Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: 93.1% | |
| | Advertising: 0.1% |
250,000 | | Dotdash Meredith Inc Term Loan B, 9.443%, (TSFR1M + 4.000%), 12/01/28 | $ | 247,500 | 0.1 |
| | | | |
| | Aerospace & Defense: 2.4% |
1,350,000 | | AAdvantage Loyalty IP Ltd. 2021 Term Loan, 10.427%, (US0003M + 4.750%), 04/20/28 | 1,390,500 | 0.6 |
837,282 | | Amentum Government Services Holdings LLC 2022 Term Loan, 9.358%, (TSFR1M + 4.000%), 02/15/29 | 839,375 | 0.4 |
249,375 | | Barnes Group Inc Term Loan B, 8.456%, (TSFR3M + 3.000%), 09/03/30 | 250,388 | 0.1 |
257,705 | | Dynasty Acquisition Co., Inc. 2023 Term Loan B1, 9.356%, (TSFR1M + 4.000%), 08/24/28 | 258,607 | 0.1 |
110,445 | | Dynasty Acquisition Co., Inc. 2023 Term Loan B2, 9.356%, (TSFR1M + 4.000%), 08/24/28 | 110,831 | 0.0 |
112,563 | | KBR, Inc. 2020 Term Loan B, 8.220%, (US0001M + 2.750%), 02/05/27 | 113,020 | 0.1 |
1,739,963 | | Peraton Corp. Term Loan B, 9.206%, (TSFR1M + 3.750%), 02/01/28 | 1,746,053 | 0.8 |
420,000 | | TransDigm, Inc. 2023 Term Loan J, 8.598%, (TSFR3M + 3.250%), 02/14/31 | 422,450 | 0.2 |
296,989 | | Vertex Aerospace Services Corp. 2021 First Lien Term Loan, 8.706%, (TSFR1M + 3.750%), 12/06/28 | 297,731 | 0.1 |
| | | 5,428,955 | 2.4 |
| | | | |
| | Air Transport: 1.2% |
406,073 | | LaserShip, Inc. 2021 Term Loan, 10.396%, (US0001M + 4.500%), 05/07/28 | 373,926 | 0.2 |
636,172 | | Savage Enterprises LLC 2021 Term Loan B, 8.606%, (TSFR1M + 3.250%), 09/15/28 | 638,806 | 0.3 |
461,530 | | ST GEO WARE + TR CO OF CAL INC 2022 TERM LOAN, 11.498%, (TSFR3M + 6.000%), 03/24/28 | 334,609 | 0.1 |
1,503,923 | | United Airlines, Inc. 2021 Term Loan B, 9.220%, (US0003M + 3.750%), 04/21/28 | 1,511,255 | 0.6 |
| | | 2,858,596 | 1.2 |
| | | | |
| | Airlines: 0.1% |
335,000 | | American Airlines, Inc. 2023 1st Lien Term Loan, 8.869%, (TSFR3M + 3.500%), 06/04/29 | 336,535 | 0.1 |
| | | | |
| | Apparel: 0.2% |
410,000 | | Crocs, Inc. 2023 Term Loan B, 8.498%, (TSFR3M + 3.000%), 02/20/29 | 412,249 | 0.2 |
| | | | |
| | Auto Components: 1.4% |
149,225 | | Broadstreet Partners, Inc. 2020 Term Loan B, 8.470%, (US0001M + 3.000%), 01/27/27 | 149,505 | 0.1 |
741,143 | | Clarios Global LP 2023 Incremental Term Loan, 9.106%, (TSFR1M + 3.750%), 05/06/30 | 743,458 | 0.3 |
680,709 | | Holley Purchaser, Inc. 2021 Term Loan, 9.110%, (TSFR1M + 3.750%), 11/17/28 | 657,735 | 0.3 |
733,863 | | RC Buyer, Inc. 2021 Term Loan, 8.895%, (TSFR3M + 3.500%), 07/28/28 | 730,193 | 0.3 |
865,412 | | Truck Hero, Inc. 2021 Term Loan B, 8.856%, (TSFR1M + 3.750%), 01/31/28 | 856,893 | 0.4 |
| | | 3,137,784 | 1.4 |
| | | | |
| | Automotive: 2.4% |
829,434 | | Autokiniton US Holdings, Inc. 2021 Term Loan B, 9.970%, (US0001M + 4.500%), 04/06/28 | 833,840 | 0.3 |
1,093,893 | | Belron Finance US LLC 2021 USD Term Loan B, 8.067%, (US0003M + 2.430%), 04/13/28 | 1,097,038 | 0.5 |
447,634 | | Dealer Tire Financial, LLC Term Loan B2, 9.856%, (TSFR1M + 4.500%), 12/14/27 | 450,058 | 0.2 |
769,078 | | Gates Global LLC 2021 Term Loan B3, 7.956%, (TSFR1M + 2.500%), 03/31/27 | 771,438 | 0.3 |
854,315 | | Les Schwab Tire Centers Term Loan B, 8.710%, (US0001M + 3.250%), 11/02/27 | 855,561 | 0.4 |
608,234 | | Mister Car Wash Holdings, Inc. 2019 Term Loan B, 8.456%, (TSFR3M + 3.000%), 05/14/26 | 609,864 | 0.3 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Automotive: (continued) |
962,406 | | Wand NewCo 3, Inc. 2020 Term Loan, 8.220%, (US0001M + 2.750%), 02/05/26 | $ | 965,781 | 0.4 |
| | | 5,583,580 | 2.4 |
| | | | |
| | Basic Materials: 0.7% |
374,063 | | Arsenal AIC Parent LLC Term Loan, 9.856%, (TSFR3M + 4.500%), 08/19/30 | 376,089 | 0.1 |
845,127 | | Ineos US Finance LLC 2023 USD Term Loan B, 8.856%, (TSFR1M + 3.500%), 02/18/30 | 847,164 | 0.4 |
249,352 | | Innophos, Inc. 2020 Term Loan B, 8.720%, (US0003M + 3.750%), 02/04/27 | 245,105 | 0.1 |
264,580 | | Iris Holdings, Inc. 2022 Term Loan 1L, 10.233%, (TSFR3M + 4.750%), 06/28/28 | 244,737 | 0.1 |
| | | 1,713,095 | 0.7 |
| | | | |
| | Beverages: 0.4% |
950,400 | | Sunshine Investments B.V. 2022 USD Term Loan, 9.630%, (TSFR3M + 4.250%), 07/12/29 | 951,984 | 0.4 |
| | | | |
| | Building & Development: 2.0% |
493,557 | | American Builders & Contractors Supply Co., Inc. 2019 Term Loan, 7.356%, (SOFRRATE + 2.000%), 01/15/27 | 495,183 | 0.2 |
973,797 | | Applecaramel Buyer, LLC Term Loan B, 9.106%, (TSFR1M + 3.750%), 10/19/27 | 977,206 | 0.4 |
424,532 | | Cornerstone Building Brands, Inc. 2021 Term Loan B, 8.712%, (TSFR1M + 3.250%), 04/12/28 | 425,394 | 0.2 |
376 | | Latham Pool Products, Inc. 2022 Term Loan B, 9.528%, (SOFRRATE + 4.000%), 02/23/29 | 363 | 0.0 |
522,348 | | LBM Acquisition LLC Term Loan B, 9.106%, (TSFR3M + 3.750%), 12/17/27 | 517,777 | 0.2 |
454,950 | | LHS Borrower, LLC 2022 Term Loan B, 10.206%, (SOFRRATE + 4.750%), 02/16/29 | 413,625 | 0.2 |
493,750 | | Oscar AcquisitionCo, LLC Term Loan B, 9.948%, (SOFRRATE + 4.500%), 04/29/29 | 490,184 | 0.2 |
984,962 | | Quikrete Holdings, Inc. 2023 Term Loan B, 8.220%, (TSFR1M + 2.750%), 03/19/29 | 989,518 | 0.5 |
223,278 | | Wilsonart LLC 2021 Term Loan E, 8.698%, (US0003M + 3.500%), 12/31/26 | 223,993 | 0.1 |
| | | 4,533,243 | 2.0 |
| | | | |
| | Building Materials: 0.2% |
545,000 | (9) | Summit Materials LLC 2023 Incremental Term Loan B, 11/30/28 | 547,044 | 0.2 |
| | | | |
| | Business Equipment & Services: 3.6% |
248,349 | | Anticimex International AB 2021 USD Term Loan B1, 8.495%, (TSFR3M + 3.150%), 11/16/28 | 248,505 | 0.1 |
976,266 | | APX Group, Inc. 2021 Term Loan B, 8.925%, (TSFR1M + 3.250%), 07/10/28 | 978,325 | 0.4 |
249,361 | | Cimpress Public Limited Company USD Term Loan B, 8.970%, (US0001M + 3.500%), 05/17/28 | 249,672 | 0.1 |
249,339 | (1),(2),(3) | Cyxtera DC Holdings, Inc. Term Loan B, 10.500%, (TSFR3M + 3.000%), 05/01/24 | 157,644 | 0.1 |
1,010,354 | | Endure Digital Inc. Term Loan, 9.422%, (US0001M + 3.500%), 02/10/28 | 992,515 | 0.4 |
261,047 | | Ensono, LP 2021 Term Loan, 9.470%, (TSFR1M + 4.000%), 05/26/28 | 252,172 | 0.1 |
271,370 | | Garda World Security Corporation 2022 Term Loan B, 9.625%, (SOFRRATE + 4.250%), 02/01/29 | 271,992 | 0.1 |
744,023 | | Indy US Bidco, LLC 2021 USD Term Loan, 9.106%, (TSFR1M + 3.750%), 03/05/28 | 713,797 | 0.3 |
506,665 | | ION Trading Finance Limited 2021 USD Term Loan, 10.198%, (US0003M + 4.750%), 04/03/28 | 507,892 | 0.2 |
916,138 | | Milano Acquisition Corp Term Loan B, 9.448%, (TSFR3M + 4.000%), 10/01/27 | 893,234 | 0.4 |
544,546 | | Polaris Newco LLC USD Term Loan B, 9.470%, (US0001M + 4.000%), 06/02/28 | 537,910 | 0.2 |
100,000 | | Pre-Paid Legal Services, Inc. 2021 2nd Lien Term Loan, 12.470%, (US0003M + 7.000%), 12/14/29 | 91,500 | 0.1 |
637,894 | | Pre-Paid Legal Services, Inc. 2021 Term Loan, 9.220%, (US0001M + 3.750%), 12/15/28 | 633,907 | 0.3 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Business Equipment & Services: (continued) |
