|
Barings Global Short Duration High Yield Fund
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
SHARES
|
|
COST
|
|
FAIR VALUE
|
|
Equities* — 0.59%:
|
|
|
|
|
|
|
|
|
|
|
Common Stocks — 0.57%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Flint Group Ordinary A Shares Stapled to 2L¤+
|
|
|
|
|
1,395,572
|
$
|
149
|
$
|
0
|
| |
|
|
ESC CB 144A High Ridge¤
|
|
|
|
|
2,982
|
|
0
|
|
0
|
| |
|
|
KCA Deutag Ordinary A Shares
|
|
|
|
|
25,580
|
|
1,103,387
|
|
1,789,526
|
| |
|
|
Travelex Private Equity Stapled to 12.5% New Money Notes¤+
|
|
|
|
|
16,764
|
|
1
|
|
0
|
| |
|
|
Naviera Armas¤+
|
|
|
|
|
14,621,136
|
|
0
|
|
0
|
| |
|
|
|
Total Common Stocks
|
|
|
|
|
16,062,034
|
|
1,103,537
|
|
1,789,526
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant — 0.02%:
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Travelex Topco Limited¤+
|
|
|
|
|
2,218
|
|
0
|
|
61,588
|
| |
|
|
|
Total Warrant
|
|
|
|
|
2,218
|
|
0
|
|
61,588
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Total Equities
|
|
|
|
|
16,064,252
|
|
1,103,537
|
|
1,851,114
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
EFFECTIVE
INTEREST
RATE‡
|
|
DUE DATE
|
|
PRINCIPAL
|
|
COST
|
|
FAIR VALUE
|
|
Fixed Income — 133.18%:
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities — 12.98%:
|
|
|
|
|
|
|
|
|
|
| |
CDO/CLO — 12.98%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
610 FDG 2016-2R CLO LTD, 3M SOFR + 7.250%+~^#
|
12.83
|
%
|
1/20/2034
|
$
|
1,550,000
|
$
|
1,534,190
|
$
|
1,498,063
|
| |
|
|
Anchorage Capital 2016-9A ER2, 3M SOFR + 6.820%+~^#
|
12.40
|
|
7/15/2032
|
|
1,500,000
|
|
1,485,000
|
|
1,501,256
|
| |
|
|
Anchorage Capital CLO LTD 2013-1R, 3M SOFR + 6.800%+~^#
|
12.38
|
|
10/13/2030
|
|
1,000,000
|
|
977,213
|
|
999,863
|
| |
|
|
Anchorage Capital CLO LTD 2021-20 E, 3M SOFR + 7.350%+~^#
|
12.93
|
|
1/20/2035
|
|
1,000,000
|
|
980,000
|
|
975,182
|
| |
|
|
Ares CLO LTD 2013-27R2, 3M SOFR + 6.750%+~^#
|
12.33
|
|
10/28/2034
|
|
1,700,000
|
|
1,683,000
|
|
1,678,891
|
| |
|
|
Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#
|
12.18
|
|
7/19/2034
|
|
1,000,000
|
|
990,000
|
|
970,172
|
| |
|
|
BlueMountain CLO LTD 2018-23A, 3M SOFR + 5.650%+~^#
|
11.23
|
|
10/20/2031
|
|
1,000,000
|
|
1,000,000
|
|
972,544
|
| |
|
|
Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#
|
12.33
|
|
10/15/2034
|
|
1,000,000
|
|
1,000,000
|
|
974,763
|
| |
|
|
Carbone CLO, LTD 2017-1A, 3M SOFR + 5.900%+~^#
|
11.48
|
|
1/20/2031
|
|
750,000
|
|
750,000
|
|
742,437
|
| |
|
|
Carlyle Global Market Strategies 2017-5A, 3M SOFR + 5.300%+~^#
|
10.88
|
|
1/20/2030
|
|
700,000
|
|
700,000
|
|
669,353
|
| |
|
|
CIFC Funding 2020-1 LTD, 3M SOFR + 6.250%+~^#
|
11.83
|
|
7/15/2036
|
|
1,900,000
|
|
1,900,000
|
|
1,899,814
|
| |
|
|
GoldenTree Loan Management 2018-3A, 3M SOFR + 6.500%+~^#
|
12.08
|
|
4/20/2030
|
|
1,500,000
|
|
1,473,633
|
|
1,367,073
|
| |
|
|
GoldenTree Loan Opportunities XI LTD 2015-11A, 3M SOFR + 5.400%+~^#
|
10.96
|
|
1/18/2031
|
|
500,000
|
|
500,000
|
|
499,948
|
| |
|
|
KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#
|
11.08
|
|
10/16/2030
|
|
1,500,000
|
|
1,500,000
|
|
1,488,612
|
| |
|
|
KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#
|
12.43
|
|
7/15/2034
|
|
2,000,000
|
|
1,980,000
|
|
1,996,854
|
| |
|
|
KVK 2016-1A ER2, 3M SOFR + 7.350%+~^#
|
12.93
|
|
10/15/2034
|
|
3,000,000
|
|
2,970,000
|
|
2,632,365
|
| |
|
|
LCM LTD 2031-30, 3M SOFR + 6.500%+~^#
|
12.08
|
|
4/20/2031
|
|
1,100,000
|
|
1,100,000
|
|
1,031,205
|
| |
|
|
Madison Park Funding LTD 2018-29A, 3M SOFR + 7.570%+~^
|
13.13
|
|
10/18/2030
|
|
2,000,000
|
|
1,960,000
|
|
1,909,830
|
| |
|
|
Madison Park Funding LTD XXXV 2019-35R E-R, 3M SOFR + 6.100%+~^#
|
11.68
|
|
4/20/2032
|
|
1,400,000
|
|
1,400,000
|
|
1,399,968
|
| |
|
|
Madison Park Funding LTD 2019-32R E-R, 3M SOFR + 6.200%+~^#
|
11.78
|
|
1/22/2031
|
|
1,000,000
|
|
1,000,000
|
|
999,903
|
| |
|
|
Magnetite CLO LTD 2016-18A, 3M SOFR + 7.600%+~^#
|
13.17
|
|
11/15/2028
|
|
1,400,000
|
|
1,386,000
|
|
1,359,561
|
| |
|
|
Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#
|
12.18
|
|
10/15/2034
|
|
1,500,000
|
|
1,500,000
|
|
1,456,920
|
| |
|
|
OHA Credit Partners LTD 2015-11A, 3M LSOFR + 7.900%+~^#
|
13.48
|
|
1/20/2032
|
|
2,000,000
|
|
1,970,323
|
|
1,946,972
|
| |
|
|
OHA Loan Funding LTD 2013-1A, 3M SOFR + 7.900%+~^#
|
13.48
|
|
7/23/2031
|
|
1,500,000
|
|
1,477,500
|
|
1,482,525
|
| |
|
|
Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#
|
11.08
|
|
1/21/2031
|
|
2,000,000
|
|
2,000,000
|
|
1,514,878
|
| |
|
|
Sound Point CLO LTD 2020-27R, 3M SOFR + 6.560% E-R+~^#
|
12.15
|
|
10/25/2034
|
|
1,400,000
|
|
1,372,000
|
|
1,247,400
|
| |
|
|
Sound Point CLO LTD Series 2020-1A Class ER, 3M SOFR + 6.860%+~^#
|
12.44
|
|
7/20/2034
|
|
1,600,000
|
|
1,584,000
|
|
1,481,085
|
| |
|
|
TICP CLO LTD 2018-10A, 3M SOFR + 5.500%+~^#
|
11.08
|
|
4/20/2031
|
|
1,000,000
|
|
