| Principal Amount USD ($) | Value | |||||
| UNAFFILIATED ISSUERS — 103.2% | ||||||
| Senior Secured Floating Rate Loan Interests — 83.3% of Net Assets*(a) | ||||||
| Advanced Materials — 0.9% | ||||||
| 2,723,748 | Groupe Solmax, Inc., Initial Term Loan, 9.307% (Term SOFR + 475 bps), 5/29/28 | $ 2,266,954 | ||||
| Total Advanced Materials | $2,266,954 | |||||
| Advertising Sales — 0.3% | ||||||
| 801,452 | Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.471% (Term SOFR + 400 bps), 8/21/28 | $ 801,352 | ||||
| Total Advertising Sales | $801,352 | |||||
| Advertising Services — 0.5% | ||||||
| 480,000 | Dotdash Meredith, Inc., Term B-2 Loan, 7.829% (Term SOFR + 350 bps), 6/17/32 | $ 480,900 | ||||
| 942,767 | Neptune BidCo US, Inc., First Lien Dollar Term B Loan, 9.429% (Term SOFR + 500 bps), 4/11/29 | 907,806 | ||||
| Total Advertising Services | $1,388,706 | |||||
| Aerospace & Defense — 0.4% | ||||||
| 455,858 | Goat Holdco LLC, Term B Loan, 7.356% (Term SOFR + 300 bps), 1/27/32 | $ 456,875 | ||||
| 550,000 | Karman Holdings, Inc., Initial Term Loan, 7.796% (Term SOFR + 350 bps), 4/1/32 | 550,687 | ||||
| Total Aerospace & Defense | $1,007,562 | |||||
| Airlines — 0.4% | ||||||
| 1,006,782 | AAdvantage Loyalty IP Ltd. (American Airlines), 2025 Replacement Term Loan, 6.575% (Term SOFR + 225 bps), 4/20/28 | $ 1,005,794 | ||||
| Total Airlines | $1,005,794 | |||||
| Airport Development & Maintenance — 0.5% | ||||||
| 1,309,959 | Apple Bidco LLC, First Lien Amendment No. 5 Term Loan, 6.856% (Term SOFR + 250 bps), 9/23/31 | $ 1,315,106 | ||||
| Total Airport Development & Maintenance | $1,315,106 | |||||
| Appliances — 0.9% | ||||||
| 2,228,636 | Osmosis Buyer Ltd., 2025 Refinancing Term B Loan, 7.322% (Term SOFR + 300 bps), 7/31/28 | $ 2,229,630 | ||||
| Total Appliances | $2,229,630 | |||||
| Applications Software — 2.0% | ||||||
| 672,828 | Central Parent LLC, First Lien 2024 Refinancing Term Loan, 7.546% (Term SOFR + 325 bps), 7/6/29 | $ 549,869 | ||||
| Principal Amount USD ($) | Value | |||||
| Applications Software — (continued) | ||||||
| 1,214,361 | EP Purchaser LLC, First Lien Closing Date Term Loan, 8.057% (Term SOFR + 350 bps), 11/6/28 | $ 1,204,114 | ||||
| 875,798 | Flash Charm, Inc., First Lien Incremental Term Loan, 7.776% (Term SOFR + 350 bps), 3/2/28 | 824,481 | ||||
| 1,744,552(b) | Loyalty Ventures, Inc., Term B Loan, 11.46% (LIBOR + 650 bps), 11/3/27 | 130,841 | ||||
| 1,254,594 | RealPage, Inc., First Lien Initial Term Loan, 7.557% (Term SOFR + 300 bps), 4/24/28 | 1,254,398 | ||||
| 1,265,416 | SS&C Technologies Holdings, Inc., Term B-8 Loan, 6.356% (Term SOFR + 200 bps), 5/9/31 | 1,270,874 | ||||
| Total Applications Software | $5,234,577 | |||||
| Auto Parts & Equipment — 2.4% | ||||||
| 438,944 | Adient US LLC, Term B-2 Loan, 6.606% (Term SOFR + 225 bps), 1/31/31 | $ 441,060 | ||||
| 2,814,753 | First Brands Group LLC, First Lien 2021 Term Loan, 9.57% (Term SOFR + 500 bps), 3/30/27 | 2,759,632 | ||||
| 3,038,231 | IXS Holdings, Inc., Initial Term Loan, 8.646% (Term SOFR + 425 bps), 3/5/27 | 2,977,467 | ||||
| Total Auto Parts & Equipment | $6,178,159 | |||||
| Auto Repair Centers — 0.6% | ||||||
| 1,560,679 | Champions Holdco, Inc., Initial Term Loan, 9.08% (Term SOFR + 475 bps), 2/23/29 | $ 1,444,928 | ||||
| Total Auto Repair Centers | $1,444,928 | |||||
| Auto-Truck Trailers — 1.0% | ||||||
| 2,660,625 | Novae LLC, Tranche B Term Loan, 9.452% (Term SOFR + 500 bps), 12/22/28 | $ 2,487,684 | ||||
| Total Auto-Truck Trailers | $2,487,684 | |||||
| Building & Construction — 0.4% | ||||||
| 1,113,422 | Service Logic Acquisition, Inc., Amendment No. 8 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 10/29/27 | $ 1,116,206 | ||||
| Total Building & Construction | $1,116,206 | |||||
| Building & Construction Products — 1.6% | ||||||
| 965,000 | Chariot Buyer LLC, First Lien Initial Term Loan, 7.706% (Term SOFR + 325 bps), 11/3/28 | $ 967,112 | ||||
| 1,426,504 | Cornerstone Building Brands, Inc., Tranche B Term Loan, 7.692% (Term SOFR + 325 bps), 4/12/28 | 1,307,035 | ||||
| Principal Amount USD ($) | Value | |||||
| Building & Construction Products — (continued) | ||||||
| 741,130 | LHS Borrower LLC, Initial Term Loan, 9.206% (Term SOFR + 475 bps), 2/16/29 | $ 704,073 | ||||
| 1,061,525 | Potters Industries LLC, 2025 Incremental Term Loan, 7.333% (Term SOFR + 300 bps), 12/14/27 | 1,067,828 | ||||
| Total Building & Construction Products | $4,046,048 | |||||
| Building Production — 1.0% | ||||||
| 250,000(c) | Chariot Buyer LLC, First Lien Refinancing Term Loan, 9/8/32 | $ 250,338 | ||||
| 1,225,179 | Koppers, Inc., Term B-2 Loan, 6.85% (Term SOFR + 250 bps), 4/10/30 | 1,233,028 | ||||
| 1,012,463 | Quikrete Holdings, Inc., First Lien Tranche B-3 Term Loan, 6.606% (Term SOFR + 225 bps), 2/10/32 | 1,013,165 | ||||
| Total Building Production | $2,496,531 | |||||
| Cable & Satellite Television — 0.5% | ||||||
| 651,090 | DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 9.82% (Term SOFR + 525 bps), 8/2/29 | $ 647,173 | ||||
| 759,839 | Radiate Holdco LLC, First Out Term Loan, 7.971% (Term SOFR + 350 bps), 9/25/29 | 659,794 | ||||
| Total Cable & Satellite Television | $1,306,967 | |||||
| Casino Hotels — 0.8% | ||||||
| 2,176,529 | Century Casinos, Inc., Term B Facility Loan, 10.436% (Term SOFR + 600 bps), 4/2/29 | $ 1,937,111 | ||||
| Total Casino Hotels | $1,937,111 | |||||
| Casino Services — 0.5% | ||||||
| 387,100 | Caesars Entertainment, Inc., Incremental Term B-1 Loan, 6.606% (Term SOFR + 225 bps), 2/6/31 | $ 387,584 | ||||
| 89,952 | Lucky Bucks LLC, Priority First Out Exit Term Loan, 11.99% (Term SOFR + 765 bps), 10/2/28 | 90,851 | ||||
| 185,113 | Lucky Bucks LLC, Priority Second Out Term Loan, 6.99% (Term SOFR + 250 bps), 10/2/29 | 158,271 | ||||
| 750,000(c) | Voyager Parent LLC, First Lien Term B Loan, 7/1/32 | 751,465 | ||||
