NPORT-EX 2 kabf2.htm SCHEDULE OF INVESTMENTS

Asset-Based Finance Fund
      
January 31, 2026
         

Consolidated Schedule of Investments (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
(in thousands, except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Issuer
 
Asset
 
Reference Rate & Spread
 
Maturity
Date
 
Currency
 
 
Par
 
 
  
Fair Value
 
Footnotes
Leveraged Loans - 30.59%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Aerospace & Defense - 0.04%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Ultra Electronics Holdings Ltd
 
TL 1L B 11/21
 
SOFR + 3.75%
 
8/3/2029
 
USD
 
 
97
 
 
 $
                    97
 
 
        Ultra Electronics Holdings Ltd
 
TL 1L B 11/21
 
EURIBOR + 3.75%
 
8/6/2029
 
EUR
 
 
104
 
 
  
                     124
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Air Freight & Logistics - 0.08%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        CSafe Global
 
Revolver 1L 03/24
 
SOFR + 5.75%
 
3/8/2029
 
USD
 
 
36
 
 
  
                       12
 
(a) (b) (f)
        CSafe Global
 
TL 1L 03/24
 
SONIA + 5.75%
 
12/14/2028
 
GBP
 
 
48
 
 
  
                       66
 
(a) (b)
        CSafe Global
 
TL 1L 03/24 Incremental
 
SOFR + 5.75%
 
12/14/2028
 
USD
 
 
343
 
 
  
                     343
 
(a) (b)
        CSafe Global
 
TL 1L DD 03/24
 
SOFR + 5.75%
 
12/14/2028
 
USD
 
 
15
 
 
  
                       15
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Alternative Carriers - 1.52%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Lumen Technologies Inc
 
TL 1L B2 03/24
 
SOFR + 2.35%
 
4/15/2030
 
USD
 
 
4,920
 
 
  
                  4,915
 
 
        Zayo Group LLC
 
TL 1L 09/25
 
SOFR + 3.00%
 
3/11/2030
 
USD
 
 
3,364
 
 
  
                  3,244
 
(c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Application Software - 1.28%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Granicus Inc
 
Revolver 1L 01/24
 
SOFR + 5.25%
 
1/17/2031
 
USD
 
 
23
 
 
  
                         3
 
(a) (b) (f)
        Granicus Inc
 
TL 1L 01/24
 
2.00% PIK, SOFR + 3.50%
 
1/17/2031
 
USD
 
 
167
 
 
  
                     167
 
(a) (b) (c)
        Granicus Inc
 
TL 1L DD 01/24
 
2.00% PIK, SOFR + 3.00%
 
1/17/2031
 
USD
 
 
25
 
 
  
                       25
 
(a) (b) (c)
        Qlik Technologies Inc
 
TL 1L 11/24
 
SOFR + 3.25%
 
10/26/2030
 
USD
 
 
3,978
 
 
  
                  3,709
 
 
        Qualtrics International Inc
 
TL 1L B2 02/25
 
SOFR + 2.25%
 
6/28/2030
 
USD
 
 
3,032
 
 
  
                  2,941
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Broadcasting - 1.65%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        NEP Broadcasting LLC
 
TL 1L B 09/25
 
SOFR + 4.50%
 
10/17/2031
 
USD
 
 
9,361
 
 
  
                  8,604
 
 
        SCRIPPS SPV LLC
 
Revolver 1L 04/25
 
SOFR + 6.25%
 
3/31/2028
 
USD
 
 
381
 
 
  
                     230
 
(b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Building Products - 0.77%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Oldcastle Buildingenvelope Inc
 
TL 1L B 04/22
 
SOFR + 4.25%
 
4/29/2029
 
USD
 
 
5,347
 
 
  
                  4,109
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Commercial Printing - 0.01%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Multi-Color Corp
 
TL 1L B 10/21
 
EURIBOR + 5.00%
 
10/30/2028
 
EUR
 
 
134
 
 
  
                       74
 
(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Commodity Chemicals - 0.26%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        SI Group Inc
 
TL 1L 12/25
 
5.00% PIK, SOFR + 1.00%
 
12/31/2030
 
USD
 
 
1,424
 
 
  
                  1,417
 
(a) (b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Construction & Engineering - 1.34%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Fortna AR LLC
 
Revolver 1L 01/25
 
SOFR + 4.75%
 
6/1/2029
 
USD
 
 
513
 
 
  
                     342
 
(a) (b) (f)
        Wood Group Receivables LLC
 
Revolver 1L 09/25
 
SOFR + 5.50%
 
10/31/2028
 
USD
 
 
14,363
 
 
  
                  6,863
 
(a) (b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Construction Machinery & Heavy Transportation Equipment - 1.21%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Accuride Corp
 
TL 1L 03/25
 
3.00% PIK, SOFR + 1.50%
 
3/7/2030
 
USD
 
 
3,307
 
 
  
                  6,321
 
(a) (b) (c)
        Shaw Development LLC
 
TL 1L 10/23
 
SOFR + 6.00%
 
10/30/2029
 
USD
 
 
146
 
 
  
                     145
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Consumer Finance - 0.66%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Discover Financial Services
 
TL 1L DD 09/24
 
15.00%
 
9/6/2034
 
USD
 
 
729
 
 
  
                     729
 
(a) (b)
        Navient Corp
 
TL 06/25 Class B
 
SOFR + 2.20%
 
6/15/2072
 
USD
 
 
1,442
 
 
  
                  1,443
 
(a) (b)
        Navient Corp
 
TL 06/25 Class C
 
SOFR + 3.15%
 
6/15/2072
 
USD
 
 
1,154
 
 
  
                  1,155
 
(a) (b)
        Sallie Mae Levered
 
TL DD B 11/25
 
SOFR + 2.75%
 
11/22/2032
 
USD
 
 
252
 
 
  
                     213
 
(b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Data Processing & Outsourced Services - 0.12%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Encora Digital LLC
 
TL 1L 12/21
 
9.75% PIK
 
12/20/2029
 
USD
 
 
645
 
 
  
                     638
 
(a) (b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Chemicals - 0.11%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Styron Receivables Funding Designated Activity Company
 
Revolver 1L 07/24
 
SOFR + 4.75%
 
1/18/2028
 
USD
 
 
732
 
 
  
                     583
 
(b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Support Services - 0.14%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Apex Service Partners LLC
 
Revolver 1L 09/24
 
SOFR + 5.00%
 
10/24/2029
 
USD
 
 
26
 
 
  
                         9
 
(a) (b) (f)
        Apex Service Partners LLC
 
DDTL 1L 09/24
 
SOFR + 5.00%
 
10/24/2030
 
USD
 
 
77
 
 
  
                       78
 
(a) (b)
        Apex Service Partners LLC
 
TL 1L 09/24
 
SOFR + 5.00%
 
10/24/2030
 
USD
 
 
299
 
 
  
                     302
 
(a) (b)
        Apex Service Partners LLC
 
TL Unsec 10/23
 
14.25% PIK
 
4/23/2031
 
USD
 
 
88
 
 
  
                       91
 
(a) (b) (c)
        Apex Service Partners LLC
 
TL Unsec DD 10/23
 
14.25% PIK
 
4/23/2031
 
USD
 
 
43
 
 
  
                       44
 
(a) (b) (c)
        Service Express Inc
 
Revolver 1L 12/25
 
SOFR + 4.50%
 
12/23/2032
 
USD
 
 
27
 
 
  
                         1
 
(a) (b) (f)
        Service Express Inc
 
TL 1L A 12/25
 
SOFR + 4.50%
 
12/23/2032
 
USD
 
 
205
 
 
  
                     205
 
(a) (b)
        Service Express Inc
 
TL 1L DD 12/25
 
SOFR + 4.50%
 
12/23/2032
 
USD
 
 
37
 
 
  
                        -
 
(a) (b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Electrical Components & Equipment - 2.11%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Sunrun Charis Portfolio 2023 LLC
 
TL 1L 07/23
 
6.93%
 
7/30/2053
 
USD
 
 
5,042
 
 
  
                  5,232
 
(b)
        Sunrun Romulus Portfolio 2024 LLC
 
TL 1L 02/24
 
6.48%
 
1/31/2054
 
USD
 
 
5,962
 
 
  
                  6,080
 
(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Environmental & Facilities Services - 0.32%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        48Forty Solutions LLC
 
Revolver 1L 01/26
 
SOFR + 4.75%
 
1/14/2031
 
USD
 
 
264
 
 
  
                        -
 
(a) (b) (f)
        48Forty Solutions LLC
 
TL 1L 01/26 (3rd Out)
 
SOFR + 5.25%
 
1/14/2031
 
USD
 
 
881
 
 
  
                     881
 
(a) (b)
        48Forty Solutions LLC
 
TL 1L 01/26 (Second Out)
 
SOFR + 5.00%
 
1/14/2031
 
USD
 
 
690
 
 
  
                     690
 
(a) (b)
        48Forty Solutions LLC
 
TL 1L DD 01/26
 
SOFR + 4.75%
 
1/14/2031
 
USD
 
 
66
 
 
  
                        -
 
(a) (b) (f)
        Arcwood Environmental (fka Heritage Environmental Services Inc)
 
Revolver 1L 01/24
 
SOFR + 5.25%
 
1/31/2030
 
USD
 
 
23
 
 
  
                        -
 
(a) (b) (f)
        Arcwood Environmental (fka Heritage Environmental Services Inc)
 
TL 1L 01/24
 
SOFR + 5.25%
 
1/31/2031
 
USD
 
 
164
 
 
  
                     164
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Food Distributors - 0.15%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Lipari Foods LLC
 
TL 1L 10/22
 
SOFR + 6.50%
 
10/31/2028
 
USD
 
 
750
 
 
  
                     731
 
(a) (b)
        Lipari Foods LLC
 
TL 1L DD 10/22
 
SOFR + 6.50%
 
10/31/2028
 
USD
 
 
96
 
 
  
                       94
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Health Care Equipment - 0.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Zeus Industrial Products Inc
 
Revolver 1L 02/24
 
SOFR + 5.50%
 
2/28/2030
 
USD
 
 
36
 
 
  
                        (2)
 
(a) (b) (f)
        Zeus Industrial Products Inc
 
TL 1L 02/24
 
3.00% PIK, SOFR + 3.00%
 
2/28/2031
 
USD
 
 
261
 
 
  
                     249
 
(a) (b) (c)
        Zeus Industrial Products Inc
 
TL 1L DD 02/24
 
SOFR + 5.50%
 
2/28/2031
 
USD
 
 
48
 
 
  
                       22
 
(a) (b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Health Care Facilities - 0.15%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        ScionHealth
 
TL 1L B 12/21
 
SOFR + 5.25%
 
12/23/2028
 
USD
 
 
2,358
 
 
  
                     779
 
(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Health Care Services - 0.95%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Affordable Care Inc
 
Revolver 1L 08/21
 
SOFR + 5.50%
 
8/2/2027
 
USD
 
 
177
 
 
  
                     160
 
(a) (b) (f)
        Affordable Care Inc
 
TL 1L 08/21
 
3.25% PIK, SOFR + 2.75%
 
8/2/2028
 
USD
 
 
1,624
 
 
  
                  1,486
 
(a) (b) (c)
        Affordable Care Inc
 
TL 1L DD 08/21
 
3.25% PIK, SOFR + 2.75%
 
8/2/2028
 
USD
 
 
292
 
 
  
                     267
 
(a) (b) (c)
        Affordable Care Inc
 
TL 1L DD 08/23
 
3.25% PIK, SOFR + 2.75%
 
8/2/2028
 
USD
 
 
316
 
 
  
