|
Shenkman Capital Floating Rate High Income Fund
|
|
Schedule of Investments
|
|
December 31, 2024 (Unaudited)
|
|
BANK LOANS - 87.3%
|
Principal
Amount
|
Fair Value
|
|||||
|
AEROSPACE & DEFENSE - 2.2%
|
|||||||
|
Apple Bidco LLC, Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 09/25/2028
|
$
|
625,884 | $ |
630,776
|
|||
|
Barnes Group, Inc., Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/30/2030
|
588,055
|
589,464
|
|||||
|
Brown Group Holding LLC, Senior Secured First Lien
|
|||||||
|
6.86% (1 mo. SOFR US + 2.50%), 07/01/2031
|
265,626
|
266,714
|
|||||
|
7.01% (3 mo. SOFR US + 2.50%), 07/01/2031
|
203,194
|
204,026
|
|||||
|
7.09% (3 mo. SOFR US + 2.50%), 07/01/2031
|
428,206
|
429,959
|
|||||
|
Dynasty Acquisition Co., Inc., Senior Secured First Lien
|
|||||||
|
6.61% (1 mo. SOFR US + 2.25%), 10/31/2031
|
445,533
|
448,144
|
|||||
|
6.61% (1 mo. SOFR US + 2.25%), 10/31/2031
|
169,467
|
170,460
|
|||||
|
Goat Holdco LLC, Senior Secured First Lien, 7.52% (1 mo. Term SOFR + 3.00%), 12/10/2031
|
920,000
|
921,840
|
|||||
|
LSF11 Trinity Bidco, Inc., Senior Secured First Lien, 7.37% (1 mo. SOFR US + 3.00%), 06/17/2030
|
388,370
|
391,768
|
|||||
|
Signia Aerospace LLC, Senior Secured First Lien
|
|||||||
|
7.40% (3 mo. SOFR US + 3.00%), 12/11/2031
|
299,031
|
299,593
|
|||||
|
7.40% (3 mo. SOFR US + 3.00%), 12/11/2031
|
244,662
|
245,121
|
|||||
|
7.67% (1 mo. Term SOFR + 3.00%), 12/11/2031 (f)
|
45,308
|
45,393
|
|||||
|
Spirit AeroSystems, Inc., Senior Secured First Lien, 9.75% (3 mo. Term SOFR + 4.25%), 01/15/2027
|
240,162
|
242,914
|
|||||
|
TransDigm, Inc., Senior Secured First Lien
|
|||||||
|
8.08% (3 mo. Term SOFR + 2.75%), 08/24/2028
|
724,637
|
727,771
|
|||||
|
7.32% (3 mo. SOFR US + 2.50%), 01/20/2032
|
509,723
|
511,382
|
|||||
|
6,125,325
|
|||||||
|
AUTO RETAIL - 0.1%
|
|||||||
|
CWGS Group LLC, Senior Secured First Lien
|
|||||||
|
7.09% (1 mo. SOFR US + 2.50%), 06/05/2028
|
350,203
|
343,735
|
|||||
|
7.09% (1 mo. SOFR US + 2.50%), 06/05/2028
|
20,574
|
20,194
|
|||||
|
363,929
|
|||||||
|
AUTOMOTIVE - 1.4%
|
|||||||
|
American Axle & Manufacturing, Inc., Senior Secured First Lien
|
|||||||
|
7.45% (6 mo. SOFR US + 3.00%), 12/13/2029
|
313,858
|
317,389
|
|||||
|
7.45% (1 mo. SOFR US + 3.00%), 12/13/2029
|
290,909
|
294,182
|
|||||
|
7.66% (3 mo. SOFR US + 3.00%), 12/13/2029
|
269,985
|
273,023
|
|||||
|
Autokiniton US Holdings, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 4.00%), 04/06/2028
|
295,934
|
294,639
|
|||||
|
Clarios Global LP, Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 05/06/2030
|
621,409
|
624,749
|
|||||
|
First Brands Group LLC, Senior Secured First Lien
|
|||||||
|
10.11% (3 mo. SOFR US + 5.00%), 03/30/2027
|
650,809
|
611,357
|
|||||
|
10.11% (3 mo. SOFR US + 5.00%), 03/30/2027
|
567,660
|
534,549
|
|||||
|
Tenneco, Inc., Senior Secured First Lien
|
|||||||
|
9.47% (3 mo. SOFR US + 4.75%), 11/17/2028
|
231,817
|
224,319
|
|||||
|
9.53% (3 mo. SOFR US + 5.00%), 11/17/2028
|
1,804
|
1,756
|
|||||
|
9.72% (3 mo. SOFR US + 5.00%), 11/17/2028
|
638,726
|
621,799
|
|||||
|
3,797,762
|
|||||||
|
BUILDING PRODUCTS - 1.2%
|
|||||||
|
Castlelake Aviation One LLC, Senior Secured First Lien, 6.86% (3 mo. SOFR US + 2.50%), 10/22/2026
|
523,862
|
525,630
|
|||||
|
Cornerstone Building Brands, Inc., Senior Secured First Lien, 7.85% (1 mo. SOFR US + 3.25%), 04/12/2028
|
164,893
|
157,926
|
|||||
|
Janus International Group LLC, Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/05/2030
|
767,981
|
772,301
|
|||||
|
MITER Brands Acquisition Holdco, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 03/28/2031
|
476,605
|
482,067
|
|||||
|
STS Operating, Inc., Senior Secured First Lien, 8.46% (1 mo. SOFR US + 4.00%), 03/25/2031
|
627,260
|
630,004
|
|||||
|
Summit Materials LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 1.75%), 01/12/2029
|
270,328
|
271,004
|
|||||
|
Tamko Building Products LLC, Senior Secured First Lien
|
|||||||
|
7.08% (3 mo. SOFR US + 2.75%), 09/20/2030
|
187,618
|
189,378
|
|||||
|
7.09% (1 mo. SOFR US + 2.75%), 09/20/2030
|
187,618
|
189,377
|
|||||
|
3,217,687
|
|||||||
|
CHEMICALS - 2.7%
|
|||||||
|
Consolidated Energy Finance SA, Senior Secured First Lien, 9.01% (3 mo. SOFR US + 4.50%), 11/18/2030
|
395,749
|
385,980
|
|||||
|
Discovery Purchaser Corp., Senior Secured First Lien, 8.95% (3 mo. SOFR US + 4.38%), 10/04/2029
|
498,268
|
501,913
|
|||||
|
INEOS US Finance LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 02/19/2030
|
309,225
|
310,992
|
|||||
|
INEOS US Petrochem LLC, Senior Secured First Lien
|
|||||||
|
8.31% (1 mo. SOFR US + 3.75%), 03/01/2030
|
374,285
|
375,925
|
|||||
|
8.61% (1 mo. SOFR US + 4.25%), 10/07/2031
|
372,845
|
377,040
|
|||||
|
LSF11 A5 HoldCo LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 10/16/2028
|
994,089
|
1,001,455
|
|||||
|
Lummus Technology Holdings V LLC, Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 12/31/2029
|
497,705
|
502,139
|
|||||
|
Nouryon Finance BV, Senior Secured First Lien, 7.66% (3 mo. SOFR US + 3.25%), 04/03/2028
|
305,916
|
309,804
|
|||||
|
Olympus Water US Holding Corp., Senior Secured First Lien, 7.40%, 06/20/2031 (a)
|
621,409
|
624,128
|
|||||
|
Polar US Borrower LLC, Senior Secured First Lien
|
|||||||
|
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028
|
223,173
|
162,024
|
|||||
|
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028
|
221,794
|
161,022
|
|||||
|
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028
|
273
|
198
|
|||||
|
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028
|
271
|
197
|
|||||
|
SCIH Salt Holdings, Inc., Senior Secured First Lien
|
|||||||
|
7.47% (1 mo. SOFR US + 3.00%), 03/16/2027
|
37,240
|
37,386
|
|||||
|
7.70% (3 mo. SOFR US + 3.00%), 03/16/2027
|
761,503
|
764,503
|
|||||
|
Sparta US HoldCo LLC, Senior Secured First Lien, 7.92% (1 mo. SOFR US + 3.25%), 08/02/2028
|
513,130
|
517,258
|
|||||
|
Tronox Finance LLC, Senior Secured First Lien
|
|||||||
|
6.83% (3 mo. SOFR US + 2.50%), 09/30/2031
|
276,894
|
278,054
|
|||||
|
6.86% (1 mo. SOFR US + 2.50%), 09/30/2031
|
222,623
|
223,556
|
|||||
|
Vibrantz Technologies, Inc., Senior Secured First Lien, 9.21% (3 mo. SOFR US + 4.25%), 04/23/2029
|
363,479
|
359,037
|
|||||
|
Windsor Holdings III LLC, Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 08/01/2030
|
480,345
|
486,950
|
|||||
|
7,379,561
|
|||||||
|
COMMERCIAL SERVICES - 5.3%
|
|||||||
|
AlixPartners LLP, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.50%), 02/04/2028
|
622,183
|
625,381
|
|||||
|
Allied Universal Holdco LLC, Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 05/15/2028
|
602,698
|
605,416
|
|||||
|
American Auto Auction Group LLC, Senior Secured First Lien, 9.01% (3 mo. SOFR US + 4.50%), 12/30/2027
|
538,136
|
542,398
|
|||||
|
Apex Group Treasury LLC, Senior Secured First Lien, 9.39% (6 mo. SOFR US + 3.75%), 07/27/2028
|
1,237,231
|
1,250,376
|
|||||
|
Aramark Services, Inc., Senior Secured First Lien, 6.34% (1 mo. SOFR US + 1.75%), 01/15/2027
|
726,958
|
728,325
|
|||||
|
Ascensus Group Holdings, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 08/02/2028
|
701,019
|
708,030
|
|||||
|
Camelot US Acquisition LLC, Senior Secured First Lien
|
|||||||
|
7.11% (1 mo. SOFR US + 2.75%), 01/31/2031
|
294,833
|
294,971
|
|||||
|
7.11% (1 mo. SOFR US + 2.75%), 01/31/2031
|
68,376
|
68,408
|
|||||
|
7.11% (1 mo. SOFR US + 2.75%), 01/31/2031
|
6,252
|
6,255
|
|||||
|
CoreLogic, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 06/02/2028
|
413,446
|
408,979
|
|||||
|
