|
Shenkman Capital Floating Rate High Income Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
June 30, 2024 (Unaudited)
|
||||||||
|
BANK LOANS - 86.5%(e)
|
Principal
Amount
|
Fair Value
|
||||||
|
AEROSPACE & DEFENSE - 1.3%
|
||||||||
|
Apple Bidco LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 09/25/2028
|
$
|
629,053
|
$
|
631,337
|
||||
|
Barnes Group, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/30/2030
|
591,365
|
593,828
|
||||||
|
Bleriot US Bidco, Inc., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 10/31/2028
|
295,020
|
296,753
|
||||||
|
Brown Group Holding LLC, Senior Secured First Lien
|
||||||||
|
8.33% (3 mo. SOFR US + 3.00%), 07/02/2029
|
428,206
|
428,527
|
||||||
|
8.34% (1 mo. SOFR US + 3.00%), 07/02/2029
|
267,874
|
268,075
|
||||||
|
8.35% (3 mo. SOFR US + 3.00%), 07/02/2029
|
203,194
|
203,347
|
||||||
|
Dynasty Acquisition Co., Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028
|
567,324
|
570,030
|
||||||
|
LSF11 Trinity Bidco, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 06/14/2030
|
390,336
|
392,655
|
||||||
|
Standard Aero Ltd., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028
|
218,746
|
219,789
|
||||||
|
3,604,341
|
||||||||
|
AUTO RETAIL - 0.4%
|
||||||||
|
CWGS Group LLC, Senior Secured First Lien
|
||||||||
|
7.96% (1 mo. SOFR US + 2.50%), 06/05/2028
|
505,243
|
490,402
|
||||||
|
7.96% (1 mo. SOFR US + 2.50%), 06/05/2028
|
32,462
|
31,508
|
||||||
|
LS Group OpCo Acquistion LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 04/23/2031
|
408,850
|
409,531
|
||||||
|
931,441
|
||||||||
|
AUTOMOTIVE - 1.6%
|
||||||||
|
Adient US LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 01/29/2031
|
688,275
|
693,485
|
||||||
|
American Axle & Manufacturing, Inc., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 3.00%), 12/13/2029
|
732,266
|
736,154
|
||||||
|
Autokiniton US Holdings, Inc., Senior Secured First Lien, 9.46% (1 mo. SOFR US + 4.00%), 04/06/2028
|
297,428
|
299,447
|
||||||
|
Clarios Global LP, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 05/06/2030
|
260,000
|
260,935
|
||||||
|
First Brands Group LLC, Senior Secured First Lien
|
||||||||
|
10.59% (3 mo. SOFR US + 5.00%), 03/30/2027
|
466,441
|
464,401
|
||||||
|
10.59% (3 mo. SOFR US + 5.00%), 03/30/2027
|
272,840
|
271,519
|
||||||
|
Tenneco, Inc., Senior Secured First Lien
|
||||||||
|
10.43% (3 mo. SOFR US + 5.00%), 11/17/2028
|
479,646
|
461,189
|
||||||
|
10.43% (3 mo. SOFR US + 5.00%), 11/17/2028
|
1,354
|
1,302
|
||||||
|
Thor Industries, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 11/15/2030
|
282,333
|
283,392
|
||||||
|
USI, Inc., Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 09/27/2030
|
738,429
|
739,352
|
||||||
|
4,211,176
|
||||||||
|
BUILDING PRODUCTS - 1.5%
|
||||||||
|
Cornerstone Building Brands, Inc., Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 04/12/2028
|
406,693
|
397,797
|
||||||
|
Janus International Group LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/05/2030
|
771,840
|
776,784
|
||||||
|
MIWD Holdco II LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 03/28/2031
|
479,000
|
482,494
|
||||||
|
Quikrete Holdings, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 04/14/2031
|
498,750
|
500,438
|
||||||
|
STS Operating, Inc., Senior Secured First Lien, 9.44% (3 mo. SOFR US + 4.00%), 03/25/2031
|
630,420
|
632,390
|
||||||
|
Summit Materials LLC, Senior Secured First Lien, 7.80% (3 mo. SOFR US + 2.50%), 01/12/2029
|
522,690
|
526,937
|
||||||
|
Tamko Building Products LLC, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 09/20/2030
|
453,625
|
454,192
|
||||||
|
Verde Purchaser LLC, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 12/02/2030
|
360,000
|
360,135
|
||||||
|
4,131,167
|
||||||||
|
CHEMICALS - 2.8%
|
||||||||
|
Axalta Coating Systems US Holdings, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 12/20/2029
|
779,162
|
781,503
|
||||||
|
Consolidated Energy Finance SA, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 11/18/2030
|
337,155
|
328,895
|
||||||
|
Discovery Purchaser Corp., Senior Secured First Lien, 9.68% (3 mo. SOFR US + 4.38%), 10/04/2029
|
622,567
|
622,480
|
||||||
|
Ecovyst Catalyst Technologies LLC, Senior Secured First Lien, 7.58% (1 mo. Term SOFR + 2.25%), 06/12/2031
|
239,807
|
240,042
|
||||||
|
INEOS US Finance LLC, Senior Secured First Lien, 8.92% (1 mo. Term SOFR + 3.50%), 02/19/2030
|
310,000
|
308,605
|
||||||
|
INEOS US Petrochem LLC, Senior Secured First Lien
|
||||||||
|
8.21% (1 mo. SOFR US + 2.75%), 01/29/2026
|
179,495
|
179,664
|
||||||
|
9.18% (1 mo. SOFR US + 3.75%), 03/01/2030
|
236,610
|
236,611
|
||||||
|
Koppers, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 04/10/2030
|
231,930
|
233,017
|
||||||
|
LSF11 A5 HoldCo LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 10/16/2028
|
771,394
|
770,912
|
||||||
|
Lummus Technology Holdings V LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 12/31/2029
|
586,530
|
589,463
|
||||||
|
Nouryon USA LLC, Senior Secured First Lien, 8.83% (1 mo. SOFR US + 3.50%), 04/03/2028
|
306,683
|
308,599
|
||||||
|
Olympus Water US Holding Corp., Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.25%), 11/09/2028
|
262,309
|
263,730
|
||||||
|
Polar US Borrower LLC, Senior Secured First Lien
|
||||||||
|
10.18% (3 mo. SOFR US + 4.75%), 10/15/2025
|
259,516
|
207,613
|
||||||
|
10.18% (3 mo. SOFR US + 4.75%), 10/15/2025
|
221,794
|
177,435
|
||||||
|
SCIH Salt Holdings, Inc., Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/16/2027
|
792,716
|
794,203
|
||||||
|
Sparta US HoldCo LLC, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 08/02/2028
|
515,775
|
516,466
|
||||||
|
Tronox Finance LLC, Senior Secured First Lien
|
||||||||
|
7.96% (1 mo. SOFR US + 2.50%), 03/13/2028
|
70,154
|
70,412
|
||||||
|
8.10% (3 mo. SOFR US + 2.50%), 03/13/2028
|
346,154
|
347,430
|
||||||
|
Vibrantz Technologies, Inc., Senior Secured First Lien, 9.71% (3 mo. SOFR US + 4.25%), 04/23/2029
|
407,643
|
398,675
|
||||||
|
Windsor Holdings III LLC, Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 08/01/2030
|
316,410
|
318,862
|
||||||
|
7,694,617
|
||||||||
|
COMMERCIAL SERVICES - 6.3%
|
||||||||
|
AlixPartners LLP, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 02/04/2028
|
1,189,122
|
1,191,352
|
||||||
|
Allied Universal Holdco LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 05/15/2028
|
395,982
|
394,907
|
||||||
|
American Auto Auction Group LLC, Senior Secured First Lien, 10.48% (3 mo. SOFR US + 5.00%), 12/30/2027
|
540,872
|
541,277
|
||||||
|
Apex Group Treasury LLC, Senior Secured First Lien, 9.33% (3 mo. SOFR US + 3.75%), 07/27/2028
|
402,116
|
403,122
|
||||||
|
Aramark Services, Inc., Senior Secured First Lien
|
||||||||
|
7.21% (1 mo. SOFR US + 1.75%), 01/15/2027
|
398,000
|
398,448
|
||||||
|
7.34% (1 mo. SOFR US + 2.00%), 06/24/2030
|
454,558
|
455,865
|
||||||
|
Camelot US Acquisition LLC, Senior Secured First Lien
|
||||||||
|
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031
|
73,735
|
73,956
|
||||||
|
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031
|
316,323
|
317,272
|
||||||
|
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031
|
6,267
|
6,286
|
||||||
|
CoreLogic, Inc., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 06/02/2028
|
410,944
|
405,513
|
||||||
|
Deerfield Dakota Holding LLC, Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 04/09/2027
|
1,765,692
|
1,766,998
|
||||||
|
Dun & Bradstreet Corp., Senior Secured First Lien, 8.10% (1 mo. SOFR US + 2.75%), 01/18/2029
