 |
Income Opportunities Fund
|
July 31, 2025
|
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|
Schedule of Investments (Unaudited)
|
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|
(in thousands, except share data)
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Issuer
|
|
Asset
|
|
Reference Rate & Spread
|
|
Maturity
Date |
|
Currency
|
Par
|
|
|
Fair Value
|
Footnotes
|
||
|
Leveraged Loans - 66.50%
|
|
|
|
|
|
|
|
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|
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|
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|
||
|
|
|
|
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|
||
|
Aerospace & Defense - 0.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Vertex Aerospace Services LLC
|
|
TL 1L B 12/21
|
|
SOFR + 2.25%
|
|
12/6/2030
|
|
USD
|
661
|
|
|
$ |
662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Alternative Carriers - 2.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Level 3 Financing Inc
|
|
TL 1L B 03/25
|
|
SOFR + 4.25%
|
|
3/29/2032
|
|
USD
|
5,536
|
|
|
5,593
|
|
||
|
Lumen Technologies Inc
|
|
TL 1L B2 03/24
|
|
SOFR + 2.35%
|
|
4/15/2030
|
|
USD
|
3,304
|
|
|
3,290
|
|
||
|
Zayo Group LLC
|
|
TL 1L B 03/20
|
|
SOFR + 3.00%
|
|
3/9/2027
|
|
USD
|
6,116
|
|
|
5,920
|
(a)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Application Software - 7.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cision Ltd
|
|
TL 1L 04/25
|
|
1.00% PIK, SOFR + 5.00%
|
|
4/29/2030
|
|
USD
|
1,387
|
|
|
1,404
|
(d)
|
||
|
Ellucian Inc
|
|
TL 2L 11/24
|
|
SOFR + 4.75%
|
|
11/22/2032
|
|
USD
|
1,109
|
|
|
1,141
|
|
||
|
Envestnet Inc
|
|
TL 1L B 09/24
|
|
SOFR + 3.00%
|
|
11/25/2031
|
|
USD
|
4,546
|
|
|
4,560
|
|
||
|
Misys Ltd
|
|
TL 1L B 07/25 USD
|
|
SOFR + 4.00%
|
|
7/30/2032
|
|
USD
|
6,751
|
|
|
6,726
|
|
||
|
Qlik Technologies Inc
|
|
TL 1L 11/24
|
|
SOFR + 3.25%
|
|
10/26/2030
|
|
USD
|
1,251
|
|
|
1,256
|
|
||
|
Qualtrics International Inc
|
|
TL 1L B2 02/25
|
|
SOFR + 2.25%
|
|
6/28/2030
|
|
USD
|
538
|
|
|
538
|
|
||
|
Solera LLC
|
|
TL 2L 06/21 PIK Toggle
|
|
SOFR + 9.00%
|
|
6/4/2029
|
|
USD
|
11,527
|
|
|
11,527
|
(b) (d)
|
||
|
TIBCO Software Inc
|
|
TL 1L B1 11/24
|
|
SOFR + 3.50%
|
|
3/29/2029
|
|
USD
|
10,056
|
|
|
10,085
|
|
||
|
TIBCO Software Inc
|
|
TL 1L B2 10/24
|
|
SOFR + 3.75%
|
|
3/21/2031
|
|
USD
|
3,664
|
|
|
3,681
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Automotive Parts & Equipment - 4.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Belron Finance Ltd
|
|
TL 1L B 09/24
|
|
SOFR + 2.75%
|
|
10/16/2031
|
|
USD
|
538
|
|
|
541
|
|
||
|
Innovative XCessories & Services LLC
|
|
TL 1L 02/20
|
|
SOFR + 4.25%
|
|
3/5/2027
|
|
USD
|
12,559
|
|
|
12,282
|
(a)
|
||
|
Parts Authority Inc
|
|
TL 1L 10/20
|
|
SOFR + 3.75%
|
|
10/28/2027
|
|
USD
|
10,705
|
|
|
8,655
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Broadcasting - 2.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NEP Broadcasting LLC
|
|
TL 1L B 12/23
|
|
1.50% PIK, EURIBOR + 3.50%
|
|
8/19/2026
|
|
EUR
|
8,283
|
|
|
8,759
|
(d)
|
||
|
NEP Broadcasting LLC
|
|
TL 1L B 12/23 (2019 A&E)
|
|
1.50% PIK, SOFR + 3.25%
|
|
8/19/2026
|
|
USD
|
486
|
|
|
462
|
(d)
|
||
|
NEP Broadcasting LLC
|
|
TL 2L 09/18
|
|
|
|
10/19/2026
|
|
USD
|
7,495
|
|
|
4,094
|
(e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Broadline Retail - 0.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AutoScout24 GmbH
|
|
TL 1L B 10/24
|
|
EURIBOR + 3.50%
|
|
12/10/2031
|
|
EUR
|
311
|
|
|
357
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Building Products - 3.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DiversiTech Holdings Inc
|
|
TL 1L B 12/21
|
|
SOFR + 3.50%
|
|
12/22/2028
|
|
USD
|
1,889
|
|
|
1,899
|
|
||
|
DiversiTech Holdings Inc
|
|
TL 2L B 12/21
|
|
SOFR + 6.75%
|
|
12/21/2029
|
|
USD
|
1,381
|
|
|
1,403
|
|
||
|
Foundation Building Materials LLC
|
|
TL 1L B3 04/25
|
|
SOFR + 5.25%
|
|
1/29/2031
|
|
USD
|
1,651
|
|
|
1,619
|
|
||
|
Hunter Douglas Inc
|
|
TL 1L B1 01/25
|
|
SOFR + 3.25%
|
|
1/17/2032
|
|
USD
|
4,040
|
|
|
4,047
|
|
||
|
MI Windows and Doors Inc
|
|
TL 1L B2 03/24
|
|
SOFR + 2.75%
|
|
3/28/2031
|
|
USD
|
3,984
|
|
|
3,994
|
|
||
|
Oldcastle Buildingenvelope Inc
|
|
TL 1L B 04/22
|
|
SOFR + 4.25%
|
|
4/29/2029
|
|
USD
|
4,038
|
|
|
3,688
|
|
||
|
PrimeSource Building Products Inc
|
|
TL 1L B 01/21
|
|
SOFR + 3.25%
|
|
12/28/2027
|
|
USD
|
1,939
|
|
|
1,915
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cable & Satellite - 1.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Astound Broadband (RCN/Radiate)
|
|
TL 1L 06/25
|
|
1.50% PIK, EURIBOR + 3.50%
|
|
9/25/2029
|
|
USD
|
7,378
|
|
|
6,407
|
(d)
|
||
|
Virgin Media Inc
|
|
TL 1L 09/19
|
|
SOFR + 2.50%
|
|
1/31/2028
|
|
USD
|
804
|
|
|
796
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Casinos & Gaming - 0.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Entain PLC
|
|
TL 1L B3 07/21
|
|
SOFR + 2.75%
|
|
10/31/2029
|
|
USD
|
387
|
|
|
388
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Commercial Printing - 1.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Multi-Color Corp
|
|
TL 1L B 10/21
|
|
EURIBOR + 5.00%
|
|
10/30/2028
|
|
EUR
|
10,124
|
|
|
10,027
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Commodity Chemicals - 0.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Ineos Quattro Holdings Ltd
|
|
TL 1L B 01/20
|
|
EURIBOR + 2.00%
|
|
1/29/2027
|
|
EUR
|
563
|
|
|
628
|
|
||
|
SI Group Inc
|
|
TL 1L B-1A 09/24
|
|
0.75% PIK, SOFR + 4.75%
|
|
10/16/2028
|
|
USD
|
1,765
|
|
|
653
|
(d) (e)
|
||
|
SI Group Inc
|
|
TL 1L B-1B 09/24
|
|
0.75% PIK, SOFR + 4.75%
|
|
10/16/2028
|
|
USD
|
3,952
|
|
|
1,462
|
(d)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Construction & Engineering - 0.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Azuria Water Solutions Inc
|
|
TL 1L 01/25
|
|
SOFR + 3.00%
|
|
5/17/2028
|
|
USD
|
3,952
|
|
|
3,972
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Construction Machinery & Heavy Transportation Equipment - 1.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Accuride Corp
|
|
TL 1L 03/25
|
|
3.00% PIK, SOFR + 1.50%
|
|
3/7/2030
|
|
USD
|
2,305
|
|
|
5,353
|
(a) (b) (d)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Construction Materials - 0.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
BME Group Holding BV
|
|
TL 1L B2 09/23
|
|
EURIBOR + 4.75%
|
|
12/31/2029
|
|
EUR
|
3,034
|
|
|
3,113
|
|
||
|
Quimper AB
|
|
TL 1L B 11/24
|
|
EURIBOR + 3.75%
|
|
3/29/2030
|
|
EUR
|
857
|
|
|
984
|
