|
Shenkman Capital Floating Rate High Income Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
December 31, 2025 (Unaudited)
|
||||||||
|
BANK LOANS - 87.1%
|
Principal Value
|
Value
|
||||||
|
AEROSPACE & DEFENSE - 1.7%
|
||||||||
|
Brown Group Holding LLC, Senior Secured First Lien
|
||||||||
|
6.47% (1 mo. SOFR US + 2.75%), 07/01/2031, (0.50% Floor)
|
$
|
197,756
|
$
|
198,971
|
||||
|
6.57% (3 mo. SOFR US + 2.75%), 07/01/2031, (0.50% Floor)
|
270,724
|
272,388
|
||||||
|
6.59% (3 mo. SOFR US + 2.75%), 07/01/2031, (0.50% Floor)
|
419,553
|
422,132
|
||||||
|
Dynasty Acquisition Co., Inc., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 10/31/2031, (0.00% Floor)
|
608,850
|
611,827
|
||||||
|
Karman Holdings, Inc., Senior Secured First Lien, 7.17% (3 mo. SOFR US + 3.50%), 04/01/2032, (0.00% Floor)
|
920,287
|
930,065
|
||||||
|
LSF11 Trinity Bidco, Inc., Senior Secured First Lien, 6.23% (1 mo. SOFR US + 2.50%), 06/17/2030, (0.00% Floor)
|
276,604
|
277,987
|
||||||
|
Signia Aerospace LLC, Senior Secured First Lien
|
||||||||
|
6.44% (3 mo. SOFR US + 2.75%), 12/11/2031, (0.50% Floor)
|
4,082
|
4,102
|
||||||
|
6.57% (3 mo. SOFR US + 2.75%), 12/11/2031, (0.50% Floor)
|
166,960
|
167,783
|
||||||
|
6.67% (3 mo. SOFR US + 2.75%), 12/11/2031, (0.50% Floor)
|
131,928
|
132,578
|
||||||
|
7.06% (3 mo. Term SOFR + 2.75%), 12/11/2031 (a)
|
14,769
|
14,842
|
||||||
|
TransDigm, Inc., Senior Secured First Lien
|
||||||||
|
8.22% (1 mo. SOFR US + 2.25%), 03/22/2030, (0.00% Floor)
|
967,562
|
971,451
|
||||||
|
6.22% (1 mo. SOFR US + 2.50%), 01/20/2032, (0.00% Floor)
|
271,968
|
273,365
|
||||||
|
Trident Technologies LLC, Senior Secured First Lien, 8.22% (1 mo. SOFR US + 4.50%), 02/09/2032, (0.00% Floor)
|
541,905
|
536,936
|
||||||
|
4,814,427
|
||||||||
|
AUTO RETAIL - 0.4%
|
||||||||
|
CWGS Group LLC, Senior Secured First Lien, 6.45% (1 mo. SOFR US + 2.50%), 06/05/2028, (0.75% Floor)
|
565,577
|
553,634
|
||||||
|
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 05/04/2028, (0.75% Floor)
|
542,224
|
544,819
|
||||||
|
1,098,453
|
||||||||
|
AUTOMOTIVE - 1.9%
|
||||||||
|
Allison Transmission, Inc., Senior Secured First Lien, 5.72% (1 mo. Term SOFR + 1.75%), 01/03/2033
|
876,000
|
881,659
|
||||||
|
American Axle & Manufacturing, Inc., Senior Secured First Lien
|
||||||||
|
6.76% (1 mo. SOFR US + 3.00%), 12/13/2029, (0.50% Floor)
|
604,767
|
607,978
|
||||||
|
7.06% (3 mo. SOFR US + 3.00%), 12/13/2029, (0.50% Floor)
|
269,985
|
271,419
|
||||||
|
7.57% (1 mo. Term SOFR + 3.25%), 09/20/2032
|
696,324
|
697,772
|
||||||
|
Clarios Global LP, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 05/06/2030, (0.00% Floor)
|
615,195
|
616,798
|
||||||
|
First Brands Group LLC, Senior Secured First Lien
|
||||||||
|
5.39% (or 8.45% PIK) (1 mo. SOFR US + 1.55%), 06/29/2026, (0.00% Floor)
|
3,058
|
604
|
||||||
|
0.11% (1 mo. SOFR US), 03/30/2027 (i)
|
36,285
|
195
|
||||||
|
0.26% (1 mo. SOFR US), 03/30/2027 (i)
|
961,905
|
5,184
|
||||||
|
Garrett LX I Sarl, Senior Secured First Lien, 5.84% (3 mo. SOFR US + 2.00%), 01/30/2032, (0.50% Floor)
|
260,421
|
261,562
|
||||||
|
Highline Aftermarket Acquisition LLC, Senior Secured First Lien, 7.32% (3 mo. SOFR US + 3.50%), 02/19/2030, (0.75% Floor)
|
698,560
|
703,366
|
||||||
|
Tenneco, Inc., Senior Secured First Lien
|
||||||||
|
8.87% (3 mo. SOFR US + 5.00%), 11/17/2028, (0.50% Floor)
|
1,947
|
1,918
|
||||||
|
8.91% (3 mo. SOFR US + 4.75%), 11/17/2028, (0.50% Floor)
|
655,160
|
643,656
|
||||||
|
9.09% (3 mo. SOFR US + 5.00%), 11/17/2028, (0.50% Floor)
|
689,582
|
679,056
|
||||||
|
5,371,167
|
||||||||
|
BUILDING PRODUCTS - 1.3%
|
||||||||
|
Covia Holdings LLC, Senior Secured First Lien, 6.71% (3 mo. SOFR US + 2.75%), 02/26/2032, (0.00% Floor)
|
360,190
|
358,164
|
||||||
|
Hunter Douglas, Inc., Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 01/20/2032, (0.00% Floor)
|
288,090
|
290,045
|
||||||
|
Quikrete Holdings, Inc., Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 02/10/2032, (0.00% Floor)
|
1,244,595
|
1,249,841
|
||||||
|
STS Operating, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 4.00%), 03/25/2031, (0.00% Floor)
|
527,887
|
528,415
|
||||||
|
Tamko Building Products LLC, Senior Secured First Lien
|
||||||||
|
6.42% (3 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
|
45,497
|
45,857
|
||||||
|
6.45% (6 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
|
46,904
|
47,276
|
||||||
|
6.48% (1 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
|
46,904
|
47,276
|
||||||
|
6.57% (3 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
|
46,904
|
47,275
|
||||||
|
6.61% (3 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
|
46,904
|
47,276
|
||||||
|
6.79% (6 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
|
93,809
|
94,551
|
||||||
|
6.95% (6 mo. SOFR US + 2.75%), 09/20/2030, (0.00% Floor)
|
44,559
|
44,912
|
||||||
|
Veritiv Operating Co., Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 11/29/2030, (0.00% Floor)
|
723,260
|
724,204
|
||||||
|
3,525,092
|
||||||||
|
CHEMICALS - 1.0%
|
||||||||
|
CoorsTek, Inc., Senior Secured First Lien, 6.86% (3 mo. SOFR US + 3.00%), 10/28/2032, (0.00% Floor)
|
417,000
|
420,911
|
||||||
|
INEOS US Finance LLC, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 02/19/2030, (0.00% Floor)
|
285,283
|
232,239
|
||||||
|
Lummus Technology Holdings V LLC, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 12/31/2029, (0.00% Floor)
|
493,292
|
494,306
|
||||||
|
Olympus Water US Holding Corp., Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 06/23/2031, (0.50% Floor)
|
274,300
|
272,336
|
||||||
|
Polar US Borrower LLC, Senior Secured First Lien, 9.56% (or .75% PIK) (3 mo. SOFR US + 5.50%), 10/16/2028, (0.00% Floor)
|
447,789
|
35,263
|
||||||
|
SCIH Salt Holdings, Inc., Senior Secured First Lien, 6.52% (3 mo. SOFR US + 2.75%), 01/31/2029, (0.00% Floor)
|
689,273
|
691,465
|
||||||
|
Sparta US HoldCo LLC, Senior Secured First Lien, 6.86% (1 mo. SOFR US + 3.00%), 08/02/2030, (0.75% Floor)
|
280,027
|
278,393
|
||||||
|
Windsor Holdings III LLC, Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 08/01/2030, (0.00% Floor)
|
475,542
|
477,251
|
||||||
|
2,902,164
|
||||||||
|
COMMERCIAL SERVICES - 4.9%
|
||||||||
|
AlixPartners LLP, Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 08/12/2032, (0.00% Floor)
|
834,000
|
836,398
|
||||||
|
Allied Universal Holdco LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 3.25%), 08/20/2032, (0.00% Floor)
|
835,905
|
841,259
|
||||||
|
American Auto Auction Group LLC, Senior Secured First Lien, 8.50% (3 mo. SOFR US + 4.50%), 05/28/2032, (0.00% Floor)
|
688,081
|
677,639
|
||||||
|
Apex Group Treasury LLC, Senior Secured First Lien, 7.39% (3 mo. SOFR US + 3.50%), 02/27/2032, (0.00% Floor)
|
758,849
|
717,113
|
||||||
|
Aramark Services, Inc., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 06/24/2030, (0.00% Floor)
|
262,137
|
263,366
|
||||||
|
Camelot US Acquisition LLC, Senior Secured First Lien
|
||||||||
|
6.47% (1 mo. SOFR US + 2.75%), 01/31/2031, (0.00% Floor)
|
819,461
|
810,123
|
||||||
|
6.97% (1 mo. SOFR US + 3.25%), 01/31/2031, (0.00% Floor)
|
696,000
|
697,959
|
||||||
|
CoreLogic, Inc., Senior Secured First Lien, 7.45% (1 mo. SOFR US + 3.50%), 06/02/2028, (0.50% Floor)
|
1,126,016
|
1,128,572
|
||||||
|
Foundever Worldwide Corp., Senior Secured First Lien, 7.68% (1 mo. SOFR US + 3.75%), 08/28/2028, (0.50% Floor)
|
851,361
|
353,315
|
||||||
|
