Shenkman Capital Floating Rate High Income Fund

Schedule of Investments

June 30, 2023 (Unaudited)

Principal

Fair

Amount

Value

BANK LOANS - 81.73% (j)

AEROSPACE & DEFENSE - 0.54%

KKR Apple Bidco, LLC, Senior Secured First Lien Term Loan 9.102% (1 Month SOFR USD + 4.00%, 0.500% Floor), 09/22/2028 (a)

             635,404

             633,021

LSF11 Trinity Bidco, Inc., Senior Secured First Lien Term Loan 9.647% (3 Month SOFR USD + 4.50%), 06/14/2030 (a)

400,000

399,500

Spirit Aerosystems, Inc., Senior Secured First Lien Term Loan 9.545% (3 Month SOFR USD + 4.50%, 0.500% Floor), 01/15/2027 (a)

585,525

587,428

1,619,949

AUTO RETAIL - 0.76%

CWGS Group, LLC

Senior Secured First Lien Term Loan 7.658% (1 Month LIBOR USD + 2.50%, 0.750% Floor), 06/05/2028 (a)

687,528

657,965

Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%, 0.750% Floor), 06/05/2028 (a)

51,737

49,512

LS Group Opco Acquisition, LLC, Senior Secured First Lien Term Loan 0.00% (1 Month SOFR USD + 3.25%, 0.750% Floor), 11/02/2027 (a)

994,500

990,358

Mavis Tire Express Services Topco Corp., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.00%, 0.750% Floor), 05/04/2028 (a)

593,531

589,266

2,287,101

AUTOMOTIVE - 0.36%

American Axle & Manufacturing, Inc.

Senior Secured First Lien Term Loan 8.436% (6 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a)

151,408

151,218

Senior Secured First Lien Term Loan 8.504% (3 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a)

151,407

151,218

Senior Secured First Lien Term Loan 8.746% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a)

200,520

200,270

Autokiniton U.S. Holdings, Inc., Senior Secured First Lien Term Loan 9.114% (1 Month SOFR USD + 4.50%, 0.500% Floor), 04/06/2028 (a)

300,456

299,217

Phinia, Inc., Senior Secured First Lien Term Loan 8.832%, 06/01/2030 (a)(g)

269,208

269,208

1,071,131

BUILDING PRODUCTS - 2.61%

Cornerstone Building Brands, Inc., Senior Secured First Lien Term Loan 8.497% (1 Month SOFR USD + 3.25%, 0.500% Floor), 04/12/2028 (a)

748,487

719,486

CPG International, LLC, Senior Secured First Lien Term Loan 7.702% (1 Month SOFR USD + 2.50%, 0.500% Floor), 04/30/2029 (a)

1,249,558

1,246,303

Fortrea Holdings, Inc., Senior Secured First Lien Term Loan 8.881%, 06/28/2030 (a)(g)

963,000

964,445

Griffon Corp., Senior Secured First Lien Term Loan 7.639% (3 Month SOFR USD + 2.25%, 0.500% Floor), 01/24/2029 (a)

405,314

404,639

QUIKRETE Holdings, Inc.

Senior Secured First Lien Term Loan 7.842% (1 Month SOFR USD + 2.625%), 02/01/2027 (a)

1,377,405

1,376,475

Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%), 03/18/2029 (a)

1,130,688

1,133,203

SRS Distribution, Inc., Senior Secured First Lien Term Loan 8.693% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 06/02/2028 (a)

773,033

752,799

TAMKO Building Products, LLC

Senior Secured First Lien Term Loan 7.965% (6 Month SOFR USD + 3.00%), 05/29/2026 (a)

79,273

78,877

Senior Secured First Lien Term Loan 8.127% (6 Month SOFR USD + 3.00%), 05/29/2026 (a)

176,330

175,447

Senior Secured First Lien Term Loan 8.398% (6 Month SOFR USD + 3.00%), 05/29/2026 (a)

86,705

86,272

VC GB Holdings I Corp., Senior Secured First Lien Term Loan 8.476% (3 Month LIBOR USD + 3.00%, 0.500% Floor), 07/21/2028 (a)

653,055

636,183

Windsor Holdings III, LLC, Senior Secured First Lien Term Loan  9.631%, 06/21/2030 (a)(g)

256,000

251,808

7,825,937

CHEMICALS - 3.79%

Axalta Coating Systems U.S. Holdings, Inc., Senior Secured First Lien Term Loan 8.242% (3 Month SOFR USD + 3.00%, 0.500% Floor), 12/20/2029 (a)

842,431

845,261

Discovery Purchaser Corp., Senior Secured First Lien Term Loan 9.617% (3 Month SOFR USD + 4.375%, 0.500% Floor), 10/04/2029 (a)

628,840

603,686

Ineos U.S. Finance, LLC

Senior Secured First Lien Term Loan 7.702% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/06/2028 (a)

711,000

702,493

Senior Secured First Lien Term Loan 8.702% (1 Month SOFR USD + 3.50%), 02/19/2030 (a)

1,010,000

1,005,581

Ineos U.S. Petrochem, LLC

Senior Secured First Lien Term Loan 7.967% (1 Month SOFR USD + 2.75%, 0.500% Floor), 01/29/2026 (a)

490,000

489,571

Senior Secured First Lien Term Loan 8.952% (1 Month SOFR USD + 3.75%), 03/14/2030 (a)

239,000

239,000

Koppers, Inc.

Senior Secured First Lien Term Loan 9.16% (Daily SOFR USD + 4.00%, 0.500% Floor), 04/10/2030 (a)

117,133

117,426

Senior Secured First Lien Term Loan 9.25% (1 Month SOFR USD + 4.00%, 0.500% Floor), 04/10/2030 (a)

116,546

116,838

LSF11 A5 Holdco, LLC

Senior Secured First Lien Term Loan 9.452% (1 Month SOFR USD + 4.25%, 0.500% Floor), 10/13/2028 (a)

325,000

323,105

Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 3.50%, 0.500% Floor), 10/16/2028 (a)

454,254

448,505

Lummus Technology Holdings V, LLC, Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 3.50%), 06/30/2027 (a)

469,014

465,665

Nouryon Finance B.V.

Senior Secured First Lien Term Loan  7.526%, 10/01/2025 (a)(g)

101,592

101,707

Senior Secured First Lien Term Loan 8.99% (3 Month SOFR USD + 4.00%), 04/03/2028 (a)

309,000

307,583

Olympus Water U.S. Holding Corp., Senior Secured First Lien Term Loan 10.066%, 11/09/2028 (a)(g)

285,000

276,272

Orion Engineered Carbons GmbH, Senior Secured First Lien Term Loan 7.309% (3 Month LIBOR USD + 2.15%, 0.500% Floor), 09/22/2028 (a)

282,960

279,954

PMHC II, Inc., Senior Secured First Lien Term Loan 9.304% (3 Month SOFR USD + 4.25%, 0.500% Floor), 04/23/2029 (a)

1,815,164

1,605,178

Polar U.S. Borrower, LLC

Senior Secured First Lien Term Loan 9.721% (6 Month SOFR USD + 4.75%), 10/15/2025 (a)

259,516

205,882

Senior Secured First Lien Term Loan 9.827% (3 Month SOFR USD + 4.75%), 10/15/2025 (a)

221,794

175,956

PQ Corp., Senior Secured First Lien Term Loan 7.645% (3 Month SOFR USD + 2.50%, 0.500% Floor), 06/09/2028 (a)

351,820

350,803

PQ Performance Chemicals, Senior Secured First Lien Term Loan 8.537% (1 Month SOFR USD + 3.25%, 0.750% Floor), 08/02/2028 (a)

521,065

518,134

SCIH Salt Holdings, Inc., Senior Secured First Lien Term Loan 9.193% (1 Month LIBOR USD + 4.00%, 0.750% Floor), 03/16/2027 (a)

1,046,709

1,032,888

Tronox Finance, LLC, Senior Secured First Lien Term Loan 7.443% (1 Month EURIBOR + 2.25%), 03/10/2028 (a)

416,308

414,538

Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan 9.897% (1 Month SOFR USD + 4.75%, 0.500% Floor), 10/26/2026 (a)

767,723

747,378

11,373,404

COMMERCIAL SERVICES - 5.48%

AlixPartners, LLP, Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%, 0.500% Floor), 02/04/2028 (a)

1,534,995

1,533,651

Allied Universal Holdco, LLC, Senior Secured First Lien Term Loan 8.952% (1 Month SOFR USD + 3.75%, 0.500% Floor), 05/12/2028 (a)

1,237,845

1,205,525

American Auto Auction Group, LLC, Senior Secured First Lien Term Loan 10.242% (3 Month SOFR USD + 5.00%, 0.750% Floor), 12/30/2027 (a)

485,605

454,041

Apex Group Treasury, LLC, Senior Secured First Lien Term Loan 9.074% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 07/27/2028 (a)

740,265

731,937

Aramark Services, Inc., Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%), 06/14/2030 (a)

459,149

459,723

Camelot U.S. Acquisition 1 Co.

Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%), 10/30/2026 (a)

657,535

657,371

Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%, 1.000% Floor), 10/30/2026 (a)

1,837,244

1,836,867

Corelogic, Inc., Senior Secured First Lien Term Loan 8.75% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 06/02/2028 (a)

497,641

450,490

Deerfield Dakota Holding, LLC, Senior Secured First Lien Term Loan 8.992% (3 Month SOFR USD + 3.75%, 1.000% Floor), 04/09/2027 (a)

2,000,258

1,946,321

Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 8.434% (1 Month SOFR USD + 3.25%), 02/06/2026 (a)

1,771,209

1,774,972

EAB Global, Inc.

Senior Secured First Lien Term Loan 8.773% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 08/16/2028 (a)

1,254

1,241

Senior Secured First Lien Term Loan 8.872% (6 Month LIBOR USD + 3.50%, 0.500% Floor), 08/16/2028 (a)

492,645

487,798

Galaxy U.S. Opco, Inc., Senior Secured First Lien Term Loan 9.852% (1 Month SOFR USD + 4.75%, 0.500% Floor), 04/30/2029 (a)

354,323

333,949

Garda World Security Corp., Senior Secured First Lien Term Loan 9.427% (1 Month SOFR USD + 4.25%), 10/30/2026 (a)

880,876

877,573

Garrett Motion Sarl

Senior Secured First Lien Term Loan 9.73% (3 Month SOFR USD + 4.50%, 0.500% Floor), 05/01/2028 (a)

160,714

158,304

Senior Secured First Lien Term Loan 9.73% (1 Month SOFR USD + 4.50%, 0.500% Floor), 05/01/2028 (a)

214,286

211,071

Indy U.S. BIDCO, LLC, Senior Secured First Lien Term Loan 8.852% (1 Month SOFR USD + 3.75%), 03/06/2028 (a)

1,240,829

1,153,971

Pre-Paid Legal Services, Inc., Senior Secured First Lien Term Loan 8.943% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 12/15/2028 (a)

444,744

439,325

Spin Holdco, Inc., Senior Secured First Lien Term Loan 9.23% (3 Month LIBOR USD + 4.00%, 0.750% Floor), 03/06/2028 (a)

510,666

440,815

Trans Union, LLC, Senior Secured First Lien Term Loan 7.467% (1 Month SOFR USD + 2.25%, 0.500% Floor), 12/01/2028 (a)

1,309,582

1,308,011

16,462,956

CONSTRUCTION & ENGINEERING - 1.79%

Amentum Government Services Holdings, LLC

Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.00%), 02/01/2027 (a)

928,290

916,687

Senior Secured First Lien Term Loan 9.147% (1 Month SOFR USD + 4.00%, 0.500% Floor), 02/15/2029 (a)

678,150

664,587

American Residential Services, LLC, Senior Secured First Lien Term Loan 9.003% (3 Month LIBOR USD + 3.50%, 0.750% Floor), 10/15/2027 (a)

662,025

656,232

Api Group DE, Inc.

Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%), 10/01/2026 (a)

506,738

508,040

Senior Secured First Lien Term Loan 7.967% (1 Month SOFR USD + 2.75%), 12/18/2028 (a)

499,308

500,828

Centuri Group, Inc., Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%, 0.500% Floor), 08/28/2028 (a)

665,477

663,191

Tecta America Corp., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.00%, 0.750% Floor), 04/06/2028 (a)

907,913

904,514

Tiger Acquisition, LLC, Senior Secured First Lien Term Loan 8.452% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/01/2028 (a)

584,588

574,234

5,388,313

CONSUMER DISCRETIONARY - 1.78%

Allied Universal Holdco, LLC, Senior Secured First Lien Term Loan 9.881% (1 Month SOFR USD + 4.75%, 0.500% Floor), 05/12/2028 (a)

445,000

435,731

Champ Acquisition Corp., Senior Secured First Lien Term Loan 10.71% (6 Month LIBOR USD + 5.50%), 12/19/2025 (a)

163,033

163,258

Fugue Finance, LLC, Senior Secured First Lien Term Loan 9.373%, 1/31/2028 (a)(g)

446,263

445,863

Hanesbrands, Inc., Senior Secured First Lien Term Loan 8.852% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/08/2030 (a)

504,735

507,259

Houghton Mifflin Harcourt Co., Senior Secured First Lien Term Loan 10.452% (1 Month SOFR USD + 5.25%, 0.500% Floor), 04/09/2029 (a)

1,215,813

1,044,079

KUEHG Corp., Senior Secured First Lien Term Loan 10.034%, 5/31/2030 (a)(g)

252,000

250,057

Prometric Holdings, Inc., Senior Secured First Lien Term Loan 8.525% (3 Month SOFR USD + 3.00%, 1.000% Floor), 01/29/2025 (a)

948,826

888,101

Renaissance Holding Corp., Senior Secured First Lien Term Loan 9.903% (1 Month LIBOR USD + 4.75%, 0.500% Floor), 04/05/2030 (a)

730,000

722,415

Samsonite International S.A., Senior Secured First Lien Term Loan 7.826% (1 Month SOFR USD + 2.75%, 0.500% Floor), 06/21/2030 (a)

381,000

382,669

Tory Burch, LLC, Senior Secured First Lien Term Loan 8.654% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 04/14/2028 (a)

367,500

355,242

WW International, Inc., Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 3.50%, 0.500% Floor), 04/13/2028 (a)

233,415

152,497

5,347,171

CONSUMER NON-DISCRETIONARY - 0.25%

Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 9.253% (3 Month SOFR USD + 3.75%, 0.500% Floor), 12/22/2026 (a)

765,375

747,496

ENVIRONMENTAL SERVICES - 1.37%

Belfor Holdings, Inc.

Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.00%), 04/06/2026 (a)

495,170

495,482

Senior Secured First Lien Term Loan 9.352% (1 Month SOFR USD + 4.25%, 0.500% Floor), 04/06/2026 (a)

384,030

384,990

Brightview Landscapes, LLC

Senior Secured First Lien Term Loan 8.295% (3 Month SOFR USD + 3.25%, 0.500% Floor), 04/20/2029 (a)

632,500

624,793

Senior Secured First Lien Term Loan 8.352% (1 Month SOFR USD + 3.25%, 0.500% Floor), 04/20/2029 (a)

118,910

117,461

Covanta Holding Corp.

Senior Secured First Lien Term Loan 7.602% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a)

610,007

605,605

Senior Secured First Lien Term Loan 7.602% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a)

46,272

45,938

Senior Secured First Lien Term Loan 8.148% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/30/2028 (a)

413,901

412,802

Senior Secured First Lien Term Loan 8.148% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/30/2028 (a)

31,043

30,960

GFL Environmental, Inc., Senior Secured First Lien Term Loan 8.145% (3 Month SOFR USD + 3.00%, 0.500% Floor), 05/31/2027 (a)

167,550

167,884

WIN Waste Innovations Holdings, Inc., Senior Secured First Lien Term Loan 7.967% (1 Month SOFR USD + 2.75%, 0.500% Floor), 03/24/2028 (a)

1,425,900

1,233,582

4,119,497

FINANCIALS: DIVERSIFIED - 1.72%

Amynta Agency Borrower, Inc., Senior Secured First Lien Term Loan 10.202% (1 Month SOFR USD + 5.00%), 02/28/2028 (a)

329,000

320,777

Avolon TLB Borrower 1 (U.S.), LLC, Senior Secured First Lien Term Loan 7.577% (1 Month SOFR USD + 2.50%), 06/22/2028 (a)

498,000

498,356

Blackstone Mortgage Trust, Inc., Senior Secured First Lien Term Loan 7.467% (1 Month SOFR USD + 2.25%), 04/23/2026 (a)

