# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-052892
**Filing Date:** 2025-8
**Character Count:** 207025
**Document Hash:** 37081741f9d817d8700b9e70d3a29346
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052892.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001145549-25-052892

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251248480

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Shenkman Capital Short Duration High Income Fund (Series ID: S000038872)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000119634 | Class A             | SCFAX           |
| C000119635 | Class C             | SCFCX           |
| C000119636 | Institutional Class | SCFIX           |
| C000126960 | Class F             | SCFFX           |

## Nport-Ex

---

| |
|:---|
| **Shenkman Capital Short Duration High Income Fund** |
| **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 86.3% <sup>(e)</sup>** | **Principal Amount** | **Fair Value** |
| **AEROSPACE & DEFENSE - 1.6%** | **AEROSPACE & DEFENSE - 1.6%** |  |
|  AAR Escrow Issuer LLC, 6.75%, 03/15/2029 <sup>(a)</sup> | $1988000 | 2061532 |
|  Axon Enterprise, Inc., 6.13%, 03/15/2030 <sup>(a)</sup> | 2231000 | 2299849 |
| Bombardier, Inc. | Bombardier, Inc. |  |
| &nbsp;&nbsp; 7.13%, 06/15/2026 <sup>(a)</sup> | 2344000 | 2350371 |
| &nbsp;&nbsp; 7.88%, 04/15/2027 <sup>(a)</sup> | 507000 | 510245 |
| TransDigm, Inc. | TransDigm, Inc. |  |
| &nbsp;&nbsp; 4.63%, 01/15/2029 | 4346000 | 4267394 |
| &nbsp;&nbsp; 6.38%, 03/01/2029 <sup>(a)</sup> | 7421000 | 7622788 |
|  Triumph Group, Inc., 9.00%, 03/15/2028 <sup>(a)</sup> | 6719000 | 7025823 |
|  |  | 26138002 |
| **AUTO RETAIL - 2.6%** | **AUTO RETAIL - 2.6%** |  |
|  Asbury Automotive Group, Inc., 4.63%, 11/15/2029 <sup>(a)</sup> | 3170000 | 3063021 |
|  Carvana Co., 9.00% (or 13.00% PIK), 06/01/2030 <sup>(a)</sup> | 6502236 | 6842032 |
| Global Auto Holdings Ltd./AAG FH UK Ltd. | Global Auto Holdings Ltd./AAG FH UK Ltd. |  |
| &nbsp;&nbsp; 8.38%, 01/15/2029 <sup>(a)</sup> | 4935000 | 4565778 |
| &nbsp;&nbsp; 11.50%, 08/15/2029 <sup>(a)</sup> | 1002000 | 981443 |
|  Group 1 Automotive, Inc., 4.00%, 08/15/2028 <sup>(a)</sup> | 5749000 | 5553719 |
|  Lithia Motors, Inc., 4.63%, 12/15/2027 <sup>(a)</sup> | 7022000 | 6972575 |
|  Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 <sup>(a)</sup> | 6497000 | 6387004 |
|  Penske Automotive Group, Inc., 3.50%, 09/01/2025 | 6517000 | 6502672 |
|  |  | 40868244 |
| **AUTOMOTIVE - 6.2%** | **AUTOMOTIVE - 6.2%** |  |
|  Adient Global Holdings Ltd., 7.00%, 04/15/2028 <sup>(a)</sup> | 4672000 | 4818953 |
|  Allison Transmission, Inc., 4.75%, 10/01/2027 <sup>(a)</sup> | 7496000 | 7432509 |
|  American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 | 10557000 | 10561525 |
| Clarios Global LP / Clarios US Finance Co. | Clarios Global LP / Clarios US Finance Co. |  |
| &nbsp;&nbsp; 8.50%, 05/15/2027 <sup>(a)</sup> | 12407000 | 12484606 |
| &nbsp;&nbsp; 6.75%, 05/15/2028 <sup>(a)</sup> | 2274000 | 2336155 |
| &nbsp;&nbsp; 6.75%, 02/15/2030 <sup>(a)</sup> | 1553000 | 1616032 |
| Dana, Inc. | Dana, Inc. |  |
| &nbsp;&nbsp; 5.38%, 11/15/2027 | 7597000 | 7627791 |
| &nbsp;&nbsp; 5.63%, 06/15/2028 | 1163000 | 1170596 |
| &nbsp;&nbsp; 4.25%, 09/01/2030 | 4179000 | 4121468 |
|  Ford Holdings LLC, 9.30%, 03/01/2030 | 4316000 | 4910863 |
|  Ford Motor Co., 9.63%, 04/22/2030 | 2709000 | 3116860 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |  |
| &nbsp;&nbsp; 3.38%, 11/13/2025 | 3707000 | 3682665 |
| &nbsp;&nbsp; 7.38% (SOFR + 2.95%), 03/06/2026 | 3445000 | 3477665 |
| &nbsp;&nbsp; 6.95%, 06/10/2026 | 3901000 | 3955027 |
| &nbsp;&nbsp; 3.82%, 11/02/2027 | 1005000 | 970487 |
| Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |  |
| &nbsp;&nbsp; 5.00%, 05/31/2026 | 3549000 | 3560488 |
| &nbsp;&nbsp; 4.88%, 03/15/2027 | 1550000 | 1543370 |
| &nbsp;&nbsp; 5.00%, 07/15/2029 | 3477000 | 3401668 |
|  IHO Verwaltungs GmbH, 7.75% (or 8.50% PIK), 11/15/2030 <sup>(a)</sup> | 1784000 | 1832298 |
|  Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025 <sup>(a)</sup> | 5227000 | 5234861 |
|  Patrick Industries, Inc., 4.75%, 05/01/2029 <sup>(a)</sup> | 1591000 | 1546359 |
|  Phinia, Inc., 6.75%, 04/15/2029 <sup>(a)</sup> | 2639000 | 2727222 |
|  Tenneco, Inc., 8.00%, 11/17/2028 <sup>(a)</sup> | 2928000 | 2898625 |
|  Thor Industries, Inc., 4.00%, 10/15/2029 <sup>(a)</sup> | 1335000 | 1252717 |
|  ZF North America Capital, Inc., 6.88%, 04/14/2028 <sup>(a)</sup> | 2563000 | 2573121 |
|  |  | 98853931 |
| **BUILDING PRODUCTS - 2.3%** | **BUILDING PRODUCTS - 2.3%** |  |
|  AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028 <sup>(a)</sup> | 3772000 | 4006023 |
|  Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/2030 <sup>(a)</sup> | 4335000 | 4602721 |
| Herc Holdings, Inc. | Herc Holdings, Inc. |  |
| &nbsp;&nbsp; 5.50%, 07/15/2027 <sup>(a)</sup> | 8685000 | 8692686 |
| &nbsp;&nbsp; 6.63%, 06/15/2029 <sup>(a)</sup> | 2909000 | 2987133 |
| &nbsp;&nbsp; 7.00%, 06/15/2030 <sup>(a)</sup> | 2111000 | 2205958 |
|  JH North America Holdings, Inc., 5.88%, 01/31/2031 <sup>(a)</sup> | 3185000 | 3214802 |
|  Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 <sup>(a)</sup> | 3081000 | 3030569 |
|  Standard Industries, Inc./NY, 5.00%, 02/15/2027 <sup>(a)</sup> | 7469000 | 7457339 |
|  |  | 36197231 |
| **CHEMICALS - 2.2%** | **CHEMICALS - 2.2%** |  |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 <sup>(a)</sup> | 3387000 | 3405916 |
| INEOS Finance PLC | INEOS Finance PLC |  |
| &nbsp;&nbsp; 6.75%, 05/15/2028 <sup>(a)</sup> | 3001000 | 2983297 |
| &nbsp;&nbsp; 7.50%, 04/15/2029 <sup>(a)</sup> | 1072000 | 1075561 |
|  Methanex Corp., 5.13%, 10/15/2027 | 1809000 | 1804097 |
| NOVA Chemicals Corp. | NOVA Chemicals Corp. |  |
| &nbsp;&nbsp; 5.25%, 06/01/2027 <sup>(a)</sup> | 3446000 | 3430221 |
| &nbsp;&nbsp; 9.00%, 02/15/2030 <sup>(a)</sup> | 237000 | 256246 |
| Olympus Water US Holding Corp. | Olympus Water US Holding Corp. |  |
| &nbsp;&nbsp; 7.13%, 10/01/2027 <sup>(a)</sup> | 2962000 | 3017983 |
