CORPORATE BONDS - 85.2% (f) | Principal Amount | | | Fair Value |
| AEROSPACE & DEFENSE - 2.2% |
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (a) | | $ | 960,000 | | $ | 974,412 |
| Bombardier, Inc. |
7.13%, 06/15/2026 (a) | | 2,565,000 | | | 2,585,718 |
7.88%, 04/15/2027 (a) | | 3,014,000 | | | 3,020,293 |
| TransDigm, Inc. |
| 5.50%, 11/15/2027 | | 15,946,000 | | | 15,682,162 |
6.38%, 03/01/2029 (a) | | 8,041,000 | | | 8,068,916 |
Triumph Group, Inc., 9.00%, 03/15/2028 (a) | | 6,027,000 | | | 6,283,041 |
| | | | 36,614,542 |
| | | | | | | |
| AUTO RETAIL - 2.0% |
Asbury Automotive Group, Inc., 4.63%, 11/15/2029 (a) | | 2,085,000 | | | 1,943,189 |
| Global Auto Holdings Ltd./AAG FH UK Ltd. |
8.38%, 01/15/2029 (a) | | 5,265,000 | | | 4,915,270 |
11.50%, 08/15/2029 (a) | | 1,002,000 | | | 1,020,801 |
Group 1 Automotive, Inc., 4.00%, 08/15/2028 (a) | | 5,741,000 | | | 5,379,172 |
Lithia Motors, Inc., 4.63%, 12/15/2027 (a) | | 7,670,000 | | | 7,426,831 |
| Penske Automotive Group, Inc., 3.50%, 09/01/2025 | | 12,118,000 | | | 11,989,802 |
| | | | 32,675,065 |
| | | | | | | |
| AUTOMOTIVE - 6.9% |
| Adient Global Holdings Ltd. |
4.88%, 08/15/2026 (a) | | 9,532,000 | | | 9,398,671 |
7.00%, 04/15/2028 (a) | | 3,035,000 | | | 3,073,375 |
Allison Transmission, Inc., 4.75%, 10/01/2027 (a) | | 7,389,000 | | | 7,165,554 |
| American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 | | 12,662,000 | | | 12,572,114 |
| Clarios Global LP / Clarios US Finance Co. |
6.25%, 05/15/2026 (a) | | 7,877,000 | | | 7,893,784 |
8.50%, 05/15/2027 (a) | | 13,543,000 | | | 13,586,744 |
| Dana, Inc. |
| 5.38%, 11/15/2027 | | 8,296,000 | | | 8,217,502 |
| 5.63%, 06/15/2028 | | 1,193,000 | | | 1,177,710 |
| Ford Motor Co., 9.63%, 04/22/2030 | | 1,956,000 | | | 2,258,265 |
| Ford Motor Credit Co. LLC |
| 3.38%, 11/13/2025 | | 3,955,000 | | | 3,894,764 |
| 7.45% (SOFR + 2.95%), 03/06/2026 | | 3,675,000 | | | 3,747,006 |
| 6.95%, 06/10/2026 | | 6,162,000 | | | 6,305,087 |
| 3.82%, 11/02/2027 | | 1,005,000 | | | 963,277 |
| Goodyear Tire & Rubber Co. |
| 9.50%, 05/31/2025 | | 6,408,000 | | | 6,453,564 |
| 5.00%, 05/31/2026 | | 7,622,000 | | | 7,507,826 |
IHO Verwaltungs GmbH, 7.75% (includes 8.50% PIK), 11/15/2030 (a) | | 1,984,000 | | | 1,983,050 |
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025 (a) | | 5,576,000 | | | 5,578,243 |
Patrick Industries, Inc., 4.75%, 05/01/2029 (a) | | 1,744,000 | | | 1,649,979 |
Phinia, Inc., 6.75%, 04/15/2029 (a) | | 2,060,000 | | | 2,103,784 |
Thor Industries, Inc., 4.00%, 10/15/2029 (a) | | 1,464,000 | | | 1,321,830 |
| ZF North America Capital, Inc. |
4.75%, 04/29/2025 (a) | | 3,790,000 | | | 3,774,949 |
6.88%, 04/14/2028 (a) | | 2,775,000 | | | 2,769,715 |
| | | | 113,396,793 |
| | | | | | | |
| BUILDING PRODUCTS - 2.2% |
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028 (a) | | 3,618,000 | | | 3,861,213 |
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (a) | | 6,738,000 | | | 6,880,192 |
Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/2030 (a) | | 3,463,000 | | | 3,648,935 |
| Herc Holdings, Inc. |
5.50%, 07/15/2027 (a) | | 9,483,000 | | | 9,399,662 |
6.63%, 06/15/2029 (a) | | 2,919,000 | | | 2,958,492 |
Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 (a) | | 1,439,000 | | | 1,465,170 |
Standard Industries, Inc./NY, 5.00%, 02/15/2027 (a) | | 8,157,000 | | | 7,989,197 |
| | | | 36,202,861 |
| | | | | | | |
| CHEMICALS - 1.9% |
Consolidated Energy Finance SA, 6.50%, 05/15/2026 (a) | | 890,000 | | | 876,900 |
| INEOS Finance PLC |
6.75%, 05/15/2028 (a) | | 3,202,000 | | | 3,236,639 |
7.50%, 04/15/2029 (a) | | 1,072,000 | | | 1,098,724 |
| Methanex Corp., 5.13%, 10/15/2027 | | 1,981,000 | | | 1,940,123 |
NOVA Chemicals Corp., 5.25%, 06/01/2027 (a) | | 4,468,000 | | | 4,344,970 |
| Olympus Water US Holding Corp. |
7.13%, 10/01/2027 (a) | | 3,162,000 | | | 3,221,338 |
9.75%, 11/15/2028 (a) | | 5,401,000 | | | 5,737,300 |
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028 (a) | | 4,584,000 | | | 4,317,412 |
SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 (a) | | 2,910,000 | | | 2,853,365 |
SNF Group SACA, 3.13%, 03/15/2027 (a) | | 1,085,000 | | | 1,026,897 |
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.38%, 09/01/2025 (a) | | 1,018,000 | | | 1,013,546 |
WR Grace Holdings LLC, 4.88%, 06/15/2027 (a) | | 1,000,000 | | | 970,307 |
| | | | 30,637,521 |
| | | | | | | |
| COMMERCIAL SERVICES - 2.6% |
Aramark Services, Inc., 5.00%, 02/01/2028 (a) | | 2,446,000 | | | 2,379,093 |
| Brink's Co. |
4.63%, 10/15/2027 (a) | | 2,458,000 | | | 2,386,825 |
6.50%, 06/15/2029 (a) | | 1,000,000 | | | 1,014,265 |
Camelot Finance SA, 4.50%, 11/01/2026 (a) | | 9,268,000 | | | 9,013,369 |
Clarivate Science Holdings Corp., 3.88%, 07/01/2028 (a) | | 1,848,000 | | | 1,722,996 |
CoreLogic, Inc., 4.50%, 05/01/2028 (a) | | 2,037,000 | | | 1,906,141 |
| Garda World Security Corp. |
4.63%, 02/15/2027 (a) | | 644,000 | | | 626,063 |
7.75%, 02/15/2028 (a) | | 3,107,000 | | | 3,208,421 |
| Iron Mountain, Inc. |
4.88%, 09/15/2027 (a) | | 12,234,000 | | | 11,937,371 |
5.00%, 07/15/2028 (a) | | 1,000,000 | | | 967,457 |
7.00%, 02/15/2029 (a) | | 1,504,000 | | | 1,537,858 |
SS&C Technologies, Inc., 5.50%, 09/30/2027 (a) | | 6,727,000 | | | 6,668,756 |
| | | | 43,368,615 |
| | | | | | | |
| CONSTRUCTION & ENGINEERING - 0.9% |
Pike Corp., 5.50%, 09/01/2028 (a) | | 2,975,000 | | | 2,863,412 |
| Williams Scotsman, Inc. |
6.13%, 06/15/2025 (a) | | 8,333,000 | | | 8,329,709 |
6.63%, 06/15/2029 (a) | | 3,029,000 | | | 3,067,850 |
| | | | 14,260,971 |
| | | | | | | |
| ENVIRONMENTAL & FACILITIES SERVICES - 1.3% |
| GFL Environmental, Inc. |
3.75%, 08/01/2025 (a) | | 12,656,000 | | | 12,548,156 |
5.13%, 12/15/2026 (a) | | 7,045,000 | | | 7,013,205 |
4.00%, 08/01/2028 (a) | | 2,094,000 | | | 1,984,549 |
| | | | 21,545,910 |
| | | | | | | |
| FINANCIALS: CONSUMER FINANCE - 3.7% |
| Ally Financial, Inc. |
| 7.10%, 11/15/2027 | | 3,054,000 | | | 3,223,708 |
| 6.99% to 06/13/2028 then SOFR + 3.26%, 06/13/2029 | | 1,456,000 | | | 1,517,838 |
| goeasy Ltd. |
4.38%, 05/01/2026 (a) | | 5,663,000 | | | 5,618,124 |
9.25%, 12/01/2028 (a) | | 4,650,000 | | | 4,960,474 |
7.63%, 07/01/2029 (a) | | 3,325,000 | | | 3,400,182 |
6.88%, 05/15/2030 (a) | | 2,154,000 | | | 2,174,193 |
| Navient Corp. |
| 6.75%, 06/25/2025 | | 9,082,000 | | | 9,097,439 |
| 6.75%, 06/15/2026 | | 1,617,000 | | | 1,638,490 |
| 5.00%, 03/15/2027 | | 5,050,000 | | | 4,953,459 |
| 4.88%, 03/15/2028 | | 1,731,000 | | | 1,652,932 |
| OneMain Finance Corp. |
| 7.13%, 03/15/2026 | | 7,515,000 | | | 7,655,621 |
| 3.50%, 01/15/2027 | | 1,381,000 | | | 1,318,376 |
| 6.63%, 01/15/2028 | | 1,582,000 | | | 1,602,819 |
| 9.00%, 01/15/2029 | | 981,000 | | | 1,042,017 |
| 6.63%, 05/15/2029 | | 3,261,000 | | | 3,305,675 |
| 7.88%, 03/15/2030 | | 2,507,000 | | | 2,617,715 |
| SLM Corp., 3.13%, 11/02/2026 | | 5,285,000 | | | 5,048,373 |
| | | | 60,827,435 |
| | | | | | | |
| FINANCIALS: DIVERSIFIED - 1.7% |
| Block, Inc., 2.75%, 06/01/2026 | | 4,154,000 | | | 4,005,967 |
Credit Acceptance Corp., 9.25%, 12/15/2028 (a) | | 2,480,000 | | | 2,626,213 |
| Macquarie Airfinance Holdings Ltd. |
8.38%, 05/01/2028 (a) | | 11,487,000 | | | 12,046,412 |
6.40%, 03/26/2029 (a) | | 1,090,000 | | | 1,124,162 |
8.13%, 03/30/2029 (a) | | 2,587,000 | | | 2,744,442 |
5.15%, 03/17/2030 (a) | | 2,265,000 | | | 2,218,992 |
Starwood Property Trust, Inc., 3.63%, 07/15/2026 (a) | | 2,809,000 | | | 2,713,185 |
| | | | 27,479,373 |
| | | | | | | |
| FINANCIALS: INSURANCE - 0.7% |
| Acrisure LLC / Acrisure Finance, Inc. |
8.25%, 02/01/2029 (a) | | 1,000,000 | | | 1,036,516 |
8.50%, 06/15/2029 (a) | | 1,636,000 | | | 1,712,853 |
AmWINS Group, Inc., 6.38%, 02/15/2029 (a) | | 3,980,000 | | | 4,006,894 |
AssuredPartners, Inc., 5.63%, 01/15/2029 (a) | | 1,123,000 | | | 1,136,696 |
HUB International Ltd., 5.63%, 12/01/2029 (a) | | 4,470,000 | | | 4,339,348 |
| | | | 12,232,307 |
| | | | | | | |
