Principal
Amount
|
Description
|
Value (†)
|
Senior Loans — 84.0% of Net Assets
|
||
|
Aerospace & Defense — 0.6%
|
|
$1,000,000
|
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, 3 mo.
USD SOFR + 4.000%, 9.593%, 10/31/2028(a)(b)
|
$998,910
|
4,482,661
|
Spirit Aerosystems, Inc., 2022 Term Loan, 3 mo.
USD SOFR + 4.250%, 9.619%, 1/15/2027(b)(c)
|
4,471,455
|
|
|
5,470,365
|
|
Airlines — 2.0%
|
|
6,027,750
|
American Airlines, Inc., 2021 Term Loan, 3 mo. USD
SOFR + 4.750%, 10.338%, 4/20/2028(b)(d)
|
6,254,755
|
3,378,376
|
LifeMiles Ltd., 2021 Term Loan B, 3 mo. USD SOFR +
5.250%, 10.934%, 8/30/2026(b)(e)
|
3,291,112
|
2,000,000
|
Mileage Plus Holdings LLC, 2020 Term Loan B,
3 mo. USD LIBOR + 5.250%, 10.764%, 6/21/2027(b)(e)
|
2,083,400
|
2,605,817
|
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, 3 mo.
USD SOFR + 3.750%, 9.076%, 10/20/2027(b)(e)
|
2,709,737
|
4,792,187
|
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD
LIBOR + 3.750%, 9.292%, 4/21/2028(b)(d)
|
4,798,178
|
|
|
19,137,182
|
|
Automotive — 2.1%
|
|
1,800,000
|
Clarios Global LP, 2023 Incremental Term Loan,
1 mo. USD SOFR + 3.750%, 9.081%, 5/06/2030(a)(b)
|
1,794,942
|
5,509,818
|
First Brands Group LLC, 2021 Term Loan, 6 mo. USD
SOFR + 5.000%, 10.881%, 3/30/2027(b)(e)
|
5,427,171
|
4,000,000
|
First Brands Group LLC, 2021 2nd Lien Term Loan,
3 mo. USD SOFR + 8.500%, 14.381%, 3/30/2028(b)(e)
|
3,728,320
|
5,377,189
|
IXS Holdings, Inc., 2020 Term Loan B, 3 mo. USD
SOFR + 4.250%, 9.851%, 3/05/2027(b)(d)
|
4,670,465
|
2,822,000
|
Phinia, Inc., Term Loan B, 1 mo. USD SOFR +
4.000%, 9.431%, 7/03/2028(a)(b)
|
2,823,778
|
2,896,224
|
Wheel Pros LLC, 2021 Term Loan, 3 mo. USD LIBOR
+ 4.500%, 10.107%, 5/11/2028(b)(d)
|
1,912,608
|
|
|
20,357,284
|
|
Brokerage — 4.1%
|
|
3,589,449
|
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan,
3 mo. USD SOFR + 6.500%, 12.030%, 8/02/2029(b)(c)
|
3,360,621
|
4,482,325
|
Astra Acquisition Corp., 2021 1st Lien Term Loan,
1 mo. USD SOFR + 5.250%,
10.696%, 10/25/2028(b)(c)
|
3,423,376
|
2,393,878
|
Citadel Securities LP, 2023 Term Loan B, 1 mo. USD
SOFR + 2.500%, 7.946%, 7/29/2030(a)(b)
|
2,381,908
|
3,538,641
|
DRW Holdings LLC, 2021 Term Loan, 1 mo. USD
SOFR + 3.750%, 9.196%, 3/01/2028(a)(b)
|
3,529,795
|
8,852,045
|
Edelman Financial Center LLC, 2018 2nd Lien Term
Loan, 1 mo. USD SOFR + 6.750%,
12.196%, 7/20/2026(a)(b)
|
8,661,726
|
2,611,841
|
Eisner Advisory Group LLC, Term Loan, 1 mo. USD
SOFR + 5.250%, 10.696%, 7/28/2028(b)(d)
|
2,605,311
|
3,258,000
|
Focus Financial Partners LLC, 2023 Term Loan B6,
6/30/2028(f)
|
3,254,514
|
3,800,000
|
Harbourvest Partners LLC, 2023 Term Loan B, 3 mo.
USD SOFR + 3.000%, 8.242%, 4/22/2030(a)(b)
|
3,796,846
|
6,316,535
|
LHS Borrower LLC, 2022 Term Loan B, 1 mo. USD
SOFR + 4.750%, 10.181%, 2/16/2029(b)(c)
|
5,574,342
|
4,004,903
|
Resolute Investment Managers, Inc., 2020 Term
Loan C, 3 mo. USD LIBOR + 4.250%,
9.788%, 4/30/2024(b)(e)
|
2,409,630
|
|
|
38,998,069
|
|
Building Materials — 2.0%
|
|
3,281,082
|
ACProducts, Inc., 2021 Term Loan B, 3 mo. USD
SOFR + 4.250%, 9.754%, 5/17/2028(b)(c)
|
2,801,224
|
Principal
Amount
|
Description
|
Value (†)
|
|
Building Materials — continued
|
|
$2,672,658
|
Cornerstone Building Brands, Inc., 2021 Term Loan
B, 1 mo. USD SOFR + 3.250%,
8.661%, 4/12/2028(b)(c)
|
$2,601,111
|
3,373,961
|
Foley Products Co. LLC, 2021 Term Loan, 3 mo. USD
SOFR + 4.750%, 10.142%, 12/29/2028(b)(c)
|
3,333,912
|
408,000
|
GYP Holdings III Corp., 2023 Term Loan, 1 mo. USD
SOFR + 3.000%, 8.331%, 5/12/2030(a)(b)
|
408,767
|
1,982,473
|
Mannington Mills, Inc., 2021 Term Loan B, 3 mo.
USD SOFR + 3.750%, 9.254%, 8/06/2026(a)(b)
|
1,792,909
|
2,500,000
|
MI Windows & Doors LLC, 2022 Term Loan,
12/18/2027(f)
|
2,500,000
|
2,615,718
|
Oscar AcquisitionCo LLC, Term Loan B, 3 mo. USD
SOFR + 4.500%, 9.842%, 4/29/2029(b)(c)
|
2,604,235
|
3,350,586
|
U.S. Silica Co., 2023 Term Loan B, 1 mo. USD SOFR
+ 4.750%, 10.181%, 3/25/2030(b)(c)
|
3,350,586
|
|
|
19,392,744
|
|
Cable Satellite — 3.0%
|
|
11,079,511
|
DirecTV Financing LLC, Term Loan, 1 mo. USD
SOFR + 5.000%, 10.446%, 8/02/2027(b)(d)
|
10,938,468
|
999,222
|
Intelsat Jackson Holdings SA, 2021 Exit Term Loan
B, 2/01/2029(f)
|
998,730
|
2,765,183
|
Intelsat Jackson Holdings SA, 2021 Exit Term Loan
B, 3 mo. USD SOFR + 4.250%,
9.772%, 2/01/2029(b)(c)
|
2,763,820
|
3,776,305
|
ViaSat, Inc., Term Loan, 1 mo. USD SOFR + 4.500%,
9.831%, 3/02/2029(b)(c)
|
3,687,562
|
5,421,000
|
Virgin Media Bristol LLC, 2023 USD Term Loan Y,
3 mo. USD SOFR + 3.250%, 8.311%, 3/31/2031(a)(b)
|
5,352,262
|
1,000,000
|
WideOpenWest Finance LLC, 2021 Term Loan B,
12/20/2028(f)
|
986,700
|
3,890,127
|
WideOpenWest Finance LLC, 2021 Term Loan B,
3 mo. USD SOFR + 3.000%, 8.242%, 12/20/2028(b)(c)
|
3,838,388
|
|
|
28,565,930
|
|
Chemicals — 3.3%
|
|
3,275,000
|
Aruba Investments, Inc., 2020 2nd Lien Term Loan,
1 mo. USD SOFR + 7.750%,
13.181%, 11/24/2028(b)(d)
|
2,974,781
|
4,074,339
|
Bakelite U.S. Holdco, Inc., 2022 Term Loan, 3 mo.
USD SOFR + 4.000%, 9.392%, 5/29/2029(b)(c)
|
4,031,069
|
5,650,085
|
Chemours Co., 2023 USD Term Loan B, 1 mo. USD
SOFR + 3.500%, 8.831%, 8/18/2028(b)(c)
|
5,558,271
|
4,604,373
|
Groupe Solmax, Inc., Term Loan, 3 mo. USD SOFR +
4.750%, 10.198%, 5/29/2028(b)(d)
|
4,245,231
|
3,351,973
|
Ineos U.S. Finance LLC, 2022 USD Term Loan B,
1 mo. USD SOFR + 3.750%, 8.953%, 11/08/2027(a)(b)
|
3,336,620
|
2,900,000
|
LSF11 A5 Holdco LLC, 2023 Incremental Term Loan
B, 10/15/2028(f)
|
2,897,274
|
2,521,320
|
Luxembourg Investment Co. 428 Sarl, Term Loan B,
3 mo. USD SOFR + 5.000%, 10.392%, 1/03/2029(b)(c)
|
1,829,546
|
2,015,948
|
Momentive Performance Materials, Inc., 2023 Term
Loan, 1 mo. USD SOFR + 4.500%,
9.831%, 3/29/2028(a)(b)
|
1,994,115
|
2,661,625
|
Vantage Specialty Chemicals, Inc., 2023 Term Loan
B, 1 mo. USD SOFR + 4.750%,
10.064%, 10/26/2026(b)(c)
|
2,576,453
|
2,500,000
|
Windsor Holdings III LLC, USD Term Loan B, 1 mo.
USD SOFR + 4.500%, 9.818%, 8/01/2030(a)(b)
|
2,489,075
|
|
|
31,932,435
|
|
Consumer Cyclical Services — 4.1%
|
|
2,000,000
|
AlixPartners LLP, 2021 USD Term Loan B, 1 mo. USD
SOFR + 2.750%, 8.196%, 2/04/2028(b)(c)
|
1,996,940
|
2,502,000
|
CHG Healthcare Services, Inc., 2023 Incremental
Term Loan, 9/29/2028(f)
|
2,498,873
|
Principal
Amount
|
Description
|
Value (†)
|
|
Consumer Cyclical Services — continued
|
|
$2,000,000
|
CHG Healthcare Services, Inc., 2021 Term Loan,
1 mo. USD SOFR + 3.250%, 8.696%, 9/29/2028(b)(c)
|
$1,986,260
|
2,959,000
|
Cushman & Wakefield U.S. Borrower LLC, 2023
Term Loan B, 1 mo. USD SOFR + 4.00%,
9.331%, 1/31/2030(b)(c)
|
2,944,205
|
2,499,844
|
Galaxy U.S. Opco, Inc., Term Loan, 1 mo. USD SOFR
+ 4.750%, 10.081%, 4/29/2029(b)(c)
|
2,368,602
|
739,285
|
Go Daddy Operating Co. LLC, 2022 Term Loan B5,
1 mo. USD SOFR + 2.500%, 7.831%, 11/09/2029(a)(b)
|
740,209
|
3,000,000
|
Inmar, Inc., 2023 Term Loan, USD SOFR + 5.500%,
10.763%, 5/01/2026(e)(g)
|
2,913,750
|
3,300,000
|
Kingpin Intermediate Holdings LLC, 2023 Term Loan
B, 1 mo. USD SOFR + 3.500%,
8.831%, 2/08/2028(a)(b)
|
3,287,625
|
4,426,952
|
Latham Pool Products, Inc., 2022 Term Loan B,
3 mo. USD SOFR + 4.000%, 9.527%, 2/23/2029(b)(c)
|
4,279,402
|
150,277
|
OMNIA Partners LLC, Delayed Draw Term Loan,
0.500%, 7/25/2030(h)
|
150,560
|
1,599,723
|
OMNIA Partners LLC, Term Loan B, 3 mo. USD
SOFR + 4.250%, 9.601%, 7/25/2030(a)(b)
|
1,602,730
|
3,103,157
|
Sweetwater Borrower LLC, Term Loan B, 1 mo.
USD SOFR + 4.250%, 9.696%, 8/07/2028(b)(d)
|
3,017,820
|
2,000,000
|
TTF Holdings LLC, Term Loan, 1 mo. USD SOFR +
4.000%, 9.446%, 3/31/2028(b)(d)
|
1,998,340
|
5,984,962
|
Uber Technologies, Inc., 2023 Term Loan B, 3 mo.
USD SOFR + 2.750%, 8.018%, 3/03/2030(a)(i)
|
5,991,426
|
2,214,050
|
Vaco Holdings LLC, 2022 Term Loan, 3 mo. USD
SOFR + 5.000%, 10.587%, 1/21/2029(a)(b)
|
2,120,883
|
1,290,000
|
VT Topco, Inc., 2023 Term Loan B, 3 mo. USD SOFR
+ 4.25%, 9.562%, 8/09/2030(b)(c)
|
1,294,296
|
|
|
39,191,921
|
|
Consumer Products — 2.6%
|
|
2,894,573
|
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan
B, 1 mo. USD SOFR + 3.750%,
9.063%, 7/31/2028(b)(c)
|
2,882,676
|
3,233,565
|
Bombardier Recreational Products, Inc., 2022
Incremental Term Loan B, 1 mo. USD SOFR +
3.500%, 8.831%, 12/13/2029(b)(c)
|
3,234,244
|
2,920,355
|
Mattress Firm, Inc., 2021 Term Loan B, 6 mo. USD
LIBOR + 4.250%, 9.950%, 9/25/2028(b)(d)
|
2,891,152
|
3,416,000
|
Recess Holdings, Inc., 2023 Term Loan, 3 mo. USD
SOFR + 4.000%, 9.383%, 3/17/2027(b)(e)
|
3,407,460
|
4,452,389
|
Solis IV BV, USD Term Loan B1, 3 mo. USD SOFR +
3.500%, 8.891%, 2/26/2029(a)(b)
|
4,321,622
|
1,104,537
|
Springs Windows Fashions LLC, 2021 Term Loan B,
1 mo. USD SOFR + 4.000%, 9.446%, 10/06/2028(b)(d)
|
916,766
|
1,807,957
|
Topgolf Callaway Brands Corp., Term Loan B, 1 mo.
USD SOFR + 3.500%, 8.931%, 3/15/2030(a)(b)
|
1,806,023
|
3,317,333
|
Weber-Stephen Products LLC, Term Loan B, 1 mo.
USD SOFR + 3.250%, 8.696%, 10/30/2027(b)(d)
|
2,985,599
|
2,702,788
|
Weber-Stephen Products LLC, 2022 Incremental
Term Loan B, 1 mo. USD SOFR + 4.250%,
9.681%, 10/30/2027(b)(d)
|
2,429,130
|
|
|
24,874,672
|
|
Diversified Manufacturing — 4.1%
|
|
1,736,250
|
Alliance Laundry Systems LLC, Term Loan B, USD
SOFR + 3.500%, 8.901%, 10/08/2027(d)(g)
|
1,737,587
|
4,047,801
|
Arcline FM Holdings LLC, 2021 1st Lien Term Loan,
3 mo. USD SOFR + 4.750%, 10.254%, 6/23/2028(b)(d)
|
3,993,398
|
1,391,000
|
Barnes Group, Inc., Term Loan B, 8/09/2030(f)
|
1,392,155
|
3,647,254
|
Chart Industries, Inc., 2023 Term Loan B, 1 mo. USD
SOFR + 3.750%, 9.164%, 3/15/2030(b)(c)
|
3,642,695
|
Principal
Amount
|
Description
|
Value (†)
|
|
Diversified Manufacturing — continued
|
|
$3,161,936
|
CMBF LLC, Term Loan, 1 mo. USD SOFR + 6.000%,
11.429%, 8/02/2028(b)(c)
|
$3,161,936
|
4,719,450
|
Emrld Borrower LP, Term Loan B, 3 mo. USD SOFR
+ 3.000%, 8.331%, 5/31/2030(a)(b)
|
4,722,423
|
3,990,000
|
Filtration Group Corp., 2023 USD Term Loan, 1 mo.
USD SOFR + 4.250%, 9.696%, 10/21/2028(b)(c)
|
3,999,137
|
3,000,000
|
Infinite Bidco LLC, 2nd Lien Term Loan, 3 mo. USD
SOFR + 7.000%, 12.504%, 3/02/2029(b)(c)
|
2,570,010
|
3,500,000
|
LSF12 Badger Bidco LLC, Term Loan B, 7/25/2030(f)
|
3,456,250
|
2,352,225
|
Project Castle, Inc., Term Loan B, 3 mo. USD SOFR
+ 5.500%, 10.746%, 6/01/2029(c)(i)
|
2,034,675
|
2,606,285
|
Shape Technologies Group, Inc., Term Loan, 1 mo.
USD SOFR + 3.000%, 8.431%, 4/21/2025(a)(b)
|
2,435,260
|
4,430,953
|
Vertiv Group Corp., 2021 Term Loan B, 3 mo. USD
SOFR + 2.750%, 8.182%, 3/02/2027(a)(b)
|
4,426,655
|
1,797,965
|
Watlow Electric Manufacturing Co., 2022
Incremental Term Loan B, 3 mo. USD SOFR +
5.000%, 10.627%, 3/02/2028(b)(c)
|
1,800,212
|
|
|
39,372,393
|
|
Electric — 0.4%
|
|
1,902,381
|
Talen Energy Supply LLC, 2023 Term Loan C, 3 mo.
USD SOFR + 4.500%, 9.877%, 5/17/2030(b)(c)
|
1,904,759
|
2,347,619
|
Talen Energy Supply LLC, 2023 Term Loan B, 3 mo.
USD SOFR + 4.500%, 9.877%, 5/17/2030(b)(c)
|
2,350,553
|
|
|
4,255,312
|
|
Environmental — 1.1%
|
|
2,413,662
|
Covanta Holding Corp., 2023 Term Loan B, 1 mo.
USD SOFR + 3.000%, 8.313%, 11/30/2028(b)(c)
|
2,411,658
|
181,025
|
Covanta Holding Corp., 2023 Term Loan C, 1 mo.
USD SOFR + 3.000%, 8.313%, 11/30/2028(b)(c)
|
180,875
|
4,298,172
|
Liberty Tire Recycling Holdco LLC, 2021 Term Loan,
1 mo. USD SOFR + 4.500%, 9.946%, 5/05/2028(b)(e)
|
4,018,791
|
3,045,241
|
Northstar Group Services, Inc., 2020 Term Loan B,
1 mo. USD SOFR + 5.500%,
10.946%, 11/12/2026(b)(e)
|
3,041,434
|
1,000,000
|
Rockwood Service Corp., 2020 Term Loan, 1 mo.
USD SOFR + 4.00%, 9.446%, 1/23/2027(a)(b)
|
1,001,670
|
|
|
10,654,428
|
|
Financial Other — 0.3%
|
|
3,574,169
|
Orion Advisor Solutions, Inc., 2021 Term Loan, 3 mo.
USD SOFR + 3.750%, 9.381%, 9/24/2027(b)(d)
|
3,404,396
|
|
Food & Beverage — 1.4%
|
|
3,461,309
|
City Brewing Co. LLC, Closing Date Term Loan,
3 mo. USD SOFR + 3.500%, 9.070%, 4/05/2028(b)(d)
|
2,237,494
|
4,443,908
|
Del Monte Foods, Inc., 2022 Term Loan, 1 mo. USD
SOFR + 4.250%, 9.670%, 5/16/2029(b)(c)
|
4,332,810
|
5,000,000
|
Naked Juice LLC, 2nd Lien Term Loan, 3 mo. USD
SOFR + 6.000%, 11.342%, 1/24/2030(b)(c)
|
4,010,700
|
3,049,471
|
Triton Water Holdings, Inc., Term Loan, 3 mo. USD
SOFR + 3.250%, 8.754%, 3/31/2028(b)(c)
|
2,994,000
|
|
|
13,575,004
|
|
Gaming — 2.0%
|
|
3,731,061
|
Bally's Corp., 2021 Term Loan B, 3 mo. USD SOFR +
3.250%, 9.099%, 10/02/2028(b)(c)
|
3,621,703
|
3,612,191
|
Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo.
USD SOFR + 4.000%, 9.331%, 1/27/2029(b)(c)
|
3,573,576
|
4,578,805
|
GVC Holdings (Gibraltar) Ltd., 2022 USD Term Loan
B2, 6 mo. USD SOFR + 3.500%,
8.885%, 10/31/2029(b)(c)
|
4,584,529
|
1,250,000
|
J&J Ventures Gaming LLC, 2023 Incremental Term
Loan B, 4/26/2028(f)
|
1,206,250
|
Principal
Amount
|
Description
|
Value (†)
|
|
Gaming — continued
|
|
$2,250,000
|
J&J Ventures Gaming LLC, 2023 Nevada Delayed
Draw Term Loan, 4/15/2030(f)
|
$2,171,250
|
4,155,000
|
Ontario Gaming GTA LP, Term Loan B, 8/01/2030(f)
|
4,162,811
|
|
|
19,320,119
|
|
Healthcare — 5.3%
|
|
4,345,387
|
Carestream Dental Equipment, Inc., 2021 Term
Loan, 3 mo. USD LIBOR + 4.500%,
10.231%, 9/01/2024(b)(c)
|
3,867,394
|
3,482,500
|
Charlotte Buyer, Inc., 1st Lien Term Loan, 1 mo.
USD SOFR + 5.250%, 10.563%, 2/11/2028(b)(c)
|
3,429,392
|
487,946
|
Dermatology Intermediate Holdings III, Inc., 2022
Delayed Draw Term Loan, 3 mo. USD SOFR +
4.250%, 9.617%, 3/30/2029(c)(i)
|
484,775
|
2,815,434
|
Dermatology Intermediate Holdings III, Inc., 2022
Term Loan B, 3 mo. USD SOFR + 4.250%,
9.619%, 3/30/2029(b)(c)
|
2,797,134
|
1,856,439
|
Element Materials Technology Group
U.S. Holdings, Inc., 2022 USD Delayed Draw Term
Loan, 3 mo. USD SOFR + 4.250%,
9.592%, 7/06/2029(b)(c)
|
1,814,669
|
4,022,285
|
Element Materials Technology Group
U.S. Holdings, Inc., 2022 USD Term Loan, 3 mo. USD
SOFR + 4.250%, 9.592%, 7/06/2029(b)(c)
|
3,931,784
|
4,000,000
|
Fortrea Holdings, Inc., Term Loan B, 3 mo. USD
SOFR + 3.750%, 8.992%, 7/01/2030(b)(c)
|
3,988,760
|
3,879,592
|
Gainwell Acquisition Corp., Term Loan B, 3 mo.
USD SOFR + 4.000%, 9.342%, 10/01/2027(b)(d)
|
3,815,346
|
2,000,000
|
GHX Ultimate Parent Corp., 2023 Term Loan, 3 mo.
USD SOFR + 4.750%, 10.117%, 6/30/2027(b)(c)
|
1,996,260
|
2,936,392
|
Heartland Dental LLC, 2023 Term Loan B, 1 mo. USD
SOFR + 5.000%, 10.314%, 4/28/2028(b)(d)
|
2,885,857
|
1,000,000
|
MDVIP, Inc., 2021 2nd Lien Term Loan, 1 mo. USD
LIBOR + 6.500%, 11.946%, 10/15/2029(b)(c)
|
945,000
|
2,853,372
|
NAPA Management Services Corp., Term Loan B,
1 mo. USD SOFR + 5.250%, 10.681%, 2/23/2029(b)(d)
|
2,118,628
|
177,172
|
National Mentor Holdings, Inc., 2021 Term Loan C,
3 mo. USD SOFR + 3.750%, 9.092%, 3/02/2028(b)(d)
|
154,694
|
6,447,517
|
National Mentor Holdings, Inc., 2021 Term Loan,
USD SOFR + 3.750%, 9.163%, 3/02/2028(d)(g)
|
5,629,521
|
3,748,457
|
Onex TSG Intermediate Corp., 2021 Term Loan B,
3 mo. USD SOFR + 4.750%, 10.381%, 2/28/2028(b)(d)
|
3,398,613
|
1,000,000
|
Pearl Intermediate Parent LLC, 2018 2nd Lien Term
Loan, 1 mo. USD SOFR + 6.250%,
11.681%, 2/13/2026(a)(b)
|
976,000
|
1,000,000
|
PetVet Care Centers LLC, 2021 Term Loan B3,
2/14/2025(f)
|
991,880
|
4,341,489
|
Southern Veterinary Partners LLC, Term Loan, 1 mo.
USD SOFR + 4.000%, 9.446%, 10/05/2027(b)(e)
|
4,330,635
|
1,000,000
|
Southern Veterinary Partners LLC, 2nd Lien Term
Loan, 1 mo. USD SOFR + 7.750%,
13.181%, 10/05/2028(b)(e)
|
926,670
|
2,258,470
|
U.S. Anesthesia Partners, Inc., 2021 Term Loan,
1 mo. USD SOFR + 4.250%, 9.683%, 10/01/2028(b)(c)
|
2,106,023
|
|
|
50,589,035
|
|
Independent Energy — 0.5%
|
|
5,205,924
|
Matador Bidco Sarl, Term Loan, 1 mo. USD SOFR +
4.500%, 9.931%, 10/15/2026(a)(b)
|
5,218,002
|
|
Industrial Other — 1.8%
|
|
3,891,819
|
Colibri Group LLC, 2022 Term Loan, 3 mo. USD SOFR
+ 5.000%, 10.394%, 3/12/2029(d)(i)
|
3,789,658
|
2,500,000
|
KUEHG Corp., 2023 Term Loan, 3 mo. USD SOFR +
5.000%, 10.242%, 6/12/2030(b)(c)
|
2,500,450
|
Principal
Amount
|
Description
|
Value (†)
|
|
Industrial Other — continued
|
|
$1,000,000
|
Learning Care Group, Inc., 2023 Term Loan, 3 mo.
USD SOFR + 4.750%, 10.130%, 8/11/2028(c)(i)
|
$997,920
|
3,000,000
|
Michael Baker International LLC, 2021 Term Loan,
12/01/2028(f)
|
2,970,000
|
4,654,281
|
Service Logic Acquisition, Inc., Term Loan, USD
SOFR + 4.000%, 9.630%, 10/29/2027(d)(g)
|
4,631,010
|
2,103,373
|
VM Consolidated, Inc., 2021 Term Loan B, 1 mo.
USD SOFR + 3.250%, 8.696%, 3/24/2028(a)(b)
|
2,100,744
|
|
|
16,989,782
|
|
Leisure — 1.3%
|
|
300,000
|
Arcis Golf LLC, 2023 Incremental Delayed Draw
Term Loan, 11/24/2028(f)
|
299,250
|
1,196,970
|
Arcis Golf LLC, Term Loan B, 1 mo. USD SOFR +
4.250%, 9.696%, 11/24/2028(b)(c)
|
1,193,977
|
2,475,000
|
Carnival Corp., 2023 Term Loan B, 3 mo. USD SOFR
+ 3.000%, 8.317%, 8/08/2027(b)(d)
|
2,470,669
|
3,000,000
|
SeaWorld Parks & Entertainment, Inc., 2021 Term
Loan B, 8/25/2028(f)
|
2,994,000
|
5,776,474
|
Thunder Finco Pty. Ltd., Term Loan B, 3 mo. USD
LIBOR + 4.150%, 9.538%, 11/26/2026(b)(d)
|
5,747,591
|
|
|
12,705,487
|
|
Lodging — 0.4%
|
|
3,680,184
|
Hilton Grand Vacations Borrower LLC, 2021 Term
Loan B, 1 mo. USD SOFR + 3.000%,
8.446%, 8/02/2028(b)(c)
|
3,680,184
|
|
Media Entertainment — 9.3%
|
|
2,476,400
|
ABG Intermediate Holdings 2 LLC, 2021 2nd Lien
Term Loan, 1 mo. USD SOFR + 6.000%,
11.431%, 12/20/2029(b)(c)
|
2,488,782
|
8,395,295
|
Advantage Sales & Marketing, Inc., 2021 Term
Loan, USD SOFR + 4.500%,
10.038%, 10/28/2027(d)(g)
|
8,026,490
|
1,632,767
|
AP Core Holdings II LLC, Amortization Term Loan
B1, 1 mo. USD SOFR + 5.500%,
10.946%, 9/01/2027(b)(d)
|
1,596,536
|
3,806,000
|
AP Core Holdings II LLC, High-Yield Term Loan B2,
1 mo. USD SOFR + 5.500%, 10.946%, 9/01/2027(b)(d)
|
3,691,820
|
2,715,195
|
Banijay Entertainment S.A.S, USD Term Loan, 3 mo.
USD SOFR + 3.750%, 9.168%, 3/01/2028(a)(b)
|
2,719,485
|
6,777,527
|
Cengage Learning, Inc., 2021 Term Loan B, 3 mo.
USD LIBOR + 4.750%, 10.323%, 7/14/2026(b)(e)
|
6,752,856
|
4,715,639
|
CMG Media Corp., 2021 Term Loan, 3 mo. USD
SOFR + 3.500%, 8.842%, 12/17/2026(a)(b)
|
4,370,832
|
6,084,750
|
Creative Artists Agency LLC, 2023 Term Loan B,
1 mo. USD SOFR + 3.500%, 8.831%, 11/27/2028(a)(b)
|
6,077,144
|
6,928,246
|
Dotdash Meredith, Inc., Term Loan B, 1 mo. USD
SOFR + 4.000%, 9.418%, 12/01/2028(a)(b)
|
6,659,777
|
6,430,707
|
Gray Television, Inc., 2021 Term Loan D, 1 mo. USD
SOFR + 3.000%, 8.433%, 12/01/2028(a)(b)
|
6,351,480
|
2,750,000
|
iHeartCommunications, Inc., 2020 Term Loan, 1 mo.
USD SOFR + 3.000%, 8.446%, 5/01/2026(a)(b)
|
2,447,940
|
4,558,139
|
McGraw-Hill Global Education Holdings LLC, 2021
Term Loan, USD SOFR + 4.750%,
10.196%, 7/28/2028(b)(c)
|
4,463,193
|
2,900,000
|
MH Sub I LLC, 2023 Term Loan, 1 mo. USD SOFR +
4.250%, 9.581%, 5/03/2028(b)(c)
|
2,784,638
|
7,400,000
|
MH Sub I LLC, 2021 2nd Lien Term Loan, 1 mo. USD
SOFR + 6.250%, 11.581%, 2/23/2029(a)(b)
|
6,425,050
|
9,952,846
|
PUG LLC, USD Term Loan, 1 mo. USD SOFR +
3.500%, 8.946%, 2/12/2027(a)(b)
|
9,430,322
|
4,950,000
|
Sinclair Television Group, Inc., 2022 Term Loan B4,
1 mo. USD SOFR + 3.750%, 9.181%, 4/21/2029(a)(b)
|
3,557,812
|
Principal
Amount
|
Description
|
Value (†)
|
|
Media Entertainment — continued
|
|
$4,064,920
|
Summer (BC) Holdco B Sarl, 2021 USD Term Loan
B2, 3 mo. USD SOFR + 4.500%,
10.002%, 12/04/2026(b)(d)
|
$3,892,161
|
3,030,250
|
Syndigo LLC, 2020 Term Loan, 1 mo. USD SOFR +
4.500%, 9.930%, 12/15/2027(b)(d)
|
2,825,708
|
1,647,250
|
Syndigo LLC, 2020 2nd Lien Term Loan, 3 mo. USD
LIBOR + 8.000%, 13.552%, 12/15/2028(b)(d)
|
1,416,635
|
3,643,795
|
Voyage Digital Ltd., USD Term Loan B, 3 mo. USD
SOFR + 4.250%, 9.630%, 5/11/2029(b)(c)
|
3,636,981
|
|
|
89,615,642
|
|
Midstream — 1.7%
|
|
4,500,000
|
AL NGPL Holdings LLC, 2023 Incremental Term
Loan B, 3 mo. USD SOFR + 3.750%,
9.293%, 4/13/2028(b)(e)
|
4,500,000
|
3,400,000
|
NorthRiver Midstream Finance LP, 2023 USD Term
Loan B, 8/16/2030(f)
|
3,391,500
|
4,384,813
|
Oryx Midstream Services Permian Basin LLC, 2023
Incremental Term Loan, 1 mo. USD SOFR + 3.250%,
8.682%, 10/05/2028(b)(c)
|
4,380,560
|
3,850,000
|
Whitewater Whistler Holdings LLC, 2023 Term Loan
B, 3 mo. USD SOFR + 3.250%,
8.492%, 2/15/2030(a)(b)
|
3,850,000
|
|
|
16,122,060
|
|
Oil Field Services — 0.7%
|
|
3,000,000
|
Bangl LLC, Term Loan B, 3 mo. USD SOFR + 4.500%,
9.818%, 2/01/2029(a)(b)
|
2,958,750
|
3,990,000
|
Brazos Delaware II LLC, 2023 Term Loan B, 1 mo.
USD SOFR + 3.750%, 9.063%, 2/11/2030(b)(c)
|
3,942,958
|
|
|
6,901,708
|
|
Other REITs — 0.9%
|
|
2,288,295
|
Apollo Commercial Real Estate Finance, Inc., 2021
Incremental Term Loan B1, 1 mo. USD SOFR +
3.500%, 8.946%, 3/11/2028(a)(b)
|
2,128,115
|
2,441,880
|
RHP Hotel Properties LP, 2023 Term Loan B, 1 mo.
USD SOFR + 2.750%, 8.081%, 5/18/2030(a)(b)
|
2,447,374
|
4,103,380
|
Starwood Property Trust, Inc., 2022 Term Loan B,
1 mo. USD SOFR + 3.250%, 8.581%, 11/18/2027(b)(c)
|
4,113,638
|
|
|
8,689,127
|
|
Paper — 1.3%
|
|
2,853,500
|
Domtar Corp., 2021 Term Loan B, 1 mo. USD SOFR +
5.500%, 10.929%, 11/30/2028(b)(d)
|
2,846,366
|
5,160,402
|
Schweitzer-Mauduit International, Inc., 2021 Term
Loan B, 1 mo. USD SOFR + 3.750%,
9.196%, 4/20/2028(b)(d)
|
5,082,996
|
4,299,835
|
Spa Holdings 3 Oy, USD Term Loan B, 3 mo. USD
LIBOR + 3.750%, 9.288%, 2/04/2028(b)(d)
|
4,138,591
|
|
|
12,067,953
|
|
Pharmaceuticals — 1.5%
|
|
2,854,750
|
Bausch Health Cos., Inc., 2022 Term Loan B, 1 mo.
USD SOFR + 5.250%, 10.664%, 2/01/2027(b)(c)
|
2,326,621
|
4,776,909
|
Jazz Financing Lux Sarl, USD Term Loan, 1 mo. USD
SOFR + 3.500%, 8.946%, 5/05/2028(b)(c)
|
4,776,909
|
5,262,743
|
LSCS Holdings, Inc., 2021 1st Lien Term Loan, 1 mo.
USD SOFR + 4.614%, 9.946%, 12/16/2028(b)(c)
|
5,167,383
|
2,000,000
|
LSCS Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo.
USD SOFR + 8.000%, 13.446%, 12/17/2029(b)(c)
|
1,770,000
|
|
|
14,040,913
|
|
Property & Casualty Insurance — 1.3%
|
|
3,350,000
|
Amynta Agency Borrower, Inc., 2023 Term Loan B,
1 mo. USD SOFR + 5.000%, 10.431%, 2/28/2028(a)(b)
|
3,342,831
|
1,987,897
|
Asurion LLC, 2020 Term Loan B8, 3 mo. USD LIBOR
+ 3.250%, 8.788%, 12/23/2026(a)(b)
|
1,930,745
|
Principal
Amount
|
Description
|
Value (†)
|
|
Property & Casualty Insurance — continued
|
|
$2,829,853
|
Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR
+ 4.250%, 9.681%, 8/19/2028(a)(b)
|
$2,729,478
|
4,686,000
|
Asurion LLC, 2021 2nd Lien Term Loan B3, 1 mo.
USD SOFR + 5.250%, 10.696%, 1/31/2028(a)(b)
|
4,183,708
|
|
|
12,186,762
|
|
Refining — 0.5%
|
|
4,797,890
|
Delek U.S. Holdings, Inc., 2022 Term Loan B, 1 mo.
USD SOFR + 3.500%, 8.931%, 11/19/2029(b)(c)
|
4,748,568
|
|
Restaurants — 0.7%
|
|
4,876,140
|
Dave & Buster's, Inc., 2023 Term Loan, 1 mo. USD
SOFR + 3.750%, 9.188%, 6/29/2029(b)(c)
|
4,874,921
|
2,000,000
|
IRB Holding Corp., 2022 Term Loan B, 1 mo. USD
SOFR + 3.000%, 8.431%, 12/15/2027(b)(d)
|
1,987,700
|
|
|
6,862,621
|
|
Retailers — 6.2%
|
|
4,209,988
|
At Home Group, Inc., Term Loan B, 1 mo. USD SOFR
+ 4.250%, 9.682%, 7/24/2028(b)(c)
|
2,573,355
|
2,758,229
|
Canada Goose, Inc., 2021 Term Loan, 1 mo. USD
SOFR + 3.500%, 8.946%, 10/07/2027(b)(d)
|
2,723,061
|
3,600,300
|
Container Store, Inc., 2020 Term Loan B3, 3 mo.
USD LIBOR + 4.750%, 10.288%, 1/31/2026(b)(e)
|
3,258,271
|
2,432,010
|
Crocs, Inc., 2023 Term Loan B, 1 mo. USD SOFR +
3.100%, 8.431%, 2/20/2029(b)(c)
|
2,437,822
|
2,977,157
|
CWGS Group LLC, 2021 Term Loan B, 1 mo. USD
SOFR + 2.500%, 7.930%, 6/03/2028(d)(i)
|
2,808,025
|
3,599,559
|
Evergreen Acqco 1 LP, 2021 USD Term Loan, 3 mo.
USD SOFR + 5.250%, 10.754%, 4/26/2028(b)(d)
|
3,623,568
|
2,878,402
|
Great Outdoors Group LLC, 2021 Term Loan B1,
1 mo. USD SOFR + 3.750%, 9.196%, 3/06/2028(b)(d)
|
2,866,716
|
2,385,707
|
International Textile Group, Inc, 2023 Term Loan,
3 mo. USD SOFR + 8.500%, 10.638%, 9/30/2027(i)(j)
|
2,361,850
|
2,899,071
|
Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD
SOFR + 4.250%, 9.754%, 4/15/2028(b)(d)
|
2,682,627
|
4,664,776
|
Olaplex, Inc., 2022 Term Loan, 1 mo. USD SOFR +
3.500%, 8.931%, 2/23/2029(b)(c)
|
3,867,892
|
5,657,182
|
Petco Health and Wellness Co., Inc., 2021 Term
Loan B, 3 mo. USD SOFR + 3.250%,
8.754%, 3/03/2028(b)(d)
|
5,619,731
|
5,490,107
|
PetSmart, Inc., 2021 Term Loan B, 1 mo. USD SOFR
+ 3.750%, 9.181%, 2/11/2028(b)(d)
|
5,472,978
|
3,539,978
|
Rent-A-Center, Inc., 2021 First Lien Term Loan B,
3 mo. USD SOFR + 3.250%, 8.881%, 2/17/2028(b)(c)
|
3,526,703
|
3,970,000
|
Restoration Hardware, Inc., 2022 Incremental Term
Loan, 1 mo. USD SOFR + 3.250%,
8.681%, 10/20/2028(b)(c)
|
3,855,863
|
4,155,727
|
RVR Dealership Holdings LLC, Term Loan B, 3 mo.
USD SOFR + 3.750%, 9.246%, 2/08/2028(b)(d)
|
3,766,128
|
5,268,725
|
S&S Holdings LLC, Term Loan, 3 mo. USD SOFR +
5.000%, 10.408%, 3/11/2028(b)(c)
|
4,987,744
|
2,309,895
|
Tory Burch LLC, Term Loan B, 1 mo. USD SOFR +
3.250%, 8.696%, 4/16/2028(b)(c)
|
2,277,764
|
1,000,000
|
Victoria's Secret & Co., Term Loan B, 1 mo. USD
SOFR + 3.25%, 8.681%, 8/02/2028(b)(c)
|
972,500
|
|
|
59,682,598
|
|
Technology — 13.9%
|
|
6,975,000
|
Access CIG LLC, 2018 2nd Lien Term Loan, 1 mo.
USD SOFR + 7.750%, 13.182%, 2/27/2026(a)(b)
|
6,661,125
|
2,000,000
|
Altar Bidco, Inc., 2021 Term Loan, 2/01/2029(f)
|
1,989,160
|
4,860,000
|
Altar Bidco, Inc., 2021 2nd Lien Term Loan, 1 mo.
USD SOFR + 5.600%, 10.493%, 2/01/2030(b)(c)
|
4,693,934
|
439,898
|
Applied Systems, Inc., 2022 Extended 1st Lien Term
Loan, 3 mo. USD SOFR + 4.500%,
9.742%, 9/18/2026(b)(c)
|
441,332
|
Principal
Amount
|
Description
|
Value (†)
|
|
Technology — continued
|
|
$3,500,000
|
Applied Systems, Inc., 2021 2nd Lien Term Loan,
3 mo. USD SOFR + 6.750%, 11.992%, 9/17/2027(b)(d)
|
$3,501,750
|
5,286,582
|
Ascend Learning LLC, 2021 Term Loan, USD SOFR +
3.500%, 8.925%, 12/11/2028(c)(g)
|
5,077,022
|
6,529,413
|
Byju's Alpha, Inc., Term Loan B,
15.250%, 11/24/2026(k)
|
3,330,000
|
5,718,310
|
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. USD
SOFR + 4.250%, 9.492%, 7/06/2029(b)(c)
|
5,719,682
|
3,000,000
|
CommScope, Inc., 2019 Term Loan B, 1 mo. USD
SOFR + 3.250%, 8.696%, 4/06/2026(a)(b)
|
2,751,000
|
5,021,197
|
Conduent Business Services LLC, 2021 Term Loan
B, 1 mo. USD SOFR + 4.250%,
9.570%, 10/16/2028(b)(c)
|
4,977,261
|
3,889,035
|
Corel Corp., 2019 Term Loan, 3 mo. USD SOFR +
5.000%, 10.523%, 7/02/2026(a)(b)
|
3,671,482
|
3,461,769
|
Cornerstone OnDemand, Inc., 2021 Term Loan,
3 mo. USD SOFR + 3.750%, 9.254%, 10/16/2028(b)(c)
|
3,287,226
|
6,094,493
|
CT Technologies Intermediate Holdings, Inc., 2021
Term Loan B, 1 mo. USD SOFR + 4.250%,
9.696%, 12/16/2025(b)(d)
|
5,738,636
|
4,455,703
|
Dodge Data & Analytics LLC, 2022 Term Loan, 3 mo.
USD SOFR + 4.750%, 10.142%, 2/23/2029(a)(b)
|
3,590,539
|
3,000,000
|
Dodge Data & Analytics LLC, 2022 2nd Lien Term
Loan, 3 mo. USD SOFR + 8.250%,
13.642%, 2/23/2029(b)(c)
|
2,160,000
|
3,526,881
|
Endure Digital, Inc., Term Loan, 3 mo. USD LIBOR +
3.500%, 8.792%, 2/10/2028(b)(d)
|
3,359,354
|
6,753,420
|
Finastra USA, Inc., USD 1st Lien Term Loan, USD
LIBOR + 3.500%, 9.205%, 6/13/2024(e)(g)
|
6,744,303
|
1,878,915
|
Global Client Solutions LLC, Term Loan B, 3 mo.
USD SOFR + 6.500%, 11.808%, 3/16/2026(b)(e)
|
1,784,969
|
5,132,186
|
GoTo Group, Inc., Term Loan B, 3 mo. USD SOFR +
4.750%, 10.269%, 8/31/2027(a)(b)
|
3,289,423
|
1,389,313
|
Greeneden U.S. Holdings II LLC, 2020 USD Term
Loan B4, 1 mo. USD SOFR + 4.000%,
9.446%, 12/01/2027(b)(d)
|
1,388,452
|
4,130,829
|
Hyland Software, Inc., 2021 2nd Lien Term Loan,
1 mo. USD SOFR + 6.250%, 11.696%, 7/07/2025(b)(d)
|
4,094,684
|
2,964,467
|
Ingram Micro, Inc., 2021 Term Loan B, 3 mo. USD
LIBOR + 3.500%, 9.038%, 6/30/2028(b)(c)
|
2,957,975
|
5,354,903
|
Loyalty Ventures, Inc., Term Loan B, PRIME +
5.500%, 13.750%, 11/03/2027(a)(k)
|
53,549
|
3,989,848
|
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan,
3 mo. USD SOFR + 5.000%, 10.631%, 7/27/2028(b)(d)
|
2,971,200
|
3,832,931
|
McAfee LLC, 2022 USD Term Loan B, 1 mo. USD
SOFR + 3.750%, 9.168%, 3/01/2029(b)(c)
|
3,756,272
|
2,984,887
|
MedAssets Software Intermediate Holdings, Inc.,
2021 Term Loan, 1 mo. USD SOFR + 4.000%,
9.446%, 12/18/2028(b)(c)
|
2,525,214
|
3,316,646
|
MKS Instruments, Inc., 2022 USD Term Loan B,
1 mo. USD SOFR + 2.750%, 8.179%, 8/17/2029(b)(c)
|
3,311,804
|
4,900,000
|
Mosel Bidco SE, USD Term Loan B, 8/01/2030(f)
|
4,887,750
|
4,828,530
|
NCR Corp., 2019 Term Loan, 1 mo. USD SOFR +
2.500%, 7.946%, 8/28/2026(a)(b)
|
4,813,465
|
4,491,430
|
Open Text Corp., 2023 Term Loan B, 1 mo. USD
SOFR + 2.750%, 8.181%, 1/31/2030(b)(c)
|
4,493,945
|
3,916,672
|
Physician Partners LLC, Term Loan, 3 mo. USD
SOFR + 4.000%, 9.392%, 12/23/2028(b)(c)
|
3,645,286
|
3,721,839
|
Quest Software U.S. Holdings, Inc., 2022 Term
Loan, 3 mo. USD SOFR + 4.250%,
9.769%, 2/01/2029(b)(c)
|
3,038,881
|
2,690,742
|
Redstone Holdco 2 LP, 2021 Term Loan, 1 mo. USD
SOFR + 4.750%, 10.179%, 4/27/2028(b)(d)
|
2,086,670
|
Principal
Amount
|
Description
|
Value (†)
|
|
Technology — continued
|
|
$3,988,577
|
Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo.
USD SOFR + 5.000%, 10.431%, 6/30/2028(b)(c)
|
$3,508,273
|
2,294,041
|
Ultimate Software Group, Inc., Term Loan B, 3 mo.
USD SOFR + 3.750%, 9.219%, 5/04/2026(a)(b)
|
2,293,078
|
5,110,000
|
Ultimate Software Group, Inc., 2021 2nd Lien Term
Loan, 3 mo. USD SOFR + 5.250%,
10.618%, 5/03/2027(b)(c)
|
5,074,434
|
3,631,183
|
Vision Solutions, Inc., 2021 Incremental Term Loan,
3 mo. USD SOFR + 4.000%, 9.863%, 4/24/2028(b)(d)
|
3,504,092
|
3,000,000
|
Vision Solutions, Inc., 2021 2nd Lien Term Loan,
3 mo. USD SOFR + 7.250%, 12.863%, 4/23/2029(b)(d)
|
2,633,760
|
|
|
133,806,982
|
|
Transportation Services — 1.8%
|
|
3,459,283
|
AIT Worldwide Logistics, Inc., 2021 Term Loan,
1 mo. USD SOFR + 4.750%, 10.162%, 4/06/2028(b)(d)
|
3,408,847
|
953,598
|
Brown Group Holding LLC, 2022 Incremental Term
Loan B2, USD SOFR + 3.750%,
9.124%, 7/02/2029(c)(g)
|
952,110
|
2,220,594
|
Carriage Purchaser, Inc., 2021 Term Loan B, 1 mo.
USD SOFR + 4.250%, 9.696%, 9/30/2028(b)(d)
|
2,174,805
|
3,347,852
|
Hertz Corp., 2021 Term Loan B, 1 mo. USD SOFR +
3.250%, 8.696%, 6/30/2028(a)(b)
|
3,342,730
|
643,608
|
Hertz Corp., 2021 Term Loan C, 1 mo. USD SOFR +
3.250%, 8.696%, 6/30/2028(a)(b)
|
642,623
|
1,500,000
|
Kenan Advantage Group, Inc., 2023 Term Loan B2,
3 mo. USD SOFR + 4.000%, 9.727%, 3/24/2026(b)(d)
|
1,499,070
|
997,494
|
KKR Apple Bidco LLC, 2022 Incremental Term Loan,
1 mo. USD SOFR + 4.000%, 9.331%, 9/22/2028(b)(c)
|
997,284
|
4,539,538
|
St. George Warehousing & Trucking Co. of
California, Inc., 2022 Term Loan, 3 mo. USD SOFR +
6.000%, 11.392%, 3/24/2028(b)(d)
|
4,357,956
|
|
|
17,375,425
|
|
Wireless — 1.1%
|
|
2,493,750
|
Altice France SA, 2023 USD Term Loan B14, 3 mo.
USD SOFR + 5.500%, 10.808%, 8/15/2028(a)(b)
|
2,177,368
|
3,784,916
|
CCI Buyer, Inc., Term Loan, 3 mo. USD SOFR +
4.000%, 9.242%, 12/17/2027(b)(d)
|
3,740,746
|
3,576,368
|
Crown Subsea Communications Holding, Inc., 2021
Term Loan, 1 mo. USD SOFR + 5.000%,
10.433%, 4/27/2027(b)(d)
|
3,579,730
|
1,384,000
|
Crown Subsea Communications Holding, Inc., 2023
Incremental Term Loan, 1 mo. USD SOFR + 5.250%,
10.683%, 4/27/2027(b)(d)
|
1,386,311
|
|
|
10,884,155
|
|
Wirelines — 0.7%
|
|
2,892,640
|
Voyage Australia Pty. Ltd., USD Term Loan B, 3 mo.
USD SOFR + 3.500%, 9.088%, 7/20/2028(b)(c)
|
2,851,651
|
3,811,830
|
Zacapa Sarl, 2022 Term Loan, 3 mo. USD SOFR +
4.000%, 9.242%, 3/22/2029(b)(c)
|
3,794,562
|
|
|
6,646,213
|
|
Total Senior Loans
(Identified Cost $839,656,840)
|
807,315,471
|
Bonds and Notes — 6.6%
|
||
|
Airlines — 0.9%
|
|
4,205,000
|
Allegiant Travel Co., 7.250%, 8/15/2027(l)
|
4,115,644
|
5,000,000
|
American Airlines, Inc., 7.250%, 2/15/2028(l)
|
4,911,592
|
|
|
9,027,236
|
|
Automotive — 0.1%
|
|
1,250,000
|
Wabash National Corp., 4.500%, 10/15/2028(l)
|
1,060,560
|
|
Cable Satellite — 0.4%
|
|
5,000,000
|
DISH DBS Corp., 7.750%, 7/01/2026
|
3,739,500
|
Principal
Amount
|
Description
|
Value (†)
|
|
Chemicals — 0.7%
|
|
$2,985,000
|
Iris Holdings, Inc., 9.500% PIK or 8.750% Cash,
2/15/2026(l)(m)
|
$2,787,256
|
1,905,000
|
Kobe U.S. Midco 2, Inc., 10.000% PIK or 9.250%
Cash, 11/01/2026(l)(m)
|
1,390,860
|
2,500,000
|
Olympus Water U.S. Holding Corp.,
7.125%, 10/01/2027(l)
|
2,357,737
|
|
|
6,535,853
|
|
Consumer Cyclical Services — 0.3%
|
|
3,500,000
|
WASH Multifamily Acquisition, Inc.,
5.750%, 4/15/2026(l)
|
3,245,877
|
|
Consumer Products — 0.2%
|
|
1,965,000
|
Newell Brands, Inc., 6.375%, 9/15/2027
|
1,924,983
|
|
Finance Companies — 0.3%
|
|
3,000,000
|
Home Point Capital, Inc., 5.000%, 2/01/2026(l)
|
2,816,888
|
|
Media Entertainment — 0.6%
|
|
1,750,000
|
iHeartCommunications, Inc., 5.250%, 8/15/2027(l)
|
1,383,771
|
4,650,000
|
Millennium Escrow Corp., 6.625%, 8/01/2026(l)
|
3,831,299
|
|
|
5,215,070
|
|
Other REITs — 1.0%
|
|
4,000,000
|
Ladder Capital Finance Holdings LLLP/Ladder
Capital Finance Corp., 5.250%, 10/01/2025(l)
|
3,843,337
|
4,960,000
|
Service Properties Trust, 4.950%, 2/15/2027
|
4,292,933
|
2,000,000
|
Starwood Property Trust, Inc., 4.375%, 1/15/2027(l)
|
1,786,120
|
|
|
9,922,390
|
|
Packaging — 0.1%
|
|
1,025,000
|
Sealed Air Corp./Sealed Air Corp. U.S.,
6.125%, 2/01/2028(l)
|
1,007,141
|
|
Retailers — 0.2%
|
|
2,133,000
|
Evergreen Acqco 1 LP/TVI, Inc., 9.750%, 4/26/2028(l)
|
2,224,314
|
|
Supermarkets — 0.6%
|
|
5,750,000
|
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC, 4.625%, 1/15/2027(l)
|
5,430,451
|
|
Technology — 0.2%
|
|
2,500,000
|
GoTo Group, Inc., 5.500%, 9/01/2027(l)
|
1,462,973
|
|
Treasuries — 1.0%
|
|
9,900,000
|
U.S. Treasury Notes, 3.500%, 2/15/2033
|
9,428,203
|
|
Total Bonds and Notes
(Identified Cost $67,825,197)
|
63,041,439
|
Shares
|
Description
|
Value (†)
|
Exchange-Traded Funds — 1.5%
|
||
174,000
|
SPDR® Blackstone Senior Loan ETF
|
$7,328,880
|
292,500
|
SPDR® Bloomberg Short Term High Yield Bond ETF
|
7,256,925
|
|
Total Exchange-Traded Funds
(Identified Cost $14,615,333)
|
14,585,805
|
Common Stocks— 0.0%
|
||
|
Oil, Gas & Consumable Fuels — 0.0%
|
|
61,854
|
Ameriforge Group, Inc.(n)(o)
|
5,691
|
|
Textiles, Apparel & Luxury Goods — 0.0%
|
|
53,230
|
Elevate Textiles Holding Corp.(o)
|
172,997
|
|
Total Common Stocks
(Identified Cost $10,035,635)
|
178,688
|
Warrants — 0.0%
|
||
55,256
|
Elevate Textiles Holding Corp., Expiration on
12/31/2099(o)
(Identified Cost $2,333)
|
55
|
Principal
Amount
|
|
|
Short-Term Investments — 10.8%
|
||
$43,738,084
|
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 8/31/2023 at
2.500% to be repurchased at $43,741,121 on
9/01/2023 collateralized by $49,236,100
U.S. Treasury Note, 0.750% due 4/30/2026 valued at
$44,612,857 including accrued interest(p)
|
43,738,084
|
60,000,000
|
U.S. Treasury Bills, 5.283%, 9/26/2023(q)
|
59,779,687
|
|
Total Short-Term Investments
(Identified Cost $103,517,979)
|
103,517,771
|
|
Total Investments — 102.9%
(Identified Cost $1,035,653,317)
|
988,639,229
|
|
Other assets less liabilities — (2.9)%
|
(27,963,802
)
|
|
Net Assets — 100.0%
|
$960,675,427
|
(†)
|
Registered investment companies are required to value portfolio investments using an unadjusted, readily available market
quotation. The Fund obtains
readily available market quotations from independent pricing services. Fund investments for which readily available market
quotations are not available
are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of Trustees has approved a valuation designee
who is subject to the
Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of
closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most
extensively. Shares of
open-end investment companies are valued at net asset value per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation
as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the
last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as
reported by an independent
pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair
valued using evaluated bids furnished
by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by
an independent pricing service
or bid prices obtained from broker-dealers. Senior loans are fair valued at bid prices supplied by an independent pricing
service, if available. Broker-
dealer bid prices may be used to fair value debt, unlisted equities and senior loans where an independent pricing service
is unable to price an
investment or where an independent pricing service does not provide a reliable price for the investment.
The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of
a foreign market, but prior
to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration
of bankruptcy or a delisting of
the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in
general (such as market
disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments,
the valuation designee may,
among other things, use modeling tools or other processes that may take into account factors such as issuer specific information,
or other related
market activity and/or information that occurred after the close of the foreign market but before the time the Fund's net
asset value ("NAV") is calculated.
Fair valuation by the Fund's valuation designee may require subjective determinations about the value of the investment, and
fair values used to
determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments.
In addition, the use
of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and
liabilities denominated in
currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing
at the end of the period.
|
(a)
|
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum
benchmark floor rate of
0.00%, to which the spread is added.
|
(b)
|
Variable rate security. Rate as of August 31, 2023 is disclosed.
|
(c)
|
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum
benchmark floor rate of
0.50%, to which the spread is added.
|
(d)
|
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum
benchmark floor rate of
0.75%, to which the spread is added.
|
(e)
|
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum
benchmark floor rate of
1.00%, to which the spread is added.
|
(f)
|
Position is unsettled. Contract rate was not determined at August 31, 2023 and does not take effect until settlement date.
Maturity date is not finalized
until settlement date.
|
(g)
|
Variable rate security. Rate shown represents the weighted average rate of underlying contracts at August 31, 2023. 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.
|
(h)
|
Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the
borrower. The Fund receives
a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in
the loan agreement.
|
(i)
|
Variable rate security. Rate shown represents the weighted average rate of underlying contracts at August 31, 2023.
|
(j)
|
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum
benchmark floor rate of
2.00%, to which the spread is added.
|
(k)
|
The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
|
(l)
|
All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities
may be resold in
transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2023, the value of Rule 144A
holdings amounted to
$43,655,820 or 4.5% of net assets.
|
(m)
|
Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional
principal. For the
period ended August 31, 2023, interest payments were made in cash.
|
(n)
|
Level 3 security. Value has been determined using significant unobservable inputs.
|
(o)
|
Non-income producing security.
|
(p)
|
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires
securities as
collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund's policy
that the market value of the
collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase
agreements are tri-party
arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty.
Repurchase
agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays
or restrictions upon the Fund's
ability to dispose of the underlying securities. As of August 31, 2023, the Fund had an investment in a repurchase agreement
for which the value of the
related collateral exceeded the value of the repurchase agreement.
|
(q)
|
Interest rate represents discount rate at time of purchase; not a coupon rate.
|
ETF
|
Exchange-Traded Fund
|
LIBOR
|
London Interbank Offered Rate
|
PIK
|
Payment-in-Kind
|
REITs
|
Real Estate Investment Trusts
|
SOFR
|
Secured Overnight Financing Rate
|
SPDR®
|
Standard & Poor's Depositary Receipt
|
Asset Valuation Inputs
|
||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Senior Loans(a)
|
$—
|
$807,315,471
|
$—
|
$807,315,471
|
Bonds and Notes(a)
|
—
|
63,041,439
|
—
|
63,041,439
|
Exchange-Traded Funds
|
14,585,805
|
—
|
—
|
14,585,805
|
Common Stocks
|
|
|
|
|
Oil, Gas & Consumable Fuels
|
—
|
—
|
5,691
|
5,691
|
Textiles, Apparel & Luxury Goods
|
—
|
172,997
|
—
|
172,997
|
Total Common Stocks
|
—
|
172,997
|
5,691
|
178,688
|
Warrants
|
—
|
55
|
—
|
55
|
Short-Term Investments
|
—
|
103,517,771
|
—
|
103,517,771
|
Total Investments
|
$14,585,805
|
$974,047,733
|
$5,691
|
$988,639,229
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|
|
||||||||||
Asset Valuation Inputs
|
||||||||||
Investments in Securities
|
Balance as of
November 30,
2022
|
Accrued
Discounts
(Premiums)
|
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
August 31,
2023
|
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
August 31,
2023
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels
|
$5,691
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
$5,691
|
$—
|
Industry Summary at August 31, 2023 (Unaudited)
|
|
Technology
|
14.1%
|
Media Entertainment
|
9.9
|
Retailers
|
6.4
|
Healthcare
|
5.3
|
Consumer Cyclical Services
|
4.4
|
Diversified Manufacturing
|
4.1
|
Brokerage
|
4.1
|
Chemicals
|
4.0
|
Cable Satellite
|
3.4
|
Airlines
|
2.9
|
Consumer Products
|
2.8
|
Automotive
|
2.2
|
Building Materials
|
2.0
|
Gaming
|
2.0
|
Other Investments, less than 2% each
|
23.0
|
Short-Term Investments
|
10.8
|
Exchange-Traded Funds
|
1.5
|
Total Investments
|
102.9
|
Other assets less liabilities
|
(2.9)
|
Net Assets
|
100.0%
|