| &nbsp;&nbsp; 9.75%, 11/15/2028 <sup>(a)</sup> | 5550000 | 5851254 |
|  SCIH Salt Holdings, Inc., 4.88%, 05/01/2028 <sup>(a)</sup> | 6897000 | 6723982 |
|  SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 <sup>(a)</sup> | 2710000 | 2694122 |
|  SNF Group SACA, 3.13%, 03/15/2027 <sup>(a)</sup> | 2885000 | 2810743 |
|  WR Grace Holdings LLC, 4.88%, 06/15/2027 <sup>(a)</sup> | 911000 | 906876 |
|  |  | 34960298 |
| **COMMERCIAL SERVICES - 3.5%** | **COMMERCIAL SERVICES - 3.5%** |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/2028 <sup>(a)</sup> | 301000 | 292360 |
|  Aramark Services, Inc., 5.00%, 02/01/2028 <sup>(a)</sup> | 2236000 | 2229149 |
| Brink's Co. | Brink's Co. |  |
| &nbsp;&nbsp; 4.63%, 10/15/2027 <sup>(a)</sup> | 2247000 | 2234300 |
| &nbsp;&nbsp; 6.50%, 06/15/2029 <sup>(a)</sup> | 1935000 | 1996018 |
|  Camelot Finance SA, 4.50%, 11/01/2026 <sup>(a)</sup> | 2453000 | 2416890 |
|  Clarivate Science Holdings Corp., 3.88%, 07/01/2028 <sup>(a)</sup> | 5072000 | 4865694 |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 <sup>(a)</sup> | 2343000 | 2105054 |
|  ContourGlobal Power Holdings SA, 6.75%, 02/28/2030 <sup>(a)</sup> | 2564000 | 2645048 |
|  CoreLogic, Inc., 4.50%, 05/01/2028 <sup>(a)</sup> | 2220000 | 2119550 |
| Garda World Security Corp. | Garda World Security Corp. |  |
| &nbsp;&nbsp; 4.63%, 02/15/2027 <sup>(a)</sup> | 585000 | 581765 |
| &nbsp;&nbsp; 7.75%, 02/15/2028 <sup>(a)</sup> | 2841000 | 2941423 |
| Iron Mountain, Inc. | Iron Mountain, Inc. |  |
| &nbsp;&nbsp; 4.88%, 09/15/2027 <sup>(a)</sup> | 11206000 | 11150134 |
| &nbsp;&nbsp; 5.00%, 07/15/2028 <sup>(a)</sup> | 2441000 | 2423465 |
| &nbsp;&nbsp; 7.00%, 02/15/2029 <sup>(a)</sup> | 4951000 | 5128573 |
| &nbsp;&nbsp; 4.88%, 09/15/2029 <sup>(a)</sup> | 1274000 | 1252569 |
|  SS&C Technologies, Inc., 5.50%, 09/30/2027 <sup>(a)</sup> | 6159000 | 6168682 |
|  TKC Holdings, Inc., 6.88%, 05/15/2028 <sup>(a)</sup> | 4894000 | 4869277 |
|  |  | 55419951 |
| **CONSTRUCTION & ENGINEERING - 0.8%** | **CONSTRUCTION & ENGINEERING - 0.8%** |  |
|  Pike Corp., 5.50%, 09/01/2028 <sup>(a)</sup> | 5263000 | 5263218 |
| Williams Scotsman, Inc. | Williams Scotsman, Inc. |  |
| &nbsp;&nbsp; 6.63%, 06/15/2029 <sup>(a)</sup> | 6115000 | 6281469 |
| &nbsp;&nbsp; 6.63%, 04/15/2030 <sup>(a)</sup> | 1125000 | 1169517 |
|  |  | 12714204 |
| **CONSUMER DISCRETIONARY - 0.2%** | **CONSUMER DISCRETIONARY - 0.2%** |  |
|  Newell Brands, Inc., 8.50%, 06/01/2028 <sup>(a)</sup> | 591000 | 622152 |
|  Under Armour, Inc., 7.25%, 07/15/2030 <sup>(a)</sup> | 1787000 | 1814173 |
|  Whirlpool Corp., 6.13%, 06/15/2030 | 826000 | 833784 |
|  |  | 3270109 |
| **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** | **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** |  |
|  GFL Environmental, Inc., 4.00%, 08/01/2028 <sup>(a)</sup> | 1914000 | 1857844 |
| **FINANCIALS: CONSUMER FINANCE - 3.1%** | **FINANCIALS: CONSUMER FINANCE - 3.1%** |  |
| Ally Financial, Inc. | Ally Financial, Inc. |  |
| &nbsp;&nbsp; 7.10%, 11/15/2027 | 2794000 | 2945850 |
| &nbsp;&nbsp; 6.99% to 06/13/2028 then SOFR + 3.26%, 06/13/2029 | 1328000 | 1398361 |
| goeasy Ltd. | goeasy Ltd. |  |
| &nbsp;&nbsp; 4.38%, 05/01/2026 <sup>(a)</sup> | 5183000 | 5115549 |
| &nbsp;&nbsp; 9.25%, 12/01/2028 <sup>(a)</sup> | 4002000 | 4236845 |
| &nbsp;&nbsp; 7.63%, 07/01/2029 <sup>(a)</sup> | 1742000 | 1797062 |
| &nbsp;&nbsp; 6.88%, 05/15/2030 <sup>(a)</sup> | 1969000 | 1981395 |
| Navient Corp. | Navient Corp. |  |
| &nbsp;&nbsp; 6.75%, 06/15/2026 | 1476000 | 1494763 |
| &nbsp;&nbsp; 5.00%, 03/15/2027 | 4622000 | 4606527 |
| &nbsp;&nbsp; 4.88%, 03/15/2028 | 1580000 | 1559081 |
| &nbsp;&nbsp; 5.50%, 03/15/2029 | 2080000 | 2038548 |
|  Nissan Motor Acceptance Co. LLC, 2.75%, 03/09/2028 <sup>(a)</sup> | 3467000 | 3167521 |
| OneMain Finance Corp. | OneMain Finance Corp. |  |
| &nbsp;&nbsp; 7.13%, 03/15/2026 | 2385000 | 2421789 |
| &nbsp;&nbsp; 3.50%, 01/15/2027 | 1259000 | 1233384 |
| &nbsp;&nbsp; 6.63%, 01/15/2028 | 1444000 | 1492120 |
| &nbsp;&nbsp; 9.00%, 01/15/2029 | 1681000 | 1763870 |
| &nbsp;&nbsp; 6.63%, 05/15/2029 | 2983000 | 3067422 |
| &nbsp;&nbsp; 7.88%, 03/15/2030 | 2292000 | 2437048 |
| SLM Corp. | SLM Corp. |  |
| &nbsp;&nbsp; 3.13%, 11/02/2026 | 5205000 | 5105328 |
| &nbsp;&nbsp; 6.50%, 01/31/2030 | 2070000 | 2174328 |
|  |  | 50036791 |
| **FINANCIALS: DIVERSIFIED - 1.0%** | **FINANCIALS: DIVERSIFIED - 1.0%** |  |
|  Block, Inc., 2.75%, 06/01/2026 | 3801000 | 3723870 |
|  CI Financial Corp., 7.50%, 05/30/2029 <sup>(a)</sup> | 2592000 | 2736123 |
|  Credit Acceptance Corp., 9.25%, 12/15/2028 <sup>(a)</sup> | 1895000 | 2008495 |
| Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. |  |
| &nbsp;&nbsp; 8.13%, 03/30/2029 <sup>(a)</sup> | 2366000 | 2476268 |
| &nbsp;&nbsp; 5.15%, 03/17/2030 <sup>(a)</sup> | 2069000 | 2069275 |
|  Starwood Property Trust, Inc., 3.63%, 07/15/2026 <sup>(a)</sup> | 2568000 | 2526171 |
|  |  | 15540202 |
| **FINANCIALS: INSURANCE - 1.7%** | **FINANCIALS: INSURANCE - 1.7%** |  |
| Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. |  |
| &nbsp;&nbsp; 8.25%, 02/01/2029 <sup>(a)</sup> | 2410000 | 2495790 |
| &nbsp;&nbsp; 8.50%, 06/15/2029 <sup>(a)</sup> | 4372000 | 4562444 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |
| &nbsp;&nbsp; 6.75%, 04/15/2028 <sup>(a)</sup> | 2460000 | 2502386 |
| &nbsp;&nbsp; 6.50%, 10/01/2031 <sup>(a)</sup> | 780000 | 795482 |
|  AmWINS Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 3887000 | 3964200 |
|  AssuredPartners, Inc., 5.63%, 01/15/2029 <sup>(a)</sup> | 1024000 | 1021925 |
| HUB International Ltd. | HUB International Ltd. |  |
| &nbsp;&nbsp; 5.63%, 12/01/2029 <sup>(a)</sup> | 6434000 | 6439983 |
| &nbsp;&nbsp; 7.25%, 06/15/2030 <sup>(a)</sup> | 2262000 | 2365532 |
| Jones Deslauriers Insurance Management, Inc. | Jones Deslauriers Insurance Management, Inc. |  |
| &nbsp;&nbsp; 8.50%, 03/15/2030 <sup>(a)</sup> | 1429000 | 1515680 |
| &nbsp;&nbsp; 10.50%, 12/15/2030 <sup>(a)</sup> | 1828000 | 1949796 |
|  |  | 27613218 |
| **FINANCIALS: THRIFTS & MORTGAGES - 3.7%** | **FINANCIALS: THRIFTS & MORTGAGES - 3.7%** |  |