| FINANCIALS: THRIFTS & MORTGAGES - 3.3% |
Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029 (a) | | 1,735,000 | | | 1,792,181 |
| Nationstar Mortgage Holdings, Inc. |
5.00%, 02/01/2026 (a) | | 8,173,000 | | | 8,123,313 |
6.00%, 01/15/2027 (a) | | 7,406,000 | | | 7,372,783 |
6.50%, 08/01/2029 (a) | | 3,344,000 | | | 3,341,796 |
| PennyMac Financial Services, Inc. |
5.38%, 10/15/2025 (a) | | 9,158,000 | | | 9,139,166 |
7.88%, 12/15/2029 (a) | | 1,195,000 | | | 1,253,134 |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026 (a) | | 13,972,000 | | | 13,267,067 |
| United Wholesale Mortgage LLC |
5.50%, 11/15/2025 (a) | | 5,000,000 | | | 4,979,026 |
5.75%, 06/15/2027 (a) | | 2,737,000 | | | 2,705,577 |
UWM Holdings LLC, 6.63%, 02/01/2030 (a) | | 2,217,000 | | | 2,205,421 |
| | | | 54,179,464 |
| | | | | | | |
| FOOD & BEVERAGE - 1.0% |
Chobani Holdco II LLC, 8.75% (includes 9.50% PIK), 10/01/2029 (a) | | 1,019,000 | | | 1,080,159 |
Chobani LLC / Chobani Finance Corp., Inc., 7.63%, 07/01/2029 (a) | | 1,652,000 | | | 1,710,373 |
Darling Ingredients, Inc., 5.25%, 04/15/2027 (a) | | 5,702,000 | | | 5,637,645 |
Post Holdings, Inc., 5.50%, 12/15/2029 (a) | | 4,267,000 | | | 4,133,503 |
Triton Water Holdings, Inc., 6.25%, 04/01/2029 (a) | | 3,201,000 | | | 3,181,004 |
| | | | 15,742,684 |
| | | | | | | |
| HEALTHCARE: EQUIPMENT & SUPPLIES - 0.4% |
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a) | | 2,417,000 | | | 2,445,506 |
Teleflex, Inc., 4.25%, 06/01/2028 (a) | | 4,518,000 | | | 4,310,579 |
| | | | 6,756,085 |
| | | | | | | |
| HEALTHCARE: FACILITIES - 4.6% |
| Acadia Healthcare Co., Inc. |
5.50%, 07/01/2028 (a) | | 4,980,000 | | | 4,778,194 |
5.00%, 04/15/2029 (a) | | 926,000 | | | 867,197 |
AHP Health Partners, Inc., 5.75%, 07/15/2029 (a) | | 2,679,000 | | | 2,604,085 |
| CHS/Community Health Systems, Inc. |
5.63%, 03/15/2027 (a) | | 17,676,000 | | | 16,983,675 |
6.00%, 01/15/2029 (a) | | 1,487,000 | | | 1,333,083 |
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (a) | | 9,271,000 | | | 9,840,768 |
LifePoint Health, Inc., 4.38%, 02/15/2027 (a) | | 2,576,000 | | | 2,470,874 |
Option Care Health, Inc., 4.38%, 10/31/2029 (a) | | 3,181,000 | | | 2,936,570 |
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (a) | | 3,204,000 | | | 3,120,360 |
| Tenet Healthcare Corp. |
| 6.25%, 02/01/2027 | | 24,925,000 | | | 24,925,421 |
| 5.13%, 11/01/2027 | | 5,212,000 | | | 5,108,663 |
| | | | 74,968,890 |
| | | | | | | |
| HEALTHCARE: LIFE SCIENCES - 1.8% |
Avantor Funding, Inc., 4.63%, 07/15/2028 (a) | | 1,113,000 | | | 1,063,298 |
| IQVIA, Inc. |
5.00%, 10/15/2026 (a) | | 22,510,000 | | | 22,226,268 |
5.00%, 05/15/2027 (a) | | 6,925,000 | | | 6,822,730 |
| | | | 30,112,296 |
| | | | | | | |
| HEALTHCARE: PHARMA & BIOTECH - 1.4% |
| Bausch Health Cos., Inc. |
5.50%, 11/01/2025 (a) | | 2,751,000 | | | 2,687,448 |
9.00%, 12/15/2025 (a) | | 3,515,000 | | | 3,417,933 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026 | | 16,827,000 | | | 16,183,567 |
| | | | 22,288,948 |
| | | | | | | |
| HEALTHCARE: REITs - 0.5% |
| MPT Operating Partnership LP / MPT Finance Corp. |
| 5.25%, 08/01/2026 | | 8,086,000 | | | 7,447,025 |
| 5.00%, 10/15/2027 | | 19,000 | | | 16,042 |
| | | | 7,463,067 |
| | | | | | | |
| INDUSTRIAL MACHINERY - 1.9% |
| Enpro, Inc., 5.75%, 10/15/2026 | | 5,066,000 | | | 5,058,502 |
Esab Corp., 6.25%, 04/15/2029 (a) | | 1,813,000 | | | 1,837,819 |
Madison IAQ LLC, 4.13%, 06/30/2028 (a) | | 7,167,000 | | | 6,790,506 |
| Regal Rexnord Corp., 6.05%, 02/15/2026 | | 7,441,000 | | | 7,511,849 |
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a) | | 4,541,000 | | | 4,449,129 |
VOC Escrow Ltd., 5.00%, 02/15/2028 (a) | | 2,362,000 | | | 2,310,531 |
WESCO Distribution, Inc., 6.38%, 03/15/2029 (a) | | 2,700,000 | | | 2,739,461 |
| | | | 30,697,797 |
| | | | | | | |
| LEISURE: CASINOS & GAMING - 7.1% |
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (a) | | 8,393,000 | | | 8,655,554 |
