XAI Octagon Floating Rate & Alternative Income Term Trust  
   
Schedule of Investments  
June 30, 2023 (Unaudited)  

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS DEBT(b)- 26.83%* (16.21% of Total Investments)        
Anchorage Capital CLO 13 LLC, CLO 2021-13A, ER(c)   11.96%  3M US L + 6.70%  04/15/2034  $1,500,000   $1,340,333 
Anchorage Capital CLO 16, Ltd., CLO 2021-16A, ER(c)   12.62%  3M US L + 7.35%  01/19/2035   2,000,000    1,847,737 
Anchorage Capital CLO 17, Ltd., CLO 2021-17A, E(c)   12.12%  3M US L + 6.86%  07/15/2034   1,250,000    1,122,730 
Anchorage Capital CLO 19, Ltd., CLO 2021-19A, F(c)   12.51%  3M US L + 7.25%  10/15/2034   1,000,000    735,085 
Anchorage Capital CLO 21, Ltd., CLO 2021-21A, E(c)   12.60%  3M US L + 7.35%  10/20/2034   500,000    454,621 
Anchorage Capital CLO 4-R, Ltd., CLO 2018-4RA, E(c)   10.77%  3M US L + 5.50%  01/28/2031   2,000,000    1,682,302 
Anchorage Capital CLO 9, Ltd., CLO 2021-9A, ER2(c)   12.08%  3M US L + 6.82%  07/15/2032   2,000,000    1,765,165 
Apidos CLO XLV, Ltd., CLO 2023-45A, E(c)   13.56%  3M SOFR + 8.40%  04/26/2036   500,000    485,152 
Apidos CLO XXVII, CLO 2017-27A, D(c)   11.66%  3M US L + 6.40%  07/17/2030   375,000    345,740 
Apidos CLO XXXII, CLO 2020-32A, E(c)   12.00%  3M US L + 6.75%  01/20/2033   250,000    233,766 
ARES LI CLO, Ltd., CLO 2021-51A, ER(c)   12.11%  3M US L + 6.85%  07/15/2034   250,000    219,181 
ARES Loan Funding III, Ltd., CLO 2022-ALF3A, E(c)   12.65%  3M SOFR + 7.58%  07/25/2035   1,000,000    972,139 
Ares LV CLO, Ltd., CLO 2021-55A, ER(c)   11.61%  3M US L + 6.35%  07/15/2034   1,525,000    1,404,891 
Atrium IX, CLO 2017-9A, ER(c)   11.91%  3M US L + 6.45%  05/28/2030   900,000    828,378 
Atrium XIV LLC, CLO 2018-14A, E(c)   10.91%  3M US L + 5.65%  08/23/2030   500,000    466,224 
Battalion CLO, Ltd., CLO 2021-21A, E(c)   11.72%  3M US L + 6.46%  07/15/2034   1,000,000    804,838 
Benefit Street Partners CLO XVII, Ltd., CLO 2021-17A, ER(c)   11.35%  3M US L + 6.35%  07/15/2032   1,100,000    975,432 
Benefit Street Partners CLO XXIV, Ltd., CLO 2021-24A, E(c)   11.86%  3M US L + 6.61%  10/20/2034   1,000,000    921,992 
Benefit Street Partners CLO XXIX, CLO 2022-29A, E(c)   12.39%  3M SOFR + 7.81%  01/25/2036   1,750,000    1,705,237 
Carlyle Global Market Strategies, CLO 2022-2A, D(c)   12.45%  3M SOFR + 7.40%  04/20/2035   800,000    744,864 
Carlyle US CLO 2022-5, Ltd., CLO 2022-5A, E(c)   13.45%  3M SOFR + 8.46%  10/15/2035   2,000,000    1,990,289 
CIFC Funding 2015-I, Ltd., CLO 2015-1A, ERR(c)   11.27%  3M US L + 6.00%  01/22/2031   500,000    432,647 
CIFC Funding 2019-III, Ltd., CLO 2021-3A, DR(c)   12.06%  3M US L + 6.80%  10/16/2034   2,750,000    2,581,913 
CIFC Funding 2019-V, Ltd., CLO 2021-5A, DR(c)   12.04%  3M US L + 6.78%  01/15/2035   1,000,000    929,477 
CIFC Funding 2019-VI, Ltd., CLO 2019-6A, E(c)   12.66%  3M US L + 7.40%  01/16/2033   500,000    472,021 
CIFC Funding 2022-I, Ltd., CLO 2022-1A, E(c)   11.39%  3M SOFR + 6.40%  04/17/2035   2,000,000    1,845,912 
CIFC Funding 2022-III, Ltd., CLO 2022-3A, E(c)   12.33%  3M SOFR + 7.27%  04/21/2035   850,000    800,110 
Elmwood CLO 18, Ltd., CLO 2022-5A, E(c)   12.75%  3M SOFR + 7.76%  07/17/2033   600,000    592,840 
Elmwood CLO II, Ltd., CLO 2021-2A, DR(c)   8.25%  3M US L + 3.00%  04/20/2034   1,250,000    1,199,812 
Elmwood CLO VI, Ltd., CLO 2021-3A, ER(c)   11.75%  3M US L + 6.50%  10/20/2034   1,750,000    1,673,340 
Elmwood CLO XI, Ltd., CLO 2021-4A, E(c)   11.25%  3M US L + 6.00%  10/20/2034   750,000    697,647 
GoldenTree Loan Management US CLO 16, Ltd., CLO 2022-16A, E(c)   11.80%  3M SOFR + 6.75%  01/20/2035   1,000,000    963,363 
HPS Loan Management, Ltd., CLO 2017-11A, F(c)   13.17%  3M US L + 7.85%  05/06/2030   1,000,000    737,709 
Madison Park Funding LX, Ltd., CLO 2022-60A, E(c)   13.57%  3M SOFR + 8.95%  10/25/2035   1,250,000    1,252,545 
Madison Park Funding LXIII, Ltd., CLO 2023-63A, E(c)   13.65%  3M SOFR + 8.57%  04/21/2035   1,250,000    1,225,238 
Madison Park Funding XLVI, Ltd., CLO 2021-46A, ER(c)   11.51%  3M US L + 6.25%  10/15/2034   550,000    512,162 
Madison Park Funding XLVIII, Ltd., CLO 2021-48A, E(c)   11.52%  3M US L + 6.25%  04/19/2033   1,500,000    1,402,600 
Madison Park Funding XVII, Ltd., CLO 2015-17A, FR(c)   12.74%  3M US L + 7.48%  07/21/2030   1,000,000    704,058 
Madison Park Funding XXVII, Ltd., CLO 2018-27A, D(c)   10.25%  3M US L + 5.00%  04/20/2030   1,500,000    1,352,611 
Madison Park Funding XXXVII, Ltd., CLO 2021-37A, ER(c)   11.41%  3M US L + 6.15%  07/15/2033   750,000    702,051 
Magnetite XXIV, Ltd., CLO 2022-24A, ER(c)   11.39%  3M SOFR + 6.40%  04/15/2035   500,000    459,282 
Neuberger Berman Loan Advisers CLO 24, Ltd., CLO 2017-24A, E(c)   11.29%  3M US L + 6.02%  04/19/2030   1,000,000    897,143 
Neuberger Berman Loan Advisers CLO 32, Ltd., CLO 2021-32A, ER(c)   11.37%  3M US L + 6.10%  01/20/2032   1,500,000    1,381,073 
Neuberger Berman Loan Advisers CLO 40, Ltd., CLO 2021-40A, E(c)   11.11%  3M US L + 5.85%  04/16/2033   1,670,000    1,528,147 
OHA Credit Funding 11, Ltd., CLO 2022-11A, E(c)   12.28%  3M SOFR + 7.25%  07/19/2033   550,000    530,981 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS DEBT(b) (continued)             
OHA Credit Funding 12, Ltd., CLO 2022-12A, E(c)   12.81%  3M SOFR + 7.76%  07/20/2033  $1,000,000   $992,040 
OHA Credit Funding 2, Ltd., CLO 2021-2A, ER(c)   11.62%  3M US L + 6.36%  04/21/2034   1,000,000    943,400 
OHA Credit Funding 5, Ltd., CLO 2020-5A, E(c)   11.51%  3M US L + 6.25%  04/18/2033   1,000,000    944,451 
OHA Credit Funding 7, Ltd., CLO 2022-7A, ER(c)   11.28%  3M SOFR + 6.25%  02/24/2037   900,000    839,352 
OHA Credit Funding 9, Ltd., CLO 2021-9A, E(c)   11.52%  3M US L + 6.25%  07/19/2035   1,000,000    949,358 
Rad CLO 10, Ltd., CLO 2021-10A, E(c)   11.12%  3M US L + 5.85%  04/23/2034   2,000,000    1,822,402 
Rad CLO 11, Ltd., CLO 2021-11A, E(c)   11.51%  3M US L + 6.25%  04/15/2034   1,300,000    1,183,840 
Rad CLO 12, Ltd., CLO 2021-12A, E(c)   11.65%  3M US L + 6.35%  10/30/2034   2,000,000    1,767,476 
Regatta VII Funding, Ltd., CLO 2021-1A, ER2(c)   11.91%  3M US L + 6.40%  06/20/2034   1,000,000    897,556 
Regatta VIII Funding, Ltd., CLO 2017-1A, E(c)   11.36%  3M US L + 6.10%  10/17/2030   500,000    467,480 
Regatta XII Funding, Ltd., CLO 2021-1A, ER(c)   11.61%  3M US L + 6.35%  10/15/2032   500,000    471,327 
Regatta XIV Funding, Ltd., CLO 2018-3A, E(c)   11.21%  3M US L + 5.95%  10/25/2031   750,000    643,937 
Regatta XIX Funding, Ltd., CLO 2022-1A, E(c)   11.93%  3M SOFR + 6.88%  04/20/2035   500,000    481,869 
Regatta XVI Funding, Ltd., CLO 2019-2A, E(c)   12.26%  3M US L + 7.00%  01/15/2033   1,400,000    1,329,026 
Regatta XXII Funding, Ltd., CLO 2022-2A, E(c)   12.24%  3M SOFR + 7.19%  07/20/2035   1,350,000    1,273,362 
Regatta XXIII Funding, Ltd., CLO 2021-4A, E(c)   11.95%  3M US L + 6.70%  01/20/2035   2,750,000    2,545,576 
Regatta XXIV Funding, Ltd., CLO 2021-5A, E(c)   12.05%  3M US L + 6.80%  01/20/2035   250,000    237,699 
RR 19, Ltd., CLO 2021-19A, D(c)   11.76%  3M US L + 6.50%  10/15/2035   500,000    472,683 
Sound Point CLO II, Ltd., CLO 2013-1A, B2R(c)   10.77%  3M US L + 5.50%  01/26/2031   250,000    160,646 
Sound Point CLO XVIII, Ltd., CLO 2017-4A, D(c)   10.75%  3M US L + 5.50%  01/21/2031   500,000    333,681 
Symphony CLO XXI, Ltd., CLO 2019-21A ER, ER(c)   11.86%  3M US L + 6.60%  07/15/2032   1,000,000    858,212 
Symphony CLO XXIV, Ltd., CLO 2021-24A, E(c)   12.27%  3M US L + 7.00%  01/23/2032   1,000,000    931,982 
THL Credit Wind River 2019-1 CLO, Ltd., CLO 2021-1A, ER(c)   11.85%  3M US L + 6.60%  07/20/2034   875,000    687,889 
THL Credit Wind River CLO, Ltd., CLO 2017-4A, E(c)   11.18%  3M US L + 5.80%  11/20/2030   500,000    422,045 
THL Credit Wind River CLO, Ltd., CLO 2021-1A, EE(c)   11.32%  3M US L + 7.06%  04/18/2036   1,500,000    1,261,772 
Voya CLO 2020-2, Ltd., CLO 2021-2A, ER(c)   11.67%  3M US L + 6.40%  07/19/2034   1,125,000    1,053,770 
Wind River 2021-3 CLO, Ltd., CLO 2021-3A, E(c)   11.85%  3M US L + 6.60%  07/20/2033   1,000,000    858,861 
Total Collateralized Loan Obligations Debt (Cost $75,396,778)             $77,620,000   $70,752,470 
                      
