 |
Income Opportunities Fund
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January 31, 2026
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Schedule of Investments (Unaudited)
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(in thousands, except share data)
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Issuer
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Asset
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Reference Rate & Spread
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Maturity
Date |
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Currency
|
Par
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Fair Value
|
Footnotes
|
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Leverged Loans - 62.52%
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Aerospace & Defense - 0.13%
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V2X LLC
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|
TL 1L B 12/21
|
|
SOFR + 2.25%
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|
12/6/2030
|
|
USD
|
657
|
|
|
$ |
661
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Alternative Carriers - 3.58%
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Iridium Satellite LLC
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|
TL 1L 05/24
|
|
SOFR + 2.25%
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|
9/20/2030
|
|
USD
|
5,802
|
|
|
5,520
|
|
|
|
Level 3 Financing Inc
|
|
TL 1L B4 09/25
|
|
SOFR + 3.25%
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|
3/29/2032
|
|
USD
|
5,536
|
|
|
5,551
|
|
|
|
Lumen Technologies Inc
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|
TL 1L B2 03/24
|
|
SOFR + 2.35%
|
|
4/15/2030
|
|
USD
|
3,287
|
|
|
3,284
|
|
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|
Zayo Group LLC
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|
TL 1L 09/25
|
|
SOFR + 3.00%
|
|
3/11/2030
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|
USD
|
3,973
|
|
|
3,831
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|
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Application Software - 7.25%
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CDK Global II LLC
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|
TL 1L B 12/24
|
|
SOFR + 3.25%
|
|
7/6/2029
|
|
USD
|
6,424
|
|
|
5,171
|
|
|
|
Cision Ltd
|
|
TL 1L 04/25
|
|
1.00% PIK, SOFR + 5.00%
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|
4/29/2030
|
|
USD
|
1,390
|
|
|
1,414
|
(c)
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|
Cloud Software Group Inc
|
|
TL 1L B2 08/25
|
|
SOFR + 3.25%
|
|
3/21/2031
|
|
USD
|
3,655
|
|
|
3,554
|
|
|
|
Dye & Durham Ltd
|
|
TL 1L B 03/24
|
|
SOFR + 4.25%
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|
4/11/2031
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|
USD
|
3,591
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|
3,353
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Ellucian Inc
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|
TL 2L 11/24
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SOFR + 4.75%
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|
11/22/2032
|
|
USD
|
1,109
|
|
|
1,088
|
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|
Misys Ltd
|
|
TL 1L B 07/25 EUR
|
|
EURIBOR + 4.50%
|
|
9/15/2032
|
|
EUR
|
5,319
|
|
|
6,004
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|
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|
Misys Ltd
|
|
TL 1L B 09/25 USD
|
|
SOFR + 4.00%
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|
9/15/2032
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|
USD
|
6,751
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|
|
5,958
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Qlik Technologies Inc
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|
TL 1L 11/24
|
|
SOFR + 3.25%
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|
10/26/2030
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USD
|
1,245
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|
1,161
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Qualtrics International Inc
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|
TL 1L B2 02/25
|
|
SOFR + 2.25%
|
|
6/28/2030
|
|
USD
|
535
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|
519
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Solera LLC
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|
TL 2L 06/21
|
|
SOFR + 9.00%
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|
6/4/2029
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|
USD
|
9,615
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|
8,552
|
(b) (c)
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Automotive Parts & Equipment - 4.95%
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Innovative XCessories & Services LLC
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|
TL 1L 08/25
|
|
SOFR + 5.50%
|
|
9/5/2029
|
|
USD
|
6,059
|
|
|
6,068
|
|
|
|
Parts Authority Inc
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|
TL 1L 10/20
|
|
SOFR + 3.75%
|
|
10/28/2027
|
|
USD
|
12,301
|
|
|
10,724
|
|
|
|
Terrepower LLC
|
|
TL 1L 01/26
|
|
SOFR + 6.00%
|
|
7/25/2029
|
|
USD
|
3,987
|
|
|
3,867
|
|
|
|
Terrepower LLC
|
|
TL 1L B 06/22
|
|
SOFR + 5.25%
|
|
7/25/2029
|
|
USD
|
5,143
|
|
|
4,580
|
|
|
|
Terrepower LLC
|
|
TL 1L DD 01/26
|
|
SOFR + 6.50%
|
|
7/25/2029
|
|
USD
|
3,987
|
|
|
(120)
|
(f)
|
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|
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Broadcasting - 3.32%
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NEP Broadcasting LLC
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|
TL 1L B 09/25 EUR
|
|
EURIBOR + 4.75%
|
|
10/17/2031
|
|
EUR
|
1,523
|
|
|
1,672
|
|
|
|
NEP Broadcasting LLC
|
|
TL 1L B 09/25 USD
|
|
SOFR + 4.50%
|
|
10/17/2031
|
|
USD
|
16,532
|
|
|
15,194
|
|
|
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|
|
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Building Products - 3.26%
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DiversiTech Holdings Inc
|
|
TL 2L B 12/21
|
|
SOFR + 6.50%
|
|
12/22/2032
|
|
USD
|
1,725
|
|
|
1,749
|
|
|
|
Hunter Douglas Inc
|
|
TL 1L B1 01/25
|
|
SOFR + 3.00%
|
|
1/17/2032
|
|
USD
|
1,846
|
|
|
1,844
|
|
|
|
MI Windows and Doors Inc
|
|
TL 1L B2 03/24
|
|
SOFR + 2.75%
|
|
3/28/2031
|
|
USD
|
1,845
|
|
|
1,848
|
|
|
|
Oldcastle Buildingenvelope Inc
|
|
TL 1L B 04/22
|
|
SOFR + 4.25%
|
|
4/29/2029
|
|
USD
|
7,613
|
|
|
5,850
|
|
|
|
PrimeSource Building Products Inc
|
|
TL 1L B 09/25
|
|
SOFR + 4.50%
|
|
9/25/2031
|
|
USD
|
3,418
|
|
|
3,426
|
|
|
|
White Cap Construction Supply Inc
|
|
TL 1L B 06/24
|
|
SOFR + 3.25%
|
|
10/19/2029
|
|
USD
|
1,851
|
|
|
1,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Cable & Satellite - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CSC Holdings LLC (Altice USA)
|
|
TL 1L B5 10/19
|
|
PRIME + 1.5%
|
|
4/15/2027
|
|
USD
|
579
|
|
|
519
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
Casinos & Gaming - 0.08%
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entain PLC
|
|
TL 1L B3 07/25
|
|
SOFR + 2.25%
|
|
10/31/2029
|
|
USD
|
386
|
|
|
386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Printing - 1.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Color Corp
|
|
TL 1L B 10/21 EUR
|
|
EURIBOR + 5.00%
|
|
10/30/2028
|
|
EUR
|
12,646
|
|
|
6,994
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Chemicals - 2.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geon Performance Solutions LLC
|
|
TL 1L B 08/21
|
|
SOFR + 4.25%
|
|
8/18/2028
|
|
USD
|
5,831
|
|
|
5,120
|
|
|
|
Ineos Quattro Holdings Ltd
|
|
TL 1L B 01/20 EUR
|
|
EURIBOR + 2.00%
|
|
1/29/2027
|
|
EUR
|
5,079
|
|
|
5,872
|
|
|
|
SI Group Inc
|
|
TL 1L 12/25
|
|
5.00% PIK, SOFR + 1.00%
|
|
12/31/2030
|
|
USD
|
1,075
|
|
|
1,071
|
(a) (b) (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering - 0.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Azuria Water Solutions Inc
|
|
TL 1L 01/25
|
|
SOFR + 3.00%
|
|
5/17/2028
|
|
USD
|
3,932
|
|
|
3,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Machinery & Heavy Transportation Equipment - 3.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accuride Corp
|
|
TL 1L 03/25
|
|
3.00% PIK, SOFR + 1.50%
|
|
3/7/2030
|
|
USD
|
2,374
|
|
|
4,537
|