968,300
|
|
998,816
|
| |
|
|
Wellfleet CLO LTD 2017-3A, 3M SOFR + 5.550%+~^#
|
11.13
|
|
1/17/2031
|
|
1,500,000
|
|
1,500,000
|
|
1,231,116
|
| |
|
|
Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#
|
12.62
|
|
4/18/2036
|
|
2,000,000
|
|
1,960,000
|
|
1,873,730
|
| |
|
|
|
Total CDO/CLO
|
|
|
|
|
43,000,000
|
|
42,601,159
|
|
40,801,099
|
| |
|
|
|
Total Asset-Backed Securities
|
|
|
|
|
43,000,000
|
|
42,601,159
|
|
40,801,099
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Loans§ — 27.10%:
|
|
|
|
|
|
|
|
|
|
| |
Automobile — 0.34%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
DexKo~ 3M SOFR + 3.75000%~
|
9.36
|
|
9/29/2028
|
$
|
1,081,080
|
$
|
1,079,729
|
$
|
1,068,691
|
| |
|
|
|
Total Automobile
|
|
|
|
|
1,081,080
|
|
1,079,729
|
|
1,068,691
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beverage, Food and Tobacco — 0.76%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
8th Avenue Food & Provisions~ 3M SOFR + 4.75000~
|
10.20
|
|
10/1/2025
|
|
173,142
|
|
168,152
|
|
169,968
|
| |
|
|
8th Avenue Food & Provisions, 3M SOFR + 7.7500%~
|
13.20
|
|
10/1/2026
|
|
368,204
|
|
262,075
|
|
330,463
|
| |
|
|
Dessert Holdings, 3M SOFR + 7.2500%~
|
12.69
|
|
6/8/2029
|
|
1,000,000
|
|
982,700
|
|
843,330
|
| |
|
|
Florida Food Products 2nd Lien T/L, 3M SOFR + 8.0000%¤~
|
13.44
|
|
10/18/2029
|
|
1,500,000
|
|
1,464,306
|
|
1,050,000
|
| |
|
|
|
Total Beverage, Food and Tobacco
|
|
|
|
|
3,041,346
|
|
2,877,233
|
|
2,393,761
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Broadcasting and Entertainment — 1.86%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Clear Channel Worldwide Holdings Inc. ¤
|
7.50
|
|
3/31/2027
|
|
2,400,000
|
|
2,376,111
|
|
2,388,000
|
| |
|
|
Learfield Communications, Inc., 3M SOFR + 5.5000%~
|
10.83
|
|
6/30/2028
|
|
3,465,514
|
|
3,382,429
|
|
3,444,929
|
| |
|
|
|
Total Broadcasting and Entertainment
|
|
|
|
|
5,865,514
|
|
5,758,540
|
|
5,832,929
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Buildings and Real Estate — 0.35%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
MI Windows and Doors 3M SOFR + 3.50000%~
|
8.83
|
|
3/20/2031
|
|
1,104,341
|
|
1,098,819
|
|
1,108,482
|
| |
|
|
|
Total Buildings and Real Estate
|
|
|
|
|
1,104,341
|
|
1,098,819
|
|
1,108,482
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cargo Transport — 0.84%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Worldwide Express 2nd Lien T/L, 3M SOFR + 7.0000%~
|
12.50
|
|
7/26/2029
|
|
3,000,000
|
|
2,955,227
|
|
2,655,000
|
| |
|
|
|
Total Cargo Transport
|
|
|
|
|
3,000,000
|
|
2,955,227
|
|
2,655,000
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Chemicals, Plastics and Rubber — 1.21%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Flint Group 2L, 3M EURIBOR + 6.9000% PIK and 0.1000% Cash~
|
5.68
|
|
12/31/2027
|
|
1,544,116
|
|
285,486
|
|
184,012
|
| |
|
|
ICP Group 3M SOFR + 3.75000%~
|
9.36
|
|
1/31/2028
|
|
1,721,797
|
|
1,404,995
|
|
1,447,171
|
| |
|
|
LSF 11 A5 Holdco LLC, 3M SOFR + 3.5000%~
|
8.94
|
|
9/29/2028
|
|
992,405
|
|
986,203
|
|
991,909
|
| |
|
|
Prince 3M SOFR + 4.25000%~
|
9.72
|
|
3/30/2029
|
|
1,208,682
|
|
1,176,572
|
|
1,195,314
|
| |
|
|
|
Total Chemicals, Plastics and Rubber
|
|
|
|
|
5,467,000
|
|
3,853,256
|
|
3,818,406
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Containers, Packaging and Glass — 0.32%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Novolex Holdings, Inc.3M SOFR + 3.67500%~
|
9.10
|
|
6/30/2029
|
|
993,317
|
|
990,834
|
|
994,341
|
| |
|
|
|
Total Containers, Packaging and Glass
|
|
|
|
|
993,317
|
|
990,834
|
|
994,341
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diversified/Conglomerate Manufacturing — 0.95%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Belfor, 3M SOFR + 3.7500%¤~
|
9.08
|
|
10/31/2030
|
|
764,523
|
|
756,878
|
|
767,390
|
| |
|
|
CP Iris Holdco I 2nd Lien T/L (IPS), 3M SOFR + 7.0000%¤~
|
12.43
|
|
9/21/2029
|
|
2,398,019
|
|
2,374,039
|
|
2,218,167
|
| |
|
|
|
Total Diversified/Conglomerate Manufacturing
|
|
|
|
|
3,162,542
|
|
3,130,917
|
|
2,985,557
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diversified/Conglomerate Service — 4.23%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Artera Services, LLC 3M SOFR + 4.5000%~
|
9.81
|
|
2/7/2031
|
|
984,918
|
|
977,532
|
|
987,873
|
| |
|
|
Citrix EM SOFR + 4.50000%~
|
9.95
|
|
3/19/2029
|
|
2,000,000
|
|
1,995,000
|
|
1,989,420
|
| |
|
|
Evertec, 3M SOFR + 3.5000%¤~
|
8.83
|
|
10/31/2030
|
|
1,983,471
|
|
1,953,719
|
|
1,988,430
|
| |
|
|
Internet Brands, Inc., 3M SOFR + 4.2500%~
|
9.58
|
|
4/20/2028
|
|
2,370,394
|
|
2,313,041
|
|
2,353,682
|
| |
|
|
McAfee Enterprise 3M SOFR + 8.25000%~
|
9.18
|
|
2/2/2029
|
|
1,994,924
|
|
1,989,937
|
|
1,988,560
|
| |
|
|
Quest Software, 3M SOFR + 7.5000%~
|
9.78
|
|
1/19/2029
|
|
722,785
|
|
520,244
|
|
546,339
|
| |
|
|
Quest Software, 3M SOFR + 7.5000%~
|
13.03
|
|