                     289
 
(a) (b) (c)
        Amerivet Partners Management Inc
 
Revolver 1L 02/22
 
SOFR + 5.50%
 
2/25/2028
 
USD
 
 
197
 
 
  
                        (4)
 
(a) (b) (f)
        Amerivet Partners Management Inc
 
TL 1L 02/22
 
SOFR + 5.50%
 
2/25/2028
 
USD
 
 
1,129
 
 
  
                  1,108
 
(a) (b)
        Amerivet Partners Management Inc
 
TL 1L DD 02/22
 
SOFR + 5.50%
 
2/25/2028
 
USD
 
 
69
 
 
  
                       67
 
(a) (b)
        Amerivet Partners Management Inc
 
TL 1L DD 11/22
 
SOFR + 5.50%
 
2/25/2028
 
USD
 
 
523
 
 
  
                     514
 
(a) (b)
        Dental365 LLC
 
Revolver 1L 05/24
 
SOFR + 5.00%
 
5/5/2028
 
USD
 
 
32
 
 
  
                         3
 
(a) (b) (f)
        Dental365 LLC
 
TL 1L 05/24
 
SOFR + 5.00%
 
8/5/2028
 
USD
 
 
86
 
 
  
                       86
 
(a) (b)
        Dental365 LLC
 
TL 1L DD 05/24
 
SOFR + 5.00%
 
8/7/2028
 
USD
 
 
86
 
 
  
                       86
 
(a) (b)
        Dental365 LLC
 
TL 1L DD 05/24
 
SOFR + 5.00%
 
8/5/2028
 
USD
 
 
47
 
 
  
                       47
 
(a) (b)
        MB2 Dental Solutions LLC
 
Revolver 1L 02/24
 
SOFR + 5.50%
 
2/13/2031
 
USD
 
 
21
 
 
  
                         7
 
(a) (b) (f)
        MB2 Dental Solutions LLC
 
TL 1L 02/24
 
SOFR + 5.50%
 
2/13/2031
 
USD
 
 
301
 
 
  
                     304
 
(a) (b)
        MB2 Dental Solutions LLC
 
TL 1L DD 1 02/24
 
SOFR + 5.50%
 
2/13/2031
 
USD
 
 
106
 
 
  
                       56
 
(a) (b) (f)
        MB2 Dental Solutions LLC
 
TL 1L DD 2 02/24
 
SOFR + 5.50%
 
2/13/2031
 
USD
 
 
44
 
 
  
                       44
 
(a) (b)
        MB2 Dental Solutions LLC
 
TL Mezz 10/24
 
14.50% PIK
 
8/13/2031
 
USD
 
 
602
 
 
  
                     593
 
(a) (b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Health Care Technology - 0.74%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Milano Acquisition Corp
 
TL 1L 08/20
 
SOFR + 4.00%
 
10/1/2027
 
USD
 
 
4,156
 
 
  
                  3,988
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Human Resource & Employment Services - 0.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        SIRVA Worldwide Inc
 
TL 1L 08/24
 
SOFR + 8.00%
 
2/20/2029
 
USD
 
 
269
 
 
  
                     269
 
(a) (b)
        SIRVA Worldwide Inc
 
TL 1L 08/24
 
5.00% PIK, SOFR + 3.00%
 
8/20/2029
 
USD
 
 
1,165
 
 
  
                     866
 
(a) (b) (c)
        SIRVA Worldwide Inc
 
TL 1L DD 08/24
 
SOFR + 8.00%
 
2/20/2029
 
USD
 
 
1,008
 
 
  
                  1,008
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Industrial Machinery & Supplies & Components - 0.54%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Dexko Global Inc
 
TL 1L B 09/21
 
SOFR + 3.75%
 
10/4/2028
 
USD
 
 
1,093
 
 
  
                  1,089
 
 
        Time Manufacturing Co
 
Revolver 1L 12/21
 
SOFR + 6.50%
 
12/1/2027
 
USD
 
 
154
 
 
  
                     121
 
(a) (b) (f)
        Time Manufacturing Co
 
TL 1L 06/22
 
EURIBOR + 6.50%
 
12/1/2027
 
EUR
 
 
375
 
 
  
                     359
 
(a) (b)
        Time Manufacturing Co
 
TL 1L 12/21
 
SOFR + 6.50%
 
12/1/2027
 
USD
 
 
929
 
 
  
                     750
 
(a) (b)
        Time Manufacturing Co
 
TL 1L 12/21
 
EURIBOR + 6.50%
 
12/1/2027
 
EUR
 
 
599
 
 
  
                     573
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Insurance Brokers - 0.62%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Integrity Marketing Group LLC
 
TL 1L 08/24
 
SOFR + 5.00%
 
8/25/2028
 
USD
 
 
3,310
 
 
  
                  3,310
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Interactive Media & Services - 0.9%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Twitter Inc
 
TL 1L B1 10/22
 
SOFR + 6.50%
 
10/26/2029
 
USD
 
 
4,827
 
 
  
                  4,826
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    IT Consulting & Other Services - 1.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        3Pillar Global Inc
 
Revolver 1L 11/21
 
SOFR + 6.00%
 
11/23/2026
 
USD
 
 
186
 
 
  
                     118
 
(a) (b) (f)
        3Pillar Global Inc
 
TL 1L 11/21
 
SOFR + 6.00%
 
11/23/2027
 
USD
 
 
1,877
 
 
  
                  1,813
 
(a) (b)
        3Pillar Global Inc
 
TL 1L DD 11/21
 
SOFR + 6.00%
 
11/23/2027
 
USD
 
 
604
 
 
  
                     584
 
(a) (b)
        Sabre Inc
 
TL 1L B1 11/24
 
SOFR + 6.00%
 
11/15/2029
 
USD
 
 
3,969
 
 
  
                  3,158
 
 
        Sabre Inc
 
TL 1L B2 11/24
 
SOFR + 6.00%
 
11/15/2029
 
USD
 
 
265
 
 
  
                     210
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Leisure Facilities - 0.85%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Aimbridge Acquisition Co Inc
 
TL 1L 02/25
 
SOFR + 5.50%
 
3/11/2030
 
USD
 
 
2,699
 
 
  
                  2,699
 
(b)
        Aimbridge Acquisition Co Inc
 
TL 1L 02/25
 
6.00% PIK, SOFR + 1.50%
 
3/11/2030
 
USD
 
 
1,860
 
 
  
                  1,860
 
(b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Marine Transportation - 0.02%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Galaxy Container
 
TL 1L DD 01/26
 
8.60%
 
1/22/2034
 
USD
 
 
128
 
 
  
                     128
 
(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Other Specialized REITs - 0.68%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Pretium Partners LLC P1
 
P1 Mezz TL Unsec 08/19
 
5.25% PIK +2.75%
 
10/22/2026
 
USD
 
 
433
 
 
  
                     433
 
(a) (b) (c)
        Pretium Partners LLC P2
 
TL 1L 12/21
 
11.00%
 
12/16/2029
 
USD
 
 
3,271
 
 
  
                  3,205
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Paper & Plastic Packaging Products & Materials - 0.01%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Pretium Packaging LLC
 
TL 2L 09/21
 
0.00%
 
10/1/2029
 
USD
 
 
810
 
 
  
                       41
 
(b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Passenger Airlines - 3.51%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Bond Aviation Holdings LLC
 
TL 1L DD 10/25
 
9.00%
 
10/20/2033
 
USD
 
 
3,956
 
 
  
                     465
 
(b) (f)
        Bond Aviation Holdings LLC
 
TL 1L DD 10/25
 
9.00%
 
10/9/2033
 
USD
 
 
12,154
 
 
  
                  3,388
 
(b) (f)
        Philippine Airlines 777
 
TL 1L DD 07/25
 
6.51%
 
10/26/2027
 
USD
 
 
3,636
 
 
  
                  2,276
 
(b) (f)
        Philippine Airlines 777
 
TL 1L DD 07/25
 
6.50%
 
12/11/2027
 
USD
 
 
3,636
 
 
  
                  2,275
 
(b) (f)
        Setna SPV I
 
TL 1L DD 10/25
 
5.86%
 
12/2/2031
 
USD
 
 
8,178
 
 
  
                  8,050
 
(b) (f)
        Vietjet Aviation JSC
 
TL 1L DD 03/25
 
9.36%
 
3/28/2037
 
USD
 
 
2,354
 
 
  
                  2,395
 
(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Pharmaceuticals - 0.34%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        iNova Pharmaceuticals (Australia) Pty Limited
 
TL 1L B 11/24
 
BBSY + 4.75%
 
11/15/2031
 
AUD
 
 
1,303
 
 
  
                     916
 
(b)
        iNova Pharmaceuticals (Australia) Pty Limited
 
TL 1L DD C 11/24
 
BBSY + 4.75%
 
11/15/2031
 
AUD
 
 
149
 
 
  
                         1
 
(b) (f)
        Laboratoires Vivacy SAS
 
TL 1L B 03/23
 
EURIBOR + 6.70%
 
3/20/2030
 
EUR
 
 
809
 
 
  
                     921
 
(a) (b) (c)
        Laboratoires Vivacy SAS
 
TL 1L DD 03/23
 
EURIBOR + 6.70%
 
3/20/2030
 
EUR
 
 
63
 
 
  
                         9
 
(a) (b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Property & Casualty Insurance - 0.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Alacrity Solutions Group LLC
 
Revolver 1L 02/25
 
SOFR + 5.25%
 
2/28/2030
 
USD
 
 
507
 
 
  
                        -
 
(a) (b) (f)
        Alacrity Solutions Group LLC
 
TL 1L 02/25
 
5.25% PIK, SOFR + 1.00%
 
2/28/2030
 
USD
 
 
1,060
 
 
  
                  1,060
 
(a) (b) (c)
        Alacrity Solutions Group LLC
 
TL 1L DD 02/25
 
SOFR + 5.25%
 
2/28/2030
 
USD
 
 
674
 
 
  
                        -
 
(a) (b) (f)
        Alacrity Solutions Group LLC
 
TL Mezz 02/25
 
11.82% PIK
 
2/28/2030
 
USD
 
 
1,108
 
 
  
                  1,108
 
(a) (b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Real Estate Operating Companies - 0.19%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Opendoor Labs Inc
 
TL DD 02/25
 
12.50%
 
2/25/2029
 
USD
 
 
1,487
 
 
  
                     997
 
(a) (b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Single-Family Residential REITs - 1.53%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Avenue One PropCo
 
TL Unsec DD 03/24
 
7.00% PIK
 
3/15/2034
 
USD
 
 
8,207
 
 
  
                  8,207
 
(a) (b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Soft Drinks & Non-alcoholic Beverages - 0.36%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        TPSI Receivables LLC
 
Revolver 1L 02/25
 
SOFR + 4.75%
 
1/24/2029
 
USD
 
 
5,129
 
 
  
                  1,934
 
(a) (b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Specialized Consumer Services - 0.07%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Spotless Brands LLC
 
TL 1L 02/23
 
SOFR + 5.75%
 
7/25/2028
 
USD
 
 
152
 
 
  
                     153
 
(a) (b)
        Spotless Brands LLC
 
TL 1L DD 02/23
 
SOFR + 5.75%
 
7/25/2028
 
USD
 
 
231
 
 
  
                     233
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Specialized Finance - 0.02%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        BHG FUNDING 05 LLC
 
TL 1L DD 11/22
 
SOFR + 3.93%
 
11/8/2027
 
USD
 
 
110
 
 
  
                     110
 
(b) (g)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Specialty Chemicals - 3.82%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Champion/DSM engg
 