|
395,498
|
396,240
|
||||||
|
EAB Global, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.50%), 08/16/2028
|
556,888
|
557,027
|
||||||
|
Foundever Worldwide Corp., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 08/28/2028
|
865,287
|
670,360
|
||||||
|
Galaxy US Opco, Inc., Senior Secured First Lien
|
||||||||
|
10.08% (3 mo. SOFR US + 4.75%), 04/30/2029
|
236,751
|
193,150
|
||||||
|
10.08% (3 mo. SOFR US + 4.75%), 04/30/2029
|
114,894
|
93,734
|
||||||
|
Garda World Security Corp., Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.25%), 02/01/2029
|
1,724,612
|
1,737,546
|
||||||
|
Grant Thornton LLP, Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.25%), 05/30/2031
|
407,000
|
408,675
|
||||||
|
HomeServe USA Corp., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 10/21/2030
|
357,105
|
358,408
|
||||||
|
Indy US Bidco LLC, Senior Secured First Lien
|
||||||||
|
9.08% (1 mo. SOFR US + 3.75%), 03/06/2028
|
309,692
|
304,013
|
||||||
|
9.08% (1 mo. SOFR US + 3.75%), 03/06/2028
|
179,183
|
175,898
|
||||||
|
Indy US Holdco LLC, Senior Secured First Lien
|
||||||||
|
4.75% (1 mo. Term SOFR + 4.75%), 03/06/2028
|
904,000
|
906,260
|
||||||
|
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028
|
425,828
|
426,893
|
||||||
|
11.58% (1 mo. SOFR US + 6.25%), 03/06/2028
|
309,142
|
309,915
|
||||||
|
Iron Mountain Information Management LLC, Senior Secured First Lien
|
||||||||
|
7.21% (1 Month Synthetic LIBOR + 1.75%), 01/02/2026 (a)
|
524,802
|
524,670
|
||||||
|
7.59% (1 mo. SOFR US + 2.25%), 01/31/2031
|
271,885
|
271,091
|
||||||
|
Isolved, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 10/15/2030
|
428,925
|
430,533
|
||||||
|
OMNIA Partners LLC, Senior Secured First Lien
|
||||||||
|
8.57% (3 mo. SOFR US + 3.25%), 07/25/2030
|
511,569
|
512,446
|
||||||
|
8.57% (1 mo. SOFR US + 3.25%), 07/25/2030
|
90,921
|
91,077
|
||||||
|
Planet US Buyer LLC, Senior Secured First Lien, 8.82% (3 mo. SOFR US + 3.50%), 02/10/2031
|
796,000
|
802,070
|
||||||
|
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/15/2028
|
659,121
|
659,533
|
||||||
|
Saphilux Sarl, Senior Secured First Lien
|
||||||||
|
9.32% (Daily US Secured Overnight Financing Rate + 4.00%), 07/27/2028
|
915
|
923
|
||||||
|
9.33% (6 mo. SOFR US + 4.00%), 07/27/2028
|
363,255
|
366,434
|
||||||
|
SS&C Technologies, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 05/09/2031
|
269,581
|
270,279
|
||||||
|
Tempo Acquisition LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 08/31/2028
|
74,251
|
74,497
|
||||||
|
VT Topco, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/12/2030
|
576,825
|
580,214
|
||||||
|
17,076,882
|
||||||||
|
CONSTRUCTION & ENGINEERING - 2.0%
|
||||||||
|
Amentum Government Services Holdings LLC, Senior Secured First Lien
|
||||||||
|
9.46% (1 mo. SOFR US + 4.00%), 01/29/2027
|
611,075
|
613,367
|
||||||
|
9.46% (1 mo. SOFR US + 4.00%), 01/29/2027
|
307,645
|
308,798
|
||||||
|
9.34% (1 mo. SOFR US + 4.00%), 02/15/2029
|
296,128
|
297,794
|
||||||
|
American Residential Services LLC, Senior Secured First Lien, 9.10% (3 mo. SOFR US + 3.50%), 10/15/2027
|
655,235
|
653,597
|
||||||
|
APi Group DE, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/03/2029
|
542,000
|
542,388
|
||||||
|
Artera Services LLC, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 02/10/2031
|
406,980
|
409,631
|
||||||
|
Brand Industrial Services, Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 08/01/2030
|
541,468
|
543,875
|
||||||
|
Centuri Group, Inc., Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 08/28/2028
|
553,282
|
554,051
|
||||||
|
Tecta America Corp., Senior Secured First Lien
|
||||||||
|
9.46% (1 mo. SOFR US + 4.00%), 04/10/2028
|
679,904
|
683,800
|
||||||
|
9.69% (1 mo. SOFR US + 4.25%), 04/10/2028
|
211,403
|
212,614
|
||||||
|
Tiger Acquisition LLC, Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 06/01/2028
|
578,638
|
574,795
|
||||||
|
5,394,710
|
||||||||
|
CONSUMER DISCRETIONARY - 2.3%
|
||||||||
|
American Greetings Corp., Senior Secured First Lien, 11.09% (1 mo. SOFR US + 5.75%), 10/30/2029
|
391,000
|
393,811
|
||||||
|
Champ Acquisition Corp., Senior Secured First Lien, 11.10% (3 mo. SOFR US + 5.50%), 12/19/2025
|
153,647
|
154,397
|
||||||
|
Fugue Finance LLC, Senior Secured First Lien, 9.35% (3 mo. SOFR US + 4.00%), 01/26/2028
|
441,794
|
445,706
|
||||||
|
Hanesbrands, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 03/08/2030
|
499,675
|
501,861
|
||||||
|
KUEHG Corp., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 06/12/2030
|
351,603
|
353,384
|
||||||
|
Learning Care Group US No 2, Inc., Senior Secured First Lien
|
||||||||
|
9.33% (3 mo. SOFR US + 4.00%), 08/11/2028
|
7,451
|
7,511
|
||||||
|
9.34% (3 mo. SOFR US + 4.00%), 08/11/2028
|
77,500
|
78,130
|
||||||
|
9.34% (3 mo. SOFR US + 4.00%), 08/11/2028
|
43,056
|
43,406
|
||||||
|
9.34% (3 mo. SOFR US + 4.00%), 08/11/2028
|
25,833
|
26,043
|
||||||
|
Peloton Interactive, Inc., Senior Secured First Lien, 11.35% (3 mo. SOFR US + 6.00%), 05/30/2029
|
272,000
|
272,748
|
||||||
|
Prometric Holdings, Inc., Senior Secured First Lien, 10.21% (1 mo. SOFR US + 4.75%), 01/31/2028
|
809,162
|
815,028
|
||||||
|
Renaissance Holdings Corp., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 4.25%), 04/30/2030
|
724,534
|
724,871
|
||||||
|
Samsonite IP Holdings Sarl, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 06/10/2030
|
378,143
|
380,272
|
||||||
|
Spring Education Group, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 4.00%), 10/04/2030
|
359,195
|
361,402
|
||||||
|
Tory Burch LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 04/17/2028
|
363,750
|
364,860
|
||||||
|
Wand NewCo 3, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/30/2031
|
1,085,000
|
1,093,425
|
||||||
|
WW International, Inc., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 04/13/2028
|
273,415
|
104,581
|
||||||
|
6,121,436
|
||||||||
|
CONSUMER NON-DISCRETIONARY - 0.4%
|
||||||||
|
Kronos Acquisition Holdings, Inc., Senior Secured First Lien
|
||||||||
|
9.31% (3 mo. SOFR US + 3.75%), 12/22/2026
|
532,485
|
532,685
|
||||||
|
9.31% (3 mo. SOFR US + 3.75%), 12/22/2026
|
227,002
|
227,087
|
||||||
|
9.34% (1 mo. Term SOFR + 4.00%), 06/27/2031
|
432,000
|
429,840
|
||||||
|
1,189,612
|
||||||||
|
ENVIRONMENTAL SERVICES - 2.1%
|
||||||||
|
Action Environmental Group, Inc., Senior Secured First Lien
|
||||||||
|
9.33% (1 mo. Term SOFR + 4.00%), 10/24/2030
|
94,857
|
95,569
|
||||||
|
9.33% (1 mo. Term SOFR + 4.00%), 10/24/2030
|
71,143
|
71,676
|
||||||
|
9.33% (3 mo. SOFR US + 4.00%), 10/24/2030
|
509,723
|
513,545
|
||||||
|
9.82% (1 mo. Term SOFR + 4.50%), 10/24/2030 (g)
|
77,000
|
77,578
|
||||||
|
Belfor Holdings, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 11/04/2030
|
939,582
|
946,628
|
||||||
|
GFL Environmental, Inc., Senior Secured First Lien
|
||||||||
|
7.83% (3 mo. SOFR US + 2.50%), 05/28/2027
|
655,596
|
657,697
|
||||||
|
6.84% (1 mo. Term SOFR + 2.00%), 06/27/2031
|
769,000
|
770,923
|
||||||
|
Gopher Resource LLC, Senior Secured First Lien, 8.69% (1 Month Synthetic LIBOR + 3.25%), 03/06/2025 (a)
|
309,554
|
295,667
|
||||||
|
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 10/17/2030
|
424,865
|
426,545
|
||||||
|
Reworld Holding Corp., Senior Secured First Lien
|
||||||||
|
7.84% (1 mo. SOFR US + 2.50%), 11/30/2028
|
342,966
|
343,196
|
||||||
|
7.84% (1 mo. SOFR US + 2.50%), 11/30/2028
|
26,282
|
26,299
|
||||||
|
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028
|
420,908
|
421,456
