Advisors Series Trust NPORT-P Shenkman Capital Floating Rate High Income Fund (Dec 2024 report)

Shenkman Capital Floating Rate High Income Fund

Schedule of Investments

December 31, 2024 (Unaudited)

BANK LOANS - 87.3%	Principal Amount			Fair Value
AEROSPACE & DEFENSE - 2.2%
Apple Bidco LLC, Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 09/25/2028	$	625,884	$	630,776
Barnes Group, Inc., Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/30/2030	588,055			589,464
Brown Group Holding LLC, Senior Secured First Lien
6.86% (1 mo. SOFR US + 2.50%), 07/01/2031	265,626			266,714
7.01% (3 mo. SOFR US + 2.50%), 07/01/2031	203,194			204,026
7.09% (3 mo. SOFR US + 2.50%), 07/01/2031	428,206			429,959
Dynasty Acquisition Co., Inc., Senior Secured First Lien
6.61% (1 mo. SOFR US + 2.25%), 10/31/2031	445,533			448,144
6.61% (1 mo. SOFR US + 2.25%), 10/31/2031	169,467			170,460
Goat Holdco LLC, Senior Secured First Lien, 7.52% (1 mo. Term SOFR + 3.00%), 12/10/2031	920,000			921,840
LSF11 Trinity Bidco, Inc., Senior Secured First Lien, 7.37% (1 mo. SOFR US + 3.00%), 06/17/2030	388,370			391,768
Signia Aerospace LLC, Senior Secured First Lien
7.40% (3 mo. SOFR US + 3.00%), 12/11/2031	299,031			299,593
7.40% (3 mo. SOFR US + 3.00%), 12/11/2031	244,662			245,121
7.67% (1 mo. Term SOFR + 3.00%), 12/11/2031 (f)	45,308			45,393
Spirit AeroSystems, Inc., Senior Secured First Lien, 9.75% (3 mo. Term SOFR + 4.25%), 01/15/2027	240,162			242,914
TransDigm, Inc., Senior Secured First Lien
8.08% (3 mo. Term SOFR + 2.75%), 08/24/2028	724,637			727,771
7.32% (3 mo. SOFR US + 2.50%), 01/20/2032	509,723			511,382
				6,125,325
AUTO RETAIL - 0.1%
CWGS Group LLC, Senior Secured First Lien
7.09% (1 mo. SOFR US + 2.50%), 06/05/2028	350,203			343,735
7.09% (1 mo. SOFR US + 2.50%), 06/05/2028	20,574			20,194
				363,929
AUTOMOTIVE - 1.4%
American Axle & Manufacturing, Inc., Senior Secured First Lien
7.45% (6 mo. SOFR US + 3.00%), 12/13/2029	313,858			317,389
7.45% (1 mo. SOFR US + 3.00%), 12/13/2029	290,909			294,182
7.66% (3 mo. SOFR US + 3.00%), 12/13/2029	269,985			273,023
Autokiniton US Holdings, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 4.00%), 04/06/2028	295,934			294,639
Clarios Global LP, Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 05/06/2030	621,409			624,749
First Brands Group LLC, Senior Secured First Lien
10.11% (3 mo. SOFR US + 5.00%), 03/30/2027	650,809			611,357
10.11% (3 mo. SOFR US + 5.00%), 03/30/2027	567,660			534,549
Tenneco, Inc., Senior Secured First Lien
9.47% (3 mo. SOFR US + 4.75%), 11/17/2028	231,817			224,319
9.53% (3 mo. SOFR US + 5.00%), 11/17/2028	1,804			1,756
9.72% (3 mo. SOFR US + 5.00%), 11/17/2028	638,726			621,799
				3,797,762
BUILDING PRODUCTS - 1.2%
Castlelake Aviation One LLC, Senior Secured First Lien, 6.86% (3 mo. SOFR US + 2.50%), 10/22/2026	523,862			525,630
Cornerstone Building Brands, Inc., Senior Secured First Lien, 7.85% (1 mo. SOFR US + 3.25%), 04/12/2028	164,893			157,926
Janus International Group LLC, Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/05/2030	767,981			772,301
MITER Brands Acquisition Holdco, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 03/28/2031	476,605			482,067
STS Operating, Inc., Senior Secured First Lien, 8.46% (1 mo. SOFR US + 4.00%), 03/25/2031	627,260			630,004
Summit Materials LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 1.75%), 01/12/2029	270,328			271,004
Tamko Building Products LLC, Senior Secured First Lien
7.08% (3 mo. SOFR US + 2.75%), 09/20/2030	187,618			189,378
7.09% (1 mo. SOFR US + 2.75%), 09/20/2030	187,618			189,377
				3,217,687
CHEMICALS - 2.7%
Consolidated Energy Finance SA, Senior Secured First Lien, 9.01% (3 mo. SOFR US + 4.50%), 11/18/2030	395,749			385,980
Discovery Purchaser Corp., Senior Secured First Lien, 8.95% (3 mo. SOFR US + 4.38%), 10/04/2029	498,268			501,913
INEOS US Finance LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 02/19/2030	309,225			310,992
INEOS US Petrochem LLC, Senior Secured First Lien
8.31% (1 mo. SOFR US + 3.75%), 03/01/2030	374,285			375,925
8.61% (1 mo. SOFR US + 4.25%), 10/07/2031	372,845			377,040
LSF11 A5 HoldCo LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 10/16/2028	994,089			1,001,455
Lummus Technology Holdings V LLC, Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 12/31/2029	497,705			502,139
Nouryon Finance BV, Senior Secured First Lien, 7.66% (3 mo. SOFR US + 3.25%), 04/03/2028	305,916			309,804
Olympus Water US Holding Corp., Senior Secured First Lien, 7.40%, 06/20/2031 (a)	621,409			624,128
Polar US Borrower LLC, Senior Secured First Lien
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028	223,173			162,024
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028	221,794			161,022
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028	273			198
9.29% (1 mo. SOFR US + 4.75% + 0.10% PIK), 10/15/2028	271			197
SCIH Salt Holdings, Inc., Senior Secured First Lien
7.47% (1 mo. SOFR US + 3.00%), 03/16/2027	37,240			37,386
7.70% (3 mo. SOFR US + 3.00%), 03/16/2027	761,503			764,503
Sparta US HoldCo LLC, Senior Secured First Lien, 7.92% (1 mo. SOFR US + 3.25%), 08/02/2028	513,130			517,258
Tronox Finance LLC, Senior Secured First Lien
6.83% (3 mo. SOFR US + 2.50%), 09/30/2031	276,894			278,054
6.86% (1 mo. SOFR US + 2.50%), 09/30/2031	222,623			223,556
Vibrantz Technologies, Inc., Senior Secured First Lien, 9.21% (3 mo. SOFR US + 4.25%), 04/23/2029	363,479			359,037
Windsor Holdings III LLC, Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 08/01/2030	480,345			486,950
				7,379,561
COMMERCIAL SERVICES - 5.3%
AlixPartners LLP, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.50%), 02/04/2028	622,183			625,381
Allied Universal Holdco LLC, Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 05/15/2028	602,698			605,416
American Auto Auction Group LLC, Senior Secured First Lien, 9.01% (3 mo. SOFR US + 4.50%), 12/30/2027	538,136			542,398
Apex Group Treasury LLC, Senior Secured First Lien, 9.39% (6 mo. SOFR US + 3.75%), 07/27/2028	1,237,231			1,250,376
Aramark Services, Inc., Senior Secured First Lien, 6.34% (1 mo. SOFR US + 1.75%), 01/15/2027	726,958			728,325
Ascensus Group Holdings, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 08/02/2028	701,019			708,030
Camelot US Acquisition LLC, Senior Secured First Lien
7.11% (1 mo. SOFR US + 2.75%), 01/31/2031	294,833			294,971
7.11% (1 mo. SOFR US + 2.75%), 01/31/2031	68,376			68,408
7.11% (1 mo. SOFR US + 2.75%), 01/31/2031	6,252			6,255
CoreLogic, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 06/02/2028	413,446			408,979
Deerfield Dakota Holding LLC, Senior Secured First Lien, 8.08% (3 mo. SOFR US + 3.75%), 04/09/2027	999,844			980,162
Dun & Bradstreet Corp., Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.25%), 01/18/2029	393,516			394,254
EAB Global, Inc., Senior Secured First Lien, 7.72% (1 mo. SOFR US + 3.25%), 08/16/2028	722,822			726,526
First Advantage Holdings LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 10/31/2031	746,000			754,859
Foundever Worldwide Corp., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 08/28/2028	860,253			582,821