TL 1L B1 03/23
 
SOFR + 5.50%
 
3/29/2030
 
USD
 
 
7,195
 
 
  
                  6,801
 
 
        Flint Group GmbH
 
TL 2L B 09/23
 
6.9% PIK, SOFR + 0.10%
 
12/29/2028
 
USD
 
 
414
 
 
  
                       24
 
(c)
        VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)
 
Revolver 1L 12/25
 
SOFR + 4.75%
 
4/23/2029
 
USD
 
 
19,933
 
 
  
                13,641
 
(b) (f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Systems Software - 1.57%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Civica Group Ltd
 
TL 1L 08/23
 
BBSW + 5.50%
 
8/30/2030
 
AUD
 
 
12
 
 
  
                         9
 
(a) (b)
        Civica Group Ltd
 
TL 1L 08/23
 
SONIA + 5.50%
 
8/30/2030
 
GBP
 
 
222
 
 
  
                     302
 
(a) (b)
        Civica Group Ltd
 
TL 1L DD 08/23
 
SONIA + 5.50%
 
8/30/2030
 
GBP
 
 
94
 
 
  
                       59
 
(a) (b) (f)
        Precisely Software Inc
 
TL 1L B 10/21
 
SOFR + 4.00%
 
4/24/2028
 
USD
 
 
4,405
 
 
  
                  3,748
 
 
        Precisely Software Inc
 
TL 2L 03/21
 
SOFR + 7.25%
 
4/23/2029
 
USD
 
 
5,149
 
 
  
                  4,286
 
 
TOTAL LEVERAGED LOANS (Amortized cost $170,538)
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
        164,066
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
High Yield Securities - 5.99%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Application Software - 0.34%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Dye & Durham Ltd
 
8.625% 04/2029
 
 
 
4/15/2029
 
USD
 
 
2,051
 
 
 $
               1,847
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Automotive Parts & Equipment - 0.3%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Truck Hero Inc
 
6.250% 02/2029
 
 
 
2/1/2029
 
USD
 
 
3,276
 
 
  
                  1,619
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Building Products - 0.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Oldcastle Buildingenvelope Inc
 
9.500% 04/2030
 
 
 
4/15/2030
 
USD
 
 
6,359
 
 
  
                  3,768
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Cable & Satellite - 0.88%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        CSC Holdings LLC (Altice USA)
 
11.750% 01/2029
 
 
 
1/31/2029
 
USD
 
 
706
 
 
  
                     515
 
(e)
        CSC Holdings LLC (Altice USA)
 
4.125% 12/2030
 
 
 
12/1/2030
 
USD
 
 
6,904
 
 
  
                  4,193
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Construction & Engineering - 0.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Brand Energy & Infrastructure Services Inc
 
10.375% 08/2030
 
 
 
8/1/2030
 
USD
 
 
569
 
 
  
                     546
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Consumer Finance - 1.25%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Global Lending Services LLC
 
12.500% 02/2033
 
 
 
2/5/2033
 
USD
 
 
140
 
 
  
                     140
 
(a) (b) (c)
        Global Lending Services LLC
 
12.500% 05/2033
 
 
 
5/5/2033
 
USD
 
 
84
 
 
  
                       84
 
(a) (b)
        Global Lending Services LLC
 
12.500% 08/2033
 
 
 
8/5/2033
 
USD
 
 
81
 
 
  
                       81
 
(a) (b)
        Global Lending Services LLC
 
12.500% 11/2033
 
 
 
11/5/2033
 
USD
 
 
140
 
 
  
                     140
 
(a) (b)
        Global Lending Services LLC
 
12.500% 12/2032
 
 
 
12/31/2032
 
USD
 
 
91
 
 
  
                       91
 
(a) (b) (c)
        Global Lending Services LLC
 
12.500% 12/2032
 
 
 
12/31/2032
 
USD
 
 
130
 
 
  
                     130
 
(a) (b) (c)
        Sallie Mae Levered
 
13.000% 01/2034
 
 
 
1/24/2034
 
USD
 
 
2,861
 
 
  
                  2,861
 
(b)
        Sallie Mae Levered
 
13.000% 11/2033
 
 
 
11/26/2033
 
USD
 
 
2,860
 
 
  
                  2,860
 
(b)
        Vehicle Secured Funding Trust
 
15.000% 01/2046
 
 
 
1/25/2046
 
USD
 
 
335
 
 
  
                     335
 
(b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Chemicals - 0.33%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Chemours Co/The
 
8.000% 01/2033
 
 
 
1/15/2033
 
USD
 
 
1,010
 
 
  
                  1,013
 
(e)
        Fire BC SpA
 
10.000% 02/2028
 
 
 
2/6/2028
 
EUR
 
 
625
 
 
  
                     764
 
(a) (e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    IT Consulting & Other Services - 0.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Sabre Inc
 
10.750% 03/2030
 
 
 
3/15/2030
 
USD
 
 
1,206
 
 
  
                     969
 
(e)
        Sabre Inc
 
10.750% 11/2029
 
 
 
11/15/2029
 
USD
 
 
946
 
 
  
                     773
 
(e)
        Sabre Inc
 
11.125% 07/2030
 
 
 
7/15/2030
 
USD
 
 
1,235
 
 
  
                  1,000
 
(e)
        Sabre Inc
 
7.320% 08/2026
 
 
 
8/1/2026
 
USD
 
 
1,544
 
 
  
                  1,559
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Leisure Facilities - 0.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Merlin Entertainments PLC
 
4.500% 11/2027
 
 
 
11/15/2027
 
EUR
 
 
2,851
 
 
  
                  3,189
 
(e)
        Merlin Entertainments PLC
 
7.375% 06/2030
 
 
 
6/15/2030
 
EUR
 
 
41
 
 
  
                       43
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Property & Casualty Insurance - 0.68%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        IQUW UK Ltd
 
8.807% 01/2035 Senior HoldCo
 
 
 
3/19/2035
 
USD
 
 
3,552
 
 
  
                  3,622
 
(a) (b) (h)
TOTAL HIGH YIELD SECURITIES (Amortized cost $37,542)
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
           32,142
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Asset Backed Securities - 49.25%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Consumer Finance - 2.08%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Laurel Road Prime Student Loan Trust 2017-B
 
DRB 2017-B R
 
7.50%
 
8/25/2042
 
USD
 
 
804
 
 
 $
              1,266
 
(b) (e)
        NALP Business Loan Trust 2026-1
 
NALP 2026-1 A
 
5.72%
 
6/26/2051
 
USD
 
 
1,573
 
 
  
                  1,582
 
(e)
        Sunrun Bacchus Issuer 2025-1 LLC
 
SUNRN 2025-1A A2B
 
6.41%
 
4/30/2060
 
USD
 
 
8,353
 
 
  
                  8,324
 
(a) (e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Real Estate Activities - 18.3%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        HTAP Issuer Trust 2025-2
 
HTAP 2025-2 A
 
6.50%
 
6/25/2043
 
USD
 
 
14,418
 
 
  
                14,427
 
(e)
        HTAP Issuer Trust 2025-2
 
HTAP 2025-2 B
 
8.00%
 
6/25/2043
 
USD
 
 
829
 
 
  
                     825
 
(e)
        HTAP Issuer Trust 2025-3
 
HTAP 2025-3 A
 
6.00%
 
11/25/2043
 
USD
 
 
15,955
 
 
  
                15,823
 
(e)
        HTAP Issuer Trust 2025-3
 
HTAP 2025-3 B
 
7.50%
 
11/25/2043
 
USD
 
 
538
 
 
  
                     530
 
(e)
        Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3
 
MSRM 2025-DSC3 AIOS
 
0.33%
 
9/25/2070
 
USD
 
 
70,935
 
 
  
                     445
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3
 
MSRM 2025-DSC3 B1
 
6.43%
 
9/25/2070
 
USD
 
 
1,994
 
 
  
                  1,987
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3
 
MSRM 2025-DSC3 B2
 
7.20%
 
9/25/2070
 
USD
 
 
2,285
 
 
  
                  2,266
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3
 
MSRM 2025-DSC3 B3
 
7.20%
 
9/25/2070
 
USD
 
 
1,160
 
 
  
                  1,071
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3
 
MSRM 2025-DSC3 XS
 
1.92%
 
9/25/2070
 
USD
 
 
70,935
 
 
  
                  4,222
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-HX1
 
MSRM 2025-HX1 AIOS
 
0.33%
 
3/25/2070
 
USD
 
 
44,055
 
 
  
                     253
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-HX1
 
MSRM 2025-HX1 B1
 
7.28%
 
3/25/2070
 
USD
 
 
1,124
 
 
  
                  1,145
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-HX1
 
MSRM 2025-HX1 B2
 
7.28%
 
3/25/2070
 
USD
 
 
1,248
 
 
  
                  1,242
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-HX1
 
MSRM 2025-HX1 B3
 
7.28%
 
3/25/2070
 
USD
 
 
824
 
 
  
                     807
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-HX1
 
MSRM 2025-HX1 XS
 
0.00%
 
3/25/2070
 
USD
 
 
44,055
 
 
  
                  1,177
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6
 
MSRM 2025-NQM6 AIOS
 
0.33%
 
7/25/2070
 
USD
 
 
76,035
 
 
  
                     458
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6
 
MSRM 2025-NQM6 B1
 
6.65%
 
7/25/2070
 
USD
 
 
1,577
 
 
  
                  1,583
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6
 
MSRM 2025-NQM6 B2
 
7.18%
 
7/25/2070
 
USD
 
 
1,826
 
 
  
                  1,805
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6
 
MSRM 2025-NQM6 B3
 
7.18%
 
7/25/2070
 
USD
 
 
1,038
 
 
  
                  1,010
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6
 
MSRM 2025-NQM6 XS
 
1.80%
 
7/25/2070
 
USD
 
 
76,035
 
 
  
                  3,183
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1
 
MSRM 2026-DSC1 AIOS
 
0.32%
 
1/25/2071
 
USD
 
 
64,710
 
 
  
                     425
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1
 
MSRM 2026-DSC1 B1
 
6.53%
 
1/25/2071
 
USD
 
 
1,682
 
 
  
                  1,682
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1
 
MSRM 2026-DSC1 B2
 
6.85%
 
1/25/2071
 
USD
 
 
1,909
 
 
  
                  1,865
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1
 
MSRM 2026-DSC1 B3
 
6.85%
 
1/25/2071
 
USD
 
 
1,003
 
 
  
                     900
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1
 
MSRM 2026-DSC1 XS
 
1.85%
 
1/25/2071
 
USD
 
 
64,710
 
 
  
                  3,665
 
(e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM1
 
SAN 2025-NQM1 AIOS
 
0.42%
 
1/25/2065
 
USD
 
 
41,424
 
 
  
                     261
 
(b) (e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM1
 
SAN 2025-NQM1 B2
 
7.30%
 
1/25/2065
 
USD
 
 
757
 
 
  
                     723
 
(b) (e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM1
 
SAN 2025-NQM1 B3
 
7.30%
 
1/25/2065
 
USD
 
 
781
 
 
  
                     721
 
(b) (e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM1
 
SAN 2025-NQM1 XS
 
0.00%
 
1/25/2065
 
USD
 
 
41,424
 
 
  
                  1,698
 
(b) (e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM4
 
SAN 2025-NQM4 AIOS
 
0.42%
 
7/25/2065
 
USD
 
 
71,390
 
 
  
                     550
 
(e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM4
 
SAN 2025-NQM4 B1
 
7.05%
 
7/25/2065
 
USD
 
 
2,395
 
 
  