(a) (b) (c)
|
|
|
American Trailer Works Inc
|
|
TL 1L 02/21
|
|
SOFR + 3.75%
|
|
3/3/2028
|
|
USD
|
12,285
|
|
|
11,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Materials - 1.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BME Group Holding BV
|
|
TL 1L B2 09/23 EUR
|
|
EURIBOR + 4.75%
|
|
12/31/2029
|
|
EUR
|
9,183
|
|
|
9,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Processing & Outsourced Services - 0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Corp
|
|
TL 1L B3 01/23
|
|
|
|
4/10/2027
|
|
USD
|
4,727
|
|
|
1,496
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Chemicals - 1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemours Co/The
|
|
TL 1L B4 10/25
|
|
SOFR + 3.50%
|
|
10/15/2032
|
|
USD
|
3,709
|
|
|
3,696
|
|
|
|
Ineos Finance PLC
|
|
TL 1L B 12/24
|
|
SOFR + 3.00%
|
|
2/7/2031
|
|
USD
|
1,968
|
|
|
1,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Metals & Mining - 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foresight Energy LLC
|
|
TL 1L A 06/20
|
|
SOFR + 8.00%
|
|
6/30/2027
|
|
USD
|
2,091
|
|
|
2,048
|
(a) (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Support Services - 0.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTI Holdco Inc (dba Epiq)
|
|
TL 1L 04/22
|
|
SOFR + 4.00%
|
|
4/26/2029
|
|
USD
|
546
|
|
|
513
|
|
|
|
Legence Holdings LLC (aka Therma)
|
|
TL 1L 10/25
|
|
SOFR + 2.25%
|
|
12/16/2031
|
|
USD
|
463
|
|
|
465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education Services - 0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IU Finance Management GmbH
|
|
TL 1L B 11/24 EUR
|
|
EURIBOR + 3.75%
|
|
12/8/2031
|
|
EUR
|
1,215
|
|
|
1,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental & Facilities Services - 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brock Group LLC/The
|
|
TL 1L B 04/24
|
|
SOFR + 5.75%
|
|
5/2/2030
|
|
USD
|
8,061
|
|
|
8,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Exchanges & Data - 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IntraFi Network LLC
|
|
TL 1L B 01/25
|
|
SOFR + 3.50%
|
|
7/31/2031
|
|
USD
|
541
|
|
|
529
|
|
|
|
IntraFi Network LLC
|
|
TL 1L B 08/25
|
|
SOFR + 4.00%
|
|
7/31/2031
|
|
USD
|
1,522
|
|
|
1,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Distributors - 0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biscuits Poult SAS
|
|
TL 1L B 01/20
|
|
EURIBOR + 4.00%
|
|
2/12/2027
|
|
EUR
|
16
|
|
|
17
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Facilities - 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Vetcare Ltd
|
|
TL 1L B11 01/24
|
|
EURIBOR + 4.00%
|
|
12/12/2028
|
|
EUR
|
375
|
|
|
444
|
|
|
|
ScionHealth
|
|
TL 1L B 12/21
|
|
SOFR + 5.25%
|
|
12/23/2028
|
|
USD
|
1,676
|
|
|
554
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Services - 0.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHG Healthcare Services Inc
|
|
TL 1L 07/25
|
|
SOFR + 2.75%
|
|
9/29/2028
|
|
USD
|
895
|
|
|
897
|
|
|
|
Inizio Group Ltd
|
|
TL 1L B 08/21 EUR
|
|
EURIBOR + 4.00%
|
|
8/19/2028
|
|
EUR
|
754
|
|
|
847
|
|
|
|
Sotera Health Holdings LLC
|
|
TL 1L B 09/25
|
|
SOFR + 2.50%
|
|
5/30/2031
|
|
USD
|
514
|
|
|
517
|
|
|
|
Southern Veterinary Partners LLC
|
|
TL 1L B 07/25
|
|
SOFR + 2.50%
|
|
12/4/2031
|
|
USD
|
539
|
|
|
540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Technology - 2.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Milano Acquisition Corp
|
|
TL 1L 08/20
|
|
SOFR + 4.00%
|
|
10/1/2027
|
|
USD
|
15,172
|
|
|
14,559
|
|
|
|
Zelis Healthcare LLC
|
|
TL 1L B 01/24
|
|
SOFR + 2.75%
|
|
9/28/2029
|
|
USD
|
540
|
|
|
528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels, Resorts & Cruise Lines - 0.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Travel + Leisure Co
|
|
TL 1L B 12/25
|
|
SOFR + 2.00%
|
|
12/14/2029
|
|
USD
|
754
|
|
|
755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Resource & Employment Services - 0.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
1,353
|
|
|
1,006
|
(a) (b) (c)
|
|
|
SIRVA Worldwide Inc
|
|
TL 1L DD 08/24
|
|
SOFR + 8.00%
|
|
2/20/2029
|
|
USD
|
749
|
|
|
749
|
(a) (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Machinery & Supplies & Components - 2.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPM Holdings Inc
|
|
TL 1L 09/23
|
|
SOFR + 4.50%
|
|
9/28/2028
|
|
USD
|
1,826
|
|
|
1,803
|
|
|
|
Dexko Global Inc
|
|
TL 1L 10/21 EUR
|
|
EURIBOR + 4.00%
|
|
10/4/2028
|
|
EUR
|
3,744
|
|
|
4,401
|
|
|
|
Dexko Global Inc
|
|
TL 1L B 09/21
|
|
SOFR + 3.75%
|
|
10/4/2028
|
|
USD
|
1,291
|
|
|
1,286
|
|
|
|
Dexko Global Inc
|
|
TL 1L B 09/21 EUR
|
|
EURIBOR + 4.00%
|
|
10/4/2028
|
|
EUR
|
2,585
|
|
|
3,038
|
|
|
|
Engineered Machinery Holdings Inc
|
|
TL 2L 08/21
|
|
SOFR + 6.00%
|
|
5/21/2029
|
|
USD
|
290
|
|
|
293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Telecommunication Services - 1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numericable-SFR
|
|
TL 1L B11 10/25 EUR
|
|
EURIBOR + 4.38%
|
|
4/30/2028
|
|
EUR
|
1,378
|
|
|
1,635
|
|
|
|
Numericable-SFR
|
|
TL 1L B14 10/25 EUR
|
|
EURIBOR + 6.88%
|
|
5/30/2031
|
|
EUR
|
3,922
|
|
|
4,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interactive Media & Services - 5.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twitter Inc
|
|
TL 1L 02/25
|
|
9.50%
|
|
10/26/2029
|
|
USD
|
19,705
|
|
|
20,429
|
|
|
|
Twitter Inc
|
|
TL 1L B1 10/22
|
|
SOFR + 6.50%
|
|
10/26/2029
|
|
USD
|
5,589
|
|
|
5,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet Services & Infrastructure - 0.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
team.blue Finco SARL
|
|
TL 1L 09/25 EUR
|
|
EURIBOR + 3.50%
|
|
9/30/2029
|
|
EUR
|
1,403
|
|
|
1,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Consulting & Other Services - 0.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sabre Inc
|
|
TL 1L B1 11/24
|
|
SOFR + 6.00%
|
|
11/15/2029
|
|
USD
|
3,546
|
|
|
2,821
|
|
|
|
Sabre Inc
|
|
TL 1L B2 11/24
|
|
SOFR + 6.00%
|
|
11/15/2029
|
|
USD
|
29
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Facilities - 1.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
1,182
|
|
|
1,182
|
(b) (c)
|
|
|
World Choice Investments LLC
|
|
TL 1L B 07/24
|
|
SOFR + 4.75%
|
|
8/16/2031
|
|
USD
|
5,596
|
|
|
5,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Products - 2.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Callaway Golf Co
|
|
TL 1L B 03/23
|
|
SOFR + 2.75%
|
|
3/15/2030
|
|
USD
|
525
|
|
|
527
|
|
|
|
Camping World Good Sam
|
|
TL 1L B 05/21
|
|
SOFR + 2.50%
|
|
6/3/2028
|
|
USD
|
13,040
|
|
|
12,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services - 0.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinigen Ltd
|
|
TL 1L B 01/25
|
|
EURIBOR + 3.75%
|
|
4/19/2029
|
|
EUR
|
592
|
|
|
669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Storage & Transportation - 0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazos Midstream Holdings LLC
|
|
TL 1L B 07/25
|
|
SOFR + 2.50%
|
|
2/11/2030
|
|
USD
|
1,025
|
|
|
1,026
|
|
|
|
UGI Energy Services LLC
|
|
TL 1L B 06/24
|
|
SOFR + 2.50%
|
|
2/22/2030
|
|
USD
|
920
|
|
|
921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Specialty Retail - 1.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harbor Freight Tools USA Inc
|
|
TL 1L B 05/24
|
|
SOFR + 2.25%
|
|
6/11/2031
|
|
USD
|
5,818
|
|
|
5,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Packaged Foods & Meats - 0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valeo Foods Group Ltd
|
|
TL 1L 05/21 EUR
|
|
EURIBOR + 4.00%
|
|
9/29/2028
|
|
EUR
|
1,609
|
|
|
1,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 0.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Antigua Bidco Ltd
|
|
TL 1L B3 05/24 EUR
|
|
EURIBOR + 4.25%
|
|
2/28/2030
|
|
EUR
|
554
|
|
|
383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Publishing - 0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerald Expositions Holding Inc
|
|
TL 1L B 08/25
|
|
SOFR + 3.25%
|
|
1/30/2032
|
|
USD
|
1,467
|
|
|
1,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Services - 0.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emeria Europe SAS
|
|
TL 1L B 03/21 EUR
|
|
EURIBOR + 3.50%
|
|
3/27/2028
|
|
EUR
|
2,797
|
|
|
2,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soft Drinks & Non-alcoholic Beverages - 0.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primo Brands Corp
