Shenkman Capital Floating Rate High Income Fund
 
Schedule of Investments
 
June 30, 2024 (Unaudited)
 
   
BANK LOANS - 86.5%(e)
 
Principal
Amount
   
Fair Value
 
AEROSPACE & DEFENSE - 1.3%
 
Apple Bidco LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 09/25/2028
 
$
629,053
   
$
631,337
 
Barnes Group, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/30/2030
   
591,365
     
593,828
 
Bleriot US Bidco, Inc., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 10/31/2028
   
295,020
     
296,753
 
Brown Group Holding LLC, Senior Secured First Lien
 
8.33% (3 mo. SOFR US + 3.00%), 07/02/2029
   
428,206
     
428,527
 
8.34% (1 mo. SOFR US + 3.00%), 07/02/2029
   
267,874
     
268,075
 
8.35% (3 mo. SOFR US + 3.00%), 07/02/2029
   
203,194
     
203,347
 
Dynasty Acquisition Co., Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028
   
567,324
     
570,030
 
LSF11 Trinity Bidco, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 06/14/2030
   
390,336
     
392,655
 
Standard Aero Ltd., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028
   
218,746
     
219,789
 
             
3,604,341
 
                 
AUTO RETAIL - 0.4%
 
CWGS Group LLC, Senior Secured First Lien
 
7.96% (1 mo. SOFR US + 2.50%), 06/05/2028
   
505,243
     
490,402
 
7.96% (1 mo. SOFR US + 2.50%), 06/05/2028
   
32,462
     
31,508
 
LS Group OpCo Acquistion LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 04/23/2031
   
408,850
     
409,531
 
             
931,441
 
                 
AUTOMOTIVE - 1.6%
 
Adient US LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 01/29/2031
   
688,275
     
693,485
 
American Axle & Manufacturing, Inc., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 3.00%), 12/13/2029
   
732,266
     
736,154
 
Autokiniton US Holdings, Inc., Senior Secured First Lien, 9.46% (1 mo. SOFR US + 4.00%), 04/06/2028
   
297,428
     
299,447
 
Clarios Global LP, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 05/06/2030
   
260,000
     
260,935
 
First Brands Group LLC, Senior Secured First Lien
 
10.59% (3 mo. SOFR US + 5.00%), 03/30/2027
   
466,441
     
464,401
 
10.59% (3 mo. SOFR US + 5.00%), 03/30/2027
   
272,840
     
271,519
 
Tenneco, Inc., Senior Secured First Lien
 
10.43% (3 mo. SOFR US + 5.00%), 11/17/2028
   
479,646
     
461,189
 
10.43% (3 mo. SOFR US + 5.00%), 11/17/2028
   
1,354
     
1,302
 
Thor Industries, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 11/15/2030
   
282,333
     
283,392
 
USI, Inc., Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 09/27/2030
   
738,429
     
739,352
 
             
4,211,176
 
                 
BUILDING PRODUCTS - 1.5%
 
Cornerstone Building Brands, Inc., Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 04/12/2028
   
406,693
     
397,797
 
Janus International Group LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/05/2030
   
771,840
     
776,784
 
MIWD Holdco II LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 03/28/2031
   
479,000
     
482,494
 
Quikrete Holdings, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 04/14/2031
   
498,750
     
500,438
 
STS Operating, Inc., Senior Secured First Lien, 9.44% (3 mo. SOFR US + 4.00%), 03/25/2031
   
630,420
     
632,390
 
Summit Materials LLC, Senior Secured First Lien, 7.80% (3 mo. SOFR US + 2.50%), 01/12/2029
   
522,690
     
526,937
 
Tamko Building Products LLC, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 09/20/2030
   
453,625
     
454,192
 
Verde Purchaser LLC, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 12/02/2030
   
360,000
     
360,135
 
             
4,131,167
 
                 
CHEMICALS - 2.8%
 
Axalta Coating Systems US Holdings, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 12/20/2029
   
779,162
     
781,503
 
Consolidated Energy Finance SA, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 11/18/2030
   
337,155
     
328,895
 
Discovery Purchaser Corp., Senior Secured First Lien, 9.68% (3 mo. SOFR US + 4.38%), 10/04/2029
   
622,567
     
622,480
 
Ecovyst Catalyst Technologies LLC, Senior Secured First Lien, 7.58% (1 mo. Term SOFR + 2.25%), 06/12/2031
   
239,807
     
240,042
 
INEOS US Finance LLC, Senior Secured First Lien, 8.92% (1 mo. Term SOFR + 3.50%), 02/19/2030
   
310,000
     
308,605
 
INEOS US Petrochem LLC, Senior Secured First Lien
 
8.21% (1 mo. SOFR US + 2.75%), 01/29/2026
   
179,495
     
179,664
 
9.18% (1 mo. SOFR US + 3.75%), 03/01/2030
   
236,610
     
236,611
 
Koppers, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 04/10/2030
   
231,930
     
233,017
 
LSF11 A5 HoldCo LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 10/16/2028
   
771,394
     
770,912
 
Lummus Technology Holdings V LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 12/31/2029
   
586,530
     
589,463
 
Nouryon USA LLC, Senior Secured First Lien, 8.83% (1 mo. SOFR US + 3.50%), 04/03/2028
   
306,683
     
308,599
 
Olympus Water US Holding Corp., Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.25%), 11/09/2028
   
262,309
     
263,730
 
Polar US Borrower LLC, Senior Secured First Lien
 
10.18% (3 mo. SOFR US + 4.75%), 10/15/2025
   
259,516
     
207,613
 
10.18% (3 mo. SOFR US + 4.75%), 10/15/2025
   
221,794
     
177,435
 
SCIH Salt Holdings, Inc., Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/16/2027
   
792,716
     
794,203
 
Sparta US HoldCo LLC, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 08/02/2028
   
515,775
     
516,466
 
Tronox Finance LLC, Senior Secured First Lien
 
7.96% (1 mo. SOFR US + 2.50%), 03/13/2028
   
70,154
     
70,412
 
8.10% (3 mo. SOFR US + 2.50%), 03/13/2028
   
346,154
     
347,430
 
Vibrantz Technologies, Inc., Senior Secured First Lien, 9.71% (3 mo. SOFR US + 4.25%), 04/23/2029
   
407,643
     
398,675
 
Windsor Holdings III LLC, Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 08/01/2030
   
316,410
     
318,862
 
             
7,694,617
 
                 
COMMERCIAL SERVICES - 6.3%
 
AlixPartners LLP, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 02/04/2028
   
1,189,122
     
1,191,352
 
Allied Universal Holdco LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 05/15/2028
   
395,982
     
394,907
 
American Auto Auction Group LLC, Senior Secured First Lien, 10.48% (3 mo. SOFR US + 5.00%), 12/30/2027
   
540,872
     
541,277
 
Apex Group Treasury LLC, Senior Secured First Lien, 9.33% (3 mo. SOFR US + 3.75%), 07/27/2028
   
402,116
     
403,122
 
Aramark Services, Inc., Senior Secured First Lien
 
7.21% (1 mo. SOFR US + 1.75%), 01/15/2027
   
398,000
     
398,448
 
7.34% (1 mo. SOFR US + 2.00%), 06/24/2030
   
454,558
     
455,865
 
Camelot US Acquisition LLC, Senior Secured First Lien
 
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031
   
73,735
     
73,956
 
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031
   
316,323
     
317,272
 
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031
   
6,267
     
6,286
 
CoreLogic, Inc., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 06/02/2028
   
410,944
     
405,513
 
Deerfield Dakota Holding LLC, Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 04/09/2027
   