1/18/2030
|
|
879,573
|
|
868,578
|
|
362,278
|
| |
|
|
Sonicwall, Inc., 3M SOFR + 7.5000%~
|
13.01
|
|
5/18/2026
|
|
1,506,038
|
|
1,498,508
|
|
1,370,494
|
| |
|
|
TRC Companies, Inc. 3M SOFR + 3.75000%~
|
9.19
|
|
12/8/2028
|
|
1,728,163
|
|
1,715,202
|
|
1,722,304
|
| |
|
|
|
Total Diversified/Conglomerate Service
|
|
|
|
|
14,170,266
|
|
13,831,761
|
|
13,309,380
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ecological — 0.38%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Patriot Container 2nd Lien T/L, 3M SOFR + 7.7500%~
|
13.18
|
|
3/20/2026
|
|
1,400,000
|
|
1,351,200
|
|
1,204,000
|
| |
|
|
|
Total Ecological
|
|
|
|
|
1,400,000
|
|
1,351,200
|
|
1,204,000
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Electronics — 2.33%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
McAfee Enterprise 2nd Lien T/L, 3M SOFR + 8.2500%~
|
13.82
|
|
5/3/2029
|
|
11,567,000
|
|
11,487,914
|
|
3,354,430
|
| |
|
|
Precisely 3M SOFR + 3.25000%~
|
9.59
|
|
4/24/2028
|
|
3,989,770
|
|
3,951,069
|
|
3,986,458
|
| |
|
|
|
Total Electronics
|
|
|
|
|
15,556,770
|
|
15,438,983
|
|
7,340,888
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Finance — 1.00%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Cetera Financial Group, 3M SOFR + 4.5000%~
|
9.93
|
|
8/9/2030
|
|
1,958,987
|
|
1,902,018
|
|
1,968,782
|
| |
|
|
GIP Pilot Acquisition Partners, L.P., 3M SOFR + 3.0000%~
|
8.39
|
|
9/30/2030
|
|
1,166,975
|
|
1,161,140
|
|
1,169,600
|
| |
|
|
|
Total Finance
|
|
|
|
|
3,125,962
|
|
3,063,158
|
|
3,138,382
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Healthcare, Education and Childcare — 1.65%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Bausch Health Cos Inc., 3M SOFR + 4.0000%~
|
9.33
|
|
9/14/2028
|
|
3,137,152
|
|
3,105,780
|
|
3,131,285
|
| |
|
|
LifePoint Health, 3M SOFR + 5.5000%~
|
11.17
|
|
11/16/2028
|
|
874,361
|
|
873,268
|
|
876,389
|
| |
|
|
Medical Solutions T/L, 3M SOFR + 7.0000%~
|
12.43
|
|
9/22/2027
|
|
1,473,684
|
|
1,458,947
|
|
1,177,105
|
| |
|
|
|
Total Healthcare, Education and Childcare
|
|
|
|
|
5,485,197
|
|
5,437,995
|
|
5,184,779
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.38%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
APi Group 3M SOFR + 2.50000%~
|
7.94
|
|
1/3/2029
|
|
1,181,841
|
|
1,180,364
|
|
1,183,566
|
| |
|
|
|
Total Home and Office Furnishings, Housewares, and Durable Consumer Products
|
|
|
|
|
1,181,841
|
|
1,180,364
|
|
1,183,566
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hotels, Motels, Inns and Gaming — 2.04%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Four Seasons Holdings, Inc. 3M SOFR + 2.00000%~
|
7.32
|
|
11/30/2029
|
|
1,846,764
|
|
1,820,950
|
|
1,847,466
|
| |
|
|
Hilton Grand Vacations 3M SOFR + 2.75000%~
|
8.08
|
|
1/13/2031
|
|
4,543,303
|
|
4,540,464
|
|
4,550,391
|
| |
|
|
|
Total Hotels, Motels, Inns and Gaming
|
|
|
|
|
6,390,067
|
|
6,361,414
|
|
6,397,857
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Machinery Non-Agricultural, Non-Construction, Non-Electronic — 1.12%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Barnes Group, Inc. 3M SOFR + 2.50000%~
|
7.83
|
|
8/30/2030
|
|
3,512,713
|
|
3,502,436
|
|
3,514,469
|
| |
|
|
|
Total Machinery Non-Agricultural, Non-Construction, Non-Electronic
|
|
|
|
|
3,512,713
|
|
3,502,436
|
|
3,514,469
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mining, Steel, Iron and Non Precious Metals — 0.37%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Arconic Corp (Arconic Rolled Prod) 3M SOFR + 3.75000%~
|
9.07
|
|
8/18/2030
|
|
1,148,821
|
|
1,137,332
|
|
1,151,405
|
| |
|
|
|
Total Mining, Steel, Iron and Non Precious Metals
|
|
|
|
|
1,148,821
|
|
1,137,332
|
|
1,151,405
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Oil and Gas — 1.50%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
IMTT 3M SOFR + 3.25000%~
|
8.68
|
|
10/5/2030
|
|
3,330,559
|
|
3,324,394
|
|
3,332,224
|
| |
|
|
Ngl Energy Finance Corp. 3M SOFR + 4.50000%~
|
9.83
|
|
1/27/2031
|
|
1,379,073
|
|
1,368,730
|
|
1,381,831
|
| |
|
|
|
Total Mining, Steel, Iron and Non Precious Metals
|
|
|
|
|
4,709,632
|
|
4,693,124
|
|
4,714,055
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Packaging and Containers — 1.16%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Pretium Package Holdings 2nd Lien T/L (9/21), 3M SOFR + 6.7500%~
|
12.33
|
|
9/21/2029
|
|
2,770,637
|
|
2,762,865
|
|
1,671,054
|
| |
|
|
Valcour Packaging (MOLD-RITE) 2nd Lien T/L, 3M SOFR + 7.0000%~
|
12.44
|
|
9/30/2029
|
|
5,000,000
|
|
4,950,000
|
|
1,968,750
|
| |
|
|
|
Total Packaging and Containers
|
|
|
|
|
7,770,637
|
|
7,712,865
|
|
3,639,804
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Personal, Food and Miscellaneous — 0.27%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Shearer's Foods, Inc. 3M SOFR + 4.00000%~
|
9.32
|
|
1/31/2031
|
|
842,007
|
|
833,587
|
|
842,941
|
| |
|
|
|
