnati Bell, Inc., Senior Secured First Lien Term Loan 7.673% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/22/2028 (a)
 
574,200
   
565,013
 
Consolidated Communications, Inc., Senior Secured First Lien Term Loan 7.875% (1 Month LIBOR USD + 3.50%, 0.750% Floor), 10/04/2027 (a)
 
933,868
   
827,641
 
Eagle Broadband Investments, LLC, Senior Secured First Lien Term Loan 7.75% (3 Month LIBOR USD + 3.00%, 0.750% Floor), 11/12/2027 (a)
 
615,980
   
591,981
 
Lumen Technologies, Inc., Senior Secured First Lien Term Loan 6.634% (1 Month LIBOR USD + 2.25%), 03/15/2027 (a)
 
2,328,303
   
2,215,415
 
Numericable U.S., LLC, Senior Secured First Lien Term Loan 8.65% (3 Month LIBOR USD + 4.00%), 08/14/2026 (a)
 
755,701
   
705,009
 
Voyage U.S., LLC, Senior Secured First Lien Term Loan 7.743% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 07/20/2028 (a)
 
474,988
   
452,426
 
Zayo Group Holdings, Inc.
           
Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%), 03/09/2027 (a)
 
1,272,474
   
1,036,455
 
Senior Secured First Lien Term Loan 8.573% (1 Month SOFR USD + 4.25%, 0.500% Floor), 03/09/2027 (a)
 
367,225
   
306,517
 
Ziggo Financing Partnership, Senior Secured First Lien Term Loan 6.818% (1 Month LIBOR USD + 2.50%), 04/28/2028 (a)
 
845,000
   
825,924
 
         
7,666,377
 
TELECOMMUNICATION SERVICES - WIRELESS - 0.17%
           
CCI Buyer, Inc., Senior Secured First Lien Term Loan 8.58% (3 Month SOFR USD + 4.00%, 0.750% Floor), 12/17/2027 (a)
 
535,463
   
512,973
 
TRANSPORTATION - 2.47%
           
AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 8.993% (3 Month LIBOR USD + 4.75%, 0.750% Floor), 04/20/2028 (a)
 
727,184
   
725,253
 
Atlas CC Acquisition Corp.
           
Senior Secured First Lien Term Loan 8.985% (3 Month LIBOR USD + 4.25%, 0.750% Floor), 05/25/2028 (a)
 
1,102,541
   
933,615
 
Senior Secured First Lien Term Loan 8.985% (3 Month LIBOR USD + 4.25%, 0.750% Floor), 05/25/2028 (a)
 
233,088
   
197,376
 
Avis Budget Car Rental, LLC, Senior Secured First Lien Term Loan 7.923% (1 Month SOFR USD + 3.50%, 0.500% Floor), 03/15/2029 (a)
 
211,481
   
208,838
 
Brown Group Holding, LLC
 
 
 
 
 
 
Senior Secured First Lien Term Loan 7.844% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)
 
385,664
 
 
385,031
 
Senior Secured First Lien Term Loan 8.073% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)
 
149,994
 
 
149,748
 
Hertz Corp.
           
Senior Secured First Lien Term Loan 7.63% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)
 
381,249
   
374,471
 
Senior Secured First Lien Term Loan 7.63% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)
 
72,945
   
71,648
 
Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 03/24/2026 (a)
 
482,741
   
471,792
 
Lasership, Inc., Senior Secured First Lien Term Loan 9.23% (6 Month LIBOR USD + 4.50%, 0.750% Floor), 05/08/2028 (a)
 
1,588,651
   
1,151,104
 
PODS, LLC, Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%, 0.750% Floor), 03/31/2028 (a)
 
973,719
   
924,425
 
Uber Technologies, Inc.
           
Senior Secured First Lien Term Loan 8.235% (3 Month LIBOR USD + 3.50%), 04/04/2025 (a)
 
896,319
   
896,798
 
Senior Secured First Lien Term Loan 8.235% (3 Month LIBOR USD + 3.50%), 02/25/2027 (a)
 
331,769
   
331,591
 
WWEX UNI TopCo Holdings, LLC, Senior Secured First Lien Term Loan 8.73% (3 Month LIBOR USD + 4.00%, 0.750% Floor), 07/26/2028 (a)
 
567,270
   
520,984
 
         
7,342,674
 
UTILITIES - POWER - 0.70%
           
Calpine Construction Finance Co., LP, Senior Secured First Lien Term Loan 6.384% (1 Month LIBOR USD + 2.00%), 01/15/2025 (a)
 
833,232
   
832,449
 
Calpine Corp., Senior Secured First Lien Term Loan 6.89% (1 Month LIBOR USD + 2.50%), 12/16/2027 (a)
 
372,400
   
369,311
 
Eastern Power, LLC, Senior Secured First Lien Term Loan 8.48% (3 Month LIBOR USD + 3.75%, 1.000% Floor), 10/02/2025 (a)
 