Garda World Security Corp., Senior Secured First Lien, 7.90% (1 mo. SOFR US + 3.50%), 02/01/2029	550,186			553,283
Grant Thornton LLP/Chicago, Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.25%), 05/30/2031	270,323			270,720
HomeServe USA Holding Corp., Senior Secured First Lien, 6.37% (1 mo. SOFR US + 2.00%), 10/21/2030	220,624			221,093
Isolved, Inc., Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 10/15/2030	870,182			881,738
OMNIA Partners LLC, Senior Secured First Lien
7.37% (3 mo. SOFR US + 2.75%), 07/25/2030	526,079			529,320
7.37% (3 mo. SOFR US + 2.75%), 07/25/2030	93,776			94,354
Planet US Buyer LLC, Senior Secured First Lien, 7.52% (3 mo. SOFR US + 3.00%), 02/10/2031	792,020			799,817
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 12/15/2028	746,163			752,091
Saphilux Sarl, Senior Secured First Lien
7.93% (6 mo. SOFR US + 3.50%), 07/27/2028	602,744			608,018
7.93% (3 mo. SOFR US + 3.50%), 07/27/2028	1,511			1,524
Skopima Consilio Parent LLC, Senior Secured First Lien, 8.12%, 05/12/2028 (a)	327,060			328,696
Tempo Acquisition LLC, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 08/31/2028	405,604			407,632
VT Topco, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 08/12/2030	600,923			605,859
				14,731,306
CONSTRUCTION & ENGINEERING - 1.3%
Amentum Holdings, Inc., Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 09/29/2031	552,000			550,733
American Residential Services LLC, Senior Secured First Lien, 8.23% (1 mo. SOFR US + 3.50%), 10/15/2027	847,454			855,929
Artera Services LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 02/10/2031	369,494			366,902
Centuri Group, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.50%), 08/28/2028	982,397			988,360
Tecta America Corp., Senior Secured First Lien
8.83% (1 mo. SOFR US + 4.00%), 04/10/2028	676,399			680,907
8.84% (1 mo. SOFR US + 4.25%), 04/10/2028	210,338			211,739
				3,654,570
CONSUMER DISCRETIONARY - 2.3%
American Greetings Corp., Senior Secured First Lien, 10.11% (1 mo. SOFR US + 5.75%), 10/30/2029	274,113			276,462
Fugue Finance BV, Senior Secured First Lien, 7.73%, 01/30/2032 (a)	192,000			194,060
Fugue Finance LLC, Senior Secured First Lien
8.51% (3 mo. SOFR US + 4.00%), 01/26/2028	439,569			444,285
7.77% (1 mo. Term SOFR + 3.25%), 01/09/2032	413,000			417,432
Hanesbrands, Inc., Senior Secured First Lien, 8.11% (1 mo. SOFR US + 3.75%), 03/08/2030	286			288
Kodiak BP LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 12/04/2031	203,000			203,399
KUEHG Corp., Senior Secured First Lien, 7.84% (3 mo. SOFR US + 3.25%), 06/12/2030	248,564			251,427
Peloton Interactive, Inc., Senior Secured First Lien, 10.36% (1 mo. SOFR US + 6.00%), 05/30/2029	406,955			417,298
Prometric Holdings, Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.75%), 01/31/2028	989,372			1,003,441
Renaissance Holdings Corp., Senior Secured First Lien, 8.36% (1 mo. SOFR US + 4.00%), 04/08/2030	1,207,775			1,206,350
Tory Burch LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 3.25%), 04/17/2028	366,862			367,922
Wand NewCo 3, Inc., Senior Secured First Lien
7.61% (1 mo. SOFR US + 3.25%), 01/30/2031	609,156			612,409
7.61% (3 mo. SOFR US + 3.25%), 01/30/2031	366,658			368,616
Weber-Stephen Products LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 3.25%), 10/29/2027	528,901			528,073
WW International, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 04/13/2028	240,686			54,876
				6,346,338
CONSUMER NON-DISCRETIONARY - 0.1%
Kronos Acquisition Holdings, Inc., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.00%), 07/08/2031	278,303			263,518
ENVIRONMENTAL & FACILITIES SERVICES - 1.5%
Action Environmental Group, Inc., Senior Secured First Lien
8.08% (3 mo. SOFR US + 3.75%), 10/24/2030	960,684			972,692
8.10% (1 mo. SOFR US + 3.75%), 10/24/2030 (f)	47,429			48,022
8.12% (3 mo. SOFR US + 3.75%), 10/24/2030 (f)	47,429			48,021
Belfor Holdings, Inc., Senior Secured First Lien, 8.11% (1 mo. SOFR US + 3.75%), 11/04/2030	498,181			504,408
EnergySolutions LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 09/23/2030	300,926			302,995
GFL Environmental, Inc., Senior Secured First Lien, 6.61% (3 mo. SOFR US + 2.00%), 07/03/2031	498,268			499,826
JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 4.00%), 10/17/2030	498,259			502,773
Reworld Holding Corp., Senior Secured First Lien
7.02% (1 mo. SOFR US + 2.50%), 11/30/2028	205,663			206,306
7.02% (1 mo. SOFR US + 2.50%), 11/30/2028	11,295			11,330
Win Waste Innovations Holdings, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.75%), 03/27/2028	1,163,323			1,139,812
				4,236,185
FINANCIALS: DIVERSIFIED - 4.9%
Armor Holdco, Inc., Senior Secured First Lien, 8.36% (1 mo. SOFR US + 3.75%), 12/11/2028	543,200			551,009
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 6.12% (1 mo. SOFR US + 1.75%), 06/22/2028	501,907			502,228
BCPE Pequod Buyer, Inc., Senior Secured First Lien, 8.08% (1 mo. Term SOFR + 3.50%), 11/25/2031	751,000			758,108
Blackhawk Network Holdings, Inc., Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 03/12/2029	600,431			608,579
Boost Newco Borrower LLC, Senior Secured First Lien, 6.83% (3 mo. SOFR US + 2.50%), 01/31/2031	867,798			874,128
Castlelake Aviation One LLC, Senior Secured First Lien, 7.11% (3 mo. SOFR US + 2.75%), 10/22/2027	515,480			517,735
Citco Funding LLC, Senior Secured First Lien, 7.31% (6 mo. SOFR US + 2.75%), 04/27/2028	671,168			677,699
Corp. Service Co., Senior Secured First Lien
7.06% (1 mo. SOFR US + 2.50%), 11/03/2027	376,127			376,127
6.96% (1 mo. SOFR US + 2.50%), 11/05/2029	540,764			544,230
Edelman Financial Engines Center LLC, Senior Secured First Lien, 7.38% (1 mo. SOFR US + 3.00%), 04/07/2028	444,450			447,690
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.61% (1 mo. SOFR US + 5.25%), 10/06/2028	1,021,000			1,031,532
EIG Management Co. LLC, Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 05/17/2029	632,988			636,152
FNZ USA FinCo LLC, Senior Secured First Lien, 9.55% (3 mo. SOFR US + 5.00%), 11/05/2031	460,000			449,795
Focus Financial Partners LLC, Senior Secured First Lien
7.61% (1 mo. SOFR US + 3.25%), 09/17/2031	431,226			435,725
8.41% (1 mo. SOFR US + 3.25%), 09/17/2031 (f)	46,315			46,798
GEN II Fund Services LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 11/19/2031	295,000			296,844
June Purchaser LLC, Senior Secured First Lien
7.58% (3 mo. SOFR US + 3.25%), 11/28/2031	506,863			513,121
8.67% (1 mo. Term SOFR + 3.25%), 11/28/2031 (f)	82,391			83,408
Lakeland Holdings LLC, Senior Unsecured First Lien
8.00%, 09/27/2027	225,670			25,388
8.00%, 09/27/2027	107,661			12,112
NAB Holdings LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 11/24/2028	969,921			976,419
Neon Maple US Debt Mergersub, Inc., Senior Secured First Lien
7.44% (1 mo. SOFR US + 3.00%), 11/17/2031	346,560			347,699
7.44% (1 mo. SOFR US + 3.00%), 11/17/2031	124,299			124,708
7.44% (1 mo. SOFR US + 3.00%), 11/17/2031	32,140			32,246
Orbit Private Holdings I Ltd., Senior Secured First Lien, 8.13%, 12/11/2028 (a)	61,534			62,419
Osaic Holdings, Inc., Senior Secured First Lien, 8.09% (1 mo. Term SOFR + 3.50%), 08/16/2028	434,235			436,530
VFH Parent LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 06/23/2031	499,517			502,249
WEX, Inc., Senior Secured First Lien, 6.11% (1 mo. SOFR US + 1.75%), 03/31/2028	690,323			690,568
Zelis Payments Buyer, Inc., Senior Secured First Lien
7.11% (1 mo. SOFR US + 2.75%), 09/28/2029	658,028			659,860
7.61% (1 mo. SOFR US + 3.25%), 11/26/2031	276,000			277,322
				13,498,428
FINANCIALS: INSURANCE - 4.1%
Acrisure LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 02/15/2027	1,902,891			1,909,285
Alliant Holdings Intermediate LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 09/19/2031	247,942			248,887
AssuredPartners, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 02/14/2031	1,203,164			1,207,110
Asurion LLC, Senior Secured First Lien
7.84% (1 mo. SOFR US + 3.25%), 12/23/2026	970,049			970,500
8.92% (1 mo. Term SOFR + 4.25%), 08/21/2028	845,195			847,008
Asurion LLC, Senior Secured Second Lien, 9.84% (1 mo. SOFR US + 5.25%), 02/03/2028	865,867			848,243
Baldwin Insurance Group Holdings LLC, Senior Secured First Lien, 7.45%, 05/27/2031 (a)	295,000			297,398
BroadStreet Partners, Inc., Senior Secured First Lien
7.36% (1 mo. SOFR US + 3.00%), 06/13/2031	57,850			58,115
7.36% (1 mo. SOFR US + 3.00%), 06/16/2031	565,148			567,742
Goosehead Insurance Holdings LLC, Senior Secured First Lien, 7.94%, 12/11/2031 (a)	552,000			556,140
HUB International Ltd., Senior Secured First Lien, 7.37% (3 mo. SOFR US + 2.75%), 06/20/2030	1,242,087			1,251,179
Jones Deslauriers Insurance Management, Inc., Senior Secured First Lien, 7.82% (3 mo. SOFR US + 3.25%), 03/15/2030	486,182			488,917
TIH Insurance Holdings LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 05/06/2031	606,570			609,318
TIH Insurance Holdings LLC, Senior Secured Second Lien, 9.08% (3 mo. SOFR US + 4.75%), 05/06/2032	492,347			505,375
USI, Inc./NY, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 11/22/2029	936,448			921,964
				11,287,181
FOOD & BEVERAGE - 2.0%
BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 12/26/2028	722,328			727,222
Delivery Hero Finco LLC, Senior Secured First Lien, 9.52% (3 mo. SOFR US + 5.00%), 12/12/2029	2,097,134			2,111,992
Froneri US, Inc., Senior Secured First Lien
6.36% (1 mo. SOFR US + 2.00%), 09/29/2031	282,241			282,847
6.36% (1 mo. SOFR US + 2.00%), 09/29/2031	144,606			144,916
6.36% (1 mo. SOFR US + 2.00%), 09/29/2031	75,060			75,221
HLF Financing Sarl LLC, Senior Secured First Lien, 11.11% (1 mo. SOFR US + 6.75%), 04/12/2029	276,471			274,436
Pegasus Bidco BV, Senior Secured First Lien, 7.77% (3 mo. SOFR US + 3.25%), 07/12/2029	743,827			751,733
Saratoga Food Specialties LLC, Senior Secured First Lien, 8.14% (3 mo. SOFR US + 3.75%), 03/07/2029	482,917			485,935
Triton Water Holdings, Inc., Senior Secured First Lien, 8.10% (3 mo. SOFR US + 3.25%), 03/31/2028	812,960			820,382
				5,674,684
HEALTHCARE: EQUIPMENT & SUPPLIES - 2.2%
Azalea Topco, Inc., Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 04/30/2031	500,652			502,688
Bausch + Lomb Corp., Senior Secured First Lien, 7.79% (1 mo. SOFR US + 3.25%), 05/10/2027	374,276			376,164
Covetrus, Inc., Senior Secured First Lien, 9.33% (3 mo. SOFR US + 5.00%), 10/15/2029	383,340			369,762
Gainwell Acquisition Corp., Senior Secured First Lien, 8.53% (3 mo. SOFR US + 4.00%), 10/01/2027	1,009,094			979,941
Insulet Corp., Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/04/2031	870,108			876,090
Medline Borrower LP, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 10/23/2028	2,090,223			2,099,963
PointClickCare Technologies, Inc., Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 11/03/2031	361,164			363,873
Waystar Technologies, Inc., Senior Secured First Lien, 6.77% (1 mo. Term SOFR + 2.25%), 10/22/2029	621,811			625,440
				6,193,921
HEALTHCARE: FACILITIES - 5.2%
ADMI Corp., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 12/23/2027	893,953			880,544
AHP Health Partners, Inc., Senior Secured First Lien, 7.32% (1 mo. Term SOFR + 2.75%), 08/24/2028	432,550			437,282
CHG Healthcare Services, Inc., Senior Secured First Lien
7.45% (1 mo. Term SOFR + 3.00%), 09/29/2028	160,917			161,699
8.54% (3 mo. SOFR US + 3.50%), 09/29/2028	272,688			275,300
Examworks Bidco, Inc., Senior Secured First Lien, 7.22% (1 mo. SOFR US + 2.75%), 11/01/2028	947,537			952,218
Global Medical Response, Inc., Senior Secured First Lien
9.11% (includes 0.75% PIK) (1 mo. SOFR US + 4.75%), 10/02/2028	2,048,818			2,058,427
9.11% (includes 0..75% PIK) (1 mo. SOFR US + 4.75%), 10/02/2028	21,279			21,379
HAH Group Holding Co. LLC, Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 09/24/2031	554,000			554,842
Hanger, Inc., Senior Secured First Lien
7.86% (1 mo. SOFR US + 3.50%), 10/23/2031	428,940			433,712
8.34% (1 mo. Term SOFR + 3.50%), 10/23/2031 (f)	41,293			41,752
Heartland Dental LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 04/28/2028	1,122,878			1,126,561
Hunter US Bidco, Inc., Senior Secured First Lien
8.78% (3 mo. SOFR US + 4.25%), 08/21/2028	199,502			197,632
8.78% (3 mo. SOFR US + 4.25%), 08/21/2028	175,552			173,907
Inception Finco Sarl, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 04/09/2031	567,150			572,042
LifePoint Health, Inc., Senior Secured First Lien, 7.96% (3 mo. SOFR US + 3.50%), 05/19/2031	839,238			842,125
Option Care Health, Inc., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 2.25%), 10/27/2028	371,887			374,444
Pacific Dental Services, Inc., Senior Secured First Lien, 7.13% (1 mo. SOFR US + 2.75%), 03/17/2031	476,400			480,271
Phoenix Newco, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 11/15/2028	743,747			749,790
Pluto Acquisition I, Inc., Senior Secured First Lien
9.84% (3 mo. SOFR US + 5.50%), 06/20/2028	90,065			92,204
9.84% (3 mo. SOFR US + 5.50%), 06/20/2028	1,801			1,844
Radnet Management, Inc., Senior Secured First Lien, 6.77% (3 mo. SOFR US + 2.25%), 04/18/2031	374,295			376,668
Select Medical Corp., Senior Secured First Lien, 7.28% (1 mo. SOFR US + 2.75%), 12/03/2031	363,479			365,144
Sonrava Health Co.-Borrower LLC, Senior Secured First Lien
11.93% (6 mo. SOFR US + 6.50%), 05/18/2028	115,109			115,828
6.43% (6 mo. SOFR US + 1.00%), 08/18/2028	4,655			1,996
6.43% (6 mo. SOFR US + 1.00%), 08/18/2028	133			57
Sotera Health Holdings LLC, Senior Secured First Lien, 7.84% (3 mo. SOFR US + 3.25%), 05/30/2031	646,380			648,807
Southern Veterinary Partners LLC, Senior Secured First Lien, 7.71% (3 mo. SOFR US + 3.25%), 12/04/2031	460,000			463,825
Surgery Center Holdings, Inc., Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.75%), 12/19/2030	619,848			625,420
US Fertility Enterprises LLC, Senior Secured First Lien
8.78% (6 mo. SOFR US + 4.50%), 10/14/2031	843,383			851,821
9.35% (3 mo. Term SOFR + 4.50%), 10/14/2031 (f)	38,336			38,719
US Radiology Specialists, Inc., Senior Secured First Lien, 9.08% (3 mo. SOFR US + 4.75%), 12/15/2027	524,430			528,559
				14,444,819
HEALTHCARE: LIFE SCIENCES - 0.8%
Cambrex Corp., Senior Secured First Lien, 8.06% (1 mo. SOFR US + 3.50%), 12/07/2026	273,523			273,865
Curia Global, Inc., Senior Secured First Lien, 8.54% (3 mo. SOFR US + 3.75%), 08/28/2026	1,051,282			1,008,027
Star Parent, Inc., Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 09/30/2030	891,627			872,568
				2,154,460
HEALTHCARE: MANAGED HEALTH CARE - 1.2%
Bella Holding Co. LLC, Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 05/10/2028	622,191			626,957
Charlotte Buyer, Inc., Senior Secured First Lien, 9.20% (1 mo. SOFR US + 4.75%), 02/11/2028	284,119			286,197
Cotiviti, Inc., Senior Secured First Lien, 7.30% (1 mo. SOFR US + 2.75%), 04/30/2031	1,466,355			1,476,443
Raven Acquisition Holdings LLC, Senior Secured First Lien
7.61% (1 mo. SOFR US + 3.25%), 11/20/2031	817,600			820,466
8.28% (1 mo. Term SOFR + 3.25%), 11/20/2031 (f)	58,400			58,605
				3,268,668
HEALTHCARE: PHARMA & BIOTECH - 2.1%
Dechra Pharmaceuticals Ltd., Senior Secured First Lien, 7.77%, 12/04/2031 (a)	295,000			296,752
Elanco Animal Health, Inc., Senior Secured First Lien, 6.50% (1 mo. SOFR US + 1.75%), 08/02/2027	997,313			997,273
Endo Finance Holdings, Inc., Senior Secured First Lien, 8.57% (1 mo. Term SOFR + 4.00%), 04/23/2031	748,081			754,440
Financiere Mendel SASU, Senior Secured First Lien, 7.77% (3 mo. SOFR US + 3.25%), 11/13/2030	666,960			672,239
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 6.89% (3 mo. SOFR US + 2.00%), 11/15/2027	840,375			838,328
Jazz Financing Lux Sarl, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 05/05/2028	1,365,558			1,370,679
Organon & Co., Senior Secured First Lien, 6.62% (1 mo. Term SOFR + 2.25%), 05/19/2031	601,940			604,700
Padagis LLC, Senior Secured First Lien, 9.86% (3 mo. SOFR US + 4.75%), 07/06/2028	266,243			247,383
				5,781,794
INDUSTRIAL MACHINERY - 3.6%
AI Aqua Merger Sub, Inc., Senior Secured First Lien
7.52% (1 mo. Term SOFR + 3.00%), 07/31/2028	178,195			178,568
8.05% (1 mo. SOFR US + 3.50%), 07/31/2028	1,143,207			1,145,596
AZZ, Inc., Senior Secured First Lien
6.86% (1 mo. SOFR US + 2.50%), 05/14/2029	290,645			292,151
6.86% (1 mo. SOFR US + 2.50%), 05/14/2029	189,405			190,386
Chart Industries, Inc., Senior Secured First Lien, 7.09% (3 mo. SOFR US + 2.50%), 03/18/2030	375,236			377,191
Columbus McKinnon Corp./NY, Senior Secured First Lien, 6.83% (3 mo. SOFR US + 2.50%), 05/15/2028	510,808			514,639
Crosby US Acquisition Corp., Senior Secured First Lien, 8.07% (1 mo. SOFR US + 3.50%), 08/16/2029	497,127			502,847
Dynamo US Bidco, Inc., Senior Secured First Lien, 8.26% (3 mo. SOFR US + 4.00%), 09/25/2031	369,773			373,933
Emrld Borrower LP, Senior Secured First Lien, 7.07% (3 mo. Term SOFR + 2.50%), 08/04/2031	243,091			244,357
Gates Global LLC, Senior Secured First Lien, 6.11% (1 mo. SOFR US + 1.75%), 11/16/2029	515,143			516,832
John Bean Technologies Corp., Senior Secured First Lien, 7.35% (1 mo. Term SOFR + 2.25%), 10/09/2031	248,564			250,428
Jupiter Buyer, Inc., Senior Secured First Lien
9.30% (1 mo. SOFR US + 4.75%), 11/03/2031	374,815			377,919
9.60% (1 mo. Term SOFR + 4.75%), 11/03/2031 (f)	43,248			43,606
Madison IAQ LLC, Senior Secured First Lien, 8.00% (6 mo. SOFR US + 2.75%), 06/21/2028	498,226			500,640
Madison Safety & Flow LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 09/26/2031	360,261			363,357
Oregon Tool Holdings, Inc., Senior Secured First Lien, 8.70% (3 mo. SOFR US + 4.00%), 10/16/2028	406,517			240,573
PG Polaris BidCo Sarl, Senior Secured First Lien
7.33% (3 mo. SOFR US + 3.00%), 03/24/2031	405,945			409,793
7.33% (3 mo. SOFR US + 3.00%), 03/24/2031	132,705			133,963
Pro Mach Group, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 08/31/2028	495,884			500,843
Roper Industrial Products Investment Co., Senior Secured First Lien, 7.19% (1 mo. Term SOFR + 2.75%), 11/23/2029	533,911			535,913
TK Elevator US Newco, Inc., Senior Secured First Lien
8.59% (6 mo. SOFR US + 3.50%), 04/30/2030	551,184			555,871
8.59% (6 mo. SOFR US + 3.50%), 04/30/2030	316,614			319,307
Verde Purchaser LLC, Senior Secured First Lien, 9.10% (3 mo. SOFR US + 4.50%), 11/29/2030	491,864			494,016
Vertiv Group Corp., Senior Secured First Lien, 6.19% (1 mo. SOFR US + 1.75%), 03/02/2027	563,013			564,421
WEC US Holdings, Inc., Senior Secured First Lien, 6.80% (1 mo. SOFR US + 2.25%), 01/27/2031	411,346			412,181
				10,039,331
LEISURE: CASINOS & GAMING - 3.0%
888 Acquisitions LLC, Senior Secured First Lien, 9.60% (6 mo. SOFR US + 5.25%), 07/03/2028	879,790			851,474
Allwyn Entertainment Financing US LLC, Senior Secured First Lien, 6.91% (3 mo. SOFR US + 2.25%), 06/30/2031	573,124			578,319
Aristocrat Technologies, Inc., Senior Secured First Lien, 6.78% (3 mo. SOFR US + 2.25%), 05/24/2029	224,143			225,515
Bally's Corp., Senior Secured First Lien, 8.40% (3 mo. SOFR US + 3.25%), 10/02/2028	731,854			693,985
Caesars Entertainment, Inc., Senior Secured First Lien
6.71% (1 mo. SOFR US + 2.25%), 02/06/2030	586,443			587,662
6.61% (1 mo. SOFR US + 2.25%), 02/06/2031	275,481			276,427
Churchill Downs, Inc., Senior Secured First Lien, 6.67% (1 mo. Term SOFR + 2.00%), 03/17/2028	602,689			604,196
Entain Holdings Gibraltar Ltd., Senior Secured First Lien, 7.03% (3 mo. SOFR US + 2.50%), 03/16/2027	1,340,043			1,345,624
Everi Holdings, Inc., Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.50%), 08/03/2028	434,388			435,986
Fertitta Entertainment LLC/NV, Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 01/29/2029	482,626			485,015
Flutter Financing BV, Senior Secured First Lien, 6.08% (3 mo. SOFR US + 1.75%), 11/25/2030	994,134			993,205
Great Canadian Gaming Corp., Senior Secured First Lien, 9.09% (3 mo. SOFR US + 4.75%), 11/01/2029	375,235			375,470
Ontario Gaming GTA LP, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.25%), 08/01/2030	730,620			733,035
				8,185,913
LEISURE: HOTELS - 1.9%
Alterra Mountain Co., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 08/17/2028	623,799			628,674
Carnival Corp., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 10/18/2028	1,742,335			1,757,040
Herschend Entertainment Co. LLC, Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 08/28/2028	785,550			790,460
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien
6.97% (1 mo. SOFR US + 2.50%), 08/02/2028	292,955			294,402
6.72% (1 mo. SOFR US + 2.25%), 01/17/2031	97,561			97,996
Sabre GLBL, Inc., Senior Secured First Lien
8.81% (1 mo. SOFR US + 4.25%), 06/30/2028	99,818			97,448
9.56% (1 mo. SOFR US + 5.00%), 06/30/2028	113,404			111,065
10.61% (1 mo. Term SOFR + 6.00%), 11/15/2029	564,256			562,845
10.69% (1 mo. Term SOFR + 6.00%), 11/15/2029	52,570			51,519
Travel + Leisure Co., Senior Secured First Lien, 6.93% (3 mo. SOFR US + 2.50%), 12/14/2029	372,845			374,439
TripAdvisor, Inc., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 07/08/2031	374,297			377,292
				5,143,180
LEISURE: RESTAURANTS - 0.7%
BCPE Grill Parent, Inc., Senior Secured First Lien, 9.11% (1 mo. SOFR US + 4.75%), 09/30/2030	265,320			260,885
IRB Holding Corp., Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 12/15/2027	996,644			998,862
Tacala Investment Corp., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 01/31/2031	524,047			528,959
Whatabrands LLC, Senior Secured First Lien, 6.86% (1 mo. SOFR US + 2.50%), 08/03/2028	274,004			274,992
				2,063,698
MEDIA: BROADCASTING - 0.3%
Hubbard Radio LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 09/30/2027	319,322			218,735
Learfield Communications LLC, Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 06/30/2028	372,845			376,993
Univision Communications, Inc., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.25%), 06/25/2029	242,469			243,910
				839,638
MEDIA: CABLE & SATELLITE - 2.6%
Charter Communications Operating LLC, Senior Secured First Lien
6.78% (3 mo. SOFR US + 2.25%), 11/21/2031	924,683			923,781
6.78% (1 mo. SOFR US + 2.25%), 11/21/2031	2,318			2,315
Connect Finco Sarl, Senior Secured First Lien
7.86% (1 mo. SOFR US + 3.50%), 12/11/2026	859,910			853,194
8.86% (1 mo. SOFR US + 4.50%), 09/27/2029	447,254			393,957
Coral-US Co.-Borrower LLC, Senior Secured First Lien, 7.19% (1 mo. SOFR US + 2.25%), 01/31/2028	1,006,205			1,003,629
CSC Holdings LLC, Senior Secured First Lien, 8.90% (1 mo. SOFR US + 4.50%), 01/18/2028	893,873			878,726
Directv Financing LLC, Senior Secured First Lien, 10.11% (3 mo. SOFR US + 5.00%), 08/02/2027	722,328			726,008
Iridium Satellite LLC, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 09/20/2030	915,621			913,332
Telenet Financing USD LLC, Senior Secured First Lien, 6.63% (1 mo. SOFR US + 2.00%), 04/28/2028	454,863			443,573
Virgin Media Bristol LLC, Senior Secured First Lien, 7.13% (1 mo. SOFR US + 2.50%), 01/31/2028	630,000			626,652
WideOpenWest Finance LLC, Senior Secured First Lien, 7.66%, 12/11/2028 (a)	465,000			418,502
				7,183,669
MEDIA: DIVERSIFIED - 1.7%
Abe Investment Holdings, Inc., Senior Secured First Lien, 8.95% (6 mo. SOFR US + 4.50%), 02/19/2026	771,010			770,046
ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.25%), 12/21/2028	741,442			745,265
Indy US Bidco LLC, Senior Secured First Lien
8.34% (1 mo. SOFR US + 3.75%), 03/06/2028	308,099			308,484
8.34% (1 mo. SOFR US + 3.75%), 03/06/2028	178,262			178,485
Indy US Holdco LLC, Senior Secured First Lien
9.11% (1 mo. SOFR US + 4.75%), 03/06/2028	515,297			520,450
9.11% (1 mo. SOFR US + 4.75%), 03/06/2028	386,443			390,308
McGraw-Hill Education, Inc., Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 08/06/2031	834,166			844,680
Neptune Bidco US, Inc., Senior Secured First Lien, 9.61% (3 mo. SOFR US + 4.75%), 10/11/2028	930,691			836,794
				4,594,512
MEDIA: ENTERTAINMENT - 3.1%
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien
8.08% (3 mo. SOFR US + 3.75%), 03/08/2030	932,171			919,741
8.08% (3 mo. SOFR US + 3.75%), 03/08/2030	472,022			465,727
Creative Artists Agency LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 10/01/2031	763,268			767,878
Crown Finance US, Inc., Senior Secured First Lien, 9.80% (1 mo. SOFR US + 5.25%), 12/02/2031	492,000			492,846
Delta 2 Lux Sarl, Senior Secured First Lien
6.33% (3 mo. SOFR US + 2.00%), 09/19/2031	206,333			207,133
7.20% (3 mo. Term SOFR + 2.00%), 09/19/2031	102,667			103,065
Hoya Midco LLC, Senior Secured First Lien, 7.59% (3 mo. SOFR US + 3.00%), 02/05/2029	872,560			882,377
Live Nation Entertainment, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 1.75%), 10/19/2026	665,896			666,395
Playtika Holding Corp., Senior Secured First Lien, 7.55% (1 mo. Term SOFR + 2.75%), 03/13/2028	845,151			848,717
StubHub Holdco Sub LLC, Senior Secured First Lien, 9.11% (1 mo. SOFR US + 4.75%), 03/15/2030	1,091,492			1,095,585
UFC Holdings LLC, Senior Secured First Lien, 6.77% (3 mo. SOFR US + 2.25%), 11/21/2031	1,065,231			1,072,432
William Morris Endeavor Entertainment LLC, Senior Secured First Lien
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025	584,657			586,776
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025	278,161			279,169
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025	53,372			53,566
7.34% (1 mo. SOFR US + 2.75%), 05/19/2025	25,393			25,485
				8,466,892
METALS & MINING - 0.6%
Arsenal AIC Parent LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 08/19/2030	273,229			275,893
Grinding Media, Inc., Senior Secured First Lien
8.02% (3 mo. SOFR US + 3.50%), 10/12/2028	1,073,337			1,080,045
8.02% (3 mo. SOFR US + 3.50%), 10/12/2028	299,881			301,756
				1,657,694
MIDSTREAM: STORAGE & TRANSPORT - 1.6%
Brazos Delaware II LLC, Senior Secured First Lien, 8.25% (6 mo. SOFR US + 3.50%), 02/11/2030	267,975			270,174
CPPIB OVM Member US LLC, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 08/20/2031	417,953			421,219
ITT Holdings LLC, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 2.75%), 10/11/2030	746,201			751,704
NGP XI Midstream Holdings LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 07/25/2031	726,958			734,228
Northriver Midstream Finance LP, Senior Secured First Lien, 6.86% (3 mo. SOFR US + 2.25%), 08/16/2030	728,968			731,203
Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 7.63% (1 mo. SOFR US + 3.00%), 10/05/2028	991,750			999,109
TransMontaigne Operating Co. LP, Senior Secured First Lien
7.72% (1 mo. SOFR US + 3.25%), 11/17/2028	209,208			211,283
7.72% (1 mo. SOFR US + 3.25%), 11/17/2028	209,208			211,283
7.72% (1 mo. SOFR US + 3.25%), 11/17/2028	64,207			64,844
				4,395,047
OIL & GAS: E&P - 0.2%
Discovery Energy Holding Corp., Senior Secured First Lien, 8.11% (3 mo. SOFR US + 3.75%), 05/02/2031	456,484			456,628
OIL & GAS: EQUIPMENT & SERVICES - 0.3%
MRC Global US, Inc., Senior Secured First Lien, 7.93% (6 mo. SOFR US + 3.50%), 10/29/2031	424,000			429,300
Star Holding LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 07/31/2031	374,297			374,024
				803,324
PACKAGING - 1.8%
LABL, Inc., Senior Secured First Lien, 9.56% (1 mo. SOFR US + 5.00%), 10/30/2028	255,076			247,264
M2S Group Intermediate Holdings, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 4.75%), 08/27/2031	766,954			742,032
Magnera Corp., Senior Secured First Lien, 8.76% (3 mo. SOFR US + 4.25%), 11/04/2031	1,240,000			1,244,390
Mauser Packaging Solutions Holding Co., Senior Secured First Lien, 7.59% (1 mo. SOFR US + 3.00%), 04/16/2027	819,893			826,555
Pregis TopCo LLC, Senior Secured First Lien, 8.36% (1 mo. SOFR US + 4.00%), 07/31/2026	517,750			521,773
Ranpak BV, Senior Secured First Lien, 8.88%, 12/12/2031 (a)	92,098			92,213
Ranpak Corp., Senior Secured First Lien, 8.88%, 12/12/2031 (a)	143,902			144,082
Sabert Corp., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.00%), 12/10/2026	342,263			345,044
Trident TPI Holdings, Inc., Senior Secured First Lien, 8.19% (1 mo. SOFR US + 3.75%), 09/18/2028	906,093			915,357
				5,078,710
REAL ESTATE: MANAGEMENT - 0.2%
Greystar Real Estate Partners LLC, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 2.75%), 08/21/2030	541,177			545,913
RETAIL: FOOD & DRUG - 0.4%
JP Intermediate B LLC, Senior Secured First Lien, 14.00% (Prime Rate + 6.50%), 11/22/2027	447,191			25,993
TKC Holdings, Inc., Senior Secured First Lien, 9.36% (1 mo. SOFR US + 5.00%), 05/15/2028	1,085,342			1,099,593
				1,125,586
RETAILING - 2.8%
Belron Finance 2019 LLC, Senior Secured First Lien, 7.27% (3 mo. SOFR US + 2.75%), 10/16/2031	1,046,378			1,057,663
Great Outdoors Group LLC, Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.75%), 03/06/2028	746,153			751,189
Harbor Freight Tools USA, Inc., Senior Secured First Lien
6.86% (1 mo. SOFR US + 2.50%), 06/11/2031	915,154			903,889
7.24% (3 mo. SOFR US + 2.50%), 06/11/2031	122,246			120,741
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 05/04/2028	600,431			605,216
Michaels Cos., Inc., Senior Secured First Lien, 9.10% (3 mo. SOFR US + 4.25%), 04/17/2028	575,993			466,388
Peer Holding III BV, Senior Secured First Lien
7.58% (3 mo. SOFR US + 3.25%), 10/28/2030	743,817			749,704
7.33% (3 mo. SOFR US + 3.00%), 07/01/2031	248,564			250,272
Petco Health & Wellness Co., Inc., Senior Secured First Lien, 8.10% (3 mo. SOFR US + 3.25%), 03/06/2028	230,000			223,914
PetSmart LLC, Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 02/14/2028	1,385,004			1,382,116
RH, Senior Secured First Lien, 7.81% (1 mo. SOFR US + 3.25%), 10/20/2028	760,826			759,875
Staples, Inc., Senior Secured First Lien, 10.18% (3 mo. SOFR US + 5.75%), 09/10/2029	528,198			506,164
				7,777,131
TECHNOLOGY HARDWARE - 0.8%
Coherent Corp., Senior Secured First Lien, 6.45% (1 mo. Term SOFR + 2.00%), 07/02/2029	287,582			288,780
CommScope, Inc., Senior Secured First Lien, 9.88%, 12/18/2029 (a)	617,000			625,872
Fortress Intermediate 3, Inc., Senior Secured First Lien, 7.86% (1 mo. SOFR US + 3.50%), 06/27/2031	272,318			273,510
MKS Instruments, Inc., Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.25%), 08/17/2029	272,674			273,825
World Wide Technology Holding Co. LLC, Senior Secured First Lien, 6.69% (1 mo. SOFR US + 2.25%), 03/01/2030	662,451			664,936
				2,126,923
TECHNOLOGY: SOFTWARE & SERVICES - 14.4%
Access CIG LLC, Senior Secured First Lien, 9.59% (3 mo. SOFR US + 5.00%), 08/18/2028	1,323,233			1,337,762
AthenaHealth Group, Inc., Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 02/15/2029	741,268			744,577
Barracuda Networks, Inc., Senior Secured First Lien, 9.09% (6 mo. SOFR US + 4.50%), 08/15/2029	803,577			745,471
Barracuda Networks, Inc., Senior Secured Second Lien, 11.59% (3 mo. SOFR US + 7.00%), 08/15/2030	461,277			372,050
Boxer Parent Co., Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 3.75%), 07/30/2031	685,020			691,521
Boxer Parent Co., Inc., Senior Secured Second Lien, 10.34% (3 mo. SOFR US + 5.75%), 07/30/2032	535,770			528,629
CCC Intelligent Solutions, Inc., Senior Secured First Lien, 6.84% (1 mo. SOFR US + 2.25%), 09/21/2028	482,623			485,338
Central Parent LLC, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 07/06/2029	551,558			544,975
Cloud Software Group, Inc., Senior Secured First Lien
7.83% (3 mo. SOFR US + 3.50%), 03/29/2029	2,092,086			2,100,883
7.83% (1 mo. SOFR US + 3.50%), 03/29/2029	5,243			5,265
8.31% (1 mo. SOFR US + 3.75%), 03/24/2031	471,000			473,103
Clover Holdings 2 LLC, Senior Secured First Lien, 8.43% (3 mo. SOFR US + 4.00%), 12/09/2031	849,661			860,282
ConnectWise LLC, Senior Secured First Lien, 8.35% (3 mo. SOFR US + 3.50%), 09/29/2028	1,368,353			1,379,047
Dcert Buyer, Inc., Senior Secured First Lien, 8.36% (1 mo. SOFR US + 4.00%), 10/16/2026	761,622			733,599
E2open LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 3.50%), 02/04/2028	1,333,528			1,341,582
Ensono, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 4.00%), 05/30/2028	872,498			873,353
Flexera Software LLC, Senior Secured First Lien, 7.35% (3 mo. SOFR US + 3.00%), 03/03/2028	1,359,710			1,370,547
Gen Digital, Inc., Senior Secured First Lien, 6.32% (1 mo. Term SOFR + 1.75%), 09/12/2029	348,652			347,974
Genesys Cloud Services Holdings II LLC, Senior Secured First Lien
7.36% (1 mo. SOFR US + 3.00%), 12/01/2027	690,127			696,783
7.36% (1 mo. SOFR US + 3.00%), 12/01/2027	223,124			225,276
Informatica LLC, Senior Secured First Lien, 6.61% (1 mo. SOFR US + 2.25%), 10/30/2028	371,889			374,214
Jaggaer LLC, Senior Secured First Lien, 7.69% (3 mo. SOFR US + 3.25%), 12/08/2031	248,564			250,817
Leia Finco US LLC, Senior Secured First Lien, 7.89% (3 mo. SOFR US + 3.25%), 10/09/2031	678,408			678,618
Leia Finco US LLC, Senior Secured Second Lien, 9.89% (3 mo. SOFR US + 5.25%), 10/12/2032	281,000			279,126
Marcel Bidco LLC, Senior Secured First Lien, 7.81% (SOFR + 3.50%), 11/13/2030	768,644			780,173
McAfee Corp., Senior Secured First Lien, 7.37% (1 mo. SOFR US + 3.00%), 03/01/2029	1,035,616			1,026,313
MH Sub I LLC, Senior Secured First Lien
8.82% (1 mo. SOFR US + 4.25%), 05/03/2028	1,252,378			1,254,445
8.76% (1 mo. Term SOFR + 4.25%), 12/11/2031	45,180			44,855
MH Sub I LLC, Senior Secured Second Lien, 10.82% (1 mo. SOFR US + 6.25%), 02/23/2029	258,124			256,242
Modena Buyer LLC, Senior Secured First Lien, 8.86% (1 mo. SOFR US + 4.50%), 07/01/2031	1,283,449			1,246,318
Mosel Bidco SE, Senior Secured First Lien
8.83% (3 mo. SOFR US + 4.50%), 09/16/2030	704,227			713,029
8.83% (3 mo. SOFR US + 4.50%), 09/16/2030	495,023			501,210
N-Able International Holdings II LLC, Senior Secured First Lien, 7.79% (3 mo. SOFR US + 2.75%), 07/19/2028	496,328			500,670
Optiv Parent, Inc., Senior Secured First Lien, 9.87% (3 mo. SOFR US + 5.25%), 08/03/2026	889,232			739,174
Peraton Corp., Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 02/01/2028	1,594,700			1,487,887
Peraton Corp., Senior Secured Second Lien, 12.46% (3 mo. SOFR US + 7.75%), 02/01/2029	148,182			121,293
Plano HoldCo, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 3.50%), 10/02/2031	971,000			980,710
Polaris Newco LLC, Senior Secured First Lien, 8.96% (3 mo. SOFR US + 4.00%), 06/05/2028	1,688,015			1,693,189
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien
7.58% (3 mo. SOFR US + 3.25%), 10/28/2030	683,172			688,402
7.84% (1 mo. Term SOFR + 3.25%), 10/28/2030	321,000			323,457
Proofpoint, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 08/31/2028	1,118,110			1,124,824
Quartz Acquireco LLC, Senior Secured First Lien, 7.08% (3 mo. SOFR US + 2.75%), 06/28/2030	520,413			524,966
RealPage, Inc., Senior Secured First Lien
7.70% (3 mo. SOFR US + 3.00%), 04/24/2028	1,116,013			1,115,444
8.08% (3 mo. SOFR US + 3.75%), 04/24/2028	266,000			267,580
Rithum Holdings, Inc., Senior Secured First Lien
9.05% (3 mo. SOFR US + 4.00%), 12/02/2027	717,489			682,063
11.15% (3 mo. SOFR US + 6.25%), 12/29/2027	522,086			513,818
Rocket Software, Inc., Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.25%), 11/28/2028	623,799			629,220
Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 7.59% (3 mo. SOFR US + 3.00%), 02/24/2028	619,855			624,359
Skopima Consilio Parent LLC, Senior Secured First Lien, 8.80% (1 mo. SOFR US + 4.00%), 05/17/2028	545,302			548,029
SolarWinds Holdings, Inc., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 02/05/2030	499,517			502,744
Sovos Compliance LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 4.50%), 08/14/2028	329,231			332,055
UKG, Inc., Senior Secured First Lien, 7.62% (3 mo. SOFR US + 3.00%), 02/10/2031	1,775,080			1,789,822
VS Buyer LLC, Senior Secured First Lien, 7.12% (1 mo. SOFR US + 2.75%), 04/14/2031	981,130			989,714
Zuora, Inc., Senior Secured First Lien, 7.88%, 12/13/2031 (a)	295,000			294,263
				39,737,060
TELECOM SERVICES: DIVERSIFIED - 3.0%
Altice France SA, Senior Secured First Lien, 10.16% (3 mo. SOFR US + 5.50%), 08/31/2028	915,383			737,570
Cincinnati Bell, Inc., Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 11/24/2028	1,742,335			1,754,775
Consolidated Communications, Inc., Senior Secured First Lien, 8.19% (1 mo. Term SOFR + 3.50%), 10/04/2027	982,903			974,652
Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 8.57% (1 mo. SOFR US + 4.00%), 01/30/2031	677,974			689,839
Frontier Communications Holdings LLC, Senior Secured First Lien, 8.76% (3 mo. SOFR US + 3.50%), 07/01/2031	821,940			833,242
Level 3 Financing, Inc., Senior Secured First Lien, 11.13% (1 mo. Term SOFR + 6.56%), 04/16/2029	733,741			749,424
Lumen Technologies, Inc., Senior Secured First Lien
6.94% (1 mo. SOFR US + 2.35%), 04/16/2029	263,486			248,290
6.94% (1 mo. SOFR US + 2.35%), 04/15/2030	263,486			246,067
Radiate Holdco LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 3.25%), 09/25/2026	640,827			562,140
Voyage Australia Pty Ltd., Senior Secured First Lien, 8.64% (3 mo. SOFR US + 3.50%), 07/20/2028	465,368			468,567
Windstream Services LLC, Senior Secured First Lien, 9.31% (1 mo. SOFR US + 4.75%), 10/06/2031	370,455			376,012
Zayo Group Holdings, Inc., Senior Secured First Lien, 8.61% (1 mo. SOFR US + 4.25%), 03/09/2027	807,477			760,494
				8,401,072
TELECOM SERVICES: WIRELESS - 0.3%
CCI Buyer, Inc., Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 12/17/2027	991,679			993,890
TRANSPORTATION - 1.2%
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 9.89% (3 mo. SOFR US + 4.75%), 04/20/2028	373,695			384,269
Avis Budget Car Rental LLC, Senior Secured First Lien, 6.34% (1 mo. SOFR US + 1.75%), 08/06/2027	834,627			827,115
Carriage Purchaser, Inc., Senior Secured First Lien, 8.47% (1 mo. SOFR US + 4.00%), 09/29/2028	411,968			413,813
Cubic Corp., Senior Secured First Lien
9.29% (3 mo. SOFR US + 4.25%), 05/25/2028	937,520			634,467
9.29% (3 mo. SOFR US + 4.25%), 05/25/2028	199,345			134,907
Lasership, Inc., Senior Secured First Lien, 9.54% (3 mo. SOFR US + 4.50% + 0.11% PIK), 08/10/2029	395,475			139,405
WWEX Uni Topco Holdings LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 4.00%), 07/26/2028	824,888			830,960
				3,364,936
UTILITIES: POWER - 2.2%
Alpha Generation LLC, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 09/30/2031	360,261			363,233
Calpine Corp., Senior Secured First Lien
6.11% (1 mo. SOFR US + 1.75%), 12/16/2027	266,000			265,427
6.27%, 02/16/2032 (a)	427,000			426,080
Cornerstone Generation LLC, Senior Secured First Lien, 7.95% (1 mo. Term SOFR + 3.25%), 10/28/2031	492,129			497,050
Eastern Power LLC, Senior Secured First Lien, 9.61% (1 mo. SOFR US + 5.25%), 10/02/2025	369,081			368,505
Lightning Power LLC, Senior Secured First Lien, 7.74% (3 mo. SOFR US + 3.25%), 08/18/2031	831,915			842,430
Lightstone Holdco LLC, Senior Secured First Lien
10.34% (3 mo. SOFR US + 5.75%), 01/29/2027	930,059			942,266
10.34% (3 mo. SOFR US + 5.75%), 01/29/2027	52,500			53,189
Talen Energy Supply LLC, Senior Secured First Lien, 7.02% (1 mo. SOFR US + 2.50%), 12/15/2031	296,000			297,480
Vistra Zero Operating Co. LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.00%), 04/30/2031	323,375			324,554
WaterBridge Midstream Operating LLC, Senior Secured First Lien, 9.08% (3 mo. SOFR US + 4.75%), 06/27/2029	1,116,203			1,113,412
WaterBridge NDB Operating LLC, Senior Secured First Lien, 8.52% (3 mo. SOFR US + 4.00%), 05/10/2029	519,698			525,963
				6,019,589
TOTAL BANK LOANS (Cost $241,460,824)				241,420,472
CORPORATE BONDS - 8.6% (g)
AEROSPACE & DEFENSE - 0.2%
Bombardier, Inc.
7.13%, 06/15/2026 (b)	176,000			177,421
7.88%, 04/15/2027 (b)	397,000			397,829
				575,250
AUTOMOTIVE - 0.5%
Clarios Global LP / Clarios US Finance Co., 8.50%, 05/15/2027 (b)	1,350,000			1,354,360
BUILDING PRODUCTS - 0.2%
Standard Industries, Inc./NY, 3.38%, 01/15/2031 (b)	600,000			514,938
CHEMICALS - 0.1%
Olympus Water US Holding Corp., 7.13%, 10/01/2027 (b)	200,000			203,753
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.13%, 04/01/2029 (b)	238,000			147,321
				351,074
COMMERCIAL SERVICES - 0.2%
OPENLANE, Inc., 5.13%, 06/01/2025 (b)	424,000			423,276
FINANCIALS: THRIFTS & MORTGAGES - 0.1%
Freedom Mortgage Corp., 6.63%, 01/15/2027 (b)	278,000			278,339
HEALTHCARE: FACILITIES - 1.3%
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027 (b)	560,000			538,066
Fresenius Medical Care US Finance III, Inc., 2.38%, 02/16/2031 (b)	925,000			761,497
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (b)	1,006,000			979,739
Tenet Healthcare Corp., 6.25%, 02/01/2027	1,311,000			1,311,022
				3,590,324
HEALTHCARE: PHARMA & BIOTECH - 0.5%
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028 (b)	581,000			546,323
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026	765,000			735,748
				1,282,071
HEALTHCARE: REITs - 0.3%
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031	1,270,000			801,487
INDUSTRIAL MACHINERY - 0.2%
VOC Escrow Ltd., 5.00%, 02/15/2028 (b)	418,000			408,892
LEISURE: CASINOS & GAMING - 1.0%
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (b)	440,000			453,764
International Game Technology PLC, 4.13%, 04/15/2026 (b)	1,095,000			1,079,720
Light & Wonder International, Inc., 7.00%, 05/15/2028 (b)	404,000			405,182
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.63%, 09/01/2029 (b)	561,000			440,932
5.88%, 09/01/2031 (b)	562,000			409,338
				2,788,936
LEISURE: HOTELS - 1.1%
NCL Corp. Ltd., 8.38%, 02/01/2028 (b)	444,000			464,580
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028 (b)	548,000			536,661
Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026 (b)	421,000			420,893
Sabre GLBL, Inc., 10.75%, 11/15/2029 (b)	1,643,000			1,701,149
				3,123,283
LEISURE: RESTAURANTS - 0.2%
CEC Entertainment LLC, 6.75%, 05/01/2026 (b)	660,000			655,537
MEDIA: ENTERTAINMENT - 0.1%
Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (b)	393,000			397,674
METALS & MINING - 0.0%(c)
GrafTech Finance, Inc., 4.63%, 12/23/2029 (b)(d)	127,000			102,933
MIDSTREAM: STORAGE & TRANSPORT - 0.5%
Venture Global Calcasieu Pass LLC
6.25%, 01/15/2030 (b)	290,000			292,917
3.88%, 11/01/2033 (b)	510,000			438,515
Venture Global LNG, Inc., 8.13%, 06/01/2028 (b)	712,000			741,230
				1,472,662
OIL & GAS: EQUIPMENT & SERVICES - 0.1%
Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028 (b)	394,829			394,524
TECHNOLOGY HARDWARE - 0.4%
Entegris, Inc., 4.75%, 04/15/2029 (b)	1,005,000			963,169
TECHNOLOGY: SOFTWARE & SERVICES - 1.1%
Elastic NV, 4.13%, 07/15/2029 (b)	844,000			783,250
Gen Digital, Inc., 5.00%, 04/15/2025 (b)	2,220,000			2,217,697
				3,000,947
TELECOM SERVICES: DIVERSIFIED - 0.4%
Iliad Holding SASU
7.00%, 10/15/2028 (b)	400,000			405,686
7.00%, 04/15/2032 (b)	641,000			645,044
				1,050,730
UTILITIES: PROPANE - 0.1%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.50%, 05/20/2025	146,000			145,265
TOTAL CORPORATE BONDS (Cost $24,139,622)				23,675,671
EXCHANGE TRADED FUNDS - 1.6% (g)	Shares
Invesco Senior Loan ETF	213,500			4,498,445
TOTAL EXCHANGE TRADED FUNDS (Cost $4,512,410)				4,498,445
SHORT-TERM INVESTMENTS - 11.1% (g)
Money Market Funds - 11.1%
First American Government Obligations Fund - Class X, 4.41% (e)	30,766,470			30,766,470
TOTAL SHORT-TERM INVESTMENTS (Cost $30,766,470)				30,766,470
TOTAL INVESTMENTS - 108.6% (Cost $300,879,326)				300,361,058
Liabilities in Excess of Other Assets - (8.6)%				(23,812,276)
TOTAL NET ASSETS - 100.0%			$	276,548,782
two				–%