Total Personal Transportation
|
|
|
|
|
842,007
|
|
833,587
|
|
842,941
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Personal Transportation — 0.04%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Naviera Armas 3M EURIBOR + 10.00000%¤+
|
18.91
|
|
6/30/2025
|
|
111,774
|
|
110,022
|
|
121,794
|
| |
|
|
|
Total Personal Transportation
|
|
|
|
|
111,774
|
|
110,022
|
|
121,794
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Printing and Publishing — 0.29%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Nielsen Holdings Ltd., 3M SOFR + 5.0000%~
|
10.51
|
|
4/11/2029
|
|
991,261
|
|
904,055
|
|
912,634
|
| |
|
|
|
Total Printing and Publishing
|
|
|
|
|
991,261
|
|
904,055
|
|
912,634
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Retail Stores — 0.28%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Caliber Collision 3M SOFR + 3.75000%~
|
9.08
|
|
1/31/2031
|
|
889,281
|
|
887,058
|
|
891,362
|
| |
|
|
|
Total Retail Stores
|
|
|
|
|
889,281
|
|
887,058
|
|
891,362
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Telecommunication — 2.16%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Level III~
|
7.20
|
|
3/1/2027
|
|
2,000,000
|
|
2,017,668
|
|
1,981,880
|
| |
|
|
BMC Software, 3M SOFR + 4.2500%~
|
9.58
|
|
12/31/2028
|
|
3,810,365
|
|
3,792,886
|
|
3,831,817
|
| |
|
|
Marlink, 3M SOFR + 4.7500%~
|
10.40
|
|
6/28/2029
|
|
994,949
|
|
982,287
|
|
992,462
|
| |
|
|
|
Total Telecommunication
|
|
|
|
|
6,805,314
|
|
6,792,841
|
|
6,806,159
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Utilities — 1.27%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%
|
9.67
|
|
8/4/2029
|
|
1,881,912
|
|
1,845,627
|
|
1,880,746
|
| |
|
|
Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%~
|
9.67
|
|
8/4/2029
|
|
155,530
|
|
152,531
|
|
155,434
|
| |
|
|
Vistra Zero Operating Co LLC 3M SOFR + 2.75000%~
|
8.07
|
|
3/20/2031
|
|
1,956,590
|
|
1,946,807
|
|
1,956,590
|
| |
|
|
|
Total Utilities
|
|
|
|
|
3,994,032
|
|
3,944,965
|
|
3,992,770
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Total Bank Loans
|
|
|
|
|
101,800,715
|
|
98,927,715
|
|
85,203,412
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper — 1.11%:
|
|
|
|
|
|
|
|
|
|
| |
Aerospace and Defense — 1.11%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
L3 Harris Technologies Inc. #
|
0.00
|
|
4/10/2024
|
$
|
3,500,000
|
$
|
3,495,082
|
$
|
3,495,083
|
| |
|
|
|
Total Aerospace and Defense
|
|
|
|
|
3,500,000
|
|
3,495,082
|
|
3,495,083
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Total Commercial Paper
|
|
|
|
|
3,500,000
|
|
3,495,082
|
|
3,495,083
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds — 91.99%:
|
|
|
|
|
|
|
|
|
|
| |
Aerospace and Defense — 1.47%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
American Airlines^#
|
8.50
|
|
5/15/2029
|
$
|
858,000
|
$
|
858,000
|
$
|
906,078
|
| |
|
|
Spirit AeroSystems Inc^
|
9.75
|
|
11/15/2030
|
|
2,577,000
|
|
2,634,168
|
|
2,882,815
|
| |
|
|
Triumph Group, Inc.^
|
9.00
|
|
3/15/2028
|
|
797,000
|
|
797,000
|
|
840,515
|
| |
|
|
|
Total Aerospace and Defense
|
|
|
|
|
4,232,000
|
|
4,289,168
|
|
4,629,408
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Automobile — 0.71%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Adient PLC+^
|
8.25
|
|
4/15/2031
|
|
870,000
|
|
870,000
|
|
918,044
|
| |
|
|
Faurecia SE+#
|
7.25
|
|
6/15/2026
|
|
445,000
|
|
485,995
|
|
503,494
|
| |
|
|
RAC Group Holdings Limited+#
|
8.25
|
|
11/6/2028
|
|
575,000
|
|
701,127
|
|
794,239
|
| |
|
|
|
Total Automobile
|
|
|
|
|
1,890,000
|
|
2,057,122
|
|
2,215,777
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Banking — 0.36%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Macquarie Airfinance Holdings Ltd.+^
|
8.13
|
|
3/30/2029
|
|
281,000
|
|
281,000
|
|
297,175
|
| |
|
|
Macquarie Airfinance Holdings Ltd.+^
|
8.38
|
|
5/1/2028
|
|
788,000
|
|
788,000
|
|
835,287
|
| |
|
|
|
Total Banking
|
|
|
|
|
1,069,000
|
|
1,069,000
|
|
1,132,462
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Broadcasting and Entertainment — 4.61%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Altice USA Inc.^
|
11.75
|
|
1/31/2029
|
|
1,401,000
|
|
1,401,000
|
|
1,402,980
|
| |
|
|
Banijay+
|
6.50
|
|
3/1/2026
|
|
3,700,000
|
|
3,908,336
|
|
4,009,912
|
| |
|
|
Clear Channel Worldwide Holdings Inc.^
|
9.00
|
|
9/15/2028
|
|
708,000
|
|
708,000
|
|
738,045
|
| |
|
|
Clear Channel Worldwide Holdings Inc.^#
|
7.75
|
|
4/15/2028
|
|
3,337,000
|
|
3,399,685
|
|
2,921,432
|
| |
|
|
Dish Dbs Corporation#
|
7.38
|
|
7/1/2028
|
|
4,000,000
|
|
3,507,287
|
|
1,910,002
|
| |
|
|
Dish Network Corporation^
|
11.75
|
|
11/15/2027
|
|
1,770,000
|
|
1,766,141
|
|
1,802,849
|
| |
|
|
Gray TV^#
|
7.00
|
|
5/15/2027
|
|
245,000
|
|
239,737
|
|
228,118
|
| |
|
|
Inmarsat Finance PLC+^
|
6.75
|
|
10/1/2026
|
|
1,500,000
|
|
1,457,197
|
|
1,472,265
|
| |
|
|
|
Total Broadcasting and Entertainment
|