Garda World Security Corp., Senior Secured First Lien, 6.75% (1 mo. SOFR US + 3.00%), 02/01/2029, (0.00% Floor)
|
526,396
|
529,291
|
||||||
|
Herc Holdings, Inc., Senior Secured First Lien, 5.52% (1 mo. SOFR US + 1.75%), 06/02/2032, (0.00% Floor)
|
253,000
|
254,634
|
||||||
|
OMNIA Partners LLC, Senior Secured First Lien, 6.45% (3 mo. SOFR US + 2.75%), 07/25/2030, (0.00% Floor)
|
613,657
|
616,836
|
||||||
|
PG Polaris BidCo Sarl, Senior Secured First Lien, 5.92% (3 mo. SOFR US + 2.25%), 03/26/2031, (0.00% Floor)
|
534,610
|
537,074
|
||||||
|
Planet US Buyer LLC, Senior Secured First Lien, 6.82% (3 mo. SOFR US + 3.00%), 02/10/2031, (0.00% Floor)
|
270,967
|
273,071
|
||||||
|
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 12/15/2028, (0.50% Floor)
|
738,701
|
715,849
|
||||||
|
Saphilux Sarl, Senior Secured First Lien
|
||||||||
|
6.66% (SOFR + 3.00%), 07/18/2028, (0.50% Floor)
|
1,554
|
1,566
|
||||||
|
6.73% (6 mo. SOFR US + 3.00%), 07/27/2028, (0.50% Floor)
|
617,064
|
621,887
|
||||||
|
Skopima Consilio Parent LLC, Senior Secured First Lien, 7.47% (1 mo. SOFR US + 3.75%), 05/17/2028, (0.50% Floor)
|
1,060,622
|
971,795
|
||||||
|
Tempo Acquisition LLC, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 08/31/2028, (0.00% Floor)
|
1,451,770
|
1,399,376
|
||||||
|
TKC Holdings, Inc., Senior Secured First Lien, 8.72% (1 mo. SOFR US + 5.00%), 05/15/2028, (1.00% Floor)
|
1,425,784
|
1,438,851
|
||||||
|
13,685,974
|
||||||||
|
CONSTRUCTION & ENGINEERING - 1.1%
|
||||||||
|
Amentum Holdings, Inc., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 09/29/2031, (0.00% Floor)
|
631,300
|
633,863
|
||||||
|
Centuri Group, Inc., Senior Secured First Lien, 6.12% (1 mo. SOFR US + 2.25%), 07/09/2032, (0.00% Floor)
|
644,490
|
647,713
|
||||||
|
Green Infrastructure Partners, Inc., Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 09/24/2032, (0.00% Floor)
|
423,000
|
424,586
|
||||||
|
Pinnacle Buyer LLC, Senior Secured First Lien
|
||||||||
|
6.49% (3 mo. SOFR US + 2.50%), 10/01/2032, (0.00% Floor)
|
488,582
|
491,027
|
||||||
|
7.22% (1 mo. Term SOFR + 2.50%), 10/01/2032 (a)
|
94,194
|
94,665
|
||||||
|
Tecta America Corp., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 02/18/2032, (0.00% Floor)
|
848,735
|
853,043
|
||||||
|
3,144,897
|
||||||||
|
CONSUMER DISCRETIONARY - 1.6%
|
||||||||
|
Beach Acquisition Bidco LLC, Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 09/13/2032, (0.00% Floor)
|
762,000
|
769,148
|
||||||
|
McGraw-Hill Education, Inc., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 08/06/2031, (0.50% Floor)
|
386,776
|
390,541
|
||||||
|
Peloton Interactive, Inc., Senior Secured First Lien, 9.22% (1 mo. SOFR US + 5.50%), 05/30/2029, (0.00% Floor)
|
268,885
|
271,574
|
||||||
|
Prometric Holdings, Inc., Senior Secured First Lien, 7.47% (1 mo. SOFR US + 3.75%), 06/25/2032, (0.00% Floor)
|
701,243
|
707,729
|
||||||
|
Renaissance Holdings Corp., Senior Secured First Lien, 7.72% (1 mo. SOFR US + 4.00%), 04/08/2030, (0.50% Floor)
|
965,163
|
845,671
|
||||||
|
Tory Burch LLC, Senior Secured First Lien, 7.20% (1 mo. SOFR US + 3.25%), 04/17/2028, (0.50% Floor)
|
565,471
|
566,797
|
||||||
|
Weber-Stephen Products LLC, Senior Secured First Lien, 7.74% (3 mo. SOFR US + 3.75%), 10/01/2032, (0.00% Floor)
|
864,000
|
866,376
|
||||||
|
4,417,836
|
||||||||
|
ENVIRONMENTAL & FACILITIES SERVICES - 1.9%
|
||||||||
|
Action Environmental Group, Inc., Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 10/24/2030, (0.50% Floor)
|
1,603,998
|
1,609,018
|
||||||
|
Belfor Holdings, Inc., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 11/04/2030, (0.50% Floor)
|
463,278
|
466,173
|
||||||
|
EnergySolutions LLC, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 09/23/2030, (0.50% Floor)
|
297,512
|
299,929
|
||||||
|
GFL ES US LLC, Senior Secured First Lien, 6.27% (3 mo. SOFR US + 2.50%), 03/03/2032, (0.00% Floor)
|
549,623
|
552,645
|
||||||
|
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 7.48% (1 mo. SOFR US + 3.75%), 10/17/2030, (0.50% Floor)
|
493,226
|
495,897
|
||||||
|
Reworld Holding Corp., Senior Secured First Lien, 6.07% (1 mo. Term SOFR + 2.25%), 01/15/2031
|
416,000
|
416,868
|
||||||
|
Win Waste Innovations Holdings, Inc., Senior Secured First Lien
|
||||||||
|
6.70% (1 mo. SOFR US + 2.75%), 03/27/2028, (0.50% Floor)
|
1,157,506
|
1,162,090
|
||||||
|
7.20% (1 mo. SOFR US + 3.25%), 03/27/2028, (0.50% Floor)
|
257,707
|
259,263
|
||||||
|
5,261,883
|
||||||||
|
FINANCIALS: DIVERSIFIED - 4.0%
|
||||||||
|
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.48% (1 mo. SOFR US + 1.75%), 06/24/2030, (0.50% Floor)
|
496,888
|
500,401
|
||||||
|
BCPE Pequod Buyer, Inc., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 11/25/2031, (0.00% Floor)
|
747,191
|
749,758
|
||||||
|
Blackhawk Network Holdings, Inc., Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 03/12/2029, (1.00% Floor)
|
814,686
|
819,586
|
||||||
|
Boost Newco Borrower LLC, Senior Secured First Lien, 5.67% (3 mo. SOFR US + 2.00%), 01/31/2031, (0.00% Floor)
|
410,694
|
411,850
|
||||||
|
Citco Funding LLC, Senior Secured First Lien, 6.51% (1 mo. SOFR US + 2.75%), 04/27/2028, (0.50% Floor)
|
664,406
|
669,582
|
||||||
|
Edelman Financial Engines Center LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 04/07/2028, (0.00% Floor)
|
440,005
|
442,835
|
||||||
|
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 8.97% (1 mo. SOFR US + 5.25%), 10/06/2028, (0.00% Floor)
|
816,265
|
816,608
|
||||||
|
EIG Management Co. LLC, Senior Secured First Lien, 8.72% (1 mo. SOFR US + 5.00%), 05/17/2029, (0.00% Floor)
|
632,988
|
632,988
|
||||||
|
FNZ USA FinCo LLC, Senior Secured First Lien, 8.90% (3 mo. SOFR US + 5.00%), 11/05/2031, (0.00% Floor)
|
1,341,212
|
1,067,269
|
||||||
|
Focus Financial Partners LLC, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 09/15/2031, (0.00% Floor)
|
704,088
|
706,067
|
||||||
|
IMC Global Holdings LLC, Senior Secured First Lien, 7.23% (1 mo. SOFR US + 3.50%), 06/21/2032, (0.00% Floor)
|
620,880
|
626,704
|
||||||
|
NorthAB LLC, Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 11/24/2028, (0.50% Floor)
|
424,143
|
406,559
|
||||||
|
Osaic Holdings, Inc., Senior Secured First Lien, 6.60% (3 mo. SOFR US + 3.00%), 08/02/2032, (0.00% Floor)
|
395,000
|
397,109
|
||||||
|
PEX Holdings LLC, Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 11/19/2031, (0.00% Floor)
|
292,788
|
293,519
|
||||||
|
Superannuation & Investments US LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 12/01/2028, (0.00% Floor)
|
277,605
|
279,687
|
||||||
|
VFH Parent LLC, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 06/20/2031, (0.00% Floor)
|
638,062
|
641,252
|
||||||
|
WEX, Inc., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 04/03/2028, (0.00% Floor)
|
683,402
|
685,859
|
||||||
|
Zelis Payments Buyer, Inc., Senior Secured First Lien
|
||||||||
|
6.47% (1 mo. SOFR US + 2.75%), 09/28/2029, (0.00% Floor)
|
651,398
|
645,971
|
||||||
|
6.97% (1 mo. SOFR US + 3.25%), 11/26/2031, (0.00% Floor)
|
273,240
|
271,532
|
||||||
|
11,065,136
|
||||||||
|
FINANCIALS: INSURANCE - 3.3%
|
||||||||
|
Acrisure LLC, Senior Secured First Lien
|
||||||||
|
6.72% (1 mo. SOFR US + 3.00%), 11/06/2030, (0.00% Floor)
|
1,282,525
|
1,283,128
|
||||||
|
6.97% (1 mo. SOFR US + 3.25%), 06/21/2032, (0.00% Floor)
|
974,105
|
976,540
|
||||||
|
Alera Group, Inc., Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 05/28/2032, (0.50% Floor)