                  2,427
 
(e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM4
 
SAN 2025-NQM4 B2
 
7.05%
 
7/25/2065
 
USD
 
 
2,015
 
 
  
                  1,987
 
(e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM4
 
SAN 2025-NQM4 B3
 
7.05%
 
7/25/2065
 
USD
 
 
1,255
 
 
  
                  1,218
 
(e) (g)
        Santander Mortgage Asset Receivable Trust 2025-NQM4
 
SAN 2025-NQM4 XS
 
0.00%
 
7/25/2065
 
USD
 
 
71,390
 
 
  
                  2,481
 
(e) (g)
        Unison Trust 2025-1
 
UNSN 2025-1 A
 
6.00%
 
7/25/2055
 
USD
 
 
7,458
 
 
  
                  7,054
 
(a) (e)
        Unlock HEA Trust 2025-3
 
UNLOK 2025-3 A
 
5.75%
 
12/25/2041
 
USD
 
 
13,117
 
 
  
                13,000
 
(a) (e)
        Unlock HEA Trust 2025-3
 
UNLOK 2025-3 B
 
7.25%
 
12/25/2041
 
USD
 
 
3,307
 
 
  
                  3,235
 
(a) (e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Electrical Components & Equipment - 2.97%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Sunrun Lucius Issuer 2025-3 LLC
 
SUNRN 2025-3A A1
 
6.15%
 
1/30/2061
 
USD
 
 
16,213
 
 
  
                15,924
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Integrated Telecommunication Services - 1.53%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Centersquare Issuer LLC
 
CNSQ 2025-4A A2
 
5.20%
 
8/25/2055
 
USD
 
 
8,698
 
 
  
                  8,212
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Investment Banking & Brokerage - 1.41%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9
 
MSRM 2025-NQM9 AIOS
 
0.33%
 
9/25/2070
 
USD
 
 
80,867
 
 
  
                     484
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9
 
MSRM 2025-NQM9 B1
 
6.56%
 
9/25/2070
 
USD
 
 
1,336
 
 
  
                  1,341
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9
 
MSRM 2025-NQM9 B2
 
6.98%
 
9/25/2070
 
USD
 
 
1,294
 
 
  
                  1,270
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9
 
MSRM 2025-NQM9 B3
 
6.98%
 
9/25/2070
 
USD
 
 
835
 
 
  
                     755
 
(e) (g)
        Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9
 
MSRM 2025-NQM9 XS
 
1.81%
 
9/25/2070
 
USD
 
 
80,867
 
 
  
                  3,707
 
(e) (g)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Oil & Gas Exploration & Production - 3%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Grayrock Fund IV Abs Issuer LLC
 
Grayrock 2026-1 Class A
 
6.12%
 
2/15/2041
 
USD
 
 
13,051
 
 
  
                13,051
 
(a) (b) (e)
        Grayrock Fund IV Abs Issuer LLC
 
Grayrock 2026-1 Class B
 
11.24%
 
2/15/2041
 
USD
 
 
3,056
 
 
  
                  3,056
 
(a) (b) (e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Property & Casualty Insurance - 1.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        MEMIC Insurance
 
MEMIC Surplus Note
 
9.00%
 
12/3/2045
 
USD
 
 
5,874
 
 
  
                  5,875
 
(a) (b) (e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Renewable Electricity  - 4.27%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        SunStrong Issuer 2025-1 LLC
 
STRONG 2025-1 A1
 
5.95%
 
12/28/2055
 
USD
 
 
9,792
 
 
  
                  9,704
 
(e)
        SunStrong Issuer 2025-1 LLC
 
STRONG 2025-1 A2
 
5.95%
 
12/28/2055
 
USD
 
 
8,141
 
 
  
                  8,068
 
(a) (e)
        TIP Solar ABS 2025 Issuer LLC
 
TIP 2025-1A A
 
6.42%
 
10/25/2055
 
USD
 
 
5,081
 
 
  
                  5,135
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Specialized Finance - 14.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        AB BSL CLO 6 Ltd
 
ABBSL 2025-6A E
 
SOFR + 6.00%
 
7/20/2037
 
USD
 
 
208
 
 
  
                     210
 
(b) (e)
        AGL CLO 12 Ltd
 
AGL 2021-12A ER
 
SOFR + 6.35%
 
10/20/2038
 
USD
 
 
1,167
 
 
  
                  1,191
 
(b) (e)
        AGL CLO 7 Ltd
 
AGL 2020-7A ER2
 
SOFR + 5.75%
 
10/15/2038
 
USD
 
 
1,264
 
 
  
                  1,276
 
(b) (e)
        AMMC CLO 26 Ltd
 
AMMC 2023-26A ER
 
SOFR + 6.50%
 
4/15/2036
 
USD
 
 
500
 
 
  
                     503
 
(b) (e)
        Anchorage Capital CLO 2026-22 Ltd
 
ANCHC 2026-22A ER4
 
SOFR + 5.50%
 
1/20/2039
 
USD
 
 
402
 
 
  
                     402
 
(b) (e)
        Apidos CLO XI
 
APID 2012-11A ER4
 
SOFR + 6.00%
 
4/17/2034
 
USD
 
 
1,386
 
 
  
                  1,393
 
(b) (e)
        Apna Park Clo DAC
 
APNAP 1A F
 
EURIBOR + 7.90%
 
12/15/2038
 
EUR
 
 
979
 
 
  
                  1,164
 
(b) (e)
        Arbour CLO V DAC
 
ARBR 5A ER
 
EURIBOR + 5.80%
 
6/15/2038
 
EUR
 
 
738
 
 
  
                     881
 
(b) (e)
        Arbour CLO VI DAC
 
ARBR 6A ER
 
EURIBOR + 6.01%
 
11/15/2037
 
EUR
 
 
611
 
 
  
                     728
 
(b) (e)
        Ares LIII CLO Ltd
 
ARES 2019-53A ER2
 
SOFR + 5.50%
 
10/24/2036
 
USD
 
 
361
 
 
  
                     364
 
(b) (e)
        Ares LVII CLO Ltd
 
ARES 2020-57A ER2
 
SOFR + 5.50%
 
10/25/2038
 
USD
 
 
572
 
 
  
                     574
 
(b) (e)
        Ares LXV CLO Ltd
 
ARES 2022-65A ER
 
SOFR + 6.40%
 
7/25/2034
 
USD
 
 
1,078
 
 
  
                  1,084
 
(b) (e)
        Ares XXVII CLO Ltd
 
ARES 2013-2A ER3
 
SOFR + 6.75%
 
10/28/2034
 
USD
 
 
903
 
 
  
                     907
 
(b) (e)
        Bain Capital CLO 2026-1
 
BCC 2026-1A E
 
SOFR + 4.75%
 
4/26/2039
 
USD
 
 
886
 
 
  
                     886
 
(b) (e)
        Bain Capital Credit CLO 2023-1 Ltd
 
BCC 2023-1A ER
 
SOFR + 6.25%
 
7/16/2038
 
USD
 
 
918
 
 
  
                     923
 
(b) (e)
        Bain Capital Euro CLO 2023-1 DAC
 
BCCE 2023-1A ER
 
EURIBOR + 6.00%
 
1/25/2038
 
EUR
 
 
395
 
 
  
                     472
 
(b) (e)
        Ballyrock CLO 20 Ltd
 
BALLY 2022-20A DR3
 
SOFR + 5.85%
 
10/15/2036
 
USD
 
 
598
 
 
  
                     598
 
(b) (e)
        Barings Euro CLO 2024-1 DAC
 
BABSE 2024-1A FR
 
EURIBOR + 8.57%
 
4/20/2039
 
EUR
 
 
714
 
 
  
                     827
 
(b) (e)
        Bbam European Clo VIII DAC
 
BBAME 8A F
 
EURIBOR + 8.50%
 
1/26/2040
 
EUR
 
 
473
 
 
  
                     563
 
(b) (e)
        Benefit Street Partners CLO XXXIV Ltd
 
BSP 2024-34A E
 
SOFR + 6.70%
 
7/25/2037
 
USD
 
 
367
 
 
  
                     372
 
(b) (e)
        BlueMountain CLO XXXII Ltd
 
BLUEM 2021-32A ER
 
SOFR + 6.60%
 
10/15/2034
 
USD
 
 
1,093
 
 
  
                  1,096
 
(b) (e)
        Broad River Bsl Funding Clo Ltd 2020-1
 
BDRVR 2020-1A ER
 
SOFR + 6.50%
 
7/20/2034
 
USD
 
 
1,500
 
 
  
                  1,511
 
(b) (e)
        Capital Four CLO VII DAC
 
CFOUR 7A F
 
EURIBOR + 8.22%
 
4/25/2037
 
EUR
 
 
314
 
 
  
                     374
 
(b) (e)
        Carlyle Euro CLO 2024-1 DAC
 
CGMSE 2024-1A ER
 
EURIBOR + 8.70%
 
1/15/2039
 
EUR
 
 
793
 
 
  
                     943
 
(b) (e)
        Carlyle US CLO 2020-2 Ltd
 
CGMS 2020-2A DR2
 
SOFR + 6.00%
 
1/25/2035
 
USD
 
 
1,331
 
 
  
                  1,340
 
(b) (e)
        CARLYLE US CLO 2021-4 LTD
 
CGMS 2021-4A E
 
SOFR + 6.60%
 
4/20/2034
 
USD
 
 
473
 
 
  
                     477
 
(b) (e)
        Carlyle US CLO 2024-2 Ltd
 
CGMS 2024-2A E
 
SOFR + 6.85%
 
4/25/2037
 
USD
 
 
451
 
 
  
                     455
 
(b) (e)
        CarVal CLO IV Ltd
 
CARVL 2021-1A ER
 
SOFR + 6.60%
 
3/31/2038
 
USD
 
 
917
 
 
  
                     934
 
(b) (e)
        CarVal CLO VC Ltd
 
CARVL 2021-2A E
 
SOFR + 6.75%
 
10/15/2034
 
USD
 
 
447
 
 
  
                     450
 
(b) (e)
        CarVal CLO VI-C Ltd
 
CARVL 2022-1A ER
 
SOFR + 6.10%
 
3/21/2038
 
USD
 
 
480
 
 
  
                     480
 
(b) (e)
        Carval Clo XII-C Ltd
 
CARVL 2025-1A E
 
SOFR + 5.90%
 
7/20/2038
 
USD
 
 
985
 
 
  
                  1,005
 
(b) (e)
        CBAM 2018-5 Ltd
 
CBAM 2018-5A ER
 
SOFR + 5.80%
 
10/17/2038
 
USD
 
 
1,825
 
 
  
                  1,850
 
(b) (e)
        CBAMR 2017-4 Ltd
 
CBAMR 2017-4A ER
 
SOFR + 6.00%
 
3/31/2038
 
USD
 
 
651
 
 
  
                     665
 
(b) (e)
        CIFC Funding 2019-V Ltd
 
CIFC 2019-5A ER2
 
SOFR + 4.90%
 
10/15/2038
 
USD
 
 
293
 
 
  
                     296
 
(b) (e)
        Clonmore Park CLO DAC
 
CLONP 1A ER
 
EURIBOR + 6.82%
 
8/21/2035
 
EUR
 
 
406
 
 
  
                     485
 
(b) (e)
        Contego Clo XIV DAC
 
CONTE 14A E
 
EURIBOR + 5.50%
 
10/15/2037
 
EUR
 
 
686
 
 
  
                     822
 
(b) (e)
        CVC Cordatus Loan Fund XXVIII DAC
 
CORDA 28A ER
 
EURIBOR + 5.75%
 
8/15/2038
 
EUR
 
 
1,442
 
 
  
