NPORT-EX 2 tiaa_JFR.htm
1
Portfolio
of
Investments
April
30,
2025
JFR
(Unaudited)
SHARES
DESCRIPTION
RATE
VALUE
LONG-TERM
INVESTMENTS
-
153.9%
(95.8%
of
Total
Investments)
592,432
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0
.1
%
(
0
.0
%
of
Total
Investments)
592,432
TRANSPORTATION
-
0.1%
(0.0%
of
Total
Investments)
9,712
ACBL
HLDG
CORP
0
.000
%
$
592,432
TOTAL
TRANSPORTATION
592,432
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$296,216)
592,432
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
-
0.6%
(0.4%
of
Total
Investments)
–
$
750,000
(a),(b)
Battalion
CLO
XI
Ltd,
Series
2017
11A,
(LIBOR
3
M
+
7.112%)
8
.034
04/24/34
665,259
2,000,000
(a),(b)
Dryden
50
Senior
Loan
Fund,
Series
2017
50A,
(LIBOR
3
M
+
6.522%)
10
.778
07/15/30
1,931,322
750,000
(a),(b)
Magnetite
XXVII
Ltd,
Series
2020
27A,
(TSFR3M
+
6.262%)
10
.531
10/20/34
744,475
2,875,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd,
Series
2022
48A,
(TSFR3M
+
3.200%)
7
.482
04/25/36
2,877,556
2,500,000
(a),(b)
Rockford
Tower
CLO
2017-3
Ltd,
Series
2017
3A,
(LIBOR
3
M
+
6.012%)
6
.813
10/20/30
2,430,625
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$8,746,923)
8,649,237
SHARES
DESCRIPTION
VALUE
19299503
COMMON
STOCKS
-
1
.4
%
(
0
.9
%
of
Total
Investments)
19299503
CAPITAL
GOODS
-
0.0%
(0.0%
of
Total
Investments)
4,865
(c)
TNT
Crane
&
Rigging
Inc
2,433
8,626
(c)
TNT
Crane
&
Rigging
Inc
86
TOTAL
CAPITAL
GOODS
2,519
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
(0.0%
of
Total
Investments)
749
(c),(d)
Belk
Inc
5,992
20,857
(c)
JOANN
Inc
209
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
6,201
CONSUMER
SERVICES
-
0.7%
(0.4%
of
Total
Investments)
332,537
(c)
24
Hour
Fitness
Worldwide
Inc
3,325
699,154
(c)
24
Hour
Fitness
Worldwide
Inc
6,991
57,279
(c)
Cengage
Learning
Holdings
II
Inc
1,195,699
2,513
(c)
Crown
Finance
US
Inc
51,248
410,147
(c)
Crown
Finance
US
Inc
8,364,128
TOTAL
CONSUMER
SERVICES
9,621,391
ENERGY
-
0.3%
(0.2%
of
Total
Investments)
42,689
Chord
Energy
Corp
3,851,828
215,829
(c)
Transocean
Ltd
459,716
TOTAL
ENERGY
4,311,544
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.0%
(0.0%
of
Total
Investments)
167,590
(c),(d)
Millennium
Health
LLC
15,418
157,320
(c),(d)
Millennium
Health
LLC
1,573
195,344
(c)
Onex
Carestream
Finance
LP
439,524
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
456,515
MATERIALS
-
0.0%
(0.0%
of
Total
Investments)
80
LyondellBasell
Industries
NV,
Class
A
4,657
TOTAL
MATERIALS
4,657
MEDIA
&
ENTERTAINMENT
-
0.1%
(0.1%
of
Total
Investments)
34,846
(c)
Catalina
Marketing
Corp
1,045,380
TOTAL
MEDIA
&
ENTERTAINMENT
1,045,380
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
(0.0%
of
Total
Investments)
60,637
(c)
Bright
Bidco
BV
18,373
44,390
(c)
Bright
Bidco
BV
13,450
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
31,823
Portfolio
of
Investments
April
30,
2025
(continued)
JFR
2
SHARES
DESCRIPTION
VALUE
SOFTWARE
&
SERVICES
-
0.1%
(0.1%
of
Total
Investments)
48,404
(c)
Avaya
Inc
$
266,222
223,115
(c)
Avaya
Inc
1,227,132
573
(c),(d)
BLOOM
PARENT
INC
572,645
TOTAL
SOFTWARE
&
SERVICES
2,065,999
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.1%
(0.0%
of
Total
Investments)
45,085
(c)
Windstream
Services
PE
LLC
811,530
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
811,530
TELECOMMUNICATION
SERVICES
-
0.1%
(0.1%
of
Total
Investments)
46,534
(c)
Windstream
Services
PE
LLC
837,612
TOTAL
TELECOMMUNICATION
SERVICES
837,612
TRANSPORTATION
-
0.0%
(0.0%
of
Total
Investments)
2,293
(c)
ACBL
HLDG
CORP
104,332
TOTAL
TRANSPORTATION
104,332
TOTAL
COMMON
STOCKS
(Cost
$57,368,321)
19,299,503
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
219489692
CORPORATE
BONDS
-
15
.7
%
(
9
.8
%
of
Total
Investments)
219489692
AUTOMOBILES
&
COMPONENTS
-
0.1%
(0.1%
of
Total
Investments)
$
2,000,000
(b)
Dornoch
Debt
Merger
Sub
Inc
6
.625
%
10/15/29
1,382,155
TOTAL
AUTOMOBILES
&
COMPONENTS
1,382,155
CAPITAL
GOODS
-
0.4%
(0.3%
of
Total
Investments)
2,000,000
(b)
Camelot
Return
Merger
Sub
Inc
8
.750
08/01/28
1,734,424
4,537,000
TransDigm
Inc
4
.625
01/15/29
4,363,831
TOTAL
CAPITAL
GOODS
6,098,255
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.0%
(0.6%
of
Total
Investments)
3,000,000
(b)
Boost
Newco
Borrower
LLC
7
.500
01/15/31
3,165,768
2,160,000
(b)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
5
.750
04/15/26
2,157,848
4,650,000
(b)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6
.250
01/15/28
4,646,169
4,750,000
(b)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3
.375
08/31/27
4,530,476
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
14,500,261
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.5%
(0.3%
of
Total
Investments)
1,500,000
(b)
Carvana
Co,
(cash
9.000%,
PIK
13.000%)
9
.000
06/01/30
1,588,266
6,055,000
(b)
Michaels
Cos
Inc/The
7
.875
05/01/29
2,080,924
1,812,000
(b)
PetSmart
Inc
/
PetSmart
Finance
Corp
4
.750
02/15/28
1,731,823
900,000
(b)
Wand
NewCo
3
Inc
7
.625
01/30/32
927,166
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
6,328,179
CONSUMER
SERVICES
-
0.8%
(0.5%
of
Total
Investments)
10,261,000
(b)
1011778
BC
ULC
/
New
Red
Finance
Inc
4
.000
10/15/30
9,337,843
1,807,000
(b)
1011778
BC
ULC
/
New
Red
Finance
Inc
3
.500
02/15/29
1,689,145
TOTAL
CONSUMER
SERVICES
11,026,988
ENERGY
-
0.7%
(0.5%
of
Total
Investments)
519,024
(b)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10
.000
11/15/28
441,430
1,000,000
(b)
eG
Global
Finance
PLC
12
.000
11/30/28
1,099,833
1,799,000
(b)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6
.250
11/01/28
1,740,821
1,799,000
(b)
MEG
Energy
Corp
5
.875
02/01/29
1,735,641
6,000,000
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
6
.000
02/15/28
5,293,802
TOTAL
ENERGY
10,311,527
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.8%
(0.5%
of
Total
Investments)
9,750,000
American
Tower
Corp
2
.950
01/15/51
6,061,336
5,000,000
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
6
.500
02/15/29
4,574,150
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
10,635,486
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
2.0%
(1.3%
of
Total
Investments)
7,000,000
(b)
CHS/Community
Health
Systems
Inc
10
.875
01/15/32
7,227,556
3,025,000
(b)
Mozart
Debt
Merger
Sub
Inc
3
.875
04/01/29
2,821,778
5,286,929
(b)
Radiology
Partners
Inc,
(cash
4.275%,
PIK
3.500%)
7
.775
01/31/29
5,172,996
8,880,745
(b)
Team
Health
Holdings
Inc,
(cash
9.000%,
PIK
4.500%)
9
.000
06/30/28
9,524,599
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
$
3,765,000
Tenet
Healthcare
Corp
6
.125
%
10/01/28
$
3,755,996