710,680 | | Skopima Merger Sub Inc. Term Loan B, 9.470%, (US0001M + 4.000%), 05/12/28 | $ | 709,729 | 0.3 |
500,000 | | TruGreen Limited Partnership 2020 Term Loan, 6.524%, (US0001M + 4.000%), 11/02/27 | 484,531 | 0.2 |
576,254 | | VM Consolidated, Inc. 2021 Term Loan B, 8.720%, (TSFR1M + 3.250%), 03/24/28 | 579,315 | 0.3 |
| | | 8,302,640 | 3.6 |
| | | | |
| | Cable & Satellite Television: 0.5% |
420,519 | | Radiate Holdco, LLC 2021 Term Loan B, 8.720%, (TSFR3M + 3.250%), 09/25/26 | 339,569 | 0.2 |
750,000 | | UPC Financing Partnership 2021 USD Term Loan AX, 8.476%, (US0001M + 2.930%), 01/31/29 | 749,297 | 0.3 |
| | | 1,088,866 | 0.5 |
| | | | |
| | Chemicals: 0.2% |
498,747 | | INEOS Quattro Holdings UK Ltd 2023 USD Term Loan, 9.206%, (TSFR1M + 3.750%), 03/14/30 | 485,031 | 0.2 |
| | | | |
| | Chemicals & Plastics: 2.6% |
928,585 | | Charter NEX US, Inc. 2021 Term Loan, 9.220%, (TSFR1M + 3.750%), 12/01/27 | 932,503 | 0.4 |
195,000 | (9) | Element Solutions Inc. 2023 Term Loan B, 12/18/30 | 195,731 | 0.1 |
250,000 | | GEON Performance Solutions, LLC 2021 Term Loan, 10.360%, (US0001M + 4.500%), 08/18/28 | 249,688 | 0.1 |
426,566 | | INEOS Styrolution US Holding LLC 2021 USD Term Loan B, 8.220%, (TSFR1M + 2.750%), 01/29/26 | 427,632 | 0.2 |
580,531 | | Ineos US Finance LLC 2021 USD Term Loan B, 7.856%, (US0001M + 2.500%), 11/08/28 | 580,531 | 0.2 |
284,257 | | IPS Corporation 2021 Term Loan, 9.206%, (TSFR1M + 3.750%), 10/02/28 | 284,198 | 0.1 |
160,240 | | Lonza Group AG USD Term Loan B, 9.373%, (TSFR3M + 3.930%), 07/03/28 | 145,918 | 0.1 |
751,225 | | LSF11 A5 Holdco LLC 2023 Incremental Term Loan B, 9.706%, (TSFR1M + 4.250%), 10/15/28 | 754,668 | 0.3 |
180,891 | | Olympus Water US Holding Corporation 2021 USD Term Loan B, 9.360%, (TSFR3M + 3.750%), 11/09/28 | 180,790 | 0.1 |
391,658 | | PMHC II, Inc. 2022 Term Loan B, 9.807%, (TSFR3M + 4.250%), 04/23/29 | 376,481 | 0.2 |
448,340 | | PQ Corporation 2021 Term Loan B, 7.983%, (US0003M + 2.500%), 06/09/28 | 449,461 | 0.2 |
900,475 | | Starfruit Finco B.V 2023 Term Loan, 9.441%, (TSFR3M + 4.000%), 04/03/28 | 904,865 | 0.4 |
493,703 | | W.R. Grace & Co.-Conn. 2021 Term Loan B, 9.360%, (US0003M + 3.750%), 09/22/28 | 496,017 | 0.2 |
| | | 5,978,483 | 2.6 |
| | | | |
| | Clothing/Textiles: 0.5% |
694,425 | | ABG Intermediate Holdings 2 LLC 2021 Term Loan B1, 8.850%, (SOFRRATE + 3.500%), 12/21/28 | 698,277 | 0.3 |
63,290 | | Birkenstock GmbH & Co. KG USD Term Loan B, 8.894%, (US0003M + 3.250%), 04/28/28 | 63,566 | 0.0 |
457,700 | | Samsonite International S.A. 2023 Term Loan, 8.106%, (TSFR1M + 2.750%), 06/21/30 | 459,226 | 0.2 |
| | | 1,221,069 | 0.5 |
| | | | |
| | Commercial Services: 0.6% |
820,938 | | Avis Budget Car Rental, LLC 2023 Term Loan C, 8.456%, (TSFR1M + 3.000%), 03/16/29 | 823,503 | 0.4 |
485,000 | | Belron Finance US LLC 2023 USD Term Loan, 7.331%, (TSFR3M + 2.000%), 04/13/28 | 485,910 | 0.2 |
| | | 1,309,413 | 0.6 |
| | | | |
| | Commodities: 1.0% |
843,375 | | Foundation Building Materials Holding Company LLC 2021 Term Loan, 8.895%, (US0001M + 3.250%), 01/31/28 | 841,706 | 0.4 |
561,852 | | Specialty Building Products Holdings, LLC 2021 Term Loan B, 9.206%, (TSFR1M + 3.250%), 10/15/28 | 561,618 | 0.2 |
583,528 | | Windsor Holdings III, LLC USD Term Loan B, 9.841%, (TSFR1M + 4.500%), 08/01/30 | 588,425 | 0.2 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Commodities: (continued) |
413,016 | | Yak Access, LLC 2023 Term Loan, 11.763%, (TSFR3M + 6.400%), 03/10/28 | $ | 375,844 | 0.2 |
| | | 2,367,593 | 1.0 |
| | | | |
| | Communications: 0.9% |
506,576 | | AP Core Holdings II, LLC Amortization Term Loan B1, 10.970%, (TSFR1M + 5.500%), 09/01/27 | 496,919 | 0.2 |
308,358 | | Global Tel*Link Corporation 2018 1st Lien Term Loan, 9.783%, (TSFR1M + 4.250%), 11/29/25 | 294,900 | 0.2 |
2,727 | (4),(9) | GTT Communications, Inc. 2022 Opco Term Loan (PIK Rate 12.416%, Cash Rate 0.000%), 12/30/27 | 2,382 | 0.0 |
483,863 | | Tiger Acquisition, LLC 2021 Term Loan, 8.706%, (TSFR1M + 3.250%), 06/01/28 | 482,091 | 0.2 |
295,000 | | Virgin Media Bristol LLC 2023 USD Term Loan Y, 8.790%, (TSFR6M + 3.250%), 03/31/31 | 294,539 | 0.1 |
473,813 | | WeddingWire, Inc. 2023 Term Loan, 9.876%, (TSFR3M + 4.500%), 01/31/28 | 473,813 | 0.2 |
| | | 2,044,644 | 0.9 |
| | | | |
| | Computers: 0.4% |
370,000 | | NCR Atleos LLC Term Loan B, 10.206%, (TSFR1M + 4.750%), 03/27/29 | 369,422 | 0.2 |
570,000 | | SonicWall US Holdings Inc. 2023 Term Loan, 10.360%, (TSFR3M + 5.000%), 05/16/28 | 564,758 | 0.2 |
| | | 934,180 | 0.4 |
| | | | |
| | Consumer, Cyclical: 2.4% |
427,200 | | American Axle and Manufacturing, Inc. 2022 Term Loan B, 8.988%, (TSFR6M + 3.500%), 12/13/29 | 429,336 | 0.2 |
691,321 | | Ascend Learning, LLC 2021 Term Loan, 8.856%, (TSFR1M + 3.500%), 12/11/28 | 680,681 | 0.3 |
477,756 | | BIFM CA Buyer Inc. Term Loan B, 8.970%, (TSFR1M + 3.500%), 06/01/26 | 478,726 | 0.2 |
898,659 | | Bombardier Recreational Products. Inc. 2023 TERM LOAN B3, 8.091%, (TSFR1M + 2.750%), 12/13/29 | 901,186 | 0.4 |
498,744 | | Caesars Entertainment Corp Term Loan B, 8.706%, (TSFR1M + 3.250%), 01/20/30 | 500,926 | 0.2 |
830,809 | | GVC Holdings (Gibraltar) Limited 2022 Term Loan B, 8.948%, (TSFR1M + 3.500%), 10/31/29 | 833,301 | 0.4 |
510,000 | | Homeserve USA Holding Corp Term Loan, 8.358%, (TSFR1M + 3.000%), 10/21/30 | 510,425 | 0.2 |
22,757 | | Motion Finco Sarl Delayed Draw Term Loan B2, 8.860%, (US0003M + 3.250%), 11/04/26 | 22,797 | 0.0 |
159,626 | | Motion Finco Sarl USD Term Loan B1, 8.860%, (US0003M + 3.250%), 11/12/26 | 159,911 | 0.1 |
364,450 | | Penn National Gaming, Inc. 2022 Term Loan B 1L, 8.106%, (TSFR1M + 2.750%), 05/03/29 | 365,634 | 0.2 |
355,000 | | Spring Education Group, Inc Term Loan, 9.848%, (TSFR3M + 4.500%), 10/04/30 | 356,198 | 0.1 |
210,636 | | Stars Group Holdings B.V. 2022 USD Term Loan B, 8.863%, (TSFR3M + 3.250%), 07/22/28 | 211,514 | 0.1 |
| | | 5,450,635 | 2.4 |
| | | | |
| | Consumer, Non-cyclical: 0.3% |
693,263 | | KUEHG Corp. 2023 Term Loan, 10.348%, (TSFR3M + 5.000%), 06/12/30 | 696,853 | 0.3 |
| | | | |
| | Containers & Glass Products: 3.2% |
669,643 | | Altium Packaging LLC 2021 Term Loan B, 8.220%, (TSFR1M + 2.750%), 02/03/28 | 671,265 | 0.3 |
896,350 | | Clydesdale Acquisition Holdings Inc Term Loan B, 9.631%, (TSFR1M + 4.180%), 04/13/29 | 901,799 | 0.4 |
294,799 | | Graham Packaging Company Inc. 2021 Term Loan, 8.470%, (TSFR1M + 3.000%), 08/04/27 | 295,564 | 0.1 |
580,058 | | Plastipak Packaging, Inc. 2021 Term Loan B, 7.956%, (US0001M + 2.500%), 12/01/28 | 581,197 | 0.3 |
249,357 | | Plaze, Inc. 2020 Incremental Term Loan, 9.226%, (US0001M + 3.750%), 08/03/26 | 243,279 | 0.1 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Containers & Glass Products: (continued) |
280,000 | | Pretium PKG Holdings, Inc. 2021 2nd Lien Term Loan, 12.210%, (US0003M + 6.750%), 10/01/29 | $ | 114,333 | 0.0 |
1,019,490 | | Pro Mach Group, Inc. 2021 Term Loan B, 9.470%, (US0001M + 4.000%), 08/31/28 | 1,024,014 | 0.4 |
