Shenkman Capital Floating Rate High Income Fund | ||||||
Schedule of Investments | ||||||
December 31, 2023 (Unaudited) | ||||||
Principal | Fair | |||||
Amount | Value | |||||
BANK LOANS - 81.53% (h) | ||||||
AEROSPACE & DEFENSE - 1.01% | ||||||
Barnes Group, Inc., Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%), 09/03/2030 (a) | $ | 594,510 | $ | 597,185 | ||
Bleriot U.S. Bidco, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%), 10/31/2028 (a) | 296,510 | 298,071 | ||||
Dynasty Acquisition Co., Inc. | ||||||
Senior Secured First Lien Term Loan 9.348% (1 Month SOFR USD + 4.00%), 08/24/2028 (a) | 236,810 | 237,718 | ||||
Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%), 08/24/2028 (a) | 551,230 | 553,344 | ||||
KKR Apple Bidco, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%, 0.500% Floor), 09/22/2028 (a) | 632,223 | 635,188 | ||||
LSF11 Trinity Bidco, Inc., Senior Secured First Lien Term Loan 9.358% (1 Month SOFR USD + 4.00%), 06/17/2030 (a) | 392,303 | 395,245 | ||||
2,716,751 | ||||||
AUTO RETAIL - 0.84% | ||||||
CWGS Group, LLC | ||||||
Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%, 0.750% Floor), 06/05/2028 (a) | 47,955 | 47,020 | ||||
Senior Secured First Lien Term Loan 7.972% (1 Month SOFR USD + 2.50%, 0.750% Floor), 06/05/2028 (a) | 687,529 | 674,125 | ||||
LS Group Opco Acquisition, LLC, Senior Secured First Lien Term Loan 8.71% (1 Month SOFR USD + 3.25%, 0.750% Floor), 11/02/2027 (a) | 989,400 | 990,845 | ||||
Mavis Tire Express Services Topco Corp., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 05/04/2028 (a) | 536,523 | 538,199 | ||||
2,250,189 | ||||||
AUTOMOTIVE - 1.07% | ||||||
American Axle & Manufacturing, Inc. | ||||||
Senior Secured First Lien Term Loan 8.957% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a) | 281,380 | 282,787 | ||||
Senior Secured First Lien Term Loan 9.007% (3 Month SOFR USD + 3.50%, 0.500% Floor), 12/13/2029 (a) | 450,886 | 453,140 | ||||
Autokiniton U.S. Holdings, Inc., Senior Secured First Lien Term Loan 9.97% (1 Month SOFR USD + 4.50%, 0.500% Floor), 04/06/2028 (a) | 298,923 | 300,445 | ||||
First Brands Group, LLC | ||||||
Senior Secured First Lien Term Loan 10.881% (6 Month SOFR USD + 5.00%, 1.000% Floor), 03/30/2027 (a) | 318,363 | 316,373 | ||||
Senior Secured First Lien Term Loan 10.881% (6 Month SOFR USD + 5.00%, 1.000% Floor), 03/30/2027 (a) | 468,633 | 465,999 | ||||
Phinia, Inc., Senior Secured First Lien Term Loan 9.456% (3 Month SOFR USD + 4.00%), 07/03/2028 (a) | 268,535 | 270,046 | ||||
Tenneco, Inc. | ||||||
Senior Secured First Lien Term Loan 10.448% (3 Month SOFR USD + 5.00%, 0.500% Floor), 11/17/2028 (a) | 1,354 | 1,199 | ||||
Senior Secured First Lien Term Loan 10.469% (3 Month SOFR USD + 5.00%, 0.500% Floor), 11/17/2028 (a) | 479,646 | 424,517 | ||||
Thor Industries, Inc., Senior Secured First Lien Term Loan 8.112% (1 Month SOFR USD + 2.75%), 11/15/2030 (a) | 363,000 | 364,452 | ||||
2,878,958 | ||||||
BUILDING PRODUCTS - 2.53% | ||||||
Cornerstone Building Brands, Inc., Senior Secured First Lien Term Loan 8.712% (1 Month SOFR USD + 3.25%, 0.500% Floor), 04/12/2028 (a) | 744,658 | 746,133 | ||||
CPG International, LLC, Senior Secured First Lien Term Loan 7.956% (1 Month SOFR USD + 2.50%, 0.500% Floor), 04/30/2029 (a) | 1,243,263 | 1,248,235 | ||||
FleetPride, Inc., Senior Secured First Lien Term Loan 9.856% (1 Month SOFR USD + 4.50%, 0.500% Floor), 09/29/2028 (a) | 350,123 | 350,287 | ||||
Griffon Corp., Senior Secured First Lien Term Loan 7.748% (3 Month SOFR USD + 2.25%, 0.500% Floor), 01/24/2029 (a) | 381,326 | 382,357 | ||||
Janus International Group, LLC, Senior Secured First Lien Term Loan 8.764% (3 Month SOFR USD + 3.25%, 1.000% Floor), 08/05/2030 (a) | 801,990 | 804,873 | ||||
QUIKRETE Holdings, Inc., Senior Secured First Lien Term Loan 8.095% (1 Month SOFR USD + 2.625%), 02/01/2027 (a) | 897,729 | 903,622 | ||||
SRS Distribution, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 06/02/2028 (a) | 769,099 | 771,345 | ||||
Standard Industries, Inc., Senior Secured First Lien Term Loan 7.699%, 05/27/2027 (a)(e) | 268,000 | 268,886 | ||||
Summit Materials, LLC, Senior Secured First Lien Term Loan 8.102%, 11/28/2029 (a)(e) | 524,000 | 526,295 | ||||
TAMKO Building Products, LLC, Senior Secured First Lien Term Loan 8.87% (3 Month SOFR USD + 3.50%), 09/20/2030 (a) | 455,911 | 458,667 | ||||
Verde Purchaser, LLC, Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%), 11/17/2030 (a) | 360,000 | 350,327 | ||||
6,811,027 | ||||||
CHEMICALS - 3.06% | ||||||
Axalta Coating Systems U.S. Holdings, Inc., Senior Secured First Lien Term Loan 7.848% (3 Month SOFR USD + 2.50%, 0.500% Floor), 12/20/2029 (a) | 815,388 | 819,208 | ||||
Discovery Purchaser Corp., Senior Secured First Lien Term Loan 9.765% (3 Month SOFR USD + 4.375%, 0.500% Floor), 10/04/2029 (a) | 625,692 | 618,878 | ||||
INEOS U.S. Petrochem, LLC | ||||||
Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 01/29/2026 (a) | 486,455 | 487,671 | ||||
Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%), 03/14/2030 (a) | 237,805 | 234,238 | ||||
Koppers, Inc., Senior Secured First Lien Term Loan 8.96% (1 Month SOFR USD + 3.50%, 0.500% Floor), 04/10/2030 (a) | 233,679 | 235,140 | ||||
LSF11 A5 Holdco, LLC | ||||||
Senior Secured First Lien Term Loan 9.706% (1 Month SOFR USD + 4.25%, 0.500% Floor), 10/15/2028 (a) | 323,375 | 324,858 | ||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 10/16/2028 (a) | 451,954 | 453,651 | ||||
Lummus Technology Holdings V, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 06/30/2027 (a) | 466,492 | 467,921 | ||||
Nouryon Finance B.V., Senior Secured First Lien Term Loan 9.441% (1 Month SOFR USD + 4.00%), 04/03/2028 (a) | 307,455 | 308,992 | ||||
Olympus Water U.S. Holding Corp., Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%, 0.500% Floor), 11/09/2028 (a) | 284,288 | 286,302 | ||||
Orion Engineered Carbons GmbH, Senior Secured First Lien Term Loan 7.598% (3 Month SOFR USD + 2.15%, 0.500% Floor), 09/22/2028 (a) | 281,520 | 279,409 | ||||
PMHC II, Inc., Senior Secured First Lien Term Loan 9.807% (3 Month SOFR USD + 4.25%, 0.500% Floor), 04/23/2029 (a) | 678,718 | 652,065 | ||||
Polar U.S. Borrower, LLC, Senior Secured First Lien Term Loan 10.244% (3 Month SOFR USD + 4.75%), 10/15/2025 (a) | 481,310 | 330,419 | ||||
PQ Corp., Senior Secured First Lien Term Loan 7.983% (3 Month SOFR USD + 2.50%, 0.500% Floor), 06/09/2028 (a) | 350,025 | 351,033 | ||||
PQ Performance Chemicals, Senior Secured First Lien Term Loan 8.705% (1 Month SOFR USD + 3.25%, 0.750% Floor), 08/02/2028 (a) | 518,420 | 518,423 | ||||
SCIH Salt Holdings, Inc. | ||||||
Senior Secured First Lien Term Loan 9.463% (1 Month SOFR USD + 4.00%, 0.750% Floor), 03/16/2027 (a) | 962,936 | 965,718 | ||||
Senior Secured First Lien Term Loan 9.471% (1 Month SOFR USD + 4.00%, 0.750% Floor), 03/16/2027 (a) | 77,267 | 77,490 | ||||
Tronox Finance, LLC | ||||||
Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 03/10/2028 (a) | 70,154 | 70,171 | ||||
Senior Secured First Lien Term Loan 8.11% (3 Month SOFR USD + 2.50%), 03/10/2028 (a) | 346,154 | 346,235 | ||||
Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan 10.108% (1 Month SOFR USD + 4.75%, 0.500% Floor), 10/26/2026 (a) | 436,124 | 421,950 | ||||
8,249,772 | ||||||
COMMERCIAL SERVICES - 6.06% | ||||||
AlixPartners, , LLP, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 02/04/2028 (a) | 1,195,269 | 1,199,302 | ||||
Allied Universal Holdco, LLC, Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 05/12/2028 (a) | 443,888 | 444,893 | ||||
American Auto Auction Group, LLC, Senior Secured First Lien Term Loan 10.498% (3 Month SOFR USD + 5.00%, 0.750% Floor), 12/30/2027 (a) | 414,316 | 409,481 | ||||
Apex Group Treasury, LLC, Senior Secured First Lien Term Loan 9.377% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/27/2028 (a) | 404,184 | 403,173 | ||||
Aramark Services, Inc. | ||||||
Senior Secured First Lien Term Loan 7.22% (1 Month SOFR USD + 1.75%), 01/15/2027 (a) | 398,000 | 398,123 | ||||
Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 06/24/2030 (a) | 456,854 | 458,494 | ||||
Camelot U.S. Acquisition, LLC | ||||||
Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%), 10/30/2026 (a) | 615,522 | 617,138 | ||||
Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 1.000% Floor), 10/30/2026 (a) | 830,543 | 833,035 | ||||
Deerfield Dakota Holding, LLC, Senior Secured First Lien Term Loan 9.098% (3 Month SOFR USD + 3.75%, 1.000% Floor), 04/09/2027 (a) | 991,449 | 984,013 | ||||
Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 8.205% (1 Month SOFR USD + 2.75%), 02/06/2026 (a) | 1,761,870 | 1,767,658 | ||||
EAB Global, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 08/16/2028 (a) | 491,392 | 491,392 | ||||
Galaxy U.S. Opco, Inc., Senior Secured First Lien Term Loan 10.133% (3 Month SOFR USD + 4.75%, 0.500% Floor), 04/30/2029 (a) | 353,430 | 293,347 | ||||
Garda World Security Corp., Senior Secured First Lien Term Loan 9.725% (3 Month SOFR USD + 4.25%), 10/30/2026 (a) | 880,876 | 883,563 | ||||
Garrett LX III SARL, Senior Secured First Lien Term Loan 9.883% (3 Month SOFR USD + 4.50%, 0.500% Floor), 05/01/2028 (a) | 267,857 | 268,527 | ||||
HomeServe U.S.A. Corp., Senior Secured First Lien Term Loan 8.358% (1 Month SOFR USD + 3.00%), 10/21/2030 (a) | 358,000 | 359,566 | ||||
Indy U.S. BIDCO, LLC | ||||||
Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 03/06/2028 (a) | 282,714 | 271,264 | ||||
Senior Secured First Lien Term Loan 11.606% (1 Month SOFR USD + 6.25%, 0.500% Floor), 03/06/2028 (a) | 633,418 | 621,145 | ||||
Iron Mountain Information Management, LLC | ||||||
Senior Secured First Lien Term Loan 7.22% (1 Month SOFR USD + 1.75%), 01/02/2026 (a) | 527,601 | 527,864 | ||||
Senior Secured First Lien Term Loan 7.607% (1 Month SOFR USD + 2.25%), 01/31/2031 (a) | 557,963 | 558,837 | ||||
Isolved, Inc., Senior Secured First Lien Term Loan 9.484% (6 Month SOFR USD + 4.00%, 0.500% Floor), 10/05/2030 (a) | 430,000 | 431,344 | ||||
OMNIA Partners, LLC | ||||||
Senior Secured First Lien Term Loan 9.628% (3 Month SOFR USD + 4.25%), 07/25/2030 (a) | 552,133 | 556,277 | ||||
Senior Secured First Lien Delayed-Draw Term Loan 9.915%, 07/25/2030 (a)(e)(g) | 51,867 | 52,256 | ||||
Pre-Paid Legal Services, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.500% Floor), 12/15/2028 (a) | 442,492 | 440,143 | ||||
Saphilux SARL | ||||||
Senior Secured First Lien Term Loan 10.144% (6 Month SOFR USD + 4.75%, 0.500% Floor), 07/18/2028 (a) | 365,085 | 366,684 | ||||
Senior Secured First Lien Term Loan 10.144% (Daily SOFR USD + 4.75%, 0.500% Floor), 07/18/2028 (a) | 915 | 919 | ||||
SS&C Technologies, Inc. | ||||||
Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a) | 594,509 | 596,194 | ||||
Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%, 0.500% Floor), 03/22/2029 (a) | 353,276 | 354,278 | ||||
Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 8.106% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/31/2028 (a) | 74,625 | 75,058 | ||||
Trans Union, LLC, Senior Secured First Lien Term Loan 7.72% (1 Month SOFR USD + 2.25%, 0.500% Floor), 12/01/2028 (a) | 1,068,957 | 1,073,836 | ||||
VT Topco, Inc., Senior Secured First Lien Term Loan 9.606% (1 Month SOFR USD + 4.25%, 0.500% Floor), 08/09/2030 (a) | 579,720 | 583,343 | ||||
16,321,147 | ||||||
CONSTRUCTION & ENGINEERING - 2.18% | ||||||
Amentum Government Services Holdings, LLC | ||||||
Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 02/01/2027 (a) | 923,505 | 926,100 | ||||
Senior Secured First Lien Term Loan 9.358% (1 Month SOFR USD + 4.00%, 0.500% Floor), 02/15/2029 (a) | 297,639 | 298,309 | ||||
American Residential Services, LLC, Senior Secured First Lien Term Loan 9.11% (3 Month SOFR USD + 3.50%, 0.750% Floor), 10/15/2027 (a) | 658,630 | 658,630 | ||||
Api Group DE, Inc. | ||||||
Senior Secured First Lien Term Loan 7.72% (1 Month SOFR USD + 2.25%), 10/01/2026 (a) | 519,910 | 521,397 | ||||
Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 01/03/2029 (a) | 498,332 | 499,356 | ||||
Brand Industrial Services, Inc., Senior Secured First Lien Term Loan 10.877% (3 Month SOFR USD + 5.50%, 0.500% Floor), 07/25/2030 (a) | 832,913 | 830,014 | ||||
Centuri Group, Inc., Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%, 0.500% Floor), 08/28/2028 (a) | 661,667 | 662,494 | ||||
Tecta America Corp. | ||||||
Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 04/06/2028 (a) | 683,409 | 686,187 | ||||
Senior Secured First Lien Term Loan 9.72% (1 Month SOFR USD + 4.25%, 0.750% Floor), 04/10/2028 (a) | 212,468 | 213,331 | ||||
Tiger Acquisition, LLC, Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/01/2028 (a) | 581,613 | 579,856 | ||||
5,875,674 | ||||||
CONSUMER DISCRETIONARY - 1.84% | ||||||
Champ Acquisition Corp., Senior Secured First Lien Term Loan 11.11% (3 Month SOFR USD + 5.50%), 12/19/2025 (a) | 158,063 | 158,854 | ||||
Fugue Finance, LLC, Senior Secured First Lien Term Loan 9.388% (3 Month SOFR USD + 4.00%, 0.500% Floor), 01/31/2028 (a) | 444,026 | 446,628 | ||||
Hanesbrands, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/08/2030 (a) | 502,205 | 502,205 | ||||
KUEHG Corp., Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%, 0.500% Floor), 06/12/2030 (a) | 251,370 | 252,784 | ||||
Learning Care Group (U.S.) No. 2, Inc. | ||||||
Senior Secured First Lien Term Loan 10.098% (3 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a) | 8,224 | 11,056 | ||||
Senior Secured First Lien Term Loan 10.11% (1 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a) | 17,222 | 23,155 | ||||
Senior Secured First Lien Term Loan 10.121% (3 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a) | 21,528 | 28,943 | ||||
Senior Secured First Lien Term Loan 10.137% (3 Month SOFR USD + 4.75%, 0.500% Floor), 08/11/2028 (a) | 68,889 | 92,618 | ||||
Prometric Holdings, Inc., Senior Secured First Lien Term Loan 10.72% (1 Month SOFR USD + 5.25%, 0.500% Floor), 01/31/2028 (a) | 724,000 | 724,568 | ||||
Renaissance Holding Corp., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 04/05/2030 (a) | 728,175 | 731,713 | ||||
Spring Education Group, Inc., Senior Secured First Lien Term Loan 9.848% (3 Month SOFR USD + 4.50%), 10/04/2030 (a) | 361,000 | 362,489 | ||||
Tory Burch, LLC, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 04/14/2028 (a) | 365,625 | 365,426 | ||||
Tumi, Inc., Senior Secured First Lien Term Loan 8.106% (1 Month SOFR USD + 2.75%, 0.500% Floor), 06/21/2030 (a) | 379,095 | 380,043 | ||||
Wand NewCo 3, Inc., Senior Secured First Lien Term Loan 8.213%, 02/05/2026 (a)(e) | 667,262 | 670,058 | ||||
WW International, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 04/13/2028 (a) | 273,415 | 194,922 | ||||
4,945,462 | ||||||
CONSUMER NON-DISCRETIONARY - 0.28% | ||||||
Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 9.36% (3 Month SOFR USD + 3.75%, 0.500% Floor), 12/22/2026 (a) | 761,450 | 762,189 | ||||
ENVIRONMENTAL SERVICES - 1.96% | ||||||
Action Environmental Group, Inc. | ||||||
Senior Secured First Lien Term Loan 9.878% (3 Month SOFR USD + 4.50%, 0.500% Floor), 10/24/2030 (a) | 511,000 | 513,555 | ||||
Senior Secured First Lien Delayed-Draw Term Loan 9.824%, 10/31/2030 (a)(e)(g) | 77,000 | 77,385 | ||||
Belfor Holdings, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 10/25/2030 (a) | 1,003,000 | 1,007,393 | ||||
Brightview Landscapes, LLC, Senior Secured First Lien Term Loan 8.383% (3 Month SOFR USD + 3.00%, 0.500% Floor), 04/20/2029 (a) | 466,785 | 467,807 | ||||
Covanta Holding Corp. | ||||||
Senior Secured First Lien Term Loan 7.848% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a) | 26,282 | 26,308 | ||||
Senior Secured First Lien Term Loan 7.856% (1 Month SOFR USD + 2.50%, 0.500% Floor), 11/30/2028 (a) | 344,720 | 345,070 | ||||
Senior Secured First Lien Term Loan 8.36% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/30/2028 (a) | 412,866 | 413,899 | ||||
Senior Secured First Lien Term Loan 8.36% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/30/2028 (a) | 31,043 | 31,120 | ||||
EnergySolutions, LLC, Senior Secured First Lien Term Loan 9.356% (3 Month SOFR USD + 4.00%, 0.500% Floor), 09/20/2030 (a) | 361,095 | 361,546 | ||||
GFL Environmental, Inc., Senior Secured First Lien Term Loan 7.912% (3 Month SOFR USD + 2.50%, 0.500% Floor), 05/31/2027 (a) | 658,899 | 662,111 | ||||
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien Term Loan 10.403% (3 Month SOFR USD + 5.00%, 0.500% Floor), 10/04/2030 (a) | 427,000 | 428,601 | ||||
WIN Waste Innovations Holdings, Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 03/24/2028 (a) | 994,712 | 939,197 | ||||
5,273,992 | ||||||
FINANCIALS: DIVERSIFIED - 3.51% | ||||||
Citco Group, Ltd., Senior Secured First Lien Term Loan 8.887% (3 Month SOFR USD + 3.50%, 0.500% Floor), 04/26/2028 (a) | 428,575 | 430,450 | ||||
Edelman Financial Engines Centre, LLC | ||||||
Senior Secured Second Lien Term Loan 12.22% (1 Month SOFR USD + 6.75%), 07/20/2026 (a) | 815,000 | 816,528 | ||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.750% Floor), 04/07/2028 (a) | 446,709 | 447,897 | ||||
Amynta Agency Borrower, Inc., Senior Secured First Lien Term Loan 10.424%, 02/28/2028 (a)(e) | 327,357 | 328,175 | ||||
Avolon TLB Borrower 1 (U.S.), LLC, Senior Secured First Lien Term Loan 7.858% (1 Month SOFR USD + 2.50%, 0.500% Floor), 06/22/2028 (a) | 907,811 | 910,911 | ||||
Castlelake Aviation One, LLC | ||||||
Senior Secured First Lien Term Loan 8.421% (3 Month LIBOR USD + 2.75%, 0.500% Floor), 10/22/2026 (a) | 514,436 | 516,080 | ||||
Senior Secured First Lien Term Loan 8.135% (3 Month SOFR USD + 2.75%, 0.500% Floor), 10/22/2027 (a) | 520,740 | 522,097 | ||||
Citco Funding, LLC, Senior Secured First Lien Term Loan 8.637% (3 Month SOFR USD + 3.25%, 0.500% Floor), 04/27/2028 (a) | 249,375 | 250,583 | ||||
Corp. Service Co. | ||||||
Senior Secured First Lien Term Loan 7.956% (1 Month SOFR USD + 2.50%), 11/03/2027 (a) | 396,459 | 393,735 | ||||
Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/02/2029 (a) | 514,800 | 516,731 | ||||
Focus Financial Partners, LLC, Senior Secured First Lien Term Loan 8.606% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a) | 752,832 | 755,418 | ||||
GTCR W Merger Sub, LLC, Senior Secured First Lien Term Loan 3.75%, 09/21/2030 (a)(e) | 952,000 | 957,355 | ||||
Moneygram International, Inc., Senior Secured First Lien Term Loan 10.877% (3 Month SOFR USD + 5.50%, 0.500% Floor), 06/01/2030 (a) | 318,203 | 309,883 | ||||
NAB Holdings, LLC, Senior Secured First Lien Term Loan 8.248% (3 Month SOFR USD + 2.75%, 0.500% Floor), 11/24/2028 (a) | 495,583 | 496,866 | ||||
Nuvei Technologies Corp., Senior Secured First Lien Term Loan 7.939%, 09/29/2025 (a)(e) | 596,000 | 596,653 | ||||
VFH Parent, LLC, Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%, 0.500% Floor), 01/12/2029 (a) | 513,884 | 515,619 | ||||
WEX, Inc., Senior Secured First Lien Term Loan 7.72% (1 Month SOFR USD + 2.25%), 03/31/2028 (a) | 697,283 | 700,382 | ||||
9,465,363 | ||||||
FINANCIALS: INSURANCE - 2.91% | ||||||
Acrisure, LLC | ||||||
Senior Secured First Lien Term Loan 9.15% (1 Month LIBOR USD + 3.50%), 02/16/2027 (a) | 890,687 | 890,451 | ||||
Senior Secured First Lien Term Loan 9.689% (1 Month LIBOR USD + 4.25%, 0.500% Floor), 02/16/2027 (a) | 259,700 | 260,836 | ||||
AssuredPartners, Inc. | ||||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 02/12/2027 (a) | 630,350 | 632,559 | ||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/12/2027 (a) | 356,788 | 358,125 | ||||
Asurion, LLC, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%), 12/23/2026 (a) | 2,024,527 | 2,023,404 | ||||
Broadstreet Partners, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 01/26/2029 (a) | 321,270 | 322,642 | ||||
HUB International, Ltd., Senior Secured First Lien Term Loan 9.662% (3 Month SOFR USD + 4.25%, 0.750% Floor), 06/20/2030 (a) | 528,769 | 531,706 | ||||
Jones DesLauriers Insurance Management, Inc., Senior Secured First Lien Term Loan 9.624% (3 Month SOFR USD + 4.25%), 03/16/2030 (a) | 367,000 | 369,064 | ||||
NFP Corp, Senior Secured First Lien Term Loan 8.713%, 02/04/2027 (a)(e) | 468,284 | 471,248 | ||||
OneDigital Borrower, LLC, Senior Secured First Lien Term Loan 9.698% (1 Month SOFR USD + 4.25%, 0.500% Floor), 11/16/2027 (a) | 294,397 | 294,583 | ||||
USI, Inc. | ||||||
Senior Secured First Lien Term Loan 8.358% (3 Month SOFR USD + 3.00%, 0.500% Floor), 11/14/2029 (a) | 945,882 | 948,914 | ||||
Senior Secured First Lien Term Loan 8.598% (3 Month SOFR USD + 3.25%), 09/27/2030 (a) | 742,140 | 744,226 | ||||
7,847,758 | ||||||
FOOD & BEVERAGE - 0.82% | ||||||
BCPE Empire Holdings, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 12/11/2028 (a) | 451,730 | 453,510 | ||||
Froneri U.S., Inc., Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%), 01/29/2027 (a) | 395,974 | 396,885 | ||||
Pegasus Bidco B.V., Senior Secured First Lien Term Loan 9.63% (3 Month SOFR USD + 4.25%, 0.500% Floor), 07/12/2029 (a) | 531,226 | 532,304 | ||||
Triton Water Holdings, Inc., Senior Secured First Lien Term Loan 8.86% (3 Month SOFR USD + 3.25%, 0.500% Floor), 03/31/2028 (a) | 821,384 | 815,223 | ||||
2,197,922 | ||||||
HEALTHCARE: EQUIPMENT & SUPPLIES - 3.39% | ||||||
athenahealth Group, Inc., Senior Secured First Lien Term Loan 8.606% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/15/2029 (a) | 748,870 | 746,624 | ||||
Azalea TopCo, Inc. | ||||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 07/24/2026 (a) | 217,591 | 216,014 | ||||
Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%, 0.750% Floor), 07/24/2026 (a) | 350,662 | 347,592 | ||||
Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 07/24/2026 (a) | 108,576 | 107,490 | ||||
Bausch & Lomb Corp., Senior Secured First Lien Term Loan 8.71% (1 Month SOFR USD + 3.25%, 0.500% Floor), 05/10/2027 (a) | 749,585 | 743,498 | ||||
Cvet Midco 2, LP, Senior Secured First Lien Term Loan 10.348% (3 Month SOFR USD + 5.00%, 0.500% Floor), 10/15/2029 (a) | 233,238 | 233,421 | ||||
Gainwell Acquisition Corp., Senior Secured First Lien Term Loan 9.448% (3 Month SOFR USD + 4.00%, 0.750% Floor), 10/01/2027 (a) | 1,541,571 | 1,503,031 | ||||
Insulet Corp., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2028 (a) | 1,202,367 | 1,208,379 | ||||
Medline Borrower, LP, Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 10/23/2028 (a) | 1,759,363 | 1,770,219 | ||||
Navicure, Inc., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 10/22/2026 (a) | 2,245,934 | 2,257,163 | ||||
9,133,431 | ||||||
HEALTHCARE: FACILITIES - 3.02% | ||||||
ADMI Corp., Senior Secured First Lien Term Loan 9.213% (1 Month SOFR USD + 3.75%, 0.500% Floor), 12/23/2027 (a) | 635,375 | 605,592 | ||||
Charlotte Buyer, Inc., Senior Secured First Lien Term Loan 10.607% (1 Month SOFR USD + 5.25%, 0.500% Floor), 02/11/2028 (a) | 286,277 | 287,827 | ||||
CHG Healthcare Services, Inc. | ||||||
Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 09/29/2028 (a) | 294,500 | 295,302 | ||||
Senior Secured First Lien Term Loan 9.145% (3 Month SOFR USD + 3.75%, 0.500% Floor), 09/29/2028 (a) | 390,304 | 391,565 | ||||
Electron Bidco, Inc., Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/01/2028 (a) | 954,826 | 958,407 | ||||
Heartland Dental, LLC, Senior Secured First Lien Term Loan 10.358% (1 Month SOFR USD + 5.00%, 0.750% Floor), 04/28/2028 (a) | 675,914 | 675,704 | ||||
Option Care Health, Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 10/27/2028 (a) | 1,042,043 | 1,047,467 | ||||
Pluto Acquisition I, Inc., Senior Secured First Lien Term Loan 9.65% (3 Month SOFR USD + 4.00%), 06/22/2026 (a) | 408,830 | 321,614 | ||||
Premier Dental Services, Inc. | ||||||
Senior Secured First Lien Delayed-Draw Term Loan 10.15% (3 Month SOFR USD + 4.50%, 0.750% Floor), 08/18/2028 (a) | 31,160 | 19,698 | ||||
Senior Secured First Lien Term Loan 10.15% (3 Month SOFR USD + 4.50%, 0.750% Floor), 08/18/2028 (a) | 305,016 | 192,813 | ||||
Select Medical Corp., Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%), 03/06/2027 (a) | 731,949 | 733,321 | ||||
Sotera Health Holdings, LLC | ||||||
Senior Secured First Lien Term Loan 8.395% (3 Month SOFR USD + 2.75%, 0.500% Floor), 12/11/2026 (a) | 261,000 | 261,217 | ||||
Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 12/11/2026 (a) | 323,375 | 323,983 | ||||
Surgery Center Holdings, Inc., Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%), 12/05/2030 (a) | 1,306,000 | 1,312,942 | ||||
U.S. Radiology Specialists, Inc., Senior Secured First Lien Term Loan 10.748% (3 Month SOFR USD + 5.25%, 0.500% Floor), 12/15/2027 (a) | 713,440 | 708,681 | ||||
8,136,133 | ||||||
HEALTHCARE: LIFE SCIENCES - 2.42% | ||||||
Avantor Funding, Inc., Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%, 0.500% Floor), 11/08/2027 (a) | 1,334,263 | 1,338,900 | ||||
Cambrex Corp., Senior Secured First Lien Term Loan 8.956% (1 Month SOFR USD + 3.50%, 0.750% Floor), 12/04/2026 (a) | 971,749 | 954,500 | ||||
Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%), 02/22/2028 (a) | 522,000 | 523,305 | ||||
Curia Global, Inc., Senior Secured First Lien Term Loan 9.233% (3 Month SOFR USD + 3.75%, 0.750% Floor), 08/31/2026 (a) | 832,419 | 751,520 | ||||
ICON Luxembourg SARL, Senior Secured First Lien Term Loan 7.86% (3 Month SOFR USD + 2.25%, 0.500% Floor), 07/03/2028 (a) | 800,000 | 803,876 | ||||
IQVIA, Inc., Senior Secured First Lien Term Loan 7.348% (3 Month SOFR USD + 2.00%), 01/02/2031 (a) | 289,000 | 290,523 | ||||
Parexel International, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/15/2028 (a) | 618,056 | 622,459 | ||||
PRA Health Sciences, Inc., Senior Secured First Lien Term Loan 7.86% (3 Month SOFR USD + 2.25%, 0.500% Floor), 07/03/2028 (a) | 199,320 | 200,286 | ||||
Star Parent, Inc., Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%), 09/27/2030 (a) | 1,057,250 | 1,047,412 | ||||
6,532,781 | ||||||
HEALTHCARE: MANAGED HEALTH CARE - 0.84% | ||||||
Verscend Holding Corp., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 08/27/2025 (a) | 2,248,762 | 2,259,061 | ||||
HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 1.07% | ||||||
Financiere Mendel, Senior Secured First Lien Term Loan 9.616% (3 Month SOFR USD + 4.25%), 11/12/2030 (a) | 672,000 | 673,996 | ||||
Jazz Pharmaceuticals, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 05/05/2028 (a) | 1,542,437 | 1,552,393 | ||||
Perrigo Investments, LLC, Senior Secured First Lien Term Loan 7.456% (1 Month SOFR USD + 2.25%, 0.500% Floor), 04/20/2029 (a) | 656,000 | 656,272 | ||||
2,882,661 | ||||||
INDUSTRIAL MACHINERY - 4.66% | ||||||
AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan 9.093% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/31/2028 (a) | 671,920 | 673,270 | ||||
Ali Group North America Corp., Senior Secured First Lien Term Loan 7.47% (1 Month SOFR USD + 2.00%), 07/30/2029 (a) | 554,456 | 556,050 | ||||
ASP Blade Holdings, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.500% Floor), 10/13/2028 (a) | 410,454 | 368,126 | ||||
AZZ, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 05/11/2029 (a) | 555,543 | 558,865 | ||||
Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/01/2025 (a) | 1,679,190 | 1,685,563 | ||||
Chart Industries, Inc., Senior Secured First Lien Term Loan 8.691% (1 Month SOFR USD + 3.25%, 0.500% Floor), 03/17/2030 (a) | 851,627 | 854,463 | ||||
Clark Equipment Co., Senior Secured First Lien Term Loan 7.948% (3 Month SOFR USD + 2.50%, 0.500% Floor), 04/20/2029 (a) | 390,049 | 391,303 | ||||
Columbus McKinnon Corp., Senior Secured First Lien Term Loan 8.389% (3 Month SOFR USD + 2.75%, 0.500% Floor), 05/15/2028 (a) | 574,290 | 576,444 | ||||
CPM Holdings, Inc., Senior Secured First Lien Term Loan 9.843% (1 Month SOFR USD + 4.50%, 0.500% Floor), 09/27/2028 (a) | 649,000 | 651,976 | ||||
EMRLD Borrower, LP, Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%), 05/31/2030 (a) | 598,676 | 601,484 | ||||
Filtration Group Corp. | ||||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 10/20/2028 (a) | 266,220 | 266,886 | ||||
Senior Secured First Lien Term Loan 9.72% (1 Month SOFR USD + 4.25%, 0.500% Floor), 10/23/2028 (a) | 406,925 | 409,214 | ||||
Gates Global, LLC | ||||||
Senior Secured First Lien Term Loan 7.956% (1 Month SOFR USD + 2.50%, 0.750% Floor), 03/31/2027 (a) | 264,319 | 265,075 | ||||
Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%, 0.500% Floor), 11/16/2029 (a) | 520,413 | 522,692 | ||||
Indicor, LLC, Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%, 0.500% Floor), 11/22/2029 (a) | 537,942 | 539,792 | ||||
LSF12 Badger Bidco, LLC, Senior Secured First Lien Term Loan 11.356% (1 Month SOFR USD + 6.00%), 09/02/2030 (a) | 586,000 | 585,634 | ||||
Madison IAQ, LLC, Senior Secured First Lien Term Loan 8.721% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/21/2028 (a) | 595,725 | 594,709 | ||||
Pro Mach Group, Inc., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 1.000% Floor), 08/31/2028 (a) | 967,536 | 971,569 | ||||
TK Elevator Midco GMBH, Senior Secured First Lien Term Loan 9.381% (6 Month SOFR USD + 3.50%, 0.500% Floor), 07/30/2027 (a) | 898,950 | 902,096 | ||||
Vertiv Group Corp., Senior Secured First Lien Term Loan 7.974% (1 Month SOFR USD + 2.50%), 03/02/2027 (a) | 568,686 | 571,282 | ||||
12,546,493 | ||||||
LEISURE: CASINOS & GAMING - 3.49% | ||||||
888 Acquisitions, Ltd., Senior Secured First Lien Term Loan 10.817% (6 Month SOFR USD + 5.25%, 0.500% Floor), 07/08/2028 (a) | 481,466 | 468,741 | ||||
Aristocrat Technologies, Inc., Senior Secured First Lien Term Loan 7.698% (3 Month SOFR USD + 2.25%, 0.500% Floor), 05/24/2029 (a) | 224,143 | 224,866 | ||||
Bally's Corp., Senior Secured First Lien Term Loan 8.927% (3 Month SOFR USD + 3.25%, 0.500% Floor), 10/02/2028 (a) | 415,635 | 395,053 | ||||
Caesars Entertainment, Inc., Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/06/2030 (a) | 707,653 | 710,473 | ||||
Entain Holdings (Gibraltar), Ltd. | ||||||
Senior Secured First Lien Term Loan 7.948% (3 Month SOFR USD + 2.50%, 0.500% Floor), 03/29/2027 (a) | 728,325 | 731,187 | ||||
Senior Secured First Lien Term Loan 8.948% (3 Month SOFR USD + 3.50%, 0.500% Floor), 10/31/2029 (a) | 1,059,853 | 1,063,166 | ||||
Everi Holdings, Inc., Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%, 0.500% Floor), 08/03/2028 (a) | 454,538 | 456,499 | ||||
Fertitta Entertainment, LLC, Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%, 0.500% Floor), 01/29/2029 (a) | 803,869 | 805,251 | ||||
Flutter Entertainment PLC, Senior Secured First Lien Term Loan 7.698% (3 Month SOFR USD + 2.25%, 0.500% Floor), 11/25/2030 (a) | 2,127,000 | 2,134,977 | ||||
Ontario Gaming GTA, LP, Senior Secured First Lien Term Loan 9.598% (3 Month SOFR USD + 4.25%, 0.500% Floor), 08/01/2030 (a) | 738,000 | 742,085 | ||||
Penn National Gaming, Inc., Senior Secured First Lien Term Loan 8.205% (1 Month SOFR USD + 2.75%, 0.500% Floor), 05/03/2029 (a) | 589,472 | 591,617 | ||||
Scientific Games International, Inc., Senior Secured First Lien Term Loan 8.465% (1 Month SOFR USD + 3.00%, 0.500% Floor), 04/16/2029 (a) | 854,980 | 858,720 | ||||
Stars Group Holdings B.V., Senior Secured First Lien Term Loan 8.863% (3 Month SOFR USD + 3.25%, 0.500% Floor), 07/21/2028 (a) | 210,636 | 211,630 | ||||
9,394,265 | ||||||
LEISURE: HOTELS - 2.40% | ||||||
Alterra Mountain Co., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 08/17/2028 (a) | 1,791,149 | 1,796,002 | ||||
Carnival Corp., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 10/18/2028 (a) | 481,180 | 482,585 | ||||
Herschend Entertainment Co., LLC, Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.500% Floor), 08/28/2028 (a) | 1,176,670 | 1,181,818 | ||||
Hilton Grand Vacations Borrower, LLC, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 08/02/2028 (a) | 434,010 | 434,824 | ||||
Hilton Worldwide Finance, LLC, Senior Secured First Lien Term Loan 7.205% (1 Month SOFR USD + 1.75%), 06/21/2028 (a) | 524,000 | 525,582 | ||||
Lakeland Tours, LLC, Senior Unsecured First Lien Term Loan 8.00%, 09/27/2027 | 333,330 | 258,331 | ||||
RHP Hotel Properties, LP, Senior Secured First Lien Term Loan 8.106% (1 Month SOFR USD + 2.75%), 05/20/2030 (a) | 632,223 | 633,948 | ||||
Sabre GLBL, Inc. | ||||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/17/2027 (a) | 143,000 | 125,768 | ||||
Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/17/2027 (a) | 90,766 | 79,829 | ||||
Senior Secured First Lien Term Loan 9.706% (1 Month SOFR USD + 4.25%, 0.500% Floor), 06/30/2028 (a) | 78,000 | 69,342 | ||||
Travel + Leisure Co., Senior Secured First Lien Term Loan 8.608% (1 Month SOFR USD + 3.25%, 0.500% Floor), 12/14/2029 (a) | 504,000 | 505,449 | ||||
Wyndham Hotels & Resorts, Inc., Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%), 05/24/2030 (a) | 375,115 | 376,546 | ||||
6,470,024 | ||||||
LEISURE: RESTAURANTS - 1.89% | ||||||
1011778 B.C. Unlimited Liability Co., Senior Secured First Lien Term Loan 7.606% (1 Month SOFR USD + 2.25%), 09/20/2030 (a) | 624,000 | 625,002 | ||||
Dave & Buster's, Inc., Senior Secured First Lien Term Loan 9.25% (1 Month SOFR USD + 3.75%, 0.500% Floor), 06/29/2029 (a) | 664,485 | 667,333 | ||||
Fogo De Chao, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 09/22/2030 (a) | 442,000 | 434,448 | ||||
IRB Holding Corp., Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%, 0.750% Floor), 12/15/2027 (a) | 1,557,670 | 1,562,117 | ||||
Tacala, LLC, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 02/05/2027 (a) | 1,120,835 | 1,126,820 | ||||
Whatabrands, LLC, Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 08/03/2028 (a) | 662,368 | 664,322 | ||||
5,080,042 | ||||||
MEDIA: BROADCASTING - 0.65% | ||||||
Hubbard Radio, LLC, Senior Secured First Lien Term Loan 9.73% (1 Month LIBOR USD + 4.25%, 1.000% Floor), 03/28/2025 (a) | 457,988 | 380,130 | ||||
Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 09/18/2026 (a) | 700,890 | 702,096 | ||||
Univision Communications, Inc., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 03/13/2026 (a) | 664,292 | 666,372 | ||||
1,748,598 | ||||||
MEDIA: CABLE & SATELLITE - 2.49% | ||||||
Charter Communications Operating, LLC., Senior Secured First Lien Term Loan 7.133% (3 Month SOFR USD + 1.75%), 02/01/2027 (a) | 668,255 | 669,094 | ||||
Connect U.S. Finco, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%, 1.000% Floor), 12/11/2026 (a) | 1,463,875 | 1,466,216 | ||||
Coral-U.S. Co-Borrower, LLC, Senior Secured First Lien Term Loan 7.793% (1 Month SOFR USD + 2.25%), 01/31/2028 (a) | 585,000 | 582,479 | ||||
CSC Holdings, LLC, Senior Secured First Lien Term Loan 9.862% (1 Month SOFR USD + 4.50%), 01/18/2028 (a) | 695,563 | 673,611 | ||||
DIRECTV Financing, LLC, Senior Secured First Lien Term Loan 10.65% (3 Month SOFR USD + 5.00%, 0.750% Floor), 08/02/2027 (a) | 656,429 | 657,621 | ||||
Iridium Satellite, LLC, Senior Secured First Lien Term Loan 7.856% (1 Month SOFR USD + 2.50%, 0.750% Floor), 09/20/2030 (a) | 836,204 | 839,574 | ||||
Radiate Holdco, LLC, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 09/25/2026 (a) | 557,080 | 448,711 | ||||
Telesat Canada, Senior Secured First Lien Term Loan 8.40% (3 Month SOFR USD + 2.75%), 12/07/2026 (a) | 517,907 | 335,024 | ||||
Virgin Media Bristol, LLC, Senior Secured First Lien Term Loan 7.976% (1 Month SOFR USD + 2.50%), 01/31/2028 (a) | 630,000 | 628,863 | ||||
Xplornet Communications, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.500% Floor), 10/02/2028 (a) | 686,501 | 419,356 | ||||
6,720,549 | ||||||
MEDIA: DIVERSIFIED - 1.49% | ||||||
ABG Intermediate Holdings 2, LLC, Senior Secured First Lien Term Loan 8.956% (1 Month SOFR USD + 3.50%, 0.500% Floor), 12/21/2028 (a) | 467,046 | 469,802 | ||||
AP Core Holdings II, LLC, Senior Secured First Lien Term Loan 10.97% (1 Month SOFR USD + 5.50%, 0.750% Floor), 09/01/2027 (a) | 317,000 | 310,264 | ||||
Arches Buyer, Inc., Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 12/06/2027 (a) | 541,718 | 531,374 | ||||
Buzz Finco, LLC, Senior Secured First Lien Term Loan 8.206% (1 Month SOFR USD + 2.75%), 01/29/2027 (a) | 606,375 | 609,028 | ||||
Dotdash Meredith, Inc., Senior Secured First Lien Term Loan 9.443% (1 Month SOFR USD + 4.00%, 0.500% Floor), 12/01/2028 (a) | 525,168 | 522,543 | ||||
Getty Images, Inc., Senior Secured First Lien Term Loan 9.948% (3 Month SOFR USD + 4.50%), 02/19/2026 (a) | 847,951 | 852,932 | ||||
McGraw-Hill Education, Inc., Senior Secured First Lien Term Loan 10.22% (1 Month SOFR USD + 4.75%, 0.500% Floor), 07/28/2028 (a) | 728,138 | 728,367 | ||||
4,024,310 | ||||||
MEDIA: ENTERTAINMENT - 2.54% | ||||||
Cirque du Soleil Holding U.S.A. Newco, Inc., Senior Secured First Lien Term Loan 9.598% (3 Month SOFR USD + 4.25%, 0.500% Floor), 03/08/2030 (a) | 670,264 | 668,800 | ||||
Creative Artists Agency, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%), 11/27/2028 (a) | 769,035 | 773,173 | ||||
Delta 2 (Lux) SARL, Senior Secured First Lien Term Loan 7.598% (3 Month SOFR USD + 2.25%, 0.500% Floor), 01/15/2030 (a) | 850,000 | 853,324 | ||||
Hoya Midco, LLC, Senior Secured First Lien Term Loan 8.633% (3 Month SOFR USD + 3.25%, 0.500% Floor), 01/26/2029 (a) | 556,004 | 556,838 | ||||
Live Nation Entertainment, Inc., Senior Secured First Lien Term Loan 7.208% (1 Month SOFR USD + 1.75%), 10/18/2026 (a) | 925,583 | 926,259 | ||||
Nascar Holdings, LLC, Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 10/19/2026 (a) | 220,052 | 221,164 | ||||
Pug, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%), 02/12/2027 (a) | 664,912 | 655,906 | ||||
UFC Holdings, LLC, Senior Secured First Lien Term Loan 8.399% (3 Month SOFR USD + 2.75%, 0.750% Floor), 04/29/2026 (a) | 733,617 | 737,234 | ||||
William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%), 05/16/2025 (a) | 954,400 | 958,131 | ||||
WMG Acquisition Corp., Senior Secured First Lien Term Loan 7.588% (1 Month SOFR USD + 2.125%), 01/20/2028 (a) | 498,077 | 499,135 | ||||
6,849,964 | ||||||
METALS & MINING - 0.58% | ||||||
Arsenal AIC Parent, LLC, Senior Secured First Lien Term Loan 9.856% (1 Month SOFR USD + 4.50%), 08/18/2030 (a) | 508,725 | 511,587 | ||||
Atkore International, Inc., Senior Secured First Lien Term Loan 7.61% (3 Month SOFR USD + 2.00%, 0.500% Floor), 05/26/2028 (a) | 386,988 | 388,499 | ||||
Grinding Media, Inc., Senior Secured First Lien Term Loan 9.684% (3 Month SOFR USD + 4.00%, 0.750% Floor), 10/12/2028 (a) | 671,562 | 671,562 | ||||
1,571,648 | ||||||
MIDSTREAM: STORAGE & TRANSPORT - 2.23% | ||||||
Buckeye Partners, LP, Senior Secured First Lien Term Loan 7.706% (1 Month SOFR USD + 2.25%), 11/02/2026 (a) | 1,064,953 | 1,068,894 | ||||
ITT Holdings, LLC, Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 10/05/2030 (a) | 645,383 | 648,342 | ||||
Northriver Midstream Finance, LP, Senior Secured First Lien Term Loan 8.395% (3 Month SOFR USD + 3.00%), 08/16/2030 (a) | 738,287 | 740,653 | ||||
Oryx Midstream Services Permian Basin, LLC, Senior Secured First Lien Term Loan 8.71% (1 Month SOFR USD + 3.25%, 0.500% Floor), 10/05/2028 (a) | 1,499,296 | 1,505,090 | ||||
TransMontaigne Operating Co., LP, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 11/17/2028 (a) | 1,016,260 | 1,014,172 | ||||
Traverse Midstream Partners, LLC, Senior Secured First Lien Term Loan 9.24% (3 Month SOFR USD + 3.75%, 0.500% Floor), 02/16/2028 (a) | 652,652 | 654,555 | ||||
UGI Energy Services, LLC, Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 02/22/2030 (a) | 373,230 | 374,654 | ||||
6,006,360 | ||||||
OIL & GAS: EQUIPMENT & SERVICES - 0.14% | ||||||
U.S. Silica Co., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 03/25/2030 (a) | 378,293 | 379,509 | ||||
PACKAGING - 1.69% | ||||||
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan 9.631% (1 Month SOFR USD + 4.175%, 0.500% Floor), 04/13/2029 (a) | 616,610 | 620,078 | ||||
LABL, Inc., Senior Secured First Lien Term Loan 10.456% (1 Month SOFR USD + 5.00%, 0.500% Floor), 10/30/2028 (a) | 398,319 | 383,109 | ||||
Mauser Packaging Solutions Holding Co., Senior Secured First Lien Term Loan 9.343% (1 Month SOFR USD + 4.00%), 08/13/2026 (a) | 664,081 | 667,448 | ||||
Pregis Topco, LLC | ||||||
Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 07/31/2026 (a) | 523,200 | 525,042 | ||||
Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/31/2026 (a) | 537,625 | 539,195 | ||||
RLG Holdings, LLC, Senior Secured First Lien Term Loan 9.72% (1 Month SOFR USD + 4.25%, 0.750% Floor), 07/07/2028 (a) | 576,240 | 543,394 | ||||
Sabert Corp., Senior Secured First Lien Term Loan 9.219% (1 Month SOFR USD + 3.75%, 1.000% Floor), 12/10/2026 (a) | 354,314 | 357,194 | ||||
Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.500% Floor), 09/15/2028 (a) | 910,663 | 909,339 | ||||
4,544,799 | ||||||
REAL ESTATE: MANAGEMENT - 0.31% | ||||||
Cushman & Wakefield U.S. Borrower, LLC, Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%, 0.500% Floor), 01/31/2030 (a) | 288,000 | 288,360 | ||||
Greystar Real Estate Partners, LLC, Senior Secured First Lien Term Loan 9.125% (3 Month SOFR USD + 3.75%, 0.500% Floor), 08/21/2030 (a) | 546,630 | 547,997 | ||||
836,357 | ||||||
RETAIL: FOOD & DRUG - 0.25% | ||||||
BJ's Wholesale Club, Inc., Senior Secured First Lien Term Loan 7.36% (1 Month SOFR USD + 2.00%), 02/03/2029 (a) | 574,075 | 577,843 | ||||
JP Intermediate B, LLC, Senior Secured First Lien Term Loan 11.145% (3 Month SOFR USD + 5.7616%, 1.000% Floor), 11/20/2027 (a) | 452,852 | 96,161 | ||||
674,004 | ||||||
RETAILING - 1.77% | ||||||
Belron Finance U.S., LLC, Senior Secured First Lien Term Loan 8.067% (3 Month SOFR USD + 2.425%, 0.500% Floor), 04/13/2028 (a) | 1,191,631 | 1,194,759 | ||||
Great Outdoors Group, LLC, Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 03/06/2028 (a) | 1,138,008 | 1,139,430 | ||||
Harbor Freight Tools U.S.A., Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 10/19/2027 (a) | 476,364 | 476,450 | ||||
Michaels Cos., Inc. , Senior Secured First Lien Term Loan 9.86% (3 Month SOFR USD + 4.25%, 0.750% Floor), 04/14/2028 (a) | 479,700 | 400,070 | ||||
Peer Holding III B.V., Senior Secured First Lien Term Loan 8.604%, 10/18/2030 (a)(e) | 633,000 | 635,769 | ||||
PetSmart, Inc., Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%, 0.750% Floor), 02/11/2028 (a) | 451,536 | 447,246 | ||||
Sally Holdings, LLC, Senior Secured First Lien Term Loan 7.606% (1 Month SOFR USD + 2.25%), 02/28/2030 (a) | 477,393 | 480,152 | ||||
4,773,876 | ||||||
TECHNOLOGY HARDWARE - 1.29% | ||||||
EOS U.S. Finco, LLC, Senior Secured First Lien Term Loan 11.098% (3 Month SOFR USD + 5.75%, 0.500% Floor), 10/05/2029 (a) | 411,709 | 379,802 | ||||
Ingram Micro, Inc., Senior Secured First Lien Term Loan 8.61% (3 Month SOFR USD + 3.00%, 0.500% Floor), 06/30/2028 (a) | 394,200 | 395,925 | ||||
MKS Instruments, Inc., Senior Secured First Lien Term Loan 7.841% (1 Month SOFR USD + 2.50%, 0.500% Floor), 08/17/2029 (a) | 885,862 | 889,423 | ||||
Presidio Holdings, Inc. | ||||||
Senior Secured First Lien Term Loan 8.956% (1 Month SOFR USD + 3.50%), 01/22/2027 (a) | 13,904 | 13,950 | ||||
Senior Secured First Lien Term Loan 8.983% (3 Month SOFR USD + 3.50%), 01/22/2027 (a) | 448,776 | 450,248 | ||||
Synaptics, Inc., Senior Secured First Lien Term Loan 7.875% (3 Month SOFR USD + 2.25%, 0.500% Floor), 12/04/2028 (a) | 401,972 | 400,967 | ||||
World Wide Technology Holding Co., LLC, Senior Secured First Lien Term Loan 8.707% (1 Month SOFR USD + 3.25%, 0.500% Floor), 03/01/2030 (a) | 926,935 | 931,574 | ||||
3,461,889 | ||||||
TECHNOLOGY: SOFTWARE & SERVICES - 9.43% | ||||||
Access CIG, LLC, Senior Secured First Lien Term Loan 10.388% (3 Month SOFR USD + 5.00%, 0.500% Floor), 08/18/2028 (a) | 713,213 | 715,295 | ||||
Barracuda Parent, LLC, Senior Secured First Lien Term Loan 9.883% (3 Month SOFR USD + 4.50%, 0.500% Floor), 08/15/2029 (a) | 422,864 | 414,011 | ||||
Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 9.598%, 12/31/2028 (a)(e) | 1,192,000 | 1,202,282 | ||||
Central Parent, Inc., Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%), 07/06/2029 (a) | 728,940 | 733,912 | ||||
Cloud Software Group, Inc., Senior Secured First Lien Term Loan 9.99% (3 Month SOFR USD + 4.50%, 0.500% Floor), 03/30/2029 (a) | 673,385 | 659,456 | ||||
CommerceHub, Inc., Senior Secured First Lien Term Loan 9.54% (3 Month SOFR USD + 4.00%, 0.750% Floor), 12/29/2027 (a) | 453,263 | 430,790 | ||||
Connectwise, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 09/29/2028 (a) | 1,127,678 | 1,127,679 | ||||
DCert Buyer, Inc., Senior Secured First Lien Term Loan 9.356% (1 Month SOFR USD + 4.00%), 10/16/2026 (a) | 444,634 | 441,628 | ||||
E2Open, LLC, Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 02/04/2028 (a) | 606,372 | 607,824 | ||||
Ensono, LP, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 05/19/2028 (a) | 696,642 | 672,956 | ||||
Flexera Software, LLC, Senior Secured First Lien Term Loan 9.213%, 03/03/2028 (a)(e) | 559,547 | 559,941 | ||||
GI Consilio Parent, LLC, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.500% Floor), 05/12/2028 (a) | 292,493 | 291,945 | ||||
Go Daddy Operating Co., LLC, Senior Secured First Lien Term Loan 7.47% (1 Month SOFR USD + 2.00%), 08/10/2027 (a) | 930,589 | 933,497 | ||||
Greeneden U.S. Holdings II, LLC, Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 12/01/2027 (a) | 550,708 | 553,509 | ||||
Informatica, LLC, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%), 10/27/2028 (a) | 669,865 | 672,099 | ||||
Marcel Bidco, LLC, Senior Secured First Lien Term Loan 9.82%, 10/26/2030 (a)(e) | 572,000 | 575,815 | ||||
McAfee Corp., Senior Secured First Lien Term Loan 9.193% (1 Month SOFR USD + 3.75%, 0.500% Floor), 03/01/2029 (a) | 1,040,854 | 1,039,339 | ||||
Mitchell International, Inc., Senior Secured First Lien Term Loan 9.40% (3 Month SOFR USD + 3.75%, 0.500% Floor), 10/16/2028 (a) | 941,960 | 942,912 | ||||
Mosel Bidco SE (Software AG), Senior Secured First Lien Term Loan 10.098% (3 Month SOFR USD + 4.75%, 0.500% Floor), 09/16/2030 (a) | 732,000 | 733,830 | ||||
N-Able International Holdings II, LLC, Senior Secured First Lien Term Loan 8.40% (3 Month SOFR USD + 2.75%, 0.500% Floor), 07/19/2028 (a) | 501,458 | 502,084 | ||||
Open Text Corp., Senior Secured First Lien Term Loan 7.206% (1 Month SOFR USD + 1.75%), 05/30/2025 (a) | 1,318,503 | 1,322,347 | ||||
Optiv Parent, Inc., Senior Secured First Lien Term Loan 10.63% (3 Month SOFR USD + 5.25%), 07/31/2026 (a) | 553,611 | 530,636 | ||||
Peraton Corp., Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%, 0.750% Floor), 02/01/2028 (a) | 948,707 | 952,264 | ||||
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 10/28/2030 (a) | 868,000 | 874,419 | ||||
