Shenkman Capital Floating Rate High Income Fund
Schedule of Investments
June 30, 2025 (Unaudited)
 

BANK LOANS - 87.8%
Principal Amount
    
Fair Value
AEROSPACE & DEFENSE - 2.2%
Apple Bidco LLC, Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 09/23/2031, (0.00% Floor)
  
$
  549,125   $
 548,782
Brown Group Holding LLC, Senior Secured First Lien
6.78% (3 mo. SOFR US + 2.50%), 07/01/2031, (0.50% Floor)
  
428,206
    
   429,204
6.83% (1 mo. SOFR US + 2.50%), 07/01/2031, (0.50% Floor)
  
263,378
    
   263,991
6.83% (3 mo. SOFR US + 2.50%), 07/01/2031, (0.50% Floor)
  
203,194
    
   203,668
Dynasty Acquisition Co., Inc., Senior Secured First Lien
6.33% (1 mo. SOFR US + 2.00%), 10/31/2031, (0.00% Floor)
  
443,306
    
   444,008
6.33% (1 mo. SOFR US + 2.00%), 10/31/2031
  
168,619
    
   168,887
Goat Holdco LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 01/27/2032, (0.00% Floor)
  
548,625
    
   550,158
Karman Holdings, Inc., Senior Secured First Lien, 7.80% (3 mo. SOFR US + 3.50%), 04/01/2032, (0.00% Floor)
  
761,000
    
   763,854
LSF11 Trinity Bidco, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 06/17/2030, (0.00% Floor)
  
531,664
    
   534,322
Signia Aerospace LLC, Senior Secured First Lien
7.30% (3 mo. SOFR US + 3.00%), 12/11/2031, (0.50% Floor)
  
294,646
    
   296,487
7.67% (3 mo. Term SOFR + 3.00%), 12/11/2031, (0.50% Floor) (a)
  
24,615
    
   24,769
Spirit AeroSystems, Inc., Senior Secured First Lien, 8.78% (3 mo. SOFR US + 4.50%), 01/15/2027, (0.50% Floor)
  
238,933
    
   239,457
TransDigm, Inc., Senior Secured First Lien
7.05% (3 mo. SOFR US + 2.75%), 08/24/2028, (0.00% Floor)
  
720,987
    
   724,347
6.80% (3 mo. SOFR US + 2.50%), 01/20/2032, (0.00% Floor)
  
273,345
    
   274,066
Trident Technologies LLC, Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 02/09/2032, (0.00% Floor)
  
544,635
    
   546,677
     
   6,012,677
             
AUTO RETAIL - 0.4%
CWGS Group LLC, Senior Secured First Lien, 7.06% (1 mo. SOFR US + 2.50%), 06/05/2028, (0.75% Floor)
  
287,081
    
   281,358
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 05/04/2028, (0.75% Floor)
  
834,340
    
   834,978
     
   1,116,336
             
AUTOMOTIVE - 1.5%
American Axle & Manufacturing, Inc., Senior Secured First Lien
7.05% (3 mo. SOFR US + 3.00%), 12/13/2029, (0.50% Floor)
  
313,521
    
   312,580
7.23% (3 mo. SOFR US + 3.00%), 12/13/2029, (0.50% Floor)
  
269,985
    
   269,175
7.31% (1 mo. SOFR US + 3.00%), 12/13/2029, (0.50% Floor)
  
291,247
    
   290,373
Clarios Global LP, Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 05/06/2030, (0.00% Floor)
  
618,302
    
   617,337
First Brands Group LLC, Senior Secured First Lien, 9.80% (3 mo. SOFR US + 5.00%), 03/30/2027, (1.00% Floor)
  
1,126,249
    
   1,066,557
Garrett LX I Sarl, Senior Secured First Lien, 6.53% (3 mo. SOFR US + 2.25%), 01/30/2032, (0.50% Floor)
  
282,291
    
   284,055
Tenneco, Inc., Senior Secured First Lien
9.27% (3 mo. SOFR US + 4.75%), 11/17/2028, (0.50% Floor)
  
658,537
    
   642,762
9.50% (3 mo. SOFR US + 5.00%), 11/17/2028, (0.50% Floor)
  
1,947
    
   1,905
9.52% (3 mo. SOFR US + 5.00%), 11/17/2028, (0.50% Floor)
  
689,582
    
   674,584
     
   4,159,328
             
BUILDING PRODUCTS - 2.2%
Cornerstone Building Brands, Inc., Senior Secured First Lien
7.76% (1 mo. SOFR US + 3.25%), 04/12/2028, (0.50% Floor)
  
312,298
    
   279,768
9.94% (1 mo. SOFR US + 5.63%), 08/01/2028, (0.50% Floor)
  
448,849
    
   405,459
Covia Holdings LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 02/26/2032, (0.00% Floor)
  
362,000
    
   363,660
Eco Material Technologies, Inc., Senior Secured First Lien, 7.47% (3 mo. SOFR US + 3.25%), 02/12/2032, (0.00% Floor)
  
961,000
    
   968,010
Herc Holdings, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 06/02/2032, (0.00% Floor)
  
253,000
    
   254,265
Hunter Douglas, Inc., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 01/20/2032, (0.00% Floor)
  
289,545
    
   288,882
Janus International Group LLC, Senior Secured First Lien, 6.78% (3 mo. SOFR US + 2.50%), 08/05/2030, (0.00% Floor)
  
272,052
    
   271,814
MITER Brands Acquisition Holdco, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 03/28/2031, (0.00% Floor)
  
474,210
    
   475,827
Quikrete Holdings, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 02/10/2032, (0.00% Floor)
  
1,250,865
    
   1,250,709
STS Operating, Inc., Senior Secured First Lien, 8.43% (1 mo. SOFR US + 4.00%), 03/25/2031, (0.00% Floor)
  
530,574
    
   523,344
Tamko Building Products LLC, Senior Secured First Lien
7.03% (3 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
  
93,809
    
   94,161
7.05% (3 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
  
93,809
    
   94,161
7.08% (1 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
  
45,497
    
   45,668
7.08% (3 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
  
93,809
    
   94,161
7.08% (3 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
  
46,435
    
   46,609
Veritiv Operating Co., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 11/30/2030, (0.00% Floor)
  
550,478
    
   553,092
Wilsonart LLC, Senior Secured First Lien, 8.55% (3 mo. Term SOFR + 4.25%), 08/05/2031
  
142,642
    
   140,725
     
   6,150,315
             
CHEMICALS - 1.7%
Consolidated Energy Finance SA, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 11/18/2030, (0.00% Floor)
  
393,755
    
   373,760
Discovery Purchaser Corp., Senior Secured First Lien, 8.02% (3 mo. SOFR US + 3.75%), 10/04/2029, (0.50% Floor)
  
359,368
    
   359,255
Highline Aftermarket Acquisition LLC, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 02/19/2030, (0.75% Floor)
  
419,890
    
   423,039
INEOS US Finance LLC, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 02/19/2030, (0.00% Floor)
  
286,728
    
   275,541
Lummus Technology Holdings V LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 12/31/2029
  
495,771
    
   497,863
Nouryon Finance BV, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 04/03/2028, (0.00% Floor)
  
304,386
    
   306,194
Polar US Borrower LLC, Senior Secured First Lien, 9.98% (or .75% PIK) (3 mo. SOFR US + 5.50%), 10/16/2028, (0.00% Floor)
  
446,941
    
   173,510
SCIH Salt Holdings, Inc., Senior Secured First Lien
7.28% (3 mo. SOFR US + 3.00%), 01/31/2029, (0.75% Floor)
  
574,625
    
   575,493
7.44% (1 mo. SOFR US + 3.00%), 01/31/2029, (0.75% Floor)
  
116,384
    
   116,560
Solenis Holdings Ltd., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 06/23/2031, (0.50% Floor)
  
275,685
    
   272,992
Sparta US HoldCo LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 08/02/2030, (0.75% Floor)
  
510,485
    
   506,444
Tronox Finance LLC, Senior Secured First Lien
6.80% (3 mo. SOFR US + 2.50%), 09/30/2031, (0.00% Floor)
  
154,943
    
   152,038
6.83% (1 mo. SOFR US + 2.50%), 09/30/2031, (0.00% Floor)
  
123,177
    
   120,867
Windsor Holdings III LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/01/2030, (0.00% Floor)
  
477,943
    
   478,619
     
   4,632,175
             
COMMERCIAL SERVICES - 4.7%
AlixPartners LLP, Senior Secured First Lien, 7.06% (1 mo. SOFR US + 2.50%), 02/04/2028, (0.50% Floor)
  
272,758
    
   274,089
Allied Universal Holdco LLC, Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 05/15/2028, (0.50% Floor)
  