(a)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Data Processing & Outsourced Services - 0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
West Corp
|
|
TL 1L B3 01/23
|
|
|
|
4/10/2027
|
|
USD
|
4,801
|
|
|
2,600
|
(e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Chemicals - 0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Hexion International Cooperatief UA
|
|
TL 1L 12/24
|
|
SOFR + 4.00%
|
|
3/15/2029
|
|
USD
|
1,536
|
|
|
1,534
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Metals & Mining - 0.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Foresight Energy LLC
|
|
TL 1L A 06/20
|
|
SOFR + 8.00%
|
|
6/30/2027
|
|
USD
|
2,104
|
|
|
2,076
|
(a) (b)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Support Services - 0.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Legence Holdings LLC (aka Therma)
|
|
TL 1L 01/25
|
|
SOFR + 3.25%
|
|
12/18/2028
|
|
USD
|
918
|
|
|
922
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Education Services - 0.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
IU Finance Management GmbH
|
|
TL 1L B 11/24
|
|
EURIBOR + 3.75%
|
|
12/8/2031
|
|
EUR
|
1,215
|
|
|
1,390
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Environmental & Facilities Services - 2.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Brock Group LLC/The
|
|
TL 1L B 04/24
|
|
SOFR + 5.75%
|
|
5/2/2030
|
|
USD
|
7,895
|
|
|
7,678
|
(a)
|
||
|
Filtration Group Corp
|
|
TL 1L B 01/25
|
|
SOFR + 3.00%
|
|
10/21/2028
|
|
USD
|
3,994
|
|
|
4,008
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Financial Exchanges & Data - 0.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
IntraFi Network LLC
|
|
TL 1L B 01/25
|
|
SOFR + 3.50%
|
|
7/31/2031
|
|
USD
|
543
|
|
|
545
|
(a)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Health Care Equipment - 1.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Drive DeVilbiss Healthcare LLC
|
|
TL 1L 03/21
|
|
4.00% PIK, SOFR + 5.50%
|
|
6/1/2026
|
|
USD
|
7,917
|
|
|
6,825
|
(a) (b) (d)
|
||
|
Drive DeVilbiss Healthcare LLC
|
|
TL 1L 09/22 PIK
|
|
9.00% PIK, SOFR + 1.00%
|
|
6/1/2026
|
|
USD
|
1,201
|
|
|
1,222
|
(a) (b) (d)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Health Care Facilities - 0.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Independent Vetcare Ltd
|
|
TL 1L B11 01/24
|
|
EURIBOR + 4.00%
|
|
12/12/2028
|
|
EUR
|
375
|
|
|
431
|
|
||
|
LifePoint Hospitals Inc
|
|
TL 1L B 09/24
|
|
SOFR + 3.75%
|
|
5/17/2031
|
|
USD
|
285
|
|
|
285
|
|
||
|
Mehilainen Oy
|
|
TL 1L 06/25
|
|
EURIBOR + 3.50%
|
|
8/5/2031
|
|
EUR
|
1,237
|
|
|
1,418
|
|
||
|
ScionHealth
|
|
TL 1L B 12/21
|
|
SOFR + 5.25%
|
|
12/23/2028
|
|
USD
|
1,685
|
|
|
672
|
(a)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Health Care Services - 0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Affidea BV
|
|
TL 1L B 01/25
|
|
EURIBOR + 3.75%
|
|
7/2/2029
|
|
EUR
|
1,190
|
|
|
1,365
|
|
||
|
CHG Healthcare Services Inc
|
|
TL 1L B1 12/24
|
|
SOFR + 3.00%
|
|
9/29/2028
|
|
USD
|
900
|
|
|
900
|
|
||
|
Inizio Group Ltd
|
|
TL 1L B 08/21
|
|
EURIBOR + 4.00%
|
|
8/19/2028
|
|
EUR
|
758
|
|
|
840
|
|
||
|
Sotera Health Holdings LLC
|
|
TL 1L 05/24
|
|
SOFR + 3.25%
|
|
5/30/2031
|
|
USD
|
543
|
|
|
545
|
|
||
|
Southern Veterinary Partners LLC
|
|
TL 1L B 07/25
|
|
SOFR + 2.50%
|
|
12/4/2031
|
|
USD
|
541
|
|
|
541
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Health Care Technology - 2.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Milano Acquisition Corp
|
|
TL 1L 08/20
|
|
SOFR + 4.00%
|
|
10/1/2027
|
|
USD
|
11,747
|
|
|
11,604
|
|
||
|
Zelis Healthcare Corp
|
|
TL 1L B 01/24
|
|
SOFR + 2.75%
|
|
9/28/2029
|
|
USD
|
543
|
|
|
542
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Hotels, Resorts & Cruise Lines - 0.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Travel + Leisure Co
|
|
TL 1L B 12/24
|
|
SOFR + 2.50%
|
|
12/14/2029
|
|
USD
|
758
|
|
|
761
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Human Resource & Employment Services - 0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
SIRVA Worldwide Inc
|
|
TL 1L 08/24
|
|
SOFR + 8.00%
|
|
2/20/2029
|
|
USD
|
302
|
|
|
302
|
(a) (b)
|
||
|
SIRVA Worldwide Inc
|
|
TL 1L 08/24
|
|
5.00% PIK, SOFR + 3.00%
|
|
8/20/2029
|
|
USD
|
1,319
|
|
|
1,319
|
(a) (b) (d)
|
||
|
SIRVA Worldwide Inc
|
|
TL 1L DD 08/24
|
|
SOFR + 8.00%
|
|
2/20/2029
|
|
USD
|
749
|
|
|
474
|
(a) (b) (h)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Industrial Machinery & Supplies & Components - 2.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
CPM Holdings Inc
|
|
TL 1L 09/23
|
|
SOFR + 4.50%
|
|
9/28/2028
|
|
USD
|
1,835
|
|
|
1,808
|
|
||
|
Dexko Global Inc
|
|
TL 1L 10/21
|
|
EURIBOR + 4.00%
|
|
10/4/2028
|
|
EUR
|
3,744
|
|
|
4,085
|
|
||
|
Dexko Global Inc
|
|
TL 1L B 09/21
|
|
SOFR + 3.75%
|
|
10/4/2028
|
|
USD
|
1,298
|
|
|
1,240
|
|
||
|
Dexko Global Inc
|
|
TL 1L B 09/21
|
|
EURIBOR + 4.00%
|
|
10/4/2028
|
|
EUR
|
2,585
|
|
|
2,820
|
|
||
|
Engineered Machinery Holdings Inc
|
|
TL 2L 08/21
|
|
SOFR + 6.00%
|
|
5/21/2029
|
|
USD
|
290
|
|
|
291
|
|
||
|
ProMach Group Inc
|
|
TL 1L B 02/25
|
|
SOFR + 2.75%
|
|
8/31/2028
|
|
USD
|
538
|
|
|
540
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Insurance Brokers - 0.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Ardonagh Group Ltd/The
|
|
TL 1L 01/25
|
|
EURIBOR + 3.63%
|
|
2/18/2031
|
|
EUR
|
955
|
|
|
1,096
|
|
||
|
Howden Group Holdings Ltd
|
|
TL 1L 11/24
|
|
EURIBOR + 3.50%
|
|
2/15/2031
|
|
EUR
|
1,094
|
|
|
1,256
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Interactive Media & Services - 3.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Twitter Inc
|
|
TL 1L 02/25
|
|
9.50%
|
|
10/26/2029
|
|
USD
|
12,536
|
|
|
12,180
|
|
||
|
Twitter Inc
|
|
TL 1L B1 10/22
|
|
SOFR + 6.50%
|
|
10/26/2029
|
|
USD
|
4,304
|
|
|
4,202
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Internet Services & Infrastructure - 0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
team.blue Finco SARL
|
|
TL 1L 06/24
|
|
EURIBOR + 3.45%
|
|
9/28/2029
|
|
EUR
|
1,403
|
|
|
1,605
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
IT Consulting & Other Services - 1.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sabre Inc
|
|
TL 1L B1 06/21
|
|
SOFR + 3.50%
|
|
12/17/2027
|
|
USD
|
2,010
|
|
|
2,005
|
|
||
|
Sabre Inc
|
|
TL 1L B1 11/24
|
|
SOFR + 6.00%
|
|
11/15/2029
|
|
USD
|
3,546
|
|
|
3,550
|
|
||
|
Sabre Inc
|
|
TL 1L B2 06/21
|
|
SOFR + 3.50%
|
|
12/17/2027
|
|
USD
|
1,335
|
|
|
1,332
|
|
||
|
Sabre Inc
|
|
TL 1L B2 11/24
|
|
SOFR + 6.00%
|
|
11/15/2029
|
|
USD
|
29
|
|
|
28