|
||||||
|
8.08% (1 mo. SOFR US + 2.75%), 11/30/2028
|
23,000
|
23,030
|
||||||
|
Win Waste Innovations Holdings, Inc., Senior Secured First Lien, 8.21% (1 mo. SOFR US + 2.75%), 03/27/2028
|
989,611
|
923,990
|
||||||
|
5,593,799
|
||||||||
|
FINANCIALS: BANKS - 0.1%
|
||||||||
|
EnergySolutions LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 09/23/2030
|
353,633
|
356,839
|
||||||
|
FINANCIALS: DIVERSIFIED - 4.5%
|
||||||||
|
Armor Holdco, Inc., Senior Secured First Lien, 9.93% (6 mo. Term SOFR + 4.50%), 12/11/2028
|
404,962
|
407,240
|
||||||
|
Ascensus Holdings, Inc., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 08/02/2028
|
786,861
|
788,434
|
||||||
|
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 06/22/2028
|
903,272
|
905,530
|
||||||
|
Blackhawk Network Holdings, Inc., Senior Secured First Lien, 10.34% (1 mo. SOFR US + 5.00%), 03/12/2029
|
471,000
|
472,620
|
||||||
|
Boost Newco Borrower LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 01/31/2031
|
952,000
|
954,513
|
||||||
|
Castlelake Aviation One DAC, Senior Secured First Lien
|
||||||||
|
7.84% (3 mo. SOFR US + 2.50%), 10/22/2026
|
526,569
|
528,086
|
||||||
|
8.09% (3 mo. SOFR US + 2.75%), 10/22/2027
|
518,110
|
519,729
|
||||||
|
Citco Funding LLC, Senior Secured First Lien, 8.10% (3 mo. SOFR US + 2.75%), 04/27/2028
|
674,544
|
677,636
|
||||||
|
Edelman Financial Engines Center LLC, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/07/2028
|
445,564
|
446,713
|
||||||
|
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 10.59% (1 mo. SOFR US + 5.25%), 10/31/2028
|
1,021,000
|
1,024,829
|
||||||
|
EIG Management Co. LLC, Senior Secured First Lien, 10.33% (1 mo. SOFR US + 5.00%), 05/17/2029
|
641,000
|
636,192
|
||||||
|
Focus Financial Partners LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 06/30/2028
|
402,938
|
402,996
|
||||||
|
Lakeland Holdings LLC, Senior Unsecured First Lien
|
||||||||
|
8.00%, 09/27/2027
|
225,670
|
37,235
|
||||||
|
8.00%, 09/27/2027
|
107,661
|
17,764
|
||||||
|
MoneyGram International, Inc., Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 06/03/2030
|
265,866
|
265,767
|
||||||
|
NAB Holdings LLC, Senior Secured First Lien, 8.10% (3 mo. SOFR US + 2.75%), 11/24/2028
|
493,083
|
494,111
|
||||||
|
Nuvei Technologies Corp., Senior Secured First Lien
|
||||||||
|
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030
|
142,976
|
143,321
|
||||||
|
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030
|
96,038
|
96,270
|
||||||
|
8.44% (1 mo. SOFR US + 3.00%), 12/19/2030
|
24,833
|
24,893
|
||||||
|
VFH Parent LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 06/23/2031
|
910,000
|
910,760
|
||||||
|
WEX, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 04/03/2028
|
693,698
|
695,557
|
||||||
|
WMB Holdings, Inc., Senior Secured First Lien
|
||||||||
|
7.92% (1 mo. SOFR US + 2.50%), 11/03/2027
|
386,293
|
385,327
|
||||||
|
8.09% (1 mo. SOFR US + 2.75%), 11/05/2029
|
716,398
|
719,980
|
||||||
|
Zelis Payments Buyer, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 09/28/2029
|
661,343
|
661,948
|
||||||
|
12,217,451
|
||||||||
|
FINANCIALS: INSURANCE - 4.2%
|
||||||||
|
Acrisure LLC, Senior Secured First Lien
|
||||||||
|
8.34% (3 mo. SOFR US + 3.00%), 02/16/2027
|
1,260,660
|
1,261,972
|
||||||
|
8.59% (3 mo. SOFR US + 3.25%), 11/06/2030
|
740,038
|
740,041
|
||||||
|
AssuredPartners, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 02/14/2031
|
1,926,173
|
1,933,396
|
||||||
|
Asurion LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 12/23/2026
|
2,014,092
|
2,000,104
|
||||||
|
Asurion LLC, Senior Secured Second Lien, 10.71% (1 mo. SOFR US + 5.25%), 02/03/2028
|
718,000
|
670,881
|
||||||
|
BroadStreet Partners, Inc., Senior Secured First Lien
|
||||||||
|
8.59% (1 mo. SOFR US + 3.25%), 06/16/2031
|
290,709
|
290,273
|
||||||
|
8.59% (1 mo. SOFR US + 3.25%), 06/16/2031
|
29,758
|
29,713
|
||||||
|
HUB International Ltd., Senior Secured First Lien
|
||||||||
|
8.57% (3 mo. SOFR US + 3.25%), 06/20/2030
|
1,297,748
|
1,302,075
|
||||||
|
8.58% (1 mo. SOFR US + 3.25%), 06/20/2030
|
3,253
|
3,263
|
||||||
|
Jones Deslauriers Insurance Management, Inc., Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/15/2030
|
366,083
|
366,815
|
||||||
|
Truist Insurance Holdings LLC, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 05/06/2031
|
1,447,000
|
1,451,905
|
||||||
|
Truist Insurance Holdings LLC, Senior Secured Second Lien, 10.09% (3 mo. SOFR US + 4.75%), 05/06/2032
|
505,000
|
516,362
|
||||||
|
USI, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 11/23/2029
|
941,152
|
942,334
|
||||||
|
11,509,134
|
||||||||
|
FOOD & BEVERAGE - 1.8%
|
||||||||
|
BCPE Empire Holdings, Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 12/26/2028
|
665,063
|
666,021
|
||||||
|
Delivery Hero Finco LLC, Senior Secured First Lien, 10.32% (3 mo. SOFR US + 5.00%), 12/12/2029
|
1,617,945
|
1,634,529
|
||||||
|
Froneri US, Inc., Senior Secured First Lien
|
||||||||
|
7.69% (1 mo. SOFR US + 2.25%), 02/01/2027
|
270,730
|
270,884
|
||||||
|
7.69% (1 mo. SOFR US + 2.25%), 02/01/2027
|
123,193
|
123,263
|
||||||
|
HLF Financing Sarl LLC, Senior Secured First Lien, 12.09% (1 mo. SOFR US + 6.75%), 04/12/2029
|
324,000
|
312,422
|
||||||
|
Pegasus Bidco BV, Senior Secured First Lien, 9.07% (3 mo. SOFR US + 3.75%), 07/12/2029
|
528,570
|
532,312
|
||||||
|
Saratoga Food Specialties LLC, Senior Secured First Lien, 9.09% (3 mo. SOFR US + 3.75%), 03/07/2029
|
380,000
|
382,612
|
||||||
|
Triton Water Holdings, Inc., Senior Secured First Lien, 8.81% (3 mo. SOFR US + 3.25%), 03/31/2028
|
819,278
|
820,507
|
||||||
|
4,742,550
|
||||||||
|
HEALTHCARE: EQUIPMENT & SUPPLIES - 2.3%
|
||||||||
|
AthenaHealth Group, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/15/2029
|
745,069
|
743,556
|
||||||
|
Azalea Topco, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 04/24/2031
|
1,134,000
|
1,134,590
|
||||||
|
Bausch + Lomb Corp., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 05/10/2027
|
582
|
577
|
||||||
|
Covetrus, Inc., Senior Secured First Lien, 10.33% (3 mo. SOFR US + 5.00%), 10/15/2029
|
232,063
|
224,935
|
||||||
|
Gainwell Acquisition Corp., Senior Secured First Lien, 9.43% (3 mo. SOFR US + 4.00%), 10/01/2027
|
944,676
|
917,120
|
||||||
|
Insulet Corp., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 3.00%), 05/04/2028
|
756,600
|
760,224
|
||||||
|
Medline Borrower LP, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/23/2028
|
1,594,496
|
1,599,478
|
||||||
|
Waystar Technologies, Inc., Senior Secured First Lien, 9.33% (1 mo. SOFR US + 4.00%), 10/22/2029
|
795,077
|
797,065
|
||||||
|
6,177,545
|
||||||||
|
HEALTHCARE: FACILITIES - 4.3%
|
||||||||
|
ADMI Corp., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/23/2027
|
415,240
|
407,716
|
||||||
|
CHG Healthcare Services, Inc., Senior Secured First Lien
|
||||||||
|
8.71% (1 mo. SOFR US + 3.25%), 09/29/2028
|
161,332
|
161,768
|
||||||
|
9.09% (1 mo. SOFR US + 3.75%), 10/02/2028
|
355,763
|
357,209
|
||||||
|
9.09% (1 mo. SOFR US + 3.75%), 10/02/2028
|
32,589
|
32,722
|
||||||
|
Concentra Health Services, Inc., Senior Secured First Lien, 7.83% (1 mo. Term SOFR + 2.25%), 06/26/2031
|
407,000
|
409,035
|
||||||
|
Electron Bidco, Inc., Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 11/01/2028
|
949,966
|
950,859
|
||||||
|
Global Medical Response, Inc., Senior Secured First Lien, 10.09% (0.75% PIK) (1 mo. Term SOFR + 4.75%), 10/02/2028
|
859,504
|
834,149
|
||||||
|
Heartland Dental LLC, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 04/28/2028