Deerfield Dakota Holding LLC, Senior Secured First Lien, 8.08% (3 mo. SOFR US + 3.75%), 04/09/2027
|
999,844
|
980,162
|
|||||
|
Dun & Bradstreet Corp., Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.25%), 01/18/2029
|
393,516
|
394,254
|
|||||
|
EAB Global, Inc., Senior Secured First Lien, 7.72% (1 mo. SOFR US + 3.25%), 08/16/2028
|
722,822
|
726,526
|
|||||
|
First Advantage Holdings LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 10/31/2031
|
746,000
|
754,859
|
|||||
|
Foundever Worldwide Corp., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 08/28/2028
|
860,253
|
582,821
|
|||||
|
Garda World Security Corp., Senior Secured First Lien, 7.90% (1 mo. SOFR US + 3.50%), 02/01/2029
|
550,186
|
553,283
|
|||||
|
Grant Thornton LLP/Chicago, Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.25%), 05/30/2031
|
270,323
|
270,720
|
|||||
|
HomeServe USA Holding Corp., Senior Secured First Lien, 6.37% (1 mo. SOFR US + 2.00%), 10/21/2030
|
220,624
|
221,093
|
|||||
|
Isolved, Inc., Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 10/15/2030
|
870,182
|
881,738
|
|||||
|
OMNIA Partners LLC, Senior Secured First Lien
|
|||||||
|
7.37% (3 mo. SOFR US + 2.75%), 07/25/2030
|
526,079
|
529,320
|
|||||
|
7.37% (3 mo. SOFR US + 2.75%), 07/25/2030
|
93,776
|
94,354
|
|||||
|
Planet US Buyer LLC, Senior Secured First Lien, 7.52% (3 mo. SOFR US + 3.00%), 02/10/2031
|
792,020
|
799,817
|
|||||
|
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 12/15/2028
|
746,163
|
752,091
|
|||||
|
Saphilux Sarl, Senior Secured First Lien
|
|||||||
|
7.93% (6 mo. SOFR US + 3.50%), 07/27/2028
|
602,744
|
608,018
|
|||||
|
7.93% (3 mo. SOFR US + 3.50%), 07/27/2028
|
1,511
|
1,524
|
|||||
|
Skopima Consilio Parent LLC, Senior Secured First Lien, 8.12%, 05/12/2028 (a)
|
327,060
|
328,696
|
|||||
|
Tempo Acquisition LLC, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 08/31/2028
|
405,604
|
407,632
|
|||||
|
VT Topco, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 08/12/2030
|
600,923
|
605,859
|
|||||
|
14,731,306
|
|||||||
|
CONSTRUCTION & ENGINEERING - 1.3%
|
|||||||
|
Amentum Holdings, Inc., Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 09/29/2031
|
552,000
|
550,733
|
|||||
|
American Residential Services LLC, Senior Secured First Lien, 8.23% (1 mo. SOFR US + 3.50%), 10/15/2027
|
847,454
|
855,929
|
|||||
|
Artera Services LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 02/10/2031
|
369,494
|
366,902
|
|||||
|
Centuri Group, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.50%), 08/28/2028
|
982,397
|
988,360
|
|||||
|
Tecta America Corp., Senior Secured First Lien
|
|||||||
|
8.83% (1 mo. SOFR US + 4.00%), 04/10/2028
|
676,399
|
680,907
|
|||||
|
8.84% (1 mo. SOFR US + 4.25%), 04/10/2028
|
210,338
|
211,739
|
|||||
|
3,654,570
|
|||||||
|
CONSUMER DISCRETIONARY - 2.3%
|
|||||||
|
American Greetings Corp., Senior Secured First Lien, 10.11% (1 mo. SOFR US + 5.75%), 10/30/2029
|
274,113
|
276,462
|
|||||
|
Fugue Finance BV, Senior Secured First Lien, 7.73%, 01/30/2032 (a)
|
192,000
|
194,060
|
|||||
|
Fugue Finance LLC, Senior Secured First Lien
|
|||||||
|
8.51% (3 mo. SOFR US + 4.00%), 01/26/2028
|
439,569
|
444,285
|
|||||
|
7.77% (1 mo. Term SOFR + 3.25%), 01/09/2032
|
413,000
|
417,432
|
|||||
|
Hanesbrands, Inc., Senior Secured First Lien, 8.11% (1 mo. SOFR US + 3.75%), 03/08/2030
|
286
|
288
|
|||||
|
Kodiak BP LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 12/04/2031
|
203,000
|
203,399
|
|||||
|
KUEHG Corp., Senior Secured First Lien, 7.84% (3 mo. SOFR US + 3.25%), 06/12/2030
|
248,564
|
251,427
|
|||||
|
Peloton Interactive, Inc., Senior Secured First Lien, 10.36% (1 mo. SOFR US + 6.00%), 05/30/2029
|
406,955
|
417,298
|
|||||
|
Prometric Holdings, Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.75%), 01/31/2028
|
989,372
|
1,003,441
|
|||||
|
Renaissance Holdings Corp., Senior Secured First Lien, 8.36% (1 mo. SOFR US + 4.00%), 04/08/2030
|
1,207,775
|
1,206,350
|
|||||
|
Tory Burch LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 3.25%), 04/17/2028
|
366,862
|
367,922
|
|||||
|
Wand NewCo 3, Inc., Senior Secured First Lien
|
|||||||
|
7.61% (1 mo. SOFR US + 3.25%), 01/30/2031
|
609,156
|
612,409
|
|||||
|
7.61% (3 mo. SOFR US + 3.25%), 01/30/2031
|
366,658
|
368,616
|
|||||
|
Weber-Stephen Products LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 3.25%), 10/29/2027
|
528,901
|
528,073
|
|||||
|
WW International, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 04/13/2028
|
240,686
|
54,876
|
|||||
|
6,346,338
|
|||||||
|
CONSUMER NON-DISCRETIONARY - 0.1%
|
|||||||
|
Kronos Acquisition Holdings, Inc., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.00%), 07/08/2031
|
278,303
|
263,518
|
|||||
|
ENVIRONMENTAL & FACILITIES SERVICES - 1.5%
|
|||||||
|
Action Environmental Group, Inc., Senior Secured First Lien
|
|||||||
|
8.08% (3 mo. SOFR US + 3.75%), 10/24/2030
|
960,684
|
972,692
|
|||||
|
8.10% (1 mo. SOFR US + 3.75%), 10/24/2030 (f)
|
47,429
|
48,022
|
|||||
|
8.12% (3 mo. SOFR US + 3.75%), 10/24/2030 (f)
|
47,429
|
48,021
|
|||||
|
Belfor Holdings, Inc., Senior Secured First Lien, 8.11% (1 mo. SOFR US + 3.75%), 11/04/2030
|
498,181
|
504,408
|
|||||
|
EnergySolutions LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 09/23/2030
|
300,926
|
302,995
|
|||||
|
GFL Environmental, Inc., Senior Secured First Lien, 6.61% (3 mo. SOFR US + 2.00%), 07/03/2031
|
498,268
|
499,826
|
|||||
|
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 4.00%), 10/17/2030
|
498,259
|
502,773
|
|||||
|
Reworld Holding Corp., Senior Secured First Lien
|
|||||||
|
7.02% (1 mo. SOFR US + 2.50%), 11/30/2028
|
205,663
|
206,306
|
|||||
|
7.02% (1 mo. SOFR US + 2.50%), 11/30/2028
|
11,295
|
11,330
|
|||||
|
Win Waste Innovations Holdings, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.75%), 03/27/2028
|
1,163,323
|
1,139,812
|
|||||
|
4,236,185
|
|||||||
|
FINANCIALS: DIVERSIFIED - 4.9%
|
|||||||
|
Armor Holdco, Inc., Senior Secured First Lien, 8.36% (1 mo. SOFR US + 3.75%), 12/11/2028
|
543,200
|
551,009
|
|||||
|
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 6.12% (1 mo. SOFR US + 1.75%), 06/22/2028
|
501,907
|
502,228
|
|||||
|
BCPE Pequod Buyer, Inc., Senior Secured First Lien, 8.08% (1 mo. Term SOFR + 3.50%), 11/25/2031
|
751,000
|
758,108
|
|||||
|
Blackhawk Network Holdings, Inc., Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 03/12/2029
|
600,431
|
608,579
|
|||||
|
Boost Newco Borrower LLC, Senior Secured First Lien, 6.83% (3 mo. SOFR US + 2.50%), 01/31/2031
|
867,798
|
874,128
|
|||||
|
Castlelake Aviation One LLC, Senior Secured First Lien, 7.11% (3 mo. SOFR US + 2.75%), 10/22/2027
|
515,480
|
517,735
|
|||||
|
Citco Funding LLC, Senior Secured First Lien, 7.31% (6 mo. SOFR US + 2.75%), 04/27/2028
|
671,168
|
677,699
|
|||||
|
Corp. Service Co., Senior Secured First Lien
|
|||||||
|
7.06% (1 mo. SOFR US + 2.50%), 11/03/2027
|
376,127
|
376,127
|
|||||
|
6.96% (1 mo. SOFR US + 2.50%), 11/05/2029
|
540,764
|
544,230
|
|||||
|
Edelman Financial Engines Center LLC, Senior Secured First Lien, 7.38% (1 mo. SOFR US + 3.00%), 04/07/2028
|
444,450
|
447,690
|
|||||
|
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.61% (1 mo. SOFR US + 5.25%), 10/06/2028
|
1,021,000
|
1,031,532
|
|||||
|
EIG Management Co. LLC, Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 05/17/2029
|
632,988
|
636,152
|
|||||
|
FNZ USA FinCo LLC, Senior Secured First Lien, 9.55% (3 mo. SOFR US + 5.00%), 11/05/2031
|
460,000
|
449,795
|
|||||
|
Focus Financial Partners LLC, Senior Secured First Lien
|
|||||||
|
7.61% (1 mo. SOFR US + 3.25%), 09/17/2031