115,228
   
103,121
 
Lightstone Holdco, LLC
           
Senior Secured First Lien Term Loan 10.073% (1 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a)
 
787,997
   
724,957
 
Senior Secured First Lien Term Loan 10.073% (1 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a)
 
44,568
   
41,003
 
New Frontera Holdings, LLC, Senior Secured Second Lien Term Loan 5.174% (3 Month LIBOR USD + 1.50%, 1.000% Floor), 07/28/2028 (a)
 
57,484
   
14,371
 
         
2,085,212
 
TOTAL BANK LOANS (Cost $259,153,202)
 
 
 
 
247,402,260
 
             
CORPORATE BONDS - 10.57% (f)
           
AEROSPACE & DEFENSE - 0.62%
           
TransDigm, Inc. 6.25%, 03/15/2026 (h)
 
1,850,000
   
1,828,522
 
BUILDING PRODUCTS - 0.15%
           
Standard Industries, Inc. 3.375%, 01/15/2031 (h)
 
600,000
   
453,521
 
CHEMICALS - 0.16%
           
Olympus Water U.S. Holding Corp. 7.125%, 10/01/2027 (h)
 
490,000
   
469,810
 
COMMERCIAL SERVICES - 0.42%
           
Garda World Security Corp. 4.625%, 02/15/2027 (c)(h)
 
710,000
   
628,137
 
Tempo Acquisition, LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (h)
 
625,000
   
627,148
 
         
1,255,285
 
CONSTRUCTION & ENGINEERING - 0.19%
           
Pike Corp. 5.50%, 09/01/2028 (h)
 
638,000
   
558,805
 
ENVIRONMENTAL SERVICES - 0.38%
           
GFL Environmental, Inc. 4.00%, 08/01/2028 (c)(h)
 
541,000
   
463,266
 
Stericycle, Inc. 5.375%, 07/15/2024 (h)
 
679,000
   
666,489
 
         
1,129,755
 
HEALTHCARE - EQUIPMENT & SUPPLIES - 0.21%
           
Garden Spinco Corp. 8.625%, 07/20/2030 (h)
 
589,000
   
625,191
 
HEALTHCARE - FACILITIES - 1.63%
           
DaVita, Inc. 3.75%, 02/15/2031 (h)
 
925,000
   
692,413
 
Global Medical Response, Inc. 6.50%, 10/01/2025 (h)
 
650,000
   
466,239
 
Legacy LifePoint Health, LLC 4.375%, 02/15/2027 (h)
 
370,000
   
313,538
 
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, 12/01/2026 (h)
 
2,310,000
   
1,863,848
 
Tenet Healthcare Corp. 6.25%, 02/01/2027 (h)
 
1,570,000
   
1,502,395
 
         
4,838,433
 
HEALTHCARE - MANAGED HEALTH CARE - 0.33%
           
Verscend Escrow Corp. 9.75%, 08/15/2026 (h)
 
1,010,000
   
991,679
 
HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 0.45%
           
Teva Pharmaceutical Finance Netherlands III B.V. 3.15%, 10/01/2026 (c)
 
1,515,000
   
1,327,942
 
HEALTHCARE - REITs - 0.29%
           
MPT Operating Partnership, LP / MPT Finance Corp. 3.50%, 03/15/2031
 
1,270,000
   
873,218
 
INDUSTRIAL MACHINERY - 0.24%
           
WESCO Distribution, Inc. 7.125%, 06/15/2025 (h)
 
715,000
   
725,513
 
LEISURE - CASINOS & GAMING - 1.80%
           
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (h)
 
2,225,000
   
2,168,571
 
International Game Technology PLC 6.50%, 02/15/2025 (c)(h)
 
1,286,000
   
1,295,928
 
Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.
           
5.625%, 09/01/2029 (h)
 
561,000
   
414,411
 
5.875%, 09/01/2031 (h)
 
562,000
   
398,289
 
VICI Properties, LP / VICI Note Co., Inc. 3.50%, 02/15/2025 (h)
 
1,145,000
   
1,081,407
 
         
5,358,606
 
LEISURE - RESTAURANTS - 0.21%
           
CEC Entertainment, LLC 6.75%, 05/01/2026 (h)
 
660,000
   
614,625
 
MEDIA - CABLE & SATELLITE - 0.34%
           
DISH DBS Corp. 5.125%, 06/01/2029
 
575,000
   
372,068
 
Hughes Satellite Systems Corp. 6.625%, 08/01/2026
 
675,000
   
630,781
 
         
1,002,849
 
MEDIA - ENTERTAINMENT - 0.30%
           
Playtika Holding Corp. 4.25%, 03/15/2029 (h)
 
1,130,000
   
888,463
 
METALS & MINING - 0.03%
           
GrafTech Finance, Inc. 4.625%, 12/15/2028 (h)
 