|
808,190
|
811,273
|
||||||
|
Inception Finco Sarl, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 03/10/2031
|
570,000
|
574,187
|
||||||
|
LifePoint Health, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 4.00%), 05/14/2031
|
944,000
|
946,511
|
||||||
|
ModivCare, Inc., Senior Secured First Lien, 10.09%, 06/20/2031 (b)
|
606,000
|
595,774
|
||||||
|
Option Care Health, Inc., Senior Secured First Lien, 7.71% (1 mo. SOFR US + 2.25%), 10/27/2028
|
675,653
|
681,001
|
||||||
|
Pacific Dental Services, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 03/17/2031
|
478,800
|
480,346
|
||||||
|
Pluto Acquisition I, Inc., Senior Secured First Lien
|
||||||||
|
10.95% (3 mo. SOFR US + 5.50%), 06/20/2028
|
90,065
|
91,191
|
||||||
|
10.95% (3 mo. SOFR US + 5.50%), 06/20/2028
|
1,801
|
1,824
|
||||||
|
9.33% (3 mo. SOFR US + 4.00%), 09/20/2028
|
405,745
|
365,171
|
||||||
|
Radnet Management, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 2.50%), 04/10/2031
|
408,000
|
408,765
|
||||||
|
Select Medical Corp., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 03/05/2027
|
704,285
|
705,458
|
||||||
|
Sonrava Health Co-Borrower LLC, Senior Secured First Lien, 12.11%, 06/13/2031 (b)
|
115,687
|
82,138
|
||||||
|
Sotera Health Holdings LLC, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 05/30/2031
|
648,000
|
647,731
|
||||||
|
Surgery Center Holdings T/L (05/24), Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 12/19/2030
|
1,306,000
|
1,310,982
|
||||||
|
US Radiology Specialists, Inc., Senior Secured First Lien, 10.73% (3 mo. SOFR US + 5.25%), 12/15/2027
|
525,744
|
528,307
|
||||||
|
Western Dental Services, Inc., Senior Secured First Lien
|
||||||||
|
10.11% (3 mo. SOFR US + 4.50%), 08/18/2028
|
304,238
|
218,037
|
||||||
|
10.11% (3 mo. SOFR US + 4.50%), 08/18/2028
|
31,081
|
22,275
|
||||||
|
11,624,429
|
||||||||
|
HEALTHCARE: LIFE SCIENCES - 1.7%
|
||||||||
|
Avantor Funding, Inc., Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 11/08/2027
|
1,288,345
|
1,295,773
|
||||||
|
Cambrex Corp., Senior Secured First Lien, 8.94% (1 mo. SOFR US + 3.50%), 12/07/2026
|
403,774
|
398,539
|
||||||
|
Catalent Pharma Solutions, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 02/22/2028
|
520,695
|
521,671
|
||||||
|
Curia Global, Inc., Senior Secured First Lien, 9.18% (3 mo. SOFR US + 3.75%), 08/28/2026
|
705,781
|
666,599
|
||||||
|
ICON Luxembourg Sarl, Senior Secured First Lien
|
||||||||
|
7.33% (3 mo. SOFR US + 2.00%), 07/03/2028
|
236,547
|
237,743
|
||||||
|
7.33% (3 mo. SOFR US + 2.00%), 07/03/2028
|
58,936
|
59,234
|
||||||
|
Phoenix Newco, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 11/15/2028
|
614,910
|
616,927
|
||||||
|
Star Parent, Inc., Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 09/30/2030
|
818,199
|
818,523
|
||||||
|
4,615,009
|
||||||||
|
HEALTHCARE: MANAGED HEALTH CARE - 0.7%
|
||||||||
|
Charlotte Buyer, Inc., Senior Secured First Lien, 10.58% (1 mo. SOFR US + 5.25%), 02/11/2028
|
284,831
|
285,932
|
||||||
|
Cotiviti, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/30/2031
|
1,655,850
|
1,651,710
|
||||||
|
1,937,642
|
||||||||
|
HEALTHCARE: PHARMA & BIOTECH - 1.7%
|
||||||||
|
Elanco Animal Health, Inc., Senior Secured First Lien, 7.18% (1 mo. SOFR US + 1.75%), 08/02/2027
|
401,750
|
400,778
|
||||||
|
Endo Finance Holdings, Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 04/23/2031
|
716,000
|
716,004
|
||||||
|
Financiere Mendel SASU, Senior Secured First Lien, 8.57% (3 mo. SOFR US + 3.25%), 11/13/2030
|
670,320
|
673,755
|
||||||
|
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 11/15/2027
|
684,323
|
674,058
|
||||||
|
Jazz Financing Lux Sarl, Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 05/05/2028
|
1,533,655
|
1,536,531
|
||||||
|
Perrigo Investments LLC, Senior Secured First Lien, 7.69% (1 mo. SOFR US + 2.25%), 04/20/2029
|
652,678
|
652,271
|
||||||
|
4,653,397
|
||||||||
|
INDUSTRIAL MACHINERY - 3.8%
|
||||||||
|
AI Aqua Merger Sub, Inc., Senior Secured First Lien, 9.33% (1 mo. SOFR US + 4.00%), 07/31/2028
|
1,148,996
|
1,152,340
|
||||||
|
Ali Group North America Corp., Senior Secured First Lien, 7.46% (1 mo. SOFR US + 2.00%), 07/23/2029
|
526,656
|
529,336
|
||||||
|
AZZ, Inc., Senior Secured First Lien
|
||||||||
|
8.59% (1 mo. SOFR US + 3.25%), 05/11/2029
|
291,387
|
293,572
|
||||||
|
8.59% (1 mo. SOFR US + 3.25%), 05/11/2029
|
188,663
|
190,078
|
||||||
|
Chart Industries, Inc., Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 03/18/2030
|
851,627
|
855,886
|
||||||
|
Columbus McKinnon Corp., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 2.50%), 05/15/2028
|
533,893
|
538,233
|
||||||
|
Crosby US Acquisition Corp., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 08/16/2029
|
495,510
|
498,865
|
||||||
|
Doosan Bobcat North America, Inc., Senior Secured First Lien, 7.68% (3 mo. SOFR US + 2.25%), 04/20/2029
|
387,794
|
388,763
|
||||||
|
Gates Global LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 11/16/2029
|
517,778
|
519,302
|
||||||
|
LSF12 Badger Bidco LLC, Senior Secured First Lien, 11.34% (1 mo. SOFR US + 6.00%), 07/10/2030
|
274,308
|
274,308
|
||||||
|
Madison IAQ LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 06/21/2028
|
405,153
|
406,030
|
||||||
|
Oregon Tool Holdings, Inc., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 4.00%), 10/16/2028
|
408,486
|
312,390
|
||||||
|
PG Investment Co. 59 Sarl, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/24/2031
|
540,000
|
544,277
|
||||||
|
Pro Mach Group, Inc., Senior Secured First Lien, 8.83% (1 mo. SOFR US + 3.50%), 08/31/2028
|
965,117
|
971,149
|
||||||
|
Roper Industrial Products Investment Co., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 11/23/2029
|
535,252
|
538,041
|
||||||
|
TK Elevator US Newco, Inc., Senior Secured First Lien
|
||||||||
|
8.79% (3 mo. SOFR US + 3.50%), 04/30/2030
|
504,952
|
508,187
|
||||||
|
8.79% (3 mo. SOFR US + 3.50%), 04/30/2030
|
290,058
|
291,915
|
||||||
|
Vertiv Group Corp., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 03/02/2027
|
565,843
|
568,120
|
||||||
|
Wec US Holdings Ltd., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 01/27/2031
|
949,720
|
951,710
|
||||||
|
10,332,502
|
||||||||
|
LEISURE: CASINOS & GAMING - 3.6%
|
||||||||
|
888 Acquisitions LLC, Senior Secured First Lien, 10.58% (6 mo. SOFR US + 5.25%), 07/03/2028
|
688,427
|
687,050
|
||||||
|
Allwyn International AS, Senior Secured First Lien, 7.57%, 05/30/2031 (b)
|
576,000
|
576,720
|
||||||
|
Aristocrat Technologies, Inc., Senior Secured First Lien, 7.68% (3 mo. SOFR US + 2.25%), 05/24/2029
|
224,143
|
225,263
|
||||||
|
Bally's Corp., Senior Secured First Lien, 8.84% (3 mo. SOFR US + 3.25%), 10/02/2028
|
413,515
|
393,658
|
||||||
|
Caesars Entertainment, Inc., Senior Secured First Lien
|
||||||||
|
8.10% (1 mo. SOFR US + 2.75%), 02/06/2030
|
675,568
|
676,885
|
||||||
|
8.10% (3 mo. SOFR US + 2.75%), 02/06/2031
|
563,588
|
564,732
|
||||||
|
Entain Holdings Gibraltar Ltd., Senior Secured First Lien, 7.86% (6 mo. SOFR US + 2.50%), 03/16/2027
|
1,346,986
|
1,350,717
|
||||||
|
Everi Holdings, Inc., Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 08/03/2028
|
449,888
|
451,604
|
||||||
|
Fertitta Entertainment LLC, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 3.75%), 01/29/2029
|
799,778
|
801,625
|
||||||
|
Flutter Financing BV, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 11/29/2030
|
1,871,979
|
1,875,302
|
||||||
|
