| Aristotle High Yield Bond Fund | |
| Schedule of Investments | |
| December 31, 2024 (Unaudited) | |
| | |
| CORPORATE BONDS - 82.7% | | Par | | | Value | |
| Communications - 8.4% | |
| CCO Holdings LLC / CCO Holdings Capital Corp. | |
5.38%, 06/01/2029 (a) | | $ | 265,000 | | | $ | 253,679 | |
6.38%, 09/01/2029 (a) | | | 240,000 | | | | 238,215 | |
4.75%, 03/01/2030 (a) | | | 865,000 | | | | 790,888 | |
4.25%, 02/01/2031 (a) | | | 475,000 | | | | 414,554 | |
Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029 (a) | | | 825,000 | | | | 752,445 | |
| CSC Holdings LLC | |
11.75%, 01/31/2029 (a) | | | 850,000 | | | | 839,971 | |
3.38%, 02/15/2031 (a) | | | 200,000 | | | | 141,219 | |
DISH Network Corp., 11.75%, 11/15/2027 (a) | | | 1,150,000 | | | | 1,219,457 | |
| EchoStar Corp., 10.75%, 11/30/2029 | | | 400,000 | | | | 430,544 | |
| Frontier Communications Holdings LLC | |
5.00%, 05/01/2028 (a) | | | 425,000 | | | | 415,803 | |
8.63%, 03/15/2031 (a) | | | 700,000 | | | | 745,098 | |
| Level 3 Financing, Inc. | |
10.50%, 05/15/2030 (a) | | | 282,000 | | | | 308,508 | |
4.00%, 04/15/2031 (a) | | | 425,000 | | | | 336,813 | |
| Univision Communications, Inc. | |
8.00%, 08/15/2028 (a) | | | 475,000 | | | | 484,180 | |
8.50%, 07/31/2031 (a) | | | 550,000 | | | | 539,976 | |
Vmed O2 UK Financing I PLC, 4.75%, 07/15/2031 (a) | | | 370,000 | | | | 318,595 | |
Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (a) | | | 375,000 | | | | 387,747 | |
| | | | | | | | 8,617,692 | |
| | | | | | | | | |
| Consumer Discretionary - 15.8% | |
| 1011778 BC ULC / New Red Finance, Inc. | |
3.50%, 02/15/2029 (a) | | | 665,000 | | | | 610,007 | |
6.13%, 06/15/2029 (a) | | | 175,000 | | | | 175,786 | |
4.00%, 10/15/2030 (a) | | | 600,000 | | | | 537,146 | |
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a) | | | 1,450,000 | | | | 1,483,829 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a) | | | 705,000 | | | | 699,696 | |
Boyd Gaming Corp., 4.75%, 06/15/2031 (a) | | | 862,000 | | | | 798,073 | |
Caesars Entertainment, Inc., 4.63%, 10/15/2029 (a) | | | 950,000 | | | | 890,210 | |
Churchill Downs, Inc., 6.75%, 05/01/2031 (a) | | | 350,000 | | | | 354,223 | |
Cornerstone Building Brands, Inc., 9.50%, 08/15/2029 (a) | | | 425,000 | | | | 414,166 | |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | |
4.63%, 01/15/2029 (a) | | | 325,000 | | | | 302,723 | |
6.75%, 01/15/2030 (a) | | | 455,000 | | | | 420,142 | |
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (a) | | | 485,000 | | | | 445,631 | |
| Garda World Security Corp. | |
8.25%, 08/01/2032 (a) | | | 350,000 | | | | 356,114 | |
8.38%, 11/15/2032 (a) | | | 625,000 | | | | 636,931 | |
Grupo Aeromexico SAB de CV, 8.63%, 11/15/2031 (a) | | | 450,000 | | | | 444,375 | |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. | |
4.88%, 07/01/2031 (a) | | | 220,000 | | | | 197,119 | |
6.63%, 01/15/2032 (a) | | | 475,000 | | | | 477,025 | |
LGI Homes, Inc., 7.00%, 11/15/2032 (a) | | | 325,000 | | | | 322,169 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (a) | | | 2,870,000 | | | | 2,515,994 | |
Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (a) | | | 325,000 | | | | 314,814 | |
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (a) | | | 475,000 | | | | 453,689 | |
Six Flags Entertainment Corp./DE, 7.25%, 05/15/2031 (a) | | | 350,000 | | | | 357,841 | |
Veritiv Operating Co., 10.50%, 11/30/2030 (a) | | | 450,000 | | | | 485,204 | |
| Viking Cruises Ltd. | |
6.25%, 05/15/2025 (a) | | | 315,000 | | | | 315,297 | |
9.13%, 07/15/2031 (a) | | | 425,000 | | | | 457,451 | |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 (a) | | | 50,000 | | | | 49,246 | |
Wand NewCo 3, Inc., 7.63%, 01/30/2032 (a) | | | 634,275 | | | | 652,126 | |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | |
7.13%, 02/15/2031 (a) | | | 835,000 | | | | 870,166 | |
6.25%, 03/15/2033 (a) | | | 100,000 | | | | 98,563 | |
| | | | | | | | 16,135,756 | |
| | | | | | | | | |
| Consumer Staples - 5.7% | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 03/15/2029 (a) | | | 1,950,000 | | | | 1,776,655 | |
Chobani Holdco II LLC, 8.75% (includes 9.50% PIK), 10/01/2029 (a) | | | 475,000 | | | | 503,509 | |
| Fiesta Purchaser, Inc. | |
7.88%, 03/01/2031 (a) | | | 390,000 | | | | 407,594 | |
9.63%, 09/15/2032 (a) | | | 925,000 | | | | 971,327 | |
Post Holdings, Inc., 4.63%, 04/15/2030 (a) | | | 405,000 | | | | 373,865 | |
Primo Water Holdings, Inc., 4.38%, 04/30/2029 (a) | | | 425,000 | | | | 395,615 | |
Triton Water Holdings, Inc., 6.25%, 04/01/2029 (a) | | | 400,000 | | | | 397,501 | |
| US Foods, Inc. | |
4.63%, 06/01/2030 (a) | | | 285,000 | | | | 268,284 | |
5.75%, 04/15/2033 (a) | | | 125,000 | | | | 121,787 | |
Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 (a) | | | 575,000 | | | | 566,292 | |
| | | | | | | | 5,782,429 | |
| | | | | | | | | |
| Energy - 10.8% | |
Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (a) | | | 400,000 | | | | 409,459 | |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | |
5.38%, 06/15/2029 (a) | | | 835,000 | | | | 813,752 | |
6.63%, 02/01/2032 (a) | | | 25,000 | | | | 25,199 | |
Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032 (a) | | | 650,000 | | | | 649,806 | |
Civitas Resources, Inc., 8.63%, 11/01/2030 (a) | | | 425,000 | | | | 445,466 | |
| CQP Holdco LP / BIP-V Chinook Holdco LLC | |
5.50%, 06/15/2031 (a) | | | 215,000 | | | | 205,520 | |
7.50%, 12/15/2033 (a) | | | 600,000 | | | | 631,401 | |
Enerflex Ltd., 9.00%, 10/15/2027 (a) | | | 1,057,000 | | | | 1,101,288 | |
| Energy Transfer LP, 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 | | | 1,200,000 | | | | 1,222,378 | |
| Genesis Energy LP / Genesis Energy Finance Corp. | |
| 7.88%, 05/15/2032 | | | 350,000 | | | | 343,094 | |
| 8.00%, 05/15/2033 | | | 300,000 | | | | 293,869 | |
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.38%, 02/15/2032 (a) | | | 300,000 | | | | 302,617 | |
Range Resources Corp., 4.75%, 02/15/2030 (a) | | | 425,000 | | | | 399,138 | |
Sunoco LP, 7.25%, 05/01/2032 (a) | | | 500,000 | | | | 516,883 | |
Transocean, Inc., 8.50%, 05/15/2031 (a) | | | 600,000 | | | | 588,856 | |
| Venture Global Calcasieu Pass LLC | |
3.88%, 08/15/2029 (a) | | | 125,000 | | | | 114,934 | |
6.25%, 01/15/2030 (a) | | | 25,000 | | | | 25,251 | |
4.13%, 08/15/2031 (a) | | | 125,000 | | | | 112,040 | |
3.88%, 11/01/2033 (a) | | | 175,000 | | | | 150,471 | |
| Venture Global LNG, Inc. | |
8.13%, 06/01/2028 (a) | | | 325,000 | | | | 338,342 | |
9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual (a) | | | 575,000 | | | | 602,099 | |
7.00%, 01/15/2030 (a) | | | 100,000 | | | | 101,594 | |
8.38%, 06/01/2031 (a) | | | 100,000 | | | | 104,396 | |
9.88%, 02/01/2032 (a) | | | 1,010,000 | | | | 1,108,883 | |
Vital Energy, Inc., 7.88%, 04/15/2032 (a) | | | 450,000 | | | | 433,422 | |
| | | | | | | | 11,040,158 | |
| | | | | | | | | |
| Financials - 9.1% | |
| Acrisure LLC / Acrisure Finance, Inc. | |
6.00%, 08/01/2029 (a) | | | 300,000 | | | | 288,907 | |
7.50%, 11/06/2030 (a) | | | 1,500,000 | | | | 1,546,148 | |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | |
6.50%, 10/01/2031 (a) | | | 625,000 | | | | 619,608 | |
7.38%, 10/01/2032 (a) | | | 225,000 | | | | 227,352 | |
AssuredPartners, Inc., 5.63%, 01/15/2029 (a) | | | 425,000 | | | | 430,173 | |
Banco Mercantil del Norte SA/Grand Cayman, 6.63% to 01/24/2032 then 10 yr. CMT Rate + 5.03%, Perpetual (a) | | | 400,000 | | | | 359,973 | |
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a) | | | 510,000 | | | | 535,069 | |
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (a) | | | 500,000 | | | | 486,296 | |
CoreLogic, Inc., 4.50%, 05/01/2028 (a) | | | 635,000 | | | | 594,180 | |
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC | |
7.25%, 02/15/2031 (a) | | | 400,000 | | | | 406,934 | |
8.13%, 02/15/2032 (a) | | | 575,000 | | | | 587,859 | |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (a) | | | 125,000 | | | | 115,177 | |
| Iron Mountain, Inc. | |
4.88%, 09/15/2029 (a) | | | 405,000 | | | | 385,214 | |
4.50%, 02/15/2031 (a) | | | 75,000 | | | | 68,625 | |
6.25%, 01/15/2033 (a) | | | 125,000 | | | | 124,583 | |
| OneMain Finance Corp. | |
| 3.88%, 09/15/2028 | | | 415,000 | | | | 382,777 | |
| 5.38%, 11/15/2029 | | | 195,000 | | | | 187,634 | |
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (a) | | | 1,300,000 | | | | 1,314,410 | |
Saks Global Enterprises LLC, 11.00%, 12/15/2029 (a) | | | 175,000 | | | | 169,519 | |
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032 (a) | | | 450,000 | | | | 458,049 | |
| | | | | | | | 9,288,487 | |
| | | | | | | | | |
| Health Care - 2.9% | |
| Bausch Health Cos., Inc. | |
6.13%, 02/01/2027 (a) | | | 125,000 | | | | 113,577 | |
5.75%, 08/15/2027 (a) | | | 125,000 | | | | 108,892 | |
4.88%, 06/01/2028 (a) | | | 300,000 | | | | 240,335 | |
| Charles River Laboratories International, Inc. | |
3.75%, 03/15/2029 (a) | | | 250,000 | | | | 229,486 | |
4.00%, 03/15/2031 (a) | | | 200,000 | | | | 178,833 | |
| CHS/Community Health Systems, Inc. | |
4.75%, 02/15/2031 (a) | | | 555,000 | | | | 431,208 | |
10.88%, 01/15/2032 (a) | | | 200,000 | | | | 206,596 | |
Medline Borrower LP, 3.88%, 04/01/2029 (a) | | | 750,000 | | | | 695,180 | |
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a) | | | 25,000 | | | | 25,295 | |
| Tenet Healthcare Corp. | |
| 4.63%, 06/15/2028 | | | 75,000 | | | | 71,843 | |
| 4.25%, 06/01/2029 | | | 125,000 | | | | 117,464 | |
| 4.38%, 01/15/2030 | | | 615,000 | | | | 571,668 | |
| | | | | | | | 2,990,377 | |
| | | | | | | | | |
| Industrials - 13.4% | |
BWX Technologies, Inc., 4.13%, 04/15/2029 (a) | | | 885,000 | | | | 825,655 | |
| Chart Industries, Inc. | |
7.50%, 01/01/2030 (a) | | | 625,000 | | | | 650,580 | |
9.50%, 01/01/2031 (a) | | | 600,000 | | | | 645,458 | |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | |
6.63%, 12/15/2030 (a) | | | 510,000 | | | | 511,318 | |
6.75%, 07/15/2031 (a) | | | 25,000 | | | | 25,213 | |
EquipmentShare.com, Inc., 9.00%, 05/15/2028 (a) | | | 500,000 | | | | 519,294 | |
| GFL Environmental, Inc. | |
3.75%, 08/01/2025 (a) | | | 300,000 | | | | 297,453 | |
3.50%, 09/01/2028 (a) | | | 200,000 | | | | 188,657 | |
4.38%, 08/15/2029 (a) | | | 700,000 | | | | 662,325 | |
6.75%, 01/15/2031 (a) | | | 100,000 | | | | 102,811 | |
Goat Holdco LLC, 6.75%, 02/01/2032 (a) | | | 500,000 | | | | 495,668 | |
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a) | | | 625,000 | | | | 653,285 | |
Madison IAQ LLC, 5.88%, 06/30/2029 (a) | | | 400,000 | | | | 378,134 | |
OT Merger Corp., 7.88%, 10/15/2029 (a) | | | 1,615,000 | | | | 709,163 | |
| Regal Rexnord Corp., 6.40%, 04/15/2033 | | | 700,000 | | | | 722,593 | |
| Sensata Technologies, Inc. | |
4.38%, 02/15/2030 (a) | | | 300,000 | | | | 275,087 | |
3.75%, 02/15/2031 (a) | | | 200,000 | | | | 175,066 | |
| Spirit AeroSystems, Inc. | |
9.38%, 11/30/2029 (a) | | | 475,000 | | | | 509,077 | |
9.75%, 11/15/2030 (a) | | | 625,000 | | | | 692,411 | |
SPX FLOW, Inc., 8.75%, 04/01/2030 (a) | | | 1,750,000 | | | | 1,795,255 | |
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 (a) | | | 680,000 | | | | 680,870 | |
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a) | | | 435,000 | | | | 426,185 | |
| TransDigm, Inc. | |
6.75%, 08/15/2028 (a) | | | 325,000 | | | | 328,241 | |
6.38%, 03/01/2029 (a) | | | 525,000 | | | | 526,823 | |
| 4.88%, 05/01/2029 | | | 190,000 | | | | 179,577 | |
6.88%, 12/15/2030 (a) | | | 175,000 | | | | 177,727 | |
7.13%, 12/01/2031 (a) | | | 275,000 | | | | 281,934 | |
6.63%, 03/01/2032 (a) | | | 100,000 | | | | 101,028 | |
6.00%, 01/15/2033 (a) | | | 175,000 | | | | 171,649 | |
| | | | | | | | 13,708,537 | |
| | | | | | | | | |
| Materials - 9.6% | |
Calderys Financing II LLC, 11.75% (includes 12.50% PIK), 06/01/2028 (a) | | | 750,000 | | | | 763,559 | |
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2030 (a) | | | 475,000 | | | | 482,388 | |
Herens Holdco Sarl, 4.75%, 05/15/2028 (a) | | | 575,000 | | | | 531,216 | |
Iris Holding, Inc., 10.00%, 12/15/2028 (a) | | | 220,000 | | | | 209,644 | |
| LABL, Inc. | |
5.88%, 11/01/2028 (a) | | | 735,000 | | | | 656,191 | |
9.50%, 11/01/2028 (a) | | | 25,000 | | | | 25,065 | |
8.25%, 11/01/2029 (a) | | | 320,000 | | | | 278,200 | |
8.63%, 10/01/2031 (a) | | | 825,000 | | | | 764,112 | |
| Mauser Packaging Solutions Holding Co. | |
7.88%, 04/15/2027 (a) | | | 75,000 | | | | 76,609 | |
9.25%, 04/15/2027 (a) | | | 1,115,000 | | | | 1,133,025 | |
| Novelis Corp. | |
4.75%, 01/30/2030 (a) | | | 335,000 | | | | 309,582 | |
3.88%, 08/15/2031 (a) | | | 275,000 | | | | 237,080 | |
Olympus Water US Holding Corp., 7.25%, 06/15/2031 (a) | | | 850,000 | | | | 867,072 | |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031 (a) | | | 500,000 | | | | 487,235 | |
| Perenti Finance Pty Ltd. | |
6.50%, 10/07/2025 (a) | | | 128,313 | | | | 128,390 | |
7.50%, 04/26/2029 (a) | | | 200,000 | | | | 207,586 | |
Sealed Air Corp., 6.88%, 07/15/2033 (a) | | | 1,075,000 | | | | 1,123,892 | |
Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031 (a) | | | 25,000 | | | | 25,801 | |
Standard Building Solutions, Inc., 6.50%, 08/15/2032 (a) | | | 325,000 | | | | 325,800 | |
| Standard Industries, Inc./NY | |
4.75%, 01/15/2028 (a) | | | 215,000 | | | | 205,937 | |
4.38%, 07/15/2030 (a) | | | 145,000 | | | | 132,963 | |
3.38%, 01/15/2031 (a) | | | 375,000 | | | | 321,836 | |
Windsor Holdings III LLC, 8.50%, 06/15/2030 (a) | | | 475,000 | | | | 500,394 | |
| | | | | | | | 9,793,577 | |
| | | | | | | | | |
| Technology - 3.0% | |
Amentum Holdings, Inc., 7.25%, 08/01/2032 (a) | | | 450,000 | | | | 453,923 | |
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (a) | | | 450,000 | | | | 445,241 | |
Ellucian Holdings, Inc., 6.50%, 12/01/2029 (a) | | | 500,000 | | | | 501,462 | |
Entegris, Inc., 4.38%, 04/15/2028 (a) | | | 390,000 | | | | 372,997 | |
Open Text Holdings, Inc., 4.13%, 12/01/2031 (a) | | | 440,000 | | | | 390,572 | |
Rackspace Finance LLC, 3.50%, 05/15/2028 (a) | | | 185,500 | | | | 111,996 | |
UKG, Inc., 6.88%, 02/01/2031 (a) | | | 800,000 | | | | 812,486 | |
| | | | | | | | 3,088,677 | |
| | | | | | | | | |
| Utilities - 4.0% | |
Calpine Corp., 5.13%, 03/15/2028 (a) | | | 590,000 | | | | 572,664 | |
NextEra Energy Operating Partners LP, 7.25%, 01/15/2029 (a) | | | 1,075,000 | | | | 1,100,720 | |
| NRG Energy, Inc. | |
3.63%, 02/15/2031 (a) | | | 750,000 | | | | 656,364 | |
6.25%, 11/01/2034 (a) | | | 75,000 | | | | 73,623 | |
| PG&E Corp. | |
| 5.25%, 07/01/2030 | | | 640,000 | | | | 626,862 | |
| 7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055 | | | 50,000 | | | | 51,436 | |
| Vistra Operations Co. LLC | |
4.38%, 05/01/2029 (a) | | | 625,000 | | | | 589,014 | |
7.75%, 10/15/2031 (a) | | | 100,000 | | | | 104,999 | |
6.88%, 04/15/2032 (a) | | | 250,000 | | | | 256,217 | |
| | | | | | | | 4,031,899 | |
TOTAL CORPORATE BONDS (Cost $84,431,813) | | | | 84,477,589 | |
| | | | | | | | | |
| BANK LOANS - 7.2% | | Par | | | Value | |
| Industrials - 3.2% | |
| Engineered Machinery Holdings, Inc., Senior Secured Second Lien | |
| 10.85% (3 mo. SOFR US + 6.00%), 05/21/2029 | | | 400,000 | | | | 402,000 | |
| 11.63% (3 mo. SOFR US + 6.50%), 05/21/2029 | | | 478,568 | | | | 481,360 | |
| Icebox Holdco III, Inc., Senior Secured Second Lien, 11.60% (3 mo. SOFR US + 6.75%), 12/24/2029 | | | 500,000 | | | | 507,085 | |
| Roper Industrial Products Investment Co., Senior Secured First Lien, 7.19% (3 mo. SOFR US + 2.75%), 11/23/2029 | | | 492,537 | | | | 495,924 | |
| SPX FLOW, Inc., Senior Secured First Lien, 7.36% (1 mo. SOFR US + 3.00%), 04/05/2029 | | | 500,000 | | | | 504,782 | |
| STS Operating, Inc., Senior Secured First Lien, 8.46% (1 mo. SOFR US + 4.00%), 03/25/2031 | | | 398,609 | | | | 400,353 | |
| TK Elevator US Newco, Inc., Senior Secured First Lien | |
| 8.59% (6 mo. SOFR US + 3.50%), 04/30/2030 | | | 315,990 | | | | 318,678 | |
| 8.59% (6 mo. SOFR US + 3.50%), 04/30/2030 | | | 181,513 | | | | 183,057 | |
| | | | | | | | 3,293,239 | |
| | | | | | | | | |
| Materials - 1.2% | |
| Iris Holding, Inc., Senior Secured First Lien | |
| 9.44% (3 mo. SOFR US + 4.75%), 06/28/2028 | | | 382,139 | | | | 369,242 | |