|
411,968
|
414,417
|
||||||
|
AmWINS Group, Inc., Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 01/30/2032, (0.75% Floor)
|
413,167
|
414,822
|
||||||
|
Ardonagh Group Finco Pty Ltd., Senior Secured First Lien
|
||||||||
|
6.42% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)
|
20,113
|
20,109
|
||||||
|
6.95% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)
|
223,627
|
223,581
|
||||||
|
6.95% (6 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)
|
168,156
|
168,121
|
||||||
|
Asurion LLC, Senior Secured First Lien, 8.17% (1 mo. SOFR US + 4.25%), 08/21/2028, (0.00% Floor)
|
1,145,561
|
1,148,980
|
||||||
|
Asurion LLC, Senior Secured Second Lien, 9.20% (1 mo. SOFR US + 5.25%), 02/03/2028, (0.00% Floor)
|
1,264,798
|
1,262,629
|
||||||
|
Baldwin Insurance Group Holdings LLC, Senior Secured First Lien, 6.25% (1 mo. SOFR US + 2.50%), 05/27/2031, (0.00% Floor)
|
292,057
|
292,057
|
||||||
|
CRC Insurance Group LLC, Senior Secured Second Lien, 8.42% (3 mo. SOFR US + 4.75%), 05/06/2032, (0.00% Floor)
|
271,347
|
275,530
|
||||||
|
Goosehead Insurance Holdings LLC, Senior Secured First Lien, 6.75% (1 mo. SOFR US + 3.00%), 01/08/2032, (0.00% Floor)
|
549,243
|
552,676
|
||||||
|
HUB International Ltd., Senior Secured First Lien, 6.12% (3 mo. SOFR US + 2.25%), 06/20/2030, (0.75% Floor)
|
1,051,345
|
1,057,984
|
||||||
|
Hyperion Refinance Sarl, Senior Secured First Lien, 6.49% (1 mo. SOFR US + 2.75%), 04/18/2030, (0.00% Floor)
|
211,913
|
212,739
|
||||||
|
Jones Deslauriers Insurance Management, Inc., Senior Secured First Lien
|
||||||||
|
7.06% (3 mo. Term SOFR + 2.75%), 03/15/2030
|
35,906
|
35,996
|
||||||
|
6.83% (1 mo. Term SOFR + 3.00%), 01/31/2033
|
391,094
|
392,072
|
||||||
|
USI, Inc./NY, Senior Secured First Lien, 5.92% (3 mo. SOFR US + 2.25%), 11/23/2029, (0.00% Floor)
|
411,282
|
412,676
|
||||||
|
9,144,057
|
||||||||
|
FOOD & BEVERAGE - 1.9%
|
||||||||
|
Celsius Holdings, Inc., Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 04/01/2032, (0.00% Floor)
|
363,090
|
366,131
|
||||||
|
Chobani LLC, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 10/28/2032, (0.00% Floor)
|
586,000
|
589,662
|
||||||
|
Froneri US, Inc., Senior Secured First Lien, 6.12% (3 mo. SOFR US + 2.25%), 09/30/2032, (0.00% Floor)
|
531,000
|
531,741
|
||||||
|
Nourish Buyer I, Inc., Senior Secured First Lien, 8.25% (1 mo. SOFR US + 4.50%), 12/13/2032, (0.00% Floor)
|
403,984
|
406,763
|
||||||
|
Pegasus Bidco BV, Senior Secured First Lien, 6.60% (3 mo. SOFR US + 2.75%), 07/12/2029, (0.00% Floor)
|
544,845
|
547,569
|
||||||
|
PFI Lower Midco LLC, Senior Secured First Lien, 7.87% (1 mo. SOFR US + 4.00%), 12/01/2032, (0.00% Floor)
|
168,000
|
169,470
|
||||||
|
Primo Brands Corp., Senior Secured First Lien, 5.92% (3 mo. SOFR US + 2.25%), 03/31/2028, (0.50% Floor)
|
804,830
|
808,054
|
||||||
|
Red SPV LLC, Senior Secured First Lien, 5.98% (1 mo. SOFR US + 2.25%), 03/15/2032, (0.00% Floor)
|
408,945
|
410,137
|
||||||
|
Saratoga Food Specialties LLC, Senior Secured First Lien, 6.98% (3 mo. SOFR US + 3.25%), 03/07/2029, (0.00% Floor)
|
479,034
|
483,425
|
||||||
|
Savor Acquisition, Inc., Senior Secured First Lien
|
||||||||
|
6.72% (1 mo. SOFR US + 3.00%), 02/19/2032, (0.00% Floor)
|
43,108
|
43,341
|
||||||
|
6.84% (1 mo. SOFR US + 3.00%), 02/19/2032, (0.00% Floor)
|
379,832
|
381,889
|
||||||
|
7.56% (1 mo. Term SOFR + 3.00%), 02/19/2032 (a)
|
40,000
|
40,217
|
||||||
|
Sazerac Co., Inc., Senior Secured First Lien, 6.28% (1 mo. SOFR US + 2.50%), 07/09/2032, (0.00% Floor)
|
490,770
|
492,338
|
||||||
|
5,270,737
|
||||||||
|
HEALTHCARE: EQUIPMENT & SUPPLIES - 2.1%
|
||||||||
|
Accendra Health, Inc., Senior Secured First Lien, 7.67% (1 mo. SOFR US + 3.75%), 03/29/2029, (0.50% Floor)
|
724,000
|
700,470
|
||||||
|
Aveanna Healthcare LLC, Senior Secured First Lien, 7.47% (1 mo. SOFR US + 3.75%), 09/17/2032, (0.00% Floor)
|
436,905
|
440,208
|
||||||
|
Azalea Topco, Inc., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 04/30/2031, (0.00% Floor)
|
418,042
|
419,349
|
||||||
|
Bausch + Lomb Corp., Senior Secured First Lien
|
||||||||
|
7.72% (1 mo. SOFR US + 4.00%), 09/29/2028, (0.00% Floor)
|
119,095
|
119,393
|
||||||
|
7.97% (1 mo. SOFR US + 4.25%), 01/15/2031, (0.00% Floor)
|
837,790
|
847,634
|
||||||
|
Covetrus, Inc., Senior Secured First Lien, 8.67% (3 mo. SOFR US + 5.00%), 10/15/2029, (0.50% Floor)
|
156,013
|
140,627
|
||||||
|
Gainwell Acquisition Corp., Senior Secured First Lien, 7.87% (3 mo. SOFR US + 4.00%), 10/01/2027, (0.75% Floor)
|
1,258,730
|
1,238,905
|
||||||
|
Insulet Corp., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 08/04/2031, (0.00% Floor)
|
544,577
|
549,683
|
||||||
|
Medline Borrower LP, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 10/23/2028, (0.50% Floor)
|
412,198
|
413,886
|
||||||
|
Waystar Technologies, Inc., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 10/22/2029, (0.00% Floor)
|
864,104
|
870,584
|
||||||
|
5,740,739
|
||||||||
|
HEALTHCARE: FACILITIES - 7.3%
|
||||||||
|
ADMI Corp., Senior Secured First Lien
|
||||||||
|
7.70% (1 mo. SOFR US + 3.75%), 12/23/2027, (0.50% Floor)
|
1,398,012
|
1,329,859
|
||||||
|
9.47% (1 mo. SOFR US + 5.75%), 12/23/2027, (0.00% Floor)
|
568,726
|
546,830
|
||||||
|
CHG Healthcare Services, Inc., Senior Secured First Lien, 6.59% (3 mo. SOFR US + 2.75%), 09/29/2028, (0.50% Floor)
|
428,876
|
431,338
|
||||||
|
Examworks Bidco, Inc., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 11/01/2028, (0.50% Floor)
|
940,430
|
946,416
|
||||||
|
Global Medical Response, Inc., Senior Secured First Lien, 7.38% (3 mo. SOFR US + 3.50%), 09/20/2032, (0.00% Floor)
|
1,123,000
|
1,131,338
|
||||||
|
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 6.02% (3 mo. SOFR US + 2.00%), 11/15/2027, (0.00% Floor)
|
2,249,375
|
2,251,714
|
||||||
|
HAH Group Holding Co. LLC, Senior Secured First Lien, 8.72% (1 mo. SOFR US + 5.00%), 09/24/2031, (0.00% Floor)
|
1,253,251
|
1,104,233
|
||||||
|
Heartland Dental LLC, Senior Secured First Lien, 7.47% (1 mo. SOFR US + 3.75%), 08/25/2032, (0.00% Floor)
|
1,658,224
|
1,667,112
|
||||||
|
Hunter US Bidco, Inc., Senior Secured First Lien, 8.12% (3 mo. SOFR US + 4.25%), 08/21/2028, (0.50% Floor)
|
1,160,055
|
1,132,503
|
||||||
|
IVI America LLC, Senior Secured First Lien
|
||||||||
|
6.92% (3 mo. SOFR US + 3.25%), 04/09/2031, (0.00% Floor)
|
793,312
|
800,999
|
||||||
|
8.07% (3 mo. Term SOFR + 3.75%), 04/09/2031
|
231,000
|
233,239
|
||||||
|
LifePoint Health, Inc., Senior Secured First Lien
|
||||||||
|
7.33% (1 mo. SOFR US + 3.50%), 05/19/2031, (1.00% Floor)
|
830,846
|
833,097
|
||||||
|
7.65% (3 mo. SOFR US + 3.75%), 05/19/2031, (0.00% Floor)
|
420,122
|
421,971
|
||||||
|
LSCS Holdings, Inc., Senior Secured First Lien, 8.17% (3 mo. SOFR US + 4.50%), 03/04/2032, (0.00% Floor)
|
588,553
|
577,764
|
||||||
|
Lumexa Imaging, Inc., Senior Secured First Lien, 6.75% (1 mo. Term SOFR + 3.00%), 12/17/2032
|
427,000
|
430,472
|
||||||
|
Onex TSG Intermediate Corp., Senior Secured First Lien, 7.59% (3 mo. SOFR US + 3.75%), 08/06/2032, (0.00% Floor)
|
532,000
|
536,237
|
||||||
|
Pacific Dental Services, Inc., Senior Secured First Lien, 6.24% (1 mo. SOFR US + 2.50%), 03/17/2031, (0.00% Floor)
|
471,630
|
474,002
|
||||||
|
Pluto Acquisition I, Inc., Senior Secured First Lien
|
||||||||
|
9.19% (3 mo. SOFR US + 5.50%), 06/20/2028, (1.00% Floor)
|
91,866
|
93,244
|
||||||
|
7.87% (3 mo. SOFR US + 4.00%), 09/20/2028, (0.00% Floor)