525,000 | | Proampac PG Borrower LLC 2023 Term Loan, 9.881%, (TSFR3M + 4.500%), 09/15/28 | 526,532 | 0.2 |
861,766 | | Reynolds Group Holdings Inc. 2021 Term Loan B, 8.720%, (TSFR1M + 3.250%), 09/24/28 | 864,998 | 0.4 |
1,080,290 | | Titan Acquisition Limited 2018 Term Loan B, 8.470%, (US0003M + 3.000%), 03/28/25 | 1,080,579 | 0.5 |
636,935 | | TricorBraun Holdings, Inc. 2021 Term Loan, 8.720%, (TSFR1M + 3.250%), 03/03/28 | 633,794 | 0.3 |
430,217 | | Trident TPI Holdings, Inc. 2021 Incremental Term Loan, 9.610%, (US0003M + 4.000%), 09/15/28 | 430,109 | 0.2 |
| | | 7,367,463 | 3.2 |
| | | | |
| | Diversified Finan Serv: 0.7% |
727,660 | | Aretec Group, Inc. 2023 Incremental Term Loan, 9.956%, (TSFR1M + 4.500%), 08/09/30 | 728,456 | 0.3 |
975,000 | | Nuvei Technologies Corp. USD Term Loan, 8.593%, (US0003M + 3.000%), 12/19/30 | 975,609 | 0.4 |
| | | 1,704,065 | 0.7 |
| | | | |
| | Drugs: 0.7% |
456,459 | | Amneal Pharmaceuticals LLC 2023 Term Loan B, 10.856%, (TSFR1M + 5.500%), 05/04/28 | 450,373 | 0.2 |
1,204,911 | | Jazz Financing Lux S.a.r.l. USD Term Loan, 8.970%, (US0001M + 3.500%), 05/05/28 | 1,212,066 | 0.5 |
| | | 1,662,439 | 0.7 |
| | | | |
| | Electric: 0.5% |
200,695 | | Generation Bridge Northeast, LLC Term Loan B, 9.606%, (TSFR3M + 4.250%), 08/22/29 | 201,949 | 0.1 |
995,000 | | Vistra Energy Corp. 1st Lien Term Loan B3, 4.074%, (TSFR1M + 2.000%), 12/31/25 | 996,037 | 0.4 |
| | | 1,197,986 | 0.5 |
| | | | |
| | Electrical Compo&Equip: 0.1% |
157,570 | | Energizer Holdings, Inc. 2020 Term Loan, 7.721%, (TSFR1M + 2.250%), 12/22/27 | 157,701 | 0.1 |
| | | | |
| | Electronics: 0.4% |
749,226 | | Ingram Micro Inc. 2023 Term Loan, 8.610%, (TSFR3M + 3.000%), 06/30/28 | 752,504 | 0.3 |
233,825 | | MX Holdings US, Inc. 2023 USD Term Loan B1D, 8.220%, (TSFR1M + 2.750%), 07/31/28 | 234,775 | 0.1 |
| | | 987,279 | 0.4 |
| | | | |
| | Electronics/Electrical: 4.7% |
700,943 | | Altar Bidco, Inc. 2021 Term Loan, 8.285%, (US0003M + 3.100%), 02/01/29 | 700,768 | 0.3 |
361,210 | | CentralSquare Technologies, LLC 2018 1st Lien Term Loan, 9.110%, (US0003M + 3.750%), 08/29/25 | 350,245 | 0.2 |
768,649 | | Chamberlain Group Inc Term Loan B, 8.706%, (TSFR1M + 3.250%), 11/03/28 | 767,688 | 0.3 |
368,514 | | Creation Technologies Inc. 2021 Term Loan, 11.176%, (US0003M + 5.500%), 10/05/28 | 359,301 | 0.2 |
225,000 | | DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan, 12.220%, (TSFR1M + 6.750%), 03/30/29 | 203,062 | 0.1 |
541,298 | | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan, 9.220%, (TSFR1M + 3.750%), 03/31/28 | 537,633 | 0.2 |
429,776 | | EagleView Technology Corporation 2018 Add On Term Loan B, 8.860%, (US0003M + 3.500%), 08/14/25 | 420,554 | 0.2 |
288,384 | | Grab Holdings Inc Term Loan B, 9.970%, (US0003M + 4.500%), 01/29/26 | 290,006 | 0.1 |
1,139,305 | | Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B, 9.470%, (TSFR1M + 4.000%), 12/01/27 | 1,145,091 | 0.5 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Electronics/Electrical: (continued) |
793,553 | | II-VI Incorporated 2022 Term Loan B, 8.220%, (TSFR1M + 2.750%), 07/02/29 | $ | 798,017 | 0.3 |
605,749 | | Illuminate Merger Sub Corp. 1st Lien Term Loan, 8.610%, (US0003M + 3.000%), 07/21/28 | 602,972 | 0.3 |
148,357 | | Mediaocean LLC 2021 Term Loan, 8.956%, (US0001M + 3.500%), 12/15/28 | 145,538 | 0.1 |
365,000 | | MH Sub I, LLC 2021 2nd Lien Term Loan, 11.606%, (TSFR1M + 6.250%), 02/23/29 | 343,009 | 0.1 |
672,020 | | Mitchell International, Inc. 2021 Term Loan B, 9.400%, (US0001M + 3.750%), 10/15/28 | 672,440 | 0.3 |
1,132 | | Planview Parent, Inc. Term Loan, 9.610%, (TSFR3M + 4.000%), 12/17/27 | 1,127 | 0.0 |
247,980 | | Project Boost Purchaser, LLC 2019 Term Loan B, 8.970%, (US0001M + 3.500%), 06/01/26 | 248,514 | 0.1 |
980,000 | | Proofpoint, Inc. 1st Lien Term Loan, 8.720%, (TSFR1M + 3.250%), 08/31/28 | 981,953 | 0.4 |
464,142 | | Quest Software US Holdings Inc. 2022 Term Loan, 9.783%, (SOFRRATE + 4.250%), 02/01/29 | 359,420 | 0.2 |
568,317 | | Rackspace Technology Global, Inc. 2021 Term Loan B, 8.230%, (TSFR1M + 2.750%), 02/15/28 | 251,480 | 0.1 |
1,482,361 | | Ultimate Software Group Inc (The) 2021 Term Loan, 8.764%, (TSFR3M + 3.250%), 05/04/26 | 1,487,920 | 0.6 |
247,970 | | Ultra Clean Holdings, Inc 2021 Term Loan B, 9.220%, (US0001M + 3.750%), 08/27/25 | 248,939 | 0.1 |
| | | 10,915,677 | 4.7 |
| | | | |
| | Energy: 0.7% |
610,388 | | Brazos Delaware II, LLC 2023 Term Loan B, 9.108%, (TSFR1M + 3.750%), 02/11/30 | 612,549 | 0.2 |
853,987 | | Oryx Midstream Services Permian Basin LLC Term Loan B, 8.710%, (TSFR1M + 3.250%), 10/05/28 | 857,296 | 0.4 |
198,000 | | UGI Energy Services, LLC 2023 Term Loan B, 8.706%, (TSFR1M + 3.250%), 02/22/30 | 198,990 | 0.1 |
| | | 1,668,835 | 0.7 |
| | | | |
| | Environmental Control: 0.2% |
500,000 | (9) | GFL Environmental Inc. 2023 First Lien Term Loan, 05/31/27 | 502,344 | 0.2 |
| | | | |
| | Equipment Leasing: 0.2% |
372,400 | | Albion Financing 3 SARL USD Term Loan, 10.924%, (US0003M + 5.250%), 08/17/26 | 375,193 | 0.2 |
135,777 | | Rent-A-Center, Inc. 2021 First Lien Term Loan B, 9.119%, (US0003M + 3.250%), 02/17/28 | 136,074 | 0.0 |
| | | 511,267 | 0.2 |
| | | | |
| | Farming/Agriculture: 0.1% |
270,000 | | Ceva Sante Animale 2023 USD Term Loan B, 9.616%, (TSFR3M + 4.250%), 11/01/30 | 271,688 | 0.1 |
| | | | |
| | Financial: 4.3% |
244,581 | | AllSpring Buyer LLC Term Loan B, 8.887%, (TSFR3M + 3.250%), 11/01/28 | 244,352 | 0.1 |
827,859 | | AmWINS Group, Inc. 2023 Incremental Term Loan B, 8.106%, (TSFR1M + 2.750%), 02/19/28 | 831,259 | 0.4 |
182,000 | | Brookfield Property REIT Inc. 1st Lien Term Loan B, 7.856%, (TSFR1M + 2.500%), 08/27/25 | 181,734 | 0.1 |
1,558,145 | | Citadel Securities LP 2023 Term Loan B, 7.970%, (TSFR3M + 2.500%), 07/29/30 | 1,562,918 | 0.7 |
725,000 | | Cushman & Wakefield U.S. Borrower, LLC 2023 Term Loan B, 9.356%, (TSFR1M + 4.000%), 01/31/30 | 725,906 | 0.3 |
868,713 | | Edelman Financial Center, LLC 2021 Term Loan B, 8.970%, (US0001M + 3.750%), 04/07/28 | 869,859 | 0.4 |
435,196 | | Focus Financial Partners, LLC 2021 Term Loan, 7.856%, (TSFR1M + 2.500%), 06/30/28 | 436,012 | 0.2 |
543,125 | | Focus Financial Partners, LLC 2022 Term Loan B5, 8.606%, (TSFR1M + 3.250%), 06/30/28 | 545,011 | 0.2 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Financial: (continued) |
550,000 | (9) | GTCR W Merger Sub LLC USD Term Loan B, 09/20/30 | $ | 552,274 | 0.2 |
444,694 | | HighTower Holdings LLC 2021 Term Loan B, 9.641%, (US0001M + 4.000%), 04/21/28 | 443,768 | 0.2 |
1,485,000 | | Hub International Limited 2022 Term Loan B, 9.369%, (TSFR3M + 4.000%), 11/10/29 | 1,492,657 | 0.6 |
1,254,678 | | Jane Street Group, LLC 2021 Term Loan, 8.220%, (TSFR1M + 2.750%), 01/26/28 | 1,263,304 | 0.5 |
367,225 | | RHP Hotel Properties, LP 2023 Term Loan B, 8.106%, (TSFR1M + 2.750%), 05/18/30 | 368,258 | 0.2 |