| Total Casino Services | $1,388,171 | |||||
| Chemicals-Diversified — 1.2% | ||||||
| 1,125,749 | Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 8.706% (Term SOFR + 425 bps), 4/2/29 | $ 1,041,318 | ||||
| Principal Amount USD ($) | Value | |||||
| Chemicals-Diversified — (continued) | ||||||
| 441,000 | Ineos Quattro Holdings UK Ltd., 2030 Tranche B Dollar Term Loan, 8.206% (Term SOFR + 375 bps), 3/14/30 | $ 410,130 | ||||
| 1,826,217 | Ineos US Finance LLC, 2030 Dollar Term Loan, 7.606% (Term SOFR + 325 bps), 2/18/30 | 1,698,382 | ||||
| Total Chemicals-Diversified | $3,149,830 | |||||
| Chemicals-Specialty — 1.5% | ||||||
| 1,252,290 | Axalta Coating Systems U.S. Holdings, Inc., Term B-7 Dollar Loan, 6.046% (Term SOFR + 175 bps), 12/20/29 | $ 1,257,083 | ||||
| 870,458 | Mativ Holdings, Inc., Term B Loan, 8.221% (Term SOFR + 375 bps), 4/20/28 | 867,194 | ||||
| 240,140 | Nouryon Finance B.V., November 2024 B-1 Dollar Term Loan, 7.51% (Term SOFR + 325 bps), 4/3/28 | 240,515 | ||||
| 591,041 | Nouryon Finance B.V., November 2024 B-2 Dollar Term Loan, 7.55% (Term SOFR + 325 bps), 4/3/28 | 592,519 | ||||
| 997,500 | Tronox Finance LLC, 2024 First Lien B2 Term Loan, 6.546% (Term SOFR + 225 bps), 4/4/29 | 919,363 | ||||
| Total Chemicals-Specialty | $3,876,674 | |||||
| Commercial Services — 1.5% | ||||||
| 965,349 | AEA International Holdings (Luxembourg) S.a.r.l., First Lien New Term Loan, 7.046% (Term SOFR + 275 bps), 9/7/28 | $ 966,556 | ||||
| 1,452,330 | DS Parent, Inc., Term Loan B, 9.796% (Term SOFR + 550 bps), 1/31/31 | 1,326,461 | ||||
| 1,181,383 | Jupiter Buyer, Inc., Initial Term Loan, 9.046% (Term SOFR + 475 bps), 11/1/31 | 1,190,489 | ||||
| 498,750 | Vestis Corp., Term B-1 Loan, 6.58% (Term SOFR + 225 bps), 2/22/31 | 477,968 | ||||
| Total Commercial Services | $3,961,474 | |||||
| Computer Data Security — 0.7% | ||||||
| 1,937,959 | Precisely Software, Inc., First Lien Third Amendment Term Loan, 8.57% (Term SOFR + 400 bps), 4/24/28 | $ 1,884,665 | ||||
| Total Computer Data Security | $1,884,665 | |||||
| Computer Services — 2.0% | ||||||
| 1,230,603 | Ahead DB Holdings LLC, First Lien Term B-4 Loan, 7.296% (Term SOFR + 300 bps), 2/1/31 | $ 1,233,459 | ||||
| 580,028 | Amentum Holdings, Inc., Initial Term Loan, 6.606% (Term SOFR + 225 bps), 9/29/31 | 577,399 | ||||
| 1,376,597 | Fortress Intermediate 3, Inc., Tranche B Term Loan, 7.322% (Term SOFR + 300 bps), 6/27/31 | 1,383,480 | ||||
| Principal Amount USD ($) | Value | |||||
| Computer Services — (continued) | ||||||
| 742,481 | KBR, Inc., Term B Facility, 6.356% (Term SOFR + 200 bps), 1/17/31 | $ 744,338 | ||||
| 1,225,927 | Smartronix LLC, Term Loan, 8.796% (Term SOFR + 450 bps), 2/6/32 | 1,230,142 | ||||
| Total Computer Services | $5,168,818 | |||||
| Computer Software — 0.3% | ||||||
| 677,250 | Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 8.221% (Term SOFR + 375 bps), 10/16/28 | $ 643,811 | ||||
| Total Computer Software | $643,811 | |||||
| Computers-Memory Devices — 0.7% | ||||||
| 1,774,599 | SanDisk Corp., Term B Loan, 7.321% (Term SOFR + 300 bps), 2/20/32 | $ 1,772,381 | ||||
| Total Computers-Memory Devices | $1,772,381 | |||||
| Consulting Services — 0.3% | ||||||
| 878,445 | Ankura Consulting Group LLC, First Lien 2024-2 Repricing Term Loan, 7.802% (Term SOFR + 350 bps), 12/29/31 | $ 882,728 | ||||
| Total Consulting Services | $882,728 | |||||
| Consumer Products — 0.3% | ||||||
| 769,574 | Reynolds Consumer Products LLC, New Term Loan, 6.106% (Term SOFR + 175 bps), 3/4/32 | $ 773,903 | ||||
| Total Consumer Products | $773,903 | |||||
| Containers-Paper & Plastic — 0.8% | ||||||
| 857,017 | Clydesdale Acquisition Holdings, Inc., First Lien 2025 Incremental Closing Date Term B Loan, 7.606% (Term SOFR + 325 bps), 4/1/32 | $ 857,374 | ||||
| 449 | Clydesdale Acquisition Holdings, Inc., First Lien 2025 Incremental Delayed Draw Term B Loan, 7.577% (3 Month Term SOFR + 325 bps), 3/29/32 | 449 | ||||
| 1,143,450 | Ring Container Technologies Group LLC, 2024 Refinancing Term Loan, 7.106% (Term SOFR + 275 bps), 8/14/28 | 1,146,309 | ||||
| Total Containers-Paper & Plastic | $2,004,132 | |||||
| Principal Amount USD ($) | Value | |||||
| Cruise Lines — 0.6% | ||||||
| 575,650 | LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 7.356% (Term SOFR + 300 bps), 5/1/31 | $ 576,010 | ||||
| 915,000(c) | SGH2 LLC, Term Loan B, 7/16/32 | 917,287 | ||||
| Total Cruise Lines | $1,493,297 | |||||
| Dialysis Centers — 1.1% | ||||||
| 1,290,250 | DaVita, Inc., Tranche B-2 Term Loan, 6.106% (Term SOFR + 175 bps), 5/9/31 | $ 1,293,677 | ||||
| 1,522,333 | U.S. Renal Care, Inc., Closing Date Term Loan, 9.471% (Term SOFR + 500 bps), 6/20/28 | 1,481,104 | ||||
| Total Dialysis Centers | $2,774,781 | |||||
| Disposable Medical Products — 0.9% | ||||||
| 545,205 | Medline Borrower LP, Third Amendment Incremental Term Loan, 6.591% (Term SOFR + 225 bps), 10/23/28 | $ 546,142 | ||||
| 1,817,052 | Sotera Health Holdings LLC, 2024 Refinancing Term Loan, 7.546% (Term SOFR + 325 bps), 5/30/31 | 1,828,409 | ||||
| Total Disposable Medical Products | $2,374,551 | |||||
| Distribution & Wholesale — 1.9% | ||||||
| 1,354,763 | AIP RD Buyer Corp., First Lien Term B Loan, 7.856% (Term SOFR + 350 bps), 12/23/30 | $ 1,360,124 | ||||
| 1,020,000 | Formulations Parent Corp. (aka Chase Corp.), Initial Term Loan, 8.328% (Term SOFR + 400 bps), 4/9/32 | 1,030,200 | ||||
| 883,000 | Gloves Buyer, Inc., Initial Term Loan, 8.356% (Term SOFR + 400 bps), 5/21/32 | 866,444 | ||||
| 976,909 | Olympus Water US Holding Corp., Term B-6 Dollar Loan, 7.296% (Term SOFR + 300 bps), 6/20/31 | 975,165 | ||||
| 591,045 | Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 7.103% (Term SOFR + 275 bps), 8/1/30 | 591,229 | ||||
| Total Distribution & Wholesale | $4,823,162 | |||||
| Electric-Distribution — 0.2% | ||||||
| 430,626(c) | Lackawanna Energy Center LLC, Term Loan B, 7/23/32 | $ 432,779 | ||||