COLLATERALIZED LOAN OBLIGATIONS EQUITY(d)- 53.16%* (32.11% of Total Investments)          
ALM 2020, Ltd., CLO 2020-1A, SUB(c)   N/A   Estimated yield of 6.17%  10/15/2029   5,000,000    1,667,865 
Anchorage Capital CLO 13 LLC, CLO 2019-13A, SUB(c)   N/A   Estimated yield of 16.42%  04/15/2034   7,000,000    4,392,500 
Anchorage Capital CLO 16, Ltd., CLO 2020-16A, SUB(c)   N/A   Estimated yield of 16.41%  01/19/2035   2,500,000    1,425,000 
Anchorage Capital CLO 18, Ltd., CLO 2021-18A, SUB(c)   N/A   Estimated yield of 17.55%  04/15/2034   850,000    551,895 
Anchorage Capital CLO 19, Ltd., CLO 2021-19A, SUB(c)   N/A   Estimated yield of 15.98%  10/15/2034   7,000,000    4,200,700 
Anchorage Capital CLO 1-R, Ltd., CLO 2018-1RA, SUB(c)   N/A   Estimated yield of 11.82%  04/13/2031   4,150,000    1,658,684 
Anchorage Capital CLO 20, Ltd., CLO 2021-20A, SUB(c)   N/A   Estimated yield of 15.21%  01/20/2035   1,750,000    1,076,425 
Anchorage Capital CLO 3-R, Ltd., CLO 2014-3RA, SUB(c)   N/A   Estimated yield of 11.16%  01/28/2031   1,400,000    418,054 
Anchorage Capital CLO 7, Ltd., CLO 2015-7A, SUBA(c)   N/A   Estimated yield of 20.26%  01/28/2031   1,750,000    505,645 
Apidos CLO XXVII, CLO 2017-27A, SUB(c)   N/A   Estimated yield of 6.18%  07/17/2030   1,300,000    226,720 
ARES LI CLO, Ltd., CLO 2019-51A, SUB(c)   N/A   Estimated yield of 16.39%  07/15/2034   2,646,041    1,353,140 
ARES LI CLO, Ltd., CLO 2019-51A, INC(c)   N/A   Estimated yield of 17.86%  07/15/2034   1,699,959    869,330 
Ares XLI CLO, Ltd., CLO 2016-41A, SUB(c)   N/A   Estimated yield of 18.76%  04/15/2034   2,343,500    863,662 
ARES XLIV CLO, Ltd., CLO 2017-44A, SUB(c)   N/A   Estimated yield of 15.48%  04/15/2034   2,845,572    895,786 
Battalion CLO XV, Ltd., CLO 2020-15A, SUB(c)   N/A   Estimated yield of 13.06%  01/17/2033   4,500,000    2,725,571 
Battalion CLO XVI, Ltd., CLO 2019-16A, SUB(c)   N/A   Estimated yield of 12.54%  12/19/2032   3,500,000    1,863,750 
Carbone CLO, Ltd., CLO 2017-1A, SUB(c)   N/A   Estimated yield of 10.99%  01/20/2031   7,850,000    3,287,195 
CARLYLE US CLO 2021-5, Ltd., CLO 2021-5A, SUB(c)   N/A   Estimated yield of 16.22%  07/20/2034   4,000,000    2,667,392 
Carlyle US CLO, Ltd., CLO 2020-4A, SUBA(c)   N/A   Estimated yield of 21.59%  04/15/2035   8,740,000    6,679,694 
Catamaran CLO, Ltd., CLO 2015-1A, SUB(c)   N/A   Estimated yield of 0.00%  04/22/2027   750,000    405 
CIFC Funding 2017-III, Ltd., CLO 2017-3A, SUB(c)   N/A   Estimated yield of 5.23%  07/20/2030   1,400,000    389,508 
CIFC Funding 2017-V, Ltd., CLO 2017-5A, SUB(c)   N/A   Estimated yield of 6.90%  11/16/2030   4,500,000    1,473,435 
CIFC Funding 2018-I, Ltd., CLO 2018-1A, SUB(c)   N/A   Estimated yield of 12.37%  04/18/2031   3,250,000    1,559,197 
CIFC Funding 2018-III, Ltd., CLO 2018-3A, SUB(c)   N/A   Estimated yield of 12.33%  07/18/2031   3,000,000    1,329,873 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS EQUITY(d) (continued)        
CIFC Funding 2019-III, Ltd., CLO 2019-3A, SUB(c)   N/A   Estimated yield of 18.99%  10/16/2034  $750,000   $524,925 
CIFC Funding 2019-V, Ltd., CLO 2019-5A, SUB(c)   N/A   Estimated yield of 20.41%  01/15/2035   1,000,000    700,000 
CIFC Funding 2019-V, Ltd., CLO 2019-5A, INC(c)   N/A   Estimated yield of 18.71%  01/15/2035   2,500,000    1,750,000 
CIFC Funding 2020-II, Ltd., CLO 2020-2A, INC(c)   N/A   Estimated yield of 27.82%  10/20/2034   1,000,000    706,613 
CIFC Funding 2020-III, Ltd., CLO 2020-3A, SUB(c)   N/A   Estimated yield of 21.09%  10/20/2034   150,000    106,485 
CIFC Funding 2021-II, CLO 2021-2A, SUB(c)   N/A   Estimated yield of 17.91%  04/15/2034   4,000,000    2,752,932 
CIFC Funding 2021-VII, Ltd., CLO 2021-7A, SUB(c)   N/A   Estimated yield of 19.32%  01/23/2035   1,000,000    730,000 
Dryden 43 Senior Loan Fund, CLO 2016-43A, SUB(c)   N/A   Estimated yield of 13.54%  04/20/2034   3,000,000    1,434,600 
Dryden 87 CLO, Ltd., CLO 2021-87A, SUB(c)   N/A   Estimated yield of 16.87%  05/20/2034   2,000,000    1,290,400 
Dryden 95 CLO, Ltd., CLO 2021-95A, SUB(c)   N/A   Estimated yield of 17.19%  08/20/2034   1,750,000    1,060,101 
Elmwood CLO 14, Ltd., CLO 2022-1A, SUB(c)   N/A   Estimated yield of 20.66%  04/20/2035   10,000,000    7,800,000 
Elmwood CLO I, Ltd., CLO 2019-1A, SUB(c)   N/A   Estimated yield of 14.61%  10/20/2033   6,000,000    3,518,400 
Elmwood CLO II, Ltd., CLO 2019-2A, SUB(c)   N/A   Estimated yield of 17.16%  04/20/2034   6,500,000    4,626,557 
Elmwood CLO III, Ltd., CLO 2019-3A, SUB(c)   N/A   Estimated yield of 16.75%  10/20/2034   5,250,000    3,477,600 
Elmwood CLO VII, Ltd., CLO 2020-4A, SUB(c)   N/A   Estimated yield of 16.94%  01/17/2034   8,350,000    5,951,997 
Elmwood CLO VIII, Ltd., CLO 2021-1A, SUB(c)   N/A   Estimated yield of 16.61%  01/20/2034   5,000,000    3,681,435 
Invesco CLO, Ltd., CLO 2021-1A, SUB(c)   N/A   Estimated yield of 18.15%  04/15/2034   3,000,000    2,051,076 
Invesco CLO, Ltd., CLO 2021-2A, SUB(c)(e)   N/A   Estimated yield of 16.56%  07/15/2034   5,000,000    3,187,365 
Invesco CLO, Ltd., CLO 2021-2A, SUB(c)(f)   N/A   Estimated yield of 0.00%  07/15/2034   500,000    123,010 
Madison Park Funding XVIII, Ltd., CLO 2015-18A, SUB(c)   N/A   Estimated yield of 12.37%  10/21/2030   4,000,000    1,459,520 
Madison Park Funding XX, Ltd., CLO 2016-20A, SUB(c)   N/A   Estimated yield of 19.71%  07/27/2030   1,740,000    767,079 
Madison Park Funding XXIX, Ltd., CLO 2018-29A, SUB(c)   N/A   Estimated yield of 15.39%  10/18/2047   3,750,000    1,979,194 
Madison Park Funding XXVIII, Ltd., CLO 2018-28A, SUB(c)   N/A   Estimated yield of 17.88%  07/15/2030   5,000,000    2,907,875 
Madison Park Funding XXXVII, Ltd., CLO 2019-37A, SUB(c)   N/A   Estimated yield of 21.66%  07/15/2049   5,500,000    3,910,500 
Magnetite XIX, Ltd., CLO 2017-19A, SUB(c)   N/A   Estimated yield of 27.97%  04/17/2034   3,200,000    1,865,283 
Niagara Park CLO, Ltd., CLO 2019-1A, SUB(c)   N/A   Estimated yield of 13.21%  07/17/2032   2,648,000    1,349,421 
NYACK Park CLO, Ltd., CLO 2021-1A, SUB(c)   N/A   Estimated yield of 15.98%  10/20/2034   1,000,000    695,100 
Oak Hill Credit Partners X-R, Ltd., CLO 2014-10RA, SUB(c)   N/A   Estimated yield of 17.25%  04/20/2034   6,673,000    2,684,074 
OHA Credit Partners XI, Ltd., CLO 2015-11A, SUB(c)   N/A   Estimated yield of 12.78%  01/20/2032   2,750,000    1,337,875 
OHA Credit Partners XII, Ltd., CLO 2016-12A, SUB(c)   N/A   Estimated yield of 13.54%  07/23/2030   1,500,000    729,360 
OHA Credit Partners XIII, Ltd., CLO 2016-13A, SUB(c)   N/A   Estimated yield of 23.67%  10/21/2034   1,600,000    967,765 
Point Au Roche Park CLO, Ltd., CLO 2021-1A, SUB(c)   N/A   Estimated yield of 13.89%  07/20/2034   5,000,000    3,156,690 
Recette CLO, Ltd., CLO 2015-1A, SUB(c)(e)   N/A   Estimated yield of 13.70%  04/20/2034   10,400,000    3,863,454 
Recette CLO, Ltd., CLO 2015-1A, SUB(c)(f)   N/A   Estimated yield of 0.00%  04/20/2034   10,400,000    15,184 
Regatta XIX Funding, Ltd., CLO 2022-1A, SUB(c)   N/A   Estimated yield of 22.61%  04/20/2035   6,017,000    5,023,208 
Regatta XVIII Funding, Ltd., CLO 2021-1A, SUB(c)   N/A   Estimated yield of 14.91%  01/15/2034   7,175,322    4,861,690 
Regatta XXIV Funding, Ltd., CLO 2021-5A, SUB(c)   N/A   Estimated yield of 14.97%  01/20/2035   5,000,000    3,150,000 
Rockland Park CLO, Ltd., CLO 2021-1A, SUB(c)   N/A   Estimated yield of 14.35%  04/20/2034   9,000,000    5,265,900 
Rockland Park CLO, Ltd., CLO 2021-1A, M1(c)(f)   N/A   Estimated yield of 0.00%  04/20/2034   9,000,000    25,830 
Rockland Park CLO, Ltd., CLO 2021-1A, M2(c)(f)   N/A   Estimated yield of 0.00%  04/20/2034   9,000,000    90,270 
Sixth Street CLO XVII, Ltd., CLO 2021-17A, SUB(c)   N/A   Estimated yield of 16.20%  01/20/2034   1,100,000    733,409 
THL Credit Wind River CLO, Ltd., CLO 2018-3A, SUB(c)   N/A   Estimated yield of 15.27%  01/20/2031   3,000,000    1,579,200 
THL Credit Wind River CLO, Ltd., CLO 2018-2A, SUB(c)   N/A   Estimated yield of 10.18%  07/15/2030   3,031,000    1,082,361 
Thompson Park CLO, Ltd., CLO 2021-1A, SUB(c)   N/A   Estimated yield of 19.94%  04/15/2034   4,000,000    3,100,400 
Wind River CLO, Ltd., CLO 2016-1A, SUB(c)   N/A   Estimated yield of 0.00%  07/15/2028   4,000,000    400 
Total Collateralized Loan Obligations Equity (Cost $177,747,507)             $275,959,394   $140,155,964 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
CORPORATE BONDS - 6.66%* (4.02% of Total Investments)        
Automobiles - 0.32% (0.20% of Total Investments)        
Ford Motor Credit Co. LLC, Senior Unsecured   6.95%  N/A  03/06/2026   455,000    457,204 
Ford Motor Credit Co. LLC, Senior Unsecured   7.35%  N/A  03/06/2030   385,000    393,261 
Total Automobiles              840,000    850,465 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
CORPORATE BONDS - 6.66%* (4.02% of Total Investments) (continued)        
Chemicals - 0.13% (0.08% of Total Investments)        
Herens Holdco Sarl, Senior Secured(c)   4.75%  N/A  05/15/2028  $444,000   $341,792 
                      