1,765,692
     
1,766,998
 
Dun & Bradstreet Corp., Senior Secured First Lien, 8.10% (1 mo. SOFR US + 2.75%), 01/18/2029
   
395,498
     
396,240
 
EAB Global, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.50%), 08/16/2028
   
556,888
     
557,027
 
Foundever Worldwide Corp., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 08/28/2028
   
865,287
     
670,360
 
Galaxy US Opco, Inc., Senior Secured First Lien
 
10.08% (3 mo. SOFR US + 4.75%), 04/30/2029
   
236,751
     
193,150
 
10.08% (3 mo. SOFR US + 4.75%), 04/30/2029
   
114,894
     
93,734
 
Garda World Security Corp., Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.25%), 02/01/2029
   
1,724,612
     
1,737,546
 
Grant Thornton LLP, Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.25%), 05/30/2031
   
407,000
     
408,675
 
HomeServe USA Corp., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 10/21/2030
   
357,105
     
358,408
 
Indy US Bidco LLC, Senior Secured First Lien
 
9.08% (1 mo. SOFR US + 3.75%), 03/06/2028
   
309,692
     
304,013
 
9.08% (1 mo. SOFR US + 3.75%), 03/06/2028
   
179,183
     
175,898
 
Indy US Holdco LLC, Senior Secured First Lien
 
4.75% (1 mo. Term SOFR + 4.75%), 03/06/2028
   
904,000
     
906,260
 
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028
   
425,828
     
426,893
 
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028
   
309,142
     
309,915
 
Iron Mountain Information Management LLC, Senior Secured First Lien
 
7.21% (1 Month Synthetic LIBOR + 1.75%), 01/02/2026  (a)
   
524,802
     
524,670
 
7.59% (1 mo. SOFR US + 2.25%), 01/31/2031
   
271,885
     
271,091
 
Isolved, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 10/15/2030
   
428,925
     
430,533
 
OMNIA Partners LLC, Senior Secured First Lien
 
8.57% (3 mo. SOFR US + 3.25%), 07/25/2030
   
511,569
     
512,446
 
8.57% (1 mo. SOFR US + 3.25%), 07/25/2030
   
90,921
     
91,077
 
Planet US Buyer LLC, Senior Secured First Lien, 8.82% (3 mo. SOFR US + 3.50%), 02/10/2031
   
796,000
     
802,070
 
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/15/2028
   
659,121
     
659,533
 
Saphilux Sarl, Senior Secured First Lien
 
9.32% (Daily US Secured Overnight Financing Rate + 4.00%), 07/27/2028
   
915
     
923
 
9.33% (6 mo. SOFR US + 4.00%), 07/27/2028
   
363,255
     
366,434
 
SS&C Technologies, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 05/09/2031
   
269,581
     
270,279
 
Tempo Acquisition LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 08/31/2028
   
74,251
     
74,497
 
VT Topco, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/12/2030
   
576,825
     
580,214
 
             
17,076,882
 
                 
CONSTRUCTION & ENGINEERING - 2.0%
 
Amentum Government Services Holdings LLC, Senior Secured First Lien
 
9.46% (1 mo. SOFR US + 4.00%), 01/29/2027
   
611,075
     
613,367
 
9.46% (1 mo. SOFR US + 4.00%), 01/29/2027
   
307,645
     
308,798
 
9.34% (1 mo. SOFR US + 4.00%), 02/15/2029
   
296,128
     
297,794
 
American Residential Services LLC, Senior Secured First Lien, 9.10% (3 mo. SOFR US + 3.50%), 10/15/2027
   
655,235
     
653,597
 
APi Group DE, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/03/2029
   
542,000
     
542,388
 
Artera Services LLC, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 02/10/2031
   
406,980
     
409,631
 
Brand Industrial Services, Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 08/01/2030
   
541,468
     
543,875
 
Centuri Group, Inc., Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 08/28/2028
   
553,282
     
554,051
 
Tecta America Corp., Senior Secured First Lien
 
9.46% (1 mo. SOFR US + 4.00%), 04/10/2028
   
679,904
     
683,800
 
9.69% (1 mo. SOFR US + 4.25%), 04/10/2028
   
211,403
     
212,614
 
Tiger Acquisition LLC, Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 06/01/2028
   
578,638
     
574,795
 
             
5,394,710
 
                 
CONSUMER DISCRETIONARY - 2.3%
 
American Greetings Corp., Senior Secured First Lien, 11.09% (1 mo. SOFR US + 5.75%), 10/30/2029
   
391,000
     
393,811
 
Champ Acquisition Corp., Senior Secured First Lien, 11.10% (3 mo. SOFR US + 5.50%), 12/19/2025
   
153,647
     
154,397
 
Fugue Finance LLC, Senior Secured First Lien, 9.35% (3 mo. SOFR US + 4.00%), 01/26/2028
   
441,794
     
445,706
 
Hanesbrands, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 03/08/2030
   
499,675
     
501,861
 
KUEHG Corp., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 06/12/2030
   
351,603
     
353,384
 
Learning Care Group US No 2, Inc., Senior Secured First Lien
 
9.33% (3 mo. SOFR US + 4.00%), 08/11/2028
   
7,451
     
7,511
 
9.34% (3 mo. SOFR US + 4.00%), 08/11/2028
   
77,500
     
78,130
 
9.34% (3 mo. SOFR US + 4.00%), 08/11/2028
   
43,056
     
43,406
 
9.34% (3 mo. SOFR US + 4.00%), 08/11/2028
   
25,833
     
26,043
 
Peloton Interactive, Inc., Senior Secured First Lien, 11.35% (3 mo. SOFR US + 6.00%), 05/30/2029
   
272,000
     
272,748
 
Prometric Holdings, Inc., Senior Secured First Lien, 10.21% (1 mo. SOFR US + 4.75%), 01/31/2028
   
809,162
     
815,028
 
Renaissance Holdings Corp., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 4.25%), 04/30/2030
   
724,534
     
724,871
 
Samsonite IP Holdings Sarl, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 06/10/2030
   
378,143
     
380,272
 
Spring Education Group, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 4.00%), 10/04/2030
   
359,195
     
361,402
 
Tory Burch LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 04/17/2028
   
363,750
     
364,860
 
Wand NewCo 3, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/30/2031
   
1,085,000
     
1,093,425
 
WW International, Inc., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 04/13/2028
   
273,415
     
104,581
 
             
6,121,436
 
                 
CONSUMER NON-DISCRETIONARY - 0.4%
 
Kronos Acquisition Holdings, Inc., Senior Secured First Lien
 
9.31% (3 mo. SOFR US + 3.75%), 12/22/2026
   
532,485
     
532,685
 
9.31% (3 mo. SOFR US + 3.75%), 12/22/2026
   
227,002
     
227,087
 
9.34% (1 mo. Term SOFR + 4.00%), 06/27/2031
   
432,000
     
429,840
 
             
1,189,612
 
                 
ENVIRONMENTAL SERVICES - 2.1%
 
Action Environmental Group, Inc., Senior Secured First Lien
 
9.33% (1 mo. Term SOFR + 4.00%), 10/24/2030
   
94,857
     
95,569
 
9.33% (1 mo. Term SOFR + 4.00%), 10/24/2030
   
71,143
     
71,676
 
9.33% (3 mo. SOFR US + 4.00%), 10/24/2030
   
509,723
     
513,545
 
9.82% (1 mo. Term SOFR + 4.50%), 10/24/2030 (g)
   