|  Freedom Mortgage Corp., 12.00%, 10/01/2028 <sup>(a)</sup> | 1188000 | 1278357 |
|  Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029 <sup>(a)</sup> | 1216000 | 1263941 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |  |
| &nbsp;&nbsp; 5.00%, 02/01/2026 <sup>(a)</sup> | 7484000 | 7459203 |
| &nbsp;&nbsp; 6.00%, 01/15/2027 <sup>(a)</sup> | 6781000 | 6792541 |
| &nbsp;&nbsp; 6.50%, 08/01/2029 <sup>(a)</sup> | 3058000 | 3125518 |
|  PennyMac Financial Services, Inc., 7.88%, 12/15/2029 <sup>(a)</sup> | 4189000 | 4451244 |
|  Rfna LP, 7.88%, 02/15/2030 <sup>(a)</sup> | 3482000 | 3566073 |
|  Rocket Cos., Inc., 6.13%, 08/01/2030 <sup>(a)</sup> | 6350000 | 6474809 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026 <sup>(a)</sup> | 12798000 | 12490074 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |  |
| &nbsp;&nbsp; 5.50%, 11/15/2025 <sup>(a)</sup> | 4576000 | 4578412 |
| &nbsp;&nbsp; 5.75%, 06/15/2027 <sup>(a)</sup> | 2502000 | 2497587 |
| &nbsp;&nbsp; 5.50%, 04/15/2029 <sup>(a)</sup> | 2609000 | 2534800 |
|  UWM Holdings LLC, 6.63%, 02/01/2030 <sup>(a)</sup> | 2026000 | 2030008 |
|  |  | 58542567 |
| **FOOD & BEVERAGE - 1.5%** | **FOOD & BEVERAGE - 1.5%** |  |
|  Chobani Holdco II LLC, 8.75% (or 9.50% PIK), 10/01/2029 <sup>(a)</sup> | 500090 | 536782 |
|  Chobani LLC / Chobani Finance Corp., Inc., 7.63%, 07/01/2029 <sup>(a)</sup> | 3341000 | 3485705 |
|  Darling Ingredients, Inc., 5.25%, 04/15/2027 <sup>(a)</sup> | 5219000 | 5212935 |
|  Post Holdings, Inc., 5.50%, 12/15/2029 <sup>(a)</sup> | 8197000 | 8166791 |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/2029 <sup>(a)</sup> | 6677000 | 6729084 |
|  |  | 24131297 |
| **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.7%** | **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.7%** |  |
|  Medline Borrower LP, 5.25%, 10/01/2029 <sup>(a)</sup> | 2793000 | 2773267 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 <sup>(a)</sup> | 2209000 | 2272032 |
| Teleflex, Inc. | Teleflex, Inc. |  |
| &nbsp;&nbsp; 4.63%, 11/15/2027 | 3093000 | 3064156 |
| &nbsp;&nbsp; 4.25%, 06/01/2028 <sup>(a)</sup> | 4134000 | 4041736 |
|  |  | 12151191 |
| **HEALTHCARE: FACILITIES - 6.2%** | **HEALTHCARE: FACILITIES - 6.2%** |  |
| Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |  |
| &nbsp;&nbsp; 5.50%, 07/01/2028 <sup>(a)</sup> | 5557000 | 5524747 |
| &nbsp;&nbsp; 5.00%, 04/15/2029 <sup>(a)</sup> | 1296000 | 1258050 |
|  AHP Health Partners, Inc., 5.75%, 07/15/2029 <sup>(a)</sup> | 2449000 | 2390202 |
| CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |  |
| &nbsp;&nbsp; 5.63%, 03/15/2027 <sup>(a)</sup> | 16193000 | 15959910 |
| &nbsp;&nbsp; 6.00%, 01/15/2029 <sup>(a)</sup> | 2650000 | 2551097 |
|  Global Medical Response, Inc., 9.50% (or .75% PIK), 10/31/2028 <sup>(a)</sup> | 5979798 | 6005810 |
|  Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 <sup>(a)</sup> | 10772000 | 11387523 |
|  LifePoint Health, Inc., 11.00%, 10/15/2030 <sup>(a)</sup> | 10509000 | 11606623 |
|  Option Care Health, Inc., 4.38%, 10/31/2029 <sup>(a)</sup> | 6942000 | 6686618 |
|  Prime Healthcare Services, Inc., 9.38%, 09/01/2029 <sup>(a)</sup> | 3965000 | 3938078 |
|  Team Health Holdings, Inc., 13.50% (or 4.50% PIK), 06/30/2028 <sup>(a)</sup> | 3696000 | 4014780 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. |  |
| &nbsp;&nbsp; 6.25%, 02/01/2027 | 22837000 | 22850393 |
| &nbsp;&nbsp; 5.13%, 11/01/2027 | 4771000 | 4766469 |
|  |  | 98940300 |
| **HEALTHCARE: LIFE SCIENCES - 2.2%** | **HEALTHCARE: LIFE SCIENCES - 2.2%** |  |
|  Avantor Funding, Inc., 4.63%, 07/15/2028 <sup>(a)</sup> | 1015000 | 997419 |
|  Charles River Laboratories International, Inc., 4.25%, 05/01/2028 <sup>(a)</sup> | 3171000 | 3079022 |
|  Fortrea Holdings, Inc., 7.50%, 07/01/2030 <sup>(a)</sup> | 2758000 | 2499921 |
| IQVIA, Inc. | IQVIA, Inc. |  |
| &nbsp;&nbsp; 5.00%, 10/15/2026 <sup>(a)</sup> | 16900000 | 16893928 |
| &nbsp;&nbsp; 5.00%, 05/15/2027 <sup>(a)</sup> | 11517000 | 11485591 |
|  |  | 34955881 |
| **HEALTHCARE: PHARMA & BIOTECH - 0.4%** | **HEALTHCARE: PHARMA & BIOTECH - 0.4%** |  |
|  Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026 | 6051000 | 5937248 |
| **HEALTHCARE: REITs - 0.2%** | **HEALTHCARE: REITs - 0.2%** |  |
|  CTR Partnership LP / CareTrust Capital Corp., 3.88%, 06/30/2028 <sup>(a)</sup> | 1715000 | 1638276 |
|  MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/2027 | 2000000 | 1849056 |
|  |  | 3487332 |
| **INDUSTRIAL MACHINERY - 2.8%** | **INDUSTRIAL MACHINERY - 2.8%** |  |
|  Chart Industries, Inc., 9.50%, 01/01/2031 <sup>(a)</sup> | 2980000 | 3183296 |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 <sup>(a)</sup> | 2532000 | 2591305 |
|  Esab Corp., 6.25%, 04/15/2029 <sup>(a)</sup> | 1656000 | 1697584 |
| Madison IAQ LLC | Madison IAQ LLC |  |
| &nbsp;&nbsp; 4.13%, 06/30/2028 <sup>(a)</sup> | 6561000 | 6378613 |
| &nbsp;&nbsp; 5.88%, 06/30/2029 <sup>(a)</sup> | 4082000 | 4018317 |
|  Regal Rexnord Corp., 6.05%, 02/15/2026 | 6813000 | 6853386 |
|  TK Elevator US Newco, Inc., 5.25%, 07/15/2027 <sup>(a)</sup> | 7415000 | 7414732 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 <sup>(a)</sup> | 4321000 | 4302627 |
|  VOC Escrow Ltd., 5.00%, 02/15/2028 <sup>(a)</sup> | 2159000 | 2149443 |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. |  |
| &nbsp;&nbsp; 7.25%, 06/15/2028 <sup>(a)</sup> | 1878000 | 1902604 |
| &nbsp;&nbsp; 6.38%, 03/15/2029 <sup>(a)</sup> | 3894000 | 4011139 |
|  |  | 44503046 |
| **LEISURE: CASINOS & GAMING - 6.9%** | **LEISURE: CASINOS & GAMING - 6.9%** |  |
|  Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 <sup>(a)</sup> | 7666000 | 8003984 |
|  Boyd Gaming Corp., 4.75%, 12/01/2027 | 4914000 | 4886764 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |  |
| &nbsp;&nbsp; 8.13%, 07/01/2027 <sup>(a)</sup> | 8052000 | 8059448 |
| &nbsp;&nbsp; 4.63%, 10/15/2029 <sup>(a)</sup> | 4411000 | 4213299 |
| Churchill Downs, Inc. | Churchill Downs, Inc. |  |
| &nbsp;&nbsp; 5.50%, 04/01/2027 <sup>(a)</sup> | 14168000 | 14149549 |