| Total Electric-Distribution | $432,779 | |||||
| Electric-Generation — 1.7% | ||||||
| 647,110 | Alpha Generation LLC, Initial Term B Loan, 6.356% (Term SOFR + 200 bps), 9/30/31 | $ 647,110 | ||||
| 2,009,838 | Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.606% (Term SOFR + 525 bps), 4/3/28 | 2,022,578 | ||||
| Principal Amount USD ($) | Value | |||||
| Electric-Generation — (continued) | ||||||
| 1,237,380 | Edgewater Generation LLC, 2025 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 8/1/30 | $ 1,243,953 | ||||
| 551,225 | Hamilton Projects Acquiror LLC, 2025-2 Repricing Term Loan, 6.856% (Term SOFR + 250 bps), 5/30/31 | 553,809 | ||||
| Total Electric-Generation | $4,467,450 | |||||
| Electric-Integrated — 0.3% | ||||||
| 795,593 | Constellation Renewables LLC, Loan, 6.583% (Term SOFR + 225 bps), 12/15/27 | $ 797,084 | ||||
| Total Electric-Integrated | $797,084 | |||||
| Electronic Composition — 0.2% | ||||||
| 651,136 | Natel Engineering Co., Inc., Initial Term Loan, 10.686% (Term SOFR + 625 bps), 4/30/26 | $ 573,000 | ||||
| Total Electronic Composition | $573,000 | |||||
| Engines — 1.7% | ||||||
| 1,715,843 | Arcline FM Holdings LLC, First Lien 2025 New Term Loan, 7.578% (Term SOFR + 350 bps), 6/23/30 | $ 1,729,517 | ||||
| 2,592,033 | LSF12 Badger Bidco LLC, Initial Term Loan, 10.356% (Term SOFR + 600 bps), 8/30/30 | 2,520,752 | ||||
| Total Engines | $4,250,269 | |||||
| Enterprise Software & Services — 1.8% | ||||||
| 2,018,436 | Cloud Software Group, Inc., Sixth Amendment Term Loan, 8.046% (Term SOFR + 375 bps), 3/21/31 | $ 2,027,739 | ||||
| 1,009,925 | Genesys Cloud Services Holdings I LLC, Initial 2025 Dollar Term Loan, 6.856% (Term SOFR + 250 bps), 1/30/32 | 1,010,177 | ||||
| 577,100 | Helios Software Holdings, Inc. (ION Corporate Solutions Finance S.a.r.l.), 2024-B Dollar Term Loan, 7.796% (Term SOFR + 350 bps), 7/18/30 | 574,034 | ||||
| 967,787 | Project Alpha Intermediate Holding, Inc., Second Amendment Refinancing Term Loan, 7.546% (Term SOFR + 325 bps), 10/26/30 | 971,190 | ||||
| Total Enterprise Software & Services | $4,583,140 | |||||
| Finance-Investment Banker — 1.1% | ||||||
| 1,340,988 | Citadel Securities LP, 2024-1 Term Loan, 6.356% (Term SOFR + 200 bps), 10/31/31 | $ 1,346,225 | ||||
| Principal Amount USD ($) | Value | |||||
| Finance-Investment Banker — (continued) | ||||||
| 896,799 | Hudson River Trading LLC, Term B-1 Loan, 7.343% (Term SOFR + 300 bps), 3/18/30 | $ 900,162 | ||||
| 658,690 | Jefferies Finance LLC, Initial Term Loan, 7.353% (Term SOFR + 300 bps), 10/21/31 | 660,749 | ||||
| Total Finance-Investment Banker | $2,907,136 | |||||
| Finance-Other Services — 0.5% | ||||||
| 456,000 | IMC Financing LLC, Term Loan, 7.85% (Term SOFR + 350 bps), 6/18/32 | $ 458,280 | ||||
| 385,588(c) | Mermaid Bidco, Inc., USD Facility B , 7/3/31 | 386,552 | ||||
| 497,000(c) | Osttra Group Ltd., First Lien Term Loan, 5/20/32 | 499,982 | ||||
| Total Finance-Other Services | $1,344,814 | |||||
| Food-Catering — 0.5% | ||||||
| 1,172,527 | Aramark Intermediate HoldCo Corp., U.S. Term B-8 Loan, 6.356% (Term SOFR + 200 bps), 6/22/30 | $ 1,175,947 | ||||
| Total Food-Catering | $1,175,947 | |||||
| Food-Confectionery — 0.6% | ||||||
| 1,584,030 | Fiesta Purchaser, Inc., First Refinancing Term Loan, 7.606% (Term SOFR + 325 bps), 2/12/31 | $ 1,588,839 | ||||
| Total Food-Confectionery | $1,588,839 | |||||
| Food-Dairy Products — 1.3% | ||||||
| 3,369,368 | Chobani LLC, 2025 New Term Loan, 6.856% (Term SOFR + 250 bps), 10/25/27 | $ 3,387,900 | ||||
| Total Food-Dairy Products | $3,387,900 | |||||
| Food-Miscellaneous/Diversified — 0.8% | ||||||
| 1,290,250 | B&G Foods, Inc., Term B-5 Term Loan, 7.856% (Term SOFR + 350 bps), 10/10/29 | $ 1,198,858 | ||||
| 775,000(c) | Froneri International Ltd., Term Loan, 7/16/32 | 773,607 | ||||
| Total Food-Miscellaneous/Diversified | $1,972,465 | |||||
| Gambling (Non-Hotel) — 0.5% | ||||||
| 502,350 | Flutter Entertainment Plc, 2024 Refinancing Term B Loan, 6.046% (Term SOFR + 175 bps), 11/30/30 | $ 500,362 | ||||
| 319,010(c) | Flutter Entertainment plc, Third Incremental Term B Loan, 6/4/32 | 319,807 | ||||
| 555,000(c) | River Rock Entertainment Authority, California, Term Loan, 6/17/31 | 541,125 | ||||
| Total Gambling (Non-Hotel) | $1,361,294 | |||||
| Principal Amount USD ($) | Value | |||||
| Golf — 0.3% | ||||||
| 656,250 | Topgolf Callaway Brands Corp., Initial Term Loan, 7.356% (Term SOFR + 300 bps), 3/15/30 | $ 649,619 | ||||
| Total Golf | $649,619 | |||||
| Hazardous Waste Disposal — 0.5% | ||||||
| 1,164,398 | JFL-Tiger Acquisition Co., Inc., Initial Term Loan, 8.069% (Term SOFR + 375 bps), 10/17/30 | $ 1,170,220 | ||||
| Total Hazardous Waste Disposal | $1,170,220 | |||||
| Hotels & Motels — 0.4% | ||||||
| 987,538 | Travel + Leisure Co., 2024 Incremental Term Loan, 6.856% (Term SOFR + 250 bps), 12/14/29 | $ 991,446 | ||||
| Total Hotels & Motels | $991,446 | |||||
| Independent Power Producer — 0.7% | ||||||
| 671,081 | EFS Cogen Holdings I LLC, 2025 Term B Advance, 7.308% (Term SOFR + 300 bps ), 10/3/31 | $ 674,017 | ||||
| 1,174,127 | Lightning Power LLC, Initial Term B Loan, 6.546% (Term SOFR + 225 bps), 8/18/31 | 1,176,512 | ||||
| Total Independent Power Producer | $1,850,529 | |||||
| Insurance Brokers — 0.6% | ||||||
| 918,341 | HIG Finance 2 Ltd., 2024-3 Dollar Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 2/15/31 | $ 920,309 | ||||
| 609,212 | USI, Inc., 2024-C Term Loan, 6.546% (Term SOFR + 225 bps), 9/29/30 | 609,321 | ||||
| Total Insurance Brokers | $1,529,630 | |||||
| Internet Content — 1.2% | ||||||
| 1,382,039 | MH Sub I LLC (Micro Holding Corp.), First Lien 2023 May Incremental Term Loan, 8.606% (Term SOFR + 425 bps), 5/3/28 | $ 1,319,674 | ||||
| 935,387 | MH Sub I LLC, First Lien 2024 December New Term Loan, 8.606% (Term SOFR + 425 bps), 12/31/31 | 836,821 | ||||
