EFT Eaton Vance Floating Rate Income Trust

N-CSR

The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

 November 30, 2024

Andrew N. Sveen, CFA, Ralph H. Hinckley, Jr., CFA, Catherine C. McDermott, Daniel P. McElaney, CFA and Sarah A. Choi

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

Top 10 Issuers (% of total investments) 1
UKG, Inc.	1.0%
Les Schwab Tire Centers	0.9
Epicor Software Corp.	0.8
Virgin Media Bristol LLC	0.8
Vision Solutions, Inc.	0.7
Boxer Parent Co., Inc.	0.7
Spin Holdco, Inc.	0.7
Matador Bidco SARL	0.6
Engineered Machinery Holdings, Inc.	0.6
Sophia LP	0.6
Total	7.4%

Top 10 Industries (% of total investments) 1
Software	12.4%
Machinery	6.0
Health Care Providers & Services	5.8
Chemicals	5.2
Professional Services	4.0
IT Services	3.8
Capital Markets	3.5
Specialty Retail	3.4
Hotels, Restaurants & Leisure	3.2
Commercial Services & Supplies	3.2
Total	50.5%

Credit Quality (% of total investments) 1,2

1	Morningstar® LSTA® US Leveraged Loan Index SM is an unmanaged index of the institutional leveraged loan market. Morningstar® LSTA® Leveraged Loan indices are a product of Morningstar, Inc. (“Morningstar”) and have been licensed for use. Morningstar® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association® and LSTA® are trademarks of the LSTA licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar® LSTA® US Leveraged Loan Index SM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2	Performance results reflect the effects of leverage.
3	The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.
4	The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance. com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.
5	Leverage represents the liquidation value of the Fund’s VRTP Shares and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus VRTP Shares and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

Fund profile subject to change due to active management.

Important Notice to Shareholders

On January 26, 2023, the Fund's Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the By-Laws from the provisions of the By-Laws addressing “Control Share Acquisitions.” On October 10, 2024, the Board adopted Amendment No. 1 to the By-Laws to formally eliminate the Control Share Provisions and to make certain related conforming changes.

4

Asset-Backed Securities — 7.4%

Security	Principal Amount (000's omitted)		Value
ARES XXXIIR CLO Ltd., Series 2014-32RA, Class D, 10.635%, (3 mo. SOFR + 6.112%), 5/15/30 (1)(2)	$	2,000	$   2,010,152
ARES XXXIV CLO Ltd., Series 2015-2A, Class ER, 11.759%, (3 mo. SOFR + 7.112%), 4/17/33 (1)(2)		1,300	1,303,293
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class ER, 11.668%, (3 mo. SOFR + 7.012%), 10/15/34 (1)(2)		1,000	1,010,626
Benefit Street Partners CLO XXII Ltd., Series 2020-22A, Class ER, 11.547%, (3 mo. SOFR + 6.93%), 4/20/35 (1)(2)		1,000	1,012,637
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class ER, 12.009%, (3 mo. SOFR + 7.392%), 10/20/34 (1)(2)		1,500	1,477,830
Canyon Capital CLO Ltd.:
Series 2019-2A, Class ER, 11.668%, (3 mo. SOFR + 7.012%), 10/15/34 (1)(2)		400	394,252
Series 2022-1A, Class E, 11.047%, (3 mo. SOFR + 6.40%), 4/15/35 (1)(2)		1,250	1,257,104
Carlyle Global Market Strategies CLO Ltd.:
Series 2012-3A, Class DR2, 11.418%, (3 mo. SOFR + 6.762%), 1/14/32 (1)(2)		1,200	1,205,057
Series 2015-5A, Class DR, 11.579%, (3 mo. SOFR + 6.962%), 1/20/32 (1)(2)		500	500,860
Clover CLO Ltd., Series 2019-1A, Class ER, 11.332%, (3 mo. SOFR + 6.70%), 4/18/35 (1)(2)		1,000	1,005,658
Galaxy XV CLO Ltd., Series 2013-15A, Class ER, 11.563%, (3 mo. SOFR + 6.907%), 10/15/30 (1)(2)		1,000	1,002,643
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, 10.129%, (3 mo. SOFR + 5.512%), 4/20/31 (1)(2)		1,000	1,002,922
Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class ER, 11.717%, (3 mo. SOFR + 7.10%), 4/20/35 (1)(2)		1,000	1,003,933
Madison Park Funding XXXVI Ltd., Series 2019-36A, Class ER, 11.706%, (3 mo. SOFR + 7.05%), 4/15/35 (1)(2)		1,000	1,004,020
Neuberger Berman Loan Advisers CLO 48 Ltd., Series 2022-48A, Class E, 11.126%, (3 mo. SOFR + 6.50%), 4/25/36 (1)(2)		1,000	1,006,270
Palmer Square CLO Ltd.:
Series 2013-2A, Class DRR, 10.759%, (3 mo. SOFR + 6.112%), 10/17/31 (1)(2)		900	903,126
Series 2014-1A, Class DR2, 10.609%, (3 mo. SOFR + 5.962%), 1/17/31 (1)(2)		1,500	1,505,155
Series 2015-1A, Class DR4, 11.282%, (3 mo. SOFR + 6.762%), 5/21/34 (1)(2)		500	502,563
Series 2019-1A, Class DR, 11.278%, (3 mo. SOFR + 6.762%), 11/14/34 (1)(2)		1,000	1,006,367
RAD CLO 5 Ltd., Series 2019-5A, Class E, 11.596%, (3 mo. SOFR + 6.962%), 7/24/32 (1)(2)		1,000	1,008,323
Regatta XIV Funding Ltd., Series 2018-3A, Class E, 10.838%, (3 mo. SOFR + 6.212%), 10/25/31 (1)(2)		700	702,665

Security	Principal Amount (000's omitted)		Value
Vibrant CLO XI Ltd., Series 2019-11A, Class D, 11.649%, (3 mo. SOFR + 7.032%), 7/20/32 (1)(2)	$	1,000	$    1,003,706
Voya CLO Ltd., Series 2013-1A, Class DR, 11.398%, (3 mo. SOFR + 6.742%), 10/15/30 (1)(2)		2,000	1,842,562
Wellfleet CLO Ltd., Series 2020-1A, Class D, 12.158%, (3 mo. SOFR + 7.502%), 4/15/33 (1)(2)		1,300	1,275,949
Total Asset-Backed Securities (identified cost $25,820,213)			$  25,947,673

    

Common Stocks — 1.9%

Security	Shares		Value
Aerospace and Defense — 0.0%
IAP Worldwide Services LLC (3)(4)(5)		58	$            0
			$           0
Commercial Services & Supplies — 0.1%
Monitronics International, Inc. (4)(5)		20,728	$      435,288
Phoenix Services International LLC (4)(5)		17,026	70,233
Phoenix Services International LLC (4)(5)		1,554	6,410
			$     511,931
Electronic Equipment, Instruments & Components — 0.3%
Range Red Acquisitions LLC, Class A1 (3)(4)(5)		529	$    1,179,638
			$   1,179,638
Electronics/Electrical — 0.0% (6)
Skillsoft Corp. (4)(5)		2,823	$       43,220
			$      43,220
Entertainment — 0.1%
New Cineworld Ltd. (4)(5)		15,478	$      348,255
			$     348,255
Health Care — 0.5%
Cano Health, Inc. (4)(5)		108,091	$    1,243,047
Envision Parent, Inc. (4)(5)		49,670	561,892
			$   1,804,939
Household Durables — 0.2%
Serta Simmons Bedding, Inc. (4)(5)		81,273	$      575,681
Serta SSB Equipment Co. (3)(4)(5)		81,273	0
			$     575,681

5

Security	Shares		Value
Investment Companies — 0.0% (6)
Aegletes BV (4)(5)		15,179	$        9,866
			$       9,866
Pharmaceuticals — 0.7%
Covis Midco 1 SARL, Class A (4)(5)		501	$          255
Covis Midco 1 SARL, Class B (4)(5)		501	255
Covis Midco 1 SARL, Class C (4)(5)		501	255
Covis Midco 1 SARL, Class D (4)(5)		501	256
Covis Midco 1 SARL, Class E (4)(5)		501	256
Mallinckrodt International Finance SA (4)(5)		30,561	2,314,996
			$   2,316,273
Retail — 0.0%
Jubilee Enterprise PCL, Class A1 (3)(4)(5)		506	$            0
Jubilee Enterprise PCL, Class A2 (3)(4)(5)		404,596	0
			$           0
Retailers (Except Food and Drug) — 0.0%
Phillips Feed Service, Inc. (3)(4)(5)		613	$            0
			$           0
Telecommunications — 0.0%
GEE Acquisition Holdings Corp. (3)(4)(5)		46,236	$            0
			$           0
Total Common Stocks (identified cost $7,933,920)			$   6,789,803

    

Corporate Bonds — 5.9%

Security	Principal Amount (000's omitted)		Value
Aerospace and Defense — 0.2%
Bombardier, Inc., 6.00%, 2/15/28 (1)	$	200	$      199,938
TransDigm, Inc., 4.875%, 5/1/29		700	667,849
			$     867,787
Airlines — 0.2%
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30 (1)	$	625	$      551,878
			$     551,878