Light & Wonder International, Inc., Senior Secured First Lien, 8.08% (1 mo. SOFR US + 2.75%), 04/16/2029
|
852,843
|
854,292
|
||||||
|
Ontario Gaming GTA LP, Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.25%), 08/01/2030
|
734,310
|
738,782
|
||||||
|
Penn Entertainment, Inc., Senior Secured First Lien, 8.19% (1 mo. SOFR US + 2.75%), 05/03/2029
|
586,480
|
587,866
|
||||||
|
9,784,496
|
||||||||
|
LEISURE: HOTELS - 2.8%
|
||||||||
|
Alterra Mountain Co., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 08/17/2028
|
1,786,568
|
1,794,759
|
||||||
|
Carnival Corp., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/18/2028
|
373,213
|
374,671
|
||||||
|
Cedar Fair LP, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 05/01/2031
|
516,000
|
515,760
|
||||||
|
Herschend Entertainment Co. LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 08/28/2028
|
789,610
|
794,549
|
||||||
|
Hilton Domestic Operating Co., Inc., Senior Secured First Lien, 7.10% (1 mo. SOFR US + 1.75%), 11/08/2030
|
835,000
|
836,795
|
||||||
|
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien
|
||||||||
|
7.84% (1 mo. SOFR US + 2.50%), 08/02/2028
|
431,790
|
432,291
|
||||||
|
8.09% (1 mo. SOFR US + 2.75%), 01/17/2031
|
903,735
|
904,865
|
||||||
|
Marriott Ownership Resorts, Inc., Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 04/01/2031
|
400,000
|
401,500
|
||||||
|
RHP Hotel Properties LP, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 05/20/2030
|
374,890
|
376,203
|
||||||
|
Sabre GLBL, Inc., Senior Secured First Lien
|
||||||||
|
8.96% (1 mo. SOFR US + 3.50%), 12/17/2027
|
143,000
|
129,210
|
||||||
|
8.96% (1 mo. SOFR US + 3.50%), 12/17/2027
|
90,735
|
81,985
|
||||||
|
9.69% (1 mo. SOFR US + 4.25%), 06/30/2028
|
64,915
|
58,937
|
||||||
|
10.44% (1 mo. SOFR US + 5.00%), 06/30/2028
|
465,000
|
427,874
|
||||||
|
Travel + Leisure Co., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/14/2029
|
502,740
|
504,877
|
||||||
|
7,634,276
|
||||||||
|
LEISURE: RESTAURANTS - 1.4%
|
||||||||
|
BCPE Grill Parent, Inc., Senior Secured First Lien, 10.09% (1 mo. SOFR US + 4.75%), 09/30/2030
|
266,660
|
263,393
|
||||||
|
Dave & Buster's, Inc., Senior Secured First Lien, 8.63% (1 mo. SOFR US + 3.25%), 06/29/2029
|
662,824
|
664,299
|
||||||
|
IRB Holding Corp., Senior Secured First Lien, 8.18% (1 mo. SOFR US + 2.75%), 12/15/2027
|
1,557,670
|
1,558,839
|
||||||
|
Tacala Investment Corp., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 01/31/2031
|
526,680
|
529,590
|
||||||
|
Whatabrands LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 08/03/2028
|
659,026
|
659,936
|
||||||
|
3,676,057
|
||||||||
|
MEDIA: BROADCASTING - 0.5%
|
||||||||
|
Hubbard Radio LLC, Senior Secured First Lien, 9.84% (1 mo. SOFR US + 4.50%), 09/30/2027
|
399,987
|
321,789
|
||||||
|
Nexstar Media, Inc., Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 09/18/2026
|
700,890
|
703,389
|
||||||
|
Univision Communications, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 03/24/2026
|
315,710
|
316,243
|
||||||
|
1,341,421
|
||||||||
|
MEDIA: CABLE & SATELLITE - 2.0%
|
||||||||
|
Charter Communications Operating LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 1.75%), 02/01/2027
|
664,766
|
664,702
|
||||||
|
Connect Finco Sarl, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 12/11/2026
|
431,241
|
426,928
|
||||||
|
Coral-US Co.-Borrower LLC, Senior Secured First Lien, 7.69% (1 mo. SOFR US + 2.25%), 01/31/2028
|
585,000
|
566,444
|
||||||
|
CSC Holdings LLC, Senior Secured First Lien, 9.83% (1 mo. SOFR US + 4.50%), 01/18/2028
|
852,271
|
821,227
|
||||||
|
Directv Financing LLC, Senior Secured First Lien, 10.46% (1 mo. SOFR US + 5.00%), 08/02/2027
|
536,724
|
538,468
|
||||||
|
Iridium Satellite LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 09/20/2030
|
832,023
|
832,082
|
||||||
|
Radiate Holdco LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 09/25/2026
|
343,778
|
279,392
|
||||||
|
Telenet Financing USD LLC, Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 04/28/2028
|
407,000
|
388,262
|
||||||
|
Telesat LLC, Senior Secured First Lien, 8.36% (3 mo. SOFR US + 2.75%), 12/07/2026
|
273,204
|
129,004
|
||||||
|
Virgin Media Bristol LLC, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 01/31/2028
|
630,000
|
603,546
|
||||||
|
Xplore, Inc., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 4.00%), 10/02/2028
|
430,745
|
74,155
|
||||||
|
5,324,210
|
||||||||
|
MEDIA: DIVERSIFIED - 1.4%
|
||||||||
|
Abe Investment Holdings, Inc., Senior Secured First Lien, 9.93% (3 mo. SOFR US + 4.50%), 02/19/2026
|
801,094
|
801,855
|
||||||
|
ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 12/21/2028
|
464,675
|
465,677
|
||||||
|
AP Core Holdings II LLC, Senior Secured First Lien, 10.96% (1 mo. SOFR US + 5.50%), 09/01/2027
|
271,000
|
237,408
|
||||||
|
Arches Buyer, Inc., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 12/06/2027
|
272,963
|
261,723
|
||||||
|
Buzz Finco LLC, Senior Secured First Lien, 8.19% (1 mo. SOFR US + 2.75%), 01/29/2027
|
603,225
|
604,480
|
||||||
|
McGraw-Hill Education, Inc., Senior Secured First Lien, 10.20% (3 mo. SOFR US + 4.75%), 07/31/2028
|
724,413
|
726,576
|
||||||
|
Neptune Bidco US, Inc., Senior Secured First Lien, 10.16% (3 mo. SOFR US + 4.75%), 10/11/2028
|
866,030
|
814,718
|
||||||
|
3,912,437
|
||||||||
|
MEDIA: ENTERTAINMENT - 2.3%
|
||||||||
|
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien
|
||||||||
|
9.08% (1 mo. SOFR US + 3.75%), 03/08/2030
|
442,723
|
443,000
|
||||||
|
9.08% (1 mo. SOFR US + 3.75%), 03/08/2030
|
224,181
|
224,321
|
||||||
|
Creative Artists Agency LLC, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 11/27/2028
|
765,190
|
769,674
|
||||||
|
Delta 2 Lux Sarl, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 01/15/2030
|
850,000
|
853,188
|
||||||
|
Hoya Midco LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 02/05/2029
|
554,590
|
557,593
|
||||||
|
Live Nation Entertainment, Inc., Senior Secured First Lien, 7.19% (1 mo. SOFR US + 1.75%), 10/19/2026
|
669,410
|
669,828
|
||||||
|
StubHub Holdco Sub LLC, Senior Secured First Lien, 10.08% (1 mo. SOFR US + 4.75%), 03/15/2030
|
944,059
|
945,537
|
||||||
|
UFC Holdings LLC, Senior Secured First Lien, 8.34% (3 mo. SOFR US + 2.75%), 04/29/2026
|
729,450
|
731,937
|
||||||
|
William Morris Endeavor Entertainment LLC, Senior Secured First Lien
|
||||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
584,657
|
586,326
|
||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
284,033
|
284,844
|
||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
53,372
|
53,525
|
||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
25,929
|
26,003
|
||||||
|
6,145,776
|
||||||||
|
METALS & MINING - 0.5%
|
||||||||
|
Arsenal AIC Parent LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 08/19/2030
|
506,181
|
509,851
|
||||||
|
Grinding Media, Inc., Senior Secured First Lien
|
||||||||
|
9.56% (3 mo. SOFR US + 4.00%), 10/12/2028
|
522,223
|
520,265
|
||||||
|
9.56% (3 mo. SOFR US + 4.00%), 10/12/2028
|
145,905
|
145,357
|
||||||
|
Zekelman Industries, Inc., Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 03/24/2031
|
250,307
|
251,023
|
||||||
|
1,426,496
|
||||||||
|
MIDSTREAM: STORAGE & TRANSPORT - 2.0%
|
||||||||
|
Brazos Delaware II LLC, Senior Secured First Lien, 8.82% (1 mo. Term SOFR + 3.50%), 02/11/2030
|
269,325
|
270,739
|
||||||
|
Buckeye Partners LP, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 11/02/2026
|
767,776
|
769,419
|
||||||
|
ITT Holdings LLC, Senior Secured First Lien, 8.43% (1 mo. SOFR US + 3.00%), 10/11/2030