Proofpoint, Inc., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 08/31/2028 (a) | 1,342,184 | 1,344,466 | ||||
Quartz AcquireCo, LLC, Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%), 06/28/2030 (a) | 525,683 | 527,982 | ||||
RealPage, Inc., Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 04/24/2028 (a) | 382,715 | 380,587 | ||||
Rocket Software, Inc., Senior Secured First Lien Term Loan 10.106% (1 Month SOFR USD + 4.75%, 0.500% Floor), 11/28/2028 (a) | 405,983 | 399,639 | ||||
Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 02/24/2028 (a) | 1,313,078 | 1,318,731 | ||||
SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 02/05/2027 (a) | 1,056,319 | 1,060,138 | ||||
Sovos Compliance, LLC, Senior Secured First Lien Term Loan 9.97% (1 Month SOFR USD + 4.50%, 0.500% Floor), 08/11/2028 (a) | 412,231 | 408,109 | ||||
UKG, Inc. | ||||||
Senior Secured First Lien Term Loan 8.764% (3 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2026 (a) | 964,893 | 968,742 | ||||
Senior Secured First Lien Term Loan 9.233% (3 Month SOFR USD + 3.75%), 05/04/2026 (a) | 717,168 | 719,764 | ||||
Senior Secured First Lien Term Loan 9.988% (3 Month SOFR USD + 4.50%, 0.500% Floor), 05/04/2026 (a) | 253,725 | 255,132 | ||||
VS Buyer, LLC, Senior Secured First Lien Term Loan 8.698% (1 Month SOFR USD + 3.25%), 02/26/2027 (a) | 534,923 | 536,929 | ||||
25,410,689 | ||||||
TELECOM SERVICES: DIVERSIFIED - 2.00% | ||||||
Altice France SA, Senior Secured First Lien Term Loan 10.894% (3 Month SOFR USD + 5.50%), 08/15/2028 (a) | 336,044 | 302,860 | ||||
Cincinnati Bell, Inc., Senior Secured First Lien Term Loan 8.706% (1 Month SOFR USD + 3.25%, 0.500% Floor), 11/22/2028 (a) | 568,400 | 564,341 | ||||
Crown Subsea Communications Holding, Inc., Senior Secured First Lien Term Loan 10.707% (1 Month SOFR USD + 5.25%, 0.750% Floor), 04/27/2027 (a) | 874,575 | 880,588 | ||||
Eagle Broadband Investments, LLC, Senior Secured First Lien Term Loan 8.61% (3 Month SOFR USD + 3.00%, 0.750% Floor), 11/12/2027 (a) | 609,734 | 599,826 | ||||
Frontier Communications Corp., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 10/08/2027 (a) | 271,303 | 270,285 | ||||
Guardian U.S. Holdco, LLC, Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%, 0.500% Floor), 01/31/2030 (a) | 353,225 | 354,696 | ||||
Lumen Technologies, Inc., Senior Secured First Lien Term Loan 7.713% (1 Month SOFR USD + 2.25%), 03/15/2027 (a) | 628,815 | 435,980 | ||||
Telenet Financing USD, LLC, Senior Secured First Lien Term Loan 7.476% (1 Month SOFR USD + 2.00%), 04/28/2028 (a) | 755,000 | 752,263 | ||||
Voyage U.S., LLC, Senior Secured First Lien Term Loan 9.177% (3 Month SOFR USD + 3.50%, 0.500% Floor), 07/20/2028 (a) | 470,178 | 471,353 | ||||
Zayo Group Holdings, Inc., Senior Secured First Lien Term Loan 9.681% (1 Month SOFR USD + 4.325%, 0.500% Floor), 03/09/2027 (a) | 363,525 | 313,428 | ||||
Ziggo Financing Partnership, Senior Secured First Lien Term Loan 7.976% (1 Month SOFR USD + 2.50%), 04/28/2028 (a) | 455,000 | 454,513 | ||||
5,400,133 | ||||||
TELECOM SERVICES: WIRELESS - 0.20% | ||||||
CCI Buyer, Inc., Senior Secured First Lien Term Loan 9.348% (3 Month SOFR USD + 4.00%, 0.750% Floor), 12/17/2027 (a) | 530,013 | 529,255 | ||||
TRANSPORTATION - 2.48% | ||||||
AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 10.427% (3 Month SOFR USD + 4.75%, 0.750% Floor), 04/20/2028 (a) | 654,466 | 673,333 | ||||
Atlas CC Acquisition Corp. | ||||||
Senior Secured First Lien Term Loan 9.90% (3 Month SOFR USD + 4.25%, 0.750% Floor), 05/25/2028 (a) | 590,277 | 551,307 | ||||
Senior Secured First Lien Term Loan 9.90% (3 Month SOFR USD + 4.25%, 0.750% Floor), 05/25/2028 (a) | 128,809 | 120,305 | ||||
Avis Budget Car Rental, LLC | ||||||
Senior Secured First Lien Term Loan 7.22% (1 Month SOFR USD + 1.75%), 08/06/2027 (a) | 400,956 | 400,655 | ||||
Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%, 0.500% Floor), 03/16/2029 (a) | 358,645 | 359,879 | ||||
Brown Group Holding, LLC | ||||||
Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a) | 193,503 | 194,283 | ||||
Senior Secured First Lien Term Loan 9.133% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a) | 480,172 | 482,107 | ||||
Senior Secured First Lien Term Loan 9.138% (3 Month SOFR USD + 3.75%, 0.500% Floor), 07/02/2029 (a) | 227,853 | 228,771 | ||||
Hertz Corp. | ||||||
Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a) | 377,379 | 376,790 | ||||
Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 06/30/2028 (a) | 72,945 | 72,831 | ||||
Senior Secured First Lien Term Loan 9.108% (1 Month SOFR USD + 3.75%), 06/30/2028 (a) | 373,000 | 373,157 | ||||
Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 03/24/2026 (a) | 477,815 | 476,938 | ||||
Lasership, Inc., Senior Secured First Lien Term Loan 10.396% (6 Month SOFR USD + 4.50%, 0.750% Floor), 05/08/2028 (a) | 733,709 | 675,929 | ||||
Mileage Plus Holdings, LLC, Senior Secured First Lien Term Loan 10.77% (3 Month SOFR USD + 5.25%, 1.000% Floor), 06/21/2027 (a) | 52,242 | 54,108 | ||||
United Airlines, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 04/21/2028 (a) | 607,875 | 610,914 | ||||
WWEX UNI TopCo Holdings, LLC, Senior Secured First Lien Term Loan 9.61% (3 Month SOFR USD + 4.00%, 0.750% Floor), 07/26/2028 (a) | 561,540 | 551,904 | ||||
XPO, Inc., Senior Secured First Lien Term Loan 7.36% (1 Month SOFR USD + 2.00%), 02/01/2031 (a) | 486,000 | 487,317 | ||||
6,690,528 | ||||||
UTILITIES: POWER - 0.74% | ||||||
Calpine Corp. | ||||||
Senior Secured First Lien Term Loan 7.47% (1 Month SOFR USD + 2.00%), 04/06/2026 (a) | 264,308 | 265,155 | ||||
Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 12/16/2027 (a) | 266,000 | 266,842 | ||||
Lightstone Holdco, LLC | ||||||
Senior Secured First Lien Term Loan 11.133% (3 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a) | 779,249 | 743,696 | ||||
Senior Secured First Lien Term Loan 11.133% (3 Month SOFR USD + 5.75%, 1.000% Floor), 02/01/2027 (a) | 44,074 | 42,063 | ||||
WaterBridge Midstream Operating, LLC, Senior Secured First Lien Term Loan 11.39% (3 Month SOFR USD + 5.75%, 1.000% Floor), 06/22/2026 (a) | 661,561 | 663,384 | ||||
1,981,140 | ||||||
TOTAL BANK LOANS (Cost $219,442,069) | 219,634,703 | |||||
CORPORATE BONDS - 14.18% (d) | ||||||
AEROSPACE & DEFENSE - 0.60% | ||||||
TransDigm, Inc. 6.25%, 03/15/2026 (f) | 1,606,000 | 1,604,756 | ||||
BUILDING PRODUCTS - 0.19% | ||||||
Standard Industries, Inc./NJ 3.375%, 01/15/2031 (f) | 600,000 | 517,008 | ||||
CHEMICALS - 0.11% | ||||||
Olympus Water U.S. Holding Corp. 7.125%, 10/01/2027 (f) | 200,000 | 200,379 | ||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.125%, 04/01/2029 (b)(f) | 238,000 | 97,468 | ||||
297,847 | ||||||
COMMERCIAL SERVICES - 0.39% | ||||||
OPENLANE, Inc. 5.125%, 06/01/2025 (f) | 424,000 | 418,374 | ||||
Tempo Acquisition, LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (f) | 625,000 | 628,365 | ||||
1,046,739 | ||||||
CONSTRUCTION & ENGINEERING - 0.37% | ||||||
Pike Corp. 5.50%, 09/01/2028 (f) | 1,043,000 | 994,928 | ||||
ENVIRONMENTAL SERVICES - 0.25% | ||||||
Stericycle, Inc. 5.375%, 07/15/2024 (f) | 679,000 | 677,364 | ||||
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.23% | ||||||
Garden Spinco Corp. 8.625%, 07/20/2030 (f) | 589,000 | 631,013 | ||||
HEALTHCARE: FACILITIES - 1.17% | ||||||
Fresenius Medical Care U.S. Finance III, Inc. 2.375%, 02/16/2031 (f) | 925,000 | 717,001 | ||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, 12/01/2026 (f) | 1,002,000 | 997,011 | ||||
Select Medical Corp. 6.25%, 08/15/2026 (f) | 437,000 | 439,592 | ||||
Tenet Healthcare Corp. 6.25%, 02/01/2027 | 995,000 | 1,000,568 | ||||
3,154,172 | ||||||
HEALTHCARE: MANAGED HEALTH CARE - 0.38% | ||||||
Verscend Escrow Corp. 9.75%, 08/15/2026 (f) | 1,010,000 | 1,017,455 | ||||
HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 0.91% | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer B.V. 4.125%, 04/30/2028 (f) | 1,902,000 | 1,752,960 | ||||
Teva Pharmaceutical Finance Netherlands III B.V. 3.15%, 10/01/2026 (b) | 765,000 | 708,918 | ||||
2,461,878 | ||||||
HEALTHCARE: REITs - 0.29% | ||||||
MPT Operating Partnership, LP / MPT Finance Corp. 3.50%, 03/15/2031 | 1,270,000 | 795,314 | ||||
INDUSTRIAL MACHINERY - 0.27% | ||||||
WESCO Distribution, Inc. 7.125%, 06/15/2025 (f) | 715,000 | 720,841 | ||||
LEISURE: CASINOS & GAMING - 2.42% | ||||||
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029 (b)(f) | 440,000 | 449,900 | ||||
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (f) | 1,225,000 | 1,229,349 | ||||
Caesars Resort Collection, LLC / CRC Finco, Inc. 5.75%, 07/01/2025 (f) | 849,000 | 849,241 | ||||
International Game Technology PLC | ||||||
6.50%, 02/15/2025 (b)(f) | 931,000 | 932,639 | ||||
4.125%, 04/15/2026 (b)(f) | 1,095,000 | 1,064,933 | ||||
Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp. | ||||||
5.625%, 09/01/2029 (f) | 561,000 | 445,428 | ||||
5.875%, 09/01/2031 (f) | 562,000 | 435,278 | ||||
VICI Properties, LP / VICI Note Co., Inc. 3.50%, 02/15/2025 (f) | 1,145,000 | 1,116,438 | ||||
6,523,206 | ||||||
LEISURE: HOTELS - 1.23% | ||||||
NCL Corp., Ltd. | ||||||
3.625%, 12/15/2024 (b)(f) | 925,000 | 900,143 | ||||
8.375%, 02/01/2028 (b)(f) | 444,000 | 470,772 | ||||
Royal Caribbean Cruises, Ltd. | ||||||
5.50%, 08/31/2026 (b)(f) | 421,000 | 417,289 | ||||
11.625%, 08/15/2027 (b)(f) | 592,000 | 644,605 | ||||
Sabre GLBL, Inc. 8.625%, 06/01/2027 (f) | 972,000 | 883,723 | ||||
3,316,532 | ||||||
LEISURE: RESTAURANTS - 0.24% | ||||||
CEC Entertainment, LLC 6.75%, 05/01/2026 (f) | 660,000 | 644,817 | ||||
MEDIA: BROADCASTING - 0.07% | ||||||
Univision Communications, Inc. 5.125%, 02/15/2025 (f) | 178,000 | 177,490 | ||||
MEDIA: CABLE & SATELLITE - 0.57% | ||||||
DISH DBS Corp. | ||||||
5.875%, 11/15/2024 | 475,000 | 445,810 | ||||
5.125%, 06/01/2029 | 575,000 | 296,944 | ||||
Hughes Satellite Systems Corp. 6.625%, 08/01/2026 | 490,000 | 386,784 | ||||
Sable International Finance, Ltd. 5.75%, 09/07/2027 (b)(f) | 430,000 | 406,582 | ||||
1,536,120 | ||||||
MEDIA: ENTERTAINMENT - 0.27% | ||||||
Playtika Holding Corp. 4.25%, 03/15/2029 (f) | 821,000 | 717,159 | ||||
METALS & MINING - 0.28% | ||||||
GrafTech Finance, Inc. 4.625%, 12/15/2028 (f) | 127,000 | 84,346 | ||||
GrafTech Global Enterprises, Inc. 9.875%, 12/15/2028 (f) | 857,000 | 662,032 | ||||
746,378 | ||||||
MIDSTREAM: STORAGE & TRANSPORT - 0.54% | ||||||
Venture Global Calcasieu Pass, LLC | ||||||
6.25%, 01/15/2030 (f) | 290,000 | 288,794 | ||||
3.875%, 11/01/2033 (f) | 510,000 | 433,269 | ||||
Venture Global LNG, Inc. 8.125%, 06/01/2028 (f) | 712,000 | 719,664 | ||||
1,441,727 | ||||||
OIL & GAS: EQUIPMENT & SERVICES - 0.17% | ||||||
Borr IHC, Ltd. / Borr Finance, LLC 10.00%, 11/15/2028 (b)(f) | 426,000 | 445,170 | ||||
PACKAGING - 0.28% | ||||||
Ball Corp. 5.25%, 07/01/2025 | 758,000 | 757,756 | ||||
TECHNOLOGY HARDWARE - 0.36% | ||||||
Entegris Escrow Corp. 4.75%, 04/15/2029 (f) | 1,005,000 | 969,030 | ||||
TECHNOLOGY: SOFTWARE & SERVICES - 1.25% | ||||||
Boxer Parent Co., Inc. 7.125%, 10/02/2025 (f) | 385,000 | 387,476 | ||||
Elastic N.V. 4.125%, 07/15/2029 (b)(f) | 844,000 | 775,895 | ||||
Gen Digital, Inc. 5.00%, 04/15/2025 (f) | 2,220,000 | 2,199,787 | ||||
3,363,158 | ||||||
TELECOM SERVICES: DIVERSIFIED - 0.3% | ||||||
Altice France SA/France 5.50%, 01/15/2028 (b)(f) | 400,000 | 329,749 | ||||
Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (f) | 605,000 | 485,734 | ||||
815,483 | ||||||
TRANSPORTATION - 0.83% | ||||||
Uber Technologies, Inc. 8.00%, 11/01/2026 (f) | 1,175,000 | 1,197,621 | ||||
XPO, Inc. | ||||||
6.25%, 06/01/2028 (f) | 758,000 | 768,489 | ||||
7.125%, 06/01/2031 (f) | 264,000 | 273,922 | ||||
2,240,032 | ||||||
UTILITIES: PROPANE - 0.21% | ||||||
AmeriGas Partners, LP / AmeriGas Finance Corp. 5.50%, 05/20/2025 | 585,000 | 577,347 | ||||
TOTAL CORPORATE BONDS (Cost $39,147,448) | 38,190,720 | |||||
Shares | ||||||
MONEY MARKET FUND - 5.83% | ||||||
First American Government Obligations Fund - Class X, 5.29% (c) | 15,701,380 | 15,701,380 | ||||
TOTAL MONEY MARKET FUND (Cost $15,701,380) | 15,701,380 | |||||
Total Investments (Cost $274,290,897) - 101.54% | 273,526,803 | |||||
Liabilities in Excess of Other Assets - (1.54%) | (4,136,018) | |||||
TOTAL NET ASSETS - 100.00% | $ | 269,390,785 | ||||
Percentages are stated as a percent of net assets. |
LIBOR | London Interbank Offered Rate | |||
PLC | Public Limited Company | |||
REIT | Real Estate Investment Trust | |||
SOFR | Secured Overnight Funding Rate | |||
(a) | Variable rate securities. The coupon rate shown is the effective interest rate as of December 31, 2023. | |||
(b) | U.S. traded security of a foreign issuer. | |||
(c) | Rate shown is the 7-day annualized yield as of December 31, 2023. | |||
(d) | All or a portion is posted as collateral for delayed settlement securities. | |||
(e) | Final terms of the bank loan are not yet known, so reference index and spread information may not be presented. | |||
(f) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers | |||
in the program or other "qualified institutional buyers." As of December 31, 2023, the value of these investments was | ||||
$33,221,279 or 12.33% of total net assets. | ||||
(g) | All or a portion of the loan is unfunded. | |||
(h) | Rates for senior loans will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread. Senior loans that reference SOFR may be subject to a credit spread adjustment, particularly to legacy LIBOR bank loans that have transitioned to SOFR as the base lending rate. | |||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, | ||||
Inc. and Standard & Poor's Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has | ||||
been licensed for use by Shenkman Capital Management, Inc. Industries presented are at the discretion | ||||
of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS. |
Shenkman Capital Floating Rate High Income Fund | |||||||||
Summary of Fair Value Disclosure at December 31, 2023 (Unaudited) | |||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting | |||||||||
principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes | |||||||||
inputs to valuation methods. The three levels of inputs are: |
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the | ||||||||
Fund has the ability to access. | |||||||||
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for | ||||||||
the asset or liability, either directly or indirectly. These inputs may include quoted prices | |||||||||
for the identical instrument on an inactive market, prices for similar instruments, interest | |||||||||
rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | |||||||||
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs | ||||||||
are not available, representing the Fund's own assumptions about the assumptions a market | |||||||||
participant would use in valuing the asset or liability, and would be based on the best | |||||||||
information available. | |||||||||
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2023: |
Shenkman Capital Floating Rate High Income Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income | ||||||||||||||||
Bank Loans | $ | - | $ | 219,634,703 | $ | - | $ | 219,634,703 | ||||||||
Corporate Bonds | - | 38,190,720 | - | 38,190,720 | ||||||||||||
Total Fixed Income | - | 257,825,423 | - | 257,825,423 | ||||||||||||
Money Market Fund | 15,701,380 | - | - | 15,701,380 | ||||||||||||
Total Investments | $ | 15,701,380 | $ | 257,825,423 | $ | - | $ | 273,526,803 | ||||||||
Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification. |