Security	Principal Amount (000's omitted)		Value
Automotive — 0.3%
Clarios Global LP/Clarios U.S. Finance Co., 8.50%, 5/15/27 (1)	$	1,000	$    1,007,067
			$   1,007,067
Building and Development — 0.3%
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28 (1)	$	625	$      620,179
Standard Industries, Inc., 4.75%, 1/15/28 (1)		625	607,904
			$   1,228,083
Business Equipment and Services — 0.2%
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26 (1)	$	750	$      751,280
			$     751,280
Cable and Satellite Television — 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30 (1)	$	625	$      569,184
			$     569,184
Chemicals — 0.1%
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28 (1)	$	209	$      222,440
			$     222,440
Commercial Services — 0.1%
Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29 (1)	$	489	$      472,824
			$     472,824
Cosmetics/Toiletries — 0.2%
Edgewell Personal Care Co., 5.50%, 6/1/28 (1)	$	625	$      618,420
			$     618,420
Distribution & Wholesale — 0.5%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27 (1)	$	602	$      604,053
Performance Food Group, Inc., 5.50%, 10/15/27 (1)		1,000	995,470
			$   1,599,523
Ecological Services and Equipment — 0.1%
GFL Environmental, Inc., 4.375%, 8/15/29 (1)	$	366	$      347,320
			$     347,320
Engineering & Construction — 0.2%
TopBuild Corp., 3.625%, 3/15/29 (1)	$	625	$      580,337
			$     580,337

Security	Principal Amount (000's omitted)		Value
Entertainment — 0.1%
Caesars Entertainment, Inc., 8.125%, 7/1/27 (1)	$	339	$      346,016
			$     346,016
Food Service — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 3/15/29 (1)	$	625	$      579,612
			$     579,612
Health Care — 0.5%
LifePoint Health, Inc., 5.375%, 1/15/29 (1)	$	625	$      564,604
Medline Borrower LP, 5.25%, 10/1/29 (1)		241	235,483
Tenet Healthcare Corp., 6.875%, 11/15/31		1,000	1,057,367
			$   1,857,454
Home Furnishings — 0.2%
Tempur Sealy International, Inc., 4.00%, 4/15/29 (1)	$	625	$      581,923
			$     581,923
Insurance — 0.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27 (1)	$	625	$      624,569
AmWINS Group, Inc., 4.875%, 6/30/29 (1)		600	570,285
			$   1,194,854
Leisure Goods/Activities/Movies — 0.3%
NCL Corp. Ltd., 5.875%, 2/15/27 (1)	$	550	$      550,989
Viking Cruises Ltd., 5.875%, 9/15/27 (1)		625	621,218
			$   1,172,207
Media — 0.0% (6)
iHeartCommunications, Inc., 6.375%, 5/1/26	$	208	$      180,639
			$     180,639
Nonferrous Metals/Minerals — 0.1%
New Gold, Inc., 7.50%, 7/15/27 (1)	$	474	$      480,140
			$     480,140
Oil and Gas — 0.4%
Civitas Resources, Inc., 8.375%, 7/1/28 (1)	$	250	$      261,255
Permian Resources Operating LLC, 5.375%, 1/15/26 (1)		625	624,038
Vital Energy, Inc., 9.75%, 10/15/30		350	375,911
			$   1,261,204

Security	Principal Amount (000's omitted)		Value
Pipelines — 0.1%
Venture Global LNG, Inc., 8.375%, 6/1/31 (1)	$	446	$      470,373
			$     470,373
Real Estate Investment Trusts (REITs) — 0.2%
HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 6/15/26 (1)	$	625	$      604,530
			$     604,530
Retail — 0.0% (6)
Evergreen Acqco 1 LP/TVI, Inc., 9.75%, 4/26/28 (1)	$	34	$       35,894
			$      35,894
Retailers (Except Food and Drug) — 0.1%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29 (1)	$	355	$      349,468
			$     349,468
Technology — 0.2%
athenahealth Group, Inc., 6.50%, 2/15/30 (1)	$	625	$      598,699
			$     598,699
Utilities — 0.4%
Calpine Corp., 5.00%, 2/1/31 (1)	$	504	$      478,198
NRG Energy, Inc., 3.625%, 2/15/31 (1)		1,000	891,897
			$   1,370,095
Wireless Telecommunication Services — 0.2%
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL U.S., 12.00%, (9.00% cash and 3.00% PIK), 5/25/27	$	607	$      589,652
			$     589,652
Total Corporate Bonds (identified cost $20,227,599)			$  20,488,903

    

Senior Floating-Rate Loans — 142.7% (7)

Borrower/Description	Principal Amount * (000's omitted)		Value
Aerospace and Defense — 0.8%
Air Comm Corporation LLC:
Term Loan, 11/21/31 (8)		1,315	$   1,312,096
Term Loan, 11/21/31 (8)		110	109,342

Borrower/Description	Principal Amount * (000's omitted)		Value
Aerospace and Defense (continued)
HDI Aerospace Intermediate Holding III Corp., Term Loan, 9/19/31 (8)		600	$      602,625
IAP Worldwide Services, Inc., Term Loan - Second Lien, 0.00%, 7/18/23 (3)(9)		408	324,523
Novaria Holdings LLC, Term Loan, 8.673%, (SOFR + 4.00%), 6/6/31		400	404,000
			$   2,752,586
Air Freight & Logistics — 0.2%
AIT Worldwide Logistics, Inc., Term Loan, 9.48%, (SOFR + 4.75%), 4/5/30		600	$      606,187
			$     606,187
Airlines — 0.6%
American Airlines, Inc., Term Loan, 9.629%, (SOFR + 4.75%), 4/20/28		2,135	$    2,205,944
			$   2,205,944
Apparel & Luxury Goods — 1.2%
ABG Intermediate Holdings 2 LLC, Term Loan, 7.323%, (SOFR + 2.75%), 12/21/28		732	$      739,685
Gloves Buyer, Inc., Term Loan, 8.687%, (SOFR + 4.00%), 12/29/27		2,218	2,223,405
Hanesbrands, Inc., Term Loan, 8.323%, (SOFR + 3.75%), 3/8/30		178	178,398
Varsity Brands, Inc., Term Loan, 8/26/31 (8)		1,000	1,002,750
			$   4,144,238
Auto Components — 4.0%
Adient U.S. LLC, Term Loan, 7.323%, (SOFR + 2.75%), 1/31/31		1,618	$    1,630,016
Autokiniton U.S. Holdings, Inc., Term Loan, 8.687%, (SOFR + 4.00%), 4/6/28		3,221	3,206,771
Clarios Global LP:
Term Loan, 5.999%, (EURIBOR + 3.00%), 7/16/31 (10)	EUR	630	667,066
Term Loan, 7.073%, (SOFR + 2.50%), 5/6/30		2,120	2,136,469
DexKo Global, Inc.:
Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 10/4/28	EUR	314	313,975
Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 10/4/28	EUR	461	461,097
Term Loan, 8.615%, (SOFR + 3.75%), 10/4/28		683	647,237
Garrett LX I SARL, Term Loan, 7.335%, (SOFR + 2.75%), 4/30/28		752	755,509
LSF12 Badger Bidco LLC, Term Loan, 10.573%, (SOFR + 6.00%), 8/30/30		298	293,656

Borrower/Description	Principal Amount * (000's omitted)		Value
Auto Components (continued)
LTI Holdings, Inc., Term Loan, 9.323%, (SOFR + 4.75%), 7/19/29		1,250	$    1,256,055
RealTruck Group, Inc.:
Term Loan, 8.187%, (SOFR + 3.50%), 1/31/28		1,795	1,786,428
Term Loan, 9.687%, (SOFR + 5.00%), 1/31/28		697	694,759
			$  13,849,038
Automobiles — 0.6%
MajorDrive Holdings IV LLC:
Term Loan, 8.865%, (SOFR + 4.00%), 6/1/28		653	$      636,899
Term Loan, 10.254%, (SOFR + 5.50%), 6/1/29		1,463	1,473,469
			$   2,110,368
Beverages — 1.3%
Arterra Wines Canada, Inc., Term Loan, 8.365%, (SOFR + 3.50%), 11/24/27		1,059	$    1,042,491
City Brewing Co. LLC:
Term Loan, 8.418%, (SOFR + 3.50%), 4/5/28		604	471,391
Term Loan, 10.906%, (SOFR + 6.25%), 4/5/28		196	162,608
Term Loan - Second Lien, 9.647%, (SOFR + 5.00%), 4/5/28		1,110	494,027
Triton Water Holdings, Inc., Term Loan, 8.115%, (SOFR + 3.25%), 3/31/28		2,419	2,437,402
			$   4,607,919
Biotechnology — 0.5%
Alkermes, Inc., Term Loan, 7.187%, (SOFR + 2.50%), 3/12/26		379	$      380,038
Alltech, Inc., Term Loan, 8.687%, (SOFR + 4.00%), 10/13/28		1,237	1,244,122
			$   1,624,160
Building Products — 2.8%
Cornerstone Building Brands, Inc., Term Loan, 7.959%, (SOFR + 3.25%), 4/12/28		1,779	$    1,679,928
CPG International, Inc., Term Loan, 6.573%, (SOFR + 2.00%), 9/19/31		675	679,535
Kodiak Building Partners, Inc., Term Loan, 11/26/31 (8)		500	501,250
LHS Borrower LLC, Term Loan, 9.423%, (SOFR + 4.75%), 2/16/29		1,012	976,796
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan, 10/10/31 (8)		1,900	1,895,250
MI Windows & Doors LLC, Term Loan, 7.573%, (SOFR + 3.00%), 3/28/31		1,995	2,015,365