                  1,716
 
(b) (e)
        Dryden 90 Clo Ltd
 
DRSLF 2021-90A ER
 
SOFR + 5.90%
 
11/15/2038
 
USD
 
 
536
 
 
  
                     539
 
(b) (e)
        Dryden 97 CLO Ltd
 
DRSLF 2022-97A ER
 
SOFR + 6.15%
 
10/20/2038
 
USD
 
 
334
 
 
  
                     335
 
(b) (e)
        Elmwood CLO 23 Ltd
 
ELM23 2023-2A ER
 
SOFR + 5.90%
 
4/16/2036
 
USD
 
 
207
 
 
  
                     208
 
(b) (e)
        Flatiron CLO 31 Ltd
 
FLAT 2025-31A E
 
SOFR + 4.60%
 
1/18/2039
 
USD
 
 
174
 
 
  
                     175
 
(b) (e)
        Galaxy 33 CLO Ltd
 
GALXY 2024-33A E
 
SOFR + 6.65%
 
4/20/2037
 
USD
 
 
428
 
 
  
                     430
 
(b) (e)
        Galaxy XXII CLO Ltd
 
GALXY 2016-22A ER4
 
SOFR + 6.50%
 
4/16/2034
 
USD
 
 
421
 
 
  
                     421
 
(b) (e)
        Galaxy XXII CLO Ltd
 
GALXY 2016-22A ERRR
 
SOFR + 6.75%
 
4/16/2034
 
USD
 
 
421
 
 
  
                     421
 
(b) (e)
        Galaxy XXV CLO Ltd
 
GALXY 2018-25A ERR
 
SOFR + 5.75%
 
4/25/2036
 
USD
 
 
270
 
 
  
                     271
 
(b) (e)
        Harvest CLO XXXVI DAC
 
HARVT 36A E
 
EURIBOR + 5.70%
 
7/15/2038
 
EUR
 
 
1,052
 
 
  
                  1,258
 
(b) (e)
        Harvest CLO XXXVII DAC
 
HARVT 37A F
 
EURIBOR + 8.07%
 
1/15/2039
 
EUR
 
 
533
 
 
  
                     633
 
(b) (e)
        ICG US CLO 2022-1i Ltd
 
ICG 2022-1A ER
 
SOFR + 6.55%
 
10/20/2038
 
USD
 
 
516
 
 
  
                     520
 
(b) (e)
        Invesco CLO 2022-2 Ltd
 
INVCO 2022-2A ER
 
SOFR + 6.25%
 
7/20/2035
 
USD
 
 
447
 
 
  
                     446
 
(b) (e)
        Jamestown CLO XII Ltd
 
JTWN 2019-1A ERR
 
SOFR + 6.85%
 
3/20/2038
 
USD
 
 
1,181
 
 
  
                  1,192
 
(b) (e)
        Jamestown CLO XV Ltd
 
JTWN 2020-15A ER
 
SOFR + 7.06%
 
7/15/2035
 
USD
 
 
412
 
 
  
                     411
 
(b) (e)
        Kennedy Lewis CLO 12 Ltd
 
GNRT 2023-12A ER
 
SOFR + 6.40%
 
7/20/2038
 
USD
 
 
2,045
 
 
  
                  2,063
 
(b) (e)
        Kennedy Lewis CLO 15 Ltd
 
KLLM 2024-15A E
 
SOFR + 6.70%
 
7/20/2037
 
USD
 
 
493
 
 
  
                     495
 
(b) (e)
        Kings Park CLO Ltd
 
KINGP 2021-1A ER
 
SOFR + 6.05%
 
1/21/2039
 
USD
 
 
672
 
 
  
                     673
 
(b) (e)
        Madison Park Funding XLIX Ltd
 
MDPK 2021-49A ER
 
SOFR + 4.60%
 
10/19/2034
 
USD
 
 
1,658
 
 
  
                  1,570
 
(b) (e)
        Madison Park Funding XXXV Ltd
 
MDPK 2019-35A ER2
 
SOFR + 6.00%
 
2/13/2039
 
USD
 
 
1,002
 
 
  
                  1,002
 
(b) (e)
        Magnetite Xlv Ltd
 
MAGNE 2025-45A E
 
SOFR + 4.50%
 
4/15/2038
 
USD
 
 
151
 
 
  
                     152
 
(b) (e)
        Magnetite XXIII Ltd
 
MAGNE 2019-23A ER2
 
SOFR + 4.60%
 
1/25/2035
 
USD
 
 
721
 
 
  
                     721
 
(b) (e)
        Magnetite XXXI Ltd
 
MAGNE 2021-31A ER
 
SOFR + 4.50%
 
7/15/2034
 
USD
 
 
350
 
 
  
                     351
 
(b) (e)
        Magnetite XXXV Ltd
 
MAGNE 2022-35A ERR
 
SOFR + 4.80%
 
1/25/2039
 
USD
 
 
256
 
 
  
                     260
 
(b) (e)
        Marble Point CLO XVI Ltd
 
MP16 2019-2A ER
 
SOFR + 7.27%
 
11/16/2034
 
USD
 
 
691
 
 
  
                     682
 
(b) (e)
        Neuberger Berman Loan Advisers Clo 42 Ltd
 
NEUB 2021-42A ER
 
SOFR + 4.60%
 
7/16/2036
 
USD
 
 
436
 
 
  
                     436
 
(b) (e)
        Northwoods Capital 20 Ltd
 
WOODS 2019-20A ER2
 
SOFR + 6.88%
 
10/25/2038
 
USD
 
 
1,136
 
 
  
                  1,139
 
(b) (e)
        Oaktree CLO 2021-2 Ltd
 
OAKCL 2021-2A ER
 
SOFR + 4.50%
 
1/15/2035
 
USD
 
 
1,504
 
 
  
                  1,504
 
(b) (e)
        OCP Euro Clo 2025-13 DAC
 
OCPE 2025-13A E
 
EURIBOR + 5.80%
 
7/18/2038
 
EUR
 
 
946
 
 
  
                  1,130
 
(b) (e)
        Octagon 55 Ltd
 
OCT55 2021-1A ER
 
SOFR + 6.00%
 
3/20/2038
 
USD
 
 
729
 
 
  
                     736
 
(b) (e)
        Octagon 75 Ltd
 
OCT75 2025-1A E
 
SOFR + 8.62%
 
1/22/2038
 
USD
 
 
444
 
 
  
                     446
 
(b) (e)
        Octagon Investment Partners 43 Ltd
 
OCT43 2019-1A ER
 
SOFR + 6.35%
 
10/15/2038
 
USD
 
 
918
 
 
  
                     923
 
(b) (e)
        Octagon Investment Partners 51 Ltd
 
OCT51 2021-1A ER
 
SOFR + 5.65%
 
7/20/2034
 
USD
 
 
914
 
 
  
                     901
 
(b) (e)
        Palmer Square European CLO 2023-2 DAC
 
PLMER 2023-2A FR
 
EURIBOR + 8.40%
 
10/15/2038
 
EUR
 
 
368
 
 
  
                     443
 
(b) (e)
        Parallel 2023-1 Ltd
 
PARL 2023-1A DR
 
SOFR + 7.25%
 
7/20/2036
 
USD
 
 
1,060
 
 
  
                  1,077
 
(b) (e)
        Penta CLO 11 DAC
 
PENTA 2022-11A FRR
 
EURIBOR + 8.00%
 
1/15/2039
 
EUR
 
 
557
 
 
  
                     660
 
(b) (e)
        Penta CLO 12 DAC
 
PENTA 2022-12A FRR
 
EURIBOR + 8.50%
 
11/9/2038
 
EUR
 
 
532
 
 
  
                     640
 
(b) (e)
        Penta CLO 14 DAC
 
PENTA 2023-14A ER
 
EURIBOR + 6.35%
 
10/20/2037
 
EUR
 
 
449
 
 
  
                     542
 
(b) (e)
        Penta CLO 15 DAC
 
PENTA 2023-15A FR
 
EURIBOR + 8.50%
 
10/15/2038
 
EUR
 
 
484
 
 
  
                     576
 
(b) (e)
        Post CLO 2021-1 LTD
 
POST 2021-1A ER
 
SOFR + 5.70%
 
10/15/2034
 
USD
 
 
1,515
 
 
  
                  1,520
 
(b) (e)
        PPM CLO 4 Ltd
 
PPMC 2020-4A ER2
 
SOFR + 7.18%
 
3/18/2038
 
USD
 
 
864
 
 
  
                     857
 
(b) (e)
        Providus Clo XII DAC
 
PRVD 12A E
 
EURIBOR + 5.80%
 
8/18/2038
 
EUR
 
 
420
 
 
  
                     502
 
(b) (e)
        RAD CLO 31 Ltd
 
RAD 2025-31A D
 
SOFR + 5.40%
 
4/17/2039
 
USD
 
 
1,051
 
 
  
                  1,066
 
(b) (e)
        Regatta XVI Funding Ltd
 
REG16 2019-2A ER2
 
SOFR + 5.65%
 
4/15/2039
 
USD
 
 
326
 
 
  
                     326
 
(b) (e)
        Regatta XXII Funding Ltd
 
REG22 2022-2A ER2
 
SOFR + 5.75%
 
1/15/2039
 
USD
 
 
434
 
 
  
                     437
 
(b) (e)
        Regatta XXVI Funding Ltd
 
REG26 2023-2A ER
 
SOFR + 5.90%
 
1/25/2039
 
USD
 
 
516
 
 
  
                     519
 
(b) (e)
        Regatta XXVIII Funding Ltd
 
REG28 2024-2A E
 
SOFR + 6.85%
 
4/25/2037
 
USD
 
 
429
 
 
  
                     433
 
(b) (e)
        RR 23 Ltd
 
RRAM 2022-23A DR2
 
SOFR + 5.00%
 
7/15/2037
 
USD
 
 
435
 
 
  
                     440
 
(b) (e)
        Sandstone Peak Ltd
 
SAND 2021-1A E
 
SOFR + 6.80%
 
10/15/2034
 
USD
 
 
643
 
 
  
                     647
 
(b) (e)
        Sculptor CLO XXVIII Ltd
 
SCUL 28A ER
 
SOFR + 6.30%
 
1/20/2035
 
USD
 
 
1,066
 
 
  
                  1,043
 
(b) (e)
        Silver Point CLO 10 Ltd
 
SPCLO 2025-10A E
 
SOFR + 5.80%
 
7/15/2038
 
USD
 
 
518
 
 
  
                     526
 
(b) (e)
        Sixth Street CLO XII Ltd
 
SIXST 2018-12A ER2
 
SOFR + 5.05%
 
1/17/2039
 
USD
 
 
747
 
 
  
                     754
 
(b) (e)
        Stannaway Park Clo DAC
 
STPK 1A F
 
EURIBOR + 8.25%
 
1/23/2038
 
EUR
 
 
788
 
 
  
                     937
 
(b) (e)
        Symphony CLO XVIII Ltd
 
SYMP 2016-18A ER4
 
SOFR + 5.85%
 
10/23/2037
 
USD
 
 
1,022
 
 
  
                  1,026
 
(b) (e)
        Symphony CLO XXIX Ltd
 
SYMP 2021-29A ER
 
SOFR + 5.80%
 
10/15/2035
 
USD
 
 
856
 
 
  
                     858
 
(b) (e)
        TCW CLO 2022-1 Ltd
 
TCW 2022-1A DJR
 
SOFR + 4.28%
 
1/20/2038
 
USD
 
 
629
 
 
  