563,063

529,560

Castlelake Aviation One, LLC, Senior Secured First Lien Term Loan 8.004% (3 Month SOFR USD + 2.75%, 0.500% Floor), 10/22/2027 (a)

523,370

521,517

Citco Group, Ltd., Senior Secured First Lien Term Loan 8.591% (6 Month SOFR USD + 3.50%, 0.500% Floor), 04/26/2028 (a)

430,745

431,283

Corp. Service Co., Senior Secured First Lien Term Loan 8.452% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/02/2029 (a)

573,000

574,647

Focus Financial Partners, LLC, Senior Secured First Lien Term Loan 8.352% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)

756,644

752,123

Thevelia U.S., LLC, Senior Secured First Lien Term Loan 9.577%, 06/18/2029 (a)(g)

463,000

462,421

VFH Parent, LLC, Senior Secured First Lien Term Loan 8.189% (1 Month SOFR USD + 3.00%, 0.500% Floor), 01/12/2029 (a)

1,064,250

1,062,091

5,152,775

FINANCIALS: INSURANCE - 3.03%

Acrisure, LLC

Senior Secured First Lien Term Loan 10.823% (3 Month SOFR USD + 5.75%, 1.000% Floor), 02/15/2027 (a)

911,273

919,247

Senior Secured First Lien Term Loan 9.443% (1 Month LIBOR USD + 4.25%, 0.500% Floor), 02/16/2027 (a)

261,025

256,349

AssuredPartners, Inc.

Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 3.50%), 02/12/2027 (a)

633,633

629,606

Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/12/2027 (a)

357,700

354,720

Asurion, LLC

Senior Secured First Lien Term Loan 8.538% (3 Month LIBOR USD + 3.00%), 11/04/2024 (a)

271,051

271,116

Senior Secured First Lien Term Loan 8.788% (3 Month LIBOR USD + 3.25%), 12/23/2026 (a)

2,335,734

2,254,567

Senior Secured First Lien Term Loan 8.788% (3 Month LIBOR USD + 3.25%), 07/30/2027 (a)

1,063,694

1,008,350

Senior Secured Second Lien Term Loan 10.452% (1 Month SOFR USD + 5.25%), 01/31/2028 (a)

340,000

290,595

Senior Secured Second Lien Term Loan 10.452% (1 Month SOFR USD + 5.25%), 01/19/2029 (a)

820,000

689,973

Broadstreet Partners, Inc., Senior Secured First Lien Term Loan 9.16% (1 Month SOFR USD + 4.00%), 01/26/2029 (a)

316,000

314,815

HUB International, Ltd., Senior Secured First Lien Term Loan 9.40%, 06/08/2030 (a)(g)

1,157,094

1,161,034

USI, Inc., Senior Secured First Lien Term Loan 8.992% (3 Month SOFR USD + 3.75%, 0.500% Floor), 11/14/2029 (a)

950,647

950,562

9,100,934

FOOD & BEVERAGE - 1.64%

BCPE Empire Holdings, Inc., Senior Secured First Lien Term Loan 9.832% (1 Month SOFR USD + 4.75%, 0.500% Floor), 12/11/2028 (a)

774,000

773,156

H-Food Holdings, LLC

Senior Secured First Lien Term Loan 9.269% (6 Month LIBOR USD + 3.6875%), 05/23/2025 (a)

864,500

763,462

Senior Secured First Lien Term Loan 9.581% (6 Month LIBOR USD + 4.00%), 05/23/2025 (a)

119,375

105,150

Pegasus Bidco B.V., Senior Secured First Lien Term Loan 9.336% (3 Month SOFR USD + 4.25%, 0.500% Floor), 07/12/2029 (a)

986,045

984,812

Triton Water Holdings, Inc., Senior Secured First Lien Term Loan 8.659% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 03/31/2028 (a)

2,372,541

2,299,514

4,926,094

HEALTHCARE: EQUIPMENT & SUPPLIES - 2.96%

athenahealth Group, Inc.

Senior Secured First Lien Term Delayed-Draw Term Loan 4.50%, 01/14/2027 (a)(g)(i)

206,413

199,189

Senior Secured First Lien Term Loan 8.589% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/15/2029 (a)

1,676,003

1,617,342

Azalea TopCo, Inc.

Senior Secured First Lien Term Loan 8.768% (1 Month SOFR USD + 3.50%), 07/24/2026 (a)

218,728

213,095

Senior Secured First Lien Term Loan 8.967% (1 Month SOFR USD + 3.75%, 0.750% Floor), 07/24/2026 (a)

109,132

105,858

Senior Secured First Lien Term Loan 9.003% (1 Month SOFR USD + 3.75%, 0.750% Floor), 07/24/2026 (a)

153,446

149,610

Bausch & Lomb Corp., Senior Secured First Lien Term Loan 8.592% (3 Month SOFR USD + 3.25%, 0.500% Floor), 05/10/2027 (a)

753,390

732,672

Cvet Midco 2, LP, Senior Secured First Lien Term Loan 10.242% (3 Month SOFR USD + 5.00%, 0.500% Floor), 10/15/2029 (a)

234,413

218,883

Embecta Corp., Senior Secured First Lien Term Loan 8.337% (6 Month SOFR USD + 3.00%, 0.500% Floor), 03/30/2029 (a)

406,249

404,811

Greenway Health, LLC, Senior Secured First Lien Term Loan 8.96% (6 Month LIBOR USD + 3.75%, 1.000% Floor), 02/16/2024 (a)

611,000

455,501

Insulet Corp., Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2028 (a)

764,400

764,973

Medline Borrower, LP, Senior Secured First Lien Term Loan 8.352% (1 Month SOFR USD + 3.25%, 0.500% Floor), 10/23/2028 (a)

929,118

919,535

Milano Acquisition Corp., Senior Secured First Lien Term Loan 9.342% (3 Month SOFR USD + 4.00%, 0.750% Floor), 10/01/2027 (a)

1,549,517

1,528,211

Navicure, Inc., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.00%), 10/22/2026 (a)

1,567,818

1,565,859

8,875,539

HEALTHCARE: FACILITIES - 2.64%

ADMI Corp.

Senior Secured First Lien Term Loan 8.592% (1 Month SOFR USD + 3.375%, 0.500% Floor), 12/23/2027 (a)

638,419

602,508

Senior Secured First Lien Term Loan 8.967% (1 Month SOFR USD + 3.75%, 0.500% Floor), 12/23/2027 (a)

638,625

598,443

CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan 8.404% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 09/29/2028 (a)

603,006

600,820

Electron Bidco, Inc., Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/01/2028 (a)

1,210,319

1,206,913

Heartland Dental, LLC, Senior Secured First Lien Term Loan 10.102% (1 Month SOFR USD + 5.00%, 0.750% Floor), 05/01/2028 (a)

936,955

906,110

Option Care Health, Inc., Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 10/27/2028 (a)

764,360

764,242

Pluto Acquisition I, Inc., Senior Secured First Lien Term Loan 9.476% (3 Month LIBOR USD + 4.00%), 06/22/2026 (a)

1,046,409

860,671

Premier Dental Services, Inc.

Senior Secured First Lien Delayed-Draw Term Loan 9.693% (1 Month LIBOR USD + 4.50%, 0.750% Floor), 08/18/2028 (a)

31,319

27,209

Senior Secured First Lien Term Loan 9.693% (1 Month LIBOR USD + 4.50%, 0.750% Floor), 08/18/2028 (a)

306,572

266,336

Sotera Health Holdings, LLC

Senior Secured First Lien Term Loan 8.023% (3 Month LIBOR USD + 2.75%, 0.500% Floor), 12/11/2026 (a)

261,000

257,697

Senior Secured First Lien Term Loan 8.816% (6 Month SOFR USD + 3.75%, 0.500% Floor), 12/11/2026 (a)

325,000

325,406

Surgery Center Holdings, Inc., Senior Secured First Lien Term Loan 8.896% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 09/03/2026 (a)

810,000

809,907

U.S. Radiology Specialists, Inc., Senior Secured First Lien Term Loan 10.452% (1 Month SOFR USD + 5.25%, 0.500% Floor), 12/15/2027 (a)

717,080

699,153

7,925,415

HEALTHCARE: LIFE SCIENCES - 2.10%

Avantor Funding, Inc., Senior Secured First Lien Term Loan 7.452% (1 Month SOFR USD + 2.25%, 0.500% Floor), 11/08/2027 (a)