|
642,156
|
643,559
|
||||||
|
Northriver Midstream Finance LP, Senior Secured First Lien, 7.80% (3 mo. SOFR US + 2.50%), 08/16/2030
|
734,586
|
736,004
|
||||||
|
Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 8.44% (1 mo. SOFR US + 3.00%), 10/05/2028
|
1,491,800
|
1,494,597
|
||||||
|
TransMontaigne Operating Co. LP, Senior Secured First Lien
|
||||||||
|
8.96% (1 mo. SOFR US + 3.50%), 11/17/2028
|
232,040
|
232,890
|
||||||
|
8.96% (1 mo. SOFR US + 3.50%), 11/17/2028
|
232,040
|
232,890
|
||||||
|
8.96% (1 mo. SOFR US + 3.50%), 11/17/2028
|
71,214
|
71,475
|
||||||
|
Traverse Midstream Partners LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 02/16/2028
|
652,652
|
656,121
|
||||||
|
UGI Energy Services LLC, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 02/22/2030
|
371,345
|
372,572
|
||||||
|
5,480,266
|
||||||||
|
OIL & GAS: E&P - 0.1%
|
||||||||
|
Discovery Energy Holding Corp., Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 05/01/2031
|
369,000
|
371,018
|
||||||
|
OIL & GAS: EQUIPMENT & SERVICES - 0.1%
|
||||||||
|
US Silica Co., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 03/25/2030
|
376,385
|
378,384
|
||||||
|
PACKAGING - 1.4%
|
||||||||
|
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 9.12% (1 mo. SOFR US + 3.68%), 04/13/2029
|
396,587
|
397,949
|
||||||
|
LABL, Inc., Senior Secured First Lien, 10.44% (1 mo. SOFR US + 5.00%), 10/30/2028
|
543,532
|
537,585
|
||||||
|
Mauser Packaging Solutions Holding Co., Senior Secured First Lien, 8.83% (1 mo. SOFR US + 3.50%), 04/16/2027
|
1,096,744
|
1,099,338
|
||||||
|
Pregis TopCo LLC, Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 07/31/2026
|
520,475
|
521,612
|
||||||
|
Sabert Corp., Senior Secured First Lien, 8.45% (1 mo. SOFR US + 3.00%), 12/10/2026
|
345,112
|
347,053
|
||||||
|
Trident TPI Holdings, Inc., Senior Secured First Lien, 9.57% (3 mo. SOFR US + 4.00%), 09/18/2028
|
908,363
|
912,088
|
||||||
|
3,815,625
|
||||||||
|
REAL ESTATE: MANAGEMENT - 0.3%
|
||||||||
|
Cushman & Wakefield US Borrower LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/31/2030
|
287,280
|
289,435
|
||||||
|
Greystar Real Estate Partners LLC, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 08/21/2030
|
543,897
|
547,296
|
||||||
|
836,731
|
||||||||
|
RETAIL: FOOD & DRUG - 0.2%
|
||||||||
|
JP Intermediate B LLC, Senior Secured First Lien, 11.09% (3 mo. SOFR US + 5.50%), 11/22/2027
|
452,852
|
42,880
|
||||||
|
TKC Holdings, Inc., Senior Secured First Lien, 11.11% (3 mo. SOFR US + 5.50%), 05/15/2028
|
490,318
|
490,625
|
||||||
|
533,505
|
||||||||
|
RETAILING - 3.4%
|
||||||||
|
Amer Sports Co., Senior Secured First Lien
|
||||||||
|
8.58% (3 mo. SOFR US + 3.25%), 02/18/2031
|
260,168
|
262,119
|
||||||
|
8.58% (3 mo. SOFR US + 3.25%), 02/18/2031
|
111,900
|
112,739
|
||||||
|
Belron Finance US LLC, Senior Secured First Lien, 7.51% (3 mo. SOFR US + 1.93%), 04/28/2028
|
1,188,568
|
1,191,290
|
||||||
|
Great Outdoors Group LLC, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 03/06/2028
|
1,484,282
|
1,484,905
|
||||||
|
Harbor Freight Tools USA, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 06/11/2031
|
905,000
|
903,511
|
||||||
|
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 05/04/2028
|
674,487
|
676,827
|
||||||
|
Michaels Cos., Inc., Senior Secured First Lien, 9.85% (3 mo. SOFR US + 4.25%), 04/17/2028
|
578,978
|
521,870
|
||||||
|
Peer Holding III BV, Senior Secured First Lien
|
||||||||
|
8.58% (3 mo. SOFR US + 3.25%), 10/28/2030
|
631,418
|
633,590
|
||||||
|
8.33%, 06/20/2031 (b)
|
334,000
|
334,767
|
||||||
|
PetSmart LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/14/2028
|
1,648,995
|
1,646,241
|
||||||
|
Restoration Hardware, Inc., Senior Secured First Lien
|
||||||||
|
7.94% (1 mo. Term SOFR + 2.50%), 10/20/2028
|
108,667
|
104,756
|
||||||
|
8.69% (1 mo. Term SOFR + 3.25%), 10/20/2028
|
217,333
|
212,443
|
||||||
|
Sally Holdings LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 1.75%), 02/28/2030
|
474,988
|
475,285
|
||||||
|
Staples, Inc., Senior Secured First Lien, 11.08% (3 mo. SOFR US + 5.75%), 09/10/2029
|
648,000
|
595,998
|
||||||
|
9,156,341
|
||||||||
|
TECHNOLOGY HARDWARE - 1.3%
|
||||||||
|
CommScope, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 04/06/2026
|
612,619
|
554,200
|
||||||
|
Fortress Intermediate 3, Inc., Senior Secured First Lien, 9.32% (1 mo. Term SOFR + 3.75%), 06/27/2029
|
597,000
|
598,492
|
||||||
|
Ingram Micro, Inc., Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.00%), 07/03/2028
|
352,264
|
354,191
|
||||||
|
MKS Instruments, Inc., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 2.50%), 08/17/2029
|
358,120
|
358,940
|
||||||
|
Synaptics, Inc., Senior Secured First Lien, 7.85% (3 mo. SOFR US + 2.25%), 12/04/2028
|
1,084,458
|
1,086,220
|
||||||
|
World Wide Technology Holding Co. LLC, Senior Secured First Lien, 8.18% (1 mo. SOFR US + 2.75%), 03/01/2030
|
667,457
|
670,795
|
||||||
|
3,622,838
|
||||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 10.8%
|
||||||||
|
Access CIG LLC, Senior Secured First Lien, 10.33% (3 mo. SOFR US + 5.00%), 08/18/2028
|
709,638
|
715,073
|
||||||
|
Barracuda Networks, Inc., Senior Secured First Lien, 9.81% (6 mo. SOFR US + 4.50%), 08/15/2029
|
420,728
|
420,545
|
||||||
|
Barracuda Networks, Inc., Senior Secured Second Lien, 12.33% (3 mo. SOFR US + 7.00%), 08/15/2030
|
358,333
|
342,208
|
||||||
|
Boxer Parent Co., Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 12/29/2028
|
1,389,020
|
1,393,604
|
||||||
|
Central Parent, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 07/06/2029
|
419,940
|
415,086
|
||||||
|
Cloud Software Group, Inc., Senior Secured First Lien
|
||||||||
|
9.33% (3 mo. SOFR US + 4.00%), 03/29/2029
|
1,763,262
|
1,764,038
|
||||||
|
9.33% (3 mo. SOFR US + 4.00%), 03/29/2029
|
4,419
|
4,421
|
||||||
|
ConnectWise LLC, Senior Secured First Lien, 9.10% (3 mo. SOFR US + 3.50%), 09/29/2028
|
1,121,925
|
1,115,754
|
||||||
|
Dayforce, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 03/03/2031
|
405,000
|
406,266
|
||||||
|
E2open LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 02/04/2028
|
603,265
|
606,583
|
||||||
|
Ensono, Inc., Senior Secured First Lien
|
||||||||
|
9.46% (1 mo. SOFR US + 4.00%), 05/30/2028
|
560,879
|
557,373
|
||||||
|
9.46% (1 mo. SOFR US + 4.00%), 05/30/2028
|
66,100
|
65,687
|
||||||
|
9.46% (1 mo. SOFR US + 4.00%), 05/30/2028
|
66,100
|
65,687
|
||||||
|
Flexera Software LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 03/03/2028
|
1,362,596
|
1,369,410
|
||||||
|
Genesys Cloud Services Holdings II LLC, Senior Secured First Lien
|
||||||||
|
8.84% (1 mo. SOFR US + 3.50%), 12/01/2027
|
373,123
|
375,323
|
||||||
|
8.84% (1 mo. SOFR US + 3.50%), 12/01/2027
|
174,754
|
175,784
|
||||||
|
9.21% (1 mo. SOFR US + 3.75%), 12/01/2027
|
370,073
|
373,041
|
||||||
|
Go Daddy Operating Co. LLC, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 06/02/2031
|
546,000
|
546,158
|
||||||
|
Informatica LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 10/30/2028
|
665,891
|
668,804
|
||||||
|
Marcel Bidco LLC, Senior Secured First Lien, 9.31% (Daily US Secured Overnight Financing Rate + 4.00%), 11/13/2030
|
770,197
|
775,973
|
||||||
|
McAfee Corp., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 03/01/2029
|
1,038,212
|
1,038,456
|
||||||
|
MH Sub I LLC, Senior Secured First Lien, 9.59% (1 mo. SOFR US + 4.25%), 05/03/2028
|
529,988
|
530,097
|
||||||
|
Modena Buyer LLC, Senior Secured First Lien, 9.82% (1 mo. Term SOFR + 4.50%), 04/21/2031