950,759
    
   956,363
American Auto Auction Group LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 05/28/2032, (0.00% Floor)
  
1,130,648
    
   1,137,539
Apex Group Treasury LLC, Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 02/27/2032, (0.00% Floor)
  
1,585,258
    
   1,581,794
Aramark Services, Inc., Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 06/24/2030, (0.00% Floor)
  
266,424
    
   267,534
Ascensus Holdings, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 08/02/2028, (0.50% Floor)
  
753,016
    
   755,369
Camelot US Acquisition LLC, Senior Secured First Lien
7.08% (1 mo. SOFR US + 2.75%), 01/31/2031, (0.00% Floor)
  
369,461
    
   366,113
7.58% (1 mo. SOFR US + 3.25%), 01/31/2031, (0.00% Floor)
  
118,000
    
   118,221
CoreLogic, Inc., Senior Secured First Lien, 8.06% (1 mo. SOFR US + 3.50%), 06/02/2028, (0.50% Floor)
  
411,309
    
   407,647
First Advantage Holdings LLC, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 10/31/2031, (0.00% Floor)
  
416,014
    
   416,729
Foundever Worldwide Corp., Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 08/28/2028, (0.50% Floor)
  
855,807
    
   473,681
Garda World Security Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 02/01/2029, (0.00% Floor)
  
274,774
    
   275,612
HomeServe USA Holding Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 10/21/2030, (0.00% Floor)
  
219,513
    
   219,994
Isolved, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 10/15/2030, (0.00% Floor)
  
411,431
    
   413,552
OMNIA Partners LLC, Senior Secured First Lien
6.78% (3 mo. SOFR US + 2.50%), 07/25/2030, (0.00% Floor)
  
522,972
    
   524,552
6.90% (3 mo. SOFR US + 2.50%), 07/25/2030, (0.00% Floor)
  
93,776
    
   94,059
Planet US Buyer LLC, Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 02/10/2031, (0.00% Floor)
  
272,342
    
   273,806
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 12/15/2028, (0.50% Floor)
  
742,432
    
   739,358
Saphilux Sarl, Senior Secured First Lien
7.79% (6 mo. SOFR US + 3.50%), 07/27/2028, (1.50% Floor)
  
619,623
    
   623,753
7.83% (1 mo. SOFR US + 3.50%), 07/27/2028, (1.50% Floor)
  
1,561
    
   1,571
Skopima Consilio Parent LLC, Senior Secured First Lien, 8.08% (1 mo. SOFR US + 3.75%), 05/17/2028, (0.50% Floor)
  
868,001
    
   857,845
Tempo Acquisition LLC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 08/31/2028, (0.50% Floor)
  
403,576
    
   402,379
TKC Holdings, Inc., Senior Secured First Lien, 9.32% (1 mo. SOFR US + 5.00%), 05/15/2028, (1.00% Floor)
  
1,439,426
    
   1,444,227
VT Topco, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 08/09/2030, (0.50% Floor)
  
439,880
    
   441,338
     
   13,067,125
             
CONSTRUCTION & ENGINEERING - 1.2%
Amentum Holdings, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 09/29/2031, (0.00% Floor)
  
747,401
    
   747,402
American Residential Services LLC, Senior Secured First Lien, 7.53% (3 mo. SOFR US + 3.25%), 02/02/2032, (0.00% Floor)
  
414,454
    
   416,009
Artera Services LLC, Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 02/10/2031, (0.00% Floor)
  
330,632
    
   278,369
Centuri Group, Inc., Senior Secured First Lien, 7.06% (1 mo. SOFR US + 2.50%), 08/28/2028, (0.50% Floor)
  
982,397
    
   984,327
Tecta America Corp., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 02/18/2032, (0.00% Floor)
  
853,000
    
   855,934
     
   3,282,041
             
CONSUMER DISCRETIONARY - 2.1%
American Greetings Corp., Senior Secured First Lien, 10.08% (1 mo. SOFR US + 5.75%), 10/30/2029, (0.00% Floor)
  
270,643
    
   271,551
Beach Acquisition Bidco LLC, Senior Secured First Lien, 8.06% (1 mo. Term SOFR + 3.25%), 06/28/2032
  
762,000
    
   766,763
EAB Global, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 08/16/2030, (0.50% Floor)
  
421,181
    
   414,336
Kodiak BP LLC, Senior Secured First Lien, 8.03% (3 mo. SOFR US + 3.75%), 12/04/2031, (0.00% Floor)
  
335,160
    
   323,568
KUEHG Corp., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 06/12/2030, (0.50% Floor)
  
247,321
    
   247,726
Peloton Interactive, Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 5.50%), 05/30/2029, (0.00% Floor)
  
270,250
    
   274,811
Prometric Holdings, Inc., Senior Secured First Lien, 8.32% (1 mo. Term SOFR + 3.75%), 06/25/2032
  
922,000
    
   923,443
Renaissance Holdings Corp., Senior Secured First Lien, 8.28% (3 mo. SOFR US + 4.00%), 04/08/2030, (0.50% Floor)
  
1,201,675
    
   1,094,648
Tory Burch LLC, Senior Secured First Lien, 7.81% (1 mo. SOFR US + 3.25%), 04/17/2028, (0.50% Floor)
  
568,961
    
   567,183
Weber-Stephen Products LLC, Senior Secured First Lien, 7.81% (1 mo. SOFR US + 3.25%), 10/29/2027, (0.75% Floor)
  
1,082,543
    
   1,076,811
     
   5,960,840
             
CONSUMER NON-DISCRETIONARY - 0.3%
Kronos Acquisition Holdings, Inc., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 07/08/2031, (0.00% Floor)
  
550,691
    
   495,071
Valvoline, Inc., Senior Secured First Lien, 6.57% (1 mo. Term SOFR + 2.00%), 03/19/2032
  
275,000
    
   276,242
     
   771,313
             
ENVIRONMENTAL & FACILITIES SERVICES - 1.8%
Action Environmental Group, Inc., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 10/24/2030, (0.50% Floor)
  
1,611,156
    
   1,615,184
Belfor Holdings, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 11/04/2030, (0.50% Floor)
  
475,289
    
   476,477
EnergySolutions LLC, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 09/23/2030, (0.50% Floor)
  
299,219
    
   301,463
GFL ES US LLC, Senior Secured First Lien, 6.82% (3 mo. SOFR US + 2.50%), 03/03/2032, (0.00% Floor)
  
551,000
    
   552,033
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 8.07% (3 mo. SOFR US + 3.75%), 10/17/2030, (0.50% Floor)
  
495,743
    
   498,325
Reworld Holding Corp., Senior Secured First Lien
6.57% (1 mo. SOFR US + 2.25%), 11/30/2028, (0.00% Floor)
  
205,148
    
   205,469
6.57% (1 mo. SOFR US + 2.25%), 11/30/2028, (0.50% Floor)
  
11,295
    
   11,313
Win Waste Innovations Holdings, Inc., Senior Secured First Lien
7.31% (1 mo. SOFR US + 2.75%), 03/27/2028, (0.50% Floor)
  
1,157,506
    
   1,147,019
8.31% (1 mo. SOFR US + 3.75%), 03/27/2028, (0.50% Floor)
  
258,353
    
   259,967
     
   5,067,250
             
FINANCIALS: DIVERSIFIED - 4.5%
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 06/24/2030, (0.50% Floor)
  
499,398
    
   500,322
BCPE Pequod Buyer, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 11/25/2031, (0.00% Floor)
  
749,123
    
   751,276
Blackhawk Network Holdings, Inc., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 4.00%), 03/12/2029, (1.00% Floor)
  
818,800
    
   824,237
Boost Newco Borrower LLC, Senior Secured First Lien, 6.30% (3 mo. SOFR US + 2.00%), 01/31/2031, (0.00% Floor)
  
412,763
    
   414,311
Citco Funding LLC, Senior Secured First Lien, 6.93% (6 mo. SOFR US + 2.75%), 04/27/2028, (0.50% Floor)
  
667,787
    
   671,794
Corp. Service Co., Senior Secured First Lien
6.78% (1 mo. SOFR US + 2.25%), 11/03/2027, (0.00% Floor)
  
90,240
    
   90,240
6.33% (1 mo. SOFR US + 2.00%), 11/05/2029, (0.50% Floor)
  
528,612
    
   528,876
Edelman Financial Engines Center LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 04/07/2028, (0.00% Floor)
  
442,228
    
   443,212
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.58% (1 mo. SOFR US + 5.25%), 10/06/2028, (0.00% Floor)
  
942,000
    
   947,063
EIG Management Co. LLC, Senior Secured First Lien, 9.32% (1 mo. SOFR US + 5.00%), 05/17/2029, (0.00% Floor)
  