882,594

883,331

Cambrex Corp., Senior Secured First Lien Term Loan 8.702% (1 Month SOFR USD + 3.50%, 0.750% Floor), 12/04/2026 (a)

2,222,187

2,206,909

Curia Global, Inc., Senior Secured First Lien Term Loan 8.895% (1 Month SOFR USD + 3.75%, 0.750% Floor), 08/31/2026 (a)

1,638,734

1,416,915

ICON Luxembourg Sarl, Senior Secured First Lien Term Loan 7.753% (3 Month SOFR USD + 2.25%, 0.500% Floor), 07/03/2028 (a)

935,334

936,503

Parexel International, Senior Secured First Lien Term Loan 8.404% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 11/15/2028 (a)

621,201

617,163

PRA Health Sciences, Inc., Senior Secured First Lien Term Loan 7.753% (3 Month SOFR USD + 2.25%, 0.500% Floor), 07/03/2028 (a)

233,039

233,330

6,294,151

HEALTHCARE: MANAGED HEALTH CARE - 0.80%

Verscend Holding Corp., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.00%), 08/27/2025 (a)

2,391,629

2,393,865

HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 0.91%

Jazz Pharmaceuticals, Inc., Senior Secured First Lien Term Loan 8.602% (1 Month SOFR USD + 3.50%, 0.500% Floor), 05/05/2028 (a)

1,551,218

1,550,800

Organon & Co., Senior Secured First Lien Term Loan 8.25% (1 Month LIBOR USD + 3.00%, 0.500% Floor), 06/02/2028 (a)

1,173,426

1,174,711

2,725,511

INDUSTRIAL MACHINERY - 4.68%

AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan 8.896% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/31/2028 (a)

900,900

885,585

Ali Group North America Corp., Senior Secured First Lien Term Loan 7.217% (1 Month SOFR USD + 2.00%), 07/30/2029 (a)

585,344

586,003

ASP Blade Holdings, Inc., Senior Secured First Lien Term Loan 9.193% (1 Month LIBOR USD + 4.00%, 0.500% Floor), 10/13/2028 (a)

990,812

864,766

AZZ, Inc.

Senior Secured First Lien Term Loan 9.452% (1 Month SOFR USD + 4.25%, 0.500% Floor), 05/11/2029 (a)

295,094

295,647

Senior Secured First Lien Term Loan 9.503% (1 Month SOFR USD + 4.25%, 0.500% Floor), 05/11/2029 (a)

260,449

260,937

Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%, 0.500% Floor), 08/01/2025 (a)

1,687,846

1,686,436

Chart Industries, Inc., Senior Secured First Lien Term Loan 8.941% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/15/2030 (a)

1,945,125

1,945,933

Clark Equipment Co., Senior Secured First Lien Term Loan 7.842% (3 Month SOFR USD + 2.50%, 0.500% Floor), 04/20/2029 (a)

445,363

446,129

Columbus McKinnon Corp., Senior Secured First Lien Term Loan 8.23% (3 Month SOFR USD + 2.75%, 0.500% Floor), 05/15/2028 (a)

608,916

608,155

Conair Holdings, LLC, Senior Secured First Lien Term Loan 9.288% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 05/17/2028 (a)

341,715

323,134

CPM Holdings, Inc., Senior Secured Second Lien Term Loan 0.00% (1 Month SOFR USD + 8.25%), 11/16/2026 (a)

219,444

218,073

EMRLD Borrower, LP, Senior Secured First Lien Term Loan 8.264% (3 Month SOFR USD + 3.00%), 05/31/2030 (a)

800,177

801,177

Filtration Group Corp.

Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 3.50%, 0.500% Floor), 10/20/2028 (a)

625,493

624,042

Senior Secured First Lien Term Loan 9.462% (1 Month SOFR USD + 4.25%, 0.500% Floor), 10/23/2028 (a)

408,975

409,435

Gates Global, LLC, Senior Secured First Lien Term Loan 8.602% (1 Month SOFR USD + 3.50%, 0.500% Floor), 11/16/2029 (a)

523,048

523,646

Madison IAQ, LLC, Senior Secured First Lien Term Loan 8.302% (6 Month LIBOR USD + 3.25%, 0.500% Floor), 06/21/2028 (a)

598,780

587,253

Pro Mach Group, Inc., Senior Secured First Lien Term Loan 9.154% (1 Month LIBOR USD + 4.00%, 1.000% Floor), 08/31/2028 (a)

972,471

971,361

Roper Industrial Products Investment Co., LLC, Senior Secured First Lien Term Loan 9.398% (3 Month SOFR USD + 4.50%, 0.500% Floor), 11/22/2029 (a)

542,000

540,518

TK Elevator Midco GMBH, Senior Secured First Lien Term Loan 8.602% (6 Month LIBOR USD + 3.50%, 0.500% Floor), 07/30/2027 (a)

905,726

899,843

Vertiv Group Corp., Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%), 03/02/2027 (a)

571,577

570,282

14,048,355

LEISURE: CASINOS & GAMING - 3.63%

888 Acquisitions, Ltd., Senior Secured First Lien Term Loan 10.215% (6 Month SOFR USD + 5.25%, 0.500% Floor), 07/08/2028 (a)

163,582

152,295

Aristocrat Technologies, Inc., Senior Secured First Lien Term Loan 7.592% (3 Month SOFR USD + 2.25%, 0.500% Floor), 05/24/2029 (a)

224,143

225,170

Bally's Corp., Senior Secured First Lien Term Loan 8.396% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 10/02/2028 (a)

417,756

409,069

Caesars Entertainment, Inc., Senior Secured First Lien Term Loan 8.452% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/06/2030 (a)

711,218

712,146

Entain Holdings (Gibraltar), Ltd.

Senior Secured First Lien Term Loan 7.437% (6 Month SOFR USD + 2.50%, 0.500% Floor), 03/29/2027 (a)

732,060

731,145

Senior Secured First Lien Term Loan 8.437% (6 Month SOFR USD + 3.50%, 0.500% Floor), 10/31/2029 (a)

1,064,426

1,064,159

Everi Holdings, Inc., Senior Secured First Lien Term Loan 7.693% (1 Month LIBOR USD + 2.50%, 0.500% Floor), 08/03/2028 (a)

454,538

454,585

Fertitta Entertainment, LLC, Senior Secured First Lien Term Loan 9.102% (1 Month SOFR USD + 4.00%, 0.500% Floor), 01/29/2029 (a)

1,049,571

1,037,874

Golden Entertainment, Inc., Senior Secured First Lien Term Loan 8.18% (1 Month LIBOR USD + 3.00%, 0.750% Floor), 10/21/2024 (a)

144,395

144,531

Penn National Gaming, Inc., Senior Secured First Lien Term Loan 7.952% (1 Month SOFR USD + 2.75%, 0.500% Floor), 05/03/2029 (a)

1,498,464

1,495,496

Scientific Games International, Inc., Senior Secured First Lien Term Loan 8.248% (1 Month SOFR USD + 3.00%, 0.500% Floor), 04/16/2029 (a)

859,320

859,522

Stars Group Holdings B.V.

Senior Secured First Lien Term Loan 7.753% (3 Month LIBOR USD + 2.25%), 07/21/2026 (a)

3,117,348

3,120,870

Senior Secured First Lien Term Loan 8.753% (3 Month SOFR USD + 3.25%, 0.500% Floor), 07/21/2028 (a)

506,175

507,699

10,914,561

LEISURE: HOTELS - 1.98%

Alterra Mountain Co., Senior Secured First Lien Term Loan 8.693% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 08/17/2028 (a)

1,800,310

1,799,753

Carnival Corp., Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%, 0.750% Floor), 10/18/2028 (a)

483,635

480,208

Herschend Entertainment Co., LLC, Senior Secured First Lien Term Loan 8.967% (1 Month SOFR USD + 3.75%, 0.500% Floor), 08/28/2028 (a)

1,182,689

1,187,614

Hilton Grand Vacations Borrower, LLC, Senior Secured First Lien Term Loan 8.102% (1 Month SOFR USD + 3.00%, 0.500% Floor), 08/02/2028 (a)

436,230

435,491

Lakeland Tours, LLC, Senior Unsecured First Lien Term Loan 13.25% PIK, 09/27/2027

312,403

249,923

RHP Hotel Properties, LP, Senior Secured First Lien Term Loan 7.852% (1 Month SOFR USD + 2.75%), 05/20/2030 (a)

635,408

635,738

United PF Holdings, LLC, Senior Secured First Lien Term Loan 9.159% (3 Month LIBOR USD + 4.00%), 12/30/2026 (a)

1,033,647

783,504

Wyndham Hotels & Resorts, Inc., Senior Secured First Lien Term Loan 7.452% (1 Month SOFR USD + 2.25%), 05/24/2030 (a)

377,000

377,639

5,949,870

LEISURE: RESTAURANTS - 1.51%

Dave & Buster's, Inc.