Diversified Consumer Services - 0.15% (0.09% of Total Investments)          
Sabre GLBL, Inc., Senior Secured(c)   11.25%  N/A  12/15/2027   461,000    390,698 
                      
Diversified Telecommunication Services - 0.85% (0.51% of Total Investments)          
Altice Financing SA, Senior Secured(c)   5.75%  N/A  08/15/2029   1,197,000    927,950 
Altice France SA, Senior Secured(c)   5.50%  N/A  10/15/2029   667,000    479,302 
Consolidated Communications, Inc., Senior Secured(c)   5.00%  N/A  10/01/2028   1,125,000    843,750 
Total Diversified Telecommunication Services              2,989,000    2,251,002 
                      
Electric Utilities - 0.35% (0.21% of Total Investments)             
PG&E Corp., Senior Secured   5.00%  N/A  07/01/2028   1,000,000    918,060 
                      
Electronic Equipment, Instruments & Components - 0.05% (0.03% of Total Investments)      
Coherent Corp., Senior Unsecured(c)   5.00%  N/A  12/15/2029   146,000    131,765 
                      
Gas Utilities - 0.32% (0.19% of Total Investments)             
Ferrellgas LP / Ferrellgas Finance Corp., Senior Unsecured(c)   5.88%  N/A  04/01/2029   1,000,000    837,500 
                      
Health Care Equipment & Supplies - 0.26% (0.16% of Total Investments)          
Medline Borrower LP, Senior Unsecured(c)   5.25%  N/A  10/01/2029   62,000    53,759 
Mozart Debt Merger Sub, Inc., Senior Secured(c)   3.88%  N/A  04/01/2029   727,000    630,309 
Total Health Care Equipment & Supplies              789,000    684,068 
                      
Health Care Technology - 0.45% (0.27% of Total Investments)             
AthenaHealth Group, Inc., Senior Unsecured(c)   6.50%  N/A  02/15/2030   1,411,000    1,189,895 
                      
Hotels, Restaurants & Leisure - 0.73% (0.43% of Total Investments)          
CEC Entertainment LLC, Senior Secured(c)   6.75%  N/A  05/01/2026   470,000    449,085 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., Senior Unsecured(c)   6.75%  N/A  01/15/2030   328,000    278,615 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, Senior Unsecured(c)   5.00%  N/A  06/01/2029   529,000    469,609 
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Senior Unsecured(c)   6.63%  N/A  03/01/2030   205,000    180,400 
SeaWorld Parks & Entertainment, Inc., Senior Unsecured(c)   5.25%  N/A  08/15/2029   600,000    539,063 
Total Hotels, Restaurants & Leisure              2,132,000    1,916,772 
                      
Industrial Conglomerates - 0.51% (0.31% of Total Investments)             
APi Group DE, Inc., Senior Unsecured(c)   4.75%  N/A  10/15/2029   1,034,000    928,563 
MajorDrive Holdings IV LLC, Senior Unsecured(c)   6.38%  N/A  06/01/2029   545,000    432,367 
Total Industrial Conglomerates              1,579,000    1,360,930 
                      
Insurance - 0.49% (0.30% of Total Investments)             
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, Senior Secured(c)   4.25%  N/A  10/15/2027   750,000    680,625 
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, Senior Secured(c)   6.75%  N/A  04/15/2028   622,000    612,670 
Total Insurance              1,372,000    1,293,295 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
CORPORATE BONDS - 6.66%* (4.02% of Total Investments) (continued)        
Machinery - 0.31% (0.19% of Total Investments)        
Chart Industries, Inc., Senior Secured(c)   7.50%  N/A  01/01/2030  $472,000   $481,534 
Chart Industries, Inc., Senior Unsecured(c)   9.50%  N/A  01/01/2031   316,000    336,297 
Total Machinery              788,000    817,831 
                      
Professional Services - 0.68% (0.41% of Total Investments)             
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., Senior Secured(c)   6.00%  N/A  11/01/2029   2,176,000    1,782,960 
                      
Software - 0.36% (0.22% of Total Investments)             
McAfee Corp., Senior Unsecured(c)   7.38%  N/A  02/15/2030   1,102,000    958,409 
                      
Transportation Infrastructure - 0.70% (0.42% of Total Investments)            
Uber Technologies, Inc., Senior Unsecured(c)   4.50%  N/A  08/15/2029   2,000,000    1,840,580 
                      