| Boyd Gaming Corp., 4.75%, 12/01/2027 | | 5,368,000 | | | 5,199,813 |
| Caesars Entertainment, Inc. |
8.13%, 07/01/2027 (a) | | 8,792,000 | | | 8,887,107 |
4.63%, 10/15/2029 (a) | | 2,749,000 | | | 2,575,986 |
| Churchill Downs, Inc. |
5.50%, 04/01/2027 (a) | | 14,372,000 | | | 14,229,986 |
4.75%, 01/15/2028 (a) | | 2,177,000 | | | 2,101,553 |
Great Canadian Gaming Corp., 8.75%, 11/15/2029 (a) | | 2,069,000 | | | 2,119,875 |
| International Game Technology PLC |
4.13%, 04/15/2026 (a) | | 19,950,000 | | | 19,671,618 |
6.25%, 01/15/2027 (a) | | 11,350,000 | | | 11,430,165 |
| Light & Wonder International, Inc. |
7.00%, 05/15/2028 (a) | | 14,651,000 | | | 14,693,842 |
7.25%, 11/15/2029 (a) | | 3,081,000 | | | 3,147,417 |
| MGM Resorts International, 4.75%, 10/15/2028 | | 4,424,000 | | | 4,239,483 |
Penn Entertainment, Inc., 5.63%, 01/15/2027 (a) | | 7,521,000 | | | 7,409,169 |
Station Casinos LLC, 4.50%, 02/15/2028 (a) | | 4,766,000 | | | 4,525,761 |
| VICI Properties LP / VICI Note Co., Inc. |
4.63%, 06/15/2025 (a) | | 5,805,000 | | | 5,790,497 |
3.75%, 02/15/2027 (a) | | 1,255,000 | | | 1,219,273 |
| | | | 115,897,099 |
| | | | | | | |
| LEISURE: HOTELS - 7.4% |
| Carnival Corp. |
5.75%, 03/01/2027 (a) | | 2,766,000 | | | 2,761,932 |
| 7.88%, 06/01/2027 | | 1,180,000 | | | 1,234,732 |
7.00%, 08/15/2029 (a) | | 5,757,000 | | | 5,992,743 |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (a) | | 18,132,000 | | | 19,330,827 |
| Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.38%, 04/15/2027 | | 2,855,000 | | | 2,826,662 |
| Marriott Ownership Resorts, Inc. |
| 4.75%, 01/15/2028 | | 1,654,000 | | | 1,590,475 |
4.50%, 06/15/2029 (a) | | 1,908,000 | | | 1,782,253 |
| NCL Corp. Ltd. |
5.88%, 02/15/2027 (a) | | 3,270,000 | | | 3,262,161 |
8.38%, 02/01/2028 (a) | | 2,044,000 | | | 2,138,743 |
8.13%, 01/15/2029 (a) | | 880,000 | | | 927,992 |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028 (a) | | 5,770,000 | | | 5,650,610 |
| RHP Hotel Properties LP / RHP Finance Corp. |
| 4.75%, 10/15/2027 | | 7,111,000 | | | 6,883,840 |
7.25%, 07/15/2028 (a) | | 3,031,000 | | | 3,127,646 |
RLJ Lodging Trust LP, 3.75%, 07/01/2026 (a) | | 12,676,000 | | | 12,337,961 |
| Royal Caribbean Cruises Ltd. |
5.50%, 08/31/2026 (a) | | 8,099,000 | | | 8,096,944 |
5.38%, 07/15/2027 (a) | | 7,328,000 | | | 7,287,681 |
| Sabre GLBL, Inc. |
8.63%, 06/01/2027 (a) | | 2,361,000 | | | 2,330,902 |
10.75%, 11/15/2029 (a) | | 4,192,000 | | | 4,340,363 |
| Service Properties Trust |
| 5.25%, 02/15/2026 | | 5,242,000 | | | 5,101,796 |
| 4.75%, 10/01/2026 | | 687,000 | | | 650,593 |
| 5.50%, 12/15/2027 | | 1,421,000 | | | 1,335,441 |
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (a) | | 2,681,000 | | | 2,687,501 |
| Travel + Leisure Co. |
6.60%, 10/01/2025 (e) | | 3,498,000 | | | 3,513,157 |
6.63%, 07/31/2026 (a) | | 9,610,000 | | | 9,719,539 |
6.00%, 04/01/2027 (e) | | 1,435,000 | | | 1,436,282 |
Viking Cruises Ltd., 5.88%, 09/15/2027 (a) | | 1,873,000 | | | 1,865,058 |
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (a) | | 3,588,000 | | | 3,425,232 |
| | | | 121,639,066 |
| | | | | | | |
| LEISURE: RESTAURANTS - 0.7% |
1011778 BC ULC / New Red Finance, Inc., 4.38%, 01/15/2028 (a) | | 3,506,000 | | | 3,352,012 |
CEC Entertainment LLC, 6.75%, 05/01/2026 (a) | | 7,405,000 | | | 7,354,927 |
| | | | 10,706,939 |
| | | | | | | |
| MEDIA: BROADCASTING - 3.7% |
Graham Holdings Co., 5.75%, 06/01/2026 (a) | | 4,145,000 | | | 4,132,004 |
Nexstar Media, Inc., 5.63%, 07/15/2027 (a) | | 8,365,000 | | | 8,167,927 |
| Sirius XM Radio LLC |
3.13%, 09/01/2026 (a) | | 12,260,000 | | | 11,787,395 |
5.00%, 08/01/2027 (a) | | 14,843,000 | | | 14,447,735 |
4.00%, 07/15/2028 (a) | | 1,900,000 | | | 1,752,668 |
| TEGNA, Inc. |
4.75%, 03/15/2026 (a) | | 3,590,000 | | | 3,552,557 |
| 4.63%, 03/15/2028 | | 6,727,000 | | | 6,382,260 |
Univision Communications, Inc., 6.63%, 06/01/2027 (a) | | 10,936,000 | | | 10,904,802 |
| | | | 61,127,348 |
| | | | | | | |
| MEDIA: CABLE & SATELLITE - 2.5% |