343,275 | | Walker & Dunlop, Inc. 2022 Incremental Term Loan B, 8.456%, (SOFRRATE + 3.000%), 12/16/28 | 343,275 | 0.2 |
| | | 9,860,587 | 4.3 |
| | | | |
| | Financial Intermediaries: 1.8% |
438,636 | | Advisor Group, Inc. 2023 Term Loan B, 9.856%, (TSFR3M + 4.500%), 08/17/28 | 440,583 | 0.2 |
295,000 | | AqGen Ascensus, Inc. 2021 2nd Lien Term Loan, 12.176%, (US0003M + 6.500%), 08/02/29 | 284,859 | 0.1 |
738,611 | | AqGen Island Holdings, Inc. Term Loan, 8.970%, (TSFR1M + 3.500%), 08/02/28 | 738,611 | 0.3 |
728,238 | | Castlelake Aviation Limited Term Loan B, 8.396%, (US0003M + 2.750%), 10/22/26 | 730,644 | 0.3 |
581,913 | | Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 9.098%, (TSFR3M + 3.750%), 04/09/27 | 578,276 | 0.3 |
458,809 | | Trans Union, LLC 2021 Term Loan B6, 7.720%, (TSFR1M + 2.250%), 12/01/28 | 460,734 | 0.2 |
786,744 | | VFH Parent LLC 2022 Term Loan B, 8.456%, (SOFRRATE + 3.000%), 01/13/29 | 789,449 | 0.4 |
| | | 4,023,156 | 1.8 |
| | | | |
| | Food Products: 1.6% |
717,577 | | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan, 9.220%, (TSFR1M + 3.750%), 10/01/25 | 691,266 | 0.3 |
289,488 | | 8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan, 10.106%, (TSFR1M + 4.750%), 10/01/25 | 279,356 | 0.1 |
144,007 | | B&G Foods, Inc. 2019 Term Loan B4, 7.856%, (US0001M + 2.500%), 10/10/26 | 143,145 | 0.0 |
631,798 | | CHG PPC Parent LLC 2021 Term Loan, 8.356%, (TSFR1M + 3.000%), 12/08/28 | 633,377 | 0.3 |
150,000 | (9) | Chobani, LLC 2023 Incremental Term Loan, 9.112%, 10/25/27 | 150,375 | 0.1 |
1,142,801 | | IRB Holding Corp 2022 Term Loan B, 8.456%, (TSFR1M + 3.000%), 12/15/27 | 1,145,918 | 0.5 |
727,974 | | Primary Products Finance LLC Term Loan, 9.386%, (US0003M + 4.000%), 03/31/29 | 730,363 | 0.3 |
| | | 3,773,800 | 1.6 |
| | | | |
| | Food Service: 0.1% |
258,700 | | Aramark Services, Inc. 2023 Term Loan B6, 7.970%, (TSFR1M + 2.500%), 06/22/30 | 259,630 | 0.1 |
| | | | |
| | Food/Drug Retailers: 0.5% |
1,460,171 | (5) | Moran Foods, LLC 2022 Extended Term Loan, 12.698%, (TSFR3M + 4.680%), 06/30/26 | 730,085 | 0.3 |
747,864 | (5) | Moran Foods, LLC 2023 FLFO PIK Term Loan, 2.000%, 06/30/26 | 373,932 | 0.2 |
1,372,121 | (5) | Moran Foods, LLC 2023 FLSO PIK Term Loan 1, 12.698%, 06/30/26 | 27,443 | 0.0 |
| | | 1,131,460 | 0.5 |
| | | | |
| | Forest Products: 0.2% |
148,808 | | ASP Blade Holdings, Inc Initial Term Loan, 9.610%, (US0001M + 4.000%), 10/13/28 | 133,555 | 0.1 |
353,247 | | Spa Holdings 3 Oy USD Term Loan B, 9.610%, (US0003M + 3.750%), 02/04/28 | 352,658 | 0.1 |
| | | 486,213 | 0.2 |
| | | | |
| | Health Care: 5.8% |
396,600 | | Accelerated Health Systems, LLC 2022 Term Loan B, 9.748%, (TSFR3M + 4.250%), 02/15/29 | 335,292 | 0.2 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Health Care: (continued) |
1,011,289 | | Athenahealth, Inc. 2022 Term Loan B, 8.606%, (TSFR1M + 3.500%), 02/15/29 | $ | 1,009,182 | 0.4 |
161,767 | | Avantor Funding, Inc. 2021 Term Loan B5, 7.706%, (TSFR1M + 2.250%), 11/08/27 | 162,313 | 0.1 |
953,063 | | CHG Healthcare Services Inc. 2021 Term Loan, 8.606%, (US0001M + 3.250%), 09/29/28 | 955,776 | 0.4 |
640,163 | | Covetrus, Inc. 2022 1st Lien Term Loan, 10.348%, (TSFR3M + 5.000%), 10/13/29 | 640,402 | 0.3 |
484,973 | | Gloves Buyer, Inc. 2021 Term Loan, 9.470%, (TSFR1M + 4.000%), 12/29/27 | 482,548 | 0.2 |
490,890 | | GoodRx, Inc. 1st Lien Term Loan, 8.184%, (US0001M + 2.750%), 10/10/25 | 491,372 | 0.2 |
250,000 | | Hunter Holdco 3 Limited USD Term Loan B, 9.698%, (US0003M + 4.250%), 08/19/28 | 249,844 | 0.1 |
155,000 | | IVC Acquisition Ltd 2023 USD Term Loan B, 10.831%, (TSFR3M + 5.500%), 11/17/28 | 155,872 | 0.1 |
395,990 | | Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan, 8.606%, (TSFR3M + 3.250%), 11/01/28 | 368,073 | 0.2 |
1,070,925 | | Medline Borrower, LP USD Term Loan B, 8.470%, (TSFR1M + 3.250%), 10/23/28 | 1,076,346 | 0.5 |
249,362 | | MPH Acquisition Holdings LLC 2021 Term Loan B, 9.900%, (US0003M + 4.250%), 09/01/28 | 240,746 | 0.1 |
150,000 | | National Mentor Holdings, Inc. 2021 2nd Lien Term Loan, 12.610%, (TSFR3M + 7.250%), 03/02/29 | 114,000 | 0.1 |
28,622 | | National Mentor Holdings, Inc. 2021 Term Loan C, 9.110%, (TSFR3M + 3.750%), 03/02/28 | 25,944 | 0.0 |
822,950 | | National Mentor Holdings, Inc. 2021 Term Loan, 9.107%, (TSFR1M + 3.750%), 03/02/28 | 745,946 | 0.3 |
500,000 | | Organon & Co USD Term Loan, 8.472%, (US0003M + 3.000%), 06/02/28 | 501,875 | 0.2 |
457,381 | | Pacific Dental Services,LLC 2021 Term Loan, 8.970%, (US0001M + 3.500%), 05/05/28 | 458,429 | 0.2 |
247,765 | | Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan, 9.110%, (TSFR3M + 3.500%), 11/30/27 | 248,268 | 0.1 |
266,625 | | Perrigo Investments, LLC Term Loan B, 7.706%, (TSFR1M + 2.350%), 04/20/29 | 266,542 | 0.1 |
459,627 | | Phoenix Guarantor Inc 2020 Term Loan B, 8.720%, (US0001M + 3.250%), 03/05/26 | 460,274 | 0.2 |
447,698 | | Phoenix Guarantor Inc 2021 Term Loan B3, 8.970%, (US0001M + 3.500%), 03/05/26 | 448,328 | 0.2 |
250,000 | (9) | R1 RCM, Inc. 2023 Incremental Term Loan B, 06/21/29 | 250,000 | 0.1 |
300,079 | | RxBenefits, Inc. 2020 Term Loan, 9.973%, (TSFR1M + 4.500%), 12/20/27 | 299,203 | 0.1 |
1,035,000 | | Sotera Health Holdings, LLC 2021 Term Loan, 8.395%, (US0003M + 2.750%), 12/11/26 | 1,035,000 | 0.4 |
355,000 | | Star Parent, Inc. Term Loan B, 9.348%, (TSFR3M + 4.000%), 09/27/30 | 352,670 | 0.2 |
950,566 | | Surgery Center Holdings, Inc. 2023 Term Loan, 8.856%, (TSFR1M + 3.500%), 12/19/30 | 955,723 | 0.4 |
981,085 | | Verscend Holding Corp. 2021 Term Loan B, 9.470%, (US0001M + 4.000%), 08/27/25 | 983,690 | 0.4 |
| | | 13,313,658 | 5.8 |
| | | | |
| | Healthcare-Services: 0.4% |
575,000 | | IQVIA Inc. 2023 USD Term Loan B4, 7.348%, (TSFR3M + 2.000%), 01/02/31 | 577,362 | 0.2 |
398,000 | | Select Medical Corporation 2023 Term Loan B1, 8.356%, (TSFR1M + 3.000%), 03/06/27 | 398,746 | 0.2 |
| | | 976,108 | 0.4 |
| | | | |
| | Holding Companies-Divers: 0.4% |
935,000 | | Belfor Holdings Inc. 2023 USD Term Loan B, 9.106%, (TSFR1M + 3.750%), 11/01/30 | 940,844 | 0.4 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Home Builders: 0.1% |
170,000 | | Thor Industries, Inc. 2023 USD Term Loan B2, 8.112%, (TSFR1M + 2.750%), 11/15/30 | $ | 170,850 | 0.1 |
| | | | |
| | Home Furnishings: 0.5% |
891,400 | | Solis IV BV USD Term Loan B1, 8.880%, (TSFR3M + 3.500%), 02/26/29 | 890,008 | 0.4 |
410,552 | | Weber-Stephen Products LLC Term Loan B, 8.720%, (TSFR1M + 3.250%), 10/30/27 | 361,696 | 0.1 |
| | | 1,251,704 | 0.5 |
| | | | |
| | Industrial: 3.2% |
349,805 | | ADS Tactical, Inc. 2021 Term Loan B, 11.106%, (US0001M + 5.750%), 03/19/26 | 346,307 | 0.1 |
361,890 | | Aegion Corporation Term Loan, 10.395%, (TSFR1M + 4.750%), 05/17/28 | 362,644 | 0.2 |
612,492 | | AlixPartners, LLP 2021 USD Term Loan B, 8.106%, (US0001M + 2.750%), 02/04/28 | 614,533 | 0.3 |
688,240 | | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B, 9.206%, (TSFR1M + 3.750%), 05/12/28 | 685,336 | 0.3 |