Borrower/Description	Principal Amount * (000's omitted)		Value
Building Products (continued)
Oscar AcquisitionCo LLC, Term Loan, 8.495%, (SOFR + 4.25%), 4/29/29		1,555	$    1,540,968
Standard Industries, Inc., Term Loan, 6.345%, (SOFR + 1.75%), 9/22/28		619	622,453
			$   9,911,545
Capital Markets — 5.6%
Advisor Group, Inc., Term Loan, 8.089%, (SOFR + 3.50%), 8/17/28		1,851	$    1,856,864
AllSpring Buyer LLC, Term Loan, 8.137%, (SOFR + 3.25%), 11/1/28		1,319	1,326,586
Aretec Group, Inc., Term Loan, 8.573%, (SOFR + 4.00%), 8/9/30		1,910	1,924,211
Citco Funding LLC, Term Loan, 7.308%, (SOFR + 2.75%), 4/27/28		792	798,752
Edelman Financial Center LLC, Term Loan, 7.823%, (SOFR + 3.25%), 4/7/28		2,476	2,494,125
EIG Management Co. LLC, Term Loan, 9.599%, (SOFR + 5.00%), 5/17/29		420	421,786
FinCo I LLC, Term Loan, 6.823%, (SOFR + 2.25%), 6/27/29		1,234	1,242,283
Focus Financial Partners LLC:
Term Loan, 0.00%, 9/15/31 (11)		209	211,040
Term Loan, 7.823%, (SOFR + 3.25%), 9/15/31		1,946	1,964,941
Franklin Square Holdings LP, Term Loan, 6.823%, (SOFR + 2.25%), 4/25/31		973	974,994
HighTower Holdings LLC, Term Loan, 8.071%, (SOFR + 3.50%), 4/21/28		2,237	2,256,017
Kestra Advisor Services Holdings A, Inc., Term Loan, 8.514%, (SOFR + 4.00%), 3/22/31		1,122	1,133,409
Mariner Wealth Advisors LLC, Term Loan, 7.354%, (SOFR + 2.75%), 8/18/28		1,826	1,837,324
Orion Advisor Solutions, Inc., Term Loan, 8.335%, (SOFR + 3.75%), 9/24/30		575	579,492
Press Ganey Holdings, Inc., Term Loan, 7.823%, (SOFR + 3.25%), 4/30/31		625	628,320
			$  19,650,144
Chemicals — 8.3%
Aruba Investments Holdings LLC:
Term Loan, 6.977%, (1 mo. EURIBOR + 4.00%), 11/24/27	EUR	507	$      529,906
Term Loan, 8.673%, (SOFR + 4.00%), 11/24/27		1,509	1,513,230
Axalta Coating Systems U.S. Holdings, Inc., Term Loan, 8.50%, (USD Prime + 0.75%), 12/20/29		1,738	1,746,825
Charter NEX U.S., Inc., Term Loan, 7.652%, (SOFR + 3.00%), 11/29/30		1,222	1,232,629

Borrower/Description	Principal Amount * (000's omitted)		Value
Chemicals (continued)
CPC Acquisition Corp., Term Loan, 8.615%, (SOFR + 3.75%), 12/29/27		1,017	$      921,220
Discovery Purchaser Corp., Term Loan, 8.965%, (SOFR + 4.38%), 10/4/29		1,049	1,055,851
Flint Group Topco Ltd., Term Loan - Second Lien, 11.888%, (SOFR + 7.26%), 4.988% cash, 6.90% PIK, 12/30/27		17	3,362
Gemini HDPE LLC, Term Loan, 7.847%, (SOFR + 3.00%), 12/31/27		693	696,529
Groupe Solmax, Inc., Term Loan, 9.533%, (SOFR + 4.75%), 5/29/28 (10)		1,304	1,201,881
INEOS Enterprises Holdings II Ltd., Term Loan, 6.912%, (3 mo. EURIBOR + 4.00%), 7/7/30	EUR	200	213,280
INEOS Enterprises Holdings U.S. Finco LLC, Term Loan, 8.364%, (SOFR + 3.75%), 7/8/30		1,067	1,070,939
INEOS Finance PLC, Term Loan, 6.477%, (1 mo. EURIBOR + 3.50%), 6/23/31	EUR	4	4,026
INEOS Quattro Holdings U.K. Ltd.:
Term Loan, 6.977%, (1 mo. EURIBOR + 4.00%), 3/14/30	EUR	275	291,351
Term Loan, 8.923%, (SOFR + 4.25%), 4/2/29		1,945	1,941,578
INEOS U.S. Finance LLC:
Term Loan, 7.173%, (SOFR + 2.50%), 11/8/28		512	512,899
Term Loan, 7.823%, (SOFR + 3.25%), 2/18/30		1,542	1,552,645
Term Loan, 8.323%, (SOFR + 3.75%), 2/7/31		524	527,484
Lonza Group AG, Term Loan, 8.629%, (SOFR + 3.93%), 7/3/28		2,444	2,411,310
Momentive Performance Materials, Inc., Term Loan, 8.573%, (SOFR + 4.00%), 3/29/28		1,899	1,910,708
Nouryon Finance BV, Term Loan, 7.657%, (SOFR + 3.25%), 4/3/28		619	625,336
Olympus Water U.S. Holding Corp., Term Loan, 8.104%, (SOFR + 3.50%), 6/20/31		2,153	2,173,605
Paint Intermediate III LLC, Term Loan, 7.522%, (SOFR + 3.00%), 10/9/31		475	477,672
Rohm Holding GmbH, Term Loan, 10.588%, (SOFR + 5.50%), 1/31/29		1,445	1,372,662
SCUR-Alpha 1503 GmbH, Term Loan, 10.085%, (SOFR + 5.50%), 3/29/30		493	472,845
Tronox Finance LLC:
Term Loan, 7.09%, (SOFR + 2.50%), 9/18/31 (10)		400	401,833
Term Loan, 7.354%, (SOFR + 2.75%), 4/4/29		1,499	1,508,742
W.R. Grace & Co.-Conn., Term Loan, 7.854%, (SOFR + 3.25%), 9/22/28		2,407	2,424,489
			$  28,794,837

Borrower/Description	Principal Amount * (000's omitted)		Value
Commercial Services & Supplies — 4.9%
Albion Financing 3 SARL, Term Loan, 9.096%, (SOFR + 4.25%), 8/16/29		1,608	$    1,625,244
Allied Universal Holdco LLC, Term Loan, 8.423%, (SOFR + 3.75%), 5/12/28		1,971	1,986,256
Belfor Holdings, Inc., Term Loan, 8.323%, (SOFR + 3.75%), 11/1/30		607	611,072
EnergySolutions LLC, Term Loan, 7.841%, (SOFR + 3.25%), 9/20/30		1,483	1,495,975
Flame Newco LLC, Term Loan, 10.673%, (SOFR + 6.10%), 6/30/28		212	207,594
Foundever Worldwide Corp., Term Loan, 8.437%, (SOFR + 3.75%), 8/28/28		2,264	1,475,858
Garda World Security Corp., Term Loan, 8.109%, (SOFR + 3.50%), 2/1/29		2,407	2,437,406
GFL Environmental, Inc., Term Loan, 6.61%, (SOFR + 2.00%), 7/3/31		875	878,919
Heritage-Crystal Clean, Inc., Term Loan, 8.095%, (SOFR + 4.00%), 10/17/30		720	725,858
Monitronics International, Inc., Term Loan, 12.334%, (SOFR + 7.50%), 6/30/28		1,131	1,136,587
Prime Security Services Borrower LLC, Term Loan, 6.906%, (SOFR + 2.25%), 10/13/30		898	900,992
Tempo Acquisition LLC, Term Loan, 6.823%, (SOFR + 2.25%), 8/31/28		1,315	1,323,992
TMF Group Holding BV, Term Loan, 8.092%, (SOFR + 3.50%), 5/3/28		372	374,518
TruGreen LP, Term Loan, 8.673%, (SOFR + 4.00%), 11/2/27		2,077	2,019,523
			$  17,199,794
Construction Materials — 1.2%
Construction Partners, Inc., Term Loan, 7.073%, (SOFR + 2.50%), 11/3/31		500	$      501,562
Quikrete Holdings, Inc., Term Loan, 6.823%, (SOFR + 2.25%), 3/19/29		2,438	2,438,055
Star Holding LLC, Term Loan, 9.073%, (SOFR + 4.50%), 7/31/31		1,175	1,176,469
			$   4,116,086
Consumer Staples Distribution & Retail — 1.0%
Cardenas Markets, Inc., Term Loan, 11.454%, (SOFR + 6.75%), 8/1/29		419	$      409,907
Peer Holding III BV:
Term Loan, 7.095%, (3 mo. EURIBOR + 3.75%), 9/29/28	EUR	550	585,339
Term Loan, 7.604%, (SOFR + 3.00%), 7/1/31		1,325	1,335,490
Term Loan, 7.854%, (SOFR + 3.25%), 10/28/30		1,119	1,129,519
			$   3,460,255

