UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08876
Senior Debt Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Asset-Backed Securities — 4.8% |
Security | Principal Amount (000's omitted) | Value | |
Alinea CLO, Ltd.: | |||
Series 2018-1A, Class D, 8.35%, (3 mo. USD LIBOR + 3.10%), 7/20/31(1)(2) | $ | 2,500 | $ 2,330,332 |
Series 2018-1A, Class E, 11.25%, (3 mo. USD LIBOR + 6.00%), 7/20/31(1)(2) | 3,000 | 2,551,575 | |
AMMC CLO 15, Ltd., Series 2014-15A, Class ERR, 12.17%, (3 mo. USD LIBOR + 6.91%), 1/15/32(1)(2) | 5,000 | 4,256,030 | |
AMMC CLO XII, Ltd., Series 2013-12A, Class ER, 11.039%, (3 mo. USD LIBOR + 6.18%), 11/10/30(1)(2) | 3,525 | 2,809,581 | |
Apidos CLO XX, Series 2015-20A, Class DR, 10.96%, (3 mo. USD LIBOR + 5.70%), 7/16/31(1)(2) | 2,375 | 2,115,543 | |
Ares LVlll CLO, Ltd., Series 2020-58A, Class ER, 11.686%, (3 mo. SOFR + 6.70%), 1/15/35(1)(2) | 3,000 | 2,641,647 | |
Ares XLIX CLO, Ltd.: | |||
Series 2018-49A, Class D, 8.273%, (3 mo. USD LIBOR + 3.00%), 7/22/30(1)(2) | 2,500 | 2,323,337 | |
Series 2018-49A, Class E, 10.973%, (3 mo. USD LIBOR + 5.70%), 7/22/30(1)(2) | 3,500 | 3,020,779 | |
Ares XXXIIR CLO, Ltd.: | |||
Series 2014-32RA, Class C, 7.764%, (3 mo. USD LIBOR + 2.90%), 5/15/30(1)(2) | 5,000 | 4,571,150 | |
Series 2014-32RA, Class D, 10.714%, (3 mo. USD LIBOR + 5.85%), 5/15/30(1)(2) | 1,000 | 823,860 | |
Ares XXXVR CLO, Ltd., Series 2015-35RA, Class E, 10.96%, (3 mo. USD LIBOR + 5.70%), 7/15/30(1)(2) | 4,000 | 3,312,497 | |
Babson CLO, Ltd.: | |||
Series 2015-1A, Class DR, 7.85%, (3 mo. USD LIBOR + 2.60%), 1/20/31(1)(2) | 2,500 | 2,226,098 | |
Series 2018-1A, Class C, 7.86%, (3 mo. USD LIBOR + 2.60%), 4/15/31(1)(2) | 3,500 | 3,111,440 | |
Bain Capital Credit CLO, Ltd., Series 2018-1A, Class D, 7.973%, (3 mo. USD LIBOR + 2.70%), 4/23/31(1)(2) | 5,000 | 4,449,929 | |
Battalion CLO XXII, Ltd., Series 2021-22A, Class E, 12.20%, (3 mo. USD LIBOR + 6.95%), 1/20/35(1)(2) | 1,750 | 1,436,244 | |
Battalion CLO XXIII, Ltd., Series 2022-23A, Class D, 8.936%, (3 mo. SOFR + 3.95%), 5/19/36(1)(2) | 3,500 | 3,225,292 | |
Benefit Street Partners CLO V-B, Ltd.: | |||
Series 2018-5BA, Class C, 8.18%, (3 mo. USD LIBOR + 2.93%), 4/20/31(1)(2) | 5,000 | 4,523,037 | |
Series 2018-5BA, Class D, 11.20%, (3 mo. USD LIBOR + 5.95%), 4/20/31(1)(2) | 3,500 | 3,092,484 | |
Benefit Street Partners CLO VIII, Ltd., Series 2015-8A, Class DR, 10.85%, (3 mo. USD LIBOR + 5.60%), 1/20/31(1)(2) | 5,401 | 4,318,003 |
Security | Principal Amount (000's omitted) | Value | |
Benefit Street Partners CLO XIV, Ltd., Series 2018-14A, Class D, 7.85%, (3 mo. USD LIBOR + 2.60%), 4/20/31(1)(2) | $ | 1,500 | $ 1,345,261 |
Benefit Street Partners CLO XVI, Ltd., Series 2018-16A, Class E, 11.96%, (3 mo. USD LIBOR + 6.70%), 1/17/32(1)(2) | 2,250 | 2,056,182 | |
Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class ER, 11.61%, (3 mo. USD LIBOR + 6.35%), 7/15/32(1)(2) | 1,750 | 1,607,811 | |
Benefit Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 11.979%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2) | 1,000 | 938,099 | |
Benefit Street Partners CLO XXV, Ltd., Series 2021-25A, Class E, 12.11%, (3 mo. USD LIBOR + 6.85%), 1/15/35(1)(2) | 3,000 | 2,839,470 | |
Betony CLO 2, Ltd.: | |||
Series 2018-1A, Class C, 8.199%, (3 mo. USD LIBOR + 2.90%), 4/30/31(1)(2) | 2,500 | 2,340,442 | |
Series 2018-1A, Class D, 10.949%, (3 mo. USD LIBOR + 5.65%), 4/30/31(1)(2) | 4,550 | 3,915,365 | |
BlueMountain CLO XXIV, Ltd., Series 2019-24A, Class ER, 12.09%, (3 mo. USD LIBOR + 6.84%), 4/20/34(1)(2) | 1,250 | 1,121,783 | |
BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 12.38%, (3 mo. USD LIBOR + 7.13%), 10/20/34(1)(2) | 3,000 | 2,830,428 | |
BlueMountain CLO XXX, Ltd., Series 2020-30A, Class ER, 11.686%, (3 mo. SOFR + 6.70%), 4/15/35(1)(2) | 2,000 | 1,736,656 | |
BlueMountain CLO XXXIII, Ltd., Series 2021-33A, Class E, 11.745%, (3 mo. USD LIBOR + 6.83%), 11/20/34(1)(2) | 2,500 | 2,330,272 | |
BlueMountain CLO XXXV, Ltd., Series 2022-35A, Class E, 12.821%, (3 mo. SOFR + 7.75%), 7/22/35(1)(2) | 2,000 | 1,920,356 | |
BlueMountain CLO, Ltd.: | |||
Series 2015-3A, Class CR, 7.85%, (3 mo. USD LIBOR + 2.60%), 4/20/31(1)(2) | 5,000 | 4,415,342 | |
Series 2015-3A, Class DR, 10.65%, (3 mo. USD LIBOR + 5.40%), 4/20/31(1)(2) | 3,000 | 2,409,553 | |
Series 2016-3A, Class DR, 7.964%, (3 mo. USD LIBOR + 3.10%), 11/15/30(1)(2) | 1,500 | 1,333,716 | |
Series 2016-3A, Class ER, 10.814%, (3 mo. USD LIBOR + 5.95%), 11/15/30(1)(2) | 1,500 | 1,211,859 | |
Series 2018-1A, Class D, 8.349%, (3 mo. USD LIBOR + 3.05%), 7/30/30(1)(2) | 2,500 | 2,112,523 | |
Series 2018-1A, Class E, 11.249%, (3 mo. USD LIBOR + 5.95%), 7/30/30(1)(2) | 2,000 | 1,547,639 | |
Bryant Park Funding, Ltd., Series 2023-20A, Class D, (3 mo. SOFR + 6.09%), 7/15/36(1)(2)(3) | 5,250 | 5,197,500 | |
Canyon Capital CLO, Ltd.: | |||
Series 2012-1RA, Class E, 10.96%, (3 mo. USD LIBOR + 5.70%), 7/15/30(1)(2) | 4,875 | 4,014,976 |
Security | Principal Amount (000's omitted) | Value | |
Canyon Capital CLO, Ltd.: (continued) | |||
Series 2016-1A, Class DR, 8.06%, (3 mo. USD LIBOR + 2.80%), 7/15/31(1)(2) | $ | 3,000 | $ 2,730,122 |
Series 2016-1A, Class ER, 11.01%, (3 mo. USD LIBOR + 5.75%), 7/15/31(1)(2) | 4,000 | 3,217,550 | |
Series 2016-2A, Class ER, 11.26%, (3 mo. USD LIBOR + 6.00%), 10/15/31(1)(2) | 4,500 | 3,637,586 | |
Series 2018-1A, Class D, 8.16%, (3 mo. USD LIBOR + 2.90%), 7/15/31(1)(2) | 3,000 | 2,699,309 | |
Series 2018-1A, Class E, 11.01%, (3 mo. USD LIBOR + 5.75%), 7/15/31(1)(2) | 2,750 | 2,212,837 | |
Series 2019-2A, Class ER, 12.01%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2) | 1,500 | 1,377,101 | |
Carlyle CLO C17, Ltd.: | |||
Series C17A, Class CR, 8.099%, (3 mo. USD LIBOR + 2.80%), 4/30/31(1)(2) | 5,000 | 4,649,897 | |
Series C17A, Class DR, 11.299%, (3 mo. USD LIBOR + 6.00%), 4/30/31(1)(2) | 3,500 | 2,963,709 | |
Carlyle Global Market Strategies CLO, Ltd.: | |||
Series 2012-3A, Class CR2, 8.751%, (3 mo. USD LIBOR + 3.50%), 1/14/32(1)(2) | 2,500 | 2,243,209 | |
Series 2012-3A, Class DR2, 11.751%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2) | 1,500 | 1,225,802 | |
Series 2014-3RA, Class C, 8.242%, (3 mo. USD LIBOR + 2.95%), 7/27/31(1)(2) | 1,000 | 891,016 | |
Series 2014-3RA, Class D, 10.692%, (3 mo. USD LIBOR + 5.40%), 7/27/31(1)(2) | 2,150 | 1,737,165 | |
Series 2014-4RA, Class C, 8.16%, (3 mo. USD LIBOR + 2.90%), 7/15/30(1)(2) | 2,750 | 2,438,611 | |
Series 2014-4RA, Class D, 10.91%, (3 mo. USD LIBOR + 5.65%), 7/15/30(1)(2) | 3,500 | 2,836,630 | |
Carlyle US CLO, Ltd., Series 2019-4A, Class DR, 11.586%, (3 mo. SOFR + 6.60%), 4/15/35(1)(2) | 3,000 | 2,640,198 | |
CarVal CLO IV, Ltd., Series 2021-1A, Class E, 11.85%, (3 mo. USD LIBOR + 6.60%), 7/20/34(1)(2) | 1,000 | 931,771 | |
CIFC Funding, Ltd., Series 2022-4A, Class D, 8.536%, (3 mo. SOFR + 3.55%), 7/16/35(1)(2) | 1,750 | 1,640,702 | |
Dryden CLO, Ltd.: | |||
Series 2018-55A, Class D, 8.11%, (3 mo. USD LIBOR + 2.85%), 4/15/31(1)(2) | 1,500 | 1,324,530 | |
Series 2018-55A, Class E, 10.66%, (3 mo. USD LIBOR + 5.40%), 4/15/31(1)(2) | 2,000 | 1,744,206 | |
Series 2022-112A, Class E, 12.541%, (3 mo. SOFR + 7.78%), 8/15/34(1)(2) | 2,000 | 1,940,168 | |
Dryden Senior Loan Fund: | |||
Series 2015-41A, Class DR, 7.86%, (3 mo. USD LIBOR + 2.60%), 4/15/31(1)(2) | 7,000 | 6,407,908 | |
Series 2015-41A, Class ER, 10.56%, (3 mo. USD LIBOR + 5.30%), 4/15/31(1)(2) | 1,268 | 1,027,839 | |
Series 2016-42A, Class DR, 8.19%, (3 mo. USD LIBOR + 2.93%), 7/15/30(1)(2) | 2,500 | 2,308,428 | |
Series 2016-42A, Class ER, 10.81%, (3 mo. USD LIBOR + 5.55%), 7/15/30(1)(2) | 3,500 | 2,859,753 |
Security | Principal Amount (000's omitted) | Value | |
Elmwood CLO 14, Ltd., Series 2022-1A, Class E, 11.399%, (3 mo. SOFR + 6.35%), 4/20/35(1)(2) | $ | 1,950 | $ 1,817,264 |
Elmwood CLO 17, Ltd., Series 2022-4A, Class E, 12.136%, (3 mo. SOFR + 7.15%), 7/17/35(1)(2) | 2,000 | 1,911,092 | |
Galaxy 31 CLO, Ltd., Series 2023-31A, Class D, 10.031%, (3 mo. SOFR + 5.25%), 4/15/36(1)(2) | 1,750 | 1,738,265 | |
Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 11.905%, (3 mo. USD LIBOR + 6.65%), 10/15/30(1)(2) | 4,500 | 3,809,582 | |
Galaxy XXV CLO, Ltd.: | |||
Series 2015-19A, Class D1R, 11.803%, (3 mo. USD LIBOR + 6.53%), 7/24/30(1)(2) | 2,000 | 1,666,848 | |
Series 2018-25A, Class D, 8.355%, (3 mo. USD LIBOR + 3.10%), 10/25/31(1)(2) | 2,500 | 2,291,357 | |
Series 2018-25A, Class E, 11.205%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) | 3,500 | 3,108,372 | |
Golub Capital Partners CLO 37B, Ltd.: | |||
Series 2018-37A, Class D, 8.55%, (3 mo. USD LIBOR + 3.30%), 7/20/30(1)(2) | 4,000 | 3,642,015 | |
Series 2018-37A, Class E, 11.00%, (3 mo. USD LIBOR + 5.75%), 7/20/30(1)(2) | 4,750 | 4,530,396 | |
Golub Capital Partners CLO 53B, Ltd., Series 2021-53A, Class E, 11.95%, (3 mo. USD LIBOR + 6.70%), 7/20/34(1)(2) | 1,250 | 1,132,895 | |
Golub Capital Partners CLO 58B, Ltd., Series 2021-58A, Class E, 12.065%, (3 mo. USD LIBOR + 6.81%), 1/25/35(1)(2) | 2,500 | 2,240,998 | |
Golub Capital Partners CLO, Ltd., Series 2020-48A, Class D, 9.06%, (3 mo. USD LIBOR + 3.80%), 4/17/33(1)(2) | 2,000 | 1,821,942 | |
Halseypoint CLO 5, Ltd., Series 2021-5A, Class E, 12.239%, (3 mo. USD LIBOR + 6.94%), 1/30/35(1)(2) | 2,000 | 1,858,328 | |
Harriman Park CLO, Ltd., Series 2020-1A, Class ER, 11.65%, (3 mo. USD LIBOR + 6.40%), 4/20/34(1)(2) | 1,000 | 927,338 | |
ICG US CLO, Ltd.: | |||
Series 2018-2A, Class D, 8.373%, (3 mo. USD LIBOR + 3.10%), 7/22/31(1)(2) | 2,000 | 1,759,504 | |
Series 2018-2A, Class E, 11.023%, (3 mo. USD LIBOR + 5.75%), 7/22/31(1)(2) | 3,000 | 2,192,656 | |
Madison Park Funding LIX, Ltd., Series 2021-59A, Class E, 11.862%, (3 mo. USD LIBOR + 6.60%), 1/18/34(1)(2) | 1,550 | 1,452,893 | |
Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 12.036%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2) | 2,500 | 2,361,730 | |
Marble Point CLO XXIV, Ltd., Series 2022-1A, Class D1, 9.289%, (3 mo. SOFR + 4.24%), 4/20/35(1)(2) | 2,000 | 1,867,082 | |
Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR2, 11.181%, (3 mo. USD LIBOR + 5.92%), 10/21/30(1)(2) | 2,000 | 1,807,445 |
Security | Principal Amount (000's omitted) | Value | |
Neuberger Berman CLO XXII, Ltd.: | |||
Series 2016-22A, Class DR, 8.36%, (3 mo. USD LIBOR + 3.10%), 10/17/30(1)(2) | $ | 2,500 | $ 2,340,391 |
Series 2016-22A, Class ER, 11.32%, (3 mo. USD LIBOR + 6.06%), 10/17/30(1)(2) | 3,000 | 2,654,338 | |
Neuberger Berman Loan Advisers CLO 28, Ltd., Series 2018-28A, Class E, 10.85%, (3 mo. USD LIBOR + 5.60%), 4/20/30(1)(2) | 1,950 | 1,734,006 | |
Neuberger Berman Loan Advisers CLO 48, Ltd., Series 2022-48A, Class E, 11.568%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2) | 2,600 | 2,386,322 | |
OCP CLO, Ltd.: | |||
Series 2022-24A, Class D, 8.849%, (3 mo. SOFR + 3.80%), 7/20/35(1)(2) | 500 | 464,128 | |
Series 2022-24A, Class E, 12.469%, (3 mo. SOFR + 7.42%), 7/20/35(1)(2) | 1,000 | 913,315 | |
Palmer Square CLO, Ltd.: | |||
Series 2013-2A, Class DRR, 11.11%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2) | 3,250 | 2,941,406 | |
Series 2015-1A, Class DR4, 11.415%, (3 mo. USD LIBOR + 6.50%), 5/21/34(1)(2) | 2,000 | 1,708,728 | |
Series 2018-1A, Class C, 7.762%, (3 mo. USD LIBOR + 2.50%), 4/18/31(1)(2) | 3,000 | 2,812,464 | |
Series 2018-1A, Class D, 10.412%, (3 mo. USD LIBOR + 5.15%), 4/18/31(1)(2) | 2,000 | 1,775,029 | |
Series 2018-2A, Class D, 10.86%, (3 mo. USD LIBOR + 5.60%), 7/16/31(1)(2) | 2,000 | 1,804,678 | |
Series 2021-2A, Class E, 11.61%, (3 mo. USD LIBOR + 6.35%), 7/15/34(1)(2) | 1,000 | 944,246 | |
Series 2022-1A, Class E, 11.399%, (3 mo. SOFR + 6.35%), 4/20/35(1)(2) | 5,500 | 5,066,583 | |
Series 2022-3A, Class E, 13.029%, (3 mo. SOFR + 7.98%), 7/20/35(1)(2) | 2,250 | 2,227,601 | |
RAD CLO 5, Ltd., Series 2019-5A, Class E, 11.973%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2) | 1,250 | 1,091,344 | |
RAD CLO 11, Ltd., Series 2021-11A, Class E, 11.51%, (3 mo. USD LIBOR + 6.25%), 4/15/34(1)(2) | 750 | 703,391 | |
RAD CLO 14, Ltd., Series 2021-14A, Class E, 11.76%, (3 mo. USD LIBOR + 6.50%), 1/15/35(1)(2) | 1,050 | 952,642 | |
Regatta XIII Funding, Ltd.: | |||
Series 2018-2A, Class C, 8.36%, (3 mo. USD LIBOR + 3.10%), 7/15/31(1)(2) | 2,500 | 2,279,285 | |
Series 2018-2A, Class D, 11.21%, (3 mo. USD LIBOR + 5.95%), 7/15/31(1)(2) | 5,000 | 4,097,782 | |
Regatta XIV Funding, Ltd.: | |||
Series 2018-3A, Class D, 8.455%, (3 mo. USD LIBOR + 3.20%), 10/25/31(1)(2) | 2,500 | 2,283,199 | |
Series 2018-3A, Class E, 11.205%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) | 2,000 | 1,694,923 |
Security | Principal Amount (000's omitted) | Value | |