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Leisure Facilities - 1.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Aimbridge Acquisition Co Inc
|
|
TL 1L 02/25 (First Out)
|
|
SOFR + 5.50%
|
|
3/11/2030
|
|
USD
|
1,715
|
|
|
1,715
|
(b)
|
||
|
Aimbridge Acquisition Co Inc
|
|
TL 1L 02/25 (Second Out)
|
|
6.00% PIK, SOFR + 1.50%
|
|
3/11/2030
|
|
USD
|
1,145
|
|
|
1,145
|
(b) (d)
|
||
|
World Choice Investments LLC
|
|
TL 1L B 07/24
|
|
SOFR + 4.75%
|
|
8/16/2031
|
|
USD
|
5,377
|
|
|
5,402
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Leisure Products - 2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Camping World Good Sam
|
|
TL 1L B 05/21
|
|
SOFR + 2.50%
|
|
6/3/2028
|
|
USD
|
11,409
|
|
|
11,264
|
|
||
|
Topgolf Callaway Brands Corp
|
|
TL 1L B 03/23
|
|
SOFR + 3.00%
|
|
3/15/2030
|
|
USD
|
1,966
|
|
|
1,945
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Life Sciences Tools & Services - 0.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Clinigen Ltd
|
|
TL 1L B 01/25
|
|
EURIBOR + 3.75%
|
|
4/19/2029
|
|
EUR
|
592
|
|
|
677
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Oil & Gas Equipment & Services - 0.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
WaterBridge NDB Operating LLC
|
|
TL 1L B 04/24
|
|
SOFR + 4.00%
|
|
5/10/2029
|
|
USD
|
3,295
|
|
|
3,309
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Oil & Gas Storage & Transportation - 1.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Brazos Midstream Holdings LLC
|
|
TL 1L B 02/25
|
|
SOFR + 3.00%
|
|
2/11/2030
|
|
USD
|
1,030
|
|
|
1,033
|
|
||
|
NGL Energy Partners LP / NGL Energy Finance Corp
|
|
TL 1L B 01/24
|
|
SOFR + 3.75%
|
|
2/3/2031
|
|
USD
|
1,211
|
|
|
1,214
|
|
||
|
UGI Energy Services LLC
|
|
TL 1L B 06/24
|
|
SOFR + 2.50%
|
|
2/22/2030
|
|
USD
|
924
|
|
|
930
|
|
||
|
WaterBridge Midstream Operating LLC
|
|
TL 1L B 06/24
|
|
SOFR + 4.75%
|
|
6/27/2029
|
|
USD
|
5,496
|
|
|
5,514
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Other Specialty Retail - 1.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Harbor Freight Tools USA Inc
|
|
TL 1L B 05/24
|
|
SOFR + 2.25%
|
|
6/11/2031
|
|
USD
|
5,848
|
|
|
5,730
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Packaged Foods & Meats - 0.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Valeo Foods Group Ltd
|
|
TL 1L 05/21
|
|
EURIBOR + 4.00%
|
|
9/29/2028
|
|
EUR
|
1,609
|
|
|
1,845
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Pharmaceuticals - 0.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Antigua Bidco Ltd
|
|
TL 1L B3 05/24
|
|
EURIBOR + 4.25%
|
|
2/28/2030
|
|
EUR
|
1,244
|
|
|
1,116
|
|
||
|
Dechra Pharmaceuticals Ltd
|
|
TL 1L B 12/24
|
|
EURIBOR + 3.50%
|
|
1/27/2032
|
|
EUR
|
1,072
|
|
|
1,233
|
|
||
|
Opella Healthcare LLC
|
|
TL 1L B 03/25
|
|
EURIBOR + 3.50%
|
|
3/31/2032
|
|
EUR
|
1,664
|
|
|
1,911
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Publishing - 0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Emerald Expositions Holding Inc
|
|
TL 1L B 01/25
|
|
SOFR + 3.75%
|
|
1/30/2032
|
|
USD
|
1,475
|
|
|
1,488
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Research & Consulting Services - 2.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Kroll
|
|
TL 1L B 02/20
|
|
EURIBOR + 4.00%
|
|
4/9/2027
|
|
EUR
|
2,152
|
|
|
2,437
|
|
||
|
Kroll
|
|
TL 1L B 03/20
|
|
SOFR + 3.75%
|
|
4/9/2027
|
|
USD
|
9,657
|
|
|
9,587
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Soft Drinks & Non-alcoholic Beverages - 0.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Primo Brands Corp
|
|
TL 1L B 01/25
|
|
SOFR + 2.25%
|
|
3/31/2028
|
|
USD
|
4,283
|
|
|
4,298
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Specialized Finance - 0.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Alter Domus Sarl
|
|
TL 1L B 05/24
|
|
SOFR + 3.00%
|
|
10/30/2031
|
|
USD
|
646
|
|
|
650
|
|
||
|
Alter Domus Sarl
|
|
TL 1L DD 05/24
|
|
SOFR + 3.50%
|
|
10/30/2031
|
|
USD
|
48
|
|
|
-
|
(h)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Specialty Chemicals - 3.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Champion/DSM engg
|
|
TL 1L B1 03/23
|
|
SOFR + 5.50%
|
|
3/29/2030
|
|
USD
|
5,089
|
|
|
4,839
|
|
||
|
Flint Group GmbH
|
|
TL 2L B 09/23 PIK
|
|
6.90% PIK, EURIBOR + 0.10%
|
|
12/31/2027
|
|
EUR
|
355
|
|
|
29
|
(d)
|
||
|
Solenis International LP
|
|
TL 1L B 05/24
|
|
EURIBOR + 3.75%
|
|
6/20/2031
|
|
EUR
|
493
|
|
|
566
|
|
||
|
Vantage Specialty Chemicals Inc
|
|
TL 1L B 02/23
|
|
SOFR + 4.75%
|
|
10/26/2026
|
|
USD
|
11,192
|
|
|
10,912
|
(a)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Systems Software - 3.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Precisely Software Inc
|
|
TL 1L B 10/21
|
|
SOFR + 4.00%
|
|
4/24/2028
|
|
USD
|
5,025
|
|
|
4,879
|
|
||
|
Precisely Software Inc
|
|
TL 2L 03/21
|
|
SOFR + 7.25%
|
|
4/23/2029
|
|
USD
|
7,905
|
|
|
7,431
|
|
||
|
SolarWinds Holdings Inc
|
|
TL 1L 03/25
|
|
SOFR + 4.00%
|
|
4/16/2032
|
|
USD
|
3,549
|
|
|
3,513
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Trading Companies & Distributors - 4.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
FleetPride Corporation
|
|
TL 1L B 09/23
|
|
SOFR + 4.50%
|
|
9/29/2028
|
|
USD
|
16,106
|
|
|
15,320
|
|
||
|
FleetPride Corporation
|
|
TL 2L 01/19
|
|
SOFR + 8.75%
|
|
2/4/2027
|
|
USD
|
2,156
|
|
|
2,100
|
|
||
|
White Cap Construction Supply Inc
|
|
TL 1L B 06/24
|
|
SOFR + 3.25%
|
|
10/19/2029
|
|
USD
|
4,034
|
|
|
4,033
|
|
||
|
TOTAL LEVERAGED LOANS (Amortized cost $356,175)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
350,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
High Yield Securities - 59.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Alternative Carriers - 3.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
iliad SA
|
|
8.500% 04/2031
|
|
|
|
4/15/2031
|
|
USD
|
3,446
|
|
|
$ |
3,699
|
(f)
|
|
|
Level 3 Financing Inc
|
|
10.000% 10/2032
|
|
|
|
10/15/2032
|
|
USD
|
2,817
|
|
|
2,837
|
(f)
|
||
|
Level 3 Financing Inc
|
|
3.875% 10/2030
|
|
|
|
10/15/2030
|
|
USD
|
4,243
|
|
|
3,660
|
(f)
|
||
|
Level 3 Financing Inc
|
|
4.000% 04/2031
|
|
|
|
4/15/2031
|
|
USD
|
5,268
|
|
|
4,557
|
(f)
|
||
|
Level 3 Financing Inc
|
|
4.500% 04/2030
|
|
|
|
4/1/2030
|
|
USD
|
2,083
|
|
|
1,886
|
(f)
|
||
|
Zayo Group LLC
|
|
4.000% 03/2027
|
|
|
|
3/1/2027
|
|
USD
|
4,167
|
|
|
3,968
|
(a) (f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Application Software - 2.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cision Ltd
|
|
10.000% 06/2031
|
|
|
|
6/30/2031
|
|
USD
|
5,869
|
|
|
1,614
|
(f)
|
||
|
Dye & Durham Ltd
|
|
8.625% 04/2029
|
|
|
|
4/15/2029
|
|
USD
|
6,387
|
|
|