632,988
    
   629,823
FNZ USA FinCo LLC, Senior Secured First Lien, 9.26% (3 mo. SOFR US + 5.00%), 11/05/2031, (0.00% Floor)
  
1,079,295
    
   895,815
Focus Financial Partners LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 09/15/2031, (0.00% Floor)
  
593,056
    
   592,466
IMC Global Holdings LLC, Senior Secured First Lien, 7.81% (1 mo. SOFR US + 3.50%), 06/21/2032
  
624,000
    
   628,680
June Purchaser LLC, Senior Secured First Lien
7.47% (6 mo. SOFR US + 3.25%), 11/28/2031, (0.00% Floor)
  
494,299
    
   496,904
8.67% (6 mo. Term SOFR + 3.25%), 11/28/2031, (0.00% Floor) (a)
  
82,590
    
   83,025
Neon Maple US Debt Mergersub, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 11/17/2031, (0.00% Floor)
  
274,313
    
   275,083
NorthAB LLC, Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 11/24/2028, (0.50% Floor)
  
1,106,361
    
   1,094,949
Osaic Holdings, Inc., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 08/16/2028, (0.00% Floor)
  
272,860
    
   273,804
PEX Holdings LLC, Senior Secured First Lien, 6.97% (3 mo. SOFR US + 2.75%), 11/19/2031, (0.00% Floor)
  
294,263
    
   294,907
VFH Parent LLC, Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 06/20/2031, (0.00% Floor)
  
499,517
    
   502,015
WEX, Inc., Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 04/03/2028, (0.00% Floor)
  
686,862
    
   687,573
Zelis Payments Buyer, Inc., Senior Secured First Lien
7.08% (1 mo. SOFR US + 2.75%), 09/28/2029, (0.00% Floor)
  
654,713
    
   651,318
7.58% (1 mo. SOFR US + 3.25%), 11/26/2031, (0.00% Floor)
  
274,620
    
   273,532
     
   12,551,225
             
FINANCIALS: INSURANCE - 3.0%
Acrisure LLC, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 06/21/2032, (0.00% Floor)
  
979,000
    
   979,000
Alera Group, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 05/28/2032, (0.50% Floor)
  
413,000
    
   414,704
AmWINS Group, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 01/30/2032, (0.75% Floor)
  
551,596
    
   552,407
Ardonagh Group Finco Pty Ltd., Senior Secured First Lien
7.04% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)
  
47,872
    
   47,633
7.05% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)
  
366,090
    
   364,259
AssuredPartners, Inc., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 02/14/2031, (0.50% Floor)
  
268,117
    
   269,092
Asurion LLC, Senior Secured First Lien
8.78% (1 mo. SOFR US + 4.25%), 08/21/2028, (0.00% Floor)
  
1,010,884
    
   1,001,584
8.56% (1 mo. Term SOFR + 4.25%), 09/19/2030, (0.00% Floor)
  
632,642
    
   615,403
Asurion LLC, Senior Secured Second Lien, 9.81% (1 mo. SOFR US + 5.25%), 02/03/2028, (0.00% Floor)
  
995,867
    
   955,101
Baldwin Insurance Group Holdings LLC, Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 05/27/2031, (0.00% Floor)
  
293,525
    
   294,137
BroadStreet Partners, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 06/16/2031, (0.00% Floor)
  
413,628
    
   414,590
CRC Insurance Group LLC, Senior Secured Second Lien, 9.05% (3 mo. SOFR US + 4.75%), 05/06/2032, (0.00% Floor)
  
271,347
    
   275,022
Goosehead Insurance Holdings LLC, Senior Secured First Lien, 7.81% (1 mo. SOFR US + 3.50%), 01/08/2032, (0.00% Floor)
  
550,620
    
   554,405
Howden Group Holdings Ltd., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 04/18/2030, (0.50% Floor)
  
212,457
    
   213,858
HUB International Ltd., Senior Secured First Lien, 6.77% (3 mo. SOFR US + 2.50%), 06/20/2030, (0.75% Floor)
  
1,057,556
    
   1,061,913
USI, Inc./NY, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 11/23/2029, (0.00% Floor)
  
413,364
    
   413,139
     
   8,426,247
             
FINANCIALS: THRIFTS & MORTGAGES - 0.1%
Walker & Dunlop, Inc., Senior Secured First Lien, 6.31% (1 mo. SOFR US + 2.00%), 03/15/2032, (0.00% Floor)
  
214,463
    
   215,535
             
FOOD & BEVERAGE - 1.3%
Celsius Holdings, Inc., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 04/01/2032, (0.00% Floor)
  
468,000
    
   471,334
Pegasus Bidco BV, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 07/12/2029, (0.00% Floor)
  
547,583
    
   551,690
Primo Brands Corp., Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 03/31/2028, (0.50% Floor)
  
808,895
    
   812,713
Red SPV LLC, Senior Secured First Lien, 6.56% (1 mo. SOFR US + 2.25%), 03/15/2032, (0.00% Floor)
  
411,000
    
   411,000
Saratoga Food Specialties LLC, Senior Secured First Lien, 7.57% (3 mo. SOFR US + 3.25%), 03/07/2029, (0.00% Floor)
  
481,448
    
   484,835
Savor Acquisition, Inc., Senior Secured First Lien
7.56% (3 mo. Term SOFR + 3.25%), 02/19/2032, (0.00% Floor) (a)
  
40,000
    
   40,291
7.58% (1 mo. SOFR US + 3.25%), 02/19/2032, (0.00% Floor)
  
424,000
    
   427,080
Sazerac Co., Inc., Senior Secured First Lien, 6.82% (1 mo. Term SOFR + 2.50%), 06/25/2032
  
492,000
    
   492,615
     
   3,691,558
             
HEALTHCARE: EQUIPMENT & SUPPLIES - 2.2%
Azalea Topco, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 04/30/2031, (0.00% Floor)
  
498,143
    
   499,647
Bausch + Lomb Corp., Senior Secured First Lien, 8.57% (1 mo. Term SOFR + 4.25%), 01/15/2031
  
842,000
    
   844,635
Covetrus, Inc., Senior Secured First Lien, 9.30% (3 mo. SOFR US + 5.00%), 10/15/2029, (0.50% Floor)
  
381,389
    
   344,284
Gainwell Acquisition Corp., Senior Secured First Lien, 4.50% (3 mo. SOFR US + 0.00%), 10/01/2027, (0.75% Floor)
  
1,447,832
    
   1,398,244
Insulet Corp., Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 08/04/2031, (0.00% Floor)
  
546,600
    
   551,041
Medline Borrower LP, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 10/23/2028, (0.50% Floor)
  
1,381,264
    
   1,384,407
Owens & Minor, Inc., Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 03/29/2029, (0.50% Floor)
  
105,000
    
   105,788
PointClickCare Technologies, Inc., Senior Secured First Lien, 7.42% (6 mo. SOFR US + 3.25%), 11/03/2031, (0.00% Floor)
  
359,358
    
   361,381
Waystar Technologies, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 10/22/2029, (0.00% Floor)
  
618,955
    
   622,053
     
   6,111,480
             
HEALTHCARE: FACILITIES - 6.1%
ADMI Corp., Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 12/23/2027, (0.50% Floor)
  
1,208,940
    
   1,156,049
CHG Healthcare Services, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 09/29/2028, (0.50% Floor)
  
431,031
    
   433,012
Examworks Bidco, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 11/01/2028, (0.50% Floor)
  
945,168
    
   948,646
Global Medical Response, Inc., Senior Secured First Lien, 9.08% (or .75% PIK) (1 mo. SOFR US + 4.75%), 10/02/2028, (1.00% Floor)
  
2,299,361
    
   2,305,431
HAH Group Holding Co. LLC, Senior Secured First Lien, 9.33% (1 mo. SOFR US + 5.00%), 09/24/2031, (0.00% Floor)
  
1,018,230
    
   991,863
Heartland Dental LLC, Senior Secured First Lien, 8.83% (1 mo. SOFR US + 4.50%), 04/28/2028, (0.75% Floor)
  
1,379,557
    
   1,383,013
Hunter US Bidco, Inc., Senior Secured First Lien, 8.75% (3 mo. SOFR US + 4.25%), 08/21/2028, (0.50% Floor)
  
728,055
    
   695,292
IVI America LLC, Senior Secured First Lien
8.05% (3 mo. SOFR US + 3.75%), 04/14/2031, (0.00% Floor)
  
564,300
    
   569,946
8.07% (3 mo. Term SOFR + 3.75%), 04/14/2031
  
231,000
    
   233,311
LifePoint Health, Inc., Senior Secured First Lien
7.82% (3 mo. SOFR US + 3.50%), 05/19/2031, (1.00% Floor)
  