Regatta XV Funding, Ltd., Series 2018-4A, Class D, 11.755%, (3 mo. USD LIBOR + 6.50%), 10/25/31(1)(2) | $ | 2,875 | $ 2,466,581 |
Symphony CLO, Ltd., Series 2022-37A, Class D1, 9.676%, (3 mo. SOFR + 5.43%), 10/20/34(1)(2) | 2,500 | 2,492,962 | |
Upland CLO, Ltd.: | |||
Series 2016-1A, Class CR, 8.15%, (3 mo. USD LIBOR + 2.90%), 4/20/31(1)(2) | 4,500 | 4,168,909 | |
Series 2016-1A, Class DR, 11.15%, (3 mo. USD LIBOR + 5.90%), 4/20/31(1)(2) | 4,625 | 3,948,644 | |
Vibrant CLO IX, Ltd.: | |||
Series 2018-9A, Class C, 8.51%, (3 mo. SOFR + 3.46%), 7/20/31(1)(2) | 2,500 | 2,158,458 | |
Series 2018-9A, Class D, 11.56%, (3 mo. SOFR + 6.51%), 7/20/31(1)(2) | 3,500 | 2,589,514 | |
Vibrant CLO X, Ltd.: | |||
Series 2018-10A, Class C, 8.56%, (3 mo. SOFR + 3.51%), 10/20/31(1)(2) | 5,000 | 4,342,012 | |
Series 2018-10A, Class D, 11.50%, (3 mo. SOFR + 6.45%), 10/20/31(1)(2) | 5,000 | 3,888,903 | |
Voya CLO, Ltd.: | |||
Series 2014-1A, Class DR2, 11.244%, (3 mo. SOFR + 6.26%), 4/18/31(1)(2) | 3,250 | 2,676,073 | |
Series 2015-3A, Class CR, 8.46%, (3 mo. SOFR + 3.41%), 10/20/31(1)(2) | 2,500 | 2,076,084 | |
Series 2015-3A, Class DR, 11.51%, (3 mo. SOFR + 6.46%), 10/20/31(1)(2) | 5,500 | 4,127,435 | |
Series 2016-3A, Class CR, 8.512%, (3 mo. USD LIBOR + 3.25%), 10/18/31(1)(2) | 2,000 | 1,711,971 | |
Series 2016-3A, Class DR, 11.342%, (3 mo. USD LIBOR + 6.08%), 10/18/31(1)(2) | 2,375 | 1,704,293 | |
Webster Park CLO, Ltd.: | |||
Series 2015-1A, Class CR, 8.15%, (3 mo. USD LIBOR + 2.90%), 7/20/30(1)(2) | 2,000 | 1,843,301 | |
Series 2015-1A, Class DR, 10.75%, (3 mo. USD LIBOR + 5.50%), 7/20/30(1)(2) | 2,500 | 2,098,162 | |
Wellfleet CLO, Ltd.: | |||
Series 2021-3A, Class E, 12.36%, (3 mo. USD LIBOR + 7.10%), 1/15/35(1)(2) | 1,050 | 896,221 | |
Series 2022-1A, Class D, 9.126%, (3 mo. SOFR + 4.14%), 4/15/34(1)(2) | 1,000 | 929,625 | |
Series 2022-1A, Class E, 12.846%, (3 mo. SOFR + 7.86%), 4/15/34(1)(2) | 2,300 | 2,057,375 | |
Series 2022-2A, Class E, 13.542%, (3 mo. SOFR + 8.56%), 10/18/35(1)(2) | 1,000 | 967,611 | |
Total Asset-Backed Securities (identified cost $335,632,910) | $ 296,008,075 |
Common Stocks — 0.3% |
Security | Shares | Value | |
Aerospace and Defense — 0.0%(4) | |||
IAP Global Services, LLC(5)(6)(7) | 168 | $ 751,491 | |
$ 751,491 | |||
Containers and Glass Products — 0.1% | |||
LG Newco Holdco, Inc., Class A(6)(7) | 342,076 | $ 3,078,684 | |
$ 3,078,684 | |||
Electronics/Electrical — 0.0%(4) | |||
Skillsoft Corp.(6)(7) | 1,010,393 | $ 1,242,783 | |
$ 1,242,783 | |||
Health Care — 0.0% | |||
Akorn Holding Company, LLC, Class A(5)(6)(7) | 792,089 | $ 0 | |
$ 0 | |||
Investment Companies — 0.0%(4) | |||
Aegletes B.V.(6)(7) | 138,671 | $ 808,910 | |
Jubilee Topco, Ltd., Class A(5)(6) | 2,563,805 | 0 | |
$ 808,910 | |||
Nonferrous Metals/Minerals — 0.0%(4) | |||
ACNR Holdings, Inc., Class A(6)(7) | 30,298 | $ 2,794,991 | |
$ 2,794,991 | |||
Oil and Gas — 0.0%(4) | |||
AFG Holdings, Inc.(5)(6)(7) | 281,241 | $ 840,911 | |
McDermott International, Ltd.(6)(7) | 1,382,889 | 592,844 | |
QuarterNorth Energy, Inc.(7) | 6,269 | 874,917 | |
$ 2,308,672 | |||
Radio and Television — 0.0%(4) | |||
Clear Channel Outdoor Holdings, Inc.(6)(7) | 482,097 | $ 612,263 | |
Cumulus Media, Inc., Class A(6)(7) | 371,654 | 1,306,364 | |
iHeartMedia, Inc., Class A(6)(7) | 205,018 | 711,412 | |
$ 2,630,039 | |||
Retailers (Except Food and Drug) — 0.0%(4) | |||
David’s Bridal, LLC(5)(6)(7) | 195,511 | $ 0 | |
Phillips Pet Holding Corp.(5)(6)(7) | 2,960 | 224,250 | |
$ 224,250 |
Security | Shares | Value | |
Telecommunications — 0.1% | |||
GEE Acquisition Holdings Corp.(5)(6)(7) | 390,679 | $ 3,770,052 | |
$ 3,770,052 | |||
Utilities — 0.1% | |||
Longview Intermediate Holdings, LLC, Class A(7) | 359,046 | $ 2,897,502 | |
$ 2,897,502 | |||
Total Common Stocks (identified cost $67,259,095) | $ 20,507,374 |
Corporate Bonds — 9.7% |
Security | Principal Amount* (000's omitted) | Value | |
Aerospace and Defense — 0.1% | |||
TransDigm, Inc.: | |||
6.25%, 3/15/26(1) | 1,500 | $ 1,509,438 | |
6.75%, 8/15/28(1) | 3,825 | 3,889,226 | |
$ 5,398,664 | |||
Air Transport — 0.7% | |||
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.: | |||
5.50%, 4/20/26(1) | 19,300 | $ 18,974,676 | |
5.75%, 4/20/29(1) | 14,475 | 13,774,050 | |
United Airlines, Inc.: | |||
4.375%, 4/15/26(1) | 5,050 | 4,828,932 | |
4.625%, 4/15/29(1) | 5,050 | 4,575,688 | |
$ 42,153,346 | |||
Automotive — 0.1% | |||
Adient Global Holdings, Ltd., 7.00%, 4/15/28(1) | 2,650 | $ 2,720,493 | |
Clarios Global, L.P., 6.75%, 5/15/25(1) | 2,183 | 2,189,141 | |
Clarios Global, L.P./Clarios US Finance Co., 6.25%, 5/15/26(1) | 4,478 | 4,462,316 | |
$ 9,371,950 | |||
Building and Development — 0.1% | |||
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 5/15/28(1) | 3,625 | $ 3,387,617 | |
Winnebago Industries, Inc., 6.25%, 7/15/28(1) | 1,100 | 1,065,410 | |
$ 4,453,027 |
Security | Principal Amount* (000's omitted) | Value | |
Business Equipment and Services — 1.2% | |||
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(1) | 2,475 | $ 2,389,109 | |
Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.: | |||
4.625%, 6/1/28(1) | 20,725 | 18,062,149 | |
4.625%, 6/1/28(1) | 27,575 | 23,983,629 | |
Prime Security Services Borrower, LLC/Prime Finance, Inc.: | |||
5.25%, 4/15/24(1) | 9,125 | 9,093,734 | |
5.75%, 4/15/26(1) | 17,950 | 17,837,696 | |
$ 71,366,317 | |||
Chemicals — 0.3% | |||
Cheever Escrow Issuer, LLC, 7.125%, 10/1/27(1) | 1,075 | $ 1,025,956 | |
INEOS Finance PLC, 3.375%, 3/31/26(1) | EUR | 2,000 | 2,049,561 |
INEOS Quattro Finance 2 PLC, 3.375%, 1/15/26(1) | 5,464 | 5,018,903 | |
Olympus Water US Holding Corp., 4.25%, 10/1/28(1) | 10,050 | 8,582,700 | |
$ 16,677,120 | |||
Commercial Services — 0.3% | |||
Neptune Bidco U.S., Inc., 9.29%, 4/15/29(1) | 15,600 | $ 14,697,930 | |
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1) | 6,050 | 5,678,179 | |
$ 20,376,109 | |||
Communications Equipment — 0.1% | |||
CommScope, Inc., 4.75%, 9/1/29(1) | 7,038 | $ 5,689,844 | |
$ 5,689,844 | |||
Containers & Packaging — 0.3% | |||
Clydesdale Acquisition Holdings, Inc., 6.625%, 4/15/29(1) | 2,525 | $ 2,480,741 | |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC: | |||
4.00%, 10/15/27(1) | 6,325 | 5,700,438 | |
4.375%, 10/15/28(1) | 10,100 | 8,903,705 | |
$ 17,084,884 | |||
Diversified Financial Services — 0.3% | |||
AG Issuer, LLC, 6.25%, 3/1/28(1) | 11,581 | $ 10,776,641 | |
AG TTMT Escrow Issuer, LLC, 8.625%, 9/30/27(1) | 3,350 | 3,447,234 | |
NFP Corp., 7.50%, 10/1/30(1) | 3,350 | 3,286,510 | |
$ 17,510,385 |
Security | Principal Amount* (000's omitted) | Value | |
Diversified Telecommunication Services — 1.1% | |||
Altice France S.A.: | |||
5.125%, 1/15/29(1) | 1,600 | $ 1,183,886 | |
5.125%, 7/15/29(1) | 63,200 | 46,783,844 | |
5.50%, 10/15/29(1) | 6,455 | 4,837,898 | |
Level 3 Financing, Inc., 3.875%, 11/15/29(1) | 11,175 | 8,171,347 | |
Virgin Media Secured Finance PLC, 4.50%, 8/15/30(1) | 7,625 | 6,539,681 | |
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1) | 4,000 | 3,032,908 | |
$ 70,549,564 | |||
Drugs — 0.1% | |||
Jazz Securities DAC, 4.375%, 1/15/29(1) | 10,050 | $ 9,246,302 | |
$ 9,246,302 | |||
Ecological Services and Equipment — 0.1% | |||
GFL Environmental, Inc., 4.25%, 6/1/25(1) | 6,025 | $ 5,869,465 | |
$ 5,869,465 | |||
Electronics/Electrical — 0.4% | |||
GoTo Group, Inc., 5.50%, 9/1/27(1) | 12,010 | $ 6,773,700 | |
Imola Merger Corp., 4.75%, 5/15/29(1) | 20,200 | 17,514,545 | |
$ 24,288,245 | |||
Entertainment — 0.2% | |||
AMC Entertainment Holdings, Inc., 7.50%, 2/15/29(1) | 9,650 | $ 7,005,321 | |
Live Nation Entertainment, Inc., 3.75%, 1/15/28(1) | 2,412 | 2,164,770 | |
Six Flags Theme Parks, Inc., 7.00%, 7/1/25(1) | 1,208 | 1,224,411 | |
$ 10,394,502 | |||
Health Care — 0.8% | |||
HCA, Inc., 5.25%, 4/15/25 | 1,250 | $ 1,253,363 | |
Medline Borrower, L.P., 3.875%, 4/1/29(1) | 25,150 | 22,027,708 | |
RP Escrow Issuer, LLC, 5.25%, 12/15/25(1) | 2,650 | 1,861,622 | |
Tenet Healthcare Corp., 4.25%, 6/1/29 | 25,375 | 23,303,128 | |
$ 48,445,821 | |||
Hotels, Restaurants & Leisure — 0.6% | |||
Carnival Corp., 4.00%, 8/1/28(1) | 37,975 | $ 32,957,720 | |
SeaWorld Parks & Entertainment, Inc., 8.75%, 5/1/25(1) | 2,425 | 2,482,376 | |
$ 35,440,096 |
Security | Principal Amount* (000's omitted) | Value | |
Household Products — 0.0%(4) | |||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(1) | 1,300 | $ 1,204,333 | |
$ 1,204,333 | |||
Insurance — 0.0%(4) | |||
Alliant Holdings Intermediate, LLC/Alliant Holdings Co., 4.25%, 10/15/27(1) | 700 | $ 641,579 | |
NFP Corp., 4.875%, 8/15/28(1) | 1,000 | 911,130 | |
$ 1,552,709 | |||
Internet Software & Services — 0.3% | |||
Arches Buyer, Inc., 4.25%, 6/1/28(1) | 7,525 | $ 6,484,554 | |
Central Parent, Inc./CDK Global, Inc., 7.25%, 6/15/29(1) | 15,225 | 15,090,394 | |
$ 21,574,948 | |||
Leisure Goods/Activities/Movies — 0.4% | |||
Lindblad Expeditions, LLC, 6.75%, 2/15/27(1) | 3,475 | $ 3,269,687 | |
NCL Corp., Ltd., 5.875%, 2/15/27(1) | 22,375 | 21,127,309 | |
$ 24,396,996 | |||
Machinery — 0.2% | |||
Madison IAQ, LLC, 4.125%, 6/30/28(1) | 12,300 | $ 10,832,961 | |
TK Elevator U.S. Newco, Inc., 5.25%, 7/15/27(1) | 4,950 | 4,633,232 | |
$ 15,466,193 | |||
Media — 0.5% | |||
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1)(8) | 6,700 | $ 456,437 | |
iHeartCommunications, Inc.: | |||
4.75%, 1/15/28(1) | 2,975 | 2,320,164 | |
5.25%, 8/15/27(1) | 2,500 | 1,977,947 | |
6.375%, 5/1/26 | 1,159 | 996,539 | |
8.375%, 5/1/27 | 2,101 | 1,388,727 | |
Univision Communications, Inc.: | |||
4.50%, 5/1/29(1) | 10,075 | 8,692,337 | |
7.375%, 6/30/30(1) | 12,850 | 12,343,074 | |
$ 28,175,225 | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
CITGO Petroleum Corporation, 7.00%, 6/15/25(1) | 12,175 | $ 12,132,388 | |
$ 12,132,388 |
Security | Principal Amount* (000's omitted) | Value | |
Professional Services — 0.1% | |||
CoreLogic, Inc., 4.50%, 5/1/28(1) | 6,000 | $ 4,911,150 | |
$ 4,911,150 | |||
Real Estate Investment Trusts (REITs) — 0.1% | |||
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 5.875%, 10/1/28(1) | 7,925 | $ 7,317,945 | |
$ 7,317,945 | |||
Retail — 0.1% | |||
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1) | 6,790 | $ 5,951,231 | |
$ 5,951,231 | |||
Retailers (Except Food and Drug) — 0.0%(4) | |||
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/28(1) | 1,575 | $ 1,490,436 | |
$ 1,490,436 | |||
Software — 0.2% | |||
Boxer Parent Co., Inc., 7.125%, 10/2/25(1) | 4,850 | $ 4,841,464 | |
Cloud Software Group, Inc., 9.00%, 9/30/29(1) | 9,600 | 8,258,064 | |
$ 13,099,528 | |||
Technology — 0.2% | |||
Clarivate Science Holdings Corp., 3.875%, 7/1/28(1) | 12,575 | $ 11,330,325 | |
$ 11,330,325 | |||
Telecommunications — 0.4% | |||
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(1) | 17,200 | $ 14,751,236 | |
VMED O2 UK Financing I PLC, 4.25%, 1/31/31(1) | 10,575 | 8,777,671 | |
$ 23,528,907 | |||
Trading Companies & Distributors — 0.1% | |||
American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28(1) | 875 | $ 802,669 | |
SRS Distribution, Inc., 4.625%, 7/1/28(1) | 5,100 | 4,497,003 | |
$ 5,299,672 |
Security | Principal Amount* (000's omitted) | Value | |
Wireless Telecommunication Services — 0.1% | |||
Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24(1) | 7,250 | $ 6,572,560 | |
$ 6,572,560 | |||
Total Corporate Bonds (identified cost $677,058,987) | $ 598,320,187 |
Exchange-Traded Funds — 0.3% |
Security | Shares | Value | |
SPDR Blackstone Senior Loan ETF | 384,000 | $ 15,943,680 | |
Total Exchange-Traded Funds (identified cost $17,625,066) | $ 15,943,680 |
Preferred Stocks — 0.1% |
Security | Shares | Value | |
Financial Services — 0.0% | |||
DBI Investors, Inc., Series A-1(5)(6)(7) | 9,245 | $ 0 | |
$ 0 | |||
Nonferrous Metals/Minerals — 0.1% | |||
ACNR Holdings, Inc., 15.00% (PIK)(6)(7) | 14,309 | $ 8,013,040 | |
$ 8,013,040 | |||
Retailers (Except Food and Drug) — 0.0%(4) | |||
David’s Bridal, LLC: | |||
Series A, 8.00% (PIK)(5)(6)(7) | 5,438 | $ 0 | |
Series B, 10.00% (PIK)(5)(6)(7) | 22,162 | 0 | |
$ 0 | |||
Total Preferred Stocks (identified cost $1,794,236) | $ 8,013,040 |
Senior Floating-Rate Loans — 110.3%(9) |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Aerospace and Defense — 2.5% | |||
Aernnova Aerospace S.A.U.: | |||
Term Loan, 5.436%, (6 mo. EURIBOR + 3.00%), 2/26/27 | EUR | 4,179 | $ 4,351,129 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Aerospace and Defense (continued) | |||
Aernnova Aerospace S.A.U.: (continued) | |||
Term Loan, 5.625%, (6 mo. EURIBOR + 3.00%), 2/26/27 | EUR | 1,071 | $ 1,115,674 |
AI Convoy (Luxembourg) S.a.r.l., Term Loan, 7.078%, (6 mo. EURIBOR + 3.50%), 1/18/27 | EUR | 4,300 | 4,477,572 |