|
431,226
|
435,725
|
|||||
|
8.41% (1 mo. SOFR US + 3.25%), 09/17/2031 (f)
|
46,315
|
46,798
|
|||||
|
GEN II Fund Services LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 11/19/2031
|
295,000
|
296,844
|
|||||
|
June Purchaser LLC, Senior Secured First Lien
|
|||||||
|
7.58% (3 mo. SOFR US + 3.25%), 11/28/2031
|
506,863
|
513,121
|
|||||
|
8.67% (1 mo. Term SOFR + 3.25%), 11/28/2031 (f)
|
82,391
|
83,408
|
|||||
|
Lakeland Holdings LLC, Senior Unsecured First Lien
|
|||||||
|
8.00%, 09/27/2027
|
225,670
|
25,388
|
|||||
|
8.00%, 09/27/2027
|
107,661
|
12,112
|
|||||
|
NAB Holdings LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 11/24/2028
|
969,921
|
976,419
|
|||||
|
Neon Maple US Debt Mergersub, Inc., Senior Secured First Lien
|
|||||||
|
7.44% (1 mo. SOFR US + 3.00%), 11/17/2031
|
346,560
|
347,699
|
|||||
|
7.44% (1 mo. SOFR US + 3.00%), 11/17/2031
|
124,299
|
124,708
|
|||||
|
7.44% (1 mo. SOFR US + 3.00%), 11/17/2031
|
32,140
|
32,246
|
|||||
|
Orbit Private Holdings I Ltd., Senior Secured First Lien, 8.13%, 12/11/2028 (a)
|
61,534
|
62,419
|
|||||
|
Osaic Holdings, Inc., Senior Secured First Lien, 8.09% (1 mo. Term SOFR + 3.50%), 08/16/2028
|
434,235
|
436,530
|
|||||
|
VFH Parent LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 06/23/2031
|
499,517
|
502,249
|
|||||
|
WEX, Inc., Senior Secured First Lien, 6.11% (1 mo. SOFR US + 1.75%), 03/31/2028
|
690,323
|
690,568
|
|||||
|
Zelis Payments Buyer, Inc., Senior Secured First Lien
|
|||||||
|
7.11% (1 mo. SOFR US + 2.75%), 09/28/2029
|
658,028
|
659,860
|
|||||
|
7.61% (1 mo. SOFR US + 3.25%), 11/26/2031
|
276,000
|
277,322
|
|||||
|
13,498,428
|
|||||||
|
FINANCIALS: INSURANCE - 4.1%
|
|||||||
|
Acrisure LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 02/15/2027
|
1,902,891
|
1,909,285
|
|||||
|
Alliant Holdings Intermediate LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 09/19/2031
|
247,942
|
248,887
|
|||||
|
AssuredPartners, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 02/14/2031
|
1,203,164
|
1,207,110
|
|||||
|
Asurion LLC, Senior Secured First Lien
|
|||||||
|
7.84% (1 mo. SOFR US + 3.25%), 12/23/2026
|
970,049
|
970,500
|
|||||
|
8.92% (1 mo. Term SOFR + 4.25%), 08/21/2028
|
845,195
|
847,008
|
|||||
|
Asurion LLC, Senior Secured Second Lien, 9.84% (1 mo. SOFR US + 5.25%), 02/03/2028
|
865,867 | 848,243 | |||||
|
Baldwin Insurance Group Holdings LLC, Senior Secured First Lien, 7.45%, 05/27/2031 (a)
|
295,000
|
297,398
|
|||||
|
BroadStreet Partners, Inc., Senior Secured First Lien
|
|||||||
|
7.36% (1 mo. SOFR US + 3.00%), 06/13/2031
|
57,850
|
58,115
|
|||||
|
7.36% (1 mo. SOFR US + 3.00%), 06/16/2031
|
565,148
|
567,742
|
|||||
|
Goosehead Insurance Holdings LLC, Senior Secured First Lien, 7.94%, 12/11/2031 (a)
|
552,000
|
556,140
|
|||||
|
HUB International Ltd., Senior Secured First Lien, 7.37% (3 mo. SOFR US + 2.75%), 06/20/2030
|
1,242,087
|
1,251,179
|
|||||
|
Jones Deslauriers Insurance Management, Inc., Senior Secured First Lien, 7.82% (3 mo. SOFR US + 3.25%), 03/15/2030
|
486,182
|
488,917
|
|||||
|
TIH Insurance Holdings LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 05/06/2031
|
606,570
|
609,318
|
|||||
|
TIH Insurance Holdings LLC, Senior Secured Second Lien, 9.08% (3 mo. SOFR US + 4.75%), 05/06/2032
|
492,347
|
505,375
|
|||||
|
USI, Inc./NY, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 11/22/2029
|
936,448
|
921,964
|
|||||
|
11,287,181
|
|||||||
|
FOOD & BEVERAGE - 2.0%
|
|||||||
|
BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 12/26/2028
|
722,328
|
727,222
|
|||||
|
Delivery Hero Finco LLC, Senior Secured First Lien, 9.52% (3 mo. SOFR US + 5.00%), 12/12/2029
|
2,097,134
|
2,111,992
|
|||||
|
Froneri US, Inc., Senior Secured First Lien
|
|||||||
|
6.36% (1 mo. SOFR US + 2.00%), 09/29/2031
|
282,241
|
282,847
|
|||||
|
6.36% (1 mo. SOFR US + 2.00%), 09/29/2031
|
144,606
|
144,916
|
|||||
|
6.36% (1 mo. SOFR US + 2.00%), 09/29/2031
|
75,060
|
75,221
|
|||||
|
HLF Financing Sarl LLC, Senior Secured First Lien, 11.11% (1 mo. SOFR US + 6.75%), 04/12/2029
|
276,471
|
274,436
|
|||||
|
Pegasus Bidco BV, Senior Secured First Lien, 7.77% (3 mo. SOFR US + 3.25%), 07/12/2029
|
743,827
|
751,733
|
|||||
|
Saratoga Food Specialties LLC, Senior Secured First Lien, 8.14% (3 mo. SOFR US + 3.75%), 03/07/2029
|
482,917
|
485,935
|
|||||
|
Triton Water Holdings, Inc., Senior Secured First Lien, 8.10% (3 mo. SOFR US + 3.25%), 03/31/2028
|
812,960
|
820,382
|
|||||
|
5,674,684
|
|||||||
|
HEALTHCARE: EQUIPMENT & SUPPLIES - 2.2%
|
|||||||
|
Azalea Topco, Inc., Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 04/30/2031
|
500,652
|
502,688
|
|||||
|
Bausch + Lomb Corp., Senior Secured First Lien, 7.79% (1 mo. SOFR US + 3.25%), 05/10/2027
|
374,276
|
376,164
|
|||||
|
Covetrus, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 5.00%), 10/15/2029
|
383,340
|
369,762
|
|||||
|
Gainwell Acquisition Corp., Senior Secured First Lien, 8.53% (3 mo. SOFR US + 4.00%), 10/01/2027
|
1,009,094
|
979,941
|
|||||
|
Insulet Corp., Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/04/2031
|
870,108
|
876,090
|
|||||
|
Medline Borrower LP, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 10/23/2028
|
2,090,223
|
2,099,963
|
|||||
|
PointClickCare Technologies, Inc., Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 11/03/2031
|
361,164
|
363,873
|
|||||
|
Waystar Technologies, Inc., Senior Secured First Lien, 6.77% (1 mo. Term SOFR + 2.25%), 10/22/2029
|
621,811
|
625,440
|
|||||
|
6,193,921
|
|||||||
|
HEALTHCARE: FACILITIES - 5.2%
|
|||||||
|
ADMI Corp., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 12/23/2027
|
893,953
|
880,544
|
|||||
|
AHP Health Partners, Inc., Senior Secured First Lien, 7.32% (1 mo. Term SOFR + 2.75%), 08/24/2028
|
432,550
|
437,282
|
|||||
|
CHG Healthcare Services, Inc., Senior Secured First Lien
|
|||||||
|
7.45% (1 mo. Term SOFR + 3.00%), 09/29/2028
|
160,917
|
161,699
|
|||||
|
8.54% (3 mo. SOFR US + 3.50%), 09/29/2028
|
272,688
|
275,300
|
|||||
|
Examworks Bidco, Inc., Senior Secured First Lien, 7.22% (1 mo. SOFR US + 2.75%), 11/01/2028
|
947,537
|
952,218
|
|||||
|
Global Medical Response, Inc., Senior Secured First Lien
|
|||||||
|
9.11% (includes 0.75% PIK) (1 mo. SOFR US + 4.75%), 10/02/2028
|
2,048,818
|
2,058,427
|
|||||
|
9.11% (includes 0..75% PIK) (1 mo. SOFR US + 4.75%), 10/02/2028
|
21,279
|
21,379
|
|||||
|
HAH Group Holding Co. LLC, Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 09/24/2031
|
554,000
|
554,842
|
|||||
|
Hanger, Inc., Senior Secured First Lien
|
|||||||
|
7.86% (1 mo. SOFR US + 3.50%), 10/23/2031
|
428,940
|
433,712
|
|||||
|
8.34% (1 mo. Term SOFR + 3.50%), 10/23/2031 (f)
|
41,293
|
41,752
|
|||||
|
Heartland Dental LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 04/28/2028
|
1,122,878
|
1,126,561
|
|||||
|
Hunter US Bidco, Inc., Senior Secured First Lien
|
|||||||
|
8.78% (3 mo. SOFR US + 4.25%), 08/21/2028
|
199,502
|
197,632
|
|||||
|
8.78% (3 mo. SOFR US + 4.25%), 08/21/2028
|
175,552
|
173,907
|
|||||
|
Inception Finco Sarl, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 04/09/2031
|
567,150
|
572,042
|
|||||
|
LifePoint Health, Inc., Senior Secured First Lien, 7.96% (3 mo. SOFR US + 3.50%), 05/19/2031
|
839,238
|
842,125
|
|||||
|
Option Care Health, Inc., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 2.25%), 10/27/2028
|
371,887
|
374,444
|
|||||
|
Pacific Dental Services, Inc., Senior Secured First Lien, 7.13% (1 mo. SOFR US + 2.75%), 03/17/2031
|
476,400
|
480,271
|
|||||
|
