Shenkman Capital Floating Rate High Income Fund
Schedule of Investments
June 30, 2026 (Unaudited)

BANK LOANS - 87.9%
Principal Value  

Value  
AEROSPACE & DEFENSE - 1.8%
Dynasty Acquisition Co., Inc., Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 10/31/2031, (0.00% Floor)

    $        605,775

    $        607,901
Karman Holdings, Inc., Senior Secured First Lien, 6.46% (3 mo. SOFR US + 2.75%), 04/01/2032, (0.00% Floor)

             1,303,463

             1,310,391
Mahseer Holdings LLC, Senior Secured First Lien
6.98% (3 mo. SOFR US + 3.25%), 03/16/2033, (0.50% Floor)

             236,207

             237,832
7.18% (1 mo. Term SOFR + 3.25%), 03/16/2033 (a)

             37,793

             38,053
Modern Aviation Fbo Holdings LLC, Senior Secured First Lien, 6.61% (1 mo. Term SOFR + 3.00%), 06/30/2033

             487,000

             488,826
Signia Aerospace LLC, Senior Secured First Lien
6.45% (3 mo. Term SOFR + 2.75%), 12/11/2031

             306,311

             306,887
7.06% (3 mo. Term SOFR + 2.75%), 12/11/2031 (a)

             10,667

             10,687
TransDigm, Inc., Senior Secured First Lien
5.87% (1 mo. SOFR US + 2.25%), 03/22/2030, (0.00% Floor)

             1,223,399

             1,224,879
6.12% (1 mo. SOFR US + 2.50%), 01/20/2032, (0.00% Floor)

             270,591

             270,927
Trident Technologies LLC, Senior Secured First Lien, 8.14% (1 mo. SOFR US + 4.50%), 02/09/2032, (0.00% Floor)

             492,323

             475,338


             4,971,721






AUTO RETAIL - 0.8%
CWGS Group LLC, Senior Secured First Lien, 6.37% (1 mo. SOFR US + 2.50%), 06/05/2028, (0.75% Floor)

             725,154

             692,591
Mavis Tire Express Services Topco Corp., Senior Secured First Lien
6.67% (6 mo. SOFR US + 3.00%), 05/04/2028, (0.75% Floor)

             539,492

             539,322
6.92% (6 mo. SOFR US + 3.25%), 05/09/2033, (0.00% Floor)

             304,285

             304,292
RVR Dealership Holdings LLC, Senior Secured First Lien, 8.17% (3 mo. SOFR US + 4.50%), 02/28/2033, (0.00% Floor)

             563,588

             546,398


             2,082,603






AUTOMOTIVE - 1.9%
Allison Transmission, Inc., Senior Secured First Lien, 5.38% (1 mo. SOFR US + 1.75%), 01/03/2033, (0.00% Floor)

             548,625

             548,740
American Axle & Manufacturing, Inc., Senior Secured First Lien
6.62% (1 mo. SOFR US + 3.00%), 12/13/2029, (0.50% Floor)

             971,665

             974,901
6.87% (1 mo. SOFR US + 3.25%), 02/03/2033, (0.00% Floor)

             108,489

             108,714
6.92% (3 mo. SOFR US + 3.25%), 02/03/2033, (0.00% Floor)

             167,131

             167,478
Clarios Global LP, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 05/06/2030, (0.00% Floor)

             500,375

             501,471
First Brands Group LLC, Senior Secured First Lien, 0.00% or (0.00% PIK) (1 mo. Term SOFR), 06/29/2027 (j)

             1,050,526

             3,278
Garrett LX I Sarl, Senior Secured First Lien, 5.41% (3 mo. SOFR US + 1.75%), 01/30/2032, (0.50% Floor)

             238,551

             239,049
Highline Aftermarket Acquisition LLC, Senior Secured First Lien, 7.23% (6 mo. SOFR US + 3.50%), 02/19/2030, (0.75% Floor)

             695,737

             700,521
Tenneco, Inc., Senior Secured First Lien
8.59% (3 mo. SOFR US + 4.75%), 11/17/2028, (0.50% Floor)

             1,118,240

             1,114,689
8.84% (3 mo. SOFR US + 5.00%), 11/17/2028, (0.50% Floor)

             833,177

             831,198
8.93% (3 mo. SOFR US + 5.00%), 11/17/2028, (0.50% Floor)

             2,353

             2,347


             5,192,386






BUILDING PRODUCTS - 1.4%
Covia Holdings LLC, Senior Secured First Lien, 6.43% (3 mo. SOFR US + 2.75%), 02/26/2032, (0.00% Floor)

             358,380

             357,335
Hunter Douglas, Inc., Senior Secured First Lien, 6.73% (3 mo. SOFR US + 3.00%), 01/20/2032, (0.00% Floor)

             286,635

             286,965
OEP Glass Purchaser LLC, Senior Secured First Lien, 7.73% (3 mo. SOFR US + 4.00%), 03/02/2033, (0.00% Floor)

             268,600

             268,433
Quikrete Holdings, Inc., Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 02/10/2032, (0.00% Floor)

             1,238,325

             1,238,839
QXO Building Products, Inc., Senior Secured First Lien, 5.87% (1 mo. Term SOFR + 2.00%), 06/03/2033

             525,000

             524,488
SunSource Borrower LLC, Senior Secured First Lien, 7.72% (1 mo. SOFR US + 4.00%), 03/25/2031, (0.00% Floor)

             525,201

             526,241
Veritiv Operating Co., Senior Secured First Lien, 7.73% (3 mo. SOFR US + 4.00%), 11/29/2030, (0.00% Floor)

             719,598

             681,938


             3,884,239








CHEMICALS - 1.5%
Arc Falcon I, Inc., Senior Secured First Lien, 8.12% (1 mo. SOFR US + 4.50%), 04/01/2033, (0.50% Floor)

             404,000

             371,464
Bond UK Midco 3 Ltd., Senior Secured First Lien, 7.91% (1 mo. Term SOFR + 3.50%), 06/24/2033

             485,622

             487,746
CoorsTek T/L C (06/26) Target, Senior Secured First Lien, 6.23% (3 mo. SOFR US + 2.50%), 10/28/2032, (0.00% Floor)

             415,958

             417,259
Lummus Technology Holdings V LLC, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 12/31/2029, (0.00% Floor)

             490,814

             485,348
Olympus Water US Holding Corp., Senior Secured First Lien, 6.73% (3 mo. SOFR US + 3.00%), 06/23/2031, (0.50% Floor)

             272,915

             272,864
SCIH Salt Holdings, Inc., Senior Secured First Lien, 6.35% (6 mo. SOFR US + 2.75%), 01/31/2029, (0.75% Floor)

             955,472

             957,732
SK Mohawk Holdings SCS, Senior Secured First Lien, 4.62% (or 5.00% PIK) (SOFR + 1.00%), 12/23/2030, (1.00% Floor)

             86,987

             99,818
Sparta US HoldCo LLC, Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 08/02/2030, (0.75% Floor)

             278,568

             277,678
StonePeak Motion Finco LLC, Senior Secured First Lien, 6.89%, 06/15/2033 (b)

             647,000

             647,068
Windsor Holdings III LLC, Senior Secured First Lien, 6.39% (1 mo. SOFR US + 2.75%), 08/01/2030, (0.00% Floor)

             701

             702


             4,017,679






COMMERCIAL SERVICES - 5.7%
AlixPartners LLP, Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 08/12/2032, (0.00% Floor)

             829,830

             825,838
Allied Universal Holdco LLC, Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 08/20/2032, (0.00% Floor)

             546,154

             547,052
American Auto Auction Group LLC, Senior Secured First Lien, 8.23% (3 mo. SOFR US + 4.50%), 05/28/2032, (0.00% Floor)

             839,223

             839,856
Apex Group Treasury LLC, Senior Secured First Lien, 7.15% (3 mo. SOFR US + 3.50%), 02/27/2032, (0.00% Floor)

             726,934

             690,475
Aramark Services, Inc., Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 06/24/2030, (0.00% Floor)

             256,040

             256,552
Armor Holdco, Inc., Senior Secured First Lien, 7.60% (6 mo. SOFR US + 3.75%), 12/10/2031, (0.50% Floor)

             396,599

             396,940
Camelot US Acquisition LLC, Senior Secured First Lien
6.39% (1 mo. SOFR US + 2.75%), 01/31/2031, (0.00% Floor)