|
|
|
|
16,661,000
|
|
16,387,383
|
|
14,485,603
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Buildings and Real Estate — 5.99%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Knife River Corporation^
|
7.75
|
|
5/1/2031
|
|
2,107,000
|
|
2,123,038
|
|
2,206,450
|
| |
|
|
Landsea Homes Corp ^
|
8.88
|
|
4/1/2029
|
|
1,000,000
|
|
996,250
|
|
994,920
|
| |
|
|
Maison Hold Limited+
|
6.00
|
|
10/31/2027
|
|
1,045,000
|
|
1,419,991
|
|
1,220,024
|
| |
|
|
New Enterprise Stone & Lime Co.^
|
9.75
|
|
7/15/2028
|
|
11,859,000
|
|
12,020,389
|
|
12,141,576
|
| |
|
|
Service Properties Trust^
|
8.63
|
|
11/15/2031
|
|
545,000
|
|
537,316
|
|
581,274
|
| |
|
|
Smyrna Ready Mix Concrete^
|
8.88
|
|
11/15/2031
|
|
1,583,000
|
|
1,583,000
|
|
1,692,054
|
| |
|
|
|
Total Buildings and Real Estate
|
|
|
|
|
18,139,000
|
|
18,679,984
|
|
18,836,298
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cargo Transport — 4.25%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Atlas Corporation+^#
|
5.50
|
|
8/1/2029
|
|
4,786,000
|
|
4,005,866
|
|
4,191,507
|
| |
|
|
Carriage Purchaser Inc.^#
|
7.88
|
|
10/15/2029
|
|
7,106,000
|
|
6,408,778
|
|
6,313,973
|
| |
|
|
Railworks Hldgs Lp / Railworks Sr^
|
8.25
|
|
11/15/2028
|
|
2,881,000
|
|
2,823,615
|
|
2,858,426
|
| |
|
|
|
Total Cargo Transport
|
|
|
|
|
14,773,000
|
|
13,238,259
|
|
13,363,906
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Chemicals, Plastics and Rubber — 5.76%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Consolidated Energy Finance SA+^
|
6.50
|
|
5/15/2026
|
|
492,000
|
|
452,037
|
|
453,378
|
| |
|
|
LSF11 A5 Holdco LLC^#
|
6.63
|
|
10/15/2029
|
|
4,448,000
|
|
4,000,569
|
|
4,005,152
|
| |
|
|
Monitchem HoldCo+#
|
8.75
|
|
5/1/2028
|
|
300,000
|
|
328,904
|
|
328,087
|
| |
|
|
Monitchem HoldCo, 3M EURIBOR + 5.2500%+~#
|
9.19
|
|
5/1/2028
|
|
215,000
|
|
230,764
|
|
233,753
|
| |
|
|
Olympus Water US Holding Corporation^
|
7.13
|
|
10/1/2027
|
|
1,500,000
|
|
1,483,926
|
|
1,515,189
|
| |
|
|
Olympus Water US Holding Corporation^#
|
6.25
|
|
10/1/2029
|
|
2,348,000
|
|
2,184,739
|
|
2,149,142
|
| |
|
|
Prince^#
|
9.00
|
|
2/15/2030
|
|
4,540,000
|
|
4,468,658
|
|
4,192,310
|
| |
|
|
Proman AG+^
|
5.63
|
|
10/15/2028
|
|
3,427,000
|
|
3,011,880
|
|
2,868,801
|
| |
|
|
SI Group^#
|
6.75
|
|
5/15/2026
|
|
1,176,000
|
|
1,048,411
|
|
276,360
|
| |
|
|
Windsor Holdings III LLC^
|
8.50
|
|
6/15/2030
|
|
2,000,000
|
|
2,000,000
|
|
2,096,544
|
| |
|
|
|
Total Chemicals, Plastics and Rubber
|
|
|
|
|
20,446,000
|
|
19,209,888
|
|
18,118,716
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Containers, Packaging and Glass — 5.36%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Novolex Holdings, Inc.^
|
8.75
|
|
4/15/2030
|
|
7,423,000
|
|
6,809,025
|
|
7,298,561
|
| |
|
|
Packaging Holdings Ltd.^#
|
7.13
|
|
8/15/2028
|
|
1,775,000
|
|
1,567,386
|
|
1,609,326
|
| |
|
|
SCI Packaging Inc.^
|
7.88
|
|
8/15/2026
|
|
5,197,000
|
|
5,197,000
|
|
5,295,421
|
| |
|
|
SCI Packaging Inc.^
|
9.25
|
|
4/15/2027
|
|
1,327,000
|
|
1,234,736
|
|
1,315,758
|
| |
|
|
Titan Holdings II+
|
5.13
|
|
7/15/2029
|
|
113,000
|
|
133,866
|
|
108,487
|
| |
|
|
Trident Parent, LLC^
|
12.75
|
|
12/31/2028
|
|
1,151,000
|
|
1,155,633
|
|
1,227,948
|
| |
|
|
|
Total Containers, Packaging, and Glass
|
|
|
|
|
16,986,000
|
|
16,097,646
|
|
16,855,501
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diversified/Conglomerate Manufacturing — 0.62%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Heat Exchangers+
|
7.78
|
|
10/9/2025
|
|
652,344
|
|
709,066
|
|
693,227
|
| |
|
|
United Site Services^#
|
8.00
|
|
11/15/2029
|
|
2,397,000
|
|
2,374,500
|
|
1,258,933
|
| |
|
|
|
Total Diversified/Conglomerate Manufacturing
|
|
|
|
|
3,049,344
|
|
3,083,566
|
|
1,952,160
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diversified/Conglomerate Service — 10.57%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Albion Fing 1 S A R L & Aggre Sr+^
|
8.75
|
|
4/15/2027
|
|
1,800,000
|
|
1,806,802
|
|
1,793,789
|
| |
|
|
AMS Osram AG+#
|
10.50
|
|
3/30/2029
|
|
2,000,000
|
|
2,148,336
|
|
2,133,972
|
| |
|
|
Apcoa Parking Holdings+
|
4.63
|
|
1/15/2027
|
|
385,000
|
|
455,648
|
|
406,030
|
| |
|
|
Artera Services, LLC^#
|
8.50
|
|
2/15/2031
|
|
2,696,000
|
|
2,730,915
|
|
2,764,360
|
| |
|
|
Engineering Group+#
|
11.13
|
|
5/15/2028
|
|
1,485,000
|
|
1,627,861
|
|
1,722,255
|
| |
|
|
Global Infrastructure Solutions, Inc.^
|
5.63
|
|
6/1/2029
|
|
2,020,000
|
|
1,834,266
|
|
1,850,841
|
| |
|
|
Global Infrastructure Solutions, Inc.^
|
7.50
|
|
4/15/2032
|
|
5,298,000
|
|
4,776,962
|
|
5,188,802
|
| |
|
|
Presidio, Inc.^
|
8.25
|
|
2/1/2028
|
|
5,462,000
|
|
5,423,303
|
|
5,441,376
|
| |
|
|
Sabre Holdings Corporation^#
|
8.63
|
|
6/1/2027
|
|
2,926,000
|
|
2,652,718
|
|
2,567,434
|
| |
|
|
Sabre Holdings Corporation^#
|
11.25
|
|
12/15/2027
|
|
1,560,000
|
|
1,451,047
|
|
1,464,073