6,661
|
(f)
|
||
|
TIBCO Software Inc
|
|
8.250% 06/2032
|
|
|
|
6/30/2032
|
|
USD
|
982
|
|
|
1,046
|
(f)
|
||
|
TIBCO Software Inc
|
|
9.000% 09/2029
|
|
|
|
9/30/2029
|
|
USD
|
2,044
|
|
|
2,117
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Asset Management & Custody Banks - 1.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Hightower Holding LLC
|
|
9.125% 01/2030
|
|
|
|
1/31/2030
|
|
USD
|
2,064
|
|
|
2,204
|
(f)
|
||
|
True Potential Group Ltd
|
|
8.000% 07/2031
|
|
|
|
7/15/2031
|
|
GBP
|
2,555
|
|
|
3,445
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Automotive Parts & Equipment - 0.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Adient Global Holdings Ltd
|
|
7.500% 02/2033
|
|
|
|
2/15/2033
|
|
USD
|
1,870
|
|
|
1,908
|
(f)
|
||
|
Garrett Motion Inc
|
|
7.750% 05/2032
|
|
|
|
5/31/2032
|
|
USD
|
650
|
|
|
675
|
(f)
|
||
|
LCI Industries
|
|
3.000% 03/2030
|
|
|
|
3/1/2030
|
|
USD
|
138
|
|
|
143
|
(f)
|
||
|
Truck Hero Inc
|
|
6.250% 02/2029
|
|
|
|
2/1/2029
|
|
USD
|
2,535
|
|
|
1,744
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Automotive Retail - 1.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mavis Discount Tire Inc
|
|
6.500% 05/2029
|
|
|
|
5/15/2029
|
|
USD
|
7,590
|
|
|
7,506
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Biotechnology - 0.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Immunocore Holdings PLC
|
|
2.500% 02/2030
|
|
|
|
2/1/2030
|
|
USD
|
1,643
|
|
|
1,441
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Broadline Retail - 0.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Bubbles Bidco SPA
|
|
4.250% 09/2031
|
|
|
|
9/30/2031
|
|
EUR
|
976
|
|
|
1,128
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Building Products - 2.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Oldcastle Buildingenvelope Inc
|
|
9.500% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
6,928
|
|
|
5,266
|
(f)
|
||
|
PrimeSource Building Products Inc
|
|
5.625% 02/2029
|
|
|
|
2/1/2029
|
|
USD
|
4,654
|
|
|
4,020
|
(f)
|
||
|
PrimeSource Building Products Inc
|
|
6.750% 08/2029
|
|
|
|
8/1/2029
|
|
USD
|
3,680
|
|
|
3,224
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cable & Satellite - 5.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Block Communications Inc
|
|
4.875% 03/2028
|
|
|
|
3/1/2028
|
|
USD
|
7,356
|
|
|
6,922
|
(f)
|
||
|
Cable One Inc
|
|
0.000% 03/2026
|
|
|
|
3/15/2026
|
|
USD
|
6,731
|
|
|
6,442
|
(c)
|
||
|
Cable One Inc
|
|
4.000% 11/2030
|
|
|
|
11/15/2030
|
|
USD
|
3,983
|
|
|
3,071
|
(f)
|
||
|
Cablevision Lightpath LLC
|
|
5.625% 09/2028
|
|
|
|
9/15/2028
|
|
USD
|
7,916
|
|
|
7,897
|
(f)
|
||
|
CSC Holdings LLC (Altice USA)
|
|
11.750% 01/2029
|
|
|
|
1/31/2029
|
|
USD
|
608
|
|
|
569
|
(f)
|
||
|
CSC Holdings LLC (Altice USA)
|
|
4.125% 12/2030
|
|
|
|
12/1/2030
|
|
USD
|
5,589
|
|
|
3,763
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Casinos & Gaming - 1.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Allwyn International AS
|
|
7.250% 04/2030
|
|
|
|
4/30/2030
|
|
EUR
|
997
|
|
|
1,206
|
(f)
|
||
|
Cirsa Funding Luxembourg SA
|
|
8.625% 05/2030
|
|
|
|
5/15/2030
|
|
EUR
|
1,907
|
|
|
2,291
|
(f)
|
||
|
Great Canadian Gaming Corp
|
|
8.750% 11/2029
|
|
|
|
11/15/2029
|
|
USD
|
2,121
|
|
|
2,078
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Commercial Printing - 0.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Multi-Color Corp
|
|
10.500% 07/2027
|
|
|
|
7/15/2027
|
|
USD
|
1,915
|
|
|
1,807
|
(f)
|
||
|
Multi-Color Corp
|
|
9.500% 11/2028
|
|
|
|
11/1/2028
|
|
USD
|
1,302
|
|
|
1,217
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Commodity Chemicals - 0.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mativ Holdings Inc
|
|
8.000% 10/2029
|
|
|
|
10/1/2029
|
|
USD
|
384
|
|
|
347
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Construction & Engineering - 2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Brand Energy & Infrastructure Services Inc
|
|
10.375% 08/2030
|
|
|
|
8/1/2030
|
|
USD
|
3,856
|
|
|
3,505
|
(f)
|
||
|
Maxim Crane Works LP / Maxim Finance Corp
|
|
11.500% 09/2028
|
|
|
|
9/1/2028
|
|
USD
|
7,051
|
|
|
7,480
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Banks - 0.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Lloyds Banking Group PLC
|
|
5.590% 11/2035
|
|
|
|
11/26/2035
|
|
USD
|
444
|
|
|
453
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Chemicals - 2.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Chemours Co/The
|
|
4.625% 11/2029
|
|
|
|
11/15/2029
|
|
USD
|
4,490
|
|
|
3,807
|
(f)
|
||
|
Chemours Co/The
|
|
5.375% 05/2027
|
|
|
|
5/15/2027
|
|
USD
|
31
|
|
|
30
|
|
||
|
Chemours Co/The
|
|
5.750% 11/2028
|
|
|
|
11/15/2028
|
|
USD
|
3,810
|
|
|
3,502
|
(f)
|
||
|
Chemours Co/The
|
|
8.000% 01/2033
|
|
|
|
1/15/2033
|
|
USD
|
3,973
|
|
|
3,699
|
(f)
|
||
|
Fire BC SpA
|
|
10.000% 02/2028
|
|
|
|
2/6/2028
|
|
EUR
|
933
|
|
|
1,125
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Support Services - 1.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Allied Universal Holdco LLC
|
|
6.000% 06/2029
|
|
|
|
6/1/2029
|
|
USD
|
4,479
|
|
|
4,363
|
(f)
|
||
|
Garda World Security Corp
|
|
8.250% 08/2032
|
|
|
|
8/1/2032
|
|
USD
|
1,961
|
|
|
2,024
|
(f)
|
||
|
Garda World Security Corp
|
|
8.375% 10/2032
|
|
|
|
11/15/2032
|
|
USD
|
1,874
|
|
|
1,932
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Electronic Components - 2.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
CommScope Inc
|
|
5.000% 03/2027
|
|
|
|
3/15/2027
|
|
USD
|
12,084
|
|
|
11,844
|
|
||
|
CommScope Inc
|
|
7.125% 07/2028
|
|
|
|
7/1/2028
|
|
USD
|
2,826
|
|
|
2,799
|
(f)
|
||
|
CommScope Inc
|
|
8.250% 03/2027
|
|
|
|
3/1/2027
|
|
USD
|
14
|
|
|
14
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Footwear - 1.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Skechers USA Inc
|
|
10.750% 07/2033 SUN PIK
|
|
|
|
7/15/2033
|
|
USD
|
5,298
|
|
|
5,537
|
(d) (f)
|
||
|
Skechers USA Inc
|
|
5.250% 07/2032
|
|
|
|
7/15/2032
|
|
EUR
|
1,080
|
|
|
1,255
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Health Care Facilities - 0.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
CHS/Community Health Systems, Inc.
|
|
9.500% 01/2034
|
|
|
|
1/15/2034
|
|
USD
|
5,023
|
|
|
5,061
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Health Care Technology - 0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Teladoc Health Inc
|
|
1.250% 06/2027
|
|
|
|
6/1/2027
|
|
USD
|
3
|
|
|
3
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Hotels, Resorts & Cruise Lines - 4.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NCL Corp Ltd
