Eaton Vance Mutual Funds Trust

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

The 12-month period starting November 1, 2021, was dominated by the ongoing effects of one black swan event — the COVID-19 pandemic — and fallout from another — Russia’s invasion of Ukraine in February 2022.

In the opening months of the period, stock investors as well as consumers appeared to take a “glass is half full” approach. In both the U.S. and Europe, consumers rushed to spend money saved earlier in the pandemic. Major U.S. equity indexes closed at new all-time highs during the final months of 2021.

But as the new year began, investors appeared to reevaluate the twin threats of inflation and interest rate hikes, and stock performance turned negative. In February, Russia’s invasion of Ukraine sent shock waves through U.S. and global markets, exacerbating inflationary pressures on energy and food costs. Central banks around the world — including the U.S. Federal Reserve (the Fed), the Bank of England, and the European Central Bank (ECB) — initiated their first interest rate hikes in years. In Europe, looming energy shortages caused by the Russia-Ukraine conflict pushed inflation rates even higher and stock prices lower during the period.

In the U.S., investors began to expect the Fed would raise interest rates at every policy meeting in 2022 and, in turn, worried that aggressive rate hikes could tip the economy into recession. At its June, July, and September 2022 meetings, the Fed hiked the federal funds rate 0.75% each time — to a 3.00%-3.25% range — its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down around the globe.

As the period came to a close in October 2022, however, U.S. and European stocks delivered positive performance for the first time in months — driven by a combination of better-than-expected U.S. company earnings; improving investor sentiment that stocks had been oversold during the August-September market pullback; government measures to address Europe’s energy crisis; and hope that central bank rate hikes would help tame inflation.

Meanwhile in the world’s second-largest economy, China’s zero-COVID policy severely restricted economic output. The MSCI Golden Dragon Index, a measure of Chinese large-cap and mid-cap stocks, lost more ground in October and was one of the worst-performing major indexes during the period, declining 42.74%.

Major equity indexes elsewhere also suffered significant losses. For the period as a whole, the MSCI ACWI Index, a broad measure of global equities, returned -19.96%; the S&P 500^® Index, a broad measure of U.S. stocks, returned -14.61%; and the technology-laden Nasdaq Composite Index returned -28.56%. The MSCI EAFE Index of developed-market international equities returned -23.00%, while the MSCI Emerging Markets Index, dragged down by its China allocation, returned -31.03% during the period.

For the 12-month period ended October 31, 2022, Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund) returned -16.91% for Class A shares at net asset value (NAV). The Fund underperformed its primary benchmark, the Russell 3000^® Index (the Index), which returned -16.52%; and outperformed its secondary benchmark consisting of 80% the Index, 10% MSCI EAFE Index, and 10% ICE BofA Fixed Rate Preferred Securities Index (the Blended Index), which returned -17.08% during the period.

The Fund’s performance is a function of the returns of the underlying portfolios in which it invests and the Fund’s allocation among these portfolios, as well as the performance of the Fund’s direct investments. The Fund invests in tax-managed portfolios across equity market capitalizations and investment styles, as well as direct investments, which include preferred stocks and hybrid securities.

Most major equity asset classes delivered negative returns during the period. Amid the worldwide stock market decline, U.S. equities generally outperformed international markets. U.S. large-cap stocks modestly outperformed U.S. small-cap stocks during the period, while U.S. value stocks — both large-cap and small-cap — declined less than their growth stock counterparts. In this volatile market, the Fund’s international and U.S. multi-cap allocations were the largest drags on Fund performance relative to the U.S.-based, large-cap weighted Index.

The Fund’s allocations to Tax-Managed Growth Portfolio, Tax-Managed Multi-Cap Growth Portfolio, and Tax-Managed International Equity Portfolio all underperformed the Index and detracted from Fund performance versus the Index during the period. In contrast, the Fund’s allocations to Tax-Managed Value Portfolio and Tax-Managed Small-Cap Portfolio outperformed the Index and contributed to returns relative to the Index. The Fund’s direct investments in preferred stocks and other hybrid securities also outperformed the Index and contributed modestly to relative performance.

Fund management made no significant changes to the Fund’s allocation mix during the period. As of period-end, allocations to the Fund’s underlying components were as follows: Tax-Managed Multi-Cap Growth Portfolio (13.8%); Tax-Managed Growth Portfolio (35.7%); Tax-Managed Value Portfolio (28.5%); Tax-Managed International Equity Portfolio (4.6%); Tax-Managed Small-Cap Portfolio (10.8%); and direct investments in preferred stocks and other hybrid securities, including exchange-traded funds that invest in preferred securities and similar instruments (6.6%).

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

†

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

Russell 3000^® Index is an unmanaged index of the 3,000 largest U.S. stocks. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 80% Russell 3000^® Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is

adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class I is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

³	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective November 18, 2022, the portfolio manager of the Fund is Douglas R. Rogers, CFA, CMT.

Additional Information

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks.

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.


Investments in Affiliated Portfolios — 93.5%
Description			Value

Tax-Managed Growth Portfolio (identified cost, $72,982,061)			$	201,886,366

Tax-Managed International Equity Portfolio (identified cost, $26,797,225)				26,020,381

Tax-Managed Multi-Cap Growth Portfolio (identified cost, $33,790,952)				78,228,784

Tax-Managed Small-Cap Portfolio (identified cost, $52,931,170)				61,217,994

Tax-Managed Value Portfolio (identified cost, $94,750,801)				161,144,461

Total Investments in Affiliated Portfolios (identified cost $281,252,209)			$	528,497,986

Debt Obligations — 4.0%⁽¹⁾
Security	Principal Amount (000’s omitted)		Value

Banks — 2.4%

Banco Davivienda S.A., 6.65% to 4/22/31^(2)(3)(4)	$	200	$	136,305

Banco Mercantil del Norte S.A./Grand Cayman, 8.375% to 10/14/30^(2)(3)(4)		600		522,639

Barclays PLC:

6.125% to 12/15/25⁽³⁾⁽⁴⁾		471		409,181

8.00% to 3/15/29⁽³⁾⁽⁴⁾		526		472,534

BNP Paribas S.A.:

4.625% to 2/25/31^(2)(3)(4)		203		140,831

7.75% to 8/16/29^(2)(3)(4)		675		638,101

Citigroup, Inc.:

Series M, 6.30% to 5/15/24⁽³⁾⁽⁴⁾		704		659,120

Series W, 4.00% to 12/10/25⁽³⁾⁽⁴⁾		238		201,348

Credit Suisse Group AG:

5.25% to 2/11/27^(2)(3)(4)		230		163,300

9.75% to 6/23/27^(2)(3)(4)		800		762,102

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(2)(3)(4)		473		419,369

HSBC Holdings PLC, 4.60% to 12/17/30⁽³⁾⁽⁴⁾		721		477,446

Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30⁽³⁾⁽⁴⁾		395		360,969

ING Groep NV, 6.50% to 4/16/25⁽³⁾⁽⁴⁾		243		221,689

JPMorgan Chase & Co., Series KK, 3.65% to 6/1/26⁽³⁾⁽⁴⁾		881		731,186

KeyCorp, Series D, 5.00% to 9/15/26⁽³⁾⁽⁴⁾		975		856,394

Lloyds Banking Group PLC, 7.50% to 6/27/24⁽³⁾⁽⁴⁾		600		573,458

Natwest Group PLC:

4.60% to 6/28/31⁽³⁾⁽⁴⁾		200		129,631

6.00% to 12/29/25⁽³⁾⁽⁴⁾		229		204,360

8.00% to 8/10/25⁽³⁾⁽⁴⁾		778		735,113


Security	Principal Amount (000’s omitted)		Value

Banks (continued)

PNC Financial Services Group, Inc. (The):

Series S, 5.00% to 11/1/26⁽³⁾⁽⁴⁾	$	485	$	417,692

Series U, 6.00% to 5/15/27⁽³⁾⁽⁴⁾		800		744,000

Societe Generale S.A., 5.375% to 11/18/30^(2)(3)(4)		506		367,787

Standard Chartered PLC, 4.75% to 1/14/31^(2)(3)(4)		577		385,359

SVB Financial Group, Series C, 4.00% to 5/15/26⁽³⁾⁽⁴⁾		600		420,628

Toronto-Dominion Bank (The), 8.125% to 10/31/27, 10/31/82⁽⁴⁾		775		785,656

Truist Financial Corp., Series Q, 5.10% to 3/1/30⁽³⁾⁽⁴⁾		134		117,930

UBS Group AG:

4.375% to 2/10/31^(2)(3)(4)		419		292,106

6.875% to 8/7/25^(3)(4)(5)		348		331,078

Wells Fargo & Co., Series BB, 3.90% to 3/15/26⁽³⁾⁽⁴⁾		784		666,106

			$	13,343,418

Capital Markets — 0.2%

AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79⁽⁴⁾	$	425	$	382,993

Charles Schwab Corp. (The):

Series G, 5.375% to 6/1/25⁽³⁾⁽⁴⁾		651		638,794

Series I, 4.00% to 6/1/26⁽³⁾⁽⁴⁾		467		384,528

			$	1,406,315

Diversified Financial Services — 0.2%

American AgCredit Corp., Series QIB, 5.25% to 6/15/26^(2)(3)(4)	$	914	$	839,737

Goldman Sachs Group, Inc. (The), Series V, 4.125% to 11/10/26⁽³⁾⁽⁴⁾		143		112,434

			$	952,171

Electric Utilities — 0.4%

Dominion Energy, Inc., Series C, 4.35% to 1/15/27⁽³⁾⁽⁴⁾	$	583	$	485,225

Edison International, Series B, 5.00% to 12/15/26⁽³⁾⁽⁴⁾		199		161,688

Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76⁽⁴⁾		450		421,142

Sempra Energy, 4.125% to 1/1/27, 4/1/52⁽⁴⁾		581		438,285

Southern California Edison Co., Series E, 6.981%, (3 mo. USD LIBOR + 4.199%)⁽³⁾⁽⁶⁾		249		244,698

Southern Co. (The), Series B, 6.923%, (3 mo. USD LIBOR + 3.63%), 3/15/57⁽⁶⁾		366		364,170

			$	2,115,208

Food Products — 0.1%

Land O’ Lakes, Inc., 8.00%⁽²⁾⁽³⁾	$	824	$	817,997

			$	817,997


Security	Principal Amount (000’s omitted)		Value

Gas Utilities — 0.1%

NiSource, Inc., 5.65% to 6/15/23⁽³⁾⁽⁴⁾	$	645	$	596,625

			$	596,625

Independent Power and Renewable Electricity Producers — 0.1%

Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82⁽⁴⁾	$	408	$	329,460

			$	329,460

Insurance — 0.2%

QBE Insurance Group, Ltd., 5.875% to 5/12/25^(2)(3)(4)	$	1,004	$	916,504

			$	916,504

Multi-Utilities — 0.1%

Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23⁽³⁾⁽⁴⁾	$	900	$	845,828

			$	845,828

Oil, Gas & Consumable Fuels — 0.2%

DCP Midstream, L.P., Series A, 7.375% to 12/15/22⁽³⁾⁽⁴⁾	$	399	$	394,035

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22⁽³⁾⁽⁴⁾		658		507,055

Odebrecht Oil & Gas Finance, Ltd., 0.00%⁽²⁾⁽³⁾		550		963

Plains All American Pipeline, L.P., Series B, 6.125% to 12/5/22⁽³⁾⁽⁴⁾		442		371,501

			$	1,273,554

Pipelines — 0.0%⁽⁷⁾

Energy Transfer, L.P., Series B, 6.625% to 2/15/28⁽³⁾⁽⁴⁾	$	359	$	258,480

			$	258,480

Total Debt Obligations (identified cost $26,169,090)			$	22,855,560

Exchange-Traded Funds — 0.9%
Security	Shares		Value

Equity Funds — 0.9%

Global X U.S. Preferred ETF		130,000	$	2,551,900

iShares Preferred & Income Securities ETF		86,286		2,632,586

Total Exchange-Traded Funds (identified cost $6,710,738)			$	5,184,486


Preferred Stocks — 1.6%
Security	Shares		Value

Banks — 0.6%

Bank of America Corp., 4.25%		52,040	$	868,027

Citizens Financial Group, Inc., 5.00%		28,000		539,840

First Republic Bank:

Series M, 4.00%		27,012		405,450

Series N, 4.50%		8,273		139,317

JPMorgan Chase & Co.:

Series JJ, 4.55%		28,660		521,899

Series LL, 4.625%		17,500		324,450

KeyCorp, 5.65%		25,000		528,500

Truist Financial Corp., 5.25%		5,773		121,637

Wells Fargo & Co., Series L, 7.50% (Convertible)		116		135,202

			$	3,584,322

Capital Markets — 0.1%

Stifel Financial Corp., Series D, 4.50%		36,350	$	588,506

			$	588,506

Electric Utilities — 0.2%

Brookfield BRP Holdings Canada, Inc., 4.625%		24,000	$	349,680

SCE Trust III, Series H, 5.75% to 3/15/24⁽⁴⁾		13,981		270,392

SCE Trust IV, Series J, 5.375% to 9/15/25⁽⁴⁾		5,882		105,523

SCE Trust V, Series K, 5.45% to 3/15/26⁽⁴⁾		5,504		105,567

SCE Trust VI, 5.00%		1,041		17,853

			$	849,015

Equity Real Estate Investment Trusts (REITs) — 0.0%⁽⁷⁾

SITE Centers Corp., Series A, 6.375%		11,958	$	239,877

			$	239,877

Insurance — 0.3%

American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25⁽⁴⁾		22,403	$	518,854

Arch Capital Group, Ltd., Series G, 4.55%		14,252		250,265

RenaissanceRe Holdings, Ltd., Series G, 4.20%		43,000		716,810

			$	1,485,929

Oil, Gas & Consumable Fuels — 0.2%

NuStar Energy, L.P., Series B, 9.126% (3 mo. USD LIBOR + 5.643%)⁽⁶⁾		53,257	$	1,131,179

			$	1,131,179


Security	Shares		Value

Pipelines — 0.1%

Energy Transfer, L.P.:

Series C, 7.375% to 5/15/23⁽⁴⁾		15,000	$	336,000

Series E, 7.60% to 5/15/24⁽⁴⁾		14,960		344,529

			$	680,529

Real Estate Management & Development — 0.1%

Brookfield Property Partners, L.P.:

Series A, 5.75%		2,080	$	31,470

Series A-1, 6.50%		14,575		242,674

Series A2, 6.375%		19,390		316,057

			$	590,201

Total Preferred Stocks (identified cost $11,254,708)			$	9,149,558

Total Investments — 100.0% (identified cost $325,386,745)			$	565,687,590

Other Assets, Less Liabilities — (0.0)%⁽⁷⁾			$	(151,778	)

Net Assets — 100.0%			$	565,535,812

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾	Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

⁽²⁾

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2022, the aggregate value of these securities is $6,403,100 or 1.1% of the Fund’s net assets.

⁽³⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁴⁾	Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁵⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2022, the aggregate value of these securities is $331,078 or 0.1% of the Fund’s net assets.

⁽⁶⁾	Variable rate security. The stated interest rate represents the rate in effect at October 31, 2022.

⁽⁷⁾	Amount is less than 0.05% or (0.05)%, as applicable.

Abbreviations:



LIBOR	–	London Interbank Offered Rate

Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is to achieve long-term, after-tax returns for its shareholders. The Fund currently pursues its objective by investing directly in securities and in interests in five tax-managed equity portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at October 31, 2022 were as follows: Tax-Managed Growth Portfolio (0.7%), Tax-Managed Value Portfolio (18.3%), Tax-Managed International Equity Portfolio (43.7%), Tax-Managed Multi-Cap Growth Portfolio (43.7%) and Tax-Managed Small-Cap Portfolio (34.1%). The performance of the Fund is directly affected by the performance of the Portfolios. A copy of each Portfolio’s financial statements is available by calling Eaton Vance at

1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The valuation policies common to the Portfolios are as follows:

Equity Securities. Equity securities (common stocks and exchange-traded funds) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Portfolios’ investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Portfolios might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. Additional valuation policies of the Fund are as follows:

industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Preferred Equity Securities. Preferred equity securities that are not listed or traded in the over-the-counter market are valued by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

B Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

E Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2022 and October 31, 2021 was as follows:

During the year ended October 31, 2022, distributable earnings was decreased by $346,153 and paid-in capital was increased by $346,153 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the affiliated Portfolios, at October 31, 2022, as determined on a federal income tax basis, were as follows:

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement between the Fund and EVM, and an amendment to the agreement that took effect on July 1, 2022, the investment adviser fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:

The investment adviser fee payable by the Fund is reduced by the Fund’s allocable share of any fee paid pursuant to an investment advisory agreement by any investment company advised by EVM or its affiliates in which the Fund invests. Effective April 26, 2022, the Portfolios may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolios is reduced by an amount equal to their pro-rata share of the advisory and administration fees paid by the Portfolios due to their

investments in the Liquidity Fund. For the year ended October 31, 2022, the Fund’s allocated share of the reduction of the investment adviser fee paid by the Portfolios was $2,019 relating to the Portfolios’ investments in the Liquidity Fund. Prior to April 26, 2022, the Portfolios may have invested their cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

For the year ended October 31, 2022, the Fund’s investment adviser fee totaled $4,528,896, of which $3,185,710 was allocated from the Portfolios and $1,343,186 was paid or accrued directly by the Fund. For the year ended October 31, 2022, the Fund’s investment adviser fee, including the fees allocated from the Portfolios, was 0.72% of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2022, the administration fee amounted to $938,752.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2022, EVM earned $95,571 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $30,631 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2022. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund and the Portfolios who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of EVM.

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2022 amounted to $1,129,175 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2022, the Fund paid or accrued to EVD $288,407 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2022 amounted to $96,136 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2022, the Fund was informed that EVD received approximately $400 and $2,000 of CDSCs paid by Class A and Class C shareholders, respectively.

For the year ended October 31, 2022, increases and decreases in the Fund’s investments in the Portfolios were as follows:

Purchases and sales of investments, other than short-term obligations and investments in the Portfolios, aggregated $18,736,376 and $12,169,993, respectively, for the year ended October 31, 2022.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2022, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Equity Asset Allocation Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Equity Asset Allocation Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Dividend Income. For the fiscal year ended October 31, 2022, the Fund designates approximately $8,450,508, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2022 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2022, $1,403,814 or, if subsequently determined to be different, the net capital gain of such year.

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 8, 2022, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

Growth Portfolio, Tax-Managed International Equity Portfolio, Tax-Managed Multi-Cap Growth Portfolio, Tax-Managed Small-Cap Portfolio and Tax-Managed Value Portfolio (the “Portfolios”), which are portfolios in which the Fund is authorized to invest, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolios, are each referred to herein as the “Adviser”), including their respective fee structures, is in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolios.

In considering whether to approve the investment advisory agreements for the Fund and the Portfolios, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolios by the applicable Adviser. BMR manages the Portfolios, while EVM allocates the assets of the Fund among the Portfolios.

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolios, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolios, including recent changes to such personnel, where relevant. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board considered each Adviser’s experience managing funds that seek to maximize after-tax returns. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in preferred stocks. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolios, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolios, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolios.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and blended benchmark indexes for the three-year period. The Board also considered the performance of the underlying Portfolios. The Board concluded that the performance of the Fund was satisfactory.

The Board considered contractual fee rates payable by the Portfolios and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolios and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolios, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolios and other investment advisory clients.

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolios, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolios increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolios to continue to benefit from any economies of scale in the future.

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 7, 2022, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 135 funds (with the exception of Mr. Bowser who oversees 110 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

3.00%-3.25% range — its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down around the globe.

For the 12-month period ended October 31, 2022, Eaton Vance Global Income Builder Fund (the Fund) returned -17.86% for Class A shares at net asset value (NAV). The Fund outperformed its primary benchmark, the MSCI World Index (the Index), which returned -18.48%; and underperformed its blended benchmark consisting of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (the ICE BofA Index), which returned -17.26% during the period.

The Fund’s out-of-Index allocations to high yield bonds, bank loans, and preferred securities contributed to performance versus the Index during the period. Stock selections in the energy, communication services, and financials sectors, along with stock selections and an underweight position in the consumer discretionary sector, also contributed to Fund performance versus the Index.

The Fund’s high yield bond allocation outperformed the Index and the broad high yield market, as measured by the ICE BofA Index. Within that allocation, the Fund had a shorter duration and a higher average credit quality than the ICE BofA Index. That asset mix helped relative performance as interest rates rose and BB-rated and B-rated bonds outperformed CCC-rated bonds during the period. The Fund reduced its exposure to lower rated bonds early in 2022.

Security selections within the health care sector also helped performance relative to the ICE BofA Index as the Fund avoided exposure to several companies that experienced sharp declines in bond prices.

The Fund’s small out-of-Index allocation to bank loans also contributed to performance relative to the Index as it delivered positive returns during a period of generally negative returns by most asset classes.

The Fund’s preferred securities allocation — preferred stocks, exchange-traded funds investing primarily in preferred stocks, and corporate bonds and other debt securities with preferred characteristics — outperformed the Index and contributed to Fund performance versus the Index. However, the preferred allocation underperformed the overall preferred market, as measured by the ICE BofA Fixed Rate Preferred Securities Index.

The Fund’s use of equity index futures contracts, a type of derivative, detracted from performance relative to the Index. Within the Fund’s common stock portfolio, the Fund’s strategy of investing in dividend-paying stocks resulted in an overweight allocation to European equities and an underweight allocation to U.S. equities relative to the Index. The Fund hedged these overweight and underweight exposures by selling short European index futures contracts and buying U.S. index futures contracts. By period-end, these index futures contracts were no longer in effect.

The Fund’s common stock allocation underperformed the Index and detracted from performance relative to the Index as well. Within the Fund’s common stock allocation, detractors from performance relative to the Index included stock selections in the industrials, information technology, and utilities sectors.

Portfolio Manager(s) Christopher M. Dyer, CFA and Jeffrey D. Mueller, of Eaton Vance Advisers International Ltd.; John H. Croft, CFA and Derek J.V. DiGregorio, of Boston Management and Research

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

¹Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

†

MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market, below investment grade corporate bonds. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Effective December 7, 2015, the Fund changed its name and principal investment strategies to invest in common stocks, preferred stocks and other hybrid securities and income instruments of U.S. and foreign issuers. As of such date, the Fund was no longer required to invest at least 80% of its net assets in dividend-paying common and preferred stocks. Performance prior to December 7, 2015 reflects the Fund’s performance under its former principal investment strategies.

³	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

Fund profile subject to change due to active management.

Additional Information

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S.

Important Notice to Shareholders

Effective November 18, 2022, the Fund is managed by Christopher M. Dyer, CFA, Derek J.V. DiGregorio and Jeffrey D. Mueller.

Eaton Vance Global Income Builder Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Global Income Builder Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.5% at October 31, 2022). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

D Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2022 and October 31, 2021 was as follows:

As of October 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

At October 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $5,256,030 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2022, $5,256,030 are short-term.

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund’s average daily net assets that are not invested in other investment companies for which BMR or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

For the year ended October 31, 2022, the Fund incurred no investment adviser fee on such assets. Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged BMR to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2022, the administration fee amounted to $393,294. EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.17%, 1.92%, 0.92% and 1.42% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement

may be changed or terminated after February 28, 2023. Pursuant to this agreement, EVM and EVAIL were allocated $41,418 of the Fund’s operating expenses for the year ended October 31, 2022.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2022, EVM earned $15,683 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $8,971 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2022. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund are officers of the above organizations.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2022, the Fund paid or accrued to EVD $2,165 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2022 amounted to $49,549 and $2,164 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2022, the Fund was informed that EVD received approximately $3,000 and $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.

For the year ended October 31, 2022, increases and decreases in the Fund’s investment in the Portfolio aggregated $6,083,077 and $40,388,536, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1L of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Income Builder Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Income Builder Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

Qualified Dividend Income. For the fiscal year ended October 31, 2022, the Fund designates approximately $6,335,655, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2022 ordinary income dividends, 29.22% qualifies for the corporate dividends received deduction.

163(j) Interest Dividends. For the fiscal year ended October 31, 2022, the Fund designates 46.18% of distributions from net investment income as a 163(j) interest dividend.

Foreign Tax Credit. For the fiscal year ended October 31, 2022, the Fund paid foreign taxes of $699,982.


Common Stocks — 58.7%
Security	Shares		Value

Aerospace & Defense — 0.8%

Safran S.A.		15,665	$	1,744,609

			$	1,744,609

Air Freight & Logistics — 0.5%

GXO Logistics, Inc.⁽¹⁾		27,738	$	1,013,547

			$	1,013,547

Automobiles — 0.4%

Stellantis NV		61,872	$	834,750

			$	834,750

Banks — 2.7%

Banco Santander S.A.		581,915	$	1,509,182

Citigroup, Inc.		19,891		912,201

Citizens Financial Group, Inc.		22,606		924,586

HDFC Bank, Ltd.		65,884		1,195,053

ING Groep NV		21,302		209,603

M&T Bank Corp.		3,936		662,704

Standard Chartered PLC		104,185		622,478

			$	6,035,807

Beverages — 2.3%

Coca-Cola Co. (The)		51,744	$	3,096,878

Diageo PLC		46,546		1,915,483

			$	5,012,361

Biotechnology — 0.5%

CSL, Ltd.		5,787	$	1,035,962

			$	1,035,962

Building Products — 0.4%

Assa Abloy AB, Class B		41,989	$	847,845

			$	847,845

Capital Markets — 1.4%

Bank of New York Mellon Corp. (The)		8,377	$	352,756

State Street Corp.		26,629		1,970,546

Stifel Financial Corp.		10,745		664,793

			$	2,988,095


Security	Shares		Value

Chemicals — 0.2%

Sika AG		2,412	$	543,847

			$	543,847

Consumer Finance — 0.2%

Capital One Financial Corp.		4,078	$	432,350

			$	432,350

Diversified Financial Services — 0.7%

Berkshire Hathaway, Inc., Class B⁽¹⁾		5,465	$	1,612,667

			$	1,612,667

Electric Utilities — 1.4%

Iberdrola S.A.		158,553	$	1,612,369

NextEra Energy, Inc.		20,455		1,585,262

			$	3,197,631

Electrical Equipment — 1.4%

AMETEK, Inc.		12,139	$	1,573,943

Schneider Electric SE		11,379		1,438,946

			$	3,012,889

Electronic Equipment, Instruments & Components — 2.7%

CDW Corp.		12,312	$	2,127,637

Halma PLC		37,153		900,933

Keyence Corp.		1,870		705,112

Keysight Technologies, Inc.⁽¹⁾		5,325		927,349

Riverbed Technology, Inc.⁽²⁾		3,977		1,998

TE Connectivity, Ltd.		10,606		1,296,371

Zebra Technologies Corp., Class A⁽¹⁾		8		2,266

			$	5,961,666

Entertainment — 1.3%

Walt Disney Co. (The)⁽¹⁾		26,531	$	2,826,613

			$	2,826,613

Equity Real Estate Investment Trusts (REITs) — 0.5%

American Tower Corp.		2,955	$	612,246

Healthpeak Properties, Inc.		19,485		462,379

			$	1,074,625

Food Products — 2.4%

Mondelez International, Inc., Class A		36,703	$	2,256,500

Nestle S.A.		28,517		3,104,327

			$	5,360,827


Security	Shares		Value

Health Care Equipment & Supplies — 2.1%

Alcon, Inc.		9,732	$	592,536

Boston Scientific Corp.⁽¹⁾		49,310		2,125,754

Intuitive Surgical, Inc.⁽¹⁾		5,640		1,390,091

Straumann Holding AG		6,492		617,852

			$	4,726,233

Health Care Providers & Services — 1.0%

Elevance Health, Inc.⁽¹⁾		4,192	$	2,292,060

			$	2,292,060

Hotels, Restaurants & Leisure — 1.4%

Compass Group PLC		110,338	$	2,323,919

InterContinental Hotels Group PLC		16,248		873,016

			$	3,196,935

Industrial Conglomerates — 0.7%

Siemens AG		13,710	$	1,497,255

			$	1,497,255

Insurance — 1.4%

AIA Group, Ltd.		124,092	$	939,971

Allstate Corp. (The)		3,512		443,390

Aviva PLC		2		10

AXA S.A.		35,341		872,742

RenaissanceRe Holdings, Ltd.		5,720		884,769

			$	3,140,882

Interactive Media & Services — 2.7%

Alphabet, Inc., Class C⁽¹⁾		63,380	$	5,999,551

			$	5,999,551

Internet & Direct Marketing Retail — 1.5%

Amazon.com, Inc.⁽¹⁾		32,242	$	3,302,870

			$	3,302,870

IT Services — 2.4%

Amadeus IT Group S.A.⁽¹⁾		15,592	$	813,205

Fidelity National Information Services, Inc.		22,304		1,851,009

Global Payments, Inc.		7,929		905,968

Visa, Inc., Class A		7,964		1,649,822

			$	5,220,004

Leisure Products — 0.5%

Yamaha Corp.		31,333	$	1,182,954

			$	1,182,954


Security	Shares		Value

Life Sciences Tools & Services — 0.6%

Danaher Corp.		2,894	$	728,333

Lonza Group AG		1,051		541,038

			$	1,269,371

Machinery — 1.0%

Graco, Inc.		11,106	$	772,755

Ingersoll Rand, Inc.		28,004		1,414,202

			$	2,186,957

Metals & Mining — 0.3%

Alleima AB⁽¹⁾		1,121	$	3,819

Rio Tinto, Ltd.		13,256		752,273

			$	756,092

Multi-Utilities — 0.2%

CMS Energy Corp.		8,069	$	460,336

			$	460,336

Oil, Gas & Consumable Fuels — 3.4%

Chevron Corp.		13,558	$	2,452,642

EOG Resources, Inc.		30,347		4,142,973

Phillips 66		2,171		226,414

Pioneer Natural Resources Co.		2,523		646,922

			$	7,468,951

Personal Products — 0.3%

Kose Corp.		6,101	$	609,005

			$	609,005

Pharmaceuticals — 5.9%

AstraZeneca PLC		12,755	$	1,496,571

Eli Lilly & Co.		10,732		3,885,950

Novo Nordisk A/S, Class B		24,134		2,624,120

Roche Holding AG PC		5,541		1,838,493

Sanofi		18,821		1,619,694

Zoetis, Inc.		9,931		1,497,396

			$	12,962,224

Professional Services — 1.6%

Recruit Holdings Co., Ltd.		26,791	$	824,391

RELX PLC		61,295		1,646,413

Verisk Analytics, Inc.		5,788		1,058,220

			$	3,529,024


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 2.5%

ASML Holding NV		4,161	$	1,951,869

Infineon Technologies AG		47,793		1,159,719

Micron Technology, Inc.		24,254		1,312,142

Taiwan Semiconductor Manufacturing Co., Ltd. ADR		18,045		1,110,670

			$	5,534,400

Software — 4.0%

Adobe, Inc.⁽¹⁾		5,104	$	1,625,624

Dassault Systemes SE		25,680		860,762

Intuit, Inc.		3,022		1,291,905

Microsoft Corp.		22,225		5,159,089

			$	8,937,380

Specialty Retail — 1.7%

Lowe’s Cos., Inc.		9,071	$	1,768,391

TJX Cos., Inc. (The)		28,068		2,023,703

			$	3,792,094

Technology Hardware, Storage & Peripherals — 1.9%

Apple, Inc.		28,022	$	4,296,893

			$	4,296,893

Textiles, Apparel & Luxury Goods — 0.6%

LVMH Moet Hennessy Louis Vuitton SE		2,261	$	1,426,679

			$	1,426,679

Trading Companies & Distributors — 0.5%

Ashtead Group PLC		21,543	$	1,122,240

			$	1,122,240

Wireless Telecommunication Services — 0.7%

Vodafone Group PLC		1,242,622	$	1,450,639

			$	1,450,639

Total Common Stocks (identified cost $97,043,807)			$	129,897,120

Convertible Bonds — 0.1%
Security	Principal Amount (000’s omitted)		Value

Leisure Products — 0.1%

Peloton Interactive, Inc., 0.00%, 2/15/26	$	310	$	223,213

			$	223,213


Security			Principal Amount (000’s omitted)		Value

Software — 0.0%⁽³⁾

1Life Healthcare, Inc., 3.00%, 6/15/25			$	81	$	78,813

					$	78,813

Total Convertible Bonds (identified cost $345,465)					$	302,026

Convertible Preferred Stocks — 0.1%
Security			Shares		Value

Health Care Equipment & Supplies — 0.1%

Becton Dickinson and Co., Series B, 6.00%				3,268	$	159,282

					$	159,282

Software — 0.0%⁽³⁾

Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)⁽¹⁾⁽²⁾				2,480	$	2,480

					$	2,480

Total Convertible Preferred Stocks (identified cost $244,405)					$	161,762

Corporate Bonds — 36.6%
Security	Principal Amount (000’s omitted)*				Value

Aerospace & Defense — 0.8%

Moog, Inc., 4.25%, 12/15/27⁽⁴⁾				170	$	152,397

Rolls-Royce PLC, 5.75%, 10/15/27⁽⁴⁾				492		445,919

TransDigm UK Holdings PLC, 6.875%, 5/15/26				200		195,480

TransDigm, Inc.:

4.625%, 1/15/29				185		157,833

5.50%, 11/15/27				106		96,867

6.25%, 3/15/26⁽⁴⁾				419		414,029

7.50%, 3/15/27				327		322,710

					$	1,785,235

Airlines — 0.4%

Air Canada, 3.875%, 8/15/26⁽⁴⁾				101	$	89,516

Air France-KLM, 1.875%, 1/16/25⁽⁵⁾		EUR		100		88,429

American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:

5.50%, 4/20/26⁽⁴⁾				314		299,534

5.75%, 4/20/29⁽⁴⁾				144		131,297


Security	Principal Amount (000’s omitted)*			Value

Airlines (continued)

Deutsche Lufthansa AG, 2.875%, 2/11/25⁽⁵⁾		EUR	200	$	184,792

United Airlines, Inc., 4.625%, 4/15/29⁽⁴⁾			193		165,406

				$	958,974

Auto Components — 0.6%

Clarios Global, L.P./Clarios US Finance Co.:

4.375%, 5/15/26⁽⁵⁾		EUR	681	$	631,104

8.50%, 5/15/27⁽⁴⁾			194		190,449

IHO Verwaltungs GmbH, 6.375%, (6.375% cash or 7.125% PIK), 5/15/29⁽⁴⁾⁽⁶⁾			200		171,614

Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29⁽⁴⁾			54		38,844

TI Automotive Finance PLC, 3.75%, 4/15/29⁽⁵⁾		EUR	200		143,664

Wheel Pros, Inc., 6.50%, 5/15/29⁽⁴⁾			213		100,566

				$	1,276,241

Automobiles — 0.7%

Allison Transmission, Inc., 3.75%, 1/30/31⁽⁴⁾			54	$	43,213

Ford Motor Co.:

3.25%, 2/12/32			364		273,919

4.75%, 1/15/43			197		137,540

9.625%, 4/22/30			26		29,059

Ford Motor Credit Co., LLC:

3.087%, 1/9/23			231		230,188

3.37%, 11/17/23			200		193,318

4.125%, 8/17/27			555		494,055

5.125%, 6/16/25			200		193,278

				$	1,594,570

Automotives — 0.3%

Goodyear Tire & Rubber Co. (The):

5.00%, 7/15/29			336	$	292,243

5.25%, 7/15/31			270		229,122

Jaguar Land Rover Automotive PLC, 2.20%, 1/15/24⁽⁵⁾		EUR	100		93,021

				$	614,386

Banks — 2.0%

Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28^(4)(7)(8)			200	$	164,490

Bank of America Corp., Series TT, 6.125% to 4/27/27⁽⁷⁾⁽⁸⁾			89		84,328

Bank of Nova Scotia (The), 8.625% to 10/27/27, 10/27/82⁽⁸⁾			200		201,223

Barclays PLC, 8.00% to 3/15/29⁽⁷⁾⁽⁸⁾			200		179,671

BNP Paribas S.A., 7.75% to 8/16/29^(4)(7)(8)			200		189,067

Citigroup, Inc., Series W, 4.00% to 12/10/25⁽⁷⁾⁽⁸⁾			51		43,146

Credit Suisse Group AG, 9.75% to 6/23/27^(4)(7)(8)			200		190,525


Security	Principal Amount (000’s omitted)*			Value

Banks (continued)

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(4)(7)(8)			220	$	195,056

HSBC Holdings PLC, 4.60% to 12/17/30⁽⁷⁾⁽⁸⁾			200		132,440

Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30⁽⁷⁾⁽⁸⁾			125		114,231

JPMorgan Chase & Co.:

Series KK, 3.65% to 6/1/26⁽⁷⁾⁽⁸⁾			251		208,317

Series S, 6.75%, to 2/1/24⁽⁷⁾⁽⁸⁾			215		215,134

Lloyds Banking Group PLC, 7.50% to 9/27/25⁽⁷⁾⁽⁸⁾			200		186,000

Natwest Group PLC, 4.60% to 6/28/31⁽⁷⁾⁽⁸⁾			200		129,630

PNC Financial Services Group, Inc. (The), Series V, 6.20% to 9/15/27⁽⁷⁾⁽⁸⁾			100		94,970

Societe Generale S.A., 5.375% to 11/18/30^(4)(7)(8)			200		145,370

Standard Chartered PLC, 4.75% to 1/14/31^(4)(7)(8)			229		152,942

SVB Financial Group:

4.10% to 2/15/31⁽⁷⁾⁽⁸⁾			311		192,737

Series C, 4.00% to 5/15/26⁽⁷⁾⁽⁸⁾			58		40,661

Toronto-Dominion Bank (The), 8.125% to 10/31/27, 10/31/82⁽⁸⁾			200		202,750

Truist Financial Corp., Series Q, 5.10% to 3/1/30⁽⁷⁾⁽⁸⁾			77		67,766

UBS Group AG, 4.375% to 2/10/31^(4)(7)(8)			200		139,430

UniCredit SpA, 7.296% to 4/2/29, 4/2/34⁽⁴⁾⁽⁸⁾			200		169,851

Vivion Investments S.a.r.l., 3.00%, 8/8/24⁽⁵⁾		EUR	600		510,571

Wells Fargo & Co., Series BB, 3.90% to 3/15/26⁽⁷⁾⁽⁸⁾			167		141,887

Zions Bancorp NA, 5.80% to 6/15/23⁽⁷⁾⁽⁸⁾			268		253,304

				$	4,345,497

Biotechnology — 0.4%

Grifols Escrow Issuer S.A.:

3.875%, 10/15/28⁽⁵⁾		EUR	925	$	698,942

4.75%, 10/15/28⁽⁴⁾			280		219,121

				$	918,063

Building Products — 1.2%

Builders FirstSource, Inc.:

4.25%, 2/1/32⁽⁴⁾			204	$	163,584

5.00%, 3/1/30⁽⁴⁾			90		77,429

HT Troplast GmbH, 9.25%, 7/15/25⁽⁵⁾		EUR	650		562,035

KB Home:

4.00%, 6/15/31			11		8,348

4.80%, 11/15/29			71		58,059

Oscar AcquisitionCo, LLC/Oscar Finance, Inc., 9.50%, 4/15/30⁽⁴⁾			85		72,177

Standard Industries, Inc.:

2.25%, 11/21/26⁽⁵⁾		EUR	400		328,959


Security	Principal Amount (000’s omitted)*			Value

Building Products (continued)

Standard Industries, Inc.: (continued)

4.375%, 7/15/30⁽⁴⁾			275	$	222,863

5.00%, 2/15/27⁽⁴⁾			78		70,700

Taylor Morrison Communities, Inc., 5.75%, 1/15/28⁽⁴⁾			196		179,906

Victoria PLC, 3.625%, 8/24/26⁽⁵⁾		EUR	806		622,173

WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26⁽⁴⁾			346		323,170

				$	2,689,403

Capital Markets — 0.2%

AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79⁽⁸⁾			150	$	135,174

Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26⁽⁷⁾⁽⁸⁾			259		213,261

				$	348,435

Casino & Gaming — 0.1%

Cinemark USA, Inc.:

5.875%, 3/15/26⁽⁴⁾			67	$	56,505

8.75%, 5/1/25⁽⁴⁾			48		48,201

Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27⁽⁴⁾			250		217,583

				$	322,289

Chemicals — 0.5%

ASP Unifrax Holdings, Inc., 5.25%, 9/30/28⁽⁴⁾			88	$	70,195

Avient Corp., 7.125%, 8/1/30⁽⁴⁾			102		97,675

Herens Holdco S.a.r.l., 4.75%, 5/15/28⁽⁴⁾			201		164,958

NOVA Chemicals Corp.:

4.25%, 5/15/29⁽⁴⁾			203		166,034

4.875%, 6/1/24⁽⁴⁾			56		54,586

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30⁽⁴⁾			172		145,737

Valvoline, Inc.:

3.625%, 6/15/31⁽⁴⁾			128		101,172

4.25%, 2/15/30⁽⁴⁾			224		215,938

				$	1,016,295

Commercial Services & Supplies — 1.9%

Adtalem Global Education, Inc., 5.50%, 3/1/28⁽⁴⁾			266	$	243,121

APi Group DE, Inc., 4.75%, 10/15/29⁽⁴⁾			55		46,442

Clean Harbors, Inc.:

4.875%, 7/15/27⁽⁴⁾			101		95,197

5.125%, 7/15/29⁽⁴⁾			61		56,643

EC Finance PLC, 3.00%, 10/15/26⁽⁵⁾		EUR	274		239,898

Gartner, Inc.:

3.75%, 10/1/30⁽⁴⁾			187		157,548


Security	Principal Amount (000’s omitted)*			Value

Commercial Services & Supplies (continued)

Gartner, Inc.: (continued)

4.50%, 7/1/28⁽⁴⁾			151	$	140,240

GFL Environmental, Inc.:

3.50%, 9/1/28⁽⁴⁾			265		225,368

3.75%, 8/1/25⁽⁴⁾			130		123,167

4.75%, 6/15/29⁽⁴⁾			343		299,726

HealthEquity, Inc., 4.50%, 10/1/29⁽⁴⁾			153		133,875

Hertz Corp. (The):

4.625%, 12/1/26⁽⁴⁾			29		24,766

5.00%, 12/1/29⁽⁴⁾			230		182,821

Korn Ferry, 4.625%, 12/15/27⁽⁴⁾			233		212,282

Madison IAQ, LLC, 5.875%, 6/30/29⁽⁴⁾			323		222,148

Metis Merger Sub, LLC, 6.50%, 5/15/29⁽⁴⁾			167		134,420

MoneyGram International, Inc., 5.375%, 8/1/26⁽⁴⁾			249		244,887

NESCO Holdings II, Inc., 5.50%, 4/15/29⁽⁴⁾			206		181,061

Paprec Holding S.A., 3.50%, 7/1/28⁽⁵⁾		EUR	352		279,030

PROG Holdings, Inc., 6.00%, 11/15/29⁽⁴⁾			139		113,807

Team Health Holdings, Inc., 6.375%, 2/1/25⁽⁴⁾			235		177,940

Terminix Co., LLC (The), 7.45%, 8/15/27			536		598,326

Tervita Corp., 11.00%, 12/1/25⁽⁴⁾			123		133,816

				$	4,266,529

Construction & Engineering — 0.2%

Cellnex Finance Co. S.A., 2.25%, 4/12/26⁽⁵⁾		EUR	200	$	180,321

TopBuild Corp., 4.125%, 2/15/32⁽⁴⁾			263		206,299

				$	386,620

Construction Materials — 0.2%

Smyrna Ready Mix Concrete, LLC, 6.00%, 11/1/28⁽⁴⁾			641	$	540,248

				$	540,248

Consumer Finance — 0.3%

CPUK Finance, Ltd., 4.875%, 8/28/25⁽⁵⁾		GBP	278	$	289,668

PRA Group, Inc.:

5.00%, 10/1/29⁽⁴⁾			115		92,399

7.375%, 9/1/25⁽⁴⁾			261		250,033

				$	632,100

Containers & Packaging — 0.6%

Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 9/1/29⁽⁵⁾		EUR	200	$	141,923

Canpack S.A./Canpack US, LLC, 3.875%, 11/15/29⁽⁴⁾			312		248,393

Kleopatra Finco S.a.r.l., 4.25%, 3/1/26⁽⁵⁾		EUR	479		391,407

LABL, Inc., 5.875%, 11/1/28⁽⁴⁾			66		57,455


Security	Principal Amount (000’s omitted)*			Value

Containers & Packaging (continued)

Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25⁽⁴⁾			82	$	73,929

Schoeller Packaging B.V., 6.375%, 11/1/24⁽⁵⁾		EUR	450		359,469

Verallia S.A., 1.875%, 11/10/31⁽⁵⁾		EUR	100		73,234

				$	1,345,810

Cosmetics/Personal Care — 0.1%

Edgewell Personal Care Co.:

4.125%, 4/1/29⁽⁴⁾			74	$	63,307

5.50%, 6/1/28⁽⁴⁾			180		169,642

				$	232,949

Distributors — 0.5%

BCPE Empire Holdings, Inc., 7.625%, 5/1/27⁽⁴⁾			451	$	413,034

Parts Europe S.A., 5.456%, (3 mo. EURIBOR + 4.00%), 7/20/27⁽⁵⁾⁽⁹⁾		EUR	350		337,275

Performance Food Group, Inc.:

4.25%, 8/1/29⁽⁴⁾			315		267,608

5.50%, 10/15/27⁽⁴⁾			169		160,188

				$	1,178,105

Diversified Consumer Services — 0.3%

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽⁵⁾			750	$	710,602

				$	710,602

Diversified Financial Services — 1.8%

AG TTMT Escrow Issuer, LLC, 8.625%, 9/30/27⁽⁴⁾			145	$	145,738

Allied Universal Holdco, LLC/Allied Universal Finance Corp.:

6.625%, 7/15/26⁽⁴⁾			485		464,094

9.75%, 7/15/27⁽⁴⁾			203		176,985

Ally Financial, Inc., Series B, 4.70% to 5/15/26⁽⁷⁾⁽⁸⁾			270		196,594

Alpha Holding S.A. de CV, 9.00%, 2/10/25^(4)(10)			190		2,855

American AgCredit Corp., Series QIB, 5.25% to 6/15/26^(4)(7)(8)			250		229,687

Bread Financial Holdings, Inc., 4.75%, 12/15/24⁽⁴⁾			194		169,820

Compass Group Diversified Holdings, LLC, 5.25%, 4/15/29⁽⁴⁾			65		56,065

Encore Capital Group, Inc.:

4.25%, (3 mo. EURIBOR + 4.25%), 1/15/28⁽⁵⁾⁽⁹⁾		EUR	479		426,591

5.375%, 2/15/26⁽⁵⁾		GBP	180		180,621

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.:

6.25%, 5/15/26			99		95,222

6.375%, 12/15/25			120		116,767


Security	Principal Amount (000’s omitted)*			Value

Diversified Financial Services (continued)

Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29⁽⁴⁾			305	$	270,274

Jefferson Capital Holdings, LLC, 6.00%, 8/15/26⁽⁴⁾			343		286,062

Louvre Bidco S.A.S., 6.50%, 9/30/24⁽⁵⁾		EUR	310		287,546

Oxford Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27⁽⁴⁾			160		146,667

Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.:

2.875%, 10/15/26⁽⁴⁾			156		130,606

3.625%, 3/1/29⁽⁴⁾			133		103,422

4.00%, 10/15/33⁽⁴⁾			30		21,026

Sherwood Financing PLC, 6.00%, 11/15/26⁽⁵⁾		GBP	420		352,090

VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30⁽⁴⁾			256		213,150

				$	4,071,882

Diversified Telecommunication Services — 0.4%

Level 3 Financing, Inc., 4.25%, 7/1/28⁽⁴⁾			324	$	268,185

Lorca Telecom Bondco S.A., 4.00%, 9/18/27⁽⁵⁾		EUR	650		566,568

				$	834,753

Electric Utilities — 1.4%

Dominion Energy, Inc., Series C, 4.35% to 1/15/27⁽⁷⁾⁽⁸⁾			93	$	77,403

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26⁽⁴⁾			435		418,311

FirstEnergy Corp.:

2.65%, 3/1/30			53		42,965

Series B, 4.40% to 1/15/23, 7/15/27⁽¹¹⁾			257		241,778

Imola Merger Corp., 4.75%, 5/15/29⁽⁴⁾			370		319,660

NextEra Energy Operating Partners, L.P.:

4.25%, 9/15/24⁽⁴⁾			9		8,498

4.50%, 9/15/27⁽⁴⁾			205		190,952

NRG Energy, Inc.:

3.375%, 2/15/29⁽⁴⁾			106		88,449

3.625%, 2/15/31⁽⁴⁾			177		141,092

3.875%, 2/15/32⁽⁴⁾			195		154,157

5.25%, 6/15/29⁽⁴⁾			122		111,005

Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28⁽⁴⁾			199		179,435

Sempra Energy, 4.125% to 1/1/27, 4/1/52⁽⁸⁾			167		125,979

Southern California Edison Co., Series E, 8.639%, (3 mo. USD LIBOR + 4.199%), 12/5/22⁽⁹⁾			101		99,255

Southern Co. (The):

Series 21-A, 3.75% to 6/15/26, 9/15/51⁽⁸⁾			120		95,412

Series B, 4.00% to 10/15/25, 1/15/51⁽⁸⁾			56		48,831

Series B, 6.923%, (3 mo. USD LIBOR + 3.63%), 3/15/57⁽⁹⁾			192		191,040

TerraForm Power Operating, LLC, 5.00%, 1/31/28⁽⁴⁾			237		220,095


Security	Principal Amount (000’s omitted)*			Value

Electric Utilities (continued)

Vistra Operations Co., LLC:

4.375%, 5/1/29⁽⁴⁾			173	$	148,384

5.00%, 7/31/27⁽⁴⁾			232		214,425

				$	3,117,126

Electronic Equipment, Instruments & Components — 0.1%

Coherent Corp., 5.00%, 12/15/29⁽⁴⁾			138	$	118,721

Sensata Technologies B.V., 5.00%, 10/1/25⁽⁴⁾			57		55,356

WESCO Distribution, Inc., 7.25%, 6/15/28⁽⁴⁾			153		155,434

				$	329,511

Entertainment — 0.9%

Caesars Entertainment, Inc.:

6.25%, 7/1/25⁽⁴⁾			417	$	407,512

8.125%, 7/1/27⁽⁴⁾			56		54,558

CDI Escrow Issuer, Inc., 5.75%, 4/1/30⁽⁴⁾			233		210,632

Cinemark USA, Inc., 5.25%, 7/15/28⁽⁴⁾			206		156,892

Jacobs Entertainment, Inc., 6.75%, 2/15/29⁽⁴⁾			278		245,567

LHMC Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00% PIK), 10/2/25⁽⁵⁾⁽⁶⁾		EUR	542		461,994

Lottomatica SpA, 6.25%, 7/15/25⁽⁵⁾		EUR	200		188,121

Scientific Games International, Inc., 7.00%, 5/15/28⁽⁴⁾			216		209,501

SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29⁽⁴⁾			65		55,998

				$	1,990,775

Equity Real Estate Investment Trusts (REITs) — 0.2%

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 4.50%, 4/1/27⁽⁴⁾			307	$	261,846

HAT Holdings I, LLC/HAT Holdings II, LLC, 3.375%, 6/15/26⁽⁴⁾			200		163,052

				$	424,898

Food Products — 0.6%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./ Albertsons, LLC:

4.875%, 2/15/30⁽⁴⁾			138	$	122,807

5.875%, 2/15/28⁽⁴⁾			181		169,456

Darling Ingredients, Inc., 6.00%, 6/15/30⁽⁴⁾			110		106,024

Kraft Heinz Foods Co.:

4.375%, 6/1/46			44		34,427

5.50%, 6/1/50			34		31,209

Land O’ Lakes, Inc., 8.00%⁽⁴⁾⁽⁷⁾			235		233,288

Nomad Foods Bondco PLC, 2.50%, 6/24/28⁽⁵⁾		EUR	571		454,903

Pilgrim’s Pride Corp., 3.50%, 3/1/32⁽⁴⁾			316		242,756

				$	1,394,870


Security	Principal Amount (000’s omitted)*			Value

Gas Utilities — 0.1%

NiSource, Inc., 5.65% to 6/15/23⁽⁷⁾⁽⁸⁾			280	$	259,000

				$	259,000

Health Care Equipment & Supplies — 1.6%

Centene Corp.:

2.50%, 3/1/31			311	$	239,193

3.00%, 10/15/30			377		304,100

3.375%, 2/15/30			308		256,333

4.625%, 12/15/29			319		289,218

Compass Minerals International, Inc., 6.75%, 12/1/27⁽⁴⁾			399		375,925

LifePoint Health, Inc., 5.375%, 1/15/29⁽⁴⁾			110		70,433

Medline Borrower, L.P., 5.25%, 10/1/29⁽⁴⁾			531		414,451

ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29⁽⁴⁾			101		86,089

Molina Healthcare, Inc.:

3.875%, 11/15/30⁽⁴⁾			245		208,772

3.875%, 5/15/32⁽⁴⁾			189		158,125

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26⁽⁴⁾			55		43,965

Tenet Healthcare Corp.:

4.375%, 1/15/30⁽⁴⁾			102		85,757

6.125%, 10/1/28⁽⁴⁾			289		250,599

6.875%, 11/15/31			133		113,070

US Acute Care Solutions, LLC, 6.375%, 3/1/26⁽⁴⁾			400		363,642

Varex Imaging Corp., 7.875%, 10/15/27⁽⁴⁾			219		214,069

				$	3,473,741

Health Care Providers & Services — 0.6%

HCA, Inc.:

5.375%, 9/1/26			270	$	262,828

5.625%, 9/1/28			245		235,596

Legacy LifePoint Health, LLC, 4.375%, 2/15/27⁽⁴⁾			173		136,813

ModivCare, Inc., 5.875%, 11/15/25⁽⁴⁾			182		173,158

Tenet Healthcare Corp.:

4.625%, 9/1/24⁽⁴⁾			49		47,415

4.875%, 1/1/26⁽⁴⁾			290		274,604

5.125%, 11/1/27⁽⁴⁾			138		127,447

				$	1,257,861

Healthcare-Products — 0.1%

Avantor Funding, Inc., 3.875%, 7/15/28⁽⁵⁾		EUR	150	$	130,264

				$	130,264


Security	Principal Amount (000’s omitted)*			Value

Hotels, Restaurants & Leisure — 0.5%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.:

3.875%, 1/15/28⁽⁴⁾			286	$	251,915

4.375%, 1/15/28⁽⁴⁾			182		160,053

5.75%, 4/15/25⁽⁴⁾			66		65,841

Lithia Motors, Inc., 4.625%, 12/15/27⁽⁴⁾			91		81,108

MGM Resorts International, 4.75%, 10/15/28			184		159,956

Viking Cruises, Ltd., 5.875%, 9/15/27⁽⁴⁾			399		316,268

				$	1,035,141

Household Products — 0.2%

Central Garden & Pet Co., 4.125%, 10/15/30			55	$	45,539

Spectrum Brands, Inc., 5.50%, 7/15/30⁽⁴⁾			56		45,043

Tempur Sealy International, Inc., 3.875%, 10/15/31⁽⁴⁾			397		298,913

				$	389,495

Housewares — 0.2%

ProGroup AG, 3.00%, 3/31/26⁽⁵⁾		EUR	460	$	401,008

				$	401,008

Independent Power and Renewable Electricity Producers — 0.3%

Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82⁽⁸⁾			113	$	91,248

Calpine Corp.:

5.125%, 3/15/28⁽⁴⁾			273		242,642

5.25%, 6/1/26⁽⁴⁾			50		47,526

NRG Energy, Inc., 5.75%, 1/15/28			210		200,795

				$	582,211

Industrial Conglomerates — 0.2%

Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26⁽⁴⁾			162	$	146,858

Gatwick Airport Finance PLC, 4.375%, 4/7/26⁽⁵⁾		GBP	245		234,508

Paprec Holding S.A., 4.00%, 3/31/25⁽⁵⁾		EUR	115		105,409

				$	486,775

Insurance — 0.7%

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27⁽⁴⁾			458	$	418,564

Corebridge Financial, Inc., 6.875% to 9/15/27, 12/15/52⁽⁴⁾⁽⁸⁾			187		168,934

Galaxy Finco, Ltd., 9.25%, 7/31/27⁽⁵⁾		GBP	525		481,656

Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51⁽⁴⁾⁽⁸⁾			216		162,291


Security	Principal Amount (000’s omitted)*			Value

Insurance (continued)

Prudential Financial, Inc., 5.125% to 11/28/31, 3/1/52⁽⁸⁾			60	$	51,293

QBE Insurance Group, Ltd., 5.875% to 5/12/25^(4)(7)(8)			222		202,653

				$	1,485,391

Internet & Direct Marketing Retail — 0.1%

Arches Buyer, Inc.:

4.25%, 6/1/28⁽⁴⁾			82	$	67,460

6.125%, 12/1/28⁽⁴⁾			83		64,117

Match Group Holdings II, LLC, 3.625%, 10/1/31⁽⁴⁾			210		160,377

				$	291,954

Leisure Products — 0.7%

Carnival Corp., 5.75%, 3/1/27⁽⁴⁾			207	$	143,824

Life Time, Inc.:

5.75%, 1/15/26⁽⁴⁾			199		185,578

8.00%, 4/15/26⁽⁴⁾			252		220,095

Lindblad Expeditions, LLC, 6.75%, 2/15/27⁽⁴⁾			154		137,223

NCL Corp., Ltd.:

5.875%, 3/15/26⁽⁴⁾			106		87,009

5.875%, 2/15/27⁽⁴⁾			67		59,904

7.75%, 2/15/29⁽⁴⁾			56		44,741

NCL Finance, Ltd., 6.125%, 3/15/28⁽⁴⁾			55		42,845

Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27⁽⁴⁾			201		193,105

Sabre GLBL, Inc., 9.25%, 4/15/25⁽⁴⁾			259		251,420

Viking Cruises, Ltd., 7.00%, 2/15/29⁽⁴⁾			104		82,663

Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29⁽⁴⁾			66		51,547

				$	1,499,954

Life Sciences Tools & Services — 0.1%

W.R. Grace Holdings, LLC, 4.875%, 6/15/27⁽⁴⁾			245	$	214,681

				$	214,681

Machinery — 0.1%

IMA Industria Macchine Automatiche SpA, 3.75%, 1/15/28⁽⁵⁾		EUR	381	$	310,551

				$	310,551

Media — 2.0%

Altice France S.A., 8.125%, 2/1/27⁽⁴⁾			458	$	419,986

Audacy Capital Corp., 6.75%, 3/31/29⁽⁴⁾			261		74,620

Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26⁽⁴⁾			308		222,145

CCO Holdings, LLC/CCO Holdings Capital Corp.:

4.25%, 2/1/31⁽⁴⁾			338		267,579

4.50%, 8/15/30⁽⁴⁾			343		278,955


Security	Principal Amount (000’s omitted)*			Value

Media (continued)

CCO Holdings, LLC/CCO Holdings Capital Corp.: (continued)

4.75%, 3/1/30⁽⁴⁾			322	$	271,177

4.75%, 2/1/32⁽⁴⁾			139		111,536

5.375%, 6/1/29⁽⁴⁾			110		98,450

6.375%, 9/1/29⁽⁴⁾			253		233,542

CMG Media Corp., 8.875%, 12/15/27⁽⁴⁾			178		151,331

CSC Holdings, LLC, 7.50%, 4/1/28⁽⁴⁾			200		173,647

LCPR Senior Secured Financing DAC, 5.125%, 7/15/29⁽⁴⁾			205		173,211

McGraw-Hill Education, Inc.:

5.75%, 8/1/28⁽⁴⁾			84		74,188

8.00%, 8/1/29⁽⁴⁾			365		311,590

National CineMedia, LLC:

5.75%, 8/15/26			189		16,310

5.875%, 4/15/28⁽⁴⁾			245		98,832

Outfront Media Capital, LLC/Outfront Media Capital Corp.:

4.625%, 3/15/30⁽⁴⁾			54		44,745

6.25%, 6/15/25⁽⁴⁾			137		135,272

Sirius XM Radio, Inc.:

3.125%, 9/1/26⁽⁴⁾			125		111,968

3.875%, 9/1/31⁽⁴⁾			126		101,043

5.00%, 8/1/27⁽⁴⁾			218		200,997

Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27⁽⁵⁾		EUR	129		99,627

Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26⁽⁵⁾		EUR	400		343,843

Townsquare Media, Inc., 6.875%, 2/1/26⁽⁴⁾			141		133,388

Univision Communications, Inc., 7.375%, 6/30/30⁽⁴⁾			142		137,556

UPCB Finance VII, Ltd., 3.625%, 6/15/29⁽⁵⁾		EUR	116		97,453

Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28⁽⁵⁾		GBP	100		92,254

				$	4,475,245

Metals & Mining — 1.9%

Allegheny Ludlum, LLC, 6.95%, 12/15/25			598	$	585,867

Arconic Corp., 6.125%, 2/15/28⁽⁴⁾			101		94,867

BWX Technologies, Inc.:

4.125%, 6/30/28⁽⁴⁾			159		139,357

4.125%, 4/15/29⁽⁴⁾			118		102,194

Centennial Resource Production, LLC, 5.375%, 1/15/26⁽⁴⁾			225		208,426

Cleveland-Cliffs, Inc., 6.75%, 3/15/26⁽⁴⁾			460		457,431

Eldorado Gold Corp., 6.25%, 9/1/29⁽⁴⁾			251		203,438

Freeport-McMoRan, Inc., 5.45%, 3/15/43			267		219,737

Hudbay Minerals, Inc.:

4.50%, 4/1/26⁽⁴⁾			204		179,473

6.125%, 4/1/29⁽⁴⁾			96		79,711


Security	Principal Amount (000’s omitted)*			Value

Metals & Mining (continued)

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽⁴⁾			1,024	$	952,535

New Gold, Inc., 7.50%, 7/15/27⁽⁴⁾			491		419,442

Novelis Corp., 3.25%, 11/15/26⁽⁴⁾			89		78,124

Novelis Sheet Ingot GmbH, 3.375%, 4/15/29⁽⁵⁾		EUR	200		162,420

Roller Bearing Co. of America, Inc., 4.375%, 10/15/29⁽⁴⁾			253		222,319

TMS International Corp., 6.25%, 4/15/29⁽⁴⁾			196		137,752

				$	4,243,093

Oil and Gas — 0.0%⁽³⁾

Petroleos Mexicanos, 6.50%, 3/13/27			100	$	87,878

				$	87,878

Oil, Gas & Consumable Fuels — 2.5%

Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26⁽⁴⁾			555	$	564,922

Colgate Energy Partners III, LLC:

5.875%, 7/1/29⁽⁴⁾			260		243,040

7.75%, 2/15/26⁽⁴⁾			190		189,464

CrownRock, L.P./CrownRock Finance, Inc., 5.00%, 5/1/29⁽⁴⁾			173		157,405

CVR Energy, Inc., 5.75%, 2/15/28⁽⁴⁾			439		397,942

DCP Midstream, L.P., Series A, 7.375% to 12/15/22⁽⁷⁾⁽⁸⁾			298		294,292

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22⁽⁷⁾⁽⁸⁾			145		111,737

EQT Corp.:

5.00%, 1/15/29			53		49,307

6.125%, 2/1/25			69		69,245

7.00%, 2/1/30			102		104,680

Nabors Industries, Ltd.:

7.50%, 1/15/28⁽⁴⁾			118		109,611

9.00%, 2/1/25⁽⁴⁾			151		153,333

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽⁴⁾			200		194,681

Occidental Petroleum Corp.:

6.20%, 3/15/40			81		78,107

6.375%, 9/1/28			93		94,607

6.45%, 9/15/36			93		92,404

6.625%, 9/1/30			254		264,635

Odebrecht Oil & Gas Finance, Ltd., 0.00%⁽⁴⁾⁽⁷⁾			862		1,508

Parkland Corp.:

4.50%, 10/1/29⁽⁴⁾			110		92,847

4.625%, 5/1/30⁽⁴⁾			202		168,529

Plains All American Pipeline, L.P., Series B, 6.125% to 12/5/22⁽⁷⁾⁽⁸⁾			97		81,528

Precision Drilling Corp.:

6.875%, 1/15/29⁽⁴⁾			152		140,002


Security	Principal Amount (000’s omitted)*			Value

Oil, Gas & Consumable Fuels (continued)

Precision Drilling Corp.: (continued)

7.125%, 1/15/26⁽⁴⁾			99	$	97,391

Shelf Drilling Holdings, Ltd.:

8.25%, 2/15/25⁽⁴⁾			245		206,956

8.875%, 11/15/24⁽⁴⁾			71		70,032

Southwestern Energy Co., 4.75%, 2/1/32			194		167,748

Sunoco, L.P./Sunoco Finance Corp.:

4.50%, 5/15/29			209		180,017

4.50%, 4/30/30			226		192,768

Tap Rock Resources, LLC, 7.00%, 10/1/26⁽⁴⁾			292		273,095

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.:

4.00%, 1/15/32			169		138,875

4.875%, 2/1/31			37		32,692

5.50%, 3/1/30			36		33,294

Transocean Poseidon, Ltd., 6.875%, 2/1/27⁽⁴⁾			158		151,887

Wintershall Dea Finance 2 B.V., 2.499% to 4/20/26^(5)(7)(8)		EUR	500		392,266

				$	5,590,847

Paper and Forest Products — 0.0%⁽³⁾

Glatfelter Corp., 4.75%, 11/15/29⁽⁴⁾			31	$	20,010

				$	20,010

Pharmaceuticals — 0.9%

AdaptHealth, LLC:

4.625%, 8/1/29⁽⁴⁾			65	$	54,916

5.125%, 3/1/30⁽⁴⁾			133		115,669

6.125%, 8/1/28⁽⁴⁾			310		287,137

BellRing Brands, Inc., 7.00%, 3/15/30⁽⁴⁾			336		318,036

Endo DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24^(4)(10)			200		159,038

Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29^(4)(10)			247		187,177

Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25⁽⁴⁾			420		393,059

Option Care Health, Inc., 4.375%, 10/31/29⁽⁴⁾			97		83,898

P&L Development, LLC/PLD Finance Corp., 7.75%, 11/15/25⁽⁴⁾			122		94,345

Perrigo Finance Unlimited Co., 4.40% to 12/15/22, 6/15/30⁽¹¹⁾			400		335,188

				$	2,028,463

Pipelines — 1.2%

Antero Midstream Partners, L.P./Antero Midstream Finance Corp.:

5.75%, 3/1/27⁽⁴⁾			102	$	97,365


Security	Principal Amount (000’s omitted)*			Value

Pipelines (continued)

Antero Midstream Partners, L.P./Antero Midstream Finance Corp.: (continued)

7.875%, 5/15/26⁽⁴⁾			109	$	111,321

Cheniere Energy Partners, L.P., 4.00%, 3/1/31			519		438,231

Cheniere Energy, Inc., 4.625%, 10/15/28			239		220,969

DT Midstream, Inc., 4.125%, 6/15/29⁽⁴⁾			172		149,121

Energy Transfer, L.P., Series B, 6.625% to 2/15/28⁽⁷⁾⁽⁸⁾			147		105,840

EQM Midstream Partners, L.P.:

4.50%, 1/15/29⁽⁴⁾			364		310,292

6.00%, 7/1/25⁽⁴⁾			43		41,701

6.50%, 7/1/27⁽⁴⁾			116		113,383

7.50%, 6/1/30⁽⁴⁾			126		122,705

Kinetik Holdings, L.P., 5.875%, 6/15/30⁽⁴⁾			237		222,624

New Fortress Energy, Inc., 6.50%, 9/30/26⁽⁴⁾			382		371,306

Venture Global Calcasieu Pass, LLC, 3.875%, 8/15/29⁽⁴⁾			146		125,588

Western Midstream Operating, L.P.:

4.30%, 2/1/30			207		182,476

4.50%, 3/1/28			27		24,810

4.75%, 8/15/28			24		22,184

				$	2,659,916

Real Estate Investment Trusts (REITs) — 0.6%

ADLER Group S.A., 2.75%, 11/13/26⁽⁵⁾		EUR	200	$	85,978

HAT Holdings I, LLC/HAT Holdings II, LLC:

3.75%, 9/15/30⁽⁴⁾			151		104,420

6.00%, 4/15/25⁽⁴⁾			127		121,247

Heimstaden Bostad AB, 3.00% to 10/29/27^(5)(7)(8)		EUR	415		224,732

VICI Properties, L.P./VICI Note Co., Inc.:

3.75%, 2/15/27⁽⁴⁾			27		23,717

4.125%, 8/15/30⁽⁴⁾			198		163,792

4.25%, 12/1/26⁽⁴⁾			300		273,642

4.50%, 9/1/26⁽⁴⁾			100		91,145

4.625%, 12/1/29⁽⁴⁾			66		57,544

5.625%, 5/1/24⁽⁴⁾			200		197,662

				$	1,343,879

Semiconductors & Semiconductor Equipment — 0.1%

ON Semiconductor Corp., 3.875%, 9/1/28⁽⁴⁾			258	$	227,960

				$	227,960

Software — 0.5%

Black Knight InfoServ, LLC, 3.625%, 9/1/28⁽⁴⁾			152	$	132,050

Fair Isaac Corp., 4.00%, 6/15/28⁽⁴⁾			165		149,733

Minerva Merger Sub, Inc., 6.50%, 2/15/30⁽⁴⁾			306		239,222

Open Text Corp., 3.875%, 2/15/28⁽⁴⁾			37		31,745


Security	Principal Amount (000’s omitted)*			Value

Software (continued)

Open Text Holdings, Inc., 4.125%, 2/15/30⁽⁴⁾			37	$	29,548

Playtika Holding Corp., 4.25%, 3/15/29⁽⁴⁾			248		207,011

SS&C Technologies, Inc., 5.50%, 9/30/27⁽⁴⁾			296		275,733

				$	1,065,042

Specialty Retail — 2.3%

Arko Corp., 5.125%, 11/15/29⁽⁴⁾			271	$	214,957

Asbury Automotive Group, Inc.:

4.625%, 11/15/29⁽⁴⁾			27		22,274

4.75%, 3/1/30			228		187,156

5.00%, 2/15/32⁽⁴⁾			28		22,646

Bath & Body Works, Inc.:

6.625%, 10/1/30⁽⁴⁾			144		129,182

6.75%, 7/1/36			80		66,296

6.875%, 11/1/35			233		196,199

6.95%, 3/1/33			168		138,566

7.60%, 7/15/37			75		59,427

9.375%, 7/1/25⁽⁴⁾			31		32,202

Dave & Buster’s, Inc., 7.625%, 11/1/25⁽⁴⁾			457		456,408

Dufry One B.V., 3.375%, 4/15/28⁽⁵⁾		EUR	479		391,547

eG Global Finance PLC, 6.25%, 10/30/25⁽⁵⁾		EUR	150		128,789

Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29⁽⁴⁾			100		87,156

Group 1 Automotive, Inc., 4.00%, 8/15/28⁽⁴⁾			203		167,220

IRB Holding Corp., 7.00%, 6/15/25⁽⁴⁾			98		98,058

Ken Garff Automotive, LLC, 4.875%, 9/15/28⁽⁴⁾			155		128,915

LCM Investments Holdings II, LLC, 4.875%, 5/1/29⁽⁴⁾			257		217,457

Lithia Motors, Inc., 3.875%, 6/1/29⁽⁴⁾			86		69,529

Midco GB SASU, 7.75%, (7.75% cash or 8.50% PIK), 11/1/27⁽⁵⁾⁽⁶⁾		EUR	285		266,555

Patrick Industries, Inc., 7.50%, 10/15/27⁽⁴⁾			30		27,631

PetSmart, Inc./PetSmart Finance Corp.:

4.75%, 2/15/28⁽⁴⁾			250		228,752

7.75%, 2/15/29⁽⁴⁾			264		248,453

Punch Finance PLC, 6.125%, 6/30/26⁽⁵⁾		GBP	340		341,239

Sonic Automotive, Inc.:

4.625%, 11/15/29⁽⁴⁾			172		135,164

4.875%, 11/15/31⁽⁴⁾			143		108,169

SRS Distribution, Inc., 6.00%, 12/1/29⁽⁴⁾			141		115,296

Suburban Propane Partners, L.P./Suburban Energy

Finance Corp., 5.00%, 6/1/31⁽⁴⁾			135		113,804

Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29⁽⁴⁾			254		215,920


Security	Principal Amount (000’s omitted)*			Value

Specialty Retail (continued)

Victoria’s Secret & Co., 4.625%, 7/15/29⁽⁴⁾			261	$	208,260

Yum! Brands, Inc., 3.625%, 3/15/31			340		273,547

				$	5,096,774

Technology Hardware, Storage & Peripherals — 0.6%

Almaviva-The Italian Innovation Co. SpA, 4.875%, 10/30/26⁽⁵⁾		EUR	305	$	271,746

Booz Allen Hamilton, Inc.:

3.875%, 9/1/28⁽⁴⁾			410		361,989

4.00%, 7/1/29⁽⁴⁾			97		84,920

NCR Corp.:

5.125%, 4/15/29⁽⁴⁾			22		18,512

5.25%, 10/1/30⁽⁴⁾			17		13,756

Presidio Holdings, Inc., 8.25%, 2/1/28⁽⁴⁾			158		140,843

Science Applications International Corp., 4.875%, 4/1/28⁽⁴⁾			260		237,107

Seagate HDD Cayman:

3.125%, 7/15/29			139		102,980

3.375%, 7/15/31			56		40,052

				$	1,271,905

Telecommunications — 1.3%

Altice France Holding S.A., 10.50%, 5/15/27⁽⁴⁾			200	$	156,286

Ciena Corp., 4.00%, 1/31/30⁽⁴⁾			117		99,054

Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26⁽⁴⁾			421		396,435

Sprint Capital Corp., 6.875%, 11/15/28			305		315,214

Sprint Corp., 7.875%, 9/15/23			375		381,654

Telecom Italia SpA:

1.625%, 1/18/29⁽⁵⁾		EUR	170		121,923

2.75%, 4/15/25⁽⁵⁾		EUR	140		126,999

4.00%, 4/11/24⁽⁵⁾		EUR	200		192,812

T-Mobile USA, Inc.:

2.25%, 2/15/26			132		118,719

2.625%, 2/15/29			165		136,661

2.875%, 2/15/31			99		79,816

4.75%, 2/1/28			170		161,160

Viasat, Inc., 5.625%, 4/15/27⁽⁴⁾			61		56,508

Vodafone Group PLC:

2.625% to 5/27/26, 8/27/80⁽⁵⁾⁽⁸⁾		EUR	220		190,524

4.875% to 7/3/25, 10/3/78⁽⁵⁾⁽⁸⁾		GBP	215		219,320

Wp/ap Telecom Holdings III B.V., 5.50%, 1/15/30⁽⁵⁾		EUR	259		199,571

				$	2,952,656


Security	Principal Amount (000’s omitted)*			Value

Transportation — 0.2%

Cargo Aircraft Management, Inc., 4.75%, 2/1/28⁽⁴⁾			249	$	222,687

Seaspan Corp., 5.50%, 8/1/29⁽⁴⁾			213		164,593

				$	387,280

Wireless Telecommunication Services — 0.3%

Altice France S.A., 5.50%, 10/15/29⁽⁴⁾			200	$	152,885

Iliad Holding SASU, 6.50%, 10/15/26⁽⁴⁾			258		239,344

Sprint Corp., 7.625%, 3/1/26			157		164,125

				$	556,354

Total Corporate Bonds (identified cost $96,436,330)				$	81,151,495

Exchange-Traded Funds — 0.1%
Security		Shares		Value

Equity Funds — 0.1%

Global X U.S. Preferred ETF			3,235	$	63,503

iShares Preferred & Income Securities ETF			2,402		73,285

Total Exchange-Traded Funds (identified cost $167,497)				$	136,788

Preferred Stocks — 1.1%
Security		Shares		Value

Banks — 0.1%

Farm Credit Bank of Texas, 6.75% to 9/15/23⁽⁴⁾⁽⁸⁾			669	$	66,733

First Republic Bank:

Series M, 4.00%			6,280		94,263

Series N, 4.50%			2,083		35,077

JPMorgan Chase & Co., Series LL, 4.625%			4,150		76,941

Wells Fargo & Co., Series L, 7.50% (Convertible)			23		26,807

				$	299,821

Capital Markets — 0.1%

Affiliated Managers Group, Inc., 4.75%			5,486	$	93,756

KKR Group Finance Co. IX, LLC, 4.625%			7,175		125,060

Stifel Financial Corp., Series D, 4.50%			4,600		74,474

				$	293,290

Electric Utilities — 0.1%

Brookfield BRP Holdings Canada, Inc., 4.625%			7,000	$	101,990


Security	Shares		Value

Electric Utilities (continued)

SCE Trust III, Series H, 5.75% to 3/15/24⁽⁸⁾		4,892	$	94,611

SCE Trust IV, Series J, 5.375% to 9/15/25⁽⁸⁾		1,911		34,283

SCE Trust V, Series K, 5.45% to 3/15/26⁽⁸⁾		3,551		68,108

SCE Trust VI, 5.00%		357		6,123

			$	305,115

Equity Real Estate Investment Trusts (REITs) — 0.0%⁽³⁾

SITE Centers Corp., Series A, 6.375%		4,730	$	94,884

			$	94,884

Insurance — 0.1%

American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25⁽⁸⁾		5,959	$	138,011

Arch Capital Group, Ltd., Series G, 4.55%		7,143		125,431

			$	263,442

Oil, Gas & Consumable Fuels — 0.2%

NuStar Energy, L.P., Series B, 9.126%, (3 mo. USD LIBOR + 5.643%)⁽⁹⁾		15,478	$	328,753

			$	328,753

Pipelines — 0.1%

Energy Transfer, L.P.:

Series C, 7.375% to 5/15/23⁽⁸⁾		3,000	$	67,200

Series E, 7.60% to 5/15/24⁽⁸⁾		4,970		114,459

			$	181,659

Real Estate Management & Development — 0.1%

Brookfield Property Partners, L.P.:

Series A, 5.75%		6,429	$	97,271

Series A2, 6.375%		8,191		133,513

			$	230,784

Telecommunications — 0.1%

United States Cellular Corp., 5.50%		11,360	$	193,915

			$	193,915

Trading Companies & Distributors — 0.2%

WESCO International, Inc., Series A, 10.625% to 6/22/25⁽⁸⁾		12,788	$	345,276

			$	345,276

Total Preferred Stocks (identified cost $3,239,078)			$	2,536,939


Senior Floating-Rate Loans — 1.2%⁽¹²⁾
Borrower/Description	Principal Amount (000’s omitted)		Value

Airlines — 0.3%

Air Canada, Term Loan, 6.421%, (3 mo. USD LIBOR + 3.50%), 8/11/28	$	203	$	199,060

Mileage Plus Holdings, LLC, Term Loan, 8.777%, (3 mo. USD LIBOR + 5.25%), 6/21/27		405		414,253

			$	613,313

Health Care — 0.0%⁽³⁾

Pluto Acquisition I, Inc.Term Loan, 6.076%, (3 mo. USD LIBOR + 4.00%), 6/22/26	$	140	$	121,937

			$	121,937

Health Care Technology — 0.1%

Verscend Holding Corp., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 8/27/25	$	247	$	243,845

			$	243,845

Hotels, Restaurants & Leisure — 0.1%

Spectacle Gary Holdings, LLC, Term Loan, 8.004%, (1 mo. USD LIBOR + 4.25%), 11/19/28	$	206	$	198,540

			$	198,540

IT Services — 0.1%

Travelport Finance (Luxembourg) S.a.r.l., Term Loan, 12.42%, (3 mo. USD LIBOR + 8.75%), 5.17% cash, 7.25% PIK, 2/28/25	$	231	$	229,085

			$	229,085

Leisure Products — 0.1%

Peloton Interactive, Inc.Term Loan, 8.346%, (SOFR + 6.50%), 5/25/27	$	140	$	135,693

			$	135,693

Pharmaceuticals — 0.2%

Jazz Financing Lux S.a.r.l., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 5/5/28	$	373	$	369,057

			$	369,057

Software — 0.0%⁽³⁾

GoTo Group, Inc., Term Loan, 8.322%, (1 mo. USD LIBOR + 4.75%), 8/31/27⁽¹³⁾	$	0	$	63

Short-Term Investments — 0.6%

Security

Shares

Value

Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%⁽¹⁵⁾

1,319,217

Total Short-Term Investments
(identified cost $1,319,217)

1,319,217

Total Investments — 98.5%
(identified cost $201,572,701)

218,105,491

Other Assets, Less Liabilities — 1.5%

3,284,236

Net Assets — 100.0%

221,389,727

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

In U.S. dollars unless otherwise indicated.

⁽¹⁾

Non-income producing security.

⁽²⁾

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽³⁾

Amount is less than 0.05%.

⁽⁴⁾

⁽⁵⁾

⁽⁶⁾

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁷⁾

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁸⁾

Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁹⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2022.

⁽¹⁰⁾	Issuer is in default with respect to interest and/or principal payments.

⁽¹¹⁾	Multi-step coupon security. Interest rate represents the rate in effect at October 31, 2022.

⁽¹²⁾

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”).Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽¹³⁾	Principal amount is less than $500.

⁽¹⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽¹⁵⁾	May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2022.


Country Concentration of Portfolio
Country	Percentage of Total Investments			Value

United States		69.1	%	$	150,789,755

United Kingdom		8.2			17,909,463

France		4.2			9,108,616

Spain		2.6			5,599,708

Switzerland		2.1			4,526,296

Germany		1.9			4,062,401

Canada		1.7			3,820,901

Japan		1.5			3,321,462

Netherlands		1.5			3,210,231

Denmark		1.2			2,624,120

Luxembourg		1.1			2,357,771

Australia		0.9			2,053,198

Italy		0.6			1,382,003

India		0.5			1,195,053

Taiwan		0.5			1,110,670

Hong Kong		0.5			1,104,564

Sweden		0.5			1,076,396

United Arab Emirates		0.5			987,590

Bermuda		0.4			884,769

Mexico		0.1			255,223

Poland		0.1			248,393

Turkey		0.1			203,438

Ireland		0.1			135,174

Brazil		0.0	⁽¹⁾		1,508

Exchange-Traded Funds		0.1			136,788

Total Investments		100.0	%	$	218,105,491

⁽¹⁾Amount is less than 0.05%.

Abbreviations:



ADR	–	American Depositary Receipt

EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PC	–	Participation Certificate

PIK	–	Payment In Kind

SOFR	–	Secured Overnight Financing Rate

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2022, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 99.5% and 0.5%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities, Futures Contracts and Currencies. Foreign securities, futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign futures contracts that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities and foreign futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities and foreign futures contracts.

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Portfolio’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended October 31, 2022, the Portfolio received approximately $355,000 from Finland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of October 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments.

G Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Futures Contracts — Upon entering into a futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

L Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by Eaton Vance Management (EVM) to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

For the year ended October 31, 2022, the Portfolio’s investment adviser fee amounted to $1,442,542 or 0.55% of the Portfolio’s average daily net assets.

Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2022, the investment adviser fee paid was reduced by $1,373 relating to the Portfolio’s investment in the Liquidity Fund. Prior to April 26, 2022, the Portfolio may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM, an affiliate of BMR. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $150,707,015 and $175,955,302, respectively, for the year ended October 31, 2022.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2022, as determined on a federal income tax basis, were as follows:

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2022, there were no obligations outstanding under these financial instruments.

In the normal course of pursuing its investment objectives, the Portfolio is subject to the following risks:

Equity Price Risk: During the year ended October 31, 2022, the Portfolio entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk: Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, during the year ended October 31, 2022, the Portfolio entered into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2022, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

The over-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2022 was as follows:

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2022, which are indicative of the volume of these derivative types, were approximately as follows:

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Also in connection with the renewal of the agreement, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2022.

The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At October 31, 2022, the value of the Portfolio’s investment in affiliated issuers and funds was $1,319,217, which represents 0.6% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the year ended October 31, 2022 were as follows:

At October 31, 2022, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2022 is not presented.

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

We have audited the accompanying statement of assets and liabilities of Global Income Builder Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2022, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

(the “Sub-adviser”), an affiliate of Eaton Vance Management, with respect to the Fund, as well as the sub-advisory agreement between the Adviser and the Sub-adviser with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements and the sub-advisory agreements for the Fund and the Portfolio (collectively, the “investment advisory agreements”).

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund and the Portfolio. The Board also considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in dividend-paying common and preferred stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that under the terms of the investment advisory agreement of the Fund, the Adviser may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which the Adviser receives an advisory fee from the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary benchmark and blended benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund and the Portfolio currently share in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Income Builder Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and the Portfolio’s affairs. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s and the Portfolio’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund and the Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund and the Portfolio to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 135 funds (with the exception of Mr. Bowser who oversees 110 funds) in the Eaton Vance Fund Complex (including both funds and portfolios in a hub and spoke structure).

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

Amid increasing global concerns about inflation and rising interest rates, compounded by the economic fallout from Russia’s invasion of Ukraine, senior loans displayed their value as a portfolio diversifier by outperforming most U.S. fixed-income asset classes during the 12-month period ended October 31, 2022.

Although returns for the Morningstar^® LSTA^® US Leveraged Loan Index^SM (the Index), a broad measure of the asset class, were negative at -1.78% during the period, senior loans generally outperformed corporate bonds, corporate high yield bonds, municipal bonds, and U.S. government bonds -- and even outperformed the broad equity market S&P 500^® Index.

In the opening month of the period, November 2021, a new COVID-19 variant caused equity and fixed-income prices to plummet worldwide. In contrast, senior loans rallied during the next two months. The ongoing rollout of vaccines, the reopening of U.S. businesses, and comparatively low yields in other fixed-income asset classes all provided tailwinds for the senior loan asset class.

In February 2022, however, the economic impact of Russia’s invasion of Ukraine became a tipping point for loan performance. While the U.S. Federal Reserve’s projection of multiple rate increases in 2022 was generally viewed as a positive sign for floating-rate loans, investors began to worry about the negative effects of supply-chain disruptions, higher commodity and labor expenses, rising debt service costs on loan issuers, and the potential for recession in both the U.S. and global economies.

Manifesting investor concerns, higher quality loans began to outperform lower quality loans. Loan prices, which had risen earlier in the period, declined each month from February through June 2022. After a brief summer rally amid hope that inflationary and recessionary fears were subsiding, loan prices resumed their downward slide in September before recovering modestly in October. While mutual fund inflows for floating-rate loans continued through April, flows turned negative in May and remained negative the rest of the period -- although demand for collateralized loan obligations from institutional investors stayed positive throughout the period. By period-end, loan prices had fallen to $92.20 from $98.55 at the start of the period.

Issuer fundamentals, however, remained a bright spot for senior loans during the period. While the trailing 12-month default rate inched higher -- from 0.20% at the beginning of the period to 0.83% at period-end -- it remained well below the market’s long-term average of 3.20%.

For the period as a whole, higher quality loans outperformed lower quality issues, with BBB-, BB-, B-, CCC- and D-rated (defaulted) loans within the Index returning 1.98%, 1.36%, -2.42%, -10.66%, and -37.83%, respectively.

For the 12-month period ended October 31, 2022, Eaton Vance Floating-Rate Fund (the Fund) returned -3.78% for Class A shares at net asset value (NAV), underperforming its benchmark, the Morningstar^® LSTA^® US Leveraged Loan Index^SM (the Index), which returned -1.78%.

The Index is unmanaged, and returns do not reflect any applicable sales charges, commissions, or expenses.

The Fund’s out-of-Index allocation to secured high yield bonds was the principal detractor from performance versus the Index, as floating-rate loans outperformed their fixed-rate counterparts in the bond market during the period.

The Fund’s underweight position in BBB-rated loans -- the highest credit-rating category within the Index and best-performing category during the period -- hurt performance relative to the Index as well.

In contrast, contributors to Fund performance versus the Index included the Fund’s cash position during a period of negative loan performance, and an underweight position in CCC-rated loans, which underperformed the Index during the period.

Portfolio Manager(s) Andrew N. Sveen, CFA, Ralph H. Hinckley, Jr., CFA and Jake T. Lemle, CFA

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

†

Morningstar^® LSTA^® US Leveraged Loan Index^SM is an unmanaged index of the institutional leveraged loan market. Morningstar^® LSTA^® Leveraged Loan indices are a product of Morningstar, Inc. (“Morningstar”) and have been licensed for use. Morningstar^® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association^® and LSTA^® are trademarks of the LSTA licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar^® LSTA^® US Leveraged Loan Index^SM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

Eaton Vance Floating-Rate Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Advisers Class, Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Eaton Vance Floating Rate Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (84.3% at October 31, 2022). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2022 and October 31, 2021 was as follows:

During the year ended October 31, 2022, accumulated loss was increased by $13,335,940 and paid-in capital was increased by $13,335,940 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

At October 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $544,665,987 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2022, $67,087,023 are short-term and $477,578,964 are long-term.

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

For the year ended October 31, 2022, the Fund incurred no investment adviser fee on such assets. To the extent that the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For year ended October 31, 2022, the administration fee amounted to $12,133,800. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2022, EVM earned $260,107 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $31,174 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2022. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2022 in the amount of $21,080. EVD also received distribution and service fees from Advisers Class, Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

The Fund has in effect distribution plans for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2022 amounted to $319,127 for Advisers Class shares and $1,886,021 for Class A shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2022 amounted to $324,223 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2022, the Fund was informed that EVD received approximately $187,000 and $22,000 of CDSCs paid by Class A and Class C shareholders, respectively.

For the year ended October 31, 2022, increases and decreases in the Fund’s investment in the Portfolio aggregated $1,658,368,424 and $2,280,876,910, respectively.

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

Qualified Dividend Income. For the fiscal year ended October 31, 2022, the Fund designates approximately $926,562, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

163(j) Interest Dividends. For the fiscal year ended October 31, 2022, the Fund designates 94.28% of distributions from net investment income as a 163(j) interest dividend.


Asset-Backed Securities — 3.3%
Security	Principal Amount (000’s omitted)		Value

AGL CLO 17, Ltd., Series 2022-17A, Class E, 10.338%, (3 mo. SOFR + 6.35%), 1/21/35⁽¹⁾⁽²⁾	$	1,000	$	832,224

Alinea CLO, Ltd.:

Series 2018-1A, Class D, 7.343%, (3 mo. USD LIBOR + 3.10%), 7/20/31⁽¹⁾⁽²⁾		2,500		2,196,693

Series 2018-1A, Class E, 10.243%, (3 mo. USD LIBOR + 6.00%), 7/20/31⁽¹⁾⁽²⁾		3,000		2,410,995

AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 10.989%, (3 mo. USD LIBOR + 6.91%), 1/15/32⁽¹⁾⁽²⁾		5,000		3,919,760

AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 9.092%, (3 mo. USD LIBOR + 6.18%), 11/10/30⁽¹⁾⁽²⁾		3,525		2,743,021

Apidos CLO XX, Series 2015-20A, Class DR, 9.779%, (3 mo. USD LIBOR + 5.70%), 7/16/31⁽¹⁾⁽²⁾		2,375		1,960,199

Ares LVlll CLO, Ltd., Series 2020-58A, Class ER, 10.564%, (3 mo. SOFR + 6.70%), 1/15/35⁽¹⁾⁽²⁾		3,000		2,439,324

Ares XLIX CLO, Ltd.:

Series 2018-49A, Class D, 7.325%, (3 mo. USD LIBOR + 3.00%), 7/22/30⁽¹⁾⁽²⁾		2,500		2,216,017

Series 2018-49A, Class E, 10.025%, (3 mo. USD LIBOR + 5.70%), 7/22/30⁽¹⁾⁽²⁾		3,500		2,890,412

Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class C, 5.805%, (3 mo. USD LIBOR + 2.90%), 5/15/30⁽¹⁾⁽²⁾		5,000		4,323,625

Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 9.779%, (3 mo. USD LIBOR + 5.70%), 7/15/30⁽¹⁾⁽²⁾		4,000		3,249,960

Babson CLO, Ltd.:

Series 2015-1A, Class DR, 6.843%, (3 mo. USD LIBOR + 2.60%), 1/20/31⁽¹⁾⁽²⁾		2,500		2,143,750

Series 2018-1A, Class C, 6.679%, (3 mo. USD LIBOR + 2.60%), 4/15/31⁽¹⁾⁽²⁾		3,500		2,993,819

Bain Capital Credit CLO, Ltd.:

Series 2018-1A, Class D, 7.025%, (3 mo. USD LIBOR + 2.70%), 4/23/31⁽¹⁾⁽²⁾		5,000		4,292,110

Series 2018-1A, Class E, 9.675%, (3 mo. USD LIBOR + 5.35%), 4/23/31⁽¹⁾⁽²⁾		3,000		2,326,506

Battalion CLO XXII, Ltd., Series 2021-22A, Class E, 11.193%, (3 mo. USD LIBOR + 6.95%), 1/20/35⁽¹⁾⁽²⁾		1,750		1,434,109

Battalion CLO XXIII, Ltd., Series 2022-23A, Class D, 6.083%, (3 mo. SOFR + 3.95%), 5/19/36⁽¹⁾⁽²⁾		3,500		3,243,152

Benefit Street Partners CLO V-B, Ltd.:

Series 2018-5BA, Class C, 7.173%, (3 mo. USD LIBOR + 2.93%), 4/20/31⁽¹⁾⁽²⁾		5,000		4,332,635

Series 2018-5BA, Class D, 10.193%, (3 mo. USD LIBOR + 5.95%), 4/20/31⁽¹⁾⁽²⁾		3,500		2,867,620

Benefit Street Partners CLO VIII, Ltd., Series 2015-8A, Class DR, 9.843%, (3 mo. USD LIBOR + 5.60%), 1/20/31⁽¹⁾⁽²⁾		5,401		4,273,152


Security	Principal Amount (000’s omitted)		Value

Benefit Street Partners CLO XIV, Ltd., Series 2018-14A, Class D, 6.843%, (3 mo. USD LIBOR + 2.60%), 4/20/31⁽¹⁾⁽²⁾	$	1,500	$	1,288,166

Benefit Street Partners CLO XVI, Ltd., Series 2018-16A, Class E, 10.779%, (3 mo. USD LIBOR + 6.70%), 1/17/32⁽¹⁾⁽²⁾	2,250		1,902,560

Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class ER, 10.429%, (3 mo. USD LIBOR + 6.35%), 7/15/32⁽¹⁾⁽²⁾	1,750		1,458,174

Benefit Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 10.893%, (3 mo. SOFR + 6.93%), 4/20/35⁽¹⁾⁽²⁾	1,000		827,510

Benefit Street Partners CLO XXV, Ltd., Series 2021-25A, Class E, 10.929%, (3 mo. USD LIBOR + 6.85%), 1/15/35⁽¹⁾⁽²⁾	3,000		2,603,145

Betony CLO 2, Ltd.:

Series 2018-1A, Class C, 7.315%, (3 mo. USD LIBOR + 2.90%), 4/30/31⁽¹⁾⁽²⁾		2,500		2,181,535

Series 2018-1A, Class D, 10.065%, (3 mo. USD LIBOR + 5.65%), 4/30/31⁽¹⁾⁽²⁾		4,450		3,533,932

BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, 11.083%, (3 mo. USD LIBOR + 6.84%), 4/20/34⁽¹⁾⁽²⁾		1,000		813,847

BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 11.373%, (3 mo. USD LIBOR + 7.13%), 10/20/34⁽¹⁾⁽²⁾		3,000		2,501,094

BlueMountain CLO XXX, Ltd., Series 2020-30A, Class ER, 10.564%, (3 mo. SOFR + 6.70%), 4/15/35⁽¹⁾⁽²⁾		2,000		1,583,188

BlueMountain CLO XXXV, Ltd., Series 2022-35A, Class E, 9.893%, (3 mo. SOFR + 7.75%), 7/22/35⁽¹⁾⁽²⁾		2,000		1,735,462

BlueMountain CLO, Ltd.:

Series 2016-3A, Class DR, 6.005%, (3 mo. USD LIBOR + 3.10%), 11/15/30⁽¹⁾⁽²⁾		1,500		1,302,261

Series 2016-3A, Class ER, 8.855%, (3 mo. USD LIBOR + 5.95%), 11/15/30⁽¹⁾⁽²⁾		1,500		1,164,126

Series 2018-1A, Class D, 7.465%, (3 mo. USD LIBOR + 3.05%), 7/30/30⁽¹⁾⁽²⁾		2,500		2,126,600

Series 2018-1A, Class E, 10.365%, (3 mo. USD LIBOR + 5.95%), 7/30/30⁽¹⁾⁽²⁾		2,000		1,528,400

Series 2021-33A, Class E, 9.814%, (3 mo. USD LIBOR + 6.83%), 11/20/34⁽¹⁾⁽²⁾		2,500		2,090,870

Canyon Capital CLO, Ltd.:

Series 2012-1RA, Class E, 9.779%, (3 mo. USD LIBOR + 5.70%), 7/15/30⁽¹⁾⁽²⁾		4,875		3,809,369

Series 2016-1A, Class ER, 9.829%, (3 mo. USD LIBOR + 5.75%), 7/15/31⁽¹⁾⁽²⁾		4,000		3,078,144

Series 2016-2A, Class ER, 10.079%, (3 mo. USD LIBOR + 6.00%), 10/15/31⁽¹⁾⁽²⁾		4,500		3,478,288

Series 2017-1A, Class E, 10.329%, (3 mo. USD LIBOR + 6.25%), 7/15/30⁽¹⁾⁽²⁾		3,250		2,569,083


Security	Principal Amount (000’s omitted)		Value

Canyon Capital CLO, Ltd.: (continued)

Series 2018-1A, Class D, 6.979%, (3 mo. USD LIBOR + 2.90%), 7/15/31⁽¹⁾⁽²⁾	$	3,000	$	2,598,006

Series 2018-1A, Class E, 9.829%, (3 mo. USD LIBOR + 5.75%), 7/15/31⁽¹⁾⁽²⁾		2,750		2,168,977

Series 2019-2A, Class ER, 10.829%, (3 mo. USD LIBOR + 6.75%), 10/15/34⁽¹⁾⁽²⁾		1,500		1,236,644

Carlyle CLO C17, Ltd.:

Series C17A, Class CR, 7.215%, (3 mo. USD LIBOR + 2.80%), 4/30/31⁽¹⁾⁽²⁾		5,000		4,414,415

Series C17A, Class DR, 10.415%, (3 mo. USD LIBOR + 6.00%), 4/30/31⁽¹⁾⁽²⁾		3,500		2,837,838

Carlyle Global Market Strategies CLO, Ltd.:

Series 2012-3A, Class CR2, 7.511%, (3 mo. USD LIBOR + 3.50%), 1/14/32⁽¹⁾⁽²⁾		2,500		2,038,950

Series 2012-3A, Class DR2, 10.511%, (3 mo. USD LIBOR + 6.50%), 1/14/32⁽¹⁾⁽²⁾		1,500		1,198,611

Series 2014-3RA, Class C, 7.308%, (3 mo. USD LIBOR + 2.95%), 7/27/31⁽¹⁾⁽²⁾		1,000		859,225

Series 2014-3RA, Class D, 9.758%, (3 mo. USD LIBOR + 5.40%), 7/27/31⁽¹⁾⁽²⁾		2,150		1,675,207

Series 2014-4RA, Class C, 6.979%, (3 mo. USD LIBOR + 2.90%), 7/15/30⁽¹⁾⁽²⁾		2,000		1,714,230

Series 2014-4RA, Class D, 9.729%, (3 mo. USD LIBOR + 5.65%), 7/15/30⁽¹⁾⁽²⁾		3,500		2,686,964

Carlyle US CLO, Ltd., Series 2019-4A, Class DR, 10.464%, (3 mo. SOFR + 6.60%), 4/15/35⁽¹⁾⁽²⁾		3,000		2,341,932

CarVal CLO IV, Ltd., Series 2021-1A, Class E, 10.843%, (3 mo. USD LIBOR + 6.60%), 7/20/34⁽¹⁾⁽²⁾		1,000		852,090

CIFC Funding, Ltd., Series 2022-4A, Class D, 6.074%, (3 mo. SOFR + 3.55%), 7/16/35⁽¹⁾⁽²⁾		1,750		1,605,751

Dryden CLO, Ltd.:

Series 2018-55A, Class D, 6.929%, (3 mo. USD LIBOR + 2.85%), 4/15/31⁽¹⁾⁽²⁾		1,500		1,303,875

Series 2018-55A, Class E, 9.479%, (3 mo. USD LIBOR + 5.40%), 4/15/31⁽¹⁾⁽²⁾		2,000		1,602,542

Series 2022-112A, Class E, 10.514%, (3 mo. SOFR + 7.78%), 8/15/34⁽¹⁾⁽²⁾		2,000		1,834,140

Dryden Senior Loan Fund:

Series 2015-41A, Class DR, 6.679%, (3 mo. USD LIBOR + 2.60%), 4/15/31⁽¹⁾⁽²⁾		5,000		4,375,425

Series 2015-41A, Class ER, 9.379%, (3 mo. USD LIBOR + 5.30%), 4/15/31⁽¹⁾⁽²⁾		1,268		1,015,382

Series 2016-42A, Class DR, 7.009%, (3 mo. USD LIBOR + 2.93%), 7/15/30⁽¹⁾⁽²⁾		2,500		2,207,390

Series 2016-42A, Class ER, 9.629%, (3 mo. USD LIBOR + 5.55%), 7/15/30⁽¹⁾⁽²⁾		3,500		2,874,553

Elmwood CLO 14, Ltd., Series 2022-1A, Class E, 10.313%, (3 mo. SOFR + 6.35%), 4/20/35⁽¹⁾⁽²⁾		1,950		1,755,312


Security	Principal Amount (000’s omitted)		Value

Elmwood CLO 17, Ltd., Series 2022-4A, Class E, 9.244%, (3 mo. SOFR + 7.15%), 7/17/35⁽¹⁾⁽²⁾	$	2,250	$	2,002,291

Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 10.724%, (3 mo. USD LIBOR + 6.65%), 10/15/30⁽¹⁾⁽²⁾		2,500		2,023,443

Galaxy XXV CLO, Ltd.:

Series 2018-25A, Class D, 7.458%, (3 mo. USD LIBOR + 3.10%), 10/25/31⁽¹⁾⁽²⁾		2,500		2,211,837

Series 2018-25A, Class E, 10.308%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽¹⁾⁽²⁾		3,500		2,826,271

Golub Capital Partners CLO 22B, Ltd., Series 2015-22A, Class ER, 10.243%, (3 mo. USD LIBOR + 6.00%), 1/20/31⁽¹⁾⁽²⁾	2,500		2,065,380

Golub Capital Partners CLO 37B, Ltd.:

Series 2018-37A, Class D, 7.543%, (3 mo. USD LIBOR + 3.30%), 7/20/30⁽¹⁾⁽²⁾		4,000		3,515,372

Series 2018-37A, Class E, 9.993%, (3 mo. USD LIBOR + 5.75%), 7/20/30⁽¹⁾⁽²⁾		4,750		4,324,319

Golub Capital Partners CLO 53B, Ltd., Series 2021-53A, Class E, 10.943%, (3 mo. USD LIBOR + 6.70%), 7/20/34⁽¹⁾⁽²⁾	1,250		1,034,799

Golub Capital Partners CLO 58B, Ltd.,

Series 2021-58A, Class E, 11.168%, (3 mo. USD LIBOR + 6.81%), 1/25/35⁽¹⁾⁽²⁾		2,500		2,057,463

Halseypoint CLO 5, Ltd., Series 2021-5A, Class E, 11.355%, (3 mo. USD LIBOR + 6.94%), 1/30/35⁽¹⁾⁽²⁾		2,000		1,673,020

Harriman Park CLO, Ltd., Series 2020-1A, Class ER, 10.643%, (3 mo. USD LIBOR + 6.40%), 4/20/34⁽¹⁾⁽²⁾		1,000		844,910

ICG US CLO, Ltd.:

Series 2018-2A, Class D, 7.425%, (3 mo. USD LIBOR + 3.10%), 7/22/31⁽¹⁾⁽²⁾		2,000		1,718,470

Series 2018-2A, Class E, 10.075%, (3 mo. USD LIBOR + 5.75%), 7/22/31⁽¹⁾⁽²⁾		3,000		2,239,749

Madison Park Funding LIX, Ltd., Series 2021-59A, Class E, 10.794%, (3 mo. USD LIBOR + 6.60%), 1/18/34⁽¹⁾⁽²⁾		1,450		1,239,750

Madison Park Funding XXV, Ltd., Series 2017-25A, Class D, 10.458%, (3 mo. USD LIBOR + 6.10%), 4/25/29⁽¹⁾⁽²⁾		1,500		1,291,446

Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 10.914%, (3 mo. SOFR + 7.05%), 4/15/35⁽¹⁾⁽²⁾		2,500		2,159,505

Marble Point CLO XXIV, Ltd., Series 2022-1A, Class D1, 8.203%, (3 mo. SOFR + 4.24%), 4/20/35⁽¹⁾⁽²⁾		2,000		1,823,490

Neuberger Berman CLO XXII, Ltd.:

Series 2016-22A, Class DR, 7.179%, (3 mo. USD LIBOR + 3.10%), 10/17/30⁽¹⁾⁽²⁾		2,500		2,232,140

Series 2016-22A, Class ER, 10.139%, (3 mo. USD LIBOR + 6.06%), 10/17/30⁽¹⁾⁽²⁾		3,000		2,543,190


Security	Principal Amount (000’s omitted)		Value

Neuberger Berman Loan Advisers CLO 28, Ltd., Series 2018-28A, Class E, 9.843%, (3 mo. USD LIBOR + 5.60%), 4/20/30⁽¹⁾⁽²⁾	$	1,950	$	1,622,985

Neuberger Berman Loan Advisers CLO 30, Ltd.:

Series 2018-30A, Class DR, 7.093%, (3 mo. USD LIBOR + 2.85%), 1/20/31⁽¹⁾⁽²⁾		2,500		2,214,132

Series 2018-30A, Class ER, 10.443%, (3 mo. USD LIBOR + 6.20%), 1/20/31⁽¹⁾⁽²⁾		1,000		858,181

Neuberger Berman Loan Advisers CLO 48, Ltd.,

Series 2022-48A, Class E, 10.56%, (3 mo. SOFR + 6.50%), 4/25/36⁽¹⁾⁽²⁾		3,200		2,735,840

OCP CLO, Ltd.:

Series 2022-24A, Class D, 5.461%, (3 mo. SOFR + 3.80%), 7/20/35⁽¹⁾⁽²⁾		500		454,612

Series 2022-24A, Class E, 9.081%, (3 mo. SOFR + 7.42%), 7/20/35⁽¹⁾⁽²⁾		1,000		858,601

Palmer Square CLO, Ltd.:

Series 2013-2A, Class DRR, 9.929%, (3 mo. USD LIBOR + 5.85%), 10/17/31⁽¹⁾⁽²⁾		3,000		2,536,680

Series 2015-1A, Class DR4, 9.484%, (3 mo. USD LIBOR + 6.50%), 5/21/34⁽¹⁾⁽²⁾		2,000		1,700,194

Series 2018-1A, Class C, 6.694%, (3 mo. USD LIBOR + 2.50%), 4/18/31⁽¹⁾⁽²⁾		3,000		2,644,785

Series 2018-1A, Class D, 9.344%, (3 mo. USD LIBOR + 5.15%), 4/18/31⁽¹⁾⁽²⁾		2,000		1,656,110

Series 2018-2A, Class D, 9.679%, (3 mo. USD LIBOR + 5.60%), 7/16/31⁽¹⁾⁽²⁾		2,000		1,718,734

Series 2021-2A, Class E, 10.429%, (3 mo. USD LIBOR + 6.35%), 7/15/34⁽¹⁾⁽²⁾		1,000		886,353

Series 2022-1A, Class E, 10.313%, (3 mo. SOFR + 6.35%), 4/20/35⁽¹⁾⁽²⁾		2,000		1,725,646

Series 2022-3A, Class E, 11.274%, (3 mo. SOFR + 7.98%), 7/20/35⁽¹⁾⁽²⁾		2,250		2,125,868

RAD CLO 5, Ltd., Series 2019-5A, Class E, 11.025%, (3 mo. USD LIBOR + 6.70%), 7/24/32⁽¹⁾⁽²⁾		1,750		1,466,325

RAD CLO 14, Ltd., Series 2021-14A, Class E, 10.579%, (3 mo. USD LIBOR + 6.50%), 1/15/35⁽¹⁾⁽²⁾		950		773,088

Regatta XIII Funding, Ltd.:

Series 2018-2A, Class C, 7.179%, (3 mo. USD LIBOR + 3.10%), 7/15/31⁽¹⁾⁽²⁾		2,500		2,203,268

Series 2018-2A, Class D, 10.029%, (3 mo. USD LIBOR + 5.95%), 7/15/31⁽¹⁾⁽²⁾		5,000		4,032,770

Regatta XIV Funding, Ltd.:

Series 2018-3A, Class D, 7.558%, (3 mo. USD LIBOR + 3.20%), 10/25/31⁽¹⁾⁽²⁾		2,500		2,206,957

Series 2018-3A, Class E, 10.308%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽¹⁾⁽²⁾		4,500		3,618,648

Regatta XV Funding, Ltd., Series 2018-4A, Class D, 10.858%, (3 mo. USD LIBOR + 6.50%), 10/25/31⁽¹⁾⁽²⁾		3,875		3,111,687

Upland CLO, Ltd.:

Series 2016-1A, Class CR, 7.143%, (3 mo. USD LIBOR + 2.90%), 4/20/31⁽¹⁾⁽²⁾		4,500		3,899,839


Security	Principal Amount (000’s omitted)		Value

Upland CLO, Ltd.: (continued)

Series 2016-1A, Class DR, 10.143%, (3 mo. USD LIBOR + 5.90%), 4/20/31⁽¹⁾⁽²⁾	$	4,625	$	3,694,686

Vibrant CLO IX, Ltd.:

Series 2018-9A, Class C, 7.443%, (3 mo. USD LIBOR + 3.20%), 7/20/31⁽¹⁾⁽²⁾		2,500		2,083,450

Series 2018-9A, Class D, 10.493%, (3 mo. USD LIBOR + 6.25%), 7/20/31⁽¹⁾⁽²⁾		3,500		2,453,027

Vibrant CLO X, Ltd.:

Series 2018-10A, Class C, 7.493%, (3 mo. USD LIBOR + 3.25%), 10/20/31⁽¹⁾⁽²⁾		5,000		4,156,205

Series 2018-10A, Class D, 10.433%, (3 mo. USD LIBOR + 6.19%), 10/20/31⁽¹⁾⁽²⁾		5,000		3,645,185

Voya CLO, Ltd.:

Series 2015-3A, Class CR, 7.393%, (3 mo. USD LIBOR + 3.15%), 10/20/31⁽¹⁾⁽²⁾		2,500		2,065,483

Series 2015-3A, Class DR, 10.443%, (3 mo. USD LIBOR + 6.20%), 10/20/31⁽¹⁾⁽²⁾		5,500		3,974,866

Series 2016-3A, Class CR, 7.444%, (3 mo. USD LIBOR + 3.25%), 10/18/31⁽¹⁾⁽²⁾		2,000		1,573,884

Series 2016-3A, Class DR, 10.274%, (3 mo. USD LIBOR + 6.08%), 10/18/31⁽¹⁾⁽²⁾		3,375		2,472,660

Series 2018-1A, Class C, 6.827%, (3 mo. USD LIBOR + 2.60%), 4/19/31⁽¹⁾⁽²⁾		5,000		4,254,190

Series 2018-2A, Class E, 9.329%, (3 mo. USD LIBOR + 5.25%), 7/15/31⁽¹⁾⁽²⁾		2,500		1,930,378

Webster Park CLO, Ltd.:

Series 2015-1A, Class CR, 7.143%, (3 mo. USD LIBOR + 2.90%), 7/20/30⁽¹⁾⁽²⁾		2,000		1,764,840

Series 2015-1A, Class DR, 9.743%, (3 mo. USD LIBOR + 5.50%), 7/20/30⁽¹⁾⁽²⁾		2,500		2,049,573

Wellfleet CLO, Ltd.:

Series 2021-1A, Class D, 7.743%, (3 mo. USD LIBOR + 3.50%), 4/20/34⁽¹⁾⁽²⁾		1,200		1,048,104

Series 2021-3A, Class E, 11.179%, (3 mo. USD LIBOR + 7.10%), 1/15/35⁽¹⁾⁽²⁾		950		787,360

Series 2022-1A, Class D, 8.004%, (3 mo. SOFR + 4.14%), 4/15/34⁽¹⁾⁽²⁾		1,000		901,800

Series 2022-1A, Class E, 11.724%, (3 mo. SOFR + 7.86%), 4/15/34⁽¹⁾⁽²⁾		2,000		1,774,440

Total Asset-Backed Securities (identified cost $323,247,901)			$	269,370,575

Common Stocks — 0.7%
Security	Shares		Value

Aerospace and Defense — 0.1%

IAP Global Services, LLC^(3)(4)(5)(6)		950	$	4,055,113

IAP Global Services, LLC^(3)(4)(5)		1,627		4,630,051

			$	8,685,164


Security	Shares		Value

Containers and Glass Products — 0.0%⁽⁷⁾

LG Newco Holdco, Inc., Class A⁽⁵⁾⁽⁶⁾		250,979	$	3,220,889

			$	3,220,889

Electronics/Electrical — 0.0%⁽⁷⁾

Skillsoft Corp.⁽⁵⁾⁽⁶⁾		893,525	$	1,599,410

			$	1,599,410

Health Care — 0.1%

Akorn Holding Company, LLC, Class A⁽⁵⁾⁽⁶⁾		705,631	$	4,233,786

			$	4,233,786

Investment Companies — 0.1%

Aegletes B.V.⁽⁵⁾⁽⁶⁾		115,904	$	4,288,448

			$	4,288,448

Nonferrous Metals/Minerals — 0.1%

ACNR Holdings, Inc., Class A⁽⁵⁾⁽⁶⁾		36,829	$	3,793,387

			$	3,793,387

Oil and Gas — 0.1%

AFG Holdings, Inc.^(4)(5)(6)		498,342	$	1,480,076

McDermott International, Ltd.⁽⁵⁾⁽⁶⁾		1,013,850		542,410

QuarterNorth Energy, Inc.⁽⁶⁾		66,091		8,096,147

QuarterNorth Energy, Inc.⁽⁶⁾		9,684		1,186,290

			$	11,304,923

Radio and Television — 0.1%

Clear Channel Outdoor Holdings, Inc.⁽⁵⁾⁽⁶⁾		1,204,044	$	1,721,783

Cumulus Media, Inc., Class A⁽⁵⁾⁽⁶⁾		644,574		4,750,510

iHeartMedia, Inc., Class A⁽⁵⁾⁽⁶⁾		512,034		4,239,642

			$	10,711,935

Retailers (Except Food and Drug) — 0.0%⁽⁷⁾

David’s Bridal, LLC^(4)(5)(6)		272,023	$	0

Phillips Pet Holding Corp.^(4)(5)(6)		2,590		793,493

			$	793,493

Telecommunications — 0.1%

GEE Acquisition Holdings Corp.^(4)(5)(6)		364,650	$	3,281,850

			$	3,281,850


Security	Shares		Value

Utilities — 0.0%⁽⁷⁾

Longview Intermediate Holdings, LLC, Class A⁽⁵⁾⁽⁶⁾		149,459	$	2,055,061

			$	2,055,061

Total Common Stocks (identified cost $87,489,231)			$	53,968,346

Convertible Preferred Stocks — 0.1%
Security	Shares		Value

Containers and Glass Products — 0.1%

LG Newco Holdco, Inc., Series A, 13.00%⁽⁵⁾⁽⁶⁾		38,060	$	4,538,607

Total Convertible Preferred Stocks (identified cost $1,998,129)			$	4,538,607

Corporate Bonds — 7.0%
Security	Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.1%

Spirit AeroSystems, Inc., 5.50%, 1/15/25⁽¹⁾		3,000	$	2,899,125

TransDigm, Inc.:

6.25%, 3/15/26⁽¹⁾		1,500		1,482,202

8.00%, 12/15/25⁽¹⁾		1,500		1,528,095

			$	5,909,422

Air Transport — 0.7%

Air Canada, 3.875%, 8/15/26⁽¹⁾		6,850	$	6,071,121

American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:

5.50%, 4/20/26⁽¹⁾		17,175		16,383,777

5.75%, 4/20/29⁽¹⁾		12,875		11,739,232

Delta Air Lines, Inc., 7.00%, 5/1/25⁽¹⁾		4,650		4,715,956

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28⁽¹⁾		6,425		5,981,367

United Airlines, Inc.:

4.375%, 4/15/26⁽¹⁾		4,625		4,229,645

4.625%, 4/15/29⁽¹⁾		4,625		3,963,741

			$	53,084,839

Automotive — 0.2%

Clarios Global, L.P., 6.75%, 5/15/25⁽¹⁾		1,890	$	1,894,007


Security		Principal Amount* (000’s omitted)		Value

Automotive (continued)

Clarios Global, L.P./Clarios U.S. Finance Co., 6.25%, 5/15/26⁽¹⁾			3,893	$	3,775,665

Tenneco, Inc.:

5.125%, 4/15/29⁽¹⁾			9,050		8,988,485

7.875%, 1/15/29⁽¹⁾			450		446,573

				$	15,104,730

Building and Development — 0.0%⁽⁷⁾

Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 5/15/28⁽¹⁾			3,150	$	3,002,785

Winnebago Industries, Inc., 6.25%, 7/15/28⁽¹⁾			900		838,735

				$	3,841,520

Business Equipment and Services — 0.7%

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26⁽¹⁾			2,075	$	1,985,557

Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.:

4.625%, 6/1/28⁽¹⁾			17,475		14,329,150

4.625%, 6/1/28⁽¹⁾			24,975		20,941,648

Prime Security Services Borrower, LLC/Prime Finance, Inc.:

5.25%, 4/15/24⁽¹⁾			7,900		7,876,379

5.75%, 4/15/26⁽¹⁾			15,225		14,846,954

				$	59,979,688

Cable and Satellite Television — 0.6%

Altice France S.A.:

5.125%, 1/15/29⁽¹⁾			1,300	$	980,129

5.125%, 7/15/29⁽¹⁾			57,625		43,506,875

5.50%, 10/15/29⁽¹⁾			6,455		4,934,363

				$	49,421,367

Chemicals — 0.1%

Cheever Escrow Issuer, LLC, 7.125%, 10/1/27⁽¹⁾			925	$	850,440

INEOS Finance PLC, 3.375%, 3/31/26⁽¹⁾	EUR		1,250		1,112,895

INEOS Quattro Finance 2 PLC, 3.375%, 1/15/26⁽¹⁾			3,050		2,584,494

Olympus Water US Holding Corp., 4.25%, 10/1/28⁽¹⁾			9,350		7,614,108

				$	12,161,937

Commercial Services — 0.1%

WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26⁽¹⁾			8,225	$	7,682,304

				$	7,682,304


Security	Principal Amount* (000’s omitted)		Value

Communications Equipment — 0.1%

CommScope, Inc., 4.75%, 9/1/29⁽¹⁾		6,650	$	5,633,343

			$	5,633,343

Containers & Packaging — 0.2%

Clydesdale Acquisition Holdings, Inc., 6.625%, 4/15/29⁽¹⁾		2,300	$	2,186,714

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC:

4.00%, 10/15/27⁽¹⁾		5,150		4,571,140

4.375%, 10/15/28⁽¹⁾		9,125		7,997,013

			$	14,754,867

Diversified Financial Services — 0.2%

AG Issuer, LLC, 6.25%, 3/1/28⁽¹⁾		8,075	$	7,525,312

AG TTMT Escrow Issuer, LLC, 8.625%, 9/30/27⁽¹⁾		2,925		2,939,888

NFP Corp., 7.50%, 10/1/30⁽¹⁾		2,925		2,789,011

			$	13,254,211

Diversified Telecommunication Services — 0.1%

Virgin Media Secured Finance PLC, 4.50%, 8/15/30⁽¹⁾		6,500	$	5,386,675

Zayo Group Holdings, Inc., 4.00%, 3/1/27⁽¹⁾		4,000		3,097,340

			$	8,484,015

Drugs — 0.1%

Jazz Securities DAC, 4.375%, 1/15/29⁽¹⁾		9,150	$	8,143,683

			$	8,143,683

Ecological Services and Equipment — 0.1%

GFL Environmental, Inc., 4.25%, 6/1/25⁽¹⁾		5,300	$	5,067,489

			$	5,067,489

Electronics/Electrical — 0.3%

GoTo Group, Inc., 5.50%, 9/1/27⁽¹⁾		10,760	$	6,267,915

Imola Merger Corp., 4.75%, 5/15/29⁽¹⁾		18,175		15,702,200

			$	21,970,115

Entertainment — 0.1%

AMC Entertainment Holdings, Inc., 7.50%, 2/15/29⁽¹⁾		8,700	$	5,992,299

Live Nation Entertainment, Inc., 3.75%, 1/15/28⁽¹⁾		2,075		1,810,974

Six Flags Theme Parks, Inc., 7.00%, 7/1/25⁽¹⁾		1,070		1,081,984

			$	8,885,257

Health Care — 0.5%

Medline Borrower, L.P., 3.875%, 4/1/29⁽¹⁾		22,800	$	18,665,220


Security	Principal Amount* (000’s omitted)		Value

Health Care (continued)

RP Escrow Issuer, LLC, 5.25%, 12/15/25⁽¹⁾		2,150	$	1,612,972

Tenet Healthcare Corp., 4.25%, 6/1/29⁽¹⁾		22,950		19,370,374

			$	39,648,566

Hotels, Restaurants & Leisure — 0.4%

Carnival Corporation, 4.00%, 8/1/28⁽¹⁾		34,575	$	27,919,312

SeaWorld Parks & Entertainment, Inc., 8.75%, 5/1/25⁽¹⁾		2,125		2,179,475

			$	30,098,787

Household Products — 0.0%⁽⁷⁾

Kronos Acquisition Holdings, Inc./KIK Custom

Products, Inc., 5.00%, 12/31/26⁽¹⁾		1,075	$	975,933

			$	975,933

Insurance — 0.0%⁽⁷⁾

Alliant Holdings Intermediate LLC/Alliant Holdings

Co., 4.25%, 10/15/27⁽¹⁾		700	$	631,792

			$	631,792

Internet Software & Services — 0.2%

Arches Buyer, Inc., 4.25%, 6/1/28⁽¹⁾		6,900	$	5,676,492

Central Parent, Inc./CDK Global, Inc., 7.25%, 6/15/29⁽¹⁾		13,700		13,125,422

			$	18,801,914

IT Services — 0.0%⁽⁷⁾

Rackspace Technology Global, Inc., 3.50%, 2/15/28⁽¹⁾		6,185	$	4,095,299

			$	4,095,299

Leisure Goods/Activities/Movies — 0.3%

Lindblad Expeditions, LLC, 6.75%, 2/15/27⁽¹⁾		3,300	$	2,940,503

NCL Corp., Ltd., 5.875%, 2/15/27⁽¹⁾		22,000		19,670,090

			$	22,610,593

Machinery — 0.2%

Madison IAQ, LLC, 4.125%, 6/30/28⁽¹⁾		13,400	$	11,118,918

TK Elevator U.S. Newco, Inc., 5.25%, 7/15/27⁽¹⁾		4,150		3,730,933

			$	14,849,851

Media — 0.4%

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26⁽¹⁾		6,753	$	1,358,940

iHeartCommunications, Inc.:

4.75%, 1/15/28⁽¹⁾		2,550		2,228,662


Security	Principal Amount* (000’s omitted)		Value

Media (continued)

iHeartCommunications, Inc.: (continued)

5.25%, 8/15/27⁽¹⁾		2,125	$	1,939,700

6.375%, 5/1/26		2,896		2,766,068

8.375%, 5/1/27		5,248		4,723,690

Univision Communications, Inc.:

4.50%, 5/1/29⁽¹⁾		9,125		7,703,325

7.375%, 6/30/30⁽¹⁾		11,300		10,946,366

			$	31,666,751

Oil, Gas & Consumable Fuels — 0.1%

CITGO Petroleum Corporation:

6.375%, 6/15/26⁽¹⁾		1,750	$	1,727,932

7.00%, 6/15/25⁽¹⁾		10,525		10,376,387

			$	12,104,319

Pharmaceuticals — 0.1%

Bausch Health Companies, Inc.:

4.875%, 6/1/28⁽¹⁾		8,675	$	5,331,872

6.125%, 2/1/27⁽¹⁾		6,075		4,004,461

			$	9,336,333

Professional Services — 0.0%⁽⁷⁾

CoreLogic, Inc., 4.50%, 5/1/28⁽¹⁾		5,525	$	3,727,648

			$	3,727,648

Real Estate Investment Trusts (REITs) — 0.1%

Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 5.875%, 10/1/28⁽¹⁾		6,425	$	5,844,951

			$	5,844,951

Retail — 0.2%

Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29⁽¹⁾		15,580	$	13,578,983

			$	13,578,983

Retailers (Except Food and Drug) — 0.0%⁽⁷⁾

PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/28⁽¹⁾		1,300	$	1,189,513

			$	1,189,513

Software — 0.2%

Boxer Parent Co., Inc., 7.125%, 10/2/25⁽¹⁾		4,225	$	4,160,780

Sabre GLBL, Inc.:

7.375%, 9/1/25⁽¹⁾		2,125		1,999,668


Security	Principal Amount* (000’s omitted)		Value

Software (continued)

Sabre GLBL, Inc.: (continued)

9.25%, 4/15/25⁽¹⁾		2,525	$	2,451,106

Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 9/1/25⁽¹⁾		10,350		8,732,559

			$	17,344,113

Technology — 0.1%

Clarivate Science Holdings Corp., 3.875%, 7/1/28⁽¹⁾		11,400	$	9,803,709

			$	9,803,709

Telecommunications — 0.3%

LCPR Senior Secured Financing DAC, 5.125%, 7/15/29⁽¹⁾		9,325	$	7,878,972

Lumen Technologies, Inc., 4.00%, 2/15/27⁽¹⁾		11,277		9,604,734

VMED O2 UK Financing I PLC, 4.25%, 1/31/31⁽¹⁾		8,550		6,815,037

			$	24,298,743

Trading Companies & Distributors — 0.1%

American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28⁽¹⁾		2,975	$	2,630,927

SRS Distribution, Inc., 4.625%, 7/1/28⁽¹⁾		4,575		4,027,235

			$	6,658,162

Utilities — 0.0%⁽⁷⁾

Calpine Corp., 5.25%, 6/1/26⁽¹⁾		1,109	$	1,054,137

			$	1,054,137

Wireless Telecommunication Services — 0.1%

Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24⁽¹⁾		6,325	$	5,411,955

			$	5,411,955

Total Corporate Bonds (identified cost $665,096,030)			$	567,110,839

Exchange-Traded Funds — 0.2%
Security	Shares		Value

SPDR Blackstone Senior Loan ETF		426,000	$	17,610,840

Total Exchange-Traded Funds (identified cost $19,593,027)			$	17,610,840


Preferred Stocks — 0.1%
Security			Shares		Value

Financial Services — 0.0%

DBI Investors, Inc., Series A-1^(4)(5)(6)				13,348	$	0

					$	0

Nonferrous Metals/Minerals — 0.1%

ACNR Holdings, Inc., 15.00% (PIK)⁽⁵⁾⁽⁶⁾				17,394	$	10,740,795

					$	10,740,795

Retailers (Except Food and Drug) — 0.0%

David’s Bridal, LLC:

Series A 8.00% (PIK)^(4)(5)(6)				7,852	$	0

Series B 10.00% (PIK)^(4)(5)(6)				31,998		0

					$	0

Total Preferred Stocks (identified cost $2,590,558)					$	10,740,795

Senior Floating-Rate Loans — 84.3%⁽⁸⁾
Borrower/Description	Principal Amount* (000’s omitted)				Value

Aerospace and Defense — 1.9%

Aernnova Aerospace S.A.U.:

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 2/26/27		EUR		4,656	$	3,938,040

Term Loan, 4.10%, (3 mo. EURIBOR + 3.00%), 2/22/27		EUR		1,194		1,009,754

AI Convoy (Luxembourg) S.a.r.l.:

Term Loan, 5.532%, (6 mo. EURIBOR + 3.50%), 1/18/27		EUR		3,850		3,538,428

Term Loan, 8.173%, (USD LIBOR + 3.50%), 1/18/27⁽⁹⁾				3,003		2,941,741

Dynasty Acquisition Co., Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 4/6/26				29,031		27,346,879

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 4/6/26				15,611		14,705,201

IAP Worldwide Services, Inc., Term Loan - Second Lien, 10.174%, (3 mo. USD LIBOR + 6.50%), 7/18/23⁽⁴⁾				6,770		5,255,578

Spirit Aerosystems, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 1/15/25				10,385		10,310,943

TransDigm, Inc.:

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 8/22/24				27,752		27,343,269

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 5/30/25				6,271		6,140,590


Borrower/Description		Principal Amount* (000’s omitted)		Value

Aerospace and Defense (continued)

TransDigm, Inc.: (continued)

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 12/9/25			24,276	$	23,739,174

WP CPP Holdings, LLC, Term Loan, 8.168%, (USD LIBOR + 3.75%), 4/30/25⁽⁹⁾			27,375		23,542,674

				$	149,812,271

Airlines — 1.2%

American Airlines, Inc.:

Term Loan, 5.346%, (1 mo. USD LIBOR + 1.75%), 6/27/25			6,083	$	5,764,181

Term Loan, 8.993%, (3 mo. USD LIBOR + 4.75%), 4/20/28			27,625		27,388,226

Mileage Plus Holdings, LLC, Term Loan, 8.777%, (3 mo. USD LIBOR + 5.25%), 6/21/27			15,603		15,963,360

SkyMiles IP, Ltd., Term Loan, 7.993%, (3 mo. USD LIBOR + 3.75%), 10/20/27			31,975		32,303,639

United Airlines, Inc., Term Loan, 8.108%, (3 mo. USD LIBOR + 3.75%), 4/21/28			17,604		17,230,568

				$	98,649,974

Apparel & Luxury Goods — 0.0%⁽⁷⁾

Samsonite International S.A., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 4/25/25			2,709	$	2,593,470

				$	2,593,470

Auto Components — 2.2%

Adient US, LLC, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 4/10/28			13,602	$	13,177,042

American Axle and Manufacturing, Inc., Term Loan, 5.84%, (1 mo. USD LIBOR + 2.25%), 4/6/24			15,879		15,704,072

Chassix, Inc., Term Loan, 8.272%, (USD LIBOR + 5.50%), 11/15/23⁽⁹⁾			9,336		8,562,114

Clarios Global, L.P.:

Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 4/30/26	EUR		24,804		22,888,938

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 4/30/26			6,152		6,000,607

DexKo Global, Inc.:

Term Loan, 5.133%, (1 mo. EURIBOR + 4.00%), 10/4/28	EUR		1,012		882,832

Term Loan, 5.218%, (EURIBOR + 4.00%), 10/4/28⁽⁹⁾	EUR		6,291		5,486,708

Term Loan, 5.578%, (3 mo. EURIBOR + 4.00%), 10/4/28	EUR		3,272		2,853,238

Term Loan, 7.476%, (USD LIBOR + 3.75%), 10/4/28⁽⁹⁾			13,507		12,270,386


Borrower/Description		Principal Amount* (000’s omitted)		Value

Auto Components (continued)

Garrett LX I S.a.r.l.:

Term Loan, 5.105%, (3 mo. EURIBOR + 3.50%), 4/30/28	EUR		15,900	$	14,731,097

Term Loan, 7.67%, (3 mo. USD LIBOR + 3.25%), 4/30/28			5,668		5,526,056

LTI Holdings, Inc.:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 9/6/25			5,664		5,298,672

Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 7/24/26			7,117		6,689,864

Tenneco, Inc., Term Loan, 6.206%, (1 mo. USD LIBOR + 3.00%), 10/1/25			33,876		33,774,725

TI Group Automotive Systems, LLC, Term Loan, 4.443%, (1 mo. EURIBOR + 3.25%), 12/16/26	EUR		8,888		8,147,007

Truck Hero, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 1/31/28			15,351		13,254,487

Wheel Pros, LLC, Term Loan, 8.825%, (3 mo. USD LIBOR + 4.50%), 5/11/28			1,837		1,343,889

				$	176,591,734

Automobiles — 0.7%

Bombardier Recreational Products, Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 5/24/27			43,610	$	42,001,500

MajorDrive Holdings IV, LLC, Term Loan, 7.125%, (3 mo. USD LIBOR + 4.00%), 6/1/28			15,524		14,340,039

				$	56,341,539

Beverages — 0.3%

Arterra Wines Canada, Inc., Term Loan, 7.142%, (3 mo. USD LIBOR + 3.50%), 11/24/27			1,427	$	1,306,199

City Brewing Company, LLC, Term Loan, 6.814%, (1 mo. USD LIBOR + 3.50%), 4/5/28			5,810		4,016,356

Triton Water Holdings, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 3/31/28			16,801		15,041,802

				$	20,364,357

Biotechnology — 0.5%

Alkermes, Inc., Term Loan, 5.98%, (1 mo. USD LIBOR + 2.50%), 3/12/26			18,364	$	17,675,288

Alltech, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 10/13/28			7,518		7,226,858

Grifols Worldwide Operations USA, Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 11/15/27			17,440		16,771,627

				$	41,673,773

Building Products — 0.9%

ACProducts, Inc., Term Loan, 7.325%, (USD LIBOR + 4.25%), 5/17/28⁽⁹⁾			18,763	$	13,154,858


Borrower/Description		Principal Amount* (000’s omitted)		Value

Building Products (continued)

Cornerstone Building Brands, Inc., Term Loan, 6.589%, (1 mo. USD LIBOR + 3.25%), 4/12/28			19,710	$	16,624,496

CPG International, Inc., Term Loan, 6.269%, (SOFR + 2.50%), 4/28/29			13,775		13,359,601

LHS Borrower, LLC, Term Loan, 8.579%, (SOFR + 4.75%), 2/16/29			13,044		10,359,005

MI Windows and Doors, LLC, Term Loan, 7.329%, (SOFR + 3.50%), 12/18/27			6,611		6,450,259

Standard Industries, Inc., Term Loan, 6.675%, (6 mo. USD LIBOR + 2.50%), 9/22/28			15,487		15,198,955

				$	75,147,174

Capital Markets — 3.5%

Advisor Group, Inc., Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 7/31/26			36,937	$	35,574,908

AllSpring Buyer, LLC, Term Loan, 6.688%, (3 mo. USD LIBOR + 3.00%), 11/1/28			6,283		6,212,261

Aretec Group, Inc., Term Loan, 8.079%, (SOFR + 4.25%), 10/1/25			18,467		17,970,686

Axalta Coating Systems US Holdings, Inc., Term Loan, 5.424%, (3 mo. USD LIBOR + 1.75%), 6/1/24			20,974		20,773,404

CeramTec AcquiCo GmbH, Term Loan, 4.332%, (3 mo. EURIBOR + 3.75%), 3/16/29	EUR		12,779		11,708,004

Clipper Acquisitions Corp., Term Loan, 4.924%, (1 mo. USD LIBOR + 1.75%), 3/3/28			11,211		11,001,071

Edelman Financial Center, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 4/7/28			29,001		27,102,658

EIG Management Company, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 2/22/25			2,889		2,809,431

FinCo I, LLC, Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 6/27/25			18,666		18,628,534

Focus Financial Partners, LLC:

Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 7/3/24			12,976		12,812,528

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 6/30/28			9,978		9,775,755

Franklin Square Holdings, L.P., Term Loan, 6.063%, (1 mo. USD LIBOR + 2.25%), 8/1/25			6,264		6,170,013

Guggenheim Partners, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 7/21/23			19,376		19,278,743

HighTower Holdings, LLC, Term Loan, 8.278%, (3 mo. USD LIBOR + 4.00%), 4/21/28			9,199		8,577,641

Hudson River Trading, LLC, Term Loan, 6.164%, (SOFR + 3.00%), 3/20/28			25,834		23,803,466

LPL Holdings, Inc., Term Loan, 4.878%, (1 mo. USD LIBOR + 1.75%), 11/12/26			15,949		15,769,574

Mariner Wealth Advisors, LLC, Term Loan, 7.065%, (SOFR + 3.25%), 8/18/28			13,584		13,091,240


Borrower/Description		Principal Amount* (000’s omitted)		Value

Capital Markets (continued)

Victory Capital Holdings, Inc.:

Term Loan, 5.962%, (SOFR + 2.25%), 7/1/26			13,543	$	13,285,020

Term Loan, 5.962%, (SOFR + 2.25%), 12/29/28			6,979		6,832,637

				$	281,177,574

Chemicals — 3.3%

Aruba Investments, Inc.:

Term Loan, 4.979%, (1 mo. EURIBOR + 4.00%), 11/24/27	EUR		3,398	$	3,089,654

Term Loan, 7.576%, (1 mo. USD LIBOR + 4.00%), 11/24/27			5,048		4,758,099

Caldic B.V., Term Loan, 5.105%, (3 mo. EURIBOR + 3.50%), 2/3/29	EUR		6,000		5,418,079

Chemours Company (The), Term Loan, 3.20%, (3 mo. EURIBOR + 2.00%), 4/3/25	EUR		2,790		2,619,195

Colouroz Investment 1 GmbH:

Term Loan, 5.752%, (EURIBOR + 4.25%), 9/21/23⁽⁹⁾	EUR		2,514		1,913,365

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		27		20,701

CPC Acquisition Corp., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 12/29/27			16,671		13,336,900

Flint Group GmbH:

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		276		209,996

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		32		24,257

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		73		55,234

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		144		109,443

Term Loan, 7.009%, (3 mo. USD LIBOR + 4.25%), 9/21/23			1,387		1,048,547

Flint Group US LLC, Term Loan, 9.32%, (3 mo. USD LIBOR + 5.00%), 8.57% cash, 0.75% PIK, 9/21/23			8,387		6,342,859

Gemini HDPE, LLC, Term Loan, 7.358%, (3 mo. USD LIBOR + 3.00%), 12/31/27			4,910		4,733,803

GEON Performance Solutions, LLC, Term Loan, 8.174%, (1 mo. USD LIBOR + 4.50%), 8/18/28			5,718		5,555,971

Groupe Solmax, Inc., Term Loan, 8.392%, (3 mo. USD LIBOR + 4.75%), 5/29/28			15,503		13,565,154

INEOS Enterprises Holdings II Limited, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 8/31/26	EUR		1,975		1,789,144

INEOS Enterprises Holdings US Finco, LLC, Term Loan, 6.57%, (3 mo. USD LIBOR + 3.50%), 8/28/26			5,040		4,586,006

INEOS Finance PLC:

Term Loan, 3.133%, (1 mo. EURIBOR + 2.00%), 4/1/24	EUR		6,225		6,048,410


Borrower/Description		Principal Amount* (000’s omitted)		Value

Chemicals (continued)

INEOS Finance PLC: (continued)

Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 11/8/28	EUR		8,900	$	7,981,846

INEOS Quattro Holdings UK Ltd., Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 1/29/26	EUR		24,900		22,249,215

INEOS Styrolution US Holding, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/29/26			15,882		14,991,886

INEOS US Finance, LLC, Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 11/8/28			6,214		5,800,091

Kraton Corporation, Term Loan, 6.718%, (SOFR + 3.25%), 3/15/29			5,672		5,494,266

Kraton Polymers Holdings B.V., Term Loan, 4.25%, (3 mo. EURIBOR + 3.25%), 3/15/29	EUR		4,250		3,874,557

Lonza Group AG:

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 7/3/28	EUR		7,125		6,341,552

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 7/3/28	EUR		8,475		7,543,109

Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 7/3/28			21,910		19,368,184

LSF11 Skyscraper Holdco S.a.r.l.:

Term Loan, 4.693%, (3 mo. EURIBOR + 3.50%), 9/29/27	EUR		11,350		10,742,731

Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 9/29/27			4,778		4,610,484

Messer Industries GmbH:

Term Loan, 3.693%, (2 mo. EURIBOR + 2.50%), 3/2/26	EUR		2,061		1,947,997

Term Loan, 6.174%, (3 mo. USD LIBOR + 2.50%), 3/2/26			9,579		9,430,253

Olympus Water US Holding Corporation:

Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 11/9/28			4,987		4,554,484

Term Loan, 8.153%, (SOFR + 4.50%), 11/9/28			5,398		4,968,744

Orion Engineered Carbons GmbH:

Term Loan, 3.693%, (3 mo. EURIBOR + 2.50%), 9/24/28	EUR		1,250		1,187,444

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 9/24/28			4,480		4,344,426

PQ Corporation, Term Loan, 6.915%, (3 mo. USD LIBOR + 2.50%), 6/9/28			8,757		8,472,059

Rohm Holding GmbH:

Term Loan, 4.881%, (6 mo. EURIBOR + 4.25%), 7/31/26	EUR		2,150		1,685,624

Term Loan, 8.121%, (3 mo. USD LIBOR + 4.75%), 7/31/26			16,003		12,202,606

Spectrum Holdings III Corp., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 1/31/25			5,530		5,070,731


Borrower/Description		Principal Amount* (000’s omitted)		Value

Chemicals (continued)

Starfruit Finco B.V., Term Loan, 7.165%, (3 mo. USD LIBOR + 2.75%), 10/1/25			3,602	$	3,409,551

Trinseo Materials Operating S.C.A., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 5/3/28			6,853		5,969,951

Tronox Finance, LLC:

Term Loan, 5.938%, (USD LIBOR + 2.25%), 3/10/28⁽⁹⁾			11,570		10,940,772

Term Loan, 6.803%, (SOFR + 3.25%), 4/4/29			3,657		3,510,360

W.R. Grace & Co.-Conn., Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 9/22/28			9,478		9,135,627

				$	271,053,367

Commercial Services & Supplies — 1.7%

Allied Universal Holdco, LLC, Term Loan, 4.883%, (1 mo. EURIBOR + 3.75%), 5/12/28	EUR		8,508	$	7,404,632

Asplundh Tree Expert, LLC, Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 9/7/27			8,281		8,162,607

Belfor Holdings, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 4/6/26			2,614		2,589,932

Clean Harbors, Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 10/8/28			4,151		4,136,566

Covanta Holding Corporation:

Term Loan, 6.229%, (1 mo. USD LIBOR + 2.50%), 11/30/28			1,828		1,807,615

Term Loan, 6.229%, (1 mo. USD LIBOR + 2.50%), 11/30/28			138		136,082

EnergySolutions, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/9/25			17,191		15,987,245

Garda World Security Corporation, Term Loan, 7.24%, (3 mo. USD LIBOR + 4.25%), 10/30/26			11,995		11,465,343

GFL Environmental, Inc., Term Loan, 7.415%, (3 mo. USD LIBOR + 3.00%), 5/30/25			7,574		7,547,159

Harsco Corporation, Term Loan, 6.063%, (1 mo. USD LIBOR + 2.25%), 3/10/28			3,407		2,990,385

LABL, Inc., Term Loan, 8.754%, (1 mo. USD LIBOR + 5.00%), 10/29/28			8,660		8,016,590

Monitronics International, Inc., Term Loan, 11.915%, (3 mo. USD LIBOR + 6.50%), 3/29/24			16,842		11,143,936

PECF USS Intermediate Holding III Corporation, Term Loan, 8.004%, (1 mo. USD LIBOR + 4.25%), 12/15/28			9,916		7,709,036

Phoenix Services International, LLC:

DIP Loan, 5.559%, (SOFR + 2.00%), 3/28/23			852		852,152

Term Loan, 0.00%, 3/1/25⁽¹²⁾			8,551		1,913,339

Prime Security Services Borrower, LLC, Term Loan, 6.505%, (3 mo. USD LIBOR + 2.75%), 9/23/26			13,506		13,328,306

SITEL Group, Term Loan, 4.883%, (1 mo. EURIBOR + 3.75%), 8/28/28	EUR		6,425		6,099,493


Borrower/Description		Principal Amount* (000’s omitted)		Value

Commercial Services & Supplies (continued)

SITEL Worldwide Corporation, Term Loan, 7.51%, (1 mo. USD LIBOR + 3.75%), 8/28/28			17,108	$	16,872,809

Tempo Acquisition, LLC, Term Loan, 6.729%, (SOFR + 3.00%), 8/31/28			2,487		2,460,261

TruGreen Limited Partnership, Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 11/2/27			4,028		3,741,237

Werner FinCo, L.P., Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 7/24/24			4,619		4,203,202

				$	138,567,927

Communications Equipment — 0.3%

CommScope, Inc., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 4/6/26			15,296	$	14,646,023

Digi International, Inc., Term Loan, 8.754%, (1 mo. USD LIBOR + 5.00%), 11/1/28			4,893		4,813,348

Tiger Acquisition, LLC, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 6/1/28			3,354		3,140,957

				$	22,600,328

Construction Materials — 0.4%

Oscar AcquisitionCo, LLC, Term Loan, 8.153%, (SOFR + 4.50%), 4/29/29			13,300	$	12,083,050

Quikrete Holdings, Inc.:

Term Loan, 6.379%, (1 mo. USD LIBOR + 2.63%), 2/1/27			4,270		4,159,524

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 6/11/28			19,207		18,760,606

				$	35,003,180

Containers & Packaging — 1.2%

Berlin Packaging, LLC, Term Loan, 6.911%, (USD LIBOR + 3.75%), 3/11/28⁽⁹⁾			5,431	$	5,210,343

BWAY Holding Company, Term Loan, 6.378%, (1 mo. USD LIBOR + 3.25%), 4/3/24			10,996		10,462,023

Clydesdale Acquisition Holdings, Inc., Term Loan, 8.004%, (SOFR + 4.18%), 4/13/29			8,803		8,493,365

Kouti B.V., Term Loan, 3.757%, (3 mo. EURIBOR + 3.18%), 8/31/28	EUR		29,250		25,822,955

Pregis TopCo Corporation:

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 7/31/26			1,361		1,301,128

Term Loan, 7.843%, (1 mo. USD LIBOR + 4.00%), 7/31/26			1,985		1,897,864

Pretium PKG Holdings, Inc.:

Term Loan, 7.60%, (USD LIBOR + 4.00%), 10/2/28⁽⁹⁾			7,121		6,260,713

Term Loan - Second Lien, 10.205%, (USD LIBOR + 6.75%), 10/1/29⁽⁹⁾			6,675		5,640,375


Borrower/Description		Principal Amount* (000’s omitted)		Value

Containers & Packaging (continued)

Pro Mach Group, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 8/31/28			2,827	$	2,760,681

Proampac PG Borrower, LLC, Term Loan, 7.728%, (USD LIBOR + 3.75%), 11/3/25⁽⁹⁾			22,806		21,772,257

Trident TPI Holdings, Inc.:

Term Loan, 6.30%, (3 mo. USD LIBOR + 4.00%), 9/15/28⁽¹⁰⁾			713		678,276

Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 9/15/28			5,006		4,761,159

				$	95,061,139

Distributors — 0.5%

Autokiniton US Holdings, Inc., Term Loan, 7.80%, (1 mo. USD LIBOR + 4.50%), 4/6/28			20,788	$	19,494,405

Phillips Feed Service, Inc., Term Loan, 10.48%, (1 mo. USD LIBOR + 7.00%), 11/13/24⁽⁴⁾			475		380,380

White Cap Buyer, LLC, Term Loan, 7.479%, (SOFR + 3.75%), 10/19/27			18,515		17,579,512

				$	37,454,297

Diversified Consumer Services — 0.7%

Ascend Learning, LLC:

Term Loan, 7.132%, (1 mo. USD LIBOR + 3.50%), 12/11/28			13,904	$	12,803,189

Term Loan - Second Lien, 9.504%, (1 mo. USD LIBOR + 5.75%), 12/10/29			5,243		4,469,931

Corporation Service Company, Term Loan, 8/31/29⁽¹¹⁾			5,100		5,007,563

FrontDoor, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 6/17/28			864		837,421

KUEHG Corp.:

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 2/21/25			28,637		27,503,145

Term Loan - Second Lien, 12.004%, (1 mo. USD LIBOR + 8.25%), 8/22/25			4,425		4,309,950

Sotheby’s, Term Loan, 8.579%, (3 mo. USD LIBOR + 4.50%), 1/15/27			4,025		3,953,179

				$	58,884,378

Diversified Financial Services — 0.5%

Concorde Midco Ltd., Term Loan, 5.16%, (3 mo. EURIBOR + 4.00%), 3/1/28	EUR		8,730	$	7,843,766

Sandy BidCo B.V., Term Loan, 6.038%, (6 mo. EURIBOR + 4.00%), 8/17/29	EUR		19,258		18,175,649

Zephyr Bidco Limited:

Term Loan, 4.693%, (1 mo. EURIBOR + 3.75%), 7/23/25	EUR		4,975		4,186,436

Term Loan, 6.934%, (SONIA + 4.75%), 7/23/25	GBP		8,675		7,784,690

				$	37,990,541


Borrower/Description		Principal Amount* (000’s omitted)		Value

Diversified Telecommunication Services — 3.6%

Altice France S.A.:

Term Loan, 6.905%, (3 mo. USD LIBOR + 4.00%), 8/14/26			7,265	$	6,678,022

Term Loan, 7.767%, (3 mo. USD LIBOR + 3.69%), 1/31/26			4,403		3,975,102

CenturyLink, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 3/15/27			42,192		39,440,939

GEE Holdings 2, LLC:

Term Loan, 11.604%, (3 mo. USD LIBOR + 8.00%), 3/24/25			9,639		9,675,264

Term Loan - Second Lien, 11.854%, (3 mo. USD LIBOR + 8.25%), 5.104% cash, 6.75% PIK, 3/23/26			6,865		5,263,294

LCPR Loan Financing, LLC, Term Loan, 7.162%, (1 mo. USD LIBOR + 3.75%), 10/16/28			1,650		1,612,360

Level 3 Financing, Inc., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 3/1/27			851		810,050

Numericable Group S.A.:

Term Loan, 4.605%, (3 mo. EURIBOR + 3.00%), 7/31/25	EUR		6,946		6,340,630

Term Loan, 7.165%, (3 mo. USD LIBOR + 2.75%), 7/31/25			10,666		9,717,957

Telenet Financing USD, LLC, Term Loan, 5.412%, (1 mo. USD LIBOR + 2.00%), 4/30/28			32,325		31,378,330

Telenet International Finance S.a.r.l., Term Loan, 2.613%, (6 mo. EURIBOR + 2.25%), 4/30/29	EUR		5,000		4,654,656

UPC Broadband Holding B.V.:

Term Loan, 2.863%, (6 mo. EURIBOR + 2.50%), 4/30/29	EUR		4,850		4,487,457

Term Loan, 3.363%, (6 mo. EURIBOR + 3.00%), 1/31/29	EUR		13,850		12,925,905

Term Loan, 5.662%, (1 mo. USD LIBOR + 2.25%), 4/30/28			5,800		5,667,081

UPC Financing Partnership, Term Loan, 6.337%, (1 mo. USD LIBOR + 2.93%), 1/31/29			28,800		28,229,155

Virgin Media Bristol, LLC:

Term Loan, 5.912%, (1 mo. USD LIBOR + 2.50%), 1/31/28			38,775		38,093,762

Term Loan, 6.662%, (1 mo. USD LIBOR + 3.25%), 1/31/29			500		493,047

Virgin Media Ireland Limited, Term Loan, 3.863%, (6 mo. EURIBOR + 3.50%), 7/15/29	EUR		8,500		7,894,368

Virgin Media SFA Finance Limited:

Term Loan, 3.345%, (1 mo. EURIBOR + 2.50%), 1/31/29	EUR		11,625		10,727,296

Term Loan, 5.469%, (SONIA + 3.25%), 1/15/27	GBP		8,175		8,414,140

Term Loan, 5.469%, (SONIA + 3.25%), 11/15/27	GBP		600		618,842

Zayo Group Holdings, Inc., Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 3/9/27	EUR		4,141		3,326,864


Borrower/Description		Principal Amount* (000’s omitted)		Value

Diversified Telecommunication Services (continued)

Ziggo B.V., Term Loan, 3.764%, (6 mo. EURIBOR + 3.00%), 1/31/29	EUR		28,150	$	25,757,630

Ziggo Financing Partnership, Term Loan, 5.912%, (1 mo. USD LIBOR + 2.50%), 4/30/28			21,734		21,202,388

				$	287,384,539

Electrical Equipment — 0.1%

AZZ, Inc., Term Loan, 8.079%, (SOFR + 4.25%), 5/13/29			1,834	$	1,820,101

Brookfield WEC Holdings, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 8/1/25			1,537		1,512,757

GrafTech Finance, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 2/12/25			3,351		3,196,095

II-VI Incorporated, Term Loan, 5.878%, (1 mo. USD LIBOR + 2.75%), 7/2/29			438		425,906

				$	6,954,859

Electronic Equipment, Instruments & Components — 1.0%

Chamberlain Group, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 11/3/28			18,634	$	16,999,820

Creation Technologies, Inc., Term Loan, 9.248%, (3 mo. USD LIBOR + 5.50%), 10/5/28			11,443		9,497,275

Minimax Viking GmbH, Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 7/31/25	EUR		1,856		1,782,308

Mirion Technologies, Inc., Term Loan, 5.627%, (6 mo. USD LIBOR + 2.75%), 10/20/28			7,292		7,123,751

Robertshaw US Holding Corp., Term Loan, 7.313%, (1 mo. USD LIBOR + 3.50%), 2/28/25			16,985		13,885,096

Verifone Systems, Inc., Term Loan, 6.997%, (3 mo. USD LIBOR + 4.00%), 8/20/25			13,766		12,298,735

Verisure Holding AB:

Term Loan, 3.473%, (6 mo. EURIBOR + 3.25%), 3/27/28	EUR		15,450		14,342,808

Term Loan, 3.753%, (6 mo. EURIBOR + 3.25%), 7/20/26	EUR		4,475		4,176,973

				$	80,106,766

Energy Equipment & Services — 0.3%

Ameriforge Group, Inc.:

Term Loan, 15.029%, (1 mo. USD LIBOR + 13.00%), 12/29/23⁽¹⁰⁾			3,086	$	1,531,602

Term Loan, 16.67%, (3 mo. USD LIBOR + 8.00%), 11.67% cash, 5.00% PIK, 12/31/23			24,185		12,002,041

Lealand Finance Company B.V.:

Term Loan, 6/28/24⁽¹¹⁾			9,039		7,412,283

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 4.754% cash, 3.00% PIK, 6/30/25			2,443		1,302,819

				$	22,248,745


Borrower/Description		Principal Amount* (000’s omitted)		Value

Engineering & Construction — 1.0%

Aegion Corporation, Term Loan, 8.504%, (1 mo. USD LIBOR + 4.75%), 5/17/28			15,918	$	14,756,954

Amentum Government Services Holdings, LLC:

Term Loan, 7.393%, (SOFR + 4.00%), 2/15/29⁽⁹⁾			8,354		8,124,326

Term Loan, 7.798%, (3 mo. USD LIBOR + 4.00%), 1/29/27			5,790		5,630,476

American Residential Services, LLC, Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 10/15/27			7,525		7,337,052

APi Group DE, Inc.:

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 10/1/26			12,964		12,803,257

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/3/29			7,686		7,590,879

Centuri Group, Inc., Term Loan, 5.57%, (3 mo. USD LIBOR + 2.50%), 8/27/28			8,390		8,231,543

Northstar Group Services, Inc., Term Loan, 9.254%, (1 mo. USD LIBOR + 5.50%), 11/12/26			11,113		10,973,895

USIC Holdings, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 5/12/28			5,990		5,707,808

				$	81,156,190

Entertainment — 2.0%

Alchemy Copyrights, LLC, Term Loan, 6.128%, (1 mo. USD LIBOR + 3.00%), 3/10/28			3,553	$	3,534,895

AMC Entertainment Holdings, Inc., Term Loan, 6.314%, (1 mo. USD LIBOR + 3.00%), 4/22/26			19,650		14,049,945

City Football Group Limited, Term Loan, 6.484%, (3 mo. USD LIBOR + 3.50%), 7/21/28			11,821		11,052,261

Crown Finance US, Inc.:

DIP Loan, 0.00%, 9/7/23⁽¹⁰⁾			625		628,100

DIP Loan, 13.612%, (SOFR + 10.00%), 9/7/23			7,441		7,475,001

Delta 2 (LUX) S.a.r.l., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 2/1/24			62,085		62,097,608

Live Nation Entertainment, Inc., Term Loan, 5.313%, (1 mo. USD LIBOR + 1.75%), 10/17/26			5,629		5,438,755

Playtika Holding Corp., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 3/13/28			30,593		29,833,926

Renaissance Holding Corp.:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/30/25			5,979		5,796,350

Term Loan, 7.608%, (SOFR + 4.50%), 3/30/29			2,569		2,491,506

Term Loan - Second Lien, 10.754%, (1 mo. USD LIBOR + 7.00%), 5/29/26			3,175		3,034,770

UFC Holdings, LLC, Term Loan, 7.11%, (3 mo. USD LIBOR + 2.75%), 4/29/26			14,562		14,273,995

Vue International Bidco PLC:

Term Loan, 5.66%, (2 mo. EURIBOR + 4.75%), 7/3/26	EUR		3,878		2,618,652


Borrower/Description		Principal Amount* (000’s omitted)		Value

Entertainment (continued)

Vue International Bidco PLC: (continued)

Term Loan, 9.766%, (3 mo. EURIBOR + 8.00%), 6/30/27	EUR		434	$	404,895

				$	162,730,659

Equity Real Estate Investment Trusts (REITs) — 0.1%

Iron Mountain, Inc., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 1/2/26			8,699	$	8,557,706

				$	8,557,706

Food Products — 0.8%

8th Avenue Food & Provisions, Inc., Term Loan, 8.382%, (1 mo. USD LIBOR + 4.75%), 10/1/25			6,608	$	5,798,739

Badger Buyer Corp., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 9/30/24			4,826		4,252,934

CHG PPC Parent, LLC:

Term Loan, 4.633%, (1 mo. EURIBOR + 3.50%), 3/31/25	EUR		2,000		1,876,850

Term Loan, 6.632%, (1 mo. USD LIBOR + 3.00%), 12/8/28			5,796		5,621,999

Del Monte Foods, Inc., Term Loan, 7.827%, (SOFR + 4.35%), 5/16/29			6,325		6,155,016

Froneri International, Ltd.:

Term Loan, 3.006%, (6 mo. EURIBOR + 2.38%), 1/29/27	EUR		1,500		1,355,446

Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 1/29/27			4,740		4,585,480

Monogram Food Solutions, LLC, Term Loan, 7.813%, (1 mo. USD LIBOR + 4.00%), 8/28/28			5,980		5,830,317

Nomad Foods Europe Midco Limited, Term Loan, 5.155%, (3 mo. USD LIBOR + 2.25%), 5/15/24			10,406		10,346,417

Sovos Brands Intermediate, Inc., Term Loan, 7.915%, (3 mo. USD LIBOR + 3.50%), 6/8/28			5,259		5,056,009

United Petfood Group B.V., Term Loan, 4.558%, (3 mo. EURIBOR + 3.00%), 4/23/28	EUR		8,400		7,574,934

Valeo F1 Company Limited (Ireland):

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 6/30/28	EUR		8,550		7,213,791

Term Loan, 7.188%, (SONIA + 5.00%), 6/28/28	GBP		2,500		2,365,274

				$	68,033,206

Gas Utilities — 0.3%

CQP Holdco, L.P., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 6/5/28			27,356	$	27,058,464

				$	27,058,464


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Equipment & Supplies — 0.9%

Bayou Intermediate II, LLC, Term Loan, 7.302%, (3 mo. USD LIBOR + 4.50%), 8/2/28			8,188	$	7,860,600

CryoLife, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 6/1/27			6,713		6,293,526

Gloves Buyer, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 12/29/27			12,246		11,144,004

ICU Medical, Inc., Term Loan, 5.961%, (SOFR + 2.25%), 1/8/29⁽⁹⁾			7,438		7,290,033

Journey Personal Care Corp., Term Loan, 7.924%, (3 mo. USD LIBOR + 4.25%), 3/1/28			25,771		16,596,446

Medline Borrower, L.P., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 10/23/28			28,457		26,196,262

				$	75,380,871

Health Care Providers & Services — 4.8%

AEA International Holdings (Lux) S.a.r.l., Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 9/7/28			16,327	$	16,081,665

Biogroup-LCD, Term Loan, 4.742%, (3 mo. EURIBOR + 2.75%), 2/9/28	EUR		10,650		9,516,231

BW NHHC Holdco, Inc., Term Loan, 7.961%, (3 mo. USD LIBOR + 5.00%), 5/15/25			13,718		8,671,083

CAB, Term Loan, 3.527%, (3 mo. EURIBOR + 3.25%), 2/9/28	EUR		7,150		6,633,194

Cano Health, LLC, Term Loan, 7.829%, (SOFR + 4.00%), 11/23/27			7,300		6,264,524

CCRR Parent, Inc., Term Loan, 7.51%, (1 mo. USD LIBOR + 3.75%), 3/6/28			4,757		4,620,434

Cerba Healthcare S.A.S.:

Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 6/30/28	EUR		18,925		17,050,567

Term Loan, 5.133%, (1 mo. EURIBOR + 4.00%), 2/15/29	EUR		8,225		7,696,535

CHG Healthcare Services, Inc., Term Loan, 7.004%, (3 mo. USD LIBOR + 3.25%), 9/29/28			3,712		3,611,602

Covis Finco S.a.r.l., Term Loan, 10.203%, (SOFR + 6.50%), 2/18/27			13,236		8,934,047

Dedalus Finance GmbH, Term Loan, 5.782%, (6 mo. EURIBOR + 3.75%), 7/17/27	EUR		16,850		14,570,507

Electron BidCo, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 11/1/28			5,923		5,747,355

Elsan S.A.S., Term Loan, 4.314%, (EURIBOR + 3.35%), 6/16/28⁽⁹⁾	EUR		4,100		3,794,784

Ensemble RCM, LLC, Term Loan, 7.944%, (SOFR + 3.75%), 8/3/26			14,731		14,528,459

Envision Healthcare Corporation:

Term Loan, 11.603%, (SOFR + 7.88%), 3/31/27			5,463		5,074,065

Term Loan - Second Lien, 6.825%, (SOFR + 4.25%), 3/31/27			38,737		16,979,905


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Providers & Services (continued)

IVC Acquisition, Ltd.:

Term Loan, 4.141%, (3 mo. EURIBOR + 3.75%), 2/13/26	EUR		8,710	$	7,983,600

Term Loan, 4.391%, (3 mo. EURIBOR + 4.00%), 2/13/26	EUR		19,100		17,654,547

Term Loan, 6.309%, (SONIA + 4.50%), 2/13/26	GBP		950		984,871

MDVIP, Inc., Term Loan, 7.072%, (1 mo. USD LIBOR + 3.50%), 10/16/28			5,547		5,370,310

Medical Solutions Holdings, Inc.:

Term Loan, 3.50%, 11/1/28⁽¹⁰⁾			1,924		1,859,146

Term Loan, 6.377%, (3 mo. USD LIBOR + 3.50%), 11/1/28			11,959		11,555,672

Term Loan - Second Lien, 9.877%, (3 mo. USD LIBOR + 7.00%), 11/1/29			9,500		9,143,750

Mehilainen Yhtiot Oy, Term Loan, 4.718%, (3 mo. EURIBOR + 3.53%), 8/11/25	EUR		7,525		6,990,384

Midwest Physician Administrative Services, LLC, Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 3/12/28			1,424		1,289,554

National Mentor Holdings, Inc.:

Term Loan, 7.43%, (3 mo. USD LIBOR + 3.75%), 3/2/28			472		340,669

Term Loan, 7.466%, (USD LIBOR + 3.75%), 3/2/28⁽⁹⁾			17,264		12,467,835

Term Loan - Second Lien, 10.93%, (3 mo. USD LIBOR + 7.25%), 3/2/29			5,525		3,798,437

Option Care Health, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 10/27/28			7,369		7,244,955

Pearl Intermediate Parent, LLC, Term Loan - Second Lien, 10.004%, (1 mo. USD LIBOR + 6.25%), 2/13/26			2,350		2,150,250

Pediatric Associates Holding Company, LLC:

Term Loan, 5.122%, (1 mo. USD LIBOR + 3.25%), 12/29/28⁽¹⁰⁾			148		142,858

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 12/29/28			972		940,496

PetVet Care Centers, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/14/25			5,897		5,543,090

Phoenix Guarantor, Inc.:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/5/26			21,429		20,612,107

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 3/5/26			6,419		6,174,084

Radiology Partners, Inc., Term Loan, 7.825%, (1 mo. USD LIBOR + 4.25%), 7/9/25			25,462		20,687,902

Radnet Management, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 4/21/28			8,825		8,589,377


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Providers & Services (continued)

Ramsay Generale de Sante S.A., Term Loan, 4.302%, (3 mo. EURIBOR + 2.80%), 4/22/27	EUR		9,100	$	8,509,695

Select Medical Corporation, Term Loan, 6.26%, (1 mo. USD LIBOR + 2.50%), 3/6/25			45,148		44,025,942

Sound Inpatient Physicians:

Term Loan, 6/27/25⁽¹¹⁾			200		158,800

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 6/27/25			2,345		1,864,523

Synlab Bondco PLC, Term Loan, 2.778%, (6 mo. EURIBOR + 2.50%), 7/1/27	EUR		2,125		2,009,030

TTF Holdings, LLC, Term Loan, 7.813%, (1 mo. USD LIBOR + 4.00%), 3/31/28			5,083		4,993,648

U.S. Anesthesia Partners, Inc., Term Loan, 7.378%, (1 mo. USD LIBOR + 4.25%), 10/1/28			13,991		13,264,061

WP CityMD Bidco, LLC, Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 12/22/28			10,660		10,388,016

				$	386,512,566

Health Care Technology — 1.8%

athenahealth, Inc.:

Term Loan, 3.50%, 2/15/29⁽¹⁰⁾			1,834	$	1,674,236

Term Loan, 6.967%, (SOFR + 3.50%), 2/15/29			10,794		9,853,295

Bracket Intermediate Holding Corp., Term Loan, 7.998%, (3 mo. USD LIBOR + 4.25%), 9/5/25			11,301		10,852,078

Certara, L.P., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 8/15/26			1,827		1,785,770

eResearchTechnology, Inc., Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 2/4/27			4,105		3,833,053

GHX Ultimate Parent Corporation, Term Loan, 6.127%, (6 mo. USD LIBOR + 3.25%), 6/28/24			3,412		3,304,979

Imprivata, Inc.:

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 12/1/27			21,355		20,954,411

Term Loan, 7.979%, (SOFR + 4.25%), 12/1/27			3,292		3,251,976

MedAssets Software Intermediate Holdings, Inc.:

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 12/18/28			16,393		15,572,994

Term Loan - Second Lien, 10.504%, (1 mo. USD LIBOR + 6.75%), 12/17/29			8,775		7,553,809

Navicure, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 10/22/26			12,833		12,516,515

PointClickCare Technologies, Inc., Term Loan, 5.938%, (6 mo. USD LIBOR + 3.00%), 12/29/27			4,236		4,152,556

Project Ruby Ultimate Parent Corp., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/10/28			8,110		7,654,846


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Technology (continued)

Symplr Software, Inc., Term Loan, 8.694%, (SOFR + 4.50%), 12/22/27			12,914	$	12,094,351

Verscend Holding Corp., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 8/27/25			27,163		26,832,027

				$	141,886,896

Hotels, Restaurants & Leisure — 3.4%

1011778 B.C. Unlimited Liability Company, Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 11/19/26			24,641	$	24,014,220

Bally’s Corporation, Term Loan, 6.55%, (3 mo. USD LIBOR + 3.25%), 10/2/28			11,087		10,336,758

Carnival Corporation:

Term Loan, 3.975%, (6 mo. EURIBOR + 3.75%), 6/30/25	EUR		8,881		8,381,334

Term Loan, 5.877%, (6 mo. USD LIBOR + 3.00%), 6/30/25			3,718		3,501,068

Term Loan, 6.127%, (6 mo. USD LIBOR + 3.25%), 10/18/28			34,762		31,937,875

Churchill Downs Incorporated, Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 12/27/24			3,334		3,316,041

ClubCorp Holdings, Inc., Term Loan, 6.424%, (3 mo. USD LIBOR + 2.75%), 9/18/24			21,159		19,056,570

Dave & Buster’s, Inc., Term Loan, 8.875%, (SOFR + 5.00%), 6/29/29			10,823		10,617,695

Fertitta Entertainment, LLC, Term Loan, 7.729%, (SOFR + 4.00%), 1/27/29			17,910		16,844,743

Great Canadian Gaming Corporation, Term Loan, 7.602%, (3 mo. USD LIBOR + 4.00%), 11/1/26			8,318		8,103,847

GVC Holdings PLC, Term Loan, 3.633%, (1 mo. EURIBOR + 2.50%), 3/29/24	EUR		21,225		20,346,332

Hilton Grand Vacations Borrower, LLC, Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 8/2/28			9,034		8,903,890

IRB Holding Corp.:

Term Loan, 6.208%, (SOFR + 3.00%), 12/15/27			4,929		4,790,199

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 2/5/25			2		2,293

NCL Corporation Limited, Term Loan, 1/2/24⁽¹¹⁾			4,500		4,252,500

Oravel Stays Singapore Pte, Ltd., Term Loan, 11.86%, (3 mo. USD LIBOR + 8.25%), 6/23/26			5,407		4,730,742

Playa Resorts Holding B.V., Term Loan, 6.50%, (1 mo. USD LIBOR + 2.75%), 4/29/24			19,136		18,689,697

Scientific Games Holdings, L.P., Term Loan, 7.097%, (SOFR + 3.50%), 4/4/29			10,000		9,440,970

Scientific Games International, Inc., Term Loan, 6.402%, (SOFR + 3.00%), 4/14/29			7,481		7,403,632

SeaWorld Parks & Entertainment, Inc., Term Loan, 6.813%, (1 mo. USD LIBOR + 3.00%), 8/25/28			9,974		9,746,089


Borrower/Description		Principal Amount* (000’s omitted)		Value

Hotels, Restaurants & Leisure (continued)

Stars Group Holdings B.V. (The):

Term Loan, 3.728%, (3 mo. EURIBOR + 2.50%), 7/21/26	EUR		11,225	$	10,464,490

Term Loan, 5.892%, (3 mo. USD LIBOR + 2.25%), 7/21/26			29,342		28,868,634

Travel Leaders Group, LLC, Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 1/25/24			14,996		13,318,312

				$	277,067,931

Household Durables — 0.8%

Libbey Glass, Inc., Term Loan, 11.941%, (3 mo. USD LIBOR + 8.00%), 11/13/25			6,407	$	6,562,725

Serta Simmons Bedding, LLC:

Term Loan, 10.793%, (1 mo. USD LIBOR + 7.50%), 8/10/23			13,364		13,004,879

Term Loan - Second Lien, 10.793%, (1 mo. USD LIBOR + 7.50%), 8/10/23			44,139		22,321,592

Solis IV B.V.:

Term Loan, 4.468%, (3 mo. EURIBOR + 4.00%), 2/26/29	EUR		5,693		4,702,108

Term Loan, 6.34%, (SOFR + 3.50%), 2/26/29			13,857		11,584,825

Spectrum Brands, Inc., Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 3/3/28			4,186		4,029,266

				$	62,205,395

Household Products — 0.5%

Diamond (BC) B.V., Term Loan, 7.163%, (USD LIBOR + 2.75%), 9/29/28⁽⁹⁾			8,536	$	8,004,165

Energizer Holdings, Inc., Term Loan, 5.875%, (1 mo. USD LIBOR + 2.25%), 12/22/27			7,576		7,354,951

Kronos Acquisition Holdings, Inc.:

Term Loan, 6.82%, (3 mo. USD LIBOR + 3.75%), 12/22/26			10,568		10,017,961

Term Loan, 8.94%, (SOFR + 6.00%), 12/22/26			5,111		4,906,920

Nobel Bidco B.V., Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 9/1/28	EUR		11,450		7,729,873

				$	38,013,870

Independent Power and Renewable Electricity Producers — 0.1%

Calpine Corporation:

Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 4/5/26			2,325	$	2,284,586

Term Loan, 6.26%, (1 mo. USD LIBOR + 2.50%), 12/16/27			6,192		6,132,364

Longview Power, LLC, Term Loan, 13.674%, (3 mo. USD LIBOR + 10.00%), 7/30/25			293		288,544

				$	8,705,494


Borrower/Description		Principal Amount* (000’s omitted)		Value

Industrial Conglomerates — 0.4%

Rain Carbon GmbH, Term Loan, 3.282%, (3 mo. EURIBOR + 3.00%), 1/16/25	EUR		15,625	$	14,540,658

SPX Flow, Inc., Term Loan, 8.329%, (SOFR + 4.50%), 4/5/29			19,650		18,667,500

				$	33,208,158

Insurance — 1.6%

Alliant Holdings Intermediate, LLC:

Term Loan, 6.98%, (1 mo. USD LIBOR + 3.50%), 11/6/27			13,299	$	12,862,275

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/9/25			5,832		5,672,713

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/9/25			4,765		4,634,326

AmWINS Group, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 2/19/28			25,722		25,198,176

AssuredPartners, Inc.:

Term Loan, 7.229%, (SOFR + 3.50%), 2/12/27			5,348		5,109,128

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/12/27			13,369		12,781,755

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/12/27			3,424		3,273,319

Financiere CEP S.A.S., Term Loan, 4.225%, (6 mo. EURIBOR + 4.00%), 6/18/27	EUR		4,125		3,831,938

Hub International Limited:

Term Loan, 7.326%, (3 mo. USD LIBOR + 3.00%), 4/25/25			15,174		14,900,671

Term Loan, 7.527%, (3 mo. USD LIBOR + 3.25%), 4/25/25			5,388		5,300,841

NFP Corp., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 2/15/27			25,465		24,216,825

USI, Inc.:

Term Loan, 6.424%, (3 mo. USD LIBOR + 2.75%), 5/16/24			8,739		8,641,423

Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 12/2/26			1,931		1,895,917

				$	128,319,307

Interactive Media & Services — 0.4%

Buzz Finco, LLC:

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/29/27			1,982	$	1,932,161

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 1/29/27			435		428,531

Foundational Education Group, Inc., Term Loan, 7.565%, (SOFR + 3.75%), 8/31/28			5,188		5,077,994

Getty Images, Inc.:

Term Loan, 5.563%, (3 mo. EURIBOR + 5.00%), 2/19/26	EUR		3,724		3,662,278


Borrower/Description		Principal Amount* (000’s omitted)		Value

Interactive Media & Services (continued)

Getty Images, Inc.: (continued)

Term Loan, 7.625%, (3 mo. USD LIBOR + 4.50%), 2/19/26			15,990	$	15,922,268

Match Group, Inc., Term Loan, 4.692%, (3 mo. USD LIBOR + 1.75%), 2/13/27			6,450		6,331,752

				$	33,354,984

Internet & Direct Marketing Retail — 0.4%

Adevinta ASA:

Term Loan, 4.443%, (3 mo. EURIBOR + 3.25%), 6/26/28	EUR		7,268	$	6,941,950

Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 6/26/28			2,148		2,102,506

CNT Holdings I Corp., Term Loan, 7.239%, (SOFR + 3.50%), 11/8/27			10,759		10,500,587

Etraveli Holding AB, Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 8/2/24	EUR		7,844		7,680,802

Hoya Midco, LLC, Term Loan, 6.979%, (SOFR + 3.25%), 2/3/29			5,166		5,114,770

Speedster Bidco GmbH, Term Loan, 5.108%, (6 mo. EURIBOR + 3.25%), 3/31/27	EUR		2,975		2,584,789

				$	34,925,404

IT Services — 3.3%

Asurion, LLC:

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 11/3/24			2,154	$	2,041,606

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 12/23/26			3,439		3,074,456

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 7/31/27			11,722		10,353,988

Term Loan, 7.653%, (SOFR + 4.00%), 8/19/28			14,175		12,802,070

Term Loan - Second Lien, 9.004%, (1 mo. USD LIBOR + 5.25%), 1/31/28			14,540		10,314,312

Cyxtera DC Holdings, Inc.:

Term Loan, 7.36%, (3 mo. USD LIBOR + 3.00%), 5/1/24			27,291		23,460,305

Term Loan, 8.36%, (3 mo. USD LIBOR + 4.00%), 5/1/24			9,762		8,712,177

Endure Digital, Inc., Term Loan, 6.698%, (1 mo. USD LIBOR + 3.50%), 2/10/28			22,814		19,548,361

Gainwell Acquisition Corp., Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 10/1/27			57,614		54,973,542

Go Daddy Operating Company, LLC, Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 2/15/24			45,065		44,952,819

Indy US Bidco, LLC:

Term Loan, 4.883%, (1 mo. EURIBOR + 3.75%), 3/6/28	EUR		5,678		5,055,177


Borrower/Description		Principal Amount* (000’s omitted)		Value

IT Services (continued)

Indy US Bidco, LLC: (continued)

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 3/5/28			4,171	$	3,712,471

Informatica, LLC, Term Loan, 6.563%, (1 mo. USD LIBOR + 2.75%), 10/27/28			31,915		31,148,674

NAB Holdings, LLC, Term Loan, 6.703%, (SOFR + 3.00%), 11/23/28			16,203		15,581,470

Rackspace Technology Global, Inc., Term Loan, 5.617%, (3 mo. USD LIBOR + 2.75%), 2/15/28			16,430		10,536,997

team.blue Finco S.a.r.l.:

Term Loan, 4.893%, (3 mo. EURIBOR + 3.70%), 3/30/28	EUR		10,547		9,724,133

Term Loan, 4.943%, (3 mo. EURIBOR + 3.75%), 3/27/28	EUR		603		555,665

WEX, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 3/31/28			3,940		3,868,938

				$	270,417,161

Leisure Products — 0.3%

Amer Sports Oyj, Term Loan, 5.131%, (6 mo. EURIBOR + 4.50%), 3/30/26	EUR		11,925	$	10,429,617

Fender Musical Instruments Corporation, Term Loan, 7.368%, (SOFR + 4.00%), 12/1/28			3,938		3,317,541

Hayward Industries, Inc., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 5/30/28			9,147		8,614,313

SRAM, LLC, Term Loan, 6.423%, (USD LIBOR + 2.75%), 5/18/28⁽⁹⁾			2,189		2,129,567

				$	24,491,038

Life Sciences Tools & Services — 2.0%

Avantor Funding, Inc.:

Term Loan, 3.185%, (1 mo. EURIBOR + 2.50%), 6/12/28	EUR		19,454	$	18,810,630

Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 11/8/27			15,386		15,087,876

Cambrex Corporation, Term Loan, 7.329%, (SOFR + 3.50%), 12/4/26			324		312,791

Catalent Pharma Solutions, Inc., Term Loan, 5.625%, (1 mo. USD LIBOR + 2.00%), 2/22/28			1,034		1,025,847

Curia Global, Inc., Term Loan, 8.163%, (USD LIBOR + 3.75%), 8/30/26⁽⁹⁾			14,436		13,274,842

ICON Luxembourg S.a.r.l., Term Loan, 5.938%, (3 mo. USD LIBOR + 2.25%), 7/3/28			51,015		50,590,324

IQVIA, Inc., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 1/17/25			12,472		12,440,568

LGC Group Holdings, Ltd., Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 4/21/27	EUR		5,775		5,164,963

Loire Finco Luxembourg S.a.r.l., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 4/21/27			1,134		1,057,190


Borrower/Description		Principal Amount* (000’s omitted)		Value

Life Sciences Tools & Services (continued)

Packaging Coordinators Midco, Inc., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 11/30/27			7,964	$	7,717,640

Parexel International Corporation, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 11/15/28			5,732		5,536,096

PRA Health Sciences, Inc., Term Loan, 5.938%, (3 mo. USD LIBOR + 2.25%), 7/3/28			12,711		12,604,799

Sotera Health Holdings, LLC, Term Loan, 7.165%, (3 mo. USD LIBOR + 2.75%), 12/11/26			17,828		16,223,608

				$	159,847,174

Machinery — 3.5%

AI Alpine AT Bidco GmbH, Term Loan, 4.731%, (6 mo. EURIBOR + 3.00%), 10/31/25	EUR		6,125	$	5,515,823

AI Aqua Merger Sub, Inc., Term Loan, 6.858%, (SOFR + 3.75%), 7/31/28			11,650		10,863,199

Albion Financing 3 S.a.r.l., Term Loan, 9.575%, (3 mo. USD LIBOR + 5.25%), 8/17/26			18,535		17,561,853

Ali Group North America Corporation, Term Loan, 5.843%, (1 mo. USD LIBOR + 2.00%), 7/30/29			16,981		16,694,391

Alliance Laundry Systems, LLC, Term Loan, 7.409%, (3 mo. USD LIBOR + 3.50%), 10/8/27			5,253		5,084,746

American Trailer World Corp., Term Loan, 7.579%, (SOFR + 3.75%), 3/3/28			17,552		15,985,224

Apex Tool Group, LLC, Term Loan, 8.624%, (SOFR + 5.25%), 2/8/29			26,131		22,701,381

Clark Equipment Company, Term Loan, 6.153%, (SOFR + 2.50%), 4/20/29			11,542		11,363,099

Conair Holdings, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/17/28			24,453		20,703,548

CPM Holdings, Inc., Term Loan, 6.628%, (1 mo. USD LIBOR + 3.50%), 11/17/25			4,713		4,590,044

Delachaux Group S.A., Term Loan, 8.915%, (3 mo. USD LIBOR + 4.50%), 4/16/26			4,769		4,315,493

Engineered Machinery Holdings, Inc.:

Term Loan, 4.943%, (3 mo. EURIBOR + 3.75%), 5/21/28	EUR		10,766		9,646,704

Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/19/28			17,268		16,742,453

Term Loan - Second Lien, 9.674%, (3 mo. USD LIBOR + 6.00%), 5/21/29			2,000		1,891,250

EWT Holdings III Corp., Term Loan, 6.313%, (1 mo. USD LIBOR + 2.50%), 4/1/28			3,518		3,475,916

Filtration Group Corporation:

Term Loan, 4.633%, (3 mo. EURIBOR + 3.50%), 3/29/25	EUR		2,946		2,768,014

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 3/29/25			2,913		2,858,428


Borrower/Description		Principal Amount* (000’s omitted)		Value

Machinery (continued)

Gates Global, LLC:

Term Loan, 4.133%, (1 mo. EURIBOR + 3.00%), 4/1/24	EUR		8,283	$	7,776,826

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 3/31/27			15,655		15,270,154

Icebox Holdco III, Inc.:

Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 12/22/28			11,789		10,934,602

Term Loan, 7.58%, (3 mo. USD LIBOR + 3.75%), 12/22/28			2,451		2,273,700

Madison IAQ, LLC, Term Loan, 6.815%, (3 mo. USD LIBOR + 3.25%), 6/21/28			35,259		32,085,963

Penn Engineering & Manufacturing Corp., Term Loan, 6.424%, (3 mo. USD LIBOR + 2.75%), 6/27/24			1,876		1,833,717

Titan Acquisition Limited, Term Loan, 5.877%, (6 mo. USD LIBOR + 3.00%), 3/28/25			22,828		20,904,161

TK Elevator Topco GmbH, Term Loan, 4.256%, (1 mo. EURIBOR + 3.63%), 7/29/27	EUR		9,725		8,853,884

Vertical US Newco, Inc., Term Loan, 6.871%, (6 mo. USD LIBOR + 3.50%), 7/30/27			6		5,934

Zephyr German BidCo GmbH, Term Loan, 4.216%, (3 mo. EURIBOR + 3.40%), 3/10/28	EUR		11,775		10,754,199

				$	283,454,706

Media — 1.9%

Axel Springer SE, Term Loan, 5.816%, (3 mo. EURIBOR + 4.75%), 12/18/26	EUR		8,500	$	8,043,117

Charter Communications Operating, LLC, Term Loan, 5.51%, (1 mo. USD LIBOR + 1.75%), 2/1/27			3,635		3,574,079

CSC Holdings, LLC:

Term Loan, 5.662%, (1 mo. USD LIBOR + 2.25%), 7/17/25			25,265		24,538,230

Term Loan, 5.662%, (1 mo. USD LIBOR + 2.25%), 1/15/26			4		4,007

Term Loan, 5.912%, (1 mo. USD LIBOR + 2.50%), 4/15/27			13,109		12,491,421

Diamond Sports Group, LLC:

Term Loan, 11.208%, (SOFR + 8.10%), 5/26/26			5,029		4,847,859

Term Loan - Second Lien, 6.458%, (SOFR + 3.35%), 8/24/26			23,126		4,627,593

Entravision Communications Corporation, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 11/29/24			7,139		6,996,184

Gray Television, Inc., Term Loan, 6.128%, (1 mo. USD LIBOR + 3.00%), 12/1/28			1,042		1,029,658

Hubbard Radio, LLC, Term Loan, 8.01%, (1 mo. USD LIBOR + 4.25%), 3/28/25			6,333		5,235,431

iHeartCommunications, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 5/1/26			2,365		2,240,716


Borrower/Description	Principal Amount* (000’s omitted)		Value

Media (continued)

Magnite, Inc., Term Loan, 8.642%, (USD LIBOR + 5.00%), 4/28/28⁽⁹⁾		6,370	$	6,019,995

Mission Broadcasting, Inc., Term Loan, 5.628%, (1 mo. USD LIBOR + 2.50%), 6/2/28		3,654		3,624,823

MJH Healthcare Holdings, LLC, Term Loan, 7.329%, (SOFR + 3.50%), 1/28/29		3,706		3,521,056

Nexstar Broadcasting, Inc., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 9/18/26		3,989		3,955,356

Recorded Books, Inc., Term Loan, 7.578%, (SOFR + 4.00%), 8/29/25		12,877		12,544,326

Sinclair Television Group, Inc.:

Term Loan, 6.26%, (1 mo. USD LIBOR + 2.50%), 9/30/26		6,232		5,903,499

Term Loan, 6.76%, (1 mo. USD LIBOR + 3.00%), 4/1/28		22,904		21,334,824

Univision Communications, Inc.:

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 3/15/24		7,012		6,996,325

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/15/26		18,374		17,855,378

			$	155,383,877

Metals/Mining — 0.5%

American Consolidated Natural Resources, Inc., Term Loan, 20.33%, (3 mo. USD LIBOR + 13.00%), 17.33% cash, 3.00% PIK, 9/16/25		429	$	431,722

Dynacast International, LLC:

Term Loan, 7.48%, (3 mo. USD LIBOR + 4.50%), 7/22/25		15,337		13,074,881

Term Loan, 11.98%, (3 mo. USD LIBOR + 9.00%), 10/22/25		3,065		2,605,181

WireCo WorldGroup, Inc., Term Loan, 7.188%, (3 mo. USD LIBOR + 4.25%), 11/13/28		8,975		8,787,855

Zekelman Industries, Inc., Term Loan, 5.604%, (3 mo. USD LIBOR + 2.00%), 1/24/27		15,456		15,044,185

			$	39,943,824

Oil, Gas & Consumable Fuels — 1.5%

Buckeye Partners, L.P., Term Loan, 5.365%, (1 mo. USD LIBOR + 2.25%), 11/1/26		8,273	$	8,190,521

Centurion Pipeline Company, LLC:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 9/29/25		3,120		3,088,986

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 9/28/25		1,629		1,609,516

CITGO Petroleum Corporation, Term Loan, 10.004%, (1 mo. USD LIBOR + 6.25%), 3/28/24		17,681		17,728,354

Delek US Holdings, Inc., Term Loan, 9.254%, (1 mo. USD LIBOR + 5.50%), 3/31/25		5,739		5,692,119


Borrower/Description		Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)

Freeport LNG Investments, LLLP, Term Loan, 7.743%, (3 mo. USD LIBOR + 3.50%), 12/21/28			16,874	$	15,835,798

GIP II Blue Holding, L.P, Term Loan, 8.174%, (3 mo. USD LIBOR + 4.50%), 9/29/28			15,994		15,889,483

Matador Bidco S.a.r.l., Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 10/15/26			32,570		31,958,915

Oryx Midstream Services Permian Basin, LLC, Term Loan, 6.211%, (3 mo. USD LIBOR + 3.25%), 10/5/28			3,694		3,647,425

Oxbow Carbon, LLC, Term Loan, 7.878%, (3 mo. USD LIBOR + 4.25%), 10/17/25			5,476		5,459,530

QuarterNorth Energy Holding, Inc., Term Loan - Second Lien, 11.754%, (1 mo. USD LIBOR + 8.00%), 8/27/26			5,729		5,714,831

UGI Energy Services, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 8/13/26			8,946		8,914,257

				$	123,729,735

Personal Products — 0.4%

HLF Financing S.a.r.l., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 8/18/25			9,683	$	9,355,114

Rainbow Finco S.a.r.l., Term Loan, 4.658%, (6 mo. EURIBOR + 3.75%), 2/24/29	EUR		14,125		13,185,460

Sunshine Luxembourg VII S.a.r.l., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 10/1/26			6,448		6,146,214

				$	28,686,788

Pharmaceuticals — 1.6%

Aenova Holding GmbH, Term Loan, 5.034%, (6 mo. EURIBOR + 4.50%), 3/6/26	EUR		2,925	$	2,514,849

AI Sirona (Luxembourg) Acquisition S.a.r.l., Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 9/29/25	EUR		13,000		12,076,412

Akorn, Inc., Term Loan, 11.243%, (3 mo. USD LIBOR + 7.50%), 10/1/25			2,996		2,845,986

Amneal Pharmaceuticals, LLC, Term Loan, 7.251%, (USD LIBOR + 3.50%), 5/4/25⁽⁹⁾			13,385		11,479,703

Bausch Health Companies, Inc., Term Loan, 8.624%, (SOFR + 5.25%), 2/1/27			18,823		14,151,142

Horizon Therapeutics USA, Inc.:

Term Loan, 5.375%, (1 mo. USD LIBOR + 1.75%), 3/15/28			16,696		16,398,365

Term Loan, 5.625%, (1 mo. USD LIBOR + 2.00%), 5/22/26			7,802		7,673,665

Jazz Financing Lux S.a.r.l., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 5/5/28			7,075		7,005,123

Mallinckrodt International Finance S.A.:

Term Loan, 8.733%, (3 mo. USD LIBOR + 5.25%), 9/30/27			36,851		30,010,621


Borrower/Description		Principal Amount* (000’s omitted)		Value

Pharmaceuticals (continued)

Mallinckrodt International Finance S.A.: (continued)

Term Loan, 8.983%, (3 mo. USD LIBOR + 5.50%), 9/30/27			10,080	$	8,231,703

PharmaZell GmbH, Term Loan, 5.193%, (1 mo. EURIBOR + 4.00%), 5/12/27	EUR		1,800		1,698,801

Recipharm AB, Term Loan, 3.539%, (3 mo. EURIBOR + 3.20%), 2/17/28	EUR		13,725		12,275,173

				$	126,361,543

Professional Services — 1.7%

AlixPartners, LLP, Term Loan, 4.443%, (3 mo. EURIBOR + 3.25%), 2/4/28	EUR		3,472	$	3,251,182

APFS Staffing Holdings, Inc., Term Loan, 8.044%, (SOFR + 4.00%), 12/29/28⁽⁹⁾			3,706		3,595,184

Blitz 20-487 GmbH, Term Loan, 4.805%, (3 mo. EURIBOR + 3.20%), 4/28/28	EUR		7,525		6,999,680

Brown Group Holding, LLC:

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 6/7/28			12,656		12,318,552

Term Loan, 7.419%, (SOFR + 3.75%), 7/2/29			3,575		3,541,037

CoreLogic, Inc., Term Loan, 7.313%, (1 mo. USD LIBOR + 3.50%), 6/2/28			19,256		14,189,067

Deerfield Dakota Holding, LLC, Term Loan, 7.479%, (SOFR + 3.75%), 4/9/27			17,511		16,605,455

EAB Global, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 8/16/28			14,540		13,918,535

Employbridge, LLC, Term Loan, 8.424%, (3 mo. USD LIBOR + 4.75%), 7/19/28			20,810		17,851,833

First Advantage Holdings, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/31/27			5,857		5,792,742

Rockwood Service Corporation, Term Loan, 8.004%, (1 mo. USD LIBOR + 4.25%), 1/23/27			5,471		5,347,631

Trans Union, LLC, Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 12/1/28			32,247		31,790,474

Vaco Holdings, LLC, Term Loan, 8.708%, (SOFR + 5.00%), 1/21/29⁽⁹⁾			3,697		3,613,878

				$	138,815,250

Real Estate Management & Development — 0.5%

Cushman & Wakefield U.S. Borrower, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 8/21/25			29,388	$	28,797,100

RE/MAX International, Inc., Term Loan, 6.313%, (1 mo. USD LIBOR + 2.50%), 7/21/28			16,417		15,534,764

				$	44,331,864

Road & Rail — 1.8%

Avis Budget Car Rental, LLC, Term Loan, 5.51%, (1 mo. USD LIBOR + 1.75%), 8/6/27			6,995	$	6,791,887


Borrower/Description		Principal Amount* (000’s omitted)		Value

Road & Rail (continued)

Grab Holdings, Inc., Term Loan, 8.26%, (1 mo. USD LIBOR + 4.50%), 1/29/26			45,571	$	43,071,775

Hertz Corporation, (The):

Term Loan, 7.01%, (1 mo. USD LIBOR + 3.25%), 6/30/28			13,502		13,046,525

Term Loan, 7.01%, (1 mo. USD LIBOR + 3.25%), 6/30/28			2,577		2,489,892

Kenan Advantage Group, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 3/24/26			14,855		14,203,729

Uber Technologies, Inc.:

Term Loan, 6.57%, (3 mo. USD LIBOR + 3.50%), 4/4/25			41,325		41,084,166

Term Loan, 6.57%, (3 mo. USD LIBOR + 3.50%), 2/25/27			24,720		24,497,867

XPO Logistics, Inc., Term Loan, 4.936%, (1 mo. USD LIBOR + 1.75%), 2/24/25			4,275		4,219,224

				$	149,405,065

Semiconductors & Semiconductor Equipment — 1.2%

Altar Bidco, Inc.:

Term Loan, 5.368%, (SOFR + 3.35%), 2/1/29⁽⁹⁾			23,815	$	22,341,740

Term Loan - Second Lien, 7.355%, (SOFR + 5.60%), 2/1/30			6,650		5,741,164

Bright Bidco B.V., DIP Loan, 10.903%, (SOFR + 8.00%), 2/28/23			3,376		3,021,834

Entegris, Inc., Term Loan, 5.708%, (SOFR + 3.00%), 7/6/29			2,500		2,491,015

MACOM Technology Solutions Holdings, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 5/17/24			555		546,039

MaxLinear, Inc., Term Loan, 5.882%, (1 mo. USD LIBOR + 2.25%), 6/23/28			3,546		3,484,366

MKS Instruments, Inc.:

Term Loan, 3.913%, (1 mo. EURIBOR + 3.00%), 8/17/29	EUR		5,625		5,406,035

Term Loan, 6.317%, (SOFR + 2.75%), 8/17/29			47,750		46,829,810

Synaptics Incorporated, Term Loan, 4.356%, (3 mo. USD LIBOR + 2.25%), 12/2/28			2,784		2,756,470

Ultra Clean Holdings, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 8/27/25			2,109		2,088,013

				$	94,706,486

Software — 14.9%

Applied Systems, Inc.:

Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 9/19/24			43,880	$	43,394,209

Term Loan - Second Lien, 9.174%, (3 mo. USD LIBOR + 5.50%), 9/19/25			3,707		3,663,414


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

AppLovin Corporation:

Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 10/25/28			17,811	$	17,203,839

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 8/15/25			43,004		42,137,373

Aptean, Inc.:

Term Loan, 7.32%, (3 mo. USD LIBOR + 4.25%), 4/23/26			26,142		25,096,027

Term Loan - Second Lien, 10.07%, (3 mo. USD LIBOR + 7.00%), 4/23/27			6,550		6,255,250

AQA Acquisition Holding, Inc., Term Loan, 7.32%, (3 mo. USD LIBOR + 4.25%), 3/3/28			2,736		2,629,875

Astra Acquisition Corp.:

Term Loan, 9.004%, (1 mo. USD LIBOR + 5.25%), 10/25/28			13,017		11,346,099

Term Loan - Second Lien, 12.629%, (1 mo. USD LIBOR + 8.88%), 10/25/29			20,170		18,455,687

Banff Merger Sub, Inc.:

Term Loan, 5.133%, (3 mo. EURIBOR + 4.00%), 10/2/25	EUR		1,927		1,793,039

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/2/25			18,882		18,190,712

Term Loan - Second Lien, 9.254%, (1 mo. USD LIBOR + 5.50%), 2/27/26			13,521		12,456,394

Cast and Crew Payroll, LLC:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/9/26			8,482		8,357,912

Term Loan, 7.478%, (SOFR + 3.75%), 12/29/28			6,154		6,070,809

CDK Global, Inc., Term Loan, 8.112%, (SOFR + 4.50%), 7/6/29			33,975		33,333,246

CentralSquare Technologies, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 8/29/25			18,552		16,158,979

Ceridian HCM Holding, Inc., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 4/30/25			10,008		9,708,751

Cloudera, Inc.:

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/8/28			30,916		28,906,811

Term Loan - Second Lien, 9.754%, (1 mo. USD LIBOR + 6.00%), 10/8/29			8,550		7,096,500

ConnectWise, LLC, Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 9/29/28			13,399		12,702,015

Constant Contact, Inc., Term Loan, 7.909%, (3 mo. USD LIBOR + 4.00%), 2/10/28			12,096		10,529,796

Cornerstone OnDemand, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/16/28			15,622		13,122,060

Delta TopCo, Inc., Term Loan, 5.836%, (3 mo. USD LIBOR + 3.75%), 12/1/27			13,528		12,386,213

E2open, LLC, Term Loan, 6.644%, (3 mo. USD LIBOR + 3.50%), 2/4/28			16,340		15,962,052


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

ECI Macola Max Holding, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 11/9/27			26,923	$	26,104,245

Epicor Software Corporation, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 7/30/27			46,523		44,272,743

Finastra USA, Inc.:

Term Loan, 6.871%, (3 mo. USD LIBOR + 3.50%), 6/13/24			57,999		52,677,932

Term Loan - Second Lien, 10.621%, (6 mo. USD LIBOR + 7.25%), 6/13/25			25,750		19,248,125

Fiserv Investment Solutions, Inc., Term Loan, 6.961%, (3 mo. USD LIBOR + 4.00%), 2/18/27			5,867		5,555,742

GoTo Group, Inc., Term Loan, 8.322%, (1 mo. USD LIBOR + 4.75%), 8/31/27			24,408		15,743,117

Greeneden U.S. Holdings II, LLC, Term Loan, 5.855%, (3 mo. EURIBOR + 4.25%), 12/1/27	EUR		1,228		1,172,226

Hyland Software, Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 7/1/24			61,331		59,912,800

Term Loan - Second Lien, 10.004%, (1 mo. USD LIBOR + 6.25%), 7/7/25			1,750		1,682,187

IGT Holding IV AB:

Term Loan, 4.093%, (3 mo. EURIBOR + 2.90%), 3/31/28	EUR		6,205		5,689,679

Term Loan, 7.074%, (3 mo. USD LIBOR + 3.40%), 3/31/28			4,056		3,944,720

Ivanti Software, Inc.:

Term Loan, 7.332%, (3 mo. USD LIBOR + 4.25%), 12/1/27			13,948		10,531,025

Term Loan - Second Lien, 10.332%, (3 mo. USD LIBOR + 7.25%), 12/1/28			9,750		6,548,753

MA FinanceCo., LLC, Term Loan, 7.418%, (3 mo. USD LIBOR + 4.25%), 6/5/25			12,363		12,301,566

Magenta Buyer, LLC:

Term Loan, 9.17%, (3 mo. USD LIBOR + 4.75%), 7/27/28			51,109		44,831,982

Term Loan - Second Lien, 12.67%, (3 mo. USD LIBOR + 8.25%), 7/27/29			16,175		13,964,411

Marcel LUX IV S.a.r.l.:

Term Loan, 4.693%, (3 mo. EURIBOR + 3.50%), 3/16/26	EUR		8,650		8,115,599

Term Loan, 6.979%, (SOFR + 3.25%), 3/15/26			11,597		11,394,235

Term Loan, 7.125%, (SOFR + 4.00%), 12/31/27			731		718,531

Maverick Bidco, Inc.:

Term Loan, 8.165%, (3 mo. USD LIBOR + 3.75%), 5/18/28			11,070		10,544,320

Term Loan - Second Lien, 11.165%, (3 mo. USD LIBOR + 6.75%), 5/18/29			3,175		2,984,500

McAfee, LLC:

Term Loan, 5.604%, (EURIBOR + 4.00%), 3/1/29⁽⁹⁾	EUR		16,608		15,342,259


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

McAfee, LLC: (continued)

Term Loan, 6.87%, (SOFR + 3.75%), 3/1/29			38,578	$	35,267,020

Mediaocean, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 12/15/28			6,015		5,668,914

MH Sub I, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 9/13/24			4,850		4,678,720

Mitnick Corporate Purchaser, Inc., Term Loan, 8.944%, (SOFR + 4.75%), 5/2/29			6,975		6,662,869

N-Able International Holdings II, LLC, Term Loan, 6.07%, (3 mo. USD LIBOR + 3.00%), 7/19/28			1,277		1,238,624

NortonLifeLock, Inc., Term Loan, 5.829%, (SOFR + 2.00%), 9/12/29			1,775		1,736,330

Panther Commercial Holdings, L.P., Term Loan, 8.665%, (3 mo. USD LIBOR + 4.25%), 1/7/28			21,055		19,067,938

Polaris Newco, LLC:

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 6/2/28	EUR		8,564		7,884,583

Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 6/2/28			13,022		11,942,605

Proofpoint, Inc., Term Loan, 6.32%, (3 mo. USD LIBOR + 3.25%), 8/31/28			46,914		44,722,404

Quest Software US Holdings, Inc., Term Loan, 8.494%, (SOFR + 4.25%), 2/1/29			24,389		18,132,446

RealPage, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 4/24/28			25,368		23,896,705

Red Planet Borrower, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/2/28			15,345		9,470,136

Redstone Holdco 2 L.P., Term Loan, 9.108%, (3 mo. USD LIBOR + 4.75%), 4/27/28			18,928		13,748,875

Sabre GLBL, Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 12/17/27			6,029		5,410,859

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 12/17/27			3,782		3,394,390

Seattle Spinco, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 6/21/24			10,389		10,307,076

SkillSoft Corporation, Term Loan, 8.473%, (SOFR + 5.25%), 7/14/28			10,450		8,689,197

SolarWinds Holdings, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 2/5/24			19,531		19,376,620

Sophia, L.P., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 10/7/27			23,428		22,636,883

Sovos Compliance, LLC, Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 8/11/28			10,434		10,129,261

Sportradar Capital S.a.r.l., Term Loan, 4.443%, (1 mo. EURIBOR + 3.50%), 11/22/27	EUR		7,804		7,403,596

SS&C European Holdings S.a.r.l., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 4/16/25			5,213		5,112,226


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

SS&C Technologies, Inc.:

Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 4/16/25			6,422	$	6,297,431

Term Loan, 6.079%, (SOFR + 2.25%), 3/22/29			3,428		3,371,036

Term Loan, 6.079%, (SOFR + 2.25%), 3/22/29			5,166		5,079,378

SurveyMonkey, Inc., Term Loan, 7.51%, (1 mo. USD LIBOR + 3.75%), 10/10/25			11,443		11,099,712

Turing Midco, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 3/23/28			635		625,141

Ultimate Software Group, Inc. (The):

Term Loan, 6.998%, (3 mo. USD LIBOR + 3.25%), 5/4/26			48,539		46,950,182

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 5/4/26			18,884		18,394,932

Term Loan - Second Lien, 8.998%, (1 mo. USD LIBOR + 5.25%), 5/3/27			1,450		1,342,458

Veritas US, Inc., Term Loan, 8.674%, (3 mo. USD LIBOR + 5.00%), 9/1/25			13,783		11,037,913

Vision Solutions, Inc., Term Loan, 8.358%, (3 mo. USD LIBOR + 4.00%), 4/24/28			36,453		31,075,984

VS Buyer, LLC, Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 2/28/27			21,464		20,927,483

				$	1,203,017,686

Specialty Retail — 2.1%

Belron Finance US, LLC, Term Loan, 5.375%, (3 mo. USD LIBOR + 2.50%), 4/13/28			7,708	$	7,598,031

Belron Luxembourg S.a.r.l., Term Loan, 2.769%, (3 mo. EURIBOR + 2.50%), 4/13/28	EUR		3,575		3,309,973

Boels Topholding B.V., Term Loan, 3.571%, (3 mo. EURIBOR + 3.25%), 2/6/27	EUR		7,750		7,270,244

David’s Bridal, Inc.:

Term Loan, 9.42%, (3 mo. USD LIBOR + 5.00%), 4.42% cash, 5.00% PIK, 6/23/23			3,942		3,798,692

Term Loan, 9.754%, (1 mo. USD LIBOR + 6.00%), 6/30/23			4,724		4,421,866

Great Outdoors Group, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 3/6/28			44,635		42,161,042

Harbor Freight Tools USA, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 10/19/27			32,996		31,011,944

L1R HB Finance Limited:

Term Loan, 6.016%, (6 mo. EURIBOR + 4.25%), 9/2/24	EUR		4,674		3,475,496

Term Loan, 7.217%, (SONIA + 5.25%), 9/2/24	GBP		9,172		7,941,484

Les Schwab Tire Centers, Term Loan, 6.58%, (3 mo. USD LIBOR + 3.25%), 11/2/27			27,454		26,732,982

LIDS Holdings, Inc., Term Loan, 8.99%, (SOFR + 5.50%), 12/14/26			5,823		4,921,891


Borrower/Description		Principal Amount* (000’s omitted)		Value

Specialty Retail (continued)

Mattress Firm, Inc., Term Loan, 8.433%, (3 mo. USD LIBOR + 4.25%), 9/25/28			16,632	$	14,287,919

PetSmart, Inc., Term Loan, 7.50%, (1 mo. USD LIBOR + 3.75%), 2/11/28			17,351		16,740,325

				$	173,671,889

Technology Hardware, Storage & Peripherals — 0.1%

NCR Corporation, Term Loan, 6.92%, (3 mo. USD LIBOR + 2.50%), 8/28/26			8,997	$	8,666,866

				$	8,666,866

Thrifts & Mortgage Finance — 0.2%

Ditech Holding Corporation, Term Loan, 0.00%, 6/30/23⁽¹²⁾			22,620	$	2,827,502

Walker & Dunlop, Inc., Term Loan, 6.079%, (SOFR + 2.25%), 12/16/28			12,952		12,757,843

				$	15,585,345

Trading Companies & Distributors — 2.5%

American Builders & Contractors Supply Co., Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 1/15/27			21,461	$	21,067,243

Avolon TLB Borrower 1 (US), LLC:

Term Loan, 5.239%, (1 mo. USD LIBOR + 1.75%), 1/15/25			25,082		24,661,358

Term Loan, 5.739%, (1 mo. USD LIBOR + 2.25%), 12/1/27			13,964		13,728,508

Core & Main L.P., Term Loan, 6.528%, (USD LIBOR + 2.50%), 7/27/28⁽⁹⁾			12,431		12,155,481

DXP Enterprises, Inc., Term Loan, 8.504%, (1 mo. USD LIBOR + 4.75%), 12/16/27			4,225		4,038,599

Electro Rent Corporation, Term Loan, 9.278%, (3 mo. USD LIBOR + 5.00%), 1/31/24			15,761		14,880,759

Hillman Group, Inc. (The):

Term Loan, 3.034%, (1 mo. USD LIBOR + 2.75%), 7/14/28⁽¹⁰⁾			875		838,043

Term Loan, 6.326%, (1 mo. USD LIBOR + 2.75%), 7/14/28			3,619		3,466,614

Park River Holdings, Inc., Term Loan, 6.993%, (3 mo. USD LIBOR + 3.25%), 12/28/27			10,857		9,251,931

Patagonia Bidco Limited:

Term Loan, 6.94%, (SONIA + 5.25%), 3/5/29	GBP		17,262		16,430,285

Term Loan, 6.94%, (SONIA + 5.25%), 3/5/29	GBP		3,138		2,987,325

Quimper AB, Term Loan, 4.085%, (3 mo. EURIBOR + 2.93%), 2/16/26	EUR		25,175		22,971,774


Borrower/Description	Principal Amount* (000’s omitted)		Value

Trading Companies & Distributors (continued)

SiteOne Landscape Supply, LLC, Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 3/23/28		3,431	$	3,402,666

Spin Holdco, Inc., Term Loan, 7.144%, (3 mo. USD LIBOR + 4.00%), 3/4/28		42,353		37,498,715

SRS Distribution, Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 6/2/28		14,325		13,343,013

Term Loan, 7.329%, (SOFR + 3.50%), 6/2/28		5,037		4,690,648

TricorBraun Holdings, Inc., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/3/28		829		787,162

			$	206,200,124

Wireless Telecommunication Services — 0.2%

CCI Buyer, Inc., Term Loan, 7.553%, (SOFR + 4.00%), 12/17/27		7,914	$	7,609,384

Digicel International Finance Limited, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/28/24		14,057		12,100,775

			$	19,710,159

Total Senior Floating-Rate Loans (identified cost $7,543,162,144)			$	6,829,205,613

Warrants — 0.0%
Security	Shares		Value

Leisure Goods/Activities/Movies — 0.0%

Cineworld Group PLC, Exp. 11/23/25⁽⁵⁾⁽⁶⁾		1,791,400	$	0

			$	0

Retailers (Except Food and Drug) — 0.0%

David’s Bridal, LLC, Exp. 11/26/22^(4)(5)(6)		51,888	$	0

			$	0

Total Warrants (identified cost $0)			$	0

Short-Term Investments — 1.9%

Security

Shares

Value

Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%⁽¹³⁾

156,771,808

Total Short-Term Investments
(identified cost $156,771,808)

156,771,808

Total Investments — 97.6%
(identified cost $8,799,948,828)

7,909,317,423

Less Unfunded Loan Commitments — (0.2)%

(15,840,797

)

Net Investments — 97.4%
(identified cost $8,784,108,031)

7,893,476,626

Other Assets, Less Liabilities — 2.6%

207,653,892

Net Assets — 100.0%

8,101,130,518

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

In U.S. dollars unless otherwise indicated.

⁽¹⁾

⁽²⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2022.

⁽³⁾

Affiliated company (see Note 7).

⁽⁴⁾

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾

Non-income producing security.

⁽⁶⁾

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽⁷⁾

Amount is less than 0.05%.

⁽⁸⁾

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽⁹⁾

The stated interest rate represents the weighted average interest rate at October 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹⁰⁾

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At October 31, 2022, the total value of unfunded loan commitments is $13,795,189. See Note 1F for description.

⁽¹¹⁾

This Senior Loan will settle after October 31, 2022, at which time the interest rate will be determined.

⁽¹²⁾

Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽¹³⁾

May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2022.

Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2022, Eaton Vance Floating-Rate Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 84.3% and 15.7%, respectively, in the Portfolio.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

F Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 2022, the Portfolio had sufficient cash and/or securities to cover these commitments.

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:

For the year ended October 31, 2022, the Portfolio’s investment adviser fee amounted to $46,506,949 or 0.49% of the Portfolio’s average daily net assets. Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended October 31, 2022, the investment adviser fee paid was reduced by $250,289 relating to the Portfolio’s investment in the Liquidity Fund. Prior to April 26, 2022, the Fund may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM), an affiliate of BMR. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $2,490,453,168 and $2,607,264,764, respectively, for the year ended October 31, 2022.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2022, as determined on a federal income tax basis, were as follows:

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2022 is included in the Portfolio of Investments. At October 31, 2022, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2022, the fair value of derivatives with credit related contingent features in a net liability position was $6,351,123. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $8,200,000 at October 31, 2022.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at October 31, 2022 was as follows:

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2022.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended October 31, 2022 was as follows:

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the year ended October 31, 2022, which is indicative of the volume of this derivative type, was approximately $1,241,185,000.

The Portfolio participates with another portfolio and fund managed by EVM and its affiliates in a $700 million ($725 million prior to June 30, 2022 and $650 million prior to March 7, 2022) unsecured credit facility agreement (Agreement) with a group of banks, which is in effect through March 6, 2023. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. At the Portfolio’s option, any loan under the Credit Facility that is made to it will bear interest at a rate equal to (i) the Benchmark Rate (defined below) plus a margin or, (ii) the Base Rate, or (iii) the Overnight Rate plus a margin. Base Rate is the highest of (a) administrative agent’s prime rate, (b) 50 basis points above the Federal Funds rate, (c) the Benchmark Rate plus a margin and (d) 1.00%, in each case as in effect from time to time. The “Overnight Rate” is the greatest of the Benchmark Rate, the Federal Funds rate and 0.00%. “Benchmark Rate” means Term SOFR (defined as the forward-looking Secured Overnight Financing Rate term rate published two U.S. government securities business days prior to the commencement of the applicable interest period plus the Term SOFR Adjustment) for an interest period of one-month’s duration. To the extent that, at any time, the Benchmark Rate is less than 0.00%, the Benchmark Rate shall be deemed to be 0.00% for purposes of the Credit Facility. “Term SOFR Adjustment” means 0.10%. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender’s commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $1,241,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at October 31, 2022 is $419,817 and is included in prepaid expenses in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. The Portfolio did not have any significant borrowings during the year ended October 31, 2022.

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At October 31, 2022, the value of the portfolio’s investment in affiliated companies and funds that may deemed to be affiliated was $165,456,972, which represents 2.0% of the Portfolio’s net assets. Transactions in affiliated companies and funds by the Portfolio for the year ended October 31, 2022 were as follows:

At October 31, 2022, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

Certain instruments held by the Portfolio may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR has become increasingly well-defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating Rate Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2022, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Eaton Vance Floating Rate Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the “investment advisory agreements”).

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes to such personnel. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered each Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund and to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of each Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by each Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Eaton Vance Floating Rate Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and the Portfolio’s affairs. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s and the Portfolio’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund and the Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund and the Portfolio to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 135 funds (with the exception of Mr. Bowser who oversees 110 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Although returns for the Morningstar^® LSTA^® US Leveraged Loan Index^SM (the Index), a broad measure of the asset class, were negative at –1.78% during the period, senior loans generally outperformed corporate bonds, corporate high yield bonds, municipal bonds, and U.S. government bonds — and even outperformed the broad equity market S&P 500^® Index.

Manifesting investor concerns, higher quality loans began to outperform lower quality loans. Loan prices, which had risen earlier in the period, declined each month from February through June 2022. After a brief summer rally amid hope that inflationary and recessionary fears were subsiding, loan prices resumed their downward slide in September before recovering modestly in October. While mutual fund inflows for floating-rate loans continued through April, flows turned negative in May and remained negative the rest of the period — although demand for collateralized loan obligations from institutional investors stayed positive throughout the period. By period-end, loan prices had fallen to $92.20 from $98.55 at the start of the period.

Issuer fundamentals, however, remained a bright spot for senior loans during the period. While the trailing 12-month default rate inched higher — from 0.20% at the beginning of the period to 0.83% at period-end — it remained well below the market’s long-term average of 3.20%.

For the 12-month period ended October 31, 2022, Eaton Vance Floating-Rate & High Income Fund (the Fund) returned –4.60% for Class A shares at net asset value (NAV), underperforming its benchmark, the Morningstar^® LSTA^® US Leveraged Loan Index^SM (the Index), which returned –1.78%.

The Index is unmanaged, and returns do not reflect any applicable sales charges, commissions, or expenses.

The Fund’s underweight position in BBB-rated loans — the highest credit-rating category within the Index and best-performing category during the period — hurt performance relative to the Index as well.

Portfolio Manager(s) Kelley Gerrity, Stephen C. Concannon, CFA, Andrew N. Sveen, CFA, Jeffrey D. Mueller, Ralph Hinckley, CFA and Jake Lemle, CFA

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

†

Eaton Vance Floating-Rate & High Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Advisers Class, Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is to provide a high level of current income. The Fund currently pursues its objective by investing all of its investable assets in interests in two portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at October 31, 2022 were as follows: Eaton Vance Floating Rate Portfolio (15.7%) and High Income Opportunities Portfolio (23.9%). The performance of the Fund is directly affected by the performance of the Portfolios. The financial statements of Eaton Vance Floating Rate Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. A copy of High Income Opportunities Portfolio’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

A Investment Valuation — Valuation of securities by Eaton Vance Floating Rate Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of High Income Opportunities Portfolio.

B Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund.

Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2022 and October 31, 2021 was as follows:

During the year ended October 31, 2022, accumulated loss was increased by $2,257,022 and paid-in capital was increased by $2,257,022 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

At October 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $146,178,030 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2022, $15,340,310 are short-term and $130,837,720 are long-term.

The investment adviser fee is earned by EVM, an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. For bank loans and bank loan related assets, the fee is computed based on the Fund’s daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee at the following annual rates and is payable monthly:

For high yield bonds and other instruments that are not bank loan related, the fee is an aggregate of a daily asset-based fee and a daily income-based fee at the following rates:

For the year ended October 31, 2022, the Fund incurred no investment adviser fee on such assets. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios’ investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), an affiliate of EVM, to render investment advisory services. See Note 2 of the Portfolios’ Notes to Financial Statements. For the year ended October 31, 2022, the Fund’s allocated portion of investment adviser fees paid by the Portfolios amounted to $8,211,250 or 0.48% of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2022, the administration fee amounted to $2,556,524.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2022, EVM earned $33,389 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $11,128 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2022. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended October 31, 2022 in the amount of $2,669. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

The Fund has in effect distribution plans for the Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class shares and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2022 amounted to $116,523 for Advisers Class shares and $456,177 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2022, the Fund paid or accrued to EVD $183,739 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2022 amounted to $61,246 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2022, the Fund was informed that EVD received approximately $62,000 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

For the year ended October 31, 2022, increases and decreases in the Fund’s investment in the Portfolios were as follows:

At October 31, 2022 and October 31, 2021, the Fund’s investment in High Income Opportunities Portfolio, whose financial statements are not included but are available elsewhere as discussed in Note 1, and in Eaton Vance Floating Rate Portfolio were valued based on Level 1 inputs.

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate & High Income Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate & High Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

Qualified Dividend Income. For the fiscal year ended October 31, 2022, the Fund designates approximately $185,780, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

163(j) Interest Dividends. For the fiscal year ended October 31, 2022, the Fund designates 96.08% of distributions from net investment income as a 163(j) interest dividend.


Asset-Backed Securities — 3.3%
Security	Principal Amount (000’s omitted)		Value

AGL CLO 17, Ltd., Series 2022-17A, Class E, 10.338%, (3 mo. SOFR + 6.35%), 1/21/35⁽¹⁾⁽²⁾	$	1,000	$	832,224

Alinea CLO, Ltd.:

Series 2018-1A, Class D, 7.343%, (3 mo. USD LIBOR + 3.10%), 7/20/31⁽¹⁾⁽²⁾		2,500		2,196,693

Series 2018-1A, Class E, 10.243%, (3 mo. USD LIBOR + 6.00%), 7/20/31⁽¹⁾⁽²⁾		3,000		2,410,995

AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 10.989%, (3 mo. USD LIBOR + 6.91%), 1/15/32⁽¹⁾⁽²⁾		5,000		3,919,760

AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 9.092%, (3 mo. USD LIBOR + 6.18%), 11/10/30⁽¹⁾⁽²⁾		3,525		2,743,021

Apidos CLO XX, Series 2015-20A, Class DR, 9.779%, (3 mo. USD LIBOR + 5.70%), 7/16/31⁽¹⁾⁽²⁾		2,375		1,960,199

Ares LVlll CLO, Ltd., Series 2020-58A, Class ER, 10.564%, (3 mo. SOFR + 6.70%), 1/15/35⁽¹⁾⁽²⁾		3,000		2,439,324

Ares XLIX CLO, Ltd.:

Series 2018-49A, Class D, 7.325%, (3 mo. USD LIBOR + 3.00%), 7/22/30⁽¹⁾⁽²⁾		2,500		2,216,017

Series 2018-49A, Class E, 10.025%, (3 mo. USD LIBOR + 5.70%), 7/22/30⁽¹⁾⁽²⁾		3,500		2,890,412

Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class C, 5.805%, (3 mo. USD LIBOR + 2.90%), 5/15/30⁽¹⁾⁽²⁾		5,000		4,323,625

Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 9.779%, (3 mo. USD LIBOR + 5.70%), 7/15/30⁽¹⁾⁽²⁾		4,000		3,249,960

Babson CLO, Ltd.:

Series 2015-1A, Class DR, 6.843%, (3 mo. USD LIBOR + 2.60%), 1/20/31⁽¹⁾⁽²⁾		2,500		2,143,750

Series 2018-1A, Class C, 6.679%, (3 mo. USD LIBOR + 2.60%), 4/15/31⁽¹⁾⁽²⁾		3,500		2,993,819

Bain Capital Credit CLO, Ltd.:

Series 2018-1A, Class D, 7.025%, (3 mo. USD LIBOR + 2.70%), 4/23/31⁽¹⁾⁽²⁾		5,000		4,292,110

Series 2018-1A, Class E, 9.675%, (3 mo. USD LIBOR + 5.35%), 4/23/31⁽¹⁾⁽²⁾		3,000		2,326,506

Battalion CLO XXII, Ltd., Series 2021-22A, Class E, 11.193%, (3 mo. USD LIBOR + 6.95%), 1/20/35⁽¹⁾⁽²⁾		1,750		1,434,109

Battalion CLO XXIII, Ltd., Series 2022-23A, Class D, 6.083%, (3 mo. SOFR + 3.95%), 5/19/36⁽¹⁾⁽²⁾		3,500		3,243,152

Benefit Street Partners CLO V-B, Ltd.:

Series 2018-5BA, Class C, 7.173%, (3 mo. USD LIBOR + 2.93%), 4/20/31⁽¹⁾⁽²⁾		5,000		4,332,635

Series 2018-5BA, Class D, 10.193%, (3 mo. USD LIBOR + 5.95%), 4/20/31⁽¹⁾⁽²⁾		3,500		2,867,620

Benefit Street Partners CLO VIII, Ltd., Series 2015-8A, Class DR, 9.843%, (3 mo. USD LIBOR + 5.60%), 1/20/31⁽¹⁾⁽²⁾		5,401		4,273,152


Security	Principal Amount (000’s omitted)		Value

Benefit Street Partners CLO XIV, Ltd., Series 2018-14A, Class D, 6.843%, (3 mo. USD LIBOR + 2.60%), 4/20/31⁽¹⁾⁽²⁾	$	1,500	$	1,288,166

Benefit Street Partners CLO XVI, Ltd., Series 2018-16A, Class E, 10.779%, (3 mo. USD LIBOR + 6.70%), 1/17/32⁽¹⁾⁽²⁾	2,250		1,902,560

Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class ER, 10.429%, (3 mo. USD LIBOR + 6.35%), 7/15/32⁽¹⁾⁽²⁾	1,750		1,458,174

Benefit Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 10.893%, (3 mo. SOFR + 6.93%), 4/20/35⁽¹⁾⁽²⁾	1,000		827,510

Benefit Street Partners CLO XXV, Ltd., Series 2021-25A, Class E, 10.929%, (3 mo. USD LIBOR + 6.85%), 1/15/35⁽¹⁾⁽²⁾	3,000		2,603,145

Betony CLO 2, Ltd.:

Series 2018-1A, Class C, 7.315%, (3 mo. USD LIBOR + 2.90%), 4/30/31⁽¹⁾⁽²⁾		2,500		2,181,535

Series 2018-1A, Class D, 10.065%, (3 mo. USD LIBOR + 5.65%), 4/30/31⁽¹⁾⁽²⁾		4,450		3,533,932

BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, 11.083%, (3 mo. USD LIBOR + 6.84%), 4/20/34⁽¹⁾⁽²⁾		1,000		813,847

BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 11.373%, (3 mo. USD LIBOR + 7.13%), 10/20/34⁽¹⁾⁽²⁾		3,000		2,501,094

BlueMountain CLO XXX, Ltd., Series 2020-30A, Class ER, 10.564%, (3 mo. SOFR + 6.70%), 4/15/35⁽¹⁾⁽²⁾		2,000		1,583,188

BlueMountain CLO XXXV, Ltd., Series 2022-35A, Class E, 9.893%, (3 mo. SOFR + 7.75%), 7/22/35⁽¹⁾⁽²⁾		2,000		1,735,462

BlueMountain CLO, Ltd.:

Series 2016-3A, Class DR, 6.005%, (3 mo. USD LIBOR + 3.10%), 11/15/30⁽¹⁾⁽²⁾		1,500		1,302,261

Series 2016-3A, Class ER, 8.855%, (3 mo. USD LIBOR + 5.95%), 11/15/30⁽¹⁾⁽²⁾		1,500		1,164,126

Series 2018-1A, Class D, 7.465%, (3 mo. USD LIBOR + 3.05%), 7/30/30⁽¹⁾⁽²⁾		2,500		2,126,600

Series 2018-1A, Class E, 10.365%, (3 mo. USD LIBOR + 5.95%), 7/30/30⁽¹⁾⁽²⁾		2,000		1,528,400

Series 2021-33A, Class E, 9.814%, (3 mo. USD LIBOR + 6.83%), 11/20/34⁽¹⁾⁽²⁾		2,500		2,090,870

Canyon Capital CLO, Ltd.:

Series 2012-1RA, Class E, 9.779%, (3 mo. USD LIBOR + 5.70%), 7/15/30⁽¹⁾⁽²⁾		4,875		3,809,369

Series 2016-1A, Class ER, 9.829%, (3 mo. USD LIBOR + 5.75%), 7/15/31⁽¹⁾⁽²⁾		4,000		3,078,144

Series 2016-2A, Class ER, 10.079%, (3 mo. USD LIBOR + 6.00%), 10/15/31⁽¹⁾⁽²⁾		4,500		3,478,288

Series 2017-1A, Class E, 10.329%, (3 mo. USD LIBOR + 6.25%), 7/15/30⁽¹⁾⁽²⁾		3,250		2,569,083


Security	Principal Amount (000’s omitted)		Value

Canyon Capital CLO, Ltd.: (continued)

Series 2018-1A, Class D, 6.979%, (3 mo. USD LIBOR + 2.90%), 7/15/31⁽¹⁾⁽²⁾	$	3,000	$	2,598,006

Series 2018-1A, Class E, 9.829%, (3 mo. USD LIBOR + 5.75%), 7/15/31⁽¹⁾⁽²⁾		2,750		2,168,977

Series 2019-2A, Class ER, 10.829%, (3 mo. USD LIBOR + 6.75%), 10/15/34⁽¹⁾⁽²⁾		1,500		1,236,644

Carlyle CLO C17, Ltd.:

Series C17A, Class CR, 7.215%, (3 mo. USD LIBOR + 2.80%), 4/30/31⁽¹⁾⁽²⁾		5,000		4,414,415

Series C17A, Class DR, 10.415%, (3 mo. USD LIBOR + 6.00%), 4/30/31⁽¹⁾⁽²⁾		3,500		2,837,838

Carlyle Global Market Strategies CLO, Ltd.:

Series 2012-3A, Class CR2, 7.511%, (3 mo. USD LIBOR + 3.50%), 1/14/32⁽¹⁾⁽²⁾		2,500		2,038,950

Series 2012-3A, Class DR2, 10.511%, (3 mo. USD LIBOR + 6.50%), 1/14/32⁽¹⁾⁽²⁾		1,500		1,198,611

Series 2014-3RA, Class C, 7.308%, (3 mo. USD LIBOR + 2.95%), 7/27/31⁽¹⁾⁽²⁾		1,000		859,225

Series 2014-3RA, Class D, 9.758%, (3 mo. USD LIBOR + 5.40%), 7/27/31⁽¹⁾⁽²⁾		2,150		1,675,207

Series 2014-4RA, Class C, 6.979%, (3 mo. USD LIBOR + 2.90%), 7/15/30⁽¹⁾⁽²⁾		2,000		1,714,230

Series 2014-4RA, Class D, 9.729%, (3 mo. USD LIBOR + 5.65%), 7/15/30⁽¹⁾⁽²⁾		3,500		2,686,964

Carlyle US CLO, Ltd., Series 2019-4A, Class DR, 10.464%, (3 mo. SOFR + 6.60%), 4/15/35⁽¹⁾⁽²⁾		3,000		2,341,932

CarVal CLO IV, Ltd., Series 2021-1A, Class E, 10.843%, (3 mo. USD LIBOR + 6.60%), 7/20/34⁽¹⁾⁽²⁾		1,000		852,090

CIFC Funding, Ltd., Series 2022-4A, Class D, 6.074%, (3 mo. SOFR + 3.55%), 7/16/35⁽¹⁾⁽²⁾		1,750		1,605,751

Dryden CLO, Ltd.:

Series 2018-55A, Class D, 6.929%, (3 mo. USD LIBOR + 2.85%), 4/15/31⁽¹⁾⁽²⁾		1,500		1,303,875

Series 2018-55A, Class E, 9.479%, (3 mo. USD LIBOR + 5.40%), 4/15/31⁽¹⁾⁽²⁾		2,000		1,602,542

Series 2022-112A, Class E, 10.514%, (3 mo. SOFR + 7.78%), 8/15/34⁽¹⁾⁽²⁾		2,000		1,834,140

Dryden Senior Loan Fund:

Series 2015-41A, Class DR, 6.679%, (3 mo. USD LIBOR + 2.60%), 4/15/31⁽¹⁾⁽²⁾		5,000		4,375,425

Series 2015-41A, Class ER, 9.379%, (3 mo. USD LIBOR + 5.30%), 4/15/31⁽¹⁾⁽²⁾		1,268		1,015,382

Series 2016-42A, Class DR, 7.009%, (3 mo. USD LIBOR + 2.93%), 7/15/30⁽¹⁾⁽²⁾		2,500		2,207,390

Series 2016-42A, Class ER, 9.629%, (3 mo. USD LIBOR + 5.55%), 7/15/30⁽¹⁾⁽²⁾		3,500		2,874,553

Elmwood CLO 14, Ltd., Series 2022-1A, Class E, 10.313%, (3 mo. SOFR + 6.35%), 4/20/35⁽¹⁾⁽²⁾		1,950		1,755,312


Security	Principal Amount (000’s omitted)		Value

Elmwood CLO 17, Ltd., Series 2022-4A, Class E, 9.244%, (3 mo. SOFR + 7.15%), 7/17/35⁽¹⁾⁽²⁾	$	2,250	$	2,002,291

Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 10.724%, (3 mo. USD LIBOR + 6.65%), 10/15/30⁽¹⁾⁽²⁾		2,500		2,023,443

Galaxy XXV CLO, Ltd.:

Series 2018-25A, Class D, 7.458%, (3 mo. USD LIBOR + 3.10%), 10/25/31⁽¹⁾⁽²⁾		2,500		2,211,837

Series 2018-25A, Class E, 10.308%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽¹⁾⁽²⁾		3,500		2,826,271

Golub Capital Partners CLO 22B, Ltd., Series 2015-22A, Class ER, 10.243%, (3 mo. USD LIBOR + 6.00%), 1/20/31⁽¹⁾⁽²⁾	2,500		2,065,380

Golub Capital Partners CLO 37B, Ltd.:

Series 2018-37A, Class D, 7.543%, (3 mo. USD LIBOR + 3.30%), 7/20/30⁽¹⁾⁽²⁾		4,000		3,515,372

Series 2018-37A, Class E, 9.993%, (3 mo. USD LIBOR + 5.75%), 7/20/30⁽¹⁾⁽²⁾		4,750		4,324,319

Golub Capital Partners CLO 53B, Ltd., Series 2021-53A, Class E, 10.943%, (3 mo. USD LIBOR + 6.70%), 7/20/34⁽¹⁾⁽²⁾	1,250		1,034,799

Golub Capital Partners CLO 58B, Ltd.,

Series 2021-58A, Class E, 11.168%, (3 mo. USD LIBOR + 6.81%), 1/25/35⁽¹⁾⁽²⁾		2,500		2,057,463

Halseypoint CLO 5, Ltd., Series 2021-5A, Class E, 11.355%, (3 mo. USD LIBOR + 6.94%), 1/30/35⁽¹⁾⁽²⁾		2,000		1,673,020

Harriman Park CLO, Ltd., Series 2020-1A, Class ER, 10.643%, (3 mo. USD LIBOR + 6.40%), 4/20/34⁽¹⁾⁽²⁾		1,000		844,910

ICG US CLO, Ltd.:

Series 2018-2A, Class D, 7.425%, (3 mo. USD LIBOR + 3.10%), 7/22/31⁽¹⁾⁽²⁾		2,000		1,718,470

Series 2018-2A, Class E, 10.075%, (3 mo. USD LIBOR + 5.75%), 7/22/31⁽¹⁾⁽²⁾		3,000		2,239,749

Madison Park Funding LIX, Ltd., Series 2021-59A, Class E, 10.794%, (3 mo. USD LIBOR + 6.60%), 1/18/34⁽¹⁾⁽²⁾		1,450		1,239,750

Madison Park Funding XXV, Ltd., Series 2017-25A, Class D, 10.458%, (3 mo. USD LIBOR + 6.10%), 4/25/29⁽¹⁾⁽²⁾		1,500		1,291,446

Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 10.914%, (3 mo. SOFR + 7.05%), 4/15/35⁽¹⁾⁽²⁾		2,500		2,159,505

Marble Point CLO XXIV, Ltd., Series 2022-1A, Class D1, 8.203%, (3 mo. SOFR + 4.24%), 4/20/35⁽¹⁾⁽²⁾		2,000		1,823,490

Neuberger Berman CLO XXII, Ltd.:

Series 2016-22A, Class DR, 7.179%, (3 mo. USD LIBOR + 3.10%), 10/17/30⁽¹⁾⁽²⁾		2,500		2,232,140

Series 2016-22A, Class ER, 10.139%, (3 mo. USD LIBOR + 6.06%), 10/17/30⁽¹⁾⁽²⁾		3,000		2,543,190


Security	Principal Amount (000’s omitted)		Value

Neuberger Berman Loan Advisers CLO 28, Ltd., Series 2018-28A, Class E, 9.843%, (3 mo. USD LIBOR + 5.60%), 4/20/30⁽¹⁾⁽²⁾	$	1,950	$	1,622,985

Neuberger Berman Loan Advisers CLO 30, Ltd.:

Series 2018-30A, Class DR, 7.093%, (3 mo. USD LIBOR + 2.85%), 1/20/31⁽¹⁾⁽²⁾		2,500		2,214,132

Series 2018-30A, Class ER, 10.443%, (3 mo. USD LIBOR + 6.20%), 1/20/31⁽¹⁾⁽²⁾		1,000		858,181

Neuberger Berman Loan Advisers CLO 48, Ltd.,

Series 2022-48A, Class E, 10.56%, (3 mo. SOFR + 6.50%), 4/25/36⁽¹⁾⁽²⁾		3,200		2,735,840

OCP CLO, Ltd.:

Series 2022-24A, Class D, 5.461%, (3 mo. SOFR + 3.80%), 7/20/35⁽¹⁾⁽²⁾		500		454,612

Series 2022-24A, Class E, 9.081%, (3 mo. SOFR + 7.42%), 7/20/35⁽¹⁾⁽²⁾		1,000		858,601

Palmer Square CLO, Ltd.:

Series 2013-2A, Class DRR, 9.929%, (3 mo. USD LIBOR + 5.85%), 10/17/31⁽¹⁾⁽²⁾		3,000		2,536,680

Series 2015-1A, Class DR4, 9.484%, (3 mo. USD LIBOR + 6.50%), 5/21/34⁽¹⁾⁽²⁾		2,000		1,700,194

Series 2018-1A, Class C, 6.694%, (3 mo. USD LIBOR + 2.50%), 4/18/31⁽¹⁾⁽²⁾		3,000		2,644,785

Series 2018-1A, Class D, 9.344%, (3 mo. USD LIBOR + 5.15%), 4/18/31⁽¹⁾⁽²⁾		2,000		1,656,110

Series 2018-2A, Class D, 9.679%, (3 mo. USD LIBOR + 5.60%), 7/16/31⁽¹⁾⁽²⁾		2,000		1,718,734

Series 2021-2A, Class E, 10.429%, (3 mo. USD LIBOR + 6.35%), 7/15/34⁽¹⁾⁽²⁾		1,000		886,353

Series 2022-1A, Class E, 10.313%, (3 mo. SOFR + 6.35%), 4/20/35⁽¹⁾⁽²⁾		2,000		1,725,646

Series 2022-3A, Class E, 11.274%, (3 mo. SOFR + 7.98%), 7/20/35⁽¹⁾⁽²⁾		2,250		2,125,868

RAD CLO 5, Ltd., Series 2019-5A, Class E, 11.025%, (3 mo. USD LIBOR + 6.70%), 7/24/32⁽¹⁾⁽²⁾		1,750		1,466,325

RAD CLO 14, Ltd., Series 2021-14A, Class E, 10.579%, (3 mo. USD LIBOR + 6.50%), 1/15/35⁽¹⁾⁽²⁾		950		773,088

Regatta XIII Funding, Ltd.:

Series 2018-2A, Class C, 7.179%, (3 mo. USD LIBOR + 3.10%), 7/15/31⁽¹⁾⁽²⁾		2,500		2,203,268

Series 2018-2A, Class D, 10.029%, (3 mo. USD LIBOR + 5.95%), 7/15/31⁽¹⁾⁽²⁾		5,000		4,032,770

Regatta XIV Funding, Ltd.:

Series 2018-3A, Class D, 7.558%, (3 mo. USD LIBOR + 3.20%), 10/25/31⁽¹⁾⁽²⁾		2,500		2,206,957

Series 2018-3A, Class E, 10.308%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽¹⁾⁽²⁾		4,500		3,618,648

Regatta XV Funding, Ltd., Series 2018-4A, Class D, 10.858%, (3 mo. USD LIBOR + 6.50%), 10/25/31⁽¹⁾⁽²⁾		3,875		3,111,687

Upland CLO, Ltd.:

Series 2016-1A, Class CR, 7.143%, (3 mo. USD LIBOR + 2.90%), 4/20/31⁽¹⁾⁽²⁾		4,500		3,899,839


Security	Principal Amount (000’s omitted)		Value

Upland CLO, Ltd.: (continued)

Series 2016-1A, Class DR, 10.143%, (3 mo. USD LIBOR + 5.90%), 4/20/31⁽¹⁾⁽²⁾	$	4,625	$	3,694,686

Vibrant CLO IX, Ltd.:

Series 2018-9A, Class C, 7.443%, (3 mo. USD LIBOR + 3.20%), 7/20/31⁽¹⁾⁽²⁾		2,500		2,083,450

Series 2018-9A, Class D, 10.493%, (3 mo. USD LIBOR + 6.25%), 7/20/31⁽¹⁾⁽²⁾		3,500		2,453,027

Vibrant CLO X, Ltd.:

Series 2018-10A, Class C, 7.493%, (3 mo. USD LIBOR + 3.25%), 10/20/31⁽¹⁾⁽²⁾		5,000		4,156,205

Series 2018-10A, Class D, 10.433%, (3 mo. USD LIBOR + 6.19%), 10/20/31⁽¹⁾⁽²⁾		5,000		3,645,185

Voya CLO, Ltd.:

Series 2015-3A, Class CR, 7.393%, (3 mo. USD LIBOR + 3.15%), 10/20/31⁽¹⁾⁽²⁾		2,500		2,065,483

Series 2015-3A, Class DR, 10.443%, (3 mo. USD LIBOR + 6.20%), 10/20/31⁽¹⁾⁽²⁾		5,500		3,974,866

Series 2016-3A, Class CR, 7.444%, (3 mo. USD LIBOR + 3.25%), 10/18/31⁽¹⁾⁽²⁾		2,000		1,573,884

Series 2016-3A, Class DR, 10.274%, (3 mo. USD LIBOR + 6.08%), 10/18/31⁽¹⁾⁽²⁾		3,375		2,472,660

Series 2018-1A, Class C, 6.827%, (3 mo. USD LIBOR + 2.60%), 4/19/31⁽¹⁾⁽²⁾		5,000		4,254,190

Series 2018-2A, Class E, 9.329%, (3 mo. USD LIBOR + 5.25%), 7/15/31⁽¹⁾⁽²⁾		2,500		1,930,378

Webster Park CLO, Ltd.:

Series 2015-1A, Class CR, 7.143%, (3 mo. USD LIBOR + 2.90%), 7/20/30⁽¹⁾⁽²⁾		2,000		1,764,840

Series 2015-1A, Class DR, 9.743%, (3 mo. USD LIBOR + 5.50%), 7/20/30⁽¹⁾⁽²⁾		2,500		2,049,573

Wellfleet CLO, Ltd.:

Series 2021-1A, Class D, 7.743%, (3 mo. USD LIBOR + 3.50%), 4/20/34⁽¹⁾⁽²⁾		1,200		1,048,104

Series 2021-3A, Class E, 11.179%, (3 mo. USD LIBOR + 7.10%), 1/15/35⁽¹⁾⁽²⁾		950		787,360

Series 2022-1A, Class D, 8.004%, (3 mo. SOFR + 4.14%), 4/15/34⁽¹⁾⁽²⁾		1,000		901,800

Series 2022-1A, Class E, 11.724%, (3 mo. SOFR + 7.86%), 4/15/34⁽¹⁾⁽²⁾		2,000		1,774,440

Total Asset-Backed Securities (identified cost $323,247,901)			$	269,370,575

Common Stocks — 0.7%
Security	Shares		Value

Aerospace and Defense — 0.1%

IAP Global Services, LLC^(3)(4)(5)(6)		950	$	4,055,113

IAP Global Services, LLC^(3)(4)(5)		1,627		4,630,051

			$	8,685,164


Security	Shares		Value

Containers and Glass Products — 0.0%⁽⁷⁾

LG Newco Holdco, Inc., Class A⁽⁵⁾⁽⁶⁾		250,979	$	3,220,889

			$	3,220,889

Electronics/Electrical — 0.0%⁽⁷⁾

Skillsoft Corp.⁽⁵⁾⁽⁶⁾		893,525	$	1,599,410

			$	1,599,410

Health Care — 0.1%

Akorn Holding Company, LLC, Class A⁽⁵⁾⁽⁶⁾		705,631	$	4,233,786

			$	4,233,786

Investment Companies — 0.1%

Aegletes B.V.⁽⁵⁾⁽⁶⁾		115,904	$	4,288,448

			$	4,288,448

Nonferrous Metals/Minerals — 0.1%

ACNR Holdings, Inc., Class A⁽⁵⁾⁽⁶⁾		36,829	$	3,793,387

			$	3,793,387

Oil and Gas — 0.1%

AFG Holdings, Inc.^(4)(5)(6)		498,342	$	1,480,076

McDermott International, Ltd.⁽⁵⁾⁽⁶⁾		1,013,850		542,410

QuarterNorth Energy, Inc.⁽⁶⁾		66,091		8,096,147

QuarterNorth Energy, Inc.⁽⁶⁾		9,684		1,186,290

			$	11,304,923

Radio and Television — 0.1%

Clear Channel Outdoor Holdings, Inc.⁽⁵⁾⁽⁶⁾		1,204,044	$	1,721,783

Cumulus Media, Inc., Class A⁽⁵⁾⁽⁶⁾		644,574		4,750,510

iHeartMedia, Inc., Class A⁽⁵⁾⁽⁶⁾		512,034		4,239,642

			$	10,711,935

Retailers (Except Food and Drug) — 0.0%⁽⁷⁾

David’s Bridal, LLC^(4)(5)(6)		272,023	$	0

Phillips Pet Holding Corp.^(4)(5)(6)		2,590		793,493

			$	793,493

Telecommunications — 0.1%

GEE Acquisition Holdings Corp.^(4)(5)(6)		364,650	$	3,281,850

			$	3,281,850


Security	Shares		Value

Utilities — 0.0%⁽⁷⁾

Longview Intermediate Holdings, LLC, Class A⁽⁵⁾⁽⁶⁾		149,459	$	2,055,061

			$	2,055,061

Total Common Stocks (identified cost $87,489,231)			$	53,968,346

Convertible Preferred Stocks — 0.1%
Security	Shares		Value

Containers and Glass Products — 0.1%

LG Newco Holdco, Inc., Series A, 13.00%⁽⁵⁾⁽⁶⁾		38,060	$	4,538,607

Total Convertible Preferred Stocks (identified cost $1,998,129)			$	4,538,607

Corporate Bonds — 7.0%
Security	Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.1%

Spirit AeroSystems, Inc., 5.50%, 1/15/25⁽¹⁾		3,000	$	2,899,125

TransDigm, Inc.:

6.25%, 3/15/26⁽¹⁾		1,500		1,482,202

8.00%, 12/15/25⁽¹⁾		1,500		1,528,095

			$	5,909,422

Air Transport — 0.7%

Air Canada, 3.875%, 8/15/26⁽¹⁾		6,850	$	6,071,121

American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:

5.50%, 4/20/26⁽¹⁾		17,175		16,383,777

5.75%, 4/20/29⁽¹⁾		12,875		11,739,232

Delta Air Lines, Inc., 7.00%, 5/1/25⁽¹⁾		4,650		4,715,956

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28⁽¹⁾		6,425		5,981,367

United Airlines, Inc.:

4.375%, 4/15/26⁽¹⁾		4,625		4,229,645

4.625%, 4/15/29⁽¹⁾		4,625		3,963,741

			$	53,084,839

Automotive — 0.2%

Clarios Global, L.P., 6.75%, 5/15/25⁽¹⁾		1,890	$	1,894,007


Security		Principal Amount* (000’s omitted)		Value

Automotive (continued)

Clarios Global, L.P./Clarios U.S. Finance Co., 6.25%, 5/15/26⁽¹⁾			3,893	$	3,775,665

Tenneco, Inc.:

5.125%, 4/15/29⁽¹⁾			9,050		8,988,485

7.875%, 1/15/29⁽¹⁾			450		446,573

				$	15,104,730

Building and Development — 0.0%⁽⁷⁾

Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 5/15/28⁽¹⁾			3,150	$	3,002,785

Winnebago Industries, Inc., 6.25%, 7/15/28⁽¹⁾			900		838,735

				$	3,841,520

Business Equipment and Services — 0.7%

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26⁽¹⁾			2,075	$	1,985,557

Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.:

4.625%, 6/1/28⁽¹⁾			17,475		14,329,150

4.625%, 6/1/28⁽¹⁾			24,975		20,941,648

Prime Security Services Borrower, LLC/Prime Finance, Inc.:

5.25%, 4/15/24⁽¹⁾			7,900		7,876,379

5.75%, 4/15/26⁽¹⁾			15,225		14,846,954

				$	59,979,688

Cable and Satellite Television — 0.6%

Altice France S.A.:

5.125%, 1/15/29⁽¹⁾			1,300	$	980,129

5.125%, 7/15/29⁽¹⁾			57,625		43,506,875

5.50%, 10/15/29⁽¹⁾			6,455		4,934,363

				$	49,421,367

Chemicals — 0.1%

Cheever Escrow Issuer, LLC, 7.125%, 10/1/27⁽¹⁾			925	$	850,440

INEOS Finance PLC, 3.375%, 3/31/26⁽¹⁾	EUR		1,250		1,112,895

INEOS Quattro Finance 2 PLC, 3.375%, 1/15/26⁽¹⁾			3,050		2,584,494

Olympus Water US Holding Corp., 4.25%, 10/1/28⁽¹⁾			9,350		7,614,108

				$	12,161,937

Commercial Services — 0.1%

WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26⁽¹⁾			8,225	$	7,682,304

				$	7,682,304


Security	Principal Amount* (000’s omitted)		Value

Communications Equipment — 0.1%

CommScope, Inc., 4.75%, 9/1/29⁽¹⁾		6,650	$	5,633,343

			$	5,633,343

Containers & Packaging — 0.2%

Clydesdale Acquisition Holdings, Inc., 6.625%, 4/15/29⁽¹⁾		2,300	$	2,186,714

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC:

4.00%, 10/15/27⁽¹⁾		5,150		4,571,140

4.375%, 10/15/28⁽¹⁾		9,125		7,997,013

			$	14,754,867

Diversified Financial Services — 0.2%

AG Issuer, LLC, 6.25%, 3/1/28⁽¹⁾		8,075	$	7,525,312

AG TTMT Escrow Issuer, LLC, 8.625%, 9/30/27⁽¹⁾		2,925		2,939,888

NFP Corp., 7.50%, 10/1/30⁽¹⁾		2,925		2,789,011

			$	13,254,211

Diversified Telecommunication Services — 0.1%

Virgin Media Secured Finance PLC, 4.50%, 8/15/30⁽¹⁾		6,500	$	5,386,675

Zayo Group Holdings, Inc., 4.00%, 3/1/27⁽¹⁾		4,000		3,097,340

			$	8,484,015

Drugs — 0.1%

Jazz Securities DAC, 4.375%, 1/15/29⁽¹⁾		9,150	$	8,143,683

			$	8,143,683

Ecological Services and Equipment — 0.1%

GFL Environmental, Inc., 4.25%, 6/1/25⁽¹⁾		5,300	$	5,067,489

			$	5,067,489

Electronics/Electrical — 0.3%

GoTo Group, Inc., 5.50%, 9/1/27⁽¹⁾		10,760	$	6,267,915

Imola Merger Corp., 4.75%, 5/15/29⁽¹⁾		18,175		15,702,200

			$	21,970,115

Entertainment — 0.1%

AMC Entertainment Holdings, Inc., 7.50%, 2/15/29⁽¹⁾		8,700	$	5,992,299

Live Nation Entertainment, Inc., 3.75%, 1/15/28⁽¹⁾		2,075		1,810,974

Six Flags Theme Parks, Inc., 7.00%, 7/1/25⁽¹⁾		1,070		1,081,984

			$	8,885,257

Health Care — 0.5%

Medline Borrower, L.P., 3.875%, 4/1/29⁽¹⁾		22,800	$	18,665,220


Security	Principal Amount* (000’s omitted)		Value

Health Care (continued)

RP Escrow Issuer, LLC, 5.25%, 12/15/25⁽¹⁾		2,150	$	1,612,972

Tenet Healthcare Corp., 4.25%, 6/1/29⁽¹⁾		22,950		19,370,374

			$	39,648,566

Hotels, Restaurants & Leisure — 0.4%

Carnival Corporation, 4.00%, 8/1/28⁽¹⁾		34,575	$	27,919,312

SeaWorld Parks & Entertainment, Inc., 8.75%, 5/1/25⁽¹⁾		2,125		2,179,475

			$	30,098,787

Household Products — 0.0%⁽⁷⁾

Kronos Acquisition Holdings, Inc./KIK Custom

Products, Inc., 5.00%, 12/31/26⁽¹⁾		1,075	$	975,933

			$	975,933

Insurance — 0.0%⁽⁷⁾

Alliant Holdings Intermediate LLC/Alliant Holdings

Co., 4.25%, 10/15/27⁽¹⁾		700	$	631,792

			$	631,792

Internet Software & Services — 0.2%

Arches Buyer, Inc., 4.25%, 6/1/28⁽¹⁾		6,900	$	5,676,492

Central Parent, Inc./CDK Global, Inc., 7.25%, 6/15/29⁽¹⁾		13,700		13,125,422

			$	18,801,914

IT Services — 0.0%⁽⁷⁾

Rackspace Technology Global, Inc., 3.50%, 2/15/28⁽¹⁾		6,185	$	4,095,299

			$	4,095,299

Leisure Goods/Activities/Movies — 0.3%

Lindblad Expeditions, LLC, 6.75%, 2/15/27⁽¹⁾		3,300	$	2,940,503

NCL Corp., Ltd., 5.875%, 2/15/27⁽¹⁾		22,000		19,670,090

			$	22,610,593

Machinery — 0.2%

Madison IAQ, LLC, 4.125%, 6/30/28⁽¹⁾		13,400	$	11,118,918

TK Elevator U.S. Newco, Inc., 5.25%, 7/15/27⁽¹⁾		4,150		3,730,933

			$	14,849,851

Media — 0.4%

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26⁽¹⁾		6,753	$	1,358,940

iHeartCommunications, Inc.:

4.75%, 1/15/28⁽¹⁾		2,550		2,228,662


Security	Principal Amount* (000’s omitted)		Value

Media (continued)

iHeartCommunications, Inc.: (continued)

5.25%, 8/15/27⁽¹⁾		2,125	$	1,939,700

6.375%, 5/1/26		2,896		2,766,068

8.375%, 5/1/27		5,248		4,723,690

Univision Communications, Inc.:

4.50%, 5/1/29⁽¹⁾		9,125		7,703,325

7.375%, 6/30/30⁽¹⁾		11,300		10,946,366

			$	31,666,751

Oil, Gas & Consumable Fuels — 0.1%

CITGO Petroleum Corporation:

6.375%, 6/15/26⁽¹⁾		1,750	$	1,727,932

7.00%, 6/15/25⁽¹⁾		10,525		10,376,387

			$	12,104,319

Pharmaceuticals — 0.1%

Bausch Health Companies, Inc.:

4.875%, 6/1/28⁽¹⁾		8,675	$	5,331,872

6.125%, 2/1/27⁽¹⁾		6,075		4,004,461

			$	9,336,333

Professional Services — 0.0%⁽⁷⁾

CoreLogic, Inc., 4.50%, 5/1/28⁽¹⁾		5,525	$	3,727,648

			$	3,727,648

Real Estate Investment Trusts (REITs) — 0.1%

Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 5.875%, 10/1/28⁽¹⁾		6,425	$	5,844,951

			$	5,844,951

Retail — 0.2%

Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29⁽¹⁾		15,580	$	13,578,983

			$	13,578,983

Retailers (Except Food and Drug) — 0.0%⁽⁷⁾

PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/28⁽¹⁾		1,300	$	1,189,513

			$	1,189,513

Software — 0.2%

Boxer Parent Co., Inc., 7.125%, 10/2/25⁽¹⁾		4,225	$	4,160,780

Sabre GLBL, Inc.:

7.375%, 9/1/25⁽¹⁾		2,125		1,999,668


Security	Principal Amount* (000’s omitted)		Value

Software (continued)

Sabre GLBL, Inc.: (continued)

9.25%, 4/15/25⁽¹⁾		2,525	$	2,451,106

Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 9/1/25⁽¹⁾		10,350		8,732,559

			$	17,344,113

Technology — 0.1%

Clarivate Science Holdings Corp., 3.875%, 7/1/28⁽¹⁾		11,400	$	9,803,709

			$	9,803,709

Telecommunications — 0.3%

LCPR Senior Secured Financing DAC, 5.125%, 7/15/29⁽¹⁾		9,325	$	7,878,972

Lumen Technologies, Inc., 4.00%, 2/15/27⁽¹⁾		11,277		9,604,734

VMED O2 UK Financing I PLC, 4.25%, 1/31/31⁽¹⁾		8,550		6,815,037

			$	24,298,743

Trading Companies & Distributors — 0.1%

American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28⁽¹⁾		2,975	$	2,630,927

SRS Distribution, Inc., 4.625%, 7/1/28⁽¹⁾		4,575		4,027,235

			$	6,658,162

Utilities — 0.0%⁽⁷⁾

Calpine Corp., 5.25%, 6/1/26⁽¹⁾		1,109	$	1,054,137

			$	1,054,137

Wireless Telecommunication Services — 0.1%

Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24⁽¹⁾		6,325	$	5,411,955

			$	5,411,955

Total Corporate Bonds (identified cost $665,096,030)			$	567,110,839

Exchange-Traded Funds — 0.2%
Security	Shares		Value

SPDR Blackstone Senior Loan ETF		426,000	$	17,610,840

Total Exchange-Traded Funds (identified cost $19,593,027)			$	17,610,840


Preferred Stocks — 0.1%
Security			Shares		Value

Financial Services — 0.0%

DBI Investors, Inc., Series A-1^(4)(5)(6)				13,348	$	0

					$	0

Nonferrous Metals/Minerals — 0.1%

ACNR Holdings, Inc., 15.00% (PIK)⁽⁵⁾⁽⁶⁾				17,394	$	10,740,795

					$	10,740,795

Retailers (Except Food and Drug) — 0.0%

David’s Bridal, LLC:

Series A 8.00% (PIK)^(4)(5)(6)				7,852	$	0

Series B 10.00% (PIK)^(4)(5)(6)				31,998		0

					$	0

Total Preferred Stocks (identified cost $2,590,558)					$	10,740,795

Senior Floating-Rate Loans — 84.3%⁽⁸⁾
Borrower/Description	Principal Amount* (000’s omitted)				Value

Aerospace and Defense — 1.9%

Aernnova Aerospace S.A.U.:

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 2/26/27		EUR		4,656	$	3,938,040

Term Loan, 4.10%, (3 mo. EURIBOR + 3.00%), 2/22/27		EUR		1,194		1,009,754

AI Convoy (Luxembourg) S.a.r.l.:

Term Loan, 5.532%, (6 mo. EURIBOR + 3.50%), 1/18/27		EUR		3,850		3,538,428

Term Loan, 8.173%, (USD LIBOR + 3.50%), 1/18/27⁽⁹⁾				3,003		2,941,741

Dynasty Acquisition Co., Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 4/6/26				29,031		27,346,879

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 4/6/26				15,611		14,705,201

IAP Worldwide Services, Inc., Term Loan - Second Lien, 10.174%, (3 mo. USD LIBOR + 6.50%), 7/18/23⁽⁴⁾				6,770		5,255,578

Spirit Aerosystems, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 1/15/25				10,385		10,310,943

TransDigm, Inc.:

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 8/22/24				27,752		27,343,269

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 5/30/25				6,271		6,140,590


Borrower/Description		Principal Amount* (000’s omitted)		Value

Aerospace and Defense (continued)

TransDigm, Inc.: (continued)

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 12/9/25			24,276	$	23,739,174

WP CPP Holdings, LLC, Term Loan, 8.168%, (USD LIBOR + 3.75%), 4/30/25⁽⁹⁾			27,375		23,542,674

				$	149,812,271

Airlines — 1.2%

American Airlines, Inc.:

Term Loan, 5.346%, (1 mo. USD LIBOR + 1.75%), 6/27/25			6,083	$	5,764,181

Term Loan, 8.993%, (3 mo. USD LIBOR + 4.75%), 4/20/28			27,625		27,388,226

Mileage Plus Holdings, LLC, Term Loan, 8.777%, (3 mo. USD LIBOR + 5.25%), 6/21/27			15,603		15,963,360

SkyMiles IP, Ltd., Term Loan, 7.993%, (3 mo. USD LIBOR + 3.75%), 10/20/27			31,975		32,303,639

United Airlines, Inc., Term Loan, 8.108%, (3 mo. USD LIBOR + 3.75%), 4/21/28			17,604		17,230,568

				$	98,649,974

Apparel & Luxury Goods — 0.0%⁽⁷⁾

Samsonite International S.A., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 4/25/25			2,709	$	2,593,470

				$	2,593,470

Auto Components — 2.2%

Adient US, LLC, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 4/10/28			13,602	$	13,177,042

American Axle and Manufacturing, Inc., Term Loan, 5.84%, (1 mo. USD LIBOR + 2.25%), 4/6/24			15,879		15,704,072

Chassix, Inc., Term Loan, 8.272%, (USD LIBOR + 5.50%), 11/15/23⁽⁹⁾			9,336		8,562,114

Clarios Global, L.P.:

Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 4/30/26	EUR		24,804		22,888,938

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 4/30/26			6,152		6,000,607

DexKo Global, Inc.:

Term Loan, 5.133%, (1 mo. EURIBOR + 4.00%), 10/4/28	EUR		1,012		882,832

Term Loan, 5.218%, (EURIBOR + 4.00%), 10/4/28⁽⁹⁾	EUR		6,291		5,486,708

Term Loan, 5.578%, (3 mo. EURIBOR + 4.00%), 10/4/28	EUR		3,272		2,853,238

Term Loan, 7.476%, (USD LIBOR + 3.75%), 10/4/28⁽⁹⁾			13,507		12,270,386


Borrower/Description		Principal Amount* (000’s omitted)		Value

Auto Components (continued)

Garrett LX I S.a.r.l.:

Term Loan, 5.105%, (3 mo. EURIBOR + 3.50%), 4/30/28	EUR		15,900	$	14,731,097

Term Loan, 7.67%, (3 mo. USD LIBOR + 3.25%), 4/30/28			5,668		5,526,056

LTI Holdings, Inc.:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 9/6/25			5,664		5,298,672

Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 7/24/26			7,117		6,689,864

Tenneco, Inc., Term Loan, 6.206%, (1 mo. USD LIBOR + 3.00%), 10/1/25			33,876		33,774,725

TI Group Automotive Systems, LLC, Term Loan, 4.443%, (1 mo. EURIBOR + 3.25%), 12/16/26	EUR		8,888		8,147,007

Truck Hero, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 1/31/28			15,351		13,254,487

Wheel Pros, LLC, Term Loan, 8.825%, (3 mo. USD LIBOR + 4.50%), 5/11/28			1,837		1,343,889

				$	176,591,734

Automobiles — 0.7%

Bombardier Recreational Products, Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 5/24/27			43,610	$	42,001,500

MajorDrive Holdings IV, LLC, Term Loan, 7.125%, (3 mo. USD LIBOR + 4.00%), 6/1/28			15,524		14,340,039

				$	56,341,539

Beverages — 0.3%

Arterra Wines Canada, Inc., Term Loan, 7.142%, (3 mo. USD LIBOR + 3.50%), 11/24/27			1,427	$	1,306,199

City Brewing Company, LLC, Term Loan, 6.814%, (1 mo. USD LIBOR + 3.50%), 4/5/28			5,810		4,016,356

Triton Water Holdings, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 3/31/28			16,801		15,041,802

				$	20,364,357

Biotechnology — 0.5%

Alkermes, Inc., Term Loan, 5.98%, (1 mo. USD LIBOR + 2.50%), 3/12/26			18,364	$	17,675,288

Alltech, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 10/13/28			7,518		7,226,858

Grifols Worldwide Operations USA, Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 11/15/27			17,440		16,771,627

				$	41,673,773

Building Products — 0.9%

ACProducts, Inc., Term Loan, 7.325%, (USD LIBOR + 4.25%), 5/17/28⁽⁹⁾			18,763	$	13,154,858


Borrower/Description		Principal Amount* (000’s omitted)		Value

Building Products (continued)

Cornerstone Building Brands, Inc., Term Loan, 6.589%, (1 mo. USD LIBOR + 3.25%), 4/12/28			19,710	$	16,624,496

CPG International, Inc., Term Loan, 6.269%, (SOFR + 2.50%), 4/28/29			13,775		13,359,601

LHS Borrower, LLC, Term Loan, 8.579%, (SOFR + 4.75%), 2/16/29			13,044		10,359,005

MI Windows and Doors, LLC, Term Loan, 7.329%, (SOFR + 3.50%), 12/18/27			6,611		6,450,259

Standard Industries, Inc., Term Loan, 6.675%, (6 mo. USD LIBOR + 2.50%), 9/22/28			15,487		15,198,955

				$	75,147,174

Capital Markets — 3.5%

Advisor Group, Inc., Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 7/31/26			36,937	$	35,574,908

AllSpring Buyer, LLC, Term Loan, 6.688%, (3 mo. USD LIBOR + 3.00%), 11/1/28			6,283		6,212,261

Aretec Group, Inc., Term Loan, 8.079%, (SOFR + 4.25%), 10/1/25			18,467		17,970,686

Axalta Coating Systems US Holdings, Inc., Term Loan, 5.424%, (3 mo. USD LIBOR + 1.75%), 6/1/24			20,974		20,773,404

CeramTec AcquiCo GmbH, Term Loan, 4.332%, (3 mo. EURIBOR + 3.75%), 3/16/29	EUR		12,779		11,708,004

Clipper Acquisitions Corp., Term Loan, 4.924%, (1 mo. USD LIBOR + 1.75%), 3/3/28			11,211		11,001,071

Edelman Financial Center, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 4/7/28			29,001		27,102,658

EIG Management Company, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 2/22/25			2,889		2,809,431

FinCo I, LLC, Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 6/27/25			18,666		18,628,534

Focus Financial Partners, LLC:

Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 7/3/24			12,976		12,812,528

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 6/30/28			9,978		9,775,755

Franklin Square Holdings, L.P., Term Loan, 6.063%, (1 mo. USD LIBOR + 2.25%), 8/1/25			6,264		6,170,013

Guggenheim Partners, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 7/21/23			19,376		19,278,743

HighTower Holdings, LLC, Term Loan, 8.278%, (3 mo. USD LIBOR + 4.00%), 4/21/28			9,199		8,577,641

Hudson River Trading, LLC, Term Loan, 6.164%, (SOFR + 3.00%), 3/20/28			25,834		23,803,466

LPL Holdings, Inc., Term Loan, 4.878%, (1 mo. USD LIBOR + 1.75%), 11/12/26			15,949		15,769,574

Mariner Wealth Advisors, LLC, Term Loan, 7.065%, (SOFR + 3.25%), 8/18/28			13,584		13,091,240


Borrower/Description		Principal Amount* (000’s omitted)		Value

Capital Markets (continued)

Victory Capital Holdings, Inc.:

Term Loan, 5.962%, (SOFR + 2.25%), 7/1/26			13,543	$	13,285,020

Term Loan, 5.962%, (SOFR + 2.25%), 12/29/28			6,979		6,832,637

				$	281,177,574

Chemicals — 3.3%

Aruba Investments, Inc.:

Term Loan, 4.979%, (1 mo. EURIBOR + 4.00%), 11/24/27	EUR		3,398	$	3,089,654

Term Loan, 7.576%, (1 mo. USD LIBOR + 4.00%), 11/24/27			5,048		4,758,099

Caldic B.V., Term Loan, 5.105%, (3 mo. EURIBOR + 3.50%), 2/3/29	EUR		6,000		5,418,079

Chemours Company (The), Term Loan, 3.20%, (3 mo. EURIBOR + 2.00%), 4/3/25	EUR		2,790		2,619,195

Colouroz Investment 1 GmbH:

Term Loan, 5.752%, (EURIBOR + 4.25%), 9/21/23⁽⁹⁾	EUR		2,514		1,913,365

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		27		20,701

CPC Acquisition Corp., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 12/29/27			16,671		13,336,900

Flint Group GmbH:

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		276		209,996

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		32		24,257

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		73		55,234

Term Loan, 5.751%, (3 mo. EURIBOR + 4.25%), 9/21/23	EUR		144		109,443

Term Loan, 7.009%, (3 mo. USD LIBOR + 4.25%), 9/21/23			1,387		1,048,547

Flint Group US LLC, Term Loan, 9.32%, (3 mo. USD LIBOR + 5.00%), 8.57% cash, 0.75% PIK, 9/21/23			8,387		6,342,859

Gemini HDPE, LLC, Term Loan, 7.358%, (3 mo. USD LIBOR + 3.00%), 12/31/27			4,910		4,733,803

GEON Performance Solutions, LLC, Term Loan, 8.174%, (1 mo. USD LIBOR + 4.50%), 8/18/28			5,718		5,555,971

Groupe Solmax, Inc., Term Loan, 8.392%, (3 mo. USD LIBOR + 4.75%), 5/29/28			15,503		13,565,154

INEOS Enterprises Holdings II Limited, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 8/31/26	EUR		1,975		1,789,144

INEOS Enterprises Holdings US Finco, LLC, Term Loan, 6.57%, (3 mo. USD LIBOR + 3.50%), 8/28/26			5,040		4,586,006

INEOS Finance PLC:

Term Loan, 3.133%, (1 mo. EURIBOR + 2.00%), 4/1/24	EUR		6,225		6,048,410


Borrower/Description		Principal Amount* (000’s omitted)		Value

Chemicals (continued)

INEOS Finance PLC: (continued)

Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 11/8/28	EUR		8,900	$	7,981,846

INEOS Quattro Holdings UK Ltd., Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 1/29/26	EUR		24,900		22,249,215

INEOS Styrolution US Holding, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/29/26			15,882		14,991,886

INEOS US Finance, LLC, Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 11/8/28			6,214		5,800,091

Kraton Corporation, Term Loan, 6.718%, (SOFR + 3.25%), 3/15/29			5,672		5,494,266

Kraton Polymers Holdings B.V., Term Loan, 4.25%, (3 mo. EURIBOR + 3.25%), 3/15/29	EUR		4,250		3,874,557

Lonza Group AG:

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 7/3/28	EUR		7,125		6,341,552

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 7/3/28	EUR		8,475		7,543,109

Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 7/3/28			21,910		19,368,184

LSF11 Skyscraper Holdco S.a.r.l.:

Term Loan, 4.693%, (3 mo. EURIBOR + 3.50%), 9/29/27	EUR		11,350		10,742,731

Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 9/29/27			4,778		4,610,484

Messer Industries GmbH:

Term Loan, 3.693%, (2 mo. EURIBOR + 2.50%), 3/2/26	EUR		2,061		1,947,997

Term Loan, 6.174%, (3 mo. USD LIBOR + 2.50%), 3/2/26			9,579		9,430,253

Olympus Water US Holding Corporation:

Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 11/9/28			4,987		4,554,484

Term Loan, 8.153%, (SOFR + 4.50%), 11/9/28			5,398		4,968,744

Orion Engineered Carbons GmbH:

Term Loan, 3.693%, (3 mo. EURIBOR + 2.50%), 9/24/28	EUR		1,250		1,187,444

Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 9/24/28			4,480		4,344,426

PQ Corporation, Term Loan, 6.915%, (3 mo. USD LIBOR + 2.50%), 6/9/28			8,757		8,472,059

Rohm Holding GmbH:

Term Loan, 4.881%, (6 mo. EURIBOR + 4.25%), 7/31/26	EUR		2,150		1,685,624

Term Loan, 8.121%, (3 mo. USD LIBOR + 4.75%), 7/31/26			16,003		12,202,606

Spectrum Holdings III Corp., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 1/31/25			5,530		5,070,731


Borrower/Description		Principal Amount* (000’s omitted)		Value

Chemicals (continued)

Starfruit Finco B.V., Term Loan, 7.165%, (3 mo. USD LIBOR + 2.75%), 10/1/25			3,602	$	3,409,551

Trinseo Materials Operating S.C.A., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 5/3/28			6,853		5,969,951

Tronox Finance, LLC:

Term Loan, 5.938%, (USD LIBOR + 2.25%), 3/10/28⁽⁹⁾			11,570		10,940,772

Term Loan, 6.803%, (SOFR + 3.25%), 4/4/29			3,657		3,510,360

W.R. Grace & Co.-Conn., Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 9/22/28			9,478		9,135,627

				$	271,053,367

Commercial Services & Supplies — 1.7%

Allied Universal Holdco, LLC, Term Loan, 4.883%, (1 mo. EURIBOR + 3.75%), 5/12/28	EUR		8,508	$	7,404,632

Asplundh Tree Expert, LLC, Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 9/7/27			8,281		8,162,607

Belfor Holdings, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 4/6/26			2,614		2,589,932

Clean Harbors, Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 10/8/28			4,151		4,136,566

Covanta Holding Corporation:

Term Loan, 6.229%, (1 mo. USD LIBOR + 2.50%), 11/30/28			1,828		1,807,615

Term Loan, 6.229%, (1 mo. USD LIBOR + 2.50%), 11/30/28			138		136,082

EnergySolutions, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/9/25			17,191		15,987,245

Garda World Security Corporation, Term Loan, 7.24%, (3 mo. USD LIBOR + 4.25%), 10/30/26			11,995		11,465,343

GFL Environmental, Inc., Term Loan, 7.415%, (3 mo. USD LIBOR + 3.00%), 5/30/25			7,574		7,547,159

Harsco Corporation, Term Loan, 6.063%, (1 mo. USD LIBOR + 2.25%), 3/10/28			3,407		2,990,385

LABL, Inc., Term Loan, 8.754%, (1 mo. USD LIBOR + 5.00%), 10/29/28			8,660		8,016,590

Monitronics International, Inc., Term Loan, 11.915%, (3 mo. USD LIBOR + 6.50%), 3/29/24			16,842		11,143,936

PECF USS Intermediate Holding III Corporation, Term Loan, 8.004%, (1 mo. USD LIBOR + 4.25%), 12/15/28			9,916		7,709,036

Phoenix Services International, LLC:

DIP Loan, 5.559%, (SOFR + 2.00%), 3/28/23			852		852,152

Term Loan, 0.00%, 3/1/25⁽¹²⁾			8,551		1,913,339

Prime Security Services Borrower, LLC, Term Loan, 6.505%, (3 mo. USD LIBOR + 2.75%), 9/23/26			13,506		13,328,306

SITEL Group, Term Loan, 4.883%, (1 mo. EURIBOR + 3.75%), 8/28/28	EUR		6,425		6,099,493


Borrower/Description		Principal Amount* (000’s omitted)		Value

Commercial Services & Supplies (continued)

SITEL Worldwide Corporation, Term Loan, 7.51%, (1 mo. USD LIBOR + 3.75%), 8/28/28			17,108	$	16,872,809

Tempo Acquisition, LLC, Term Loan, 6.729%, (SOFR + 3.00%), 8/31/28			2,487		2,460,261

TruGreen Limited Partnership, Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 11/2/27			4,028		3,741,237

Werner FinCo, L.P., Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 7/24/24			4,619		4,203,202

				$	138,567,927

Communications Equipment — 0.3%

CommScope, Inc., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 4/6/26			15,296	$	14,646,023

Digi International, Inc., Term Loan, 8.754%, (1 mo. USD LIBOR + 5.00%), 11/1/28			4,893		4,813,348

Tiger Acquisition, LLC, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 6/1/28			3,354		3,140,957

				$	22,600,328

Construction Materials — 0.4%

Oscar AcquisitionCo, LLC, Term Loan, 8.153%, (SOFR + 4.50%), 4/29/29			13,300	$	12,083,050

Quikrete Holdings, Inc.:

Term Loan, 6.379%, (1 mo. USD LIBOR + 2.63%), 2/1/27			4,270		4,159,524

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 6/11/28			19,207		18,760,606

				$	35,003,180

Containers & Packaging — 1.2%

Berlin Packaging, LLC, Term Loan, 6.911%, (USD LIBOR + 3.75%), 3/11/28⁽⁹⁾			5,431	$	5,210,343

BWAY Holding Company, Term Loan, 6.378%, (1 mo. USD LIBOR + 3.25%), 4/3/24			10,996		10,462,023

Clydesdale Acquisition Holdings, Inc., Term Loan, 8.004%, (SOFR + 4.18%), 4/13/29			8,803		8,493,365

Kouti B.V., Term Loan, 3.757%, (3 mo. EURIBOR + 3.18%), 8/31/28	EUR		29,250		25,822,955

Pregis TopCo Corporation:

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 7/31/26			1,361		1,301,128

Term Loan, 7.843%, (1 mo. USD LIBOR + 4.00%), 7/31/26			1,985		1,897,864

Pretium PKG Holdings, Inc.:

Term Loan, 7.60%, (USD LIBOR + 4.00%), 10/2/28⁽⁹⁾			7,121		6,260,713

Term Loan - Second Lien, 10.205%, (USD LIBOR + 6.75%), 10/1/29⁽⁹⁾			6,675		5,640,375


Borrower/Description		Principal Amount* (000’s omitted)		Value

Containers & Packaging (continued)

Pro Mach Group, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 8/31/28			2,827	$	2,760,681

Proampac PG Borrower, LLC, Term Loan, 7.728%, (USD LIBOR + 3.75%), 11/3/25⁽⁹⁾			22,806		21,772,257

Trident TPI Holdings, Inc.:

Term Loan, 6.30%, (3 mo. USD LIBOR + 4.00%), 9/15/28⁽¹⁰⁾			713		678,276

Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 9/15/28			5,006		4,761,159

				$	95,061,139

Distributors — 0.5%

Autokiniton US Holdings, Inc., Term Loan, 7.80%, (1 mo. USD LIBOR + 4.50%), 4/6/28			20,788	$	19,494,405

Phillips Feed Service, Inc., Term Loan, 10.48%, (1 mo. USD LIBOR + 7.00%), 11/13/24⁽⁴⁾			475		380,380

White Cap Buyer, LLC, Term Loan, 7.479%, (SOFR + 3.75%), 10/19/27			18,515		17,579,512

				$	37,454,297

Diversified Consumer Services — 0.7%

Ascend Learning, LLC:

Term Loan, 7.132%, (1 mo. USD LIBOR + 3.50%), 12/11/28			13,904	$	12,803,189

Term Loan - Second Lien, 9.504%, (1 mo. USD LIBOR + 5.75%), 12/10/29			5,243		4,469,931

Corporation Service Company, Term Loan, 8/31/29⁽¹¹⁾			5,100		5,007,563

FrontDoor, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 6/17/28			864		837,421

KUEHG Corp.:

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 2/21/25			28,637		27,503,145

Term Loan - Second Lien, 12.004%, (1 mo. USD LIBOR + 8.25%), 8/22/25			4,425		4,309,950

Sotheby’s, Term Loan, 8.579%, (3 mo. USD LIBOR + 4.50%), 1/15/27			4,025		3,953,179

				$	58,884,378

Diversified Financial Services — 0.5%

Concorde Midco Ltd., Term Loan, 5.16%, (3 mo. EURIBOR + 4.00%), 3/1/28	EUR		8,730	$	7,843,766

Sandy BidCo B.V., Term Loan, 6.038%, (6 mo. EURIBOR + 4.00%), 8/17/29	EUR		19,258		18,175,649

Zephyr Bidco Limited:

Term Loan, 4.693%, (1 mo. EURIBOR + 3.75%), 7/23/25	EUR		4,975		4,186,436

Term Loan, 6.934%, (SONIA + 4.75%), 7/23/25	GBP		8,675		7,784,690

				$	37,990,541


Borrower/Description		Principal Amount* (000’s omitted)		Value

Diversified Telecommunication Services — 3.6%

Altice France S.A.:

Term Loan, 6.905%, (3 mo. USD LIBOR + 4.00%), 8/14/26			7,265	$	6,678,022

Term Loan, 7.767%, (3 mo. USD LIBOR + 3.69%), 1/31/26			4,403		3,975,102

CenturyLink, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 3/15/27			42,192		39,440,939

GEE Holdings 2, LLC:

Term Loan, 11.604%, (3 mo. USD LIBOR + 8.00%), 3/24/25			9,639		9,675,264

Term Loan - Second Lien, 11.854%, (3 mo. USD LIBOR + 8.25%), 5.104% cash, 6.75% PIK, 3/23/26			6,865		5,263,294

LCPR Loan Financing, LLC, Term Loan, 7.162%, (1 mo. USD LIBOR + 3.75%), 10/16/28			1,650		1,612,360

Level 3 Financing, Inc., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 3/1/27			851		810,050

Numericable Group S.A.:

Term Loan, 4.605%, (3 mo. EURIBOR + 3.00%), 7/31/25	EUR		6,946		6,340,630

Term Loan, 7.165%, (3 mo. USD LIBOR + 2.75%), 7/31/25			10,666		9,717,957

Telenet Financing USD, LLC, Term Loan, 5.412%, (1 mo. USD LIBOR + 2.00%), 4/30/28			32,325		31,378,330

Telenet International Finance S.a.r.l., Term Loan, 2.613%, (6 mo. EURIBOR + 2.25%), 4/30/29	EUR		5,000		4,654,656

UPC Broadband Holding B.V.:

Term Loan, 2.863%, (6 mo. EURIBOR + 2.50%), 4/30/29	EUR		4,850		4,487,457

Term Loan, 3.363%, (6 mo. EURIBOR + 3.00%), 1/31/29	EUR		13,850		12,925,905

Term Loan, 5.662%, (1 mo. USD LIBOR + 2.25%), 4/30/28			5,800		5,667,081

UPC Financing Partnership, Term Loan, 6.337%, (1 mo. USD LIBOR + 2.93%), 1/31/29			28,800		28,229,155

Virgin Media Bristol, LLC:

Term Loan, 5.912%, (1 mo. USD LIBOR + 2.50%), 1/31/28			38,775		38,093,762

Term Loan, 6.662%, (1 mo. USD LIBOR + 3.25%), 1/31/29			500		493,047

Virgin Media Ireland Limited, Term Loan, 3.863%, (6 mo. EURIBOR + 3.50%), 7/15/29	EUR		8,500		7,894,368

Virgin Media SFA Finance Limited:

Term Loan, 3.345%, (1 mo. EURIBOR + 2.50%), 1/31/29	EUR		11,625		10,727,296

Term Loan, 5.469%, (SONIA + 3.25%), 1/15/27	GBP		8,175		8,414,140

Term Loan, 5.469%, (SONIA + 3.25%), 11/15/27	GBP		600		618,842

Zayo Group Holdings, Inc., Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 3/9/27	EUR		4,141		3,326,864


Borrower/Description		Principal Amount* (000’s omitted)		Value

Diversified Telecommunication Services (continued)

Ziggo B.V., Term Loan, 3.764%, (6 mo. EURIBOR + 3.00%), 1/31/29	EUR		28,150	$	25,757,630

Ziggo Financing Partnership, Term Loan, 5.912%, (1 mo. USD LIBOR + 2.50%), 4/30/28			21,734		21,202,388

				$	287,384,539

Electrical Equipment — 0.1%

AZZ, Inc., Term Loan, 8.079%, (SOFR + 4.25%), 5/13/29			1,834	$	1,820,101

Brookfield WEC Holdings, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 8/1/25			1,537		1,512,757

GrafTech Finance, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 2/12/25			3,351		3,196,095

II-VI Incorporated, Term Loan, 5.878%, (1 mo. USD LIBOR + 2.75%), 7/2/29			438		425,906

				$	6,954,859

Electronic Equipment, Instruments & Components — 1.0%

Chamberlain Group, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 11/3/28			18,634	$	16,999,820

Creation Technologies, Inc., Term Loan, 9.248%, (3 mo. USD LIBOR + 5.50%), 10/5/28			11,443		9,497,275

Minimax Viking GmbH, Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 7/31/25	EUR		1,856		1,782,308

Mirion Technologies, Inc., Term Loan, 5.627%, (6 mo. USD LIBOR + 2.75%), 10/20/28			7,292		7,123,751

Robertshaw US Holding Corp., Term Loan, 7.313%, (1 mo. USD LIBOR + 3.50%), 2/28/25			16,985		13,885,096

Verifone Systems, Inc., Term Loan, 6.997%, (3 mo. USD LIBOR + 4.00%), 8/20/25			13,766		12,298,735

Verisure Holding AB:

Term Loan, 3.473%, (6 mo. EURIBOR + 3.25%), 3/27/28	EUR		15,450		14,342,808

Term Loan, 3.753%, (6 mo. EURIBOR + 3.25%), 7/20/26	EUR		4,475		4,176,973

				$	80,106,766

Energy Equipment & Services — 0.3%

Ameriforge Group, Inc.:

Term Loan, 15.029%, (1 mo. USD LIBOR + 13.00%), 12/29/23⁽¹⁰⁾			3,086	$	1,531,602

Term Loan, 16.67%, (3 mo. USD LIBOR + 8.00%), 11.67% cash, 5.00% PIK, 12/31/23			24,185		12,002,041

Lealand Finance Company B.V.:

Term Loan, 6/28/24⁽¹¹⁾			9,039		7,412,283

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 4.754% cash, 3.00% PIK, 6/30/25			2,443		1,302,819

				$	22,248,745


Borrower/Description		Principal Amount* (000’s omitted)		Value

Engineering & Construction — 1.0%

Aegion Corporation, Term Loan, 8.504%, (1 mo. USD LIBOR + 4.75%), 5/17/28			15,918	$	14,756,954

Amentum Government Services Holdings, LLC:

Term Loan, 7.393%, (SOFR + 4.00%), 2/15/29⁽⁹⁾			8,354		8,124,326

Term Loan, 7.798%, (3 mo. USD LIBOR + 4.00%), 1/29/27			5,790		5,630,476

American Residential Services, LLC, Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 10/15/27			7,525		7,337,052

APi Group DE, Inc.:

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 10/1/26			12,964		12,803,257

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/3/29			7,686		7,590,879

Centuri Group, Inc., Term Loan, 5.57%, (3 mo. USD LIBOR + 2.50%), 8/27/28			8,390		8,231,543

Northstar Group Services, Inc., Term Loan, 9.254%, (1 mo. USD LIBOR + 5.50%), 11/12/26			11,113		10,973,895

USIC Holdings, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 5/12/28			5,990		5,707,808

				$	81,156,190

Entertainment — 2.0%

Alchemy Copyrights, LLC, Term Loan, 6.128%, (1 mo. USD LIBOR + 3.00%), 3/10/28			3,553	$	3,534,895

AMC Entertainment Holdings, Inc., Term Loan, 6.314%, (1 mo. USD LIBOR + 3.00%), 4/22/26			19,650		14,049,945

City Football Group Limited, Term Loan, 6.484%, (3 mo. USD LIBOR + 3.50%), 7/21/28			11,821		11,052,261

Crown Finance US, Inc.:

DIP Loan, 0.00%, 9/7/23⁽¹⁰⁾			625		628,100

DIP Loan, 13.612%, (SOFR + 10.00%), 9/7/23			7,441		7,475,001

Delta 2 (LUX) S.a.r.l., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 2/1/24			62,085		62,097,608

Live Nation Entertainment, Inc., Term Loan, 5.313%, (1 mo. USD LIBOR + 1.75%), 10/17/26			5,629		5,438,755

Playtika Holding Corp., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 3/13/28			30,593		29,833,926

Renaissance Holding Corp.:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/30/25			5,979		5,796,350

Term Loan, 7.608%, (SOFR + 4.50%), 3/30/29			2,569		2,491,506

Term Loan - Second Lien, 10.754%, (1 mo. USD LIBOR + 7.00%), 5/29/26			3,175		3,034,770

UFC Holdings, LLC, Term Loan, 7.11%, (3 mo. USD LIBOR + 2.75%), 4/29/26			14,562		14,273,995

Vue International Bidco PLC:

Term Loan, 5.66%, (2 mo. EURIBOR + 4.75%), 7/3/26	EUR		3,878		2,618,652


Borrower/Description		Principal Amount* (000’s omitted)		Value

Entertainment (continued)

Vue International Bidco PLC: (continued)

Term Loan, 9.766%, (3 mo. EURIBOR + 8.00%), 6/30/27	EUR		434	$	404,895

				$	162,730,659

Equity Real Estate Investment Trusts (REITs) — 0.1%

Iron Mountain, Inc., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 1/2/26			8,699	$	8,557,706

				$	8,557,706

Food Products — 0.8%

8th Avenue Food & Provisions, Inc., Term Loan, 8.382%, (1 mo. USD LIBOR + 4.75%), 10/1/25			6,608	$	5,798,739

Badger Buyer Corp., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 9/30/24			4,826		4,252,934

CHG PPC Parent, LLC:

Term Loan, 4.633%, (1 mo. EURIBOR + 3.50%), 3/31/25	EUR		2,000		1,876,850

Term Loan, 6.632%, (1 mo. USD LIBOR + 3.00%), 12/8/28			5,796		5,621,999

Del Monte Foods, Inc., Term Loan, 7.827%, (SOFR + 4.35%), 5/16/29			6,325		6,155,016

Froneri International, Ltd.:

Term Loan, 3.006%, (6 mo. EURIBOR + 2.38%), 1/29/27	EUR		1,500		1,355,446

Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 1/29/27			4,740		4,585,480

Monogram Food Solutions, LLC, Term Loan, 7.813%, (1 mo. USD LIBOR + 4.00%), 8/28/28			5,980		5,830,317

Nomad Foods Europe Midco Limited, Term Loan, 5.155%, (3 mo. USD LIBOR + 2.25%), 5/15/24			10,406		10,346,417

Sovos Brands Intermediate, Inc., Term Loan, 7.915%, (3 mo. USD LIBOR + 3.50%), 6/8/28			5,259		5,056,009

United Petfood Group B.V., Term Loan, 4.558%, (3 mo. EURIBOR + 3.00%), 4/23/28	EUR		8,400		7,574,934

Valeo F1 Company Limited (Ireland):

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 6/30/28	EUR		8,550		7,213,791

Term Loan, 7.188%, (SONIA + 5.00%), 6/28/28	GBP		2,500		2,365,274

				$	68,033,206

Gas Utilities — 0.3%

CQP Holdco, L.P., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 6/5/28			27,356	$	27,058,464

				$	27,058,464


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Equipment & Supplies — 0.9%

Bayou Intermediate II, LLC, Term Loan, 7.302%, (3 mo. USD LIBOR + 4.50%), 8/2/28			8,188	$	7,860,600

CryoLife, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 6/1/27			6,713		6,293,526

Gloves Buyer, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 12/29/27			12,246		11,144,004

ICU Medical, Inc., Term Loan, 5.961%, (SOFR + 2.25%), 1/8/29⁽⁹⁾			7,438		7,290,033

Journey Personal Care Corp., Term Loan, 7.924%, (3 mo. USD LIBOR + 4.25%), 3/1/28			25,771		16,596,446

Medline Borrower, L.P., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 10/23/28			28,457		26,196,262

				$	75,380,871

Health Care Providers & Services — 4.8%

AEA International Holdings (Lux) S.a.r.l., Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 9/7/28			16,327	$	16,081,665

Biogroup-LCD, Term Loan, 4.742%, (3 mo. EURIBOR + 2.75%), 2/9/28	EUR		10,650		9,516,231

BW NHHC Holdco, Inc., Term Loan, 7.961%, (3 mo. USD LIBOR + 5.00%), 5/15/25			13,718		8,671,083

CAB, Term Loan, 3.527%, (3 mo. EURIBOR + 3.25%), 2/9/28	EUR		7,150		6,633,194

Cano Health, LLC, Term Loan, 7.829%, (SOFR + 4.00%), 11/23/27			7,300		6,264,524

CCRR Parent, Inc., Term Loan, 7.51%, (1 mo. USD LIBOR + 3.75%), 3/6/28			4,757		4,620,434

Cerba Healthcare S.A.S.:

Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 6/30/28	EUR		18,925		17,050,567

Term Loan, 5.133%, (1 mo. EURIBOR + 4.00%), 2/15/29	EUR		8,225		7,696,535

CHG Healthcare Services, Inc., Term Loan, 7.004%, (3 mo. USD LIBOR + 3.25%), 9/29/28			3,712		3,611,602

Covis Finco S.a.r.l., Term Loan, 10.203%, (SOFR + 6.50%), 2/18/27			13,236		8,934,047

Dedalus Finance GmbH, Term Loan, 5.782%, (6 mo. EURIBOR + 3.75%), 7/17/27	EUR		16,850		14,570,507

Electron BidCo, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 11/1/28			5,923		5,747,355

Elsan S.A.S., Term Loan, 4.314%, (EURIBOR + 3.35%), 6/16/28⁽⁹⁾	EUR		4,100		3,794,784

Ensemble RCM, LLC, Term Loan, 7.944%, (SOFR + 3.75%), 8/3/26			14,731		14,528,459

Envision Healthcare Corporation:

Term Loan, 11.603%, (SOFR + 7.88%), 3/31/27			5,463		5,074,065

Term Loan - Second Lien, 6.825%, (SOFR + 4.25%), 3/31/27			38,737		16,979,905


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Providers & Services (continued)

IVC Acquisition, Ltd.:

Term Loan, 4.141%, (3 mo. EURIBOR + 3.75%), 2/13/26	EUR		8,710	$	7,983,600

Term Loan, 4.391%, (3 mo. EURIBOR + 4.00%), 2/13/26	EUR		19,100		17,654,547

Term Loan, 6.309%, (SONIA + 4.50%), 2/13/26	GBP		950		984,871

MDVIP, Inc., Term Loan, 7.072%, (1 mo. USD LIBOR + 3.50%), 10/16/28			5,547		5,370,310

Medical Solutions Holdings, Inc.:

Term Loan, 3.50%, 11/1/28⁽¹⁰⁾			1,924		1,859,146

Term Loan, 6.377%, (3 mo. USD LIBOR + 3.50%), 11/1/28			11,959		11,555,672

Term Loan - Second Lien, 9.877%, (3 mo. USD LIBOR + 7.00%), 11/1/29			9,500		9,143,750

Mehilainen Yhtiot Oy, Term Loan, 4.718%, (3 mo. EURIBOR + 3.53%), 8/11/25	EUR		7,525		6,990,384

Midwest Physician Administrative Services, LLC, Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 3/12/28			1,424		1,289,554

National Mentor Holdings, Inc.:

Term Loan, 7.43%, (3 mo. USD LIBOR + 3.75%), 3/2/28			472		340,669

Term Loan, 7.466%, (USD LIBOR + 3.75%), 3/2/28⁽⁹⁾			17,264		12,467,835

Term Loan - Second Lien, 10.93%, (3 mo. USD LIBOR + 7.25%), 3/2/29			5,525		3,798,437

Option Care Health, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 10/27/28			7,369		7,244,955

Pearl Intermediate Parent, LLC, Term Loan - Second Lien, 10.004%, (1 mo. USD LIBOR + 6.25%), 2/13/26			2,350		2,150,250

Pediatric Associates Holding Company, LLC:

Term Loan, 5.122%, (1 mo. USD LIBOR + 3.25%), 12/29/28⁽¹⁰⁾			148		142,858

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 12/29/28			972		940,496

PetVet Care Centers, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/14/25			5,897		5,543,090

Phoenix Guarantor, Inc.:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/5/26			21,429		20,612,107

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 3/5/26			6,419		6,174,084

Radiology Partners, Inc., Term Loan, 7.825%, (1 mo. USD LIBOR + 4.25%), 7/9/25			25,462		20,687,902

Radnet Management, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 4/21/28			8,825		8,589,377


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Providers & Services (continued)

Ramsay Generale de Sante S.A., Term Loan, 4.302%, (3 mo. EURIBOR + 2.80%), 4/22/27	EUR		9,100	$	8,509,695

Select Medical Corporation, Term Loan, 6.26%, (1 mo. USD LIBOR + 2.50%), 3/6/25			45,148		44,025,942

Sound Inpatient Physicians:

Term Loan, 6/27/25⁽¹¹⁾			200		158,800

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 6/27/25			2,345		1,864,523

Synlab Bondco PLC, Term Loan, 2.778%, (6 mo. EURIBOR + 2.50%), 7/1/27	EUR		2,125		2,009,030

TTF Holdings, LLC, Term Loan, 7.813%, (1 mo. USD LIBOR + 4.00%), 3/31/28			5,083		4,993,648

U.S. Anesthesia Partners, Inc., Term Loan, 7.378%, (1 mo. USD LIBOR + 4.25%), 10/1/28			13,991		13,264,061

WP CityMD Bidco, LLC, Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 12/22/28			10,660		10,388,016

				$	386,512,566

Health Care Technology — 1.8%

athenahealth, Inc.:

Term Loan, 3.50%, 2/15/29⁽¹⁰⁾			1,834	$	1,674,236

Term Loan, 6.967%, (SOFR + 3.50%), 2/15/29			10,794		9,853,295

Bracket Intermediate Holding Corp., Term Loan, 7.998%, (3 mo. USD LIBOR + 4.25%), 9/5/25			11,301		10,852,078

Certara, L.P., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 8/15/26			1,827		1,785,770

eResearchTechnology, Inc., Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 2/4/27			4,105		3,833,053

GHX Ultimate Parent Corporation, Term Loan, 6.127%, (6 mo. USD LIBOR + 3.25%), 6/28/24			3,412		3,304,979

Imprivata, Inc.:

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 12/1/27			21,355		20,954,411

Term Loan, 7.979%, (SOFR + 4.25%), 12/1/27			3,292		3,251,976

MedAssets Software Intermediate Holdings, Inc.:

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 12/18/28			16,393		15,572,994

Term Loan - Second Lien, 10.504%, (1 mo. USD LIBOR + 6.75%), 12/17/29			8,775		7,553,809

Navicure, Inc., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 10/22/26			12,833		12,516,515

PointClickCare Technologies, Inc., Term Loan, 5.938%, (6 mo. USD LIBOR + 3.00%), 12/29/27			4,236		4,152,556

Project Ruby Ultimate Parent Corp., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/10/28			8,110		7,654,846


Borrower/Description		Principal Amount* (000’s omitted)		Value

Health Care Technology (continued)

Symplr Software, Inc., Term Loan, 8.694%, (SOFR + 4.50%), 12/22/27			12,914	$	12,094,351

Verscend Holding Corp., Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 8/27/25			27,163		26,832,027

				$	141,886,896

Hotels, Restaurants & Leisure — 3.4%

1011778 B.C. Unlimited Liability Company, Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 11/19/26			24,641	$	24,014,220

Bally’s Corporation, Term Loan, 6.55%, (3 mo. USD LIBOR + 3.25%), 10/2/28			11,087		10,336,758

Carnival Corporation:

Term Loan, 3.975%, (6 mo. EURIBOR + 3.75%), 6/30/25	EUR		8,881		8,381,334

Term Loan, 5.877%, (6 mo. USD LIBOR + 3.00%), 6/30/25			3,718		3,501,068

Term Loan, 6.127%, (6 mo. USD LIBOR + 3.25%), 10/18/28			34,762		31,937,875

Churchill Downs Incorporated, Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 12/27/24			3,334		3,316,041

ClubCorp Holdings, Inc., Term Loan, 6.424%, (3 mo. USD LIBOR + 2.75%), 9/18/24			21,159		19,056,570

Dave & Buster’s, Inc., Term Loan, 8.875%, (SOFR + 5.00%), 6/29/29			10,823		10,617,695

Fertitta Entertainment, LLC, Term Loan, 7.729%, (SOFR + 4.00%), 1/27/29			17,910		16,844,743

Great Canadian Gaming Corporation, Term Loan, 7.602%, (3 mo. USD LIBOR + 4.00%), 11/1/26			8,318		8,103,847

GVC Holdings PLC, Term Loan, 3.633%, (1 mo. EURIBOR + 2.50%), 3/29/24	EUR		21,225		20,346,332

Hilton Grand Vacations Borrower, LLC, Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 8/2/28			9,034		8,903,890

IRB Holding Corp.:

Term Loan, 6.208%, (SOFR + 3.00%), 12/15/27			4,929		4,790,199

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 2/5/25			2		2,293

NCL Corporation Limited, Term Loan, 1/2/24⁽¹¹⁾			4,500		4,252,500

Oravel Stays Singapore Pte, Ltd., Term Loan, 11.86%, (3 mo. USD LIBOR + 8.25%), 6/23/26			5,407		4,730,742

Playa Resorts Holding B.V., Term Loan, 6.50%, (1 mo. USD LIBOR + 2.75%), 4/29/24			19,136		18,689,697

Scientific Games Holdings, L.P., Term Loan, 7.097%, (SOFR + 3.50%), 4/4/29			10,000		9,440,970

Scientific Games International, Inc., Term Loan, 6.402%, (SOFR + 3.00%), 4/14/29			7,481		7,403,632

SeaWorld Parks & Entertainment, Inc., Term Loan, 6.813%, (1 mo. USD LIBOR + 3.00%), 8/25/28			9,974		9,746,089


Borrower/Description		Principal Amount* (000’s omitted)		Value

Hotels, Restaurants & Leisure (continued)

Stars Group Holdings B.V. (The):

Term Loan, 3.728%, (3 mo. EURIBOR + 2.50%), 7/21/26	EUR		11,225	$	10,464,490

Term Loan, 5.892%, (3 mo. USD LIBOR + 2.25%), 7/21/26			29,342		28,868,634

Travel Leaders Group, LLC, Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 1/25/24			14,996		13,318,312

				$	277,067,931

Household Durables — 0.8%

Libbey Glass, Inc., Term Loan, 11.941%, (3 mo. USD LIBOR + 8.00%), 11/13/25			6,407	$	6,562,725

Serta Simmons Bedding, LLC:

Term Loan, 10.793%, (1 mo. USD LIBOR + 7.50%), 8/10/23			13,364		13,004,879

Term Loan - Second Lien, 10.793%, (1 mo. USD LIBOR + 7.50%), 8/10/23			44,139		22,321,592

Solis IV B.V.:

Term Loan, 4.468%, (3 mo. EURIBOR + 4.00%), 2/26/29	EUR		5,693		4,702,108

Term Loan, 6.34%, (SOFR + 3.50%), 2/26/29			13,857		11,584,825

Spectrum Brands, Inc., Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 3/3/28			4,186		4,029,266

				$	62,205,395

Household Products — 0.5%

Diamond (BC) B.V., Term Loan, 7.163%, (USD LIBOR + 2.75%), 9/29/28⁽⁹⁾			8,536	$	8,004,165

Energizer Holdings, Inc., Term Loan, 5.875%, (1 mo. USD LIBOR + 2.25%), 12/22/27			7,576		7,354,951

Kronos Acquisition Holdings, Inc.:

Term Loan, 6.82%, (3 mo. USD LIBOR + 3.75%), 12/22/26			10,568		10,017,961

Term Loan, 8.94%, (SOFR + 6.00%), 12/22/26			5,111		4,906,920

Nobel Bidco B.V., Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 9/1/28	EUR		11,450		7,729,873

				$	38,013,870

Independent Power and Renewable Electricity Producers — 0.1%

Calpine Corporation:

Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 4/5/26			2,325	$	2,284,586

Term Loan, 6.26%, (1 mo. USD LIBOR + 2.50%), 12/16/27			6,192		6,132,364

Longview Power, LLC, Term Loan, 13.674%, (3 mo. USD LIBOR + 10.00%), 7/30/25			293		288,544

				$	8,705,494


Borrower/Description		Principal Amount* (000’s omitted)		Value

Industrial Conglomerates — 0.4%

Rain Carbon GmbH, Term Loan, 3.282%, (3 mo. EURIBOR + 3.00%), 1/16/25	EUR		15,625	$	14,540,658

SPX Flow, Inc., Term Loan, 8.329%, (SOFR + 4.50%), 4/5/29			19,650		18,667,500

				$	33,208,158

Insurance — 1.6%

Alliant Holdings Intermediate, LLC:

Term Loan, 6.98%, (1 mo. USD LIBOR + 3.50%), 11/6/27			13,299	$	12,862,275

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/9/25			5,832		5,672,713

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/9/25			4,765		4,634,326

AmWINS Group, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 2/19/28			25,722		25,198,176

AssuredPartners, Inc.:

Term Loan, 7.229%, (SOFR + 3.50%), 2/12/27			5,348		5,109,128

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/12/27			13,369		12,781,755

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/12/27			3,424		3,273,319

Financiere CEP S.A.S., Term Loan, 4.225%, (6 mo. EURIBOR + 4.00%), 6/18/27	EUR		4,125		3,831,938

Hub International Limited:

Term Loan, 7.326%, (3 mo. USD LIBOR + 3.00%), 4/25/25			15,174		14,900,671

Term Loan, 7.527%, (3 mo. USD LIBOR + 3.25%), 4/25/25			5,388		5,300,841

NFP Corp., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 2/15/27			25,465		24,216,825

USI, Inc.:

Term Loan, 6.424%, (3 mo. USD LIBOR + 2.75%), 5/16/24			8,739		8,641,423

Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 12/2/26			1,931		1,895,917

				$	128,319,307

Interactive Media & Services — 0.4%

Buzz Finco, LLC:

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/29/27			1,982	$	1,932,161

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 1/29/27			435		428,531

Foundational Education Group, Inc., Term Loan, 7.565%, (SOFR + 3.75%), 8/31/28			5,188		5,077,994

Getty Images, Inc.:

Term Loan, 5.563%, (3 mo. EURIBOR + 5.00%), 2/19/26	EUR		3,724		3,662,278


Borrower/Description		Principal Amount* (000’s omitted)		Value

Interactive Media & Services (continued)

Getty Images, Inc.: (continued)

Term Loan, 7.625%, (3 mo. USD LIBOR + 4.50%), 2/19/26			15,990	$	15,922,268

Match Group, Inc., Term Loan, 4.692%, (3 mo. USD LIBOR + 1.75%), 2/13/27			6,450		6,331,752

				$	33,354,984

Internet & Direct Marketing Retail — 0.4%

Adevinta ASA:

Term Loan, 4.443%, (3 mo. EURIBOR + 3.25%), 6/26/28	EUR		7,268	$	6,941,950

Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 6/26/28			2,148		2,102,506

CNT Holdings I Corp., Term Loan, 7.239%, (SOFR + 3.50%), 11/8/27			10,759		10,500,587

Etraveli Holding AB, Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 8/2/24	EUR		7,844		7,680,802

Hoya Midco, LLC, Term Loan, 6.979%, (SOFR + 3.25%), 2/3/29			5,166		5,114,770

Speedster Bidco GmbH, Term Loan, 5.108%, (6 mo. EURIBOR + 3.25%), 3/31/27	EUR		2,975		2,584,789

				$	34,925,404

IT Services — 3.3%

Asurion, LLC:

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 11/3/24			2,154	$	2,041,606

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 12/23/26			3,439		3,074,456

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 7/31/27			11,722		10,353,988

Term Loan, 7.653%, (SOFR + 4.00%), 8/19/28			14,175		12,802,070

Term Loan - Second Lien, 9.004%, (1 mo. USD LIBOR + 5.25%), 1/31/28			14,540		10,314,312

Cyxtera DC Holdings, Inc.:

Term Loan, 7.36%, (3 mo. USD LIBOR + 3.00%), 5/1/24			27,291		23,460,305

Term Loan, 8.36%, (3 mo. USD LIBOR + 4.00%), 5/1/24			9,762		8,712,177

Endure Digital, Inc., Term Loan, 6.698%, (1 mo. USD LIBOR + 3.50%), 2/10/28			22,814		19,548,361

Gainwell Acquisition Corp., Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 10/1/27			57,614		54,973,542

Go Daddy Operating Company, LLC, Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 2/15/24			45,065		44,952,819

Indy US Bidco, LLC:

Term Loan, 4.883%, (1 mo. EURIBOR + 3.75%), 3/6/28	EUR		5,678		5,055,177


Borrower/Description		Principal Amount* (000’s omitted)		Value

IT Services (continued)

Indy US Bidco, LLC: (continued)

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 3/5/28			4,171	$	3,712,471

Informatica, LLC, Term Loan, 6.563%, (1 mo. USD LIBOR + 2.75%), 10/27/28			31,915		31,148,674

NAB Holdings, LLC, Term Loan, 6.703%, (SOFR + 3.00%), 11/23/28			16,203		15,581,470

Rackspace Technology Global, Inc., Term Loan, 5.617%, (3 mo. USD LIBOR + 2.75%), 2/15/28			16,430		10,536,997

team.blue Finco S.a.r.l.:

Term Loan, 4.893%, (3 mo. EURIBOR + 3.70%), 3/30/28	EUR		10,547		9,724,133

Term Loan, 4.943%, (3 mo. EURIBOR + 3.75%), 3/27/28	EUR		603		555,665

WEX, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 3/31/28			3,940		3,868,938

				$	270,417,161

Leisure Products — 0.3%

Amer Sports Oyj, Term Loan, 5.131%, (6 mo. EURIBOR + 4.50%), 3/30/26	EUR		11,925	$	10,429,617

Fender Musical Instruments Corporation, Term Loan, 7.368%, (SOFR + 4.00%), 12/1/28			3,938		3,317,541

Hayward Industries, Inc., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 5/30/28			9,147		8,614,313

SRAM, LLC, Term Loan, 6.423%, (USD LIBOR + 2.75%), 5/18/28⁽⁹⁾			2,189		2,129,567

				$	24,491,038

Life Sciences Tools & Services — 2.0%

Avantor Funding, Inc.:

Term Loan, 3.185%, (1 mo. EURIBOR + 2.50%), 6/12/28	EUR		19,454	$	18,810,630

Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 11/8/27			15,386		15,087,876

Cambrex Corporation, Term Loan, 7.329%, (SOFR + 3.50%), 12/4/26			324		312,791

Catalent Pharma Solutions, Inc., Term Loan, 5.625%, (1 mo. USD LIBOR + 2.00%), 2/22/28			1,034		1,025,847

Curia Global, Inc., Term Loan, 8.163%, (USD LIBOR + 3.75%), 8/30/26⁽⁹⁾			14,436		13,274,842

ICON Luxembourg S.a.r.l., Term Loan, 5.938%, (3 mo. USD LIBOR + 2.25%), 7/3/28			51,015		50,590,324

IQVIA, Inc., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 1/17/25			12,472		12,440,568

LGC Group Holdings, Ltd., Term Loan, 3.883%, (1 mo. EURIBOR + 2.75%), 4/21/27	EUR		5,775		5,164,963

Loire Finco Luxembourg S.a.r.l., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 4/21/27			1,134		1,057,190


Borrower/Description		Principal Amount* (000’s omitted)		Value

Life Sciences Tools & Services (continued)

Packaging Coordinators Midco, Inc., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 11/30/27			7,964	$	7,717,640

Parexel International Corporation, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 11/15/28			5,732		5,536,096

PRA Health Sciences, Inc., Term Loan, 5.938%, (3 mo. USD LIBOR + 2.25%), 7/3/28			12,711		12,604,799

Sotera Health Holdings, LLC, Term Loan, 7.165%, (3 mo. USD LIBOR + 2.75%), 12/11/26			17,828		16,223,608

				$	159,847,174

Machinery — 3.5%

AI Alpine AT Bidco GmbH, Term Loan, 4.731%, (6 mo. EURIBOR + 3.00%), 10/31/25	EUR		6,125	$	5,515,823

AI Aqua Merger Sub, Inc., Term Loan, 6.858%, (SOFR + 3.75%), 7/31/28			11,650		10,863,199

Albion Financing 3 S.a.r.l., Term Loan, 9.575%, (3 mo. USD LIBOR + 5.25%), 8/17/26			18,535		17,561,853

Ali Group North America Corporation, Term Loan, 5.843%, (1 mo. USD LIBOR + 2.00%), 7/30/29			16,981		16,694,391

Alliance Laundry Systems, LLC, Term Loan, 7.409%, (3 mo. USD LIBOR + 3.50%), 10/8/27			5,253		5,084,746

American Trailer World Corp., Term Loan, 7.579%, (SOFR + 3.75%), 3/3/28			17,552		15,985,224

Apex Tool Group, LLC, Term Loan, 8.624%, (SOFR + 5.25%), 2/8/29			26,131		22,701,381

Clark Equipment Company, Term Loan, 6.153%, (SOFR + 2.50%), 4/20/29			11,542		11,363,099

Conair Holdings, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/17/28			24,453		20,703,548

CPM Holdings, Inc., Term Loan, 6.628%, (1 mo. USD LIBOR + 3.50%), 11/17/25			4,713		4,590,044

Delachaux Group S.A., Term Loan, 8.915%, (3 mo. USD LIBOR + 4.50%), 4/16/26			4,769		4,315,493

Engineered Machinery Holdings, Inc.:

Term Loan, 4.943%, (3 mo. EURIBOR + 3.75%), 5/21/28	EUR		10,766		9,646,704

Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/19/28			17,268		16,742,453

Term Loan - Second Lien, 9.674%, (3 mo. USD LIBOR + 6.00%), 5/21/29			2,000		1,891,250

EWT Holdings III Corp., Term Loan, 6.313%, (1 mo. USD LIBOR + 2.50%), 4/1/28			3,518		3,475,916

Filtration Group Corporation:

Term Loan, 4.633%, (3 mo. EURIBOR + 3.50%), 3/29/25	EUR		2,946		2,768,014

Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 3/29/25			2,913		2,858,428


Borrower/Description		Principal Amount* (000’s omitted)		Value

Machinery (continued)

Gates Global, LLC:

Term Loan, 4.133%, (1 mo. EURIBOR + 3.00%), 4/1/24	EUR		8,283	$	7,776,826

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 3/31/27			15,655		15,270,154

Icebox Holdco III, Inc.:

Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 12/22/28			11,789		10,934,602

Term Loan, 7.58%, (3 mo. USD LIBOR + 3.75%), 12/22/28			2,451		2,273,700

Madison IAQ, LLC, Term Loan, 6.815%, (3 mo. USD LIBOR + 3.25%), 6/21/28			35,259		32,085,963

Penn Engineering & Manufacturing Corp., Term Loan, 6.424%, (3 mo. USD LIBOR + 2.75%), 6/27/24			1,876		1,833,717

Titan Acquisition Limited, Term Loan, 5.877%, (6 mo. USD LIBOR + 3.00%), 3/28/25			22,828		20,904,161

TK Elevator Topco GmbH, Term Loan, 4.256%, (1 mo. EURIBOR + 3.63%), 7/29/27	EUR		9,725		8,853,884

Vertical US Newco, Inc., Term Loan, 6.871%, (6 mo. USD LIBOR + 3.50%), 7/30/27			6		5,934

Zephyr German BidCo GmbH, Term Loan, 4.216%, (3 mo. EURIBOR + 3.40%), 3/10/28	EUR		11,775		10,754,199

				$	283,454,706

Media — 1.9%

Axel Springer SE, Term Loan, 5.816%, (3 mo. EURIBOR + 4.75%), 12/18/26	EUR		8,500	$	8,043,117

Charter Communications Operating, LLC, Term Loan, 5.51%, (1 mo. USD LIBOR + 1.75%), 2/1/27			3,635		3,574,079

CSC Holdings, LLC:

Term Loan, 5.662%, (1 mo. USD LIBOR + 2.25%), 7/17/25			25,265		24,538,230

Term Loan, 5.662%, (1 mo. USD LIBOR + 2.25%), 1/15/26			4		4,007

Term Loan, 5.912%, (1 mo. USD LIBOR + 2.50%), 4/15/27			13,109		12,491,421

Diamond Sports Group, LLC:

Term Loan, 11.208%, (SOFR + 8.10%), 5/26/26			5,029		4,847,859

Term Loan - Second Lien, 6.458%, (SOFR + 3.35%), 8/24/26			23,126		4,627,593

Entravision Communications Corporation, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 11/29/24			7,139		6,996,184

Gray Television, Inc., Term Loan, 6.128%, (1 mo. USD LIBOR + 3.00%), 12/1/28			1,042		1,029,658

Hubbard Radio, LLC, Term Loan, 8.01%, (1 mo. USD LIBOR + 4.25%), 3/28/25			6,333		5,235,431

iHeartCommunications, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 5/1/26			2,365		2,240,716


Borrower/Description	Principal Amount* (000’s omitted)		Value

Media (continued)

Magnite, Inc., Term Loan, 8.642%, (USD LIBOR + 5.00%), 4/28/28⁽⁹⁾		6,370	$	6,019,995

Mission Broadcasting, Inc., Term Loan, 5.628%, (1 mo. USD LIBOR + 2.50%), 6/2/28		3,654		3,624,823

MJH Healthcare Holdings, LLC, Term Loan, 7.329%, (SOFR + 3.50%), 1/28/29		3,706		3,521,056

Nexstar Broadcasting, Inc., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 9/18/26		3,989		3,955,356

Recorded Books, Inc., Term Loan, 7.578%, (SOFR + 4.00%), 8/29/25		12,877		12,544,326

Sinclair Television Group, Inc.:

Term Loan, 6.26%, (1 mo. USD LIBOR + 2.50%), 9/30/26		6,232		5,903,499

Term Loan, 6.76%, (1 mo. USD LIBOR + 3.00%), 4/1/28		22,904		21,334,824

Univision Communications, Inc.:

Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 3/15/24		7,012		6,996,325

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/15/26		18,374		17,855,378

			$	155,383,877

Metals/Mining — 0.5%

American Consolidated Natural Resources, Inc., Term Loan, 20.33%, (3 mo. USD LIBOR + 13.00%), 17.33% cash, 3.00% PIK, 9/16/25		429	$	431,722

Dynacast International, LLC:

Term Loan, 7.48%, (3 mo. USD LIBOR + 4.50%), 7/22/25		15,337		13,074,881

Term Loan, 11.98%, (3 mo. USD LIBOR + 9.00%), 10/22/25		3,065		2,605,181

WireCo WorldGroup, Inc., Term Loan, 7.188%, (3 mo. USD LIBOR + 4.25%), 11/13/28		8,975		8,787,855

Zekelman Industries, Inc., Term Loan, 5.604%, (3 mo. USD LIBOR + 2.00%), 1/24/27		15,456		15,044,185

			$	39,943,824

Oil, Gas & Consumable Fuels — 1.5%

Buckeye Partners, L.P., Term Loan, 5.365%, (1 mo. USD LIBOR + 2.25%), 11/1/26		8,273	$	8,190,521

Centurion Pipeline Company, LLC:

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 9/29/25		3,120		3,088,986

Term Loan, 7.754%, (1 mo. USD LIBOR + 4.00%), 9/28/25		1,629		1,609,516

CITGO Petroleum Corporation, Term Loan, 10.004%, (1 mo. USD LIBOR + 6.25%), 3/28/24		17,681		17,728,354

Delek US Holdings, Inc., Term Loan, 9.254%, (1 mo. USD LIBOR + 5.50%), 3/31/25		5,739		5,692,119


Borrower/Description		Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)

Freeport LNG Investments, LLLP, Term Loan, 7.743%, (3 mo. USD LIBOR + 3.50%), 12/21/28			16,874	$	15,835,798

GIP II Blue Holding, L.P, Term Loan, 8.174%, (3 mo. USD LIBOR + 4.50%), 9/29/28			15,994		15,889,483

Matador Bidco S.a.r.l., Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 10/15/26			32,570		31,958,915

Oryx Midstream Services Permian Basin, LLC, Term Loan, 6.211%, (3 mo. USD LIBOR + 3.25%), 10/5/28			3,694		3,647,425

Oxbow Carbon, LLC, Term Loan, 7.878%, (3 mo. USD LIBOR + 4.25%), 10/17/25			5,476		5,459,530

QuarterNorth Energy Holding, Inc., Term Loan - Second Lien, 11.754%, (1 mo. USD LIBOR + 8.00%), 8/27/26			5,729		5,714,831

UGI Energy Services, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 8/13/26			8,946		8,914,257

				$	123,729,735

Personal Products — 0.4%

HLF Financing S.a.r.l., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 8/18/25			9,683	$	9,355,114

Rainbow Finco S.a.r.l., Term Loan, 4.658%, (6 mo. EURIBOR + 3.75%), 2/24/29	EUR		14,125		13,185,460

Sunshine Luxembourg VII S.a.r.l., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 10/1/26			6,448		6,146,214

				$	28,686,788

Pharmaceuticals — 1.6%

Aenova Holding GmbH, Term Loan, 5.034%, (6 mo. EURIBOR + 4.50%), 3/6/26	EUR		2,925	$	2,514,849

AI Sirona (Luxembourg) Acquisition S.a.r.l., Term Loan, 4.383%, (1 mo. EURIBOR + 3.25%), 9/29/25	EUR		13,000		12,076,412

Akorn, Inc., Term Loan, 11.243%, (3 mo. USD LIBOR + 7.50%), 10/1/25			2,996		2,845,986

Amneal Pharmaceuticals, LLC, Term Loan, 7.251%, (USD LIBOR + 3.50%), 5/4/25⁽⁹⁾			13,385		11,479,703

Bausch Health Companies, Inc., Term Loan, 8.624%, (SOFR + 5.25%), 2/1/27			18,823		14,151,142

Horizon Therapeutics USA, Inc.:

Term Loan, 5.375%, (1 mo. USD LIBOR + 1.75%), 3/15/28			16,696		16,398,365

Term Loan, 5.625%, (1 mo. USD LIBOR + 2.00%), 5/22/26			7,802		7,673,665

Jazz Financing Lux S.a.r.l., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 5/5/28			7,075		7,005,123

Mallinckrodt International Finance S.A.:

Term Loan, 8.733%, (3 mo. USD LIBOR + 5.25%), 9/30/27			36,851		30,010,621


Borrower/Description		Principal Amount* (000’s omitted)		Value

Pharmaceuticals (continued)

Mallinckrodt International Finance S.A.: (continued)

Term Loan, 8.983%, (3 mo. USD LIBOR + 5.50%), 9/30/27			10,080	$	8,231,703

PharmaZell GmbH, Term Loan, 5.193%, (1 mo. EURIBOR + 4.00%), 5/12/27	EUR		1,800		1,698,801

Recipharm AB, Term Loan, 3.539%, (3 mo. EURIBOR + 3.20%), 2/17/28	EUR		13,725		12,275,173

				$	126,361,543

Professional Services — 1.7%

AlixPartners, LLP, Term Loan, 4.443%, (3 mo. EURIBOR + 3.25%), 2/4/28	EUR		3,472	$	3,251,182

APFS Staffing Holdings, Inc., Term Loan, 8.044%, (SOFR + 4.00%), 12/29/28⁽⁹⁾			3,706		3,595,184

Blitz 20-487 GmbH, Term Loan, 4.805%, (3 mo. EURIBOR + 3.20%), 4/28/28	EUR		7,525		6,999,680

Brown Group Holding, LLC:

Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 6/7/28			12,656		12,318,552

Term Loan, 7.419%, (SOFR + 3.75%), 7/2/29			3,575		3,541,037

CoreLogic, Inc., Term Loan, 7.313%, (1 mo. USD LIBOR + 3.50%), 6/2/28			19,256		14,189,067

Deerfield Dakota Holding, LLC, Term Loan, 7.479%, (SOFR + 3.75%), 4/9/27			17,511		16,605,455

EAB Global, Inc., Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 8/16/28			14,540		13,918,535

Employbridge, LLC, Term Loan, 8.424%, (3 mo. USD LIBOR + 4.75%), 7/19/28			20,810		17,851,833

First Advantage Holdings, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 1/31/27			5,857		5,792,742

Rockwood Service Corporation, Term Loan, 8.004%, (1 mo. USD LIBOR + 4.25%), 1/23/27			5,471		5,347,631

Trans Union, LLC, Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 12/1/28			32,247		31,790,474

Vaco Holdings, LLC, Term Loan, 8.708%, (SOFR + 5.00%), 1/21/29⁽⁹⁾			3,697		3,613,878

				$	138,815,250

Real Estate Management & Development — 0.5%

Cushman & Wakefield U.S. Borrower, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 8/21/25			29,388	$	28,797,100

RE/MAX International, Inc., Term Loan, 6.313%, (1 mo. USD LIBOR + 2.50%), 7/21/28			16,417		15,534,764

				$	44,331,864

Road & Rail — 1.8%

Avis Budget Car Rental, LLC, Term Loan, 5.51%, (1 mo. USD LIBOR + 1.75%), 8/6/27			6,995	$	6,791,887


Borrower/Description		Principal Amount* (000’s omitted)		Value

Road & Rail (continued)

Grab Holdings, Inc., Term Loan, 8.26%, (1 mo. USD LIBOR + 4.50%), 1/29/26			45,571	$	43,071,775

Hertz Corporation, (The):

Term Loan, 7.01%, (1 mo. USD LIBOR + 3.25%), 6/30/28			13,502		13,046,525

Term Loan, 7.01%, (1 mo. USD LIBOR + 3.25%), 6/30/28			2,577		2,489,892

Kenan Advantage Group, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 3/24/26			14,855		14,203,729

Uber Technologies, Inc.:

Term Loan, 6.57%, (3 mo. USD LIBOR + 3.50%), 4/4/25			41,325		41,084,166

Term Loan, 6.57%, (3 mo. USD LIBOR + 3.50%), 2/25/27			24,720		24,497,867

XPO Logistics, Inc., Term Loan, 4.936%, (1 mo. USD LIBOR + 1.75%), 2/24/25			4,275		4,219,224

				$	149,405,065

Semiconductors & Semiconductor Equipment — 1.2%

Altar Bidco, Inc.:

Term Loan, 5.368%, (SOFR + 3.35%), 2/1/29⁽⁹⁾			23,815	$	22,341,740

Term Loan - Second Lien, 7.355%, (SOFR + 5.60%), 2/1/30			6,650		5,741,164

Bright Bidco B.V., DIP Loan, 10.903%, (SOFR + 8.00%), 2/28/23			3,376		3,021,834

Entegris, Inc., Term Loan, 5.708%, (SOFR + 3.00%), 7/6/29			2,500		2,491,015

MACOM Technology Solutions Holdings, Inc., Term Loan, 6.004%, (1 mo. USD LIBOR + 2.25%), 5/17/24			555		546,039

MaxLinear, Inc., Term Loan, 5.882%, (1 mo. USD LIBOR + 2.25%), 6/23/28			3,546		3,484,366

MKS Instruments, Inc.:

Term Loan, 3.913%, (1 mo. EURIBOR + 3.00%), 8/17/29	EUR		5,625		5,406,035

Term Loan, 6.317%, (SOFR + 2.75%), 8/17/29			47,750		46,829,810

Synaptics Incorporated, Term Loan, 4.356%, (3 mo. USD LIBOR + 2.25%), 12/2/28			2,784		2,756,470

Ultra Clean Holdings, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 8/27/25			2,109		2,088,013

				$	94,706,486

Software — 14.9%

Applied Systems, Inc.:

Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 9/19/24			43,880	$	43,394,209

Term Loan - Second Lien, 9.174%, (3 mo. USD LIBOR + 5.50%), 9/19/25			3,707		3,663,414


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

AppLovin Corporation:

Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 10/25/28			17,811	$	17,203,839

Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 8/15/25			43,004		42,137,373

Aptean, Inc.:

Term Loan, 7.32%, (3 mo. USD LIBOR + 4.25%), 4/23/26			26,142		25,096,027

Term Loan - Second Lien, 10.07%, (3 mo. USD LIBOR + 7.00%), 4/23/27			6,550		6,255,250

AQA Acquisition Holding, Inc., Term Loan, 7.32%, (3 mo. USD LIBOR + 4.25%), 3/3/28			2,736		2,629,875

Astra Acquisition Corp.:

Term Loan, 9.004%, (1 mo. USD LIBOR + 5.25%), 10/25/28			13,017		11,346,099

Term Loan - Second Lien, 12.629%, (1 mo. USD LIBOR + 8.88%), 10/25/29			20,170		18,455,687

Banff Merger Sub, Inc.:

Term Loan, 5.133%, (3 mo. EURIBOR + 4.00%), 10/2/25	EUR		1,927		1,793,039

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/2/25			18,882		18,190,712

Term Loan - Second Lien, 9.254%, (1 mo. USD LIBOR + 5.50%), 2/27/26			13,521		12,456,394

Cast and Crew Payroll, LLC:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 2/9/26			8,482		8,357,912

Term Loan, 7.478%, (SOFR + 3.75%), 12/29/28			6,154		6,070,809

CDK Global, Inc., Term Loan, 8.112%, (SOFR + 4.50%), 7/6/29			33,975		33,333,246

CentralSquare Technologies, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 8/29/25			18,552		16,158,979

Ceridian HCM Holding, Inc., Term Loan, 6.254%, (1 mo. USD LIBOR + 2.50%), 4/30/25			10,008		9,708,751

Cloudera, Inc.:

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/8/28			30,916		28,906,811

Term Loan - Second Lien, 9.754%, (1 mo. USD LIBOR + 6.00%), 10/8/29			8,550		7,096,500

ConnectWise, LLC, Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 9/29/28			13,399		12,702,015

Constant Contact, Inc., Term Loan, 7.909%, (3 mo. USD LIBOR + 4.00%), 2/10/28			12,096		10,529,796

Cornerstone OnDemand, Inc., Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/16/28			15,622		13,122,060

Delta TopCo, Inc., Term Loan, 5.836%, (3 mo. USD LIBOR + 3.75%), 12/1/27			13,528		12,386,213

E2open, LLC, Term Loan, 6.644%, (3 mo. USD LIBOR + 3.50%), 2/4/28			16,340		15,962,052


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

ECI Macola Max Holding, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 11/9/27			26,923	$	26,104,245

Epicor Software Corporation, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 7/30/27			46,523		44,272,743

Finastra USA, Inc.:

Term Loan, 6.871%, (3 mo. USD LIBOR + 3.50%), 6/13/24			57,999		52,677,932

Term Loan - Second Lien, 10.621%, (6 mo. USD LIBOR + 7.25%), 6/13/25			25,750		19,248,125

Fiserv Investment Solutions, Inc., Term Loan, 6.961%, (3 mo. USD LIBOR + 4.00%), 2/18/27			5,867		5,555,742

GoTo Group, Inc., Term Loan, 8.322%, (1 mo. USD LIBOR + 4.75%), 8/31/27			24,408		15,743,117

Greeneden U.S. Holdings II, LLC, Term Loan, 5.855%, (3 mo. EURIBOR + 4.25%), 12/1/27	EUR		1,228		1,172,226

Hyland Software, Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 7/1/24			61,331		59,912,800

Term Loan - Second Lien, 10.004%, (1 mo. USD LIBOR + 6.25%), 7/7/25			1,750		1,682,187

IGT Holding IV AB:

Term Loan, 4.093%, (3 mo. EURIBOR + 2.90%), 3/31/28	EUR		6,205		5,689,679

Term Loan, 7.074%, (3 mo. USD LIBOR + 3.40%), 3/31/28			4,056		3,944,720

Ivanti Software, Inc.:

Term Loan, 7.332%, (3 mo. USD LIBOR + 4.25%), 12/1/27			13,948		10,531,025

Term Loan - Second Lien, 10.332%, (3 mo. USD LIBOR + 7.25%), 12/1/28			9,750		6,548,753

MA FinanceCo., LLC, Term Loan, 7.418%, (3 mo. USD LIBOR + 4.25%), 6/5/25			12,363		12,301,566

Magenta Buyer, LLC:

Term Loan, 9.17%, (3 mo. USD LIBOR + 4.75%), 7/27/28			51,109		44,831,982

Term Loan - Second Lien, 12.67%, (3 mo. USD LIBOR + 8.25%), 7/27/29			16,175		13,964,411

Marcel LUX IV S.a.r.l.:

Term Loan, 4.693%, (3 mo. EURIBOR + 3.50%), 3/16/26	EUR		8,650		8,115,599

Term Loan, 6.979%, (SOFR + 3.25%), 3/15/26			11,597		11,394,235

Term Loan, 7.125%, (SOFR + 4.00%), 12/31/27			731		718,531

Maverick Bidco, Inc.:

Term Loan, 8.165%, (3 mo. USD LIBOR + 3.75%), 5/18/28			11,070		10,544,320

Term Loan - Second Lien, 11.165%, (3 mo. USD LIBOR + 6.75%), 5/18/29			3,175		2,984,500

McAfee, LLC:

Term Loan, 5.604%, (EURIBOR + 4.00%), 3/1/29⁽⁹⁾	EUR		16,608		15,342,259


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

McAfee, LLC: (continued)

Term Loan, 6.87%, (SOFR + 3.75%), 3/1/29			38,578	$	35,267,020

Mediaocean, LLC, Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 12/15/28			6,015		5,668,914

MH Sub I, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 9/13/24			4,850		4,678,720

Mitnick Corporate Purchaser, Inc., Term Loan, 8.944%, (SOFR + 4.75%), 5/2/29			6,975		6,662,869

N-Able International Holdings II, LLC, Term Loan, 6.07%, (3 mo. USD LIBOR + 3.00%), 7/19/28			1,277		1,238,624

NortonLifeLock, Inc., Term Loan, 5.829%, (SOFR + 2.00%), 9/12/29			1,775		1,736,330

Panther Commercial Holdings, L.P., Term Loan, 8.665%, (3 mo. USD LIBOR + 4.25%), 1/7/28			21,055		19,067,938

Polaris Newco, LLC:

Term Loan, 5.193%, (3 mo. EURIBOR + 4.00%), 6/2/28	EUR		8,564		7,884,583

Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 6/2/28			13,022		11,942,605

Proofpoint, Inc., Term Loan, 6.32%, (3 mo. USD LIBOR + 3.25%), 8/31/28			46,914		44,722,404

Quest Software US Holdings, Inc., Term Loan, 8.494%, (SOFR + 4.25%), 2/1/29			24,389		18,132,446

RealPage, Inc., Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 4/24/28			25,368		23,896,705

Red Planet Borrower, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 10/2/28			15,345		9,470,136

Redstone Holdco 2 L.P., Term Loan, 9.108%, (3 mo. USD LIBOR + 4.75%), 4/27/28			18,928		13,748,875

Sabre GLBL, Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 12/17/27			6,029		5,410,859

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 12/17/27			3,782		3,394,390

Seattle Spinco, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 6/21/24			10,389		10,307,076

SkillSoft Corporation, Term Loan, 8.473%, (SOFR + 5.25%), 7/14/28			10,450		8,689,197

SolarWinds Holdings, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 2/5/24			19,531		19,376,620

Sophia, L.P., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 10/7/27			23,428		22,636,883

Sovos Compliance, LLC, Term Loan, 8.254%, (1 mo. USD LIBOR + 4.50%), 8/11/28			10,434		10,129,261

Sportradar Capital S.a.r.l., Term Loan, 4.443%, (1 mo. EURIBOR + 3.50%), 11/22/27	EUR		7,804		7,403,596

SS&C European Holdings S.a.r.l., Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 4/16/25			5,213		5,112,226


Borrower/Description		Principal Amount* (000’s omitted)		Value

Software (continued)

SS&C Technologies, Inc.:

Term Loan, 5.504%, (1 mo. USD LIBOR + 1.75%), 4/16/25			6,422	$	6,297,431

Term Loan, 6.079%, (SOFR + 2.25%), 3/22/29			3,428		3,371,036

Term Loan, 6.079%, (SOFR + 2.25%), 3/22/29			5,166		5,079,378

SurveyMonkey, Inc., Term Loan, 7.51%, (1 mo. USD LIBOR + 3.75%), 10/10/25			11,443		11,099,712

Turing Midco, LLC, Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 3/23/28			635		625,141

Ultimate Software Group, Inc. (The):

Term Loan, 6.998%, (3 mo. USD LIBOR + 3.25%), 5/4/26			48,539		46,950,182

Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 5/4/26			18,884		18,394,932

Term Loan - Second Lien, 8.998%, (1 mo. USD LIBOR + 5.25%), 5/3/27			1,450		1,342,458

Veritas US, Inc., Term Loan, 8.674%, (3 mo. USD LIBOR + 5.00%), 9/1/25			13,783		11,037,913

Vision Solutions, Inc., Term Loan, 8.358%, (3 mo. USD LIBOR + 4.00%), 4/24/28			36,453		31,075,984

VS Buyer, LLC, Term Loan, 6.754%, (1 mo. USD LIBOR + 3.00%), 2/28/27			21,464		20,927,483

				$	1,203,017,686

Specialty Retail — 2.1%

Belron Finance US, LLC, Term Loan, 5.375%, (3 mo. USD LIBOR + 2.50%), 4/13/28			7,708	$	7,598,031

Belron Luxembourg S.a.r.l., Term Loan, 2.769%, (3 mo. EURIBOR + 2.50%), 4/13/28	EUR		3,575		3,309,973

Boels Topholding B.V., Term Loan, 3.571%, (3 mo. EURIBOR + 3.25%), 2/6/27	EUR		7,750		7,270,244

David’s Bridal, Inc.:

Term Loan, 9.42%, (3 mo. USD LIBOR + 5.00%), 4.42% cash, 5.00% PIK, 6/23/23			3,942		3,798,692

Term Loan, 9.754%, (1 mo. USD LIBOR + 6.00%), 6/30/23			4,724		4,421,866

Great Outdoors Group, LLC, Term Loan, 7.504%, (1 mo. USD LIBOR + 3.75%), 3/6/28			44,635		42,161,042

Harbor Freight Tools USA, Inc., Term Loan, 6.504%, (1 mo. USD LIBOR + 2.75%), 10/19/27			32,996		31,011,944

L1R HB Finance Limited:

Term Loan, 6.016%, (6 mo. EURIBOR + 4.25%), 9/2/24	EUR		4,674		3,475,496

Term Loan, 7.217%, (SONIA + 5.25%), 9/2/24	GBP		9,172		7,941,484

Les Schwab Tire Centers, Term Loan, 6.58%, (3 mo. USD LIBOR + 3.25%), 11/2/27			27,454		26,732,982

LIDS Holdings, Inc., Term Loan, 8.99%, (SOFR + 5.50%), 12/14/26			5,823		4,921,891


Borrower/Description		Principal Amount* (000’s omitted)		Value

Specialty Retail (continued)

Mattress Firm, Inc., Term Loan, 8.433%, (3 mo. USD LIBOR + 4.25%), 9/25/28			16,632	$	14,287,919

PetSmart, Inc., Term Loan, 7.50%, (1 mo. USD LIBOR + 3.75%), 2/11/28			17,351		16,740,325

				$	173,671,889

Technology Hardware, Storage & Peripherals — 0.1%

NCR Corporation, Term Loan, 6.92%, (3 mo. USD LIBOR + 2.50%), 8/28/26			8,997	$	8,666,866

				$	8,666,866

Thrifts & Mortgage Finance — 0.2%

Ditech Holding Corporation, Term Loan, 0.00%, 6/30/23⁽¹²⁾			22,620	$	2,827,502

Walker & Dunlop, Inc., Term Loan, 6.079%, (SOFR + 2.25%), 12/16/28			12,952		12,757,843

				$	15,585,345

Trading Companies & Distributors — 2.5%

American Builders & Contractors Supply Co., Inc., Term Loan, 5.754%, (1 mo. USD LIBOR + 2.00%), 1/15/27			21,461	$	21,067,243

Avolon TLB Borrower 1 (US), LLC:

Term Loan, 5.239%, (1 mo. USD LIBOR + 1.75%), 1/15/25			25,082		24,661,358

Term Loan, 5.739%, (1 mo. USD LIBOR + 2.25%), 12/1/27			13,964		13,728,508

Core & Main L.P., Term Loan, 6.528%, (USD LIBOR + 2.50%), 7/27/28⁽⁹⁾			12,431		12,155,481

DXP Enterprises, Inc., Term Loan, 8.504%, (1 mo. USD LIBOR + 4.75%), 12/16/27			4,225		4,038,599

Electro Rent Corporation, Term Loan, 9.278%, (3 mo. USD LIBOR + 5.00%), 1/31/24			15,761		14,880,759

Hillman Group, Inc. (The):

Term Loan, 3.034%, (1 mo. USD LIBOR + 2.75%), 7/14/28⁽¹⁰⁾			875		838,043

Term Loan, 6.326%, (1 mo. USD LIBOR + 2.75%), 7/14/28			3,619		3,466,614

Park River Holdings, Inc., Term Loan, 6.993%, (3 mo. USD LIBOR + 3.25%), 12/28/27			10,857		9,251,931

Patagonia Bidco Limited:

Term Loan, 6.94%, (SONIA + 5.25%), 3/5/29	GBP		17,262		16,430,285

Term Loan, 6.94%, (SONIA + 5.25%), 3/5/29	GBP		3,138		2,987,325

Quimper AB, Term Loan, 4.085%, (3 mo. EURIBOR + 2.93%), 2/16/26	EUR		25,175		22,971,774


Borrower/Description	Principal Amount* (000’s omitted)		Value

Trading Companies & Distributors (continued)

SiteOne Landscape Supply, LLC, Term Loan, 5.76%, (1 mo. USD LIBOR + 2.00%), 3/23/28		3,431	$	3,402,666

Spin Holdco, Inc., Term Loan, 7.144%, (3 mo. USD LIBOR + 4.00%), 3/4/28		42,353		37,498,715

SRS Distribution, Inc.:

Term Loan, 7.254%, (1 mo. USD LIBOR + 3.50%), 6/2/28		14,325		13,343,013

Term Loan, 7.329%, (SOFR + 3.50%), 6/2/28		5,037		4,690,648

TricorBraun Holdings, Inc., Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 3/3/28		829		787,162

			$	206,200,124

Wireless Telecommunication Services — 0.2%

CCI Buyer, Inc., Term Loan, 7.553%, (SOFR + 4.00%), 12/17/27		7,914	$	7,609,384

Digicel International Finance Limited, Term Loan, 7.004%, (1 mo. USD LIBOR + 3.25%), 5/28/24		14,057		12,100,775

			$	19,710,159

Total Senior Floating-Rate Loans (identified cost $7,543,162,144)			$	6,829,205,613

Warrants — 0.0%
Security	Shares		Value

Leisure Goods/Activities/Movies — 0.0%

Cineworld Group PLC, Exp. 11/23/25⁽⁵⁾⁽⁶⁾		1,791,400	$	0

			$	0

Retailers (Except Food and Drug) — 0.0%

David’s Bridal, LLC, Exp. 11/26/22^(4)(5)(6)		51,888	$	0

			$	0

Total Warrants (identified cost $0)			$	0