                     619
 
(b) (e)
        Trimaran CAVU 2019-2 Ltd
 
CAVU 2019-2A ER
 
SOFR + 6.25%
 
3/18/2038
 
USD
 
 
2,546
 
 
  
                  2,589
 
(b) (e)
        Trimaran Cavu 2021-3 Ltd
 
CAVU 2021-3A E
 
SOFR + 7.63%
 
1/18/2035
 
USD
 
 
408
 
 
  
                     407
 
(b) (e)
        Trinitas CLO X Ltd
 
TRNTE 10A F
 
EURIBOR + 7.90%
 
11/15/2038
 
EUR
 
 
369
 
 
  
                     439
 
(b) (e)
        Trinitas Euro CLO VII DAC
 
TRNTE 7A E
 
EURIBOR + 6.55%
 
7/25/2037
 
EUR
 
 
338
 
 
  
                     407
 
(b) (e)
        Voya CLO 2017-3 Ltd
 
VOYA 2017-3A DRR
 
SOFR + 5.80%
 
4/20/2034
 
USD
 
 
2,241
 
 
  
                  2,256
 
(b) (e)
        Voya CLO 2019-4 Ltd
 
VOYA 2019-4A ER
 
SOFR + 6.97%
 
1/15/2035
 
USD
 
 
1,051
 
 
  
                  1,057
 
(b) (e)
        Voya CLO 2022-1 Ltd
 
VOYA 2022-1A ER
 
SOFR + 6.90%
 
4/20/2035
 
USD
 
 
791
 
 
  
                     796
 
(b) (e)
        Voya CLO 2023-1 Ltd
 
VOYA 2023-1A ER
 
SOFR + 5.05%
 
1/20/2039
 
USD
 
 
234
 
 
  
                     237
 
(b) (e)
        Wilton Park CLO DAC
 
WILPA 1A ER
 
EURIBOR + 5.70%
 
7/15/2038
 
EUR
 
 
525
 
 
  
                     626
 
(b) (e)
        Wind River 2023-1 CLO Ltd
 
WINDR 2023-1A ER
 
SOFR + 6.75%
 
7/25/2038
 
USD
 
 
369
 
 
  
                     376
 
(b) (e)
TOTAL ASSET BACKED SECURITIES (Amortized cost $263,310)
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
         264,204
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Issuer
 
Asset
 
 
 
Maturity
Date
 
Currency
 
 
Shares
 
 
  
Fair Value
 
Footnotes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Equity & Other Investments - 26.27%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Aerospace & Defense - 2.31%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Altitude II
 
Private Equity
 
 
 
 
 
USD
 
 
662,907
 
 
 $
                720
 
(a) (b)
        KSC I Aircraft LP
 
Private Equity
 
 
 
 
 
USD
 
 
11,300,036
 
 
  
                11,305
 
(b) (d)
        Ultra Electronics Holdings Ltd
 
Private Equity
 
 
 
 
 
USD
 
 
43,729
 
 
  
                       85
 
(a) (b) (d)
        Ultra Electronics Holdings Ltd
 
Private Equity
 
 
 
 
 
USD
 
 
13,548,132
 
 
  
                     264
 
(a) (b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Broadline Retail - 0.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Belk Inc
 
Common Stock
 
 
 
 
 
USD
 
 
9,586
 
 
  
                     280
 
(a) (b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Commodity Chemicals - 0.11%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        SI Group Inc
 
Common Stock
 
 
 
 
 
USD
 
 
50,524
 
 
  
                     615
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Construction & Engineering - 0%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Yak Access LLC
 
Common Stock
 
 
 
 
 
USD
 
 
11,000
 
 
  
                         1
 
(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Consumer Finance - 11.46%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Auxilior Capital Partners Inc
 
14.500% 04/2030 Pref Equity
 
 
 
4/30/2030
 
USD
 
 
1
 
 
  
                     101
 
(a) (b) (c)
        Discover Financial Services
 
Private Equity
 
 
 
 
 
USD
 
 
397,749
 
 
  
                     413
 
(a) (b)
        Global Lending Services LLC
 
Private Equity
 
 
 
 
 
USD
 
 
166,608
 
 
  
                     265
 
(a) (b) (d)
        Harley-Davidson Financial Services Inc
 
Private Equity
 
 
 
 
 
USD
 
 
15,106,954
 
 
  
                15,559
 
(b)
        Harley-Davidson Financial Services Inc
 
Private Equity
 
 
 
 
 
USD
 
 
1,102,297
 
 
  
                  1,105
 
(b) (d)
        Harley-Davidson Financial Services Inc
 
Private Equity
 
 
 
 
 
USD
 
 
4,310,241
 
 
  
                  4,587
 
(b)
        Newday Group Jersey Ltd
 
Private Equity
 
 
 
 
 
GBP
 
 
18,187,467
 
 
  
                25,088
 
(a) (b) (d)
        PayPal Danube 2
 
Private Equity
 
 
 
 
 
EUR
 
 
9,075,067
 
 
  
                10,781
 
(b)
        Sallie Mae Levered
 
Private Equity
 
 
 
 
 
USD
 
 
1,472,178
 
 
  
                  1,402
 
(b)
        SKP German Bank
 
Private Equity
 
 
 
 
 
EUR
 
 
1,667,154
 
 
  
                  1,988
 
(b)
        SunPower Financial
 
Private Equity
 
 
 
 
 
USD
 
 
26,463
 
 
  
                       29
 
(a) (b)
        Vehicle Secured Funding Trust
 
Private Equity
 
 
 
 
 
USD
 
 
111,575
 
 
  
                     151
 
(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Banks - 7.57%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Orange Maple 2025-2 DAC
 
Private Equity
 
 
 
 
 
EUR
 
 
22,309,000
 
 
  
                26,457
 
(b)
        Santander Consumer Bank AS
 
Private Equity
 
 
 
 
 
NOK
 
 
132,701,327
 
 
  
                14,132
 
(a) (b) (e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Financial Services - 0.02%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Kestra Financial Inc
 
12.000%  12/2031 Pref Equity
 
 
 
 
 
USD
 
 
123
 
 
  
                     123
 
(a) (b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Metals & Mining - 0.02%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Foresight Energy LLC
 
Common Stock
 
 
 
 
 
USD
 
 
17,979
 
 
  
                     124
 
(a) (b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Diversified Support Services - 0.02%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Magna Legal Services LLC
 
Common Stock
 
 
 
 
 
USD
 
 
618
 
 
  
                     120
 
(a) (b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Environmental & Facilities Services - 0.44%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        48Forty Solutions LLC
 
Common Stock
 
 
 
 
 
USD
 
 
440
 
 
  
                       20
 
(a) (b)
        48Forty Solutions LLC
 
Preferred Stock
 
 
 
 
 
USD
 
 
440
 
 
  
                  2,351
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Food Distributors - 0.01%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Lipari Foods LLC
 
Common Stock
 
 
 
 
 
USD
 
 
63,958
 
 
  
                       27
 
(a) (b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Health Care Facilities - 0%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Quorum Health Corp
 
Trade Claim
 
 
 
 
 
USD
 
 
212,000
 
 
  
                       13
 
(b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Health Care Services - 0.07%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Affordable Care Inc
 
11.750% 12/2069 Pref Equity
 
 
 
12/31/2069
 
USD
 
 
677,000
 
 
  
                     254
 
(a) (b) (c)
        Amerivet Partners Management Inc
 
11.500% 12/2059 Pref Equity
 
 
 
12/31/2059
 
USD
 
 
298
 
 
  
                     130
 
(a) (b) (c)
        MB2 Dental Solutions LLC
 
Warrants 08/15/2031
 
 
 
8/15/2031
 
USD
 
 
21,438
 
 
  
                         8
 
(a) (b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Health Care Technology - 2.22%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        athenahealth Inc
 
10.750% 12/2031 Pref Equity
 
 
 
 
 
USD
 
 
7,898
 
 
  
                11,930
 
(b) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Human Resource & Employment Services - 0%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        SIRVA Worldwide Inc
 
Common Stock (Class A)
 
 
 
 
 
USD
 
 
2,131
 
 
  
                        -
 
(a) (b) (d)
        SIRVA Worldwide Inc
 
Common Stock (Class B)
 
 
 
 
 
USD
 
 
1,646
 
 
  
                        -
 
(a) (b) (d)
        SIRVA Worldwide Inc
 
15.250% 08/2030 Pref Equity (Class A)
 
 
8/20/2030
 
USD
 
 
490
 
 
  
                        -
 
(a) (b) (c) (d)
        SIRVA Worldwide Inc
 
15.250% 08/2030 Pref Equity (Class B)
 
 
8/20/2030
 
USD
 
 
15
 
 
  
                        -
 
(a) (b) (c) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Life & Health Insurance - 0.24%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Kilter Finance 2.0
 
Common Stock
 
 
 
 
 
USD
 
 
1,291,559
 
 
  
                  1,292
 
(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Marine Transportation - 0.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Australis Maritime II
 
Private Equity
 
 
 
 
 
USD
 
 
113,252
 
 
  
                     117
 
(b)
        Galaxy Container
 
Private Equity
 
 
 
 
 
USD
 
 
153,258
 
 
  
                     153
 
(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Muskoka JV LLC - 0.91%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Muskoka JV LLC
 
Private Equity
 
 
 
 
 
USD
 
 
5,000
 
 
  
                  4,895
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Other Specialized REITs - 0.34%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Pretium Partners LLC P2
 
Private Equity
 
 
 
 
 
USD
 
 
1,635,306
 
 
  
                  1,825
 
(a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Passenger Airlines - 0.01%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Bond Aviation Holdings LLC
 
Private Equity
 
 
 
 
 
USD
 
 
51,718
 
 
  
                       62
 
(b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Property & Casualty Insurance - 0.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Alacrity Solutions Group LLC
 
Common Stock
 
 
 
 
 
USD
 
 
630
 
 
  
                        -
 
(a) (b) (d) (e)
        Alacrity Solutions Group LLC
 
8.000% Perp Pref Equity
 
 
 
 
 
USD
 
 
674
 
 
  
                     280
 
(a) (b) (c) (d) (e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Single-Family Residential REITs - 0.28%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        Avenue One PropCo
 
Private Equity
 
 
 
 
 
USD
 
 
2,491,775
 
 
  
                  1,496
 
(a) (b) (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
    Specialized Finance - 0.07%
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
        TDC LLP
 
8.000% 06/2049 Pref Equity
 
 
 
6/1/2049
 
GBP
 
 
259,636
 
 
  
                     354
 
(a) (b)
        TDC LLP
 
Private Equity
 
 
 
 
 
GBP
 
 
9,901
 
 
  
                       13
 
(a) (b) (d)
TOTAL EQUITY & OTHER INVESTMENTS (Cost $144,110)
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
       140,915
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
TOTAL INVESTMENTS (Cost $615,500) - 112.10%
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
          601,327
 
 
LIABILITIES EXCEEDING OTHER ASSETS, NET - (12.10%)
 
 
 
 
 
 
 
 
 
 
 
 
 
  
            (64,913)
 
 
NET ASSETS - 100.00%
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
        536,414
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Currency Purchased
 
Currency Sold
 
Notional
 
Counterparty
 
Settlement Date
 
 
 
 
 
  
Unrealized Appreciation
 
 
Forward Foreign Currency Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
USD
 
NOK
 
                                       135,721
 
Goldman, Sachs & Co.
 
03/25/2026
 
 
 
 
 
  
(386)
 
 
Total Forward Foreign Currency Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
             (386)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 

 
TL
  
Term loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DD
  
Delayed draw term loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1L
  
First lien
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2L
  
Second lien
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BBSW
  
Bank Bill Swap Rate as of January 31, 2026 was 3.68%.
 