C&W Senior Finance Ltd., 6.88%, 09/15/2027 (a) | | 7,681,000 | | | 7,620,451 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |
5.50%, 05/01/2026 (a) | | 11,036,000 | | | 11,013,787 |
5.13%, 05/01/2027 (a) | | 11,436,000 | | | 11,246,907 |
5.00%, 02/01/2028 (a) | | 2,730,000 | | | 2,633,737 |
Connect Finco Sarl / Connect US Finco LLC, 9.00%, 09/15/2029 (a) | | 4,278,000 | | | 3,901,769 |
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a) | | 2,611,000 | | | 2,546,675 |
Viasat, Inc., 5.63%, 09/15/2025 (a) | | 2,418,000 | | | 2,404,181 |
| | | | 41,367,507 |
| | | | | | | |
| MEDIA: DIVERSIFIED - 1.8% |
| Match Group Holdings II LLC |
5.00%, 12/15/2027 (a) | | 7,316,000 | | | 7,081,918 |
4.63%, 06/01/2028 (a) | | 1,782,000 | | | 1,698,521 |
5.63%, 02/15/2029 (a) | | 1,014,000 | | | 985,554 |
McGraw-Hill Education, Inc., 5.75%, 08/01/2028 (a) | | 6,917,000 | | | 6,761,251 |
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (a) | | 2,570,000 | | | 2,393,258 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |
5.00%, 08/15/2027 (a) | | 9,221,000 | | | 8,980,677 |
4.25%, 01/15/2029 (a) | | 1,446,000 | | | 1,346,579 |
| | | | 29,247,758 |
| | | | | | | |
| MEDIA: ENTERTAINMENT - 1.1% |
| Live Nation Entertainment, Inc. |
5.63%, 03/15/2026 (a) | | 9,423,000 | | | 9,457,083 |
6.50%, 05/15/2027 (a) | | 500,000 | | | 505,947 |
4.75%, 10/15/2027 (a) | | 6,479,000 | | | 6,269,503 |
Playtika Holding Corp., 4.25%, 03/15/2029 (a) | | 1,660,000 | | | 1,511,088 |
| | | | 17,743,621 |
| | | | | | | |
| METALS & MINING - 0.7% |
Alcoa Nederland Holding BV, 5.50%, 12/15/2027 (a) | | 4,453,000 | | | 4,472,570 |
Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 (a) | | 1,735,000 | | | 1,718,379 |
Novelis Corp., 3.25%, 11/15/2026 (a) | | 5,575,000 | | | 5,315,180 |
| | | | 11,506,129 |
| | | | | | | |
| MIDSTREAM: STORAGE & TRANSPORT - 3.2% |
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029 (a) | | 2,400,000 | | | 2,453,730 |
| Buckeye Partners LP, 3.95%, 12/01/2026 | | 4,949,000 | | | 4,782,048 |
| EQM Midstream Partners LP |
7.50%, 06/01/2027 (a) | | 7,341,000 | | | 7,491,172 |
6.38%, 04/01/2029 (a) | | 256,000 | | | 257,030 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 01/15/2027 | | 540,000 | | | 549,922 |
| NuStar Logistics LP, 5.75%, 10/01/2025 | | 9,099,000 | | | 9,127,123 |
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a) | | 1,440,000 | | | 1,494,943 |
Sunoco LP, 7.00%, 05/01/2029 (a) | | 3,472,000 | | | 3,567,158 |
| Sunoco LP / Sunoco Finance Corp. |
| 6.00%, 04/15/2027 | | 2,341,000 | | | 2,338,067 |
7.00%, 09/15/2028 (a) | | 9,279,000 | | | 9,500,198 |
| Venture Global LNG, Inc. |
8.13%, 06/01/2028 (a) | | 5,542,000 | | | 5,769,515 |
9.50%, 02/01/2029 (a) | | 4,896,000 | | | 5,414,442 |
| | | | 52,745,348 |
| | | | | | | |
| PACKAGING - 1.9% |
| Berry Global, Inc. |
4.50%, 02/15/2026 (a) | | 7,539,000 | | | 7,436,163 |
4.88%, 07/15/2026 (a) | | 5,000,000 | | | 4,983,860 |
5.63%, 07/15/2027 (a) | | 55,000 | | | 54,964 |
| Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026 | | 8,670,000 | | | 8,571,742 |
| Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 | | 2,293,000 | | | 2,361,742 |
Magnera Corp., 4.75%, 11/15/2029 (a) | | 1,934,000 | | | 1,719,901 |
| Mauser Packaging Solutions Holding Co. |
7.88%, 04/15/2027 (a) | | 4,940,000 | | | 5,046,012 |
9.25%, 04/15/2027 (a) | | 1,288,000 | | | 1,308,971 |
| | | | 31,483,355 |
| | | | | | | |
| REAL ESTATE: HOMEBUILDING - 0.5% |
LGI Homes, Inc., 8.75%, 12/15/2028 (a) | | 800,000 | | | 839,842 |
| M/I Homes, Inc., 4.95%, 02/01/2028 | | 1,409,000 | | | 1,368,492 |
| Taylor Morrison Communities, Inc. |
5.88%, 06/15/2027 (a) | | 1,189,000 | | | 1,198,994 |
5.75%, 01/15/2028 (a) | | 890,000 | | | 884,833 |
| Tri Pointe Homes, Inc., 5.25%, 06/01/2027 | | 3,334,000 | | | 3,279,885 |
| | | | 7,572,046 |
| | | | | | | |
| REAL ESTATE: MANAGEMENT - 0.2% |
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (a) | | 2,836,000 | | | 2,841,228 |