|
978,000
|
955,843
|
||||||
|
Mosel Bidco SE, Senior Secured First Lien
|
||||||||
|
9.83% (3 mo. SOFR US + 4.50%), 09/16/2030
|
429,847
|
432,534
|
||||||
|
9.83% (3 mo. SOFR US + 4.50%), 09/16/2030
|
302,153
|
304,041
|
||||||
|
N-Able International Holdings II LLC, Senior Secured First Lien, 8.36% (3 mo. SOFR US + 2.75%), 07/19/2028
|
498,893
|
498,893
|
||||||
|
Optiv Parent, Inc., Senior Secured First Lien, 10.57% (3 mo. SOFR US + 5.25%), 08/26/2026
|
343,764
|
316,263
|
||||||
|
Peraton Corp., Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/01/2028
|
943,723
|
944,974
|
||||||
|
Polaris Newco LLC, Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.00%), 06/05/2028
|
819,522
|
820,174
|
||||||
|
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien, 9.07% (3 mo. SOFR US + 3.75%), 10/28/2030
|
1,345,628
|
1,351,421
|
||||||
|
Proofpoint, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 08/31/2028
|
1,612,010
|
1,615,339
|
||||||
|
Quartz Acquireco LLC, Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 06/28/2030
|
523,048
|
524,028
|
||||||
|
Rithum Holdings, Inc., Senior Secured First Lien
|
||||||||
|
9.48% (3 mo. SOFR US + 4.00%), 12/02/2027
|
721,226
|
664,790
|
||||||
|
11.58% (3 mo. SOFR US + 6.25%), 12/29/2027
|
271,311
|
263,850
|
||||||
|
Rocket Software, Inc., Senior Secured First Lien, 10.09% (1 mo. SOFR US + 4.75%), 11/28/2028
|
808,927
|
813,300
|
||||||
|
Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 02/24/2028
|
1,306,463
|
1,309,546
|
||||||
|
Skopima Consilio Parent LLC, Senior Secured First Lien, 9.46% (1 mo. SOFR US + 4.00%), 05/17/2028
|
403,708
|
403,887
|
||||||
|
SolarWinds Holdings, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/05/2027
|
1,056,319
|
1,058,960
|
||||||
|
Sovos Compliance LLC, Senior Secured First Lien, 9.96% (1 mo. SOFR US + 4.50%), 08/14/2028
|
410,129
|
407,515
|
||||||
|
UKG, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 02/10/2031
|
2,022,000
|
2,031,938
|
||||||
|
VS Buyer LLC, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/14/2031
|
983,588
|
987,277
|
||||||
|
29,429,944
|
||||||||
|
TELECOM SERVICES: DIVERSIFIED - 2.1%
|
||||||||
|
Altice France SA, Senior Secured First Lien, 10.83% (3 mo. SOFR US + 5.50%), 08/31/2028
|
334,356
|
246,587
|
||||||
|
Cincinnati Bell, Inc., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 11/24/2028
|
663,995
|
662,571
|
||||||
|
Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 10.08% (3 mo. SOFR US + 4.75%), 01/30/2031
|
929,000
|
932,674
|
||||||
|
Eagle Broadband Investments LLC, Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.00%), 11/12/2027
|
276,359
|
274,978
|
||||||
|
Frontier Communications Holdings LLC, Senior Secured First Lien
|
||||||||
|
9.21% (1 mo. SOFR US + 3.75%), 10/08/2027
|
669,874
|
670,377
|
||||||
|
8.58% (1 mo. Term SOFR + 3.50%), 06/23/2031
|
824,000
|
824,000
|
||||||
|
Lumen Technologies, Inc., Senior Secured First Lien
|
||||||||
|
7.81% (1 mo. SOFR US + 2.35%), 04/16/2029
|
265,910
|
184,253
|
||||||
|
7.81% (1 mo. SOFR US + 2.35%), 04/15/2030
|
265,910
|
179,241
|
||||||
|
SBA Senior Finance II LLC, Senior Secured First Lien, 7.35% (1 mo. SOFR US + 2.00%), 01/27/2031
|
270,323
|
270,936
|
||||||
|
Voyage Australia Pty Ltd., Senior Secured First Lien, 9.09% (3 mo. SOFR US + 3.50%), 07/20/2028
|
467,773
|
469,529
|
||||||
|
Zayo Group Holdings, Inc., Senior Secured First Lien, 9.67% (1 mo. SOFR US + 4.33%), 03/09/2027
|
693,826
|
613,821
|
||||||
|
Ziggo Financing Partnership, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 04/28/2028
|
455,000
|
440,813
|
||||||
|
5,769,780
|
||||||||
|
TELECOM SERVICES: WIRELESS - 0.2%
|
||||||||
|
CCI Buyer, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 4.00%), 12/17/2027
|
527,288
|
528,482
|
||||||
|
TRANSPORTATION - 2.3%
|
||||||||
|
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 10.34% (3 mo. SOFR US + 4.75%), 04/20/2028
|
581,747
|
601,745
|
||||||
|
Air Canada, Senior Secured First Lien, 7.85% (3 mo. SOFR US + 2.50%), 03/21/2031
|
268,328
|
269,040
|
||||||
|
ASP LS Acquisition Corp., Senior Secured First Lien, 10.10% (3 mo. SOFR US + 4.50%), 05/08/2028
|
729,956
|
624,013
|
||||||
|
Avis Budget Car Rental LLC, Senior Secured First Lien
|
||||||||
|
7.21% (1 mo. SOFR US + 1.75%), 08/06/2027
|
398,868
|
395,543
|
||||||
|
8.44% (1 mo. SOFR US + 3.00%), 03/16/2029
|
356,852
|
356,986
|
||||||
|
Cubic Corp., Senior Secured First Lien
|
||||||||
|
9.86% (3 mo. SOFR US + 4.25%), 05/25/2028
|
705,775
|
523,548
|
||||||
|
9.86% (3 mo. SOFR US + 4.25%), 05/25/2028
|
152,256
|
112,944
|
||||||
|
Genesee & Wyoming, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 04/10/2031
|
647,000
|
647,061
|
||||||
|
Kenan Advantage Group, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/25/2029
|
535,623
|
538,971
|
||||||
|
Mileage Plus Holdings LLC, Senior Secured First Lien, 10.74% (3 mo. SOFR US + 5.25%), 06/21/2027
|
517,064
|
528,228
|
||||||
|
United Airlines, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 02/24/2031
|
335,160
|
336,417
|
||||||
|
WWEX Uni Topco Holdings LLC, Senior Secured First Lien, 9.57% (3 mo. SOFR US + 4.00%), 07/26/2028
|
682,765
|
685,598
|
||||||
|
XPO, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 02/28/2031
|
486,000
|
487,873
|
||||||
|
6,107,967
|
||||||||
|
UTILITIES: POWER - 2.0%
|
||||||||
|
Calpine Corp., Senior Secured First Lien
|
||||||||
|
7.34% (1 mo. SOFR US + 2.00%), 12/16/2027
|
266,000
|
266,617
|
||||||
|
7.34% (1 mo. SOFR US + 2.00%), 01/31/2031
|
263,647
|
263,125
|
||||||
|
Eastern Power LLC, Senior Secured First Lien, 9.20% (1 mo. Term SOFR + 3.75%), 10/02/2025
|
311,349
|
302,009
|
||||||
|
Granite Generation LLC, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 11/09/2026
|
276,000
|
276,173
|
||||||
|
Lightstone Holdco LLC, Senior Secured First Lien
|
||||||||
|
11.08% (3 mo. SOFR US + 5.75%), 01/29/2027
|
935,616
|
923,186
|
||||||
|
11.08% (3 mo. SOFR US + 5.75%), 01/29/2027
|
52,813
|
52,112
|
||||||
|
NRG Energy, Inc., Senior Secured First Lien, 7.34% (3 mo. SOFR US + 2.00%), 04/16/2031
|
675,308
|
676,236
|
||||||
|
Parkway Generation LLC, Senior Secured First Lien
|
||||||||
|
10.34% (3 mo. SOFR US + 4.75%), 02/20/2029
|
512,104
|
512,296
|
||||||
|
10.34% (3 mo. SOFR US + 4.75%), 02/20/2029
|
31,896
|
31,908
|
||||||
|
Vistra Zero Operating Co. LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 04/30/2031
|
324,188
|
326,092
|
||||||
|
WaterBridge Midstream Operating LLC, Senior Secured First Lien, 10.33% (1 mo. Term SOFR + 4.75%), 06/27/2029
|
1,399,000
|
1,392,005
|
||||||
|
WaterBridge NDB Operating LLC, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 05/10/2029
|
521,000
|
524,475
|
||||||
|
5,546,234
|
||||||||
|
TOTAL BANK LOANS (Cost $235,366,035)
|
234,937,963
|
|||||||
|
CORPORATE BONDS - 11.9%(f)
|
||||||||
|
AEROSPACE & DEFENSE - 0.3%
|
||||||||
|
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (c)
|
572,000
|
583,717
|
||||||
|
Bombardier, Inc., 7.13%, 06/15/2026 (c)
|
176,000
|
178,685
|
||||||
|
762,402
|
||||||||
|
BUILDING PRODUCTS - 0.2%
|
||||||||
|
Standard Industries, Inc., 3.38%, 01/15/2031 (c)
|
600,000
|
506,185
|
||||||
|
CHEMICALS - 0.1%
|
||||||||
|
Olympus Water US Holding Corp., 7.13%, 10/01/2027 (c)
|
200,000
|
201,459
|
||||||
|
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.13%, 04/01/2029 (c)
|
238,000
|
93,255
|
||||||
|
294,714
|
||||||||
|
COMMERCIAL SERVICES - 0.4%
|
||||||||
|
OPENLANE, Inc., 5.13%, 06/01/2025 (c)
|
424,000
|
418,513
|
||||||
|