Phoenix Newco, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 11/15/2028
|
743,747
|
749,790
|
|||||
|
Pluto Acquisition I, Inc., Senior Secured First Lien
|
|||||||
|
9.84% (3 mo. SOFR US + 5.50%), 06/20/2028
|
90,065
|
92,204
|
|||||
|
9.84% (3 mo. SOFR US + 5.50%), 06/20/2028
|
1,801
|
1,844
|
|||||
|
Radnet Management, Inc., Senior Secured First Lien, 6.77% (3 mo. SOFR US + 2.25%), 04/18/2031
|
374,295
|
376,668
|
|||||
|
Select Medical Corp., Senior Secured First Lien, 7.28% (1 mo. SOFR US + 2.75%), 12/03/2031
|
363,479
|
365,144
|
|||||
|
Sonrava Health Co.-Borrower LLC, Senior Secured First Lien
|
|||||||
|
11.93% (6 mo. SOFR US + 6.50%), 05/18/2028
|
115,109
|
115,828
|
|||||
|
6.43% (6 mo. SOFR US + 1.00%), 08/18/2028
|
4,655
|
1,996
|
|||||
|
6.43% (6 mo. SOFR US + 1.00%), 08/18/2028
|
133
|
57
|
|||||
|
Sotera Health Holdings LLC, Senior Secured First Lien, 7.84% (3 mo. SOFR US + 3.25%), 05/30/2031
|
646,380
|
648,807
|
|||||
|
Southern Veterinary Partners LLC, Senior Secured First Lien, 7.71% (3 mo. SOFR US + 3.25%), 12/04/2031
|
460,000
|
463,825
|
|||||
|
Surgery Center Holdings, Inc., Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.75%), 12/19/2030
|
619,848
|
625,420
|
|||||
|
US Fertility Enterprises LLC, Senior Secured First Lien
|
|||||||
|
8.78% (6 mo. SOFR US + 4.50%), 10/14/2031
|
843,383
|
851,821
|
|||||
|
9.35% (3 mo. Term SOFR + 4.50%), 10/14/2031 (f)
|
38,336
|
38,719
|
|||||
|
US Radiology Specialists, Inc., Senior Secured First Lien, 9.08% (3 mo. SOFR US + 4.75%), 12/15/2027
|
524,430
|
528,559
|
|||||
|
14,444,819
|
|||||||
|
HEALTHCARE: LIFE SCIENCES - 0.8%
|
|||||||
|
Cambrex Corp., Senior Secured First Lien, 8.06% (1 mo. SOFR US + 3.50%), 12/07/2026
|
273,523
|
273,865
|
|||||
|
Curia Global, Inc., Senior Secured First Lien, 8.54% (3 mo. SOFR US + 3.75%), 08/28/2026
|
1,051,282
|
1,008,027
|
|||||
|
Star Parent, Inc., Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 09/30/2030
|
891,627
|
872,568
|
|||||
|
2,154,460
|
|||||||
|
HEALTHCARE: MANAGED HEALTH CARE - 1.2%
|
|||||||
|
Bella Holding Co. LLC, Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 05/10/2028
|
622,191
|
626,957
|
|||||
|
Charlotte Buyer, Inc., Senior Secured First Lien, 9.20% (1 mo. SOFR US + 4.75%), 02/11/2028
|
284,119
|
286,197
|
|||||
|
Cotiviti, Inc., Senior Secured First Lien, 7.30% (1 mo. SOFR US + 2.75%), 04/30/2031
|
1,466,355
|
1,476,443
|
|||||
|
Raven Acquisition Holdings LLC, Senior Secured First Lien
|
|||||||
|
7.61% (1 mo. SOFR US + 3.25%), 11/20/2031
|
817,600
|
820,466
|
|||||
|
8.28% (1 mo. Term SOFR + 3.25%), 11/20/2031 (f)
|
58,400
|
58,605
|
|||||
|
3,268,668
|
|||||||
|
HEALTHCARE: PHARMA & BIOTECH - 2.1%
|
|||||||
|
Dechra Pharmaceuticals Ltd., Senior Secured First Lien, 7.77%, 12/04/2031 (a)
|
295,000
|
296,752
|
|||||
|
Elanco Animal Health, Inc., Senior Secured First Lien, 6.50% (1 mo. SOFR US + 1.75%), 08/02/2027
|
997,313
|
997,273
|
|||||
|
Endo Finance Holdings, Inc., Senior Secured First Lien, 8.57% (1 mo. Term SOFR + 4.00%), 04/23/2031
|
748,081
|
754,440
|
|||||
|
Financiere Mendel SASU, Senior Secured First Lien, 7.77% (3 mo. SOFR US + 3.25%), 11/13/2030
|
666,960
|
672,239
|
|||||
|
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 6.89% (3 mo. SOFR US + 2.00%), 11/15/2027
|
840,375
|
838,328
|
|||||
|
Jazz Financing Lux Sarl, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 05/05/2028
|
1,365,558
|
1,370,679
|
|||||
|
Organon & Co., Senior Secured First Lien, 6.62% (1 mo. Term SOFR + 2.25%), 05/19/2031
|
601,940
|
604,700
|
|||||
|
Padagis LLC, Senior Secured First Lien, 9.86% (3 mo. SOFR US + 4.75%), 07/06/2028
|
266,243
|
247,383
|
|||||
|
5,781,794
|
|||||||
|
INDUSTRIAL MACHINERY - 3.6%
|
|||||||
|
AI Aqua Merger Sub, Inc., Senior Secured First Lien
|
|||||||
|
7.52% (1 mo. Term SOFR + 3.00%), 07/31/2028
|
178,195
|
178,568
|
|||||
|
8.05% (1 mo. SOFR US + 3.50%), 07/31/2028
|
1,143,207
|
1,145,596
|
|||||
|
AZZ, Inc., Senior Secured First Lien
|
|||||||
|
6.86% (1 mo. SOFR US + 2.50%), 05/14/2029
|
290,645
|
292,151
|
|||||
|
6.86% (1 mo. SOFR US + 2.50%), 05/14/2029
|
189,405
|
190,386
|
|||||
|
Chart Industries, Inc., Senior Secured First Lien, 7.09% (3 mo. SOFR US + 2.50%), 03/18/2030
|
375,236
|
377,191
|
|||||
|
Columbus McKinnon Corp./NY, Senior Secured First Lien, 6.83% (3 mo. SOFR US + 2.50%), 05/15/2028
|
510,808
|
514,639
|
|||||
|
Crosby US Acquisition Corp., Senior Secured First Lien, 8.07% (1 mo. SOFR US + 3.50%), 08/16/2029
|
497,127
|
502,847
|
|||||
|
Dynamo US Bidco, Inc., Senior Secured First Lien, 8.26% (3 mo. SOFR US + 4.00%), 09/25/2031
|
369,773
|
373,933
|
|||||
|
Emrld Borrower LP, Senior Secured First Lien, 7.07% (3 mo. Term SOFR + 2.50%), 08/04/2031
|
243,091
|
244,357
|
|||||
|
Gates Global LLC, Senior Secured First Lien, 6.11% (1 mo. SOFR US + 1.75%), 11/16/2029
|
515,143
|
516,832
|
|||||
|
John Bean Technologies Corp., Senior Secured First Lien, 7.35% (1 mo. Term SOFR + 2.25%), 10/09/2031
|
248,564
|
250,428
|
|||||
|
Jupiter Buyer, Inc., Senior Secured First Lien
|
|||||||
|
9.30% (1 mo. SOFR US + 4.75%), 11/03/2031
|
374,815
|
377,919
|
|||||
|
9.60% (1 mo. Term SOFR + 4.75%), 11/03/2031 (f)
|
43,248
|
43,606
|
|||||
|
Madison IAQ LLC, Senior Secured First Lien, 8.00% (6 mo. SOFR US + 2.75%), 06/21/2028
|
498,226
|
500,640
|
|||||
|
Madison Safety & Flow LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 09/26/2031
|
360,261
|
363,357
|
|||||
|
Oregon Tool Holdings, Inc., Senior Secured First Lien, 8.70% (3 mo. SOFR US + 4.00%), 10/16/2028
|
406,517
|
240,573
|
|||||
|
PG Polaris BidCo Sarl, Senior Secured First Lien
|
|||||||
|
7.33% (3 mo. SOFR US + 3.00%), 03/24/2031
|
405,945
|
409,793
|
|||||
|
7.33% (3 mo. SOFR US + 3.00%), 03/24/2031
|
132,705
|
133,963
|
|||||
|
Pro Mach Group, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 08/31/2028
|
495,884
|
500,843
|
|||||
|
Roper Industrial Products Investment Co., Senior Secured First Lien, 7.19% (1 mo. Term SOFR + 2.75%), 11/23/2029
|
533,911
|
535,913
|
|||||
|
TK Elevator US Newco, Inc., Senior Secured First Lien
|
|||||||
|
8.59% (6 mo. SOFR US + 3.50%), 04/30/2030
|
551,184
|
555,871
|
|||||
|
8.59% (6 mo. SOFR US + 3.50%), 04/30/2030
|
316,614
|
319,307
|
|||||
|
Verde Purchaser LLC, Senior Secured First Lien, 9.10% (3 mo. SOFR US + 4.50%), 11/29/2030
|
491,864
|
494,016
|
|||||
|
Vertiv Group Corp., Senior Secured First Lien, 6.19% (1 mo. SOFR US + 1.75%), 03/02/2027
|
563,013
|
564,421
|
|||||
|
WEC US Holdings, Inc., Senior Secured First Lien, 6.80% (1 mo. SOFR US + 2.25%), 01/27/2031
|
411,346
|
412,181
|
|||||
|
10,039,331
|
|||||||
|
LEISURE: CASINOS & GAMING - 3.0%
|
|||||||
|
888 Acquisitions LLC, Senior Secured First Lien, 9.60% (6 mo. SOFR US + 5.25%), 07/03/2028
|
879,790
|
851,474
|
|||||
|
Allwyn Entertainment Financing US LLC, Senior Secured First Lien, 6.91% (3 mo. SOFR US + 2.25%), 06/30/2031
|
573,124
|
578,319
|
|||||
|
Aristocrat Technologies, Inc., Senior Secured First Lien, 6.78% (3 mo. SOFR US + 2.25%), 05/24/2029
|
224,143
|
225,515
|
|||||
|
Bally's Corp., Senior Secured First Lien, 8.40% (3 mo. SOFR US + 3.25%), 10/02/2028
|
731,854
|
693,985
|
|||||
|
Caesars Entertainment, Inc., Senior Secured First Lien
|
|||||||
|
6.71% (1 mo. SOFR US + 2.25%), 02/06/2030
|
586,443
|
587,662
|
|||||
|
6.61% (1 mo. SOFR US + 2.25%), 02/06/2031
|
275,481
|
276,427
|
|||||
|
Churchill Downs, Inc., Senior Secured First Lien, 6.67% (1 mo. Term SOFR + 2.00%), 03/17/2028
|
602,689
|
604,196
|
|||||
|
Entain Holdings Gibraltar Ltd., Senior Secured First Lien, 7.03% (3 mo. SOFR US + 2.50%), 03/16/2027
|
1,340,043
|