| 1,013,237 | Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-5 Loan, 7.106% (Term SOFR + 275 bps), 3/4/30 | 885,316 | ||||
| Total Internet Content | $3,041,811 | |||||
| Internet Financial Services — 0.6% | ||||||
| 743,382 | Acuris Finance US, Inc., 2024 Dollar Term Loan, 8.046% (Term SOFR + 375 bps), 2/16/28 | $ 744,777 | ||||
| 664,423 | ION Trading Finance Ltd., 2024-B Dollar Term Loan, 7.796% (Term SOFR + 350 bps), 4/3/28 | 664,907 | ||||
| Total Internet Financial Services | $1,409,684 | |||||
| Principal Amount USD ($) | Value | |||||
| Internet Security — 0.4% | ||||||
| 250,000(c) | Proofpoint, Inc., Term Loan (Add-On), 8/31/28 | $ 250,759 | ||||
| 635,781 | Proofpoint, Inc.,First Lien 2024 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 8/31/28 | 637,711 | ||||
| Total Internet Security | $888,470 | |||||
| Investment Management & Advisory Services — 2.0% | ||||||
| 1,857,706 | Allspring Buyer LLC, 2024 Specified Refinancing Term Loan, 7.313% (Term SOFR + 300 bps), 11/1/30 | $ 1,866,415 | ||||
| 586,000 | CPI Holdco B LLC, Initial Term Loan, 6.356% (Term SOFR + 200 bps), 5/17/31 | 585,878 | ||||
| 985,378 | Edelman Financial Engines Center LLC, 2024-2 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 4/7/28 | 987,841 | ||||
| 308,450 | GTCR Everest Borrower LLC, 2025 Term Commitment, 7.064% (Term SOFR + 275 bps), 9/5/31 | 309,189 | ||||
| 1,535,505 | Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, 9.308% (Term SOFR + 500 bps), 5/30/27 | 1,489,440 | ||||
| Total Investment Management & Advisory Services | $5,238,763 | |||||
| Lasers-System & Components — 0.4% | ||||||
| 1,080,976 | Coherent Corp., Term B-2 Loan, 6.356% (Term SOFR + 200 bps), 7/2/29 | $ 1,085,536 | ||||
| Total Lasers-System & Components | $1,085,536 | |||||
| Machinery-Electrical — 0.2% | ||||||
| 408,138 | Dynamo Midco B.V., USD Facility B, 7.829% (Term SOFR + 350 bps), 9/30/31 | $ 410,561 | ||||
| Total Machinery-Electrical | $410,561 | |||||
| Medical Diagnostic Imaging — 0.7% | ||||||
| 1,686,195 | US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Amendment No. 3 Replacement Term Loan, 9.046% (Term SOFR + 475 bps), 12/15/27 | $ 1,693,310 | ||||
| Total Medical Diagnostic Imaging | $1,693,310 | |||||
| Medical Labs & Testing Services — 1.7% | ||||||
| 1,383,314 | Charlotte Buyer, Inc., First Lien Second Refinancing Term Loan, 8.596% (Term SOFR + 425 bps), 2/11/28 | $ 1,384,612 | ||||
| 1,939,328 | Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.856% (Term SOFR + 250 bps), 2/21/31 | 1,943,097 | ||||
| 957,639 | U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 8.687% (Term SOFR + 425 bps), 10/1/28 | 949,933 | ||||
| Total Medical Labs & Testing Services | $4,277,642 | |||||
| Principal Amount USD ($) | Value | |||||
| Medical Products — 0.7% | ||||||
| 32,360 | Hanger, Inc., Delayed Draw Term Loan, 7.827% (1 Month Term SOFR + 350 bps), 10/23/31 | $ 32,486 | ||||
| 1,675,555 | Hanger, Inc., Initial Term Loan, 7.856% (Term SOFR + 350 bps), 10/23/31 | 1,682,047 | ||||
| Total Medical Products | $1,714,533 | |||||
| Medical-Drugs — 2.4% | ||||||
| 960,000 | 1261229 B.C. Ltd., Term Loan B, 10.606% (Term SOFR + 625 bps), 10/8/30 | $ 942,000 | ||||
| 967,687 | Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, 8.356% (Term SOFR + 400 bps), 4/23/31 | 971,618 | ||||
| 1,132,357 | Jazz Pharmaceuticals, Inc., Tranche B-2 Dollar Term Loan, 6.606% (Term SOFR + 225 bps), 5/5/28 | 1,138,177 | ||||
| 2,114,718 | Organon & Co., 2024 Refinancing Dollar Term Loan Facility, 6.599% (Term SOFR + 225 bps), 5/19/31 | 2,051,276 | ||||
| 1,162,912 | Padagis LLC, Term B Loan, 9.29% (Term SOFR + 475 bps), 7/6/28 | 1,064,064 | ||||
| Total Medical-Drugs | $6,167,135 | |||||
| Medical-Generic Drugs — 1.0% | ||||||
| 1,311,000(c) | Amneal Pharmaceuticals LLC, Amendment No.1 Term Loan, 8/1/32 | $ 1,311,820 | ||||
| 1,323,437 | Amneal Pharmaceuticals LLC, Initial Term Loan, 9.856% (Term SOFR + 550 bps), 5/4/28 | 1,349,078 | ||||
| Total Medical-Generic Drugs | $2,660,898 | |||||
| Medical-Hospitals — 1.5% | ||||||
| 1,795,225 | EyeCare Partners LLC, Tranche B Term Loan, 5.227% (Term SOFR + 100 bps), 11/30/28 | $ 1,422,715 | ||||
| 1,928,976 | Knight Health Holdings LLC, Term B Loan, 9.721% (Term SOFR + 525 bps), 12/23/28 | 766,768 | ||||
| 1,592,983 | LifePoint Health, Inc., First Lien 2024-2 Refinancing Term Loan, 7.82% (Term SOFR + 350 bps), 5/19/31 | 1,587,578 | ||||
| Total Medical-Hospitals | $3,777,061 | |||||
| Medical-Wholesale Drug Distribution — 1.6% | ||||||
| 879,836 | CVET Midco 2 LP, First Lien Initial Term Loan, 9.296% (Term SOFR + 500 bps), 10/13/29 | $ 805,270 | ||||
| 1,964,545 | Gainwell Acquisition Corp., First Lien Term B Loan, 8.396% (Term SOFR + 400 bps), 10/1/27 | 1,937,941 | ||||
| 1,275,360 | Owens & Minor, Inc., Term B-1 Loan, 8.206% (Term SOFR + 375 bps), 3/29/29 | 1,277,486 | ||||
| Total Medical-Wholesale Drug Distribution | $4,020,697 | |||||
| Principal Amount USD ($) | Value | |||||
| Metal Processors & Fabrication — 0.5% | ||||||
| 1,263,235 | Grinding Media, Inc. (Molycop Ltd.), First Lien 2024 Incremental Term Loan, 7.83% (Term SOFR + 350 bps), 10/12/28 | $ 1,252,182 | ||||
| Total Metal Processors & Fabrication | $1,252,182 | |||||
| Metal-Aluminum — 0.6% | ||||||
| 1,478,241 | Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, 7.106% (Term SOFR + 275 bps), 8/18/30 | $ 1,482,553 | ||||
| Total Metal-Aluminum | $1,482,553 | |||||
| Mining Services — 0.1% | ||||||
| 262,932 | Flame NewCo LLC, First Lien New Money Exit Term Loan, 12.50% (Term SOFR + 700 bps), 6/30/28 | $ 262,603 | ||||
| Total Mining Services | $262,603 | |||||
| Multi-line Insurance — 0.3% | ||||||
| 861,000 | Acrisure LLC, First Lien 2025 Term B Loan, 7.606% (Term SOFR + 325 bps), 6/20/32 | $ 861,538 | ||||
| Total Multi-line Insurance | $861,538 | |||||
| Non-hazardous Waste Disposal — 0.4% | ||||||