Borrower/Description	Principal Amount * (000's omitted)		Value
Containers & Packaging — 1.6%
Altium Packaging LLC, Term Loan, 7.073%, (SOFR + 2.50%), 6/11/31		449	$      449,436
Berlin Packaging LLC, Term Loan, 8.415%, (SOFR + 3.75%), 6/9/31 (10)		1,762	1,773,753
Clydesdale Acquisition Holdings, Inc., Term Loan, 7.748%, (SOFR + 3.18%), 4/13/29		2,058	2,072,720
Pretium Packaging LLC, Term Loan - Second Lien, 9.171%, (SOFR + 4.60%), 10/2/28		61	49,401
Pretium PKG Holdings, Inc., Term Loan - Second Lien, 11.534%, (SOFR + 6.75%), 10/1/29		300	115,500
Proampac PG Borrower LLC, Term Loan, 8.603%, (SOFR + 4.00%), 9/15/28		1,141	1,146,918
			$   5,607,728
Distributors — 0.7%
CD&R Hydra Buyer, Inc., Term Loan, 8.673%, (SOFR + 4.00%), 3/25/31		970	$      973,460
Parts Europe SA, Term Loan, 6.339%, (3 mo. EURIBOR + 3.25%), 2/3/31	EUR	1,425	1,519,388
Phillips Feed Service, Inc., Term Loan, 11.673%, (SOFR + 7.00%), 11/13/24 (3)		110	67,449
			$   2,560,297
Diversified Consumer Services — 2.6%
Ascend Learning LLC:
Term Loan, 8.173%, (SOFR + 3.50%), 12/11/28		1,057	$    1,062,133
Term Loan - Second Lien, 12/10/29 (8)		2,250	2,246,485
Fugue Finance BV, Term Loan, 8.514%, (SOFR + 4.00%), 1/31/28		398	401,343
KUEHG Corp., Term Loan, 7.839%, (SOFR + 3.25%), 6/12/30		1,362	1,376,714
Project Boost Purchaser LLC:
Term Loan, 8.147%, (SOFR + 3.50%), 7/16/31		1,175	1,187,013
Term Loan - Second Lien, 9.897%, (SOFR + 5.25%), 7/16/32		350	356,854
Spring Education Group, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 10/4/30		671	675,630
Wand NewCo 3, Inc., Term Loan, 7.834%, (SOFR + 3.25%), 1/30/31 (10)		1,696	1,709,396
			$   9,015,568
Diversified Financial Services — 0.5%
Concorde Midco Ltd., Term Loan, 7.092%, (6 mo. EURIBOR + 4.00%), 3/1/28	EUR	575	$      608,776
Sandy BidCo BV, Term Loan, 6.823%, (6 mo. EURIBOR + 3.60%), 8/17/29	EUR	950	1,003,185
			$   1,611,961

Borrower/Description	Principal Amount * (000's omitted)		Value
Diversified Telecommunication Services — 2.6%
Altice France SA, Term Loan, 10.147%, (SOFR + 5.50%), 8/15/28		1,222	$    1,003,350
Anuvu Holdings 2 LLC:
Term Loan, 13.213%, (SOFR + 8.25%), 3/23/26 (3)		1,011	407,947
Term Loan, 14.963%, (SOFR + 10.00%), 8.963% cash, 6.00% PIK, 9/27/27 (3)		414	331,436
Level 3 Financing, Inc., Term Loan, 11.133%, (SOFR + 6.56%), 4/15/30		600	614,304
Lumen Technologies, Inc., Term Loan, 4/15/30 (8)		1,000	929,583
Virgin Media Bristol LLC, Term Loan, 7.974%, (SOFR + 3.25%), 1/31/29		4,250	4,225,762
Zayo Group Holdings, Inc., Term Loan, 6.252%, (1 mo. EURIBOR + 3.25%), 3/9/27	EUR	1,399	1,411,324
			$   8,923,706
Electric Utilities — 0.7%
Kohler Energy Co. LLC, Term Loan, 9.354%, (SOFR + 4.75%), 5/1/31		2,244	$    2,269,624
			$   2,269,624
Electrical Equipment — 1.2%
AZZ, Inc., Term Loan, 7.073%, (SOFR + 2.50%), 5/13/29		1,125	$    1,132,433
WEC U.S. Holdings Ltd., Term Loan, 6.922%, (SOFR + 2.25%), 1/27/31		2,993	3,006,529
			$   4,138,962
Electronic Equipment, Instruments & Components — 2.6%
Chamberlain Group, Inc.:
Term Loan, 7.923%, (SOFR + 3.25%), 11/3/28		1,313	$    1,321,080
Term Loan, 8.323%, (SOFR + 3.75%), 11/3/28		1,119	1,123,029
Creation Technologies, Inc., Term Loan, 10.351%, (SOFR + 5.50%), 10/5/28		1,319	1,289,029
Ingram Micro, Inc., Term Loan, 7.564%, (SOFR + 2.75%), 9/22/31		1,416	1,423,534
Mirion Technologies, Inc., Term Loan, 6.854%, (SOFR + 2.25%), 10/20/28		523	526,657
MX Holdings U.S., Inc., Term Loan, 7.437%, (SOFR + 2.75%), 7/31/28		248	249,150
Range Red Operating, Inc.:
Term Loan, 12.693%, (SOFR + 8.00%), 10/1/29		192	190,579
Term Loan - Second Lien, 12.693%, (SOFR + 8.00%), 10/1/29		807	799,453
Verifone Systems, Inc., Term Loan, 8.783%, (SOFR + 4.00%), 8/20/25		1,200	1,129,311

Borrower/Description	Principal Amount * (000's omitted)		Value
Electronic Equipment, Instruments & Components (continued)
Verisure Holding AB:
Term Loan, 6.345%, (3 mo. EURIBOR + 3.00%), 3/27/28	EUR	850	$      905,121
Term Loan, 6.348%, (3 mo. EURIBOR + 3.25%), 5/30/30	EUR	248	263,974
			$   9,220,917
Energy Equipment & Services — 0.5%
Ameriforge Group, Inc., Term Loan, 15.687%, (SOFR + 11.00%), 4.687% cash, 11.00% PIK, 12/31/25 (3)		61	$       28,084
GIP Pilot Acquisition Partners LP, Term Loan, 7.09%, (SOFR + 2.50%), 10/4/30		472	475,983
PG Investment Co. 59 SARL, Term Loan, 7.604%, (SOFR + 3.00%), 3/26/31		1,347	1,357,900
			$   1,861,967
Engineering & Construction — 1.5%
American Residential Services LLC, Term Loan, 8.365%, (SOFR + 3.50%), 10/15/27		602	$      603,818
Arcosa, Inc., Term Loan, 6.823%, (SOFR + 2.25%), 8/12/31		350	351,750
Artera Services LLC, Term Loan, 9.104%, (SOFR + 4.50%), 2/15/31		423	417,967
Azuria Water Solutions, Inc., Term Loan, 8.323%, (SOFR + 3.75%), 5/17/28		1,271	1,280,737
Northstar Group Services, Inc., Term Loan, 10.014%, (SOFR + 4.75%), 5/8/30		1,820	1,836,082
Platea BC Bidco AB:
Term Loan, 1.865%, (3 mo. EURIBOR + 4.00%), 4/3/31 (11)	EUR	138	146,517
Term Loan, 7.345%, (3 mo. EURIBOR + 4.00%), 4/3/31	EUR	688	732,583
			$   5,369,454
Entertainment — 1.0%
City Football Group Ltd., Term Loan, 7.687%, (SOFR + 3.00%), 7/22/30		975	$      974,650
Crown Finance U.S., Inc., Term Loan, 13.30%, (SOFR + 8.50%), 6.30% cash, 7.00% PIK, 7/31/28		362	363,356
Renaissance Holding Corp., Term Loan, 8.823%, (SOFR + 4.25%), 4/5/30		1,906	1,911,873
Vue Entertainment International Ltd., Term Loan, 11.446%, (3 mo. EURIBOR + 8.40%), 3.046% cash, 8.40% PIK, 12/31/27	EUR	301	198,367
Vue International Bidco PLC, Term Loan, 11.046%, (6 mo. EURIBOR + 8.00%), 6/30/27	EUR	76	80,433
			$   3,528,679

Borrower/Description	Principal Amount * (000's omitted)		Value
Financial Services — 2.0%
Boost Newco Borrower LLC, Term Loan, 7.104%, (SOFR + 2.50%), 1/31/31		3,025	$    3,056,061
CPI Holdco B LLC, Term Loan, 6.573%, (SOFR + 2.00%), 5/19/31		1,150	1,153,833
Grant Thornton Advisors LLC, Term Loan, 7.823%, (SOFR + 3.25%), 6/2/31		1,350	1,359,844
NCR Atleos LLC, Term Loan, 8.398%, (SOFR + 3.75%), 3/27/29		801	804,504
Nuvei Technologies Corp., Term Loan, 11/15/31 (8)		500	503,375
			$   6,877,617
Food Products — 1.6%
CHG PPC Parent LLC, Term Loan, 7.687%, (SOFR + 3.00%), 12/8/28		390	$      390,653
Del Monte Foods, Inc.:
Term Loan, 13.166%, (SOFR + 8.00%), 8/2/28		418	410,935
Term Loan - Second Lien, 9.427%, (SOFR + 4.40%), 8/2/28 (10)		884	530,677
Nomad Foods U.S. LLC, Term Loan, 6.968%, (SOFR + 2.50%), 11/12/29		1,960	1,966,632
POP Bidco SAS, Term Loan, 10/11/31 (8)	EUR	1,125	1,191,331
Simply Good Foods USA, Inc., Term Loan, 7.173%, (SOFR + 2.50%), 3/17/27		125	125,938
United Petfood Group BV, Term Loan, 5.822%, (3 mo. EURIBOR + 2.75%), 4/24/28	EUR	775	820,865
			$   5,437,031
Gas Utilities — 0.8%
CQP Holdco LP, Term Loan, 6.854%, (SOFR + 2.25%), 12/31/30		2,629	$    2,646,085
			$   2,646,085
Health Care Equipment & Supplies — 1.6%
Bayou Intermediate II LLC, Term Loan, 9.347%, (SOFR + 4.50%), 8/2/28		1,740	$    1,722,121
Journey Personal Care Corp., Term Loan, 8.336%, (SOFR + 3.75%), 3/1/28		2,566	2,575,641
Medline Borrower LP, Term Loan, 6.823%, (SOFR + 2.25%), 10/23/28		1,110	1,117,784
			$   5,415,546
Health Care Providers & Services — 9.2%
AEA International Holdings (Lux) SARL, Term Loan, 7.354%, (SOFR + 2.75%), 9/7/28		1,612	$    1,618,307
Biogroup-LCD, Term Loan, 6.532%, (3 mo. EURIBOR + 3.50%), 2/9/28	EUR	250	257,329