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS^®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by Shenkman Capital Management, Inc.  Industries presented are at the discretion of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.

BV - Besloten Vennootschap

NV - Naamloze Vennootschap

PIK - Payment in Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

SASU - Société par Actions Simplifiiée

SCA - Svenska Cellulosa Aktiebolaget

SE - Societas Europeae

SOFR - Secured Overnight Financing Rate

(a)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2024.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2024, the value of these securities total $20,682,149 or 7.5% of the Fund’s net assets.
(c)	Represents less than 0.05% of net assets.
(d)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $102,933 or 0.0% of net assets as of December 31, 2024.
(e)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
(f)	All or a portion of the loan is unfunded.
(g)	All or a portion is posted as collateral for delayed settlement securities.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Shenkman Capital Floating Rate 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:

	Level 1		Level 2		Level 3		Total
Investments:
Bank Loans	$	–	$	241,420,472	$	–	$	241,420,472
Corporate Bonds		–		23,572,738		102,933		23,675,671
Exchange Traded Funds		4,498,445		–		–		4,498,445
Money Market Funds		30,766,470		–		–		30,766,470
Total Investments	$	35,264,915	$	264,993,210	$	102,933	$	300,361,058
Refer to the Schedule of Investments for further disaggregation of investment categories.

Fair Value Measurement Using Significant Unobservable Inputs (Level 3)	Corporate Bonds
Beginning balance as of September 30, 2024	$	-
Purchases		102,933
Ending Balance as of December 31, 2024	$	102,933
Change in unrealized appreciation / depreciation still held as of December 31, 2024	$	-