| 910,718 | Tidal Waste & Recycling Holdings LLC, Initial Term Loan, 7.296% (Term SOFR + 300 bps), 10/24/31 | $ 917,928 | ||||
| Total Non-hazardous Waste Disposal | $917,928 | |||||
| Office Automation & Equipment — 0.4% | ||||||
| 1,141,140 | Pitney Bowes, Inc., Tranche B Term Loan, 8.106% (Term SOFR + 375 bps), 3/19/32 | $ 1,142,566 | ||||
| Total Office Automation & Equipment | $1,142,566 | |||||
| Oil & Gas Drilling — 0.5% | ||||||
| 1,290,250 | WaterBridge Midstream Operating LLC, Term Loan B, 9.314% (Term SOFR + 475 bps), 6/27/29 | $ 1,294,081 | ||||
| Total Oil & Gas Drilling | $1,294,081 | |||||
| Oil Companies-Exploration & Production — 0.1% | ||||||
| 289,275 | Hilcorp Energy I LP, Initial Loan, 6.343% (Term SOFR + 200 bps), 2/11/30 | $ 290,270 | ||||
| Total Oil Companies-Exploration & Production | $290,270 | |||||
| Paper & Related Products — 0.3% | ||||||
| 637,000(c) | Ahlstrom-Munksjo Holding 3 Oy, Term Loan B, 5/23/30 | $ 641,778 | ||||
| Total Paper & Related Products | $641,778 | |||||
| Principal Amount USD ($) | Value | |||||
| Pharmacy Services — 0.2% | ||||||
| 619,578 | Option Care Health, Inc., First Lien 2021 Refinancing Term Loan, 6.606% (Term SOFR + 225 bps), 10/27/28 | $ 623,321 | ||||
| Total Pharmacy Services | $623,321 | |||||
| Physical Practice Management — 0.6% | ||||||
| 1,270,098 | Sound Inpatient Physicians, Inc., Tranche B Term Loan, 8.057% (Term SOFR + 350 bps), 6/28/28 | $ 1,187,541 | ||||
| 283,731 | Sound Inpatient Physicians, Inc., Tranche C Term Loan, 11.307% (Term SOFR + 675 bps), 6/28/29 | 235,497 | ||||
| Total Physical Practice Management | $1,423,038 | |||||
| Physical Therapy & Rehabilitation Centers — 1.1% | ||||||
| 1,282,201 | Summit Behavioral Healthcare LLC, First Lien Tranche B-1 Term Loan, 8.546% (Term SOFR + 425 bps), 11/24/28 | $ 969,665 | ||||
| 2,382,000 | Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, 8.82% (Term SOFR + 425 bps), 11/20/26 | 1,875,825 | ||||
| Total Physical Therapy & Rehabilitation Centers | $2,845,490 | |||||
| Pipelines — 2.6% | ||||||
| 1,902,692 | Brazos Delaware II LLC, 2025 Refinancing Term Loan, 7.336% (Term SOFR + 300 bps), 2/11/30 | $ 1,908,638 | ||||
| 603,180 | Epic Crude Services LP, 2025 Refinancing Term Loan, 6.828% (Term SOFR + 250 bps), 10/15/31 | 607,201 | ||||
| 724,000 | M6 ETX Holdings II Midco LLC, Initial Term Loan, 7.356% (Term SOFR + 300 bps), 4/1/32 | 728,865 | ||||
| 1,921,358 | Oryx Midstream Services Permian Basin LLC, 2025 Refinancing Term Loan, 6.603% (Term SOFR + 225 bps), 10/5/28 | 1,927,163 | ||||
| 1,574,713 | Traverse Midstream Partners LLC, Advance, 7.308% (Term SOFR + 300 bps), 2/16/28 | 1,582,586 | ||||
| Total Pipelines | $6,754,453 | |||||
| Printing-Commercial — 0.6% | ||||||
| 587,585 | Cimpress Plc, 2024-2 Refinancing Tranche B-1 Term Loan, 6.856% (Term SOFR + 250 bps), 5/17/28 | $ 586,850 | ||||
| 902,726 | Verde Purchaser LLC, Initial Term Loan, 8.296% (Term SOFR + 400 bps), 11/30/30 | 907,240 | ||||
| Total Printing-Commercial | $1,494,090 | |||||
| Principal Amount USD ($) | Value | |||||
| Professional Sports — 0.5% | ||||||
| 815,902 | Formula One Management Ltd., Facility B, 6.296% (Term SOFR + 200 bps), 9/30/31 | $ 818,069 | ||||
| 407,951 | Formula One Management Ltd., Incremental Term Facility, 6.291% (Term SOFR + 200 bps), 9/30/31 | 409,035 | ||||
| Total Professional Sports | $1,227,104 | |||||
| Property & Casualty Insurance — 2.4% | ||||||
| 784,962 | Asurion LLC, First Lien New B-11 Term Loan, 8.706% (Term SOFR + 425 bps), 8/19/28 | $ 779,402 | ||||
| 610,502 | Asurion LLC, First Lien New B-12 Term Loan, 8.606% (Term SOFR + 425 bps), 9/19/30 | 601,497 | ||||
| 936,948 | Asurion LLC, First Lien New B-9 Term Loan, 7.721% (Term SOFR + 325 bps), 7/31/27 | 937,924 | ||||
| 1,406,916 | Asurion LLC, New B-10 Term Loan, 8.456% (Term SOFR + 400 bps), 8/19/28 | 1,397,947 | ||||
| 750,000 | Asurion LLC, Second Lien New B-4 Term Loan, 9.721% (Term SOFR + 525 bps), 1/20/29 | 707,031 | ||||
| 1,660,858 | Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, 6.841% (Term SOFR + 250 bps), 7/31/31 | 1,665,010 | ||||
| Total Property & Casualty Insurance | $6,088,811 | |||||
| Protection-Safety — 0.4% | ||||||
| 965,280 | Prime Security Services Borrower LLC, First Lien 2024-1 Refinancing Term B-1 Loan, 6.129% (Term SOFR + 200 bps), 10/13/30 | $ 966,660 | ||||
| Total Protection-Safety | $966,660 | |||||
| Publishing — 1.7% | ||||||
| 1,633,541 | Cengage Learning, Inc., 2024 Refinancing Term Loan, 7.83% (Term SOFR + 350 bps), 3/24/31 | $ 1,634,675 | ||||
| 1,451,345 | Houghton Mifflin Harcourt Co., First Lien Term B Loan, 9.706% (Term SOFR + 525 bps), 4/9/29 | 1,378,325 | ||||
| 1,329,198 | McGraw-Hill Education, Inc., 2025 Term Loan, 7.606% (Term SOFR + 325 bps), 8/6/31 | 1,333,491 | ||||
| Total Publishing | $4,346,491 | |||||
| Publishing-Periodicals — 0.3% | ||||||
| 846,759 | MJH Healthcare Holdings LLC, 2024 Refinancing Term B Loan, 7.091% (Term SOFR + 275 bps), 1/29/29 | $ 849,581 | ||||
| Total Publishing-Periodicals | $849,581 | |||||
| Principal Amount USD ($) | Value | |||||
| Radio — 0.4% | ||||||
| 1,008,656 | Townsquare Media LLC, Initial Term Loan, 9.324% (Term SOFR + 500 bps), 2/19/30 | $ 912,834 | ||||
| Total Radio | $912,834 | |||||
| Recreational Centers — 1.4% | ||||||
| 1,381,359 | Bulldog Purchaser, Inc., First Lien 2024 New Term Loan, 8.036% (Term SOFR + 375 bps), 6/27/31 | $ 1,389,562 | ||||
| 1,964,051 | Fitness International LLC, Term B Loan, 8.856% (Term SOFR + 450 bps), 2/12/29 | 1,978,372 | ||||
| 323,375 | Life Time, Inc., 2024 New Term Loan, 6.577% (Term SOFR + 225 bps), 11/5/31 | 324,345 | ||||
| Total Recreational Centers | $3,692,279 | |||||
| REITS-Storage — 0.1% | ||||||
| 349,061 | Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 6.356% (Term SOFR + 200 bps), 1/31/31 | $ 349,498 | ||||
| Total REITS-Storage | $349,498 | |||||