Dynasty Acquisition Co., Inc.: | |||
Term Loan, 8.582%, (SOFR + 3.50%), 4/6/26 | 28,956 | 28,490,072 | |
Term Loan, 8.582%, (SOFR + 3.50%), 4/6/26 | 15,571 | 15,320,537 | |
IAP Worldwide Services, Inc., Term Loan - Second Lien, 11.659%, (3 mo. USD LIBOR + 6.50%), 7/18/23(5) | 1,188 | 942,241 | |
TransDigm, Inc.: | |||
Term Loan, 8.148%, (SOFR + 3.25%), 2/22/27 | 29,594 | 29,676,053 | |
Term Loan, 8.148%, (SOFR + 3.25%), 8/24/28 | 34,904 | 34,929,327 | |
WP CPP Holdings, LLC, Term Loan, 9.03%, (3 mo. USD LIBOR + 3.75%), 4/30/25 | 35,389 | 32,557,551 | |
$ 151,860,156 | |||
Airlines — 0.7% | |||
American Airlines, Inc., Term Loan, 10.00%, (3 mo. USD LIBOR + 4.75%), 4/20/28 | 36,000 | $ 36,306,000 | |
United Airlines, Inc., Term Loan, 8.77%, (1 mo. USD LIBOR + 3.75%), 4/21/28 | 8,629 | 8,613,671 | |
$ 44,919,671 | |||
Apparel & Luxury Goods — 0.1% | |||
Hanesbrands, Inc., Term Loan, 8.732%, (SOFR + 3.75%), 3/8/30 | 5,475 | $ 5,454,469 | |
$ 5,454,469 | |||
Auto Components — 2.2% | |||
Adient US, LLC, Term Loan, 8.268%, (1 mo. USD LIBOR + 3.25%), 4/10/28 | 7,981 | $ 7,992,042 | |
Clarios Global, L.P., Term Loan, 6.265%, (1 mo. EURIBOR + 3.25%), 4/30/26 | EUR | 31,981 | 34,880,848 |
DexKo Global, Inc.: | |||
Term Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 10/4/28 | EUR | 1,115 | 1,129,737 |
Term Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 10/4/28 | EUR | 3,604 | 3,651,214 |
Term Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 10/4/28 | EUR | 6,931 | 7,021,195 |
Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 10/4/28 | 14,330 | 13,685,389 | |
Garrett LX I S.a.r.l.: | |||
Term Loan, 6.742%, (3 mo. EURIBOR + 3.50%), 4/30/28 | EUR | 17,397 | 18,834,086 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Auto Components (continued) | |||
Garrett LX I S.a.r.l.: (continued) | |||
Term Loan, 8.657%, (3 mo. USD LIBOR + 3.25%), 4/30/28 | 6,304 | $ 6,209,440 | |
Garrett Motion, Inc., Term Loan, 4/28/30(10) | 13,200 | 12,820,500 | |
LTI Holdings, Inc.: | |||
Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 9/6/25 | 8,115 | 7,925,168 | |
Term Loan, 9.775%, (1 mo. USD LIBOR + 4.75%), 7/24/26 | 8,010 | 7,834,383 | |
Truck Hero, Inc., Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 1/31/28 | 16,488 | 15,045,305 | |
$ 137,029,307 | |||
Automobiles — 0.8% | |||
Bombardier Recreational Products, Inc., Term Loan, 7.082%, (1 mo. USD LIBOR + 2.00%), 5/24/27 | 35,368 | $ 34,566,513 | |
MajorDrive Holdings IV, LLC, Term Loan, 9.00%, (3 mo. USD LIBOR + 4.00%), 6/1/28 | 15,964 | 15,580,256 | |
$ 50,146,769 | |||
Beverages — 0.3% | |||
Arterra Wines Canada, Inc., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 11/24/27 | 3,422 | $ 3,351,294 | |
City Brewing Company, LLC, Term Loan, 8.76%, (3 mo. USD LIBOR + 3.50%), 4/5/28 | 6,396 | 2,664,978 | |
Triton Water Holdings, Inc., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 3/31/28 | 12,299 | 11,690,436 | |
$ 17,706,708 | |||
Biotechnology — 0.5% | |||
Alkermes, Inc., Term Loan, 7.45%, (1 mo. USD LIBOR + 2.50%), 3/12/26 | 12,767 | $ 12,543,908 | |
Alltech, Inc., Term Loan, 9.097%, (SOFR + 4.00%), 10/13/28 | 6,877 | 6,670,535 | |
Grifols Worldwide Operations USA, Inc., Term Loan, 7.025%, (1 mo. USD LIBOR + 2.00%), 11/15/27 | 9,268 | 9,045,028 | |
$ 28,259,471 | |||
Building Products — 1.1% | |||
Cornerstone Building Brands, Inc., Term Loan, 8.24%, (SOFR + 3.25%), 4/12/28 | 20,035 | $ 18,231,402 | |
CPG International, Inc., Term Loan, 7.582%, (SOFR + 2.50%), 4/28/29 | 14,875 | 14,833,421 | |
LHS Borrower, LLC, Term Loan, 9.832%, (SOFR + 4.75%), 2/16/29 | 10,881 | 8,541,910 | |
MI Windows and Doors, LLC, Term Loan, 8.582%, (SOFR + 3.50%), 12/18/27 | 6,383 | 6,381,497 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Building Products (continued) | |||
Oscar AcquisitionCo, LLC, Term Loan, 9.498%, (SOFR + 4.50%), 4/29/29 | 5,001 | $ 4,845,764 | |
Standard Industries, Inc., Term Loan, 7.329%, (SOFR + 2.25%), 9/22/28 | 13,134 | 13,116,399 | |
$ 65,950,393 | |||
Capital Markets — 5.5% | |||
Advisor Group, Inc., Term Loan, 9.525%, (1 mo. USD LIBOR + 4.50%), 7/31/26 | 36,062 | $ 35,901,886 | |
AllSpring Buyer, LLC, Term Loan, 8.163%, (3 mo. USD LIBOR + 3.00%), 11/1/28 | 8,271 | 8,252,333 | |
Aretec Group, Inc.: | |||
Term Loan, 9.332%, (SOFR + 4.25%), 10/1/25 | 25,649 | 25,580,510 | |
Term Loan, 3/8/30(10) | 10,925 | 10,811,194 | |
Brookfield Property REIT, Inc., Term Loan, 7.582%, (SOFR + 2.50%), 8/27/25 | 5,664 | 5,502,715 | |
CeramTec AcquiCo GmbH, Term Loan, 6.448%, (3 mo. EURIBOR + 3.75%), 3/16/29 | EUR | 14,461 | 15,447,062 |
Citadel Securities, L.P., Term Loan, 8.097%, (SOFR + 3.00%), 2/2/28 | 2,488 | 2,482,577 | |
Clipper Acquisitions Corp., Term Loan, 6.608%, (1 mo. USD LIBOR + 1.75%), 3/3/28 | 7,835 | 7,796,111 | |
Edelman Financial Center, LLC, Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 4/7/28 | 22,397 | 21,734,425 | |
EIG Management Company, LLC, Term Loan, 8.732%, (SOFR + 3.75%), 2/22/25 | 2,684 | 2,673,686 | |
FinCo I, LLC, Term Loan, 7.525%, (1 mo. USD LIBOR + 2.50%), 6/27/25 | 19,622 | 19,621,704 | |
Focus Financial Partners, LLC: | |||
Term Loan, 7.482%, (SOFR + 2.50%), 6/30/28 | 10,886 | 10,768,685 | |
Term Loan, 8.232%, (SOFR + 3.25%), 6/30/28 | 27,591 | 27,466,460 | |
Franklin Square Holdings, L.P., Term Loan, 7.332%, (SOFR + 2.35%), 8/1/25 | 6,518 | 6,501,547 | |
Greenhill & Co., Inc., Term Loan, 8.203%, (3 mo. USD LIBOR + 3.25%), 4/12/24 | 5,488 | 5,409,215 | |
Guggenheim Partners, LLC, Term Loan, 8.148%, (SOFR + 3.25%), 12/12/29 | 32,516 | 32,488,895 | |
HighTower Holdings, LLC, Term Loan, 9.01%, (1 mo. USD LIBOR + 4.00%), 4/21/28 | 9,311 | 8,947,111 | |
Hudson River Trading, LLC, Term Loan, 8.097%, (SOFR + 3.00%), 3/20/28 | 29,890 | 28,149,560 | |
LPL Holdings, Inc., Term Loan, 6.653%, (SOFR + 1.75%), 11/12/26 | 19,253 | 19,235,185 | |
Mariner Wealth Advisors, LLC, Term Loan, 8.404%, (SOFR + 3.25%), 8/18/28 | 15,145 | 14,823,601 | |
Victory Capital Holdings, Inc.: | |||
Term Loan, 7.287%, (SOFR + 2.25%), 7/1/26 | 18,707 | 18,638,472 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Capital Markets (continued) | |||
Victory Capital Holdings, Inc.: (continued) | |||
Term Loan, 7.287%, (SOFR + 2.25%), 12/29/28 | 8,636 | $ 8,566,129 | |
$ 336,799,063 | |||
Chemicals — 5.9% | |||
Axalta Coating Systems Dutch Holding B B.V., Term Loan, 7.898%, (SOFR + 3.00%), 12/20/29 | 21,894 | $ 21,986,760 | |
Chemours Company (The), Term Loan, 5.02%, (3 mo. EURIBOR + 2.00%), 4/3/25 | EUR | 5,566 | 6,102,465 |
Colouroz Investment 1 GmbH: | |||
Term Loan, 7.465%, (3 mo. EURIBOR + 4.25%), 9/21/23 | EUR | 1,164 | 882,086 |
Term Loan, 7.466%, (3 mo. EURIBOR + 4.25%), 9/21/23 | EUR | 27 | 20,593 |
CPC Acquisition Corp., Term Loan, 8.91%, (SOFR + 3.75%), 12/29/27 | 17,474 | 13,402,625 | |
Flint Group GmbH: | |||
Term Loan, 7.461%, (3 mo. EURIBOR + 4.25%), 9/21/23 | EUR | 1,102 | 835,097 |
Term Loan, 7.461%, (3 mo. EURIBOR + 4.25%), 9/21/23 | EUR | 32 | 24,132 |
Term Loan, 7.461%, (3 mo. EURIBOR + 4.25%), 9/21/23 | EUR | 73 | 54,949 |
Term Loan, 7.461%, (3 mo. EURIBOR + 4.25%), 9/21/23 | EUR | 144 | 108,874 |
Term Loan, 10.27%, (USD LIBOR + 5.00%), 9.52% cash, 0.75% PIK, 9/21/23(11) | 1,326 | 909,784 | |
Flint Group US, LLC: | |||
Term Loan, 10.272%, (USD LIBOR + 5.00%), 9.52% cash, 0.75% PIK, 9/21/23(11) | 8,020 | 5,503,449 | |
Term Loan, 10.272%, (USD LIBOR + 5.00%), 9.52% cash, 0.75% PIK, 9/21/23(11) | 1,987 | 1,339,055 | |
Gemini HDPE, LLC, Term Loan, 8.292%, (3 mo. USD LIBOR + 3.00%), 12/31/27 | 5,818 | 5,819,954 | |
GEON Performance Solutions, LLC, Term Loan, 9.659%, (3 mo. USD LIBOR + 4.50%), 8/18/28 | 7,659 | 7,606,444 | |
Groupe Solmax, Inc., Term Loan, 9.909%, (3 mo. USD LIBOR + 4.75%), 5/29/28 | 19,975 | 18,046,442 | |
INEOS Enterprises Holdings II Limited, Term Loan, 5.948%, (3 mo. EURIBOR + 3.25%), 8/31/26 | EUR | 2,325 | 2,552,311 |
INEOS Enterprises Holdings US Finco, LLC, Term Loan, 8.491%, (SOFR + 3.50%), 8/28/26 | 2,459 | 2,449,332 | |
INEOS Finance PLC, Term Loan, 5.765%, (1 mo. EURIBOR + 2.75%), 11/8/28 | EUR | 9,675 | 10,255,549 |
INEOS Quattro Holdings UK, Ltd.: | |||
Term Loan, 5.765%, (1 mo. EURIBOR + 2.75%), 1/29/26 | EUR | 26,250 | 28,071,603 |
Term Loan, 7.015%, (1 mo. EURIBOR + 4.00%), 3/14/30 | EUR | 4,075 | 4,445,342 |
Term Loan, 8.832%, (SOFR + 3.75%), 3/14/30 | 6,125 | 6,117,344 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Chemicals (continued) | |||
INEOS Styrolution US Holding, LLC, Term Loan, 7.847%, (1 mo. USD LIBOR + 2.75%), 1/29/26 | 12,643 | $ 12,616,427 | |
INEOS US Finance, LLC: | |||
Term Loan, 7.015%, (1 mo. EURIBOR + 4.00%), 11/8/27 | EUR | 7,846 | 8,640,014 |
Term Loan, 7.582%, (SOFR + 2.50%), 11/8/28 | 6,802 | 6,676,800 | |
Term Loan, 8.568%, (SOFR + 3.50%), 2/18/30 | 11,150 | 11,147,681 | |
Term Loan, 8.832%, (SOFR + 3.75%), 11/8/27 | 3,440 | 3,439,637 | |
Kraton Corporation, Term Loan, 8.544%, (SOFR + 3.25%), 3/15/29 | 6,163 | 6,160,439 | |
Kraton Polymers Holdings B.V., Term Loan, 6.25%, (3 mo. EURIBOR + 3.25%), 3/15/29 | EUR | 4,650 | 5,006,414 |
Lonza Group AG: | |||
Term Loan, 7.015%, (3 mo. EURIBOR + 4.00%), 7/3/28 | EUR | 16,900 | 16,701,712 |
Term Loan, 9.159%, (3 mo. USD LIBOR + 4.00%), 7/3/28 | 23,044 | 21,333,900 | |
LSF11 Skyscraper Holdco S.a.r.l.: | |||
Term Loan, 6.38%, (1 mo. EURIBOR + 3.50%), 9/29/27 | EUR | 13,775 | 15,152,587 |
Term Loan, 8.525%, (1 week USD LIBOR + 3.50%), 9/29/27 | 5,562 | 5,557,855 | |
Messer Industries GmbH: | |||
Term Loan, 5.515%, (3 mo. EURIBOR + 2.50%), 3/2/26 | EUR | 1,821 | 2,003,614 |
Term Loan, 7.66%, (SOFR + 2.50%), 3/2/26 | 4,549 | 4,548,096 | |
Momentive Performance Materials, Inc., Term Loan, 9.482%, (SOFR + 4.50%), 3/29/28 | 11,950 | 11,927,594 | |
Olympus Water US Holding Corporation: | |||
Term Loan, 8.938%, (3 mo. USD LIBOR + 3.75%), 11/9/28 | 4,461 | 4,244,618 | |
Term Loan, 9.498%, (SOFR + 4.50%), 11/9/28 | 5,891 | 5,662,243 | |
Orion Engineered Carbons GmbH: | |||
Term Loan, 5.515%, (3 mo. EURIBOR + 2.50%), 9/24/28 | EUR | 1,250 | ��� 1,365,324 |
Term Loan, 7.309%, (3 mo. USD LIBOR + 2.15%), 9/24/28 | 4,876 | 4,781,282 | |
PQ Corporation, Term Loan, 7.645%, (3 mo. USD LIBOR + 2.50%), 6/9/28 | 25,333 | 25,293,430 | |
Rohm Holding GmbH, Term Loan, 10.102%, (3 mo. USD LIBOR + 5.00%), 7/31/26 | 11,933 | 10,163,279 | |
SCUR-Alpha 1503 GmbH, Term Loan, 3/30/30(10) | 6,900 | 6,279,000 | |
Spectrum Holdings III Corp., Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 1/31/25 | 5,501 | 5,274,558 | |
Tronox Finance, LLC: | |||
Term Loan, 7.275%, (1 mo. USD LIBOR + 2.25%), 3/10/28 | 12,836 | 12,666,344 | |
Term Loan, 8.148%, (SOFR + 3.25%), 4/4/29 | 3,935 | 3,917,215 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Chemicals (continued) | |||
W.R. Grace & Co.-Conn., Term Loan, 8.938%, (3 mo. USD LIBOR + 3.75%), 9/22/28 | 13,035 | $ 13,067,088 | |
$ 360,161,341 | |||
Commercial Services & Supplies — 2.0% | |||
Allied Universal Holdco, LLC, Term Loan, 6.765%, (1 mo. EURIBOR + 3.75%), 5/12/28 | EUR | 9,455 | $ 9,878,362 |
Asplundh Tree Expert, LLC, Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 9/7/27 | 10,189 | 10,163,278 | |
Belfor Holdings, Inc.: | |||
Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 4/6/26 | 2,273 | 2,276,130 | |
Term Loan, 9.232%, (SOFR + 4.25%), 4/6/26 | 4,573 | 4,573,180 | |
EnergySolutions, LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 5/9/25 | 18,077 | 17,529,490 | |
GFL Environmental, Inc., Term Loan, 8.145%, (SOFR + 3.00%), 5/28/27 | 7,609 | 7,624,993 | |
Harsco Corporation, Term Loan, 7.347%, (SOFR + 2.25%), 3/10/28 | 3,807 | 3,706,061 | |
LABL, Inc., Term Loan, 10.082%, (1 mo. USD LIBOR + 5.00%), 10/29/28 | 9,406 | 9,289,436 | |
Monitronics International, Inc., Term Loan, 12.773%, (3 mo. USD LIBOR + 7.50%), 3/29/24 | 14,934 | 8,064,256 | |
Phoenix Services International, LLC: | |||
DIP Loan, 14.97%, (SOFR + 12.00%), 5/29/23 | 1,751 | 1,681,385 | |
DIP Loan, 16.982%, (SOFR + 12.00%), 5/29/23 | 3,639 | 3,493,740 | |
Term Loan, 0.00%, 3/1/25(8) | 11,350 | 1,299,145 | |
Prime Security Services Borrower, LLC, Term Loan, 7.608%, (1 mo. USD LIBOR + 2.75%), 9/23/26 | 17,804 | 17,799,195 | |
SITEL Group, Term Loan, 6.765%, (1 mo. EURIBOR + 3.75%), 8/28/28 | EUR | 7,075 | 7,719,039 |
SITEL Worldwide Corporation, Term Loan, 8.76%, (1 mo. USD LIBOR + 3.75%), 8/28/28 | 13,477 | 13,448,798 | |
Tempo Acquisition, LLC, Term Loan, 7.982%, (SOFR + 3.00%), 8/31/28 | 4,220 | 4,223,231 | |
TruGreen Limited Partnership, Term Loan, 9.082%, (1 mo. USD LIBOR + 4.00%), 11/2/27 | 2,363 | 2,184,977 | |
$ 124,954,696 | |||
Communications Equipment — 0.2% | |||
CommScope, Inc., Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 4/6/26 | 4,508 | $ 4,187,793 | |