835,042
    
   823,635
8.01% (3 mo. SOFR US + 3.75%), 05/19/2031, (0.00% Floor)
  
422,244
    
   418,417
LSCS Holdings, Inc., Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 03/04/2032, (0.00% Floor)
  
591,518
    
   581,536
Pacific Dental Services, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 03/17/2031, (0.00% Floor)
  
474,000
    
   474,974
Pluto Acquisition I, Inc., Senior Secured First Lien
9.82% (3 mo. SOFR US + 5.50%), 06/20/2028, (1.00% Floor)
  
91,866
    
   93,244
8.30% (3 mo. SOFR US + 4.00%), 09/20/2028, (0.00% Floor)
  
464,820
    
   407,589
Radiology Partners, Inc., Senior Secured First Lien, 8.82% (1 mo. Term SOFR + 4.50%), 06/30/2032
  
733,000
    
   727,961
Radnet Management, Inc., Senior Secured First Lien, 6.58% (3 mo. SOFR US + 2.25%), 04/18/2031, (0.00% Floor)
  
372,414
    
   373,405
Select Medical Corp., Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 12/03/2031, (0.00% Floor)
  
361,662
    
   363,246
Sotera Health Holdings LLC, Senior Secured First Lien, 7.55% (1 mo. SOFR US + 3.25%), 05/30/2031, (0.00% Floor)
  
643,140
    
   646,761
Southern Veterinary Partners LLC, Senior Secured First Lien, 7.53% (3 mo. SOFR US + 3.25%), 12/04/2031, (0.00% Floor)
  
458,850
    
   459,905
Surgery Center Holdings, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 12/19/2030, (0.00% Floor)
  
616,725
    
   619,682
Team Health Holdings, Inc., Senior Secured First Lien, 9.53% (3 mo. SOFR US + 5.25%), 03/02/2027, (1.00% Floor)
  
968,225
    
   964,894
US Fertility Enterprises LLC, Senior Secured First Lien
8.80% (6 mo. SOFR US + 4.50%), 10/07/2031, (0.00% Floor)
  
839,167
    
   845,460
8.78% (3 mo. SOFR US + 4.50%), 10/14/2031, (0.00% Floor)
  
12,267
    
   12,359
8.82% (3 mo. SOFR US + 4.50%), 10/14/2031, (0.00% Floor)
  
26,068
    
   26,264
US Radiology Specialists, Inc., Senior Secured First Lien, 9.05% (3 mo. SOFR US + 4.75%), 12/15/2027, (0.00% Floor)
  
521,801
    
   523,596
     
   17,079,491
             
HEALTHCARE: LIFE SCIENCES - 0.4%
Phoenix Newco, Inc., Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 11/15/2028, (0.50% Floor)
  
740,028
    
   741,068
Star Parent, Inc., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 09/30/2030, (0.00% Floor)
  
418,788
    
   415,232
     
   1,156,300
             
HEALTHCARE: MANAGED HEALTH CARE - 1.2%
Bella Holding Co. LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 05/10/2028, (0.75% Floor)
  
619,080
    
   621,789
Charlotte Buyer, Inc., Senior Secured First Lien, 8.56% (1 mo. SOFR US + 4.25%), 02/11/2028, (0.50% Floor)
  
553,339
    
   554,080
Cotiviti, Inc., Senior Secured First Lien
7.07% (1 mo. SOFR US + 2.75%), 05/01/2031, (0.00% Floor)
  
973,451
    
   970,107
7.63%, 05/01/2031
  
278,000
    
   279,911
Raven Acquisition Holdings LLC, Senior Secured First Lien
7.58% (1 mo. SOFR US + 3.25%), 11/20/2031, (0.00% Floor)
  
815,556
    
   815,862
8.28% (3 mo. Term SOFR + 3.25%), 11/20/2031, (0.00% Floor) (a)
  
58,400
    
   58,422
     
   3,300,171
             
HEALTHCARE: PHARMA & BIOTECH - 1.6%
Dechra Finance US LLC, Senior Secured First Lien, 7.51% (6 mo. SOFR US + 3.25%), 01/27/2032, (0.00% Floor)
  
294,263
    
   295,301
Endo Finance Holdings, Inc., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 4.00%), 04/23/2031, (0.50% Floor)
  
1,108,335
    
   1,109,028
Financiere Mendel SASU, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 11/13/2030, (0.00% Floor)
  
663,625
    
   665,284
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 6.63% (3 mo. SOFR US + 2.00%), 11/15/2027, (0.00% Floor)
  
966,375
    
   964,630
Jazz Financing Lux Sarl, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 05/05/2028, (0.50% Floor)
  
1,217,344
    
   1,224,027
Padagis LLC, Senior Secured First Lien, 9.53% (3 mo. SOFR US + 4.75%), 07/06/2028, (0.50% Floor)
  
263,174
    
   247,384
     
   4,505,654
             
INDUSTRIAL MACHINERY - 3.3%
AI Aqua Merger Sub, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 07/31/2028, (0.50% Floor)
  
1,107,626
    
   1,107,305
Chart Industries, Inc., Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 03/18/2030, (0.50% Floor)
  
375,236
    
   376,877
Columbus McKinnon Corp./NY, Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 05/15/2028, (0.50% Floor)
  
499,266
    
   498,954
Crosby US Acquisition Corp., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 08/16/2029, (0.50% Floor)
  
493,389
    
   495,842
Dynamo US Bidco, Inc., Senior Secured First Lien, 7.80% (3 mo. SOFR US + 3.50%), 09/26/2031, (0.00% Floor)
  
367,677
    
   369,287
Gates Corp./DE, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 11/16/2029, (0.50% Floor)
  
414,014
    
   414,430
Indicor LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 11/23/2029, (0.50% Floor)
  
531,241
    
   530,843
JBT Marel Corp., Senior Secured First Lien, 6.43% (1 mo. SOFR US + 2.00%), 01/02/2032, (0.00% Floor)
  
540,210
    
   542,708
Jupiter Buyer, Inc., Senior Secured First Lien
9.05% (3 mo. SOFR US + 4.75%), 11/03/2031, (0.00% Floor)
  
285,119
    
   287,601
9.60% (3 mo. Term SOFR + 4.75%), 11/03/2031, (0.00% Floor) (a)
  
33,007
    
   33,294
Madison IAQ LLC, Senior Secured First Lien
6.76% (6 mo. SOFR US + 2.50%), 06/21/2028, (0.50% Floor)
  
496,936
    
   497,867
7.51% (3 mo. SOFR US + 3.25%), 05/06/2032, (0.50% Floor)
  
291,000
    
   292,151
Madison Safety & Flow LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 09/26/2031, (0.00% Floor)
  
357,552
    
   358,670
PG Polaris BidCo Sarl, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 03/24/2031, (0.00% Floor)
  
535,957
    
   538,101
Pro Mach Group, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 08/31/2028, (1.00% Floor)
  
494,645
    
   496,215
TK Elevator US Newco, Inc., Senior Secured First Lien
7.24% (1 mo. SOFR US + 3.00%), 04/30/2030, (0.50% Floor)
  
655,403
    
   657,861
7.33% (1 mo. SOFR US + 3.00%), 04/30/2030, (0.50% Floor)
  
705,813
    
   708,460
Vertiv Group Corp., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 03/02/2027, (0.00% Floor)
  
560,191
    
   561,432
WEC US Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 01/27/2031, (0.00% Floor)
  
409,284
    
   409,847
     
   9,177,745
             
LEISURE: CASINOS & GAMING - 3.2%
888 Acquisitions LLC, Senior Secured First Lien, 9.73% (3 mo. SOFR US + 5.25%), 07/03/2028, (0.50% Floor)
  
990,697
    
   953,130
Allwyn Entertainment Financing US LLC, Senior Secured First Lien, 6.23% (3 mo. SOFR US + 2.00%), 06/11/2031, (0.00% Floor)
  
570,262
    
   567,886
Bally's Corp., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.25%), 10/02/2028, (0.50% Floor)
  
728,082
    
   646,173
Caesars Entertainment, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 02/06/2030, (0.50% Floor)
  
582,878
    
   583,315
Entain Holdings Gibraltar Ltd., Senior Secured First Lien, 6.77% (6 mo. SOFR US + 2.50%), 03/16/2027, (0.50% Floor)
  
1,333,099
    
   1,336,012
Everi Holdings, Inc., Senior Secured First Lien, 7.06% (1 mo. SOFR US + 2.50%), 08/03/2028, (0.50% Floor)
  