|
|
TL 1L B 01/25
|
|
SOFR + 2.25%
|
|
3/31/2028
|
|
USD
|
4,261
|
|
|
4,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Chemicals - 1.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Champion/DSM engg
|
|
TL 1L B1 03/23
|
|
SOFR + 5.50%
|
|
3/29/2030
|
|
USD
|
5,064
|
|
|
4,786
|
|
|
|
Flint Group GmbH
|
|
TL 2L B 09/23 PIK
|
|
6.90% PIK, EURIBOR + 0.10%
|
|
12/29/2028
|
|
EUR
|
371
|
|
|
23
|
(c)
|
|
|
Solenis International LP
|
|
TL 1L B 05/24 EUR
|
|
EURIBOR + 3.75%
|
|
6/20/2031
|
|
EUR
|
493
|
|
|
584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems Software - 3.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precisely Software Inc
|
|
TL 1L B 10/21
|
|
SOFR + 4.00%
|
|
4/24/2028
|
|
USD
|
9,392
|
|
|
7,992
|
|
|
|
Precisely Software Inc
|
|
TL 2L 03/21
|
|
SOFR + 7.25%
|
|
4/23/2029
|
|
USD
|
7,905
|
|
|
6,581
|
|
|
|
SolarWinds Holdings Inc
|
|
TL 1L 03/25
|
|
SOFR + 4.00%
|
|
4/16/2032
|
|
USD
|
2,923
|
|
|
2,718
|
|
|
|
TOTAL LEVERAGED LOANS (Amortized cost $331,637)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
317,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Yield Securities - 59.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternative Carriers - 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iliad SA
|
|
8.500% 04/2031
|
|
|
|
4/15/2031
|
|
USD
|
3,446
|
|
|
$ |
3,692
|
(e)
|
|
Level 3 Financing Inc
|
|
8.500% 01/2036
|
|
|
|
1/15/2036
|
|
USD
|
6,175
|
|
|
6,328
|
(e)
|
|
|
Zayo Group LLC
|
|
9.250% 03/2030
|
|
|
|
3/9/2030
|
|
USD
|
2,717
|
|
|
2,654
|
(c) (e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software - 1.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cision Ltd
|
|
10.000% 06/2031
|
|
|
|
6/30/2031
|
|
USD
|
5,869
|
|
|
1,453
|
(e)
|
|
|
Cloud Software Group Inc
|
|
9.000% 09/2029
|
|
|
|
9/30/2029
|
|
USD
|
2,044
|
|
|
2,066
|
(e)
|
|
|
Dye & Durham Ltd
|
|
8.625% 04/2029
|
|
|
|
4/15/2029
|
|
USD
|
3,077
|
|
|
2,770
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management & Custody Banks - 1.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hightower Holding LLC
|
|
9.125% 01/2030
|
|
|
|
1/31/2030
|
|
USD
|
2,064
|
|
|
2,189
|
(e)
|
|
|
True Potential Group Ltd
|
|
8.000% 07/2031
|
|
|
|
7/15/2031
|
|
GBP
|
2,555
|
|
|
3,596
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive Parts & Equipment - 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adient Global Holdings Ltd
|
|
7.500% 02/2033
|
|
|
|
2/15/2033
|
|
USD
|
1,870
|
|
|
1,943
|
(e)
|
|
|
Garrett Motion Inc
|
|
7.750% 05/2032
|
|
|
|
5/31/2032
|
|
USD
|
650
|
|
|
689
|
(e)
|
|
|
LCI Industries
|
|
3.000% 03/2030
|
|
|
|
3/1/2030
|
|
USD
|
138
|
|
|
188
|
(e)
|
|
|
Truck Hero Inc
|
|
6.250% 02/2029
|
|
|
|
2/1/2029
|
|
USD
|
2,463
|
|
|
1,217
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive Retail - 1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mavis Discount Tire Inc
|
|
6.500% 05/2029
|
|
|
|
5/15/2029
|
|
USD
|
6,368
|
|
|
6,360
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology - 0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunocore Holdings PLC
|
|
2.500% 02/2030
|
|
|
|
2/1/2030
|
|
USD
|
1,643
|
|
|
1,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadline Retail - 0.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bubbles Bidco SPA
|
|
4.250% 09/2031 EUR FRN
|
|
|
|
9/30/2031
|
|
EUR
|
976
|
|
|
1,170
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Building Products - 2.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oldcastle Buildingenvelope Inc
|
|
9.500% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
6,928
|
|
|
4,105
|
(e)
|
|
|
PrimeSource Building Products Inc
|
|
8.750% 12/2030
|
|
|
|
12/31/2030
|
|
USD
|
7,373
|
|
|
7,360
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable & Satellite - 5.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block Communications Inc
|
|
4.875% 03/2028
|
|
|
|
3/1/2028
|
|
USD
|
4,122
|
|
|
4,048
|
(e)
|
|
|
Cable One Inc
|
|
0.000% 03/2026
|
|
|
|
3/15/2026
|
|
USD
|
6,731
|
|
|
6,630
|
(h)
|
|
|
Cablevision Lightpath LLC
|
|
5.625% 09/2028
|
|
|
|
9/15/2028
|
|
USD
|
7,916
|
|
|
7,921
|
(e)
|
|
|
CSC Holdings LLC (Altice USA)
|
|
11.750% 01/2029
|
|
|
|
1/31/2029
|
|
USD
|
608
|
|
|
444
|
(e)
|
|
|
CSC Holdings LLC (Altice USA)
|
|
4.125% 12/2030
|
|
|
|
12/1/2030
|
|
USD
|
5,589
|
|
|
3,394
|
(e)
|
|
|
CSC Holdings LLC (Altice USA)
|
|
5.500% 04/2027
|
|
|
|
4/15/2027
|
|
USD
|
270
|
|
|
239
|
(e)
|
|
|
Virgin Media Inc
|
|
7.500% 07/2033
|
|
|
|
7/15/2033
|
|
EUR
|
1,898
|
|
|
2,243
|
(e)
|
|
|
Virgin Media Inc
|
|
8.500% 03/2033
|
|
|
|
3/15/2033
|
|
USD
|
508
|
|
|
504
|
(e)
|
|
|
Ziggo BV
|
|
5.125% 02/2030
|
|
|
|
2/28/2030
|
|
USD
|
2,049
|
|
|
1,802
|
(e)
|
|
|
Ziggo BV
|
|
7.500% 01/2033
|
|
|
|
1/15/2033
|
|
USD
|
1,062
|
|
|
1,066
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casinos & Gaming - 0.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allwyn International AS
|
|
7.250% 04/2030
|
|
|
|
4/30/2030
|
|
EUR
|
897
|
|
|
1,115
|
(e)
|
|
|
Great Canadian Gaming Corp
|
|
8.750% 11/2029
|
|
|
|
11/15/2029
|
|
USD
|
1,453
|
|
|
1,478
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Residential Mortgage Finance - 0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freedom Mortgage Corp
|
|
7.875% 04/2033
|
|
|
|
4/1/2033
|
|
USD
|
1,812
|
|
|
1,849
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Printing - 0.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Color Corp
|
|
9.500% 11/2028
|
|
|
|
11/1/2028
|
|
USD
|
1,302
|
|
|
599
|
(a) (d) (e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Chemicals - 0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mativ Holdings Inc
|
|
8.000% 10/2029
|
|
|
|
10/1/2029
|
|
USD
|
1,830
|
|
|
1,845
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering - 2.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Energy & Infrastructure Services Inc
|
|
10.375% 08/2030
|
|
|
|
8/1/2030
|
|
USD
|
1,621
|
|
|
1,556
|
(e)
|
|
|
Maxim Crane Works LP / Maxim Finance Corp
|
|
11.500% 09/2028
|
|
|
|
9/1/2028
|
|
USD
|
8,348
|
|
|
8,904
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Materials - 0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smyrna Ready Mix Concrete LLC
|
|
8.875% 11/2031
|
|
|
|
11/15/2031
|
|
USD
|
1,758
|
|
|
1,875
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance - 0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lendmark Financial Services LLC
|
|
8.750% 07/2030
|
|
|
|
7/15/2030
|
|
USD
|
1,859
|
|
|
1,870
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Processing & Outsourced Services - 0.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asurion LLC/CA
|
|
8.000% 12/2032
|
|
|
|
12/31/2032
|
|
USD
|
618
|
|
|
646
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Banks - 0.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lloyds Banking Group PLC
|
|
5.590% 11/2035
|
|
|
|
11/26/2035
|
|
USD
|
444
|
|
|
462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Chemicals - 2.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemours Co/The
|
|
4.625% 11/2029
|
|
|
|
11/15/2029
|
|
USD
|
7,954
|
|
|
7,424
|
(e)
|
|
|
Chemours Co/The
|
|
8.000% 01/2033
|
|
|
|
1/15/2033
|
|
USD
|
2,588
|
|
|
2,597
|
(e)
|
|
|
Fire BC SpA
|
|
10.000% 02/2028
|
|
|
|
2/6/2028
|
|
EUR
|
457
|
|
|
558
|
(a) (e)
|
|
|
Ineos Finance PLC
|
|
7.250% 03/2031
|
|
|
|
3/31/2031
|
|
EUR
|
3,812
|
|
|
3,804
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Support Services - 1.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Universal Holdco LLC
|
|
6.000% 06/2029
|
|
|
|
6/1/2029
|
|
USD
|
4,479
|
|
|
4,444
|
(e)
|
|
|
Garda World Security Corp
|
|
8.250% 08/2032
|
|
|
|
8/1/2032
|
|
USD
|
1,418
|
|
|
1,450
|
(e)
|
|
|
Garda World Security Corp
|
|
8.375% 10/2032
|
|
|
|
11/15/2032
|
|
USD
|
1,835
|
|
|
1,885
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footwear - 1.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Skechers USA Inc
|
|
10.750% 07/2033 SUN PIK
|
|
|
|
7/15/2033
|
|
USD
|
7,222
|
|
|
7,951
|
(c) (e)
|
|
|
Skechers USA Inc
|
|
5.250% 07/2032
|
|
|
|
7/15/2032
|
|
EUR
|
1,080
|
|
|
1,314
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Facilities - 1.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHS/Community Health Systems, Inc.