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
28,502,925
INSURANCE
-
0.2%
(0.1%
of
Total
Investments)
935,000
(b)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4
.250
10/15/27
902,197
1,825,000
(b)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.750
04/15/28
1,838,140
TOTAL
INSURANCE
2,740,337
MATERIALS
-
0.1%
(0.0%
of
Total
Investments)
1,000,000
Ball
Corp
6
.000
06/15/29
1,020,397
TOTAL
MATERIALS
1,020,397
MEDIA
&
ENTERTAINMENT
-
2.3%
(1.4%
of
Total
Investments)
750,000
(b)
Advantage
Sales
&
Marketing
Inc
6
.500
11/15/28
603,832
13,000,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3
.500
03/01/42
8,722,282
4,725,000
(b)
CSC
Holdings
LLC
5
.500
04/15/27
4,390,375
2,000,000
(b)
CSC
Holdings
LLC
5
.375
02/01/28
1,747,774
18,647
(b)
iHeartCommunications
Inc
9
.125
05/01/29
14,399
5,882,000
(b)
McGraw-Hill
Education
Inc
5
.750
08/01/28
5,762,056
3,000,000
(b)
Sinclair
Television
Group
Inc
8
.125
02/15/33
2,969,580
8,994,000
(b)
VZ
Secured
Financing
BV
5
.000
01/15/32
7,848,578
TOTAL
MEDIA
&
ENTERTAINMENT
32,058,876
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.2%
(0.1%
of
Total
Investments)
2,650,000
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
2,224,280
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,224,280
SOFTWARE
&
SERVICES
-
0.4%
(0.3%
of
Total
Investments)
2,000,000
(b)
Condor
Merger
Sub
Inc
7
.375
02/15/30
1,727,574
1,000,000
(b)
Open
Text
Holdings
Inc
4
.125
12/01/31
894,308
5,518,515
(b)
Rackspace
Finance
LLC
3
.500
05/15/28
1,964,441
1,000,000
(b)
Rocket
Software
Inc
9
.000
11/28/28
1,030,342
TOTAL
SOFTWARE
&
SERVICES
5,616,665
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.4%
(0.3%
of
Total
Investments)
2,301,000
(b)
CommScope
LLC
4
.750
09/01/29
2,030,923
4,750,000
(b)
CommScope
Technologies
LLC
5
.000
03/15/27
4,133,548
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
6,164,471
TELECOMMUNICATION
SERVICES
-
4.6%
(2.8%
of
Total
Investments)
9,216,000
(b)
Frontier
Communications
Holdings
LLC
5
.875
10/15/27
9,205,577
2,000,000
(b)
Frontier
Communications
Holdings
LLC
5
.000
05/01/28
1,979,358
2,250,000
Frontier
Communications
Holdings
LLC
5
.875
11/01/29
2,251,127
3,022,000
(b)
Frontier
Communications
Holdings
LLC
6
.000
01/15/30
3,032,710
4,990,000
(b)
Level
3
Financing
Inc
10
.500
05/15/30
5,394,536
2,000,000
(b)
Level
3
Financing
Inc
10
.500
04/15/29
2,214,469
10,000,000
(b)
Level
3
Financing
Inc
4
.000
04/15/31
7,802,400
1,000,000
(b)
Lumen
Technologies
Inc
10
.000
10/15/32
997,500
8,160,000
(b)
Vmed
O2
UK
Financing
I
PLC
4
.750
07/15/31
7,171,639
7,820,000
(b)
Vmed
O2
UK
Financing
I
PLC
4
.250
01/31/31
6,822,546
18,196,000
(b)
Zayo
Group
Holdings
Inc
4
.000
03/01/27
16,758,354
TOTAL
TELECOMMUNICATION
SERVICES
63,630,216
TRANSPORTATION
-
0.5%
(0.3%
of
Total
Investments)
3,000,000
(b)
Brightline
East
LLC
11
.000
01/31/30
2,445,000
3,025,000
Delta
Air
Lines
Inc
3
.750
10/28/29
2,807,573
2,377,000
(b)
United
Airlines
Inc
4
.625
04/15/29
2,232,737
TOTAL
TRANSPORTATION
7,485,310
UTILITIES
-
0.7%
(0.4%
of
Total
Investments)
3,060,000
Pacific
Gas
and
Electric
Co
4
.550
07/01/30
2,968,262
1
Pacific
Gas
and
Electric
Co
4
.500
07/01/40
1
6,028,000
PG&E
Corp
5
.000
07/01/28
5,879,794
950,000
PG&E
Corp
5
.250
07/01/30
915,307
TOTAL
UTILITIES
9,763,364
TOTAL
CORPORATE
BONDS
(Cost
$218,182,412)
219,489,692
Portfolio
of
Investments
April
30,
2025
(continued)
JFR
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1900096051
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
136
.1
%
(
84
.7
%
of
Total
Investments)
1900096051
AUTOMOBILES
&
COMPONENTS
-
1.1%
(0.7%
of
Total
Investments)
$
1,037,864
(a)
Adient
US
LLC,
Term
Loan
B2,
(TSFR1M
+
2.250%)
6
.572
%
01/29/31
$
1,017,325
3,303,421
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
05/06/30
3,247,676
4,624,000
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
01/28/32
4,541,161
6,401,288
(a),(e)
DexKo
Global
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.186
10/04/28
5,926,792
TOTAL
AUTOMOBILES
&
COMPONENTS
14,732,954
CAPITAL
GOODS
-
10.1%
(6.3%
of
Total
Investments)
2,012,027
(a)
ACProducts,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.811
05/17/28
1,368,742
206,731
(a),(f)
Air
Comm
Corporation,
LLC,
Delayed
Draw
Term
Loan
1
.000
12/11/31
205,051
2,480,769
(a)
Air
Comm
Corporation,
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7
.321
12/11/31
2,460,613
6,454,670
(a)
Ali
Group
North
America
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.436
07/23/29
6,475,647
5,186,552
(a)
Archkey
Solutions
LLC,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.033
11/03/31
5,180,069
2,611,875
(a)
Azorra
Soar
TLB
Finance
Ltd,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
10/18/29
2,608,610
1,810,900
(a)
Barentz
International
B.V.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.649
03/28/31
1,792,791
3,636,000
(a)
Barnes
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.320
01/27/32
3,587,823
2,298,032
(a)
Centuri
Group,
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.935
08/28/28
2,300,491
12,692,230
(a)
Chamberlain
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.672
11/03/28
12,560,612
2,124,697
(a)
Chart
Industries,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.788
03/18/30
2,120,055
1,206,873
(a)
Conair
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.186
05/17/28
639,643
3,973,551
(a)
Core
&
Main
LP,
Term
Loan
B,
(TSFR6M
+
2.000%)
6
.270
07/27/28
3,978,518
2,760,867
(a),(e)
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.672
04/12/28
2,425,339
3,878,510
(a)
Gates
Global
LLC,
Term
Loan
B5,
(TSFR1M
+
1.750%)
6
.072
06/04/31
3,852,155
1,881,000
(a)
INNIO
Group
Holding
GmbH,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.768
11/06/28
1,879,834
1,443,966
(a),(f)
Kaman
Corporation,
Delayed
Draw
Term
Loan
1
.000
02/26/32
1,424,761
15,306,035
(a)
Kaman
Corporation,
Term
Loan
B,
(TSFR3M
+
TSFR6M
+
2.750%)
7
.047
02/26/32
15,102,464
6,255,860
(a)
Madison
IAQ
LLC,
Term
Loan,
(TSFR6M
+
2.500%)
6
.762
06/21/28
6,207,784
4,278,512
(a),(e)
Madison
Safety
&
Flow
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
09/26/31
4,251,772
1,052,025
(a)
MI
Windows
and
Doors,
LLC,
Term
Loan
B2,
(TSFR1M
+
3.000%)
7
.322
03/28/31
1,037,738
382,000
(a)
Minimax
Viking
GmbH,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
03/17/32
381,045
425,016
(a),(g)
Oregon
Tool
Lux
LP,
(TBD)
TBD
TBD
426,478
6,581,000
(a)
Quikrete
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
01/31/32
6,460,206
7,873,480
(a)
Quikrete
Holdings,
Inc.,
Term
Loan
B1,
(TSFR1M
+
2.250%)
6
.572
04/14/31
7,737,702