434,388
    
   435,536
Fertitta Entertainment LLC/NV, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 01/29/2029, (0.50% Floor)
  
276,199
    
   276,210
Flutter Financing BV, Senior Secured First Lien
6.05% (3 mo. SOFR US + 1.75%), 11/29/2030, (0.50% Floor)
  
989,113
    
   987,877
6.30% (3 mo. SOFR US + 2.00%), 06/04/2032, (0.50% Floor)
  
429,000
    
   429,536
Great Canadian Gaming Corp., Senior Secured First Lien, 9.07% (3 mo. SOFR US + 4.75%), 11/01/2029, (0.00% Floor)
  
275,510
    
   269,724
Jack Ohio Finance LLC, Senior Secured First Lien, 8.33% (1 mo. SOFR US + 4.00%), 01/30/2032, (0.50% Floor)
  
410,970
    
   409,558
Ontario Gaming GTA LP, Senior Secured First Lien, 8.55% (3 mo. SOFR US + 4.25%), 08/01/2030, (0.50% Floor)
  
547,839
    
   543,303
Voyager Parent LLC, Senior Secured First Lien, 9.07% (1 mo. Term SOFR + 4.75%), 05/10/2032
  
1,408,000
    
   1,395,483
     
   8,833,743
             
LEISURE: HOTELS - 2.4%
Alterra Mountain Co., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 08/17/2028, (0.00% Floor)
  
620,680
    
   624,559
Carnival Corp., Senior Secured First Lien, 6.31% (1 mo. SOFR US + 2.00%), 10/18/2028, (0.75% Floor)
  
1,386,335
    
   1,389,149
Herschend Entertainment Co. LLC, Senior Secured First Lien, 7.57% (3 mo. SOFR US + 3.25%), 05/27/2032, (0.00% Floor)
  
825,000
    
   831,790
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 08/02/2028, (0.00% Floor)
  
291,845
    
   292,096
Lakeland Holdings LLC, Senior Secured First Lien, 8.00%, 09/27/2027
  
333,330
    
   12,917
Sabre GLBL, Inc., Senior Secured First Lien
8.78% (1 mo. SOFR US + 4.25%), 06/30/2028, (0.50% Floor)
  
670,824
    
   663,612
9.53% (1 mo. SOFR US + 5.00%), 06/30/2028, (0.50% Floor)
  
1,763,456
    
   1,755,079
10.43% (1 mo. Term SOFR + 6.00%), 11/15/2029, (0.50% Floor)
  
448,962
    
   448,962
10.53% (1 mo. SOFR US + 6.00%), 11/15/2029, (0.00% Floor)
  
52,439
    
   50,013
Travel + Leisure Co., Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 12/14/2029, (0.50% Floor)
  
370,981
    
   371,816
TripAdvisor, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 07/08/2031, (0.00% Floor)
  
276,105
    
   275,760
     
   6,715,753
             
LEISURE: RESTAURANTS - 0.9%
BCPE Grill Parent, Inc., Senior Secured First Lien, 9.05% (3 mo. SOFR US + 4.75%), 09/30/2030, (0.50% Floor)
  
263,980
    
   257,474
Dave & Buster's, Inc., Senior Secured First Lien, 7.66% (3 mo. SOFR US + 3.25%), 06/29/2029, (0.50% Floor)
  
145,000
    
   140,896
IRB Holding Corp., Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 12/15/2027, (0.75% Floor)
  
1,237,426
    
   1,238,720
Tacala Investment Corp., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 01/31/2031, (0.75% Floor)
  
521,608
    
   524,826
Whatabrands LLC, Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 08/03/2028, (0.50% Floor)
  
272,634
    
   273,059
     
   2,434,975
             
MEDIA: BROADCASTING - 0.7%
CMG Media Corp., Senior Secured First Lien, 8.00% (3 mo. SOFR US + 3.50%), 06/18/2029, (0.00% Floor)
  
456,096
    
   443,205
Hubbard Radio LLC, Senior Secured First Lien, 8.83% (1 mo. SOFR US + 4.50%), 09/30/2027, (0.00% Floor)
  
319,322
    
   186,803
Learfield Communications LLC, Senior Secured First Lien, 8.83% (1 mo. SOFR US + 4.50%), 06/30/2028, (0.00% Floor)
  
370,981
    
   374,227
Nexstar Media, Inc., Senior Secured First Lien, 7.07% (1 mo. Term SOFR + 2.50%), 06/28/2032
  
616,000
    
   615,615
Univision Communications, Inc., Senior Secured First Lien, 8.55% (3 mo. SOFR US + 4.25%), 06/25/2029, (0.50% Floor)
  
241,226
    
   240,824
     
   1,860,674
             
MEDIA: CABLE & SATELLITE - 2.8%
Charter Communications Operating LLC, Senior Secured First Lien, 6.54% (3 mo. SOFR US + 2.25%), 12/15/2031, (0.00% Floor)
  
922,365
    
   924,846
Connect Finco Sarl, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 12/11/2026, (0.50% Floor)
  
629,910
    
   629,727
Coral-US Co.-Borrower LLC, Senior Secured First Lien, 7.51% (3 mo. SOFR US + 3.25%), 01/30/2032, (0.00% Floor)
  
1,182,205
    
   1,171,488
CSC Holdings LLC, Senior Secured First Lien
9.00% (Prime Rate + 1.50%), 04/15/2027, (0.00% Floor)
  
1,006,345
    
   981,730
8.81% (1 mo. SOFR US + 4.50%), 01/18/2028, (0.00% Floor)
  
551,189
    
   544,610
Directv Financing LLC, Senior Secured First Lien, 9.80% (3 mo. SOFR US + 5.00%), 08/02/2027, (0.75% Floor)
  
225,445
    
   226,591
Gryphon Debt Merger Sub, Inc., Senior Secured First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 06/21/2032
  
922,000
    
   922,963
Iridium Satellite LLC, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 09/20/2030, (0.75% Floor)
  
829,186
    
   831,408
Virgin Media Bristol LLC, Senior Secured First Lien
7.04% (1 mo. SOFR US + 2.50%), 01/31/2028, (0.00% Floor)
  
847,000
    
   837,298
7.79% (1 mo. SOFR US + 3.25%), 01/31/2029, (0.00% Floor)
  
140,000
    
   138,958
WideOpenWest Finance LLC, Senior Secured First Lien, 7.76% (3 mo. SOFR US + 3.00%), 12/11/2028, (1.50% Floor)
  
636,078
    
   544,642
     
   7,754,261
             
MEDIA: DIVERSIFIED - 2.3%
ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 12/21/2028, (0.00% Floor)
  
737,726
    
   738,242
Dotdash Meredith, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 06/16/2032, (0.00% Floor)
  
643,000
    
   645,144
Indy US Holdco LLC, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 03/06/2028, (0.50% Floor)
  
1,382,891
    
   1,385,919
McGraw-Hill Education, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 08/06/2031, (0.50% Floor)
  
792,344
    
   795,977
Neptune Bidco US, Inc., Senior Secured First Lien, 9.18% (3 mo. SOFR US + 4.75%), 10/11/2028, (0.50% Floor)
  
824,003
    
   778,242
Wasserman Media Group LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 06/23/2032
  
525,000
    
   526,313
WH Borrower LLC, Senior Secured First Lien, 9.07% (3 mo. SOFR US + 4.75%), 02/20/2032, (0.50% Floor)
  
429,000
    
   429,669
X Corp., Senior Secured First Lien
9.50%, 10/29/2029
  
336,312
    
   327,484
10.93% (1 mo. SOFR US + 6.50%), 10/29/2029, (0.50% Floor)
  
827,111
    
   809,084
     
   6,436,074
             
MEDIA: ENTERTAINMENT - 3.0%
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 03/08/2030, (0.00% Floor)
  
1,579,756
    
   1,541,574
Creative Artists Agency LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 10/01/2031, (0.00% Floor)
  
407,221
    
   408,895
Crown Finance US, Inc., Senior Secured First Lien, 9.57% (1 mo. SOFR US + 5.25%), 12/02/2031, (0.00% Floor)
  
489,540
    
   490,030
Delta 2 Lux Sarl, Senior Secured First Lien
6.30% (3 mo. SOFR US + 2.00%), 09/19/2031, (0.50% Floor)
  
206,333
    
   206,926
7.20% (3 mo. Term SOFR + 2.00%), 09/19/2031
  
102,667
    
   102,962
EOC Borrower LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 03/24/2032, (0.00% Floor)
  
982,000
    
   984,455
Hoya Midco LLC, Senior Secured First Lien, 6.53% (3 mo. SOFR US + 2.25%), 02/05/2029, (0.00% Floor)
  
1,163,644
    
   1,022,372
Live Nation Entertainment, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 10/19/2026, (0.00% Floor)
  