|
|
0.875% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
5,602
|
|
|
6,855
|
(f)
|
||
|
NCL Corp Ltd
|
|
1.125% 02/2027
|
|
|
|
2/15/2027
|
|
USD
|
13,961
|
|
|
14,694
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Household Products - 0.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Energizer Holdings Inc
|
|
6.500% 12/2027
|
|
|
|
12/31/2027
|
|
USD
|
313
|
|
|
318
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Industrial Machinery & Supplies & Components - 3.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
SPX FLOW Inc
|
|
8.750% 04/2030
|
|
|
|
4/1/2030
|
|
USD
|
15,391
|
|
|
15,910
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Insurance Brokers - 0.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Ardonagh Group Ltd/The
|
|
6.875% 02/2031
|
|
|
|
2/15/2031
|
|
EUR
|
4,315
|
|
|
5,134
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Integrated Oil & Gas - 0.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Eni SpA
|
|
5.950% 05/2054
|
|
|
|
5/15/2054
|
|
USD
|
289
|
|
|
279
|
(a) (f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Integrated Telecommunication Services - 1.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Numericable-SFR
|
|
5.125% 01/2029
|
|
|
|
1/15/2029
|
|
USD
|
2,000
|
|
|
1,726
|
(f)
|
||
|
Numericable-SFR
|
|
5.125% 07/2029
|
|
|
|
7/15/2029
|
|
USD
|
2,625
|
|
|
2,280
|
(f)
|
||
|
Numericable-SFR
|
|
8.125% 02/2027
|
|
|
|
2/1/2027
|
|
USD
|
2,046
|
|
|
1,898
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
IT Consulting & Other Services - 2.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Centurion Bidco SpA
|
|
8.625% 02/2030
|
|
|
|
2/15/2030
|
|
EUR
|
1,822
|
|
|
2,255
|
(f)
|
||
|
Sabre Inc
|
|
10.750% 11/2029
|
|
|
|
11/15/2029
|
|
USD
|
5,829
|
|
|
6,026
|
(f)
|
||
|
Sabre Inc
|
|
11.125% 07/2030
|
|
|
|
7/15/2030
|
|
USD
|
4,081
|
|
|
4,307
|
(f)
|
||
|
Sabre Inc
|
|
7.320% 08/2026
|
|
|
|
8/1/2026
|
|
USD
|
1,451
|
|
|
1,591
|
|
||
|
Sabre Inc
|
|
8.625% 06/2027
|
|
|
|
6/1/2027
|
|
USD
|
219
|
|
|
223
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Leisure Facilities - 4.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Merlin Entertainments PLC
|
|
4.500% 11/2027
|
|
|
|
11/15/2027
|
|
EUR
|
11,922
|
|
|
12,891
|
(f)
|
||
|
Merlin Entertainments PLC
|
|
6.625% 11/2027
|
|
|
|
11/15/2027
|
|
USD
|
9,941
|
|
|
9,440
|
(f)
|
||
|
Merlin Entertainments PLC
|
|
7.375% 06/2030
|
|
|
|
6/15/2030
|
|
EUR
|
78
|
|
|
84
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Marine Ports & Services - 0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct ChassisLink Inc
|
|
7.750% 11/2029
|
|
|
|
11/15/2029
|
|
USD
|
1,493
|
|
|
1,525
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Oil & Gas Equipment & Services - 0.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Archrock Partners LP / Archrock Partners Finance Corp
|
|
6.875% 04/2027
|
|
|
|
4/1/2027
|
|
USD
|
148
|
|
|
148
|
(f)
|
||
|
Aris Water (fka Solaris Midstream Holdings LLC)
|
|
7.250% 04/2030
|
|
|
|
4/1/2030
|
|
USD
|
456
|
|
|
468
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Oil & Gas Exploration & Production - 1.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Encino Acquisition Partners Holdings LLC
|
|
8.500% 05/2028
|
|
|
|
5/1/2028
|
|
USD
|
1,475
|
|
|
1,506
|
(f)
|
||
|
Northern Oil & Gas Inc
|
|
8.125% 03/2028
|
|
|
|
3/1/2028
|
|
USD
|
1,860
|
|
|
1,880
|
(f)
|
||
|
Northern Oil & Gas Inc
|
|
8.750% 06/2031
|
|
|
|
6/15/2031
|
|
USD
|
283
|
|
|
291
|
(f)
|
||
|
Sitio Royalties Corp
|
|
7.875% 11/2028
|
|
|
|
11/1/2028
|
|
USD
|
1,740
|
|
|
1,817
|
(f)
|
||
|
SM Energy Co
|
|
7.000% 08/2032
|
|
|
|
8/1/2032
|
|
USD
|
1,565
|
|
|
1,551
|
(f)
|
||
|
Talos Production Inc
|
|
9.375% 02/2031
|
|
|
|
2/1/2031
|
|
USD
|
1,623
|
|
|
1,657
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Oil & Gas Storage & Transportation - 1.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Genesis Energy
|
|
8.875% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
1,420
|
|
|
1,504
|
|
||
|
Global Partners LP / GLP Finance Corp
|
|
8.250% 01/2032
|
|
|
|
1/15/2032
|
|
USD
|
297
|
|
|
312
|
(f)
|
||
|
NGL Energy Partners LP / NGL Energy Finance Corp
|
|
8.125% 02/2029
|
|
|
|
2/15/2029
|
|
USD
|
2,978
|
|
|
2,950
|
(f)
|
||
|
NGL Energy Partners LP / NGL Energy Finance Corp
|
|
8.375% 02/2032
|
|
|
|
2/15/2032
|
|
USD
|
3,763
|
|
|
3,684
|
(f)
|
||
|
TransMontaigne Partners LLC
|
|
8.500% 06/2030
|
|
|
|
6/15/2030
|
|
USD
|
927
|
|
|
970
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Packaged Foods & Meats - 0.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Chobani LLC
|
|
9.500% 10/2029 PIK
|
|
|
|
10/1/2029
|
|
USD
|
1,025
|
|
|
1,102
|
(d) (f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Paper & Plastic Packaging Products & Materials - 0.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Novolex Holdings LLC
|
|
8.750% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
4,320
|
|
|
4,413
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Paper Products - 0.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Fiber Bidco Spa
|
|
10.750% 06/2029 SUN
|
|
|
|
6/15/2029
|
|
EUR
|
2,626
|
|
|
2,744
|
(d) (f) (e)
|
||
|
Fiber Bidco Spa
|
|
6.125% 06/2031
|
|
|
|
6/15/2031
|
|
EUR
|
106
|
|
|
118
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Passenger Airlines - 2.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
JetBlue Airways Corp
|
|
0.500% 04/2026
|
|
|
|
4/1/2026
|
|
USD
|
12,817
|
|
|
12,400
|
(f)
|
||
|
United Continental Holdings Inc
|
|
4.600% 03/2026
|
|
|
|
3/1/2026
|
|
USD
|
355
|
|
|
351
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Real Estate Services - 2.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Anywhere Real Estate Group LLC
|
|
7.000% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
2,727
|
|
|
2,614
|
(f)
|
||
|
Anywhere Real Estate Group LLC
|
|
9.750% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
6,482
|
|
|
6,756
|
(f)
|
||
|
Emeria Europe SAS
|
|
7.750% 03/2028
|
|
|
|
3/31/2028
|
|
EUR
|
1,473
|
|
|
1,549
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Research & Consulting Services - 0.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Amentum Holdings Inc
|
|
7.250% 08/2032
|
|
|
|
8/1/2032
|
|
USD
|
1,011
|
|
|
1,047
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Restaurants - 2.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Golden Nugget Inc.
|
|
6.750% 07/2030
|
|
|
|
1/15/2030
|
|
USD
|
12,270
|
|
|
11,554
|
(f)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Specialty Chemicals - 0.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Solenis International LP