             839,461

             775,801
6.89% (1 mo. SOFR US + 3.25%), 01/31/2031, (0.00% Floor)

             696,000

             643,222
CoreLogic, Inc., Senior Secured First Lien, 7.37% (1 mo. SOFR US + 3.50%), 06/02/2028, (0.50% Floor)

             1,512,112

             1,496,991
Foundever Worldwide Corp., Senior Secured First Lien, 7.74% (1 mo. SOFR US + 3.75%), 08/28/2028, (0.50% Floor)

             846,916

             419,223
Garda World Security Corp., Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 02/01/2029, (0.00% Floor)

             1,341,581

             1,341,581
Herc Holdings, Inc., Senior Secured First Lien, 5.38% (1 mo. SOFR US + 1.75%), 06/02/2032, (0.00% Floor)

             251,735

             252,305
Isolved, Inc., Senior Secured First Lien, 6.39% (1 mo. SOFR US + 2.75%), 10/15/2030, (0.00% Floor)

             582,357

             548,507
OMNIA Partners LLC, Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 12/31/2032, (0.00% Floor)

             610,581

             612,529
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 12/15/2028, (0.50% Floor)

             783,030

             717,506
Saphilux Sarl, Senior Secured First Lien
6.62% (SOFR + 3.00%), 07/27/2028, (0.50% Floor)

             1,552

             1,561
6.73% (3 mo. SOFR US + 3.00%), 07/27/2028, (0.50% Floor)

             613,959

             617,542
Skopima Consilio Parent LLC, Senior Secured First Lien, 7.39% (1 mo. SOFR US + 3.75%), 05/17/2028, (0.50% Floor)

             1,219,332

             1,011,284
Tempo Acquisition LLC, Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 08/31/2028, (0.50% Floor)

             2,232,110

             1,893,108
TKC Holdings, Inc., Senior Secured First Lien, 8.14% (1 mo. SOFR US + 4.50%), 08/12/2030, (0.00% Floor)

             1,887,270

             1,885,383


             15,773,256






CONSTRUCTION & ENGINEERING - 1.2%
Amentum Holdings, Inc., Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 09/29/2031, (0.00% Floor)

             623,810

             624,044
Centuri Group, Inc., Senior Secured First Lien, 5.62% (1 mo. SOFR US + 2.00%), 07/09/2032, (0.00% Floor)

             644,490

             645,566
Pinnacle Buyer LLC, Senior Secured First Lien
6.18% (3 mo. SOFR US + 2.50%), 10/01/2032, (0.00% Floor)

             488,582

             490,109
7.22% (1 mo. Term SOFR + 2.50%), 10/01/2032 (a)

             94,194

             94,488
Tecta America Corp., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 02/18/2032, (0.00% Floor)

             844,470

             846,206
Trilon Group LLC, Senior Secured First Lien
7.12% (3 mo. SOFR US + 3.50%), 06/13/2033

             446,327

             446,884
7.36% (1 mo. Term SOFR + 3.50%), 06/13/2033 (a)

             39,673

             39,723


             3,187,020








CONSUMER DISCRETIONARY - 2.0%
ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 12/21/2028, (0.00% Floor)

             956,144

             957,582
McGraw-Hill Education, Inc., Senior Secured First Lien, 6.39% (1 mo. SOFR US + 2.75%), 08/06/2031, (0.50% Floor)

             691,799

             695,832
Peloton Interactive, Inc., Senior Secured First Lien, 9.14% (1 mo. SOFR US + 5.50%), 05/30/2029, (0.00% Floor)

             415,764

             417,843
Prometric Holdings, Inc., Senior Secured First Lien, 7.39% (1 mo. SOFR US + 3.75%), 06/25/2032, (0.00% Floor)

             879,810

             880,633
Renaissance Holdings Corp., Senior Secured First Lien, 7.66% (3 mo. SOFR US + 4.00%), 04/08/2030, (0.50% Floor)

             508,555

             405,415
TEAM Services Holding, Inc., Senior Secured First Lien, 8.98% (3 mo. SOFR US + 5.25%), 03/31/2033, (0.00% Floor)

             640,600

             628,589
Tory Burch LLC, Senior Secured First Lien, 7.64% (1 mo. SOFR US + 4.00%), 04/30/2031, (0.00% Floor)

             541,000

             539,591
Weber-Stephen Products LLC, Senior Secured First Lien, 7.44% (3 mo. SOFR US + 3.75%), 10/01/2032, (0.00% Floor)

             861,840

             852,605


             5,378,090






ENVIRONMENTAL & FACILITIES SERVICES - 1.9%
Action Environmental Group, Inc., Senior Secured First Lien, 6.73% (3 mo. SOFR US + 3.00%), 10/24/2030, (0.50% Floor)

             1,595,835

             1,579,877
Arcwood Environmental, Inc., Senior Secured First Lien, 6.64% (1 mo. SOFR US + 3.00%), 04/01/2033, (0.00% Floor)

             686,000

             690,287
EnergySolutions LLC, Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 09/23/2030, (0.50% Floor)

             273,757

             274,920
GFL ES US LLC, Senior Secured First Lien, 6.16% (3 mo. SOFR US + 2.50%), 03/03/2032, (0.00% Floor)

             751,352

             752,329
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 6.64% (3 mo. SOFR US + 3.00%), 10/17/2030, (0.50% Floor)

             490,710

             493,163
Reworld Holding Corp., Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 01/15/2031, (0.50% Floor)

             415,105

             415,513
Win Waste Innovations Holdings, Inc., Senior Secured First Lien
6.62% (1 mo. SOFR US + 2.75%), 03/27/2028, (0.50% Floor)

             1,157,506

             1,160,921
7.12% (1 mo. SOFR US + 3.25%), 03/27/2028, (0.00% Floor)

             646

             647


             5,367,657






FINANCIALS: DIVERSIFIED - 3.8%
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 06/24/2030, (0.50% Floor)

             494,379

             495,048
BCPE Pequod Buyer, Inc., Senior Secured First Lien, 6.39% (1 mo. SOFR US + 2.75%), 11/25/2031, (0.00% Floor)

             566,829

             552,069
Blackhawk Network Holdings, Inc., Senior Secured First Lien, 7.14% (1 mo. SOFR US + 3.50%), 03/12/2029, (0.00% Floor)

             826,040

             823,591
Citco Funding LLC, Senior Secured First Lien, 5.66% (3 mo. SOFR US + 2.00%), 01/31/2033, (0.50% Floor)

             513,420

             512,504
CPI Holdco B LLC, Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 05/19/2031, (0.00% Floor)

             834,467

             832,205
Edelman Financial Engines Center LLC, Senior Secured First Lien, 7.64% (1 mo. SOFR US + 4.00%), 11/28/2031, (0.00% Floor)

             663,000

             665,642
EIG Management Co. LLC, Senior Secured First Lien, 8.64% (1 mo. SOFR US + 5.00%), 05/17/2029, (0.00% Floor)

             417,988

             415,898
FNZ USA FinCo LLC, Senior Secured First Lien, 8.66% (3 mo. SOFR US + 5.00%), 11/05/2031, (0.00% Floor)

             1,334,455

             1,068,191
Focus Financial Partners LLC, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 09/15/2031, (0.00% Floor)

             991,095

             969,237
IMC Global Holdings LLC, Senior Secured First Lien, 6.65% (1 mo. SOFR US + 3.00%), 06/21/2032, (0.00% Floor)

             617,760

             619,048
Jump Financial LLC, Senior Secured First Lien, 7.23% (3 mo. SOFR US + 3.50%), 02/26/2032, (0.00% Floor)

             646,323

             647,131
NorthAB LLC, Senior Secured First Lien, 6.23% (3 mo. SOFR US + 2.50%), 11/24/2028, (0.50% Floor)

             893,728

             835,918
Osaic Holdings, Inc., Senior Secured First Lien, 6.23% (3 mo. SOFR US + 2.50%), 07/30/2032, (0.00% Floor)

             394,013

             389,432
Superannuation & Investments US LLC, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 12/01/2028, (0.50% Floor)

             270,365

             270,252
VFH Parent LLC, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 06/20/2031, (0.00% Floor)

             631,681

             633,418
WEX, Inc., Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 04/03/2028, (0.00% Floor)

             679,942

             679,823


             10,409,407






FINANCIALS: INSURANCE - 2.7%
Acrisure LLC, Senior Secured First Lien, 6.64% (1 mo. SOFR US + 3.00%), 11/06/2030, (0.00% Floor)

             732,400

             664,349
Ardonagh Group Finco Pty Ltd., Senior Secured First Lien


6.62% (6 mo. SOFR US + 3.00%), 02/18/2031, (0.00% Floor)

             526,860

             511,387
6.73% (3 mo. SOFR US + 3.00%), 02/18/2031, (0.00% Floor)

             24,281

             23,568
Asurion LLC, Senior Secured First Lien
7.87% (1 mo. Term SOFR + 4.25%), 09/19/2030

             278,297

             275,921
7.41% (3 mo. SOFR US + 3.75%), 02/23/2033, (0.00% Floor)

             2,067,424

             1,960,362
Asurion LLC, Senior Secured Second Lien, 9.28% (3 mo. SOFR US + 5.25%), 01/22/2029, (0.00% Floor)

             691,094

             684,874
CRC Insurance Group LLC, Senior Secured Second Lien, 8.48% (3 mo. SOFR US + 4.75%), 05/06/2032, (0.00% Floor)

             271,347

             263,885
HUB International Ltd., Senior Secured First Lien, 5.92% (3 mo. SOFR US + 2.25%), 06/20/2030, (0.00% Floor)

             1,252,900

             1,253,019
Hyperion Refinance Sarl, Senior Secured First Lien, 6.39% (1 mo. SOFR US + 2.75%), 04/18/2030, (0.50% Floor)

             849,250

             802,753
USI, Inc./NY, Senior Secured First Lien, 5.98% (3 mo. SOFR US + 2.25%), 11/23/2029, (0.00% Floor)

             1,092,872

             1,090,550


             7,530,668






FOOD & BEVERAGE - 1.7%
Chobani LLC, Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 10/28/2032, (0.00% Floor)

             583,070

             584,892
Nourish Buyer I, Inc., Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 07/12/2032, (0.00% Floor)

             520,683

             525,400
Pegasus Bidco BV, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 07/12/2032, (0.00% Floor)

             914,476

             916,003
PFI Lower Midco LLC, Senior Secured First Lien, 7.64% (1 mo. SOFR US + 4.00%), 12/01/2032, (0.00% Floor)

             167,160

             168,518
Primo Brands Corp., Senior Secured First Lien, 6.48% (3 mo. SOFR US + 2.75%), 03/31/2031, (0.50% Floor)

             1,021,440

             1,027,278
Saratoga Food Specialties LLC, Senior Secured First Lien, 6.91% (3 mo. SOFR US + 3.25%), 09/30/2032, (0.00% Floor)

             477,828

             480,019
Savor Acquisition, Inc., Senior Secured First Lien
6.66% (3 mo. SOFR US + 3.00%), 02/19/2032, (0.00% Floor)

             420,820

             423,608
7.56% (1 mo. Term SOFR + 3.00%), 02/19/2032 (a)

             40,000

             40,265





Sazerac Co., Inc., Senior Secured First Lien, 5.63% (1 mo. SOFR US + 2.00%), 07/09/2032, (0.00% Floor)

             489,540

             489,464


             4,655,447






HEALTHCARE: EQUIPMENT & SUPPLIES - 3.1%
Accendra Health, Inc., Senior Secured First Lien, 7.59% (1 mo. SOFR US + 3.75%), 03/29/2029, (0.50% Floor)

             1,233,000

             1,167,923
Aveanna Healthcare LLC, Senior Secured First Lien, 6.64% (1 mo. SOFR US + 3.00%), 09/17/2032, (0.00% Floor)

             554,512

             557,503
Bausch + Lomb Corp., Senior Secured First Lien, 7.39% (1 mo. SOFR US + 3.75%), 01/15/2031, (0.00% Floor)

             954,493

             957,953
Ensemble RCM LLC, Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 02/09/2033, (0.00% Floor)

             1,033,000

             1,030,159
Gainwell Acquisition Corp., Senior Secured First Lien, 7.93% (3 mo. SOFR US + 4.00%), 10/01/2027, (0.75% Floor)

             418,783

             413,200
Hopper Merger Sub, Inc., Senior Secured First Lien, 5.99% (3 mo. SOFR US + 2.25%), 04/07/2033, (0.00% Floor)

             1,400,000

             1,371,713
Insulet Corp., Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 08/04/2031, (0.00% Floor)

             541,726

             545,283
McKesson Medical-Surgical Top Holdings, Inc., Senior Secured First Lien, 5.98% (1 mo. SOFR US + 2.25%), 06/09/2032, (0.00% Floor)

             984,000

             985,437
Waystar Technologies, Inc., Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 10/22/2029, (0.00% Floor)

             847,394

             846,335
Zelis Payments Buyer, Inc., Senior Secured First Lien
6.39% (1 mo. SOFR US + 2.75%), 09/28/2029, (0.00% Floor)

             285,740

             279,441
6.89% (1 mo. SOFR US + 3.25%), 11/26/2031, (0.00% Floor)

             272,550

             266,503


             8,421,450






HEALTHCARE: FACILITIES - 7.3%
ADMI Corp., Senior Secured First Lien
7.62% (1 mo. SOFR US + 3.75%), 12/23/2027, (0.50% Floor)

             1,390,712

             1,250,917
9.39% (1 mo. SOFR US + 5.75%), 12/23/2027, (0.00% Floor)

             794,238

             749,066
Bella Holding Co. LLC, Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 06/16/2033, (0.00% Floor)

             939,000

             932,347
CHG Healthcare Services, Inc., Senior Secured First Lien, 6.66% (1 mo. SOFR US + 3.00%), 09/30/2031, (0.50% Floor)

             533,662

             534,470
Examworks Bidco, Inc., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 02/07/2033, (0.50% Floor)

             1,294,430

             1,297,311
Global Medical Response, Inc., Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 10/01/2032, (0.00% Floor)

             908,382

             911,789
HAH Group Holding Co. LLC, Senior Secured First Lien, 8.64% (1 mo. SOFR US + 5.00%), 09/24/2031, (0.00% Floor)

             937,415

             832,274
Heartland Dental LLC, Senior Secured First Lien, 7.14% (1 mo. SOFR US + 3.50%), 08/25/2032, (0.00% Floor)

             1,649,891

             1,652,985
Hunter US Bidco, Inc., Senior Secured First Lien, 8.18% (3 mo. SOFR US + 4.25%), 08/21/2028, (0.50% Floor)

             1,671,283

             1,603,914
IVI America LLC, Senior Secured First Lien


6.66% (1 mo. Term SOFR + 2.75%), 04/09/2031

             97,000

             97,263
6.98% (3 mo. SOFR US + 3.25%), 04/09/2031, (0.00% Floor)

             791,324

             793,468
LifePoint Health, Inc., Senior Secured First Lien
7.18% (3 mo. SOFR US + 3.50%), 05/19/2031, (0.00% Floor)

             270,909

             266,576
7.42% (3 mo. SOFR US + 3.75%), 05/19/2031, (0.00% Floor)

             1,813,924

             1,789,282
LSCS Holdings, Inc., Senior Secured First Lien, 8.23% (3 mo. SOFR US + 4.50%), 03/04/2032, (0.00% Floor)

             559,131

             549,872
Lumexa Imaging, Inc., Senior Secured First Lien, 6.70% (3 mo. SOFR US + 3.00%), 12/17/2032, (0.00% Floor)

             425,933

             427,174
Onex TSG Intermediate Corp., Senior Secured First Lien, 6.98% (3 mo. SOFR US + 3.25%), 08/06/2032, (0.00% Floor)

             695,258

             700,183
Pluto Acquisition I, Inc., Senior Secured First Lien
9.23% (3 mo. SOFR US + 5.50%), 06/20/2028, (1.00% Floor)

             91,866

             93,474
7.65% (3 mo. SOFR US + 4.00%), 09/20/2028, (0.00% Floor)

             1,053,264

             990,484
Radiology Partners, Inc., Senior Secured First Lien, 8.23% (3 mo. SOFR US + 4.50%), 06/30/2032, (0.00% Floor)

             727,503

             728,259
Radnet Management, Inc., Senior Secured First Lien, 5.66% (1 mo. SOFR US + 2.00%), 04/18/2031, (0.00% Floor)

             485,355

             485,469
Sotera Health Holdings LLC, Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 05/30/2031, (0.00% Floor)

             639,924

             641,223
Surgery Center Holdings, Inc., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 12/19/2030, (0.00% Floor)

             610,558

             611,785
Team Health Holdings, Inc., Senior Secured First Lien, 7.66% (3 mo. SOFR US + 4.00%), 06/30/2028, (0.00% Floor)

             1,196,922

             1,200,082
US Fertility Enterprises LLC, Senior Secured First Lien
6.87% (1 mo. SOFR US + 3.25%), 12/30/2032, (0.00% Floor)

             843,525

             847,216
6.90% (3 mo. SOFR US + 3.25%), 12/30/2032, (0.00% Floor)

             80,996

             81,350
7.26% (1 mo. Term SOFR + 3.50%), 12/30/2032 (a)

             47,162

             47,368


             20,115,601






HEALTHCARE: LIFE SCIENCES - 0.4%
PAREXEL International Corp., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 12/12/2031, (0.50% Floor)

             691,525

             692,462
Star Parent, Inc., Senior Secured First Lien, 7.73% (3 mo. SOFR US + 4.00%), 09/30/2030, (0.00% Floor)

             414,902

             415,928


             1,108,390






HEALTHCARE: MANAGED HEALTH CARE - 1.2%
Charlotte Buyer, Inc., Senior Secured First Lien
7.87% (1 mo. SOFR US + 4.25%), 02/11/2028, (0.50% Floor)

             830,742

             831,058
8.42% (1 mo. Term SOFR + 4.50%), 06/30/2031

             648,452

             648,698
Cotiviti, Inc., Senior Secured First Lien
6.37% (1 mo. SOFR US + 2.75%), 05/01/2031, (0.00% Floor)

             1,206,407

             1,106,505
7.63% (Fixed Rate + 7.63%), 05/01/2031, (0.00% Floor)

             494,000

             462,816
Raven Acquisition Holdings LLC, Senior Secured First Lien
6.64% (1 mo. SOFR US + 3.00%), 11/20/2031, (0.00% Floor)

             308,808

             305,114
8.28% (3 mo. Term SOFR + 3.00%), 11/20/2031 (a)

             22,280

             22,014


             3,376,205






HEALTHCARE: PHARMA & BIOTECH - 2.9%
Alkermes, Inc., Senior Secured First Lien, 6.48% (3 mo. SOFR US + 2.75%), 08/12/2031, (0.00% Floor)

             480,795

             483,199
Amneal Pharmaceuticals LLC, Senior Secured First Lien, 6.64% (1 mo. SOFR US + 3.00%), 08/02/2032, (0.50% Floor)

             890,951

             895,825
BioMarin Pharmaceutical, Inc., Senior Secured First Lien, 5.43% (6 mo. SOFR US + 1.75%), 04/27/2033, (0.00% Floor)

             343,500

             343,843
Dechra Finance US LLC, Senior Secured First Lien, 6.39% (6 mo. SOFR US + 2.75%), 01/27/2032, (0.00% Floor)

             292,056

             293,059
Endo Finance Holdings LP, Senior Secured First Lien, 7.39% (1 mo. SOFR US + 3.75%), 04/23/2031, (0.50% Floor)

             1,825,433

             1,828,855
Grifols International Services USA, Inc., Senior Secured First Lien, 6.19% (6 mo. SOFR US + 2.50%), 04/14/2033, (0.00% Floor)

             819,135

             822,158
Jazz Financing Lux Sarl, Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 05/05/2028, (0.50% Floor)

             958,661

             962,385
Mendel US Holding LLC, Senior Secured First Lien, 6.39% (3 mo. SOFR US + 2.75%), 11/13/2030, (0.00% Floor)

             658,623

             660,787
Opal US LLC, Senior Secured First Lien, 6.23% (3 mo. SOFR US + 2.50%), 04/23/2032, (0.00% Floor)

             975,640

             976,162
Organon & Co., Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 05/19/2031, (0.50% Floor)

             853,434

             853,967


             8,120,240








INDUSTRIAL MACHINERY - 3.8%
ADI Global Distribution Funding LLC, Senior Secured First Lien, 6.87% (1 mo. Term SOFR + 2.75%), 06/16/2033

             518,000

             519,943
AI Aqua Merger Sub, Inc., Senior Secured First Lien
6.12% (1 mo. SOFR US + 2.50%), 07/31/2028, (0.00% Floor)

             839,031

             839,236
6.16% (3 mo. SOFR US + 2.50%), 07/31/2028, (0.00% Floor)

             843,247

             843,453
6.15% (1 mo. Term SOFR + 2.50%), 06/25/2033

             1,067,000

             1,067,603
Chart Industries, Inc., Senior Secured First Lien, 6.18% (3 mo. SOFR US + 2.50%), 03/18/2030, (0.50% Floor)

             555,701

             556,399
Columbus McKinnon Corp./NY, Senior Secured First Lien, 7.23% (3 mo. SOFR US + 3.50%), 02/03/2033, (0.50% Floor)

             605,801

             605,422
Dynamo US Bidco, Inc., Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 10/31/2031, (0.00% Floor)

             245,305

             234,164
Engineered Machinery Holdings, Inc., Senior Secured First Lien, 6.98% (3 mo. SOFR US + 3.25%), 11/26/2032, (0.00% Floor)

             403,789

             406,373
ESCO Technologies, Inc., Senior Secured First Lien, 5.38% (1 mo. Term SOFR + 1.75%), 06/10/2033

             129,429

             129,429
Fertitta Entertainment LLC/NV, Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 01/29/2029, (0.50% Floor)

             273,344

             273,374
Gates Corp./DE, Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 11/16/2029, (0.50% Floor)

             335,718

             335,894
JBT Marel Corp., Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 01/02/2032, (0.00% Floor)

             323,553

             325,025
Jupiter Buyer, Inc., Senior Secured First Lien, 7.73% (3 mo. SOFR US + 4.00%), 11/03/2031, (0.00% Floor)

             499,386

             501,676
Lsf12 Helix Parent LLC, Senior Secured First Lien, 7.14% (1 mo. SOFR US + 3.50%), 02/10/2033, (0.00% Floor)

             501,844

             493,376
Madison Safety & Flow LLC, Senior Secured First Lien, 8.25% (Prime Rate + 1.50%), 09/26/2031, (0.00% Floor)

             277,104

             277,816
Pro Mach Group, Inc., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 10/18/2032, (0.00% Floor)

             1,119,382

             1,121,576
TK Elevator US Newco, Inc., Senior Secured First Lien
6.38% (6 mo. SOFR US + 2.75%), 04/30/2030, (0.50% Floor)

             1,347,655

             1,355,094
6.48% (3 mo. SOFR US + 2.75%), 04/30/2030, (0.50% Floor)

             205,000

             206,121
WEC US Holdings, Inc., Senior Secured First Lien, 5.62% (1 mo. SOFR US + 2.00%), 01/27/2031, (0.00% Floor)

             405,160

             405,286


             10,497,260






LEISURE: CASINOS & GAMING - 3.9%
888 Acquisitions LLC, Senior Secured First Lien, 9.12% (6 mo. SOFR US + 5.25%), 07/03/2028, (0.50% Floor)

             1,538,963

             1,537,039
Allwyn Entertainment Financing US LLC, Senior Secured First Lien
5.67% (3 mo. SOFR US + 2.00%), 06/11/2031, (0.00% Floor)

             435,675

             428,598
6.17% (3 mo. Term SOFR + 2.50%), 01/18/2033

             249,375

             246,725
Banijay Gaming SAS, Senior Secured First Lien, 6.48% (3 mo. SOFR US + 2.75%), 12/09/2031, (0.00% Floor)

             353,115

             354,107
Caesars Entertainment, Inc., Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 02/06/2030, (0.50% Floor)

             421,594

             409,014
Entain Holdings Gibraltar Ltd., Senior Secured First Lien
5.98% (3 mo. SOFR US + 2.25%), 10/31/2029, (0.00% Floor)

             1,381,212

             1,381,212
5.98% (3 mo. SOFR US + 2.25%), 07/30/2032, (0.00% Floor)

             549,068

             549,142
Flutter Financing BV, Senior Secured First Lien, 5.48% (3 mo. SOFR US + 1.75%), 11/29/2030, (0.50% Floor)

             1,427,580

             1,417,230
Great Canadian Gaming Corp., Senior Secured First Lien, 8.43% (3 mo. SOFR US + 4.75%), 11/01/2029, (0.00% Floor)

             973,510

             962,558
Jack Ohio Finance LLC, Senior Secured First Lien, 7.64% (1 mo. SOFR US + 4.00%), 01/30/2032, (0.50% Floor)

             406,850

             402,476
Ontario Gaming GTA LP, Senior Secured First Lien, 7.98% (3 mo. SOFR US + 4.25%), 08/01/2030, (0.50% Floor)

             1,610,727

             1,537,930
Pioneer Opco LLC, Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 05/16/2033, (0.00% Floor)

             647,496

             650,792
Voyager Parent LLC, Senior Secured First Lien
7.98% (3 mo. SOFR US + 4.25%), 07/01/2032, (0.00% Floor)

             835,229

             836,783
7.98% (3 mo. SOFR US + 4.25%), 07/01/2032, (0.00% Floor)

             129,806

             130,048


             10,843,654






LEISURE: HOTELS - 1.8%
Alterra Mountain Co., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 08/17/2028, (0.00% Floor)

             495,819

             497,214
Crown Finance US, Inc., Senior Secured First Lien, 8.11% (1 mo. SOFR US + 4.50%), 12/02/2031, (0.00% Floor)

             632,896

             635,361
Gaia Purchaser, Inc., Senior Secured First Lien, 7.65% (1 mo. Term SOFR + 4.00%), 06/24/2033

             647,000

             647,809
Herschend Entertainment Co. LLC, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 05/27/2032, (0.00% Floor)

             816,750

             819,098
Lakeland Tours LLC, Senior Secured Second Lien, 20.20%, 03/31/2030, (0.00% Floor) (c)

             156,536

             35,221
Sabre GLBL, Inc., Senior Secured First Lien
10.09% (1 mo. SOFR US + 6.25%), 07/30/2029, (0.00% Floor)

             796,055

             714,659
9.72% (1 mo. Term SOFR + 6.00%), 11/15/2029

             418,030

             374,973


9.84% (1 mo. SOFR US + 6.00%), 11/15/2029, (0.00% Floor)

             51,782

             46,487
Sgh2 LLC, Senior Secured First Lien, 8.20% (3 mo. SOFR US + 4.50%), 08/18/2032, (0.00% Floor)

             842,907

             843,960
Travel + Leisure Co., Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 12/14/2029, (0.00% Floor)

             367,253

             367,253


             4,982,035






LEISURE: RESTAURANTS - 2.1%
BCPE Grill Parent, Inc., Senior Secured First Lien, 8.42% (3 mo. SOFR US + 4.75%), 09/30/2030, (0.50% Floor)

             397,254

             377,745
Dave & Buster's, Inc., Senior Secured First Lien, 6.94% (3 mo. SOFR US + 3.25%), 06/29/2029, (0.50% Floor)

             309,000

             273,337
Delivery Hero Finco LLC, Senior Secured First Lien
8.64% (3 mo. SOFR US + 5.00%), 12/12/2029, (0.50% Floor)

             2,513,063

             2,529,562
8.64% (3 mo. SOFR US + 5.00%), 06/25/2032, (0.00% Floor)

             503,200

             508,861
IRB Holding Corp., Senior Secured First Lien, 6.11% (1 mo. SOFR US + 2.50%), 12/16/2030, (0.50% Floor)

             1,326,917

             1,328,734
Raising Cane's Restaurants LLC, Senior Secured First Lien, 5.61% (1 mo. SOFR US + 2.00%), 06/06/2033, (0.00% Floor)

             347,000

             345,482
Tacala Investment Corp., Senior Secured First Lien, 6.62% (1 mo. SOFR US + 3.00%), 01/31/2031, (0.75% Floor)

             516,206

             517,300


             5,881,021






MEDIA: BROADCASTING - 0.6%
CMG Media Corp., Senior Secured First Lien, 7.43% (3 mo. SOFR US + 3.50%), 06/18/2029, (0.00% Floor)

             433,220

             392,786
Nexstar Media, Inc., Senior Secured First Lien
6.14% (1 mo. SOFR US + 2.50%), 06/28/2032, (0.00% Floor)

             609,840

             604,504
6.39% (1 mo. SOFR US + 2.75%), 03/21/2033, (0.00% Floor)

             460,594

             456,605
Versant Media Group, Inc., Senior Secured First Lien, 7.23% (3 mo. SOFR US + 3.50%), 01/30/2031, (0.00% Floor)

             298,000

             299,411


             1,753,306






MEDIA: CABLE & SATELLITE - 1.8%
Charter Communications Operating LLC, Senior Secured First Lien, 5.94% (3 mo. SOFR US + 2.25%), 12/15/2031, (0.00% Floor)

             331,571

             327,406
Coral-US Co.-Borrower LLC, Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 01/30/2032, (0.00% Floor)

             994,205

             965,169
CSC Holdings LLC, Senior Secured First Lien, 8.25% (Prime Rate + 1.50%), 04/15/2027, (0.00% Floor)

             624,738

             439,815
Directv Financing LLC, Senior Secured First Lien, 9.35% (3 mo. Term SOFR + 5.25%), 08/02/2029

             387,743

             390,411
Gryphon Acquire NewCo LLC, Senior Secured First Lien, 6.41% (3 mo. SOFR US + 2.75%), 09/13/2032, (0.00% Floor)

             547,628

             548,996
Iridium Satellite LLC, Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 09/20/2030, (0.75% Floor)

             573,478

             574,528
Virgin Media Bristol LLC, Senior Secured First Lien, 7.10% (1 mo. SOFR US + 3.25%), 01/31/2029, (0.00% Floor)

             579,000

             556,237
WideOpenWest Finance LLC, Senior Secured First Lien, 7.19% (3 mo. SOFR US + 3.00%), 12/11/2028, (1.50% Floor)

             1,213,717

             1,112,068


             4,914,630






MEDIA: DIVERSIFIED - 1.0%
Indy US Holdco LLC, Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 10/31/2030, (0.50% Floor)

             839,808

             831,409
Neptune Bidco US, Inc., Senior Secured First Lien, 8.87% (3 mo. SOFR US + 5.00%), 02/03/2033, (0.50% Floor)

             1,335,928

             1,326,924
Red Planet Borrower LLC, Senior Secured First Lien, 7.39% (1 mo. SOFR US + 3.75%), 09/08/2032, (0.50% Floor)

             217,614

             217,932
WH Borrower LLC, Senior Secured First Lien, 8.14% (3 mo. SOFR US + 4.50%), 02/20/2032, (0.50% Floor)

             424,710

             426,014


             2,802,279






MEDIA: ENTERTAINMENT - 3.4%
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien
7.45% (3 mo. SOFR US + 3.75%), 03/08/2030, (0.00% Floor)

             692,951

             672,918
7.48% (3 mo. SOFR US + 3.75%), 03/08/2030, (0.00% Floor)

             1,364,983

             1,325,521
Delta 2 Lux Sarl, Senior Secured First Lien, 5.48% (3 mo. SOFR US + 1.75%), 09/19/2031, (0.50% Floor)

             309,000

             309,387
Discovery Global Holdings, Inc., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 05/27/2033, (0.00% Floor)

             1,259,308

             1,261,222
EOC Borrower LLC, Senior Secured First Lien, 6.39% (1 mo. SOFR US + 2.75%), 03/24/2032, (0.00% Floor)

             972,180

             974,489
Hoya Midco LLC, Senior Secured First Lien, 5.91% (3 mo. SOFR US + 2.25%), 02/05/2029, (0.00% Floor)

             619,663

             275,307
Live Nation Entertainment, Inc., Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 10/21/2032, (0.00% Floor)

             885,550

             887,073


OAK-Eagle Acquireco, Inc., Senior Secured First Lien, 7.21% (1 mo. Term SOFR + 3.50%), 03/24/2033

             885,000

             888,177
Playtika Holding Corp., Senior Secured First Lien, 6.62% (1 mo. SOFR US + 2.75%), 03/13/2028, (0.00% Floor)

             1,495,823

             1,455,353
StubHub Holdco Sub LLC, Senior Secured First Lien, 8.39% (1 mo. SOFR US + 4.75%), 03/15/2030, (0.00% Floor)

             384,071

             387,071
TKO Worldwide Holdings LLC, Senior Secured First Lien, 5.41% (3 mo. SOFR US + 1.75%), 11/21/2031, (0.00% Floor)

             825,315

             823,656


             9,260,174






METALS & MINING - 0.3%
Tega MC Australia Holdings Pty Ltd., Senior Secured First Lien, 7.16% (3 mo. SOFR US + 3.50%), 03/25/2033, (0.00% Floor)

             850,000

             855,848






MIDSTREAM: STORAGE & TRANSPORT - 1.1%
Calcasieu Pass Funding LLC, Senior Secured First Lien, 6.95% (6 mo. SOFR US + 3.25%), 04/11/2033, (0.00% Floor)

             672,000

             674,755
CPPIB OVM Member US LLC, Senior Secured First Lien, 5.98% (3 mo. SOFR US + 2.25%), 08/20/2031, (0.00% Floor)

             269,835

             270,317
Deep Blue Operating I LLC, Senior Secured First Lien, 5.90% (3 mo. SOFR US + 2.25%), 10/01/2032, (0.00% Floor)

             562,590

             565,054
ITT Holdings LLC, Senior Secured First Lien, 5.62% (1 mo. SOFR US + 1.98%), 10/11/2030, (0.50% Floor)

             415,248

             415,360
M6 ETX Holdings II Midco LLC, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 04/01/2032, (0.00% Floor)

             280,664

             281,966
Northriver Midstream Finance LP, Senior Secured First Lien, 5.94% (3 mo. SOFR US + 2.25%), 08/16/2030, (0.00% Floor)

             719,381

             721,046


             2,928,498






OIL & GAS: EQUIPMENT & SERVICES - 0.1%
Star Holding LLC, Senior Secured First Lien, 8.14% (1 mo. SOFR US + 4.50%), 07/31/2031, (0.00% Floor)

             368,669

             369,205






PACKAGING - 1.1%
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 04/01/2032, (0.00% Floor)

             736,374

             709,065
M2S Group Intermediate Holdings, Inc., Senior Secured First Lien, 8.41% (3 mo. SOFR US + 4.75%), 08/27/2031, (0.50% Floor)

             268,333

             266,657
Pregis TopCo LLC, Senior Secured First Lien, 7.39% (1 mo. SOFR US + 3.75%), 02/01/2029, (0.00% Floor)

             544,420

             546,606
Ranpak BV, Senior Secured First Lien, 8.14% (1 mo. SOFR US + 4.50%), 12/19/2031, (0.00% Floor)

             90,716

             90,490
Ranpak Corp., Senior Secured First Lien, 8.14% (1 mo. SOFR US + 4.50%), 12/19/2031, (0.00% Floor)

             141,744

             141,390
Tosca Services LLC, Senior Secured First Lien, 8.18% (or 3.25% PIK) (3 mo. SOFR US + 4.25%), 11/30/2028, (0.75% Floor)

             1,307,213

             1,230,179


             2,984,387






RETAIL: FOOD & DRUG - 0.7%
C&S Wholesale Grocers, Inc., Senior Secured First Lien, 8.73% (3 mo. SOFR US + 5.00%), 09/23/2030, (0.00% Floor)

             437,693

             422,920
EG America LLC, Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 02/10/2031, (0.00% Floor)

             1,425,362

             1,432,268


             1,855,188






RETAILING - 3.0%
Belron Finance 2019 LLC, Senior Secured First Lien, 5.66% (3 mo. SOFR US + 2.00%), 10/16/2031, (0.50% Floor)

             545,849

             546,133
Great Outdoors Group LLC, Senior Secured First Lien, 6.89% (1 mo. SOFR US + 3.25%), 01/23/2032, (0.75% Floor)

             1,379,015

             1,385,048
Harbor Freight Tools USA, Inc., Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 06/11/2031, (0.00% Floor)

             678,897

             677,360
JP Intermediate B LLC, Senior Secured First Lien
10.70% (3 mo. SOFR US + 7.00%), 07/31/2030, (0.00% Floor)

             49,836

             41,114
9.23% (3 mo. SOFR US + 5.50%), 01/31/2031, (0.00% Floor)

             144,527

             75,877
Men's Wearhouse LLC, Senior Secured First Lien, 9.41% (3 mo. SOFR US + 5.75%), 01/28/2031, (0.00% Floor)

             823,150

             831,822
Michaels Cos., Inc., Senior Secured First Lien, 8.73% (3 mo. SOFR US + 5.00%), 03/07/2033, (0.00% Floor)

             829,200

             826,816
Peer Holding III BV, Senior Secured First Lien, 6.23% (3 mo. SOFR US + 2.50%), 10/28/2030, (0.00% Floor)

             413,836

             415,181


Peer USA LLC, Senior Secured First Lien, 5.98% (3 mo. SOFR US + 2.25%), 10/14/2032, (0.00% Floor)

             412,965

             413,783
Petco Health & Wellness Co., Inc., Senior Secured First Lien, 7.98% (3 mo. SOFR US + 4.25%), 02/03/2031, (0.00% Floor)

             891,765

             882,384
PetSmart LLC, Senior Secured First Lien, 7.65% (1 mo. SOFR US + 4.00%), 08/18/2032, (0.00% Floor)

             1,124,183

             1,124,419
Restoration Hardware, Inc., Senior Secured First Lien, 7.09% (1 mo. SOFR US + 3.25%), 10/20/2028, (0.50% Floor)

             695,640

             686,513
Staples, Inc., Senior Secured First Lien, 9.41% (3 mo. SOFR US + 5.75%), 09/10/2029, (0.50% Floor)

             295,826

             275,579


             8,182,029






TECHNOLOGY HARDWARE - 1.1%
Belden, Inc., Senior Secured First Lien, 5.87% (1 mo. Term SOFR + 2.25%), 06/11/2033

             648,000

             649,620
Coherent Corp., Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 07/02/2029, (0.50% Floor)

             277,620

             277,967
MKS, Inc., Senior Secured First Lien, 5.36% (1 mo. SOFR US + 1.75%), 02/04/2033, (0.00% Floor)

             341,042

             342,536
VeriFone Systems, Inc., Senior Secured First Lien, 9.54% (3 mo. SOFR US + 5.50%), 08/21/2028, (0.00% Floor)

             1,233,155

             1,169,654
World Wide Technology Holding Co. LLC, Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 03/01/2030, (0.50% Floor)

             652,540

             650,908


             3,090,685






TECHNOLOGY: SOFTWARE & SERVICES - 14.4%
Access CIG LLC, Senior Secured First Lien, 7.64% (1 mo. SOFR US + 4.00%), 08/19/2030, (0.50% Floor)

             1,841,705

             1,643,151
AthenaHealth Group, Inc., Senior Secured First Lien
6.39% (1 mo. SOFR US + 2.75%), 02/15/2029, (0.50% Floor)

             414,000

             413,654
6.89% (1 mo. SOFR US + 3.25%), 02/17/2032, (0.00% Floor)

             1,403,191

             1,390,387
Barracuda Networks, Inc., Senior Secured First Lien, 8.16% (3 mo. SOFR US + 4.50%), 08/15/2029, (0.50% Floor)

             2,744,776

             1,883,603
Barracuda Networks, Inc., Senior Secured Second Lien, 10.66% (3 mo. SOFR US + 7.00%), 08/15/2030, (0.50% Floor)

             461,277

             159,207
Boxer Parent Co., Inc., Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 07/30/2031, (0.00% Floor)

             642,160

             580,420
Boxer Parent Co., Inc., Senior Secured Second Lien, 9.41% (3 mo. SOFR US + 5.75%), 07/30/2032, (0.00% Floor)

             1,224,373

             1,053,469
Central Parent LLC, Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 07/06/2029, (0.00% Floor)

             3,463,216

             2,285,723
Cloud Software Group, Inc., Senior Secured First Lien, 6.98% (3 mo. SOFR US + 3.25%), 03/24/2031, (0.00% Floor)

             2,044,021

             1,798,739
Clover Holdings 2 LLC, Senior Secured First Lien
7.38% (1 mo. SOFR US + 3.75%), 12/09/2031, (0.00% Floor)