662,382
    
   662,796
Playtika Holding Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 2.75%), 03/13/2028, (0.00% Floor)
  
1,257,760
    
   1,239,472
StubHub Holdco Sub LLC, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 4.75%), 03/15/2030, (0.00% Floor)
  
1,085,924
    
   1,056,962
UFC Holdings LLC, Senior Secured First Lien, 6.57% (3 mo. SOFR US + 2.25%), 11/21/2031, (0.00% Floor)
  
681,855
    
   685,175
     
   8,401,619
             
METALS & MINING - 0.6%
Arsenal AIC Parent LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 08/19/2030, (0.00% Floor)
  
271,863
    
   272,000
GrafTech Global Enterprises, Inc., Senior Secured First Lien
10.32% (1 mo. SOFR US + 6.00%), 12/21/2029, (2.00% Floor)
  
104,547
    
   105,331
10.62% (1 mo. Term SOFR + 6.00%), 12/21/2029, (2.00% Floor) (a)
  
59,741
    
   60,189
Grinding Media, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 3.50%), 10/12/2028, (0.75% Floor)
  
1,366,335
    
   1,357,795
     
   1,795,315
             
MIDSTREAM: STORAGE & TRANSPORT - 1.8%
Brazos Delaware II LLC, Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 02/11/2030, (0.50% Floor)
  
267,305
    
   268,068
CPPIB OVM Member US LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 08/20/2031, (0.00% Floor)
  
272,580
    
   272,239
ITT Holdings LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 10/11/2030, (0.50% Floor)
  
742,442
    
   745,319
M6 ETX Holdings II Midco LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 04/01/2032, (0.00% Floor)
  
312,000
    
   313,699
Northriver Midstream Finance LP, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 08/16/2030, (0.00% Floor)
  
727,051
    
   730,763
Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/05/2028, (0.50% Floor)
  
986,791
    
   987,660
TransMontaigne Operating Co. LP, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 11/17/2028, (0.50% Floor)
  
480,135
    
   482,668
WaterBridge Midstream Operating LLC, Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.75%), 06/27/2029, (0.00% Floor)
  
1,110,608
    
   1,107,631
     
   4,908,047
             
OIL & GAS: E&P - 0.2%
Discovery Energy Holding Corp., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 05/02/2031, (0.00% Floor)
  
456,484
    
   457,698
             
OIL & GAS: EQUIPMENT & SERVICES - 0.3%
MRC Global US, Inc., Senior Secured First Lien, 7.80% (6 mo. SOFR US + 3.50%), 10/29/2031, (0.00% Floor)
  
422,940
    
   424,526
Star Holding LLC, Senior Secured First Lien, 8.83% (1 mo. SOFR US + 4.50%), 07/31/2031, (0.00% Floor)
  
372,421
    
   356,012
     
   780,538
             
PACKAGING - 1.9%
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 03/29/2032, (0.50% Floor)
  
425,000
    
   423,821
Iris Holding, Inc., Senior Secured First Lien
9.13% (3 mo. SOFR US + 4.75%), 06/28/2028, (0.50% Floor)
  
279,310
    
   272,312
9.23% (3 mo. SOFR US + 4.75%), 06/28/2028, (0.50% Floor)
  
263,948
    
   257,334
LABL, Inc., Senior Secured First Lien, 9.53% (1 mo. SOFR US + 5.00%), 10/30/2028, (0.50% Floor)
  
615,990
    
   557,086
M2S Group Intermediate Holdings, Inc., Senior Secured First Lien, 9.03% (3 mo. SOFR US + 4.75%), 08/27/2031, (0.50% Floor)
  
748,908
    
   726,909
Magnera Corp., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.25%), 11/04/2031, (0.00% Floor)
  
844,391
    
   830,670
Pregis TopCo LLC, Senior Secured First Lien, 8.33% (1 mo. SOFR US + 4.00%), 02/01/2029, (0.00% Floor)
  
549,706
    
   551,973
Ranpak BV, Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 12/19/2031, (0.00% Floor)
  
91,637
    
   91,179
Ranpak Corp., Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 12/19/2031, (0.00% Floor)
  
143,183
    
   142,467
Tosca Services LLC, Senior Secured First Lien, 6.02% (or 3.25% PIK) (1 mo. SOFR US + 1.50%), 11/30/2028, (0.75% Floor)
  
609,225
    
   548,150
Trident TPI Holdings, Inc., Senior Secured First Lien, 8.05% (6 mo. SOFR US + 3.75%), 09/18/2028, (0.50% Floor)
  
901,562
    
   887,029
     
   5,288,930
             
RETAIL: FOOD & DRUG - 0.5%
EG America LLC, Senior Secured First Lien, 8.56% (3 mo. Term SOFR + 4.25%), 02/07/2028
  
178,551
    
   179,587
JP Intermediate B LLC, Senior Secured First Lien, 14.00% (Prime Rate + 6.50%), 11/22/2027, (1.00% Floor)
  
441,458
    
   19,865
Opal US LLC, Senior Secured First Lien, 7.82% (6 mo. Term SOFR + 3.25%), 04/23/2032
  
1,285,000
    
   1,291,830
     
   1,491,282
             
RETAILING - 2.5%
Belron Finance 2019 LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 10/16/2031, (0.50% Floor)
  
819,690
    
   824,424
Great Outdoors Group LLC, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 01/23/2032, (0.75% Floor)
  
1,393,015
    
   1,393,238
Harbor Freight Tools USA, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 06/11/2031, (0.00% Floor)
  
425,401
    
   417,114
Michaels Cos., Inc., Senior Secured First Lien, 9.07% (3 mo. SOFR US + 4.25%), 04/17/2028, (0.75% Floor)
  
542,170
    
   455,761
Peer Holding III BV, Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 10/28/2030, (0.00% Floor)
  
740,070
    
   745,506
Petco Health & Wellness Co., Inc., Senior Secured First Lien, 8.07% (3 mo. SOFR US + 3.25%), 03/06/2028, (0.75% Floor)
  
450,000
    
   415,728
PetSmart LLC, Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 02/14/2028, (0.75% Floor)
  
1,366,596
    
   1,355,493
Restoration Hardware, Inc., Senior Secured First Lien, 7.78% (1 mo. SOFR US + 3.25%), 10/20/2028, (0.50% Floor)
  
916,515
    
   896,530
Staples, Inc., Senior Secured First Lien, 10.03% (3 mo. SOFR US + 5.75%), 09/10/2029, (0.50% Floor)
  
525,550
    
   486,320
     
   6,990,114
             
TECHNOLOGY HARDWARE - 1.1%
Coherent Corp., Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 07/02/2029, (0.50% Floor)
  
540,424
    
   541,888
CommScope LLC, Senior Secured First Lien, 9.58% (1 mo. SOFR US + 5.25%), 12/17/2029, (2.00% Floor)
  
1,099,000
    
   1,113,996
MKS, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 08/17/2029, (0.50% Floor)
  
259,736
    
   260,743
VeriFone Systems, Inc., Senior Secured First Lien, 10.33% (3 mo. SOFR US + 5.50%), 08/21/2028, (0.00% Floor)
  
614,139
    
   576,369
World Wide Technology Holding Co. LLC, Senior Secured First Lien, 6.56% (1 mo. SOFR US + 2.25%), 03/01/2030, (0.50% Floor)
  
659,131
    
   663,250
     
   3,156,246
             
TECHNOLOGY: SOFTWARE & SERVICES - 14.8%
Access CIG LLC, Senior Secured First Lien, 8.38% (6 mo. SOFR US + 4.25%), 08/18/2028, (0.50% Floor)
  
1,316,533
    
   1,324,248
Armor Holdco, Inc., Senior Secured First Lien
7.92% (6 mo. SOFR US + 3.75%), 12/11/2028, (0.00% Floor)
  
125,934
    
   126,753
8.03% (6 mo. SOFR US + 3.75%), 12/11/2028, (0.50% Floor)
  
162,797
    
   163,855
AthenaHealth Group, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 02/15/2029, (0.50% Floor)
  
413,232
    
   413,284
Avalara, Inc., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 03/29/2032, (0.00% Floor)
  
468,000
    
   470,569
Barracuda Networks, Inc., Senior Secured First Lien, 8.78% (3 mo. SOFR US + 4.50%), 08/15/2029, (0.50% Floor)
  
1,321,140
    
   1,101,005
Barracuda Networks, Inc., Senior Secured Second Lien, 11.28% (3 mo. SOFR US + 7.00%), 08/15/2030, (0.50% Floor)
  
461,277
    
   286,568
Boxer Parent Co., Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 07/30/2031, (0.00% Floor)
  