Senior Secured First Lien Term Loan 8.839%, 06/29/2029 (a)(g)

340,316

339,891

Senior Secured First Lien Term Loan 10.313% (1 Month SOFR USD + 5.00%, 0.500% Floor), 06/29/2029 (a)

622,577

623,747

IRB Holding Corp., Senior Secured First Lien Term Loan 8.202% (1 Month SOFR USD + 3.00%, 0.750% Floor), 12/15/2027 (a)

1,565,598

1,556,791

Tacala, LLC, Senior Secured First Lien Term Loan 8.654% (1 Month LIBOR USD + 3.50%, 0.750% Floor), 02/05/2027 (a)

1,126,779

1,110,728

Whatabrands, LLC, Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%, 0.500% Floor), 08/03/2028 (a)

897,335

893,198

4,524,355

MEDIA: BROADCASTING - 1.48%

EW Scripps Co., Senior Secured First Lien Term Loan 7.779% (1 Month SOFR USD + 2.5625%, 0.750% Floor), 05/01/2026 (a)

860,436

846,453

Gray Television, Inc., Senior Secured First Lien Term Loan 8.275% (1 Month SOFR USD + 3.00%), 12/01/2028 (a)

751,281

735,493

Hubbard Radio, LLC, Senior Secured First Lien Term Loan 9.41% (1 Month LIBOR USD + 4.25%, 1.000% Floor), 03/28/2025 (a)

465,601

414,385

iHeartCommunications, Inc., Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%), 05/01/2026 (a)

495,000

430,002

Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%), 09/18/2026 (a)

700,890

701,012

Sinclair Television Group, Inc., Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%), 09/30/2026 (a)

500,625

446,808

Univision Communications, Inc.

Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 03/15/2024 (a)

107,264

107,590

Senior Secured First Lien Term Loan 8.275%, 03/13/2026 (a)(g)

253,354

251,589

Senior Secured First Lien Term Loan 9.492% (3 Month SOFR USD + 4.25%, 0.500% Floor), 06/24/2029 (a)

517,770

517,553

4,450,885

MEDIA: CABLE & SATELLITE - 3.09%

Connect U.S. Finco, LLC, Senior Secured First Lien Term Loan 8.70% (1 Month LIBOR USD + 3.50%, 1.000% Floor), 12/11/2026 (a)

1,471,479

1,472,399

Coral-U.S. Co-Borrower, LLC, Senior Secured First Lien Term Loan 7.443% (1 Month LIBOR USD + 2.25%), 01/31/2028 (a)

585,000

577,834

CSC Holdings, LLC, Senior Secured First Lien Term Loan 9.647% (1 Month SOFR USD + 4.50%), 01/18/2028 (a)

324,188

299,468

DIRECTV Financing, LLC, Senior Secured First Lien Term Loan 10.217% (1 Month SOFR USD + 5.00%, 0.750% Floor), 08/02/2027 (a)

1,349,414

1,322,237

Iridium Satellite, LLC, Senior Secured First Lien Term Loan 7.702% (1 Month SOFR USD + 2.50%, 0.750% Floor), 11/04/2026 (a)

546,627

547,504

Radiate Holdco, LLC, Senior Secured First Lien Term Loan 8.477% (1 Month SOFR USD + 3.25%, 0.750% Floor), 09/25/2026 (a)

960,940

804,427

Telenet Financing USD, LLC, Senior Secured First Lien Term Loan 7.193% (1 Month LIBOR USD + 2.00%), 04/28/2028 (a)

1,330,000

1,308,627

Telesat Canada, Senior Secured First Lien Term Loan 8.03% (3 Month LIBOR USD + 2.75%), 12/07/2026 (a)

517,907

321,038

Viasat, Inc., Senior Secured First Lien Term Loan 9.602% (1 Month SOFR USD + 4.50%, 0.500% Floor), 03/02/2029 (a)

309,219

300,136

Virgin Media Bristol, LLC, Senior Secured First Lien Term Loan 7.693% (1 Month LIBOR USD + 2.50%), 01/31/2028 (a)

630,000

625,552

WideOpenWest Finance, LLC, Senior Secured First Lien Term Loan 8.242% (3 Month SOFR USD + 3.00%, 0.500% Floor), 12/20/2028 (a)

733,825

726,986

Xplornet Communications, Inc., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.00%, 0.500% Floor), 10/02/2028 (a)

1,191,288

976,981

9,283,189

MEDIA: DIVERSIFIED - 1.27%

ABG Intermediate Holdings 2, LLC

Senior Securited First Lien Delayed-Draw Term Loan 8.322%, 12/21/2028 (a)(g)(i)

138,025

137,904

Senior Secured First Lien Term Loan 9.202% (1 Month SOFR USD + 4.00%), 12/21/2028 (a)

420,975

420,607

Arches Buyer, Inc., Senior Secured First Lien Term Loan 8.503% (1 Month SOFR USD + 3.25%, 0.500% Floor), 12/06/2027 (a)

1,311,443

1,268,002

Buzz Finco, LLC, Senior Secured First Lien Term Loan 7.952% (1 Month SOFR USD + 2.75%), 01/29/2027 (a)

609,525

608,699

Dotdash Meredith, Inc., Senior Secured First Lien Term Loan 9.26% (1 Month SOFR USD + 4.00%, 0.500% Floor), 12/01/2028 (a)

527,848

482,981

Getty Images, Inc.

Senior Secured First Lien Term Loan 9.753% (1 Month SOFR USD + 4.50%), 02/19/2026 (a)

26,623

26,657

Senior Secured First Lien Term Loan 9.842% (3 Month SOFR USD + 4.50%), 02/19/2026 (a)

854,874

855,941

3,800,791

MEDIA: ENTERTAINMENT - 3.36%

Cirque du Soleil Holding U.S.A. Newco, Inc., Senior Secured First Lien Term Loan 9.492% (3 Month SOFR USD + 4.25%, 0.500% Floor), 03/08/2030 (a)

1,732,658

1,723,458

Creative Artists Agency, LLC, Senior Secured First Lien Term Loan 8.602% (1 Month SOFR USD + 3.50%), 11/27/2028 (a)

1,233,908

1,232,828

Crown Finance U.S., Inc.

Senior Secured First Lien Term Loan 15.191% (1 Month SOFR USD + 10.00%, 1.000% Floor), 09/07/2023 (a)

673,904

682,048

Senior Secured First Lien Term Loan 15.238% (1 Month SOFR USD + 10.00%, 1.000% Floor), 09/07/2023 (a)

56,631

57,315

Delta 2 (Lux) Sarl, Senior Secured First Lien Term Loan 8.102% (1 Month SOFR USD + 3.00%, 0.500% Floor), 01/15/2030 (a)

850,000

851,169

Hoya Midco, LLC, Senior Secured First Lien Term Loan 8.295% (3 Month SOFR USD + 3.25%, 0.500% Floor), 01/26/2029 (a)

558,834

555,106

Nascar Holdings, LLC, Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.50%), 10/19/2026 (a)

338,679

339,553

Playtika Holding Corp., Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%), 03/13/2028 (a)

1,626,916

1,623,264

Pug, LLC, Senior Secured First Lien Term Loan 8.717% (1 Month LIBOR USD + 3.50%), 02/12/2027 (a)

907,100

811,428

UFC Holdings, LLC, Senior Secured First Lien Term Loan 8.05% (3 Month LIBOR USD + 2.75%, 0.750% Floor), 04/29/2026 (a)

737,784

737,832

William Morris Endeavor Entertainment, LLC

Senior Secured First Lien Term Loan 7.91% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

361,622

361,369

Senior Secured First Lien Term Loan 7.95% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

612,797

612,368

WMG Acquisition Corp., Senior Secured First Lien Term Loan 7.327% (1 Month LIBOR USD + 2.125%), 01/20/2028 (a)

498,077

497,345

10,085,083

METALS & MINING - 0.40%

Atkore International, Inc., Senior Secured First Lien Term Loan 7.293% (6 Month SOFR USD + 2.00%, 0.500% Floor), 05/26/2028 (a)