| | | | | | | |
| REITs - 0.1% |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 (a) | | 2,642,000 | | | 2,413,642 |
| | | | | | | |
| RETAIL: FOOD & DRUG - 1.4% |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
3.25%, 03/15/2026 (a) | | 3,565,000 | | | 3,481,109 |
7.50%, 03/15/2026 (a) | | 6,468,000 | | | 6,499,145 |
4.63%, 01/15/2027 (a) | | 2,325,000 | | | 2,278,147 |
6.50%, 02/15/2028 (a) | | 5,260,000 | | | 5,330,416 |
US Foods, Inc., 6.88%, 09/15/2028 (a) | | 3,278,000 | | | 3,357,977 |
| Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026 | | 1,187,000 | | | 1,150,680 |
| | | | 22,097,474 |
| | | | | | | |
| RETAILING - 1.1% |
Bath & Body Works, Inc., 9.38%, 07/01/2025 (a) | | 6,442,000 | | | 6,558,884 |
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (a) | | 5,033,000 | | | 4,832,039 |
| PetSmart, Inc. / PetSmart Finance Corp. |
4.75%, 02/15/2028 (a) | | 4,716,000 | | | 4,454,995 |
7.75%, 02/15/2029 (a) | | 1,700,000 | | | 1,645,389 |
Wayfair LLC, 7.25%, 10/31/2029 (a) | | 1,264,000 | | | 1,266,527 |
| | | | 18,757,834 |
| | | | | | | |
| TECHNOLOGY HARDWARE - 1.6% |
NCR Voyix Corp., 5.00%, 10/01/2028 (a) | | 3,242,000 | | | 3,121,073 |
| Seagate HDD Cayman, 8.25%, 12/15/2029 | | 8,523,000 | | | 9,089,035 |
| Western Digital Corp., 4.75%, 02/15/2026 | | 14,347,000 | | | 14,221,104 |
| | | | 26,431,212 |
| | | | | | | |
| TECHNOLOGY: SOFTWARE & SERVICES - 3.3% |
| Cloud Software Group, Inc. |
6.50%, 03/31/2029 (a) | | 2,821,000 | | | 2,772,445 |
9.00%, 09/30/2029 (a) | | 4,294,000 | | | 4,365,039 |
| Consensus Cloud Solutions, Inc. |
6.00%, 10/15/2026 (a) | | 6,557,000 | | | 6,510,400 |
6.50%, 10/15/2028 (a) | | 2,294,000 | | | 2,277,418 |
Elastic NV, 4.13%, 07/15/2029 (a) | | 1,165,000 | | | 1,081,145 |
Fair Isaac Corp., 4.00%, 06/15/2028 (a) | | 2,000,000 | | | 1,888,942 |
Gen Digital, Inc., 6.75%, 09/30/2027 (a) | | 11,994,000 | | | 12,185,174 |
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/01/2027 (a) | | 4,460,000 | | | 4,384,867 |
Open Text Corp., 6.90%, 12/01/2027 (a) | | 8,475,000 | | | 8,765,014 |
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (a) | | 10,719,000 | | | 10,567,599 |
| | | | 54,798,043 |
| | | | | | | |
| TELECOM SERVICES: DIVERSIFIED - 2.2% |
Altice France SA, 8.13%, 02/01/2027 (a) | | 2,070,000 | | | 1,680,500 |
Cogent Communications Group LLC, 3.50%, 05/01/2026 (a) | | 6,857,000 | | | 6,644,516 |
Consolidated Communications, Inc., 6.50%, 10/01/2028 (a) | | 2,288,000 | | | 2,206,906 |
| Frontier Communications Holdings LLC |
5.88%, 10/15/2027 (a) | | 1,420,000 | | | 1,416,592 |
5.00%, 05/01/2028 (a) | | 2,415,000 | | | 2,363,478 |
8.75%, 05/15/2030 (a) | | 2,700,000 | | | 2,855,815 |
Iliad Holding SASU, 7.00%, 10/15/2028 (a) | | 5,439,000 | | | 5,516,318 |
| SBA Communications Corp., 3.88%, 02/15/2027 | | 3,327,000 | | | 3,192,124 |
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a) | | 6,232,000 | | | 6,651,510 |
Ziggo Bond Co. BV, 6.00%, 01/15/2027 (a) | | 2,710,000 | | | 2,690,374 |
| | | | 35,218,133 |
| | | | | | | |
| TRANSPORTATION - 1.0% |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a) | | 3,543,500 | | | 3,568,386 |
RXO, Inc., 7.50%, 11/15/2027 (a) | | 2,247,000 | | | 2,314,973 |
Uber Technologies, Inc., 7.50%, 09/15/2027 (a) | | 4,308,000 | | | 4,388,792 |
XPO, Inc., 6.25%, 06/01/2028 (a) | | 6,124,000 | | | 6,172,943 |
| | | | 16,445,094 |
| | | | | | | |
| UTILITIES: POWER - 1.5% |
Calpine Corp., 4.50%, 02/15/2028 (a) | | 2,579,000 | | | 2,475,631 |
| Vistra Operations Co. LLC |
5.50%, 09/01/2026 (a) | | 6,639,000 | | | 6,623,533 |
5.63%, 02/15/2027 (a) | | 10,641,000 | | | 10,630,348 |
5.00%, 07/31/2027 (a) | | 5,520,000 | | | 5,420,770 |
| | | | 25,150,282 |
| | | | | | | |
| UTILITIES: PROPANE - 1.2% |
| AmeriGas Partners LP / AmeriGas Finance Corp. |
| 5.50%, 05/20/2025 | | 5,831,000 | | | 5,801,650 |
| 5.88%, 08/20/2026 | | 6,978,000 | | | 6,732,074 |
| 5.75%, 05/20/2027 | | 4,548,000 | | | 4,227,442 |