127,000
   
104,482
 
PACKAGING - 0.25%
           
Ball Corp. 5.25%, 07/01/2025
 
758,000
   
749,186
 
RETAIL - FOOD & DRUG - 0.16%
           
U.S. Foods, Inc. 6.25%, 04/15/2025 (h)
 
465,000
   
460,891
 
RETAILING - 0.23%
           
QVC, Inc. 4.85%, 04/01/2024
 
730,000
   
676,528
 
TECHNOLOGY - SOFTWARE & SERVICES - 1.16%
           
Boxer Parent Co., Inc. 7.125%, 10/02/2025 (h)
 
385,000
   
375,025
 
Elastic N.V. 4.125%, 07/15/2029 (c)(h)
 
844,000
   
682,775
 
Gen Digital, Inc. 5.00%, 04/15/2025 (h)
 
1,440,000
   
1,403,956
 
Sabre GLBL, Inc. 7.375%, 09/01/2025 (h)
 
1,025,000
   
981,169
 
         
3,442,925
 
TELECOMMUNICATION SERVICES - DIVERSIFIED - 0.56%
           
Frontier Communications Holdings, LLC 5.00%, 05/01/2028 (h)
 
1,000,000
   
870,310
 
Northwest Fiber, LLC / Northwest Fiber Finance Sub, Inc.
           
4.75%, 04/30/2027 (h)
 
349,000
   
307,508
 
6.00%, 02/15/2028 (h)
 
622,000
   
482,382
 
         
1,660,200
 
TRANSPORTATION - 0.46%
           
Uber Technologies, Inc. 8.00%, 11/01/2026 (h)
 
1,350,000
   
1,357,386
 
TOTAL CORPORATE BONDS (Cost $34,437,498)
 
 
 
 
31,393,815
 
     Shares        
EQUITY - 0.00%
           
UTILITIES - POWER - 0.00%
           
Frontera Generation Holdings, LLC (b)
 
479
   
7
 
TOTAL EQUITY (Cost $2,668)
 
 
 
 
7
 
   

       
WARRANT - 0.00%
           
MEDIA - ENTERTAINMENT - 0.00%
           
Crown Finance U.S., Inc. (b)(d)
 
98,930
   
5,980
 
TOTAL WARRANT (Cost $30,928)
 
 
 
 
5,980
 
             
MONEY MARKET FUND - 2.84%
           
First American Government Obligations Fund - Class X, 4.10% (e)
 
8,417,972
   
8,417,972
 
TOTAL MONEY MARKET FUND (Cost $8,417,972)
 
 
 
 
8,417,972
 
             
Total Investments (Cost $302,042,268) - 96.75%
       
287,220,034
 
Other Assets in Excess of  Liabilities - 3.25%
       
9,645,064
 
TOTAL NET ASSETS - 100.00%
      $
      296,865,098
 

Percentages are stated as a percent of net assets.
     

LIBOR
London Interbank Offered Rate
     
PIK
Payment-in-kind
     
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, 2022.
     
(b)
Non-income producing security.
     
(c)
U.S. traded security of a foreign issuer.
     
(d)
Foreign issued security.
     
(e)
Rate shown is the 7-day annualized yield as of December 31, 2022.
     
(f)
All or a portion is posted as collateral for delayed settlement securities.
     
(g)
Final terms of the bank loan are not yet known, so reference index and spread information may not be presented.
     
(h)
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, 2022, the value of these investments was
     
 
$26,764,092 or 9.02% of total net assets.
     
(i)
All or a portion of the loan is unfunded.
     
(j)
Security in default.
     
         
 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.
     

Shenkman Capital Floating Rate High Income Fund
           
Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)
         
                   
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  Accounting
 
principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes
 
inputs to valuation methods.  The three levels of inputs are:
           

Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that the
 
 
Fund has the ability to access.

           
Level 2 –
Observable inputs other than quoted prices included in Level 1 that are observable for
 
 
the asset or liability, either directly or indirectly.  These inputs may include quoted prices
 
 
for the identical instrument on an inactive market, prices for similar instruments, interest
 
 
rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant observable inputs
 
 
are not available, representing the Fund's own assumptions about the assumptions a market
 
 
participant would use in valuing the asset or liability, and would be based on the best
 
 
information available.
             

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
   

Shenkman Capital Floating Rate High Income Fund
                   
                         
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Fixed Income
                       
   Bank Loans
 
$
-
   
$
247,402,260
   
$
-
   
$
247,402,260
 
   Corporate Bonds
   
-
     
31,393,815
     
-
     
31,393,815
 
Total Fixed Income
   
-
     
278,796,075
     
-
     
278,796,075
 
Equity
   
-
     
7
     
-
     
7
 
Warrant
   
-
     
5,980
     
-
     
5,980
 
Money Market Fund
   
8,417,972
     
-
     
-
     
8,417,972
 
Total Investments
 
$
8,417,972
   
$
278,802,062
   
$
-
   
$
287,220,034
 
                                 
Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification.