Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: 145.3% | |
| | Aerospace & Defense: 2.9% |
1,500,000 | | AAdvantage Loyalty IP Ltd. 2021 Term Loan, 10.000%, (US0003M + 4.750%), 04/20/28 | $ | 1,536,161 | 1.0 |
841,532 | | Amentum Government Services Holdings LLC 2022 Term Loan, 9.147%, (TSFR1M + 4.000%), 02/15/29 | 824,701 | 0.5 |
1,754,162 | | Peraton Corp. Term Loan B, 8.953%, (TSFR1M + 3.750%), 02/01/28 | 1,726,909 | 1.2 |
298,489 | | Vertex Aerospace Services Corp. 2021 First Lien Term Loan, 8.953%, (TSFR1M + 3.750%), 12/06/28 | 299,086 | 0.2 |
| | | 4,386,857 | 2.9 |
| | | | |
| | Air Transport: 2.0% |
408,151 | | LaserShip, Inc. 2021 Term Loan, 9.693%, (US0001M + 4.500%), 05/07/28 | 336,214 | 0.2 |
386,172 | | Savage Enterprises LLC 2021 Term Loan B, 8.467%, (TSFR1M + 3.250%), 09/15/28 | 386,293 | 0.2 |
575,663 | | ST GEO WARE + TR CO OF CAL INC 2022 TERM LOAN, 11.392%, (TSFR3M + 6.000%), 03/24/28 | 535,367 | 0.4 |
1,762,296 | | United Airlines, Inc. 2021 Term Loan B, 9.292%, (US0003M + 3.750%), 04/21/28 | 1,764,058 | 1.2 |
| | | 3,021,932 | 2.0 |
| | | | |
| | Auto Components: 2.1% |
743,000 | | Clarios Global LP 2023 Incremental Term Loan, 8.853%, (TSFR1M + 3.750%), 05/06/30 | 741,143 | 0.5 |
696,364 | | Holley Purchaser, Inc. 2021 Term Loan, 9.184%, (TSFR3M + 3.750%), 11/17/28 | 598,873 | 0.4 |
483,863 | | RC Buyer, Inc. 2021 Term Loan, 9.004%, (TSFR3M + 3.500%), 07/28/28 | 470,556 | 0.3 |
869,861 | | Truck Hero, Inc. 2021 Term Loan B, 8.967%, (TSFR1M + 3.750%), 01/31/28 | 818,213 | 0.5 |
805,550 | | Wheel Pros, LLC 2021 Term Loan, 9.773%, (US0003M + 4.500%), 05/11/28 | 540,006 | 0.4 |
| | | 3,168,791 | 2.1 |
| | | | |
| | Automotive: 3.7% |
833,687 | | Autokiniton US Holdings, Inc. 2021 Term Loan B, 9.584%, (US0001M + 4.500%), 04/06/28 | 830,249 | 0.6 |
596,947 | | Belron Finance US LLC 2021 USD Term Loan B, 7.800%, (US0003M + 2.430%), 04/13/28 | 596,872 | 0.4 |
449,894 | | Dealer Tire Financial, LLC Term Loan B2, 9.603%, (TSFR1M + 4.500%), 12/14/27 | 448,769 | 0.3 |
773,042 | | Gates Global LLC 2021 Term Loan B3, 7.703%, (TSFR1M + 2.500%), 03/31/27 | 769,998 | 0.5 |
519,489 | | IXS Holdings, Inc. 2020 Term Loan B, 9.479%, (TSFR3M + 4.250%), 03/05/27 | 455,527 | 0.3 |
856,511 | | Les Schwab Tire Centers Term Loan B, 8.443%, (US0001M + 3.250%), 11/02/27 | 852,942 | 0.6 |
608,234 | | Mister Car Wash Holdings, Inc. 2019 Term Loan B, 8.325%, (TSFR3M + 3.000%), 05/14/26 | 608,282 | 0.4 |
967,419 | | Wand NewCo 3, Inc. 2020 Term Loan, 7.413%, (US0001M + 2.750%), 02/05/26 | 961,221 | 0.6 |
| | | 5,523,860 | 3.7 |
| | | | |
| | Basic Materials: 1.3% |
1,100,000 | | Ineos US Finance LLC 2023 USD Term Loan B, 8.753%, (TSFR1M + 3.500%), 02/18/30 | 1,094,795 | 0.7 |
967,688 | | Iris Holdings, Inc. 2022 Term Loan 1L, 9.895%, (TSFR3M + 4.750%), 06/28/28 | 828,582 | 0.6 |
| | | 1,923,377 | 1.3 |
| | | | |
| | Beverage & Tobacco: 0.3% |
446,894 | | Triton Water Holdings, Inc Term Loan, 5.242%, (TSFR3M + 3.250%), 03/31/28 | 433,599 | 0.3 |
| | | | |
| | Brokers, Dealers & Investment Houses: 0.1% |
200,000 | | Brookfield Property REIT Inc. 1st Lien Term Loan B, 2.592%, (TSFR1M + 2.500%), 08/27/25 | 195,501 | 0.1 |
| | | | |
| | Building & Development: 3.3% |
496,134 | | American Builders & Contractors Supply Co., Inc. 2019 Term Loan, 7.203%, (SOFRRATE + 2.000%), 01/15/27 | 495,337 | 0.3 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Building & Development: (continued) |
1,229,388 | | Applecaramel Buyer, LLC Term Loan B, 8.853%, (TSFR1M + 3.750%), 10/19/27 | $ | 1,221,063 | 0.8 |
426,714 | | Cornerstone Building Brands, Inc. 2021 Term Loan B, 8.497%, (TSFR1M + 3.250%), 04/12/28 | 410,446 | 0.3 |
443,027 | | CP Atlas Buyer, Inc. 2021 Term Loan B, 8.953%, (US0001M + 3.750%), 11/23/27 | 417,968 | 0.3 |
849,862 | | Foundation Building Materials Holding Company LLC 2021 Term Loan, 8.523%, (US0001M + 3.250%), 01/31/28 | 828,557 | 0.6 |
390 | | Latham Pool Products, Inc. 2022 Term Loan B, 9.314%, (SOFRRATE + 4.000%), 02/23/29 | 376 | 0.0 |
525,022 | | LBM Acquisition LLC Term Loan B, 8.943%, (TSFR3M + 3.750%), 12/17/27 | 506,646 | 0.3 |
908,463 | | LHS Borrower, LLC 2022 Term Loan B, 9.953%, (SOFRRATE + 4.750%), 02/16/29 | 763,109 | 0.5 |
225,000 | | Wilsonart LLC 2021 Term Loan E, 9.045%, 12/31/26 | 222,224 | 0.2 |
| | | 4,865,726 | 3.3 |
| | | | |
| | Business Equipment & Services: 7.3% |
249,616 | | Anticimex International AB 2021 USD Term Loan B1, 8.450%, (US0003M + 3.500%), 11/16/28 | 247,120 | 0.2 |
981,259 | | APX Group, Inc. 2021 Term Loan B, 8.461%, (TSFR1M + 3.250%), 07/10/28 | 982,384 | 0.7 |
517,038 | | Belfor Holdings Inc. Term Loan B, 9.192%, (US0001M + 4.000%), 04/06/26 | 517,254 | 0.3 |
249,339 | (1),(2) | Cyxtera DC Holdings, Inc. Term Loan B, 8.068%, (TSFR3M + 3.000%), 05/01/24 | 126,228 | 0.1 |
692,080 | | Endure Digital Inc. Term Loan, 8.792%, (US0001M + 3.500%), 02/10/28 | 642,337 | 0.4 |
663,657 | | Ensono, LP 2021 Term Loan, 9.288%, (TSFR1M + 4.000%), 05/26/28 | 599,227 | 0.4 |
272,744 | | Garda World Security Corporation 2022 Term Loan B, 9.327%, (SOFRRATE + 4.250%), 02/01/29 | 270,221 | 0.2 |
747,829 | | Indy US Bidco, LLC 2021 USD Term Loan, 8.853%, (TSFR1M + 3.750%), 03/05/28 | 675,383 | 0.5 |
395,859 | | Intrado Corporation 2017 Term Loan, 9.273%, (US0001M + 4.000%), 10/10/24 | 351,325 | 0.2 |
240,000 | | Intrado Corporation 2023 Term Loan B, 9.045%, (TSFR3M + 4.000%), 01/31/30 | 238,575 | 0.2 |
509,263 | | ION Trading Finance Limited 2021 USD Term Loan, 10.288%, (US0003M + 4.750%), 04/03/28 | 500,988 | 0.3 |
547,113 | | Learning Care Group, Inc. 2018 1st Lien Term Loan, 8.548%, (US0003M + 3.250%), 03/13/25 | 547,156 | 0.4 |
920,860 | | Milano Acquisition Corp Term Loan B, 9.239%, (TSFR3M + 4.000%), 10/01/27 | 907,047 | 0.6 |
731,485 | | Paysafe Holdings (US) Corp USD Term Loan B1, 7.967%, (TSFR1M + 2.750%), 06/28/28 | 710,912 | 0.5 |
264,641 | | PECF USS Intermediate Holding III Corporation Term Loan B, 9.523%, (US0003M + 4.250%), 12/15/28 | 215,333 | 0.1 |
800,000 | | Polaris Newco LLC USD Term Loan B, 9.545%, (US0001M + 4.000%), 06/02/28 | 737,000 | 0.5 |
86,826 | | Pre-Paid Legal Services, Inc. 2021 2nd Lien Term Loan, 12.193%, (US0003M + 7.000%), 12/14/29 | 79,012 | 0.1 |
641,393 | | Pre-Paid Legal Services, Inc. 2021 Term Loan, 8.943%, (US0001M + 3.750%), 12/15/28 | 633,535 | 0.4 |
174,558 | | Service Logic Acquisition, Inc Term Loan, 8.825%, (US0003M + 4.000%), 10/29/27 | 173,248 | 0.1 |
714,315 | | Skopima Merger Sub Inc. Term Loan B, 9.193%, (US0001M + 4.000%), 05/12/28 | 696,075 | 0.5 |
634,275 | | Verifone Systems, Inc. 2018 1st Lien Term Loan, 9.476%, (US0003M + 4.000%), 08/20/25 | 600,579 | 0.4 |
375,562 | | VM Consolidated, Inc. 2021 Term Loan B, 8.467%, (TSFR1M + 3.250%), 03/24/28 | 376,266 | 0.2 |
| | | 10,827,205 | 7.3 |
| | | | |
| | Cable & Satellite Television: 2.2% |
661,625 | | Cogeco Financing 2 LP 2021 Incremental Term Loan B, 7.717%, (TSFR1M + 2.500%), 09/01/28 | 658,151 | 0.4 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Cable & Satellite Television: (continued) |
1,621,526 | | DirecTV Financing, LLC Term Loan, 10.217%, (TSFR1M + 5.000%), 08/02/27 | $ | 1,588,805 | 1.1 |
422,854 | | Radiate Holdco, LLC 2021 Term Loan B, 8.478%, (TSFR3M + 3.250%), 09/25/26 | 354,193 | 0.2 |
750,000 | | UPC Financing Partnership 2021 USD Term Loan AX, 8.118%, (US0001M + 2.930%), 01/31/29 | 738,938 | 0.5 |
| | | 3,340,087 | 2.2 |
| | | | |
| | Chemicals & Plastics: 4.6% |
369,000 | | Axalta Coating Systems Dutch Holding B.V 2022 USD Term Loan B4, 8.242%, (TSFR3M + 3.000%), 12/20/29 | 370,211 | 0.3 |
931,611 | | Charter NEX US, Inc. 2021 Term Loan, 8.967%, (TSFR1M + 3.750%), 12/01/27 | 924,527 | 0.6 |
350,000 | | CPC Acquisition Corp Term Loan, 9.254%, (TSFR3M + 3.750%), 12/29/27 | 267,750 | 0.2 |
429,675 | | INEOS Styrolution US Holding LLC 2021 USD Term Loan B, 7.967%, (TSFR1M + 2.750%), 01/29/26 | 429,299 | 0.3 |
582,005 | | Ineos US Finance LLC 2021 USD Term Loan B, 7.584%, (US0001M + 2.500%), 11/08/28 | 574,678 | 0.4 |
49,468 | (3) | IPS Corporation 2021 Delayed Draw Term Loan, 8.896%, (US0003M + 3.750%), 10/02/28 | 46,091 | 0.0 |
285,704 | | IPS Corporation 2021 Term Loan, 8.953%, (TSFR1M + 3.750%), 10/02/28 | 266,205 | 0.2 |
411,671 | | Lonza Group AG USD Term Loan B, 9.267%, (TSFR3M + 3.930%), 07/03/28 | 348,067 | 0.2 |
190,000 | | NIC Acquisition Corp. Second Lien Term Loan, 13.254%, (TSFR3M + 7.750%), 12/29/28 | 83,600 | 0.1 |
181,814 | | Olympus Water US Holding Corporation 2021 USD Term Loan B, 9.254%, (TSFR3M + 3.750%), 11/09/28 | 175,451 | 0.1 |
393,641 | | PMHC II, Inc. 2022 Term Loan B, 9.304%, (TSFR3M + 4.250%), 04/23/29 | 348,091 | 0.2 |
122,987 | | PQ Corporation 2021 Term Loan B, 5.306%, (US0003M + 2.500%), 06/09/28 | 122,632 | 0.1 |
530,257 | | Sparta U.S. HoldCo LLC 2021 Term Loan, 8.386%, (TSFR1M + 3.250%), 08/02/28 | 527,407 | 0.4 |
905,000 | | Starfruit Finco B.V 2023 Term Loan, 8.990%, (TSFR3M + 4.000%), 04/03/28 | 897,647 | 0.6 |
421,478 | | Trinseo Materials Operating S.C.A. 2018 Term Loan, 7.538%, (US0001M + 2.000%), 09/06/24 | 407,215 | 0.3 |
500,000 | | Tronox Finance LLC 2021 Term Loan B, 7.443%, (US0001M + 2.250%), 03/10/28 | 498,125 | 0.3 |
496,222 | | W.R. Grace & Co.-Conn. 2021 Term Loan B, 9.313%, (US0003M + 3.750%), 09/22/28 | 494,051 | 0.3 |
| | | 6,781,047 | 4.6 |
| | | | |
| | Clothing/Textiles: 1.5% |
697,950 | | ABG Intermediate Holdings 2 LLC 2021 Term Loan B1, 8.703%, (SOFRRATE + 3.500%), 12/21/28 | 696,031 | 0.5 |
150,000 | | Birkenstock GmbH & Co. KG USD Term Loan B, 5.098%, (US0003M + 3.250%), 04/28/28 | 149,250 | 0.1 |
590,000 | | Crocs, Inc. Term Loan B, 8.703%, (SOFRRATE + 3.500%), 02/20/29 | 591,844 | 0.4 |
324,188 | | Hanesbrands, Inc. 2023 Term Loan B, 8.853%, (TSFR1M + 3.750%), 03/08/30 | 325,808 | 0.2 |
460,000 | | Samsonite International S.A. 2023 Term Loan, 7.826%, (TSFR1M + 2.750%), 06/21/30 | 462,300 | 0.3 |
| | | 2,225,233 | 1.5 |
| | | | |
| | Commodities: 1.4% |
564,711 | | Specialty Building Products Holdings, LLC 2021 Term Loan B, 8.443%, (TSFR1M + 3.250%), 10/15/28 | 538,328 | 0.4 |
335,000 | | Windsor Holdings III, LLC USD Term Loan B, 9.590%, (SOFRRATE + 4.500%), 06/21/30 | 330,185 | 0.2 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Commodities: (continued) |
1,363,016 | | Yak Access, LLC 2023 Term Loan, 11.815%, (TSFR3M + 6.400%), 03/10/28 | $ | 1,172,193 | 0.8 |
| | | 2,040,706 | 1.4 |
| | | | |
| | Communications: 1.9% |
520,845 | | AP Core Holdings II, LLC Amortization Term Loan B1, 10.693%, (TSFR1M + 5.500%), 09/01/27 | 500,825 | 0.3 |
293,155 | | AP Core Holdings II, LLC High-Yield Term Loan B2, 10.717%, (TSFR1M + 5.500%), 09/01/27 | 280,513 | 0.2 |
329,906 | | Charter Communications Operating, LLC 2019 Term Loan B2, 6.795%, (TSFR3M + 1.750%), 02/01/27 | 328,325 | 0.2 |
309,981 | | Global Tel*Link Corporation 2018 1st Lien Term Loan, 9.453%, (TSFR1M + 4.250%), 11/29/25 | 287,443 | 0.2 |
597,000 | | Go Daddy Operating Company, LLC 2022 Term Loan B5, 8.103%, (TSFR1M + 3.000%), 11/09/29 | 598,798 | 0.4 |
4,571 | (4) | GTT Communications, Inc. 2022 Holdco Term Loan, 14.342% (PIK Rate 14.342%, Cash Rate 0.000%), 06/30/28 | 2,629 | 0.0 |
877 | | GTT Communications, Inc. 2022 Opco Term Loan, 12.241%, (TSFR1M + 4.618%), 12/30/27 | 741 | 0.0 |
112,780 | | SonicWall US Holdings Inc. 1st Lien Term Loan, 8.943%, (US0001M + 3.750%), 05/16/25 | 111,669 | 0.1 |
486,338 | | Tiger Acquisition, LLC 2021 Term Loan, 8.453%, (TSFR1M + 3.250%), 06/01/28 | 477,462 | 0.3 |
295,000 | | Virgin Media Bristol LLC 2023 USD Term Loan Y, 8.311%, (TSFR6M + 3.250%), 03/31/31 | 293,248 | 0.2 |
| | | 2,881,653 | 1.9 |
| | | | |
| | Consumer, Cyclical: 3.2% |
438,325 | | American Axle and Manufacturing, Inc. 2022 Term Loan B, 8.580%, (TSFR6M + 3.500%), 12/13/29 | 437,777 | 0.3 |
845,230 | | Ascend Learning, LLC 2021 Term Loan, 8.584%, (TSFR1M + 3.500%), 12/11/28 | 799,270 | 0.5 |
278,600 | | BBB Industries LLC 2022 Term Loan, 10.337%, (TSFR1M + 5.250%), 07/25/29 | 265,105 | 0.2 |
480,257 | | BIFM CA Buyer Inc. Term Loan B, 8.717%, (TSFR1M + 3.500%), 06/01/26 | 478,456 | 0.3 |
905,450 | | Bombardier Recreational Products, Inc. 2022 Incremental Term Loan B, 8.603%, (TSFR1M + 3.500%), 12/13/29 | 907,007 | 0.6 |
835,000 | | GVC Holdings (Gibraltar) Limited 2022 Term Loan B, 8.437%, (TSFR1M + 3.500%), 10/31/29 | 834,583 | 0.6 |
175,045 | | MOTION FINCO SARL USD TERM LOAN B1, 8.409%, (US0003M + 3.250%), 11/12/26 | 173,806 | 0.1 |
366,300 | | Penn National Gaming, Inc. 2022 Term Loan B 1L, 7.953%, (TSFR1M + 2.750%), 05/03/29 | 365,441 | 0.3 |
506,175 | | Stars Group Holdings B.V. 2022 USD Term Loan B, 8.489%, (TSFR3M + 3.250%), 07/22/28 | 507,892 | 0.3 |
| | | 4,769,337 | 3.2 |
| | | | |
| | Consumer, Non-cyclical: 1.9% |
722,960 | | CoreLogic, Inc. TL B 1L, 8.750%, (US0001M + 3.500%), 06/02/28 | 654,580 | 0.4 |
374,300 | | Fugue Finance B.V. 2023 USD Term Loan B, 9.764%, (TSFR3M + 4.500%), 01/31/28 | 374,066 | 0.3 |
134,708 | | Indy US Bidco, LLC 2023 USD Incremental Term Loan B, 10.892%, (TSFR1M + 6.250%), 03/06/28 | 127,636 | 0.1 |
695,000 | | KUEHG Corp. 2023 Term Loan, 10.239%, (TSFR3M + 5.000%), 06/12/30 | 689,353 | 0.5 |
955,200 | | SUNSHINE INVESTMENTS B V 2022 USD TERM LOAN, 9.336%, (TSFR3M + 4.250%), 07/12/29 | 951,618 | 0.6 |
| | | 2,797,253 | 1.9 |
| | | | |
| | Containers & Glass Products: 4.9% |
674,807 | | Altium Packaging LLC 2021 Term Loan B, 7.943%, (TSFR1M + 2.750%), 02/03/28 | 669,043 | 0.4 |
900,900 | | Clydesdale Acquisition Holdings Inc Term Loan B, 9.378%, (TSFR1M + 4.180%), 04/13/29 | 888,426 | 0.6 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Containers & Glass Products: (continued) |
294,881 | | Graham Packaging Company Inc. 2021 Term Loan, 8.217%, (TSFR1M + 3.000%), 08/04/27 | $ | 293,238 | 0.2 |
583,109 | | Plastipak Packaging, Inc. 2021 Term Loan B, 7.750%, (US0001M + 2.500%), 12/01/28 | 583,716 | 0.4 |
952,659 | | Pretium PKG Holdings, Inc. 2021 1st Lien Term Loan, 9.291%, (US0003M + 4.000%), 10/02/28 | 714,970 | 0.5 |
280,000 | | Pretium PKG Holdings, Inc. 2021 2nd Lien Term Loan, 12.116%, (US0003M + 6.750%), 10/01/29 | 151,200 | 0.1 |
1,024,690 | | Pro Mach Group, Inc. 2021 Term Loan B, 9.193%, (US0001M + 4.000%), 08/31/28 | 1,023,410 | 0.7 |
616,472 | | Reynolds Group Holdings Inc. 2021 Term Loan B, 8.467%, (TSFR1M + 3.250%), 09/24/28 | 615,047 | 0.4 |
1,336,682 | | Titan Acquisition Limited 2018 Term Loan B, 8.731%, (US0003M + 3.000%), 03/28/25 | 1,306,607 | 0.9 |
640,201 | | TricorBraun Holdings, Inc. 2021 Term Loan, 8.467%, (TSFR1M + 3.250%), 03/03/28 | 624,825 | 0.4 |
432,389 | | Trident TPI Holdings, Inc. 2021 Incremental Term Loan, 9.538%, (US0003M + 4.000%), 09/15/28 | 426,521 | 0.3 |
| | | 7,297,003 | 4.9 |
| | | | |
| | Drugs: 1.4% |
976,734 | | Amneal Pharmaceuticals LLC 2018 Term Loan B, 8.584%, (TSFR1M + 3.500%), 05/04/25 | 943,465 | 0.6 |
1,211,771 | | Jazz Financing Lux S.a.r.l. USD Term Loan, 8.864%, (US0001M + 3.500%), 05/05/28 | 1,211,865 | 0.8 |
| | | 2,155,330 | 1.4 |
| | | | |
| | Ecological Services & Equipment: 0.5% |
709,200 | | Clean Harbors Inc. 2021 Incremental Term Loan B, 7.193%, (US0001M + 2.000%), 10/08/28 | 710,087 | 0.5 |
| | | | |
| | Electronics/Electrical: 8.9% |
702,970 | | Altar Bidco, Inc. 2021 Term Loan, 8.142%, (US0003M + 3.100%), 02/01/29 | 694,476 | 0.5 |
175,000 | | Brave Parent Holdings, Inc. 1st Lien Term Loan, 4.090%, (US0001M + 4.000%), 04/18/25 | 173,396 | 0.1 |
363,111 | | CentralSquare Technologies, LLC 2018 1st Lien Term Loan, 9.142%, (US0003M + 3.750%), 08/29/25 | 340,643 | 0.2 |
521,935 | | Chamberlain Group Inc Term Loan B, 8.453%, (TSFR1M + 3.250%), 11/03/28 | 510,952 | 0.3 |
727,638 | | Cloudera, Inc. 2021 Term Loan, 8.953%, (TSFR1M + 3.750%), 10/08/28 | 712,175 | 0.5 |
398,925 | | ConnectWise, LLC 2021 Term Loan B, 8.693%, (US0003M + 3.500%), 09/29/28 | 389,451 | 0.3 |
370,384 | | Creation Technologies Inc. 2021 Term Loan, 10.723%, (US0003M + 5.500%), 10/05/28 | 342,606 | 0.2 |
225,000 | | DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan, 11.967%, (TSFR1M + 6.750%), 03/30/29 | 200,602 | 0.1 |
419,074 | | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan, 8.967%, (TSFR1M + 3.750%), 03/31/28 | 412,297 | 0.3 |
432,038 | | EagleView Technology Corporation 2018 Add On Term Loan B, 9.038%, (US0003M + 3.500%), 08/14/25 | 382,569 | 0.3 |
38,539 | | Epicor Software Corporation 2020 Term Loan, 6.365%, (US0001M + 3.250%), 07/30/27 | 38,117 | 0.0 |
294,192 | | Grab Holdings Inc Term Loan B, 9.700%, (US0003M + 4.500%), 01/29/26 | 294,422 | 0.2 |
1,145,163 | | Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B, 9.193%, (TSFR1M + 4.000%), 12/01/27 | 1,143,588 | 0.8 |
820,403 | | II-VI Incorporated 2022 Term Loan B, 7.967%, (TSFR1M + 2.750%), 07/02/29 | 821,087 | 0.6 |
608,839 | | Illuminate Merger Sub Corp. 1st Lien Term Loan, 8.476%, (US0003M + 3.000%), 07/21/28 | 593,509 | 0.4 |
299,226 | | Ingram Micro Inc. 2021 Term Loan B, 9.044%, (US0003M + 3.500%), 06/30/28 | 298,727 | 0.2 |
365,000 | | MH Sub I, LLC 2021 2nd Lien Term Loan, 11.353%, (TSFR1M + 6.250%), 02/23/29 | 319,432 | 0.2 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Electronics/Electrical: (continued) |
675,440 | | Mitchell International, Inc. 2021 Term Loan B, 8.943%, (US0001M + 3.750%), 10/15/28 | $ | 661,826 | 0.4 |
1,138 | | Planview Parent, Inc. Term Loan, 9.504%, (TSFR3M + 4.000%), 12/17/27 | 1,085 | 0.0 |
985,000 | | Proofpoint, Inc. 1st Lien Term Loan, 8.442%, (TSFR1M + 3.250%), 08/31/28 | 965,163 | 0.6 |
1,469,017 | | Quest Software US Holdings Inc. 2022 Term Loan, 9.445%, (SOFRRATE + 4.250%), 02/01/29 | 1,148,404 | 0.8 |
1,571,276 | | Rackspace Technology Global, Inc. 2021 Term Loan B, 7.996%, (TSFR1M + 2.750%), 02/15/28 | 730,250 | 0.5 |
671,883 | | Rocket Software, Inc. 2018 Term Loan, 9.467%, (US0001M + 4.250%), 11/28/25 | 666,424 | 0.4 |
1,489,924 | | Ultimate Software Group Inc (The) 2021 Term Loan, 8.271%, (TSFR3M + 3.250%), 05/04/26 | 1,464,199 | 1.0 |
| | | 13,305,400 | 8.9 |
| | | | |
| | Energy: 1.4% |
613,463 | | Brazos Delaware II, LLC 2023 Term Loan B, 8.896%, (TSFR1M + 3.750%), 02/11/30 | 608,938 | 0.4 |
858,423 | | Oryx Midstream Services Permian Basin LLC Term Loan B, 8.539%, (TSFR1M + 3.250%), 10/05/28 | 858,871 | 0.6 |
448,604 | | Profrac Services, LLC 2022 Term Loan, 12.410%, (SOFRRATE + 7.250%), 03/04/25 | 449,725 | 0.3 |
199,000 | | UGI Energy Services, LLC 2023 Term Loan B, 8.453%, (TSFR1M + 3.250%), 02/22/30 | 197,827 | 0.1 |
| | | 2,115,361 | 1.4 |
| | | | |
| | Equipment Leasing: 0.6% |
374,300 | | Albion Financing 3 SARL USD Term Loan, 10.523%, (US0003M + 5.250%), 08/17/26 | 367,750 | 0.2 |
586,510 | | Rent-A-Center, Inc. 2021 First Lien Term Loan B, 8.563%, (US0003M + 3.250%), 02/17/28 | 584,310 | 0.4 |
| | | 952,060 | 0.6 |
| | | | |
| | Financial: 7.5% |
438,636 | | Advisor Group, Inc. 2021 Term Loan, 9.692%, (US0001M + 4.500%), 07/31/26 | 439,486 | 0.3 |
582,075 | | Alliant Holdings Intermediate, LLC 2023 Term Loan B5, 8.647%, (TSFR1M + 3.500%), 11/05/27 | 579,528 | 0.4 |
245,826 | | AllSpring Buyer LLC Term Loan B, 8.529%, (TSFR3M + 3.250%), 11/01/28 | 242,200 | 0.2 |
1,333,300 | | AmWINS Group, Inc. 2023 Incremental Term Loan B, 7.834%, (TSFR1M + 2.750%), 02/19/28 | 1,331,495 | 0.9 |
731,403 | | Aretec Group, Inc. 2018 Term Loan, 9.334%, (TSFR1M + 4.250%), 10/01/25 | 732,031 | 0.5 |
1,716,253 | | Citadel Securities LP 2021 Term Loan B, 7.717%, (TSFR1M + 2.500%), 02/02/28 | 1,715,794 | 1.1 |
1,224,320 | | Edelman Financial Center, LLC 2021 Term Loan B, 8.943%, (US0001M + 3.750%), 04/07/28 | 1,195,590 | 0.8 |
437,428 | | Focus Financial Partners, LLC 2021 Term Loan, 7.603%, (TSFR1M + 2.500%), 06/30/28 | 432,963 | 0.3 |
545,875 | | Focus Financial Partners, LLC 2022 Term Loan B5, 8.353%, (TSFR1M + 3.250%), 06/30/28 | 542,600 | 0.4 |
362,143 | | Forest City Enterprises, L.P. 2019 Term Loan B, 8.717%, (TSFR1M + 3.500%), 12/08/25 | 281,264 | 0.2 |
446,969 | | HighTower Holdings LLC 2021 Term Loan B, 9.150%, (US0001M + 4.000%), 04/21/28 | 438,030 | 0.3 |
1,492,500 | | Hub International Limited 2022 Term Loan B, 9.072%, (TSFR3M + 4.000%), 11/10/29 | 1,493,355 | 1.0 |
145,000 | | IMA Financial Group, Inc. 2023 Incremental Term Loan, 9.439%, (TSFR1M + 4.250%), 11/01/28 | 144,456 | 0.1 |
1,261,145 | | Jane Street Group, LLC 2021 Term Loan, 7.967%, (TSFR1M + 2.750%), 01/26/28 | 1,259,569 | 0.8 |
344,138 | | Walker & Dunlop, Inc. 2022 Incremental Term Loan B, 8.203%, (SOFRRATE + 3.000%), 12/16/28 | 344,998 | 0.2 |
| | | 11,173,359 | 7.5 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Financial Intermediaries: 3.0% |
295,000 | | AqGen Ascensus, Inc. 2021 2nd Lien Term Loan, 11.688%, (US0003M + 6.500%), 08/02/29 | $ | 265,500 | 0.2 |
763,399 | | AqGen Island Holdings, Inc. Term Loan, 8.693%, (TSFR1M + 3.500%), 08/02/28 | 752,425 | 0.5 |
275,000 | | Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan, 3.090%, (US0001M + 3.000%), 06/15/25 | 273,174 | 0.2 |
125,000 | | Blackstone Mortgage Trust, Inc. 2021 Term Loan B2, 7.385%, (US0001M + 2.750%), 04/23/26 | 118,125 | 0.1 |
731,963 | | Castlelake Aviation Limited Term Loan B, 8.302%, (US0003M + 2.750%), 10/22/26 | 729,472 | 0.5 |
584,928 | | Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 8.992%, (TSFR3M + 3.750%), 04/09/27 | 568,294 | 0.4 |
337,224 | | First Eagle Holdings, Inc. 2020 Term Loan B, 8.038%, (US0003M + 2.500%), 02/01/27 | 332,482 | 0.2 |
559,781 | | Trans Union, LLC 2021 Term Loan B6, 7.467%, (TSFR1M + 2.250%), 12/01/28 | 559,145 | 0.4 |
811,800 | | VFH Parent LLC 2022 Term Loan B, 8.189%, (SOFRRATE + 3.000%), 01/13/29 | 810,024 | 0.5 |
| | | 4,408,641 | 3.0 |
| | | | |
| | Food Products: 2.9% |
972,010 | | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan, 8.967%, (TSFR1M + 3.750%), 10/01/25 | 903,970 | 0.6 |
542,984 | | 8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan, 9.834%, (TSFR1M + 4.750%), 10/01/25 | 509,727 | 0.4 |
150,000 | | B&G Foods, Inc. 2019 Term Loan B4, 7.070%, (US0001M + 2.500%), 10/10/26 | 147,375 | 0.1 |
660,000 | | BCPE North Star US HoldCo 2, Inc. 2021 2nd Lien Term Loan, 12.788%, (US0003M + 7.250%), 06/08/29 | 564,300 | 0.4 |
635,056 | | CHG PPC Parent LLC 2021 Term Loan, 8.239%, (TSFR1M + 3.000%), 12/08/28 | 631,086 | 0.4 |
797,983 | | IRB Holding Corp 2022 Term Loan B, 8.203%, (TSFR1M + 3.000%), 12/15/27 | 793,827 | 0.5 |
731,670 | | Primary Products Finance LLC Term Loan, 9.040%, (US0003M + 4.000%), 03/31/29 | 731,212 | 0.5 |
| | | 4,281,497 | 2.9 |
| | | | |
| | Food Service: 0.7% |
979,695 | | 1011778 B.C. Unlimited Liability Company Term Loan B4, 6.942%, (US0001M + 1.750%), 11/19/26 | 973,343 | 0.7 |
| | | | |
| | Food/Drug Retailers: 2.1% |
431,155 | | EG Finco Limited 2018 USD Term Loan, 9.084%, (TSFR1M + 4.000%), 02/07/25 | 424,796 | 0.3 |
1,241,117 | | Moran Foods, LLC 2022 Extended 2nd Lien Term Loan, 12.489%, (TSFR3M + 4.680%), 12/31/26 | 899,810 | 0.6 |
1,457,191 | | Moran Foods, LLC 2022 Extended Term Loan, 12.215%, (TSFR3M + 4.680%), 06/30/26 | 1,344,258 | 0.9 |
728,030 | (5) | Moran Foods, LLC Incremental FLSO Loan, 12.215%, (TSFR3M + 4.680%), 06/30/26 | 527,822 | 0.3 |
| | | 3,196,686 | 2.1 |
| | | | |
| | Forest Products: 0.2% |
355,020 | | Spa Holdings 3 Oy USD Term Loan B, 9.288%, (US0003M + 3.750%), 02/04/28 | 333,423 | 0.2 |
| | | | |
| | Health Care: 9.6% |
399,421 | | Accelerated Health Systems, LLC 2022 Term Loan B, 9.642%, (TSFR3M + 4.250%), 02/15/29 | 325,329 | 0.2 |
125,180 | (3) | Athenahealth, Inc. 2022 Delayed Draw Term loan, 8.142%, (SOFRRATE + 3.500%), 02/15/29 | 120,061 | 0.1 |
1,016,422 | | Athenahealth, Inc. 2022 Term Loan B, 8.589%, (TSFR1M + 3.500%), 02/15/29 | 974,858 | 0.7 |
223,459 | | Avantor Funding, Inc. 2021 Term Loan B5, 7.453%, (TSFR1M + 2.250%), 11/08/27 | 223,624 | 0.1 |
447,000 | | Bausch Health Companies Inc. 2022 Term Loan B, 10.426%, (TSFR3M + 5.250%), 02/01/27 | 338,491 | 0.2 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Health Care: (continued) |
443,763 | | Carestream Dental Equipment, Inc 2021 Term Loan, 10.231%, (US0003M + 4.500%), 09/01/24 | $ | 388,292 | 0.3 |
397,962 | | CCRR Parent, Inc Term Loan B, 8.967%, (TSFR1M + 3.750%), 03/06/28 | 384,034 | 0.3 |
957,938 | | CHG Healthcare Services Inc. 2021 Term Loan, 8.443%, (US0001M + 3.250%), 09/29/28 | 954,212 | 0.6 |
643,388 | | Covetrus, Inc. 2022 1st Lien Term Loan, 10.242%, (TSFR3M + 5.000%), 10/13/29 | 600,964 | 0.4 |
471,884 | | Curia Global, Inc. 2021 Term Loan, 8.895%, (TSFR3M + 3.750%), 08/30/26 | 408,475 | 0.3 |
491,317 | | DaVita, Inc. 2020 Term Loan B, 6.967%, (TSFR1M + 1.750%), 08/12/26 | 485,048 | 0.3 |
487,460 | | Gloves Buyer, Inc. 2021 Term Loan, 9.217%, (TSFR1M + 4.000%), 12/29/27 | 464,306 | 0.3 |
493,504 | | GoodRx, Inc. 1st Lien Term Loan, 7.943%, (US0001M + 2.750%), 10/10/25 | 492,755 | 0.3 |
10,552 | | Heartland Dental, LLC 2021 Incremental Term Loan, 9.202%, (TSFR1M + 4.000%), 04/30/25 | 10,367 | 0.0 |
397,995 | | Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan, 8.614%, (TSFR3M + 3.250%), 11/01/28 | 375,856 | 0.3 |
1,076,375 | | Medline Borrower, LP USD Term Loan B, 8.353%, (TSFR1M + 3.250%), 10/23/28 | 1,065,419 | 0.7 |
150,000 | | National Mentor Holdings, Inc. 2021 2nd Lien Term Loan, 12.592%, (TSFR3M + 7.250%), 03/02/29 | 76,875 | 0.0 |
28,622 | | National Mentor Holdings, Inc. 2021 Term Loan C, 9.092%, (TSFR3M + 3.750%), 03/02/28 | 21,753 | 0.0 |
827,181 | | National Mentor Holdings, Inc. 2021 Term Loan, 8.981%, (TSFR1M + 3.750%), 03/02/28 | 628,658 | 0.4 |
374,726 | | Pacific Dental Services,LLC 2021 Term Loan, 8.704%, (US0001M + 3.500%), 05/05/28 | 373,672 | 0.2 |
249,038 | | Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan, 8.739%, (TSFR3M + 3.500%), 11/30/27 | 246,081 | 0.2 |
442,764 | | Parexel International Corporation 2021 1st Lien Term Loan, 8.443%, (TSFR1M + 3.250%), 11/15/28 | 439,957 | 0.3 |
267,300 | | Perrigo Investments, LLC Term Loan B, 7.453%, (TSFR1M + 2.350%), 04/20/29 | 265,629 | 0.2 |
462,021 | | Phoenix Guarantor Inc 2020 Term Loan B, 8.443%, (US0001M + 3.250%), 03/05/26 | 456,855 | 0.3 |
295,876 | | Pluto Acquisition I, Inc. 2021 1st Lien Term Loan, 9.476%, (US0003M + 4.000%), 06/22/26 | 243,112 | 0.2 |
284,514 | | Press Ganey Holdings, Inc. 2022 Incremental Term Loan, 8.855%, (TSFR1M + 3.750%), 07/24/26 | 276,216 | 0.2 |
432,803 | | RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 9.023%, (US0003M + 3.750%), 11/16/25 | 402,507 | 0.3 |
300,974 | | RxBenefits, Inc. 2020 Term Loan, 9.746%, (TSFR1M + 4.500%), 12/20/27 | 291,945 | 0.2 |
1,035,000 | | Sotera Health Holdings, LLC 2021 Term Loan, 8.023%, (US0003M + 2.750%), 12/11/26 | 1,025,782 | 0.7 |
950,566 | | Surgery Center Holdings, Inc. 2021 Term Loan, 8.896%, (US0001M + 3.750%), 08/31/26 | 950,458 | 0.6 |
350,169 | | U.S. Anesthesia Partners, Inc. 2021 Term Loan, 9.420%, (US0001M + 4.250%), 10/01/28 | 329,847 | 0.2 |
735,476 | | Verscend Holding Corp. 2021 Term Loan B, 9.217%, (US0001M + 4.000%), 08/27/25 | 735,821 | 0.5 |
| | | 14,377,259 | 9.6 |
| | | | |
| | Home Furnishings: 1.3% |
751,613 | | Conair Holdings, LLC Term Loan B, 9.288%, (US0003M + 3.750%), 05/17/28 | 710,744 | 0.5 |
895,925 | | Solis IV BV USD Term Loan B1, 8.666%, (TSFR3M + 3.500%), 02/26/29 | 854,209 | 0.6 |
413,137 | | Weber-Stephen Products LLC Term Loan B, 8.467%, (TSFR1M + 3.250%), 10/30/27 | 368,725 | 0.2 |
| | | 1,933,678 | 1.3 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Industrial: 5.8% |
361,333 | | ADS Tactical, Inc. 2021 Term Loan B, 10.943%, (US0001M + 5.750%), 03/19/26 | $ | 345,073 | 0.2 |
363,524 | | Aegion Corporation Term Loan, 9.942%, (TSFR1M + 4.750%), 05/17/28 | 353,754 | 0.2 |
491,250 | | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B, 8.953%, (TSFR1M + 3.750%), 05/12/28 | 477,311 | 0.3 |
260,000 | | Aramark Services, Inc. 2023 Term Loan B6, 7.717%, (SOFRRATE + 2.500%), 06/22/30 | 259,675 | 0.2 |
184,534 | | Belfor Holdings Inc. 2022 Incremental Term Loan, 9.353%, (SOFRRATE + 4.250%), 04/06/26 | 184,995 | 0.1 |
582,303 | | Berry Global, Inc. 2021 Term Loan Z, 6.972%, (US0001M + 1.750%), 07/01/26 | 582,108 | 0.4 |
362,263 | | Brown Group Holding LLC 2022 Term Loan B2 1L, 8.852%, (TSFR3M + 3.750%), 07/02/29 | 362,004 | 0.2 |
310,000 | | Crown Subsea Communications Holding,Inc. 2023 Incremental Term Loan, 10.525%, (TSFR1M + 5.250%), 04/27/27 | 310,775 | 0.2 |
421,606 | | Emrld Borrower LP Term Loan B, 8.264%, (TSFR3M + 3.000%), 05/31/30 | 422,132 | 0.3 |
305,000 | | LSF11 Trinity Bidco, Inc. Term Loan, 9.647%, (TSFR3M + 4.500%), 04/26/30 | 302,331 | 0.2 |
755,000 | | Neptune Bidco US Inc 2022 USD Term Loan B, 10.004%, (TSFR3M + 5.000%), 04/11/29 | 667,074 | 0.4 |
415,865 | | Northstar Group Services, INC. 2020 Term Loan B, 10.717%, (TSFR1M + 5.500%), 11/12/26 | 413,785 | 0.3 |
496,250 | | Oscar AcquisitionCo, LLC Term Loan B, 9.842%, (SOFRRATE + 4.500%), 04/29/29 | 485,550 | 0.3 |
299,920 | | Project Castle, Inc. Term Loan B 1L, 10.412%, (TSFR3M + 5.500%), 06/01/29 | 254,932 | 0.2 |
989,975 | | Quikrete Holdings, Inc. 2021 Term Loan B1, 8.217%, (TSFR1M + 3.000%), 03/18/29 | 991,831 | 0.7 |
360,482 | | Rockwood Service Corporation 2020 Term Loan, 9.148%, (TSFR1M + 4.000%), 01/23/27 | 361,609 | 0.2 |
673,376 | | Smyrna Ready Mix Concrete, LLC Term Loan B, 9.337%, (TSFR1M + 4.250%), 04/02/29 | 674,217 | 0.5 |
453,863 | | TransDigm, Inc. 2023 Term Loan I, 8.492%, (TSFR3M + 3.250%), 08/24/28 | 453,940 | 0.3 |
245,019 | | Tutor Perini Corporation Term Loan B, 10.254%, (TSFR1M + 4.750%), 08/18/27 | 223,989 | 0.2 |
579,797 | | U.S. Silica Company 2023 Term Loan B, 9.953%, (TSFR1M + 4.750%), 03/25/30 | 576,536 | 0.4 |
| | | 8,703,621 | 5.8 |
| | | | |
| | Industrial Equipment: 3.6% |
382,087 | | AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B, 8.901%, (TSFR1M + 3.750%), 07/31/28 | 374,923 | 0.2 |
491,088 | | Alliance Laundry Systems LLC Term Loan B, 8.559%, (TSFR3M + 3.500%), 10/08/27 | 490,435 | 0.3 |
623,438 | | Chart Industries, Inc. 2023 Term Loan B, 8.941%, (TSFR1M + 3.750%), 03/15/30 | 623,437 | 0.4 |
380,188 | | Clark Equipment Company 2022 Term Loan B, 7.842%, (TSFR3M + 2.500%), 04/20/29 | 380,781 | 0.3 |
249,367 | | CMBF LLC Term Loan, 11.146%, (US0001M + 6.000%), 08/02/28 | 249,679 | 0.2 |
375,000 | | Crown Subsea Communications Holding,Inc. 2021 Term Loan, 10.275%, (TSFR1M + 5.000%), 04/27/27 | 375,391 | 0.3 |
748,125 | | Filtration Group Corporation 2023 USD Term Loan, 9.326%, (TSFR1M + 4.250%), 10/21/28 | 747,541 | 0.5 |
492,462 | | Madison IAQ LLC Term Loan, 8.302%, (US0003M + 3.250%), 06/21/28 | 481,734 | 0.3 |
450,000 | | SPX Flow, Inc. 2022 Term Loan, 9.703%, (TSFR1M + 4.500%), 04/05/29 | 443,625 | 0.3 |
931,891 | | Vertical US Newco Inc Term Loan B, 8.602%, (US0006M + 3.500%), 07/30/27 | 926,552 | 0.6 |
330,740 | | Watlow Electric Manufacturing Company Term Loan B, 9.057%, (TSFR3M + 3.750%), 03/02/28 | 327,984 | 0.2 |
| | | 5,422,082 | 3.6 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Insurance: 3.5% |
767,362 | | Acrisure, LLC 2020 Term Loan B, 8.693%, (US0001M + 3.500%), 02/15/27 | $ | 747,858 | 0.5 |
721,184 | | Acrisure, LLC 2021 First Lien Term Loan B, 9.428%, (US0001M + 4.250%), 02/15/27 | 708,262 | 0.5 |
261,553 | | Acrisure, LLC 2021 Incremental Term Loan B, 8.928%, (US0001M + 3.750%), 02/15/27 | 256,649 | 0.2 |
495,000 | | Broadstreet Partners, Inc. 2023 Term Loan B3, 9.160%, (TSFR1M + 4.000%), 01/27/29 | 493,453 | 0.3 |
371,509 | | IMA Financial Group, Inc. Term Loan, 8.693%, (US0001M + 3.500%), 11/01/28 | 368,026 | 0.2 |
895,448 | | NFP Corp. 2020 Term Loan, 8.467%, (TSFR1M + 3.250%), 02/15/27 | 878,379 | 0.6 |
852,180 | | OneDigital Borrower LLC 2021 Term Loan, 9.453%, (SOFRRATE + 4.250%), 11/16/27 | 840,108 | 0.6 |
951,855 | | Sedgwick Claims Management Services, Inc. 2023 Term Loan B, 8.853%, (TSFR1M + 3.750%), 02/17/28 | 947,170 | 0.6 |
| | | 5,239,905 | 3.5 |
| | | | |
| | Leisure Good/Activities/Movies: 4.2% |
349,016 | | Alterra Mountain Company 2021 Series B-2 Consenting Term Loan, 8.693%, (US0001M + 3.500%), 08/17/28 | 348,841 | 0.3 |
375,000 | | Cinemark USA, Inc. 2023 Term Loan B, 8.834%, (TSFR1M + 3.750%), 05/24/30 | 373,946 | 0.3 |
225,000 | | City Football Group Limited Term Loan, 7.508%, (US0003M + 3.000%), 07/21/28 | 221,625 | 0.1 |
1,104,501 | | CWGS Group, LLC 2021 Term Loan B, 7.662%, (US0001M + 2.500%), 06/03/28 | 1,056,869 | 0.7 |
200,000 | | Fitness International, LLC 2018 Term Loan B, 4.250%, (TSFR3M + 3.250%), 04/18/25 | 199,219 | 0.1 |
345,000 | | Formula One Holdings Limited Term Loan B, 8.103%, (TSFR1M + 3.000%), 01/15/30 | 345,401 | 0.2 |
1,013,343 | | Hayward Industries, Inc. 2022 Term Loan, 8.453%, (TSFR1M + 3.250%), 05/30/28 | 997,192 | 0.7 |
392,929 | | MajorDrive Holdings IV LLC Term Loan B, 9.500%, (US0003M + 4.000%), 06/01/28 | 384,948 | 0.3 |
24,955 | | Motion Finco Sarl Delayed Draw Term Loan B2, 4.322%, (US0003M + 3.250%), 11/04/26 | 24,778 | 0.0 |
643,418 | | Playtika Holding Corp 2021 Term Loan, 7.943%, (US0001M + 2.750%), 03/13/28 | 641,960 | 0.4 |
550,000 | | Renaissance Learning, Inc. 2018 Add On Term Loan, 9.834%, (TSFR1M + 4.750%), 04/05/30 | 544,156 | 0.4 |
499,710 | | SRAM, LLC 2021 Term Loan B, 7.943%, (US0001M + 2.750%), 05/18/28 | 496,275 | 0.3 |
294,511 | | The Knot Worldwide Inc. 2022 Term Loan, 9.649%, (TSFR1M + 4.500%), 12/19/25 | 294,879 | 0.2 |
269,325 | | Topgolf Callaway Brands Corp. Term Loan B, 8.703%, (TSFR1M + 3.500%), 03/15/30 | 269,123 | 0.2 |
| | | 6,199,212 | 4.2 |
| | | | |
| | Leisure Time: 0.1% |
210,000 | | Alterra Mountain Company 2023 Term Loan B, 8.953%, (TSFR1M + 3.750%), 05/31/30 | 210,000 | 0.1 |
| | | | |
| | Lodging & Casinos: 5.7% |
697,765 | (4) | 24 Hour Fitness Worldwide, Inc. 2021 Delayed Draw Term Loan, 14.476%, (US0003M + 9.000%) (PIK Rate 7.000%, Cash Rate 6.735%), 09/29/25 | 627,989 | 0.4 |
1,142,469 | (4) | 24 Hour Fitness Worldwide, Inc. 2021 Exit Delayed Draw Term Loan, 17.655%, (US0003M + 14.000%) (PIK Rate 12.000%, Cash Rate 6.735%), 09/29/26 | 628,358 | 0.4 |
732,769 | | Arches Buyer Inc. 2021 Term Loan B, 8.453%, (US0001M + 3.250%), 12/06/27 | 706,206 | 0.5 |
460,390 | | ClubCorp Club Operations, Inc. 2017 Incremental Term Loan, 8.288%, (US0003M + 2.750%), 09/18/24 | 442,139 | 0.3 |
496,231 | | Fertitta Entertainment, LLC 2022 Term Loan B, 9.103%, (SOFRRATE + 4.000%), 01/27/29 | 491,036 | 0.3 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Lodging & Casinos: (continued) |
613,150 | | Flynn Restaurant Group LP 2021 Term Loan B, 9.467%, (TSFR1M + 4.250%), 12/01/28 | $ | 606,443 | 0.4 |
460,000 | | Golden Entertainment, Inc. 2023 Term Loan B, 7.939%, (TSFR1M + 2.750%), 05/28/30 | 460,000 | 0.3 |
787,200 | | Hilton Grand Vacations Borrower LLC 2021 Term Loan B, 8.239%, (TSFR1M + 3.000%), 08/02/28 | 785,888 | 0.5 |
500,000 | | Hilton Worldwide Finance, LLC 2019 Term Loan B2, 6.939%, (TSFR1M + 1.750%), 06/22/26 | 500,085 | 0.4 |
475,000 | | Kingpin Intermediate Holdings LLC 2023 Term Loan B, 8.584%, (TSFR1M + 3.500%), 02/08/28 | 472,625 | 0.3 |
970,000 | (2),(5) | NPC International, Inc. 2nd Lien Term Loan, 1.000%, 04/18/25 | – | 0.0 |
638,916 | | Scientific Games Holdings LP 2022 USD Term Loan B, 8.421%, (TSFR3M + 3.500%), 04/04/29 | 632,127 | 0.4 |
990,000 | | Scientific Games International, Inc. 2022 USD Term Loan, 8.248%, (TSFR1M + 3.000%), 04/14/29 | 990,088 | 0.7 |
248,699 | | Station Casinos LLC 2020 Term Loan B, 7.450%, (US0001M + 2.250%), 02/08/27 | 248,322 | 0.2 |
923,667 | | Twin River Worldwide Holdings, Inc. 2021 Term Loan B, 8.396%, (US0001M + 3.250%), 10/02/28 | 904,385 | 0.6 |
| | | 8,495,691 | 5.7 |
| | | | |
| | Oil & Gas: 2.6% |
85,247 | (2) | Glass Mountain Pipeline Holdings, LLC 2021 Exit Term Loan, 9.610%, (US0001M + 4.500%), 10/28/27 | 76,083 | 0.1 |
477,703 | | ITT Holdings LLC 2021 Term Loan, 7.967%, (US0001M + 2.750%), 07/10/28 | 474,419 | 0.3 |
407,224 | | M6 ETX Holdings II Midco LLC 2022 Term Loan B 1L, 9.677%, (TSFR1M + 4.500%), 09/19/29 | 404,678 | 0.3 |
473,279 | | Medallion Midland Acquisition, LLC 2021 Term Loan, 8.989%, (TSFR3M + 3.750%), 10/18/28 | 470,765 | 0.3 |
661,544 | | NorthRiver Midstream Finance LP 2018 Term Loan B, 8.427%, (US0003M + 3.250%), 10/01/25 | 661,626 | 0.4 |
668,566 | | TransMontaigne Operating Company L.P. Term Loan B, 8.698%, (TSFR1M + 3.500%), 11/17/28 | 660,731 | 0.4 |
904,570 | | Traverse Midstream Partners LLC 2017 Term Loan, 8.937%, (TSFR1M + 3.750%), 02/16/28 | 899,482 | 0.6 |
290,000 | | Whitewater Whistler Holdings, LLC 2023 Term Loan B, 8.148%, (TSFR3M + 3.250%), 02/15/30 | 290,242 | 0.2 |
| | | 3,938,026 | 2.6 |
| | | | |
| | Packaging&Containers: 0.3% |
428,518 | | Trident TPI Holdings, Inc. 2023 USD Term Loan, 9.742%, (TSFR3M + 4.500%), 09/15/28 | 423,965 | 0.3 |
| | | | |
| | Publishing: 0.9% |
881,128 | | Cengage Learning, Inc. 2021 Term Loan B, 9.880%, (US0003M + 4.750%), 07/14/26 | 865,322 | 0.6 |
447,286 | | McGraw-Hill Global Education Holdings, LLC 2021 Term Loan, 10.114%, (TSFR3M + 4.750%), 07/28/28 | 420,100 | 0.3 |
| | | 1,285,422 | 0.9 |
| | | | |
| | Radio & Television: 2.0% |
368,975 | | Clear Channel Outdoor Holdings, Inc. Term Loan B, 8.807%, (US0003M + 3.500%), 08/21/26 | 353,491 | 0.2 |
546,867 | | CMG Media Corporation 2021 Term Loan, 8.842%, (TSFR3M + 3.500%), 12/17/26 | 491,223 | 0.3 |
4,767,826 | (1),(2),(6) | Diamond Sports Group, LLC 2022 2nd Lien Term Loan, 8.391%, 08/24/26 | 162,902 | 0.1 |
290,000 | | E.W. Scripps Company (The) 2019 Term Loan B2, 7.778%, 05/01/26 | 285,356 | 0.2 |
166,667 | | Entercom Media Corp. 2019 Term Loan, 7.717%, (TSFR1M + 2.500%), 11/18/24 | 91,250 | 0.1 |
391,725 | | Gray Television, Inc. 2021 Term Loan D, 8.275%, (TSFR1M + 3.000%), 12/01/28 | 384,087 | 0.3 |
358,849 | | iHeartCommunications, Inc. 2020 Term Loan, 8.217%, (TSFR1M + 3.000%), 05/01/26 | 312,199 | 0.2 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Radio & Television: (continued) |
458,874 | | NASCAR Holdings, Inc Term Loan B, 7.717%, (TSFR1M + 2.500%), 10/19/26 | $ | 460,065 | 0.3 |
433,400 | | WideOpenWest Finance LLC 2021 Term Loan B, 7.898%, (TSFR3M + 3.000%), 12/20/28 | 429,036 | 0.3 |
| | | 2,969,609 | 2.0 |
| | | | |
| | Rail Industries: 1.3% |
317,473 | | Avis Budget Car Rental, LLC 2022 Term Loan C, 8.587%, (TSFR1M + 3.500%), 03/16/29 | 318,514 | 0.2 |
299,025 | | Kenan Advantage Group, Inc. 2021 Term Loan B1, 9.477%, (TSFR3M + 3.750%), 03/24/26 | 298,325 | 0.2 |
205,000 | | Kenan Advantage Group, Inc. 2023 Term Loan, 9.727%, (TSFR3M + 4.000%), 03/24/26 | 205,000 | 0.1 |
733,163 | | Uber Technologies, Inc. 2023 Term Loan B, 8.014%, (TSFR3M + 2.750%), 03/03/30 | 734,155 | 0.5 |
360,000 | | XPO Logistics, Inc. 2023 Term Loan B, 7.141%, (TSFR1M + 2.000%), 05/24/28 | 361,538 | 0.3 |
| | | 1,917,532 | 1.3 |
| | | | |
| | REITS: 0.3% |
369,075 | | RHP Hotel Properties, LP 2023 Term Loan B, 7.853%, (TSFR1M + 2.750%), 05/18/30 | 369,260 | 0.3 |
| | | | |
| | Retailers (Except Food & Drug): 6.2% |
395,349 | | Anastasia Parent, LLC 2018 Term Loan B, 9.254%, (US0003M + 3.750%), 08/11/25 | 304,542 | 0.2 |
598,713 | | CNT Holdings I Corp 2020 Term Loan, 8.459%, (TSFR3M + 3.500%), 11/08/27 | 597,091 | 0.4 |
1,686,977 | | Great Outdoors Group, LLC 2021 Term Loan B1, 8.943%, (US0001M + 3.750%), 03/06/28 | 1,676,433 | 1.1 |
1,062,975 | | Harbor Freight Tools USA, Inc. 2021 Term Loan B, 7.967%, (TSFR1M + 2.750%), 10/19/27 | 1,050,352 | 0.7 |
494,039 | | Jo-Ann Stores, Inc. 2021 Term Loan B1, 10.018%, (US0003M + 4.750%), 07/07/28 | 262,664 | 0.2 |
507,136 | | Leslies Poolmart, Inc. 2021 Term Loan B, 7.967%, (US0003M + 2.750%), 03/09/28 | 506,573 | 0.3 |
804,873 | | Michaels Companies, Inc. 2021 Term Loan B, 9.754%, (TSFR3M + 4.250%), 04/15/28 | 714,325 | 0.5 |
954,364 | | Petco Health and Wellness Company, Inc. 2021 Term Loan B, 8.754%, (TSFR3M + 3.250%), 03/03/28 | 950,387 | 0.6 |
1,221,875 | | Pilot Travel Centers LLC 2021 Term Loan B, 7.203%, (TSFR1M + 2.000%), 08/04/28 | 1,221,389 | 0.8 |
390,131 | | Restoration Hardware, Inc. Term Loan B, 7.693%, (US0001M + 2.500%), 10/20/28 | 377,817 | 0.3 |
621,983 | | RV Retailer, LLC Term Loan B, 8.971%, (SOFRRATE + 3.750%), 02/08/28 | 579,999 | 0.4 |
149,625 | | Sally Holdings, LLC 2023 Term Loan B, 7.603%, (TSFR1M + 2.500%), 02/28/30 | 149,531 | 0.1 |
659,834 | | Staples, Inc. 7 Year Term Loan, 10.299%, (US0003M + 5.000%), 04/16/26 | 566,427 | 0.4 |
252,969 | | Victorias Secret & Co. Term Loan B, 8.505%, (US0003M + 3.250%), 08/02/28 | 249,491 | 0.2 |
| | | 9,207,021 | 6.2 |
| | | | |
| | Surface Transport: 1.1% |
897,292 | | American Trailer World Corp. Term Loan B, 8.855%, (TSFR1M + 3.750%), 03/03/28 | 812,947 | 0.6 |
627,283 | | Worldwide Express Operations, LLC 2021 1st Lien Term Loan, 9.504%, (TSFR3M + 4.000%), 07/26/28 | 596,605 | 0.4 |
250,000 | | Worldwide Express Operations, LLC 2021 2nd Lien Term Loan, 12.504%, (TSFR3M + 7.000%), 07/26/29 | 201,250 | 0.1 |
| | | 1,610,802 | 1.1 |
| | | | |
| | Technology: 15.6% |
421,017 | | ABC Financial Services, Inc. 1st Lien Term Loan, 9.467%, (TSFR1M + 4.250%), 01/02/25 | 416,807 | 0.3 |
719,376 | | Applied Systems, Inc. 2022 Extended 1st Lien Term Loan, 9.742%, (TSFR3M + 4.500%), 09/18/26 | 721,174 | 0.5 |
944,906 | | AppLovin Corporation 2021 Term Loan B, 8.203%, (TSFR1M + 3.100%), 10/25/28 | 943,725 | 0.6 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Technology: (continued) |
530,000 | | Asurion LLC 2021 2nd Lien Term Loan B3, 10.453%, (US0001M + 5.250%), 01/31/28 | $ | 450,405 | 0.3 |
351,249 | | Atlas Purchaser, Inc. 2021 Term Loan, 10.385%, (US0003M + 5.250%), 05/08/28 | 237,459 | 0.2 |
939,863 | | Avaya, Inc. 2023 Exit Term Loan, 13.739%, (TSFR3M + 8.500%), 08/01/28 | 822,380 | 0.6 |
1,239,066 | | Banff Merger Sub Inc 2021 USD Term Loan, 8.967%, (TSFR1M + 3.750%), 10/02/25 | 1,230,438 | 0.8 |
874,680 | | Bright Bidco B.V. 2022 Exit Term Loan, 14.045%, (TSFR3M + 9.000%), 10/31/27 | 468,501 | 0.3 |
661,052 | | CDK Global, Inc. 2022 USD Term Loan B, 9.492%, (TSFR3M + 4.250%), 07/06/29 | 659,924 | 0.4 |
389,002 | | Constant Contact Inc Term Loan, 9.198%, (US0003M + 4.000%), 02/10/28 | 372,064 | 0.3 |
444,350 | | Cornerstone OnDemand, Inc. 2021 Term Loan, 8.928%, (TSFR3M + 3.750%), 10/16/28 | 412,690 | 0.3 |
500,000 | | Cvent, Inc. 2023 Term Loan B, 9.004%, (TSFR3M + 3.750%), 06/17/30 | 495,000 | 0.3 |
82,158 | | Cyxtera DC Holdings, Inc. 2023 DIP Term Loan, 13.793%, (TSFR1M + 8.610%), 12/07/23 | 81,747 | 0.1 |
66,905 | (1),(2) | Cyxtera DC Holdings, Inc. 2023 Term Loan, 12.289%, (TSFR1M + 7.000%), 05/01/24 | 66,236 | 0.0 |
174,131 | | ECI Macola Max Holding, LLC 2020 Term Loan, 9.271%, (TSFR3M + 3.750%), 11/09/27 | 173,079 | 0.1 |
569,969 | | Hyland Software, Inc. 2018 1st Lien Term Loan, 8.693%, (US0001M + 3.500%), 07/01/24 | 565,397 | 0.4 |
463,213 | | Imperva, Inc. 1st Lien Term Loan, 9.337%, (US0003M + 4.000%), 01/12/26 | 420,944 | 0.3 |
65,292 | | Indy US Bidco, LLC 2023 USD Fifth Amendment Incremental Term Loan, 11.353%, (TSFR1M + 6.250%), 03/06/28 | 61,864 | 0.0 |
1,005,266 | | Informatica LLC 2021 USD Term Loan B, 8.000%, (US0001M + 2.750%), 10/27/28 | 1,005,685 | 0.7 |
150,000 | | Ivanti Software, Inc. 2021 2nd Lien Term Loan, 12.420%, (US0001M + 7.250%), 12/01/28 | 99,563 | 0.1 |
254,150 | | Ivanti Software, Inc. 2021 Add On Term Loan B, 9.191%, (US0001M + 4.000%), 12/01/27 | 213,446 | 0.1 |
1,220,077 | | Ivanti Software, Inc. 2021 Term Loan B, 9.420%, (US0001M + 4.250%), 12/01/27 | 1,036,430 | 0.7 |
527,159 | | LogMeIn, Inc. Term Loan B, 9.943%, (US0001M + 4.750%), 08/31/27 | 331,231 | 0.2 |
1,026,759 | | Magenta Buyer LLC 2021 USD 1st Lien Term Loan, 10.030%, (US0003M + 4.750%), 07/27/28 | 776,058 | 0.5 |
560,000 | | Magenta Buyer LLC 2021 USD 2nd Lien Term Loan, 13.530%, (US0003M + 8.250%), 07/27/29 | 369,600 | 0.2 |
994,975 | | McAfee, LLC 2022 USD Term Loan B, 9.010%, (TSFR1M + 3.750%), 03/01/29 | 953,044 | 0.6 |
461,835 | | Misys (Finastra) - TL B 1L, 9.066%, (US0006M + 3.500%), 06/13/24 | 444,769 | 0.3 |
1,483,788 | | MKS Instruments, Inc. 2022 Term Loan B 1L, 7.939%, (TSFR1M + 2.750%), 08/17/29 | 1,483,788 | 1.0 |
475,516 | | NortonLifeLock Inc. 2022 Term Loan B, 7.203%, (SOFRRATE + 2.000%), 09/12/29 | 472,603 | 0.3 |
748,120 | | Open Text Corporation 2022 Term Loan B, 8.584%, (TSFR1M + 3.500%), 01/31/30 | 750,525 | 0.5 |
235,000 | | Quartz Acquireco LLC Term Loan B, 8.768%, (TSFR3M + 3.500%), 06/28/30 | 235,294 | 0.2 |
485,000 | | Quest Software US Holdings Inc. 2022 2nd Lien Term Loan, 12.695%, (SOFRRATE + 7.500%), 02/01/30 | 324,950 | 0.2 |
1,051,641 | | Redstone Buyer LLC 2021 Term Loan, 10.005%, (US0003M + 4.750%), 04/27/28 | 878,339 | 0.6 |
1,464,448 | (2),(4) | Riverbed Technology, Inc. 2021 PIK Exit Term Loan, 9.330%, (US0003M + 6.000%) (PIK Rate 2.000%, Cash Rate 10.840%), 12/07/26 | 395,401 | 0.3 |
388,157 | | Sabre GLBL, Inc. 2022 Term Loan B2 1L, 10.203%, (TSFR1M + 5.000%), 06/30/28 | 310,849 | 0.2 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Technology: (continued) |
396,774 | | SS&C Technologies Inc. 2022 Term Loan B6, 7.453%, (TSFR1M + 2.250%), 03/22/29 | $ | 396,320 | 0.3 |
598,016 | | SS&C Technologies Inc. 2022 Term Loan B7, 7.453%, (TSFR1M + 2.250%), 03/22/29 | 597,330 | 0.4 |
728,175 | | Tibco Software Inc. 2022 USD Term Loan, 9.842%, (TSFR3M + 4.500%), 03/30/29 | 682,891 | 0.5 |
1,000,000 | | Travelport Finance (Luxembourg) S.a.r.l. 2023 Consented Term Loan, 13.672%, (TSFR1M + 8.500%), 05/29/26 | 635,000 | 0.4 |
115,000 | | Ultimate Software Group Inc (The) 2023 Incremental Term Loan, 9.776%, (TSFR3M + 4.500%), 05/04/26 | 115,024 | 0.1 |
1,250,244 | | Veritas US Inc. 2021 USD Term Loan B, 10.217%, (US0003M + 5.000%), 09/01/25 | 1,025,513 | 0.7 |
282,394 | | Virgin Pulse, Inc. 2021 Term Loan, 8.967%, (TSFR1M + 3.750%), 04/06/28 | 269,569 | 0.2 |
410,000 | | World Wide Technology Holding Co. LLC Term Loan, 8.524%, (TSFR1M + 3.250%), 03/01/30 | 410,769 | 0.3 |
371,258 | | Xperi Corporation 2020 Term Loan B, 8.717%, (US0001M + 3.500%), 06/08/28 | 370,098 | 0.2 |
| | | 23,183,923 | 15.6 |
| | | | |
| | Telecommunications: 5.7% |
775,288 | | Altice Financing SA 2022 USD Term Loan, 9.986%, (TSFR3M + 5.000%), 10/31/27 | 752,675 | 0.5 |
499,016 | | Altice France S.A. USD Term Loan B11, 8.023%, (US0003M + 2.750%), 07/31/25 | 479,887 | 0.3 |
1,036,468 | | Asurion LLC 2020 Term Loan B8, 8.788%, (US0003M + 3.250%), 12/23/26 | 999,328 | 0.7 |
461,460 | | Asurion LLC 2021 Term Loan B9, 8.788%, (US0003M + 3.250%), 07/31/27 | 439,397 | 0.3 |
430,747 | | Cablevision Lightpath LLC Term Loan B, 8.443%, (US0001M + 3.250%), 11/30/27 | 416,030 | 0.3 |
977,406 | | CCI Buyer, Inc. Term Loan, 9.242%, (TSFR3M + 4.000%), 12/17/27 | 961,931 | 0.7 |
1,253 | | CenturyLink, Inc. 2020 Term Loan B, 7.467%, (US0001M + 2.250%), 03/15/27 | 969 | 0.0 |
810,381 | | CommScope, Inc. 2019 Term Loan B, 8.443%, (TSFR1M + 3.250%), 04/06/26 | 778,979 | 0.5 |
324,197 | | GOGO Intermediate Holdings LLC Term Loan B, 8.967%, (US0003M + 3.750%), 04/30/28 | 324,168 | 0.2 |
587,169 | | Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B, 9.444%, (SOFRRATE + 4.250%), 02/01/29 | 584,967 | 0.4 |
286,821 | | Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 10.038%, (US0003M + 4.500%), 11/01/24 | 258,549 | 0.2 |
779,765 | | Telesat Canada Term Loan B5, 8.030%, (US0003M + 2.750%), 12/07/26 | 484,795 | 0.3 |
750,000 | | Virgin Media Bristol LLC 2020 USD Term Loan Q, 8.443%, (US0001M + 3.250%), 01/31/29 | 747,937 | 0.5 |
972,765 | | Zayo Group Holdings, Inc. USD Term Loan, 8.217%, (TSFR1M + 3.000%), 03/09/27 | 766,574 | 0.5 |
450,000 | | Ziggo Financing Partnership USD Term Loan I, 7.693%, (US0001M + 2.500%), 04/30/28 | 444,094 | 0.3 |
| | | 8,440,280 | 5.7 |
| | | | |
| | Utilities: 1.7% |
2,356,628 | | Nautilus Power, LLC 2023 Term Loan B, 10.240%, (TSFR3M + 5.250%), 11/16/26 | 1,767,471 | 1.2 |
724,054 | | Waterbridge Midstream Operating LLC Term Loan B, 11.005%, (US0003M + 5.750%), 06/22/26 | 721,113 | 0.5 |
| | | 2,488,584 | 1.7 |
| | | | |
| Total Loans | | |
| (Cost $227,741,098) | 216,500,226 | 145.3 |
| | | |
CORPORATE BONDS/NOTES: 9.8% | |
| | Basic Materials: 0.6% |
500,000 | # | INEOS Quattro Finance 2 Plc, 3.375%, 01/15/26 | 456,765 | 0.3 |
500,000 | # | LSF11 A5 Holdco LLC, 6.625%, 10/15/29 | 420,277 | 0.3 |
| | | 877,042 | 0.6 |
| | | | |
| | Communications: 0.9% |
500,000 | # | CommScope, Inc., 4.750%, 09/01/29 | 394,680 | 0.3 |
Principal Amount† | | Borrower/Tranche Description (continued) | Fair Value | Percentage of Net Assets |
CORPORATE BONDS/NOTES: (continued) | |
| | Communications: (continued) |
500,000 | # | LCPR Senior Secured Financing DAC, 6.750%, 10/15/27 | $ | 469,179 | 0.3 |
500,000 | # | ViaSat, Inc., 5.625%, 04/15/27 | 467,280 | 0.3 |
| | | 1,331,139 | 0.9 |
| | | | |
| | Consumer, Cyclical: 2.8% |
500,000 | | Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/28 | 470,419 | 0.3 |
500,000 | | Ford Motor Credit Co. LLC, 4.125%, 08/17/27 | 457,022 | 0.3 |
500,000 | # | Gap, Inc./The, 3.875%, 10/01/31 | 342,934 | 0.2 |
220,000 | # | Macy's Retail Holdings LLC, 5.875%, 03/15/30 | 196,282 | 0.2 |
500,000 | # | Sonic Automotive, Inc., 4.625%, 11/15/29 | 419,277 | 0.3 |
500,000 | # | SRS Distribution, Inc., 6.125%, 07/01/29 | 432,469 | 0.3 |
500,000 | # | Taylor Morrison Communities, Inc., 5.750%, 01/15/28 | 483,925 | 0.3 |
500,000 | # | Tempur Sealy International, Inc., 3.875%, 10/15/31 | 408,014 | 0.3 |
500,000 | # | Williams Scotsman International, Inc., 4.625%, 08/15/28 | 457,725 | 0.3 |
500,000 | # | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/27 | 474,221 | 0.3 |
| | | 4,142,288 | 2.8 |
| | | | |
| | Consumer, Non-cyclical: 1.2% |
500,000 | # | ADT Security Corp./The, 4.125%, 08/01/29 | 432,422 | 0.3 |
500,000 | # | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/30 | 462,095 | 0.3 |
500,000 | # | Primo Water Holdings, Inc., 4.375%, 04/30/29 | 428,968 | 0.3 |
500,000 | | Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/27 | 463,161 | 0.3 |
| | | 1,786,646 | 1.2 |
| | | | |
| | Energy: 1.8% |
500,000 | # | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/28 | 470,150 | 0.3 |
500,000 | # | Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/28 | 446,140 | 0.3 |
500,000 | # | Hess Midstream Operations L.P., 4.250%, 02/15/30 | 436,745 | 0.3 |
500,000 | # | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/30 | 455,805 | 0.3 |
500,000 | # | SunCoke Energy, Inc., 4.875%, 06/30/29 | 420,508 | 0.3 |
500,000 | | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/29 | 444,160 | 0.3 |
| | | 2,673,508 | 1.8 |
| | | | |
| | Financial: 0.8% |
500,000 | | OneMain Finance Corp., 5.375%, 11/15/29 | 425,554 | 0.3 |
500,000 | # | PRA Group, Inc., 5.000%, 10/01/29 | 378,995 | 0.2 |
500,000 | # | United Wholesale Mortgage LLC, 5.750%, 06/15/27 | 456,990 | 0.3 |
| | | 1,261,539 | 0.8 |
| | | | |
| | Industrial: 1.1% |
250,000 | # | Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/28 | 233,930 | 0.2 |
500,000 | # | PGT Innovations, Inc., 4.375%, 10/01/29 | 467,039 | 0.3 |
500,000 | # | Rolls-Royce PLC, 5.750%, 10/15/27 | 489,425 | 0.3 |
500,000 | # | Standard Industries, Inc./NJ, 4.750%, 01/15/28 | 466,123 | 0.3 |
| | | 1,656,517 | 1.1 |
| | | | |
| | Technology: 0.6% |
550,000 | # | Entegris Escrow Corp., 6.950%, 06/15/30 | 527,795 | 0.3 |
500,000 | # | Open Text Corp., 3.875%, 12/01/29 | 418,396 | 0.3 |
| | | 946,191 | 0.6 |
| | | | |
| Total Corporate Bonds/Notes | | |
| (Cost $15,425,485) | 14,674,870 | 9.8 |
* | Loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate (“LIBOR”) and other short-term rates. |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
(1) | Defaulted loan. Currently, the borrower is partially or fully in default with respect to principal and/or interest payments. |
(2) | Loan is not accruing income because the borrower has missed or is expected to miss principal and/or interest payments. The rate shown is the contractual interest rate. |
(3) | All or a portion of this holding is subject to unfunded loan commitments. |
(4) | All or a portion of this Loan is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates. |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
(6) | The borrower has filed for protection in federal bankruptcy court. |
(7) | Non-income producing security. |
(8) | Rate shown is the 7-day yield as of June 30, 2023. |
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the assets and liabilities:
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2023:
* Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Fund does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.
** Loan transferred into Level 3 due to lack of significant other unobservable inputs.
*** Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at June, 2023 may be due to securities no longer held or categorized as Level 3 at period end.