| &nbsp;&nbsp; 4.75%, 01/15/2028 <sup>(a)</sup> | 1988000 | 1963615 |
|  Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/2029 <sup>(a)</sup> | 1891000 | 1852281 |
| International Game Technology PLC | International Game Technology PLC |  |
| &nbsp;&nbsp; 4.13%, 04/15/2026 <sup>(a)</sup> | 18230000 | 18231329 |
| &nbsp;&nbsp; 6.25%, 01/15/2027 <sup>(a)</sup> | 10438000 | 10567995 |
| Light & Wonder International, Inc. | Light & Wonder International, Inc. |  |
| &nbsp;&nbsp; 7.00%, 05/15/2028 <sup>(a)</sup> | 13422000 | 13469486 |
| &nbsp;&nbsp; 7.25%, 11/15/2029 <sup>(a)</sup> | 4046000 | 4170943 |
| MGM Resorts International | MGM Resorts International |  |
| &nbsp;&nbsp; 4.75%, 10/15/2028 | 4048000 | 4001972 |
| &nbsp;&nbsp; 6.13%, 09/15/2029 | 3121000 | 3176478 |
| Penn Entertainment, Inc. | Penn Entertainment, Inc. |  |
| &nbsp;&nbsp; 5.63%, 01/15/2027 <sup>(a)</sup> | 6886000 | 6869898 |
| &nbsp;&nbsp; 4.13%, 07/01/2029 <sup>(a)</sup> | 2292000 | 2125218 |
|  Station Casinos LLC, 4.50%, 02/15/2028 <sup>(a)</sup> | 4362000 | 4280121 |
|  |  | 110022380 |
| **LEISURE: HOTELS - 8.4%** | **LEISURE: HOTELS - 8.4%** |  |
| Carnival Corp. | Carnival Corp. |  |
| &nbsp;&nbsp; 5.75%, 03/01/2027 <sup>(a)</sup> | 4984000 | 5028267 |
| &nbsp;&nbsp; 7.88%, 06/01/2027 | 1077000 | 1139845 |
| &nbsp;&nbsp; 7.00%, 08/15/2029 <sup>(a)</sup> | 6459000 | 6808309 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |  |
| &nbsp;&nbsp; 4.75%, 01/15/2028 | 1510000 | 1478518 |
| &nbsp;&nbsp; 4.50%, 06/15/2029 <sup>(a)</sup> | 3688000 | 3544284 |
| NCL Corp. Ltd. | NCL Corp. Ltd. |  |
| &nbsp;&nbsp; 5.88%, 02/15/2027 <sup>(a)</sup> | 5758000 | 5785999 |
| &nbsp;&nbsp; 8.13%, 01/15/2029 <sup>(a)</sup> | 10407000 | 10977366 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |
| &nbsp;&nbsp; 5.88%, 10/01/2028 <sup>(a)</sup> | 6164000 | 6160024 |
| &nbsp;&nbsp; 7.00%, 02/01/2030 <sup>(a)</sup> | 3579000 | 3683018 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |  |
| &nbsp;&nbsp; 4.75%, 10/15/2027 | 6511000 | 6483606 |
| &nbsp;&nbsp; 7.25%, 07/15/2028 <sup>(a)</sup> | 4503000 | 4664171 |
|  RLJ Lodging Trust LP, 3.75%, 07/01/2026 <sup>(a)</sup> | 12110000 | 11996130 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |
| &nbsp;&nbsp; 5.50%, 08/31/2026 <sup>(a)</sup> | 7416000 | 7446880 |
| &nbsp;&nbsp; 5.38%, 07/15/2027 <sup>(a)</sup> | 6710000 | 6753858 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. |  |
| &nbsp;&nbsp; 8.63%, 06/01/2027 <sup>(a)</sup> | 1214000 | 1243597 |
| &nbsp;&nbsp; 10.75%, 11/15/2029 <sup>(a)</sup> | 249000 | 256793 |
| &nbsp;&nbsp; 11.13%, 07/15/2030 <sup>(a)</sup> | 3675000 | 3848644 |
| Service Properties Trust | Service Properties Trust |  |
| &nbsp;&nbsp; 5.25%, 02/15/2026 | 5874000 | 5850671 |
| &nbsp;&nbsp; 4.75%, 10/01/2026 | 624000 | 615793 |
| &nbsp;&nbsp; 5.50%, 12/15/2027 | 5192000 | 5147470 |
|  Six Flags Entertainment Corp., 7.00%, 07/01/2025 <sup>(a)</sup> | 2451000 | 2451000 |
| Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. | Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. |  |
| &nbsp;&nbsp; 5.38%, 04/15/2027 | 5235000 | 5232640 |
| &nbsp;&nbsp; 5.25%, 07/15/2029 | 2371000 | 2323388 |
| Travel + Leisure Co. | Travel + Leisure Co. |  |
| &nbsp;&nbsp; 6.60%, 10/01/2025 <sup>(b)</sup> | 3200000 | 3212721 |
| &nbsp;&nbsp; 6.63%, 07/31/2026 <sup>(a)</sup> | 8801000 | 8903232 |
| &nbsp;&nbsp; 6.00%, 04/01/2027 <sup>(b)</sup> | 1310000 | 1322447 |
|  Vail Resorts, Inc., 5.63%, 07/15/2030 <sup>(a)</sup> | 2285000 | 2296425 |
| Viking Cruises Ltd. | Viking Cruises Ltd. |  |
| &nbsp;&nbsp; 5.88%, 09/15/2027 <sup>(a)</sup> | 1710000 | 1712025 |
| &nbsp;&nbsp; 7.00%, 02/15/2029 <sup>(a)</sup> | 3835000 | 3871030 |
|  Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 <sup>(a)</sup> | 3282000 | 3212715 |
|  |  | 133450866 |
| **LEISURE: RESTAURANTS - 0.2%** | **LEISURE: RESTAURANTS - 0.2%** |  |
|  1011778 BC ULC / New Red Finance, Inc., 4.38%, 01/15/2028 <sup>(a)</sup> | 3411000 | 3348205 |
| **MEDIA: BROADCASTING - 3.7%** | **MEDIA: BROADCASTING - 3.7%** |  |
|  Graham Holdings Co., 5.75%, 06/01/2026 <sup>(a)</sup> | 3792000 | 3792341 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup> | 8916000 | 8900893 |
| Sirius XM Radio LLC | Sirius XM Radio LLC |  |
| &nbsp;&nbsp; 3.13%, 09/01/2026 <sup>(a)</sup> | 13021000 | 12785250 |
| &nbsp;&nbsp; 5.00%, 08/01/2027 <sup>(a)</sup> | 15097000 | 14978318 |
| &nbsp;&nbsp; 4.00%, 07/15/2028 <sup>(a)</sup> | 1735000 | 1667575 |
| TEGNA, Inc. | TEGNA, Inc. |  |
| &nbsp;&nbsp; 4.75%, 03/15/2026 <sup>(a)</sup> | 3284000 | 3281145 |
| &nbsp;&nbsp; 4.63%, 03/15/2028 | 7479000 | 7296438 |
|  Univision Communications, Inc., 6.63%, 06/01/2027 <sup>(a)</sup> | 6339000 | 6327539 |
|  |  | 59029499 |
| **MEDIA: CABLE & SATELLITE - 1.5%** | **MEDIA: CABLE & SATELLITE - 1.5%** |  |
| CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp; 5.50%, 05/01/2026 <sup>(a)</sup> | 9300000 | 9302474 |
| &nbsp;&nbsp; 5.13%, 05/01/2027 <sup>(a)</sup> | 12910000 | 12877312 |
| &nbsp;&nbsp; 5.00%, 02/01/2028 <sup>(a)</sup> | 2496000 | 2474709 |
|  |  | 24654495 |
| **MEDIA: DIVERSIFIED - 2.4%** | **MEDIA: DIVERSIFIED - 2.4%** |  |
| Match Group Holdings II LLC | Match Group Holdings II LLC |  |
| &nbsp;&nbsp; 5.00%, 12/15/2027 <sup>(a)</sup> | 8040000 | 8001684 |
| &nbsp;&nbsp; 4.63%, 06/01/2028 <sup>(a)</sup> | 1627000 | 1588806 |
| &nbsp;&nbsp; 5.63%, 02/15/2029 <sup>(a)</sup> | 1216000 | 1207939 |
| McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |  |
| &nbsp;&nbsp; 5.75%, 08/01/2028 <sup>(a)</sup> | 6332000 | 6374513 |
| &nbsp;&nbsp; 8.00%, 08/01/2029 <sup>(a)</sup> | 5764000 | 5872778 |
|  Neptune Bidco US, Inc., 9.29%, 04/15/2029 <sup>(a)</sup> | 2349000 | 2289101 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. |  |
| &nbsp;&nbsp; 5.00%, 08/15/2027 <sup>(a)</sup> | 9023000 | 8983558 |
| &nbsp;&nbsp; 4.25%, 01/15/2029 <sup>(a)</sup> | 2675000 | 2560774 |
|  Ziff Davis, Inc., 4.63%, 10/15/2030 <sup>(a)</sup> | 2350000 | 2195578 |
|  |  | 39074731 |