|
462,461
|
387,658
|
||||||
|
Radiology Partners, Inc., Senior Secured First Lien, 8.17% (3 mo. SOFR US + 4.50%), 06/25/2032, (0.00% Floor)
|
731,168
|
730,769
|
||||||
|
Radnet Management, Inc., Senior Secured First Lien, 6.07% (3 mo. SOFR US + 2.25%), 04/18/2031, (0.00% Floor)
|
370,533
|
372,364
|
||||||
|
Sotera Health Holdings LLC, Senior Secured First Lien, 6.34% (3 mo. SOFR US + 2.50%), 05/30/2031, (0.00% Floor)
|
641,532
|
645,946
|
||||||
|
Southern Veterinary Partners LLC, Senior Secured First Lien, 6.37% (3 mo. SOFR US + 2.50%), 12/04/2031, (0.00% Floor)
|
418,800
|
418,765
|
||||||
|
Surgery Center Holdings, Inc., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 12/19/2030, (0.00% Floor)
|
613,641
|
616,765
|
||||||
|
Team Health Holdings, Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 4.50%), 06/30/2028, (0.00% Floor)
|
1,123,712
|
1,128,892
|
||||||
|
US Fertility Enterprises LLC, Senior Secured First Lien, 7.26% (1 mo. Term SOFR + 3.50%), 12/20/2032
|
974,000
|
978,870
|
||||||
|
20,222,397
|
||||||||
|
HEALTHCARE: LIFE SCIENCES - 0.4%
|
||||||||
|
PAREXEL International Corp., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 12/12/2031, (0.00% Floor)
|
695,000
|
698,187
|
||||||
|
Star Parent, Inc., Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 09/30/2030, (0.00% Floor)
|
417,024
|
417,985
|
||||||
|
1,116,172
|
||||||||
|
HEALTHCARE: MANAGED HEALTH CARE - 1.3%
|
||||||||
|
Bella Holding Co. LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 05/10/2028, (0.75% Floor)
|
821,450
|
825,500
|
||||||
|
Charlotte Buyer, Inc., Senior Secured First Lien, 8.01% (1 mo. SOFR US + 4.25%), 02/11/2028, (0.50% Floor)
|
832,845
|
819,569
|
||||||
|
Cotiviti, Inc., Senior Secured First Lien
|
||||||||
|
6.62% (1 mo. SOFR US + 2.75%), 05/01/2031, (0.00% Floor)
|
968,547
|
933,035
|
||||||
|
7.63% 05/01/2031
|
278,000
|
270,009
|
||||||
|
Raven Acquisition Holdings LLC, Senior Secured First Lien
|
||||||||
|
6.72% (1 mo. SOFR US + 3.00%), 11/20/2031, (0.00% Floor)
|
811,468
|
815,051
|
||||||
|
8.28% (3 mo. Term SOFR + 3.00%), 11/20/2031 (a)
|
58,400
|
58,658
|
||||||
|
3,721,822
|
||||||||
|
HEALTHCARE: PHARMA & BIOTECH - 1.5%
|
||||||||
|
Amneal Pharmaceuticals LLC, Senior Secured First Lien, 7.22% (1 mo. SOFR US + 3.50%), 08/02/2032, (0.50% Floor)
|
560,595
|
566,201
|
||||||
|
Dechra Finance US LLC, Senior Secured First Lien, 7.20% (6 mo. SOFR US + 3.00%), 01/27/2032, (0.00% Floor)
|
292,788
|
295,304
|
||||||
|
Endo Finance Holdings, Inc., Senior Secured First Lien, 7.47% (1 mo. SOFR US + 3.75%), 04/23/2031, (0.50% Floor)
|
1,407,979
|
1,398,827
|
||||||
|
Financiere Mendel SASU, Senior Secured First Lien, 6.59% (3 mo. SOFR US + 2.75%), 11/13/2030, (0.00% Floor)
|
660,290
|
665,378
|
||||||
|
Jazz Financing Lux Sarl, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 05/05/2028, (0.50% Floor)
|
966,502
|
971,803
|
||||||
|
Organon & Co., Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 2.25%), 05/19/2031
|
178,000
|
171,948
|
||||||
|
4,069,461
|
||||||||
|
INDUSTRIAL MACHINERY - 3.1%
|
||||||||
|
AI Aqua Merger Sub, Inc., Senior Secured First Lien
|
||||||||
|
6.85% (3 mo. SOFR US + 3.00%), 07/31/2028, (0.50% Floor)
|
758,071
|
760,595
|
||||||
|
6.87% (1 mo. SOFR US + 3.00%), 07/31/2028, (0.50% Floor)
|
502,206
|
503,878
|
||||||
|
Chart Industries, Inc., Senior Secured First Lien, 6.48% (3 mo. SOFR US + 2.50%), 03/18/2030, (0.50% Floor)
|
333,701
|
335,705
|
||||||
|
Columbus McKinnon Corp./NY, Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 05/15/2028, (0.50% Floor)
|
492,059
|
493,289
|
||||||
|
Crosby US Acquisition Corp., Senior Secured First Lien, 7.22% (1 mo. SOFR US + 3.50%), 08/16/2029, (0.50% Floor)
|
490,898
|
493,659
|
||||||
|
Dynamo US Bidco, Inc., Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 09/30/2031, (0.00% Floor)
|
365,834
|
369,721
|
||||||
|
Engineered Machinery Holdings, Inc., Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 11/26/2032, (0.00% Floor)
|
408,000
|
411,111
|
||||||
|
Gates Corp./DE, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 11/16/2029, (0.50% Floor)
|
337,847
|
338,948
|
||||||
|
Indicor LLC, Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 11/23/2029, (0.50% Floor)
|
528,571
|
532,369
|
||||||
|
JBT Marel Corp., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 01/02/2032, (0.00% Floor)
|
418,103
|
419,237
|
||||||
|
Jupiter Buyer, Inc., Senior Secured First Lien
|
||||||||
|
7.92% (3 mo. SOFR US + 4.25%), 11/03/2031, (0.00% Floor)
|
283,915
|
287,465
|
||||||
|
9.60% (3 mo. Term SOFR + 4.75%), 11/03/2031 (a)
|
33,007
|
33,419
|
||||||
|
Madison IAQ LLC, Senior Secured First Lien
|
||||||||
|
6.70% (6 mo. SOFR US + 2.50%), 06/21/2028, (0.50% Floor)
|
494,354
|
497,301
|
||||||
|
6.64% (3 mo. SOFR US + 2.75%), 05/06/2032, (0.00% Floor)
|
277,860
|
279,960
|
||||||
|
Madison Safety & Flow LLC, Senior Secured First Lien, 6.23% (1 mo. SOFR US + 2.50%), 09/26/2031, (0.00% Floor)
|
298,559
|
301,048
|
||||||
|
Pro Mach Group, Inc., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 10/18/2032, (0.00% Floor)
|
894,000
|
900,705
|
||||||
|
TK Elevator US Newco, Inc., Senior Secured First Lien, 6.95% (6 mo. SOFR US + 2.75%), 04/30/2030, (0.50% Floor)
|
1,354,419
|
1,364,381
|
||||||
|
WEC US Holdings, Inc., Senior Secured First Lien, 5.87% (1 mo. SOFR US + 2.00%), 01/27/2031, (0.00% Floor)
|
407,222
|
408,370
|
||||||
|
8,731,161
|
||||||||
|
LEISURE: CASINOS & GAMING - 3.8%
|
||||||||
|
888 Acquisitions LLC, Senior Secured First Lien, 9.15% (6 mo. SOFR US + 5.25%), 07/03/2028, (0.50% Floor)
|
1,546,958
|
1,334,738
|
||||||
|
Allwyn Entertainment Financing US LLC, Senior Secured First Lien, 5.91% (3 mo. SOFR US + 2.00%), 06/11/2031, (0.00% Floor)
|
278,862
|
269,450
|
||||||
|
Bally's Corp., Senior Secured First Lien, 7.63% (3 mo. SOFR US + 3.25%), 10/02/2028, (0.50% Floor)
|
1,672,885
|
1,652,451
|
||||||
|
Caesars Entertainment, Inc., Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 02/06/2030, (0.50% Floor)
|
579,313
|
576,271
|
||||||
|
Entain Holdings Gibraltar Ltd., Senior Secured First Lien
|
||||||||
|
5.92% (3 mo. SOFR US + 2.25%), 10/31/2029, (0.00% Floor)
|
843,502
|
839,618
|
||||||
|
5.91% (SOFR + 2.25%), 07/30/2032, (0.00% Floor)
|
1,160,000
|
1,152,976
|
||||||
|
Fertitta Entertainment LLC/NV, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 01/29/2029, (0.50% Floor)
|
274,771
|
275,022
|
||||||
|
Flutter Financing BV, Senior Secured First Lien
|
||||||||
|
5.42% (3 mo. SOFR US + 1.75%), 11/29/2030, (0.50% Floor)
|
984,092
|
984,501
|
||||||
|
5.67% (3 mo. SOFR US + 2.00%), 06/04/2032, (0.50% Floor)
|
426,855
|
427,523
|
||||||
|
Great Canadian Gaming Corp., Senior Secured First Lien, 8.44% (3 mo. SOFR US + 4.75%), 11/01/2029, (0.00% Floor)
|
707,510
|
697,339
|
||||||
|
Jack Ohio Finance LLC, Senior Secured First Lien, 7.72% (1 mo. SOFR US + 4.00%), 01/30/2032, (0.50% Floor)
|
408,910
|
408,603
|
||||||
|
Ontario Gaming GTA LP, Senior Secured First Lien, 8.24% (3 mo. SOFR US + 4.25%), 08/01/2030, (0.50% Floor)
|
1,199,331
|
1,112,805
|
||||||
|
Voyager Parent LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 4.75%), 07/01/2032, (0.00% Floor)
|
843,885
|
845,547
|
||||||
|
10,576,844
|
||||||||
|
LEISURE: HOTELS - 1.4%
|
||||||||
|
Alterra Mountain Co., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 08/17/2028, (0.00% Floor)
|
498,317
|
500,808
|
||||||
|