|
|
9.625% 11/2028
|
|
|
|
11/15/2028
|
|
EUR
|
916
|
|
|
1,103
|
(f)
|
||
|
TOTAL HIGH YIELD SECURITIES (Amortized cost $310,026)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
312,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Asset Backed Securities - 14.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Specialized Finance - 14.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Accunia European CLO IV DAC
|
|
ACCUN 4A E
|
|
EURIBOR + 5.67%
|
|
4/20/2033
|
|
EUR
|
518
|
|
|
$ |
577
|
(b)
|
|
|
AGL CLO 5 Ltd
|
|
AGL 2020-5A ERR
|
|
SOFR + 6.09%
|
|
7/20/2034
|
|
USD
|
165
|
|
|
165
|
(b)
|
||
|
AMMC CLO 26 Ltd
|
|
AMMC 2023-26A ER
|
|
SOFR + 6.50%
|
|
4/15/2036
|
|
USD
|
447
|
|
|
452
|
(b)
|
||
|
Anchorage Capital Clo 20 Ltd
|
|
ANCHC 2021-20A ER
|
|
SOFR + 7.00%
|
|
1/20/2035
|
|
USD
|
250
|
|
|
249
|
(b)
|
||
|
Anchorage Capital CLO 21 Ltd
|
|
ANCHC 2021-21A ER
|
|
SOFR + 6.25%
|
|
10/20/2034
|
|
USD
|
745
|
|
|
753
|
(b)
|
||
|
Anchorage Capital CLO 26 Ltd
|
|
ANCHC 2023-26A ER
|
|
SOFR + 6.25%
|
|
3/19/2038
|
|
USD
|
651
|
|
|
654
|
(b)
|
||
|
Anchorage Capital CLO 6 Ltd
|
|
ANCHC 2015-6A ER3
|
|
SOFR + 7.29%
|
|
4/22/2034
|
|
USD
|
329
|
|
|
333
|
(b)
|
||
|
Apidos CLO XI
|
|
APID 2012-11A ER4
|
|
SOFR + 6.00%
|
|
4/17/2034
|
|
USD
|
1,852
|
|
|
1,866
|
(b)
|
||
|
Apidos CLO XXIII
|
|
APID 2015-23A ERR
|
|
SOFR + 5.20%
|
|
4/15/2033
|
|
USD
|
481
|
|
|
484
|
(b)
|
||
|
Arbour CLO V DAC
|
|
ARBR 5A ER
|
|
EURIBOR + 5.80%
|
|
6/15/2038
|
|
EUR
|
508
|
|
|
586
|
(b)
|
||
|
Ares LXII CLO Ltd
|
|
ARES 2021-62A E
|
|
SOFR + 6.76%
|
|
1/25/2034
|
|
USD
|
387
|
|
|
387
|
(b)
|
||
|
Ares XXVII CLO Ltd
|
|
ARES 2013-2A ER3
|
|
SOFR + 6.75%
|
|
10/28/2034
|
|
USD
|
1,088
|
|
|
1,096
|
(b)
|
||
|
Ares XXXIX CLO Ltd
|
|
ARES 2016-39A ER3
|
|
SOFR + 6.75%
|
|
7/18/2037
|
|
USD
|
1,386
|
|
|
1,402
|
(b)
|
||
|
Aurium CLO XII DAC
|
|
ACLO 12A E
|
|
EURIBOR + 6.00%
|
|
10/17/2037
|
|
EUR
|
496
|
|
|
575
|
(b)
|
||
|
Bain Capital Credit Clo 2019-3 Ltd
|
|
BCC 2019-3A ERR
|
|
SOFR + 6.85%
|
|
10/21/2034
|
|
USD
|
283
|
|
|
279
|
(b)
|
||
|
Bain Capital Credit CLO 2020-1 Ltd
|
|
BCC 2020-1A ERR
|
|
SOFR + 6.25%
|
|
4/18/2033
|
|
USD
|
311
|
|
|
311
|
(b)
|
||
|
Bain Capital Credit CLO 2023-1 Ltd
|
|
BCC 2023-1A ER
|
|
SOFR + 6.25%
|
|
7/16/2038
|
|
USD
|
820
|
|
|
826
|
(b)
|
||
|
Bain Capital Euro CLO 2023-1 DAC
|
|
BCCE 2023-1A ER
|
|
EURIBOR + 6.00%
|
|
1/25/2038
|
|
EUR
|
633
|
|
|
736
|
(b)
|
||
|
Balboa Bay Loan Funding 2021-1 Ltd
|
|
BOBA 2021-1A E
|
|
SOFR + 6.42%
|
|
7/20/2034
|
|
USD
|
945
|
|
|
943
|
(b)
|
||
|
Ballyrock CLO 19 Ltd
|
|
BALLY 2022-19A D
|
|
SOFR + 7.11%
|
|
4/20/2035
|
|
USD
|
182
|
|
|
181
|
(b)
|
||
|
Barings CLO Ltd 2022-I
|
|
BABSN 2022-1A E
|
|
SOFR + 7.00%
|
|
4/15/2035
|
|
USD
|
443
|
|
|
432
|
(b)
|
||
|
Benefit Street Partners CLO XXXIV Ltd
|
|
BSP 2024-34A E
|
|
SOFR + 6.70%
|
|
7/25/2037
|
|
USD
|
323
|
|
|
329
|
(b)
|
||
|
BlueMountain CLO XXVI Ltd
|
|
BLUEM 2019-26A ER
|
|
SOFR + 7.39%
|
|
10/20/2034
|
|
USD
|
430
|
|
|
429
|
(b)
|
||
|
BlueMountain CLO XXVIII Ltd
|
|
BLUEM 2021-28A ER
|
|
SOFR + 7.10%
|
|
3/31/2038
|
|
USD
|
657
|
|
|
661
|
(b)
|
||
|
BlueMountain CLO XXXII Ltd
|
|
BLUEM 2021-32A ER
|
|
SOFR + 6.60%
|
|
10/15/2034
|
|
USD
|
514
|
|
|
504
|
(b)
|
||
|
BlueMountain CLO XXXIV Ltd
|
|
BLUEM 2022-34A E
|
|
SOFR + 7.55%
|
|
4/20/2035
|
|
USD
|
1,150
|
|
|
1,146
|
(b)
|
||
|
Brant Point CLO 2023-1 Ltd
|
|
BRTPT 2023-1A ER
|
|
SOFR + 7.10%
|
|
7/26/2038
|
|
USD
|
397
|
|
|
397
|
(b)
|
||
|
Capital Four CLO VII DAC
|
|
CFOUR 7A F
|
|
EURIBOR + 8.22%
|
|
4/25/2037
|
|
EUR
|
1,047
|
|
|
1,213
|
(b)
|
||
|
Carlyle Euro CLO 2021-1 DAC
|
|
CGMSE 2021-1A D
|
|
EURIBOR + 6.12%
|
|
1/15/2034
|
|
EUR
|
519
|
|
|
588
|
(b)
|
||
|
CARLYLE US CLO 2021-4 LTD
|
|
CGMS 2021-4A E
|
|
SOFR + 6.60%
|
|
4/20/2034
|
|
USD
|
631
|
|
|
636
|
(b)
|
||
|
Carlyle US CLO 2021-9 Ltd
|
|
CGMS 2021-9A ER
|
|
SOFR + 6.40%
|
|
10/20/2034
|
|
USD
|
1,047
|
|
|
1,053
|
(b)
|
||
|
Carlyle US CLO 2024-2 Ltd
|
|
CGMS 2024-2A E
|
|
SOFR + 6.85%
|
|
4/25/2037
|
|
USD
|
395
|
|
|
400
|
(b)
|
||
|
Carval Clo XII-C Ltd
|
|
CARVL 2025-1A E
|
|
SOFR + 5.90%
|
|
7/20/2038
|
|
USD
|
892
|
|
|
899
|
(b)
|
||
|
CBAMR 2017-4 Ltd
|
|
CBAMR 2017-4A ER
|
|
SOFR + 6.00%
|
|
3/31/2038
|
|
USD
|
587
|
|
|
570
|
(b)
|
||
|
Cedar Funding XVIII CLO Ltd
|
|
CEDF 2024-18A E
|
|
SOFR + 6.65%
|
|
4/23/2037
|
|
USD
|
532
|
|
|
541
|
(b)
|
||
|
Clonmore Park CLO DAC
|
|
CLONP 1A ER
|
|
EURIBOR + 6.82%
|
|
8/21/2035
|
|
EUR
|
350
|
|
|
404
|
(b)
|
||
|
CVC Cordatus Loan Fund XXXI DAC
|
|
CORDA 31A E
|
|
EURIBOR + 6.64%
|
|
6/15/2037
|
|
EUR
|
402
|
|
|
471
|
(b)
|
||
|
CVC Cordatus Loan Fund XXXII DAC
|
|
CORDA 32A E
|
|
EURIBOR + 5.96%
|
|
9/15/2038
|
|
EUR
|
790
|
|
|
915
|
(b)
|
||
|
Dryden 113 CLO Ltd
|
|
DRSLF 2022-113A ER2
|
|
SOFR + 7.40%
|
|
10/15/2037
|
|
USD
|
674
|
|
|
679
|
(b)
|
||
|
Dryden 87 CLO Ltd
|
|
DRSLF 2021-87A E
|
|
SOFR + 6.41%
|
|
5/20/2034
|
|
USD
|
745
|
|
|
744
|
(b)
|
||
|
Dryden 87 CLO Ltd
|
|
DRSLF 2021-87A ER
|
|
SOFR + 6.35%
|
|
8/20/2038
|
|
USD
|
792
|
|
|
792
|
(b)
|
||
|
Elmwood CLO 23 Ltd
|
|
ELM23 2023-2A ER
|
|
SOFR + 5.90%
|
|
4/16/2036
|
|
USD
|
185
|
|
|
184
|
(b)
|
||
|
Fernhill Park CLO DAC
|
|
FRNPK 1A E
|
|
EURIBOR + 6.68%
|
|
4/15/2037
|
|
EUR
|
301
|
|
|
351
|
(b)
|
||
|
Galaxy 33 CLO Ltd
|
|
GALXY 2024-33A E
|
|
SOFR + 6.65%
|
|
4/20/2037
|
|
USD
|
376
|
|
|
381
|
(b)
|
||
|
Galaxy XXII CLO Ltd
|
|
GALXY 2016-22A ERRR
|
|
SOFR + 6.75%
|
|
4/16/2034
|
|
USD
|
319
|
|
|
321
|
(b)
|
||
|
Galaxy XXV CLO Ltd
|
|
GALXY 2018-25A ER
|
|
SOFR + 6.50%
|
|
4/25/2036
|
|
USD
|
465
|
|
|
469
|
(b)
|
||
|
Generate CLO 12 Ltd
|
|
GNRT 2023-12A ER
|
|
SOFR + 6.40%
|
|
7/20/2038
|
|
USD
|
445
|
|
|
445
|
(b)
|
||
|
Generate CLO Ltd
|
|
GNRT 2024-15A E
|
|
SOFR + 6.70%
|
|
7/20/2037
|
|
USD
|
388
|
|
|
394
|
(b)
|
||
|
Harvest Clo Xxxvi DAC
|
|
HARVT 36A E
|
|
EURIBOR + 5.70%
|
|
7/15/2038
|
|
EUR
|
948
|
|
|
1,082
|
(b)
|
||
|
HPS Loan Management 10-2016 Ltd
|
|
HLM 10A-16 DR3
|
|
SOFR + 6.45%
|
|
4/20/2034
|
|
USD
|
724
|
|
|
729
|
(b)
|
||
|
Jamestown CLO XIV Ltd
|
|
JTWN 2019-14A DRR
|
|
SOFR + 5.65%
|
|
10/20/2034
|
|
USD
|
1,020
|
|
|
1,018
|
(b)
|
||
|
Jamestown CLO XVI Ltd
|
|
JTWN 2021-16A ER
|
|
SOFR + 6.95%
|
|
7/25/2034
|
|
USD
|
541
|
|
|
544
|
(b)
|
||
|
Madison Park Funding LXIII Ltd
|
|
MDPK 2023-63A ER
|
|
SOFR + 6.00%
|
|
7/21/2038
|
|
USD
|
434
|
|
|
436
|
(b)
|
||
|
Madison Park Funding XLIX Ltd
|
|
MDPK 2021-49A ER
|
|
SOFR + 4.60%
|
|
10/19/2034
|
|
USD
|
1,460
|
|
|
1,439
|
(b)
|
||
|