976,572
    
   971,626
Boxer Parent Co., Inc., Senior Secured Second Lien, 10.08% (3 mo. SOFR US + 5.75%), 07/30/2032, (0.00% Floor)
  
812,770
    
   792,963
CCC Intelligent Solutions, Inc., Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 01/23/2032, (0.50% Floor)
  
273,250
    
   273,764
Central Parent LLC, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 07/06/2029, (0.00% Floor)
  
1,961,622
    
   1,642,956
Cloud Software Group, Inc., Senior Secured First Lien
7.80% (3 mo. SOFR US + 3.50%), 03/29/2029, (0.50% Floor)
  
1,534,168
    
   1,537,566
8.05% (3 mo. SOFR US + 3.75%), 03/24/2031, (0.50% Floor)
  
410,790
    
   411,945
Clover Holdings 2 LLC, Senior Secured First Lien, 8.31% (3 mo. SOFR US + 4.00%), 12/09/2031, (0.00% Floor)
  
849,661
    
   852,049
ConnectWise LLC, Senior Secured First Lien, 8.32% (3 mo. SOFR US + 3.50%), 09/29/2028, (0.50% Floor)
  
850,623
    
   856,028
Dcert Buyer, Inc., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 4.00%), 10/16/2026, (0.00% Floor)
  
981,035
    
   973,878
Delivery Hero Finco LLC, Senior Secured First Lien, 9.30% (3 mo. SOFR US + 5.00%), 12/12/2029, (0.50% Floor)
  
2,234,818
    
   2,259,267
E2open LLC, Senior Secured First Lien, 8.06% (1 mo. SOFR US + 3.50%), 02/04/2028, (0.50% Floor)
  
1,098,220
    
   1,103,321
Ensono, Inc., Senior Secured First Lien, 8.56% (1 mo. SOFR US + 4.00%), 05/30/2028, (0.75% Floor)
  
1,509,820
    
   1,512,749
Flexera Software LLC, Senior Secured First Lien, 7.31% (3 mo. SOFR US + 3.00%), 03/03/2028, (0.75% Floor)
  
1,099,912
    
   1,102,073
Gen Digital, Inc., Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 09/12/2029, (0.50% Floor)
  
345,956
    
   345,872
Javelin Buyer, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 12/08/2031, (0.00% Floor)
  
410,535
    
   412,715
Kaseya, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 03/22/2032, (0.00% Floor)
  
545,633
    
   548,404
Leia Finco US LLC, Senior Secured First Lien, 7.46% (3 mo. SOFR US + 3.25%), 10/09/2031, (0.00% Floor)
  
676,712
    
   678,143
Leia Finco US LLC, Senior Secured Second Lien, 9.46% (3 mo. SOFR US + 5.25%), 10/12/2032, (0.00% Floor)
  
281,000
    
   279,536
Marcel Bidco LLC, Senior Secured First Lien, 7.79% (SOFR + 3.50%), 11/13/2030, (0.50% Floor)
  
542,284
    
   546,015
McAfee Corp., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 03/01/2029, (0.50% Floor)
  
1,738,796
    
   1,692,249
MH Sub I LLC, Senior Secured First Lien
8.58% (1 mo. SOFR US + 4.25%), 05/03/2028, (0.50% Floor)
  
631,205
    
   593,333
8.58% (1 mo. SOFR US + 4.25%), 12/31/2031, (0.50% Floor)
  
1,130,083
    
   984,941
Modena Buyer LLC, Senior Secured First Lien, 8.78% (3 mo. SOFR US + 4.50%), 07/01/2031, (0.00% Floor)
  
1,548,883
    
   1,495,640
N-Able International Holdings II LLC, Senior Secured First Lien, 7.61% (3 mo. SOFR US + 2.75%), 07/19/2028, (0.50% Floor)
  
493,763
    
   493,145
Optiv Parent, Inc., Senior Secured First Lien, 9.53% (3 mo. SOFR US + 5.25%), 07/31/2026, (1.00% Floor)
  
1,054,863
    
   857,077
Peraton Corp., Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 02/01/2028, (0.75% Floor)
  
1,274,690
    
   1,128,898
Plano HoldCo, Inc., Senior Secured First Lien, 7.80% (3 mo. SOFR US + 3.50%), 10/02/2031, (0.00% Floor)
  
968,573
    
   922,565
Polaris Newco LLC, Senior Secured First Lien, 8.41% (3 mo. SOFR US + 3.75%), 06/05/2028, (0.50% Floor)
  
2,345,829
    
   2,289,294
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien
7.55% (3 mo. SOFR US + 3.25%), 10/28/2030, (0.50% Floor)
  
395,550
    
   397,858
7.56% (3 mo. SOFR US + 3.25%), 10/28/2030, (0.50% Floor)
  
198,935
    
   200,096
Proofpoint, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 08/31/2028, (0.50% Floor)
  
1,792,245
    
   1,795,453
Quartz Acquireco LLC, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 06/28/2030, (0.00% Floor)
  
517,778
    
   520,366
RealPage, Inc., Senior Secured First Lien, 7.67% (3 mo. SOFR US + 3.00%), 04/24/2028, (0.50% Floor)
  
1,111,243
    
   1,104,859
Rithum Holdings, Inc., Senior Secured First Lien
8.66% (3 mo. SOFR US + 4.00%), 12/02/2027, (0.75% Floor)
  
1,063,919
    
   1,059,270
10.76% (3 mo. SOFR US + 6.25%), 12/29/2027, (0.00% Floor)
  
519,422
    
   518,936
Rocket Software, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 4.25%), 11/28/2028, (0.50% Floor)
  
547,136
    
   549,024
Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 07/31/2031, (0.00% Floor)
  
616,748
    
   619,663
Starlight Parent LLC, Senior Secured First Lien, 8.26% (3 mo. SOFR US + 4.00%), 04/16/2032, (0.00% Floor)
  
420,000
    
   411,688
UKG, Inc., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 02/10/2031, (0.00% Floor)
  
1,359,215
    
   1,365,882
VS Buyer LLC, Senior Secured First Lien, 7.02% (3 mo. SOFR US + 2.75%), 04/14/2031, (0.00% Floor)
  
976,224
    
   982,325
Zodiac Purchaser LLC, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 02/17/2032, (0.00% Floor)
  
415,000
    
   413,703
     
   41,383,417
             
TELECOM SERVICES: DIVERSIFIED - 3.6%
Altice France SA, Senior Secured First Lien, 9.76% (3 mo. SOFR US + 5.50%), 08/31/2028, (0.00% Floor)
  
910,737
    
   827,504
Cincinnati Bell, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 11/24/2028, (0.50% Floor)
  
1,733,623
    
   1,737,342
Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 01/30/2031, (0.75% Floor)
  
1,097,499
    
   1,105,961
Frontier Communications Holdings LLC, Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 07/01/2031, (0.00% Floor)
  
819,885
    
   821,250
Level 3 Financing, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 4.25%), 03/01/2027, (0.50% Floor)
  
830,000
    
   840,205
Lumen Technologies, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.35%), 04/16/2029, (2.00% Floor)
  
1,260,684
    
   1,247,296
Radiate Holdco LLC, Senior Secured First Lien, 7.83%, 09/25/2029 (b)
  
803,175
    
   748,168
Voyage Australia Pty Ltd., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 3.50%), 07/20/2028, (0.50% Floor)
  
462,963
    
   465,472
Windstream Services LLC, Senior Secured First Lien, 9.28% (1 mo. SOFR US + 4.75%), 10/06/2031, (0.00% Floor)
  
370,455
    
   372,771
Zayo Group Holdings, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 4.25%), 03/09/2027, (0.50% Floor)
  
1,454,497
    
   1,400,710
Ziggo Financing Partnership, Senior Secured First Lien, 7.04% (1 mo. SOFR US + 2.50%), 04/28/2028, (0.00% Floor)
  
561,000
    
   549,334
     
   10,116,013
             
TRANSPORTATION - 1.9%
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 05/28/2032, (0.00% Floor)
  
416,000
    
   419,224
Avis Budget Car Rental LLC, Senior Secured First Lien, 6.31% (1 mo. SOFR US + 1.75%), 08/06/2027, (0.00% Floor)
  
2,387,158
    
   2,370,746
Carriage Purchaser, Inc., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 4.00%), 09/29/2028, (0.75% Floor)
  
408,870
    
   410,710
Cubic Corp., Senior Secured First Lien, 9.11% (3 mo. SOFR US + 4.25%), 05/25/2028, (0.75% Floor)
  
1,130,975
    
   605,591
SkyMiles IP Ltd., Senior Secured First Lien, 8.02% (3 mo. SOFR US + 3.75%), 10/20/2027, (1.00% Floor)
  