1,345,624
|
|||||
|
Everi Holdings, Inc., Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.50%), 08/03/2028
|
434,388
|
435,986
|
|||||
|
Fertitta Entertainment LLC/NV, Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 01/29/2029
|
482,626
|
485,015
|
|||||
|
Flutter Financing BV, Senior Secured First Lien, 6.08% (3 mo. SOFR US + 1.75%), 11/25/2030
|
994,134
|
993,205
|
|||||
|
Great Canadian Gaming Corp., Senior Secured First Lien, 9.09% (3 mo. SOFR US + 4.75%), 11/01/2029
|
375,235
|
375,470
|
|||||
|
Ontario Gaming GTA LP, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.25%), 08/01/2030
|
730,620
|
733,035
|
|||||
|
8,185,913
|
|||||||
|
LEISURE: HOTELS - 1.9%
|
|||||||
|
Alterra Mountain Co., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 08/17/2028
|
623,799
|
628,674
|
|||||
|
Carnival Corp., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 10/18/2028
|
1,742,335
|
1,757,040
|
|||||
|
Herschend Entertainment Co. LLC, Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 08/28/2028
|
785,550
|
790,460
|
|||||
|
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien
|
|||||||
|
6.97% (1 mo. SOFR US + 2.50%), 08/02/2028
|
292,955
|
294,402
|
|||||
|
6.72% (1 mo. SOFR US + 2.25%), 01/17/2031
|
97,561
|
97,996
|
|||||
|
Sabre GLBL, Inc., Senior Secured First Lien
|
|||||||
|
8.81% (1 mo. SOFR US + 4.25%), 06/30/2028
|
99,818
|
97,448
|
|||||
|
9.56% (1 mo. SOFR US + 5.00%), 06/30/2028
|
113,404
|
111,065
|
|||||
|
10.61% (1 mo. Term SOFR + 6.00%), 11/15/2029
|
564,256
|
562,845
|
|||||
|
10.69% (1 mo. Term SOFR + 6.00%), 11/15/2029
|
52,570
|
51,519
|
|||||
|
Travel + Leisure Co., Senior Secured First Lien, 6.93% (3 mo. SOFR US + 2.50%), 12/14/2029
|
372,845
|
374,439
|
|||||
|
TripAdvisor, Inc., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 07/08/2031
|
374,297
|
377,292
|
|||||
|
5,143,180
|
|||||||
|
LEISURE: RESTAURANTS - 0.7%
|
|||||||
|
BCPE Grill Parent, Inc., Senior Secured First Lien, 9.11% (1 mo. SOFR US + 4.75%), 09/30/2030
|
265,320
|
260,885
|
|||||
|
IRB Holding Corp., Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 12/15/2027
|
996,644
|
998,862
|
|||||
|
Tacala Investment Corp., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 01/31/2031
|
524,047
|
528,959
|
|||||
|
Whatabrands LLC, Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/03/2028
|
274,004
|
274,992
|
|||||
|
2,063,698
|
|||||||
|
MEDIA: BROADCASTING - 0.3%
|
|||||||
|
Hubbard Radio LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 09/30/2027
|
319,322
|
218,735
|
|||||
|
Learfield Communications LLC, Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 06/30/2028
|
372,845
|
376,993
|
|||||
|
Univision Communications, Inc., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.25%), 06/25/2029
|
242,469
|
243,910
|
|||||
|
839,638
|
|||||||
|
MEDIA: CABLE & SATELLITE - 2.6%
|
|||||||
|
Charter Communications Operating LLC, Senior Secured First Lien
|
|||||||
|
6.78% (3 mo. SOFR US + 2.25%), 11/21/2031
|
924,683
|
923,781
|
|||||
|
6.78% (1 mo. SOFR US + 2.25%), 11/21/2031
|
2,318
|
2,315
|
|||||
|
Connect Finco Sarl, Senior Secured First Lien
|
|||||||
|
7.86% (1 mo. SOFR US + 3.50%), 12/11/2026
|
859,910
|
853,194
|
|||||
|
8.86% (1 mo. SOFR US + 4.50%), 09/27/2029
|
447,254
|
393,957
|
|||||
|
Coral-US Co.-Borrower LLC, Senior Secured First Lien, 7.19% (1 mo. SOFR US + 2.25%), 01/31/2028
|
1,006,205
|
1,003,629
|
|||||
|
CSC Holdings LLC, Senior Secured First Lien, 8.90% (1 mo. SOFR US + 4.50%), 01/18/2028
|
893,873
|
878,726
|
|||||
|
Directv Financing LLC, Senior Secured First Lien, 10.11% (3 mo. SOFR US + 5.00%), 08/02/2027
|
722,328
|
726,008
|
|||||
|
Iridium Satellite LLC, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 09/20/2030
|
915,621
|
913,332
|
|||||
|
Telenet Financing USD LLC, Senior Secured First Lien, 6.63% (1 mo. SOFR US + 2.00%), 04/28/2028
|
454,863
|
443,573
|
|||||
|
Virgin Media Bristol LLC, Senior Secured First Lien, 7.13% (1 mo. SOFR US + 2.50%), 01/31/2028
|
630,000
|
626,652
|
|||||
|
WideOpenWest Finance LLC, Senior Secured First Lien, 7.66%, 12/11/2028 (a)
|
465,000
|
418,502
|
|||||
|
7,183,669
|
|||||||
|
MEDIA: DIVERSIFIED - 1.7%
|
|||||||
|
Abe Investment Holdings, Inc., Senior Secured First Lien, 8.95% (6 mo. SOFR US + 4.50%), 02/19/2026
|
771,010
|
770,046
|
|||||
|
ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.25%), 12/21/2028
|
741,442
|
745,265
|
|||||
|
Indy US Bidco LLC, Senior Secured First Lien
|
|||||||
|
8.34% (1 mo. SOFR US + 3.75%), 03/06/2028
|
308,099
|
308,484
|
|||||
|
8.34% (1 mo. SOFR US + 3.75%), 03/06/2028
|
178,262
|
178,485
|
|||||
|
Indy US Holdco LLC, Senior Secured First Lien
|
|||||||
|
9.11% (1 mo. SOFR US + 4.75%), 03/06/2028
|
515,297
|
520,450
|
|||||
|
9.11% (1 mo. SOFR US + 4.75%), 03/06/2028
|
386,443
|
390,308
|
|||||
|
McGraw-Hill Education, Inc., Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 08/06/2031
|
834,166
|
844,680
|
|||||
|
Neptune Bidco US, Inc., Senior Secured First Lien, 9.61% (3 mo. SOFR US + 4.75%), 10/11/2028
|
930,691
|
836,794
|
|||||
|
4,594,512
|
|||||||
|
MEDIA: ENTERTAINMENT - 3.1%
|
|||||||
|
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien
|
|||||||
|
8.08% (3 mo. SOFR US + 3.75%), 03/08/2030
|
932,171
|
919,741
|
|||||
|
8.08% (3 mo. SOFR US + 3.75%), 03/08/2030
|
472,022
|
465,727
|
|||||
|
Creative Artists Agency LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 10/01/2031
|
763,268
|
767,878
|
|||||
|
Crown Finance US, Inc., Senior Secured First Lien, 9.80% (1 mo. SOFR US + 5.25%), 12/02/2031
|
492,000
|
492,846
|
|||||
|
Delta 2 Lux Sarl, Senior Secured First Lien
|
|||||||
|
6.33% (3 mo. SOFR US + 2.00%), 09/19/2031
|
206,333
|
207,133
|
|||||
|
7.20% (3 mo. Term SOFR + 2.00%), 09/19/2031
|
102,667
|
103,065
|
|||||
|
Hoya Midco LLC, Senior Secured First Lien, 7.59% (3 mo. SOFR US + 3.00%), 02/05/2029
|
872,560
|
882,377
|
|||||
|
Live Nation Entertainment, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 1.75%), 10/19/2026
|
665,896
|
666,395
|
|||||
|
Playtika Holding Corp., Senior Secured First Lien, 7.55% (1 mo. Term SOFR + 2.75%), 03/13/2028
|
845,151
|
848,717
|
|||||
|
StubHub Holdco Sub LLC, Senior Secured First Lien, 9.11% (1 mo. SOFR US + 4.75%), 03/15/2030
|
1,091,492
|
1,095,585
|
|||||
|
UFC Holdings LLC, Senior Secured First Lien, 6.77% (3 mo. SOFR US + 2.25%), 11/21/2031
|
1,065,231
|
1,072,432
|
|||||
|
William Morris Endeavor Entertainment LLC, Senior Secured First Lien
|
|||||||
|
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025
|
584,657
|
586,776
|
|||||
|
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025
|
278,161
|
279,169
|
|||||
|
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025
|
53,372
|
53,566
|
|||||
|
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025
|
25,393
|
25,485
|
|||||
|
8,466,892
|
|||||||
|
METALS & MINING - 0.6%
|
|||||||
|
Arsenal AIC Parent LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 08/19/2030
|
273,229
|
275,893
|
|||||
|
Grinding Media, Inc., Senior Secured First Lien
|
|||||||
|
8.02% (3 mo. SOFR US + 3.50%), 10/12/2028
|
1,073,337
|
1,080,045
|
|||||
|
8.02% (3 mo. SOFR US + 3.50%), 10/12/2028
|
299,881
|
301,756
|
|||||
|
1,657,694
|
|||||||
|
MIDSTREAM: STORAGE & TRANSPORT - 1.6%
|
|||||||
|
Brazos Delaware II LLC, Senior Secured First Lien, 8.25% (6 mo. SOFR US + 3.50%), 02/11/2030
|
267,975
|
270,174
|
|||||
|
CPPIB OVM Member US LLC, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 08/20/2031
|
417,953
|
421,219
|
|||||
|
ITT Holdings LLC, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 2.75%), 10/11/2030