Madison Park Funding XLVI Ltd
|
|
MDPK 2020-46A ERR
|
|
SOFR + 5.25%
|
|
10/15/2034
|
|
USD
|
1,002
|
|
|
990
|
(b)
|
||
|
Madison Park Funding XXI Ltd
|
|
MDPK 2016-21A DRR
|
|
SOFR + 7.76%
|
|
10/15/2032
|
|
USD
|
2,252
|
|
|
2,274
|
(b)
|
||
|
Madison Park Funding XXXVI Ltd
|
|
MDPK 2019-36A ERR
|
|
SOFR + 5.60%
|
|
4/15/2035
|
|
USD
|
563
|
|
|
562
|
(b)
|
||
|
Magnetite XXXI Ltd
|
|
MAGNE 2021-31A E
|
|
SOFR + 6.00%
|
|
7/15/2034
|
|
USD
|
1,500
|
|
|
1,513
|
(b)
|
||
|
Marble Point CLO XVI Ltd
|
|
MP16 2019-2A ER
|
|
SOFR + 7.27%
|
|
11/16/2034
|
|
USD
|
684
|
|
|
677
|
(b)
|
||
|
Neuberger Berman Loan Advisers CLO 35 Ltd
|
|
NEUB 2019-35A ER
|
|
SOFR + 5.95%
|
|
1/19/2033
|
|
USD
|
556
|
|
|
556
|
(b)
|
||
|
Neuberger Berman Loan Advisers Clo 42 Ltd
|
|
NEUB 2021-42A ER
|
|
SOFR + 4.60%
|
|
7/16/2036
|
|
USD
|
291
|
|
|
290
|
(b)
|
||
|
Neuberger Berman Loan Advisers CLO 45 Ltd
|
|
NEUB 2021-45A ER
|
|
SOFR + 4.85%
|
|
10/14/2036
|
|
USD
|
1,245
|
|
|
1,237
|
(b)
|
||
|
Neuberger Berman Loan Advisers Euro CLO 3 DAC
|
|
NEUBE 2022-3A F
|
|
EURIBOR + 8.87%
|
|
10/25/2034
|
|
EUR
|
948
|
|
|
1,089
|
(b)
|
||
|
Neuberger Berman Loan Advisers Euro CLO 5 DAC
|
|
NEUBE 2022-5A FR
|
|
EURIBOR + 9.18%
|
|
1/20/2037
|
|
EUR
|
1,111
|
|
|
1,279
|
(b)
|
||
|
Oaktree CLO 2019-4 Ltd
|
|
OAKCL 2019-4A ERR
|
|
SOFR + 6.59%
|
|
7/20/2037
|
|
USD
|
303
|
|
|
300
|
(b)
|
||
|
Oaktree CLO 2021-2 Ltd
|
|
OAKCL 2021-2A ER
|
|
SOFR + 4.50%
|
|
1/15/2035
|
|
USD
|
1,006
|
|
|
992
|
(b)
|
||
|
OCP Euro CLO 2020-4 DAC
|
|
OCPE 2020-4A FRR
|
|
EURIBOR + 8.62%
|
|
10/20/2039
|
|
EUR
|
500
|
|
|
565
|
(b)
|
||
|
OCP Euro Clo 2025-13 DAC
|
|
OCPE 2025-13A E
|
|
EURIBOR + 5.80%
|
|
7/18/2038
|
|
EUR
|
854
|
|
|
985
|
(b)
|
||
|
Octagon 67 Ltd
|
|
OCT67 2023-1A ER
|
|
SOFR + 7.41%
|
|
7/25/2038
|
|
USD
|
309
|
|
|
314
|
(b)
|
||
|
Octagon Investment Partners 51 Ltd
|
|
OCT51 2021-1A ER
|
|
SOFR + 5.65%
|
|
7/20/2034
|
|
USD
|
1,149
|
|
|
1,135
|
(b)
|
||
|
Palmer Square European CLO 2022-2 DAC
|
|
PLMER 2022-2A FR
|
|
EURIBOR + 8.15%
|
|
1/15/2038
|
|
EUR
|
1,067
|
|
|
1,218
|
(b)
|
||
|
Palmer Square European CLO 2022-2 DAC
|
|
PLMER 2022-2A FRR
|
|
EURIBOR + 8.59%
|
|
1/15/2038
|
|
EUR
|
1,067
|
|
|
1,205
|
(b)
|
||
|
Palmer Square European CLO 2023-2 DAC
|
|
PLMER 2023-2A F
|
|
EURIBOR + 8.39%
|
|
10/15/2036
|
|
EUR
|
1,039
|
|
|
1,199
|
(b)
|
||
|
Palmer Square European CLO 2024-1 DAC
|
|
PLMER 2024-1A E
|
|
EURIBOR + 6.68%
|
|
5/15/2037
|
|
EUR
|
301
|
|
|
349
|
(b)
|
||
|
Parallel 2021-1 Ltd
|
|
PARL 2021-1A ER
|
|
SOFR + 6.25%
|
|
7/15/2034
|
|
USD
|
336
|
|
|
328
|
(b)
|
||
|
Parallel 2023-1 Ltd
|
|
PARL 2023-1A DR
|
|
SOFR + 7.25%
|
|
7/20/2036
|
|
USD
|
956
|
|
|
961
|
(b)
|
||
|
Penta CLO 10 DAC
|
|
PENTA 2021-10A F
|
|
EURIBOR + 8.80%
|
|
11/20/2034
|
|
EUR
|
965
|
|
|
1,116
|
(b)
|
||
|
Penta CLO 12 DAC
|
|
PENTA 2022-12A ER
|
|
EURIBOR + 7.09%
|
|
5/9/2037
|
|
EUR
|
563
|
|
|
658
|
(b)
|
||
|
Penta CLO 14 DAC
|
|
PENTA 2023-14A ER
|
|
EURIBOR + 6.35%
|
|
10/20/2037
|
|
EUR
|
340
|
|
|
394
|
(b)
|
||
|
Penta CLO 16 DAC
|
|
PENTA 2024-16A E
|
|
EURIBOR + 6.79%
|
|
10/18/2036
|
|
EUR
|
362
|
|
|
419
|
(b)
|
||
|
Penta CLO 7 DAC
|
|
PENTA 2020-7A FR
|
|
EURIBOR + 8.43%
|
|
1/25/2039
|
|
EUR
|
990
|
|
|
1,138
|
(b)
|
||
|
Post CLO 2021-1 LTD
|
|
POST 2021-1A ER
|
|
SOFR + 5.70%
|
|
10/15/2034
|
|
USD
|
1,364
|
|
|
1,372
|
(b)
|
||
|
Providus Clo X DAC
|
|
PRVD 10A E
|
|
EURIBOR + 6.74%
|
|
11/18/2038
|
|
EUR
|
304
|
|
|
356
|
(b)
|
||
|
Providus Clo XII DAC
|
|
PRVD 12A E
|
|
EURIBOR + 5.80%
|
|
8/18/2038
|
|
EUR
|
380
|
|
|
438
|
(b)
|
||
|
Rad CLO 4 Ltd
|
|
RAD 2019-4A ER
|
|
SOFR + 6.50%
|
|
4/25/2032
|
|
USD
|
419
|
|
|
422
|
(b)
|
||
|
Regatta XXVIII Funding Ltd
|
|
REG28 2024-2A E
|
|
SOFR + 7.00%
|
|
4/25/2037
|
|
USD
|
376
|
|
|
381
|
(b)
|
||
|
Romark CLO IV Ltd
|
|
RMRK 2021-4A D
|
|
SOFR + 7.21%
|
|
7/10/2034
|
|
USD
|
801
|
|
|
809
|
(b)
|
||
|
Romark Credit Funding II Ltd
|
|
RCF 2021-2A E
|
|
7.08%
|
|
10/25/2039
|
|
USD
|
1,200
|
|
|
1,144
|
(b)
|
||
|
Sculptor CLO XXVIII Ltd
|
|
SCUL 28A ER
|
|
SOFR + 6.30%
|
|
1/20/2035
|
|
USD
|
717
|
|
|
714
|
(b)
|
||
|
Shackleton 2019-XV CLO Ltd
|
|
SHACK 2019-15A D1R
|
|
SOFR + 3.45%
|
|
1/15/2032
|
|
USD
|
367
|
|
|
368
|
(b)
|
||
|
Silver Point CLO 10 Ltd
|
|
SPCLO 2025-10A E
|
|
SOFR + 5.80%
|
|
7/15/2038
|
|
USD
|
467
|
|
|
470
|
(b)
|
||
|
Sixth Street CLO XIX Ltd
|
|
SIXST 2021-19A E
|
|
SOFR + 6.16%
|
|
7/20/2034
|
|
USD
|
808
|
|
|
808
|
(b)
|
||
|
Symphony CLO XXIX Ltd
|
|
SYMP 2021-29A ER
|
|
SOFR + 5.80%
|
|
10/15/2035
|
|
USD
|
615
|
|
|
609
|
(b)
|
||
|
TCW CLO 2022-1 Ltd
|
|
TCW 2022-1A DJR
|
|
SOFR + 4.28%
|
|
1/20/2038
|
|
USD
|
563
|
|
|
564
|
(b)
|
||
|
Trestles CLO VIII Ltd
|
|
TREST 2025-8A E
|
|
SOFR + 5.50%
|
|
6/11/2035
|
|
USD
|
445
|
|
|
450
|
(b)
|
||
|
Trimaran Cavu 2021-1 Ltd
|
|
CAVU 2021-1A ER
|
|
SOFR + 7.00%
|
|
7/23/2037
|
|
USD
|
1,129
|
|
|
1,154
|
(b)
|
||
|
Trinitas Clo XX Ltd
|
|
TRNTS 2022-20A ER
|
|
SOFR + 5.75%
|
|
7/20/2035
|
|
USD
|
592
|
|
|
580
|
(b)
|
||
|
Trinitas Euro CLO VI DAC
|
|
TRNTE 6A F
|
|
EURIBOR + 8.31%
|
|
4/15/2037
|
|
EUR
|
1,071
|
|
|
1,234
|
(b)
|
||
|
Trinitas Euro CLO VII DAC
|
|
TRNTE 7A E
|
|
EURIBOR + 6.55%
|
|
7/25/2037
|
|
EUR
|
264
|
|
|
305
|
(b)
|
||
|
Voya CLO 2017-3 Ltd
|
|
VOYA 2017-3A DRR
|
|
SOFR + 5.80%
|
|
4/20/2034
|
|
USD
|
2,068
|
|
|
2,054
|
(b)
|
||
|
Voya CLO 2019-3 Ltd
|
|
VOYA 2019-3A ER
|
|
SOFR + 6.76%
|
|
10/17/2032
|
|
USD
|
280
|
|
|
280
|
(b)
|
||
|
Voya CLO 2019-4 Ltd
|
|
VOYA 2019-4A ER
|
|
SOFR + 6.97%
|
|
1/15/2035
|
|
USD
|
1,125
|
|
|
1,134
|
(b)
|
||
|
Voya CLO 2022-1 Ltd
|
|
VOYA 2022-1A ER
|
|
SOFR + 6.90%
|
|
4/20/2035
|
|
USD
|
1,647
|
|
|
1,660
|
(b)
|
||
|
Wilton Park CLO DAC
|
|
WILPA 1A ER
|
|
EURIBOR + 5.70%
|
|
7/15/2038
|
|
EUR
|
475
|
|
|
546
|
(b)
|
||
|
Wind River 2023-1 CLO Ltd
|
|
WINDR 2023-1A ER
|
|
SOFR + 6.75%
|
|
7/25/2038
|
|
USD
|
734
|
|
|
747
|
(b)
|
||
|
TOTAL ASSET BACKED SECURITIES (Amortized cost $75,032)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
76,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Equity & Other Investments - 2.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Broadline Retail - 0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Belk Inc
|
|
Common Stock
|
|
|
|
|
|
USD
|
82,904
|
|
|
$ |
2,128
|
(a) (b) (e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Construction & Engineering - 0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Yak Access LLC
|
|
Common Stock
|
|
|
|
|
|
USD
|
9,358
|
|
|
1
|
(a) (e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Metals & Mining - 0.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Foresight Energy LLC