386,988

386,988

Grinding Media, Inc., Senior Secured First Lien Term Loan 9.199% (3 Month SOFR USD + 4.00%, 0.750% Floor), 10/12/2028 (a)

821,370

800,839

1,187,827

MIDSTREAM: STORAGE & TRANSPORT - 1.83%

Buckeye Partners, LP, Senior Secured First Lien Term Loan 7.452% (1 Month SOFR USD + 2.25%), 11/02/2026 (a)

672,543

668,830

ITT Holdings, LLC, Senior Secured First Lien Term Loan 7.967% (1 Month SOFR USD + 2.75%, 0.500% Floor), 07/10/2028 (a)

569,850

566,288

Northriver Midstream Finance, LP, Senior Secured First Lien Term Loan 8.427% (3 Month LIBOR USD + 3.25%), 10/01/2025 (a)

719,138

719,138

Oryx Midstream Services Permian Basin, LLC, Senior Secured First Lien Term Loan 8.539% (1 Month SOFR USD + 3.25%, 0.500% Floor), 10/05/2028 (a)

1,507,085

1,506,715

TransMontaigne Operating Co., LP

Senior Secured First Lien Term Loan 8.654% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 11/17/2028 (a)

510,491

503,702

Senior Secured First Lien Term Loan 8.704% (1 Month SOFR USD + 3.50%, 0.500% Floor), 11/17/2028 (a)

510,491

503,701

Traverse Midstream Partners, LLC, Senior Secured First Lien Term Loan 8.937% (1 Month SOFR USD + 3.75%, 0.500% Floor), 02/16/2028 (a)

652,652

648,164

UGI Energy Services, LLC, Senior Secured First Lien Term Loan 8.452% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/22/2030 (a)

375,115

373,148

5,489,686

OIL & GAS: EQUIPMENT & SERVICES - 0.13%

U.S. Silica Co., Senior Secured First Lien Term Loan 9.952% (1 Month SOFR USD + 4.75%, 0.500% Floor), 03/25/2030 (a)

402,070

399,809

PACKAGING - 1.89%

Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 9.377% (1 Month SOFR USD + 4.175%, 0.500% Floor), 04/13/2029 (a)

619,740

611,036

LABL, Inc., Senior Secured First Lien Term Loan 10.202% (1 Month SOFR USD + 5.00%, 0.500% Floor), 10/30/2028 (a)

825,430

818,674

Mauser Packaging Solutions Holding Co., Senior Secured First Lien Term Loan 9.16% (1 Month SOFR USD + 4.00%), 08/13/2026 (a)

1,326,000

1,323,878

Pregis Topco, LLC

Senior Secured First Lien Term Loan 8.943% (1 Month LIBOR USD + 3.75%, 0.500% Floor), 07/31/2026 (a)

540,375

536,492

Senior Secured First Lien Term Loan 8.967% (1 Month SOFR USD + 3.75%), 07/31/2026 (a)

525,925

523,758

RLG Holdings, LLC, Senior Secured First Lien Term Loan 9.467% (1 Month SOFR USD + 4.25%, 0.750% Floor), 07/07/2028 (a)

579,180

552,393

Sabert Corp., Senior Secured First Lien Term Loan 9.717% (1 Month SOFR USD + 4.50%, 1.000% Floor), 12/10/2026 (a)

412,750

413,266

Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan 9.538% (3 Month LIBOR USD + 4.00%, 0.500% Floor), 09/15/2028 (a)

915,262

902,842

5,682,339

RETAIL: FOOD & DRUG - 0.29%

BJ's Wholesale Club, Inc., Senior Secured First Lien Term Loan 7.891% (1 Month SOFR USD + 2.75%), 02/03/2027 (a)

645,834

647,852

JP Intermediate B, LLC, Senior Secured First Lien Term Loan 10.773% (3 Month LIBOR USD + 5.50%, 1.000% Floor), 11/20/2025 (a)

499,987

233,744

881,596

RETAILING - 1.53%

Belron Finance U.S., LLC, Senior Secured First Lien Term Loan 7.80% (3 Month LIBOR USD + 2.425%, 0.500% Floor), 04/13/2028 (a)

1,197,758

1,198,356

Great Outdoors Group, LLC, Senior Secured First Lien Term Loan 8.943% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 03/06/2028 (a)

1,143,829

1,136,680

Harbor Freight Tools U.S.A., Inc., Senior Secured First Lien Term Loan 7.967% (1 Month SOFR USD + 2.75%, 0.500% Floor), 10/19/2027 (a)

488,468

482,667

Michaels Cos., Inc. , Senior Secured First Lien Term Loan 9.753% (3 Month SOFR USD + 4.25%, 0.750% Floor), 04/14/2028 (a)

580,160

515,473

PetSmart, Inc., Senior Secured First Lien Term Loan 8.952% (1 Month SOFR USD + 3.75%, 0.750% Floor), 02/11/2028 (a)

453,845

453,752

Sally Holdings, LLC, Senior Secured First Lien Term Loan 7.602% (1 Month SOFR USD + 2.50%), 02/28/2030 (a)

479,798

479,798

Topgolf Callaway Brands Corp., Senior Secured First Lien Term Loan 8.702% (1 Month SOFR USD + 3.50%), 03/18/2030 (a)

340,148

340,217

4,606,943

TECHNOLOGY HARDWARE - 1.51%

EOS U.S. Finco, LLC, Senior Secured First Lien Term Loan 10.909% (3 Month SOFR USD + 6.00%, 0.500% Floor), 10/05/2029 (a)

419,627

417,178

II-VI, Inc., Senior Secured First Lien Term Loan 7.967% (1 Month SOFR USD + 2.75%, 0.500% Floor), 06/29/2029 (a)

433,195

433,060

Ingram Micro, Inc., Senior Secured First Lien Term Loan 9.038% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 06/30/2028 (a)

394,200

393,463

MKS Instruments, Inc., Senior Secured First Lien Term Loan 7.939% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/17/2029 (a)

1,277,348

1,280,541

Presidio Holdings, Inc.

Senior Secured First Lien Term Loan 8.645% (3 Month SOFR USD + 3.50%), 01/22/2027 (a)

448,776

447,317

Senior Secured First Lien Term Loan 8.702% (1 Month SOFR USD + 3.50%), 01/22/2027 (a)

16,302

16,249

World Wide Technology Holding Co., LLC, Senior Secured First Lien Term Loan 8.524% (1 Month SOFR USD + 3.25%, 0.500% Floor), 03/01/2030 (a)

1,542,135

1,545,027

4,532,835

TECHNOLOGY: SOFTWARE & SERVICES - 12.94%

Access CIG, LLC

Senior Secured First Lien Term Loan 8.939% (1 Month LIBOR USD + 3.75%), 02/27/2025 (a)

1,891,482

1,874,137

Senior Secured Second Lien Term Loan 12.939% (1 Month LIBOR USD + 7.75%), 02/27/2026 (a)

616,742

582,310

Almonde, Inc., Senior Secured First Lien Term Loan 9.231% (6 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024 (a)

2,111,027

2,034,829

Barracuda Parent, LLC, Senior Secured First Lien Term Loan 9.545% (3 Month SOFR USD + 4.50%, 0.500% Floor), 08/15/2029 (a)

1,034,800

1,001,298

Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 8.967% (1 Month SOFR USD + 3.75%), 10/02/2025 (a)

1,997,905

1,984,360

CCC Information Services, Inc., Senior Secured First Lien Term Loan 7.518% (1 Month SOFR USD + 2.25%, 0.500% Floor), 09/21/2028 (a)

616,610

615,744

Central Parent, Inc., Senior Secured First Lien Term Loan 9.492% (3 Month SOFR USD + 4.25%, 0.500% Floor), 07/06/2029 (a)

730,776

729,585

Cloud Software Group, Inc., Senior Secured First Lien Term Loan 9.842% (3 Month SOFR USD + 4.50%, 0.500% Floor), 03/30/2029 (a)

598,500

561,219

CommerceHub, Inc., Senior Secured First Lien Term Loan 9.217% (3 Month SOFR USD + 4.00%, 0.750% Floor), 12/29/2027 (a)

455,599

398,458

Connectwise, LLC, Senior Secured First Lien Term Loan 8.693% (1 Month LIBOR USD + 3.50%, 0.500% Floor), 09/29/2028 (a)