| Rental Auto & Equipment — 0.6% | ||||||
| 1,635,050 | Albion Financing 3 S.a r.l. (Albion Financing LLC), 2025-A Refinancing U.S. Dollar Term Loan, 7.316% (Term SOFR + 300 bps), 5/21/31 | $ 1,644,247 | ||||
| Total Rental Auto & Equipment | $1,644,247 | |||||
| Retail — 3.1% | ||||||
| 1,239,299 | Great Outdoors Group LLC, Term B-3 Loan, 7.606% (Term SOFR + 325 bps), 1/23/32 | $ 1,241,933 | ||||
| 1,509,234 | Harbor Freight Tools USA, Inc., Replacement Term Loan, 6.606% (Term SOFR + 225 bps), 6/11/31 | 1,479,049 | ||||
| 412,119 | Kodiak BP LLC, Initial Term Loan, 8.041% (Term SOFR + 375 bps), 12/4/31 | 397,780 | ||||
| 2,079,140 | Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 7.807% (Term SOFR + 325 bps), 3/3/28 | 1,953,092 | ||||
| 1,636,250 | PetSmart LLC, Initial Term Loan, 8.206% (Term SOFR + 375 bps), 2/11/28 | 1,637,613 | ||||
| 1,420,477(c) | RVR Dealership Holdings LLC, Term Loan, 8.206% (Term SOFR + 375 bps), 2/8/28 | 1,331,697 | ||||
| Total Retail | $8,041,164 | |||||
| Retail-Catalog Shopping — 0.2% | ||||||
| 968,367 | Medical Solutions Holdings, Inc., First Lien Initial Term Loan, 7.908% (Term SOFR + 350 bps), 11/1/28 | $ 535,628 | ||||
| Total Retail-Catalog Shopping | $535,628 | |||||
| Principal Amount USD ($) | Value | |||||
| Security Services — 2.2% | ||||||
| 2,594,666 | Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC), Initial U.S. Dollar Term Loan, 8.206% (Term SOFR + 375 bps), 5/12/28 | $ 2,603,667 | ||||
| 3,098,526 | Garda World Security Corp., Twelfth Additional Term Loan, 7.343% (Term SOFR + 300 bps), 2/1/29 | 3,102,399 | ||||
| Total Security Services | $5,706,066 | |||||
| Semiconductor Equipment — 0.4% | ||||||
| 909,054 | MKS Instruments, Inc., 2025-1 Dollar Term B Loan, 6.353% (Term SOFR + 200 bps), 8/17/29 | $ 910,570 | ||||
| Total Semiconductor Equipment | $910,570 | |||||
| Telecom Services — 0.6% | ||||||
| 1,605,000 | Windstream Services LLC, 2024 Term Loan, 9.206% (Term SOFR + 475 bps), 10/1/31 | $ 1,615,031 | ||||
| Total Telecom Services | $1,615,031 | |||||
| Telecommunication Equipment — 0.8% | ||||||
| 2,000,000(c) | Commscope LLC, Initial Term Loan, 12/17/29 | $ 2,034,376 | ||||
| Total Telecommunication Equipment | $2,034,376 | |||||
| Telephone-Integrated — 0.3% | ||||||
| 779,943 | Level 3 Financing, Inc., Term B-3 Refinancing Loan, 8.606% (Term SOFR + 425 bps), 3/29/32 | $ 785,208 | ||||
| Total Telephone-Integrated | $785,208 | |||||
| Television — 0.0%† | ||||||
| 9,200 | Gray Television, Inc., Term F Loan, 9.579% (Term SOFR + 525 bps), 6/4/29 | $ 9,220 | ||||
| Total Television | $9,220 | |||||
| Theaters — 0.9% | ||||||
| 1,069,148 | Cirque du Soleil Canada, Inc., Refinancing Term Loan, 8.046% (Term SOFR + 375 bps), 3/8/30 | $ 1,056,675 | ||||
| 1,243,882 | Crown Finance US, Inc., First Amendment Term Loan, 8.829% (Term SOFR + 450 bps), 12/2/31 | 1,241,705 | ||||
| Total Theaters | $2,298,380 | |||||
| Transportation Services — 1.5% | ||||||
| 1,629,226 | Carriage Purchaser, Inc., Term B Loan, 7.841% (Term SOFR + 350 bps), 10/2/28 | $ 1,638,391 | ||||
| Principal Amount USD ($) | Value | |||||
| Transportation Services — (continued) | ||||||
| 1,592,331 | First Student Bidco, Inc., Initial Term B Loan, 6.796% (Term SOFR + 250 bps), 7/21/28 | $ 1,596,146 | ||||
| 488,174 | First Student Bidco, Inc., Initial Term C Loan, 6.796% (Term SOFR + 250 bps), 7/21/28 | 489,343 | ||||
| Total Transportation Services | $3,723,880 | |||||
| Transport-Rail — 0.4% | ||||||
| 1,077,479 | Genesee & Wyoming, Inc., Initial Term Loan, 6.046% (Term SOFR + 175 bps), 4/10/31 | $ 1,076,656 | ||||
| Total Transport-Rail | $1,076,656 | |||||
| Veterinary Diagnostics — 0.2% | ||||||
| 624,443 | Southern Veterinary Partners LLC, First Lien 2025 New Term Loan, 6.819% (Term SOFR + 250 bps), 12/4/31 | $ 625,484 | ||||
| Total Veterinary Diagnostics | $625,484 | |||||
| Total Senior Secured Floating Rate Loan Interests (Cost $218,944,173) | $213,380,414 | |||||
| Shares | ||||||
| Common Stocks — 0.3% of Net Assets | ||||||
| Construction & Engineering — 0.1% | ||||||
| 26,228(d) | LB New Holdco | $ 137,697 | ||||
| Total Construction & Engineering | $137,697 | |||||
| Healthcare-Services — 0.0% | ||||||
| 396,983(d)+ | Sound Inpatient Physicians Holdings | $ — | ||||
| 17,772(d)+ | Sound Inpatient Physicians, Inc. | — | ||||
| Total Healthcare-Services | $— | |||||
| Metals & Mining — 0.0%† | ||||||
| 3,810(d) | Flame Co. | $ 15,240 | ||||
| Total Metals & Mining | $15,240 | |||||
| Passenger Airlines — 0.2% | ||||||
| 33,954(d) | Grupo Aeromexico SAB de CV | $ 577,449 | ||||
| Total Passenger Airlines | $577,449 | |||||
| Total Common Stocks (Cost $337,239) | $730,386 | |||||
| Principal Amount USD ($) | Value | |||||
| Asset Backed Securities — 3.8% of Net Assets | ||||||
| 1,000,000(a) | 522 Funding CLO, Ltd., Series 2019-5A, Class ER, 11.078% (3 Month Term SOFR + 676 bps), 4/15/35 (144A) | $ 972,776 | ||||
| 1,000,000(a) | AB BSL CLO 1, Ltd., Series 2020-1A, Class ER, 11.178% (3 Month Term SOFR + 686 bps), 1/15/35 (144A) | 998,940 | ||||
| 1,000,000(a) | CIFC Funding, Ltd., Series 2025-2A, Class D2, 7.831% (3 Month Term SOFR + 355 bps), 4/15/38 (144A) | 1,001,028 | ||||
| 1,000,000(a) | CIFC Funding, Ltd., Series 2025-2A, Class E, 8.681% (3 Month Term SOFR + 440 bps), 4/15/38 (144A) | 982,655 | ||||
| 1,000,000(a) | Crown Point CLO 11, Ltd., Series 2021-11A, Class ER, 10.472% (3 Month Term SOFR + 615 bps), 2/28/38 (144A) | 1,011,799 | ||||
| 1,000,000(a) | Dryden 41 Senior Loan Fund, Series 2015-41A, Class DR, 7.179% (3 Month Term SOFR + 286 bps), 4/15/31 (144A) | 998,538 | ||||
| 1,000,000(a) | Magnetite XXX, Ltd., Series 2021-30A, Class D2R, 8.318% (3 Month Term SOFR + 400 bps), 10/25/37 (144A) | 1,003,911 | ||||
| 836,832(a) | US Bank NA, Series 2025-SUP1, Class D, 7.05% (SOFR30A + 270 bps), 2/25/32 (144A) | 834,024 | ||||