77,000
     
77,578
 
Belfor Holdings, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 11/04/2030
   
939,582
     
946,628
 
GFL Environmental, Inc., Senior Secured First Lien
 
7.83% (3 mo. SOFR US + 2.50%), 05/28/2027
   
655,596
     
657,697
 
6.84% (1 mo. Term SOFR + 2.00%), 06/27/2031
   
769,000
     
770,923
 
Gopher Resource LLC, Senior Secured First Lien, 8.69% (1 Month Synthetic LIBOR + 3.25%), 03/06/2025 (a)
   
309,554
     
295,667
 
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 10/17/2030
   
424,865
     
426,545
 
Reworld Holding Corp., Senior Secured First Lien
 
7.84% (1 mo. SOFR US + 2.50%), 11/30/2028
   
342,966
     
343,196
 
7.84% (1 mo. SOFR US + 2.50%), 11/30/2028
   
26,282
     
26,299
 
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028
   
420,908
     
421,456
 
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028
   
23,000
     
23,030
 
Win Waste Innovations Holdings, Inc., Senior Secured First Lien, 8.21% (1 mo. SOFR US + 2.75%), 03/27/2028
   
989,611
     
923,990
 
             
5,593,799
 
                 
FINANCIALS: BANKS - 0.1%
 
EnergySolutions LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 09/23/2030
   
353,633
     
356,839
 
                 
FINANCIALS: DIVERSIFIED - 4.5%
 
Armor Holdco, Inc., Senior Secured First Lien, 9.93% (6 mo. Term SOFR + 4.50%), 12/11/2028
   
404,962
     
407,240
 
Ascensus Holdings, Inc., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 08/02/2028
   
786,861
     
788,434
 
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 06/22/2028
   
903,272
     
905,530
 
Blackhawk Network Holdings, Inc., Senior Secured First Lien, 10.34% (1 mo. SOFR US + 5.00%), 03/12/2029
   
471,000
     
472,620
 
Boost Newco Borrower LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 01/31/2031
   
952,000
     
954,513
 
Castlelake Aviation One DAC, Senior Secured First Lien
 
7.84% (3 mo. SOFR US + 2.50%), 10/22/2026
   
526,569
     
528,086
 
8.09% (3 mo. SOFR US + 2.75%), 10/22/2027
   
518,110
     
519,729
 
Citco Funding LLC, Senior Secured First Lien, 8.10% (3 mo. SOFR US + 2.75%), 04/27/2028
   
674,544
     
677,636
 
Edelman Financial Engines Center LLC, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/07/2028
   
445,564
     
446,713
 
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 10.59% (1 mo. SOFR US + 5.25%), 10/31/2028
   
1,021,000
     
1,024,829
 
EIG Management Co. LLC, Senior Secured First Lien, 10.33% (1 mo. SOFR US + 5.00%), 05/17/2029
   
641,000
     
636,192
 
Focus Financial Partners LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 06/30/2028
   
402,938
     
402,996
 
Lakeland Holdings LLC, Senior Unsecured First Lien
 
8.00%, 09/27/2027
   
225,670
     
37,235
 
8.00%, 09/27/2027
   
107,661
     
17,764
 
MoneyGram International, Inc., Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 06/03/2030
   
265,866
     
265,767
 
NAB Holdings LLC, Senior Secured First Lien, 8.10% (3 mo. SOFR US + 2.75%), 11/24/2028
   
493,083
     
494,111
 
Nuvei Technologies Corp., Senior Secured First Lien
 
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030
   
142,976
     
143,321
 
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030
   
96,038
     
96,270
 
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030
   
24,833
     
24,893
 
VFH Parent LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 06/23/2031
   
910,000
     
910,760
 
WEX, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 04/03/2028
   
693,698
     
695,557
 
WMB Holdings, Inc., Senior Secured First Lien
 
7.92% (1 mo. SOFR US + 2.50%), 11/03/2027
   
386,293
     
385,327
 
8.09% (1 mo. SOFR US + 2.75%), 11/05/2029
   
716,398
     
719,980
 
Zelis Payments Buyer, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 09/28/2029
   
661,343
     
661,948
 
             
12,217,451
 
                 
FINANCIALS: INSURANCE - 4.2%
 
Acrisure LLC, Senior Secured First Lien
 
8.34% (3 mo. SOFR US + 3.00%), 02/16/2027
   
1,260,660
     
1,261,972
 
8.59% (3 mo. SOFR US + 3.25%), 11/06/2030
   
740,038
     
740,041
 
AssuredPartners, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 02/14/2031
   
1,926,173
     
1,933,396
 
Asurion LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 12/23/2026
   
2,014,092
     
2,000,104
 
Asurion LLC, Senior Secured Second Lien, 10.71% (1 mo. SOFR US + 5.25%), 02/03/2028
   
718,000
     
670,881
 
BroadStreet Partners, Inc., Senior Secured First Lien
 
8.59% (1 mo. SOFR US + 3.25%), 06/16/2031
   
290,709
     
290,273
 
8.59% (1 mo. SOFR US + 3.25%), 06/16/2031
   
29,758
     
29,713
 
HUB International Ltd., Senior Secured First Lien
 
8.57% (3 mo. SOFR US + 3.25%), 06/20/2030
   
1,297,748
     
1,302,075
 
8.58% (1 mo. SOFR US + 3.25%), 06/20/2030
   
3,253
     
3,263
 
Jones Deslauriers Insurance Management, Inc., Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/15/2030
   
366,083
     
366,815
 
Truist Insurance Holdings LLC, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 05/06/2031
   
1,447,000
     
1,451,905
 
Truist Insurance Holdings LLC, Senior Secured Second Lien, 10.09% (3 mo. SOFR US + 4.75%), 05/06/2032
   
505,000
     
516,362
 
USI, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 11/23/2029
   
941,152
     
942,334
 
             
11,509,134
 
                 
FOOD & BEVERAGE - 1.8%
 
BCPE Empire Holdings, Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 12/26/2028
   
665,063
     
666,021
 
Delivery Hero Finco LLC, Senior Secured First Lien, 10.32% (3 mo. SOFR US + 5.00%), 12/12/2029
   
1,617,945
     
1,634,529
 
Froneri US, Inc., Senior Secured First Lien
 
7.69% (1 mo. SOFR US + 2.25%), 02/01/2027
   
270,730
     
270,884
 
7.69% (1 mo. SOFR US + 2.25%), 02/01/2027
   
123,193
     
123,263
 
HLF Financing Sarl LLC, Senior Secured First Lien, 12.09% (1 mo. SOFR US + 6.75%), 04/12/2029
   
324,000
     
312,422
 
Pegasus Bidco BV, Senior Secured First Lien, 9.07% (3 mo. SOFR US + 3.75%), 07/12/2029
   
528,570
     
532,312
 
Saratoga Food Specialties LLC, Senior Secured First Lien, 9.09% (3 mo. SOFR US + 3.75%), 03/07/2029
   