|
|
9.750% 01/2034
|
|
|
|
1/15/2034
|
|
USD
|
5,023
|
|
|
5,243
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels, Resorts & Cruise Lines - 4.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marriott Ownership Resorts Inc
|
|
6.500% 10/2033
|
|
|
|
10/1/2033
|
|
USD
|
1,578
|
|
|
1,502
|
(e)
|
|
|
NCL Corp Ltd
|
|
0.750% 09/2030
|
|
|
|
9/15/2030
|
|
USD
|
14,102
|
|
|
13,758
|
(e)
|
|
|
NCL Corp Ltd
|
|
0.875% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
5,602
|
|
|
6,210
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Machinery & Supplies & Components - 3.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JBT Marel Corp
|
|
0.375% 09/2030
|
|
|
|
9/15/2030
|
|
USD
|
1,852
|
|
|
1,991
|
(e)
|
|
|
SPX FLOW Inc
|
|
8.750% 04/2030
|
|
|
|
4/1/2030
|
|
USD
|
15,391
|
|
|
15,823
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Brokers - 1.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ardonagh Group Ltd/The
|
|
6.875% 02/2031
|
|
|
|
2/15/2031
|
|
EUR
|
4,315
|
|
|
5,275
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Oil & Gas - 0.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eni SpA
|
|
5.950% 05/2054
|
|
|
|
5/15/2054
|
|
USD
|
289
|
|
|
290
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Telecommunication Services - 0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numericable-SFR
|
|
6.500% 10/2031
|
|
|
|
10/15/2031
|
|
USD
|
-
|
|
|
-
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interactive Media & Services - 0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Snap Inc
|
|
6.875% 03/2033
|
|
|
|
3/1/2033
|
|
USD
|
1,819
|
|
|
1,868
|
(a) (e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Consulting & Other Services - 3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Centurion Bidco SpA
|
|
8.625% 02/2030
|
|
|
|
2/15/2030
|
|
EUR
|
1,822
|
|
|
2,263
|
(e)
|
|
|
Sabre Inc
|
|
10.750% 03/2030
|
|
|
|
3/15/2030
|
|
USD
|
3,268
|
|
|
2,625
|
(e)
|
|
|
Sabre Inc
|
|
10.750% 11/2029
|
|
|
|
11/15/2029
|
|
USD
|
2,561
|
|
|
2,092
|
(e)
|
|
|
Sabre Inc
|
|
11.125% 06/2029
|
|
|
|
6/15/2029
|
|
USD
|
3,219
|
|
|
3,259
|
(e)
|
|
|
Sabre Inc
|
|
11.125% 07/2030
|
|
|
|
7/15/2030
|
|
USD
|
4,081
|
|
|
3,306
|
(e)
|
|
|
Sabre Inc
|
|
7.320% 08/2026
|
|
|
|
8/1/2026
|
|
USD
|
1,451
|
|
|
1,465
|
|
|
|
Sabre Inc
|
|
8.625% 06/2027
|
|
|
|
6/1/2027
|
|
USD
|
219
|
|
|
223
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Facilities - 6.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David Lloyd Leisure Ltd
|
|
7.000% 11/2031
|
|
|
|
11/20/2031
|
|
GBP
|
1,680
|
|
|
2,337
|
(e)
|
|
|
Merlin Entertainments PLC
|
|
4.500% 11/2027
|
|
|
|
11/15/2027
|
|
EUR
|
12,423
|
|
|
13,894
|
(e)
|
|
|
Merlin Entertainments PLC
|
|
6.625% 11/2027
|
|
|
|
11/15/2027
|
|
USD
|
8,546
|
|
|
8,117
|
(e)
|
|
|
Merlin Entertainments PLC
|
|
7.375% 06/2030
|
|
|
|
6/15/2030
|
|
EUR
|
78
|
|
|
81
|
(e)
|
|
|
Six Flags Entertainment Corp
|
|
5.250% 07/2029
|
|
|
|
7/15/2029
|
|
USD
|
3,903
|
|
|
3,750
|
|
|
|
Six Flags Entertainment Corp
|
|
7.250% 05/2031
|
|
|
|
5/15/2031
|
|
USD
|
3,915
|
|
|
3,867
|
(e)
|
|
|
Six Flags Entertainment Corp
|
|
8.625% 01/2032
|
|
|
|
1/15/2032
|
|
USD
|
2,882
|
|
|
2,943
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Drilling - 0.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transocean Inc
|
|
7.875% 10/2032
|
|
|
|
10/15/2032
|
|
USD
|
774
|
|
|
817
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Exploration & Production - 1.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern Oil & Gas Inc
|
|
3.625% 04/2029
|
|
|
|
4/15/2029
|
|
USD
|
1,869
|
|
|
1,898
|
|
|
|
Northern Oil & Gas Inc
|
|
7.875% 10/2033
|
|
|
|
10/15/2033
|
|
USD
|
2,148
|
|
|
2,170
|
(e)
|
|
|
Northern Oil & Gas Inc
|
|
8.750% 06/2031
|
|
|
|
6/15/2031
|
|
USD
|
1,855
|
|
|
1,920
|
(e)
|
|
|
SM Energy Co
|
|
7.000% 08/2032
|
|
|
|
8/1/2032
|
|
USD
|
1,565
|
|
|
1,570
|
(e)
|
|
|
Talos Production Inc
|
|
9.375% 02/2031
|
|
|
|
2/1/2031
|
|
USD
|
1,623
|
|
|
1,720
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Storage & Transportation - 2.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genesis Energy
|
|
8.875% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
1,420
|
|
|
1,495
|
|
|
|
Global Partners LP / GLP Finance Corp
|
|
8.250% 01/2032
|
|
|
|
1/15/2032
|
|
USD
|
297
|
|
|
313
|
(e)
|
|
|
NGL Energy Partners LP / NGL Energy Finance Corp
|
|
8.125% 02/2029
|
|
|
|
2/15/2029
|
|
USD
|
2,978
|
|
|
3,092
|
(e)
|
|
|
NGL Energy Partners LP / NGL Energy Finance Corp
|
|
8.375% 02/2032
|
|
|
|
2/15/2032
|
|
USD
|
3,763
|
|
|
3,941
|
(e)
|
|
|
TransMontaigne Partners LLC
|
|
8.500% 06/2030
|
|
|
|
6/15/2030
|
|
USD
|
1,801
|
|
|
1,870
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Packaged Foods & Meats - 0.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chobani LLC
|
|
9.500% 10/2029
|
|
|
|
10/1/2029
|
|
USD
|
1,074
|
|
|
1,147
|
(c) (e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paper Products - 0.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiber Bidco Spa
|
|
10.750% 06/2029 SUN
|
|
|
|
6/15/2029
|
|
EUR
|
5,277
|
|
|
4,895
|
(c) (e)
|
|
|
Fiber Bidco Spa
|
|
6.125% 06/2031
|
|
|
|
6/15/2031
|
|
EUR
|
106
|
|
|
122
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger Airlines - 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JetBlue Airways Corp
|
|
0.500% 04/2026
|
|
|
|
4/1/2026
|
|
USD
|
9,341
|
|
|
9,306
|
|
|
|
United Continental Holdings Inc
|
|
4.600% 09/2027
|
|
|
|
9/1/2027
|
|
USD
|
312
|
|
|
312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 0.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genmab A/S
|
|
7.250% 12/2033
|
|
|
|
12/15/2033
|
|
USD
|
3,536
|
|
|
3,745
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Operating Companies - 0.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heimstaden AB
|
|
8.375% 01/2030
|
|
|
|
1/29/2030
|
|
EUR
|
2,981
|
|
|
3,793
|
(a) (e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Services - 2.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anywhere Real Estate Group LLC
|
|
7.000% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
2,727
|
|
|
2,762
|
(e)
|
|
|
Anywhere Real Estate Group LLC
|
|
9.750% 04/2030
|
|
|
|
4/15/2030
|
|
USD
|
6,962
|
|
|
7,603
|
(e)
|
|
|
Emeria Europe SAS
|
|
3.375% 03/2028
|
|
|
|
3/31/2028
|
|
EUR
|
2,081
|
|
|
2,055
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & Consulting Services - 0.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amentum Holdings Inc
|
|
7.250% 08/2032
|
|
|
|
8/1/2032
|
|
USD
|
1,011
|
|
|
1,066
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants - 1.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden Nugget Inc.