| 1,000,000(a) | Voya CLO, Ltd., Series 2025-1A, Class D2, 8.044% (3 Month Term SOFR + 375 bps), 4/20/38 (144A) | 1,000,361 | ||||
| 1,000,000(a) | Voya CLO, Ltd., Series 2025-1A, Class E, 8.894% (3 Month Term SOFR + 460 bps), 4/20/38 (144A) | 987,530 | ||||
| Total Asset Backed Securities (Cost $9,848,687) | $9,791,562 | |||||
| Commercial Mortgage-Backed Securities—0.1% of Net Assets | ||||||
| 74,237(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 10.684% (SOFR30A + 636 bps), 1/25/27 (144A) | $ 69,596 | ||||
| 93,138(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, 13.434% (SOFR30A + 911 bps), 7/25/30 (144A) | 88,290 | ||||
| Total Commercial Mortgage-Backed Securities (Cost $172,046) | $157,886 | |||||
| Principal Amount USD ($) | Value | |||||
| Convertible Corporate Bonds — 0.0%† of Net Assets | ||||||
| Entertainment — 0.0%† | ||||||
| 40,000 | Live Nation Entertainment, Inc., 2.875%, 1/15/30 (144A) | $ 42,920 | ||||
| Total Entertainment | $42,920 | |||||
| Total Convertible Corporate Bonds (Cost $40,000) | $42,920 | |||||
| Corporate Bonds — 6.8% of Net Assets | ||||||
| Advertising — 0.6% | ||||||
| 265,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 241,421 | ||||
| 500,000 | Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30 (144A) | 514,903 | ||||
| 750,000 | Stagwell Global LLC, 5.625%, 8/15/29 (144A) | 721,888 | ||||
| Total Advertising | $1,478,212 | |||||
| Aerospace & Defense — 0.4% | ||||||
| 1,000,000 | Goat Holdco LLC, 6.75%, 2/1/32 (144A) | $ 1,008,067 | ||||
| Total Aerospace & Defense | $1,008,067 | |||||
| Airlines — 0.4% | ||||||
| 1,000,000 | OneSky Flight LLC, 8.875%, 12/15/29 (144A) | $ 1,053,547 | ||||
| Total Airlines | $1,053,547 | |||||
| Banks — 0.2% | ||||||
| 500,000(e) | Citizens Financial Group, Inc., 6.645% (SOFR + 233 bps), 4/25/35 | $ 541,111 | ||||
| Total Banks | $541,111 | |||||
| Chemicals — 0.6% | ||||||
| 1,000,000 | Methanex US Operations, Inc., 6.25%, 3/15/32 (144A) | $ 991,245 | ||||
| 610,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 474,586 | ||||
| Total Chemicals | $1,465,831 | |||||
| Commercial Services — 1.0% | ||||||
| 1,000,000 | EquipmentShare.com, Inc., 8.00%, 3/15/33 (144A) | $ 1,044,010 | ||||
| 1,500,000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32 (144A) | 1,549,492 | ||||
| Total Commercial Services | $2,593,502 | |||||
| Diversified Financial Services — 0.4% | ||||||
| 1,000,000(e) | Ally Financial, Inc., 6.184% (SOFR + 229 bps), 7/26/35 | $ 1,023,296 | ||||
| Total Diversified Financial Services | $1,023,296 | |||||
| Principal Amount USD ($) | Value | |||||
| Electric — 0.2% | ||||||
| 500,000 | Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | $ 484,503 | ||||
| Total Electric | $484,503 | |||||
| Internet — 0.4% | ||||||
| 1,000,000 | Acuris Finance US, Inc./Acuris Finance S.a.r.l., 9.00%, 8/1/29 (144A) | $ 1,017,398 | ||||
| Total Internet | $1,017,398 | |||||
| Iron & Steel — 0.1% | ||||||
| 260,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | $ 247,536 | ||||
| Total Iron & Steel | $247,536 | |||||
| Leisure Time — 0.1% | ||||||
| 240,000 | NCL Corp., Ltd., 8.125%, 1/15/29 (144A) | $ 252,130 | ||||
| Total Leisure Time | $252,130 | |||||
| Mining — 0.3% | ||||||
| 1,000,000 | Novelis Corp., 3.875%, 8/15/31 (144A) | $ 896,979 | ||||
| Total Mining | $896,979 | |||||
| Oil & Gas — 0.7% | ||||||
| 1,000,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.875%, 5/15/34 (144A) | $ 962,891 | ||||
| 1,000,000 | Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (144A) | 995,041 | ||||
| Total Oil & Gas | $1,957,932 | |||||
| Pharmaceuticals — 0.4% | ||||||
| 1,000,000 | AdaptHealth LLC, 5.125%, 3/1/30 (144A) | $ 940,001 | ||||
| Total Pharmaceuticals | $940,001 | |||||
| Pipelines — 0.3% | ||||||
| 330,000 | CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, 12/15/33 (144A) | $ 351,438 | ||||
| 500,000 | Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29 (144A) | 471,964 | ||||
| Total Pipelines | $823,402 | |||||
| REITS — 0.3% | ||||||
| 750,000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.625%, 6/15/32 (144A) | $ 760,706 | ||||
| Total REITS | $760,706 | |||||
| Principal Amount USD ($) | Value | |||||
| Software — 0.4% | ||||||
| 1,000,000 | Cloud Software Group, Inc., 6.50%, 3/31/29 (144A) | $ 1,009,885 | ||||
| Total Software | $1,009,885 | |||||
| Total Corporate Bonds (Cost $17,352,524) | $17,554,038 | |||||
| Shares | ||||||
| Right/Warrant — 0.0%† of Net Assets | ||||||
| Trading Companies & Distributors — 0.0%† | ||||||
| GBP17,500(d) | Avation Plc, 1/1/59 | $ 9,245 | ||||
| Total Trading Companies & Distributors | $9,245 | |||||
| Total Right/Warrant (Cost $—) | $9,245 | |||||
| Principal Amount USD ($) | ||||||
| Insurance-Linked Securities — 1.2% of Net Assets# | ||||||
| Event Linked Bonds — 1.2% | ||||||
| Flood – U.S. — 0.1% | ||||||
| 250,000(a) | FloodSmart Re, 21.48%, (1 Month U.S. Treasury Bill + 1,715 bps), 3/11/26 (144A) | $ 259,250 | ||||
| Health – U.S. — 0.2% | ||||||
| 250,000(a) | Vitality Re XIII, 6.33%, (3 Month U.S. Treasury Bill + 200 bps), 1/6/26 (144A) | $ 250,325 | ||||
| 250,000(a) | Vitality Re XIV, 7.83%, (3 Month U.S. Treasury Bill + 350 bps), 1/5/27 (144A) | 255,600 | ||||
| $505,925 | ||||||
| Multiperil – U.S. — 0.5% | ||||||
| 250,000(a) | Bonanza Re, 7.88%, (3 Month U.S. Treasury Bill + 375 bps), 12/19/27 (144A) | $ 245,450 | ||||
| 250,000(a) | Residential Re, 10.11%, (3 Month U.S. Treasury Bill + 578 bps), 12/6/25 (144A) | 242,850 | ||||
| 250,000(a) | Sanders Re, 8.16%, (3 Month U.S. Treasury Bill + 400 bps), 4/7/29 (144A) | 247,225 | ||||
| Principal Amount USD ($) | Value | |||||
| Multiperil – U.S. — (continued) | ||||||
| 250,000(a) | Sanders Re, 9.41%, (3 Month U.S. Treasury Bill + 525 bps), 4/7/29 (144A) | $ 251,150 | ||||
| 250,000(a) | Sanders Re III, 7.747%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | 246,050 | ||||