380,000
     
382,612
 
Triton Water Holdings, Inc., Senior Secured First Lien, 8.81% (3 mo. SOFR US + 3.25%), 03/31/2028
   
819,278
     
820,507
 
             
4,742,550
 
                 
HEALTHCARE: EQUIPMENT & SUPPLIES - 2.3%
 
AthenaHealth Group, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/15/2029
   
745,069
     
743,556
 
Azalea Topco, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 04/24/2031
   
1,134,000
     
1,134,590
 
Bausch + Lomb Corp., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 05/10/2027
   
582
     
577
 
Covetrus, Inc., Senior Secured First Lien, 10.33% (3 mo. SOFR US + 5.00%), 10/15/2029
   
232,063
     
224,935
 
Gainwell Acquisition Corp., Senior Secured First Lien, 9.43% (3 mo. SOFR US + 4.00%), 10/01/2027
   
944,676
     
917,120
 
Insulet Corp., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 3.00%), 05/04/2028
   
756,600
     
760,224
 
Medline Borrower LP, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/23/2028
   
1,594,496
     
1,599,478
 
Waystar Technologies, Inc., Senior Secured First Lien, 9.33% (1 mo. SOFR US + 4.00%), 10/22/2029
   
795,077
     
797,065
 
             
6,177,545
 
                 
HEALTHCARE: FACILITIES - 4.3%
 
ADMI Corp., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/23/2027
   
415,240
     
407,716
 
CHG Healthcare Services, Inc., Senior Secured First Lien
 
8.71% (1 mo. SOFR US + 3.25%), 09/29/2028
   
161,332
     
161,768
 
9.09% (1 mo. SOFR US + 3.75%), 10/02/2028
   
355,763
     
357,209
 
9.09% (1 mo. SOFR US + 3.75%), 10/02/2028
   
32,589
     
32,722
 
Concentra Health Services, Inc., Senior Secured First Lien, 7.83% (1 mo. Term SOFR + 2.25%), 06/26/2031
   
407,000
     
409,035
 
Electron Bidco, Inc., Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 11/01/2028
   
949,966
     
950,859
 
Global Medical Response, Inc., Senior Secured First Lien, 10.09% (0.75% PIK) (1 mo. Term SOFR + 4.75%), 10/02/2028
   
859,504
     
834,149
 
Heartland Dental LLC, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 04/28/2028
   
808,190
     
811,273
 
Inception Finco Sarl, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 03/10/2031
   
570,000
     
574,187
 
LifePoint Health, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 4.00%), 05/14/2031
   
944,000
     
946,511
 
ModivCare, Inc., Senior Secured First Lien, 10.09%, 06/20/2031 (b)
   
606,000
     
595,774
 
Option Care Health, Inc., Senior Secured First Lien, 7.71% (1 mo. SOFR US + 2.25%), 10/27/2028
   
675,653
     
681,001
 
Pacific Dental Services, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 03/17/2031
   
478,800
     
480,346
 
Pluto Acquisition I, Inc., Senior Secured First Lien
 
10.95% (3 mo. SOFR US + 5.50%), 06/20/2028
   
90,065
     
91,191
 
10.95% (3 mo. SOFR US + 5.50%), 06/20/2028
   
1,801
     
1,824
 
9.33% (3 mo. SOFR US + 4.00%), 09/20/2028
   
405,745
     
365,171
 
Radnet Management, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 2.50%), 04/10/2031
   
408,000
     
408,765
 
Select Medical Corp., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 03/05/2027
   
704,285
     
705,458
 
Sonrava Health Co-Borrower LLC, Senior Secured First Lien, 12.11%, 06/13/2031 (b)
   
115,687
     
82,138
 
Sotera Health Holdings LLC, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 05/30/2031
   
648,000
     
647,731
 
Surgery Center Holdings T/L (05/24), Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 12/19/2030
   
1,306,000
     
1,310,982
 
US Radiology Specialists, Inc., Senior Secured First Lien, 10.73% (3 mo. SOFR US + 5.25%), 12/15/2027
   
525,744
     
528,307
 
Western Dental Services, Inc., Senior Secured First Lien
 
10.11% (3 mo. SOFR US + 4.50%), 08/18/2028
   
304,238
     
218,037
 
10.11% (3 mo. SOFR US + 4.50%), 08/18/2028
   
31,081
     
22,275
 
             
11,624,429
 
                 
HEALTHCARE: LIFE SCIENCES - 1.7%
 
Avantor Funding, Inc., Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 11/08/2027
   
1,288,345
     
1,295,773
 
Cambrex Corp., Senior Secured First Lien, 8.94% (1 mo. SOFR US + 3.50%), 12/07/2026
   
403,774
     
398,539
 
Catalent Pharma Solutions, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 02/22/2028
   
520,695
     
521,671
 
Curia Global, Inc., Senior Secured First Lien, 9.18% (3 mo. SOFR US + 3.75%), 08/28/2026
   
705,781
     
666,599
 
ICON Luxembourg Sarl, Senior Secured First Lien
 
7.33% (3 mo. SOFR US + 2.00%), 07/03/2028
   
236,547
     
237,743
 
7.33% (3 mo. SOFR US + 2.00%), 07/03/2028
   
58,936
     
59,234
 
Phoenix Newco, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 11/15/2028
   
614,910
     
616,927
 
Star Parent, Inc., Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 09/30/2030
   
818,199
     
818,523
 
             
4,615,009
 
                 
HEALTHCARE: MANAGED HEALTH CARE - 0.7%
 
Charlotte Buyer, Inc., Senior Secured First Lien, 10.58% (1 mo. SOFR US + 5.25%), 02/11/2028
   
284,831
     
285,932
 
Cotiviti, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/30/2031
   
1,655,850
     
1,651,710
 
             
1,937,642
 
                 
HEALTHCARE: PHARMA & BIOTECH - 1.7%
 
Elanco Animal Health, Inc., Senior Secured First Lien, 7.18% (1 mo. SOFR US + 1.75%), 08/02/2027
   
401,750
     
400,778
 
Endo Finance Holdings, Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 04/23/2031
   
716,000
     
716,004
 
Financiere Mendel SASU, Senior Secured First Lien, 8.57% (3 mo. SOFR US + 3.25%), 11/13/2030
   
670,320
     
673,755
 
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 11/15/2027
   
684,323
     
674,058
 
Jazz Financing Lux Sarl, Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 05/05/2028
   
1,533,655
     
1,536,531
 
Perrigo Investments LLC, Senior Secured First Lien, 7.69% (1 mo. SOFR US + 2.25%), 04/20/2029
   
652,678
     
652,271
 
             
4,653,397
 
                 
INDUSTRIAL MACHINERY - 3.8%
 
AI Aqua Merger Sub, Inc., Senior Secured First Lien, 9.33% (1 mo. SOFR US + 4.00%), 07/31/2028
   
1,148,996
     
1,152,340
 
Ali Group North America Corp., Senior Secured First Lien, 7.46% (1 mo. SOFR US + 2.00%), 07/23/2029
   
526,656
     
529,336
 
AZZ, Inc., Senior Secured First Lien
 
8.59% (1 mo. SOFR US + 3.25%), 05/11/2029
   
291,387
     
293,572
 
8.59% (1 mo. SOFR US + 3.25%), 05/11/2029
   
188,663
     
190,078
 
Chart Industries, Inc., Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 03/18/2030
   