| 9.54% (3 mo. SOFR US + 4.75%), 06/28/2028 | | | 364,943 | | | | 352,626 | |
| Pregis TopCo LLC, Senior Secured First Lien, 8.36% (1 mo. SOFR US + 4.00%), 07/31/2026 | | | 493,523 | | | | 497,358 | |
| | | | | | | | 1,219,226 | |
| | | | | | | | | |
| Technology - 2.8% | |
| Applied Systems, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 02/24/2031 | | | 495,006 | | | | 500,380 | |
| Ellucian Holdings, Inc., Senior Secured Second Lien, 9.11% (1 mo. SOFR US + 4.75%), 11/22/2032 | | | 500,000 | | | | 510,835 | |
| Epicor Software T/L F - Target, Senior Secured First Lien, 7.11% (1 mo. SOFR US + 2.75%), 05/30/2031 | | | 500,000 | | | | 504,192 | |
| Peraton Corp., Senior Secured Second Lien, 12.46% (3 mo. SOFR US + 7.75%), 02/01/2029 | | | 375,000 | | | | 306,952 | |
| Polaris Newco LLC, Senior Secured First Lien, 8.96% (3 mo. SOFR US + 4.00%), 06/05/2028 | | | 489,873 | | | | 491,375 | |
| UKG, Inc., Senior Secured First Lien, 7.62% (3 mo. SOFR US + 3.00%), 02/10/2031 | | | 494,916 | | | | 499,026 | |
| | | | | | | | 2,812,760 | |
TOTAL BANK LOANS (Cost $7,341,006) | | | | 7,325,225 | |
| | | | | | | | | |
| COLLATERALIZED LOAN OBLIGATIONS - 5.5% | | Par | | | Value | |
Aimco CDO, Series 2019-10A, Class ERR, 10.28% (3 mo. Term SOFR + 5.65%), 07/22/2037 (a) | | | 250,000 | | | | 256,106 | |
CarVal CLO, Series 2019-2A, Class E, 11.32% (3 mo. Term SOFR + 6.70%), 07/20/2032 (a) | | | 525,000 | | | | 529,529 | |
| Clover CLO | |
Series 2018-1A, Class ERR, 11.02% (3 mo. Term SOFR + 6.40%), 04/20/2037 (a) | | | 250,000 | | | | 257,348 | |
Series 2019-2A, Class ER, 11.29% (3 mo. Term SOFR + 6.66%), 10/25/2033 (a) | | | 500,000 | | | | 505,238 | |
Eaton Vance Management, Series 2020-1A, Class ERR, 10.91% (3 mo. Term SOFR + 6.25%), 10/15/2037 (a) | | | 500,000 | | | | 516,749 | |
Neuberger Berman CLO Ltd., Series 2018-30A, Class ER, 11.08% (3 mo. Term SOFR + 6.46%), 01/20/2031 (a) | | | 750,000 | | | | 757,051 | |
OHA Credit Partners Ltd., Series 2012-7A, Class ER3, 11.03% (3 mo. Term SOFR + 6.51%), 02/20/2034 (a) | | | 250,000 | | | | 252,442 | |
OHA Loan Funding Ltd., Series 2016-1A, Class ER2, 10.32% (3 mo. Term SOFR + 5.70%), 07/20/2037 (a) | | | 1,000,000 | | | | 1,019,498 | |
| RR Ltd./Cayman Islands | |
Series 2020-8A, Class DR, 10.91% (3 mo. Term SOFR + 6.25%), 07/15/2037 (a) | | | 500,000 | | | | 508,080 | |
Series 2024-30A, Class D, 10.98% (3 mo. Term SOFR + 5.75%), 07/15/2036 (a) | | | 500,000 | | | | 512,793 | |
Trimaran CAVU LLC, Series 2021-3A, Class E, 12.26% (3 mo. Term SOFR + 7.63%), 01/18/2035 (a) | | | 500,000 | | | | 506,140 | |
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $5,522,414) | | | | 5,620,974 | |
| | | | | | | | | |
| COMMON STOCKS - 0.2% | | Shares | | | Value | |
| Industrials - 0.2% | | | | | |
Chart Industries, Inc. (b) | | | 1,083 | | | | 206,680 | |
TOTAL COMMON STOCKS (Cost $132,813) | | | | 206,680 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 95.6% (Cost $97,428,046) | | | | 97,630,468 | |
| Other Assets in Excess of Liabilities - 4.4% | | | | 4,503,254 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 102,133,722 | |
| two | | | | – | % |
| Percentages are stated as a percent of net assets. | | | | – | % |