|
746,201
|
751,704
|
|||||
|
NGP XI Midstream Holdings LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 07/25/2031
|
726,958
|
734,228
|
|||||
|
Northriver Midstream Finance LP, Senior Secured First Lien, 6.86% (3 mo. SOFR US + 2.25%), 08/16/2030
|
728,968
|
731,203
|
|||||
|
Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 7.63% (1 mo. SOFR US + 3.00%), 10/05/2028
|
991,750
|
999,109
|
|||||
|
TransMontaigne Operating Co. LP, Senior Secured First Lien
|
|||||||
|
7.72% (1 mo. SOFR US + 3.25%), 11/17/2028
|
209,208
|
211,283
|
|||||
|
7.72% (1 mo. SOFR US + 3.25%), 11/17/2028
|
209,208
|
211,283
|
|||||
|
7.72% (1 mo. SOFR US + 3.25%), 11/17/2028
|
64,207
|
64,844
|
|||||
|
4,395,047
|
|||||||
|
OIL & GAS: E&P - 0.2%
|
|||||||
|
Discovery Energy Holding Corp., Senior Secured First Lien, 8.11% (3 mo. SOFR US + 3.75%), 05/02/2031
|
456,484
|
456,628
|
|||||
|
OIL & GAS: EQUIPMENT & SERVICES - 0.3%
|
|||||||
|
MRC Global US, Inc., Senior Secured First Lien, 7.93% (6 mo. SOFR US + 3.50%), 10/29/2031
|
424,000
|
429,300
|
|||||
|
Star Holding LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 07/31/2031
|
374,297
|
374,024
|
|||||
|
803,324
|
|||||||
|
PACKAGING - 1.8%
|
|||||||
|
LABL, Inc., Senior Secured First Lien, 9.56% (1 mo. SOFR US + 5.00%), 10/30/2028
|
255,076
|
247,264
|
|||||
|
M2S Group Intermediate Holdings, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 4.75%), 08/27/2031
|
766,954
|
742,032
|
|||||
|
Magnera Corp., Senior Secured First Lien, 8.76% (3 mo. SOFR US + 4.25%), 11/04/2031
|
1,240,000
|
1,244,390
|
|||||
|
Mauser Packaging Solutions Holding Co., Senior Secured First Lien, 7.59% (1 mo. SOFR US + 3.00%), 04/16/2027
|
819,893
|
826,555
|
|||||
|
Pregis TopCo LLC, Senior Secured First Lien, 8.36% (1 mo. SOFR US + 4.00%), 07/31/2026
|
517,750
|
521,773
|
|||||
|
Ranpak BV, Senior Secured First Lien, 8.88%, 12/12/2031 (a)
|
92,098
|
92,213
|
|||||
|
Ranpak Corp., Senior Secured First Lien, 8.88%, 12/12/2031 (a)
|
143,902
|
144,082
|
|||||
|
Sabert Corp., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.00%), 12/10/2026
|
342,263
|
345,044
|
|||||
|
Trident TPI Holdings, Inc., Senior Secured First Lien, 8.19% (1 mo. SOFR US + 3.75%), 09/18/2028
|
906,093
|
915,357
|
|||||
|
5,078,710
|
|||||||
|
REAL ESTATE: MANAGEMENT - 0.2%
|
|||||||
|
Greystar Real Estate Partners LLC, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.75%), 08/21/2030
|
541,177
|
545,913
|
|||||
|
RETAIL: FOOD & DRUG - 0.4%
|
|||||||
|
JP Intermediate B LLC, Senior Secured First Lien, 14.00% (Prime Rate + 6.50%), 11/22/2027
|
447,191
|
25,993
|
|||||
|
TKC Holdings, Inc., Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 05/15/2028
|
1,085,342
|
1,099,593
|
|||||
|
1,125,586
|
|||||||
|
RETAILING - 2.8%
|
|||||||
|
Belron Finance 2019 LLC, Senior Secured First Lien, 7.27% (3 mo. SOFR US + 2.75%), 10/16/2031
|
1,046,378
|
1,057,663
|
|||||
|
Great Outdoors Group LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 03/06/2028
|
746,153
|
751,189
|
|||||
|
Harbor Freight Tools USA, Inc., Senior Secured First Lien
|
|||||||
|
6.86% (1 mo. SOFR US + 2.50%), 06/11/2031
|
915,154
|
903,889
|
|||||
|
7.24% (3 mo. SOFR US + 2.50%), 06/11/2031
|
122,246
|
120,741
|
|||||
|
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 05/04/2028
|
600,431
|
605,216
|
|||||
|
Michaels Cos., Inc., Senior Secured First Lien, 9.10% (3 mo. SOFR US + 4.25%), 04/17/2028
|
575,993
|
466,388
|
|||||
|
Peer Holding III BV, Senior Secured First Lien
|
|||||||
|
7.58% (3 mo. SOFR US + 3.25%), 10/28/2030
|
743,817
|
749,704
|
|||||
|
7.33% (3 mo. SOFR US + 3.00%), 07/01/2031
|
248,564
|
250,272
|
|||||
|
Petco Health & Wellness Co., Inc., Senior Secured First Lien, 8.10% (3 mo. SOFR US + 3.25%), 03/06/2028
|
230,000
|
223,914
|
|||||
|
PetSmart LLC, Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 02/14/2028
|
1,385,004
|
1,382,116
|
|||||
|
RH, Senior Secured First Lien, 7.81% (1 mo. SOFR US + 3.25%), 10/20/2028
|
760,826
|
759,875
|
|||||
|
Staples, Inc., Senior Secured First Lien, 10.18% (3 mo. SOFR US + 5.75%), 09/10/2029
|
528,198
|
506,164
|
|||||
|
7,777,131
|
|||||||
|
TECHNOLOGY HARDWARE - 0.8%
|
|||||||
|
Coherent Corp., Senior Secured First Lien, 6.45% (1 mo. Term SOFR + 2.00%), 07/02/2029
|
287,582
|
288,780
|
|||||
|
CommScope, Inc., Senior Secured First Lien, 9.88%, 12/18/2029 (a)
|
617,000
|
625,872
|
|||||
|
Fortress Intermediate 3, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 06/27/2031
|
272,318
|
273,510
|
|||||
|
MKS Instruments, Inc., Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.25%), 08/17/2029
|
272,674
|
273,825
|
|||||
|
World Wide Technology Holding Co. LLC, Senior Secured First Lien, 6.69% (1 mo. SOFR US + 2.25%), 03/01/2030
|
662,451
|
664,936
|
|||||
|
2,126,923
|
|||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 14.4%
|
|||||||
|
Access CIG LLC, Senior Secured First Lien, 9.59% (3 mo. SOFR US + 5.00%), 08/18/2028
|
1,323,233
|
1,337,762
|
|||||
|
AthenaHealth Group, Inc., Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 02/15/2029
|
741,268
|
744,577
|
|||||
|
Barracuda Networks, Inc., Senior Secured First Lien, 9.09% (6 mo. SOFR US + 4.50%), 08/15/2029
|
803,577
|
745,471
|
|||||
|
Barracuda Networks, Inc., Senior Secured Second Lien, 11.59% (3 mo. SOFR US + 7.00%), 08/15/2030
|
461,277
|
372,050
|
|||||
|
Boxer Parent Co., Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 3.75%), 07/30/2031
|
685,020
|
691,521
|
|||||
|
Boxer Parent Co., Inc., Senior Secured Second Lien, 10.34% (3 mo. SOFR US + 5.75%), 07/30/2032
|
535,770
|
528,629
|
|||||
|
CCC Intelligent Solutions, Inc., Senior Secured First Lien, 6.84% (1 mo. SOFR US + 2.25%), 09/21/2028
|
482,623
|
485,338
|
|||||
|
Central Parent LLC, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 07/06/2029
|
551,558
|
544,975
|
|||||
|
Cloud Software Group, Inc., Senior Secured First Lien
|
|||||||
|
7.83% (3 mo. SOFR US + 3.50%), 03/29/2029
|
2,092,086
|
2,100,883
|
|||||
|
7.83% (1 mo. SOFR US + 3.50%), 03/29/2029
|
5,243
|
5,265
|
|||||
|
8.31% (1 mo. SOFR US + 3.75%), 03/24/2031
|
471,000
|
473,103
|
|||||
|
Clover Holdings 2 LLC, Senior Secured First Lien, 8.43% (3 mo. SOFR US + 4.00%), 12/09/2031
|
849,661
|
860,282
|
|||||
|
ConnectWise LLC, Senior Secured First Lien, 8.35% (3 mo. SOFR US + 3.50%), 09/29/2028
|
1,368,353
|
1,379,047
|
|||||
|
Dcert Buyer, Inc., Senior Secured First Lien, 8.36% (1 mo. SOFR US + 4.00%), 10/16/2026
|
761,622
|
733,599
|
|||||
|
E2open LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 02/04/2028
|
1,333,528
|
1,341,582
|
|||||
|
Ensono, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 4.00%), 05/30/2028
|
872,498
|
873,353
|
|||||
|
Flexera Software LLC, Senior Secured First Lien, 7.35% (3 mo. SOFR US + 3.00%), 03/03/2028
|
1,359,710
|
1,370,547
|
|||||
|
Gen Digital, Inc., Senior Secured First Lien, 6.32% (1 mo. Term SOFR + 1.75%), 09/12/2029
|
348,652
|
347,974
|
|||||
|
Genesys Cloud Services Holdings II LLC, Senior Secured First Lien
|
|||||||
|
7.36% (1 mo. SOFR US + 3.00%), 12/01/2027
|
690,127
|
696,783
|
|||||
|
7.36% (1 mo. SOFR US + 3.00%), 12/01/2027
|
223,124
|
225,276
|
|||||
|
Informatica LLC, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 10/30/2028
|
371,889
|
374,214
|
|||||
|
Jaggaer LLC, Senior Secured First Lien, 7.69% (3 mo. SOFR US + 3.25%), 12/08/2031
|
248,564
|
250,817
|
|||||
|
Leia Finco US LLC, Senior Secured First Lien, 7.89% (3 mo. SOFR US + 3.25%), 10/09/2031
|
678,408
|
678,618
|
|||||
|
Leia Finco US LLC, Senior Secured Second Lien, 9.89% (3 mo. SOFR US + 5.25%), 10/12/2032
|
281,000
|
279,126
|
|||||
|
Marcel Bidco LLC, Senior Secured First Lien, 7.81% (SOFR + 3.50%), 11/13/2030
|
768,644
|
780,173
|
|||||
|
McAfee Corp., Senior Secured First Lien, 7.37% (1 mo. SOFR US + 3.00%), 03/01/2029
|
1,035,616
|
1,026,313
|
|||||
|
MH Sub I LLC, Senior Secured First Lien
|
|||||||
|
8.82% (1 mo. SOFR US + 4.25%), 05/03/2028
|
1,252,378
|
1,254,445
|
|||||
|
8.76% (1 mo. Term SOFR + 4.25%), 12/11/2031
|
45,180
|
44,855
|
|||||
|
MH Sub I LLC, Senior Secured Second Lien, 10.82% (1 mo. SOFR US + 6.25%), 02/23/2029
|
258,124
|
256,242 | |||||
|
Modena Buyer LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 07/01/2031
|
1,283,449
|
1,246,318
|
|||||
|
Mosel Bidco SE, Senior Secured First Lien
|
|||||||
|
8.83% (3 mo. SOFR US + 4.50%), 09/16/2030
|
704,227
|
713,029
|
|||||
|
8.83% (3 mo. SOFR US + 4.50%), 09/16/2030
|
495,023
|
501,210
|
|||||
|
N-Able International Holdings II LLC, Senior Secured First Lien, 7.79% (3 mo. SOFR US + 2.75%), 07/19/2028
|
496,328
|
500,670
|
|||||
|
Optiv Parent, Inc., Senior Secured First Lien, 9.87% (3 mo. SOFR US + 5.25%), 08/03/2026
|
889,232
|
739,174
|
|||||
|
Peraton Corp., Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 02/01/2028
|
1,594,700
|
1,487,887
|
|||||
|
Peraton Corp., Senior Secured Second Lien, 12.46% (3 mo. SOFR US + 7.75%), 02/01/2029
|
148,182
|
121,293
|
|||||
|
Plano HoldCo, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 3.50%), 10/02/2031
|
971,000
|
980,710
|
|||||
|
Polaris Newco LLC, Senior Secured First Lien, 8.96% (3 mo. SOFR US + 4.00%), 06/05/2028
|
1,688,015
|
1,693,189
|
|||||
|
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien
|
|||||||
|
7.58% (3 mo. SOFR US + 3.25%), 10/28/2030
|
683,172
|
688,402
|
|||||
|
7.84% (1 mo. Term SOFR + 3.25%), 10/28/2030
|
321,000
|
323,457
|
|||||
|
Proofpoint, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 08/31/2028
|
1,118,110
|
1,124,824
|
|||||
|
Quartz Acquireco LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 06/28/2030
|
520,413
|
524,966
|
|||||
|
RealPage, Inc., Senior Secured First Lien
|
|||||||
|
7.70% (3 mo. SOFR US + 3.00%), 04/24/2028
|
1,116,013
|
1,115,444
|
|||||
|
8.08% (3 mo. SOFR US + 3.75%), 04/24/2028
|
266,000
|
267,580
|
|||||
|
Rithum Holdings, Inc., Senior Secured First Lien
|
|||||||
|
9.05% (3 mo. SOFR US + 4.00%), 12/02/2027
|
717,489
|
682,063
|
|||||
|
11.15% (3 mo. SOFR US + 6.25%), 12/29/2027
|
522,086
|
513,818
|
|||||
|
Rocket Software, Inc., Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.25%), 11/28/2028
|
623,799
|
629,220
|
|||||
|
Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 7.59% (3 mo. SOFR US + 3.00%), 02/24/2028
|
619,855
|
624,359
|
|||||
|
Skopima Consilio Parent LLC, Senior Secured First Lien, 8.80% (1 mo. SOFR US + 4.00%), 05/17/2028
|
545,302
|
548,029
|
|||||
|
SolarWinds Holdings, Inc., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 02/05/2030
|
499,517
|
502,744
|
|||||
|
Sovos Compliance LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 4.50%), 08/14/2028
|
329,231
|
332,055
|
|||||
|
UKG, Inc., Senior Secured First Lien, 7.62% (3 mo. SOFR US + 3.00%), 02/10/2031
|
1,775,080
|
1,789,822
|
|||||
|
VS Buyer LLC, Senior Secured First Lien, 7.12% (1 mo. SOFR US + 2.75%), 04/14/2031
|
981,130
|
989,714
|
|||||
|
Zuora, Inc., Senior Secured First Lien, 7.88%, 12/13/2031 (a)
|
295,000
|
294,263
|
|||||
|
39,737,060
|
|||||||
|
TELECOM SERVICES: DIVERSIFIED - 3.0%
|
|||||||
|
Altice France SA, Senior Secured First Lien, 10.16% (3 mo. SOFR US + 5.50%), 08/31/2028
|
915,383
|
737,570
|
|||||
|
Cincinnati Bell, Inc., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 11/24/2028
|
1,742,335
|
1,754,775
|
|||||
|
Consolidated Communications, Inc., Senior Secured First Lien, 8.19% (1 mo. Term SOFR + 3.50%), 10/04/2027
|
982,903
|
974,652
|
|||||
|
Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 8.57% (1 mo. SOFR US + 4.00%), 01/30/2031
|
677,974
|
689,839
|
|||||
|
Frontier Communications Holdings LLC, Senior Secured First Lien, 8.76% (3 mo. SOFR US + 3.50%), 07/01/2031
|
821,940
|
833,242
|
|||||
|
Level 3 Financing, Inc., Senior Secured First Lien, 11.13% (1 mo. Term SOFR + 6.56%), 04/16/2029
|
733,741
|
749,424
|
|||||
|
Lumen Technologies, Inc., Senior Secured First Lien
|
|||||||
|
6.94% (1 mo. SOFR US + 2.35%), 04/16/2029
|
263,486
|
248,290
|
|||||
|
6.94% (1 mo. SOFR US + 2.35%), 04/15/2030
|
263,486
|
246,067
|
|||||
|
Radiate Holdco LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 3.25%), 09/25/2026
|
640,827
|
562,140
|
|||||
|
Voyage Australia Pty Ltd., Senior Secured First Lien, 8.64% (3 mo. SOFR US + 3.50%), 07/20/2028
|
465,368
|
468,567
|
|||||
|
Windstream Services LLC, Senior Secured First Lien, 9.31% (1 mo. SOFR US + 4.75%), 10/06/2031
|
370,455
|
376,012
|
|||||
|
Zayo Group Holdings, Inc., Senior Secured First Lien, 8.61% (1 mo. SOFR US + 4.25%), 03/09/2027
|
807,477
|
760,494
|
|||||
|
8,401,072
|
|||||||
|
TELECOM SERVICES: WIRELESS - 0.3%
|
|||||||
|
CCI Buyer, Inc., Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 12/17/2027
|
991,679
|
993,890
|
|||||
|
TRANSPORTATION - 1.2%
|
|||||||
|
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 9.89% (3 mo. SOFR US + 4.75%), 04/20/2028
|
373,695
|
384,269
|
|||||
|
Avis Budget Car Rental LLC, Senior Secured First Lien, 6.34% (1 mo. SOFR US + 1.75%), 08/06/2027
|
834,627
|
827,115
|
|||||
|
Carriage Purchaser, Inc., Senior Secured First Lien, 8.47% (1 mo. SOFR US + 4.00%), 09/29/2028
|
411,968
|
413,813
|
|||||
|
Cubic Corp., Senior Secured First Lien
|
|||||||
|
9.29% (3 mo. SOFR US + 4.25%), 05/25/2028
|
937,520
|
634,467
|
|||||
|
9.29% (3 mo. SOFR US + 4.25%), 05/25/2028
|
199,345
|
134,907
|
|||||
|
Lasership, Inc., Senior Secured First Lien, 9.54% (3 mo. SOFR US + 4.50% + 0.11% PIK), 08/10/2029
|
395,475
|
139,405
|
|||||
|
WWEX Uni Topco Holdings LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 07/26/2028
|
824,888
|
830,960
|
|||||
|
3,364,936
|
|||||||
|
UTILITIES: POWER - 2.2%
|
|||||||
|
Alpha Generation LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 09/30/2031
|
360,261
|
363,233
|
|||||
|
Calpine Corp., Senior Secured First Lien
|
|||||||
|
6.11% (1 mo. SOFR US + 1.75%), 12/16/2027
|
266,000
|
265,427
|
|||||
|
6.27%, 02/16/2032 (a)
|
427,000
|
426,080
|
|||||
|
Cornerstone Generation LLC, Senior Secured First Lien, 7.95% (1 mo. Term SOFR + 3.25%), 10/28/2031
|
492,129
|
497,050
|
|||||
|
Eastern Power LLC, Senior Secured First Lien, 9.61% (1 mo. SOFR US + 5.25%), 10/02/2025
|
369,081
|
368,505
|
|||||
|
Lightning Power LLC, Senior Secured First Lien, 7.74% (3 mo. SOFR US + 3.25%), 08/18/2031
|
831,915
|
842,430
|
|||||
|
Lightstone Holdco LLC, Senior Secured First Lien
|
|||||||
|
10.34% (3 mo. SOFR US + 5.75%), 01/29/2027
|
930,059
|
942,266
|
|||||
|
10.34% (3 mo. SOFR US + 5.75%), 01/29/2027
|
52,500
|
53,189
|
|||||
|
Talen Energy Supply LLC, Senior Secured First Lien, 7.02% (1 mo. SOFR US + 2.50%), 12/15/2031
|
296,000
|
297,480
|
|||||
|
Vistra Zero Operating Co. LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.00%), 04/30/2031
|
323,375
|
324,554
|
|||||
|
WaterBridge Midstream Operating LLC, Senior Secured First Lien, 9.08% (3 mo. SOFR US + 4.75%), 06/27/2029
|
1,116,203
|
1,113,412
|
|||||
|
WaterBridge NDB Operating LLC, Senior Secured First Lien, 8.52% (3 mo. SOFR US + 4.00%), 05/10/2029
|
519,698
|
525,963
|
|||||
|
6,019,589
|
|||||||
|
TOTAL BANK LOANS (Cost $241,460,824)
|
241,420,472
|
||||||
|
CORPORATE BONDS - 8.6% (g)
|
|||||||
|
AEROSPACE & DEFENSE - 0.2%
|
|||||||
|
Bombardier, Inc.