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (c)
|
625,000
|
624,786
|
||||||
|
1,043,299
|
||||||||
|
CONSTRUCTION & ENGINEERING - 0.4%
|
||||||||
|
Pike Corp., 5.50%, 09/01/2028 (c)
|
1,043,000
|
1,001,127
|
||||||
|
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.2%
|
||||||||
|
Neogen Food Safety Corp., 8.63%, 07/20/2030 (c)
|
397,000
|
429,581
|
||||||
|
HEALTHCARE: FACILITIES - 1.2%
|
||||||||
|
Fresenius Medical Care US Finance III, Inc., 2.38%, 02/16/2031 (c)
|
925,000
|
732,098
|
||||||
|
Select Medical Corp., 6.25%, 08/15/2026 (c)
|
1,335,000
|
1,342,602
|
||||||
|
Tenet Healthcare Corp., 6.25%, 02/01/2027
|
1,311,000
|
1,311,270
|
||||||
|
3,385,970
|
||||||||
|
HEALTHCARE: PHARMA & BIOTECH - 0.8%
|
||||||||
|
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028 (c)
|
1,435,000
|
1,334,032
|
||||||
|
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026
|
765,000
|
718,572
|
||||||
|
2,052,604
|
||||||||
|
HEALTHCARE: REITs - 0.3%
|
||||||||
|
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031
|
1,270,000
|
829,367
|
||||||
|
INDUSTRIAL MACHINERY - 0.3%
|
||||||||
|
WESCO Distribution, Inc., 6.38%, 03/15/2029 (c)
|
912,000
|
916,493
|
||||||
|
LEISURE: CASINOS & GAMING - 1.9%
|
||||||||
|
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (c)
|
440,000
|
455,066
|
||||||
|
International Game Technology PLC
|
||||||||
|
6.50%, 02/15/2025 (c)
|
931,000
|
932,089
|
||||||
|
4.13%, 04/15/2026 (c)
|
1,095,000
|
1,066,339
|
||||||
|
Light & Wonder International, Inc., 7.00%, 05/15/2028 (c)
|
404,000
|
406,490
|
||||||
|
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
|
||||||||
|
5.63%, 09/01/2029 (c)
|
561,000
|
404,050
|
||||||
|
5.88%, 09/01/2031 (c)
|
562,000
|
382,893
|
||||||
|
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 4.88%, 11/01/2026 (c)
|
524,000
|
507,844
|
||||||
|
VICI Properties LP / VICI Note Co., Inc., 3.50%, 02/15/2025 (c)
|
1,145,000
|
1,130,598
|
||||||
|
5,285,369
|
||||||||
|
LEISURE: HOTELS - 1.5%
|
||||||||
|
NCL Corp. Ltd.
|
||||||||
|
3.63%, 12/15/2024 (c)
|
925,000
|
916,534
|
||||||
|
8.38%, 02/01/2028 (c)
|
444,000
|
464,347
|
||||||
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028 (c)
|
548,000
|
540,523
|
||||||
|
Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 (c)
|
421,000
|
416,539
|
||||||
|
Sabre GLBL, Inc., 8.63%, 06/01/2027 (c)
|
972,000
|
895,253
|
||||||
|
VOC Escrow Ltd., 5.00%, 02/15/2028 (c)
|
836,000
|
811,068
|
||||||
|
4,044,264
|
||||||||
|
LEISURE: RESTAURANTS - 0.2%
|
||||||||
|
CEC Entertainment LLC, 6.75%, 05/01/2026 (c)
|
660,000
|
655,198
|
||||||
|
MEDIA: CABLE & SATELLITE - 0.2%
|
||||||||
|
DISH DBS Corp., 5.13%, 06/01/2029
|
575,000
|
228,211
|
||||||
|
Sable International Finance Ltd., 5.75%, 09/07/2027 (c)
|
430,000
|
413,222
|
||||||
|
641,433
|
||||||||
|
MEDIA: ENTERTAINMENT - 0.4%
|
||||||||
|
Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (c)
|
393,000
|
395,597
|
||||||
|
Playtika Holding Corp., 4.25%, 03/15/2029 (c)
|
821,000
|
721,027
|
||||||
|
1,116,624
|
||||||||
|
METALS & MINING - 0.2%
|
||||||||
|
GrafTech Finance, Inc., 4.63%, 12/15/2028 (c)
|
127,000
|
80,844
|
||||||
|
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028 (c)
|
468,000
|
344,771
|
||||||
|
425,615
|
||||||||
|
MIDSTREAM: STORAGE & TRANSPORT - 0.5%
|
||||||||
|
Venture Global Calcasieu Pass LLC
|
||||||||
|
6.25%, 01/15/2030 (c)
|
290,000
|
294,511
|
||||||
|
3.88%, 11/01/2033 (c)
|
510,000
|
434,926
|
||||||
|
Venture Global LNG, Inc., 8.13%, 06/01/2028 (c)
|
712,000
|
734,699
|
||||||
|
1,464,136
|
||||||||
|
OIL & GAS: EQUIPMENT & SERVICES - 0.2%
|
||||||||
|
Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028 (c)
|
409,635
|
429,477
|
||||||
|
TECHNOLOGY HARDWARE - 0.4%
|
||||||||
|
Entegris, Inc., 4.75%, 04/15/2029 (c)
|
1,005,000
|
962,437
|
||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 1.2%
|
||||||||
|
Boxer Parent Co., Inc., 7.13%, 10/02/2025 (c)
|
385,000
|
386,331
|
||||||
|
Elastic NV, 4.13%, 07/15/2029 (c)
|
844,000
|
771,919
|
||||||
|
Gen Digital, Inc., 5.00%, 04/15/2025 (c)
|
2,220,000
|
2,208,690
|
||||||
|
3,366,940
|
||||||||
|
TELECOM SERVICES: DIVERSIFIED - 0.1%
|
||||||||
|
Altice France SA, 5.50%, 01/15/2028 (c)
|
400,000
|
273,963
|
||||||
|
TRANSPORTATION - 0.8%
|
||||||||
|
Uber Technologies, Inc., 8.00%, 11/01/2026 (c)
|
1,175,000
|
1,186,294
|
||||||
|
XPO, Inc.
|
||||||||
|
6.25%, 06/01/2028 (c)
|
758,000
|
763,250
|
||||||
|
7.13%, 06/01/2031 (c)
|
264,000
|
269,971
|
||||||
|
2,219,515
|
||||||||
|
UTILITIES: PROPANE - 0.1%
|
||||||||
|
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 05/20/2025
|
146,000
|
145,504
|
||||||
|
TOTAL CORPORATE BONDS (Cost $33,295,109)
|
32,252,217
|
|||||||
|
SHORT-TERM INVESTMENT - 6.3%
|
||||||||
|
Money Market Fund - 6.3%
|
Shares
|
|||||||
|
First American Government Obligations Fund - Class X, 5.23% (d)
|
17,022,529
|
17,022,529
|
||||||
|
TOTAL SHORT-TERM INVESTMENT (Cost $17,022,529)
|
17,022,529
|
|||||||
|
TOTAL INVESTMENTS - 104.7% (Cost $285,683,673)
|
284,212,709
|
|||||||
|
Liabilities in Excess of Other Assets - (4.7)%
|
(12,701,876
|
)
|
||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
271,510,833
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
LIBOR - London Interbank Offered Rate
|
|
NV - Naamloze Vennootschap
|
|
PIK - Payment in Kind
|
|
PLC - Public Limited Company
|
|
REIT - Real Estate Investment Trust
|
|
SA - Sociedad Anónima
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
|
|
(b)
|
Coupon rate is variable or floats based on components including but not limited to 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, 2024.
|
|
(c)
|
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, 2024, the value of these securities total $29,019,293 or 10.7% of the Fund’s net assets.
|
|
(d)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
|
(e)
|
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.
|
|
(f)
|
All or a portion is posted as collateral for delayed settlement securities.
|
|
(g)
|
All or a portion of the loan is unfunded.
|
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
Inc. and Standard & Poor's Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by Shenkman Capital Management, Inc. Industries presented are at the discretion of Shenkman Capital
Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.
|
|
Shenkman Capital Floating Rate High Income Fund
|
|
Summary of Fair Value Disclosure as of June 30, 2024 (Unaudited)
|
|
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various
inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs
of the fair value hierarchy are defined as follows:
|
|
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or
indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
|
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value
measurement.
|
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example,
the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are
less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
|
|
The following is a summary of the inputs used to value the Fund's investments as of June 30, 2024:
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Bank Loans
|
$
|
–
|
$
|
234,937,963
|
$
|
–
|
$
|
234,937,963
|
||||||||
|
Corporate Bonds
|
–
|
32,252,217
|
–
|
32,252,217
|
||||||||||||
|
Money Market Fund
|
17,022,529
|
–
|
–
|
17,022,529
|
||||||||||||
|
Total Investments
|
$ |
17,022,529
|
$
|
267,190,180
|
$
|
–
|
$
|
284,212,709
|
||||||||
|
Refer to the Schedule of Investments for additional information.
|
||||||||||||||||