Herschend Entertainment Co. LLC, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 05/27/2032, (0.00% Floor)
|
820,875
|
827,631
|
||||||
|
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 08/02/2028, (0.50% Floor)
|
290,757
|
291,920
|
||||||
|
Lakeland Holdings LLC, Senior Secured First Lien, 8.00%, 09/27/2027
|
333,330
|
8,542
|
||||||
|
Sabre GLBL, Inc., Senior Secured First Lien
|
||||||||
|
7.58% (1 mo. Term SOFR + 3.50%), 12/17/2027
|
46,968
|
46,107
|
||||||
|
7.78% (1 mo. Term SOFR + 3.50%), 12/17/2027
|
69,886
|
68,605
|
||||||
|
8.31% (1 mo. Term SOFR + 4.25%), 06/30/2028
|
160,122
|
158,120
|
||||||
|
9.06% (1 mo. Term SOFR + 5.00%), 06/30/2028
|
604,674
|
597,116
|
||||||
|
9.92% (1 mo. SOFR US + 6.00%), 11/15/2029, (0.00% Floor)
|
52,045 |
46,840 |
||||||
|
10.02% (1 mo. Term SOFR + 6.00%), 11/15/2029
|
68,030
|
60,547
|
||||||
|
Sgh2 LLC, Senior Secured First Lien, 8.17% (3 mo. SOFR US + 4.50%), 08/18/2032, (0.00% Floor)
|
592,515
|
595,477
|
||||||
|
Travel + Leisure Co., Senior Secured First Lien, 5.74% (3 mo. SOFR US + 2.00%), 12/14/2029, (0.00% Floor)
|
369,124
|
370,200
|
||||||
|
TripAdvisor, Inc., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 07/08/2031, (0.00% Floor)
|
435,307
|
421,432
|
||||||
|
3,993,345
|
||||||||
|
LEISURE: RESTAURANTS - 1.1%
|
||||||||
|
BCPE Grill Parent, Inc., Senior Secured First Lien, 8.47% (3 mo. SOFR US + 4.75%), 09/30/2030, (0.50% Floor)
|
399,291
|
372,196
|
||||||
|
Dave & Buster's, Inc., Senior Secured First Lien, 7.13% (3 mo. SOFR US + 3.25%), 06/29/2029, (0.50% Floor)
|
421,433
|
389,760
|
||||||
|
IRB Holding Corp., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 12/16/2030, (0.00% Floor)
|
1,792,824
|
1,799,027
|
||||||
|
Tacala Investment Corp., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 01/31/2031, (0.00% Floor)
|
518,806
|
523,021
|
||||||
|
3,084,004
|
||||||||
|
MEDIA: BROADCASTING - 0.6%
|
||||||||
|
CMG Media Corp., Senior Secured First Lien, 7.37% (3 mo. SOFR US + 3.50%), 06/18/2029, (0.00% Floor)
|
425,935
|
398,760
|
||||||
|
Hubbard Radio LLC, Senior Secured First Lien, 8.22% (1 mo. SOFR US + 4.50%), 09/30/2027, (0.00% Floor)
|
319,322
|
71,848
|
||||||
|
Learfield Communications LLC, Senior Secured First Lien, 8.47% (1 mo. SOFR US + 4.75%), 06/30/2028, (0.00% Floor)
|
369,117
|
370,470
|
||||||
|
Nexstar Media, Inc., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 06/28/2032, (0.00% Floor)
|
614,460
|
618,073
|
||||||
|
Versant Media Group, Inc., Senior Secured First Lien, 7.52% (1 mo. Term SOFR + 3.50%), 10/23/2031
|
298,000
|
298,466
|
||||||
|
1,757,617
|
||||||||
|
MEDIA: CABLE & SATELLITE - 2.3%
|
||||||||
|
Charter Communications Operating LLC, Senior Secured First Lien, 5.90% (3 mo. SOFR US + 2.25%), 12/15/2031, (0.00% Floor)
|
917,730
|
919,451
|
||||||
|
Coral-US Co.-Borrower LLC, Senior Secured First Lien, 7.15% (3 mo. SOFR US + 3.25%), 01/30/2032, (0.00% Floor)
|
994,205
|
977,303
|
||||||
|
CSC Holdings LLC, Senior Secured First Lien, 8.25% (Prime Rate + 1.50%), 04/15/2027, (0.00% Floor)
|
1,345,974
|
1,179,645
|
||||||
|
Directv Financing LLC, Senior Secured First Lien, 9.36% (3 mo. SOFR US + 5.00%), 08/02/2027, (0.75% Floor)
|
79,089
|
79,336
|
||||||
|
Gryphon Acquire NewCo LLC, Senior Secured First Lien, 6.88% (6 mo. SOFR US + 3.00%), 09/13/2032, (0.00% Floor)
|
922,000
|
929,399
|
||||||
|
Iridium Satellite LLC, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 09/20/2030, (0.75% Floor)
|
573,478
|
560,179
|
||||||
|
Virgin Media Bristol LLC, Senior Secured First Lien, 7.23% (1 mo. SOFR US + 3.25%), 01/31/2029, (0.00% Floor)
|
887,000
|
889,772
|
||||||
|
WideOpenWest Finance LLC, Senior Secured First Lien, 7.43% (3 mo. SOFR US + 3.00%), 12/11/2028, (1.50% Floor)
|
897,533
|
818,999
|
||||||
|
6,354,084
|
||||||||
|
MEDIA: DIVERSIFIED - 1.7%
|
||||||||
|
ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 12/21/2028, (0.00% Floor)
|
734,009
|
736,032
|
||||||
|
Indy US Holdco LLC, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 10/31/2030, (0.50% Floor)
|
844,049
|
846,395
|
||||||
|
Neptune Bidco US, Inc., Senior Secured First Lien, 8.86% (3 mo. SOFR US + 4.75%), 10/11/2028, (0.50% Floor)
|
990,410
|
979,664
|
||||||
|
Red Planet Borrower LLC, Senior Secured First Lien, 7.72% (1 mo. SOFR US + 4.00%), 09/08/2032, (0.50% Floor)
|
281,000
|
281,878
|
||||||
|
Wasserman Media Group LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 06/23/2032, (0.00% Floor)
|
523,688
|
526,961
|
||||||
|
WH Borrower LLC, Senior Secured First Lien, 8.39% (3 mo. SOFR US + 4.50%), 02/20/2032, (0.50% Floor)
|
426,855
|
429,422
|
||||||
|
X Corp., Senior Secured First Lien
|
||||||||
|
9.50%, 10/29/2029
|
336,312
|
335,771
|
||||||
|
10.60% (6 mo. SOFR US + 6.50%), 10/29/2029, (0.50% Floor)
|
543,311
|
534,968
|
||||||
|
4,671,091
|
||||||||
|
MEDIA: ENTERTAINMENT - 2.9%
|
||||||||
|
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien, 7.42% (3 mo. SOFR US + 3.75%), 03/08/2030, (0.00% Floor)
|
1,894,461
|
1,759,007
|
||||||
|
Creative Artists Agency LLC, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 10/01/2031, (0.00% Floor)
|
278,523
|
279,916
|
||||||
|
Crown Finance US, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 4.50%), 12/02/2031, (0.00% Floor)
|
487,092
|
481,308
|
||||||
|
Delta 2 Lux Sarl, Senior Secured First Lien, 5.42% (3 mo. SOFR US + 1.75%), 09/19/2031, (0.50% Floor)
|
309,000
|
310,468
|
||||||
|
EOC Borrower LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 03/24/2032, (0.00% Floor)
|
977,090
|
983,930
|
||||||
|
Hoya Midco LLC, Senior Secured First Lien, 6.09% (3 mo. SOFR US + 2.25%), 02/05/2029, (0.00% Floor)
|
622,800
|
361,224
|
||||||
|
Live Nation Entertainment, Inc., Senior Secured First Lien, 5.73% (1 mo. SOFR US + 2.00%), 10/21/2032, (0.00% Floor)
|
890,000
|
892,225
|
||||||
|
Playtika Holding Corp., Senior Secured First Lien, 6.70% (1 mo. SOFR US + 2.75%), 03/13/2028, (0.00% Floor)
|
2,022,633
|
1,959,112
|
||||||
|
StubHub Holdco Sub LLC, Senior Secured First Lien, 8.47% (1 mo. SOFR US + 4.75%), 03/15/2030, (0.00% Floor)
|
289,548
|
287,558
|
||||||
|
TKO Worldwide Holdings LLC, Senior Secured First Lien, 5.87% (3 mo. SOFR US + 2.00%), 11/21/2031, (0.00% Floor)
|
668,495
|
672,302
|
||||||
|
7,987,050
|
||||||||
|
METALS & MINING - 0.4%
|
||||||||
|
GrafTech Global Enterprises, Inc., Senior Secured First Lien
|
||||||||
|
10.62% (1 mo. Term SOFR + 6.00%), 12/21/2029 (a)
|
59,741
|
61,011
|
||||||
|
9.86% (3 mo. SOFR US + 6.00%), 12/21/2029, (2.00% Floor)
|
104,547
|
106,768
|
||||||
|
Grinding Media, Inc., Senior Secured First Lien, 7.34% (3 mo. SOFR US + 3.50%), 10/12/2028, (0.75% Floor)
|
981,409
|
983,249
|
||||||
|
1,151,028
|
||||||||
|
MIDSTREAM: STORAGE & TRANSPORT - 1.4%
|
||||||||
|
Brazos Delaware II LLC, Senior Secured First Lien, 6.27% (1 mo. SOFR US + 2.50%), 02/11/2030, (0.50% Floor)
|
265,969
|
266,614
|
||||||
|
CPPIB OVM Member US LLC, Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 08/20/2031, (0.00% Floor)
|
271,207
|
273,199
|
||||||
|
Deep Blue Operating I LLC, Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.75%), 10/01/2032, (0.00% Floor)
|
564,000
|
566,702
|
||||||
|
ITT Holdings LLC, Senior Secured First Lien, 6.19% (1 mo. SOFR US + 2.48%), 10/11/2030, (0.50% Floor)
|
417,345
|
420,318
|
||||||
|
M6 ETX Holdings II Midco LLC, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 04/01/2032, (0.00% Floor)
|
291,580
|
293,662
|
||||||
|