|
|
6.750% 07/2030
|
|
|
|
1/15/2030
|
|
USD
|
7,746
|
|
|
7,330
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems Software - 0.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Check Point Software Technologies Ltd
|
|
0.000% 12/2030
|
|
|
|
12/15/2030
|
|
USD
|
2,200
|
|
|
2,180
|
(e) (h)
|
|
|
TOTAL HIGH YIELD SECURITIES (Amortized cost $303,988)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
300,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Backed Securities - 15.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized Finance - 15.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGL CLO 12 Ltd
|
|
AGL 2021-12A ER
|
|
SOFR + 6.35%
|
|
10/20/2038
|
|
USD
|
1,032
|
|
|
$ |
1,053
|
(b) (e)
|
|
AGL CLO 7 Ltd
|
|
AGL 2020-7A ER2
|
|
SOFR + 5.75%
|
|
10/15/2038
|
|
USD
|
1,119
|
|
|
1,130
|
(b) (e)
|
|
|
AMMC CLO 26 Ltd
|
|
AMMC 2023-26A ER
|
|
SOFR + 6.50%
|
|
4/15/2036
|
|
USD
|
447
|
|
|
451
|
(b) (e)
|
|
|
Anchorage Capital CLO 2026-22 Ltd
|
|
ANCHC 2026-22A ER4
|
|
SOFR + 5.50%
|
|
1/20/2039
|
|
USD
|
425
|
|
|
425
|
(b) (e)
|
|
|
Apidos CLO XI
|
|
APID 2012-11A ER4
|
|
SOFR + 6.00%
|
|
4/17/2034
|
|
USD
|
1,243
|
|
|
1,250
|
(b) (e)
|
|
|
Apna Park Clo DAC
|
|
APNAP 1A F
|
|
EURIBOR + 7.90%
|
|
12/15/2038
|
|
EUR
|
821
|
|
|
976
|
(b) (e)
|
|
|
Arbour CLO V DAC
|
|
ARBR 5A ER
|
|
EURIBOR + 5.80%
|
|
6/15/2038
|
|
EUR
|
508
|
|
|
606
|
(b) (e)
|
|
|
Ares LIII CLO Ltd
|
|
ARES 2019-53A ER2
|
|
SOFR + 5.50%
|
|
10/24/2036
|
|
USD
|
338
|
|
|
341
|
(b) (e)
|
|
|
Ares LVII CLO Ltd
|
|
ARES 2020-57A ER2
|
|
SOFR + 5.50%
|
|
10/25/2038
|
|
USD
|
513
|
|
|
515
|
(b) (e)
|
|
|
Ares XXVII CLO Ltd
|
|
ARES 2013-2A ER3
|
|
SOFR + 6.75%
|
|
10/28/2034
|
|
USD
|
1,088
|
|
|
1,093
|
(b) (e)
|
|
|
Ares XXXIX CLO Ltd
|
|
ARES 2016-39A ER3
|
|
SOFR + 6.75%
|
|
7/18/2037
|
|
USD
|
1,386
|
|
|
1,394
|
(b) (e)
|
|
|
Aurium CLO XII DAC
|
|
ACLO 12A E
|
|
EURIBOR + 6.00%
|
|
10/17/2037
|
|
EUR
|
496
|
|
|
596
|
(b) (e)
|
|
|
Bain Capital CLO 2026-1
|
|
BCC 2026-1A E
|
|
SOFR + 4.75%
|
|
4/26/2039
|
|
USD
|
937
|
|
|
937
|
(b) (e)
|
|
|
Bain Capital Credit CLO 2023-1 Ltd
|
|
BCC 2023-1A ER
|
|
SOFR + 6.25%
|
|
7/16/2038
|
|
USD
|
820
|
|
|
825
|
(b) (e)
|
|
|
Bain Capital Euro CLO 2023-1 DAC
|
|
BCCE 2023-1A ER
|
|
EURIBOR + 6.00%
|
|
1/25/2038
|
|
EUR
|
250
|
|
|
299
|
(b) (e)
|
|
|
Ballyrock CLO 20 Ltd
|
|
BALLY 2022-20A DR3
|
|
SOFR + 5.85%
|
|
10/15/2036
|
|
USD
|
581
|
|
|
581
|
(b) (e)
|
|
|
Barings Euro CLO 2024-1 DAC
|
|
BABSE 2024-1A FR
|
|
EURIBOR + 8.57%
|
|
4/20/2039
|
|
EUR
|
686
|
|
|
795
|
(b) (e)
|
|
|
Bbam European Clo VIII DAC
|
|
BBAME 8A F
|
|
EURIBOR + 8.50%
|
|
1/26/2040
|
|
EUR
|
427
|
|
|
508
|
(b) (e)
|
|
|
Benefit Street Partners CLO XXXIV Ltd
|
|
BSP 2024-34A E
|
|
SOFR + 6.70%
|
|
7/25/2037
|
|
USD
|
323
|
|
|
327
|
(b) (e)
|
|
|
BlueMountain CLO XXVIII Ltd
|
|
BLUEM 2021-28A ER
|
|
SOFR + 7.10%
|
|
3/31/2038
|
|
USD
|
657
|
|
|
654
|
(b) (e)
|
|
|
BlueMountain CLO XXXII Ltd
|
|
BLUEM 2021-32A ER
|
|
SOFR + 6.60%
|
|
10/15/2034
|
|
USD
|
514
|
|
|
515
|
(b) (e)
|
|
|
Capital Four CLO VII DAC
|
|
CFOUR 7A F
|
|
EURIBOR + 8.22%
|
|
4/25/2037
|
|
EUR
|
1,047
|
|
|
1,247
|
(b) (e)
|
|
|
Carlyle Euro CLO 2024-1 DAC
|
|
CGMSE 2024-1A ER
|
|
EURIBOR + 8.70%
|
|
1/15/2039
|
|
EUR
|
707
|
|
|
841
|
(b) (e)
|
|
|
CARLYLE US CLO 2019-1 LTD
|
|
CGMS 2019-1A DR2
|
|
SOFR + 6.25%
|
|
4/20/2031
|
|
USD
|
194
|
|
|
195
|
(b) (e)
|
|
|
Carlyle US CLO 2020-2 Ltd
|
|
CGMS 2020-2A DR2
|
|
SOFR + 6.00%
|
|
1/25/2035
|
|
USD
|
180
|
|
|
181
|
(b) (e)
|
|
|
CARLYLE US CLO 2021-4 LTD
|
|
CGMS 2021-4A E
|
|
SOFR + 6.60%
|
|
4/20/2034
|
|
USD
|
631
|
|
|
635
|
(b) (e)
|
|
|
Carlyle US CLO 2021-9 Ltd
|
|
CGMS 2021-9A ER
|
|
SOFR + 6.40%
|
|
10/20/2034
|
|
USD
|
1,047
|
|
|
1,060
|
(b) (e)
|
|
|
Carlyle US CLO 2024-2 Ltd
|
|
CGMS 2024-2A E
|
|
SOFR + 6.85%
|
|
4/25/2037
|
|
USD
|
395
|
|
|
399
|
(b) (e)
|
|
|
CarVal CLO IV Ltd
|
|
CARVL 2021-1A ER
|
|
SOFR + 6.60%
|
|
3/31/2038
|
|
USD
|
765
|
|
|
779
|
(b) (e)
|
|
|
CarVal CLO VI-C Ltd
|
|
CARVL 2022-1A ER
|
|
SOFR + 6.10%
|
|
3/21/2038
|
|
USD
|
466
|
|
|
466
|
(b) (e)
|
|
|
Carval Clo XII-C Ltd
|
|
CARVL 2025-1A E
|
|
SOFR + 5.90%
|
|
7/20/2038
|
|
USD
|
892
|
|
|
910
|
(b) (e)
|
|
|
CBAM 2018-5 Ltd
|
|
CBAM 2018-5A ER
|
|
SOFR + 5.80%
|
|
10/17/2038
|
|
USD
|
621
|
|
|
630
|
(b) (e)
|
|
|
CBAMR 2017-4 Ltd
|
|
CBAMR 2017-4A ER
|
|
SOFR + 6.00%
|
|
3/31/2038
|
|
USD
|
587
|
|
|
599
|
(b) (e)
|
|
|
CIFC Funding 2019-V Ltd
|
|
CIFC 2019-5A ER2
|
|
SOFR + 4.90%
|
|
10/15/2038
|
|
USD
|
258
|
|
|
261
|
(b) (e)
|
|
|
Clonmore Park CLO DAC
|
|
CLONP 1A ER
|
|
EURIBOR + 6.82%
|
|
8/21/2035
|
|
EUR
|
350
|
|
|
418
|
(b) (e)
|
|
|
Contego Clo XIV DAC
|
|
CONTE 14A E
|
|
EURIBOR + 5.50%
|
|
10/15/2037
|
|
EUR
|
614
|
|
|
736
|
(b) (e)
|
|
|
CVC Cordatus Loan Fund XXXI DAC
|
|
CORDA 31A E
|
|
EURIBOR + 6.64%
|
|
6/15/2037
|
|
EUR
|
402
|
|
|
480
|
(b) (e)
|
|
|
CVC Cordatus Loan Fund XXXII DAC
|
|
CORDA 32A E
|
|
EURIBOR + 5.96%
|
|
9/15/2038
|
|
EUR
|
790