 
 
 
 
 
 
 
 
 
 
 
 
BBSY
  
Bank Bill Swap Reference Bid Rate as of January 31, 2026 was 3.73%.
 
 
 
 
 
 
 
 
 
 
 
 
 
EURIBOR
  
Euro Interbank Offered Rate as of January 31, 2026 was 1.97%.
 
 
 
 
 
 
 
 
 
 
 
 
 
SOFR
  
Secured Overnight Financing Rate as of January 31, 2026 was 3.67%.
 
 
 
 
 
 
 
 
 
 
 
 
 
SONIA
  
Sterling Overnight Index Average as of January, 31 2026 was 3.73%.
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
  
Security considered restricted.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
  
Value determined using significant unobservable inputs.
 
 
 
 
 
 
 
 
 
 
 
 
 
(c)
  
Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
 
 
 
 
 
 
 
 
 
 
 
(d)
  
Non-income producing security.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(e)
  
Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional buyers in transactions exempt from registration.
 
 
 
(f)
  
Investment is an unfunded or partially funded commitment.
 
 
 
 
 
 
 
 
 
 
 
 
 
(g)
  
Variable rate securities. The effective rate shown is based on the latest available information as of January 31, 2026. Certain variable rate securities are based on a published reference rate and spread. Interest rates for certain variable rate securities are determined by the issuer, or agent, and are based on current market conditions, and these securities do not indicate a reference rate and spread in their description.
 
 
(h)
  
Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at January 31, 2026.
 
 
 
 
 
 
 
The following are the details of the restricted securities held by the Fund:

Issuer
 
Asset
 
 Par/Shares
 
  
 Cost
 
  
 Fair Value
 
Acquisition Date
 
% of Net Assets
Leveraged Loans
 
 
 
 
 
  
 
 
  
 
 
 
 
 
        CSafe Global
 
TL 1L 03/24
 
                   48
 
 $
                61
 
 $
                 66
 
3/8/2024
 
0.01%
        CSafe Global
 
TL 1L 03/24 Incremental
 
                 343
 
  
                  343
 
  
                  343
 
3/8/2024
 
0.06%
        CSafe Global
 
TL 1L DD 03/24
 
                   15
 
  
                    15
 
  
                    15
 
3/8/2024
 
0.00%
        Granicus Inc
 
TL 1L 01/24
 
                 167
 
  
                  166
 
  
                  167
 
1/17/2024
 
0.03%
        Granicus Inc
 
TL 1L DD 01/24
 
                   25
 
  
                    25
 
  
                    25
 
1/17/2024
 
0.00%
        Multi-Color Corp
 
TL 1L B 10/21
 
                 134
 
  
                  129
 
  
                    74
 
3/20/2024
 
0.01%
        SI Group Inc
 
TL 1L 12/25
 
              1,424
 
  
               1,282
 
  
               1,417
 
12/23/2025
 
0.26%
        Accuride Corp
 
TL 1L 03/25
 
              3,307
 
  
               4,373
 
  
               6,321
 
3/7/2025
 
1.18%
        Shaw Development LLC
 
TL 1L 10/23
 
                 146
 
  
                  145
 
  
                  145
 
10/30/2023
 
0.03%
        Discover Financial Services
 
TL 1L DD 09/24
 
                 729
 
  
                  729
 
  
                  729
 
9/6/2024
 
0.14%
        Navient Corp
 
TL 06/25 Class B
 
              1,442
 
  
               1,442
 
  
               1,443
 
6/13/2025
 
0.27%
        Navient Corp
 
TL 06/25 Class C
 
              1,154
 
  
               1,154
 
  
               1,155
 
6/13/2025
 
0.22%
        Encora Digital LLC
 
TL 1L 12/21
 
                 645
 
  
                  637
 
  
                  638
 
12/20/2021
 
0.12%
        Apex Service Partners LLC
 
DDTL 1L 09/24
 
                   77
 
  
                    77
 
  
                    78
 
10/24/2023
 
0.01%
        Apex Service Partners LLC
 
TL 1L 09/24
 
                 299
 
  
                  295
 
  
                  302
 
10/24/2023
 
0.06%
        Apex Service Partners LLC
 
TL Unsec 10/23
 
                   88
 
  
                    87
 
  
                    91
 
10/24/2023
 
0.02%
        Apex Service Partners LLC
 
TL Unsec DD 10/23
 
                   43
 
  
                    42
 
  
                    44
 
10/24/2023
 
0.01%
        Service Express Inc
 
TL 1L A 12/25
 
                 205
 
  
                  204
 
  
                  205
 
12/23/2025
 
0.04%
        Service Express Inc
 
TL 1L DD 12/25
 
                   37
 
  
                    -
 
  
                    -
 
12/23/2025
 
0.00%
        48Forty Solutions LLC
 
TL 1L 01/26 (3rd Out)
 
                 881
 
  
               1,826
 
  
                  881
 
1/14/2026
 
0.16%
        48Forty Solutions LLC
 
TL 1L 01/26 (Second Out)
 
                 690
 
  
               1,430
 
  
                  690
 
1/14/2026
 
0.13%
        48Forty Solutions LLC
 
TL 1L DD 01/26
 
                   66
 
  
                    -
 
  
                    -
 
1/14/2026
 
0.00%
        Arcwood Environmental (fka Heritage Environmental Services Inc)
 
TL 1L 01/24
 
                 164
 
  
                  163
 
  
                  164
 
1/31/2024
 
0.03%
        Lipari Foods LLC
 
TL 1L 10/22
 
                 750
 
  
                  743
 
  
                  731
 
10/31/2022
 
0.14%
        Lipari Foods LLC
 
TL 1L DD 10/22
 
                   96
 
  
                    95
 
  
                    94
 
10/31/2022
 
0.02%
        Zeus Industrial Products Inc
 
TL 1L 02/24
 
                 261
 
  
                  259
 
  
                  249
 
2/28/2024
 
0.05%
        Zeus Industrial Products Inc
 
TL 1L DD 02/24
 
                   48
 
  
                    24
 
  
                    22
 
2/28/2024
 
0.00%
        ScionHealth
 
TL 1L B 12/21
 
              2,358
 
  
               2,268
 
  
                  779
 
12/17/2021
 
0.15%
        Affordable Care Inc
 
TL 1L 08/21
 
              1,624
 
  
               1,609
 
  
               1,486
 
8/2/2021
 
0.28%
        Affordable Care Inc
 
TL 1L DD 08/21
 
                 292
 
  
                  292
 
  
                  267
 
8/2/2021
 
0.05%
        Affordable Care Inc
 
TL 1L DD 08/23
 
                 316
 
  
                  316
 
  
                  289
 
7/7/2023
 
0.05%
        Amerivet Partners Management Inc
 
TL 1L 02/22
 
              1,129
 
  
               1,119
 
  
               1,108
 
2/25/2022
 
0.21%
        Amerivet Partners Management Inc
 
TL 1L DD 02/22
 
                   69
 
  
                    69
 
  
                    67
 
2/25/2022
 
0.01%
        Amerivet Partners Management Inc
 
TL 1L DD 11/22
 
                 523
 
  
                  523
 
  
                  514
 
9/29/2023
 
0.10%
        Dental365 LLC
 
TL 1L 05/24
 
                   86
 
  
                    86
 
  
                    86
 
5/31/2024
 
0.02%
        Dental365 LLC
 
TL 1L DD 05/24
 
                   86
 
  
                    85
 
  
                    86
 
5/31/2024
 
0.02%
        Dental365 LLC
 
TL 1L DD 05/24
 
                   47
 
  
                    47
 
  
                    47
 
5/31/2024
 
0.01%
        MB2 Dental Solutions LLC
 
TL 1L 02/24
 
                 301
 
  
                  298
 
  
                  304
 
2/13/2024
 
0.06%
        MB2 Dental Solutions LLC
 
TL 1L DD 1 02/24
 
                 106
 
  
                    54
 
  
                    56
 
2/13/2024
 
0.01%
        MB2 Dental Solutions LLC
 
TL 1L DD 2 02/24
 
                   44
 
  
                    43
 
  
                    44
 
2/13/2024
 
0.01%
        MB2 Dental Solutions LLC
 
TL Mezz 10/24
 
                 602
 
  
                  581
 
  
                  593
 
11/8/2024
 
0.11%
        SIRVA Worldwide Inc
 
TL 1L 08/24
 
                 269
 
  
                  269
 
  
                  269
 
8/20/2024
 
0.05%
        SIRVA Worldwide Inc
 
TL 1L 08/24
 
              1,165
 
  
               1,145
 
  
                  866
 
8/20/2024
 
0.16%
        SIRVA Worldwide Inc
 
TL 1L DD 08/24
 
              1,008
 
  
                  997
 
  
               1,008
 
8/22/2024
 
0.19%
        Time Manufacturing Co
 
TL 1L 06/22
 
                 375
 
  
                  397
 
  
                  359
 
6/24/2022
 
0.07%
        Time Manufacturing Co
 
TL 1L 12/21
 
                 929
 
  
                  921
 
  
                  750
 
12/1/2021
 
0.14%
        Time Manufacturing Co
 
TL 1L 12/21
 
                 599
 
  
                  671
 
  
                  573
 
12/1/2021
 
0.11%
        Integrity Marketing Group LLC
 
TL 1L 08/24
 
              3,310
 
  
               3,310
 
  
               3,310
 
12/3/2021
 
0.62%
        3Pillar Global Inc
 
TL 1L 11/21
 
              1,877
 
  
               1,875
 
  
               1,813
 
11/23/2021
 
0.34%
        3Pillar Global Inc
 
TL 1L DD 11/21
 
                 604
 
  
                  604
 
  
                  584
 
11/23/2021
 
0.11%
        Pretium Partners LLC P1
 
P1 Mezz TL Unsec 08/19
 
                 433
 
  
                  427
 
  
                  433
 
6/10/2024
 
0.08%
        Pretium Partners LLC P2
 
TL 1L 12/21
 
              3,271
 
  
               3,212
 
  
               3,205
 
12/16/2021
 
0.60%
        Laboratoires Vivacy SAS
 
TL 1L B 03/23
 
                 809
 
  
                  846
 
  
                  921
 
3/20/2023
 
0.17%
        Laboratoires Vivacy SAS
 
TL 1L DD 03/23
 
                   63
 
  
                    12
 
  
                      9
 
3/20/2023
 
0.00%
        Alacrity Solutions Group LLC
 
TL 1L 02/25
 
              1,060
 
  
               1,240
 
  
               1,060
 
2/28/2025
 
0.20%
        Alacrity Solutions Group LLC
 
TL 1L DD 02/25
 
                 674
 
  
                    -
 
  
                    -
 
2/28/2025
 
0.00%
        Alacrity Solutions Group LLC
 
TL Mezz 02/25
 
              1,108
 
  
               1,316
 
  
               1,108
 
2/28/2025
 
0.21%
        Opendoor Labs Inc
 
TL DD 02/25
 
              1,487
 
  
                  991
 
  
                  997
 
2/25/2025
 
0.19%
        Avenue One PropCo
 
TL Unsec DD 03/24
 
              8,207
 
  
               8,207
 
  
               8,207
 
3/15/2024
 
1.53%
        Spotless Brands LLC
 
TL 1L 02/23
 
                 152
 
  
                  150
 
  
                  153
 
2/16/2023
 
0.03%
        Spotless Brands LLC
 
TL 1L DD 02/23
 
                 231
 
  
                  229
 
  
                  233
 
2/16/2023
 
0.04%
        Civica Group Ltd
 
TL 1L 08/23
 
                   12
 
  
                      8
 
  
                      9
 
8/29/2023
 
0.00%
        Civica Group Ltd
 
TL 1L 08/23
 
                 222
 
  
                  275
 
  
                  302
 
8/30/2023
 
0.06%
        Civica Group Ltd
 
TL 1L DD 08/23
 
                   94
 
  
                    55
 
  
                    59
 
8/30/2023
 
0.01%
 
 
 