144,750 | | Amentum Government Services Holdings LLC Term Loan B, 9.470%, (US0001M + 3.500%), 01/29/27 | 145,202 | 0.1 |
609,695 | | Brown Group Holding LLC 2022 Term Loan B2 1L, 9.129%, (TSFR3M + 3.750%), 07/02/29 | 612,309 | 0.3 |
302,250 | | Crown Subsea Communications Holding,Inc. 2023 Incremental Term Loan, 10.707%, (TSFR1M + 5.250%), 04/27/27 | 304,233 | 0.1 |
919,301 | | Emrld Borrower LP Term Loan B, 8.356%, (TSFR3M + 3.000%), 05/31/30 | 923,159 | 0.4 |
249,369 | | Five Star 2022 Term Loan 1L, 9.630%, (TSFR1M + 4.250%), 05/05/29 | 246,459 | 0.1 |
501,225 | | Neptune Bidco US Inc 2022 USD Term Loan B, 10.507%, (TSFR3M + 5.000%), 04/11/29 | 459,605 | 0.2 |
410,245 | | Northstar Group Services, INC. 2020 Term Loan B, 10.970%, (TSFR1M + 5.500%), 11/12/26 | 409,732 | 0.2 |
472,974 | | Rockwood Service Corporation 2020 Term Loan, 9.606%, (TSFR1M + 4.000%), 01/23/27 | 474,821 | 0.2 |
173,661 | | Service Logic Acquisition, Inc Term Loan, 9.645%, (US0003M + 4.000%), 10/29/27 | 173,769 | 0.1 |
451,588 | | TransDigm, Inc. 2023 Term Loan I, 8.598%, (TSFR3M + 3.250%), 08/24/28 | 454,245 | 0.2 |
243,609 | | Tutor Perini Corporation Term Loan B, 10.220%, (TSFR1M + 4.750%), 08/18/27 | 239,042 | 0.1 |
545,509 | | U.S. Silica Company 2023 Term Loan B, 10.106%, (TSFR1M + 4.750%), 03/25/30 | 547,282 | 0.2 |
280,000 | | VT Topco, Inc. 2023 Term Loan B, 9.606%, (TSFR3M + 4.250%), 08/10/30 | 281,777 | 0.1 |
| | | 7,280,455 | 3.2 |
| | | | |
| | Industrial Equipment: 2.7% |
378,240 | | AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B, 9.093%, (TSFR1M + 3.750%), 07/31/28 | 379,008 | 0.2 |
415,000 | | AI Aqua Merger Sub, Inc. 2023 Incremental Term Loan, 9.605%, (TSFR1M + 4.250%), 07/31/28 | 417,334 | 0.2 |
461,259 | | Alliance Laundry Systems LLC Term Loan B, 8.994%, (TSFR3M + 3.500%), 10/08/27 | 463,341 | 0.2 |
332,968 | | Clark Equipment Company 2022 Term Loan B, 7.948%, (TSFR3M + 2.500%), 04/20/29 | 334,148 | 0.2 |
747,788 | | Conair Holdings, LLC Term Loan B, 9.220%, (US0003M + 3.750%), 05/17/28 | 735,324 | 0.3 |
260,000 | | CPM Holdings, Inc. 2023 Term Loan, 9.843%, (TSFR1M + 4.500%), 09/28/28 | 261,202 | 0.1 |
375,000 | | Crown Subsea Communications Holding,Inc. 2021 Term Loan, 10.457%, (TSFR1M + 5.000%), 04/27/27 | 377,812 | 0.2 |
744,375 | | Filtration Group Corporation 2023 USD Term Loan, 9.720%, (TSFR1M + 4.250%), 10/21/28 | 748,873 | 0.3 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Industrial Equipment: (continued) |
240,000 | | LSF12 Badger Bidco LLC Term Loan B, 11.356%, (TSFR1M + 6.000%), 07/25/30 | $ | 240,300 | 0.1 |
489,950 | | Madison IAQ LLC Term Loan, 8.721%, (US0003M + 3.250%), 06/21/28 | 488,909 | 0.2 |
450,000 | | SPX Flow, Inc. 2022 Term Loan, 9.956%, (TSFR1M + 4.500%), 04/05/29 | 451,969 | 0.2 |
924,919 | | Vertical US Newco Inc Term Loan B, 9.381%, (US0006M + 3.500%), 07/30/27 | 928,503 | 0.4 |
324,328 | | Watlow Electric Manufacturing Company Term Loan B, 9.114%, (TSFR3M + 3.750%), 03/02/28 | 325,139 | 0.1 |
| | | 6,151,862 | 2.7 |
| | | | |
| | Insurance: 4.7% |
763,396 | | Acrisure, LLC 2020 Term Loan B, 9.150%, (US0001M + 3.500%), 02/15/27 | 763,055 | 0.3 |
717,523 | | Acrisure, LLC 2021 First Lien Term Loan B, 9.900%, (US0001M + 4.250%), 02/15/27 | 720,214 | 0.3 |
260,222 | | Acrisure, LLC 2021 Incremental Term Loan B, 9.400%, (US0001M + 3.750%), 02/15/27 | 260,466 | 0.1 |
1,012,342 | (9) | Alliant Holdings Intermediate, LLC 2023 Term Loan B6, 8.865%, 11/06/30 | 1,018,106 | 0.5 |
500,000 | | AssuredPartners, Inc. 2022 Term Loan, 8.856%, (TSFR1M + 3.500%), 02/12/27 | 501,823 | 0.2 |
604,777 | | AssuredPartners, Inc. 2023 Term Loan B4, 9.105%, (TSFR1M + 3.750%), 02/12/27 | 608,028 | 0.3 |
663,763 | | Broadstreet Partners, Inc. 2023 Term Loan B3, 9.106%, (TSFR1M + 4.000%), 01/27/29 | 666,252 | 0.3 |
159,598 | | Howden Group Holdings Ltd 2023 USD Term Loan B, 9.367%, (TSFR1M + 4.000%), 04/18/30 | 160,147 | 0.1 |
669,574 | | IMA Financial Group, Inc. Term Loan, 9.154%, (US0001M + 3.500%), 11/01/28 | 669,992 | 0.3 |
890,821 | | NFP Corp. 2020 Term Loan, 8.720%, (TSFR1M + 3.250%), 02/15/27 | 896,666 | 0.4 |
847,400 | | OneDigital Borrower LLC 2021 Term Loan, 9.706%, (SOFRRATE + 4.250%), 11/16/27 | 847,930 | 0.4 |
285,000 | (9) | OneDigital Borrower LLC 2023 Term Loan B, 11/16/27 | 285,178 | 0.1 |
993,008 | | Ryan Specialty Group, LLC Term Loan, 8.456%, (TSFR1M + 3.000%), 09/01/27 | 994,456 | 0.4 |
947,084 | | Sedgwick Claims Management Services, Inc. 2023 Term Loan B, 9.106%, (TSFR1M + 3.750%), 02/17/28 | 951,375 | 0.4 |
1,428,000 | | USI, Inc. 2023 Refi Term Loan, 8.610%, (TSFR3M + 3.250%), 09/14/30 | 1,432,463 | 0.6 |
| | | 10,776,151 | 4.7 |
| | | | |
| | Internet: 0.2% |
498,747 | | MH Sub I, LLC 2023 Term Loan, 9.606%, (TSFR1M + 4.250%), 05/03/28 | 491,235 | 0.2 |
| | | | |
| | Leisure Good/Activities/Movies: 3.6% |
722,815 | (4) | 24 Hour Fitness Worldwide, Inc. 2021 Delayed Draw Term Loan, 7.650%, (US0003M + 9.000%) (PIK Rate 7.000%, Cash Rate 12.652%), 09/29/25 | 596,322 | 0.3 |
1,241,155 | | 24 Hour Fitness Worldwide, Inc. 2021 Exit Delayed Draw Term Loan, 19.511%, (US0003M + 14.000%), 09/29/26 | 651,606 | 0.3 |
347,239 | | Alterra Mountain Company 2021 Series B-2 Consenting Term Loan, 8.970%, (US0001M + 3.500%), 08/17/28 | 348,379 | 0.2 |
523,125 | | Cinemark USA, Inc. 2023 Term Loan B, 9.107%, (TSFR1M + 3.750%), 05/24/30 | 524,171 | 0.2 |
223,291 | | City Football Group Limited Term Loan, 8.470%, (US0003M + 3.000%), 07/21/28 | 222,826 | 0.1 |
432,967 | (9) | ClubCorp Holdings, Inc. 2023 Term Loan B2, 10.214%, 09/18/26 | 418,509 | 0.2 |
300,902 | | CWGS Group, LLC 2021 Term Loan B, 7.965%, (US0001M + 2.500%), 06/03/28 | 294,905 | 0.1 |
218,637 | | Fender Musical Instruments Corporation 2021 Term Loan B, 9.456%, (SOFRRATE + 4.000%), 12/01/28 | 213,854 | 0.1 |
200,000 | | Fitness International, LLC 2018 Term Loan B, 8.706%, (TSFR3M + 3.250%), 04/18/25 | 199,575 | 0.1 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Leisure Good/Activities/Movies: (continued) |
1,430,000 | | Formula One Holdings Limited Term Loan B, 7.598%, (TSFR1M + 3.000%), 01/15/30 | $ | 1,434,916 | 0.6 |
758,869 | | Hayward Industries, Inc. 2022 Term Loan, 8.706%, (TSFR1M + 3.250%), 05/30/28 | 758,632 | 0.3 |
390,925 | | MajorDrive Holdings IV LLC Term Loan B, 9.360%, (US0003M + 4.000%), 06/01/28 | 390,436 | 0.2 |
936,963 | | Playtika Holding Corp 2021 Term Loan, 8.220%, (US0001M + 2.750%), 03/13/28 | 937,607 | 0.4 |
548,625 | | Renaissance Learning, Inc. 2018 Add On Term Loan, 10.106%, (TSFR1M + 4.750%), 04/05/30 | 551,300 | 0.2 |
499,710 | | SRAM, LLC 2021 Term Loan B, 8.318%, (US0001M + 2.750%), 05/18/28 | 500,231 | 0.2 |
267,975 | | Topgolf Callaway Brands Corp. Term Loan B, 8.956%, (TSFR1M + 3.500%), 03/15/30 | 268,262 | 0.1 |
| | | 8,311,531 | 3.6 |
| | | | |
| | Lodging: 0.2% |
500,000 | | Hilton Domestic Operating Company, Inc. 2023 Term Loan B4, 7.457%, (TSFR1M + 2.000%), 11/08/30 | 502,098 | 0.2 |