|
|
Common Stock
|
|
|
|
|
|
USD
|
320,381
|
|
|
2,391
|
(a) (b) (e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Hotels, Resorts & Cruise Lines - 0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NCL Corp Ltd
|
|
Common Stock
|
|
|
|
|
|
USD
|
100,444
|
|
|
2,567
|
(e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Human Resource & Employment Services - 0.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
SIRVA Worldwide Inc
|
|
Common Stock (Class A)
|
|
|
|
|
|
USD
|
2,475
|
|
|
-
|
(a) (b) (e)
|
||
|
SIRVA Worldwide Inc
|
|
Common Stock (Class B)
|
|
|
|
|
|
USD
|
32,077
|
|
|
1
|
(a) (b) (e)
|
||
|
SIRVA Worldwide Inc
|
|
15.250% 08/2030 (Class A)
|
|
|
|
8/20/2030
|
|
USD
|
569
|
|
|
89
|
(a) (b) (d) (e)
|
||
|
SIRVA Worldwide Inc
|
|
15.250% 08/2030 (Class B)
|
|
|
|
8/20/2030
|
|
USD
|
287
|
|
|
45
|
(a) (b) (d) (e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Leisure Facilities - 1.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Aimbridge Acquisition Co Inc
|
|
Common Stock
|
|
|
|
|
|
USD
|
104,732
|
|
|
6,946
|
(a) (b) (e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Oil & Gas Equipment & Services - 0.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Proserv Group Parent LLC
|
|
Preferred Stock
|
|
|
|
|
|
USD
|
36,249
|
|
|
79
|
(b) (e)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Health Care Facilities - 0.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Quorum Health Corp
|
|
Trade Claim
|
|
|
|
|
|
USD
|
3,964,000
|
|
|
327
|
(b) (e)
|
||
|
TOTAL EQUITY & OTHER INVESTMENTS (Cost $20,259)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS (Cost $761,492)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
754,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Money Market Funds - 4.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
U.S. Government Securities - 4.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Morgan Stanley Institutional Liquidity Fund - Government Portfolio
|
|
Class IN
|
|
|
|
|
|
USD
|
26,142,338
|
|
|
$ |
26,142
|
(g)
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $26,142)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
26,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS INCLUDING MONEY MARKET FUNDS (Cost $787,635) - 148.06%
|
|
|
|
|
|
|
|
|
|
|
|
$ |
781,009
|
|
|
|
LIABILITIES EXCEEDING OTHER ASSETS, NET - (48.06%)
|
|
|
|
|
|
|
|
|
|
|
|
(253,529)
|
|
||
|
NET ASSETS - 100.00%
|
|
|
|
|
|
|
|
|
|
|
|
$ |
527,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TL
|
Term loan.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DD
|
Delayed draw term loan.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1L
|
First lien.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2L
|
Second lien.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
EURIBOR
|
Euro Interbank Offered Rate as of July 31, 2025 was 1.89%.
|
|
|
|
|
|
|
|
|
|
|
|||
|
SOFR
|
Secured Overnight Financing Rate as of July 31, 2025 was 4.35%.
|
|
|
|
|
|
|
|
|
|
||||
|
(a)
|
Security considered restricted.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(b)
|
Value determined using significant unobservable inputs.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(c)
|
Zero coupon bond.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(d)
|
Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
|
|
|
|
|
|
|
|||||||
|
(e)
|
Non-income producing security.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(f)
|
Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to
qualified institutional buyers in transactions exempt from registration.
|
|||||||||||||
|
(g)
|
The money market fund's average 7-day yield as of July 31, 2025 was 4.22%.
|
|
|
|
|
|
|
|
|
|
||||
|
(h)
|
Investment is an unfunded or partially funded commitment.
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following are the details of the restricted securities held by the Fund:
|
Issuer
|
Asset
|
Par/Shares
|
Cost
|
Fair Value
|
Acquisition Date
|
% of Net Assets
|
||||||||||||||
|
Leveraged Loans
|
||||||||||||||||||||
|
Zayo Group LLC
|
TL 1L B 03/20
|
6,116
|
$
|
5,640
|
$
|
5,920
|
3/19/2025
|
1.12%
|
||||||||||||
|
Innovative XCessories & Services LLC
|
TL 1L 02/20
|
12,559
|
12,353
|
12,282
|
2/27/2020
|
2.33%
|
||||||||||||||
|
Accuride Corp
|
TL 1L 03/25
|
2,305
|
3,071
|
5,353
|
3/7/2025
|
1.01%
|
||||||||||||||
|
Quimper AB
|
TL 1L B 11/24
|
857
|
885
|
984
|
1/13/2025
|
0.19%
|
||||||||||||||
|
Foresight Energy LLC
|
TL 1L A 06/20
|
2,104
|
2,104
|
2,076
|
6/30/2020
|
0.39%
|
||||||||||||||
|
Brock Group LLC/The
|
TL 1L B 04/24
|
7,895
|
7,892
|
7,678
|
4/26/2024
|
1.46%
|
||||||||||||||
|
IntraFi Network LLC
|
TL 1L B 01/25
|
543
|
546
|
545
|
12/12/2024
|
0.10%
|
||||||||||||||
|
Drive DeVilbiss Healthcare LLC
|
TL 1L 03/21
|
7,917
|
7,917
|
6,825
|
4/23/2021
|
1.29%
|
||||||||||||||
|
Drive DeVilbiss Healthcare LLC
|
TL 1L 09/22 PIK
|
1,201
|
1,201
|
1,222
|
9/26/2022
|
0.23%
|
||||||||||||||
|
ScionHealth
|
TL 1L B 12/21
|
1,685
|
1,612
|
672
|
12/17/2021
|
0.13%
|
||||||||||||||
|
SIRVA Worldwide Inc
|
TL 1L 08/24
|
302
|
302
|
302
|
8/20/2024
|
0.06%
|
||||||||||||||
|
SIRVA Worldwide Inc
|
TL 1L 08/24
|
1,319
|
1,312
|
1,319
|
8/20/2024
|
0.25%
|
||||||||||||||
|
SIRVA Worldwide Inc
|
TL 1L DD 08/24
|
749
|
466
|
474
|
8/22/2024
|
0.09%
|
||||||||||||||
|
Vantage Specialty Chemicals Inc
|
TL 1L B 02/23
|
11,192
|
10,975
|
10,912
|
3/13/2023
|
2.07%
|
||||||||||||||
|
High Yield Securities
|
||||||||||||||||||||
|
Zayo Group LLC
|
4.000% 03/2027
|
|
4,167
|
3,871
|
3,968
|
10/17/2023
|
0.75%
|
|||||||||||||
|
Eni SpA
|
5.950% 05/2054
|
|
289
|
286
|
279
|
2/7/2025
|
0.05%
|
|||||||||||||
|
Equity & Other Investments
|
||||||||||||||||||||
|
Belk Inc
|
Common Stock
|
82,904
|
1,362
|
2,128
|
7/22/2024
|
0.40%
|
||||||||||||||
|
Yak Access LLC
|
Common Stock
|
9,358
|
-
|
1
|
3/10/2023
|
0.00%
|
||||||||||||||
|
Foresight Energy LLC
|
Common Stock
|
320,381
|
3,666
|
2,391
|
6/30/2020
|
0.45%
|
||||||||||||||
|
SIRVA Worldwide Inc
|
Common Stock (Class A)
|
2,475
|
7
|
-
|
8/20/2024
|
0.00%
|
||||||||||||||
|
SIRVA Worldwide Inc
|
Common Stock (Class B)
|
32,077
|
37
|
1
|
8/20/2024
|
0.00%
|
||||||||||||||
|
SIRVA Worldwide Inc
|
15.250% 08/2030 (Class A)
|
569
|
578
|
89
|
8/20/2024
|
0.02%
|
||||||||||||||
|
SIRVA Worldwide Inc
|
15.250% 08/2030 (Class B)
|
287
|
128
|
45
|
8/20/2024
|
0.01%
|
||||||||||||||
|
Aimbridge Acquisition Co Inc
|
Common Stock
|
104,732
|
10,612
|
6,946
|
3/11/2025
|
1.32%
|
||||||||||||||
|
Total
|
$
|
76,823
|
$
|
72,412
|
||||||||||||||||