 
 
 
  
 
 
  
 
 
 
 
 
Revolver
 
 
 
 
 
  
 
 
  
 
 
 
 
 
        CSafe Global
 
Revolver 1L 03/24
 
                   36
 
  
                    12
 
  
                    12
 
3/8/2024
 
0.00%
        Granicus Inc
 
Revolver 1L 01/24
 
                   23
 
  
                      3
 
  
                      3
 
1/17/2024
 
0.00%
        Fortna AR LLC
 
Revolver 1L 01/25
 
                 513
 
  
                  342
 
  
                  342
 
1/24/2025
 
0.06%
        Wood Group Receivables LLC
 
Revolver 1L 09/25
 
            14,363
 
  
               6,894
 
  
               6,863
 
9/9/2025
 
1.28%
        Apex Service Partners LLC
 
Revolver 1L 09/24
 
                   26
 
  
                      9
 
  
                      9
 
9/24/2024
 
0.00%
        Service Express Inc
 
Revolver 1L 12/25
 
                   27
 
  
                      1
 
  
                      1
 
12/23/2025
 
0.00%
        48Forty Solutions LLC
 
Revolver 1L 01/26
 
                 264
 
  
                    -
 
  
                    -
 
1/14/2026
 
0.00%
        Arcwood Environmental (fka Heritage Environmental Services Inc)
 
Revolver 1L 01/24
 
                   23
 
  
                    -
 
  
                    -
 
1/31/2024
 
0.00%
        Zeus Industrial Products Inc
 
Revolver 1L 02/24
 
                   36
 
  
                    -
 
  
                    (2)
 
2/28/2024
 
0.00%
        Affordable Care Inc
 
Revolver 1L 08/21
 
                 177
 
  
                  175
 
  
                  160
 
8/2/2021
 
0.03%
        Amerivet Partners Management Inc
 
Revolver 1L 02/22
 
                 197
 
  
                    -
 
  
                    (4)
 
2/25/2022
 
0.00%
        Dental365 LLC
 
Revolver 1L 05/24
 
                   32
 
  
                      3
 
  
                      3
 
5/31/2024
 
0.00%
        MB2 Dental Solutions LLC
 
Revolver 1L 02/24
 
                   21
 
  
                      7
 
  
                      7
 
2/13/2024
 
0.00%
        Time Manufacturing Co
 
Revolver 1L 12/21
 
                 154
 
  
                  151
 
  
                  121
 
12/1/2021
 
0.02%
        3Pillar Global Inc
 
Revolver 1L 11/21
 
                 186
 
  
                  124
 
  
                  118
 
11/23/2021
 
0.02%
        Alacrity Solutions Group LLC
 
Revolver 1L 02/25
 
                 507
 
  
                    -
 
  
                    -
 
2/28/2025
 
0.00%
        TPSI Receivables LLC
 
Revolver 1L 02/25
 
              5,129
 
  
               1,920
 
  
               1,934
 
2/27/2025
 
0.36%
 
 
 
 
 
 
  
 
 
  
 
 
 
 
 
High Yield Securities
 
 
 
 
 
  
 
 
  
 
 
 
 
 
        Global Lending Services LLC
 
12.500% 02/2033
 
                 140
 
  
                  140
 
  
                  140
 
2/5/2025
 
0.03%
        Global Lending Services LLC
 
12.500% 05/2033
 
                   84
 
  
                    84
 
  
                    84
 
5/5/2025
 
0.02%
        Global Lending Services LLC
 
12.500% 08/2033
 
                   81
 
  
                    81
 
  
                    81
 
8/5/2025
 
0.02%
        Global Lending Services LLC
 
12.500% 11/2033
 
                 140
 
  
                  140
 
  
                  140
 
11/5/2025
 
0.03%
        Global Lending Services LLC
 
12.500% 12/2032
 
                   91
 
  
                    91
 
  
                    91
 
8/5/2024
 
0.02%
        Global Lending Services LLC
 
12.500% 12/2032
 
                 130
 
  
                  130
 
  
                  130
 
11/5/2024
 
0.02%
        Fire BC SpA
 
10.000% 02/2028
 
                 625
 
  
                  706
 
  
                  764
 
9/10/2024
 
0.14%
        IQUW UK Ltd
 
8.807% 01/2035 Senior HoldCo
 
              3,552
 
  
               3,552
 
  
               3,622
 
3/19/2025
 
0.68%
 
 
 
 
 
 
  
 
 
  
 
 
 
 
 
Asset Backed Securities
 
 
 
 
 
  
 
 
  
 
 
 
 
 
        Sunrun Bacchus Issuer 2025-1 LLC
 
SUNRN 2025-1A A2B
 
              8,353
 
  
               8,336
 
  
               8,324
 
7/24/2025
 
1.55%
        Unison Trust 2025-1
 
UNSN 2025-1 A
 
              7,458
 
  
               6,886
 
  
               7,054
 
6/5/2025
 
1.32%
        Unlock HEA Trust 2025-3
 
UNLOK 2025-3 A
 
            13,117
 
  
             13,091
 
  
             13,000
 
12/18/2025
 
2.42%
        Unlock HEA Trust 2025-3
 
UNLOK 2025-3 B
 
              3,307
 
  
               3,248
 
  
               3,235
 
12/18/2025
 
0.60%
        Grayrock Fund IV Abs Issuer LLC
 
Grayrock 2026-1 Class A
 
            13,051
 
  
             13,051
 
  
             13,051
 
12/29/2025
 
2.43%
        Grayrock Fund IV Abs Issuer LLC
 
Grayrock 2026-1 Class B
 
              3,056
 
  
               3,056
 
  
               3,056
 
12/29/2025
 
0.57%
        MEMIC Insurance
 
MEMIC Surplus Note
 
              5,874
 
  
               5,874
 
  
               5,875
 
12/3/2025
 
1.10%
        SunStrong Issuer 2025-1 LLC
 
STRONG 2025-1 A2
 
              8,141
 
  
               8,017
 
  
               8,068
 
9/19/2025
 
1.50%
 
 
 
 
 
 
  
 
 
  
 
 
 
 
 
Equity & Other Investments
 
 
 
 
 
  
 
 
  
 
 
 
 
 
        Altitude II
 
Private Equity
 
          662,907
 
  
                  663
 
  
                  720
 
12/15/2022
 
0.13%
        Ultra Electronics Holdings Ltd
 
Private Equity
 
            43,729
 
  
                    -
 
  
                    85
 
9/8/2022
 
0.02%
        Ultra Electronics Holdings Ltd
 
Private Equity
 
     13,548,132
 
  
                  135
 
  
                  264
 
8/2/2022
 
0.05%
        Belk Inc
 
Common Stock
 
              9,586
 
  
                  149
 
  
                  280
 
7/22/2024
 
0.05%
        SI Group Inc
 
Common Stock
 
            50,524
 
  
               5,921
 
  
                  615
 
12/23/2025
 
0.11%
        Yak Access LLC
 
Common Stock
 
            11,000
 
  
                    -
 
  
                      1
 
3/10/2023
 
0.00%
        Auxilior Capital Partners Inc
 
14.500% 04/2030 Pref Equity
 
                     1
 
  
                  100
 
  
                  101
 
4/30/2024
 
0.02%
        Discover Financial Services
 
Private Equity
 
          397,749
 
  
                  398
 
  
                  413
 
10/4/2024
 
0.08%
        Global Lending Services LLC
 
Private Equity
 
          166,608
 
  
                  167
 
  
                  265
 
8/5/2024
 
0.05%
        Newday Group Jersey Ltd
 
Private Equity
 
     18,187,467
 
  
             24,258
 
  
             25,088
 
9/29/2025
 
4.68%
        SunPower Financial
 
Private Equity
 
            26,463
 
  
                    26
 
  
                    29
 
6/7/2023
 
0.01%
        Santander Consumer Bank AS
 
Private Equity
 
   132,701,327
 
  
             13,297
 
  
             14,132
 
9/29/2025
 
2.63%
        Kestra Financial Inc
 
12.000%  12/2031 Pref Equity
 
                 123
 
  
                  123
 
  
                  123
 
2/3/2025
 
0.02%
        Foresight Energy LLC
 
Common Stock
 
            17,979
 
  
                  205
 
  
                  124
 
6/30/2020
 
0.02%
        Magna Legal Services LLC
 
Common Stock
 
                 618
 
  
                    62
 
  
                  120
 
11/22/2022
 
0.02%
        48Forty Solutions LLC
 
Common Stock
 
                 440
 
  
                    43
 
  
                    20
 
1/14/2026
 
0.00%
        48Forty Solutions LLC
 
Preferred Stock
 
                 440
 
  
               4,904
 
  
               2,351
 
1/14/2026
 
0.44%
        Lipari Foods LLC
 
Common Stock
 
            63,958
 
  
                    64
 
  
                    27
 
12/30/2022
 
0.01%
        Affordable Care Inc
 
11.750% 12/2069 Pref Equity
 
          677,000
 
  
                  664
 
  
                  254
 
8/2/2021
 
0.05%
        Amerivet Partners Management Inc
 
11.500% 12/2059 Pref Equity
 
                 298
 
  
                  289
 
  
                  130
 
2/25/2022
 
0.02%
        MB2 Dental Solutions LLC
 
Warrants 08/15/2031
 
            21,438
 
  
                    10
 
  
                      8
 
11/14/2024
 
0.00%
        Muskoka JV LLC
 
Private Equity
 
              5,000
 
  
               5,000
 
  
               4,895
 
1/28/2026
 
0.91%
        SIRVA Worldwide Inc
 
Common Stock (Class A)
 
              2,131
 
  
                      6
 
  
                    -
 
8/20/2024
 
0.00%
        SIRVA Worldwide Inc
 
Common Stock (Class B)
 
              1,646
 
  
                      2
 
  
                    -
 
8/20/2024
 
0.00%
        SIRVA Worldwide Inc
 
15.250% 08/2030 Pref Equity (Class A)
                 490
 
  
                  486
 
  
                    -
 
8/20/2024
 
0.00%
        SIRVA Worldwide Inc
 
15.250% 08/2030 Pref Equity (Class B)
                   15
 
  
                      7
 
  
                    -
 
8/20/2024
 
0.00%
        Pretium Partners LLC P2
 
Private Equity
 
       1,635,306
 
  
               1,603
 
  
               1,825
 
12/16/2021
 
0.34%
        Alacrity Solutions Group LLC
 
Common Stock
 
                 630
 
  
                  699
 
  
                    -
 
2/28/2025
 
0.00%
        Alacrity Solutions Group LLC
 
8.000% Perp Pref Equity
 
                 674
 
  
                  812
 
  
                  280
 
2/28/2025
 
0.05%
        Avenue One PropCo
 
Private Equity
 
       2,491,775
 
  
               2,492
 
  
               1,496
 
3/15/2024
 
0.28%
        TDC LLP
 
8.000% 06/2049 Pref Equity
 
          259,636
 
  
                  334
 
  
                  354
 
11/28/2023
 
0.07%
        TDC LLP
 
Private Equity
 
              9,901
 
  
                    12
 
  
                    13
 
6/29/2023
 
0.00%
Total
 
 
 
 
 
 $
 $ 189,348
 
 $
 $ 178,338