| | | | |
| | Lodging & Casinos: 3.9% |
1,000,000 | | 1011778 B.C. Unlimited Liability Company 2023 Term Loan B5, 7.606%, (TSFR1M + 2.250%), 09/20/30 | 1,001,696 | 0.4 |
208,950 | | Alterra Mountain Company 2023 Term Loan B, 9.206%, (TSFR1M + 3.750%), 05/31/30 | 210,517 | 0.1 |
729,011 | | Arches Buyer Inc. 2021 Term Loan B, 8.706%, (US0001M + 3.250%), 12/06/27 | 713,702 | 0.3 |
198,987 | | Century Casinos, Inc 2022 Term Loan, 11.443%, (TSFR1M + 6.000%), 04/02/29 | 195,132 | 0.1 |
743,084 | | Fertitta Entertainment, LLC 2022 Term Loan B, 9.356%, (SOFRRATE + 4.000%), 01/27/29 | 744,185 | 0.3 |
1,175,000 | | Flutter Entertainment PLC Term Loan B, 7.698%, (TSFR3M + 2.250%), 11/15/30 | 1,179,162 | 0.5 |
610,038 | | Flynn Restaurant Group LP 2021 Term Loan B, 9.720%, (TSFR1M + 4.250%), 12/01/28 | 613,927 | 0.3 |
457,700 | | Golden Entertainment, Inc. 2023 Term Loan B, 8.206%, (TSFR1M + 2.750%), 05/28/30 | 458,272 | 0.2 |
783,194 | | Hilton Grand Vacations Borrower LLC 2021 Term Loan B, 8.106%, (TSFR1M + 3.000%), 08/02/28 | 784,541 | 0.4 |
472,625 | | Kingpin Intermediate Holdings LLC 2023 Term Loan B, 8.856%, (TSFR1M + 3.500%), 02/08/28 | 471,345 | 0.2 |
970,000 | (2),(5),(9) | NPC International, Inc. 2nd Lien Term Loan, 04/18/25 | – | 0.0 |
885,697 | | Scientific Games Holdings LP 2022 USD Term Loan B, 8.664%, (TSFR3M + 3.500%), 04/04/29 | 886,681 | 0.4 |
985,000 | | Scientific Games International, Inc. 2022 USD Term Loan, 8.465%, (TSFR1M + 3.000%), 04/14/29 | 988,924 | 0.4 |
247,398 | | Station Casinos LLC 2020 Term Loan B, 7.706%, (US0001M + 2.250%), 02/08/27 | 248,188 | 0.1 |
320,505 | | Twin River Worldwide Holdings, Inc. 2021 Term Loan B, 8.927%, (US0001M + 3.250%), 10/02/28 | 304,840 | 0.1 |
174,112 | | Whatabrands LLC 2021 Term Loan B, 8.470%, (US0001M + 3.250%), 08/03/28 | 174,493 | 0.1 |
| | | 8,975,605 | 3.9 |
| | | | |
| | Machinery-Diversified: 0.3% |
569,500 | | Chart Industries, Inc. 2023 Term Loan B, 8.605%, (TSFR1M + 3.250%), 03/15/30 | 572,347 | 0.3 |
| | | | |
| | Mortgage REITs: 0.2% |
373,372 | | Blackstone Mortgage Trust, Inc. 2021 Term Loan B2, 8.106%, (US0001M + 2.750%), 04/23/26 | 369,638 | 0.2 |
| | | | |
| | Oil & Gas: 1.0% |
285,000 | | GIP Pilot Acquisition Partners LP Term Loan, 8.388%, (TSFR3M + 3.000%), 10/04/30 | 285,653 | 0.1 |
405,172 | | M6 ETX Holdings II Midco LLC 2022 Term Loan B 1L, 9.955%, (TSFR1M + 4.500%), 09/19/29 | 406,727 | 0.2 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Oil & Gas: (continued) |
665,474 | | TransMontaigne Operating Company L.P. Term Loan B, 8.970%, (TSFR1M + 3.500%), 11/17/28 | $ | 664,296 | 0.3 |
904,570 | | Traverse Midstream Partners LLC 2017 Term Loan, 9.240%, (TSFR1M + 3.750%), 02/16/28 | 906,408 | 0.4 |
| | | 2,263,084 | 1.0 |
| | | | |
| | Packaging&Containers: 0.6% |
238,128 | | Pretium Packaging, LLC First Out Term Loan A, 10.395%, (TSFR3M + 5.000%), 10/02/28 | 233,961 | 0.1 |
950,241 | | Pretium Packaging, LLC Second Out Term Loan A1, 9.995%, 10/02/28 | 751,482 | 0.3 |
426,375 | | Trident TPI Holdings, Inc. 2023 USD Term Loan, 9.848%, (TSFR3M + 4.500%), 09/15/28 | 427,593 | 0.2 |
| | | 1,413,036 | 0.6 |
| | | | |
| | Pipelines: 0.6% |
510,000 | | BIP PipeCo Holdings LLC Term Loan B, 8.616%, (TSFR3M + 3.250%), 12/06/30 | 510,000 | 0.2 |
325,786 | | GIP III Stetson I, L.P 2023 Term Loan B, 9.706%, (TSFR1M + 4.250%), 10/31/28 | 326,641 | 0.2 |
250,000 | | NorthRiver Midstream Finance LP 2023 USD Term Loan B, 8.395%, (TSFR3M + 3.000%), 08/16/30 | 250,798 | 0.1 |
289,275 | | Whitewater Whistler Holdings, LLC 2023 Term Loan B, 8.146%, (TSFR3M + 2.750%), 02/15/30 | 290,360 | 0.1 |
| | | 1,377,799 | 0.6 |
| | | | |
| | Publishing: 0.6% |
876,644 | | Cengage Learning, Inc. 2021 Term Loan B, 10.406%, (US0003M + 4.750%), 07/14/26 | 880,530 | 0.4 |
445,010 | | McGraw-Hill Global Education Holdings, LLC 2021 Term Loan, 10.106%, (TSFR3M + 4.750%), 07/28/28 | 445,288 | 0.2 |
| | | 1,325,818 | 0.6 |
| | | | |
| | Radio & Television: 1.8% |
290,000 | (9) | Aragorn Parent Corporation Term Loan, 06/15/28 | 289,275 | 0.1 |
4,767,826 | (1),(2),(3),(9) | Diamond Sports Group, LLC 2022 2nd Lien Term Loan, 08/24/26 | 226,472 | 0.1 |
1,291,776 | | DirecTV Financing, LLC Term Loan, 10.650%, (TSFR1M + 5.000%), 08/02/27 | 1,296,620 | 0.6 |
287,746 | | E.W. Scripps Company (The) 2019 Term Loan B2, 8.033%, (US0001M + 2.560%), 05/01/26 | 287,315 | 0.1 |
389,737 | | Gray Television, Inc. 2021 Term Loan D, 8.457%, (TSFR1M + 3.000%), 12/01/28 | 387,436 | 0.2 |
497,481 | | Houghton Mifflin Harcourt Publishing Company 2022 Term Loan, 10.706%, (TSFR1M + 5.250%), 04/09/29 | 488,775 | 0.2 |
295,559 | | NASCAR Holdings, Inc Term Loan B, 7.856%, (TSFR1M + 2.500%), 10/19/26 | 297,121 | 0.1 |
400,000 | | Red Ventures, LLC 2023 Term Loan B, 8.356%, (TSFR1M + 3.000%), 03/03/30 | 399,550 | 0.2 |
390,000 | | Simon & Schuster Inc Term Loan B, 9.390%, (TSFR3M + 4.000%), 10/30/30 | 391,706 | 0.2 |
131,963 | | WideOpenWest Finance LLC 2021 Term Loan B, 8.348%, (TSFR3M + 3.000%), 12/20/28 | 122,664 | 0.0 |
| | | 4,186,934 | 1.8 |
| | | | |
| | Rail Industries: 1.0% |
418,110 | | Hertz Corporation, (The) 2021 Term Loan B, 8.720%, (US0003M + 3.250%), 06/30/28 | 417,483 | 0.2 |
80,818 | | Hertz Corporation, (The) 2021 Term Loan C, 8.720%, (US0001M + 3.250%), 06/30/28 | 80,697 | 0.0 |
250,000 | | Hertz Corporation, (The) 2023 Incremental Term Loan B, 9.108%, (TSFR1M + 3.750%), 06/30/28 | 249,906 | 0.1 |
295,981 | | Kenan Advantage Group, Inc. 2021 Term Loan B1, 9.220%, (TSFR3M + 3.750%), 03/24/26 | 295,638 | 0.1 |
203,975 | | Kenan Advantage Group, Inc. 2023 Term Loan B2, 9.470%, (TSFR3M + 4.000%), 03/24/26 | 203,822 | 0.1 |
579,462 | | Uber Technologies, Inc. 2023 Term Loan B, 8.135%, (TSFR3M + 2.750%), 03/03/30 | 581,675 | 0.3 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Rail Industries: (continued) |
360,000 | | XPO Logistics, Inc. 2023 Term Loan B, 7.356%, (TSFR1M + 2.000%), 05/24/28 | $ | 362,070 | 0.2 |
| | | 2,191,291 | 1.0 |
| | | | |
| | Retail: 0.1% |
148,875 | | Sally Holdings, LLC 2023 CovLite Term Loan B, 7.606%, (TSFR1M + 2.250%), 02/28/30 | 149,731 | 0.1 |
| | | | |
| | Retailers (Except Food & Drug): 2.6% |
595,650 | | CNT Holdings I Corp 2020 Term Loan, 8.926%, (TSFR3M + 3.500%), 11/08/27 | 597,388 | 0.3 |
248,724 | | Empire Today, LLC 2021 Term Loan B, 10.470%, (US0001M + 5.000%), 04/03/28 | 195,404 | 0.1 |
784,251 | | Great Outdoors Group, LLC 2021 Term Loan B1, 9.106%, (US0001M + 3.750%), 03/06/28 | 785,372 | 0.3 |
1,036,635 | | Harbor Freight Tools USA, Inc. 2021 Term Loan B, 8.220%, (TSFR1M + 2.750%), 10/19/27 | 1,036,870 | 0.5 |
504,542 | | Leslies Poolmart, Inc. 2021 Term Loan B, 8.220%, (US0003M + 2.750%), 03/09/28 | 498,585 | 0.2 |
302,045 | | Michaels Companies, Inc. 2021 Term Loan B, 9.860%, (TSFR3M + 4.250%), 04/15/28 | 252,774 | 0.1 |