9.38%, 06/01/2028 (a) | | 1,085,000 | | | 1,044,874 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/2027 | | 1,177,000 | | | 1,172,219 |
| | | | 18,978,259 |
TOTAL CORPORATE BONDS (Cost $1,389,979,624) | | | 1,395,618,041 |
| | | | | | | |
| BANK LOANS - 8.1% | | | | |
| AEROSPACE & DEFENSE - 0.3% |
| TransDigm, Inc., Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 08/24/2028 | | 4,918,975 | | | 4,940,250 |
| | | | | | | |
AUTO RETAIL - 0.0%(b) |
| LS Group OpCo Acquistion LLC, Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 04/23/2031 | | 9,375 | | | 9,375 |
| | | | | | | |
| AUTOMOTIVE - 0.3% |
| First Brands Group LLC, Senior Secured First Lien |
| 10.11% (3 mo. SOFR US + 5.00%), 03/30/2027 | | 2,819,193 | | | 2,654,749 |
| 10.11% (3 mo. SOFR US + 5.00%), 03/30/2027 | | 1,672,186 | | | 1,570,818 |
| | | | 4,225,567 |
| | | | | | | |
| BUILDING PRODUCTS - 0.1% |
| Standard Industries, Inc./NY, Senior Secured First Lien, 6.22% (1 mo. SOFR US + 1.75%), 09/22/2028 | | 1,012,395 | | | 1,016,136 |
| | | | | | | |
| COMMERCIAL SERVICES - 1.0% |
| AlixPartners LLP, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.50%), 02/04/2028 | | 4,550,700 | | | 4,574,091 |
| Ascensus Group Holdings, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 08/02/2028 | | 4,052,075 | | | 4,092,595 |
| Dun & Bradstreet Corp., Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.25%), 01/18/2029 | | 4,729,088 | | | 4,737,955 |
| Garda World Security Corp., Senior Secured First Lien, 7.90% (1 mo. SOFR US + 3.50%), 02/01/2029 | | 3,181,342 | | | 3,199,253 |
| | | | 16,603,894 |
| | | | | | | |
| ENVIRONMENTAL & FACILITIES SERVICES - 0.1% |
| Reworld Holding Corp., Senior Secured First Lien |
| 6.70% (1 mo. SOFR US + 2.25%), 11/30/2028 | | 1,998,478 | | | 2,004,303 |
| 6.70% (1 mo. SOFR US + 2.25%), 11/30/2028 | | 153,145 | | | 153,592 |
| | | | 2,157,895 |
| | | | | | | |
| FINANCIALS: DIVERSIFIED - 0.2% |
| Corp. Service Co., Senior Secured First Lien, 7.06% (1 mo. SOFR US + 2.50%), 11/03/2027 | | 1,064,462 | | | 1,064,462 |
| Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.61% (1 mo. SOFR US + 5.25%), 10/06/2028 | | 1,700,000 | | | 1,717,535 |
| | | | 2,781,997 |
| | | | | | | |
| FINANCIALS: INSURANCE - 0.9% |
| Acrisure LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 02/15/2027 | | 9,493,260 | | | 9,525,158 |
| Asurion LLC, Senior Secured First Lien |
| 7.84% (1 mo. SOFR US + 3.25%), 12/23/2026 | | 2,969,229 | | | 2,970,609 |
| 7.84% (1 mo. SOFR US + 3.25%), 07/30/2027 | | 1,806,320 | | | 1,804,487 |
| 8.56% (1 mo. SOFR US + 4.00%), 08/21/2028 | | 1,090,460 | | | 1,088,983 |
| | | | 15,389,237 |
| | | | | | | |
| FOOD & BEVERAGE - 0.3% |
| Delivery Hero Finco LLC, Senior Secured First Lien, 9.52% (3 mo. SOFR US + 5.00%), 12/12/2029 | | 4,358,294 | | | 4,389,172 |
| | | | | | | |
| HEALTHCARE: EQUIPMENT & SUPPLIES - 0.4% |
| Medline Borrower LP, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 10/23/2028 | | 3,615,356 | | | 3,632,204 |
| Waystar Technologies, Inc., Senior Secured First Lien, 6.77% (1 mo. Term SOFR + 2.25%), 10/22/2029 | | 2,631,327 | | | 2,646,680 |
| | | | 6,278,884 |
| | | | | | | |
| HEALTHCARE: FACILITIES - 0.3% |
| Global Medical Response, Inc., Senior Secured First Lien, 9.11% (includes 0.75% PIK) (1 mo. SOFR US + 4.75%), 10/02/2028 | | 2,243,538 | | | 2,254,060 |
| Surgery Center Holdings, Inc., Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.75%), 12/19/2030 | | 2,370,090 | | | 2,391,397 |
| | | | 4,645,457 |
| | | | | | | |
| HEALTHCARE: PHARMA & BIOTECH - 0.5% |
| Elanco Animal Health, Inc., Senior Secured First Lien, 6.40% (1 mo. Term SOFR + 1.75%), 08/02/2027 | | 2,093,370 | | | 2,093,287 |
| Jazz Financing Lux Sarl, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 05/05/2028 | | 6,331,128 | | | 6,354,869 |
| | | | 8,448,156 |
| | | | | | | |
| INDUSTRIAL MACHINERY - 0.2% |
| Vertiv Group Corp., Senior Secured First Lien, 6.19% (1 mo. SOFR US + 1.75%), 03/02/2027 | | 3,693,621 | | | 3,702,855 |