| $1,232,725 | ||||||
| Multiperil – U.S. & Canada — 0.2% | ||||||
| 250,000(a) | Kilimanjaro II Re, 10.587%, (3 Month U.S. Treasury Bill + 625 bps), 6/30/28 (144A) | $ 260,625 | ||||
| 250,000(a) | Kilimanjaro II Re, 11.58%, (3 Month U.S. Treasury Bill + 725 bps), 6/30/28 (144A) | 263,675 | ||||
| $524,300 | ||||||
| Multiperil – U.S. Regional — 0.1% | ||||||
| 250,000(a) | Long Point Re IV, 8.58%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | $ 252,375 | ||||
| Windstorm – Florida — 0.0%† | ||||||
| 206,031(a) | Integrity Re, 4.83%, (3 Month U.S. Treasury Bill + 50 bps), 6/6/30 (144A) | $ 24,724 | ||||
| Windstorm – U.S. Northeast — 0.1% | ||||||
| 250,000(a) | 3264 Re, 11.33%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/27 (144A) | $ 263,175 | ||||
| Total Event Linked Bonds | $3,062,474 | |||||
| Face Amount USD ($) | |||||||
| Reinsurance Sidecars — 0.0%† | |||||||
| Multiperil – U.S. — 0.0%† | |||||||
| 400,000(d)(f)+ | Harambee Re 2018, 12/31/25 | $ 400 | |||||
| 400,000(d)(f)+ | Harambee Re 2019, 12/31/25 | — | |||||
| $400 | |||||||
| Multiperil – Worldwide — 0.0%† | |||||||
| 19,715(f)+ | Alturas Re 2022-2, 12/31/27 | $ 962 | |||||
| Total Reinsurance Sidecars | $1,362 | ||||||
| Total Insurance-Linked Securities (Cost $3,211,111) | $3,063,836 | ||||||
| Shares | Value | |||||
| Investment Companies — 2.8% of Net Assets | ||||||
| 200,000 | Invesco Senior Loan ETF | $ 4,186,000 | ||||
| 75,000 | SPDR Blackstone Senior Loan ETF | 3,123,750 | ||||
| Total Investment Companies (Cost $7,296,250) | $7,309,750 | |||||
| SHORT TERM INVESTMENTS — 4.9% of Net Assets | ||||||
| Open-End Fund — 4.9% | ||||||
| 12,508,122(g) | Dreyfus Government Cash Management, Institutional Shares, 4.20% | $ 12,508,122 | ||||
| $12,508,122 | ||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $12,508,122) | $12,508,122 | |||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 103.2% (Cost $269,710,152) | $264,548,159 | |||||
| OTHER ASSETS AND LIABILITIES — (3.2)% | $(8,318,704) | |||||
| net assets — 100.0% | $256,229,455 | |||||
| bps | Basis Points. |
| ETF | Exchange-traded Fund |
| FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
| LIBOR | London Interbank Offered Rate. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SOFR30A | Secured Overnight Financing Rate 30 Day Average. |
| (144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At July 31, 2025, the value of these securities amounted to $29,044,473, or 11.3% of net assets. |
| (a) | Floating rate note. Coupon rate, reference index and spread shown at July 31, 2025. |
| (b) | Security is in default. |
| (c) | All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. |
| (d) | Non-income producing security. |
| (e) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at July 31, 2025. |
| (f) | Issued as preference shares. |
| (g) | Rate periodically changes. Rate disclosed is the 7-day yield at July 31, 2025. |
| * | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at July 31, 2025. |
| + | Security is valued using significant unobservable inputs (Level 3). |
| † | Amount rounds to less than 0.1%. |
| # | Securities are restricted as to resale. |
| Restricted Securities | Acquisition date | Cost | Value |
| 3264 Re | 6/24/2024 | $250,000 | $263,175 |
| Alturas Re 2022-2 | 4/11/2023 | — | 962 |
| Bonanza Re | 12/16/2024 | 250,000 | 245,450 |
| FloodSmart Re | 2/23/2023 | 250,000 | 259,250 |
| Harambee Re 2018 | 12/19/2017 | 6,949 | 400 |
| Harambee Re 2019 | 12/20/2018 | — | — |
| Integrity Re | 5/9/2022 | 206,031 | 24,724 |
| Kilimanjaro II Re | 6/24/2024 | 250,000 | 260,625 |
| Kilimanjaro II Re | 6/24/2024 | 250,000 | 263,675 |
| Long Point Re IV | 5/13/2022 | 250,000 | 252,375 |
| Residential Re | 10/28/2021 | 250,000 | 242,850 |
| Sanders Re | 12/10/2024 | 250,000 | 247,225 |
| Sanders Re | 12/10/2024 | 250,000 | 251,150 |
| Sanders Re III | 3/22/2022 | 250,000 | 246,050 |
| Vitality Re XIII | 3/6/2023 | 248,131 | 250,325 |
| Vitality Re XIV | 1/25/2023 | 250,000 | 255,600 |
| Total Restricted Securities | $3,063,836 | ||
| % of Net assets | 1.2% |
| Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized (Depreciation) |
| USD | 794,238 | MXN | 15,183,481 | State Street Bank & Trust Co. | 9/25/25 | $(5,654) |
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $(5,654) | |||||
| GBP — Great British Pound |
| MXN — Mexican Peso |
| USD — United States Dollar |
| Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
| Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| Level 3 | – | significant unobservable inputs (including the Adviser’s own assumptions in determining fair value of investments). |
| Level 1 | Level 2 | Level 3 | Total | |
| Senior Secured Floating Rate Loan Interests | $— | $213,380,414 | $— | $213,380,414 |
| Common Stocks | ||||
| Healthcare-Services | — | — | —* | —* |
| All Other Common Stocks | — | 730,386 | — | 730,386 |
| Asset Backed Securities | — | 9,791,562 | — | 9,791,562 |
| Commercial Mortgage-Backed Securities | — | 157,886 | — | 157,886 |
| Convertible Corporate Bonds | — | 42,920 | — | 42,920 |
| Corporate Bonds | — | 17,554,038 | — | 17,554,038 |
| Right/Warrant | 9,245 | — | — | 9,245 |
| Insurance-Linked Securities | ||||
| Reinsurance Sidecars | ||||
| Multiperil – U.S. | — | — | 400 | 400 |
| Multiperil – Worldwide | — | — | 962 | 962 |
| All Other Insurance-Linked Securities | — | 3,062,474 | — | 3,062,474 |
| Investment Companies | 7,309,750 | — | — | 7,309,750 |
| Open-End Fund | 12,508,122 | — | — | 12,508,122 |
| Total Investments in Securities | $19,827,117 | $244,719,680 | $1,362 | $264,548,159 |
| Other Financial Instruments | ||||
| Net unrealized depreciation on forward foreign currency exchange contracts | $— | $(5,654) | $— | $(5,654) |
| Total Other Financial Instruments | $— | $(5,654) | $— | $(5,654) |
| * | Securities valued at $0. |