595,473 | | Petco Health and Wellness Company, Inc. 2021 Term Loan B, 8.860%, (TSFR3M + 3.250%), 03/03/28 | 565,141 | 0.3 |
1,221,875 | | Pilot Travel Centers LLC 2021 Term Loan B, 7.456%, (TSFR1M + 2.000%), 08/04/28 | 1,226,527 | 0.5 |
388,145 | | Restoration Hardware, Inc. Term Loan B, 7.970%, (US0001M + 2.500%), 10/20/28 | 378,927 | 0.2 |
120,098 | | RV Retailer, LLC Term Loan B, 9.206%, (SOFRRATE + 3.750%), 02/08/28 | 104,335 | 0.0 |
307,050 | | Staples, Inc. 7 Year Term Loan, 10.457%, (US0003M + 5.000%), 04/16/26 | 292,226 | 0.1 |
| | | 5,933,549 | 2.6 |
| | | | |
| | Semiconductors: 0.6% |
1,476,313 | | MKS Instruments, Inc. 2023 Term Loan B, 7.841%, (TSFR1M + 2.500%), 08/17/29 | 1,481,584 | 0.6 |
| | | | |
| | Software: 1.2% |
363,798 | | AppLovin Corporation 2023 Term Loan B, 8.456%, (TSFR3M + 3.100%), 08/14/30 | 364,503 | 0.2 |
1,233,954 | | Banff Merger Sub Inc 2023 USD Term Loan, 9.875%, (TSFR1M + 4.250%), 12/02/28 | 1,245,330 | 0.6 |
300,000 | | Helios Software Holdings, Inc. 2023 Term Loan B, 9.698%, (TSFR3M + 4.250%), 07/18/30 | 300,187 | 0.1 |
728,631 | | Open Text Corporation 2023 Term Loan B, 8.206%, (TSFR1M + 2.750%), 01/31/30 | 730,258 | 0.3 |
| | | 2,640,278 | 1.2 |
| | | | |
| | Surface Transport: 0.2% |
197,292 | | American Trailer World Corp. Term Loan B, 9.206%, (TSFR1M + 3.750%), 03/03/28 | 193,699 | 0.1 |
374,735 | | Worldwide Express Operations, LLC 2021 1st Lien Term Loan, 9.360%, (TSFR3M + 4.000%), 07/26/28 | 368,265 | 0.1 |
| | | 561,964 | 0.2 |
| | | | |
| | Technology: 8.3% |
418,795 | | ABC Financial Services, Inc. 1st Lien Term Loan, 9.895%, (TSFR1M + 4.250%), 01/02/25 | 418,795 | 0.2 |
715,770 | | Applied Systems, Inc. 2022 Extended 1st Lien Term Loan, 9.848%, (TSFR3M + 4.500%), 09/18/26 | 719,988 | 0.3 |
940,122 | | AppLovin Corporation 2021 Term Loan B, 8.556%, (TSFR1M + 3.100%), 10/25/28 | 942,472 | 0.4 |
1,059,396 | | Asurion LLC 2020 Term Loan B8, 8.720%, (US0003M + 3.250%), 12/23/26 | 1,058,828 | 0.5 |
530,000 | | Asurion LLC 2021 2nd Lien Term Loan B3, 10.606%, (US0001M + 5.250%), 01/31/28 | 506,371 | 0.2 |
272,835 | | Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan, 8.138%, (US0001M + 3.000%), 06/15/25 | 273,024 | 0.1 |
929,971 | | Bright Bidco B.V. 2022 Exit Term Loan, 6.390%, 10/31/27 | 325,490 | 0.1 |
396,900 | | ConnectWise, LLC 2021 Term Loan B, 8.970%, (US0003M + 3.500%), 09/29/28 | 396,007 | 0.2 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Technology: (continued) |
387,445 | | Constant Contact Inc Term Loan, 9.687%, (US0003M + 4.000%), 02/10/28 | $ | 379,696 | 0.2 |
192,735 | | Cornerstone OnDemand, Inc. 2021 Term Loan, 9.220%, (TSFR3M + 3.750%), 10/16/28 | 187,555 | 0.1 |
499,038 | | Cvent, Inc. 2023 Term Loan B, 9.098%, (TSFR3M + 3.750%), 06/17/30 | 500,286 | 0.2 |
149,690 | | Cyxtera DC Holdings, Inc. 2023 DIP Term Loan, 13.974%, (TSFR1M + 8.610%), 12/07/23 | 150,813 | 0.1 |
478,238 | | ECI Macola Max Holding, LLC 2020 Term Loan, 9.110%, (TSFR3M + 3.750%), 11/09/27 | 479,016 | 0.2 |
198,285 | | Epicor Software Corporation 2020 Term Loan, 8.720%, (US0001M + 3.250%), 07/30/27 | 199,242 | 0.1 |
540,000 | | Epicor Software Corporation 2023 Incremental Term Loan, 9.106%, (TSFR1M + 3.750%), 07/30/27 | 545,467 | 0.2 |
1,027,932 | | Go Daddy Operating Company, LLC 2022 Term Loan B5, 7.856%, (TSFR1M + 3.000%), 11/09/29 | 1,032,567 | 0.4 |
199,000 | | Indy US Bidco, LLC 2023 USD Fifth Amendment Incremental Term Loan, 11.606%, (TSFR1M + 6.250%), 03/06/28 | 195,186 | 0.1 |
1,000,176 | | Informatica LLC 2021 USD Term Loan B, 8.220%, (US0001M + 2.750%), 10/27/28 | 1,003,510 | 0.4 |
288,550 | | Intrado Corporation 2023 Term Loan B, 9.351%, (TSFR3M + 4.000%), 01/31/30 | 289,848 | 0.1 |
716,988 | | Ivanti Software, Inc. 2021 Term Loan B, 9.907%, (US0001M + 4.250%), 12/01/27 | 682,987 | 0.3 |
373,754 | | LogMeIn, Inc. Term Loan B, 10.283%, (US0001M + 4.750%), 08/31/27 | 249,294 | 0.1 |
521,547 | | Magenta Buyer LLC 2021 USD 1st Lien Term Loan, 10.645%, (US0003M + 4.750%), 07/27/28 | 366,713 | 0.2 |
989,950 | | McAfee, LLC 2022 USD Term Loan B, 9.193%, (TSFR1M + 3.750%), 03/01/29 | 988,558 | 0.4 |
365,000 | | Mosel Bidco SE USD Term Loan B, 10.098%, (TSFR3M + 4.750%), 08/01/30 | 365,912 | 0.2 |
443,765 | | NortonLifeLock Inc. 2022 Term Loan B, 7.456%, (SOFRRATE + 2.000%), 09/12/29 | 444,755 | 0.2 |
760,000 | | Project Boost Purchaser LLC, 7.268%, (US0001M + 3.500%), 05/30/26 | 761,346 | 0.3 |
264,338 | | Quartz Acquireco LLC Term Loan B, 8.856%, (TSFR3M + 3.500%), 06/28/30 | 265,494 | 0.1 |
498,724 | | RealPage, Inc. Term Loan B 1L, 8.356%, (US0001M + 3.000%), 04/24/28 | 496,810 | 0.2 |
504,567 | | Redstone Buyer LLC 2021 Term Loan, 10.220%, (US0003M + 4.750%), 04/27/28 | 383,708 | 0.2 |
349,688 | | SkillSoft Corporation 2021 Term Loan, 10.723%, (TSFR1M + 5.250%), 07/14/28 | 331,038 | 0.1 |
351,262 | | SS&C Technologies Inc. 2022 Term Loan B6, 7.706%, (TSFR1M + 2.250%), 03/22/29 | 352,260 | 0.2 |
591,120 | | SS&C Technologies Inc. 2022 Term Loan B7, 7.706%, (TSFR1M + 2.250%), 03/22/29 | 592,799 | 0.3 |
869,159 | | Tibco Software Inc. 2022 USD Term Loan, 9.990%, (TSFR3M + 4.500%), 03/30/29 | 852,971 | 0.4 |
1,072,138 | | Travelport Finance (Luxembourg) S.a.r.l. 2023 Consented Term Loan, 13.869%, (TSFR3M + 8.500%), 05/29/26 | 455,659 | 0.2 |
114,425 | | Ultimate Software Group Inc (The) 2023 Incremental Term Loan, 9.988%, (TSFR3M + 4.500%), 05/04/26 | 115,097 | 0.0 |
296,275 | | Veritas US Inc. 2021 USD Term Loan B, 10.356%, (US0003M + 5.000%), 09/01/25 | 246,500 | 0.1 |
249,365 | | Virtusa Corporation 2022 Incremental Term Loan, 9.206%, (SOFRRATE + 3.750%), 02/15/29 | 250,184 | 0.1 |
249,357 | | Weld North Education, LLC 2021 Term Loan B, 9.220%, (US0001M + 3.750%), 12/21/27 | 249,638 | 0.1 |
406,925 | | World Wide Technology Holding Co. LLC Term Loan, 8.707%, (TSFR1M + 3.250%), 03/01/30 | 409,341 | 0.2 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Technology: (continued) |
676,285 | | Xperi Corporation 2020 Term Loan B, 8.970%, (US0001M + 3.500%), 06/08/28 | $ | 676,285 | 0.3 |
| | | 19,141,510 | 8.3 |
| | | | |
| | Telecommunications: 2.8% |
496,521 | | Altice France S.A. 2023 USD Term Loan B14, 10.894%, (TSFR3M + 5.500%), 08/15/28 | 446,714 | 0.2 |
459,100 | | Asurion LLC 2021 Term Loan B9, 8.606%, (US0003M + 3.250%), 07/31/27 | 456,517 | 0.2 |
428,538 | | Cablevision Lightpath LLC Term Loan B, 8.726%, (US0001M + 3.250%), 11/30/27 | 428,405 | 0.2 |
972,407 | | CCI Buyer, Inc. Term Loan, 9.360%, (TSFR3M + 4.000%), 12/17/27 | 970,844 | 0.4 |
1,245 | | CenturyLink, Inc. 2020 Term Loan B, 7.720%, (US0001M + 2.250%), 03/15/27 | 853 | 0.0 |
258,215 | | CommScope, Inc. 2019 Term Loan B, 8.720%, (TSFR1M + 3.250%), 04/06/26 | 231,291 | 0.1 |
748,057 | | Connect Finco Sarl 2021 Term Loan B, 8.856%, (US0001M + 3.500%), 12/11/26 | 749,252 | 0.3 |
449,490 | | Eagle Broadband Investments LLC Term Loan, 8.610%, (US0003M + 3.000%), 11/12/27 | 442,326 | 0.2 |