1,885,340

1,840,573

DCert Buyer, Inc., Senior Secured First Lien Term Loan 9.264% (3 Month SOFR USD + 4.00%), 10/16/2026 (a)

592,944

588,775

E2Open, LLC, Senior Secured First Lien Term Loan 8.602% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/04/2028 (a)

609,478

607,454

EagleView Technology Corp., Senior Secured First Lien Term Loan 9.038% (3 Month LIBOR USD + 3.50%), 08/14/2025 (a)

725,276

643,984

Ensono, LP, Senior Secured First Lien Term Loan 9.151% (6 Month LIBOR USD + 4.00%, 0.750% Floor), 05/19/2028 (a)

768,948

694,856

Gen Digital, Inc., Senior Secured First Lien Term Loan 7.202% (1 Month SOFR USD + 2.00%, 0.500% Floor), 09/12/2029 (a)

748,802

745,998

GI Consilio Parent, LLC, Senior Secured First Lien Term Loan 9.193% (1 Month LIBOR USD + 4.00%, 0.500% Floor), 05/12/2028 (a)

293,990

286,483

Greeneden U.S. Holdings II, LLC, Senior Secured First Lien Term Loan 9.193% (1 Month LIBOR USD + 4.00%, 0.750% Floor), 12/01/2027 (a)

553,540

552,798

Hyland Software, Inc., Senior Secured First Lien Term Loan 8.693% (1 Month LIBOR USD + 3.50%, 0.750% Floor), 07/01/2024 (a)

448,818

445,677

McAfee Corp., Senior Secured First Lien Term Loan 9.01% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/01/2029 (a)

1,877,236

1,800,843

Mitchell International, Inc., Senior Secured First Lien Term Loan 8.943% (3 Month LIBOR USD + 3.75%, 0.500% Floor), 10/16/2028 (a)

1,989,813

1,949,400

Moneygram International, Inc., Senior Secured First Lien Term Loan 10.777% (1 Month SOFR USD + 5.50%, 0.500% Floor), 06/01/2030 (a)

319,000

277,929

NAB Holdings, LLC, Senior Secured First Lien Term Loan 8.392% (3 Month SOFR USD + 3.00%, 0.500% Floor), 11/24/2028 (a)

498,111

495,496

N-Able International Holdings II, LLC, Senior Secured First Lien Term Loan 8.476% (3 Month LIBOR USD + 3.00%, 0.500% Floor), 07/19/2028 (a)

504,023

502,762

Open Text Corp., Senior Secured First Lien Term Loan 8.753% (1 Month SOFR USD + 3.50%, 0.500% Floor), 01/31/2030 (a)

1,398,514

1,406,381

Optiv Security, Inc., Senior Secured First Lien Term Loan 10.338% (6 Month SOFR USD + 5.25%), 08/17/2026 (a)

1,049,804

1,002,783

Peraton Corp., Senior Secured First Lien Term Loan 8.952% (1 Month SOFR USD + 3.75%, 0.750% Floor), 02/01/2028 (a)

1,961,968

1,931,489

Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 9.20% (1 Month LIBOR USD + 4.00%), 04/26/2024 (a)

2,310,318

2,307,788

Proofpoint, Inc., Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%, 0.500% Floor), 08/31/2028 (a)

1,429,235

1,401,244

Quartz Acquireco, LLC, Senior Secured First Lien Term Loan 8.855%, 04/13/2030 (a)(g)

527,000

527,659

RealPage, Inc., Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%, 0.500% Floor), 04/24/2028 (a)

1,200,850

1,176,382

Rocket Software, Inc.

Senior Secured First Lien Term Loan 9.467% (1 Month SOFR USD + 4.25%), 11/28/2025 (a)

329,123

326,336

Senior Secured First Lien Term Loan 9.467% (1 Month SOFR USD + 4.25%, 0.500% Floor), 11/28/2025 (a)

215,437

213,821

Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan 8.852% (1 Month SOFR USD + 3.75%), 02/24/2028 (a)

1,319,693

1,313,820

SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan 8.852% (1 Month SOFR USD + 3.75%), 02/05/2027 (a)

1,061,641

1,063,169

Sovos Compliance, LLC, Senior Secured First Lien Term Loan 9.717% (1 Month SOFR USD + 4.50%, 0.500% Floor), 08/11/2028 (a)

491,528

475,509

SS&C Technologies, Inc.

Senior Secured First Lien Term Loan 7.452% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a)

601,444

600,443

Senior Secured First Lien Term Loan 7.452% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a)

399,049

398,385

TierPoint, LLC, Senior Secured First Lien Term Loan 9.226% (3 Month LIBOR USD + 3.75%, 0.750% Floor), 05/05/2026 (a)

431,398

429,780

UKG, Inc.

Senior Secured First Lien Term Loan 8.271% (3 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2026 (a)

969,815

953,246

Senior Secured First Lien Term Loan 8.895% (3 Month SOFR USD + 3.75%), 05/04/2026 (a)

720,913

712,265

Senior Secured First Lien Term Loan 9.877% (3 Month SOFR USD + 4.50%, 0.500% Floor), 05/04/2026 (a)

255,000

254,948

VS Buyer, LLC, Senior Secured First Lien Term Loan 8.524% (1 Month SOFR USD + 3.25%), 02/26/2027 (a)

453,484

449,092

WEX, Inc., Senior Secured First Lien Term Loan 7.467% (1 Month SOFR USD + 2.25%), 03/31/2028 (a)

700,868

701,306

38,860,814

TELECOMMUNICATION SERVICES: DIVERSIFIED - 1.97%

Altice France S.A., Senior Secured First Lien Term Loan 10.486% (3 Month SOFR USD + 5.50%), 08/15/2028 (a)

337,733

301,709

Cincinnati Bell, Inc., Senior Secured First Lien Term Loan 8.452% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/22/2028 (a)

571,300

547,854

Consolidated Communications, Inc., Senior Secured First Lien Term Loan 8.717% (1 Month SOFR USD + 3.50%, 0.750% Floor), 10/04/2027 (a)

553,868

490,965

Crown Subsea Communications Holding, Inc., Senior Secured First Lien Term Loan 10.525% (1 Month SOFR USD + 5.25%, 0.750% Floor), 04/27/2027 (a)

897,000

899,246

Eagle Broadband Investments, LLC, Senior Secured First Lien Term Loan 8.503% (1 Month SOFR USD + 3.00%, 0.750% Floor), 11/12/2027 (a)

612,857

607,495

Guardian U.S. Holdco, LLC, Senior Secured First Lien Term Loan 9.045% (3 Month SOFR USD + 4.00%, 0.500% Floor), 01/31/2030 (a)

355,000

353,115

Lumen Technologies, Inc., Senior Secured First Lien Term Loan 7.467% (1 Month SOFR USD + 2.25%), 03/15/2027 (a)

632,856

490,068

Voyage U.S., LLC, Senior Secured First Lien Term Loan 8.81% (3 Month SOFR USD + 3.50%, 0.500% Floor), 07/20/2028 (a)

472,583

468,646

Zayo Group Holdings, Inc.

Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%), 03/09/2027 (a)

1,272,474

1,003,345

Senior Secured First Lien Term Loan 9.352% (1 Month SOFR USD + 4.25%, 0.500% Floor), 03/09/2027 (a)

365,375

291,158

Ziggo Financing Partnership, Senior Secured First Lien Term Loan 7.693% (1 Month LIBOR USD + 2.50%), 04/28/2028 (a)

455,000

448,826

5,902,427

TELECOMMUNICATION SERVICES: WIRELESS - 0.17%

CCI Buyer, Inc., Senior Secured First Lien Term Loan 9.242% (3 Month SOFR USD + 4.00%, 0.750% Floor), 12/17/2027 (a)

532,738

523,748

TRANSPORTATION - 2.84%

AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 10.00% (3 Month LIBOR USD + 4.75%, 0.750% Floor), 04/20/2028 (a)

727,184

743,677

Atlas CC Acquisition Corp.

Senior Secured First Lien Term Loan 9.775% (3 Month SOFR USD + 4.25%, 0.750% Floor), 05/25/2028 (a)

1,096,945

958,713

Senior Secured First Lien Term Loan 9.775% (3 Month SOFR USD + 4.25%, 0.750% Floor), 05/25/2028 (a)

231,905

202,682

Avis Budget Car Rental, LLC, Senior Secured First Lien Term Loan 8.753% (1 Month SOFR USD + 3.50%, 0.500% Floor), 03/15/2029 (a)

493,033

494,779

Brown Group Holding, LLC

Senior Secured First Lien Term Loan 8.795% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)

655,657

655,188

Senior Secured First Lien Term Loan 8.852% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)

22,583

22,567

Senior Secured First Lien Term Loan 9.014% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a)

227,853

227,690

Hertz Corp.

Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)

379,314

379,174

Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a)

72,945

72,918

Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 9.477% (6 Month SOFR USD + 4.1783%, 0.750% Floor), 03/24/2026 (a)

480,278

480,064

Lasership, Inc., Senior Secured First Lien Term Loan 9.693% (1 Month LIBOR USD + 4.50%, 0.750% Floor), 05/08/2028 (a)

1,580,607

1,311,904

Mileage Plus Holdings, LLC, Senior Secured First Lien Term Loan 10.764% (3 Month LIBOR USD + 5.25%, 1.000% Floor), 06/21/2027 (a)

59,705

62,130

PODS, LLC, Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.00%, 0.750% Floor), 03/31/2028 (a)

1,854,283

1,822,991

Uber Technologies, Inc.

Senior Secured First Lien Term Loan 7.999% (3 Month SOFR USD + 2.75%), 03/04/2030 (a)

171,388

171,592

Senior Secured First Lien Term Loan 8.026% (3 Month SOFR USD + 2.75%), 03/04/2030 (a)

400,737

401,214

WWEX UNI TopCo Holdings, LLC, Senior Secured First Lien Term Loan 9.503% (3 Month SOFR USD + 4.00%, 0.750% Floor), 07/26/2028 (a)

564,405

537,480

8,544,763

UTILITIES: POWER - 0.70%

Calpine Construction Finance Co., LP, Senior Secured First Lien Term Loan 7.193% (1 Month LIBOR USD + 2.00%), 01/15/2025 (a)

828,847

829,191

Calpine Corp., Senior Secured First Lien Term Loan 7.70% (1 Month LIBOR USD + 2.50%), 12/16/2027 (a)

370,500

370,702

Eastern Power, LLC, Senior Secured First Lien Term Loan 8.909% (3 Month LIBOR USD + 3.75%, 1.000% Floor), 10/02/2025 (a)

115,228

111,332

Lightstone Holdco, LLC

Senior Secured First Lien Term Loan 10.852% (1 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a)

783,736

711,828

Senior Secured First Lien Term Loan 10.852% (1 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a)

44,328

40,260

New Frontera Holdings, LLC, Senior Secured Second Lien Term Loan 6.659% (3 Month LIBOR USD + 1.50%, 1.000% Floor), 07/28/2028 (a)

57,484

25,868

2,089,181

TOTAL BANK LOANS (Cost $249,598,038)

245,396,296

CORPORATE BONDS - 13.35% (f)

AEROSPACE & DEFENSE - 0.61%

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

1,850,000

1,842,513

BUILDING PRODUCTS - 0.16%

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

600,000

483,898

CHEMICALS - 0.15%

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

490,000

442,224

COMMERCIAL SERVICES - 0.56%

Garda World Security Corp. 4.625%, 02/15/2027 (c)(h)

710,000

650,073

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

424,000

416,014

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

625,000

624,888

1,690,975

CONSTRUCTION & ENGINEERING - 0.19%

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

638,000

573,437

ENVIRONMENTAL SERVICES - 0.39%

GFL Environmental, Inc. 4.00%, 08/01/2028 (c)(h)

541,000

484,298

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

679,000

670,836

1,155,134

HEALTHCARE: EQUIPMENT & SUPPLIES - 0.21%

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

589,000

634,907

HEALTHCARE: FACILITIES - 1.19%

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

925,000

702,084

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

1,577,000

1,319,434

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

1,570,000

1,555,370

3,576,888

HEALTHCARE: MANAGED HEALTH CARE - 0.34%

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

1,010,000

1,014,466

HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 0.45%

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

1,515,000

1,357,132

HEALTHCARE: REITs - 0.29%

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

1,270,000

876,343

INDUSTRIAL MACHINERY - 0.24%

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

715,000

723,125

LEISURE: CASINOS & GAMING - 2.56%

Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029 (c)(h)

440,000

447,264

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

2,225,000

2,216,509

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

849,000

859,784

Churchill Downs, Inc. 5.50%, 04/01/2027 (h)

731,000

703,563

International Game Technology PLC

6.50%, 02/15/2025 (c)(h)

931,000

931,838

4.125%, 04/15/2026 (c)(h)

610,000

579,836

Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.

5.625%, 09/01/2029 (h)

561,000

425,479

5.875%, 09/01/2031 (h)

562,000

415,248

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

1,145,000

1,095,094

7,674,615

LEISURE: HOTELS - 0.72%

NCL Corp., Ltd.

3.625%, 12/15/2024 (c)(h)

460,000

442,322

8.375%, 02/01/2028 (c)(h)

444,000

464,327

Royal Caribbean Cruises, Ltd. 11.50%, 06/01/2025 (c)(h)

380,000

403,522

Sabre GLBL, Inc. 7.375%, 09/01/2025 (h)

972,000

863,918

2,174,089

LEISURE: RESTAURANTS - 0.21%

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

660,000

630,578

MEDIA: CABLE & SATELLITE - 0.30%

DISH DBS Corp. 5.125%, 06/01/2029

575,000

267,537

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

675,000

631,736

899,273

MEDIA: ENTERTAINMENT - 0.33%

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

1,130,000

1,003,892

METALS & MINING - 0.32%

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

127,000

103,296

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

857,000

851,644

954,940

MIDSTREAM: STORAGE & TRANSPORT - 0.34%

Venture Global Calcasieu Pass, LLC 6.25%, 01/15/2030 (h)

290,000

287,022

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

712,000

722,036

1,009,058

PACKAGING - 0.25%

Ball Corp. 5.25%, 07/01/2025

758,000

749,006

RETAIL: FOOD & DRUG - 0.15%

U.S. Foods, Inc. 6.25%, 04/15/2025 (h)

465,000

465,177

TECHNOLOGY HARDWARE - 0.31%

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

1,005,000

930,942

TECHNOLOGY: SOFTWARE & SERVICES - 1.10%

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

385,000

385,352

Elastic N.V. 4.125%, 07/15/2029 (c)(h)

844,000

728,862

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

2,220,000

2,176,262

3,290,476

TELECOMMUNICATION SERVICES: DIVERSIFIED - 0.99%

Altice France SA/France 5.50%, 01/15/2028 (c)(h)

400,000

302,589

Frontier Communications Holdings, LLC 5.00%, 05/01/2028 (h)

1,000,000

863,721

Level 3 Financing, Inc. 3.875%, 11/15/2029 (h)

1,250,000

996,357

Northwest Fiber, LLC / Northwest Fiber Finance Sub, Inc.

4.75%, 04/30/2027 (h)

349,000

308,551

6.00%, 02/15/2028 (h)

622,000

497,444

2,968,662

TRANSPORTATION - 0.80%

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

1,350,000

1,377,400

XPO, Inc.

6.25%, 06/01/2028 (h)

758,000

746,630

7.125%, 06/01/2031 (h)

264,000

264,955

2,388,985

UTILITIES: PROPANE - 0.19%

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

585,000

565,340

TOTAL CORPORATE BONDS (Cost $42,036,057)

40,076,075

Shares

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

3,455

TOTAL WARRANT (Cost $30,928)

3,455

MONEY MARKET FUND - 4.34%

First American Government Obligations Fund - Class X, 5.01% (e)

13,041,823

13,041,823

TOTAL MONEY MARKET FUND (Cost $13,041,823)

13,041,823

Total Investments (Cost $304,709,514) - 99.42%

298,517,656

Other Assets in Excess of  Liabilities - 0.58%

1,756,225

TOTAL NET ASSETS - 100.00%

     300,273,881

 

Percentages are stated as a percent of net assets.

LIBOR

London Interbank Offered Rate

PIK

Payment-in-kind

PLC

Public Limited Company

REIT

Real Estate Investment Trust

SOFR

Secured Overnight Funding Rate

(a)

Variable rate securities.  The coupon rate shown is the effective interest rate as of June 30, 2023.

(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 June 30, 2023.

(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 June 30, 2023, the value of these investments was

$34,073,611 or 11.35% of total net assets.

(i)

All or a portion of the loan is unfunded.

(j)

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

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

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

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

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