851,627
     
855,886
 
Columbus McKinnon Corp., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 2.50%), 05/15/2028
   
533,893
     
538,233
 
Crosby US Acquisition Corp., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 08/16/2029
   
495,510
     
498,865
 
Doosan Bobcat North America, Inc., Senior Secured First Lien, 7.68% (3 mo. SOFR US + 2.25%), 04/20/2029
   
387,794
     
388,763
 
Gates Global LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 11/16/2029
   
517,778
     
519,302
 
LSF12 Badger Bidco LLC, Senior Secured First Lien, 11.34% (1 mo. SOFR US + 6.00%), 07/10/2030
   
274,308
     
274,308
 
Madison IAQ LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 06/21/2028
   
405,153
     
406,030
 
Oregon Tool Holdings, Inc., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 4.00%), 10/16/2028
   
408,486
     
312,390
 
PG Investment Co. 59 Sarl, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/24/2031
   
540,000
     
544,277
 
Pro Mach Group, Inc., Senior Secured First Lien, 8.83% (1 mo. SOFR US + 3.50%), 08/31/2028
   
965,117
     
971,149
 
Roper Industrial Products Investment Co., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 11/23/2029
   
535,252
     
538,041
 
TK Elevator US Newco, Inc., Senior Secured First Lien
 
8.79% (3 mo. SOFR US + 3.50%), 04/30/2030
   
504,952
     
508,187
 
8.79% (3 mo. SOFR US + 3.50%), 04/30/2030
   
290,058
     
291,915
 
Vertiv Group Corp., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 03/02/2027
   
565,843
     
568,120
 
Wec US Holdings Ltd., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 01/27/2031
   
949,720
     
951,710
 
             
10,332,502
 
                 
LEISURE: CASINOS & GAMING - 3.6%
 
888 Acquisitions LLC, Senior Secured First Lien, 10.58% (6 mo. SOFR US + 5.25%), 07/03/2028
   
688,427
     
687,050
 
Allwyn International AS, Senior Secured First Lien, 7.57%, 05/30/2031 (b)
   
576,000
     
576,720
 
Aristocrat Technologies, Inc., Senior Secured First Lien, 7.68% (3 mo. SOFR US + 2.25%), 05/24/2029
   
224,143
     
225,263
 
Bally's Corp., Senior Secured First Lien, 8.84% (3 mo. SOFR US + 3.25%), 10/02/2028
   
413,515
     
393,658
 
Caesars Entertainment, Inc., Senior Secured First Lien
 
8.10% (1 mo. SOFR US + 2.75%), 02/06/2030
   
675,568
     
676,885
 
8.10% (3 mo. SOFR US + 2.75%), 02/06/2031
   
563,588
     
564,732
 
Entain Holdings Gibraltar Ltd., Senior Secured First Lien, 7.86% (6 mo. SOFR US + 2.50%), 03/16/2027
   
1,346,986
     
1,350,717
 
Everi Holdings, Inc., Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 08/03/2028
   
449,888
     
451,604
 
Fertitta Entertainment LLC, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 3.75%), 01/29/2029
   
799,778
     
801,625
 
Flutter Financing BV, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 11/29/2030
   
1,871,979
     
1,875,302
 
Light & Wonder International, Inc., Senior Secured First Lien, 8.08% (1 mo. SOFR US + 2.75%), 04/16/2029
   
852,843
     
854,292
 
Ontario Gaming GTA LP, Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.25%), 08/01/2030
   
734,310
     
738,782
 
Penn Entertainment, Inc., Senior Secured First Lien, 8.19% (1 mo. SOFR US + 2.75%), 05/03/2029
   
586,480
     
587,866
 
             
9,784,496
 
                 
LEISURE: HOTELS - 2.8%
 
Alterra Mountain Co., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 08/17/2028
   
1,786,568
     
1,794,759
 
Carnival Corp., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/18/2028
   
373,213
     
374,671
 
Cedar Fair LP, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 05/01/2031
   
516,000
     
515,760
 
Herschend Entertainment Co. LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 08/28/2028
   
789,610
     
794,549
 
Hilton Domestic Operating Co., Inc., Senior Secured First Lien, 7.10% (1 mo. SOFR US + 1.75%), 11/08/2030
   
835,000
     
836,795
 
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien
 
7.84% (1 mo. SOFR US + 2.50%), 08/02/2028
   
431,790
     
432,291
 
8.09% (1 mo. SOFR US + 2.75%), 01/17/2031
   
903,735
     
904,865
 
Marriott Ownership Resorts, Inc., Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 04/01/2031
   
400,000
     
401,500
 
RHP Hotel Properties LP, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 05/20/2030
   
374,890
     
376,203
 
Sabre GLBL, Inc., Senior Secured First Lien
 
8.96% (1 mo. SOFR US + 3.50%), 12/17/2027
   
143,000
     
129,210
 
8.96% (1 mo. SOFR US + 3.50%), 12/17/2027
   
90,735
     
81,985
 
9.69% (1 mo. SOFR US + 4.25%), 06/30/2028
   
64,915
     
58,937
 
10.44% (1 mo. SOFR US + 5.00%), 06/30/2028
   
465,000
     
427,874
 
Travel + Leisure Co., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/14/2029
   
502,740
     
504,877
 
             
7,634,276
 
                 
LEISURE: RESTAURANTS - 1.4%
 
BCPE Grill Parent, Inc., Senior Secured First Lien, 10.09% (1 mo. SOFR US + 4.75%), 09/30/2030
   
266,660
     
263,393
 
Dave & Buster's, Inc., Senior Secured First Lien, 8.63% (1 mo. SOFR US + 3.25%), 06/29/2029
   
662,824
     
664,299
 
IRB Holding Corp., Senior Secured First Lien, 8.18% (1 mo. SOFR US + 2.75%), 12/15/2027
   
1,557,670
     
1,558,839
 
Tacala Investment Corp., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 01/31/2031
   
526,680
     
529,590
 
Whatabrands LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 08/03/2028
   
659,026
     
659,936
 
             
3,676,057
 
                 
MEDIA: BROADCASTING - 0.5%
 
Hubbard Radio LLC, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 09/30/2027
   
399,987
     
321,789
 
Nexstar Media, Inc., Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 09/18/2026
   
700,890
     
703,389
 
Univision Communications, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 03/24/2026
   
315,710
     
316,243
 
             
1,341,421
 
                 
MEDIA: CABLE & SATELLITE - 2.0%
 
Charter Communications Operating LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 1.75%), 02/01/2027
   
664,766
     
664,702
 
Connect Finco Sarl, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 12/11/2026
   
431,241
     
426,928
 
Coral-US Co.-Borrower LLC, Senior Secured First Lien, 7.69% (1 mo. SOFR US + 2.25%), 01/31/2028
   
585,000
     
566,444
 
CSC Holdings LLC, Senior Secured First Lien, 9.83% (1 mo. SOFR US + 4.50%), 01/18/2028
   
852,271
     
821,227
 
Directv Financing LLC, Senior Secured First Lien, 10.46% (1 mo. SOFR US + 5.00%), 08/02/2027
   