Total Corporate Bonds (Cost $19,476,624)             $20,229,000   $17,566,022 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SECURED SECOND LIEN LOANS(b) - 3.03%* (1.83% of Total Investments)        
Aerospace & Defense - 0.70% (0.42% of Total Investments)        
Amentum Government Services Holdings LLC, TL   12.65%  1M SOFR + 7.50%  02/15/2030   2,016,807    1,794,958 
New Constellis Borrower LLC, Series B   16.02%  3M US L + 11.00%  03/27/2026   107,755    52,441 
Total Aerospace & Defense              2,124,562    1,847,399 
                      
Air Freight & Logistics - 0.20% (0.12% of Total Investments)             
LaserShip, Inc., Initial   12.69%  1M US L + 7.50%  05/07/2029   745,852    522,096 
                      
Building Products - 0.21% (0.13% of Total Investments)             
Diversitech Holdings, INC. TL   11.91%  3M US L + 6.75%  12/21/2029   468,750    410,156 
Visual Comfort Group, Inc. (fka VC GB Holdings, Inc.)(aka Visual Comfort Generation Brands), Initial 2nd Lien Term Loan   12.23%  3M US L + 6.75%  07/23/2029   169,492    145,763 
Total Building Products              638,242    555,919 
                      
Chemicals - 0.08% (0.05% of Total Investments)             
CP Iris Holdco I, Inc., Initial   12.20%  1M US L + 7.00%  10/01/2029   258,621    201,724 
                      
Commercial Services & Supplies - 0.27% (0.16% of Total Investments)          
AVSC Holding Corp., Initial   12.43%  1M US L + 7.25%  09/01/2025   805,556    718,556 
                      
Communications Equipment - 0.13% (0.08% of Total Investments)             
Global Tel*Link Corp., 2nd Lien   15.20%  1M SOFR + 10.00%  11/29/2026   347,222    275,174 
MLN US Holdco LLC   11.78%  3M SOFR + 6.70%  10/18/2027   128,761    59,874 
Total Communications Equipment              475,983    335,048 
                      
Construction & Engineering - 0.10% (0.06% of Total Investments)             
DG Investment Intermediate Holdings 2, Inc., 2nd Lien   11.97%  1M US L + 6.75%  03/30/2029   292,804    258,276 
                      
Diversified Consumer Services - 0.16% (0.10% of Total Investments)          
Travelport Finance Luxembourg Sarl, 2021 Consented   4.86%  3M US L + 4.00%  05/29/2026   582,106    361,453 
TruGreen LP, Initial   13.77%  3M US L + 8.50%  11/02/2028   125,392    71,473 
Total Diversified Consumer Services              707,498    432,926 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SECURED SECOND LIEN LOANS(b)  (continued)        
Diversified Financial Services - 0.08% (0.05% of Total Investments)        
Nexus Buyer LLC, TL   11.45%  1M SOFR + 6.25%  11/05/2029  $245,536   $218,834 
                      
Electronic Equipment, Instruments & Components - 0.02% (0.01% of Total Investments)     
Infinite Bidco LLC, Initial   12.50%  3M US L + 7.00%  03/02/2029   69,869    58,603 
                      
Health Care Providers & Services - 0.05% (0.03% of Total Investments)          
Verscend Holding Corp., Initial   12.22%  1M SOFR + 7.00%  04/02/2029   135,802    135,802 
                      
Insurance - 0.35% (0.21% of Total Investments)             
Asurion LLC, New B-4   10.45%  1M SOFR + 5.25%  01/20/2029   1,104,603    923,724 
                      
Professional Services - 0.06% (0.04% of Total Investments)            
National Intergovernmental Purchasing Alliance Co.   12.74%  3M SOFR + 7.50%  05/26/2026   169,482    157,619 
                      
Software - 0.62% (0.37% of Total Investments)             
Ascend Learning 11/21 2nd Lien TL   10.95%  1M SOFR + 5.75%  12/10/2029   462,963    391,588 
DCert Buyer, Inc., First Amendment Refinancing   12.26%  3M SOFR + 7.00%  02/19/2029   156,627    142,792 
EagleView Technology Corp., Term Loan 2nd Lien   13.04%  3M US L + 7.50%  08/14/2026   198,167    157,543 
MH Sub I LLC, 2021 Replacement   11.35%  1M SOFR + 6.25%  02/23/2029   1,000,000    866,880 
Ultimate Software 11/21 2nd Lien TL   10.27%  1M SOFR + 5.25%  05/03/2027   75,676    73,189 
Total Software              1,893,433    1,631,992 
                      
Total Secured Second Lien Loans (Cost $9,567,714)             $9,667,843   $7,998,518 
                      
SENIOR SECURED FIRST LIEN LOANS(b) - 70.59%* (42.64% of Total Investments)     
Aerospace & Defense - 1.46% (0.88% of Total Investments)             
Amentum Government Services Holdings LLC TLD 1L   9.15%  1M SOFR + 4.00%  02/15/2029   1,864,008    1,817,408 
Constellis Holdings LLC, Priority   12.96%  3M US L + 7.75%  09/27/2025   120,663    100,150 
Peraton Corp., B   8.85%  1M US L + 3.75%  02/01/2028   1,848,334    1,812,366 
Spirit AeroSystems, Inc. TL 1L   9.55%  3M SOFR + 4.50%  01/15/2027   114,083    114,254 
Total Aerospace & Defense              3,947,088    3,844,178 
                      
Air Freight & Logistics - 0.90% (0.55% of Total Investments)             
Apple Bidco LLC   9.10%  1M SOFR + 4.00%  09/22/2028   534,070    530,732 
Brown Group Hldg TLB2 1L   8.85%  3M SOFR + 3.75%  07/02/2029   560,932    559,429 
LaserShip, Inc., Initial   9.69%  1M US L + 4.50%  05/07/2028   1,570,463    1,287,779 
Total Air Freight & Logistics              2,665,465    2,377,940 
                      
Airlines - 1.09% (0.66% of Total Investments)                 
AVOLON TLB BORROWER 1 (US) LLC, TL   7.58%  1M SOFR + 2.50%  06/22/2028   1,422,557    1,420,779 
United AirLines, Inc., Class B   9.29%  3M US L + 3.75%  04/21/2028   1,443,185    1,440,385 
Total Airlines              2,865,742    2,861,164 
                      
Auto Components - 2.37% (1.43% of Total Investments)                 
Clarios Global LP, TL   8.85%  1M SOFR + 3.75%  05/06/2030   710,233    707,790 
Dealer Tire Financial LLC   9.60%  1M SOFR + 4.50%  12/14/2027   1,099,204    1,093,708 
First Brands Group, LLC, Refinanced   10.25%  3M SOFR + 5.00%  03/30/2027   568,570    555,425 
FIRST BRANDS GROUP, LLC, TL   10.25%  6M SOFR + 5.43%  03/30/2027   868,526    847,899 
Garrett Motion SARL TLB 1L   9.73%  3M SOFR + 4.50%  04/30/2028   1,373,613    1,346,141 
IXS Holdings, Inc., Initial   9.48%  3M SOFR + 4.25%  03/05/2027   1,153,403    1,001,062 
LTR Intermediate Holdings, Inc., Initial   9.72%  3M US L + 6.05%  05/05/2028   366,366    322,402 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Auto Components (continued)        
PHINIA INC., TL(g)   N/A   SOFR + 4.00%  06/08/2028  $375,567   $374,628 
Total Auto Components              6,515,482    6,249,055 
                      
Automobiles - 0.47% (0.29% of Total Investments)             
American Axle & Manufacturing, Inc., TLB   8.75%  1M SOFR + 3.50%  12/13/2029   223,600    222,762 
Driven Holdings LLC, TLB   8.15%  1M US L + 3.00%  12/17/2028   97,681    95,484 
RVR Dealership Holdings LLC, B   8.97%  3M SOFR + 3.75%  02/08/2028   1,002,293    930,879 
Total Automobiles              1,323,574    1,249,125 
                      
Beverages - 0.07% (0.05% of Total Investments)             
Triton Water Holdings, Inc., Initial   8.74%  3M SOFR + 3.50%  03/31/2028   201,230    194,220 
                      
Building Products - 1.49% (0.90% of Total Investments)             
Cornerstone Building Brands, Inc., Tranche B   8.50%  1M SOFR + 3.25%  04/12/2028   381,502    364,575 
Foundation Building Materials, Inc., Initial   8.52%  3M US L + 3.25%  01/31/2028   222,213    215,522 
LHS Borrower   9.95%  1M SOFR + 4.75%  02/16/2029   908,871    754,817 
Osmosis Buyer, Ltd., Initial B   8.90%  1M SOFR + 3.75%  07/31/2028   1,285,691    1,260,620 
Park River Holdings, Inc., Initial   8.52%  6M US L + 3.25%  12/28/2027   94,386    90,321 
Snap One 11/21 Cov-Lite TLB   9.89%  3M SOFR + 4.50%  12/08/2028   754,634    718,162 
Visual Comfort Group, Inc. (fka VC GB Holdings, Inc.)(aka Visual Comfort Generation Brands), Initial 1st Lien Term Loan   8.48%  3M US L + 3.00%  07/21/2028   320,617    310,863 
White Cap Buyer LLC, Initial Closing Date   8.85%  1M SOFR + 3.75%  10/19/2027   217,035    214,804 
Total Building Products              4,184,949    3,929,684 
                      
Capital Markets - 0.63% (0.38% of Total Investments)            
Hudson River Trading LLC, Term Loan   8.22%  1M SOFR + 3.00%  03/20/2028   1,721,201    1,671,286 
                      
Chemicals - 3.45% (2.08% of Total Investments)             
CP Iris Holdco I, Inc.                     
Delayed Draw(g)(h)   N/A   SOFR + 3.75%  10/02/2028   5,643    2,293 
Initial   8.95%  1M SOFR + 3.75%  10/02/2028   225,587    209,007 
Discovery Purchaser Corporation TL 1L   9.62%  3M SOFR + 4.38%  10/04/2029   655,603    625,898 
Herens Holdco S.a r.l., Facility B   9.27%  3M SOFR + 3.93%  07/03/2028   1,597,515    1,346,354 
Hexion Holdings Corp. TL 1L   9.78%  3M SOFR + 4.50%  03/15/2029   846,192    796,343 
Ineos US Finance LLC, TLB                     
2027-II   8.95%  1M SOFR + 3.75%  11/08/2027   240,394    239,327 
2030   8.70%  1M SOFR + 3.50%  02/15/2030   642,114    637,869 
LSF11 A5 HoldCo, LLC TLB 1L   8.72%  1M SOFR + 3.50%  10/15/2028   546,829    538,627 
Lummus Technology Holdings V LLC, 2021 Refinancing B   8.72%  1M US L + 3.50%  06/30/2027   1,049,092    1,038,979 
Nouryon Finance B.V., TLB   8.99%  3M SOFR + 4.00%  04/03/2028   396,621    392,488 
Olympus Water US Holding Corp.                     
2022 Incremental TL   9.84%  3M SOFR + 4.50%  11/09/2028   330,909    318,241 
Inital   9.25%  3M SOFR + 3.75%  11/09/2028   345,025    330,793 
PMHC II, Inc. TL   9.30%  3M SOFR + 4.25%  04/21/2029   1,439,267    1,264,756 
Polar US Borrower LLC, Initial   9.72%  3M SOFR + 4.75%  10/15/2025   838,635    659,025 
VANTAGE SPECIALTY CHEMICALS, INC., TLB   9.90%  1M SOFR + 4.75%  10/26/2026   704,441    682,955 
Total Chemicals              9,863,867    9,082,955 
                      
Commercial Services & Supplies - 2.68% (1.62% of Total Investments)          
Allied Universal Holdco LLC, Initial U.S. Dollar   8.95%  1M SOFR + 3.75%  05/12/2028   1,222,726    1,186,729 
Allied Universal Holdco LLC TLB 1L   9.88%  3M SOFR + 4.75%  05/12/2028   1,602,274    1,562,890 
Ankura Consulting Group LLC, Closing Date   9.72%  1M SOFR + 4.50%  03/17/2028   176,123    171,720 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Commercial Services & Supplies (continued)        
Belfor Holdings, Inc.   9.35%  1M SOFR + 4.25%  04/06/2026  $927,950   $927,950 
BRIGHTVIEW LANDSCAPES, LLC TLB1L   8.30%  3M SOFR + 3.25%  04/20/2029   1,265,956    1,244,599 
Garda World Security Corporation TLB 1L   9.33%  1M SOFR + 4.25%  02/01/2029   541,328    534,729 
Viad Corp, Initial   10.22%  1M SOFR + 5.00%  07/30/2028   1,477,500    1,433,175 
Total Commercial Services & Supplies              7,213,857    7,061,792 
                      
Communications Equipment - 0.40% (0.24% of Total Investments)             
Casa Systems, Inc., Initial   12.22%  3M SOFR + 6.50%  12/20/2023   730,277    653,598 
Global Tel*Link Corp., 2018   9.45%  1M US L + 4.25%  11/29/2025   444,313    406,546 
Total Communications Equipment              1,174,590    1,060,144 
                      
Construction & Engineering - 1.09% (0.66% of Total Investments)             
DG Investment Intermediate Hlgds, Inc. TL 1L   9.90%  3M SOFR + 4.75%  03/31/2028   1,471,324    1,442,824 
DG Investment Intermediate Holdings 2, Inc., Initial   8.97%  1M US L + 3.75%  03/31/2028   84,851    83,133 
TRC Companies 11/21 TL   8.90%  3M US L + 3.75%  12/08/2028   1,385,835    1,359,850 
Total Construction & Engineering              2,942,010    2,885,807 
                      
Construction Materials - 0.45% (0.27% of Total Investments)             
Schweitzer-Mauduit International, Inc., B   9.00%  1M US L + 3.75%  04/20/2028   489,431    469,854 
Smyrna Ready Mix Concrete, LLC TLB 1L   9.45%  1M SOFR + 4.25%  04/02/2029   705,312    704,430 
Total Construction Materials              1,194,743    1,174,284 
                      
Containers & Packaging - 2.57% (1.55% of Total Investments)             
Clydesdale Acquisition Holdings, Inc.   9.38%  1M SOFR + 4.18%  04/13/2029   2,542,576    2,498,920 
LABL, INC. TL 1L   10.20%  1M SOFR + 5.00%  10/29/2028   959,730    949,039 
Pelican Products, Inc. TL   9.64%  3M SOFR + 4.25%  12/29/2028   485,125    438,432 
Pretium PKG Holdings, Inc., Initial   9.29%  3M US L + 4.00%  10/02/2028   245,568    182,558 
RLG Holdings LLC, Closing Date Initial   9.47%  1M SOFR + 4.25%  07/07/2028   1,652,454    1,567,352 
Sabert Corp., Initial   9.72%  1M US L + 4.50%  12/10/2026   1,132,754    1,129,922 
Total Containers & Packaging              7,018,207    6,766,223 
                      
Distributors - 0.88% (0.53% of Total Investments)             
American Tire Distributors, Inc., TLB   11.49%  3M SOFR + 6.25%  10/20/2028   496,443    429,309 
BCPE Empire Holdings, Inc.   9.83%  1M SOFR + 4.75%  12/11/2028   1,894,679    1,887,877 
Total Distributors              2,391,122    2,317,186 
                      
Diversified Consumer Services - 2.36% (1.43% of Total Investments)          
EP PURCHASER, LLC, TL   10.00%  3M SOFR + 4.50%  11/06/2028   320,027    308,026 
KUEHG CORP., TL   10.24%  3M SOFR + 5.00%  05/23/2030   620,780    613,797 
Learning Care Group No. 2, Inc., 2020 Incremental   13.92%  3M US L + 8.50%  03/13/2025   381,173    380,697 
LifeMiles, Ltd., Initial   10.78%  3M SOFR + 5.25%  08/30/2026   71,463    70,212 
Pug LLC, B-2   9.45%  1M SOFR + 4.25%  02/12/2027   1,507,909    1,357,118 
Sabre GLBL Inc., TLB 1L                     
2022 Term B Loans   9.45%  1M SOFR + 4.25%  06/30/2028   62,206    48,753 
2022 Term B-2 Loans   10.20%  1M SOFR + 5.00%  06/30/2028   58,182    46,080 
Sabre GLBL, Inc.                     
2021 Other B-1   8.72%  1M SOFR + 3.50%  12/17/2027   179,369    139,639 
2021 Other B-2   8.72%  1M SOFR + 3.50%  12/17/2027   278,853    217,087 
Spin Holdco, Inc., Initial   9.23%  3M US L + 4.00%  03/04/2028   1,421,000    1,212,923 
Staples, Inc., 2019 Refinancing New B-1   10.30%  3M US L + 5.00%  04/16/2026   957,820    816,695 
The Knot WorldWide Inc. Tl 1L   9.70%  1M SOFR + 4.50%  12/19/2025   845,714    844,657 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Diversified Consumer Services (continued)        
TruGreen LP, Second Refinancing   9.20%  1M SOFR + 4.00%  11/02/2027  $179,614   $164,886 
Total Diversified Consumer Services              6,884,110    6,220,570 
                      
Diversified Financial Services - 2.67% (1.61% of Total Investments)          
Aretec Group, Inc., TLB(g)   N/A   SOFR + 4.50%  03/08/2030   378,526    377,344 
CoreLogic, Inc.   8.75%  1M US L + 3.50%  06/02/2028   1,000,000    901,500 
Edelman Financial Center LLC, Initial (2021)   8.94%  1M US L + 3.75%  04/07/2028   422,994    411,734 
FOCUS FINANCIAL PARTNERS, LLC, TLB   8.35%  1M SOFR + 3.25%  06/30/2028   1,031,259    1,022,091 
Galaxy US  Opco Inc. TL   9.85%  1M SOFR + 4.75%  04/29/2029   613,879    575,512 
HighTower Holding LLC, Initial   9.15%  1M US L + 4.00%  04/21/2028   554,678    538,731 
Mercury Borrower, Inc., TL   8.72%  1M US L + 3.50%  08/02/2028   254,115    249,511 
Nexus Buyer LLC, B   8.95%  1M SOFR + 3.75%  11/09/2026   345,179    332,480 
Paysafe Holdings US Corp., Facility B1   7.95%  1M SOFR + 2.75%  06/28/2028   145,041    140,810 
VeriFone Systems, Inc., Initial   9.48%  3M US L + 4.00%  08/20/2025   2,642,107    2,480,833 
Total Diversified Financial Services              7,387,778    7,030,546 
                      
Diversified Telecommunication Services - 4.27% (2.58% of Total Investments)          
Altice Financing S.A. TL 1L   9.99%  3M SOFR + 5.00%  10/29/2027   1,415,733    1,366,183 
Altice France SA   10.49%  3M SOFR + 5.50%  07/31/2025   2,750,849    2,439,095 
Consolidated Communications, Inc., B-1   8.72%  1M SOFR + 3.50%  10/02/2027   700,484    616,678 
DIRECTV Financing LLC, Closing Date   10.22%  1M US L + 5.00%  08/02/2027   2,130,740    2,080,731 
Intelsat Jackson Holdings S.A.   9.44%  3M SOFR + 4.25%  02/01/2029   836,954    832,769 
LCPR Loan Financing LLC, 2021 Additional   8.94%  1M US L + 3.75%  10/16/2028   583,258    581,438 
Sorenson Communications LLC, 2021   10.69%  1M US L + 5.50%  03/17/2026   174,259    160,928 
Syniverse Holdings, Inc.TL 1L   12.24%  3M SOFR + 7.00%  05/13/2027   427,323    389,044 
Viasat, Inc.   9.60%  1M SOFR + 4.50%  03/04/2029   593,891    573,253 
Windstream Services II LLC, Initial   11.35%  1M US L + 6.25%  09/21/2027   1,429,995    1,330,796 
Xplornet Communications, Inc. TL 1L   9.22%  1M SOFR + 4.00%  10/02/2028   139,567    113,340 
Zacapa S.a.r.l.  TL 1L   9.24%  3M SOFR + 4.00%  03/22/2029   805,925    782,884 
Total Diversified Telecommunication Services              11,988,978    11,267,139 
                      
Electric Utilities - 0.35% (0.21% of Total Investments)             
Talen Energy Supply, LLC, TL   9.59%  3M SOFR + 4.50%  05/17/2030   938,030    933,734 
Total Electric Utilities              938,030    933,734 
                      
Electrical Equipment - 0.31% (0.19% of Total Investments)             
Energy Acquisition LP                     
Initial   9.61%  3M SOFR + 4.25%  06/26/2025   707,468    657,238 
Tranche B(i)   7.50%  N/A  06/26/2025   183,281    170,452 
Total Electrical Equipment              890,749    827,690 
                      
Electronic Equipment, Instruments & Components - 0.82% (0.50% of Total Investments)      
Infinite Bidco LLC, Initial   8.99%  3M US L + 3.83%  03/02/2028   1,234,515    1,189,764 
Mavenir Systems, Inc., Initial   10.14%  3M US L + 4.75%  08/18/2028   483,864    344,632 
Natel Engineering Company, Inc., Initial   11.47%  1M US L + 6.25%  04/30/2026   502,585    425,101 
Triton Solar US Acquisition Co., Initial   11.20%  1M SOFR + 6.00%  10/29/2024   231,743    207,798 
Total Electronic Equipment, Instruments & Components              2,452,707    2,167,295 
                      
Energy Equipment & Services - 0.08% (0.05% of Total Investments)          
Lealand Finance Company B.V.                     
Make-Whole   8.15%  3M US L + 3.00%  06/30/2024   8,469    6,352 
Take-Back   5.10%  3M US L + 4.04%  06/30/2025   48,532    27,178 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Energy Equipment & Services (continued)        
WaterBridge Midstream Operating LLC, Initial   11.01%  3M US L + 5.75%  06/22/2026  $171,695   $170,354 
Total Energy Equipment & Services              228,696    203,884 
                      
Food & Staples Retailing - 0.32% (0.19% of Total Investments)             
Upbound Group, Inc.   8.56%  3M US L + 3.25%  02/17/2028   844,639    843,583 
                      
Food Products - 0.14% (0.09% of Total Investments)             
Pacific Bells LLC, Initial Term   10.00%  3M SOFR + 4.50%  11/10/2028   362,431    354,617 
Whole Earth Brands, Inc., Term Loan   9.89%  3M SOFR + 8.89%  02/05/2028   32,746    25,313 
Total Food Products              395,177    379,930 
                      
Health Care Equipment & Supplies - 1.39% (0.84% of Total Investments)          
Bausch & Lomb Inc TL 1L   8.59%  3M SOFR + 3.25%  05/10/2027   1,433,406    1,388,612 
Curium BidCo S.a r.l., Term Loan   9.79%  3M US L + 4.25%  12/02/2027   419,071    414,881 
Mozart Debt Merger Sub, Inc. TLB 1L   8.47%  1M SOFR + 3.25%  10/23/2028   1,000,000    987,810 
SOTERA HEALTH HOLDINGS, LLC   8.82%  3M SOFR + 3.75%  12/11/2026   452,169    451,604 
ZEST ACQUISITION CORP., TL   10.64%  1M SOFR + 5.50%  02/08/2028   442,247    424,004 
Total Health Care Equipment & Supplies              3,746,893    3,666,911 
                      
Health Care Providers & Services - 2.93% (1.77% of Total Investments)          
Accelerated Health Systems, LLC TLB 1L   9.64%  3M SOFR + 4.25%  02/15/2029   305,843    247,274 
AEA International Holdings S.a.r.l., Initial   9.31%  3M US L + 3.75%  09/07/2028   214,519    213,714 
Cambrex Corp., Tranche B-2 Dollar   8.70%  1M SOFR + 3.50%  12/04/2026   248,458    245,869 
Corgi Bidco, INC. TL 1L   10.24%  3M SOFR + 5.00%  10/13/2029   1,251,650    1,162,996 
Curia Global, Inc., 2021   8.90%  3M SOFR + 3.75%  08/30/2026   61,911    53,055 
Eyecare Partners LLC, Amendment No. 1   9.25%  3M SOFR + 3.75%  11/15/2028   960,261    685,790 
Global Medical Response, Inc.                     
2018 New   9.47%  1M SOFR + 4.25%  03/14/2025   518,788    288,965 
2020 Refinancing   9.44%  1M US L + 4.25%  10/02/2025   1,117,366    622,373 
Heartland Dental LLC, 2021 Incremental   9.20%  3M US L + 4.00%  04/30/2025   29,104    28,703 
Heartland Dental, LLC, Initial   8.95%  3M US L + 3.75%  04/30/2025   414,047    407,145 
Hunter Holdco 3, Ltd., Initial Dollar   9.49%  3M US L + 4.25%  08/19/2028   474,011    468,877 
Midwest Veterinary Partners LLC, Initial   9.19%  1M US L + 4.00%  04/27/2028   1,416,395    1,375,674 
Pathway Vet Alliance LLC, 2021 Replacement   8.94%  1M US L + 3.75%  03/31/2027   296,531    260,948 
Sharp MidCo, LLC TL 1L   9.34%  3M SOFR + 4.00%  12/31/2028   347,396    340,448 
Southern Veterinary Partners LLC, Initial   9.22%  1M US L + 4.00%  10/05/2027   89,867    88,182 
Summit Behavioral 11/21   10.24%  3M US L + 4.75%  11/24/2028   724,463    720,840 
WCG Purchaser Corp., Initial   9.22%  1M SOFR + 4.00%  01/08/2027   534,165    523,481 
Total Health Care Providers & Services              9,004,775    7,734,334 
                      
Health Care Technology - 1.81% (1.09% of Total Investments)             
Athenahealth Group Inc. TLB 1L   8.59%  1M SOFR + 3.50%  02/15/2029   3,256,470    3,130,282 
Athenahealth Group Inc., 1L(g)(h)   N/A   SOFR + 3.50%  02/15/2029   139,044    117,492 
TTF Holdings LLC, Initial   9.25%  1M US L + 4.00%  03/31/2028   717,439    716,097 
Waystar Technologies, Inc., Initial   9.22%  1M US L + 4.00%  10/22/2026   804,484    801,467 
Total Health Care Technology              4,917,437    4,765,338 
                      
Hotels, Restaurants & Leisure - 2.93% (1.77% of Total Investments)          
19th Holdings Golf   8.49%  1M SOFR + 3.25%  02/07/2029   1,687,773    1,641,359 
Aimbridge Hsp Incre CL TLB   9.90%  1M US L + 4.75%  02/02/2026   246,215    240,215 
Alterra Mountain Co.   8.95%  1M SOFR + 3.75%  05/31/2030   235,020    234,432 
Arcis 11/21 Cov-Lite TLB   9.40%  3M US L + 4.25%  11/24/2028   517,652    518,366 
Caesars Entertainment, Inc.   8.45%  1M SOFR + 3.25%  02/06/2030   511,008    510,543 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Hotels, Restaurants & Leisure (continued)        
CARNIVAL CORPORATION TLB 1L   8.47%  1M SOFR + 3.25%  10/18/2028  $497,481   $492,506 
Dave & Buster's Inc., TL(g)   N/A   SOFR + 3.75%  06/30/2029   581,619    578,711 
Entain Holdings (Gibraltar) Limited, TLB   8.34%  6M SOFR + 3.50%  10/31/2029   662,744    659,596 
Golden Entertainment, Inc., TL   7.94%  1M SOFR + 2.75%  05/24/2030   273,645    272,961 
Herschend Entertainment Company LLC, Initial (2021)   8.97%  1M SOFR + 3.75%  08/27/2028   131,400    131,509 
KINGPIN INTERMEDIATE HOLDINGS LLC, TLB   8.65%  3M SOFR + 3.50%  02/08/2028   607,590    602,845 
Playa Hotels & Resorts B.V., TLB   9.34%  1M SOFR + 4.25%  01/05/2029   632,186    629,878 
Topgolf Callaway Brands Corp., TLB   8.70%  1M SOFR + 3.50%  03/15/2030   443,388    442,648 
Travel + Leisure Co.   9.35%  3M SOFR + 4.00%  12/14/2029   147,338    147,092 
United PF Holdings LLC                     
Incremental Term Loan   13.60%  1M SOFR + 8.38%  12/30/2026   351,000    261,495 
Initial   9.16%  3M US L + 4.00%  12/30/2026   504,334    373,712 
Total Hotels, Restaurants & Leisure              8,030,393    7,737,868 
                      
Household Durables - 2.31% (1.39% of Total Investments)             
Conair Holdings LLC, Initial   9.29%  3M US L + 3.75%  05/17/2028   1,258,004    1,182,914 
Hunter Douglas Inc. TLB 1L   8.67%  3M SOFR + 3.50%  02/26/2029   3,485,195    3,296,785 
Mattress Firm, Inc., 2021   9.95%  6M US L + 4.25%  09/25/2028   589,837    576,077 
SAMSONITE INTERNATIONAL S.A.   7.83%  1M SOFR + 2.75%  05/15/2026   473,358    474,247 
Weber-Stephen Products LLC, Initial B   8.47%  1M SOFR + 3.25%  10/30/2027   492,321    431,130 
Weber-Stephen Products LLC TLB 1L   9.45%  1M SOFR + 4.25%  10/30/2027   136,009    119,575 
Total Household Durables              6,434,724    6,080,728 
                      
Household Products - 0.80% (0.48% of Total Investments)             
AMERICAN GREETINGS CORPORATION, TL   11.10%  1M SOFR + 6.00%  04/06/2028   429,263    428,833 
Olaplex, Inc. TL 1L   8.70%  1M SOFR + 3.50%  02/23/2029   741,853    691,778 
Sunshine Luxembourg VII Sarl, Facility B3   9.09%  3M SOFR + 3.75%  10/01/2026   1,000,000    993,380 
Total Household Products              2,171,116    2,113,991 
                      