|
|||||||
|
7.13%, 06/15/2026 (b)
|
176,000
|
177,421
|
|||||
|
7.88%, 04/15/2027 (b)
|
397,000
|
397,829
|
|||||
|
575,250
|
|||||||
|
AUTOMOTIVE - 0.5%
|
|||||||
|
Clarios Global LP / Clarios US Finance Co., 8.50%, 05/15/2027 (b)
|
1,350,000
|
1,354,360
|
|||||
|
BUILDING PRODUCTS - 0.2%
|
|||||||
|
Standard Industries, Inc./NY, 3.38%, 01/15/2031 (b)
|
600,000
|
514,938
|
|||||
|
CHEMICALS - 0.1%
|
|||||||
|
Olympus Water US Holding Corp., 7.13%, 10/01/2027 (b)
|
200,000
|
203,753
|
|||||
|
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.13%, 04/01/2029 (b)
|
238,000
|
147,321
|
|||||
|
351,074
|
|||||||
|
COMMERCIAL SERVICES - 0.2%
|
|||||||
|
OPENLANE, Inc., 5.13%, 06/01/2025 (b)
|
424,000
|
423,276
|
|||||
|
FINANCIALS: THRIFTS & MORTGAGES - 0.1%
|
|||||||
|
Freedom Mortgage Corp., 6.63%, 01/15/2027 (b)
|
278,000
|
278,339
|
|||||
|
HEALTHCARE: FACILITIES - 1.3%
|
|||||||
|
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027 (b)
|
560,000
|
538,066
|
|||||
|
Fresenius Medical Care US Finance III, Inc., 2.38%, 02/16/2031 (b)
|
925,000
|
761,497
|
|||||
|
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (b)
|
1,006,000
|
979,739
|
|||||
|
Tenet Healthcare Corp., 6.25%, 02/01/2027
|
1,311,000
|
1,311,022
|
|||||
|
3,590,324
|
|||||||
|
HEALTHCARE: PHARMA & BIOTECH - 0.5%
|
|||||||
|
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028 (b)
|
581,000
|
546,323
|
|||||
|
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026
|
765,000
|
735,748
|
|||||
|
1,282,071
|
|||||||
|
HEALTHCARE: REITs - 0.3%
|
|||||||
|
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031
|
1,270,000
|
801,487
|
|||||
|
INDUSTRIAL MACHINERY - 0.2%
|
|||||||
|
VOC Escrow Ltd., 5.00%, 02/15/2028 (b)
|
418,000
|
408,892
|
|||||
|
LEISURE: CASINOS & GAMING - 1.0%
|
|||||||
|
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (b)
|
440,000
|
453,764
|
|||||
|
International Game Technology PLC, 4.13%, 04/15/2026 (b)
|
1,095,000
|
1,079,720
|
|||||
|
Light & Wonder International, Inc., 7.00%, 05/15/2028 (b)
|
404,000
|
405,182
|
|||||
|
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
|
|||||||
|
5.63%, 09/01/2029 (b)
|
561,000
|
440,932
|
|||||
|
5.88%, 09/01/2031 (b)
|
562,000
|
409,338
|
|||||
|
2,788,936
|
|||||||
|
LEISURE: HOTELS - 1.1%
|
|||||||
|
NCL Corp. Ltd., 8.38%, 02/01/2028 (b)
|
444,000
|
464,580
|
|||||
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028 (b)
|
548,000
|
536,661
|
|||||
|
Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 (b)
|
421,000
|
420,893
|
|||||
|
Sabre GLBL, Inc., 10.75%, 11/15/2029 (b)
|
1,643,000
|
1,701,149
|
|||||
|
3,123,283
|
|||||||
|
LEISURE: RESTAURANTS - 0.2%
|
|||||||
|
CEC Entertainment LLC, 6.75%, 05/01/2026 (b)
|
660,000
|
655,537
|
|||||
|
MEDIA: ENTERTAINMENT - 0.1%
|
|||||||
|
Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (b)
|
393,000
|
397,674
|
|||||
|
METALS & MINING - 0.0%(c)
|
|||||||
|
GrafTech Finance, Inc., 4.63%, 12/23/2029 (b)(d)
|
127,000
|
102,933
|
|||||
|
MIDSTREAM: STORAGE & TRANSPORT - 0.5%
|
|||||||
|
Venture Global Calcasieu Pass LLC
|
|||||||
|
6.25%, 01/15/2030 (b)
|
290,000
|
292,917
|
|||||
|
3.88%, 11/01/2033 (b)
|
510,000
|
438,515
|
|||||
|
Venture Global LNG, Inc., 8.13%, 06/01/2028 (b)
|
712,000
|
741,230
|
|||||
|
1,472,662
|
|||||||
|
OIL & GAS: EQUIPMENT & SERVICES - 0.1%
|
|||||||
|
Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028 (b)
|
394,829
|
394,524
|
|||||
|
TECHNOLOGY HARDWARE - 0.4%
|
|||||||
|
Entegris, Inc., 4.75%, 04/15/2029 (b)
|
1,005,000
|
963,169
|
|||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 1.1%
|
|||||||
|
Elastic NV, 4.13%, 07/15/2029 (b)
|
844,000
|
783,250
|
|||||
|
Gen Digital, Inc., 5.00%, 04/15/2025 (b)
|
2,220,000
|
2,217,697
|
|||||
|
3,000,947
|
|||||||
|
TELECOM SERVICES: DIVERSIFIED - 0.4%
|
|||||||
|
Iliad Holding SASU
|
|||||||
|
7.00%, 10/15/2028 (b)
|
400,000
|
405,686
|
|||||
|
7.00%, 04/15/2032 (b)
|
641,000
|
645,044
|
|||||
|
1,050,730
|
|||||||
|
UTILITIES: PROPANE - 0.1%
|
|||||||
|
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 05/20/2025
|
146,000
|
145,265
|
|||||
|
TOTAL CORPORATE BONDS (Cost $24,139,622)
|
23,675,671
|
||||||
|
EXCHANGE TRADED FUNDS - 1.6% (g)
|
Shares
|
||||||
|
Invesco Senior Loan ETF
|
213,500
|
4,498,445
|
|||||
|
TOTAL EXCHANGE TRADED FUNDS (Cost $4,512,410)
|
4,498,445
|
||||||
|
SHORT-TERM INVESTMENTS - 11.1% (g)
|
|||||||
|
Money Market Funds - 11.1%
|
|
||||||
|
First American Government Obligations Fund - Class X, 4.41% (e)
|
30,766,470
|
30,766,470
|
|||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $30,766,470)
|
30,766,470
|
||||||
|
TOTAL INVESTMENTS - 108.6% (Cost $300,879,326)
|
300,361,058
|
||||||
|
Liabilities in Excess of Other Assets - (8.6)%
|
(23,812,276)
|
||||||
|
TOTAL NET ASSETS - 100.0%
|
|
$ |
276,548,782
|
||||
|
two
|
–%
|
||||||
|
Percentages are stated as a percent of net assets.
|
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI,
Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Shenkman
Capital Management, Inc. Industries presented are at the discretion of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.
|
| BV - Besloten Vennootschap |
|
NV - Naamloze Vennootschap
|
|
PIK - Payment in Kind
|
|
PLC - Public Limited Company
|
|
REIT - Real Estate Investment Trust
|
|
SA - Sociedad Anónima
|
| SASU - Société par Actions Simplifiiée |
| SCA - Svenska Cellulosa Aktiebolaget |
|
SE - Societas Europeae
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
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, 2024.
|
|
(b)
|
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, 2024, the value of these securities total $20,682,149 or 7.5% of the Fund’s net assets.
|
|
(c)
|
Represents less than 0.05% of net assets.
|
|
(d)
|
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 $102,933 or 0.0% of net assets as of December 31, 2024.
|
|
(e)
|
The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
|
|
(f)
|
All or a portion of the loan is unfunded.
|
|
(g)
|
All or a portion is posted as collateral for delayed settlement securities.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Bank Loans
|
$
|
–
|
$
|
241,420,472
|
$
|
–
|
$
|
241,420,472
|
||||||||
|
Corporate Bonds
|
–
|
23,572,738
|
102,933
|
23,675,671
|
||||||||||||
|
Exchange Traded Funds
|
4,498,445
|
–
|
–
|
4,498,445
|
||||||||||||
|
Money Market Funds
|
30,766,470
|
–
|
–
|
30,766,470
|
||||||||||||
|
Total Investments
|
$
|
35,264,915
|
$
|
264,993,210
|
$
|
102,933
|
$
|
300,361,058
|
||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
|
Corporate Bonds
|
|||
|
Beginning balance as of September 30, 2024
|
$
|
-
|
||
|
Purchases
|
102,933
|
|||
|
Ending Balance as of December 31, 2024
|
$
|
102,933
|
||
|
Change in unrealized appreciation / depreciation still held as of December 31, 2024
|
$
|
-
|
||