536,724
     
538,468
 
Iridium Satellite LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030
   
832,023
     
832,082
 
Radiate Holdco LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 09/25/2026
   
343,778
     
279,392
 
Telenet Financing USD LLC, Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 04/28/2028
   
407,000
     
388,262
 
Telesat LLC, Senior Secured First Lien, 8.36% (3 mo. SOFR US + 2.75%), 12/07/2026
   
273,204
     
129,004
 
Virgin Media Bristol LLC, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 01/31/2028
   
630,000
     
603,546
 
Xplore, Inc., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 4.00%), 10/02/2028
   
430,745
     
74,155
 
             
5,324,210
 
                 
MEDIA: DIVERSIFIED - 1.4%
 
Abe Investment Holdings, Inc., Senior Secured First Lien, 9.93% (3 mo. SOFR US + 4.50%), 02/19/2026
   
801,094
     
801,855
 
ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 12/21/2028
   
464,675
     
465,677
 
AP Core Holdings II LLC, Senior Secured First Lien, 10.96% (1 mo. SOFR US + 5.50%), 09/01/2027
   
271,000
     
237,408
 
Arches Buyer, Inc., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/06/2027
   
272,963
     
261,723
 
Buzz Finco LLC, Senior Secured First Lien, 8.19% (1 mo. SOFR US + 2.75%), 01/29/2027
   
603,225
     
604,480
 
McGraw-Hill Education, Inc., Senior Secured First Lien, 10.20% (3 mo. SOFR US + 4.75%), 07/31/2028
   
724,413
     
726,576
 
Neptune Bidco US, Inc., Senior Secured First Lien, 10.16% (3 mo. SOFR US + 4.75%), 10/11/2028
   
866,030
     
814,718
 
             
3,912,437
 
                 
MEDIA: ENTERTAINMENT - 2.3%
 
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien
 
9.08% (1 mo. SOFR US + 3.75%), 03/08/2030
   
442,723
     
443,000
 
9.08% (1 mo. SOFR US + 3.75%), 03/08/2030
   
224,181
     
224,321
 
Creative Artists Agency LLC, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 11/27/2028
   
765,190
     
769,674
 
Delta 2 Lux Sarl, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 01/15/2030
   
850,000
     
853,188
 
Hoya Midco LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 02/05/2029
   
554,590
     
557,593
 
Live Nation Entertainment, Inc., Senior Secured First Lien, 7.19% (1 mo. SOFR US + 1.75%), 10/19/2026
   
669,410
     
669,828
 
StubHub Holdco Sub LLC, Senior Secured First Lien, 10.08% (1 mo. SOFR US + 4.75%), 03/15/2030
   
944,059
     
945,537
 
UFC Holdings LLC, Senior Secured First Lien, 8.34% (3 mo. SOFR US + 2.75%), 04/29/2026
   
729,450
     
731,937
 
William Morris Endeavor Entertainment LLC, Senior Secured First Lien
 
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
   
584,657
     
586,326
 
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
   
284,033
     
284,844
 
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
   
53,372
     
53,525
 
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
   
25,929
     
26,003
 
             
6,145,776
 
                 
METALS & MINING - 0.5%
 
Arsenal AIC Parent LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 08/19/2030
   
506,181
     
509,851
 
Grinding Media, Inc., Senior Secured First Lien
 
9.56% (3 mo. SOFR US + 4.00%), 10/12/2028
   
522,223
     
520,265
 
9.56% (3 mo. SOFR US + 4.00%), 10/12/2028
   
145,905
     
145,357
 
Zekelman Industries, Inc., Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 03/24/2031
   
250,307
     
251,023
 
             
1,426,496
 
                 
MIDSTREAM: STORAGE & TRANSPORT - 2.0%
 
Brazos Delaware II LLC, Senior Secured First Lien, 8.82% (1 mo. Term SOFR + 3.50%), 02/11/2030
   
269,325
     
270,739
 
Buckeye Partners LP, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 11/02/2026
   
767,776
     
769,419
 
ITT Holdings LLC, Senior Secured First Lien, 8.43% (1 mo. SOFR US + 3.00%), 10/11/2030
   
642,156
     
643,559
 
Northriver Midstream Finance LP, Senior Secured First Lien, 7.80% (3 mo. SOFR US + 2.50%), 08/16/2030
   
734,586
     
736,004
 
Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 8.44% (1 mo. SOFR US + 3.00%), 10/05/2028
   
1,491,800
     
1,494,597
 
TransMontaigne Operating Co. LP, Senior Secured First Lien
 
8.96% (1 mo. SOFR US + 3.50%), 11/17/2028
   
232,040
     
232,890
 
8.96% (1 mo. SOFR US + 3.50%), 11/17/2028
   
232,040
     
232,890
 
8.96% (1 mo. SOFR US + 3.50%), 11/17/2028
   
71,214
     
71,475
 
Traverse Midstream Partners LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 02/16/2028
   
652,652
     
656,121
 
UGI Energy Services LLC, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 02/22/2030
   
371,345
     
372,572
 
             
5,480,266
 
                 
OIL & GAS: E&P - 0.1%
 
Discovery Energy Holding Corp., Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 05/01/2031
   
369,000
     
371,018
 
                 
OIL & GAS: EQUIPMENT & SERVICES - 0.1%
 
US Silica Co., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 03/25/2030
   
376,385
     
378,384
 
                 
PACKAGING - 1.4%
 
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 9.12% (1 mo. SOFR US + 3.68%), 04/13/2029
   
396,587
     
397,949
 
LABL, Inc., Senior Secured First Lien, 10.44% (1 mo. SOFR US + 5.00%), 10/30/2028
   
543,532
     
537,585
 
Mauser Packaging Solutions Holding Co., Senior Secured First Lien, 8.83% (1 mo. SOFR US + 3.50%), 04/16/2027
   
1,096,744
     
1,099,338
 
Pregis TopCo LLC, Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 07/31/2026
   
520,475
     
521,612
 
Sabert Corp., Senior Secured First Lien, 8.45% (1 mo. SOFR US + 3.00%), 12/10/2026
   
345,112
     
347,053
 
Trident TPI Holdings, Inc., Senior Secured First Lien, 9.57% (3 mo. SOFR US + 4.00%), 09/18/2028
   
908,363
     
912,088
 
             
3,815,625
 
                 
REAL ESTATE: MANAGEMENT - 0.3%
 
Cushman & Wakefield US Borrower LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/31/2030
   
287,280
     
289,435
 
Greystar Real Estate Partners LLC, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 08/21/2030
   
543,897
     
547,296
 
             
836,731
 
                 
RETAIL: FOOD & DRUG - 0.2%
 
JP Intermediate B LLC, Senior Secured First Lien, 11.09% (3 mo. SOFR US + 5.50%), 11/22/2027
   
452,852
     
42,880
 
TKC Holdings, Inc., Senior Secured First Lien, 11.11% (3 mo. SOFR US + 5.50%), 05/15/2028
   
490,318
     
490,625
 
             
533,505
 
                 
RETAILING - 3.4%
 
Amer Sports Co., Senior Secured First Lien
 
8.58% (3 mo. SOFR US + 3.25%), 02/18/2031
   
260,168
     
262,119
 
8.58% (3 mo. SOFR US + 3.25%), 02/18/2031
   
111,900
     
112,739
 
Belron Finance US LLC, Senior Secured First Lien, 7.51% (3 mo. SOFR US + 1.93%), 04/28/2028
   