|
|
|
949
|
(b) (e)
|
|
|
Dryden 87 CLO Ltd
|
|
DRSLF 2021-87A ER
|
|
SOFR + 6.35%
|
|
8/20/2038
|
|
USD
|
792
|
|
|
797
|
(b) (e)
|
|
|
Dryden 90 Clo Ltd
|
|
DRSLF 2021-90A ER
|
|
SOFR + 5.90%
|
|
11/15/2038
|
|
USD
|
463
|
|
|
466
|
(b) (e)
|
|
|
Elmwood CLO 23 Ltd
|
|
ELM23 2023-2A ER
|
|
SOFR + 5.90%
|
|
4/16/2036
|
|
USD
|
185
|
|
|
186
|
(b) (e)
|
|
|
Fernhill Park CLO DAC
|
|
FRNPK 1A E
|
|
EURIBOR + 6.68%
|
|
4/15/2037
|
|
EUR
|
301
|
|
|
362
|
(b) (e)
|
|
|
Flatiron CLO 31 Ltd
|
|
FLAT 2025-31A E
|
|
SOFR + 4.60%
|
|
1/18/2039
|
|
USD
|
158
|
|
|
160
|
(b) (e)
|
|
|
Galaxy 33 CLO Ltd
|
|
GALXY 2024-33A E
|
|
SOFR + 6.65%
|
|
4/20/2037
|
|
USD
|
376
|
|
|
378
|
(b) (e)
|
|
|
Galaxy XXII CLO Ltd
|
|
GALXY 2016-22A ER4
|
|
SOFR + 6.50%
|
|
4/16/2034
|
|
USD
|
319
|
|
|
319
|
(b) (e)
|
|
|
Galaxy XXII CLO Ltd
|
|
GALXY 2016-22A ERRR
|
|
SOFR + 6.75%
|
|
4/16/2034
|
|
USD
|
319
|
|
|
319
|
(b) (e)
|
|
|
Galaxy XXV CLO Ltd
|
|
GALXY 2018-25A ERR
|
|
SOFR + 5.75%
|
|
4/25/2036
|
|
USD
|
465
|
|
|
466
|
(b) (e)
|
|
|
Harvest CLO XXXVI DAC
|
|
HARVT 36A E
|
|
EURIBOR + 5.70%
|
|
7/15/2038
|
|
EUR
|
948
|
|
|
1,134
|
(b) (e)
|
|
|
Harvest CLO XXXVII DAC
|
|
HARVT 37A F
|
|
EURIBOR + 8.07%
|
|
1/15/2039
|
|
EUR
|
467
|
|
|
555
|
(b) (e)
|
|
|
Harvest US CLO 2025-3 Ltd
|
|
HARUS 2025-3A E
|
|
SOFR + 5.85%
|
|
1/15/2038
|
|
USD
|
615
|
|
|
625
|
(b) (e)
|
|
|
ICG US CLO 2022-1i Ltd
|
|
ICG 2022-1A ER
|
|
SOFR + 6.55%
|
|
10/20/2038
|
|
USD
|
443
|
|
|
446
|
(b) (e)
|
|
|
Jamestown CLO XII Ltd
|
|
JTWN 2019-1A ERR
|
|
SOFR + 6.85%
|
|
3/20/2038
|
|
USD
|
1,062
|
|
|
1,071
|
(b) (e)
|
|
|
Jamestown CLO XIV Ltd
|
|
JTWN 2019-14A DRR
|
|
SOFR + 5.65%
|
|
10/20/2034
|
|
USD
|
1,020
|
|
|
992
|
(b) (e)
|
|
|
Kennedy Lewis CLO 12 Ltd
|
|
GNRT 2023-12A ER
|
|
SOFR + 6.40%
|
|
7/20/2038
|
|
USD
|
445
|
|
|
449
|
(b) (e)
|
|
|
Kennedy Lewis CLO 15 Ltd
|
|
KLLM 2024-15A E
|
|
SOFR + 6.70%
|
|
7/20/2037
|
|
USD
|
388
|
|
|
390
|
(b) (e)
|
|
|
Kings Park CLO Ltd
|
|
KINGP 2021-1A ER
|
|
SOFR + 6.05%
|
|
1/21/2039
|
|
USD
|
615
|
|
|
615
|
(b) (e)
|
|
|
Madison Park Funding XLIX Ltd
|
|
MDPK 2021-49A ER
|
|
SOFR + 4.60%
|
|
10/19/2034
|
|
USD
|
1,460
|
|
|
1,383
|
(b) (e)
|
|
|
Madison Park Funding XXXV Ltd
|
|
MDPK 2019-35A ER2
|
|
SOFR + 6.00%
|
|
2/13/2039
|
|
USD
|
978
|
|
|
978
|
(b) (e)
|
|
|
Magnetite Xlv Ltd
|
|
MAGNE 2025-45A E
|
|
SOFR + 4.50%
|
|
4/15/2038
|
|
USD
|
133
|
|
|
134
|
(b) (e)
|
|
|
Magnetite XXIII Ltd
|
|
MAGNE 2019-23A ER2
|
|
SOFR + 4.60%
|
|
1/25/2035
|
|
USD
|
697
|
|
|
697
|
(b) (e)
|
|
|
Magnetite XXXI Ltd
|
|
MAGNE 2021-31A ER
|
|
SOFR + 4.50%
|
|
7/15/2034
|
|
USD
|
1,500
|
|
|
1,504
|
(b) (e)
|
|
|
Magnetite XXXV Ltd
|
|
MAGNE 2022-35A ERR
|
|
SOFR + 4.80%
|
|
1/25/2039
|
|
USD
|
228
|
|
|
231
|
(b) (e)
|
|
|
Marble Point CLO XIX Ltd
|
|
MP19 2020-3A ER2
|
|
SOFR + 6.50%
|
|
10/19/2038
|
|
USD
|
797
|
|
|
803
|
(b) (e)
|
|
|
Marble Point CLO XVI Ltd
|
|
MP16 2019-2A ER
|
|
SOFR + 7.27%
|
|
11/16/2034
|
|
USD
|
684
|
|
|
676
|
(b) (e)
|
|
|
Marble Point Clo XXV Ltd
|
|
MP25 2022-2A ERR
|
|
SOFR + 6.60%
|
|
10/20/2036
|
|
USD
|
827
|
|
|
831
|
(b) (e)
|
|
|
Neuberger Berman Loan Advisers Clo 42 Ltd
|
|
NEUB 2021-42A ER
|
|
SOFR + 4.60%
|
|
7/16/2036
|
|
USD
|
291
|
|
|
291
|
(b) (e)
|
|
|
Neuberger Berman Loan Advisers Euro CLO 3 DAC
|
|
NEUBE 2022-3A F
|
|
EURIBOR + 8.87%
|
|
10/25/2034
|
|
EUR
|
948
|
|
|
1,132
|
(b) (e)
|
|
|
Oaktree CLO 2021-2 Ltd
|
|
OAKCL 2021-2A ER
|
|
SOFR + 4.50%
|
|
1/15/2035
|
|
USD
|
1,006
|
|
|
1,006
|
(b) (e)
|
|
|
OCP Euro CLO 2020-4 DAC
|
|
OCPE 2020-4A FRR
|
|
EURIBOR + 8.62%
|
|
10/20/2039
|
|
EUR
|
250
|
|
|
297
|
(b) (e)
|
|
|
OCP Euro Clo 2025-13 DAC
|
|
OCPE 2025-13A E
|
|
EURIBOR + 5.80%
|
|
7/18/2038
|
|
EUR
|
854
|
|
|
1,020
|
(b) (e)
|
|
|
Octagon 55 Ltd
|
|
OCT55 2021-1A ER
|
|
SOFR + 6.00%
|
|
3/20/2038
|
|
USD
|
655
|
|
|
661
|
(b) (e)
|
|
|
Octagon Investment Partners 43 Ltd
|
|
OCT43 2019-1A ER
|
|
SOFR + 6.35%
|
|
10/15/2038
|
|
USD
|
831
|
|
|
836
|
(b) (e)
|
|
|
Octagon Investment Partners 51 Ltd
|
|
OCT51 2021-1A ER
|
|
SOFR + 5.65%
|
|
7/20/2034
|
|
USD
|
613
|
|
|
604
|
(b) (e)
|
|
|
Palmer Square European CLO 2023-2 DAC
|
|
PLMER 2023-2A FR
|
|
EURIBOR + 8.40%
|
|
10/15/2038
|
|
EUR
|
1,039
|
|
|
1,250
|
(b) (e)
|
|
|
Parallel 2023-1 Ltd
|
|
PARL 2023-1A DR
|
|
SOFR + 7.25%
|
|
7/20/2036
|
|
USD
|
956
|
|
|
972
|
(b) (e)
|
|
|
Penta CLO 10 DAC
|
|
PENTA 2021-10A F
|
|
EURIBOR + 8.80%
|
|
11/20/2034
|
|
EUR
|
965
|
|
|
1,153
|
(b) (e)
|
|
|
Penta CLO 11 DAC
|
|
PENTA 2022-11A FRR
|
|
EURIBOR + 8.00%
|
|
1/15/2039
|
|
EUR
|
543
|
|
|
643
|
(b) (e)
|
|
|
Penta CLO 12 DAC
|
|
PENTA 2022-12A FRR
|
|
EURIBOR + 8.50%
|
|
11/9/2038
|
|
EUR
|
468
|
|
|
563
|
(b) (e)
|
|
|
Penta CLO 14 DAC
|
|
PENTA 2023-14A ER
|
|
EURIBOR + 6.35%
|
|
10/20/2037
|
|
EUR
|
340
|
|
|
410
|
(b) (e)
|
|
|
Penta CLO 15 DAC
|
|
PENTA 2023-15A FR
|
|
EURIBOR + 8.50%
|
|
10/15/2038
|
|
EUR
|
433
|
|
|
515
|
(b) (e)
|
|
|
Penta CLO 7 DAC
|
|
PENTA 2020-7A FR
|
|
EURIBOR + 8.43%