Northriver Midstream Finance LP, Senior Secured First Lien, 6.24% (3 mo. SOFR US + 2.25%), 08/16/2030, (0.00% Floor)
|
723,216
|
726,517
|
||||||
|
Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 5.98% (1 mo. SOFR US + 2.25%), 10/05/2028, (0.50% Floor)
|
981,833
|
990,149
|
||||||
|
TransMontaigne Operating Co. LP, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 11/17/2028, (0.50% Floor)
|
404,648
|
408,021
|
||||||
|
3,945,182
|
||||||||
|
OIL & GAS: E&P - 0.2%
|
||||||||
|
Discovery Energy Holding Corp., Senior Secured First Lien, 7.42% (3 mo. SOFR US + 3.75%), 05/02/2031, (0.00% Floor)
|
456,484
|
459,766
|
||||||
|
OIL & GAS: EQUIPMENT & SERVICES - 0.1%
|
||||||||
|
Star Holding LLC, Senior Secured First Lien, 8.22% (1 mo. SOFR US + 4.50%), 07/31/2031, (0.00% Floor)
|
370,545
|
364,987
|
||||||
|
PACKAGING - 0.8%
|
||||||||
|
Iris Holding, Inc., Senior Secured First Lien
|
||||||||
|
8.69% (3 mo. SOFR US + 4.75%), 06/28/2028, (0.50% Floor)
|
224,439
|
218,268
|
||||||
|
8.79% (3 mo. SOFR US + 4.75%), 06/28/2028, (0.50% Floor)
|
209,850
|
204,080
|
||||||
|
LABL, Inc., Senior Secured First Lien, 9.04% (3 mo. SOFR US + 5.00%), 10/30/2028, (0.50% Floor)
|
345,595
|
221,366
|
||||||
|
M2S Group Intermediate Holdings, Inc., Senior Secured First Lien, 8.59% (3 mo. SOFR US + 4.75%), 08/27/2031, (0.50% Floor)
|
280,374
|
279,042
|
||||||
|
Pregis TopCo LLC, Senior Secured First Lien, 7.72% (1 mo. SOFR US + 4.00%), 02/01/2029, (0.00% Floor)
|
547,177
|
552,405
|
||||||
|
Ranpak BV, Senior Secured First Lien, 8.22% (1 mo. SOFR US + 4.50%), 12/19/2031, (0.00% Floor)
|
91,177
|
91,404
|
||||||
|
Ranpak Corp., Senior Secured First Lien, 8.22% (1 mo. SOFR US + 4.50%), 12/19/2031, (0.00% Floor)
|
142,463
|
142,819
|
||||||
|
Tosca Services LLC, Senior Secured First Lien
|
||||||||
|
5.42% (1 mo. SOFR US + 1.50%), 11/30/2028, (0.75% Floor)
|
25,552
|
24,157
|
||||||
|
5.42% (or 3.25% PIK) (1 mo. SOFR US + 1.50%), 11/30/2028, (0.75% Floor)
|
590,370
|
558,145
|
||||||
|
2,291,686
|
||||||||
|
RETAIL: FOOD & DRUG - 0.9%
|
||||||||
|
Boots Group Finco LP, Senior Secured First Lien, 7.21% (3 mo. SOFR US + 3.50%), 08/30/2032, (0.00% Floor)
|
631,000
|
635,206
|
||||||
|
C&S Wholesale Grocers, Inc., Senior Secured First Lien, 8.67% (3 mo. SOFR US + 5.00%), 09/23/2030, (0.00% Floor)
|
439,898
|
431,099
|
||||||
|
EG America LLC, Senior Secured First Lien, 7.32% (3 mo. SOFR US + 3.50%), 02/07/2028, (0.00% Floor)
|
553,322
|
556,147
|
||||||
|
Opal US LLC, Senior Secured First Lien, 6.69% (3 mo. SOFR US + 3.00%), 04/23/2032, (0.00% Floor)
|
980,543
|
987,897
|
||||||
|
2,610,349
|
||||||||
|
RETAILING - 2.7%
|
||||||||
|
Belron Finance 2019 LLC, Senior Secured First Lien, 6.12% (3 mo. SOFR US + 2.25%), 10/16/2031, (0.50% Floor)
|
815,592
|
821,199
|
||||||
|
Great Outdoors Group LLC, Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 01/23/2032, (0.75% Floor)
|
1,386,015
|
1,395,890
|
||||||
|
Harbor Freight Tools USA, Inc., Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 06/11/2031, (0.00% Floor)
|
563,258
|
558,633
|
||||||
|
JP Intermediate B LLC, Senior Secured First Lien
|
||||||||
|
10.67% (3 mo. SOFR US + 7.00%), 07/31/2030, (0.00% Floor)
|
50,087
|
41,321
|
||||||
|
9.50% (1 mo. Term SOFR + 5.50%), 01/31/2031
|
144,527
|
75,877
|
||||||
|
Michaels Cos., Inc., Senior Secured First Lien, 8.45% (3 mo. SOFR US + 4.25%), 04/17/2028, (0.75% Floor)
|
299,972
|
290,775
|
||||||
|
Peer Holding III BV, Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 10/28/2030, (0.00% Floor)
|
415,953
|
418,337
|
||||||
|
Peer USA LLC, Senior Secured First Lien, 6.19% (1 mo. SOFR US + 2.25%), 09/29/2032
|
741,000
|
743,316
|
||||||
|
Petco Health & Wellness Co., Inc., Senior Secured First Lien, 7.45% (3 mo. SOFR US + 3.25%), 03/06/2028, (0.75% Floor)
|
547,291
|
542,606
|
||||||
|
PetSmart LLC, Senior Secured First Lien, 7.73% (1 mo. SOFR US + 4.00%), 08/18/2032, (0.00% Floor)
|
1,127,000
|
1,123,833
|
||||||
|
Restoration Hardware, Inc., Senior Secured First Lien, 7.17% (1 mo. SOFR US + 3.25%), 10/20/2028, (0.50% Floor)
|
911,803
|
907,814
|
||||||
|
Staples, Inc., Senior Secured First Lien, 9.60% (3 mo. SOFR US + 5.75%), 09/10/2029, (0.50% Floor)
|
522,902
|
497,900
|
||||||
|
7,417,501
|
||||||||
|
TECHNOLOGY HARDWARE - 1.7%
|
||||||||
|
Coherent Corp., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 07/02/2029, (0.00% Floor)
|
277,620
|
278,663
|
||||||
|
CommScope LLC, Senior Secured First Lien, 8.67% (1 mo. SOFR US + 4.75%), 12/17/2029, (2.00% Floor)
|
2,290,000
|
2,297,283
|
||||||
|
MKS, Inc., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 08/17/2029, (0.50% Floor)
|
235,960
|
237,484
|
||||||
|
VeriFone Systems, Inc., Senior Secured First Lien, 9.47% (3 mo. SOFR US + 5.25%), 08/21/2028, (0.00% Floor)
|
1,175,743
|
1,116,791
|
||||||
|
World Wide Technology Holding Co. LLC, Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 03/01/2030, (0.50% Floor)
|
655,835
|
658,708
|
||||||
|
4,588,929
|
||||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 17.0%
|
||||||||
|
Access CIG LLC, Senior Secured First Lien, 7.72% (1 mo. SOFR US + 4.00%), 08/19/2030, (0.50% Floor)
|
1,127,069
|
1,090,440
|
||||||
|
Armor Holdco, Inc., Senior Secured First Lien, 7.55% (6 mo. SOFR US + 3.75%), 12/10/2031, (0.00% Floor)
|
399,316
|
401,500
|
||||||
|
AthenaHealth Group, Inc., Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 02/15/2029, (0.50% Floor)
|
1,669,990
|
1,675,208
|
||||||
|
Avalara, Inc., Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 03/29/2032, (0.00% Floor)
|
465,663
|
468,217
|
||||||
|
Barracuda Networks, Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 4.50%), 08/15/2029, (0.50% Floor)
|
2,160,118
|
1,768,262
|
||||||
|
Barracuda Networks, Inc., Senior Secured Second Lien, 10.84% (3 mo. SOFR US + 7.00%), 08/15/2030, (0.50% Floor)
|
461,277
|
249,708
|
||||||
|
Boxer Parent Co., Inc., Senior Secured First Lien, 6.82% (3 mo. SOFR US + 3.00%), 07/30/2031, (0.00% Floor)
|
697,061
|
696,067
|
||||||
|
Boxer Parent Co., Inc., Senior Secured Second Lien, 9.47% (1 mo. SOFR US + 5.75%), 07/30/2032, (0.00% Floor)
|
734,373
|
709,863
|
||||||
|
CCC Intelligent Solutions, Inc., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 01/23/2032, (0.50% Floor)
|
384,255
|
386,057
|
||||||
|
Central Parent LLC, Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 07/06/2029, (0.00% Floor)
|
2,444,020
|
2,078,126
|
||||||
|
Cloud Software Group, Inc., Senior Secured First Lien
|
||||||||
|
6.92% (1 mo. SOFR US + 3.25%), 03/24/2031, (0.00% Floor)
|
1,387
|
1,390
|
||||||
|
6.92% (3 mo. SOFR US + 3.25%), 03/24/2031, (0.00% Floor)
|
552,016
|
553,352
|
||||||
|
6.92% (1 mo. SOFR US + 3.25%), 08/16/2032, (0.00% Floor)
|
3,142
|
3,150
|
||||||
|
6.92% (3 mo. SOFR US + 3.25%), 08/16/2032, (0.00% Floor)
|
1,250,666
|
1,253,699
|
||||||
|
Clover Holdings 2 LLC, Senior Secured First Lien, 7.52% (1 mo. SOFR US + 3.75%), 12/09/2031, (0.00% Floor)
|
696,163
|
697,576
|
||||||
|
ConnectWise LLC, Senior Secured First Lien, 7.70% (3 mo. SOFR US + 3.50%), 09/29/2028, (0.50% Floor)
|
977,873
|
962,598
|
||||||
|
Darktrace Finco US LLC, Senior Secured First Lien, 7.19% (3 mo. SOFR US + 3.25%), 10/09/2031, (0.00% Floor)
|
837,862
|
841,981
|
||||||
|
Dawn Bidco LLC, Senior Secured First Lien, 7.67% (1 mo. Term SOFR + 3.00%), 10/07/2032
|
500,000
|
499,110
|
||||||
|
Delivery Hero Finco LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 5.00%), 12/12/2029, (0.50% Floor)
|
2,767,733