1,188,568
     
1,191,290
 
Great Outdoors Group LLC, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 03/06/2028
   
1,484,282
     
1,484,905
 
Harbor Freight Tools USA, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 06/11/2031
   
905,000
     
903,511
 
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 05/04/2028
   
674,487
     
676,827
 
Michaels Cos., Inc., Senior Secured First Lien, 9.85% (3 mo. SOFR US + 4.25%), 04/17/2028
   
578,978
     
521,870
 
Peer Holding III BV, Senior Secured First Lien
 
8.58% (3 mo. SOFR US + 3.25%), 10/28/2030
   
631,418
     
633,590
 
8.33%, 06/20/2031  (b)
   
334,000
     
334,767
 
PetSmart LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/14/2028
   
1,648,995
     
1,646,241
 
Restoration Hardware, Inc., Senior Secured First Lien
 
7.94% (1 mo. Term SOFR + 2.50%), 10/20/2028
   
108,667
     
104,756
 
8.69% (1 mo. Term SOFR + 3.25%), 10/20/2028
   
217,333
     
212,443
 
Sally Holdings LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 1.75%), 02/28/2030
   
474,988
     
475,285
 
Staples, Inc., Senior Secured First Lien, 11.08% (3 mo. SOFR US + 5.75%), 09/10/2029
   
648,000
     
595,998
 
             
9,156,341
 
                 
TECHNOLOGY HARDWARE - 1.3%
 
CommScope, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 04/06/2026
   
612,619
     
554,200
 
Fortress Intermediate 3, Inc., Senior Secured First Lien, 9.32% (1 mo. Term SOFR + 3.75%), 06/27/2029
   
597,000
     
598,492
 
Ingram Micro, Inc., Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.00%), 07/03/2028
   
352,264
     
354,191
 
MKS Instruments, Inc., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 2.50%), 08/17/2029
   
358,120
     
358,940
 
Synaptics, Inc., Senior Secured First Lien, 7.85% (3 mo. SOFR US + 2.25%), 12/04/2028
   
1,084,458
     
1,086,220
 
World Wide Technology Holding Co. LLC, Senior Secured First Lien, 8.18% (1 mo. SOFR US + 2.75%), 03/01/2030
   
667,457
     
670,795
 
             
3,622,838
 
                 
TECHNOLOGY: SOFTWARE & SERVICES - 10.8%
 
Access CIG LLC, Senior Secured First Lien, 10.33% (3 mo. SOFR US + 5.00%), 08/18/2028
   
709,638
     
715,073
 
Barracuda Networks, Inc., Senior Secured First Lien, 9.81% (6 mo. SOFR US + 4.50%), 08/15/2029
   
420,728
     
420,545
 
Barracuda Networks, Inc., Senior Secured Second Lien, 12.33% (3 mo. SOFR US + 7.00%), 08/15/2030
   
358,333
     
342,208
 
Boxer Parent Co., Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 12/29/2028
   
1,389,020
     
1,393,604
 
Central Parent, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 07/06/2029
   
419,940
     
415,086
 
Cloud Software Group, Inc., Senior Secured First Lien
 
9.33% (3 mo. SOFR US + 4.00%), 03/29/2029
   
1,763,262
     
1,764,038
 
9.33% (3 mo. SOFR US + 4.00%), 03/29/2029
   
4,419
     
4,421
 
ConnectWise LLC, Senior Secured First Lien, 9.10% (3 mo. SOFR US + 3.50%), 09/29/2028
   
1,121,925
     
1,115,754
 
Dayforce, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 03/03/2031
   
405,000
     
406,266
 
E2open LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 02/04/2028
   
603,265
     
606,583
 
Ensono, Inc., Senior Secured First Lien
 
9.46% (1 mo. SOFR US + 4.00%), 05/30/2028
   
560,879
     
557,373
 
9.46% (1 mo. SOFR US + 4.00%), 05/30/2028
   
66,100
     
65,687
 
9.46% (1 mo. SOFR US + 4.00%), 05/30/2028
   
66,100
     
65,687
 
Flexera Software LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/03/2028
   
1,362,596
     
1,369,410
 
Genesys Cloud Services Holdings II LLC, Senior Secured First Lien
 
8.84% (1 mo. SOFR US + 3.50%), 12/01/2027
   
373,123
     
375,323
 
8.84% (1 mo. SOFR US + 3.50%), 12/01/2027
   
174,754
     
175,784
 
9.21% (1 mo. SOFR US + 3.75%), 12/01/2027
   
370,073
     
373,041
 
Go Daddy Operating Co. LLC, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 06/02/2031
   
546,000
     
546,158
 
Informatica LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 10/30/2028
   
665,891
     
668,804
 
Marcel Bidco LLC, Senior Secured First Lien, 9.31% (Daily US Secured Overnight Financing Rate + 4.00%), 11/13/2030
   
770,197
     
775,973
 
McAfee Corp., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 03/01/2029
   
1,038,212
     
1,038,456
 
MH Sub I LLC, Senior Secured First Lien, 9.59% (1 mo. SOFR US + 4.25%), 05/03/2028
   
529,988
     
530,097
 
Modena Buyer LLC, Senior Secured First Lien, 9.82% (1 mo. Term SOFR + 4.50%), 04/21/2031
   
978,000
     
955,843
 
Mosel Bidco SE, Senior Secured First Lien
 
9.83% (3 mo. SOFR US + 4.50%), 09/16/2030
   
429,847
     
432,534
 
9.83% (3 mo. SOFR US + 4.50%), 09/16/2030
   
302,153
     
304,041
 
N-Able International Holdings II LLC, Senior Secured First Lien, 8.36% (3 mo. SOFR US + 2.75%), 07/19/2028
   
498,893
     
498,893
 
Optiv Parent, Inc., Senior Secured First Lien, 10.57% (3 mo. SOFR US + 5.25%), 08/26/2026
   
343,764
     
316,263
 
Peraton Corp., Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/01/2028
   
943,723
     
944,974
 
Polaris Newco LLC, Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.00%), 06/05/2028
   
819,522
     
820,174
 
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien, 9.07% (3 mo. SOFR US + 3.75%), 10/28/2030
   
1,345,628
     
1,351,421
 
Proofpoint, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 08/31/2028
   
1,612,010
     
1,615,339
 
Quartz Acquireco LLC, Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 06/28/2030
   
523,048
     
524,028
 
Rithum Holdings, Inc., Senior Secured First Lien
 
9.48% (3 mo. SOFR US + 4.00%), 12/02/2027
   
721,226
     
664,790
 
11.58% (3 mo. SOFR US + 6.25%), 12/29/2027
   
271,311
     
263,850
 
Rocket Software, Inc., Senior Secured First Lien, 10.09% (1 mo. SOFR US + 4.75%), 11/28/2028
   
808,927
     
813,300
 
Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 02/24/2028
   
1,306,463
     
1,309,546
 
Skopima Consilio Parent LLC, Senior Secured First Lien, 9.46% (1 mo. SOFR US + 4.00%), 05/17/2028
   
403,708
     
403,887
 
SolarWinds Holdings, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/05/2027
   
1,056,319
     
1,058,960
 
Sovos Compliance LLC, Senior Secured First Lien, 9.96% (1 mo. SOFR US + 4.50%), 08/14/2028
   