244,848
    
   246,731
Stonepeak Nile Parent LLC, Senior Secured First Lien, 6.98% (3 mo. SOFR US + 2.75%), 04/12/2032, (0.00% Floor)
  
464,000
    
   466,088
WWEX Uni Topco Holdings LLC, Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 07/26/2028, (0.75% Floor)
  
820,636
    
   821,679
     
   5,340,769
             
UTILITIES: POWER - 1.5%
Alpha Generation LLC, Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 09/30/2031, (0.00% Floor)
  
275,455
    
   275,408
Calpine Corp., Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 02/27/2032, (0.00% Floor)
  
693,000
    
   693,655
Cornerstone Generation LLC, Senior Secured First Lien, 7.95% (1 mo. Term SOFR + 3.25%), 10/28/2031
  
505,129
    
   508,286
Eastern Power LLC, Senior Secured First Lien, 9.58% (1 mo. SOFR US + 5.25%), 04/03/2028, (1.00% Floor)
  
638,081
    
   640,030
Lightning Power LLC, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 08/18/2031, (0.00% Floor)
  
827,745
    
   830,216
Lightstone Holdco LLC, Senior Secured First Lien, 10.03% (3 mo. SOFR US + 5.75%), 01/29/2027, (1.00% Floor)
  
976,688
    
   979,228
WaterBridge NDB Operating LLC, Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 05/10/2029, (0.00% Floor)
  
279,690
    
   280,040
     
   4,206,863
TOTAL BANK LOANS (Cost $246,462,139)
    
 244,787,137
             
CORPORATE BONDS - 7.0% (c)
        
AEROSPACE & DEFENSE - 0.1%
Bombardier, Inc.
7.13%, 06/15/2026 (d)
  
176,000
    
   176,478
7.88%, 04/15/2027 (d)
  
74,000
    
   74,474
     
   250,952
             
AUTOMOTIVE - 0.5%
Clarios Global LP / Clarios US Finance Co., 8.50%, 05/15/2027 (d)
  
1,350,000
    
   1,358,444
             
BUILDING PRODUCTS - 0.2%
Standard Industries, Inc./NY, 3.38%, 01/15/2031 (d)
  
600,000
    
   538,507
             
CHEMICALS - 0.1%
Olympus Water US Holding Corp., 7.13%, 10/01/2027 (d)
  
200,000
    
   203,780
Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC, 7.63% (or 2.50% PIK), 05/03/2029 (d)
  
202,300
    
   121,886
     
   325,666
             
CONSUMER DISCRETIONARY - 0.4%
Under Armour, Inc., 7.25%, 07/15/2030 (d)
  
1,000,000
    
   1,015,206
             
FINANCIALS: THRIFTS & MORTGAGES - 0.1%
Freedom Mortgage Corp., 6.63%, 01/15/2027 (d)
  
278,000
    
   278,691
             
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.2%
Owens & Minor, Inc., 6.63%, 04/01/2030 (d)
  
453,000
    
   425,944
             
HEALTHCARE: FACILITIES - 1.0%
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027 (d)
  
560,000
    
   551,939
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (d)
  
1,006,000
    
   999,169
Tenet Healthcare Corp., 6.25%, 02/01/2027
  
1,311,000
    
   1,311,769
     
   2,862,877
             
HEALTHCARE: PHARMA & BIOTECH - 0.3%
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028 (d)
  
581,000
    
   559,153
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026
  
301,000
    
   295,341
     
   854,494
             
HEALTHCARE: REITs - 0.3%
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031
  
1,270,000
    
   899,069
             
INDUSTRIAL MACHINERY - 0.2%
Oregon Tool Lux LP, 7.88%, 10/15/2029 (d)(e)
  
25,915
    
   15,290
VOC Escrow Ltd., 5.00%, 02/15/2028 (d)
  
418,000
    
   416,150
     
   431,440
             
LEISURE: CASINOS & GAMING - 1.3%
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (d)
  
440,000
    
   459,399
International Game Technology PLC, 4.13%, 04/15/2026 (d)
  
1,095,000
    
   1,095,080
Light & Wonder International, Inc., 7.00%, 05/15/2028 (d)
  
404,000
    
   405,429
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.63%, 09/01/2029 (d)
  
561,000
    
   321,874
5.88%, 09/01/2031 (d)
  
562,000
    
   308,397
Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (d)
  
950,000
    
   951,988
     
   3,542,167
             
LEISURE: HOTELS - 0.2%
Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 (d)
  
421,000
    
   422,753
             
LEISURE: RESTAURANTS - 0.2%
GrubHub Holdings, Inc., 5.50%, 07/01/2027 (d)
  
500,000
    
   485,774
             
MEDIA: DIVERSIFIED - 0.1%
Getty Images, Inc., 11.25%, 02/21/2030 (d)
  
300,000
    
   298,011
             
MEDIA: ENTERTAINMENT - 0.1%
Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (d)
  
393,000
    
   399,073
             
METALS & MINING - 0.0%(f)
GrafTech Finance, Inc., 4.63%, 12/23/2029 (d)
  
127,000
    
   87,630
             
MIDSTREAM: STORAGE & TRANSPORT - 0.5%
Venture Global Calcasieu Pass LLC
6.25%, 01/15/2030 (d)
  
290,000
    
   299,313
3.88%, 11/01/2033 (d)
  
510,000
    
   446,408
Venture Global LNG, Inc., 8.13%, 06/01/2028 (d)
  
712,000
    
   736,328
     
   1,482,049
             
OIL & GAS: EQUIPMENT & SERVICES - 0.1%
Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028 (d)
  
378,465
    
   345,972
             
RETAILING - 0.3%
Wayfair LLC, 7.75%, 09/15/2030 (d)
  
852,000
    
   859,418
             
TECHNOLOGY: SOFTWARE & SERVICES - 0.3%
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (d)
  
314,000
    
   260,011
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (d)
  
332,000
    
   271,048
Elastic NV, 4.13%, 07/15/2029 (d)
  
431,000
    
   412,200
     
   943,259
             
TELECOM SERVICES: DIVERSIFIED - 0.5%
Iliad Holding SASU
7.00%, 10/15/2028 (d)
  
400,000
    
   407,621
7.00%, 04/15/2032 (d)
  
641,000
    
   657,558
Lumen Technologies, Inc., 4.13%, 04/15/2029 (d)
  
294,000
    
   287,017
     
   1,352,196
TOTAL CORPORATE BONDS (Cost $20,065,411)
    
   19,459,592
             
EXCHANGE TRADED FUNDS - 3.1% (c)
  
Shares
      
Invesco Senior Loan ETF
  
417,780
    
   8,739,958
TOTAL EXCHANGE TRADED FUNDS (Cost $8,771,810)
    
  8,739,958
             
SHORT-TERM INVESTMENTS - 5.1% (c)
        
Money Market Funds - 5.1%
        
 
First American Government Obligations Fund - Class X, 4.25% (g)
  
14,092,980
    
   14,092,980
TOTAL SHORT-TERM INVESTMENTS (Cost $14,092,980)
    
   14,092,980
             
TOTAL INVESTMENTS - 103.0% (Cost $289,392,340)
    
 287,079,667
Liabilities in Excess of Other Assets - (3.0)%
    
(8,328,928)
TOTAL NET ASSETS - 100.0%
    
 
   $
278,750,739
two
  
–%
Percentages are stated as a percent of net assets.
  
–%
 
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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.

PIK - Payment in Kind
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate

(a)
All or a portion of the loan is unfunded.
(b)
Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2025.
(c)
All or a portion is posted as collateral for delayed settlement securities.
(d)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $16,953,413 or 6.1% of the Fund’s net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $15,290 or 0.0% of net assets as of June 30, 2025.
(f)
Represents less than 0.05% of net assets.
(g)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Shenkman Capital Floating Rate High Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Bank Loans
  
$
–
    
$
244,787,137
    
$
–
    
$
244,787,137
  
  Corporate Bonds
    
–
      
19,444,302
      
15,290
      
19,459,592
  
  Exchange Traded Funds
    
8,739,958
      
–
      
–
      
8,739,958
  
  Money Market Funds
    
14,092,980
      
–
      
–
      
14,092,980
  
Total Investments
  
$
22,832,938
    
$
264,231,439
    
$
15,290
    
$
287,079,667
  

 
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

Fair Value Measurement Using Significant Unobservable Inputs
  
Corporate Bonds
  
Beginning balance as of September 30, 2024
  
$
0
  
Corporate Actions
    
15,290
  
Ending balance as of June 30, 2025
  
$
15,290
  
   
$
0
  
Change in unrealized appreciation / depreciation still held as of June 30, 2025
  
$
0