3,635,000
(a),(g)
QXO
Inc,
(TBD)
TBD
TBD
3,635,654
5,731,900
(a),(e)
Titan
Acquisition
Limited,
Term
Loan
B,
(TSFR6M
+
4.500%)
8
.724
02/15/29
5,622,392
13,537,277
(a)
TK
Elevator
Midco
GmbH,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.237
04/30/30
13,500,929
3,077,535
(a)
TransDigm,
Inc.,
Term
Loan,
(TSFR3M
+
2.500%)
6
.799
01/20/32
3,049,806
11,115,108
(a)
TransDigm,
Inc.,
Term
Loan
J,
(TSFR3M
+
2.500%)
6
.799
02/28/31
11,018,351
4,059,928
(a)
TransDigm,
Inc.,
Term
Loan
K,
(TSFR3M
+
2.750%)
7
.049
03/22/30
4,056,295
4,122,503
(a)
Victory
Buyer
LLC,
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
11/20/28
4,000,126
TOTAL
CAPITAL
GOODS
141,349,496
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
7.8%
(4.9%
of
Total
Investments)
19,088,374
(a),(e)
Allied
Universal
Holdco
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.172
05/15/28
19,092,001
6,069,787
(a)
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
09/29/31
6,006,267
4,579,412
(a)
Anticimex
International
AB,
Term
Loan
B1,
(SOFR90A
+
3.150%)
7
.490
11/16/28
4,556,515
1,861,875
(a)
Anticimex
International
AB,
Term
Loan
B6,
(SOFR90A
+
3.400%)
7
.740
11/16/28
1,860,125
598,448
(a),(f)
Archkey
Solutions
LLC,
Delayed
Draw
Term
Loan
B
4
.750
11/03/31
597,700
1,772,861
(a)
CHG
Healthcare
Services
Inc.,
Term
Loan
B1,
(TSFR3M
+
3.000%)
7
.306
09/29/28
1,770,148
3,808,587
(a)
CoreLogic,
Inc.,
Term
Loan,
(TSFR1M
+
3.500%)
7
.936
06/02/28
3,766,540
5,970,692
(a)
Creative
Artists
Agency,
LLC
,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
10/01/31
5,950,959
1,436,166
(a)
Dayforce,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.280
03/03/31
1,437,961
7,406,745
(a)
Dun
&
Bradstreet
Corporation
(The),
Term
Loan,
(TSFR1M
+
2.250%)
6
.570
01/18/29
7,392,857
1,796,391
(a)
Ensemble
RCM,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.280
08/01/29
1,797,128
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES
(continued)
$
3,740,625
(a)
First
Advantage
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
%
10/31/31
$
3,719,584
4,928,392
(a)
Garda
World
Security
Corporation,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.292
02/01/29
4,893,894
3,300,000
(a)
GFL
Environmental
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.819
03/03/32
3,262,875
1,688,750
(a)
Herman
Miller,
Inc,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.436
07/19/28
1,657,508
1,000,000
(a),(g)
LABL,
Inc.,
First
Lien
Term
Loan,
(TBD)
TBD
TBD
866,150
4,265,132
(a)
OMNIA
Partners
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.033
07/25/30
4,253,574
7,280,013
(a)
Prime
Security
Services
Borrower,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.319
10/15/30
7,258,937
4,155,680
(a)
Reworld
Holding
Corp,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.579
11/30/28
4,144,418
320,098
(a)
Reworld
Holding
Corp,
Term
Loan
C,
(TSFR1M
+
2.250%)
6
.579
11/30/28
319,231
4,127,371
(a)
West
Corporation,
Term
Loan
B3,
(TSFR3M
+
4.000%)
8
.530
04/12/27
2,996,223
1,145,000
(a)
WIN
Waste
Innovations
Holdings,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
03/27/28
1,145,000
17,627,509
(a)
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.186
03/27/28
17,433,959
2,666,600
(a)
XPLOR
T1
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
06/24/31
2,666,600
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
108,846,154
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
4.7%
(2.9%
of
Total
Investments)
825,000
(a)
Academy,
Ltd.,
Term
Loan,
(TSFR1M
+
3.750%)
8
.188
11/08/27
823,280
4,012,835
(a)
Belron
Finance
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.052
10/16/31
4,008,381
8,983,442
(a)
CNT
Holdings
I
Corp,
Term
Loan,
(TSFR3M
+
2.500%)
6
.780
11/08/32
8,947,283
303,608
(a)
Driven
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.436
12/18/28
302,659
1,700,630
(a)
Gulfside
Supply
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.299
06/17/31
1,690,001
2,577,050
(a)
Johnstone
Supply
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.820
06/09/31
2,560,132
2,106,115
(a),(e)
LBM
Acquisition
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.179
06/06/31
1,999,936
3,081,683
(a)
LBM
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.172
12/20/27
3,046,182
2,430,208
(a)
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.817
04/23/31
2,415,784
2,462,904
(a)
Mister
Car
Wash
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
03/27/31
2,449,445
4,561,000
(a),(e)
Petco
Health
and
Wellness
Company,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.811
03/06/28
3,993,292
21,862,589
(a)
PetSmart,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.172
02/14/28
21,612,043
4,440,003
(a)
Restoration
Hardware,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.936
10/20/28
4,133,088
6,122,047
(a)
Wand
NewCo
3,
Inc.,
Repriced
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
01/30/31
6,047,235
1,822,432
(a)
White
Cap
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.575
10/31/29
1,780,945
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
65,809,686
CONSUMER
DURABLES
&
APPAREL
-
3.8%
(2.4%
of
Total
Investments)
6,374,416
(a)
ABG
Intermediate
Holdings
2
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
12/21/28
6,268,059
16,888,154
(a)
AI
Aqua
Merger
Sub,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.319
07/31/28
16,715,219
1,539,111
(a)
Hayward
Industries,
Inc.,
Term
Loan,
(TSFR1M
+
2.500%)
6
.936
05/30/28
1,535,587
1,000,000
(a)
Hunter
Douglas
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.549
01/20/32
977,710
107,759
(a)
Serta
Simmons
Bedding,
LLC,
New
Term
Loan,
(TSFR3M
+
7.500%)
11
.914
06/29/28
98,852
1,932,302
(a)
SRAM,
LLC
,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.570
02/27/32
1,879,164
3,366,563
(a)
Tempur
Sealy
International
Inc.,
Term
Loan
B,
(SOFR30A
+
2.500%)
6
.780
10/24/31
3,364,038
3,691,200
(a)
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
03/18/30
3,486,652
5,600,000
(a)
Varsity
Brands,
Inc.,
Term
Loan,
(TSFR3M
+
3.500%)
7
.819
08/26/31
5,517,764
260,982
(a)
Weber-Stephen
Products
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.672
10/29/27
244,562
11,115,289
(a),(e)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.686
10/29/27
10,469,213
2,290,000
(a)
WH
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.072
02/20/32
2,206,988
TOTAL
CONSUMER
DURABLES
&
APPAREL
52,763,808
Portfolio
of
Investments
April
30,
2025
(continued)
JFR
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
SERVICES
-
15.9%
(9.9%
of
Total
Investments)
$
29,901,909
(a)
101B.C.
Unlimited
Liability
Company,
Term
Loan
B6,
(TSFR1M
+
1.750%)
6
.072
%
09/23/30
$
29,665,983
863,917
(a)
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Delayed
Draw
Term
Loan,
(CME
Term
SOFR
3
Month
+
14.000%)
18
.568
09/29/26
355,649
1,639,707
(a)
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan,
(TSFR3M
+
5.000%),
(cash
9.590%,
PIK
5.000%)
9
.561
12/29/25
617,620
1,493,741
(a)
Allwyn
Entertainment
Financing
US
LLC,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.230
06/11/31
1,476,309
4,314,116
(a)
Alterra
Mountain
Company,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
08/17/28
4,319,509
1,073,687
(a)
Alterra
Mountain
Company,
Term
Loan
B7,
(TSFR1M
+
3.000%)
7
.322
05/31/30
1,076,372
9,782,600
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B,
(TSFR3M
+
2.250%)
6
.563
02/06/30
9,670,100
3,960,000
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B1,
(TSFR3M
+
2.250%)
6
.563
02/06/31
3,905,550
2,545,474
(a)
Carnival
Corporation,
Term
Loan
(2027),
(TSFR1M
+
2.000%)
6
.329
08/09/27
2,551,851
3,053,784
(a)
Carnival
Corporation,
Term
Loan
(2028),
(TSFR1M
+
2.000%)
6
.329
10/18/28
3,050,928
2,385,000
(a)
Catawba
Nation
Gaming
Authority,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.053
03/29/32
2,375,066
6,626,299
(a)
Churchill
Downs
Incorporated,
Incremental
Term
Loan
B1,
(TSFR1M
+
1.750%)
6
.072
03/17/28
6,601,451
4,173,541
(a)
Cinemark
USA,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.750%)
7
.060
05/24/30
4,174,418
15,134,563
(a)
ClubCorp
Holdings,
Inc.,
Term
Loan
B2,
(TSFR3M
+
5.000%)
9
.561
09/18/26
15,172,399
11,276,738
(a)
Crown
Finance
US,
Inc.,
Term
Loan
B,
(TSFR1M
+
5.250%)
9
.569
12/02/31
11,201,014
4,176,336
(a)
Delta
2
(LUX)
S.a.r.l.,
Term
Loan
B1,
(TSFR3M
+
2.000%)
6
.299
09/19/31
4,165,916
2,088,164
(a),(g)
Delta
2
Lux
Sarl,
(TBD)
TBD
TBD
2,082,954
12,157,604
(a)
Fertitta
Entertainment,
LLC,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.822
01/29/29
11,872,690
23,823,438
(a)
Flutter
Financing
B.V.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.049
11/29/30
23,518,259
2,896,487
(a)
GBT
US
III
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.783
07/28/31
2,873,156
5,762,999
(a)
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B3,
(TSFR3M
+
2.750%)
7
.053
10/31/29
5,767,783
10,242,367
(a)
Hilton
Domestic
Operating
Company,
Inc.,
Term
Loan
B4,
(TSFR1M
+
1.750%)
6
.077
11/08/30
10,223,419
2,167,627
(a)
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
08/02/28
2,132,576
18,264,783
(a)
IRB
Holding
Corp,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
12/15/27
18,152,090
10,763,967
(a)
Light
and
Wonder
International,
Inc.,
Term
Loan
B2,
(TSFR1M
+
2.250%)
6
.570
04/16/29
10,768,488
3,360,656
(a)
Motion
Finco
Sarl,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
11/30/29
3,184,927
3,000,814
(a)
PCI
Gaming
Authority,
Term
Loan,
(TSFR1M
+
2.000%)
6
.322
07/21/31
2,980,979
2,533,849
(a)
PENN
Entertainment,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
05/03/29
2,529,262
6,496,156
(a)
PG
Investment
Company
59
S.a
r.l.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.299
03/24/31
6,486,412
7,275,574
(a)
Scientific
Games
Holdings
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.285
04/04/29
7,221,007
4,402,243
(a)
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B3,
(TSFR1M
+
2.000%)
6
.322
12/04/31
4,358,220
2,208,313
(a)
Six
Flags
Entertainment
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
05/01/31
2,194,511
6,729,938
(a)
Spin
Holdco
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
8
.562
03/06/28
5,534,869
TOTAL
CONSUMER
SERVICES
222,261,737
ENERGY
-
2.9%
(1.8%
of
Total
Investments)
3,587,416
(a)
BCP
Renaissance
Parent
LLC,
Term
Loan
B3,
(TSFR3M
+
3.000%)
7
.299
10/31/28
3,586,071
1,977,381
(a)
EG
Group
Limited,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.563
02/07/28
1,980,910
2,119,687
(a)
Epic
Crude
Services,
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.256
10/15/31
2,120,069
14,049,325
(a),(e)
Freeport
LNG
Investments,
LLLP,
Term
Loan
A,
(TSFR3M
+
3.000%)
7
.531
11/16/26
13,972,545
6,022,085
(a)
Freeport
LNG
Investments,
LLLP,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.522
12/21/28
5,949,820
4,307,441
(a)
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.573
10/05/28
4,274,468
3,966,750
(a)
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
11/17/28
3,967,464
4,833,844
(a)
Traverse
Midstream
Partners
LLC,
Term
Loan,
(TSFR3M
+
3.000%)
7
.280
02/16/28
4,827,801
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
4
(a)
Whitewater
Whistler
Holdings,
LLC,
Refinancing
Term
Loan,
(TSFR3M
+
1.750%)
6
.049
%
02/15/30
$
4
TOTAL
ENERGY
40,679,152
FINANCIAL
SERVICES
-
1.0%
(0.6%
of
Total
Investments)
1,570,835
(a)
AqGen
Island
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
08/02/28
1,564,945
2,391,355
(a)
Aragorn
Parent
Corporation,
Term
Loan,
(TSFR1M
+
4.250%)
8
.570
12/15/28
2,397,930
2,000,000
(a)
Dechra
Pharmaceuticals
Holdings
Ltd,
Term
Loan
B,
(TSFR6M
+
3.250%)
7
.542
01/27/32
1,984,380
4,526,994
(a),(d),(h)
Ditech
Holding
Corporation,
Term
Loan
0
.000
06/30/26
453
497,503
(a)
Kestra
Advisor
Services
Holdings
A,
Inc.,
Repriced
Term
Loan,
(TSFR1M
+
3.000%)
7
.322
03/24/31
493,772
1,333,333
(a)
NCR
Atleos
LLC,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.030
04/16/29
1,337,500
1,915,549
(a)
Orion
Advisor
Solutions,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.030
10/09/30
1,915,558
3,746,234
(a)
WEX
Inc.,
Term
Loan
B2,
(TSFR1M
+
1.750%)
6
.072
04/03/28
3,716,976
TOTAL
FINANCIAL
SERVICES
13,411,514
FOOD,
BEVERAGE
&
TOBACCO
-
2.9%
(1.8%
of
Total
Investments)
6,334,911
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
10/01/25
6,018,166
295,408
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
4.750%)
9
.186
10/01/25
277,684
4,229,368
(a)
CHG
PPC
Parent
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7
.436
12/08/28
4,229,368
1,257,928
(a)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10
.506
04/05/28
484,302
3,291,752
(a)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8
.018
04/05/28
1,300,242
327,377
(a)
City
Brewing
Company,
LLC,
PIK
Super
Priority
Term
Loan,
(TSFR3M
+
9.000%)
13
.580
01/03/26
302,824
7,081,614
(a)
Fiesta
Purchaser,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
02/12/31
7,032,184
2,173,529
(a)
Froneri
Lux
Finco
Sarl,
Term
Loan
B4,
(TSFR6M
+
2.000%)
6
.237
09/30/31
2,160,944
6,295,552
(a)
Pegasus
BidCo
BV,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.573
07/12/29
6,291,617
129,310
(a),(f)
Sauer
Brands
Inc,
Delayed
Draw
Term
Loan
0
.000
02/19/32
129,007
1,370,690
(a)
Sauer
Brands
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
02/19/32
1,367,476
2,501,125
(a)
Sycamore
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.684
07/23/29
2,499,049
8,458,551
(a)
Triton
Water
Holdings,
Inc,
Term
Loan
B,
(TSFR3M
+
2.250%)
6
.549
03/31/28
8,404,627
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
40,497,490
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
15.2%
(9.4%
of
Total
Investments)
3,900,625
(a)
ADMI
Corp.,
Term
Loan
B5,
(TSFR1M
+
5.750%)
10
.072
12/23/27
3,855,124
6,263,195
(a)
AHP
Health
Partners,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
08/24/28
6,269,051
26,482,097
(a)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7
.670
05/10/27
26,215,687
1,311,713
(a)
Concentra
Health
Services
Inc,
Repriced
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
07/28/31
1,303,514
2,332,667
(a)
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
3.750%)
8
.049
06/25/29
2,329,016
4,576,900
(a)
EyeCare
Partners,
LLC,
Second
Out
Term
Loan
B,
(TSFR3M
+
TSFR6M
+
2.958%),
(cash
5.227%,
PIK
3.610%)
4
.014
11/30/28
3,556,640
7,623,824
(a)
Gainwell
Acquisition
Corp.,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.399
10/01/27
7,112,799
13,886,900
(a)
Global
Medical
Response,
Inc.,
PIK
Term
Loan,
(TSFR1M
+
5.500%)
9
.822
10/02/28
13,889,747
2,073,840
(a)
Insulet
Corporation,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
08/04/31
2,076,951
8,170,535
(a)
MedAssets
Software
Intermediate
Holdings,
Inc.,
First
Out
Term
Loan,
(TSFR1M
+
4.000%)
8
.320
12/18/28
7,897,353
32,950,372
(a),(e)
Medline
Borrower,
LP,
Add-on
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
10/23/28
32,766,674
6,938,735
(a)
National
Mentor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
TSFR3M
+
3.750%)
8
.160
03/02/28
6,636,622
154,648
(a)
National
Mentor
Holdings,
Inc.,
Term
Loan
C,
(TSFR3M
+
3.750%)
8
.149
03/02/28
147,915
4,740,313
(a)
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR1M
+
4.750%)
9
.186
02/28/28
4,738,843
5,845,000
(a),(g)
OPAL
US
LLC,
(TBD)
TBD
TBD
5,804,845
1,237,500
(a)
Pacific
Dental
Services,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.074
03/17/31
1,228,318
23,044,889
(a)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
11/15/28
22,942,685
Portfolio
of
Investments
April
30,
2025
(continued)
JFR
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
$
13,618,415
(a)
Phoenix
Guarantor
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
%
02/21/31
$
13,545,557
1,250,000
(a)
Radiology
Partners
Inc,
Extended
Term
Loan
B,
(TSFR3M
+
2.500%),
(cash
8.090%,
PIK
1.500%)
4
.795
01/31/29
1,212,344
1,980,050
(a)
Resonetics,
LLC,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.545
06/18/31
1,966,160
2,641,795
(a)
Select
Medical
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
12/03/31
2,640,976
411,001
(a)
Sound
Inpatient
Physicians,
Tranche
A
Term
Loan
(First
Out),
(TSFR3M
+
3.250%),
(cash
10.061%,
PIK
1.000%)
5
.530
06/28/28
426,670
6,279,199
(a)
Sound
Inpatient
Physicians,
Tranche
B
Term
Loan
(Second
Out),
(TSFR3M
+
2.500%),
(cash
8.090%,
PIK
1.500%)
4
.780
06/28/28
5,714,071
2,209,000
(a),(g)
Star
Parent,
Inc.,
Term
Loan
B,
(TBD)
TBD
TBD
2,141,360
21,377,230
(a)
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.070
12/19/30
21,343,882
7,691,890
(a)
Team
Health
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
5.250%)
9
.530
03/02/27
7,506,362
2,319,002
(a)
US
Radiology
Specialists,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.049
12/15/27
2,322,632
3,976,434
(a)
Viant
Medical
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.322
10/29/31
3,981,822
62,225
(a),(d)
Vyaire
Medical,
Inc.,
PIK
Roll
Up
Term
Loan
0
.000
06/14/25
6
1,403,005
(a),(d),(h)
Vyaire
Medical,
Inc.,
Term
Loan
B
0
.000
04/16/25
140
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
211,573,766
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.1%
(0.1%
of
Total
Investments)
2,000,000
(a),(g)
VC
GB
Holdings
I
Corp.,
First
Lien
Term
Loan,
(TBD)
TBD
TBD
1,914,070
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
1,914,070
INSURANCE
-
10.8%
(6.7%
of
Total
Investments)
13,229,008
(a)
Acrisure,
LLC,
First
Lien
Term
Loan
B6,
(TSFR1M
+
3.000%)
7
.322
11/06/30
13,105,053
17,436,070
(a)
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6,
(TSFR1M
+
2.750%)
7
.073
09/19/31
17,335,289
3,067,312
(a)
AmWINS
Group,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
01/30/32
3,055,580
9,147,712
(a)
AssuredPartners,
Inc.,
Incremental
Term
Loan
B5,
(TSFR1M
+
3.500%)
7
.822
02/14/31
9,158,689
4,455,000
(a),(g)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(TBD)
TBD
TBD
4,175,761
253,191
(a)
Asurion
LLC,
Term
Loan
B11,
(TSFR1M
+
4.250%)
8
.672
08/21/28
246,093
14,832,030
(a)
Asurion
LLC,
Term
Loan
B8,
(TSFR1M
+
3.250%)
7
.686
12/23/26
14,736,956
2,868,333
(a)
Asurion
LLC,
Term
Loan
B9,
(TSFR1M
+
3.250%)
7
.686
07/30/27
2,810,579
21,914,929
(a),(e)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.000%)
7
.322
06/16/31
21,839,213
3,030,500
(a)
Evertec
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
10/15/30
3,030,500
22,993,242
(a)
HUB
International
Limited,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.769
06/20/30
22,872,298
1,584,155
(a)
Ryan
Specialty
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
09/15/31
1,580,693
8,671,668
(a)
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.313
07/31/31
8,641,187
11,954,718
(a)
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.049
05/06/31
11,840,191
5,196,270
(a)
USI,
Inc.,
Term
Loan
C,
(TSFR3M
+
2.250%)
6
.549
09/27/30
5,170,289
10,836,239
(a)
USI,
Inc.,
Term
Loan
D,
(TSFR3M
+
2.250%)
6
.549
11/23/29
10,783,033
TOTAL
INSURANCE
150,381,404
MATERIALS
-
6.9%
(4.3%
of
Total
Investments)
2,693,098
(a)
Arsenal
AIC
Parent
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
08/19/30
2,661,454
3,930,630
(a),(e)
Berlin
Packaging
LLC,
Term
Loan
B7,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.811
06/09/31
3,908,245
3,566,688
(a)
Charter
NEX
US,
Inc.,
Term
Loan
B1,
(TSFR1M
+
2.750%)
7
.071
12/02/30
3,560,446
222,302
(a),(f)
Clydesdale
Acquisition
Holdings
Inc,
Delayed
Draw
Term
Loan,
(N/A
+
TSFR3M
+
1.625%)
3
.740
03/29/32
220,775
7,783,125
(a)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.175%)
7
.497
04/13/29
7,738,878
12,715,698
(a)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.492
03/29/32
12,628,341
4,103,000
(a)
CPC
Acquisition
Corp,
Term
Loan,
(TSFR3M
+
3.750%)
8
.311
12/29/27
3,505,501
8,529,322
(a)
Discovery
Purchaser
Corporation,
Term
Loan,
(TSFR3M
+
3.750%)
8
.022
10/04/29
8,495,204
983,644
(a)
ECO
Services
Operations
Corp,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.280
06/12/31
969,504
2,475,000
(a)
Fortis
333,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.803
04/02/32
2,428,594
3,981,681
(a)
INEOS
Quattro
Holdings
UK
Ltd,
First
Lien
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.672
03/29/29
3,424,246
776,524
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan,
(TSFR1M
+
3.750%)
8
.172
03/01/30
660,045
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
$
1,552,000
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.572
%
10/07/31
$
1,311,440
801,030
(a),(e)
Ineos
US
Finance
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
02/07/31
743,288
2,706,058
(a)
Ineos
US
Finance
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
02/19/30
2,539,636
4,318,890
(a)
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B,
(TSFR6M
+
4.725%)
9
.227
02/09/26
3,907,515
280,000
(a)
Knife
River
HoldCo,
Term
Loan,
(TSFR3M
+
2.000%)
6
.292
03/08/32
280,350
2,919,639
(a)
Lonza
Group
AG,
Term
Loan
B,
(TSFR3M
+
3.925%)
8
.324
07/03/28
2,678,769
7,978,980
(a)
Nouryon
Finance
B.V.,
Term
Loan
B1,
(TSFR3M
+
3.250%)
7
.553
04/03/28
7,939,085
641,904
(a)
Nouryon
Finance
B.V.,
Term
Loan
B2,
(TSFR3M
+
3.250%)
7
.554
04/03/28
638,694
681,221
(a)
Plaze,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
08/03/26
637,552
5,236,519
(a)
Proampac
PG
Borrower
LLC,
Term
Loan,
(TSFR3M
+
4.000%)
8
.290
09/15/28
5,167,135
3,885,750
(a)
SupplyOne,
Inc,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.072
04/21/31
3,868,750
12,896,617
(a)
TricorBraun
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
7
.686
03/03/28
12,737,924
392,308
(a),(f)
USALCO,
LLC,
Delayed
Draw
Term
Loan
1
.000
09/30/31
392,143
3,798,173
(a)
USALCO,
LLC,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.299
09/30/31
3,796,578
TOTAL
MATERIALS
96,840,092
MEDIA
&
ENTERTAINMENT
-
6.2%
(3.8%
of
Total
Investments)
4,001,528
(a)
Advantage
Sales
&
Marketing,
Inc.,
Term
Loan,
(TSFR3M
+
4.250%)
8
.789
10/28/27
3,541,552
14,091,615
(a),(e)
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
(TSFR1M
+
7.000%)
11
.320
01/04/29
13,912,581
2,887,499
(a)
Cable
One,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.000%)
6
.436
05/03/28
2,831,554
3,241,546
(a)
Cengage
Learning,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.826
03/24/31
3,231,967
853,561
(a)
Century
De
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.780
10/30/30
851,965
1,317,524
(a)
Checkout
Holding
Corp.,
Exit
Term
Loan,
(TSFR3M
+
9.500%)
13
.769
05/24/30
1,271,410
14,291,052
(a)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
4.000%)
8
.436
08/23/28
13,901,621
4,113,418
(a)
CMG
Media
Corporation,
Term
Loan,
(TSFR3M
+
3.500%)
7
.899
06/18/29
3,896,826
8,979,771
(a),(e)
CSC
Holdings,
LLC,
Term
Loan
B5,
(Prime
+
1.500%)
9
.000
04/15/27
8,664,896
9,497,174
(a)
CSC
Holdings,
LLC,
Term
Loan
B6,
(TSFR1M
+
4.500%)
8
.822
01/18/28
9,265,015
1,743,987
(a)
DirecTV
Financing,
LLC,
Term
Loan,
(TSFR3M
+
5.000%)
9
.541
08/02/27
1,746,245
3,714,880
(a)
Dotdash
Meredith
Inc,
Term
Loan,
(TSFR1M
+
3.500%)
7
.824
12/01/28
3,612,721
4,455,031
(a)
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
08/06/31
4,449,864
1,181,950
(a)
Mission
Broadcasting,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.938
06/02/28
1,175,485
1,417,606
(a)
Nexstar
Broadcasting,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.500%)
6
.936
09/18/26
1,419,598
2,117,445
(a)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.319
02/10/31
2,109,240
2,089,978
(a)
Project
Ruby
Ultimate
Parent
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.436
03/10/28
2,085,129
1,540,578
(a)
Red
Ventures,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.075
03/04/30
1,498,983
2,568,046
(a)
Sunrise
Financing
Partnership,
Term
Loan
AAA,
(TSFR3M
+
2.500%)
6
.793
02/17/32
2,558,416
3,700,000
(a)
Virgin
Media
Bristol
LLC,
Term
Loan
Q,
(TSFR1M
+
3.250%)
7
.686
01/31/29
3,653,953
513,000
(a)
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
(TSFR6M
+
3.175%)
7
.373
03/31/31
499,649
TOTAL
MEDIA
&
ENTERTAINMENT
86,178,670
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
1.8%
(1.1%
of
Total
Investments)
3,277,731
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan
B,
(TSFR1M
+
5.500%)
9
.822
05/04/28
3,290,235
1,745,385
(a)
Elanco
Animal
Health
Incorporated,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.174
08/02/27
1,737,749
14,008,854
(a)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
05/05/28
13,978,805
4,577,742
(a)
Organon
&
Co,
Term
Loan,
(TSFR1M
+
2.250%)
6
.570
05/19/31
4,394,632
1,608,803
(a)
Perrigo
Investments,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
04/20/29
1,608,136
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
25,009,557
Portfolio
of
Investments
April
30,
2025
(continued)
JFR
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.4%
(0.8%
of
Total
Investments)
$
4,718,159
(a)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B1,
(TSFR1M
+
2.750%)
7
.072
%
01/31/30
$
4,703,415
3,768,438
(a)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Tranche
2
Incremental
Term
Loan,
(TSFR1M
+
3.250%)
7
.572
01/31/30
3,774,731
10,898,000
(a),(e)
Forest
City
Enterprises,
L.P.,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.936
12/08/25
10,515,044
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
18,993,190
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.2%
(0.1%
of
Total
Investments)
3,000,000
(a)
Instructure
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
3.000%)
7
.315
11/13/31
2,987,115
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
2,987,115
SOFTWARE
&
SERVICES
-
25.6%
(16.0%
of
Total
Investments)
3,960,973
(a)
Ahead
DB
Holdings,
LLC,
Term
Loan
B3,
(TSFR3M
+
3.000%)
7
.299
02/03/31
3,940,554
1,421,533
(a)
Apttus
Corporation,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.780
05/08/28
1,424,646
2,457,000
(a),(g)
Asurion
LLC,
Term
Loan
B4,
Second
Lien,
(TBD)
TBD
TBD
2,263,511
4,950,000
(a)
Avalara,
Inc,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.553
03/29/32
4,929,903
10,114,888
(a)
Avaya,
Inc.,
Exit
Term
Loan,
(TSFR1M
+
3.750%),
(cash
11.822%,
PIK
7.500%)
5
.911
08/01/28
7,938,063
3,989,926
(a)
Axalta
Coating
Systems
U.S.
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.049
12/20/29
3,994,495
4,125,000
(a)
BCPE
Pequod
Buyer
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.822
11/25/31
4,118,132
17,618,842
(a)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.299
01/31/31
17,604,131
20,457,475
(a)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
07/30/31
20,084,331
5,676,356
(a)
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
01/31/31
5,612,497
847,761
(a)
CCC
Intelligent
Solutions
Inc.,
Term
Loan,
(TSFR1M
+
2.000%)
6
.322
01/23/32
847,761
995,000
(a),(g)
Cloud
Software
Group
Inc,
(TBD)
TBD
TBD
985,050
3,875,000
(a)
Cotiviti
Corporation,
2nd
Amendment
Term
Loan,
(TSFR1M
+
2.750%)
7
.077
03/29/32
3,799,108
13,672,871
(a)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
2.750%)
7
.074
05/01/31
13,425,050
8,250,000
(a)
Darktrace
PLC,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.458
10/09/31
8,211,637
1,615,881
(a)
Drake
Software,
LLC,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.549
06/26/31
1,559,325
2,438,446
(a)
DTI
Holdco,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.322
04/26/29
2,403,783
22,551,307
(a)
Epicor
Software
Corporation,
Term
Loan
E,
(TSFR1M
+
2.750%)
7
.072
05/30/31
22,471,926
2,555,000
(a)
FNZ
Group
Services
Ltd,
Term
Loan
B,
(TSFR3M
+
5.000%)
9
.291
11/05/31
2,133,425
3,155,145
(a)
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.072
06/27/31
3,095,986
9,372,625
(a)
Gen
Digital
Inc.,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.072
09/12/29
9,307,532
15,220,852
(a)
Genesys
Cloud
Services
Holdings
II
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
01/30/32
15,038,507
12,464,500
(a)
Informatica
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
10/30/28
12,464,500
3,882,000
(a),(e)
Javelin
Buyer,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.563
12/08/31
3,874,120
6,125,000
(a)
Kaseya
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
03/22/32
6,089,996
3,179,045
(a)
Marcel
LUX
IV
SARL,
Term
Loan
B7,
(SOFR30A
+
3.500%)
7
.830
11/13/30
3,183,019
14,869,077
(a)
McAfee,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.319
03/01/29
14,017,227
14,407,121
(a)
Mitchell
International,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.250%)
7
.572
06/17/31
14,238,054
8,894,770
(a)
Open
Text
Corporation,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.072
01/31/30
8,879,204
2,520,950
(a)
Perforce
Software,
Inc.,
Add-on
Term
Loan,
(TSFR1M
+
4.750%)
9
.072
03/24/31
2,382,298
2,319,187
(a)
PointClickCare
Technologies,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.549
11/03/31
2,318,469
3,818,000
(a),(g)
Polaris
Newco
LLC,
Term
Loan
B,
(TBD)
TBD
TBD
3,690,937
7,627,670
(a)
Press
Ganey
Holdings,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
04/30/31
7,591,667
748,120
(a),(g)
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien
Term
Loan
B,
(TBD)
TBD
TBD
745,992
9,310,883
(a)
Proofpoint,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.322
08/31/28
9,266,097
5,799,617
(a)
Rackspace
Finance,
LLC,
First
Lien
First
Out
Term
Loan,
(TSFR1M
+
6.250%)
10
.685
05/15/28
5,773,055
12,872,687
(a)
Rackspace
Finance,
LLC,
First
Lien
Second
Out
Term
Loan,
(TSFR1M
+
2.750%)
7
.185
05/15/28
5,313,202
6,889,726
(a)
Rocket
Software,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.572
11/28/28
6,852,383
9,659,553
(a)
Sophia,
L.P.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
10/29/29
9,633,666
2,640,674
(a)
SS&C
Technologies
Inc.,
Term
Loan
B8,
(TSFR1M
+
2.000%)
6
.322
05/09/31
2,640,740
3,500,000
(a)
Synechron
Inc,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.030
10/03/31
3,465,000
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE
&
SERVICES
(continued)
$
3,040,455
(a)
Syniverse
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
7.000%)
11
.299
%
05/13/27
$
2,912,817
4,348,729
(a)
Tempo
Acquisition
LLC,
Repriced
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.072
08/31/28
4,320,527
14,856,352
(a),(e)
Twitter,
Inc.,
Term
Loan,
(TSFR3M
+
6.500%)
10
.949
10/29/29
14,423,661
24,899,787
(a)
UKG
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.320
02/10/31
24,843,264
4,157,573
(a)
Vision
Solutions,
Inc.,
Incremental
Term
Loan,
(TSFR3M
+
4.000%)
8
.541
04/24/28
3,876,936
2,716,367
(a)
VS
Buyer,
LLC,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.019
04/14/31
2,707,892
1,872,927
(a)
World
Wide
Technology
Holding
Co.
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.579
03/01/30
1,868,244
5,010,000
(e)
X
Corp
9
.500
10/29/29
4,894,144
14,002,560
(a)
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
09/28/29
13,707,946
7,152,147
(a)
ZoomInfo
LLC,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.072
02/28/30
7,003,168
TOTAL
SOFTWARE
&
SERVICES
358,167,578
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
5.0%
(3.1%
of
Total
Investments)
36,260,869
(a),(e)
CommScope,
Inc.,
Term
Loan,
(TSFR1M
+
5.250%)
9
.572
12/17/29
35,682,871
475,000
(a)
Delta
TopCo,
Inc.,
2nd
Lien
Term
Loan,
(TSFR3M
+
5.250%)
9
.569
12/02/30
470,250
15,302,298
(a)
Delta
TopCo,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.069
12/03/29
15,213,085
3,459,147
(a)
II-VI
Incorporated,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
07/02/29
3,427,443
2,522,231
(a)
Ingram
Micro
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.053
09/22/31
2,524,602
6,990,173
(a),(h)
MLN
US
HoldCo
LLC,
First
Lien
Term
Loan,
(TSFR3M
+
4.500%)
4
.405
12/01/25
52,601
4,060,847
(a),(h)
MLN
US
HoldCo
LLC,
Second
Out
Term
Loan,
(Prime
+
6.800%)
0
.000
10/18/27
20,507
2,447,213
(a)
Riverbed
Technology,
Inc.,
PIK
Term
Loan,
(TSFR3M
+
2.250%)
4
.400
07/03/28
1,352,697
10,206,638
(a)
Verifone
Systems,
Inc.,
Term
Loan,
(TSFR3M
+
5.500%)
10
.211
08/21/28
9,098,759
491,000
(a),(g)
Viasat
Inc,
Term
Loan,
(TBD)
TBD
TBD
462,016
2,135,000
(a),(e)
ViaSat,
Inc.,
Term
Loan,
(TSFR1M
+
4.500%)
8
.943
05/30/30
1,954,710
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
70,259,541
TELECOMMUNICATION
SERVICES
-
8.3%
(5.2%
of
Total
Investments)
7,446,778
(a)
Altice
France
S.A.,
Term
Loan
B12,
(Prime
+
2.688%)
10
.188
02/02/26
6,539,202
11,742,649
(a)
Altice
France
S.A.,
Term
Loan
B13,
(Prime
+
3.000%)
10
.500
08/14/26
10,313,334
4,704,376
(a),(e)
Altice
France
S.A.,
Term
Loan
B14,
(TSFR3M
+
5.500%)
9
.756
08/31/28
4,253,932
7,036,067
(a)
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(TSFR1M
+
2.750%)
7
.072
11/24/28
7,004,405
1,227,000
(a),(g)
Connect
Finco
Sarl,
Term
Loan
B,
(TBD)
TBD
TBD
1,105,840
876,023
(a),(d)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0
.000
05/01/25
4,818
6,988,665
(a)
Digicel
International
Finance
Limited,
Term
Loan,
(TSFR3M
+
3.750%),
(cash
11.791%,
PIK
1.500%)
5
.890
05/27/27
6,906,303
7,421,400
(a)
Frontier
Communications
Corp.,
Term
Loan
B,
(TSFR6M
+
2.500%)
6
.792
07/01/31
7,396,687
9,339,000
(a),(g)
Level
3
Financing
Inc,
(TBD)
TBD
TBD
9,333,163
12,729,097
(a)
Lumen
Technologies,
Inc.,
Extended
Term
Loan
B2,
(TSFR1M
+
2.350%)
6
.786
04/15/30
12,163,352
7,124,079
(a)
Lumen
Technologies,
Inc.,
Term
Loan
A,
(TSFR1M
+
6.000%)
10
.322
06/01/28
7,116,670
2,489,908
(a)
Numericable
Group
SA,
Term
Loan
B11,
(Prime
+
1.750%)
9
.250
07/31/25
2,176,890
32,061,000
(a),(e)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.436
03/09/27
29,916,921
12,234,274
(a)
Ziggo
Financing
Partnership,
Term
Loan
I,
(TSFR1M
+
2.500%)
6
.936
04/28/28
12,063,300
TOTAL
TELECOMMUNICATION
SERVICES
116,294,817
TRANSPORTATION
-
2.4%
(1.5%
of
Total
Investments)
509,850
(a)
Air
Canada,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.323
03/21/31
504,805
895,397
(a)
American
Airlines,
Inc.,
First
Lien
Term
Loan,
(TSFR6M
+
1.750%)
5
.984
01/29/27
879,588
4,308,527
(a)
American
Airlines,
Inc.,
Term
Loan,
(TSFR3M
+
2.250%)
6
.519
04/20/28
4,226,773
3,318,719
(a)
Brown
Group
Holding,
LLC,
Incremental
Term
Loan
B2,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.809
07/01/31
3,289,299
6,336,712
(a)
Brown
Group
Holding,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
07/01/31
6,281,678
2,380,510
(a)
First
Student
Bidco
Inc,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.799
07/21/28
2,373,630
728,004
(a)
First
Student
Bidco
Inc,
Term
Loan
C,
(TSFR3M
+
2.500%)
6
.799
07/21/28
725,900
3,621,651
(a)
KKR
Apple
Bidco,
LLC,
Term
Loan,
(TSFR1M
+
2.500%)
6
.822
09/23/31
3,585,109
4,405,524
(a)
SkyMiles
IP
Ltd.,
Skymiles
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.022
10/20/27
4,453,258
3,750,000
(a)
Stonepeak
Nile
Parent
LLC,
Term
Loan
B,
(Prime
+
1.750%)
9
.250
04/12/32
3,692,194
2,925,475
(a)
United
Airlines,
Inc.,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.275
02/24/31
2,922,286
TOTAL
TRANSPORTATION
32,934,520
Portfolio
of
Investments
April
30,
2025
(continued)
JFR
12
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
-
2.0%
(1.3%
of
Total
Investments)
$
2,625,610
(a)
Constellation
Renewables,
LLC,
Term
Loan,
(TSFR3M
+
2.250%)
6
.563
%
12/15/27
$
2,627,868
1,685,000
(a),(g)
Cornerstone
Generation
LLC,
(TBD)
TBD
TBD
1,688,859
669,937
(a)
EFS
Cogen
Holdings
I
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
10/03/31
671,264
2,250,000
(a)
Long
Ridge
Energy
LLC,
Term
Loan
B,
(TSFR1M
+
4.500%)
8
.822
02/19/32
2,134,687
9,137,100
(a)
Talen
Energy
Supply,
LLC,
Incremental
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.818
12/15/31
9,123,257
10,296,996
(a)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.818
05/17/30
10,284,125
1,678,631
(a)
Thunder
Generation
Funding
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.299
10/03/31
1,679,680
TOTAL
UTILITIES
28,209,740
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$1,937,089,590)
1,900,096,051
SHARES
DESCRIPTION
VALUE
549305
WARRANTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
549305
TELECOMMUNICATION
SERVICES
-
0.0%
(0.0%
of
Total
Investments)
7
Intelsat
SA/Luxembourg
21
TOTAL
TELECOMMUNICATION
SERVICES
21
TRANSPORTATION
-
0.0%
(0.0%
of
Total
Investments)
2,411
ACBL
HLDG
CORP
109,700
6,822
ACBL
HLDG
CORP
416,142
26,910
(d)
American
Commercial
Barge
Line
LLC
6,728
47,754
(d)
American
Commercial
Barge
Line
LLC
16,714
TOTAL
TRANSPORTATION
549,284
TOTAL
WARRANTS
(Cost
$1,169,934)
549,305
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$2,222,853,396)
2,148,676,220
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM
INVESTMENTS
-
 6.7%(4.2%
of
Total
Investments)
INVESTMENT
COMPANIES
-
6.7%
(4.2%
of
Total
Investments)
–
93,843,340
BlackRock
Liquidity
Funds
T-Fund
4.517(i)
93,843,340
TOTAL
INVESTMENT
COMPANIES
(Cost
$93,843,340)
93,843,340
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$93,843,340)
93,843,340
TOTAL
INVESTMENTS
-
160
.6
%
(Cost
$
2,316,696,736
)
2,242,519,560
BORROWINGS
-
(34.2)%
(j),(k)
(
477,200,000
)
TFP
SHARES,
NET
-
(20.3)%(l)
(
283,835,608
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  (6.1)%
(
85,165,797
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
1,396,318,155
LIBOR
London
Inter-Bank
Offered
Rate
M
Month
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
SOFR30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
TSFR6M
CME
Term
Secured
Overnight
Financing
Rate
6
Month
13
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(a)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$184,099,221
or
8.2%
of
Total
Investments.
(c)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
(f)
Investment,
or
portion
of
investment,
represents
an
outstanding
unfunded
senior
loan
commitment.
(g)
When-issued
or
delayed
delivery
security.
(h)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(i)
The
rate
shown
is
the
annualized
seven-day
subsidized
yield
as
of
end
of
the
reporting
period.
(j)
Borrowings
as
a
percentage
of
Total
Investments
is
21.3%.
(k)
The
Fund
segregates
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
(l)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
12.7%.
JFR
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$25
Par
(or
similar)
Retail
Preferred
$
–
$
592,432
$
–
$
592,432
Asset-Backed
Securities
–
8,649,237
–
8,649,237
Common
Stocks
4,316,201
14,387,674
595,628
19,299,503
Corporate
Bonds
–
219,489,692
–
219,489,692
Variable
Rate
Senior
Loan
Interests
–
1,900,090,634
5,417
1,900,096,051
Warrants
–
525,863
23,442
549,305
Short-Term
Investments:
Investment
Companies
93,843,340
–
–
93,843,340
Total
$
98,159,541
$
2,143,735,532
$
624,487
$
2,242,519,560