|
| |
|
|
Summer BC Holdco+
|
9.25
|
|
10/31/2027
|
|
1,666,932
|
|
2,080,163
|
|
1,747,122
|
| |
|
|
Verisure Midholding AB+#
|
7.13
|
|
2/1/2028
|
|
915,000
|
|
994,381
|
|
1,028,967
|
| |
|
|
Verisure Midholding+
|
5.25
|
|
2/15/2029
|
|
3,575,000
|
|
4,323,160
|
|
3,721,601
|
| |
|
|
Veritas Bermuda Ltd.^
|
7.50
|
|
9/1/2025
|
|
1,526,000
|
|
1,433,229
|
|
1,399,031
|
| |
|
|
|
Total Diversified/Conglomerate Service
|
|
|
|
|
33,314,932
|
|
33,738,791
|
|
33,229,653
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Finance — 9.31%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Avolon Holdings+^#
|
6.50
|
|
9/15/2024
|
|
4,460,506
|
|
4,263,189
|
|
4,219,385
|
| |
|
|
Cerved Group, 3M EURIBOR + 5.250%+~
|
9.19
|
|
2/15/2029
|
|
477,000
|
|
542,554
|
|
496,015
|
| |
|
|
Cetera Financial Group^
|
10.00
|
|
8/15/2030
|
|
1,107,000
|
|
1,107,000
|
|
1,209,089
|
| |
|
|
Galaxy Bidco Ltd.+
|
6.50
|
|
7/31/2026
|
|
500,000
|
|
663,607
|
|
621,368
|
| |
|
|
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)^
|
8.00
|
|
6/15/2027
|
|
428,000
|
|
428,000
|
|
446,258
|
| |
|
|
Icahn Enterprises LP
|
6.38
|
|
12/15/2025
|
|
5,451,000
|
|
5,332,832
|
|
5,407,041
|
| |
|
|
Icahn Enterprises LP
|
6.25
|
|
5/15/2026
|
|
1,762,000
|
|
1,671,944
|
|
1,725,923
|
| |
|
|
OneMain Finance Corporation
|
7.88
|
|
3/15/2030
|
|
600,000
|
|
596,478
|
|
618,815
|
| |
|
|
OneMain Finance Corporation+#
|
4.50
|
|
8/28/2027
|
|
965,000
|
|
1,031,109
|
|
1,107,374
|
| |
|
|
PRA Group^#
|
5.00
|
|
10/1/2029
|
|
3,835,000
|
|
2,862,598
|
|
3,231,689
|
| |
|
|
PRA Group^
|
7.38
|
|
9/1/2025
|
|
1,045,000
|
|
1,008,872
|
|
1,043,140
|
| |
|
|
PRA Group^
|
8.38
|
|
2/1/2028
|
|
4,518,000
|
|
4,280,425
|
|
4,496,320
|
| |
|
|
Travelex(12.50%PIK)¤+
|
12.50
|
|
8/5/2025
|
|
3,129,877
|
|
4,052,707
|
|
4,444,165
|
| |
|
|
Travelex¤+#>
|
8.00
|
|
5/15/2024
|
|
4,600,000
|
|
5,097,344
|
|
0
|
| |
|
|
TVL FINANCE PLC, 3M EURIBOR + 5.5000%+~#
|
9.43
|
|
4/28/2028
|
|
200,000
|
|
217,433
|
|
217,389
|
| |
|
|
|
Total Finance
|
|
|
|
|
33,078,383
|
|
33,156,092
|
|
29,283,971
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Healthcare, Education and Childcare — 7.76%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
AdaptHealth LLC^#
|
4.63
|
|
8/1/2029
|
|
602,000
|
|
503,527
|
|
517,943
|
| |
|
|
AdaptHealth LLC^#
|
5.13
|
|
3/1/2030
|
|
2,729,000
|
|
2,353,510
|
|
2,379,481
|
| |
|
|
Bausch Health Companies Inc.+^
|
9.00
|
|
12/15/2025
|
|
846,000
|
|
844,942
|
|
803,713
|
| |
|
|
Bausch Health Companies Inc.+^
|
9.00
|
|
1/30/2028
|
|
337,000
|
|
648,513
|
|
330,281
|
| |
|
|
Bausch Health Companies Inc.+^
|
11.00
|
|
9/30/2028
|
|
598,000
|
|
1,011,333
|
|
399,165
|
| |
|
|
Bausch Health Companies Inc.+^
|
14.00
|
|
10/15/2030
|
|
118,000
|
|
150,249
|
|
67,884
|
| |
|
|
Cidron Aida Finco+
|
6.25
|
|
4/1/2028
|
|
1,650,000
|
|
2,275,266
|
|
1,993,861
|
| |
|
|
Community Health System Inc.^
|
10.88
|
|
1/15/2032
|
|
1,650,000
|
|
1,650,000
|
|
1,700,373
|
| |
|
|
Community Health System Inc.^
|
6.88
|
|
4/15/2029
|
|
286,000
|
|
286,000
|
|
214,348
|
| |
|
|
Consensus Cloud Solutions Inc.^
|
6.50
|
|
10/15/2028
|
|
717,000
|
|
628,828
|
|
637,420
|
| |
|
|
LifePoint Health Inc.^
|
9.88
|
|
8/15/2030
|
|
2,140,000
|
|
2,138,189
|
|
2,238,125
|
| |
|
|
LifePoint Health Inc.^
|
11.00
|
|
10/15/2030
|
|
3,057,000
|
|
3,114,187
|
|
3,267,294
|
| |
|
|
Neogen Corporation^
|
8.63
|
|
7/20/2030
|
|
2,298,000
|
|
2,315,108
|
|
2,475,619
|
| |
|
|
Nidda BondCo GmbH+#
|
7.50
|
|
8/21/2026
|
|
500,000
|
|
515,829
|
|
555,200
|
| |
|
|
Radiology Partners Inc.^
|
8.50
|
|
1/31/2029
|
|
1,824,205
|
|
1,567,725
|
|
1,692,498
|
| |
|
|
Radiology Partners Inc.^
|
9.78
|
|
2/15/2030
|
|
6,374,025
|
|
6,655,619
|
|
5,131,090
|
| |
|
|
|
Total Healthcare, Education and Childcare
|
|
|
|
|
25,726,230
|
|
26,658,825
|
|
24,404,295
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.05%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Staples Inc.^
|
10.75
|
|
4/15/2027
|
|
3,478,000
|
|
3,545,775
|
|
3,307,245
|
| |
|
|
|
Total Home and Office Furnishings, Housewares, and Durable Consumer Products
|
|
|
|
|
3,478,000
|
|
3,545,775
|
|
3,307,245
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Hotels, Motels, Inns and Gaming — 0.07%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
SANI/IKOS Financial Holdings+#
|
5.63
|
|
12/15/2026
|
|
215,000
|
|
253,957
|
|
225,078
|
| |
|
|
|
Total Lodging
|
|
|
|
|
215,000
|
|
253,957
|
|
225,078
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Leisure, Amusement, Entertainment — 2.47%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Allegiant Travel Co.^
|
7.25
|
|
8/15/2027
|
|
3,029,000
|
|
2,995,667
|
|
3,011,594
|
| |
|
|
Center Parcs+#
|
6.50
|
|
8/28/2026
|
|
825,000
|
|
1,147,465
|
|
1,030,860
|
| |
|
|
Center Parcs+#
|
6.14
|
|
8/28/2031
|
|
235,000
|
|
292,798
|
|
304,678
|
| |
|
|
Motion Topco Limited+#