322,272 | | GOGO Intermediate Holdings LLC Term Loan B, 9.220%, (US0003M + 3.750%), 04/30/28 | 323,307 | 0.1 |
286,063 | | Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 10.110%, (US0003M + 4.500%), 11/01/24 | 223,451 | 0.1 |
329,765 | | Telesat Canada Term Loan B5, 8.400%, (US0003M + 2.750%), 12/07/26 | 214,073 | 0.1 |
149,242 | | ViaSat, Inc. Term Loan, 9.856%, (TSFR1M + 4.500%), 03/02/29 | 147,190 | 0.1 |
750,000 | | Virgin Media Bristol LLC 2020 USD Term Loan Q, 8.726%, (US0001M + 3.250%), 01/31/29 | 749,906 | 0.3 |
722,765 | | Zayo Group Holdings, Inc. USD Term Loan, 8.470%, (TSFR1M + 3.000%), 03/09/27 | 623,724 | 0.3 |
450,000 | | Ziggo Financing Partnership USD Term Loan I, 7.976%, (US0001M + 2.500%), 04/30/28 | 449,438 | 0.2 |
| | | 6,457,291 | 2.8 |
| | | | |
| | Transportation: 0.1% |
240,000 | | XPO Logistics, Inc. 2023 Term Loan, 7.355%, (TSFR1M + 2.000%), 02/28/31 | 240,600 | 0.1 |
| | | | |
| | Utilities: 0.4% |
342,723 | | Nautilus Power, LLC 2023 Term Loan B, 10.860%, (TSFR3M + 5.250%), 11/16/26 | 279,962 | 0.1 |
720,292 | | Waterbridge Midstream Operating LLC Term Loan B, 11.390%, (US0003M + 5.750%), 06/22/26 | 722,293 | 0.3 |
| | | 1,002,255 | 0.4 |
| | | | |
| | Zero Default Risk: 0.9% |
397,299 | | Fugue Finance B.V. 2023 USD Term Loan B, 9.388%, (TSFR3M + 4.000%), 01/31/28 | 399,575 | 0.2 |
299,131 | | LSF11 Trinity Bidco, Inc. 2023 Term Loan, 9.358%, (TSFR1M + 4.000%), 06/14/30 | 301,374 | 0.1 |
472,078 | (9) | Medallion Midland Acquisition, LLC 2023 Term Loan, 8.864%, 10/18/28 | 474,438 | 0.2 |
43,810 | (6),(9) | Ryan, LLC Delayed Draw Term Loan, 11/14/30 | 44,029 | 0.0 |
416,190 | | Ryan, LLC Term Loan, 9.856%, (TSFR1M + 4.500%), 11/14/30 | 418,271 | 0.2 |
348,010 | | Smyrna Ready Mix Concrete, LLC 2023 Term Loan, 8.858%, (TSFR1M + 3.500%), 04/02/29 | 348,880 | 0.2 |
| | | 1,986,567 | 0.9 |
| | | | |
| Total Loans | | |
| (Cost $221,312,917) | 214,548,939 | 93.1 |
| | | |
CORPORATE BONDS/NOTES: 6.1% | |
| | Basic Materials: 0.2% |
500,000 | # | INEOS Quattro Finance 2 Plc, 3.375%, 01/15/26 | 477,024 | 0.2 |
| | | | |
| | Communications: 0.6% |
500,000 | # | CommScope, Inc., 4.750%, 09/01/29 | 336,173 | 0.2 |
500,000 | # | LCPR Senior Secured Financing DAC, 6.750%, 10/15/27 | 490,232 | 0.2 |
Principal Amount† | | Borrower/Tranche Description | Fair Value | Percentage of Net Assets |
LOANS*: (continued) | |
| | Communications: (continued) |
500,000 | # | ViaSat, Inc., 5.625%, 04/15/27 | $ | 484,278 | 0.2 |
| | | 1,310,683 | 0.6 |
| | | | |
| | Consumer, Cyclical: 1.7% |
500,000 | | Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/28 | 484,248 | 0.2 |
300,000 | | Ford Motor Credit Co. LLC, 4.125%, 08/17/27 | 284,266 | 0.1 |
500,000 | # | Gap, Inc./The, 3.875%, 10/01/31 | 412,477 | 0.2 |
355,000 | # | Sonic Automotive, Inc., 4.625%, 11/15/29 | 323,496 | 0.2 |
500,000 | # | SRS Distribution, Inc., 6.125%, 07/01/29 | 474,617 | 0.2 |
500,000 | # | Taylor Morrison Communities, Inc., 5.750%, 01/15/28 | 502,881 | 0.2 |
500,000 | # | Tempur Sealy International, Inc., 3.875%, 10/15/31 | 423,329 | 0.2 |
500,000 | # | Williams Scotsman International, Inc., 4.625%, 08/15/28 | 472,756 | 0.2 |
500,000 | # | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/27 | 486,962 | 0.2 |
| | | 3,865,032 | 1.7 |
| | | | |
| | Consumer, Non-cyclical: 0.8% |
500,000 | # | ADT Security Corp./The, 4.125%, 08/01/29 | 460,675 | 0.2 |
500,000 | # | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/30 | 479,208 | 0.2 |
500,000 | # | Primo Water Holdings, Inc., 4.375%, 04/30/29 | 461,274 | 0.2 |
500,000 | | Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/27 | 482,613 | 0.2 |
| | | 1,883,770 | 0.8 |
| | | | |
| | Energy: 1.0% |
500,000 | # | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/28 | 493,015 | 0.2 |
500,000 | # | Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/28 | 469,043 | 0.2 |
500,000 | # | Hess Midstream Operations L.P., 4.250%, 02/15/30 | 460,575 | 0.2 |
500,000 | # | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/30 | 485,578 | 0.2 |
500,000 | | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/29 | 465,013 | 0.2 |
| | | 2,373,224 | 1.0 |
| | | | |
| | Financial: 0.6% |
500,000 | | OneMain Finance Corp., 5.375%, 11/15/29 | 468,929 | 0.2 |
500,000 | # | PRA Group, Inc., 5.000%, 10/01/29 | 413,300 | 0.2 |
500,000 | # | United Wholesale Mortgage LLC, 5.750%, 06/15/27 | 490,568 | 0.2 |
| | | 1,372,797 | 0.6 |
| | | | |
| | Industrial: 0.8% |
250,000 | # | Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/28 | 242,199 | 0.1 |
500,000 | # | PGT Innovations, Inc., 4.375%, 10/01/29 | 498,759 | 0.2 |
500,000 | # | Rolls-Royce PLC, 5.750%, 10/15/27 | 501,171 | 0.3 |
500,000 | # | Standard Industries, Inc./NJ, 4.750%, 01/15/28 | 481,690 | 0.2 |
| | | 1,723,819 | 0.8 |
| | | | |
| | Technology: 0.4% |
550,000 | # | Entegris Escrow Corp., 6.950%, 06/15/30 | 547,307 | 0.2 |
500,000 | # | Open Text Corp., 3.875%, 12/01/29 | 448,927 | 0.2 |
| | | 996,234 | 0.4 |
| | | | |
| Total Corporate Bonds/Notes | | |
| (Cost $13,962,458) | 14,002,583 | 6.1 |
| | | |
Shares | | | Value | Percentage of Net Assets |
EQUITIES AND OTHER ASSETS: 1.2% |
408,271 | (5),(7) | 24 Hour Fitness Worldwide, Inc. | 3,266 | 0.0 |
544,388 | (5),(7) | 24 Hour Fitness Worldwide, Inc. - Preferred | 54 | 0.0 |
31,062 | (5),(7) | Avaya, Inc. 1145 Shares | 207,090 | 0.1 |
9,095 | (5),(7) | Avaya, Inc. 144A Shares | 59,117 | 0.0 |
69,381 | (7) | Cumulus Media, Inc. Class-A | 369,107 | 0.2 |
12,325 | (5) | Harvey Gulf International Marine LLC | 431,375 | 0.2 |
7,471 | (5),(7) | iQor | 6,306 | 0.0 |
102,480 | (5) | Longview Power LLC | 1,357,860 | 0.6 |
88,701 | (5),(7) | Save-A-Lot, Inc. / Moran Foods | – | 0.0 |
42,856 | (5),(7) | The Oneida Group (formerly EveryWare Global, Inc.) | 429 | 0.0 |
24,491 | (5),(7) | Yak Access LLC Common Unit Series A | 171 | 0.0 |
5,388 | (5),(7) | Yak Access LLC Common Unit Series B | 38 | 0.0 |
580,823 | (5),(7) | Yak Access LLC Preferred Series A | 232,329 | 0.1 |
1,117,890 | (5),(7) | Yak Access LLC Preferred Series B1 | 29,814 | 0.0 |
* | 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) | The borrower has filed for protection in federal bankruptcy court. |
(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) | All or a portion of this holding is subject to unfunded loan commitments. |
(7) | Non-income producing security. |
(8) | Rate shown is the 7-day yield as of December 31, 2023. |
(9) | Loans purchased on a when-issued or delayed-delivery basis. Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
The following is a summary of the fair valuations according to the inputs used as of December 31, 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 December 31, 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.
** Loans 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 December 31, 2023 may be due to securities no longer held or categorized as Level 3 at period end.