Industrial Conglomerates - 0.77% (0.47% of Total Investments)             
Majordrive Holdings IV LLC, Initial   9.50%  3M US L + 4.00%  06/01/2028   251,557    245,017 
MajorDrive Holdings IV LLC   10.93%  3M SOFR + 5.50%  06/01/2029   294,494    287,500 
Redwood Star Merger Sub, Inc.   9.70%  1M SOFR + 4.50%  04/05/2029   1,183,651    1,167,376 
Star US Bidco LLC, Initial   9.35%  1M US L + 4.25%  03/17/2027   342,158    335,742 
Total Industrial Conglomerates              2,071,860    2,035,635 
                      
Insurance - 3.70% (2.24% of Total Investments)             
Acrisure LLC                     
11/21 Incremental   9.44%  1M US L + 4.25%  02/15/2027   292,713    286,250 
2020   8.69%  1M US L + 3.50%  02/15/2027   799,329    774,494 
2021-1 Additional   8.94%  1M US L + 3.75%  02/15/2027   679,650    661,524 
Term Loan   10.82%  3M SOFR + 5.75%  02/15/2027   686,638    688,355 
ALLIANT HOLDINGS INTERMEDIATE, LLC, TLB   8.65%  1M SOFR + 3.50%  11/05/2027   30,171    29,958 
AssuredPartners, Inc.   8.72%  1M SOFR + 3.50%  02/12/2027   1,035,362    1,024,149 
ASSUREDPARTNERS, INC. TLB4 1L   9.35%  1M SOFR + 4.25%  02/12/2027   96,972    96,669 
Asurion LLC, New B-9   8.79%  3M US L + 3.25%  07/31/2027   1,304,855    1,232,370 
Asurion LLC TLB 1L   9.20%  1M SOFR + 4.00%  08/19/2028   480,412    454,138 
BROADSTREET PARTNERS, INC. TLB 1L   9.16%  1M SOFR + 4.00%  01/26/2029   1,083,337    1,075,482 
HUB INTERNATIONAL LIMITED, TL(g)   N/A   SOFR + 4.25%  06/20/2030   325,758    326,347 
Hyperion Refinance Sarl   9.10%  1M SOFR + 4.00%  04/18/2030   956,158    952,572 
IMA Financial Group, Inc., TL   9.44%  1M SOFR + 4.25%  11/01/2028   590,775    585,606 
MIC Glen LLC   9.07%  3M SOFR + 4.00%  11/09/2029   280,945    280,512 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Insurance (continued)        
OneDigital Borrower, LLC TL 1L   9.45%  1M SOFR + 4.25%  11/16/2027  $1,313,081   $1,290,102 
Total Insurance              9,956,156    9,758,528 
                      
Internet and Catalog Retail - 0.34% (0.20% of Total Investments)             
Fortrea Holdings, Inc.   10.24%  3M SOFR + 5.00%  08/25/2026   598,638    365,917 
SHUTTERFLY, LLC, TL   11.24%  3M SOFR + 6.00%  08/25/2026   73,197    72,648 
Titan Acquisition Co New Zealand Limited TL 1L   9.54%  3M US L + 4.00%  10/18/2028   461,517    451,276 
Total Internet and Catalog Retail              1,133,352    889,841 
                      
IT Services - 1.59% (0.96% of Total Investments)             
Avaya Inc, TL   13.60%  3M SOFR + 8.50%  08/01/2028   6,778    5,796 
Constant Contact, Inc.   9.20%  3M US L + 4.00%  02/10/2028   1,662,552    1,582,550 
Endurance International Group Holdings, Inc., Initial   8.79%  3M US L + 3.50%  02/10/2028   839,223    780,477 
Intrado Corporation, TLB   9.05%  3M SOFR + 4.00%  01/31/2030   490,887    487,053 
Virtusa Corp.   9.33%  3M US L + 3.75%  02/11/2028   1,176,680    1,160,501 
Virtusa Corporation TL 1L   8.95%  1M SOFR + 3.75%  02/15/2029   188,205    185,617 
Total IT Services              4,364,325    4,201,994 
                      
Machinery - 1.82% (1.10% of Total Investments)             
Chart Industries, Inc.   8.94%  1M SOFR + 3.75%  03/17/2030   699,794    697,751 
ELEMENT MTRL TECH GP HLDG DTL   9.59%  3M SOFR + 4.25%  06/22/2029   321,987    314,742 
ELEMENT MTRL TECH GP HLDG TL   9.59%  3M SOFR + 4.25%  06/22/2029   697,638    681,941 
EMRLD BORROWER LP TLB 1L   8.26%  3M SOFR + 3.00%  05/31/2030   1,402,176    1,400,858 
PRO MACH GROUP, INC, TLB   10.20%  1M SOFR + 5.00%  08/31/2028   370,370    370,370 
Pro Mach Group, Inc., Closing Date Initial   9.15%  3M US L + 4.00%  08/31/2028   910,221    907,218 
Roper Industrial Products Investment Com LLC 1L   9.74%  3M SOFR + 4.50%  11/22/2029   439,758    437,559 
Total Machinery              4,841,944    4,810,439 
                      
Media - 2.14% (1.29% of Total Investments)               
BANIJAY GROUP US HOLDING, INC. TLB   9.02%  1M SOFR + 3.85%  03/01/2028   329,645    327,090 
Castle US Holding Corp., Initial Dollar   8.94%  1M SOFR + 3.75%  01/29/2027   834,162    607,895 
CREATIVE ARTISTS AGENCY, LLC TLB   8.60%  1M SOFR + 3.50%  11/27/2028   976,571    973,397 
Cumulus Media New Holdings, Inc., Initial   9.23%  3M US L + 3.75%  03/31/2026   699,859    516,146 
Recorded Books, Inc., 2021 Replacement   9.14%  3M SOFR + 4.00%  08/29/2025   938,541    937,368 
Red Ventures, LLC, TLB   8.10%  1M SOFR + 3.00%  03/01/2030   877,230    869,239 
United Talent Agency LLC, B   9.22%  1M SOFR + 4.00%  07/07/2028   1,007,427    994,834 
WMG Acquisition Corp.   7.33%  1M US L + 2.13%  01/20/2028   419,729    418,231 
Total Media              6,083,164    5,644,200 
                      
Oil, Gas & Consumable Fuels - 1.59% (0.96% of Total Investments)          
Brazos Delaware II, LLC   8.90%  1M SOFR + 3.75%  02/11/2030   1,403,334    1,393,398 
CQP Holdco LP   8.69%  1M US L + 3.50%  06/05/2028   61,727    61,573 
Oryx Midstream Services Permian Basin LLC   8.51%  1M SOFR + 3.25%  10/05/2028   224,371    223,671 
PAR PETROLEUM, LLC, TLB   9.61%  3M SOFR + 4.25%  02/28/2030   1,161,418    1,140,129 
Permian Production Partners, LLC, Initial   11.22%  1M SOFR + 4.00%  11/20/2025   42,281    42,070 
Traverse Midstream Partners LLC   8.94%  1M SOFR + 3.75%  02/16/2028   1,183,538    1,171,703 
WHITEWATER WHISTLER HOLDINGS, LLC TLB 1L   8.15%  3M SOFR + 3.25%  02/15/2030   148,965    148,741 
Total Oil, Gas & Consumable Fuels              4,225,634    4,181,285 
                      
Personal Products - 0.32% (0.19% of Total Investments)             
KDC/ONE Development Corp., Inc., Initial (2020)   8.97%  1M SOFR + 3.75%  12/22/2025   863,857    839,453 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Pharmaceuticals - 0.93% (0.56% of Total Investments)        
Alvogen Pharma US, Inc.   12.89%  3M SOFR + 7.50%  06/30/2025  $1,546,077   $1,267,783 
Amneal Pharmaceuticals, LLC, Initial Term Loan   8.72%  3M US L + 3.50%  05/04/2025   967,708    930,616 
Fortrea Holdings, Inc.   4.25%  1M SOFR + 3.75%  06/30/2030   244,704    244,582 
Total Pharmaceuticals              2,758,489    2,442,981 
                      
Professional Services - 1.63% (0.98% of Total Investments)             
AQ Carver Buyer, Inc., Initial   10.20%  1M SOFR + 5.00%  09/23/2025   451,514    451,514 
Conduent Business Services, LLC TLB 1L   9.44%  1M US L + 4.25%  10/16/2028   307,201    301,570 
Eisner Advisory Group LLC   10.47%  3M SOFR + 5.25%  07/30/2028   379,872    378,922 
Equiniti Group PLC, TLB   10.09%  6M SOFR + 4.50%  12/11/2028   332,471    332,887 
INDY US BIDCO, LLC, TL   11.35%  1M SOFR + 6.25%  03/06/2028   379,613    358,419 
Indy US Holdco LLC(g)   N/A   SOFR + 6.25%  03/05/2028   783,202    739,476 
UST Global, Inc.   8.77%  3M SOFR + 3.50%  11/20/2028   563,494    554,101 
Vaco Holdings LLC   10.59%  6M SOFR + 5.00%  01/21/2029   1,284,954    1,170,118 
Total Professional Services              4,482,321    4,287,007 
                      
Real Estate Investment Trusts (REITs) - 0.18% (0.11% of Total Investments)          
STARWOOD PROPERTY MORTGAGE, L.L.C   8.35%  1M SOFR + 3.25%  11/18/2027   476,944    463,828 
                      
Real Estate Management & Development - 0.32% (0.19% of Total Investments)      
Forest City Enterprises LP, Replacement   8.72%  1M SOFR + 3.50%  12/08/2025   1,068,045    838,415 
                      
Software - 8.45% (5.10% of Total Investments)             
Apex Group Treasury LLC   9.99%  3M SOFR + 5.00%  07/27/2028   75,833    75,359 
Apex Group Treasury, Ltd., USD   9.07%  3M US L + 3.75%  07/27/2028   1,024,390    1,010,305 
Ascend Learning 11/21 TLB   8.70%  1M SOFR + 3.50%  12/11/2028   1,131,350    1,061,172 
Astra Acquisition Corp. TL 1L   10.44%  1M US L + 5.25%  10/25/2028   319,119    221,389 
Cardinal Parent, Inc., Initial   9.89%  3M SOFR + 4.50%  11/12/2027   237,209    207,361 
CommerceHub, Inc., Initial   9.22%  3M SOFR + 4.00%  12/29/2027   814,968    706,642 
Conservice Midco LLC, Initial   9.40%  3M SOFR + 4.25%  05/13/2027   1,099,899    1,091,067 
Cornerstone OnDemand, Inc., Initial   9.25%  3M SOFR + 3.75%  10/16/2028   633,904    589,930 
CT Technologies Intermediate Holdings, Inc., 2021   9.47%  1M US L + 4.25%  12/16/2025   258,579    239,912 
DCert Buyer, Inc., Initial   9.26%  3M SOFR + 4.00%  10/16/2026   1,080,669    1,069,527 
EagleView Technology Corp., Term Loan   9.04%  3M US L + 3.50%  08/14/2025   787,895    691,047 
Fiserv Investment Solutions, Inc., Initial   9.13%  3M US L + 4.00%  02/18/2027   435,265    422,207 
Greeneden U.S. Holdings I LLC, Initial Dollar (2020)   9.22%  1M SOFR + 4.00%  12/01/2027   1,415,661    1,410,607 
Idera, Inc., B-1   8.96%  1M SOFR + 3.75%  03/02/2028   194,955    189,512 
Imperva, Inc., Term Loan   9.34%  3M US L + 4.00%  01/12/2026   401,225    361,937 
Magenta Buyer LLC, Initial   10.03%  3M US L + 4.75%  07/27/2028   2,142,728    1,606,146 
MCAFEE CORP. TLB 1L   8.96%  1M SOFR + 3.75%  03/01/2029   2,912,701    2,780,406 
MH SUB I, LLC   9.35%  1M SOFR + 4.25%  05/03/2028   2,423,646    2,321,853 
Planview Parent, Inc., Closing Date   9.50%  3M SOFR + 4.00%  12/17/2027   948,663    897,084 
Project Alpha Intermediate Holding, Inc., 2021 Refinancing   9.20%  1M US L + 4.00%  04/26/2024   1,561,790    1,557,886 
QUARTZ ACQUIRECO, LLC TLB 1L(g)   N/A   SOFR + 3.50%  04/14/2030   622,532    621,754 
Skillsoft Finance II, Inc., Initial   10.51%  1M SOFR + 5.25%  07/14/2028   355,370    308,877 
SolarWinds Holdings, Inc., TL   8.85%  1M SOFR + 3.75%  02/05/2027   230,372    230,257 
UKG INC., TL   9.88%  3M SOFR + 4.50%  05/04/2026   490,861    489,226 
Ultimate Software 11/21 TL   8.27%  3M SOFR + 3.25%  05/04/2026   1,238,555    1,214,168 
Upland Software, Inc., Initial   8.95%  1M US L + 3.75%  08/06/2026   965,000    902,680 
Total Software              23,803,139    22,278,311 

 

 

       Reference Rate  Maturity  Principal     
   Coupon(a)   & Spread  Date  Amount   Value 
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)        
Specialty Retail - 1.32% (0.80% of Total Investments)        
Bass Pro/Great American 11/21 TLB   8.94%  1M US L + 3.75%  03/06/2028  $994,784   $986,079 
Fender Musical Instruments Corporation   9.19%  1M SOFR + 4.00%  12/01/2028   200,786    191,249 
Franchise Group, Inc.                     
Incremental TL   10.09%  3M SOFR + 4.75%  03/10/2026   346,366    319,523 
Initial   9.97%  3M US L + 4.75%  03/10/2026   1,116,957    1,022,016 
Jo-Ann Stores LLC, Additional B-1   10.02%  3M US L + 4.75%  07/07/2028   1,109,853    564,172 
RISING TIDE HOLDINGS INC TL   10.26%  3M SOFR + 4.75%  06/01/2028   249,212    147,451 
Torrid LLC, Closing Date   11.25%  6M SOFR + 5.50%  06/14/2028   291,518    251,872 
Total Specialty Retail              4,309,476    3,482,362 
                      
Textiles, Apparel & Luxury Goods - 1.62% (0.98% of Total Investments)          
ABG Intermediate Holdings 2 LLC, Tranche TLB-1 Term Loans   8.70%  1M SOFR + 3.50%  12/21/2028   1,207,522    1,200,579 
ABG INTERMEDIATE HOLDINGS 2 LLC, TLB2   9.20%  1M SOFR + 4.00%  12/21/2028   1,962,117    1,951,696 
Champ Acquisition Corp., Initial   10.71%  6M US L + 5.50%  12/19/2025   453,433    452,639 
ELEVATE TEXTILES, INC.(g)   N/A   SOFR + 8.50%  09/30/2027   245,687    242,002 
ELEVATE TEXTILES, INC., TL   11.89%  3M SOFR + 6.50%  09/30/2027   541,874    433,499 
Total Textiles, Apparel & Luxury Goods              4,410,633    4,280,415 
                      
Transportation Infrastructure - 0.18% (0.11% of Total Investments)          
Uber Technologies, Inc., TLB   8.03%  3M SOFR + 2.75%  03/01/2030   467,128    466,754 
                      
Wireless Telecommunication Services - 0.20% (0.12% of Total Investments)          
LSF9 ATLANTIS HOLDINGS, LLC   12.49%  3M SOFR + 7.25%  03/31/2029   531,589    524,280 
                      
Total Senior Secured First Lien Loans (Cost $193,988,111)             $197,387,385   $186,124,312 

 

   Shares   Value 
COMMON STOCK - 0.11%* (0.06% of Total Investments)        
Aerospace & Defense - 0.00%(j) (0.00% of Total Investments)        
New Constellis Borrower LLC(k)   6,795   $2,127 
Capital Markets - 0.00%(j) (0.00% of Total Investments)          
Carestream 10/22 Equity(k)   873    5,455 
Food & Staples Retailing - 0.07% (0.05% of Total Investments)          
CEC Brands, LLC(k)   10,454    191,653 
IT Services - 0.00%(j) (0.00% of Total Investments)          
Avaya Holdings Corp.(f)(k)   411    5,754 
Oil, Gas & Consumable Fuels - 0.01% (0.00% of Total Investments)          
Permian Production Partners(k)   18,995    12,347 
Textiles, Apparel & Luxury Goods - 0.03% (0.01% of Total Investments)          
Elevate Textiles Common Stock(k)   20,088    60,413 
Total Common Stock (Cost $169,880)   57,616   $277,749 

 

 

   Shares   Value 
MONEY MARKET MUTUAL FUNDS - 4.91%* (2.97% of Total Investments)        
Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class        
(2.860% 7-Day Yield)   12,953,644   $12,953,644 
Total Money Market Mutual Funds (Cost $12,953,644)   12,953,644   $12,953,644 
           
Total Investments - 165.29% (Cost $489,300,258)       $435,828,679 
Liabilities in Excess of Other Assets - (3.76)%        (9,913,819)
Preferred Shares (Net of $1,886,927 Deferred Financing Costs) - (18.21)%        (48,013,073)
Leverage Facility (Net of $125,699 Deferred Leverage Costs) - (43.32)%        (114,224,301)
Net Assets Applicable to Common Shareholders - 100.00%       $263,677,486 

 

 

 

* Amounts above are shown as a percentage of net assets applicable to common shareholders as of June 30, 2023.
(a) The rate shown is the coupon as of the end of the reporting period.
(b) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Leveraged loans and CLO debt securities typically have reference Rate Floors (“Rate Floors”) embedded in their loan agreements and organizational documents. Leveraged loans generally have Rate Floors of 0% or more, while CLO debt securities often set Rate Floors at 0%. Rate Floors serve to establish a minimum base rate to be paid by the borrower before the fixed spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $226,705,931, which represents approximately 85.98% of the Trust's net assets as of June 30, 2023. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(d) CLO subordinated notes, income notes, Y notes and M notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield is estimated based upon the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. Effective yields for the CLO equity positions are updated generally once per quarter or on a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. Estimated yields shown are as of June 30, 2023.
(e) Fair value includes the Trust's interest in fee rebates on CLO subordinated notes.
(f) As a result of the use of significant unobservable inputs to determine fair value, this investment has been classified as a Level 3 asset.
(g) When-issued or delivery-delayed security. All or a portion of this position has not settled as of June 30, 2023. The interest rate shown represents the stated spread over the applicable reference rate floor; the Trust will not accrue interest until the settlement date, at which point the reference rate floor will be established.  The total cost of securities purchased on a when-issued or delivery-delayed basis was $3,380,047 as of June 30, 2023.
(h) This investment has an unfunded commitment as of June 30, 2023.
(i) Fixed rate.
(j) Less than 0.005%.
(k) Non-income producing security.

 

All securities held as of June 30, 2023 are pledged as collateral for the Trust’s credit facility.

 

1M US L- 1 Month LIBOR (London Interbank Offered Rate)

3M US L- 3 Month LIBOR (London Interbank Offered Rate)

6M US L -6 Month LIBOR (London Interbank Offered Rate)

1M SOFR - 1 Month SOFR (Secured Overnight Financing Rate)

3M SOFR – 3 Month SOFR (Secured Overnight Financing Rate)

6M SOFR - 6 Month SOFR (Secured Overnight Financing Rate)

s.a.r.l - Societe Anonyme a Responsabilite Limitee (French: Limited Liability Company)

 

 

 

 

 

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