| **MEDIA: ENTERTAINMENT - 1.0%** | **MEDIA: ENTERTAINMENT - 1.0%** |  |
| Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |  |
| &nbsp;&nbsp; 5.63%, 03/15/2026 <sup>(a)</sup> | 7419000 | 7427059 |
| &nbsp;&nbsp; 6.50%, 05/15/2027 <sup>(a)</sup> | 453000 | 460001 |
| &nbsp;&nbsp; 4.75%, 10/15/2027 <sup>(a)</sup> | 5931000 | 5871087 |
|  Playtika Holding Corp., 4.25%, 03/15/2029 <sup>(a)</sup> | 1515000 | 1376264 |
|  Warnermedia Holdings, Inc., 3.76%, 03/15/2027 | 417000 | 389149 |
|  |  | 15523560 |
| **METALS & MINING - 0.8%** | **METALS & MINING - 0.8%** |  |
| Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |  |
| &nbsp;&nbsp; 5.88%, 06/01/2027 | 1728000 | 1727687 |
| &nbsp;&nbsp; 6.88%, 11/01/2029 <sup>(a)</sup> | 1584000 | 1560927 |
| Novelis Corp. | Novelis Corp. |  |
| &nbsp;&nbsp; 3.25%, 11/15/2026 <sup>(a)</sup> | 7533000 | 7417372 |
| &nbsp;&nbsp; 6.88%, 01/30/2030 <sup>(a)</sup> | 1587000 | 1641840 |
|  |  | 12347826 |
| **MIDSTREAM: STORAGE & TRANSPORT - 3.5%** | **MIDSTREAM: STORAGE & TRANSPORT - 3.5%** |  |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029 <sup>(a)</sup> | 5849000 | 6108017 |
| Buckeye Partners LP | Buckeye Partners LP |  |
| &nbsp;&nbsp; 3.95%, 12/01/2026 | 4529000 | 4478982 |
| &nbsp;&nbsp; 4.13%, 12/01/2027 | 4292000 | 4217952 |
| &nbsp;&nbsp; 6.75%, 02/01/2030 <sup>(a)</sup> | 1632000 | 1695292 |
|  Energy Transfer LP, 7.38%, 02/01/2031 <sup>(a)</sup> | 861000 | 902315 |
|  Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/2028 | 1505000 | 1528288 |
|  Hess Midstream Operations LP, 5.88%, 03/01/2028 <sup>(a)</sup> | 3130000 | 3178612 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 <sup>(a)</sup> | 4243000 | 4344179 |
|  Sunoco LP, 7.00%, 05/01/2029 <sup>(a)</sup> | 3176000 | 3309687 |
| Sunoco LP / Sunoco Finance Corp. | Sunoco LP / Sunoco Finance Corp. |  |
| &nbsp;&nbsp; 6.00%, 04/15/2027 | 2140000 | 2140753 |
| &nbsp;&nbsp; 7.00%, 09/15/2028 <sup>(a)</sup> | 10948000 | 11303525 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 1532000 | 1594988 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |
| &nbsp;&nbsp; 8.13%, 06/01/2028 <sup>(a)</sup> | 6165000 | 6375652 |
| &nbsp;&nbsp; 9.50%, 02/01/2029 <sup>(a)</sup> | 4482000 | 4885394 |
|  |  | 56063636 |
| **OIL & GAS: E&P - 0.5%** | **OIL & GAS: E&P - 0.5%** |  |
| EQT Corp. | EQT Corp. |  |
| &nbsp;&nbsp; 7.50%, 06/01/2027 <sup>(a)</sup> | 7341000 | 7476302 |
| &nbsp;&nbsp; 6.38%, 04/01/2029 <sup>(a)</sup> | 230000 | 237316 |
|  |  | 7713618 |
| **PACKAGING - 0.7%** | **PACKAGING - 0.7%** |  |
|  Berry Global, Inc., 4.88%, 07/15/2026 <sup>(a)</sup> | 4576000 | 4574029 |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 | 2096000 | 2178811 |
|  Trident TPI Holdings, Inc., 12.75%, 12/31/2028 <sup>(a)</sup> | 3854000 | 4093067 |
|  |  | 10845907 |
| **REAL ESTATE: HOMEBUILDING - 0.8%** | **REAL ESTATE: HOMEBUILDING - 0.8%** |  |
|  LGI Homes, Inc., 8.75%, 12/15/2028 <sup>(a)</sup> | 6265000 | 6516628 |
|  M/I Homes, Inc., 4.95%, 02/01/2028 | 1285000 | 1277742 |
| Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |  |
| &nbsp;&nbsp; 5.88%, 06/15/2027 <sup>(a)</sup> | 1084000 | 1103001 |
| &nbsp;&nbsp; 5.75%, 01/15/2028 <sup>(a)</sup> | 811000 | 823736 |
|  Tri Pointe Homes, Inc., 5.25%, 06/01/2027 | 3049000 | 3064352 |
|  |  | 12785459 |
| **REAL ESTATE: MANAGEMENT - 0.2%** | **REAL ESTATE: MANAGEMENT - 0.2%** |  |
|  Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 <sup>(a)</sup> | 3106000 | 3134470 |
| **REITs - 0.1%** | **REITs - 0.1%** |  |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 <sup>(a)</sup> | 2414000 | 2310849 |
| **RETAIL: FOOD & DRUG - 1.3%** | **RETAIL: FOOD & DRUG - 1.3%** |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |
| &nbsp;&nbsp; 3.25%, 03/15/2026 <sup>(a)</sup> | 3261000 | 3219188 |
| &nbsp;&nbsp; 4.63%, 01/15/2027 <sup>(a)</sup> | 2124000 | 2112600 |
| &nbsp;&nbsp; 6.50%, 02/15/2028 <sup>(a)</sup> | 4815000 | 4934405 |
| &nbsp;&nbsp; 3.50%, 03/15/2029 <sup>(a)</sup> | 1950000 | 1849516 |
|  eG Global Finance PLC, 12.00%, 11/30/2028 <sup>(a)</sup> | 5176000 | 5719372 |
|  US Foods, Inc., 6.88%, 09/15/2028 <sup>(a)</sup> | 3000000 | 3105669 |
|  |  | 20940750 |
| **RETAILING - 0.4%** | **RETAILING - 0.4%** |  |
| PetSmart, Inc. / PetSmart Finance Corp. | PetSmart, Inc. / PetSmart Finance Corp. |  |
| &nbsp;&nbsp; 4.75%, 02/15/2028 <sup>(a)</sup> | 3326000 | 3246224 |
| &nbsp;&nbsp; 7.75%, 02/15/2029 <sup>(a)</sup> | 1700000 | 1653627 |
|  Wayfair LLC, 7.25%, 10/31/2029 <sup>(a)</sup> | 1153000 | 1156399 |
|  |  | 6056250 |
| **TECHNOLOGY HARDWARE - 1.4%** | **TECHNOLOGY HARDWARE - 1.4%** |  |
|  CommScope LLC, 4.75%, 09/01/2029 <sup>(a)</sup> | 4136000 | 4043077 |
|  NCR Voyix Corp., 5.00%, 10/01/2028 <sup>(a)</sup> | 7111000 | 7044746 |
|  Seagate HDD Cayman, 8.25%, 12/15/2029 | 7806000 | 8332890 |
|  Western Digital Corp., 4.75%, 02/15/2026 | 2794000 | 2788730 |
|  |  | 22209443 |
| **TECHNOLOGY: SOFTWARE & SERVICES - 3.5%** | **TECHNOLOGY: SOFTWARE & SERVICES - 3.5%** |  |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |
| &nbsp;&nbsp; 6.50%, 03/31/2029 <sup>(a)</sup> | 2579000 | 2604682 |
| &nbsp;&nbsp; 9.00%, 09/30/2029 <sup>(a)</sup> | 5682000 | 5894821 |
| Consensus Cloud Solutions, Inc. | Consensus Cloud Solutions, Inc. |  |
| &nbsp;&nbsp; 6.00%, 10/15/2026 <sup>(a)</sup> | 5001000 | 4979121 |
| &nbsp;&nbsp; 6.50%, 10/15/2028 <sup>(a)</sup> | 2096000 | 2087116 |
|  CoreWeave, Inc., 9.25%, 06/01/2030 <sup>(a)</sup> | 1015000 | 1038531 |
|  Elastic NV, 4.13%, 07/15/2029 <sup>(a)</sup> | 6069000 | 5804277 |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029 <sup>(a)</sup> | 4666000 | 4783555 |
|  Fair Isaac Corp., 4.00%, 06/15/2028 <sup>(a)</sup> | 1826000 | 1778732 |
| Gen Digital, Inc. | Gen Digital, Inc. |  |
| &nbsp;&nbsp; 6.75%, 09/30/2027 <sup>(a)</sup> | 10986000 | 11189592 |
| &nbsp;&nbsp; 7.13%, 09/30/2030 <sup>(a)</sup> | 553000 | 574412 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/01/2027 <sup>(a)</sup> | 4082000 | 4081987 |
|  McAfee Corp., 7.38%, 02/15/2030 <sup>(a)</sup> | 3617000 | 3419381 |
