| Investments |
Note 4. Investments The composition of the Fund’s investment portfolio at cost and fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total Investments at Fair Value |
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total Investments at Fair Value |
|
First Lien Debt |
|
$ |
1,749,268,662 |
|
|
$ |
1,743,630,860 |
|
|
|
93.1 |
% |
|
$ |
1,282,630,555 |
|
|
$ |
1,288,880,288 |
|
|
|
94.1 |
% |
Second Lien Debt |
|
|
4,819,351 |
|
|
|
4,628,900 |
|
|
|
0.2 |
% |
|
|
15,456,471 |
|
|
|
13,299,257 |
|
|
|
1.0 |
% |
Asset-Backed Securities |
|
|
550,000 |
|
|
|
555,817 |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
0.0 |
% |
Preferred Securities |
|
|
6,988,783 |
|
|
|
7,014,798 |
|
|
|
0.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
0.0 |
% |
Equity |
|
|
12,586,397 |
|
|
|
14,147,863 |
|
|
|
0.8 |
% |
|
|
7,765,014 |
|
|
|
9,064,990 |
|
|
|
0.7 |
% |
Money Market Mutual Funds |
|
|
14,805,047 |
|
|
|
14,805,047 |
|
|
|
0.8 |
% |
|
|
10,026,024 |
|
|
|
10,026,024 |
|
|
|
0.7 |
% |
Fixed Income Mutual Funds |
|
|
88,497,215 |
|
|
|
88,107,511 |
|
|
|
4.7 |
% |
|
|
47,327,982 |
|
|
|
47,969,881 |
|
|
|
3.5 |
% |
Total Investments |
|
$ |
1,877,515,455 |
|
|
$ |
1,872,890,796 |
|
|
|
100.0 |
% |
|
$ |
1,363,206,046 |
|
|
$ |
1,369,240,440 |
|
|
|
100.0 |
% |
The industry composition of investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Health Care Services |
|
|
11.5 |
% |
|
|
14.5 |
% |
Application Software |
|
|
10.6 |
% |
|
|
11.3 |
% |
Specialized Consumer Services |
|
|
9.9 |
% |
|
|
9.5 |
% |
Packaged Foods & Meats |
|
|
7.4 |
% |
|
|
4.1 |
% |
Mutual Funds |
|
|
5.5 |
% |
|
|
4.2 |
% |
Diversified Support Services |
|
|
5.3 |
% |
|
|
6.6 |
% |
Industrial Machinery & Supplies & Components |
|
|
4.9 |
% |
|
|
8.0 |
% |
Aerospace & Defense |
|
|
4.5 |
% |
|
|
1.8 |
% |
Trading Companies & Distributors |
|
|
3.0 |
% |
|
|
1.1 |
% |
Air Freight & Logistics |
|
|
2.9 |
% |
|
|
1.1 |
% |
Electrical Components & Equipment |
|
|
2.9 |
% |
|
|
0.0 |
% |
Health Care Technology |
|
|
2.8 |
% |
|
|
7.4 |
% |
Diversified Financial Services |
|
|
2.6 |
% |
|
|
2.0 |
% |
IT Consulting & Other Services |
|
|
2.4 |
% |
|
|
0.0 |
% |
Building Products |
|
|
2.0 |
% |
|
|
0.7 |
% |
Health Care Facilities |
|
|
1.9 |
% |
|
|
2.5 |
% |
Health Care Supplies |
|
|
1.9 |
% |
|
|
0.6 |
% |
Environmental & Facilities Services |
|
|
1.8 |
% |
|
|
3.0 |
% |
Research & Consulting Services |
|
|
1.8 |
% |
|
|
2.4 |
% |
Life Sciences Tools & Services |
|
|
1.5 |
% |
|
|
2.0 |
% |
Paper & Plastic Packaging Products & Materials |
|
|
1.5 |
% |
|
|
2.1 |
% |
Specialty Chemicals |
|
|
1.5 |
% |
|
|
0.7 |
% |
Electronic Manufacturing Services |
|
|
1.3 |
% |
|
|
1.8 |
% |
Data Processing & Outsourced Services |
|
|
1.1 |
% |
|
|
1.4 |
% |
Soft Drinks & Non-Alcoholic Beverages |
|
|
1.1 |
% |
|
|
1.0 |
