| Schedule of Investment Fund's Investment Portfolio |
The composition of the Fund’s investment portfolio at cost and fair value was as follows:
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June 30, 2025 |
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December 31, 2024 |
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Amortized Cost |
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Fair Value |
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% 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 |
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|
|
93.1 |
% |
|
$ |
1,282,630,555 |
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|
$ |
1,288,880,288 |
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|
|
94.1 |
% |
Second Lien Debt |
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|
4,819,351 |
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|
4,628,900 |
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|
0.2 |
% |
|
|
15,456,471 |
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|
|
13,299,257 |
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|
|
1.0 |
% |
Asset-Backed Securities |
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550,000 |
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|
555,817 |
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0.0 |
% |
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— |
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|
— |
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|
0.0 |
% |
Preferred Securities |
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6,988,783 |
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|
7,014,798 |
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0.4 |
% |
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|
— |
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|
— |
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0.0 |
% |
Equity |
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|
12,586,397 |
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|
14,147,863 |
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0.8 |
% |
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|
7,765,014 |
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|
9,064,990 |
|
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|
0.7 |
% |
Money Market Mutual Funds |
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|
14,805,047 |
|
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|
14,805,047 |
|
|
|
0.8 |
% |
|
|
10,026,024 |
|
|
|
10,026,024 |
|
|
|
0.7 |
% |
Fixed Income Mutual Funds |
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|
88,497,215 |
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|
88,107,511 |
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|
4.7 |
% |
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|
47,327,982 |
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|
47,969,881 |
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|
3.5 |
% |
Total Investments |
|
$ |
1,877,515,455 |
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|
$ |
1,872,890,796 |
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|
|
100.0 |
% |
|
$ |
1,363,206,046 |
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|
$ |
1,369,240,440 |
|
|
|
100.0 |
% |
|
| Schedule of the Industry and Geographic Composition |
The industry composition of investments at fair value was as follows:
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June 30, 2025 |
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December 31, 2024 |
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Health Care Services |
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11.5 |
% |
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14.5 |
% |
Application Software |
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10.6 |
% |
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11.3 |
% |
Specialized Consumer Services |
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9.9 |
% |
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9.5 |
% |
Packaged Foods & Meats |
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7.4 |
% |
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4.1 |
% |
Mutual Funds |
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5.5 |
% |
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4.2 |
% |
Diversified Support Services |
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5.3 |
% |
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6.6 |
% |
Industrial Machinery & Supplies & Components |
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4.9 |
% |
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8.0 |
% |
Aerospace & Defense |
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4.5 |
% |
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|
1.8 |
% |
Trading Companies & Distributors |
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|
3.0 |
% |
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|
1.1 |
% |
Air Freight & Logistics |
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|
2.9 |
% |
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|
1.1 |
% |
Electrical Components & Equipment |
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|
2.9 |
% |
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|
0.0 |
% |
Health Care Technology |
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2.8 |
% |
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|
7.4 |
% |
Diversified Financial Services |
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|
2.6 |
% |
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|
2.0 |
% |
IT Consulting & Other Services |
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2.4 |
% |
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0.0 |
% |
Building Products |
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2.0 |
% |
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0.7 |
% |
Health Care Facilities |
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1.9 |
% |
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2.5 |
% |
Health Care Supplies |
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1.9 |
% |
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0.6 |
% |
Environmental & Facilities Services |
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1.8 |
% |
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3.0 |
% |
Research & Consulting Services |
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1.8 |
% |
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2.4 |
% |
Life Sciences Tools & Services |
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1.5 |
% |
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2.0 |
% |
Paper & Plastic Packaging Products & Materials |
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1.5 |
% |
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2.1 |
% |
Specialty Chemicals |
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1.5 |
% |
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0.7 |
% |
Electronic Manufacturing Services |
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1.3 |
% |
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1.8 |
% |
Data Processing & Outsourced Services |
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1.1 |
% |
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1.4 |
% |
Soft Drinks & Non-Alcoholic Beverages |
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1.1 |
% |
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1.0 |
% |
Construction & Engineering |
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0.7 |
% |
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0.0 |
% |
Advertising |
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0.6 |
% |
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|
0.7 |
% |
Oil & Gas Storage & Transportation |
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0.6 |
% |
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|
0.0 |
% |
Specialized Finance |
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0.6 |
% |
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|
1.3 |
% |
Pharmaceuticals |
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|
0.5 |
% |
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0.7 |
% |
Electronic Components |
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|
0.4 |
% |
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|
0.6 |
% |
Home Improvement Retail |
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0.4 |
% |
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|
0.4 |
% |
Independent Power Producers & Energy Traders |
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0.4 |
% |
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|
0.0 |
% |
Office Services & Supplies |
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0.4 |
% |
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0.5 |
% |
Transaction & Payment Processing Services |
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0.4 |
% |
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0.7 |
% |
Copper |
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0.3 |
% |
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|
0.4 |
% |
Distributors |
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|
0.3 |
% |
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|
0.0 |
% |
Food Retail |
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0.2 |
% |
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|
0.3 |
% |
Hotels, Resorts & Cruise Lines |
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0.2 |
% |
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0.3 |
% |
Leisure Facilities |
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0.2 |
% |
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|
0.2 |
% |
Property & Casualty Insurance |
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|
0.2 |
% |
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|
0.9 |
% |
Broadline Retail |
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0.0 |
% |
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0.0 |
% |
Commercial & Residential Mortgage Finance |
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0.0 |
% |
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|
0.0 |
% |
Commodity Chemicals |
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0.0 |
% |
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|
0.6 |
% |
Diversified Chemicals |
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|
0.0 |
% |
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|
0.4 |
% |
Fertilizers & Agricultural Chemicals |
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|
0.0 |
% |
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0.4 |
% |
Health Care Distributors |
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|
0.0 |
% |
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|
0.3 |
% |
Human Resource & Employment Services |
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0.0 |
% |
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|
0.0 |
% |
Insurance Brokers |
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0.0 |
% |
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|
0.2 |
% |
Internet Services & Infrastructure |
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|
0.0 |
% |
|
|
0.4 |
% |
Oil & Gas Refining & Marketing |
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|
0.0 |
% |
|
|
0.5 |
% |
Security & Alarm Services |
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|
0.0 |
% |
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|
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:
|
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|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
|