|  Open Text Corp., 6.90%, 12/01/2027 <sup>(a)</sup> | 7761000 | 8041343 |
|  |  | 56277550 |
| **TELECOM SERVICES: DIVERSIFIED - 3.2%** | **TELECOM SERVICES: DIVERSIFIED - 3.2%** |  |
|  Consolidated Communications, Inc., 6.50%, 10/01/2028 <sup>(a)</sup> | 6811000 | 6949149 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |  |
| &nbsp;&nbsp; 5.88%, 10/15/2027 <sup>(a)</sup> | 1297000 | 1298302 |
| &nbsp;&nbsp; 5.00%, 05/01/2028 <sup>(a)</sup> | 7918000 | 7920328 |
| &nbsp;&nbsp; 8.75%, 05/15/2030 <sup>(a)</sup> | 4205000 | 4401463 |
|  Iliad Holding SASU, 7.00%, 10/15/2028 <sup>(a)</sup> | 6303000 | 6423092 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. |  |
| &nbsp;&nbsp; 4.13%, 04/15/2029 <sup>(a)</sup> | 1577934 | 1540458 |
| &nbsp;&nbsp; 4.13%, 04/15/2030 <sup>(a)</sup> | 511041 | 500820 |
|  SBA Communications Corp., 3.88%, 02/15/2027 | 6478000 | 6382781 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 <sup>(a)</sup> | 14245000 | 15110990 |
|  |  | 50527383 |
| **TRANSPORTATION - 0.9%** | **TRANSPORTATION - 0.9%** |  |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 <sup>(a)</sup> | 2598187 | 2603219 |
|  RXO, Inc., 7.50%, 11/15/2027 <sup>(a)</sup> | 2054000 | 2104175 |
|  Uber Technologies, Inc., 7.50%, 09/15/2027 <sup>(a)</sup> | 3942000 | 3979754 |
|  XPO, Inc., 6.25%, 06/01/2028 <sup>(a)</sup> | 5607000 | 5701237 |
|  |  | 14388385 |
| **UTILITIES: POWER - 1.4%** | **UTILITIES: POWER - 1.4%** |  |
|  Calpine Corp., 4.50%, 02/15/2028 <sup>(a)</sup> | 2357000 | 2339366 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC |  |
| &nbsp;&nbsp; 5.50%, 09/01/2026 <sup>(a)</sup> | 5304000 | 5312375 |
| &nbsp;&nbsp; 5.63%, 02/15/2027 <sup>(a)</sup> | 9746000 | 9758758 |
| &nbsp;&nbsp; 5.00%, 07/31/2027 <sup>(a)</sup> | 5052000 | 5049151 |
|  |  | 22459650 |
| **UTILITIES: PROPANE - 0.5%** | **UTILITIES: PROPANE - 0.5%** |  |
| AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. |  |
| &nbsp;&nbsp; 5.75%, 05/20/2027 | 4162000 | 4134538 |
| &nbsp;&nbsp; 9.50%, 06/01/2030 <sup>(a)</sup> | 2092000 | 2172005 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/2027 | 1074000 | 1077444 |
|  |  | 7383987 |
| **TOTAL CORPORATE BONDS** (Cost $1,358,215,451) | **TOTAL CORPORATE BONDS** (Cost $1,358,215,451) | 1376667786 |
| **BANK LOANS - 9.5%** |  |  |
| **AEROSPACE & DEFENSE - 0.3%** | **AEROSPACE & DEFENSE - 0.3%** |  |
|  TransDigm, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 08/24/2028, (0.00% Floor) | 4894257 | 4917064 |
| **AUTO RETAIL - 0.2%** | **AUTO RETAIL - 0.2%** |  |
| LS Group OpCo Acquistion LLC, Senior Secured First Lien | LS Group OpCo Acquistion LLC, Senior Secured First Lien |  |
| &nbsp;&nbsp; 6.83% (1 mo. SOFR US + 2.50%), 04/23/2031, (0.00% Floor) | 315186 | 315285 |
| &nbsp;&nbsp; 6.83% (3 mo. SOFR US + 2.50%), 04/23/2031, (0.00% Floor) | 2684814 | 2685660 |
|  |  | 3000945 |
| **AUTOMOTIVE - 0.3%** | **AUTOMOTIVE - 0.3%** |  |
|  First Brands Group LLC, Senior Secured First Lien, 9.80% (3 mo. SOFR US + 5.00%), 03/30/2027, (1.00% Floor) | 4467423 | 4231252 |
|  Tenneco, Inc., Senior Secured First Lien, 9.27% (3 mo. SOFR US + 4.75%), 11/17/2028, (0.50% Floor) | 616650 | 601878 |
|  |  | 4833130 |
| **BUILDING PRODUCTS - 0.1%** | **BUILDING PRODUCTS - 0.1%** |  |
|  Standard Industries, Inc./NY, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 09/22/2028, (0.50% Floor) | 988319 | 991818 |
| **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** |  |
| SCIH Salt Holdings, Inc., Senior Secured First Lien | SCIH Salt Holdings, Inc., Senior Secured First Lien |  |
| &nbsp;&nbsp; 7.28% (3 mo. SOFR US + 3.00%), 01/31/2029, (0.75% Floor) | 746338 | 747464 |
| &nbsp;&nbsp; 7.44% (1 mo. SOFR US + 3.00%), 01/31/2029, (0.75% Floor) | 151162 | 151391 |
|  |  | 898855 |
| **COMMERCIAL SERVICES - 2.0%** | **COMMERCIAL SERVICES - 2.0%** |  |
|  AlixPartners LLP, Senior Secured First Lien, 7.06% (1 mo. SOFR US + 2.50%), 02/04/2028, (0.50% Floor) | 4527056 | 4549148 |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 05/15/2028, (0.50% Floor) | 4504459 | 4531013 |
|  Ascensus Holdings, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 08/02/2028, (0.50% Floor) | 7022769 | 7044715 |
|  CoreLogic, Inc., Senior Secured First Lien, 8.06% (1 mo. SOFR US + 3.50%), 06/02/2028, (0.50% Floor) | 3162425 | 3134263 |
|  Dun & Bradstreet Corp., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 01/18/2029, (0.00% Floor) | 7362773 | 7365534 |
|  Garda World Security Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 02/01/2029, (0.00% Floor) | 3165435 | 3175090 |
|  Tempo Acquisition LLC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 08/31/2028, (0.50% Floor) | 2233822 | 2227199 |
|  |  | 32026962 |
| **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** | **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** |  |
|  Reworld Holding Corp., Senior Secured First Lien, 6.56% (1 mo. SOFR US + 2.25%), 11/30/2028, (0.50% Floor) | 2141631 | 2148056 |
|  |  | 2148056 |
| **FINANCIALS: DIVERSIFIED - 0.1%** | **FINANCIALS: DIVERSIFIED - 0.1%** |  |
|  Corp. Service Co., Senior Secured First Lien, 6.78% (1 mo. SOFR US + 2.25%), 11/03/2027, (0.00% Floor) | 255385 | 255385 |
|  Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.58% (1 mo. SOFR US + 5.25%), 10/06/2028, (0.00% Floor) | 1700000 | 1709137 |
|  |  | 1964522 |
| **FINANCIALS: INSURANCE - 0.4%** | **FINANCIALS: INSURANCE - 0.4%** |  |
|  Acrisure LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 11/06/2030, (0.00% Floor) | 32000 | 31963 |
| Asurion LLC, Senior Secured First Lien | Asurion LLC, Senior Secured First Lien |  |
| &nbsp;&nbsp; 7.81% (1 mo. SOFR US + 3.25%), 07/30/2027, (0.00% Floor) | 2968885 | 2969701 |
| &nbsp;&nbsp; 8.53% (1 mo. SOFR US + 4.00%), 08/21/2028, (0.00% Floor) | 1084897 | 1071411 |
| &nbsp;&nbsp; 8.56% (1 mo. Term SOFR + 4.25%), 09/19/2030, (0.00% Floor) | 2956473 | 2875909 |
|  |  | 6948984 |
| **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.2%** | **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.2%** |  |