Borrower/Description	Principal Amount * (000's omitted)		Value
Health Care Providers & Services (continued)
BW NHHC Holdco, Inc., Term Loan - Second Lien, 12.604%, (SOFR + 8.00%), 10.354% cash, 2.25% PIK, 1/15/26		2,517	$   2,177,401
Cano Health LLC, Term Loan, 12.604%, (SOFR + 8.00%), 6/28/29		476	475,975
CCRR Parent, Inc., Term Loan, 9.026%, (SOFR + 4.25%), 3/6/28		2,647	1,645,854
Cerba Healthcare SAS:
Term Loan, 6.677%, (1 mo. EURIBOR + 3.70%), 6/30/28	EUR	350	321,234
Term Loan, 6.927%, (1 mo. EURIBOR + 3.95%), 2/16/29	EUR	525	481,421
CHG Healthcare Services, Inc.:
Term Loan, 8.275%, (SOFR + 3.50%), 9/29/28 (10)		1,658	1,674,274
Term Loan, 8.275%, (SOFR + 3.50%), 9/29/28 (10)		397	401,063
CNT Holdings I Corp., Term Loan, 8.085%, (SOFR + 3.50%), 11/8/27		1,548	1,561,557
Concentra Health Services, Inc., Term Loan, 6.823%, (SOFR + 2.25%), 7/28/31		350	352,625
Covis Finco SARL, Term Loan, 0.00%, 2/18/27 (9)		617	249,865
Electron BidCo, Inc., Term Loan, 7.687%, (SOFR + 3.00%), 11/1/28		683	687,352
Ensemble RCM LLC, Term Loan, 7.585%, (SOFR + 3.00%), 8/1/29		1,399	1,413,697
Hanger, Inc.:
Term Loan, 0.00%, 10/23/31 (11)		140	141,271
Term Loan, 8.073%, (SOFR + 3.50%), 10/23/31		1,085	1,097,204
IVC Acquisition Ltd.:
Term Loan, 7.785%, (1 mo. EURIBOR + 4.75%), 12/12/28	EUR	1,350	1,437,411
Term Loan, 9.393%, (SOFR + 4.75%), 12/12/28		1,017	1,027,074
LSCS Holdings, Inc., Term Loan, 9.187%, (SOFR + 4.61%), 12/16/28		632	635,483
Medical Solutions Holdings, Inc., Term Loan, 8.185%, (SOFR + 3.50%), 11/1/28		2,472	1,735,880
National Mentor Holdings, Inc.:
Term Loan, 8.429%, (SOFR + 3.75%), 3/2/28 (10)		1,921	1,900,561
Term Loan, 8.454%, (SOFR + 3.75%), 3/2/28		57	56,569
Option Care Health, Inc., Term Loan, 6.823%, (SOFR + 2.25%), 10/27/28		365	367,024
Pacific Dental Services LLC, Term Loan, 7.361%, (SOFR + 2.75%), 3/15/31		846	852,974
Phoenix Guarantor, Inc., Term Loan, 7.823%, (SOFR + 3.25%), 2/21/31		1,572	1,586,409
Radnet Management, Inc., Term Loan, 6.771%, (SOFR + 2.25%), 4/18/31		698	701,741
Raven Acquisition Holdings LLC:
Term Loan, 1.625%, 11/19/31 (11)		100	100,583

Borrower/Description	Principal Amount * (000's omitted)		Value
Health Care Providers & Services (continued)
Raven Acquisition Holdings LLC:   (continued)
Term Loan, 7.861%, (SOFR + 3.25%), 11/19/31		1,400	$    1,408,166
Select Medical Corp.:
Term Loan, 9.50%, (USD Prime + 1.75%), 3/6/27		46	46,535
Term Loan, 11/18/31 (8)		900	902,813
Sound Inpatient Physicians, Term Loan - Second Lien, 9.865%, (SOFR + 5.00%), 8.365% cash, 1.50% PIK, 6/28/28		411	376,109
Surgery Center Holdings, Inc., Term Loan, 7.338%, (SOFR + 2.75%), 12/19/30		2,236	2,255,000
Synlab Bondco PLC:
Term Loan, 6.178%, (6 mo. EURIBOR + 2.50%), 7/1/27	EUR	325	344,592
Term Loan, 6.638%, (3 mo. EURIBOR + 3.50%), 4/18/31	EUR	525	557,864
TTF Holdings LLC, Term Loan, 8.323%, (SOFR + 3.75%), 7/18/31		1,350	1,362,234
			$  32,211,451
Health Care Technology — 2.6%
athenahealth Group, Inc., Term Loan, 7.823%, (SOFR + 3.25%), 2/15/29		1,758	$    1,767,734
Certara LP, Term Loan, 7.573%, (SOFR + 3.00%), 6/26/31		933	935,622
Imprivata, Inc., Term Loan, 8.085%, (SOFR + 3.50%), 12/1/27		1,440	1,454,731
PointClickCare Technologies, Inc., Term Loan, 7.821%, (SOFR + 3.25%), 11/3/31		1,251	1,259,298
Project Ruby Ultimate Parent Corp., Term Loan, 7.721%, (SOFR + 3.00%), 3/10/28		1,206	1,214,921
Symplr Software, Inc., Term Loan, 9.185%, (SOFR + 4.50%), 12/22/27		1,755	1,608,691
Waystar Technologies, Inc., Term Loan, 7.323%, (SOFR + 2.75%), 10/22/29		989	994,359
			$   9,235,356
Hotels, Restaurants & Leisure — 5.1%
Caesars Entertainment, Inc., Term Loan, 6.823%, (SOFR + 2.25%), 2/6/31		2,239	$    2,254,141
Carnival Corp., Term Loan, 7.323%, (SOFR + 2.75%), 10/18/28		2,779	2,799,629
ClubCorp Holdings, Inc., Term Loan, 9.865%, (SOFR + 5.00%), 9/18/26		1,248	1,253,489
Fertitta Entertainment LLC, Term Loan, 8.073%, (SOFR + 3.50%), 1/27/29		1,970	1,982,931
Flutter Financing BV, Term Loan, 6.604%, (SOFR + 2.00%), 11/29/30		3,002	3,018,075

Borrower/Description	Principal Amount * (000's omitted)		Value
Hotels, Restaurants & Leisure (continued)
Ontario Gaming GTA LP, Term Loan, 8.893%, (SOFR + 4.25%), 8/1/30		1,418	$    1,423,890
Oravel Stays Singapore Pte. Ltd., Term Loan, 13.325%, (SOFR + 8.25%), 6/23/26		408	417,420
Playa Resorts Holding BV, Term Loan, 7.323%, (SOFR + 2.75%), 1/5/29		2,014	2,018,532
Scientific Games Holdings LP, Term Loan, 7.59%, (SOFR + 3.00%), 4/4/29		1,975	1,983,825
SeaWorld Parks & Entertainment, Inc., Term Loan, 7.073%, (SOFR + 2.50%), 8/25/28		752	752,507
			$  17,904,439
Household Durables — 2.5%
ACProducts, Inc., Term Loan, 9.115%, (SOFR + 4.25%), 5/17/28		2,852	$    2,272,548
Libbey Glass, Inc., Term Loan, 11.267%, (SOFR + 6.50%), 11/22/27		683	666,402
Madison Safety & Flow LLC, Term Loan, 7.823%, (SOFR + 3.25%), 9/26/31		700	707,875
Serta Simmons Bedding LLC:
Term Loan, 12.218%, (SOFR + 7.50%), 6/29/28		1,570	1,342,297
Term Loan, 12.232%, (SOFR + 7.50%), 6/29/28		170	169,586
Solis IV BV, Term Loan, 8.021%, (SOFR + 3.50%), 2/26/29		1,962	1,971,199
Tempur Sealy International, Inc., Term Loan, 7.07%, (SOFR + 2.50%), 10/3/31		1,550	1,560,334
			$   8,690,241
Household Products — 0.5%
Kronos Acquisition Holdings, Inc., Term Loan, 8.584%, (SOFR + 4.00%), 7/8/31		1,725	$    1,630,394
			$   1,630,394
Independent Power and Renewable Electricity Producers — 0.3%
Thunder Generation Funding LLC, Term Loan, 7.61%, (SOFR + 3.00%), 10/3/31		1,025	$    1,033,541
			$   1,033,541
Industrials Conglomerates — 0.6%
AAG U.S. GSI Bidco, Inc., Term Loan, 9.67%, (SOFR + 5.00%), 10/8/31		475	$      475,000
John Bean Technologies Corp., Term Loan, 10/9/31 (8)		675	679,641
nVent Electric PLC, Term Loan, 9/12/31 (8)		1,050	1,063,125
			$   2,217,766

Borrower/Description	Principal Amount * (000's omitted)		Value
Insurance — 1.7%
Alliant Holdings Intermediate LLC, Term Loan, 7.349%, (SOFR + 2.75%), 9/19/31		895	$      900,420
AmWINS Group, Inc., Term Loan, 6.937%, (SOFR + 2.25%), 2/19/28		511	513,286
Broadstreet Partners, Inc., Term Loan, 7.823%, (SOFR + 3.25%), 6/13/31		1,072	1,078,040
Financiere CEP SAS, Term Loan, 6.977%, (1 mo. EURIBOR + 4.00%), 6/18/27	EUR	550	583,520
Ryan Specialty Group LLC, Term Loan, 6.823%, (SOFR + 2.25%), 9/15/31		1,150	1,157,187
Truist Insurance Holdings LLC:
Term Loan, 7.854%, (SOFR + 3.25%), 5/6/31		483	485,225
Term Loan - Second Lien, 9.354%, (SOFR + 4.75%), 5/6/32		263	269,737
USI, Inc., Term Loan, 7.354%, (SOFR + 2.75%), 9/27/30		997	1,004,476
			$   5,991,891
Interactive Media & Services — 1.2%
Arches Buyer, Inc., Term Loan, 7.923%, (SOFR + 3.25%), 12/6/27		1,959	$    1,928,221
Foundational Education Group, Inc., Term Loan, 8.597%, (SOFR + 3.75%), 8/31/28		1,434	1,393,197
Getty Images, Inc., Term Loan, 8.845%, (SOFR + 4.50%), 2/19/26		993	989,873
			$   4,311,291
IT Services — 6.1%
Asurion LLC:
Term Loan, 8.673%, (SOFR + 4.00%), 8/19/28		1,211	$    1,214,161
Term Loan - Second Lien, 9.937%, (SOFR + 5.25%), 1/31/28		2,070	2,038,432
Term Loan - Second Lien, 9.937%, (SOFR + 5.25%), 1/20/29		1,425	1,392,429
Endure Digital, Inc., Term Loan, 8.271%, (SOFR + 3.50%), 2/10/28		3,976	2,751,347
Gainwell Acquisition Corp., Term Loan, 8.704%, (SOFR + 4.00%), 10/1/27		2,185	2,097,942
Go Daddy Operating Co. LLC:
Term Loan, 6.323%, (SOFR + 1.75%), 5/30/31		349	349,911
Term Loan, 6.573%, (SOFR + 2.00%), 11/9/29		1,803	1,809,298
NAB Holdings LLC, Term Loan, 7.354%, (SOFR + 2.75%), 11/23/28		3,166	3,171,868
Plano HoldCo, Inc., Term Loan, 8.092%, (SOFR + 3.50%), 10/2/31		550	554,812
Rackspace Finance LLC:
Term Loan, 10.997%, (SOFR + 6.25%), 5/15/28		1,723	1,772,805

Borrower/Description	Principal Amount * (000's omitted)		Value
IT Services (continued)
Rackspace Finance LLC:   (continued)
Term Loan - Second Lien, 7.497%, (SOFR + 2.75%), 5/15/28		3,650	$    2,256,066
Sedgwick Claims Management Services, Inc., Term Loan, 7.585%, (SOFR + 3.00%), 7/31/31		1,215	1,224,691
Synechron, Inc., Term Loan, 8.36%, (SOFR + 3.75%), 10/3/31		800	802,000
			$  21,435,762
Leisure Products — 0.7%
Fender Musical Instruments Corp., Term Loan, 8.673%, (SOFR + 4.00%), 12/1/28		256	$      249,440
Recess Holdings, Inc., Term Loan, 9.085%, (SOFR + 4.50%), 2/20/30		1,219	1,234,173
Tait LLC, Term Loan, 9.073%, (SOFR + 4.50%), 10/1/31		900	906,000
			$   2,389,613
Life Sciences Tools & Services — 1.9%
Cambrex Corp., Term Loan, 8.173%, (SOFR + 3.50%), 12/4/26		312	$      312,281
Catalent Pharma Solutions, Inc., Term Loan, 7.595%, (SOFR + 3.00%), 2/22/28		274	274,309
Curia Global, Inc., Term Loan, 8.435%, (SOFR + 3.75%), 8/30/26 (10)		1,927	1,852,346
IQVIA, Inc., Term Loan, 6.604%, (SOFR + 2.00%), 1/2/31		1,290	1,298,890
LGC Group Holdings Ltd., Term Loan, 6.227%, (1 mo. EURIBOR + 3.25%), 4/21/27	EUR	500	526,431
Loire Finco Luxembourg SARL, Term Loan, 8.173%, (SOFR + 3.50%), 4/21/27		359	359,826
Packaging Coordinators Midco, Inc., Term Loan, 7.835%, (SOFR + 3.25%), 11/30/27		1,456	1,465,840
Sotera Health Holdings LLC, Term Loan, 7.835%, (SOFR + 3.25%), 5/30/31		500	501,094
			$   6,591,017
Machinery — 9.5%
AI Aqua Merger Sub, Inc., Term Loan, 8.156%, (SOFR + 3.50%), 7/31/28		2,156	$    2,175,732
American Trailer World Corp., Term Loan, 8.423%, (SOFR + 3.75%), 3/3/28		1,295	1,121,148
Apex Tool Group LLC:
Term Loan, 14.818%, (SOFR + 10.00%), 7.50% cash, 7.318% PIK, 2/8/30		1,314	1,248,454
Term Loan - Second Lien, 11.923%, (SOFR + 7.35%), 4.573% cash, 7.35% PIK, 2/8/29		563	537,421

Borrower/Description	Principal Amount * (000's omitted)		Value
Machinery (continued)
Barnes Group, Inc., Term Loan, 7.073%, (SOFR + 2.50%), 9/3/30		519	$      521,408
Clark Equipment Co., Term Loan, 6.604%, (SOFR + 2.00%), 4/20/29		864	867,533
Conair Holdings LLC, Term Loan, 8.437%, (SOFR + 3.75%), 5/17/28		2,134	1,923,267
CPM Holdings, Inc., Term Loan, 9.172%, (SOFR + 4.50%), 9/28/28		1,246	1,216,545
Crown Equipment Corp., Term Loan, 7.122%, (SOFR + 2.50%), 10/10/31		975	981,906
Cube Industrials Buyer, Inc., Term Loan, 8.132%, (SOFR + 3.50%), 10/17/31		375	378,516
EMRLD Borrower LP:
Term Loan, 6.933%, (SOFR + 2.50%), 5/31/30		729	730,926
Term Loan, 7.073%, (SOFR + 2.50%), 8/4/31		975	977,235
Engineered Machinery Holdings, Inc., Term Loan, 8.615%, (SOFR + 3.75%), 5/19/28		3,503	3,535,791
Filtration Group Corp., Term Loan, 8.187%, (SOFR + 3.50%), 10/21/28		631	636,454
Gates Global LLC, Term Loan, 6.823%, (SOFR + 2.25%), 6/4/31		2,400	2,415,274
Icebox Holdco III, Inc., Term Loan, 8.615%, (SOFR + 3.75%), 12/22/28		707	715,743
Madison IAQ LLC, Term Loan, 7.889%, (SOFR + 2.75%), 6/21/28		2,419	2,433,490
Pro Mach Group, Inc., Term Loan, 8.073%, (SOFR + 3.50%), 8/31/28		1,485	1,503,318
Roper Industrial Products Investment Co. LLC, Term Loan, 7.854%, (SOFR + 3.25%), 11/22/29		1,305	1,312,567
SPX Flow, Inc., Term Loan, 8.073%, (SOFR + 3.50%), 4/5/29		1,552	1,564,974
Terex Corp., Term Loan, 6.323%, (SOFR + 1.75%), 10/8/31		2,200	2,215,814
TK Elevator Midco GmbH, Term Loan, 7.59%, (6 mo. EURIBOR + 4.00%), 4/30/30	EUR	850	906,488
TK Elevator Topco GmbH, Term Loan, 7.215%, (6 mo. EURIBOR + 3.63%), 7/30/27	EUR	525	558,138
TK Elevator U.S. Newco, Inc., Term Loan, 8.588%, (SOFR + 3.50%), 4/30/30		2,091	2,108,854
Zephyr German BidCo GmbH, Term Loan, 6.865%, (3 mo. EURIBOR + 3.60%), 3/10/28	EUR	650	687,608
			$  33,274,604
Media — 1.2%
Aragorn Parent Corp., Term Loan, 8.588%, (SOFR + 4.00%), 12/15/28		1,437	$    1,447,297
Charter Communications Operating LLC, Term Loan, 11/21/31 (8)		550	550,000

Borrower/Description	Principal Amount * (000's omitted)		Value
Media (continued)
Gray Television, Inc., Term Loan, 7.786%, (SOFR + 3.00%), 12/1/28		825	$      762,548
Hubbard Radio LLC, Term Loan, 9.073%, (SOFR + 4.50%), 9/30/27		518	387,531
MJH Healthcare Holdings LLC, Term Loan, 7.923%, (SOFR + 3.25%), 1/28/29		468	469,665
Sinclair Television Group, Inc., Term Loan, 7.187%, (SOFR + 2.50%), 9/30/26		641	624,301
			$   4,241,342
Metals/Mining — 1.4%
AAP Buyer, Inc., Term Loan, 7.854%, (SOFR + 3.25%), 9/9/31		425	$      428,719
Arsenal AIC Parent LLC, Term Loan, 7.823%, (SOFR + 3.25%), 8/18/30		1,514	1,527,903
Dynacast International LLC, Term Loan, 13.864%, (SOFR + 9.25%), 10/22/25		358	336,076
Minerals Technologies, Inc., Term Loan, 11/21/31 (8)		500	502,812
PMHC II, Inc., Term Loan, 9.058%, (SOFR + 4.25%), 4/23/29		1,526	1,527,424
WireCo WorldGroup, Inc., Term Loan, 8.382%, (SOFR + 3.75%), 11/13/28		390	382,982
			$   4,705,916
Oil, Gas & Consumable Fuels — 2.6%
Epic Crude Services LP, Term Loan, 7.656%, (SOFR + 3.00%), 10/15/31		575	$      579,815
ITT Holdings LLC, Term Loan, 7.323%, (SOFR + 2.75%), 10/11/30		842	844,677
Matador Bidco SARL, Term Loan, 8.923%, (SOFR + 4.25%), 7/30/29		3,586	3,624,054
Oryx Midstream Services Permian Basin LLC, Term Loan, 7.724%, (SOFR + 3.00%), 10/5/28		919	927,270
Oxbow Carbon LLC, Term Loan, 8.073%, (SOFR + 3.50%), 5/10/30		543	545,841
UGI Energy Services LLC, Term Loan, 7.073%, (SOFR + 2.50%), 2/22/30		2,352	2,366,700
			$   8,888,357
Passenger Airlines — 0.1%
WestJet Loyalty LP, Term Loan, 7.836%, (SOFR + 3.25%), 2/14/31		498	$      499,766
			$     499,766

Borrower/Description	Principal Amount * (000's omitted)		Value
Personal Products — 0.3%
Olaplex, Inc., Term Loan, 8.173%, (SOFR + 3.50%), 2/23/29		1,131	$    1,076,641
			$   1,076,641
Pharmaceuticals — 1.6%
Ceva Sante Animale, Term Loan, 7.772%, (SOFR + 3.25%), 11/8/30		398	$      401,482
Jazz Financing Lux SARL, Term Loan, 6.823%, (SOFR + 2.25%), 5/5/28		2,177	2,189,449
Mallinckrodt International Finance SA:
Term Loan, 12.088%, (SOFR + 7.50%), 11/14/28		417	444,163
Term Loan - Second Lien, 14.088%, (SOFR + 9.50%), 11/14/28		2,364	2,555,205
			$   5,590,299
Professional Services — 6.4%
AAL Delaware Holdco, Inc., Term Loan, 8.073%, (SOFR + 3.50%), 7/30/31		650	$      656,500
AlixPartners LLP, Term Loan, 6.345%, (3 mo. EURIBOR + 3.00%), 2/4/28	EUR	507	537,884
APFS Staffing Holdings, Inc., Term Loan, 8.594%, (SOFR + 4.00%), 12/29/28 (10)		240	240,526
Camelot U.S. Acquisition LLC, Term Loan, 7.323%, (SOFR + 2.75%), 1/31/31		2,025	2,013,592
CoreLogic, Inc., Term Loan, 8.187%, (SOFR + 3.50%), 6/2/28		1,551	1,547,190
Corporation Service Co., Term Loan, 7.073%, (SOFR + 2.50%), 11/2/29		265	266,893
Crisis Prevention Institute, Inc., Term Loan, 9.354%, (SOFR + 4.75%), 4/9/31		300	301,625
Deerfield Dakota Holding LLC, Term Loan, 8.354%, (SOFR + 3.75%), 4/9/27		2,252	2,192,196
EAB Global, Inc., Term Loan, 7.823%, (SOFR + 3.25%), 8/16/28		2,204	2,214,251
Employbridge Holding Co., Term Loan, 9.623%, (SOFR + 4.75%), 7/19/28 (10)		1,993	1,352,709
First Advantage Holdings LLC, Term Loan, 7.823%, (SOFR + 3.25%), 10/31/31		1,500	1,515,000
Fleet Midco I Ltd., Term Loan, 7.578%, (SOFR + 2.75%), 2/21/31		663	665,256
Genuine Financial Holdings LLC, Term Loan, 8.573%, (SOFR + 4.00%), 9/27/30		396	398,970
Lernen Bidco Ltd., Term Loan, 8.589%, (SOFR + 4.00%), 10/27/31		500	505,000
Mermaid Bidco, Inc., Term Loan, 7.804%, (SOFR + 3.25%), 7/3/31		524	525,839
Neptune Bidco U.S., Inc., Term Loan, 9.758%, (SOFR + 5.00%), 4/11/29		1,847	1,684,697

Borrower/Description	Principal Amount * (000's omitted)		Value
Professional Services (continued)
Planet U.S. Buyer LLC, Term Loan, 8.022%, (SOFR + 3.50%), 2/7/31		1,172	$    1,175,481
Techem Verwaltungsgesellschaft 675 GmbH, Term Loan, 6.782%, (3 mo. EURIBOR + 3.75%), 7/15/29	EUR	1,525	1,624,751
Teneo Holdings LLC, Term Loan, 9.323%, (SOFR + 4.75%), 3/13/31		1,220	1,229,533
Tidal Waste & Recycling Holdings LLC, Term Loan, 8.073%, (SOFR + 3.50%), 10/3/31		600	601,687
Vaco Holdings LLC, Term Loan, 9.673%, (SOFR + 5.00%), 1/21/29		1,230	1,165,529
			$  22,415,109
Real Estate Management & Development — 0.7%
Greystar Real Estate Partners LLC, Term Loan, 7.338%, (SOFR + 2.75%), 8/21/30		1,340	$    1,343,619
Homeserve USA Holding Corp., Term Loan, 6.606%, (SOFR + 2.00%), 10/21/30		920	925,552
			$   2,269,171
Road & Rail — 1.4%
First Student Bidco, Inc.:
Term Loan, 7.865%, (SOFR + 3.00%), 7/21/28		416	$      418,604
Term Loan, 7.865%, (SOFR + 3.00%), 7/21/28		1,360	1,368,733
Hertz Corp., Term Loan, 8.338%, (SOFR + 3.75%), 6/30/28		720	642,390
Kenan Advantage Group, Inc., Term Loan, 7.823%, (SOFR + 3.25%), 1/25/29		2,558	2,561,927
			$   4,991,654
Semiconductors & Semiconductor Equipment — 0.7%
Altar Bidco, Inc.:
Term Loan, 7.247%, (SOFR + 3.10%), 2/1/29		1,812	$    1,814,000
Term Loan - Second Lien, 9.747%, (SOFR + 5.60%), 2/1/30		475	461,640
Bright Bidco BV, Term Loan, 12.585%, (SOFR + 8.00%), 10/31/27		480	234,524
			$   2,510,164
Software — 19.7%
Applied Systems, Inc., Term Loan, 7.604%, (SOFR + 3.00%), 2/24/31		644	$      649,642
AppLovin Corp., Term Loan, 9.25%, (USD Prime + 1.50%), 8/16/30		1,739	1,743,235
Astra Acquisition Corp.:
Term Loan, 9.854%, (SOFR + 5.25%), 10/25/28		747	56,934
Term Loan, 11.354%, (SOFR + 6.75%), 2/25/28		536	435,477
Term Loan, 17.924%, (SOFR + 13.32%), 10/25/29		1,100	192,579

Borrower/Description	Principal Amount * (000's omitted)		Value
Software (continued)
Banff Merger Sub, Inc., Term Loan, 7.056%, (3 mo. EURIBOR + 4.00%), 7/30/31	EUR	286	$     304,864
Boxer Parent Co., Inc., Term Loan, 8.335%, (SOFR + 3.75%), 7/30/31		3,917	3,949,421
Central Parent, Inc., Term Loan, 7.854%, (SOFR + 3.25%), 7/6/29		2,084	2,088,321
Cloud Software Group, Inc., Term Loan, 8.021%, (SOFR + 3.50%), 3/30/29		3,315	3,327,418
Cloudera, Inc.:
Term Loan, 8.423%, (SOFR + 3.75%), 10/8/28		3,375	3,368,609
Term Loan - Second Lien, 10.673%, (SOFR + 6.00%), 10/8/29		650	618,312
Constant Contact, Inc., Term Loan, 8.918%, (SOFR + 4.00%), 2/10/28		796	769,484
Cornerstone OnDemand, Inc., Term Loan, 8.437%, (SOFR + 3.75%), 10/16/28		1,146	1,075,455
Dragon Buyer, Inc., Term Loan, 7.908%, (SOFR + 3.25%), 9/30/31		1,325	1,329,141
Drake Software LLC, Term Loan, 8.823%, (SOFR + 4.25%), 6/26/31		1,925	1,905,750
E2open LLC, Term Loan, 8.187%, (SOFR + 3.50%), 2/4/28		1,936	1,942,110
ECI Macola Max Holding LLC, Term Loan, 7.842%, (SOFR + 3.25%), 5/9/30		1,522	1,536,416
Epicor Software Corp., Term Loan, 7.823%, (SOFR + 3.25%), 5/30/31		4,209	4,243,607
Fiserv Investment Solutions, Inc., Term Loan, 8.521%, (SOFR + 4.00%), 2/18/27		1,458	1,421,931
GoTo Group, Inc.:
Term Loan, 9.472%, (SOFR + 4.75%), 4/28/28		1,062	954,587
Term Loan - Second Lien, 9.472%, (SOFR + 4.75%), 4/28/28		666	273,255
iSolved, Inc., Term Loan, 7.838%, (SOFR + 3.25%), 10/15/30		498	502,167
Ivanti Software, Inc., Term Loan, 9.121%, (SOFR + 4.25%), 12/1/27		1,241	962,517
Marcel LUX IV SARL, Term Loan, 8.32%, (SOFR + 3.50%), 11/9/30		1,294	1,301,189
McAfee LLC, Term Loan, 7.906%, (SOFR + 3.25%), 3/1/29		2,450	2,464,810
Mosel Bidco SE, Term Loan, 9.104%, (SOFR + 4.50%), 9/16/30		250	252,500
OceanKey (U.S.) II Corp., Term Loan, 8.173%, (SOFR + 3.50%), 12/15/28		536	537,842
Open Text Corp., Term Loan, 6.323%, (SOFR + 1.75%), 1/31/30		1,296	1,300,205
Proofpoint, Inc., Term Loan, 7.573%, (SOFR + 3.00%), 8/31/28		2,918	2,937,291

Borrower/Description	Principal Amount * (000's omitted)		Value
Software (continued)
Quartz Acquireco LLC, Term Loan, 7.354%, (SOFR + 2.75%), 6/28/30		1,489	$    1,498,966
Quest Software U.S. Holdings, Inc., Term Loan, 8.985%, (SOFR + 4.25%), 2/1/29		1,748	1,223,722
Redstone Holdco 2 LP, Term Loan, 9.597%, (SOFR + 4.75%), 4/27/28		1,498	1,100,592
Sabre GLBL, Inc.:
Term Loan, 8.187%, (SOFR + 3.50%), 12/17/27		1,472	1,389,856
Term Loan, 8.187%, (SOFR + 3.50%), 12/17/27		937	884,560
Term Loan, 8.923%, (SOFR + 4.25%), 6/30/28		973	933,172
Skillsoft Corp., Term Loan, 9.937%, (SOFR + 5.25%), 7/14/28		1,476	1,194,144
SolarWinds Holdings, Inc., Term Loan, 7.323%, (SOFR + 2.75%), 2/5/30		1,787	1,798,609
Sophia LP, Term Loan, 7.595%, (SOFR + 3.00%), 10/9/29		3,335	3,374,143
UKG, Inc., Term Loan, 7.617%, (SOFR + 3.00%), 2/10/31		5,254	5,297,735
Veritas U.S., Inc.:
Term Loan, 7.752%, (1 mo. EURIBOR + 4.75%), 9/1/25	EUR	358	366,788
Term Loan, 11.75%, (USD Prime + 4.00%), 9/1/25		3,347	3,285,807
Vision Solutions, Inc., Term Loan, 8.847%, (SOFR + 4.00%), 4/24/28		4,153	4,134,135
			$  68,927,298
Specialty Retail — 5.4%
Apro LLC, Term Loan, 8.266%, (SOFR + 3.75%), 7/9/31		575	$      580,390
Boels Topholding BV, Term Loan, 6.04%, (3 mo. EURIBOR + 3.00%), 5/23/31	EUR	517	551,365
Great Outdoors Group LLC, Term Loan, 8.437%, (SOFR + 3.75%), 3/6/28		2,840	2,857,346
Harbor Freight Tools USA, Inc., Term Loan, 7.092%, (SOFR + 2.50%), 6/11/31 (10)		2,195	2,168,813
Hoya Midco LLC, Term Loan, 7.585%, (SOFR + 3.00%), 2/3/29		965	971,842
Les Schwab Tire Centers, Term Loan, 7.573%, (SOFR + 3.00%), 4/23/31		4,995	5,015,950
LIDS Holdings, Inc., Term Loan, 10.211%, (SOFR + 5.50%), 12/14/26		259	257,692
Mattress Firm, Inc., Term Loan, 8.924%, (SOFR + 4.25%), 9/25/28		2,580	2,585,153
PetSmart, Inc., Term Loan, 8.423%, (SOFR + 3.75%), 2/11/28		2,124	2,127,412
Speedster Bidco GmbH:
Term Loan, 10/17/31 (8)	EUR	825	876,917

Borrower/Description	Principal Amount * (000's omitted)		Value
Specialty Retail (continued)
Speedster Bidco GmbH:   (continued)
Term Loan, 10/17/31 (8)		800	$      805,125
			$  18,798,005
Trading Companies & Distributors — 3.7%
Beacon Roofing Supply, Inc., Term Loan, 6.573%, (SOFR + 2.00%), 5/19/28		521	$      524,459
Core & Main LP, Term Loan, 6.836%, (SOFR + 2.25%), 2/9/31		372	373,583
DXP Enterprises, Inc., Term Loan, 8.323%, (SOFR + 3.75%), 10/11/30		693	702,096
Foundation Building Materials Holding Co. LLC, Term Loan, 8.514%, (SOFR + 4.00%), 1/29/31 (10)		1,219	1,203,857
Patagonia Bidco Ltd., Term Loan, 10.20%, (SONIA + 5.25%), 11/1/28	GBP	1,350	1,574,019
Quimper AB, Term Loan, 3/15/30 (8)	EUR	350	372,315
Spin Holdco, Inc., Term Loan, 9.256%, (SOFR + 4.00%), 3/4/28		4,511	3,834,669
White Cap Buyer LLC, Term Loan, 7.823%, (SOFR + 3.25%), 10/19/29		3,068	3,086,396
Windsor Holdings III LLC, Term Loan, 8.099%, (SOFR + 3.50%), 8/1/30		1,164	1,173,416
			$  12,844,810
Transportation Infrastructure — 0.2%
Brown Group Holding LLC, Term Loan, 7.315%, (SOFR + 2.75%), 7/1/31 (10)		222	$      222,827
KKR Apple Bidco LLC, Term Loan, 8.073%, (SOFR + 3.50%), 9/22/28		497	500,938
			$     723,765
Wireless Telecommunication Services — 0.9%
CCI Buyer, Inc., Term Loan, 8.604%, (SOFR + 4.00%), 12/17/27		1,309	$    1,319,194
Digicel International Finance Ltd., Term Loan, 11.335%, (SOFR + 6.75%), 5/25/27		1,832	1,772,100
			$   3,091,294
Total Senior Floating-Rate Loans (identified cost $507,573,380)			$ 498,009,200

    

Warrants — 0.0%

Security	Shares		Value
Health Care — 0.0%
Cano Health, Inc., Exp. 6/28/29 (3)(4)		3,412	$            0
Total Warrants (identified cost $0)			$           0

    

Short-Term Investments — 1.9%

Security	Shares		Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.58% (12)		6,458,000	$    6,458,000
Total Short-Term Investments (identified cost $6,458,000)			$   6,458,000
Total Investments — 159.8% (identified cost $568,013,112)			$ 557,693,579
Less Unfunded Loan Commitments — (0.2)%			$     (569,392)
Net Investments — 159.6% (identified cost $567,443,720)			$ 557,124,187
Notes Payable — (34.7)%			$ (121,000,000)
Variable Rate Term Preferred Shares, at Liquidation Value — (22.9)%			$  (80,000,000)
Other Assets, Less Liabilities — (2.0)%			$   (7,059,055)
Net Assets Applicable to Common Shares — 100.0%			$ 349,065,132

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
*	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 November 30, 2024, the aggregate value of these securities is $43,565,158 or 12.5% of the Trust's net assets applicable to common shares.
(2)	Variable rate security. The stated interest rate represents the rate in effect at November 30, 2024.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).
(4)	Non-income producing security.
(5)	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.
(6)	Amount is less than 0.05%.

(7)

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 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.

(8)

This Senior Loan will settle after November 30, 2024, at which time the interest rate will be determined.

(9)	Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.
(10)	The stated interest rate represents the weighted average interest rate at November 30, 2024 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.
(11)	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 November 30, 2024, the total value of unfunded loan commitments is $570,682. See Note 1F for description.
(12)	May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of November 30, 2024.

Forward Foreign Currency Exchange Contracts (OTC)
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation	Unrealized (Depreciation)
EUR	9,798,545	USD	9,015,019	State Street Bank and Trust Company	12/3/24	$     —	$ (257,954)
USD	9,798,545	EUR	9,015,019	Standard Chartered Bank	12/3/24	257,954	—
USD	9,798,545	EUR	9,015,019	Standard Chartered Bank	12/3/24	257,954	—
USD	1,468,467	EUR	1,314,000	Goldman Sachs International	12/31/24	76,145	—
USD	641,015	EUR	582,868	JPMorgan Chase Bank, N.A.	12/31/24	23,405	—
USD	1,468,518	EUR	1,314,000	State Street Bank and Trust Company	12/31/24	76,196	—
USD	1,468,229	EUR	1,314,000	State Street Bank and Trust Company	12/31/24	75,907	—
USD	1,439,053	EUR	1,287,613	State Street Bank and Trust Company	12/31/24	74,691	—
USD	9,534,574	EUR	9,015,019	Standard Chartered Bank	1/3/25	—	(19,108)
USD	1,438,932	EUR	1,358,442	Australia and New Zealand Banking Group Limited	2/28/25	—	(4,477)
USD	1,408,224	EUR	1,330,000	Australia and New Zealand Banking Group Limited	2/28/25	—	(4,964)
USD	1,407,700	EUR	1,330,000	HSBC Bank USA, N.A.	2/28/25	—	(5,488)
USD	1,410,141	EUR	1,330,000	Standard Chartered Bank	2/28/25	—	(3,048)
USD	1,408,642	EUR	1,330,000	Standard Chartered Bank	2/28/25	—	(4,546)
USD	1,810,752	GBP	1,432,813	HSBC Bank USA, N.A.	2/28/25	—	(15,079)
						$842,252	$(314,664)

Abbreviations:
EURIBOR	– Euro Interbank Offered Rate
OTC	– Over-the-counter
PCL	– Public Company Limited
PIK	– Payment In Kind
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Interbank Average

Currency Abbreviations:
EUR	– Euro
GBP	– British Pound Sterling
USD	– United States Dollar

See Notes to Financial Statements.

21

See Notes to Financial Statements.

22

See Notes to Financial Statements.

23

See Notes to Financial Statements.

See Notes to Financial Statements.

25

See Notes to Financial Statements.

—

The following methodologies are used to determine the market value or fair value of investments.

Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Trust’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

—

Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

—

Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

—

The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

—

Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

—

The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At November 30, 2024, the Trust had sufficient cash and/or securities to cover these commitments.

—

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

—

Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

—

The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

—

The interim financial statements relating to November 30, 2024 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.