410,129
     
407,515
 
UKG, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 02/10/2031
   
2,022,000
     
2,031,938
 
VS Buyer LLC, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/14/2031
   
983,588
     
987,277
 
             
29,429,944
 
                 
TELECOM SERVICES: DIVERSIFIED - 2.1%
 
Altice France SA, Senior Secured First Lien, 10.83% (3 mo. SOFR US + 5.50%), 08/31/2028
   
334,356
     
246,587
 
Cincinnati Bell, Inc., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 11/24/2028
   
663,995
     
662,571
 
Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 01/30/2031
   
929,000
     
932,674
 
Eagle Broadband Investments LLC, Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.00%), 11/12/2027
   
276,359
     
274,978
 
Frontier Communications Holdings LLC, Senior Secured First Lien
 
9.21% (1 mo. SOFR US + 3.75%), 10/08/2027
   
669,874
     
670,377
 
8.58% (1 mo. Term SOFR + 3.50%), 06/23/2031
   
824,000
     
824,000
 
Lumen Technologies, Inc., Senior Secured First Lien
 
7.81% (1 mo. SOFR US + 2.35%), 04/16/2029
   
265,910
     
184,253
 
7.81% (1 mo. SOFR US + 2.35%), 04/15/2030
   
265,910
     
179,241
 
SBA Senior Finance II LLC, Senior Secured First Lien, 7.35% (1 mo. SOFR US + 2.00%), 01/27/2031
   
270,323
     
270,936
 
Voyage Australia Pty Ltd., Senior Secured First Lien, 9.09% (3 mo. SOFR US + 3.50%), 07/20/2028
   
467,773
     
469,529
 
Zayo Group Holdings, Inc., Senior Secured First Lien, 9.67% (1 mo. SOFR US + 4.33%), 03/09/2027
   
693,826
     
613,821
 
Ziggo Financing Partnership, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 04/28/2028
   
455,000
     
440,813
 
             
5,769,780
 
                 
TELECOM SERVICES: WIRELESS - 0.2%
 
CCI Buyer, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 4.00%), 12/17/2027
   
527,288
     
528,482
 
                 
TRANSPORTATION - 2.3%
 
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 10.34% (3 mo. SOFR US + 4.75%), 04/20/2028
   
581,747
     
601,745
 
Air Canada, Senior Secured First Lien, 7.85% (3 mo. SOFR US + 2.50%), 03/21/2031
   
268,328
     
269,040
 
ASP LS Acquisition Corp., Senior Secured First Lien, 10.10% (3 mo. SOFR US + 4.50%), 05/08/2028
   
729,956
     
624,013
 
Avis Budget Car Rental LLC, Senior Secured First Lien
 
7.21% (1 mo. SOFR US + 1.75%), 08/06/2027
   
398,868
     
395,543
 
8.44% (1 mo. SOFR US + 3.00%), 03/16/2029
   
356,852
     
356,986
 
Cubic Corp., Senior Secured First Lien
 
9.86% (3 mo. SOFR US + 4.25%), 05/25/2028
   
705,775
     
523,548
 
9.86% (3 mo. SOFR US + 4.25%), 05/25/2028
   
152,256
     
112,944
 
Genesee & Wyoming, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 04/10/2031
   
647,000
     
647,061
 
Kenan Advantage Group, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/25/2029
   
535,623
     
538,971
 
Mileage Plus Holdings LLC, Senior Secured First Lien, 10.74% (3 mo. SOFR US + 5.25%), 06/21/2027
   
517,064
     
528,228
 
United Airlines, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 02/24/2031
   
335,160
     
336,417
 
WWEX Uni Topco Holdings LLC, Senior Secured First Lien, 9.57% (3 mo. SOFR US + 4.00%), 07/26/2028
   
682,765
     
685,598
 
XPO, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 02/28/2031
   
486,000
     
487,873
 
             
6,107,967
 
                 
UTILITIES: POWER - 2.0%
 
Calpine Corp., Senior Secured First Lien
 
7.34% (1 mo. SOFR US + 2.00%), 12/16/2027
   
266,000
     
266,617
 
7.34% (1 mo. SOFR US + 2.00%), 01/31/2031
   
263,647
     
263,125
 
Eastern Power LLC, Senior Secured First Lien, 9.20% (1 mo. Term SOFR + 3.75%), 10/02/2025
   
311,349
     
302,009
 
Granite Generation LLC, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 11/09/2026
   
276,000
     
276,173
 
Lightstone Holdco LLC, Senior Secured First Lien
 
11.08% (3 mo. SOFR US + 5.75%), 01/29/2027
   
935,616
     
923,186
 
11.08% (3 mo. SOFR US + 5.75%), 01/29/2027
   
52,813
     
52,112
 
NRG Energy, Inc., Senior Secured First Lien, 7.34% (3 mo. SOFR US + 2.00%), 04/16/2031
   
675,308
     
676,236
 
Parkway Generation LLC, Senior Secured First Lien
 
10.34% (3 mo. SOFR US + 4.75%), 02/20/2029
   
512,104
     
512,296
 
10.34% (3 mo. SOFR US + 4.75%), 02/20/2029
   
31,896
     
31,908
 
Vistra Zero Operating Co. LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 04/30/2031
   
324,188
     
326,092
 
WaterBridge Midstream Operating LLC, Senior Secured First Lien, 10.33% (1 mo. Term SOFR + 4.75%), 06/27/2029
   
1,399,000
     
1,392,005
 
WaterBridge NDB Operating LLC, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 05/10/2029
   
521,000
     
524,475
 
             
5,546,234
 
TOTAL BANK LOANS (Cost $235,366,035)
     
234,937,963
 
                 
CORPORATE BONDS - 11.9%(f)
               
AEROSPACE & DEFENSE - 0.3%
 
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (c)
   
572,000
     
583,717
 
Bombardier, Inc., 7.13%, 06/15/2026 (c)
   
176,000
     
178,685
 
             
762,402
 
                 
BUILDING PRODUCTS - 0.2%
 
Standard Industries, Inc., 3.38%, 01/15/2031 (c)
   
600,000
     
506,185
 
                 
CHEMICALS - 0.1%
 
Olympus Water US Holding Corp., 7.13%, 10/01/2027 (c)
   
200,000
     
201,459
 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.13%, 04/01/2029 (c)
   
238,000
     
93,255
 
             
294,714
 
                 
COMMERCIAL SERVICES - 0.4%
 
OPENLANE, Inc., 5.13%, 06/01/2025 (c)
   
424,000
     
418,513
 
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (c)
   
625,000
     
624,786
 
             
1,043,299
 
                 
CONSTRUCTION & ENGINEERING - 0.4%
 
Pike Corp., 5.50%, 09/01/2028 (c)
   
1,043,000
     
1,001,127
 
                 
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.2%
 
Neogen Food Safety Corp., 8.63%, 07/20/2030 (c)
   
397,000
     
429,581
 
                 
HEALTHCARE: FACILITIES - 1.2%
 
Fresenius Medical Care US Finance III, Inc., 2.38%, 02/16/2031 (c)
   
925,000
     
732,098
 
Select Medical Corp., 6.25%, 08/15/2026 (c)
   
1,335,000
     
1,342,602
 
Tenet Healthcare Corp., 6.25%, 02/01/2027
   
1,311,000