             481,198

             460,545
7.75% (Fixed Rate + 0.00%), 12/09/2031, (0.00% Floor)

             211,466

             201,157
ConnectWise LLC, Senior Secured First Lien, 7.76% (3 mo. SOFR US + 3.50%), 09/29/2028, (0.50% Floor)

             1,047,355

             967,332
CoreWeave Financing DDTL V LLC, Senior Secured First Lien, 8.12% (1 mo. SOFR US + 4.50%), 11/17/2031, (0.00% Floor) (a)

             1,209,889

             1,235,884
Ensono, Inc., Senior Secured First Lien, 7.87% (1 mo. SOFR US + 4.00%), 05/30/2028, (0.75% Floor)

             1,677,405

             1,648,285
Finastra USA, Inc., Senior Secured First Lien, 7.75% (6 mo. SOFR US + 4.00%), 09/15/2032, (0.00% Floor)

             1,353,660

             1,251,459
Gen Digital, Inc., Senior Secured First Lien, 5.39% (1 mo. SOFR US + 1.75%), 09/12/2029, (0.50% Floor)

             279,680

             276,782
Kaseya, Inc., Senior Secured First Lien, 6.91% (3 mo. SOFR US + 3.25%), 03/22/2032, (0.00% Floor)

             1,673,433

             1,302,483
KnowBe4, Inc., Senior Secured First Lien, 7.41% (3 mo. SOFR US + 3.75%), 07/26/2032, (0.00% Floor)

             1,247,492

             979,281
McAfee Corp., Senior Secured First Lien, 6.64% (1 mo. SOFR US + 3.00%), 03/01/2029, (0.50% Floor)

             1,975,498

             1,761,157
MH Sub I LLC, Senior Secured First Lien
7.89% (1 mo. SOFR US + 4.25%), 05/03/2028, (0.50% Floor)

             1,415,672

             1,379,685
7.89% (1 mo. SOFR US + 4.25%), 12/31/2031, (0.50% Floor)

             773,129

             672,042
Modena Buyer LLC, Senior Secured First Lien, 7.91% (3 mo. SOFR US + 4.25%), 07/01/2031, (0.00% Floor)

             1,043,459

             966,765
Optiv Parent, Inc., Senior Secured First Lien, 8.92% (3 mo. SOFR US + 5.25%), 08/03/2026, (1.00% Floor)

             1,171,349

             802,374
Peraton Corp., Senior Secured First Lien, 7.61% (3 mo. SOFR US + 3.75%), 02/01/2028, (0.75% Floor)

             1,123,067

             1,016,376
Ping Identity Holding Corp., Senior Secured First Lien, 6.38% (1 mo. SOFR US + 2.75%), 11/15/2032, (0.00% Floor)

             223,440

             218,041
Polaris Newco LLC, Senior Secured First Lien, 8.04% (3 mo. SOFR US + 4.00%), 06/05/2028, (0.50% Floor)

             2,665,935

             2,323,656
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien, 6.98% (3 mo. SOFR US + 3.25%), 10/28/2030, (0.50% Floor)

             2,319,236

             1,694,202
Proofpoint, Inc., Senior Secured First Lien, 6.73% (3 mo. SOFR US + 3.00%), 08/31/2028, (0.50% Floor)

             282,590

             273,347
Quartz Acquireco LLC, Senior Secured First Lien, 5.98% (3 mo. SOFR US + 2.25%), 06/28/2030, (0.00% Floor)

             121,115

             101,585
Rackspace Finance LLC, Senior Secured First Lien, 6.62% (1 mo. SOFR US + 2.75%), 05/15/2028, (0.75% Floor)

             679,104

             617,818
RealPage, Inc., Senior Secured First Lien, 7.11% (3 mo. SOFR US + 3.00%), 04/24/2028, (0.50% Floor)

             1,627,354

             1,525,140
Rithum Holdings, Inc., Senior Secured First Lien, 8.48% (3 mo. SOFR US + 4.75%), 07/21/2031, (0.00% Floor)

             689,788

             653,143
Rocket Software, Inc., Senior Secured First Lien, 7.39% (1 mo. SOFR US + 3.75%), 11/28/2028, (0.50% Floor)

             1,700,462

             1,619,852


Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 07/31/2031, (0.00% Floor)

             610,581

             603,941
Shift4 Payments LLC, Senior Secured First Lien, 5.73% (3 mo. Term SOFR + 2.00%), 07/05/2032 (Obligor: First Lien)

             586,643

             580,776
SonarSource Financing LLC, Senior Secured First Lien, 8.18% (3 mo. SOFR US + 4.50%), 12/19/2030, (0.00% Floor)

             1,298,576

             1,210,922
Starlight Parent LLC, Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 04/16/2032, (0.00% Floor)

             1,615,490

             1,357,012
Tegra118 Wealth Solutions, Inc., Senior Secured First Lien, 7.67% (3 mo. SOFR US + 4.00%), 01/27/2033, (0.00% Floor)

             267,000

             268,168
UKG, Inc., Senior Secured First Lien, 5.91% (3 mo. SOFR US + 2.25%), 02/10/2031, (0.00% Floor)

             558,390

             527,170


             39,704,733






TELECOM SERVICES: DIVERSIFIED - 4.0%
Cincinnati Bell, Inc., Senior Secured First Lien, 5.89% (1 mo. SOFR US + 2.25%), 11/24/2028, (0.50% Floor)

             2,739,673

             2,738,947
Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 6.64% (1 mo. SOFR US + 3.00%), 01/30/2031, (0.75% Floor)

             1,250,499

             1,255,920
Level 3 Financing, Inc., Senior Secured First Lien, 6.38% (1 mo. SOFR US + 2.75%), 03/29/2032, (0.00% Floor)

             1,245,000

             1,247,334
Numericable US LLC, Senior Secured First Lien
8.74% (3 mo. SOFR US + 5.06%), 10/31/2028, (0.00% Floor)

             181,752

             181,865
9.05% (1 mo. Term SOFR + 5.38%), 05/14/2029

             648,000

             650,916
10.55% (3 mo. SOFR US + 6.88%), 05/15/2031, (0.00% Floor)

             1,891,611

             1,935,118
Radiate Holdco LLC, Senior Secured First Lien
7.64% (1 mo. SOFR US + 4.00%), 06/26/2029, (0.00% Floor) (a)

             41,771

             41,887
8.87% (1 mo. SOFR US + 5.11%), 09/25/2029, (0.00% Floor)

             983,318

             888,812
Uniti Services LLC, Senior Secured First Lien, 7.64% (1 mo. SOFR US + 4.00%), 10/06/2032, (0.00% Floor)

             592,025

             596,465
Zayo Group Holdings, Inc., Senior Secured First Lien
6.76% (or .50% PIK) (1 mo. SOFR US + 3.00%), 03/11/2030, (0.00% Floor)

             830,485

             831,315
6.87% (or .50% PIK) (1 mo. SOFR US + 3.00%), 03/11/2030, (0.00% Floor)

             19,734

             19,754
Ziggo Financing Partnership, Senior Secured First Lien, 6.91% (6 mo. SOFR US + 3.22%), 01/14/2033, (0.00% Floor)

             598,000

             578,846


             10,967,179






TRANSPORTATION - 1.7%
AAdvantage Loyalty IP Ltd., Senior Secured First Lien
5.92% (3 mo. Term SOFR + 2.25%), 04/20/2028

             553,000

             553,130
6.43% (3 mo. SOFR US + 2.75%), 05/28/2032, (0.00% Floor)

             275,185

             275,587
Accelya Lux Finco Sarl, Senior Secured First Lien, 8.98% (3 mo. SOFR US + 5.25%), 10/04/2032, (0.00% Floor)

             766,765

             686,255
Avis Budget Car Rental LLC, Senior Secured First Lien, 6.14% (1 mo. SOFR US + 2.50%), 07/16/2032, (0.00% Floor)

             697,632

             696,467
Brown Group Holding LLC, Senior Secured First Lien
6.14% (1 mo. SOFR US + 2.50%), 07/01/2031, (0.50% Floor)

             90,946

             91,275
6.16% (3 mo. SOFR US + 2.50%), 07/01/2031, (0.50% Floor)

             195,139

             195,845
6.17% (3 mo. SOFR US + 2.50%), 07/01/2031, (0.50% Floor)