|
|
1/25/2039
|
|
EUR
|
990
|
|
|
1,190
|
(b) (e)
|
|
|
Post CLO 2021-1 LTD
|
|
POST 2021-1A ER
|
|
SOFR + 5.70%
|
|
10/15/2034
|
|
USD
|
1,364
|
|
|
1,369
|
(b) (e)
|
|
|
PPM CLO 4 Ltd
|
|
PPMC 2020-4A ER2
|
|
SOFR + 7.18%
|
|
3/18/2038
|
|
USD
|
763
|
|
|
757
|
(b) (e)
|
|
|
Providus Clo XII DAC
|
|
PRVD 12A E
|
|
EURIBOR + 5.80%
|
|
8/18/2038
|
|
EUR
|
380
|
|
|
454
|
(b) (e)
|
|
|
RAD CLO 31 Ltd
|
|
RAD 2025-31A D
|
|
SOFR + 5.40%
|
|
4/17/2039
|
|
USD
|
925
|
|
|
938
|
(b) (e)
|
|
|
Regatta XVI Funding Ltd
|
|
REG16 2019-2A ER2
|
|
SOFR + 5.65%
|
|
4/15/2039
|
|
USD
|
345
|
|
|
345
|
(b) (e)
|
|
|
Regatta XXII Funding Ltd
|
|
REG22 2022-2A ER2
|
|
SOFR + 5.75%
|
|
1/15/2039
|
|
USD
|
381
|
|
|
384
|
(b) (e)
|
|
|
Regatta XXVI Funding Ltd
|
|
REG26 2023-2A ER
|
|
SOFR + 5.90%
|
|
1/25/2039
|
|
USD
|
472
|
|
|
475
|
(b) (e)
|
|
|
Regatta XXVIII Funding Ltd
|
|
REG28 2024-2A E
|
|
SOFR + 6.85%
|
|
4/25/2037
|
|
USD
|
376
|
|
|
379
|
(b) (e)
|
|
|
Romark Credit Funding II Ltd
|
|
RCF 2021-2A E
|
|
7.08%
|
|
10/25/2039
|
|
USD
|
1,200
|
|
|
1,203
|
(b) (e)
|
|
|
RR 23 Ltd
|
|
RRAM 2022-23A DR2
|
|
SOFR + 5.00%
|
|
7/15/2037
|
|
USD
|
383
|
|
|
388
|
(b) (e)
|
|
|
RR 8 Ltd
|
|
RRAM 2020-8A DR2
|
|
SOFR + 5.00%
|
|
1/15/2039
|
|
USD
|
485
|
|
|
491
|
(b) (e)
|
|
|
Sculptor CLO XXVIII Ltd
|
|
SCUL 28A ER
|
|
SOFR + 6.30%
|
|
1/20/2035
|
|
USD
|
717
|
|
|
702
|
(b) (e)
|
|
|
Shackleton 2019-XV CLO Ltd
|
|
SHACK 2019-15A D1R
|
|
SOFR + 3.45%
|
|
1/15/2032
|
|
USD
|
367
|
|
|
368
|
(b) (e)
|
|
|
Silver Point CLO 10 Ltd
|
|
SPCLO 2025-10A E
|
|
SOFR + 5.80%
|
|
7/15/2038
|
|
USD
|
467
|
|
|
475
|
(b) (e)
|
|
|
Sixth Street CLO XII Ltd
|
|
SIXST 2018-12A ER2
|
|
SOFR + 5.05%
|
|
1/17/2039
|
|
USD
|
683
|
|
|
689
|
(b) (e)
|
|
|
Stannaway Park Clo DAC
|
|
STPK 1A F
|
|
EURIBOR + 8.25%
|
|
1/23/2038
|
|
EUR
|
712
|
|
|
847
|
(b) (e)
|
|
|
Symphony CLO XVIII Ltd
|
|
SYMP 2016-18A ER4
|
|
SOFR + 5.85%
|
|
10/23/2037
|
|
USD
|
920
|
|
|
924
|
(b) (e)
|
|
|
Symphony CLO XXIX Ltd
|
|
SYMP 2021-29A ER
|
|
SOFR + 5.80%
|
|
10/15/2035
|
|
USD
|
615
|
|
|
617
|
(b) (e)
|
|
|
TCW CLO 2022-1 Ltd
|
|
TCW 2022-1A DJR
|
|
SOFR + 4.28%
|
|
1/20/2038
|
|
USD
|
563
|
|
|
554
|
(b) (e)
|
|
|
Trimaran Cavu 2021-1 Ltd
|
|
CAVU 2021-1A ER
|
|
SOFR + 7.00%
|
|
7/23/2037
|
|
USD
|
1,129
|
|
|
1,131
|
(b) (e)
|
|
|
Trinitas CLO X Ltd
|
|
TRNTE 10A F
|
|
EURIBOR + 7.90%
|
|
11/15/2038
|
|
EUR
|
331
|
|
|
394
|
(b) (e)
|
|
|
Trinitas Clo XX Ltd
|
|
TRNTS 2022-20A ER
|
|
SOFR + 5.75%
|
|
7/20/2035
|
|
USD
|
592
|
|
|
594
|
(b) (e)
|
|
|
Trinitas Euro CLO VII DAC
|
|
TRNTE 7A E
|
|
EURIBOR + 6.55%
|
|
7/25/2037
|
|
EUR
|
264
|
|
|
318
|
(b) (e)
|
|
|
Voya CLO 2017-3 Ltd
|
|
VOYA 2017-3A DRR
|
|
SOFR + 5.80%
|
|
4/20/2034
|
|
USD
|
2,068
|
|
|
2,081
|
(b) (e)
|
|
|
Voya CLO 2019-4 Ltd
|
|
VOYA 2019-4A ER
|
|
SOFR + 6.97%
|
|
1/15/2035
|
|
USD
|
1,125
|
|
|
1,132
|
(b) (e)
|
|
|
Voya CLO 2022-1 Ltd
|
|
VOYA 2022-1A ER
|
|
SOFR + 6.90%
|
|
4/20/2035
|
|
USD
|
1,647
|
|
|
1,657
|
(b) (e)
|
|
|
Voya CLO 2023-1 Ltd
|
|
VOYA 2023-1A ER
|
|
SOFR + 5.05%
|
|
1/20/2039
|
|
USD
|
208
|
|
|
211
|
(b) (e)
|
|
|
Wilton Park CLO DAC
|
|
WILPA 1A ER
|
|
EURIBOR + 5.70%
|
|
7/15/2038
|
|
EUR
|
475
|
|
|
566
|
(b) (e)
|
|
|
Wind River 2023-1 CLO Ltd
|
|
WINDR 2023-1A ER
|
|
SOFR + 6.75%
|
|
7/25/2038
|
|
USD
|
333
|
|
|
339
|
(b) (e)
|
|
|
TOTAL ASSET BACKED SECURITIES (Amortized cost $74,470)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
76,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Asset
|
|
|
|
Maturity
Date |
|
Currency
|
Shares
|
|
|
Fair Value
|
Footnotes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity & Other Investments - 3.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadline Retail - 0.48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belk Inc
|
|
Common Stock
|
|
|
|
|
|
USD
|
82,904
|
|
|
$ |
2,418
|
(a) (b) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Chemicals - 0.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SI Group Inc
|
|
Common Stock
|
|
|
|
|
|
USD
|
38,157
|
|
|
464
|
(a) (b) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering - 0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yak Access LLC
|
|
Common Stock (Series A)
|
|
|
|
|
|
USD
|
9,358
|
|
|
1
|
(a) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Metals & Mining - 0.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foresight Energy LLC
|
|
Common Stock
|
|
|
|
|
|
USD
|
320,381
|
|
|
2,203
|
(a) (b) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels, Resorts & Cruise Lines - 0.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NCL Corp Ltd
|
|
Common Stock
|
|
|
|
|
|
USD
|
79,489
|
|
|
1,746
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Resource & Employment Services - 0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIRVA Worldwide Inc
|
|
Common Stock (Class A)
|
|
|
|
|
|
USD
|
2,475
|
|
|
-
|
(b) (d)
|
|
|
SIRVA Worldwide Inc
|
|
Common Stock (Class B)
|
|
|
|
|
|
USD
|
32,077
|
|
|
-