Digi International, Inc., Term Loan, 10.025%, (1 mo. USD LIBOR + 5.00%), 11/1/28 | 5,122 | 5,109,070 | |
$ 9,296,863 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Construction Materials — 0.3% | |||
Quikrete Holdings, Inc.: | |||
Term Loan, 7.65%, (1 mo. USD LIBOR + 2.63%), 2/1/27 | 4,767 | $ 4,745,380 | |
Term Loan, 8.025%, (1 mo. USD LIBOR + 3.00%), 3/18/29 | 11,360 | 11,329,084 | |
$ 16,074,464 | |||
Consumer Staples Distribution & Retail — 0.1% | |||
Peer Holding III B.V., Term Loan, 9/29/28(10) | EUR | 7,550 | $ 8,220,556 |
$ 8,220,556 | |||
Containers & Packaging — 2.0% | |||
Berlin Packaging, LLC, Term Loan, 8.616%, (USD LIBOR + 3.75%), 3/11/28(11) | 9,730 | $ 9,555,373 | |
Clydesdale Acquisition Holdings, Inc., Term Loan, 9.257%, (SOFR + 4.18%), 4/13/29 | 11,761 | 11,515,612 | |
Kouti B.V.: | |||
Term Loan, 5.873%, (3 mo. EURIBOR + 3.18%), 8/31/28 | EUR | 32,750 | 34,210,703 |
Term Loan, 7.562%, (1 week EURIBOR + 4.75%), 8/31/28 | EUR | 5,525 | 6,080,390 |
Pregis TopCo Corporation: | |||
Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 7/31/26 | 1,625 | 1,602,903 | |
Term Loan, 8.847%, (SOFR + 3.75%), 7/31/26 | 2,346 | 2,315,154 | |
Pretium PKG Holdings, Inc.: | |||
Term Loan, 9.167%, (3 mo. USD LIBOR + 4.00%), 10/2/28 | 7,777 | 6,237,915 | |
Term Loan - Second Lien, 11.864%, (3 mo. USD LIBOR + 6.75%), 10/1/29 | 7,100 | 4,402,000 | |
Proampac PG Borrower, LLC, Term Loan, 8.976%, (SOFR + 3.75%), 11/3/25 | 20,914 | 20,639,554 | |
Trident TPI Holdings, Inc.: | |||
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 10/17/24 | 10,334 | 10,332,635 | |
Term Loan, 9.159%, (3 mo. USD LIBOR + 4.00%), 9/15/28 | 6,528 | 6,352,869 | |
Term Loan, 9/15/28(10) | 7,454 | 7,279,498 | |
$ 120,524,606 | |||
Distributors — 0.4% | |||
Autokiniton US Holdings, Inc., Term Loan, 9.597%, (SOFR + 4.50%), 4/6/28 | 22,403 | $ 22,040,310 | |
Phillips Feed Service, Inc., Term Loan, 12.01%, (1 mo. USD LIBOR + 7.00%), 11/13/24(5) | 541 | 432,581 | |
Winterfell Financing S.a.r.l., Term Loan, 7.926%, (3 mo. EURIBOR + 5.00%), 5/4/28 | EUR | 2,500 | 2,678,995 |
$ 25,151,886 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Diversified Consumer Services — 1.0% | |||
Ascend Learning, LLC: | |||
Term Loan, 8.582%, (SOFR + 3.50%), 12/11/28 | 12,535 | $ 11,464,142 | |
Term Loan - Second Lien, 10.832%, (SOFR + 5.75%), 12/10/29 | 5,243 | 4,614,122 | |
FrontDoor, Inc., Term Loan, 7.275%, (1 mo. USD LIBOR + 2.25%), 6/17/28 | 958 | 941,972 | |
KUEHG Corp.: | |||
Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 2/21/25 | 34,949 | 34,774,432 | |
Term Loan - Second Lien, 13.409%, (3 mo. USD LIBOR + 8.25%), 8/22/25 | 4,075 | 3,988,406 | |
Sotheby's, Term Loan, 9.76%, (3 mo. USD LIBOR + 4.50%), 1/15/27 | 5,413 | 5,412,632 | |
$ 61,195,706 | |||
Diversified Financial Services — 0.3% | |||
Concorde Midco, Ltd., Term Loan, 7.052%, (3 mo. EURIBOR + 4.00%), 3/1/28 | EUR | 7,480 | $ 8,051,614 |
Zephyr Bidco Limited, Term Loan, 8.96%, (SONIA + 4.75%), 7/23/25 | GBP | 8,400 | 9,960,249 |
$ 18,011,863 | |||
Diversified Telecommunication Services — 3.3% | |||
CenturyLink, Inc., Term Loan, 7.347%, (SOFR + 2.25%), 3/15/27 | 28,839 | $ 19,677,796 | |
GEE Holdings 2, LLC: | |||
Term Loan, 13.018%, (3 mo. USD LIBOR + 8.00%), 3/24/25 | 9,869 | 9,671,465 | |
Term Loan - Second Lien, 13.268%, (3 mo. USD LIBOR + 8.25%), 3/23/26 | 7,607 | 4,697,305 | |
Telenet Financing USD, LLC, Term Loan, 6.948%, (1 mo. USD LIBOR + 2.00%), 4/30/28 | 28,225 | 27,663,012 | |
Telenet International Finance S.a.r.l., Term Loan, 5.184%, (1 mo. EURIBOR + 2.25%), 4/30/29 | EUR | 3,065 | 3,268,997 |
UPC Broadband Holding B.V.: | |||
Term Loan, 5.434%, (1 mo. EURIBOR + 2.50%), 4/30/29 | EUR | 5,650 | 6,093,441 |
Term Loan, 5.859%, (1 mo. EURIBOR + 2.93%), 1/31/29 | EUR | 13,150 | 14,250,008 |
UPC Financing Partnership, Term Loan, 7.873%, (1 mo. USD LIBOR + 2.93%), 1/31/29 | 22,025 | 21,756,559 | |
Virgin Media Bristol, LLC: | |||
Term Loan, 7.448%, (1 mo. USD LIBOR + 2.50%), 1/31/28 | 22,643 | 22,324,503 | |
Term Loan, 8.198%, (1 mo. USD LIBOR + 3.25%), 1/31/29 | 500 | 496,063 | |
Virgin Media Ireland Limited, Term Loan, 6.397%, (1 mo. EURIBOR + 3.46%), 7/15/29 | EUR | 12,500 | 13,368,022 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Diversified Telecommunication Services (continued) | |||
Virgin Media SFA Finance Limited: | |||
Term Loan, 5.434%, (1 mo. EURIBOR + 2.50%), 1/31/29 | EUR | 10,800 | $ 11,575,117 |
Term Loan, 7.46%, (SONIA + 3.25%), 1/15/27 | GBP | 11,825 | 14,099,443 |
Zayo Group Holdings, Inc., Term Loan, 6.265%, (1 mo. EURIBOR + 3.25%), 3/9/27 | EUR | 4,438 | 4,100,230 |
Ziggo B.V., Term Loan, 6.102%, (6 mo. EURIBOR + 3.00%), 1/31/29 | EUR | 26,500 | 27,846,341 |
$ 200,888,302 | |||
Electrical Equipment — 0.0%(4) | |||
AZZ, Inc., Term Loan, 9.247%, (SOFR + 4.25%), 5/13/29 | 2,174 | $ 2,177,106 | |
$ 2,177,106 | |||
Electronic Equipment, Instruments & Components — 1.0% | |||
Creation Technologies, Inc., Term Loan, 10.723%, (3 mo. USD LIBOR + 5.50%), 10/5/28 | 14,494 | $ 12,826,935 | |
II-VI Incorporated, Term Loan, 7.847%, (SOFR + 2.75%), 7/2/29 | 1,541 | 1,537,717 | |
Ingram Micro, Inc., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 6/30/28 | 6,031 | 5,939,839 | |
Minimax Viking GmbH, Term Loan, 5.765%, (1 mo. EURIBOR + 2.75%), 7/31/25 | EUR | 1,894 | 2,085,583 |
Mirion Technologies, Inc., Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 10/20/28 | 2,357 | 2,355,896 | |
Robertshaw US Holding Corp., Term Loan, 8.688%, (3 mo. USD LIBOR + 3.50%), 2/28/25 | 20,598 | 11,122,653 | |
Verifone Systems, Inc., Term Loan, 8.958%, (3 mo. USD LIBOR + 4.00%), 8/20/25 | 19,515 | 16,896,928 | |
Verisure Holding AB, Term Loan, 6.262%, (3 mo. EURIBOR + 3.25%), 3/27/28 | EUR | 10,550 | 11,192,795 |
$ 63,958,346 | |||
Energy Equipment & Services — 0.5% | |||
Ameriforge Group, Inc.: | |||
Term Loan, 12.614%, (1 mo. USD LIBOR + 13.00%), 2/1/26(5)(12) | 2,198 | $ 1,978,474 | |
Term Loan, 18.16%, (3 mo. USD LIBOR + 13.00%), 13.16% cash, 5.00% PIK, 2/1/26(5) | 17,235 | 15,511,744 | |
Lealand Finance Company B.V.: | |||
Letter of Credit, 4.29%, 6/28/24(12) | 10,000 | 8,550,000 | |
Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 6.025% cash, 3.00% PIK, 6/30/25 | 3,382 | 2,260,278 | |
$ 28,300,496 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Engineering & Construction — 1.2% | |||
Aegion Corporation, Term Loan, 9.775%, (1 mo. USD LIBOR + 4.75%), 5/17/28 | 17,765 | $ 17,482,239 | |
American Residential Services, LLC, Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 10/15/27 | 8,489 | 8,425,157 | |
APi Group DE, Inc.: | |||
Term Loan, 7.525%, (1 mo. USD LIBOR + 2.50%), 10/1/26 | 11,043 | 11,045,018 | |
Term Loan, 7.768%, (1 mo. USD LIBOR + 2.75%), 1/3/29 | 5,176 | 5,182,610 | |
Centuri Group, Inc., Term Loan, 7.459%, (USD LIBOR + 2.50%), 8/27/28(11) | 9,196 | 9,138,735 | |
Northstar Group Services, Inc.: | |||
Term Loan, 10.491%, (SOFR + 5.50%), 11/12/26 | 1,988 | 1,987,500 | |
Term Loan, 10.597%, (SOFR + 5.50%), 11/12/26 | 13,139 | 13,105,883 | |
USIC Holdings, Inc., Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 5/12/28 | 6,711 | 6,591,520 | |
$ 72,958,662 | |||
Entertainment — 1.7% | |||
AMC Entertainment Holdings, Inc., Term Loan, 7.946%, (1 mo. USD LIBOR + 3.00%), 4/22/26 | 21,252 | $ 16,360,461 | |
City Football Group Limited, Term Loan, 8.273%, (3 mo. USD LIBOR + 3.00%), 7/21/28 | 12,062 | 11,820,724 | |
Crown Finance US, Inc., DIP Loan, 15.049%, (SOFR + 10.00%), 9/7/23(11) | 11,341 | 11,571,706 | |
Formula One Holdings Limited., Term Loan, 8.482%, (SOFR + 3.25%), 1/15/30 | 2,500 | 2,507,552 | |
Playtika Holding Corp., Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 3/13/28 | 29,913 | 29,815,171 | |
Renaissance Holding Corp.: | |||
Term Loan, 9.732%, (1 mo. USD LIBOR + 4.75%), 4/5/30 | 14,357 | 14,119,237 | |
Term Loan - Second Lien, 12.025%, (1 mo. USD LIBOR + 7.00%), 5/29/26 | 3,175 | 3,125,060 | |
UFC Holdings, LLC, Term Loan, 8.05%, (3 mo. USD LIBOR + 2.75%), 4/29/26 | 14,783 | 14,765,959 | |
Vue International Bidco PLC: | |||
Term Loan, 11.086%, (6 mo. EURIBOR + 8.00%), 6/30/27 | EUR | 384 | 388,022 |
Term Loan, 11.359%, (EURIBOR + 8.00%), 4.859% cash, 6.50% PIK, 12/31/27(11) | EUR | 2,596 | 1,573,420 |
$ 106,047,312 | |||
Equity Real Estate Investment Trusts (REITs) — 0.1% | |||
Iron Mountain, Inc., Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 1/2/26 | 9,001 | $ 8,981,555 | |
$ 8,981,555 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Financial Services — 0.3% | |||
Ditech Holding Corporation, Term Loan, 0.00%, 6/30/23(8) | 16,160 | $ 1,777,645 | |
Walker & Dunlop, Inc., Term Loan, 7.332%, (SOFR + 2.25%), 12/16/28 | 14,047 | 13,930,132 | |
$ 15,707,777 | |||
Food Products — 1.5% | |||
8th Avenue Food & Provisions, Inc., Term Loan, 9.768%, (1 mo. USD LIBOR + 4.75%), 10/1/25 | 7,289 | $ 6,532,766 | |
Badger Buyer Corp., Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 9/30/24 | 9,543 | 7,666,328 | |
CHG PPC Parent, LLC: | |||
Term Loan, 6.515%, (1 mo. EURIBOR + 3.50%), 3/31/25 | EUR | 2,000 | 2,159,725 |
Term Loan, 8.063%, (1 mo. USD LIBOR + 3.00%), 12/8/28 | 6,262 | 6,206,960 | |
Del Monte Foods, Inc., Term Loan, 9.314%, (SOFR + 4.25%), 5/16/29 | 6,608 | 6,502,703 | |
Froneri International, Ltd.: | |||
Term Loan, 5.067%, (6 mo. EURIBOR + 2.13%), 1/29/27 | EUR | 1,500 | 1,574,044 |
Term Loan, 7.409%, (3 mo. USD LIBOR + 2.25%), 1/29/27 | 8,751 | 8,648,785 | |
Monogram Food Solutions, LLC, Term Loan, 9.063%, (1 mo. USD LIBOR + 4.00%), 8/28/28 | 6,532 | 6,368,421 | |
Nomad Foods Europe Midco Limited, Term Loan, 8.561%, (SOFR + 3.75%), 11/12/29 | 14,317 | 14,340,005 | |
Sovos Brands Intermediate, Inc., Term Loan, 8.773%, (3 mo. USD LIBOR + 3.50%), 6/8/28 | 9,191 | 9,113,671 | |
United Petfood Group B.V., Term Loan, 6.038%, (3 mo. EURIBOR + 2.75%), 4/23/28 | EUR | 9,025 | 9,571,727 |
Valeo F1 Company Limited (Ireland): | |||
Term Loan, 7.239%, (6 mo. EURIBOR + 4.00%), 9/29/28 | EUR | 9,450 | 8,934,319 |
Term Loan, 8.927%, (SONIA + 5.00%), 6/28/28 | GBP | 5,500 | 5,616,103 |
$ 93,235,557 | |||
Gas Utilities — 0.4% | |||
CQP Holdco, L.P., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 6/5/28 | 24,957 | $ 24,937,909 | |
$ 24,937,909 | |||
Health Care Equipment & Supplies — 1.4% | |||
Artivion, Inc., Term Loan, 8.66%, (SOFR + 3.50%), 6/1/27 | 6,541 | $ 6,090,845 | |
Bayou Intermediate II, LLC, Term Loan, 9.296%, (3 mo. USD LIBOR + 4.50%), 8/2/28 | 9,135 | 8,587,311 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Health Care Equipment & Supplies (continued) | |||
Gloves Buyer, Inc., Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 12/29/27 | 18,354 | $ 17,620,071 | |
ICU Medical, Inc., Term Loan, 7.548%, (SOFR + 2.50%), 1/8/29 | 8,019 | 7,959,691 | |
Journey Personal Care Corp., Term Loan, 9.409%, (3 mo. USD LIBOR + 4.25%), 3/1/28 | 30,804 | 24,026,978 | |
Medline Borrower, L.P.: | |||
Term Loan, 6.515%, (1 mo. EURIBOR + 3.50%), 10/23/28 | EUR | 1,000 | 1,081,584 |
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 10/23/28 | 21,824 | 21,222,719 | |
$ 86,589,199 | |||
Health Care Providers & Services — 5.8% | |||
AEA International Holdings (Lux) S.a.r.l., Term Loan, 8.938%, (3 mo. USD LIBOR + 3.75%), 9/7/28 | 14,936 | $ 14,898,288 | |
Biogroup-LCD, Term Loan, 5.602%, (3 mo. EURIBOR + 3.00%), 2/9/28 | EUR | 11,000 | 11,083,053 |
BW NHHC Holdco, Inc., Term Loan - Second Lien, 12.898%, (SOFR + 8.00%), 1/15/26 | 14,748 | 10,618,501 | |
CAB, Term Loan, 5.852%, (3 mo. EURIBOR + 3.25%), 2/9/28 | EUR | 7,850 | 8,027,124 |
Cano Health, LLC, Term Loan, 9.082%, (SOFR + 4.00%), 11/23/27 | 7,648 | 6,098,922 | |
CCRR Parent, Inc., Term Loan, 8.78%, (1 mo. USD LIBOR + 3.75%), 3/6/28 | 5,262 | 5,156,755 | |
Cerba Healthcare S.A.S.: | |||
Term Loan, 6.265%, (1 mo. EURIBOR + 3.25%), 6/30/28 | EUR | 20,800 | 21,045,858 |
Term Loan, 6.515%, (1 mo. EURIBOR + 3.50%), 2/15/29 | EUR | 8,600 | 8,911,146 |
CHG Healthcare Services, Inc., Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 9/29/28 | 7,903 | 7,867,334 | |
Covis Finco S.a.r.l., Term Loan, 11.548%, (SOFR + 6.50%), 2/18/27 | 13,443 | 7,695,831 | |
Dedalus Finance GmbH, Term Loan, 6.969%, (3 mo. EURIBOR + 3.75%), 7/17/27 | EUR | 14,150 | 14,071,682 |
Elsan S.A.S., Term Loan, 6.103%, (3 mo. EURIBOR + 3.35%), 6/16/28 | EUR | 4,150 | 4,441,929 |
Ensemble RCM, LLC, Term Loan, 8.895%, (SOFR + 3.75%), 8/3/26 | 3,645 | 3,646,109 | |
Envision Healthcare Corporation: | |||
Term Loan, 12.923%, (SOFR + 7.88%), 3/31/27 | 6,718 | 5,408,111 | |
Term Loan - Second Lien, 9.148%, (SOFR + 4.25%), 3/31/27 | 47,025 | 6,936,238 | |
IVC Acquisition, Ltd.: | |||
Term Loan, 6.294%, (6 mo. EURIBOR + 4.00%), 2/13/26 | EUR | 20,825 | 22,037,156 |