|
7.38
|
|
6/15/2030
|
|
1,600,000
|
|
1,723,284
|
|
1,799,493
|
| |
|
|
Ontario Gaming GTA LP+^
|
8.00
|
|
8/1/2030
|
|
694,000
|
|
700,490
|
|
714,801
|
| |
|
|
Silk TopCo AS+
|
3.38
|
|
2/24/2025
|
|
900,000
|
|
849,684
|
|
909,214
|
| |
|
|
|
Total Leisure, Amusement, Entertainment
|
|
|
|
|
7,283,000
|
|
7,709,388
|
|
7,770,640
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 0.48%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Copeland #
|
6.38
|
|
12/15/2030
|
|
1,330,000
|
|
1,506,086
|
|
1,506,332
|
| |
|
|
|
Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)
|
|
|
|
|
1,330,000
|
|
1,506,086
|
|
1,506,332
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mining, Steel, Iron and Non-Precious Metals — 3.94%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Arsenal AIC Parent LLC^
|
8.00
|
|
10/1/2030
|
|
1,182,000
|
|
1,180,155
|
|
1,244,014
|
| |
|
|
Coronado Global Resources Inc.+^
|
10.75
|
|
5/15/2026
|
|
4,846,000
|
|
5,050,174
|
|
5,048,935
|
| |
|
|
First Quantum Minerals+^#
|
9.38
|
|
3/1/2029
|
|
1,347,000
|
|
1,347,000
|
|
1,394,341
|
| |
|
|
Hecla Mining Company
|
7.25
|
|
2/15/2028
|
|
4,699,000
|
|
4,942,681
|
|
4,704,140
|
| |
|
|
|
Total Mining, Steel, Iron and Non-Precious Metals
|
|
|
|
|
12,074,000
|
|
12,520,010
|
|
12,391,430
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Oil and Gas — 13.41%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
AmeriGas Partners LP^
|
9.38
|
|
6/1/2028
|
|
851,000
|
|
851,000
|
|
881,133
|
| |
|
|
CGG SA+
|
7.75
|
|
4/1/2027
|
|
1,500,000
|
|
1,787,033
|
|
1,472,635
|
| |
|
|
Energy Transfer LP~
|
7.13
|
|
5/15/2172
|
|
2,211,000
|
|
1,890,405
|
|
2,159,704
|
| |
|
|
Enlink Midstream Partners LP#
|
5.45
|
|
6/1/2047
|
|
3,000,000
|
|
2,404,698
|
|
2,611,259
|
| |
|
|
Genesis Energy LP
|
7.75
|
|
2/1/2028
|
|
3,408,000
|
|
3,223,648
|
|
3,426,642
|
| |
|
|
Genesis Energy LP
|
8.00
|
|
1/15/2027
|
|
2,639,000
|
|
2,639,208
|
|
2,668,905
|
| |
|
|
Genesis Energy LP
|
8.88
|
|
4/15/2030
|
|
1,000,000
|
|
980,067
|
|
1,046,658
|
| |
|
|
Global Partners LP^
|
8.25
|
|
1/15/2032
|
|
1,361,000
|
|
1,361,000
|
|
1,410,947
|
| |
|
|
Harvest Midstream I LP^
|
7.50
|
|
9/1/2028
|
|
3,265,000
|
|
3,222,948
|
|
3,308,725
|
| |
|
|
IMTT^#
|
6.50
|
|
8/1/2029
|
|
6,018,000
|
|
5,676,003
|
|
5,490,300
|
| |
|
|
KCA Deutag+
|
9.88
|
|
12/1/2025
|
|
1,179,286
|
|
1,179,286
|
|
1,187,416
|
| |
|
|
KCA Deutag International Limited(15.00%PIK)+
|
15.00
|
|
12/1/2027
|
|
1,024,769
|
|
1,024,769
|
|
1,031,174
|
| |
|
|
KCA Deutag, 3M SOFR + 9.0000%+~
|
30.08
|
|
12/1/2025
|
|
1,343,874
|
|
1,343,874
|
|
1,356,506
|
| |
|
|
Nabors Industries LTD^
|
9.13
|
|
1/31/2030
|
|
246,000
|
|
246,000
|
|
255,756
|
| |
|
|
NGL Energy Finance Corp.^
|
8.13
|
|
2/15/2029
|
|
621,000
|
|
621,000
|
|
636,045
|
| |
|
|
NGL Energy Finance Corp.^
|
8.38
|
|
2/15/2032
|
|
1,097,000
|
|
1,097,000
|
|
1,125,298
|
| |
|
|
Occidental Pete Corp.
|
8.50
|
|
7/15/2027
|
|
4,523,000
|
|
4,551,487
|
|
4,904,922
|
| |
|
|
Transocean Inc.+^#
|
7.25
|
|
11/1/2025
|
|
1,252,000
|
|
1,246,011
|
|
1,246,906
|
| |
|
|
Var Energi+~#
|
7.86
|
|
11/15/2083
|
|
1,600,000
|
|
1,731,510
|
|
1,855,690
|
| |
|
|
Waldorf Production UK LD+#
|
9.75
|
|
10/1/2024
|
|
854,967
|
|
852,999
|
|
847,443
|
| |
|
|
Weatherford Intl Ltd Bermuda Sr Glbl+^
|
8.63
|
|
4/30/2030
|
|
3,092,000
|
|
3,105,170
|
|
3,228,026
|
| |
|
|
|
Total Oil and Gas
|
|
|
|
|
42,086,896
|
|
41,035,116
|
|
42,152,090
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Personal, Food, and Miscellaneous — 0.63%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Brinker International^
|
8.25
|
|
7/15/2030
|
|
998,000
|
|
997,287
|
|
1,051,544
|
| |
|
|
Raising Cane's Restaurants LLC^
|
9.38
|
|
5/1/2029
|
|
296,000
|
|
296,000
|
|
319,818
|
| |
|
|
Shearer's Foods, Inc.^
|
7.88
|
|
3/1/2031
|
|
598,000
|
|
598,000
|
|
617,551
|
| |
|
|
|
Total Personal, Food, and Miscellaneous
|
|
|
|
|
1,892,000
|
|
1,891,287
|
|
1,988,913
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Personal Transportation — 0.09%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Naviera Armas+
|
16.66
|
|
12/31/2026
|
|
229,335
|
|
368,180
|
|
296,903
|
| |
|
|
|
Total Personal Transportation
|
|
|
|
|
229,335
|
|
368,180
|
|
296,903
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Printing and Publishing — 2.56%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Cimpress PLC+
|
7.00
|
|
6/15/2026
|
|
2,069,000
|
|
2,069,000
|
|
2,070,862
|
| |
|
|
Getty Images Inc.^
|
9.75
|
|
3/1/2027
|
|
5,972,000
|
|
6,074,281
|
|
5,968,817
|
| |
|
|
|
Total Printing and Publishing
|
|
|
|
|
8,041,000
|
|
8,143,281
|
|
8,039,679
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Retail Store — 1.34%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Bath & Body Works Inc.
|
6.88
|
|
11/1/2035
|
|
262,000
|
|
238,697
|
|
268,012
|
| |
|
|
Bath & Body Works Inc.