|  Medline Borrower LP, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 10/23/2028, (0.50% Floor) | 8714 | 8734 |
|  Waystar Technologies, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 10/22/2029, (0.00% Floor) | 2617470 | 2630570 |
|  |  | 2639304 |
| **HEALTHCARE: FACILITIES - 0.4%** | **HEALTHCARE: FACILITIES - 0.4%** |  |
|  Global Medical Response, Inc., Senior Secured First Lien, 9.08% (or .75% PIK) (1 mo. SOFR US + 4.75%), 10/02/2028, (1.00% Floor) | 2256069 | 2262025 |
|  Heartland Dental LLC, Senior Secured First Lien, 8.83% (1 mo. SOFR US + 4.50%), 04/28/2028, (0.75% Floor) | 1958055 | 1962960 |
|  Surgery Center Holdings, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 12/19/2030, (0.00% Floor) | 2364120 | 2375456 |
|  |  | 6600441 |
| **HEALTHCARE: PHARMA & BIOTECH - 0.6%** | **HEALTHCARE: PHARMA & BIOTECH - 0.6%** |  |
|  Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 6.46% (3 mo. Term SOFR + 2.00%), 11/15/2027 | 4575000 | 4566742 |
|  Jazz Financing Lux Sarl, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 05/05/2028, (0.50% Floor) | 5533137 | 5563514 |
|  |  | 10130256 |
| **LEISURE: HOTELS - 0.3%** | **LEISURE: HOTELS - 0.3%** |  |
| Sabre GLBL, Inc., Senior Secured First Lien | Sabre GLBL, Inc., Senior Secured First Lien |  |
| &nbsp;&nbsp; 8.78% (1 mo. SOFR US + 4.25%), 06/30/2028, (0.50% Floor) | 3118111 | 3084591 |
| &nbsp;&nbsp; 9.53% (1 mo. SOFR US + 5.00%), 06/30/2028, (0.50% Floor) | 542075 | 539500 |
| &nbsp;&nbsp; 10.43% (1 mo. Term SOFR + 6.00%), 11/15/2029, (0.50% Floor) | 1118218 | 1118219 |
|  |  | 4742310 |
| **MEDIA: CABLE & SATELLITE - 0.4%** | **MEDIA: CABLE & SATELLITE - 0.4%** |  |
|  Virgin Media Bristol LLC, Senior Secured First Lien, 6.94% (1 mo. Term SOFR + 2.50%), 01/31/2028 | 5438443 | 5376146 |
| **MEDIA: DIVERSIFIED - 0.1%** | **MEDIA: DIVERSIFIED - 0.1%** |  |
|  X Corp., Senior Secured First Lien, 9.50%,10/29/2029 | 1699000 | 1654401 |
| **MEDIA: ENTERTAINMENT - 0.6%** | **MEDIA: ENTERTAINMENT - 0.6%** |  |
|  Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 03/08/2030, (0.00% Floor) | 3960061 | 3864346 |
|  Playtika Holding Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 2.75%), 03/13/2028, (0.00% Floor) | 5606847 | 5525324 |
|  |  | 9389670 |
| **RETAILING - 0.2%** | **RETAILING - 0.2%** |  |
|  PetSmart LLC, Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 02/14/2028, (0.75% Floor) | 2454641 | 2434697 |
| **TECHNOLOGY: SOFTWARE & SERVICES - 2.4%** | **TECHNOLOGY: SOFTWARE & SERVICES - 2.4%** |  |
|  AthenaHealth Group, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 02/15/2029, (0.50% Floor) | 2983053 | 2983426 |
|  Cloud Software Group, Inc., Senior Secured First Lien, 7.80% (3 mo. SOFR US + 3.50%), 03/29/2029, (0.50% Floor) | 2220839 | 2225758 |
|  Dcert Buyer, Inc., Senior Secured First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 10/16/2026 | 4800000 | 4764984 |
|  Delivery Hero Finco LLC, Senior Secured First Lien, 9.30% (3 mo. SOFR US + 5.00%), 12/12/2029, (0.50% Floor) | 4336338 | 4383777 |
|  Ensono, Inc., Senior Secured First Lien, 8.56% (1 mo. SOFR US + 4.00%), 05/30/2028, (0.75% Floor) | 2249351 | 2253715 |
| MH Sub I LLC, Senior Secured First Lien | MH Sub I LLC, Senior Secured First Lien |  |
| &nbsp;&nbsp; 8.58% (1 mo. SOFR US + 4.25%), 05/03/2028, (0.50% Floor) | 5639718 | 5301335 |
| &nbsp;&nbsp; 8.58% (1 mo. SOFR US + 4.25%), 12/31/2031, (0.50% Floor) | 6511 | 5675 |
|  Polaris Newco LLC, Senior Secured First Lien, 8.41% (3 mo. SOFR US + 3.75%), 06/05/2028, (0.50% Floor) | 11195748 | 10925931 |
|  Proofpoint, Inc., Senior Secured First Lien, 7.33% (1 mo. Term SOFR + 3.00%), 08/31/2028 | 3835128 | 3841992 |
|  RealPage, Inc., Senior Secured First Lien, 7.67% (3 mo. SOFR US + 3.00%), 04/24/2028, (0.50% Floor) | 2143228 | 2130915 |
|  |  | 38817508 |
| **TELECOM SERVICES: DIVERSIFIED - 0.2%** | **TELECOM SERVICES: DIVERSIFIED - 0.2%** |  |
|  Frontier Communications Holdings LLC, Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 07/01/2031, (0.00% Floor) | 1471438 | 1473888 |
|  Lumen Technologies, Inc., Senior Secured First Lien, 6.79% (1 mo. Term SOFR + 2.35%), 04/16/2029 | 2294153 | 2269789 |
|  |  | 3743677 |
| **TRANSPORTATION - 0.5%** | **TRANSPORTATION - 0.5%** |  |
|  AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 6.52% (3 mo. SOFR US + 2.25%), 04/20/2028, (0.00% Floor) | 3630821 | 3612377 |
|  Avis Budget Car Rental LLC, Senior Secured First Lien, 6.31% (1 mo. SOFR US + 1.75%), 08/06/2027, (0.00% Floor) | 4746813 | 4714178 |
|  |  | 8326555 |
| **TOTAL BANK LOANS** (Cost $151,739,698) | **TOTAL BANK LOANS** (Cost $151,739,698) | 151585301 |
| **CONVERTIBLE BONDS - 1.1% <sup>(e)</sup>** |  |  |
| **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.1%** | **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.1%** |  |
|  Teladoc Health, Inc., 1.25%, 06/01/2027 | 1873000 | 1732157 |
| **LEISURE: HOTELS - 0.2%** | **LEISURE: HOTELS - 0.2%** |  |
|  Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027 | 3334000 | 3112289 |
| **RETAILING - 0.3%** | **RETAILING - 0.3%** |  |
|  Etsy, Inc., 0.25%, 06/15/2028 | 5155000 | 4437166 |
| **TECHNOLOGY: SOFTWARE & SERVICES - 0.5%** | **TECHNOLOGY: SOFTWARE & SERVICES - 0.5%** |  |
|  DigitalOcean Holdings, Inc., 8.06%, 12/01/2026 <sup>(c)</sup> | 8719000 | 8162946 |
| **TOTAL CONVERTIBLE BONDS** (Cost $17,011,221) | **TOTAL CONVERTIBLE BONDS** (Cost $17,011,221) | 17444558 |
| **SHORT-TERM INVESTMENTS - 3.0% <sup>(e)</sup>** |  |  |
| **Money Market Funds - 3.0%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 47930950 | 47930950 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $47,930,950) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $47,930,950) | 47930950 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $1,574,897,320**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $1,574,897,320**)** | 1593628595 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | &nbsp;&nbsp;&nbsp;&nbsp; 1225496 |
| **TOTAL NET ASSETS - 100.0%** |  | 1594854091 |
| two | two | –% |