|
(b) (d)
|
|
|
SIRVA Worldwide Inc
|
|
15.250% 08/2030 (Pref Equity Class A)
|
|
|
|
8/20/2030
|
|
USD
|
569
|
|
|
-
|
(b) (c)
|
|
|
SIRVA Worldwide Inc
|
|
15.250% 08/2030 (Pref Equity Class B)
|
|
|
|
8/20/2030
|
|
USD
|
287
|
|
|
-
|
(b) (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Telecommunication Services - 0.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numericable-SFR
|
|
Common Stock
|
|
|
|
|
|
EUR
|
46,936
|
|
|
897
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Facilities - 1.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aimbridge Acquisition Co Inc
|
|
Common Stock
|
|
|
|
|
|
USD
|
104,732
|
|
|
7,410
|
(a) (b) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Equipment & Services - 0.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proserv Group Parent LLC
|
|
Preferred Stock
|
|
|
|
|
|
USD
|
36,249
|
|
|
94
|
(b) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Facilities - 0.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quorum Health Corp
|
|
Trade Claim
|
|
|
|
|
|
USD
|
3,964,000
|
|
|
236
|
(b) (d)
|
|
|
TOTAL EQUITY & OTHER INVESTMENTS (Cost $26,866)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Cost $736,959)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
709,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 7.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities - 7.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley Institutional Liquidity Fund - Government Portfolio
|
|
Class IN
|
|
|
|
|
|
USD
|
39,447,739
|
|
|
$ |
39,448
|
(g)
|
|
TOTAL MONEY MARKET FUNDS (Cost $39,448)
|
|
|
|
|
|
|
|
|
|
|
|
$ |
39,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS INCLUDING MONEY MARKET FUNDS (Cost $776,407) - 147.63%
|
|
|
|
|
|
|
|
|
|
$ |
749,010
|
|
||
|
LIABILITIES EXCEEDING OTHER ASSETS, NET - (47.63%)
|
|
|
|
|
|
|
|
|
|
|
|
(241,534)
|
|
|
|
NET ASSETS - 100.00%
|
|
|
|
|
|
|
|
|
|
|
|
$ |
507,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TL
|
Term loan.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DD
|
Delayed draw term loan.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1L
|
First lien.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2L
|
Second lien.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
EURIBOR
|
Euro Interbank Offered Rate as of January 31, 2026 was 1.97%.
|
|
|
|
|
|
|
|
|
|
||||
|
PRIME
|
Prime rate as of January 31, 2026 was 6.75%
|
|
|
|
|
|
|
|
|
|
|
|
||
|
SOFR
|
Secured Overnight Financing Rate as of January 31, 2026 was 3.67%.
|
|
|
|
|
|
|
|
|
|
||||
|
(a)
|
Security considered restricted.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(b)
|
Value determined using significant unobservable inputs.
|
|
|
|
|
|
|
|
|
|
||||
|
(c)
|
Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
|
|
|
|
|
|
|
|||||||
|
(d)
|
Non-income producing security.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(e)
|
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.
|
|||||||||||||
|
(f)
|
Investment is an unfunded or partially funded commitment.
|
|
|
|
|
|
|
|
|
|
||||
|
(g)
|
The money market fund's average 7-day yield as of January 31, 2026 was 3.61%.
|
|
|
|
|
|
|
|
|
|
||||
|
(h)
|
Zero coupon bond.
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
||||||||||||||
|
Multi-Color Corp
|
TL 1L B 10/21 EUR
|
12,646
|
$ |
12,971
|
$ |
6,994
|
3/22/2024
|
1.38%
|
||||||
|
SI Group Inc
|
TL 1L 12/25
|
1,075
|
968
|
1,071
|
12/23/2025
|
0.21%
|
||||||||
|
Accuride Corp
|
TL 1L 03/25
|
2,374
|
3,139
|
4,537
|
3/7/2025
|
0.89%
|
||||||||
|
Foresight Energy LLC
|
TL 1L A 06/20
|
2,091
|
2,091
|
2,048
|
6/30/2020
|
0.40%
|
||||||||
|
Biscuits Poult SAS
|
TL 1L B 01/20
|
16
|
17
|
17
|
11/20/2025
|
0.00%
|
||||||||
|
ScionHealth
|
TL 1L B 12/21
|
1,676
|
1,612
|
554
|
12/17/2021
|
0.11%
|
||||||||
|
SIRVA Worldwide Inc
|
TL 1L 08/24
|
302
|
301
|
302
|
8/20/2024
|
0.06%
|
||||||||
|
SIRVA Worldwide Inc
|
TL 1L 08/24
|
1,353
|
1,346
|
1,006
|
8/20/2024
|
0.20%
|
||||||||
|
SIRVA Worldwide Inc
|
TL 1L DD 08/24
|
749
|
742
|
749
|
8/22/2024
|
0.15%
|
||||||||
|
High Yield Securities
|
||||||||||||||
|
Multi-Color Corp
|
9.500% 11/2028
|
1,302
|
1,302
|
599
|
3/28/2023
|
0.12%
|
||||||||
|
Fire BC SpA
|
10.000% 02/2028
|
457
|
524
|
558
|
9/10/2024
|
0.11%
|
||||||||
|
Snap Inc
|
6.875% 03/2033
|
1,819
|
1,874
|
1,868
|
9/24/2025
|
0.37%
|
||||||||
|
Heimstaden AB
|
8.375% 01/2030
|
2,981
|
3,661
|
3,793
|
11/12/2025
|
0.75%
|
||||||||
|
Equity & Other Investments
|
||||||||||||||
|
Belk Inc
|
Common Stock
|
82,904
|
1,362
|
2,418
|
7/22/2024
|
0.48%
|
||||||||
|
SI Group Inc
|
Common Stock
|
38,157
|
4,547
|
464
|
9/18/2024
|
0.09%
|
||||||||
|
Yak Access LLC
|
Common Stock (Series A)
|
9,358
|
-
|
1
|
3/10/2023
|
0.00%
|
||||||||
|
Foresight Energy LLC
|
Common Stock
|
320,381
|
3,666
|
2,203
|
6/30/2020
|
0.43%
|
||||||||
|
Aimbridge Acquisition Co Inc
|
Common Stock
|
104,732
|
10,612
|
7,410
|
3/11/2025
|
1.46%
|
||||||||
|
Total
|
$ |
50,735
|
$ |
36,592
|
||||||||||