|
7.60
|
|
7/15/2037
|
|
1,471,000
|
|
1,316,889
|
|
1,463,657
|
| |
|
|
Life Time, Inc.^
|
8.00
|
|
4/15/2026
|
|
404,000
|
|
392,993
|
|
408,867
|
| |
|
|
Marcolin S.p.A+
|
6.13
|
|
11/15/2026
|
|
475,000
|
|
578,239
|
|
516,196
|
| |
|
|
Nordstrom Inc.#
|
5.00
|
|
1/15/2044
|
|
596,000
|
|
353,451
|
|
462,177
|
| |
|
|
PetSmart LLC^
|
7.75
|
|
2/15/2029
|
|
1,108,000
|
|
1,092,951
|
|
1,079,428
|
| |
|
|
|
Total Retail Store
|
|
|
|
|
4,316,000
|
|
3,973,220
|
|
4,198,337
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Telecommunications — 6.83%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Altice France Holding S.A.+^#
|
5.75
|
|
8/15/2029
|
|
1,375,000
|
|
1,202,191
|
|
1,101,535
|
| |
|
|
Altice France Holding S.A.+#
|
4.00
|
|
7/15/2029
|
|
100,000
|
|
80,677
|
|
75,250
|
| |
|
|
Altice France Holding S.A.+^#
|
5.13
|
|
7/15/2029
|
|
417,000
|
|
300,884
|
|
282,005
|
| |
|
|
Altice France Holding S.A.+^
|
10.50
|
|
5/15/2027
|
|
2,240,000
|
|
2,091,056
|
|
829,150
|
| |
|
|
BMC Software^
|
7.13
|
|
10/2/2025
|
|
103,000
|
|
101,174
|
|
103,094
|
| |
|
|
British Telecom+~#
|
8.38
|
|
12/20/2083
|
|
600,000
|
|
732,312
|
|
807,361
|
| |
|
|
C&W Senior Financing Designated Activity Co+^#
|
6.88
|
|
9/15/2027
|
|
2,110,000
|
|
1,950,667
|
|
1,993,043
|
| |
|
|
Commscope Inc.^
|
8.25
|
|
3/1/2027
|
|
1,173,000
|
|
1,144,168
|
|
546,922
|
| |
|
|
Consolidated Communications Hldgs.^#
|
6.50
|
|
10/1/2028
|
|
1,250,000
|
|
1,076,893
|
|
1,091,905
|
| |
|
|
Digicel Limited ¤+^>
|
8.25
|
|
9/30/2025
|
|
2,500,000
|
|
2,491,364
|
|
0
|
| |
|
|
Frontier Communications Corporation^
|
8.75
|
|
5/15/2030
|
|
774,000
|
|
774,000
|
|
791,812
|
| |
|
|
Frontier Communications Hldgs Sr Sec Glbl^#
|
6.00
|
|
1/15/2030
|
|
3,976,000
|
|
3,387,869
|
|
3,370,104
|
| |
|
|
Level III^#
|
11.00
|
|
11/15/2029
|
|
3,797,000
|
|
3,860,556
|
|
3,948,880
|
| |
|
|
Level III^#
|
4.25
|
|
7/1/2028
|
|
550,000
|
|
335,322
|
|
263,604
|
| |
|
|
Telecom Italia+#
|
7.88
|
|
7/31/2028
|
|
600,000
|
|
651,326
|
|
709,622
|
| |
|
|
Telefonica SA+~#
|
7.13
|
|
11/23/2172
|
|
1,400,000
|
|
1,524,573
|
|
1,643,856
|
| |
|
|
United Group+#
|
6.75
|
|
2/15/2031
|
|
1,000,000
|
|
1,087,950
|
|
1,104,235
|
| |
|
|
Viasat^#
|
6.50
|
|
7/15/2028
|
|
2,239,000
|
|
1,841,639
|
|
1,728,876
|
| |
|
|
Vodafone Group PLC+~#
|
8.00
|
|
8/30/2086
|
|
400,000
|
|
538,600
|
|
542,724
|
| |
|
|
Vodafone Group PLC+~
|
6.25
|
|
10/3/2078
|
|
550,000
|
|
542,025
|
|
547,437
|
| |
|
|
|
Total Telecommunications
|
|
|
|
|
27,154,000
|
|
25,715,246
|
|
21,481,415
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Utilities — 2.35%:
|
|
|
|
|
|
|
|
|
|
| |
|
|
Electricite de France SA+~
|
9.13
|
|
12/15/2172
|
|
350,000
|
|
350,000
|
|
385,446
|
| |
|
|
Electricite de France SA+~#
|
4.00
|
|
10/4/2172
|
|
700,000
|
|
715,783
|
|
749,533
|
| |
|
|
Enbridge Inc.+~
|
8.25
|
|
1/15/2084
|
|
1,624,000
|
|
1,624,000
|
|
1,690,681
|
| |
|
|
Talen Energy Supply, LLC^
|
8.63
|
|
6/1/2030
|
|
3,837,000
|
|
3,879,191
|
|
4,103,110
|
| |
|
|
Techem+#
|
6.00
|
|
7/30/2026
|
|
439,599
|
|
452,215
|
|
472,347
|
| |
|
|
|
Total Utilities
|
|
|
|
|
6,950,599
|
|
7,021,189
|
|
7,401,117
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Total Corporate Bonds
|
|
|
|
|
304,414,719
|
|
301,348,459
|
|
289,266,929
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Total Fixed Income
|
|
|
|
|
452,715,434
|
|
446,372,415
|
|
418,766,523
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Total Investments
|
|
|
|
|
|
$
|
447,475,952
|
$
|
420,617,637
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets and liabilities — (33.77%)
|
|
|
|
|
|
|
|
|
(106,175,495)
|
| |
|
|
|
Net Assets — 100.00%
|
|
|
|
|
|
|
|
$
|
314,442,142
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages are calculated as a percent of net assets applicable to common shareholders.
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
EURIBOR - Euro Interbank Offered Rate
|
|
|
|
|
|
|
|
|
|
| |
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Securities are non-income producing.
|
|
|
|
|
|
|
|
|
|
|
‡
|
|
The effective interest rates are based on settled commitment amount.
|
|
|
|
|
|
|
|
|
|
|
¤
|
|
Value determined using significant unobservable inputs, security is categorized as Level 3.
|
|
|
|
|
|
|
|
|
|
|
+
|
|
Foreign security.
|
|
|
|
|
|
|
|
|
|
|
^
|
|
Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.
|
|
|
|
~
|
|
Variable rate security. The interest rate shown is the rate in effect at March 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
#
|
|
All or a portion of the security is segregated as collateral for the credit facility.
|
|
|
|
|
|
|
|
|
|
|
§
|
|
Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust
periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2024. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be
substantially less than the stated maturity shown.
|
|
>
|
|
Defaulted security.
|
|
|
|
|
|
|
|
|
|
|
PIK
|
|
Payment-in-kind
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Distributions of investments by country of risk. Percentage of assets are expressed by market value excluding cash and accrued income as of March 31, 2024.
|
|
|
|
|
|
|
| |
|
|
|
United States of America
|
85.7%
|
|
|
|
|
|
|
|
|
| |
|
|
|
United Kingdom
|
5.8%
|
|
|
|
|
|
|
|
|
| |
|
|
|
Zambia
|
0.3%
|
|
|
|
|
|
|
|
|
| |
|
|
|
Germany
|
0.6%
|
|
|
|
|
|
|
|
|
| |
|
|
|
Australia
|
1.2%
|
|
|
|
|
|
|
|
|
| |
|
|
|
France
|
0.9%
|
|
|
|
|
|
|
|
|
| |
|
|
|
Sweden
|
1.1%
|
|
|
|
|
|
|
|
|
| |
|
|
|
Italy
|
0.8%
|
|
|
|
|
|
|
|
|
| |
|
|
|
Hong Kong
|
1.0%
|
|
|
|
|
|
|
|
|
| |
|
|
|
(Individually less than 1%)
|
2.5%
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
100.0%
|
|
|
|
|
|
|
|
|