Term Loan, 7.703%, (SONIA + 4.50%), 2/13/26 | GBP | 1,050 | 1,250,310 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Health Care Providers & Services (continued) | |||
Medical Solutions Holdings, Inc.: | |||
Term Loan, 8.241%, (SOFR + 3.25%), 11/1/28 | 15,251 | $ 14,814,859 | |
Term Loan - Second Lien, 11.991%, (SOFR + 7.00%), 11/1/29 | 9,500 | 8,597,500 | |
Mehilainen Yhtiot Oy, Term Loan, 6.54%, (3 mo. EURIBOR + 3.53%), 8/8/25 | EUR | 6,475 | 6,954,652 |
Midwest Physician Administrative Services, LLC, Term Loan, 8.409%, (3 mo. USD LIBOR + 3.25%), 3/12/28 | 10,081 | 9,555,301 | |
National Mentor Holdings, Inc.: | |||
Term Loan, 8.748%, (SOFR + 3.75%), 3/2/28 | 576 | 445,697 | |
Term Loan, 8.815%, (SOFR + 3.75%), 3/2/28(11) | 20,677 | 15,998,948 | |
Term Loan - Second Lien, 12.248%, (SOFR + 7.25%), 3/2/29 | 6,475 | 3,885,000 | |
Option Care Health, Inc., Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 10/27/28 | 2,055 | 2,055,102 | |
Pediatric Associates Holding Company, LLC: | |||
Term Loan, 7.517%, (3 mo. USD LIBOR + 3.25%), 12/29/28(12) | 387 | 383,072 | |
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 12/29/28 | 2,545 | 2,517,749 | |
Phoenix Guarantor, Inc.: | |||
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 3/5/26 | 24,179 | 23,810,808 | |
Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 3/5/26 | 4,457 | 4,388,861 | |
Radiology Partners, Inc., Term Loan, 9.347%, (SOFR + 4.25%), 7/9/25 | 21,715 | 16,087,472 | |
Ramsay Generale de Sante S.A., Term Loan, 6.261%, (3 mo. EURIBOR + 3.05%), 4/22/27 | EUR | 7,400 | 8,130,278 |
Select Medical Corporation, Term Loan, 7.53%, (1 mo. USD LIBOR + 2.50%), 3/6/25 | 56,458 | 56,380,273 | |
Sound Inpatient Physicians, Term Loan, 8.273%, (3 mo. USD LIBOR + 3.00%), 6/27/25 | 2,579 | 1,971,371 | |
Synlab Bondco PLC, Term Loan, 5.193%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | 2,600 | 2,834,501 |
TTF Holdings, LLC, Term Loan, 9.063%, (1 mo. USD LIBOR + 4.00%), 3/31/28 | 5,644 | 5,644,322 | |
U.S. Anesthesia Partners, Inc., Term Loan, 9.098%, (1 mo. USD LIBOR + 4.25%), 10/1/28 | 16,384 | 15,723,700 | |
$ 359,373,813 | |||
Health Care Technology — 1.7% | |||
Bracket Intermediate Holding Corp., Term Loan, 9.287%, (3 mo. USD LIBOR + 4.25%), 9/5/25 | 3,426 | $ 3,401,595 | |
Certara, L.P., Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 8/15/26 | 9,330 | 9,272,063 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Health Care Technology (continued) | |||
eResearchTechnology, Inc., Term Loan, 9.597%, (SOFR + 4.50%), 2/4/27 | 9,612 | $ 9,138,264 | |
GHX Ultimate Parent Corporation, Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 6/28/24 | 845 | 842,122 | |
Imprivata, Inc.: | |||
Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 12/1/27 | 15,274 | 14,828,925 | |
Term Loan, 9.232%, (SOFR + 4.25%), 12/1/27 | 3,598 | 3,539,909 | |
MedAssets Software Intermediate Holdings, Inc.: | |||
Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 12/18/28 | 17,622 | 15,213,654 | |
Term Loan - Second Lien, 11.775%, (1 mo. USD LIBOR + 6.75%), 12/17/29 | 9,625 | 5,790,034 | |
Navicure, Inc., Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 10/22/26 | 10,080 | 10,071,651 | |
PointClickCare Technologies, Inc., Term Loan, 8.063%, (1 mo. USD LIBOR + 3.00%), 12/29/27 | 4,310 | 4,293,838 | |
Symplr Software, Inc., Term Loan, 9.645%, (SOFR + 4.50%), 12/22/27 | 9,393 | 8,524,086 | |
Verscend Holding Corp., Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 8/27/25 | 21,471 | 21,473,293 | |
$ 106,389,434 | |||
Hotels, Restaurants & Leisure — 4.3% | |||
1011778 B.C. Unlimited Liability Company, Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 11/19/26 | 24,077 | $ 23,894,481 | |
Bally's Corporation, Term Loan, 8.198%, (1 mo. USD LIBOR + 3.25%), 10/2/28 | 9,347 | 9,021,129 | |
Carnival Corporation: | |||
Term Loan, 6.765%, (1 mo. EURIBOR + 3.75%), 6/30/25 | EUR | 9,596 | 10,540,377 |
Term Loan, 8.025%, (1 mo. USD LIBOR + 3.00%), 6/30/25 | 4,091 | 4,075,528 | |
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 10/18/28 | 40,191 | 39,605,141 | |
ClubCorp Holdings, Inc., Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 9/18/24 | 23,511 | 22,273,881 | |
Fertitta Entertainment, LLC, Term Loan, 8.982%, (SOFR + 4.00%), 1/27/29 | 29,778 | 29,097,237 | |
GVC Holdings (Gibraltar) Limited, Term Loan, 6.74%, (3 mo. EURIBOR + 3.75%), 6/30/28 | EUR | 20,792 | 22,927,759 |
Hilton Grand Vacations Borrower, LLC, Term Loan, 8.025%, (1 mo. USD LIBOR + 3.00%), 8/2/28 | 9,949 | 9,919,480 | |
Oravel Stays Singapore Pte., Ltd., Term Loan, 13.27%, (3 mo. USD LIBOR + 8.25%), 6/23/26 | 5,944 | 5,156,528 | |
Playa Resorts Holding B.V., Term Loan, 9.14%, (SOFR + 4.25%), 1/5/29 | 20,972 | 20,965,767 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Hotels, Restaurants & Leisure (continued) | |||
Scientific Games Holdings, L.P., Term Loan, 7.053%, (3 mo. EURIBOR + 4.00%), 4/4/29 | EUR | 1,000 | $ 1,080,551 |
Scientific Games International, Inc., Term Loan, 7.981%, (SOFR + 3.00%), 4/14/29 | 7,925 | 7,925,038 | |
SeaWorld Parks & Entertainment, Inc., Term Loan, 8.063%, (1 mo. USD LIBOR + 3.00%), 8/25/28 | 13,363 | 13,329,665 | |
Stars Group Holdings B.V. (The): | |||
Term Loan, 5.515%, (3 mo. EURIBOR + 2.50%), 7/21/26 | EUR | 12,305 | 13,491,602 |
Term Loan, 7.409%, (3 mo. USD LIBOR + 2.25%), 7/21/26 | 33,996 | 33,977,187 | |
$ 267,281,351 | |||
Household Durables — 1.7% | |||
ACProducts, Inc., Term Loan, 9.409%, (3 mo. USD LIBOR + 4.25%), 5/17/28 | 20,481 | $ 16,246,278 | |
Libbey Glass, Inc., Term Loan, 13.46%, (SOFR + 8.50%), 8.71% cash, 4.75% PIK, 11/22/27(11) | 19,532 | 19,630,094 | |
Serta Simmons Bedding, LLC: | |||
Term Loan, 0.00%, 8/10/23(8) | 13,843 | 13,721,923 | |
Term Loan - Second Lien, 0.00%, 8/10/23(8) | 45,758 | 27,225,911 | |
Solis IV B.V.: | |||
Term Loan, 6.67%, (3 mo. EURIBOR + 4.00%), 2/26/29 | EUR | 4,700 | 4,824,496 |
Term Loan, 8.373%, (SOFR + 3.50%), 2/26/29 | 18,058 | 16,391,118 | |
Spectrum Brands, Inc., Term Loan, 6.96%, (3 mo. USD LIBOR + 2.00%), 3/3/28 | 4,900 | 4,860,187 | |
$ 102,900,007 | |||
Household Products — 0.6% | |||
Energizer Holdings, Inc., Term Loan, 7.329%, (SOFR + 2.25%), 12/22/27 | 7,789 | $ 7,760,237 | |
Kronos Acquisition Holdings, Inc.: | |||
Term Loan, 8.703%, (3 mo. USD LIBOR + 3.75%), 12/22/26 | 9,857 | 9,630,418 | |
Term Loan, 11.023%, (SOFR + 6.00%), 12/22/26 | 5,678 | 5,607,149 | |
Nobel Bidco B.V., Term Loan, 5.942%, (6 mo. EURIBOR + 3.50%), 9/1/28 | EUR | 12,550 | 12,088,725 |
$ 35,086,529 | |||
Independent Power and Renewable Electricity Producers — 0.3% | |||
Calpine Construction Finance Company, L.P., Term Loan, 7.025%, (1 mo. USD LIBOR + 2.00%), 1/15/25 | 10,547 | $ 10,549,619 | |
Calpine Corporation: | |||
Term Loan, 7.03%, (1 mo. USD LIBOR + 2.00%), 4/5/26 | 3,190 | 3,182,831 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Independent Power and Renewable Electricity Producers (continued) | |||
Calpine Corporation: (continued) | |||
Term Loan, 7.53%, (1 mo. USD LIBOR + 2.50%), 12/16/27 | 5,157 | $ 5,144,889 | |
$ 18,877,339 | |||
Industrial Conglomerates — 0.3% | |||
Rain Carbon GmbH, Term Loan, 5.969%, (3 mo. EURIBOR + 2.75%), 1/16/25 | EUR | 15,875 | $ 16,967,661 |
$ 16,967,661 | |||
Insurance — 1.9% | |||
Alliant Holdings Intermediate, LLC: | |||
Term Loan, 8.376%, (SOFR + 3.50%), 11/5/27 | 2,887 | $ 2,869,914 | |
Term Loan, 8.51%, (1 mo. USD LIBOR + 3.50%), 11/6/27 | 14,039 | 13,949,694 | |
AmWINS Group, Inc.: | |||
Term Loan, 7.268%, (1 mo. USD LIBOR + 2.25%), 2/19/28 | 22,261 | 22,092,472 | |
Term Loan, 7.832%, (SOFR + 2.75%), 2/19/28 | 8,479 | 8,450,490 | |
AssuredPartners, Inc., Term Loan, 8.482%, (SOFR + 3.50%), 2/12/27 | 5,321 | 5,250,302 | |
Financiere CEP S.A.S., Term Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 6/18/27 | EUR | 5,242 | 5,648,025 |
Hub International Limited: | |||
Term Loan, 8.021%, (USD LIBOR + 3.00%), 4/25/25(11) | 15,478 | 15,470,936 | |
Term Loan, 8.511%, (3 mo. USD LIBOR + 3.25%), 4/25/25 | 6,973 | 6,970,953 | |
NFP Corp., Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 2/15/27 | 27,773 | 27,248,770 | |
Ryan Specialty Group, LLC, Term Loan, 8.082%, (SOFR + 3.00%), 9/1/27 | 9,865 | 9,864,918 | |
$ 117,816,474 | |||
Interactive Media & Services — 0.8% | |||
Adevinta ASA: | |||
Term Loan, 6.015%, (3 mo. EURIBOR + 3.00%), 6/26/28 | EUR | 7,241 | $ 7,972,643 |
Term Loan, 7.909%, (3 mo. USD LIBOR + 2.75%), 6/26/28 | 6,362 | 6,375,607 | |
Buzz Finco, LLC: | |||
Term Loan, 7.832%, (1 mo. USD LIBOR + 2.75%), 1/29/27 | 2,748 | 2,748,885 | |
Term Loan, 8.332%, (SOFR + 2.25%), 1/29/27 | 549 | 548,841 | |
Foundational Education Group, Inc., Term Loan, 8.91%, (SOFR + 3.75%), 8/31/28 | 3,576 | 3,147,027 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Interactive Media & Services (continued) | |||
Getty Images, Inc.: | |||
Term Loan, 8.063%, (3 mo. EURIBOR + 5.00%), 2/19/26 | EUR | 2,224 | $ 2,442,947 |
Term Loan, 9.503%, (SOFR + 4.50%), 2/19/26(11) | 16,141 | 16,170,851 | |
Match Group, Inc., Term Loan, 6.713%, (3 mo. USD LIBOR + 1.75%), 2/13/27 | 7,625 | 7,591,640 | |
$ 46,998,441 | |||
IT Services — 5.6% | |||
Asurion, LLC: | |||
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 12/23/26 | 5,435 | $ 5,107,349 | |
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 7/31/27 | 11,515 | 10,668,648 | |
Term Loan, 9.082%, (SOFR + 4.00%), 8/19/28 | 21,653 | 20,158,680 | |
Term Loan, 9.332%, (SOFR + 4.25%), 8/19/28 | 7,374 | 6,898,181 | |
Term Loan - Second Lien, 10.275%, (1 mo. USD LIBOR + 5.25%), 1/31/28 | 18,610 | 15,681,828 | |
Term Loan - Second Lien, 10.275%, (1 mo. USD LIBOR + 5.25%), 1/20/29 | 4,375 | 3,667,405 | |
Cyxtera DC Holdings, Inc.: | |||
Term Loan, 8.068%, (3 mo. USD LIBOR + 3.00%), 5/1/24 | 45,767 | 34,344,197 | |
Term Loan, 9.068%, (3 mo. USD LIBOR + 4.00%), 5/1/24 | 13,280 | 9,871,240 | |
Endure Digital, Inc., Term Loan, 8.792%, (3 mo. USD LIBOR + 3.50%), 2/10/28 | 31,415 | 29,505,976 | |
Gainwell Acquisition Corp., Term Loan, 8.998%, (SOFR + 4.00%), 10/1/27 | 69,587 | 67,195,229 | |
Go Daddy Operating Company, LLC: | |||
Term Loan, 7.025%, (1 mo. USD LIBOR + 2.00%), 8/10/27 | 9,847 | 9,846,563 | |
Term Loan, 8.232%, (SOFR + 3.25%), 11/9/29 | 52,734 | 52,859,856 | |
Informatica, LLC, Term Loan, 7.813%, (1 mo. USD LIBOR + 2.75%), 10/27/28 | 34,502 | 34,451,197 | |
NAB Holdings, LLC, Term Loan, 8.048%, (SOFR + 3.00%), 11/23/28 | 18,368 | 18,153,206 | |
Rackspace Technology Global, Inc., Term Loan, 7.595%, (3 mo. USD LIBOR + 2.75%), 2/15/28 | 13,554 | 5,698,453 | |
team.blue Finco S.a.r.l., Term Loan, 6.715%, (3 mo. EURIBOR + 3.70%), 3/30/28 | EUR | 12,375 | 13,198,534 |
WEX, Inc., Term Loan, 7.347%, (SOFR + 2.25%), 3/31/28 | 4,361 | 4,359,443 | |
$ 341,665,985 | |||
Leisure Products — 0.7% | |||
Accell Group N.V., Term Loan, 7.527%, (6 mo. EURIBOR + 4.50%), 6/14/29 | EUR | 3,500 | $ 3,689,531 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Leisure Products (continued) | |||
Amer Sports Oyj, Term Loan, 7.898%, (6 mo. EURIBOR + 4.25%), 3/30/26 | EUR | 20,475 | $ 22,138,385 |
Fender Musical Instruments Corporation, Term Loan, 8.99%, (SOFR + 4.00%), 12/1/28 | 4,289 | 3,993,971 | |
Hayward Industries, Inc., Term Loan, 7.525%, (1 mo. USD LIBOR + 2.50%), 5/30/28 | 12,343 | 12,022,440 | |
SRAM, LLC, Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 5/18/28 | 2,116 | 2,088,369 | |
$ 43,932,696 | |||
Life Sciences Tools & Services — 2.7% | |||
Avantor Funding, Inc.: | |||
Term Loan, 5.515%, (1 mo. EURIBOR + 2.50%), 6/12/28 | EUR | 21,419 | $ 23,565,889 |
Term Loan, 7.332%, (SOFR + 2.25%), 11/8/27 | 8,904 | 8,909,619 | |
Cambrex Corporation, Term Loan, 8.482%, (SOFR + 3.50%), 12/4/26 | 5,940 | 5,908,182 | |
Catalent Pharma Solutions, Inc., Term Loan, 7.063%, (1 mo. USD LIBOR + 2.00%), 2/22/28 | 786 | 781,835 | |
Curia Global, Inc., Term Loan, 8.895%, (SOFR + 3.75%), 8/30/26(11) | 19,518 | 17,072,841 | |
ICON Luxembourg S.a.r.l., Term Loan, 7.41%, (SOFR + 2.25%), 7/3/28 | 59,886 | 59,904,403 | |
IQVIA, Inc., Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 1/17/25 | 13,620 | 13,623,295 | |
LGC Group Holdings, Ltd., Term Loan, 5.765%, (1 mo. EURIBOR + 2.75%), 4/21/27 | EUR | 4,025 | 4,231,873 |
Loire Finco Luxembourg S.a.r.l., Term Loan, 8.025%, (1 mo. USD LIBOR + 3.00%), 4/21/27 | 3,502 | 3,370,895 | |
PRA Health Sciences, Inc., Term Loan, 7.126%, (SOFR + 2.25%), 7/3/28 | 14,921 | 14,925,458 | |
Sotera Health Holdings, LLC, Term Loan, 8.023%, (3 mo. USD LIBOR + 2.75%), 12/11/26 | 11,625 | 11,348,906 | |
$ 163,643,196 | |||
Machinery — 5.6% | |||
AI Alpine AT Bidco GmbH, Term Loan, 6.339%, (6 mo. EURIBOR + 3.00%), 10/31/25 | EUR | 6,125 | $ 6,614,157 |
AI Aqua Merger Sub, Inc., Term Loan, 8.584%, (SOFR + 3.75%), 7/31/28 | 14,697 | 14,348,078 | |
Albion Financing 3 S.a.r.l.: | |||
Term Loan, 10.347%, (SOFR + 5.50%), 8/17/26 | 4,275 | 4,210,875 | |
Term Loan, 10.523%, (3 mo. USD LIBOR + 5.25%), 8/17/26 | 20,096 | 19,709,407 | |
Ali Group North America Corporation, Term Loan, 7.097%, (SOFR + 2.00%), 7/30/29 | 17,411 | 17,351,481 | |
Alliance Laundry Systems, LLC, Term Loan, 8.559%, (3 mo. USD LIBOR + 3.50%), 10/8/27 | 546 | 544,279 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Machinery (continued) | |||
American Trailer World Corp., Term Loan, 8.832%, (SOFR + 3.75%), 3/3/28 | 16,117 | $ 14,001,228 | |
Apex Tool Group, LLC, Term Loan, 10.24%, (SOFR + 5.25%), 2/8/29 | 23,636 | 20,852,506 | |
Clark Equipment Company, Term Loan, 7.498%, (SOFR + 2.50%), 4/20/29 | 14,157 | 14,157,000 | |
Conair Holdings, LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 5/17/28 | 26,176 | 24,523,991 | |
Delachaux Group S.A., Term Loan, 9.773%, (3 mo. USD LIBOR + 4.50%), 4/16/26 | 4,868 | 4,745,812 | |
Engineered Machinery Holdings, Inc.: | |||
Term Loan, 6.765%, (3 mo. EURIBOR + 3.75%), 5/21/28 | EUR | 11,943 | 12,864,032 |
Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 5/19/28 | 22,698 | 22,451,986 | |
Term Loan - Second Lien, 11.159%, (3 mo. USD LIBOR + 6.00%), 5/21/29 | 2,000 | 1,842,500 | |
EWT Holdings III Corp., Term Loan, 7.347%, (SOFR + 2.25%), 4/1/28 | 7,378 | 7,341,571 | |
Filtration Group Corporation: | |||
Term Loan, 6.515%, (1 mo. EURIBOR + 3.50%), 3/29/25 | EUR | 3,542 | 3,883,944 |
Term Loan, 8.025%, (1 mo. USD LIBOR + 3.00%), 3/29/25 | 5,416 | 5,416,863 | |
Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 10/21/28 | 3,234 | 3,209,186 | |
Gates Global, LLC, Term Loan, 7.471%, (SOFR + 2.50%), 3/31/27 | 18,468 | 18,443,737 | |
Icebox Holdco III, Inc., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 12/22/28 | 15,185 | 14,634,434 | |
Illuminate Buyer, LLC, Term Loan, 8.597%, (1 mo. USD LIBOR + 3.50%), 6/30/27 | 881 | 872,802 | |
Madison IAQ, LLC, Term Loan, 8.302%, (6 mo. USD LIBOR + 3.25%), 6/21/28 | 27,844 | 26,854,281 | |
Pro Mach Group, Inc., Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 8/31/28 | 4,798 | 4,792,631 | |
Roper Industrial Products Investment Company, LLC: | |||
Term Loan, 8.015%, (3 mo. EURIBOR + 5.25%), 11/22/29 | EUR | 1,000 | 1,059,202 |
Term Loan, 9.398%, (SOFR + 4.50%), 11/22/29 | 5,050 | 5,026,856 | |
SPX Flow, Inc., Term Loan, 9.582%, (SOFR + 4.50%), 4/5/29 | 20,377 | 19,704,780 | |
Titan Acquisition Limited, Term Loan, 8.151%, (3 mo. USD LIBOR + 3.00%), 3/28/25 | 30,039 | 28,834,691 | |
TK Elevator Topco GmbH, Term Loan, 6.567%, (6 mo. EURIBOR + 3.63%), 7/30/27 | EUR | 12,100 | 12,880,234 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Machinery (continued) | |||
Vertical US Newco, Inc., Term Loan, 8.602%, (6 mo. USD LIBOR + 3.50%), 7/30/27 | 6 | $ 6,067 | |
Zephyr German BidCo GmbH, Term Loan, 6.645%, (3 mo. EURIBOR + 3.60%), 3/10/28 | EUR | 13,675 | 13,986,481 |
$ 345,165,092 | |||
Media — 2.5% | |||
Charter Communications Operating, LLC, Term Loan, 6.795%, (SOFR + 1.75%), 2/1/27(11) | 8,903 | $ 8,785,673 | |
CSC Holdings, LLC: | |||
Term Loan, 7.198%, (1 mo. USD LIBOR + 2.25%), 7/17/25 | 34,898 | 33,393,412 | |
Term Loan, 7.198%, (1 mo. USD LIBOR + 2.25%), 1/15/26 | 5,620 | 5,321,328 | |
Diamond Sports Group, LLC: | |||
Term Loan, 13.064%, (SOFR + 8.15%), 5/25/26(8) | 4,889 | 4,452,644 | |
Term Loan - Second Lien, 8.167%, (SOFR + 3.25%), 8/24/26(8) | 28,442 | 2,147,342 | |
Gray Television, Inc., Term Loan, 7.418%, (SOFR + 2.50%), 1/2/26 | 3,553 | 3,520,719 | |
Hubbard Radio, LLC, Term Loan, 9.28%, (1 mo. USD LIBOR + 4.25%), 3/28/25 | 7,847 | 6,434,630 | |
iHeartCommunications, Inc.: | |||
Term Loan, 8.025%, (1 mo. USD LIBOR + 3.00%), 5/1/26 | 1,127 | 979,732 | |
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 5/1/26 | 3,165 | 2,753,708 | |
Magnite, Inc., Term Loan, 10.043%, (USD LIBOR + 5.00%), 4/28/28(11) | 6,534 | 6,322,641 | |
Mission Broadcasting, Inc., Term Loan, 7.348%, (1 mo. USD LIBOR + 2.50%), 6/2/28 | 4,028 | 4,024,222 | |
Nexstar Broadcasting, Inc., Term Loan, 7.525%, (1 mo. USD LIBOR + 2.50%), 9/18/26 | 1,167 | 1,165,687 | |
Recorded Books, Inc., Term Loan, 8.997%, (SOFR + 4.00%), 8/29/25 | 19,758 | 19,716,952 | |
Sinclair Television Group, Inc.: | |||
Term Loan, 7.53%, (1 mo. USD LIBOR + 2.50%), 9/30/26 | 5,333 | 4,795,408 | |
Term Loan, 8.03%, (1 mo. USD LIBOR + 3.00%), 4/1/28 | 25,315 | 21,541,635 | |
Univision Communications, Inc.: | |||
Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 3/15/24 | 7,611 | 7,623,715 | |
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 3/15/26 | 23,312 | 23,198,594 | |
$ 156,178,042 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Metals/Mining — 0.9% | |||
American Consolidated Natural Resources, Inc., Term Loan, 21.27%, (3 mo. USD LIBOR + 16.00%), 18.27% cash, 3.00% PIK, 9/16/25 | 358 | $ 359,677 | |
Dynacast International, LLC: | |||
Term Loan, 9.458%, (3 mo. USD LIBOR + 4.50%), 7/22/25 | 16,451 | 15,299,032 | |
Term Loan, 13.958%, (3 mo. USD LIBOR + 9.00%), 10/22/25 | 2,941 | 2,220,340 | |
PMHC II, Inc., Term Loan, 9.304%, (SOFR + 4.25%), 4/23/29 | 4,183 | 3,677,920 | |
WireCo WorldGroup, Inc., Term Loan, 9.25%, (1 mo. USD LIBOR + 4.25%), 11/13/28 | 6,762 | 6,728,608 | |
Zekelman Industries, Inc., Term Loan, 7.018%, (3 mo. USD LIBOR + 2.00%), 1/24/27 | 26,917 | 26,687,153 | |
$ 54,972,730 | |||
Oil, Gas & Consumable Fuels — 1.4% | |||
Centurion Pipeline Company, LLC: | |||
Term Loan, 10.25%, (USD Prime + 2.25%), 9/29/25 | 3,362 | $ 3,369,418 | |
Term Loan, 11.00%, (USD Prime + 3.00%), 9/28/25 | 2,000 | 2,003,437 | |
Freeport LNG Investments, LLP, Term Loan, 8.75%, (3 mo. USD LIBOR + 3.50%), 12/21/28 | 9,327 | 9,077,626 | |
GIP II Blue Holding, L.P., Term Loan, 9.659%, (3 mo. USD LIBOR + 4.50%), 9/29/28 | 19,168 | 19,158,000 | |
Matador Bidco S.a.r.l., Term Loan, 9.582%, (SOFR + 4.50%), 10/15/26 | 33,633 | 33,493,867 | |
Oryx Midstream Services Permian Basin, LLC, Term Loan, 8.193%, (SOFR + 3.25%), 10/5/28 | 6,528 | 6,465,911 | |
Oxbow Carbon, LLC, Term Loan, 9.409%, (3 mo. USD LIBOR + 4.25%), 10/17/25 | 6,178 | 6,178,234 | |
QuarterNorth Energy Holding, Inc., Term Loan - Second Lien, 13.025%, (1 mo. USD LIBOR + 8.00%), 8/27/26 | 7,607 | 7,588,345 | |
$ 87,334,838 | |||
Personal Products — 0.3% | |||
HLF Financing S.a.r.l., Term Loan, 7.525%, (1 mo. USD LIBOR + 2.50%), 8/18/25 | 13,873 | $ 13,821,348 | |
Rainbow Finco S.a.r.l., Term Loan, 6.697%, (6 mo. EURIBOR + 3.50%), 2/23/29 | EUR | 2,895 | 3,062,402 |
$ 16,883,750 | |||
Pharmaceuticals — 2.1% | |||
Aenova Holding GmbH, Term Loan, 7.332%, (6 mo. EURIBOR + 4.50%), 3/6/26 | EUR | 4,075 | $ 4,323,261 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Pharmaceuticals (continued) | |||
AI Sirona (Luxembourg) Acquisition S.a.r.l., Term Loan, 6.265%, (1 mo. EURIBOR + 3.25%), 9/29/25 | EUR | 12,550 | $ 13,643,641 |
Akorn, Inc., Term Loan, 0.00%, 10/1/25(8) | 3,363 | 823,895 | |
Amneal Pharmaceuticals, LLC, Term Loan, 8.563%, (1 mo. USD LIBOR + 3.50%), 5/4/25 | 2,602 | 2,447,533 | |
Bausch Health Companies, Inc., Term Loan, 10.24%, (SOFR + 5.25%), 2/1/27 | 18,924 | 15,298,134 | |
Elanco Animal Health Incorporated, Term Loan, 6.653%, (SOFR + 1.75%), 8/1/27 | 8,004 | 7,798,669 | |
Horizon Therapeutics USA, Inc.: | |||
Term Loan, 6.813%, (1 mo. USD LIBOR + 1.75%), 3/15/28 | 8,524 | 8,520,718 | |
Term Loan, 7.063%, (1 mo. USD LIBOR + 2.00%), 5/22/26 | 13,469 | 13,466,445 | |
Jazz Financing Lux S.a.r.l., Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 5/5/28 | 8,364 | 8,363,544 | |
Mallinckrodt International Finance S.A.: | |||
Term Loan, 10.198%, (1 mo. USD LIBOR + 5.25%), 9/30/27 | 38,513 | 27,663,349 | |
Term Loan, 10.448%, (1 mo. USD LIBOR + 5.50%), 9/30/27 | 12,239 | 8,781,626 | |
PharmaZell GmbH, Term Loan, 7.015%, (3 mo. EURIBOR + 4.00%), 5/12/27 | EUR | 1,950 | 2,077,083 |
Recipharm AB, Term Loan, 5.882%, (3 mo. EURIBOR + 3.20%), 2/17/28 | EUR | 15,275 | 15,774,307 |
$ 128,982,205 | |||
Professional Services — 2.6% | |||
AlixPartners, LLP, Term Loan, 6.24%, (3 mo. EURIBOR + 3.25%), 2/4/28 | EUR | 4,116 | $ 4,482,984 |
APFS Staffing Holdings, Inc., Term Loan, 8.97%, (SOFR + 4.00%), 12/29/28(11) | 3,960 | 3,912,975 | |
Apleona Holding GmbH, Term Loan, 6.442%, (3 mo. EURIBOR + 3.20%), 4/28/28 | EUR | 10,525 | 11,144,481 |
CoreLogic, Inc., Term Loan, 8.563%, (1 mo. USD LIBOR + 3.50%), 6/2/28 | 17,422 | 15,681,590 | |
Corporation Service Company, Term Loan, 8.332%, (SOFR + 3.25%), 11/2/29 | 5,554 | 5,559,748 | |
Deerfield Dakota Holding, LLC, Term Loan, 8.648%, (SOFR + 3.75%), 4/9/27 | 10,783 | 10,453,182 | |
EAB Global, Inc., Term Loan, 8.871%, (USD LIBOR + 3.50%), 8/16/28(11) | 15,775 | 15,435,165 | |
Employbridge Holding Company, Term Loan, 9.927%, (3 mo. USD LIBOR + 4.75%), 7/19/28 | 22,926 | 19,403,887 | |
First Advantage Holdings, LLC, Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 1/31/27 | 3,606 | 3,601,210 | |
Neptune Bidco U.S., Inc., Term Loan, 10.004%, (SOFR + 5.00%), 4/11/29 | 9,175 | 8,217,359 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Professional Services (continued) | |||
Rockwood Service Corporation, Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 1/23/27 | 6,273 | $ 6,268,265 | |
TMF Group Holding B.V., Term Loan, 5/5/28(10) | 5,175 | 5,142,656 | |
Trans Union, LLC: | |||
Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 11/16/26 | 2,485 | 2,478,749 | |
Term Loan, 7.275%, (1 mo. USD LIBOR + 2.25%), 12/1/28 | 42,361 | 42,308,426 | |
Vaco Holdings, LLC, Term Loan, 10.048%, (SOFR + 5.00%), 1/21/29 | 3,950 | 3,940,125 | |
$ 158,030,802 | |||
Real Estate Management & Development — 0.8% | |||
Cushman & Wakefield U.S. Borrower, LLC: | |||
Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 8/21/25 | 15,481 | $ 15,221,229 | |
Term Loan, 8.332%, (SOFR + 3.25%), 1/31/30 | 14,526 | 14,172,371 | |
RE/MAX International, Inc., Term Loan, 7.563%, (1 mo. USD LIBOR + 2.50%), 7/21/28 | 17,980 | 16,951,524 | |
$ 46,345,124 | |||
Road & Rail — 2.5% | |||
Avis Budget Car Rental, LLC: | |||
Term Loan, 6.847%, (SOFR + 1.75%), 8/6/27 | 33,946 | $ 33,691,395 | |
Term Loan, 8.582%, (SOFR + 3.50%), 3/16/29 | 4,125 | 4,133,250 | |
Grab Holdings, Inc., Term Loan, 9.53%, (1 mo. USD LIBOR + 4.50%), 1/29/26 | 17,537 | 17,526,112 | |
Hertz Corporation (The): | |||
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 6/30/28 | 16,577 | 16,549,680 | |
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 6/30/28 | 3,180 | 3,174,532 | |
Kenan Advantage Group, Inc., Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 3/24/26 | 16,907 | 16,847,518 | |
Uber Technologies, Inc., Term Loan, 7.689%, (SOFR + 2.75%), 3/3/30 | 64,238 | 64,077,550 | |
$ 156,000,037 | |||
Semiconductors & Semiconductor Equipment — 1.2% | |||
Altar Bidco, Inc.: | |||
Term Loan, 6.608%, (SOFR + 3.10%), 2/1/29 | 20,917 | $ 20,409,549 | |
Term Loan - Second Lien, 10.493%, (SOFR + 5.60%), 2/1/30 | 7,300 | 6,474,188 | |
Bright Bidco B.V., Term Loan, 4.045%, (SOFR + 1.00%), 10/31/27 | 4,212 | 2,674,497 | |
Entegris, Inc., Term Loan, 7.661%, (SOFR + 2.75%), 7/6/29(11) | 2,494 | 2,497,907 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
MACOM Technology Solutions Holdings, Inc., Term Loan, 7.275%, (1 mo. USD LIBOR + 2.25%), 5/17/24 | 1,630 | $ 1,628,258 | |
MaxLinear, Inc., Term Loan, 7.275%, (1 mo. USD LIBOR + 2.25%), 6/23/28 | 3,250 | 3,237,813 | |
MKS Instruments, Inc., Term Loan, 7.814%, (SOFR + 2.75%), 8/17/29 | 33,510 | 33,442,281 | |
Synaptics Incorporated, Term Loan, 7.399%, (6 mo. USD LIBOR + 2.25%), 12/2/28 | 3,189 | 3,176,917 | |
Ultra Clean Holdings, Inc., Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 8/27/25 | 2,894 | 2,900,748 | |
$ 76,442,158 | |||
Software — 19.0% | |||
Applied Systems, Inc., Term Loan, 9.398%, (SOFR + 4.50%), 9/18/26 | 68,122 | $ 68,334,954 | |
Aptean, Inc.: | |||
Term Loan, 9.221%, (SOFR + 4.25%), 4/23/26 | 27,461 | 26,592,206 | |
Term Loan - Second Lien, 12.082%, (SOFR + 7.10%), 4/23/27 | 6,500 | 6,069,375 | |
Astra Acquisition Corp.: | |||
Term Loan, 10.275%, (1 mo. USD LIBOR + 5.25%), 10/25/28 | 14,219 | 11,611,997 | |
Term Loan - Second Lien, 13.90%, (1 mo. USD LIBOR + 8.88%), 10/25/29 | 21,995 | 14,516,510 | |
Banff Merger Sub, Inc.: | |||
Term Loan, 7.015%, (1 mo. EURIBOR + 4.00%), 10/2/25 | EUR | 5,946 | 6,472,936 |
Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 10/2/25 | 15,086 | 14,917,355 | |
Term Loan - Second Lien, 10.525%, (1 mo. USD LIBOR + 5.50%), 2/27/26 | 9,470 | 9,185,900 | |
CDK Global, Inc., Term Loan, 9.148%, (SOFR + 4.25%), 7/6/29 | 31,646 | 31,650,624 | |
CentralSquare Technologies, LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 8/29/25 | 22,072 | 19,790,393 | |
Cloudera, Inc.: | |||
Term Loan, 8.832%, (SOFR + 3.75%), 10/8/28 | 29,118 | 28,149,015 | |
Term Loan - Second Lien, 11.082%, (SOFR + 6.00%), 10/8/29 | 9,450 | 8,410,500 | |
ConnectWise, LLC, Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 9/29/28 | 14,149 | 13,753,965 | |
Constant Contact, Inc., Term Loan, 9.198%, (3 mo. USD LIBOR + 4.00%), 2/10/28 | 13,031 | 12,328,054 | |
Cornerstone OnDemand, Inc., Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 10/16/28 | 17,078 | 15,177,628 | |
Delta TopCo, Inc., Term Loan, 8.656%, (SOFR + 3.75%), 12/1/27 | 14,107 | 13,524,783 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Software (continued) | |||
E2open, LLC, Term Loan, 8.566%, (USD LIBOR + 3.50%), 2/4/28(11) | 20,166 | $ 20,117,660 | |
ECI Macola Max Holding, LLC, Term Loan, 8.909%, (3 mo. USD LIBOR + 3.75%), 11/9/27 | 26,931 | 26,659,206 | |
Epicor Software Corporation: | |||
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 7/30/27 | 70,106 | 69,349,847 | |
Term Loan - Second Lien, 12.832%, (SOFR + 7.75%), 7/31/28 | 7,650 | 7,652,387 | |
Finastra USA, Inc.: | |||
Term Loan, 8.655%, (3 mo. USD LIBOR + 3.50%), 6/13/24 | 59,908 | 57,223,227 | |
Term Loan - Second Lien, 12.405%, (3 mo. USD LIBOR + 7.25%), 6/13/25 | 29,000 | 24,640,952 | |
Fiserv Investment Solutions, Inc., Term Loan, 8.946%, (SOFR + 4.00%), 2/18/27 | 6,476 | 6,289,610 | |
GoTo Group, Inc., Term Loan, 9.775%, (1 mo. USD LIBOR + 4.75%), 8/31/27 | 28,495 | 17,310,700 | |
Hyland Software, Inc.: | |||
Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 7/1/24 | 57,442 | 57,147,863 | |
Term Loan - Second Lien, 11.275%, (1 mo. USD LIBOR + 6.25%), 7/7/25 | 9,690 | 9,341,885 | |
IGT Holding IV AB: | |||
Term Loan, 6.165%, (3 mo. EURIBOR + 3.40%), 3/31/28 | EUR | 6,205 | 6,668,753 |
Term Loan, 8.462%, (SOFR + 3.40%), 3/31/28 | 1,666 | 1,665,505 | |
Imperva, Inc., Term Loan, 8.859%, (3 mo. USD LIBOR + 4.00%), 1/12/26 | 4,924 | 4,599,271 | |
Ivanti Software, Inc.: | |||
Term Loan, 9.212%, (3 mo. USD LIBOR + 4.25%), 12/1/27 | 15,340 | 12,414,100 | |
Term Loan - Second Lien, 12.212%, (3 mo. USD LIBOR + 7.25%), 12/1/28 | 9,000 | 5,523,750 | |
Magenta Buyer, LLC: | |||
Term Loan, 10.03%, (3 mo. USD LIBOR + 4.75%), 7/27/28 | 36,960 | 31,305,334 | |
Term Loan - Second Lien, 13.53%, (3 mo. USD LIBOR + 8.25%), 7/27/29 | 17,275 | 13,215,375 | |
Marcel LUX IV S.a.r.l.: | |||
Term Loan, 6.552%, (3 mo. EURIBOR + 3.50%), 3/16/26 | EUR | 9,150 | 9,975,264 |
Term Loan, 8.18%, (SOFR + 3.25%), 3/15/26 | 11,762 | 11,688,942 | |
Term Loan, 8.93%, (SOFR + 4.00%), 12/31/27 | 910 | 904,287 | |
Maverick Bidco, Inc., Term Loan, 9.057%, (3 mo. USD LIBOR + 3.75%), 5/18/28 | 11,975 | 11,545,600 | |
McAfee, LLC: | |||
Term Loan, 7.241%, (EURIBOR + 4.00%), 3/1/29(11) | EUR | 3,284 | 3,445,189 |
Term Loan, 8.653%, (SOFR + 3.75%), 3/1/29 | 24,600 | 23,272,582 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Software (continued) | |||
MH Sub I, LLC, Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 9/13/24 | 5,244 | $ 5,234,748 | |
Mitnick Corporate Purchaser, Inc., Term Loan, 9.895%, (SOFR + 4.75%), 5/2/29 | 2,200 | 2,071,436 | |
N-Able International Holdings II, LLC, Term Loan, 7.953%, (3 mo. USD LIBOR + 3.00%), 7/19/28 | 1,640 | 1,627,559 | |
NortonLifeLock, Inc., Term Loan, 7.082%, (SOFR + 2.00%), 9/12/29 | 3,912 | 3,876,275 | |
Open Text Corporation, Term Loan, 8.582%, (SOFR + 3.50%), 1/31/30 | 29,202 | 29,220,064 | |
Panther Commercial Holdings, L.P., Term Loan, 9.275%, (1 mo. USD LIBOR + 4.25%), 1/7/28 | 23,209 | 22,585,146 | |
Polaris Newco, LLC: | |||
Term Loan, 7.242%, (3 mo. EURIBOR + 4.00%), 6/2/28 | EUR | 9,210 | 8,974,839 |
Term Loan, 9.159%, (3 mo. USD LIBOR + 4.00%), 6/2/28 | 7,810 | 7,255,218 | |
Proofpoint, Inc.: | |||
Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 8/31/28 | 39,530 | 38,759,051 | |
Term Loan - Second Lien, 11.275%, (1 mo. USD LIBOR + 6.25%), 8/31/29 | 2,070 | 1,983,319 | |
Quartz Acquireco, LLC, Term Loan, 4/14/30(10) | 10,625 | 10,591,797 | |
Quest Software US Holdings, Inc., Term Loan, 9.445%, (SOFR + 4.25%), 2/1/29 | 22,138 | 19,061,783 | |
RealPage, Inc., Term Loan, 8.025%, (1 mo. USD LIBOR + 3.00%), 4/24/28 | 21,037 | 20,468,722 | |
Red Planet Borrower, LLC, Term Loan, 8.322%, (SOFR + 3.75%), 10/2/28 | 16,698 | 11,563,516 | |
Redstone Holdco 2 L.P., Term Loan, 10.005%, (3 mo. USD LIBOR + 4.75%), 4/27/28 | 20,802 | 17,720,796 | |
Sabre GLBL, Inc.: | |||
Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 12/17/27 | 8,605 | 6,769,293 | |
Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 12/17/27 | 5,398 | 4,217,333 | |
Term Loan, 9.332%, (SOFR + 4.25%), 6/30/28 | 3,929 | 3,133,528 | |
Skillsoft Corporation, Term Loan, 10.197%, (SOFR + 5.25%), 7/14/28 | 11,479 | 9,848,218 | |
SolarWinds Holdings, Inc., Term Loan, 8.982%, (SOFR + 4.00%), 2/5/27 | 26,750 | 26,768,565 | |
Sophia, L.P., Term Loan, 8.659%, (3 mo. USD LIBOR + 3.50%), 10/7/27 | 33,029 | 32,657,328 | |
SS&C European Holdings S.a.r.l., Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 4/16/25 | 5,128 | 5,124,993 | |
SS&C Technologies, Inc.: | |||
Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 4/16/25 | 5,782 | 5,779,312 | |
Term Loan, 6.775%, (1 mo. USD LIBOR + 1.75%), 4/16/25 | 4,909 | 4,903,665 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Software (continued) | |||
SS&C Technologies, Inc.: (continued) | |||
Term Loan, 7.332%, (SOFR + 2.25%), 3/22/29 | 3,147 | $ 3,137,824 | |
Term Loan, 7.332%, (SOFR + 2.25%), 3/22/29 | 4,742 | 4,728,642 | |
SurveyMonkey, Inc., Term Loan, 8.847%, (SOFR + 3.75%), 10/10/25 | 9,485 | 9,461,195 | |
Turing Midco, LLC, Term Loan, 7.525%, (1 mo. USD LIBOR + 2.50%), 3/24/28 | 735 | 734,452 | |
Ultimate Software Group, Inc. (The): | |||
Term Loan, 8.271%, (SOFR + 3.25%), 5/4/26 | 54,377 | 53,063,855 | |
Term Loan, 8.895%, (SOFR + 3.75%), 5/4/26 | 786 | 773,796 | |
Veritas US, Inc., Term Loan, 10.025%, (1 mo. USD LIBOR + 5.00%), 9/1/25 | 16,468 | 12,705,165 | |
Vision Solutions, Inc., Term Loan, 9.255%, (3 mo. USD LIBOR + 4.00%), 4/24/28 | 39,457 | 35,187,257 | |
VS Buyer, LLC, Term Loan, 7.903%, (SOFR + 3.00%), 2/28/27 | 14,889 | 14,721,690 | |
$ 1,167,153,864 | |||
Specialty Retail — 2.8% | |||
Belron Finance US, LLC, Term Loan, 7.30%, (3 mo. USD LIBOR + 2.43%), 4/13/28 | 8,551 | $ 8,549,431 | |
Belron Luxembourg S.a.r.l., Term Loan, 4.97%, (3 mo. EURIBOR + 2.50%), 4/13/28 | EUR | 3,925 | 4,312,343 |
Boels Topholding B.V., Term Loan, 6.01%, (1 mo. EURIBOR + 3.25%), 2/6/27 | EUR | 8,800 | 9,595,713 |
David's Bridal, Inc.: | |||
Term Loan, 12.273%, (3 mo. USD LIBOR + 7.00%), 12/31/24(5)(8) | 3,370 | 0 | |
Term Loan, 15.27%, (3 mo. USD LIBOR + 10.00%), 10.27% cash, 5.00% PIK, 6/23/23(5)(8) | 2,780 | 0 | |
Etraveli Holding AB, Term Loan, 7.015%, (3 mo. EURIBOR + 4.00%), 8/2/24 | EUR | 9,472 | 10,362,222 |
Great Outdoors Group, LLC, Term Loan, 8.775%, (1 mo. USD LIBOR + 3.75%), 3/6/28 | 35,455 | 35,230,124 | |
Harbor Freight Tools USA, Inc., Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 10/19/27 | 35,459 | 34,528,525 | |
Hoya Midco, LLC, Term Loan, 8.295%, (SOFR + 3.25%), 2/3/29 | 4,870 | 4,826,928 | |
Les Schwab Tire Centers, Term Loan, 8.064%, (3 mo. USD LIBOR + 3.25%), 11/2/27 | 28,832 | 28,747,546 | |
LIDS Holdings, Inc., Term Loan, 10.393%, (SOFR + 5.50%), 12/14/26 | 5,970 | 5,671,055 | |
Mattress Firm, Inc., Term Loan, 9.39%, (3 mo. USD LIBOR + 4.25%), 9/25/28 | 17,541 | 16,324,365 | |
PetSmart, Inc., Term Loan, 8.832%, (SOFR + 3.75%), 2/11/28 | 15,469 | 15,390,122 | |
$ 173,538,374 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Technology Hardware, Storage & Peripherals — 0.1% | |||
NCR Corporation, Term Loan, 7.78%, (3 mo. USD LIBOR + 2.50%), 8/28/26 | 6,414 | $ 6,343,133 | |
$ 6,343,133 | |||
Trading Companies & Distributors — 4.4% | |||
American Builders & Contractors Supply Co., Inc., Term Loan, 7.082%, (SOFR + 2.00%), 1/15/27 | 22,938 | $ 22,880,693 | |
Avolon TLB Borrower 1 (US), LLC: | |||
Term Loan, 6.703%, (1 mo. USD LIBOR + 1.75%), 1/15/25 | 23,425 | 23,340,534 | |
Term Loan, 7.203%, (1 mo. USD LIBOR + 2.25%), 12/1/27 | 17,887 | 17,887,316 | |
Beacon Roofing Supply, Inc., Term Loan, 7.275%, (1 mo. USD LIBOR + 2.25%), 5/19/28 | 5,199 | 5,190,818 | |
Core & Main, L.P., Term Loan, 7.627%, (SOFR + 2.50%), 7/27/28(11) | 9,594 | 9,546,253 | |
DXP Enterprises, Inc., Term Loan, 9.955%, (3 mo. USD LIBOR + 5.25%), 12/23/27 | 9,485 | 9,437,187 | |
Electro Rent Corporation, Term Loan, 10.271%, (SOFR + 5.50%), 11/1/24 | 22,035 | 21,539,202 | |
Hillman Group, Inc. (The): | |||
Term Loan, 3.146%, (3 mo. USD LIBOR + 2.75%), 7/14/28(12) | 286 | 284,743 | |
Term Loan, 7.775%, (1 mo. USD LIBOR + 2.75%), 7/14/28 | 1,176 | 1,172,378 | |
Park River Holdings, Inc., Term Loan, 8.522%, (6 mo. USD LIBOR + 3.25%), 12/28/27 | 12,745 | 11,919,752 | |
Patagonia Bidco Limited, Term Loan, 8.678%, (SONIA + 5.25%), 11/1/28 | GBP | 20,050 | 22,457,578 |
PEARLS (Netherlands) Bidco B.V., Term Loan, 6.742%, (3 mo. EURIBOR + 3.50%), 2/26/29 | EUR | 6,000 | 6,449,423 |
Quimper AB, Term Loan, 5.977%, (3 mo. EURIBOR + 2.93%), 2/16/26 | EUR | 27,350 | 29,236,635 |
Spin Holdco, Inc., Term Loan, 8.986%, (3 mo. USD LIBOR + 4.00%), 3/4/28 | 60,685 | 50,650,302 | |
SRS Distribution, Inc.: | |||
Term Loan, 8.471%, (SOFR + 3.50%), 6/2/28 | 5,382 | 5,141,370 | |
Term Loan, 8.525%, (1 mo. USD LIBOR + 3.50%), 6/2/28 | 16,377 | 15,669,512 | |
White Cap Buyer, LLC, Term Loan, 8.732%, (SOFR + 3.75%), 10/19/27 | 20,950 | 20,793,284 | |
$ 273,596,980 | |||
Transportation Infrastructure — 0.0%(4) | |||
Brown Group Holding, LLC, Term Loan, 8.778%, (SOFR + 3.75%), 7/2/29 | 1,443 | $ 1,439,044 | |
$ 1,439,044 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Wireless Telecommunication Services — 0.4% | |||
CCI Buyer, Inc., Term Loan, 8.898%, (SOFR + 4.00%), 12/17/27 | 9,909 | $ 9,761,687 | |
Digicel International Finance Limited, Term Loan, 8.275%, (1 mo. USD LIBOR + 3.25%), 5/28/24 | 19,019 | 17,283,879 | |
$ 27,045,566 | |||
Total Senior Floating-Rate Loans (identified cost $7,274,404,330) | $ 6,781,884,874 |
Warrants — 0.0% |
Security | Shares | Value | |
Leisure Goods/Activities/Movies — 0.0% | |||
Cineworld Group PLC, Exp. 11/23/25(6)(7) | 2,180,552 | $ 0 | |
$ 0 | |||
Retailers (Except Food and Drug) — 0.0% | |||
David’s Bridal, LLC, Exp. 12/31/28(5)(6)(7) | 37,742 | $ 0 | |
$ 0 | |||
Total Warrants (identified cost $0) | $ 0 |
Short-Term Investments — 2.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.78%(13) | 166,235,036 | $ 166,235,036 | |
Total Short-Term Investments (identified cost $166,235,035) | $ 166,235,036 | ||
Total Investments — 128.2% (identified cost $8,540,009,659) | $ 7,886,912,266 | ||
Less Unfunded Loan Commitments — (0.2)% | $ (10,531,439) | ||
Net Investments — 128.0% (identified cost $8,529,478,220) | $ 7,876,380,827 | ||
Other Assets, Less Liabilities — (28.0)% | $ (1,726,499,403) | ||
Net Assets — 100.0% | $ 6,149,881,424 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
* | In U.S. dollars unless otherwise indicated. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2023, the aggregate value of these securities is $867,386,505 or 14.1% of the Portfolio's net assets. |
(2) | Variable rate security. The stated interest rate represents the rate in effect at April 30, 2023. |
(3) | When-issued security. |
(4) | Amount is less than 0.05%. |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). |
(6) | Non-income producing security. |
(7) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(8) | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
(9) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
(10) | This Senior Loan will settle after April 30, 2023, at which time the interest rate will be determined. |
(11) | The stated interest rate represents the weighted average interest rate at April 30, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. |
(12) | Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At April 30, 2023, the total value of unfunded loan commitments is $9,059,017. See Note 1F for description. |
(13) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2023. |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
EUR | 15,000,000 | USD | 16,492,181 | Citibank, N.A. | 5/3/23 | $ 36,326 | $ — |
USD | 339,962,178 | EUR | 312,407,318 | Standard Chartered Bank | 5/3/23 | — | (4,279,586) |
EUR | 12,000,000 | USD | 12,877,468 | Bank of America, N.A. | 5/31/23 | 366,710 | — |
EUR | 18,000,000 | USD | 19,077,061 | HSBC Bank USA, N.A. | 5/31/23 | 789,205 | — |
GBP | 1,000,000 | USD | 1,185,497 | State Street Bank and Trust Company | 5/31/23 | 72,025 | — |
USD | 879,257 | EUR | 829,327 | Bank of America, N.A. | 5/31/23 | — | (36,057) |
USD | 5,948,233 | EUR | 5,500,000 | Bank of America, N.A. | 5/31/23 | — | (122,015) |
USD | 66,158,682 | EUR | 62,368,522 | Citibank, N.A. | 5/31/23 | — | (2,676,298) |
USD | 1,068,181 | EUR | 1,000,000 | State Street Bank and Trust Company | 5/31/23 | — | (35,500) |
USD | 66,162,449 | EUR | 62,368,522 | State Street Bank and Trust Company | 5/31/23 | — | (2,672,530) |
USD | 66,160,123 | EUR | 62,368,522 | State Street Bank and Trust Company | 5/31/23 | — | (2,674,857) |
Forward Foreign Currency Exchange Contracts (OTC) (continued) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 66,158,046 | EUR | 62,368,522 | State Street Bank and Trust Company | 5/31/23 | $ — | $ (2,676,934) |
USD | 66,143,025 | EUR | 62,368,526 | State Street Bank and Trust Company | 5/31/23 | — | (2,691,958) |
USD | 105,208 | GBP | 87,834 | Bank of America, N.A. | 5/31/23 | — | (5,245) |
USD | 52,703,531 | GBP | 44,012,975 | State Street Bank and Trust Company | 5/31/23 | — | (2,643,776) |
USD | 328,896,198 | EUR | 297,407,318 | Standard Chartered Bank | 6/2/23 | 616,508 | — |
EUR | 11,000,000 | USD | 11,674,653 | Bank of America, N.A. | 6/30/23 | 486,309 | — |
EUR | 39,000,000 | USD | 42,987,223 | Standard Chartered Bank | 6/30/23 | 128,913 | — |
USD | 18,469,545 | EUR | 16,954,215 | Bank of America, N.A. | 6/30/23 | — | (274,051) |
USD | 54,443,400 | EUR | 50,000,000 | Goldman Sachs International | 6/30/23 | — | (833,698) |
USD | 24,341,658 | EUR | 22,114,359 | JPMorgan Chase Bank, N.A. | 6/30/23 | — | (106,694) |
USD | 54,461,050 | EUR | 50,000,000 | Standard Chartered Bank | 6/30/23 | — | (816,049) |
USD | 54,458,960 | EUR | 50,000,000 | Standard Chartered Bank | 6/30/23 | — | (818,139) |
USD | 54,450,700 | EUR | 50,000,000 | Standard Chartered Bank | 6/30/23 | — | (826,398) |
USD | 54,447,420 | EUR | 50,000,000 | Standard Chartered Bank | 6/30/23 | — | (829,678) |
$2,495,996 | $(25,019,463) |
Abbreviations: | |
DIP | – Debtor In Possession |
EURIBOR | – Euro Interbank Offered Rate |
LIBOR | – London Interbank Offered Rate |
OTC | – Over-the-counter |
PIK | – Payment In Kind |
REITs | – Real Estate Investment Trusts |
SOFR | – Secured Overnight Financing Rate |
SONIA | – Sterling Overnight Interbank Average |
Currency Abbreviations: | |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – United States Dollar |
April 30, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $8,363,243,184) | $ 7,710,145,791 |
Affiliated investment, at value (identified cost $166,235,036) | 166,235,036 |
Cash | 50,138,334 |
Deposits for derivatives collateral — forward foreign currency exchange contracts | 25,560,000 |
Foreign currency, at value (identified cost $17,136,705) | 17,129,683 |
Interest receivable | 50,349,923 |
Dividends receivable from affiliated investment | 607,706 |
Receivable for investments sold | 97,766,451 |
Receivable for open forward foreign currency exchange contracts | 2,495,996 |
Prepaid upfront fees on notes payable | 3,576,648 |
Prepaid expenses | 91,621 |
Other assets | 1,511,146 |
Total assets | $8,125,608,335 |
Liabilities | |
Notes payable | $ 1,875,000,000 |
Cash collateral due to broker | 420,000 |
Payable for investments purchased | 61,383,970 |
Payable for when-issued securities | 5,197,500 |
Payable for open forward foreign currency exchange contracts | 25,019,463 |
Payable to affiliates: | |
Investment adviser fee | 2,764,342 |
Trustees' fees | 9,042 |
Accrued expenses | 5,932,594 |
Total liabilities | $1,975,726,911 |
Net Assets applicable to investors' interest in Portfolio | $6,149,881,424 |
Six Months Ended | |
April 30, 2023 | |
Investment Income | |
Dividend income | $ 3,199,553 |
Dividend income from affiliated investment | 2,745,524 |
Interest and other income | 360,050,607 |
Total investment income | $ 365,995,684 |
Expenses | |
Investment adviser fee | $ 17,935,041 |
Trustees’ fees and expenses | 45,208 |
Custodian fee | 695,526 |
Legal and accounting services | 173,102 |
Interest expense and fees | 57,593,707 |
Miscellaneous | 205,540 |
Total expenses | $ 76,648,124 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 104,266 |
Total expense reductions | $ 104,266 |
Net expenses | $ 76,543,858 |
Net investment income | $ 289,451,826 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (84,412,231) |
Foreign currency transactions | 3,598,063 |
Forward foreign currency exchange contracts | (74,222,099) |
Net realized loss | $(155,036,267) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 333,214,819 |
Foreign currency | 112,186 |
Forward foreign currency exchange contracts | (18,966,984) |
Net change in unrealized appreciation (depreciation) | $ 314,360,021 |
Net realized and unrealized gain | $ 159,323,754 |
Net increase in net assets from operations | $ 448,775,580 |
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 289,451,826 | $ 454,111,028 |
Net realized gain (loss) | (155,036,267) | 61,185,798 |
Net change in unrealized appreciation (depreciation) | 314,360,021 | (933,652,683) |
Net increase (decrease) in net assets from operations | $ 448,775,580 | $ (418,355,857) |
Capital transactions: | ||
Contributions | $ 58,338,399 | $ 2,156,822,498 |
Withdrawals | (1,726,737,746) | (2,792,514,701) |
Net decrease in net assets from capital transactions | $(1,668,399,347) | $ (635,692,203) |
Net decrease in net assets | $(1,219,623,767) | $(1,054,048,060) |
Net Assets | ||
At beginning of period | $ 7,369,505,191 | $ 8,423,553,251 |
At end of period | $ 6,149,881,424 | $ 7,369,505,191 |
Six Months Ended | |
April 30, 2023 | |
Cash Flows From Operating Activities | |
Net increase in net assets from operations | $ 448,775,580 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Investments purchased | (420,897,337) |
Investments sold and principal repayments | 2,180,916,345 |
Increase in short-term investments, net | (80,025,073) |
Net amortization/accretion of premium (discount) | (8,753,383) |
Amortization of prepaid upfront fees on notes payable | 1,681,781 |
Increase in interest receivable | (4,298,634) |
Increase in dividends receivable from affiliated investment | (312,144) |
Decrease in receivable for open forward foreign currency exchange contracts | 1,168,575 |
Increase in other assets | (1,511,146) |
Increase in cash collateral due to brokers | 420,000 |
Increase in payable for open forward foreign currency exchange contracts | 17,798,409 |
Decrease in payable to affiliate for investment adviser fee | (578,327) |
Decrease in accrued expenses | (1,183,438) |
Decrease in unfunded loan commitments | (6,991,814) |
Net change in unrealized appreciation (depreciation) from investments | (333,214,819) |
Net realized loss from investments | 84,412,231 |
Net cash provided by operating activities | $ 1,877,406,806 |
Cash Flows From Financing Activities | |
Proceeds from capital contributions | $ 58,338,399 |
Payments for capital withdrawals | (1,726,737,746) |
Proceeds from notes payable | 150,000,000 |
Repayments of notes payable | (350,000,000) |
Payment of prepaid upfront fees on notes payable | (3,787,500) |
Net cash used in financing activities | $(1,872,186,847) |
Net increase in cash and restricted cash* | $ 5,219,959 |
Cash and restricted cash at beginning of period (including foreign currency) | $ 87,608,058 |
Cash and restricted cash at end of period (including foreign currency) | $ 92,828,017 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest and fees on borrowings | $ 61,157,276 |
* | Includes net change in unrealized appreciation (depreciation) on foreign currency of $(3,977). |
April 30, 2023 | |
Cash | $ 50,138,334 |
Deposits for derivatives collateral — forward foreign currency exchange contracts | 25,560,000 |
Foreign currency | 17,129,683 |
Total cash and restricted cash as shown on the Statement of Cash Flows | $92,828,017 |
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Ratios/Supplemental Data | ||||||
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 0.57% (1) | 0.52% | 0.53% | 0.56% | 0.55% | 0.51% |
Interest and fee expense | 1.72% (1) | 0.47% | 0.32% | 0.60% | 0.88% | 0.47% |
Total expenses | 2.29% (1)(2) | 0.99% (2) | 0.85% | 1.16% | 1.43% | 0.98% |
Net investment income | 8.67% (1) | 5.16% | 4.19% | 4.86% | 5.63% | 4.92% |
Portfolio Turnover | 6% (3) | 27% | 28% | 30% | 17% | 29% |
Total Return | 6.87% (3) | (4.22)% | 9.75% | 0.39% | 2.04% | 5.41% |
Net assets, end of period (000’s omitted) | $6,149,881 | $7,369,505 | $8,423,553 | $5,449,434 | $7,343,453 | $10,969,159 |
(1) | Annualized. |
(2) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to 0.005% of average daily net assets for the six months ended April 30, 2023 and the year ended October 31, 2022). |
(3) | Not annualized. |
Average Daily Gross Assets | Annual Fee Rate |
Up to and including $1 billion | 0.5000% |
In excess of $1 billion up to and including $2 billion | 0.4500% |
In excess of $2 billion up to and including $7 billion | 0.4000% |
In excess of $7 billion up to and including $10 billion | 0.3875% |
In excess of $10 billion up to and including $15 billion | 0.3750% |
In excess of $15 billion | 0.3625% |
Aggregate cost | $8,530,593,964 |
Gross unrealized appreciation | $ 29,336,635 |
Gross unrealized depreciation | (706,073,239) |
Net unrealized depreciation | $ (676,736,604) |
Fair Value | ||
Derivative | Asset Derivative(1) | Liability Derivative(2) |
Forward foreign currency exchange contracts | $2,495,996 | $(25,019,463) |
(1) | Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. |
(2) | Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(a) | Cash Collateral Received(a) | Net Amount of Derivative Assets(b) |
Bank of America, N.A. | $ 853,019 | $ (437,368) | $ — | $ (415,651) | $ — |
Citibank, N.A. | 36,326 | (36,326) | — | — | — |
HSBC Bank USA, N.A. | 789,205 | — | (789,205) | — | — |
Standard Chartered Bank | 745,421 | (745,421) | — | — | — |
State Street Bank and Trust Company | 72,025 | (72,025) | — | — | — |
$2,495,996 | $(1,291,140) | $(789,205) | $(415,651) | $ — |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(c) |
Bank of America, N.A. | $ (437,368) | $ 437,368 | $ — | $ — | $ — |
Citibank, N.A. | (2,676,298) | 36,326 | — | 2,639,972 | — |
Goldman Sachs International | (833,698) | — | — | 833,698 | — |
JPMorgan Chase Bank, N.A. | (106,694) | — | — | 106,694 | — |
Standard Chartered Bank | (7,569,850) | 745,421 | — | 6,824,429 | — |
State Street Bank and Trust Company | (13,395,555) | 72,025 | — | 13,323,530 | — |
$(25,019,463) | $1,291,140 | $ — | $23,728,323 | $ — |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Forward foreign currency exchange contracts | $(74,222,099) | $(18,966,984) |
(1) | Statement of Operations location: Net realized gain (loss): Forward foreign currency exchange contracts. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Forward foreign currency exchange contracts. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $86,209,963 | $1,345,011,014 | $(1,264,985,941) | $ — | $ — | $166,235,036 | $2,745,524 | 166,235,036 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Asset-Backed Securities | $ — | $ 296,008,075 | $ — | $ 296,008,075 |
Common Stocks | 3,872,822 | 11,047,848 | 5,586,704 | 20,507,374 |
Corporate Bonds | — | 598,320,187 | — | 598,320,187 |
Exchange-Traded Funds | 15,943,680 | — | — | 15,943,680 |
Preferred Stocks | — | 8,013,040 | 0 | 8,013,040 |
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | — | 6,752,488,395 | 18,865,040 | 6,771,353,435 |
Warrants | — | 0 | 0 | 0 |
Short-Term Investments | 166,235,036 | — | — | 166,235,036 |
Total Investments | $ 186,051,538 | $ 7,665,877,545 | $ 24,451,744 | $ 7,876,380,827 |
Forward Foreign Currency Exchange Contracts | $ — | $ 2,495,996 | $ — | $ 2,495,996 |
Total | $ 186,051,538 | $ 7,668,373,541 | $ 24,451,744 | $ 7,878,876,823 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (25,019,463) | $ — | $ (25,019,463) |
Total | $ — | $ (25,019,463) | $ — | $ (25,019,463) |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio. |
Officers of Eaton Vance Floating-Rate Advantage Fund and Senior Debt Portfolio | |
Eric A. Stein President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Eaton Vance Floating-Rate Advantage Fund and Senior Debt Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Anchal Pachnanda*(1) | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Floating-Rate Advantage Fund
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Senior Debt Portfolio | ||
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: June 23, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: June 23, 2023
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: June 23, 2023