             125,917

             126,372
Carriage Purchaser, Inc., Senior Secured First Lien, 7.14% (1 mo. SOFR US + 3.50%), 09/29/2028, (0.75% Floor)

             981,522

             986,940
Cubic Corp., Senior Secured First Lien
10.00% (or 3.25% PIK) (Prime Rate + 3.25%), 05/01/2029, (0.00% Floor)

             1,933

             177
10.00% (Prime Rate + 3.25%), 05/01/2029, (0.00% Floor)

             20,496

             1,879
5.44% (or 3.25% PIK) (3 mo. SOFR US + 1.25%), 05/01/2029, (0.00% Floor)

             141,227

             12,946
8.69% (3 mo. SOFR US + 4.50%), 05/01/2029, (0.00% Floor)

             905,591

             83,011
SkyMiles IP Ltd., Senior Secured First Lien, 4.93% (3 mo. SOFR US + 1.25%), 10/20/2028, (0.00% Floor)

             550,597

             551,458
Stonepeak Nile Parent LLC, Senior Secured First Lien, 5.66% (3 mo. SOFR US + 2.00%), 04/09/2032, (0.00% Floor)

             462,840

             462,264


             4,723,606






UTILITIES: POWER - 0.7%
Eastern Power LLC, Senior Secured First Lien, 8.39% (1 mo. SOFR US + 4.75%), 04/03/2028, (0.00% Floor)

             698,444

             702,561
Lightning Power LLC, Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 08/18/2031, (0.00% Floor)

             819,405

             821,253
Talen Energy Supply LLC, Senior Secured First Lien, 5.64% (1 mo. SOFR US + 2.00%), 11/26/2032, (0.00% Floor)

             413,063

             410,804


             1,934,618
TOTAL BANK LOANS (Cost $248,915,803)

             242,122,394








CORPORATE BONDS - 5.1% (i)



AUTOMOTIVE - 0.2%
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/2030 (d)

             550,000

             541,131






FINANCIALS: THRIFTS & MORTGAGES - 0.1%
Freedom Mortgage Corp., 6.63%, 01/15/2027 (d)

             278,000

             278,151






FOOD & BEVERAGE - 0.2%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 (d)

             500,000

             488,382






HEALTHCARE: FACILITIES - 0.9%
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 (d)

             429,000

             427,289
Global Medical Response, Inc., 7.38%, 10/01/2032 (d)

             480,000

             497,712
HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (d)

             459,000

             411,273
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (d)

             538,000

             562,374
Team Health Holdings, Inc., 8.38%, 06/30/2028 (d)

             440,000

             441,468


             2,340,116






HEALTHCARE: MANAGED HEALTH CARE - 0.9%
Centene Corp., 4.63%, 12/15/2029

             1,413,000

             1,371,439
Molina Healthcare, Inc., 3.88%, 11/15/2030 (d)

             1,181,000

             1,102,107


             2,473,546






HEALTHCARE: PHARMA & BIOTECH - 0.1%
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026

             301,000

             299,670






INDUSTRIAL MACHINERY - 0.0% (e)
Oregon Tool Lux LP, 7.88%, 10/15/2029 (d)(f)

             25,915

             7,774






LEISURE: CASINOS & GAMING - 0.3%
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.63%, 09/01/2029 (d)

             561,000

             391,605
5.88%, 09/01/2031 (d)

             562,000

             366,705


             758,310






LEISURE: HOTELS - 0.5%
Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (d)

             301,000

             317,943
Sabre GLBL, Inc., 11.13%, 07/15/2030 (d)

             637,000

             611,832
VOC Escrow Ltd., 5.00%, 02/15/2028 (d)

             418,000

             417,717


             1,347,492






MEDIA: ENTERTAINMENT - 0.1%
Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (d)

             393,000

             393,174






MIDSTREAM: STORAGE & TRANSPORT - 0.5%
ITT Holdings LLC, 6.50%, 08/01/2029 (d)

             750,000

             741,638
Venture Global Calcasieu Pass LLC
6.25%, 01/15/2030 (d)

             290,000

             297,153
3.88%, 11/01/2033 (d)

             510,000

             454,881


             1,493,672






TECHNOLOGY HARDWARE - 0.2%
NCR Voyix Corp., 5.00%, 10/01/2028 (d)

             694,000

             677,367








TECHNOLOGY: SOFTWARE & SERVICES - 0.6%
Cloud Software Group, Inc., 9.00%, 09/30/2029 (d)

             280,000

             271,990
CoreWeave, Inc., 9.63%, 07/15/2032 (d)

             700,000

             690,410
Open Text Corp., 3.88%, 12/01/2029 (d)

             765,000

             703,975


             1,666,375






TELECOM SERVICES: DIVERSIFIED - 0.2%
Altice France SA, 6.88%, 10/15/2030 (d)

             263,000

             255,382
Iliad Holding SAS, 7.00%, 10/15/2028 (d)

             400,000

             402,026


             657,408






TRANSPORTATION - 0.3%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (d)

             692,000

             681,034
TOTAL CORPORATE BONDS (Cost $14,375,471)

             14,103,602






EXCHANGE TRADED FUNDS - 4.8% (i)

Shares  


Invesco Senior Loan ETF

            651,735

             13,275,842
TOTAL EXCHANGE TRADED FUNDS (Cost $13,674,888)

             13,275,842






COMMON STOCKS - 0.0% (e)




CHEMICALS - 0.0% (e)

SI Group/Addivant Equity (g)

            2,999

             26,991






LEISURE: HOTELS - 0.0% (e)

Worldstrides/Lakeland Tours Equity - Class B (g)

            11,283

             620






RETAILING - 0.0% (e)

JP Intermediate Private Equity (f)(g)

            1,309

             0






TELECOM SERVICES: DIVERSIFIED - 0.0% (e)

Altice Numericable Private Equity (f)(g)

            2,013

             40,050
TOTAL COMMON STOCKS (Cost $89,837)

             67,661







SHORT-TERM INVESTMENTS 4.7% (i)



Money Market Funds - 4.7%




First American Government Obligations Fund - Class X, 3.57% (h)

            12,958,245

             12,958,245
TOTAL MONEY MARKET FUNDS (Cost $12,958,245)

             12,958,245






TOTAL INVESTMENTS - 102.5% (Cost $290,014,244)

             282,527,744
Liabilities in Excess of Other Assets - (2.5)%
(0.02495)
            (6,876,885)
TOTAL NET ASSETS - 100.0%




    $        275,650,859


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




PIK - Payment in Kind
SOFR - Secured Overnight Financing Rate
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.






(a)

As of June 30, 2026, 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 portion are unfunded.
(b)

Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2026.
(c)

Zero coupon bonds make no periodic interest payments. Rate shown is the weighted average amortized yield as of June 30, 2026.
(d)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2026, the value of these securities total $12,432,493 or 4.5% of the Fund’s net assets.
(e)

Represents less than 0.05% of net assets.
(f)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee. These securities represented $47,824 or 0.0% of net assets as of June 30, 2026.
(g)

Non-income producing security.
(h)

The rate shown represents the 7-day annualized yield as of June 30, 2026.
(i)

All or a portion is posted as collateral for delayed settlement securities.
(j)

Non-income producing security. Issuer has filed for bankruptcy protection.









Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Shenkman Capital Floating Rate High Income Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Bank Loans
    $        –

    $        242,122,394

    $        –

    $        242,122,394
  Corporate Bonds
            –

            14,095,828

            7,774

            14,103,602
  Exchange Traded Funds
            13,275,842

            –

            –

            13,275,842
  Common Stocks
            –

            27,611

            40,050

            67,661
  Money Market Funds
            12,958,245

            –

            –

            12,958,245
Total Investments
    $        26,234,087

    $        256,245,833

    $        47,824

    $        282,527,744





Fair Value Measurement Using Significant Unobservable Inputs

Level 3
Beginning balance as of September 30, 2025

    $        14,901
Accretion/Amortization

             493
Corporate Actions

             64,309
Closes

             (26,753)
Realized gain/(loss)

             (6,158)
Unrealized appreciation/(depreciation)

             1,032
Ending balance as of June 30, 2026

    $        47,824


$0
Change in unrealized appreciation/(depreciation) still held as of June 30, 2026

    $        1,032


 0