| | | | | | | |
| LEISURE: HOTELS - 0.2% |
| Carnival Corp., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 10/18/2028 | | 1,796,992 | | | 1,812,159 |
| Sabre GLBL, Inc., Senior Secured First Lien |
| 8.92% (1 mo. Term SOFR + 4.25%), 06/30/2028 | | 145,481 | | | 142,026 |
| 9.56% (1 mo. SOFR US + 5.00%), 06/30/2028 | | 53,782 | | | 52,673 |
| 10.61% (1 mo. Term SOFR + 6.00%), 11/15/2029 | | 1,118,570 | | | 1,115,773 |
| | | | 3,122,631 |
| | | | | | | |
| LEISURE: RESTAURANTS - 0.7% |
| IRB Holding Corp., Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 12/15/2027 | | 12,278,077 | | | 12,305,396 |
| | | | | | | |
| MEDIA: ENTERTAINMENT - 0.9% |
| Live Nation Entertainment, Inc., Senior Secured First Lien, 6.45% (1 mo. Term SOFR + 1.75%), 10/19/2026 | | 2,082,505 | | | 2,084,067 |
| Playtika Holding Corp., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.75%), 03/13/2028 | | 5,650,765 | | | 5,674,612 |
| William Morris Endeavor Entertainment LLC, Senior Secured First Lien |
| 7.34% (1 mo. SOFR US + 2.75%), 05/19/2025 | | 4,231,901 | | | 4,247,242 |
| 7.34% (1 mo. SOFR US + 2.75%), 05/19/2025 | | 2,013,403 | | | 2,020,701 |
| 7.34% (1 mo. SOFR US + 2.75%), 05/19/2025 | | 386,322 | | | 387,723 |
| 7.34% (1 mo. SOFR US + 2.75%), 05/19/2025 | | 183,801 | | | 184,467 |
| | | | 14,598,812 |
| | | | | | | |
| RETAILING - 0.1% |
| PetSmart LLC, Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 02/14/2028 | | 2,467,392 | | | 2,462,248 |
| | | | | | | |
| TECHNOLOGY: SOFTWARE & SERVICES - 1.3% |
| AthenaHealth Group, Inc., Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 02/15/2029 | | 2,990,702 | | | 3,004,056 |
| Cloud Software Group, Inc., Senior Secured First Lien |
| 7.83% (3 mo. SOFR US + 3.50%), 03/29/2029 | | 2,226,419 | | | 2,235,781 |
| 7.83% (1 mo. SOFR US + 3.50%), 03/29/2029 | | 5,580 | | | 5,603 |
| MH Sub I LLC, Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.25%), 05/03/2028 | | 5,674,969 | | | 5,684,332 |
| Polaris Newco LLC, Senior Secured First Lien, 8.96% (3 mo. SOFR US + 4.00%), 06/05/2028 | | 8,747,314 | | | 8,774,125 |
| RealPage, Inc., Senior Secured First Lien, 7.70% (3 mo. SOFR US + 3.00%), 04/24/2028 | | 1,048,473 | | | 1,047,938 |
| | | | 20,751,835 |
| | | | | | | |
| TELECOM SERVICES: DIVERSIFIED - 0.1% |
| Frontier Communications Holdings LLC, Senior Secured First Lien, 8.76% (3 mo. SOFR US + 3.50%), 07/01/2031 | | 1,475,125 | | | 1,495,408 |
| | | | | | | |
| TRANSPORTATION - 0.2% |
| AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 9.89% (3 mo. SOFR US + 4.75%), 04/20/2028 | | 3,910,115 | | | 4,020,752 |
TOTAL BANK LOANS (Cost $132,725,196) | | | 133,345,957 |
| | | | | | | |
CONVERTIBLE BONDS - 1.1% (f) | | | | |
| HEALTHCARE: EQUIPMENT & SUPPLIES - 0.1% |
| Teladoc Health, Inc., 1.25%, 06/01/2027 | | 2,051,000 | | | 1,800,778 |
| | | | | | | |
| LEISURE: HOTELS - 0.4% |
Marriott Vacations Worldwide Corp., 6.09%, 01/15/2026 (c) | | 3,135,000 | | | 2,995,806 |
| Sabre GLBL, Inc., 4.00%, 04/15/2025 | | 2,613,000 | | | 2,569,806 |
| | | | 5,565,612 |
| | | | | | | |
| RETAILING - 0.1% |
| Wayfair, Inc., 1.00%, 08/15/2026 | | 2,376,000 | | | 2,205,284 |
| | | | | | | |
| TECHNOLOGY: SOFTWARE & SERVICES - 0.5% |
DigitalOcean Holdings, Inc., 8.11%, 12/01/2026 (c) | | 9,522,000 | | | 8,498,385 |
TOTAL CONVERTIBLE BONDS (Cost $17,714,216) | | | 18,070,059 |
| | | | | | | |
SHORT-TERM INVESTMENTS - 3.8% (f) | | | | |
| Money Market Funds - 3.8% | | Shares | | | |
First American Government Obligations Fund - Class X, 4.41% (d) | | 61,704,011 | | | 61,704,011 |
TOTAL SHORT-TERM INVESTMENTS (Cost $61,704,011) | | | 61,704,011 |
| | | | | | | |
TOTAL INVESTMENTS - 98.2% (Cost $1,602,123,047) | | | 1,608,738,068 |
| Other Assets in Excess of Liabilities - 1.8% | | | 29,721,829 |
| TOTAL NET ASSETS - 100.0% | | | |
| $ | 1,638,459,897 |
| two | | –% |
Shenkman Capital Short Duration High Income Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:
