Principal
Amount
$
Value
$
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
144A,5.00%,
8/15/27
518,000
511,312
144A,4.25%,
1/15/29
416,000
393,436
144A,4.625%,
3/15/30
(a)
367,000
344,303
144A,7.375%,
2/15/31
278,000
293,583
Stagwell
Global
LLC,144A,5.625%,
8/15/29
854,000
802,963
(Cost
$7,935,286)
8,063,601
Internet
—
1.9%
ANGI
Group
LLC,144A,3.875%,
8/15/28
405,000
375,200
Arches
Buyer,
Inc.,144A,4.25%,
6/1/28
740,000
696,988
Cablevision
Lightpath
LLC,144A,3.875%,
9/15/27
346,000
332,374
Cars.com,
Inc.,144A,6.375%,
11/1/28
295,000
294,725
Cogent
Communications
Group
LLC,144A,7.00%,
6/15/27
368,000
369,981
Cogent
Communications
Group,
Inc.
/
Cogent
Communications
Finance,
Inc.,144A,7.00%,
6/15/27
200,000
201,237
Gen
Digital,
Inc.
144A,6.75%,
9/30/27
669,000
680,555
144A,7.125%,
9/30/30
(a)
466,000
481,000
144A,6.25%,
4/1/33
740,000
748,216
Getty
Images,
Inc.
144A,9.75%,
3/1/27
200,000
196,228
144A,11.25%,
2/21/30
410,000
406,925
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
144A,5.25%,
12/1/27
444,000
441,372
144A,3.50%,
3/1/29
585,000
546,067
GrubHub
Holdings,
Inc.,144A,5.50%,
7/1/27
(a)
385,000
355,162
ION
Trading
Technologies
SARL
144A,5.75%,
5/15/28
354,000
342,168
144A,9.50%,
5/30/29
598,000
616,571
Match
Group
Holdings
II
LLC
144A,5.00%,
12/15/27
356,000
352,699
144A,4.625%,
6/1/28
306,000
296,534
144A,5.625%,
2/15/29
304,000
301,450
144A,4.125%,
8/1/30
366,000
337,786
144A,3.625%,
10/1/31
397,000
347,213
Rakuten
Group,
Inc.
144A,6.25%,
Perpetual
763,000
690,819
144A,11.25%,
2/15/27
1,374,000
1,481,521
144A,9.75%,
4/15/29
1,496,000
1,601,707
144A,8.125%,
Perpetual6/15/73
420,000
402,821
Snap,
Inc.,144A,6.875%,
3/1/33
1,130,000
1,144,629
Principal
Amount
$
Value
$
Wayfair
LLC
144A,7.25%,
10/31/29
610,000
594,099
144A,7.75%,
9/15/30
(a)
525,000
514,369
Ziff
Davis,
Inc.,144A,4.625%,
10/15/30
345,000
312,704
(Cost
$15,036,873)
15,463,120
Media
—
6.2%
AMC
Networks,
Inc.
144A,10.25%,
1/15/29
663,000
702,780
4.25%,
2/15/29
(a)
692,000
529,380
Block
Communications,
Inc.,144A,4.875%,
3/1/28
225,000
212,762
Cable
One,
Inc.,144A,4.00%,
11/15/30
(a)
490,000
379,487
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
144A,5.125%,
5/1/27
1,984,000
1,963,532
144A,5.00%,
2/1/28
1,620,000
1,588,939
144A,5.375%,
6/1/29
1,048,000
1,033,523
144A,6.375%,
9/1/29
963,000
976,061
144A,4.75%,
3/1/30
1,950,000
1,861,449
144A,4.50%,
8/15/30
1,754,000
1,644,640
144A,4.25%,
2/1/31
1,874,000
1,716,409
144A,7.375%,
3/1/31
(a)
696,000
720,360
144A,4.75%,
2/1/32
(a)
752,000
696,142
4.50%,
5/1/32
1,854,000
1,687,406
144A,4.50%,
6/1/33
1,093,000
972,139
144A,4.25%,
1/15/34
1,313,000
1,133,425
Directv
Financing
LLC,144A,8.875%,
2/1/30
580,000
571,337
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
144A,5.875%,
8/15/27
2,511,000
2,471,599
144A,10.00%,
2/15/31
1,590,000
1,547,630
DISH
Network
Corp.,144A,11.75%,
11/15/27
2,687,000
2,772,207
Gray
Media,
Inc.,144A,10.50%,
7/15/29
972,000
1,033,742
McGraw-Hill
Education,
Inc.
144A,5.75%,
8/1/28
630,000
622,300
144A,7.375%,
9/1/31
480,000
493,880
Midcontinent
Communications,144A,8.00%,
8/15/32
490,000
506,758
Nexstar
Media,
Inc.
144A,5.625%,
7/15/27
1,324,000
1,318,706
144A,4.75%,
11/1/28
(a)
740,000
711,945
Paramount
Global
6.25%,
2/28/57
539,000
508,319
6.375%,
3/30/62
723,000
706,731
Scripps
Escrow
II,
Inc.,144A,3.875%,
1/15/29
400,000
342,000
Sinclair
Television
Group,
Inc.,144A,8.125%,
2/15/33
1,100,000
1,100,583