|
2,782,734
|
||||||
|
Disco Parent, Inc., Senior Secured First Lien, 7.07% (3 mo. SOFR US + 3.25%), 08/06/2032, (0.00% Floor)
|
685,000
|
690,137
|
||||||
|
Ensono, Inc., Senior Secured First Lien, 7.95% (1 mo. SOFR US + 4.00%), 05/30/2028, (0.75% Floor)
|
1,501,229
|
1,502,700
|
||||||
|
Finastra USA, Inc., Senior Secured First Lien, 7.72% (3 mo. SOFR US + 4.00%), 09/15/2032, (0.00% Floor)
|
1,131,000
|
1,109,302
|
||||||
|
Gen Digital, Inc., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 09/12/2029, (0.50% Floor)
|
1,674,001
|
1,678,538
|
||||||
|
Kaseya, Inc., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 03/22/2032, (0.00% Floor)
|
417,214
|
418,074
|
||||||
|
KnowBe4, Inc., Senior Secured First Lien, 7.59% (3 mo. SOFR US + 3.75%), 07/26/2032, (0.00% Floor)
|
702,000
|
703,320
|
||||||
|
Marcel Bidco LLC, Senior Secured First Lien, 6.66% (SOFR + 3.00%), 11/13/2030, (0.00% Floor)
|
540,929
|
544,310
|
||||||
|
McAfee Corp., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 03/01/2029, (0.50% Floor)
|
2,516,868
|
2,330,960
|
||||||
|
MH Sub I LLC, Senior Secured First Lien
|
||||||||
|
7.97% (1 mo. SOFR US + 4.25%), 05/03/2028, (0.50% Floor)
|
1,080,573
|
1,007,904
|
||||||
|
7.97% (1 mo. SOFR US + 4.25%), 12/31/2031, (0.50% Floor)
|
507,463
|
436,657
|
||||||
|
Modena Buyer LLC, Senior Secured First Lien, 8.09% (3 mo. SOFR US + 4.25%), 07/01/2031, (0.00% Floor)
|
1,709,641
|
1,704,161
|
||||||
|
N-Able International Holdings II LLC, Senior Secured First Lien, 6.59% (3 mo. SOFR US + 2.75%), 11/26/2032, (0.00% Floor)
|
758,000
|
766,528
|
||||||
|
Optiv Parent, Inc., Senior Secured First Lien, 9.11% (3 mo. SOFR US + 5.25%), 08/03/2026, (1.00% Floor)
|
1,196,742
|
853,798
|
||||||
|
Peraton Corp., Senior Secured First Lien, 7.79% (3 mo. SOFR US + 3.75%), 02/01/2028, (0.75% Floor)
|
1,198,696
|
1,115,003
|
||||||
|
Ping Identity Holding Corp., Senior Secured First Lien, 6.59% (3 mo. SOFR US + 2.75%), 11/15/2032, (0.00% Floor)
|
582,000
|
584,182
|
||||||
|
Polaris Newco LLC, Senior Secured First Lien, 7.97% (3 mo. SOFR US + 3.75%), 06/05/2028, (0.50% Floor)
|
2,559,463
|
2,474,054
|
||||||
|
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 10/28/2030, (0.50% Floor)
|
590,004
|
589,750
|
||||||
|
Proofpoint, Inc., Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 08/31/2028, (0.50% Floor)
|
2,239,010
|
2,254,247
|
||||||
|
RealPage, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 3.00%), 04/24/2028, (0.50% Floor)
|
1,408,283
|
1,408,825
|
||||||
|
Rithum Holdings, Inc., Senior Secured First Lien, 8.42% (3 mo. SOFR US + 4.75%), 07/21/2031, (0.00% Floor)
|
693,263
|
694,344
|
||||||
|
Rocket Software, Inc., Senior Secured First Lien, 7.47% (1 mo. SOFR US + 3.75%), 11/28/2028, (0.50% Floor)
|
1,110,977
|
1,112,133
|
||||||
|
Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 07/31/2031, (0.00% Floor)
|
613,665
|
616,288
|
||||||
|
SonarSource Financing LLC, Senior Secured First Lien, 8.23% (1 mo. SOFR US + 4.50%), 12/19/2030
|
667,000
|
660,330
|
||||||
|
Starlight Parent LLC, Senior Secured First Lien, 7.70% (3 mo. SOFR US + 4.00%), 04/16/2032, (0.00% Floor)
|
568,575
|
568,930
|
||||||
|
Trio Bidco LLC, Senior Secured First Lien
|
||||||||
|
7.67% (3 mo. SOFR US + 4.00%), 10/29/2032
|
270,524
|
271,538
|
||||||
|
8.08% (1 mo. Term SOFR + 4.00%), 10/29/2032 (a)
|
28,476
|
28,583
|
||||||
|
UKG, Inc., Senior Secured First Lien, 6.34% (3 mo. SOFR US + 2.50%), 02/10/2031, (0.00% Floor)
|
1,660,055
|
1,663,715
|
||||||
|
VS Buyer LLC, Senior Secured First Lien, 6.09% (3 mo. SOFR US + 2.25%), 04/14/2031, (0.00% Floor)
|
1,697,720
|
1,707,269
|
||||||
|
Zodiac Purchaser LLC, Senior Secured First Lien, 7.22% (1 mo. SOFR US + 3.50%), 02/17/2032, (0.00% Floor)
|
565,583
|
564,417
|
||||||
|
47,179,035
|
||||||||
|
TELECOM SERVICES: DIVERSIFIED - 4.5%
|
||||||||
|
Cincinnati Bell, Inc., Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 11/24/2028, (0.50% Floor)
|
2,069,437
|
2,074,786
|
||||||
|
Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 7.22% (1 mo. SOFR US + 3.50%), 01/30/2031, (0.75% Floor)
|
1,250,499
|
1,261,754
|
||||||
|
Frontier Communications Holdings LLC, Senior Secured First Lien, 6.23% (1 mo. SOFR US + 2.50%), 07/01/2031, (0.00% Floor)
|
815,775
|
817,436
|
||||||
|
Level 3 Financing, Inc., Senior Secured First Lien, 6.97% (1 mo. SOFR US + 3.25%), 03/29/2032, (0.00% Floor)
|
980,000
|
984,042
|
||||||
|
Lumen Technologies, Inc., Senior Secured First Lien, 6.30% (1 mo. SOFR US + 2.35%), 04/16/2029, (2.00% Floor)
|
2,801,968
|
2,791,292
|
||||||
|
Numericable US LLC, Senior Secured First Lien
|
||||||||
|
9.05% (3 mo. SOFR US + 5.06%), 10/31/2028, (0.00% Floor)
|
184,868
|
183,077
|
||||||
|
10.86% (3 mo. SOFR US + 6.88%), 05/15/2031, (0.00% Floor)
|
1,054,491
|
1,055,587
|
||||||
|
Radiate Holdco LLC, Senior Secured First Lien
|
||||||||
|
7.72% (1 mo. SOFR US + 4.00%), 06/26/2029
|
10,443
|
10,434
|
||||||
|
7.87% (1 mo. SOFR US + 4.00%), 06/26/2029, (0.00% Floor) (a)
|
31,328
|
31,302
|
||||||
|
7.45% (1 mo. SOFR US + 3.50%), 09/25/2029, (0.00% Floor)
|
970,110
|
751,350
|
||||||
|
7.45% (or 1.50% PIK) (1 mo. SOFR US + 3.50%), 09/25/2029, (0.00% Floor)
|
7,492
|
5,803
|
||||||
|
Windstream Services LLC, Senior Secured First Lien, 7.72% (1 mo. SOFR US + 4.00%), 10/06/2032, (0.00% Floor)
|
595,000
|
597,975
|
||||||
|
Zayo Group Holdings, Inc., Senior Secured First Lien
|
||||||||
|
6.83% (1 mo. SOFR US + 3.00%), 03/11/2030, (0.00% Floor)
|
1,177,605
|
1,120,868
|
||||||
|
6.95% (1 mo. SOFR US + 3.00%), 03/11/2030, (0.00% Floor)
|
11,192
|
10,653
|
||||||
|
Ziggo Financing Partnership, Senior Secured First Lien
|
||||||||
|
6.76% (1 mo. Term SOFR + 2.50%), 04/28/2028
|
106,128
|
106,296
|
||||||
|
7.03% (3 mo. SOFR US + 3.25%), 01/14/2033
|
598,000
|
594,825
|
||||||
|
12,397,480
|
||||||||
|
TRANSPORTATION - 1.7%
|
||||||||
|
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 7.13% (3 mo. SOFR US + 3.25%), 05/28/2032, (0.00% Floor)
|
413,920
|
416,509
|
||||||
|
Accelya Lux Finco Sarl, Senior Secured First Lien, 8.92% (3 mo. SOFR US + 5.25%), 09/29/2032, (0.00% Floor)
|
586,157
|
584,325
|
||||||
|
Avis Budget Car Rental LLC, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 07/16/2032, (0.00% Floor)
|
422,455
|
421,399
|
||||||
|
Carriage Purchaser, Inc., Senior Secured First Lien, 7.22% (1 mo. SOFR US + 3.50%), 09/29/2028, (0.75% Floor)
|
986,479
|
993,261
|
||||||
|
Cubic Corp., Senior Secured First Lien
|
||||||||
|
4.58% (or 3.25% PIK) (3 mo. SOFR US + 1.00%), 05/01/2029, (0.00% Floor)
|
1,185
|
614
|
||||||
|
5.38% (or 3.25% PIK) (3 mo. SOFR US + 1.00%), 05/01/2029, (0.00% Floor)
|
139,612
|
72,329
|
||||||
|
8.63% (3 mo. SOFR US + 4.25%), 05/01/2029, (0.00% Floor)
|
927,999
|
480,769
|
||||||
|
SkyMiles IP Ltd., Senior Secured First Lien, 5.38% (3 mo. SOFR US + 1.50%), 10/20/2028, (0.00% Floor)
|
553,364
|
558,967
|
||||||
|
Stonepeak Nile Parent LLC, Senior Secured First Lien, 6.16% (3 mo. SOFR US + 2.25%), 04/09/2032, (0.00% Floor)
|
464,000
|
464,580
|
||||||
|
WWEX Uni Topco Holdings LLC, Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 07/26/2028, (0.75% Floor)
|
816,384
|
821,123
|
||||||
|
4,813,876
|
||||||||
|
UTILITIES: POWER - 1.2%
|
||||||||
|
Alpha Generation LLC, Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 09/30/2031, (0.00% Floor)
|
274,275
|
275,489
|
||||||
|
Calpine Corp., Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 02/27/2032, (0.00% Floor)
|
693,000
|
693,652
|
||||||
|
Cornerstone Generation LLC, Senior Secured First Lien, 7.09% (3 mo. SOFR US + 3.25%), 08/11/2032, (0.00% Floor)
|
503,866
|
509,310
|
||||||
|
Eastern Power LLC, Senior Secured First Lien, 8.97% (1 mo. SOFR US + 5.25%), 04/03/2028, (0.00% Floor)
|
600,513
|
605,578
|
||||||
|
Lightning Power LLC, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 08/18/2031, (0.00% Floor)
|
823,575
|
828,858
|
||||||
|
Talen Energy Supply LLC, Senior Secured First Lien, 6.09% (1 mo. Term SOFR + 2.00%), 11/26/2032
|
415,139
|
415,724
|
||||||
|
3,328,611
|
||||||||
|
TOTAL BANK LOANS (Cost $245,427,174)
|
242,276,040
|
|||||||
|
CORPORATE BONDS - 5.7% (b)
|
||||||||
|
BUILDING PRODUCTS - 0.2%
|
||||||||
|
Standard Industries, Inc./NY, 3.38%, 01/15/2031 (e)
|
600,000
|
551,586
|
||||||
|
CHEMICALS - 0.0%(c)
|
||||||||
|
Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC, 7.63% (or 2.50% PIK), 05/03/2029 (e)
|
205,222
|
18,470
|
||||||
|
FINANCIALS: INSURANCE - 0.2%
|
||||||||
|
HUB International Ltd., 7.25%, 06/15/2030 (e)
|
575,000
|
604,026
|
||||||
|
FINANCIALS: THRIFTS & MORTGAGES - 0.1%
|
||||||||
|
Freedom Mortgage Corp., 6.63%, 01/15/2027 (e)
|
278,000
|
280,031
|
||||||
|
FOOD & BEVERAGE - 0.2%
|
||||||||
|
Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 (e)
|
500,000
|
487,040
|
||||||
|
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.1%
|
||||||||
|
Accendra Health, Inc., 4.50%, 03/31/2029 (e)
|
275,000
|
186,890
|
||||||
|
HEALTHCARE: FACILITIES - 0.5%
|
||||||||
|
Global Medical Response, Inc., 7.38%, 10/01/2032 (e)
|
480,000
|
499,862
|
||||||
|
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e)
|
538,000
|
565,764
|
||||||
|
Team Health Holdings, Inc., 8.38%, 06/30/2028 (e)
|
440,000
|
446,100
|
||||||
|
1,511,726
|
||||||||
|
HEALTHCARE: MANAGED HEALTH CARE - 0.2%
|
||||||||
|
Centene Corp., 4.63%, 12/15/2029
|
500,000
|
485,322
|
||||||
|
HEALTHCARE: PHARMA & BIOTECH - 0.2%
|
||||||||
|
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028 (e)
|
284,000
|
277,924
|
||||||
|
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026
|
301,000
|
298,199
|
||||||
|
576,123
|
||||||||
|
INDUSTRIAL MACHINERY - 0.0%(c)
|
||||||||
|
Oregon Tool Lux LP, 7.88%, 10/15/2029 (e)(f)
|
25,915
|
12,310
|
||||||
|
LEISURE: CASINOS & GAMING - 0.8%
|
||||||||
|
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (e)
|
440,000
|
458,206
|
||||||
|
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
|
||||||||
|
5.63%, 09/01/2029 (e)
|
561,000
|
425,659
|
||||||
|
5.88%, 09/01/2031 (e)
|
562,000
|
373,027
|
||||||
|
Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (e)
|
950,000
|
971,855
|
||||||
|
2,228,747
|
||||||||
|
LEISURE: HOTELS - 0.8%
|
||||||||
|
Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 (e)
|
421,000
|
421,682
|
||||||
|
Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (e)
|
570,000
|
578,095
|
||||||
|
Sabre GLBL, Inc., 11.13%, 07/15/2030 (e)
|
987,000
|
819,526
|
||||||
|
VOC Escrow Ltd., 5.00%, 02/15/2028 (e)
|
418,000
|
418,181
|
||||||
|
2,237,484
|
||||||||
|
MEDIA: ENTERTAINMENT - 0.3%
|
||||||||
|
Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (e)
|
393,000
|
396,869
|
||||||
|
Warnermedia Holdings, Inc., 4.28%, 03/15/2032
|
475,000
|
417,558
|
||||||
|
814,427
|
||||||||
|
METALS & MINING - 0.0%(c)
|
||||||||
|
GrafTech Finance, Inc., 4.63%, 12/23/2029 (e)
|
127,000
|
94,932
|
||||||
|
MIDSTREAM: STORAGE & TRANSPORT - 0.7%
|
||||||||
|
ITT Holdings LLC, 6.50%, 08/01/2029 (e)
|
500,000
|
480,133
|
||||||
|
Venture Global Calcasieu Pass LLC
|
||||||||
|
6.25%, 01/15/2030 (e)
|
290,000
|
293,802
|
||||||
|
3.88%, 11/01/2033 (e)
|
510,000
|
437,612
|
||||||
|
Venture Global LNG, Inc., 8.13%, 06/01/2028 (e)
|
712,000
|
721,572
|
||||||
|
1,933,119
|
||||||||
|
PACKAGING - 0.2%
|
||||||||
|
Magnera Corp., 4.75%, 11/15/2029 (e)
|
456,000
|
422,149
|
||||||
|
RETAILING - 0.3%
|
||||||||
|
Wayfair LLC, 7.75%, 09/15/2030 (e)
|
852,000
|
910,712
|
||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 0.4%
|
||||||||
|
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e)
|
644,000
|
560,533
|
||||||
|
Elastic NV, 4.13%, 07/15/2029 (e)
|
431,000
|
418,420
|
||||||
|
978,953
|
||||||||
|
TELECOM SERVICES: DIVERSIFIED - 0.5%
|
||||||||
|
Iliad Holding SAS
|
||||||||
|
7.00%, 10/15/2028 (e)
|
400,000
|
405,319
|
||||||
|
7.00%, 04/15/2032 (e)
|
641,000
|
661,450
|
||||||
|
Lumen Technologies, Inc., 4.13%, 04/15/2029 (e)
|
294,000
|
292,530
|
||||||
|
1,359,299
|
||||||||
|
TOTAL CORPORATE BONDS (Cost $16,130,682)
|
15,693,346
|
|||||||
|
EXCHANGE TRADED FUNDS - 4.9% (b)
|
Shares
|
Value
|
||||||
|
Invesco Senior Loan ETF
|
651,735
|
13,686,435
|
||||||
|
TOTAL EXCHANGE TRADED FUNDS (Cost $13,674,888)
|
13,686,435
|
|||||||
|
EQUITIES - 0.0% (c)
|
||||||||
|
RETAILING - 0.0% (c)
|
||||||||
|
JP Intermediate Private Equity (f)(g)
|
1,309
|
0
|
(d) | |||||
|
TELECOM SERVICES: DIVERSIFIED - 0.0% (c)
|
||||||||
|
Altice Numericable Private Equity (f)(g)
|
2,013
|
34,371
|
||||||
|
TOTAL EQUITIES (Cost $31,398)
|
34,371
|
|||||||
|
SHORT-TERM INVESTMENTS (b)
|
||||||||
|
MONEY MARKET FUNDS - 4.9%
|
||||||||
|
First American Government Obligations Fund - Class X, 3.67% (h)
|
13,644,015
|
13,644,015
|
||||||
|
TOTAL MONEY MARKET FUNDS (Cost $13,644,015)
|
13,644,015
|
|||||||
|
TOTAL INVESTMENTS - 102.6% (Cost $288,908,157)
|
285,334,207
|
|||||||
|
Liabilities in Excess of Other Assets - (2.6)%
|
(7,260,310
|
) |
||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
278,073,897
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
PIK - Payment in Kind
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
As of December 31, 2025, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of
certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. All values are reflected at par. All or a part are unfunded.
|
|
(b)
|
All or a portion is posted as collateral for delayed settlement securities.
|
|
(c)
|
Represents less than 0.05% of net assets.
|
|
(d)
|
Rounds to zero.
|
|
(e)
|
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 December 31, 2025, the value of these securities total $14,492,267 or 5.2% of the Fund’s net assets.
|
|
(f)
|
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 $46,681
or 0.0% of net assets as of December 31, 2025.
|
|
(g)
|
Non-income producing security.
|
|
(h)
|
The rate shown represents the 7-day annualized yield as of December 31, 2025.
|
|
(i)
|
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 December 31, 2025.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Bank Loans
|
$
|
–
|
$
|
242,276,040
|
$
|
–
|
$
|
242,276,040
|
||||||||
|
Corporate Bonds
|
–
|
15,681,036
|
12,310
|
15,693,346
|
||||||||||||
|
Exchange Traded Funds
|
13,686,435
|
–
|
–
|
13,686,435
|
||||||||||||
|
Equities
|
–
|
–
|
34,371
|
34,371
|
||||||||||||
|
Money Market Funds
|
13,644,015
|
–
|
–
|
13,644,015
|
||||||||||||
|
Total Investments
|
$
|
27,330,450
|
$
|
257,957,076
|
$
|
46,681
|
$
|
285,334,207
|
||||||||
|
Fair Value Measurement Using Significant Unobservable Inputs
|
Level 3
|
|||
|
Beginning balance as of September 30, 2025
|
$
|
14,901
|
||
|
Accretion/Amortization
|
163
|
|||
|
Corporate Actions
|
31,398
|
|||
|
Unrealized appreciation/depreciation
|
219
|
|||
|
Ending balance as of December 31, 2025
|
$
|
46,681
|
||
|
$
|
0
|
|||
|
Change in unrealized appreciation/depreciation still held as of December 31, 2025
|
$
|
219
|
||
|
0
|
||||