% |
Construction & Engineering |
|
|
0.7 |
% |
|
|
0.0 |
% |
Advertising |
|
|
0.6 |
% |
|
|
0.7 |
% |
Oil & Gas Storage & Transportation |
|
|
0.6 |
% |
|
|
0.0 |
% |
Specialized Finance |
|
|
0.6 |
% |
|
|
1.3 |
% |
Pharmaceuticals |
|
|
0.5 |
% |
|
|
0.7 |
% |
Electronic Components |
|
|
0.4 |
% |
|
|
0.6 |
% |
Home Improvement Retail |
|
|
0.4 |
% |
|
|
0.4 |
% |
Independent Power Producers & Energy Traders |
|
|
0.4 |
% |
|
|
0.0 |
% |
Office Services & Supplies |
|
|
0.4 |
% |
|
|
0.5 |
% |
Transaction & Payment Processing Services |
|
|
0.4 |
% |
|
|
0.7 |
% |
Copper |
|
|
0.3 |
% |
|
|
0.4 |
% |
Distributors |
|
|
0.3 |
% |
|
|
0.0 |
% |
Food Retail |
|
|
0.2 |
% |
|
|
0.3 |
% |
Hotels, Resorts & Cruise Lines |
|
|
0.2 |
% |
|
|
0.3 |
% |
Leisure Facilities |
|
|
0.2 |
% |
|
|
0.2 |
% |
Property & Casualty Insurance |
|
|
0.2 |
% |
|
|
0.9 |
% |
Broadline Retail |
|
|
0.0 |
% |
|
|
0.0 |
% |
Commercial & Residential Mortgage Finance |
|
|
0.0 |
% |
|
|
0.0 |
% |
Commodity Chemicals |
|
|
0.0 |
% |
|
|
0.6 |
% |
Diversified Chemicals |
|
|
0.0 |
% |
|
|
0.4 |
% |
Fertilizers & Agricultural Chemicals |
|
|
0.0 |
% |
|
|
0.4 |
% |
Health Care Distributors |
|
|
0.0 |
% |
|
|
0.3 |
% |
Human Resource & Employment Services |
|
|
0.0 |
% |
|
|
0.0 |
% |
Insurance Brokers |
|
|
0.0 |
% |
|
|
0.2 |
% |
Internet Services & Infrastructure |
|
|
0.0 |
% |
|
|
0.4 |
% |
Oil & Gas Refining & Marketing |
|
|
0.0 |
% |
|
|
0.5 |
% |
Security & Alarm Services |
|
|
0.0 |
% |
|
|
0.4 |
% |
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
Amounts shown as 0.0% in the above table may represent values of less than 0.05%. The geographic composition of investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
Fair Value |
|
|
% of Total Investments at Fair Value |
|
|
Fair Value as % of Net Assets |
|
|
Fair Value |
|
|
% of Total Investments at Fair Value |
|
|
Fair Value as % of Net Assets |
|
United States |
|
$ |
1,828,779,731 |
|
|
|
97.7 |
% |
|
|
175.8 |
% |
|
$ |
1,325,749,895 |
|
|
|
96.8 |
% |
|
|
171.1 |
% |
Australia |
|
|
31,938,566 |
|
|
|
1.7 |
% |
|
|
3.1 |
% |
|
|
32,260,769 |
|
|
|
2.4 |
% |
|
|
4.2 |
% |
Canada |
|
|
10,685,963 |
|
|
|
0.6 |
% |
|
|
1.0 |
% |
|
|
10,267,051 |
|
|
|
0.7 |
% |
|
|
1.3 |
% |
Luxembourg |
|
|
930,719 |
|
|
|
0.0 |
% |
|
|
0.1 |
% |
|
|
962,725 |
|
|
|
0.1 |
% |
|
|
0.1 |
% |
Grand Cayman |
|
|
555,817 |
|
|
|
0.0 |
% |
|
|
0.1 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Total |
|
$ |
1,872,890,796 |
|
|
|
100.0 |
% |
|
|
180.1 |
% |
|
$ |
1,369,240,440 |
|
|
|
100.0 |
% |
|
|
176.7 |
% |
As of June 30, 2025 and December 31, 2024, on a fair value basis, 100% of debt investments bore interest at a floating rate and 0% of debt investments bore interest at a fixed rate. As of June 30, 2025 and December 31, 2024, there were no investments on non-accrual status.
|