---

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Shenkman Capital Management, Inc. Industries presented are at the discretion of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS. |

---

PIK - Payment in Kind <br> REIT - Real Estate Investment Trust <br> SOFR - Secured Overnight Financing Rate

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of June 30, 2025, the value of these securities total $1,132,487,519 or 71.0% of the Fund's net assets.

(b) Step coupon bond. The rate disclosed is as of June 30, 2025.

(c) Zero coupon bonds make no periodic interest payments. The rate shown is the weighted average amortized yield as of June 30, 2025.

(d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(e) All or a portion is posted as collateral for delayed settlement securities.

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Shenkman Capital Short Duration High Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $1376667786 | $– | $1376667786 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 151585301 | – | 151585301 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 17444558 | – | 17444558 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 47930950 | – | – | 47930950 |
| Total Investments | $47930950 | $1545697645 | $– | $1593628595 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advisors Series Trust

- **b. Investment Company Act file number:** 811-07959

- **c. CIK number of Registrant:** 0001027596

- **d. LEI of Registrant:** 2549003Z0J6URS6I4Y63

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 626-914-7363

**Item A.2. Information about the Series.**

- **a. Name of Series:** Shenkman Capital Short Duration High Income Fund

- **b. EDGAR series identifier (if any):** S000038872

- **c. LEI of Series:** 254900WYIREZV2BWAD68

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1629195357.35

**Total Liabilities:** $40608036.28

**Net Assets:** $1588587321.07

**Cash Not Reported:** $1033537.01

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2538.318340000000 | **1-Year:** 6561.240329000000 | **5-Year:** 5776.718612000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 128790.524798000000 | **1-Year:** 53451.714577000000 | **5-Year:** 13195.021398000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119634 | 0.55%                | 1.07%                | 0.95%                |
| Class ID C000119635 | 0.39%                | 1.01%                | 0.90%                |
| Class ID C000119636 | 0.47%                | 1.09%                | 0.99%                |
| Class ID C000126960 | 0.47%                | 1.09%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-323488.18              | $764786.56                                 |
| Month 2  | $280866.39               | $8715671.40                                |
| Month 3  | $1252193.52              | $6789547.94                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALBERTSONS COS/SAFEWAY         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3261000 | PA      | $3219187.78   | 0.20%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS       | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2551097.50   | 0.16%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                     | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   6502236 | PA      | $6842032.51   | 0.43%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                    | Asurion LLC                                                                      | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1084897 | PA      | $1071411.37   | 0.07%             | 2028-08-21      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                    | Asurion LLC                                                                      | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2956473 | PA      | $2875909.06   | 0.18%             | 2030-09-19      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC            | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |  15097000 | PA      | $14978318.26  | 0.94%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TELADOC HEALTH INC             | Teladoc Health Inc                                                               | CUSIP: 87918AAF2<br>LEI: 549300I2PVFBC9MFAC61 | Long             | DBT              | CORP              | US        |   1873000 | PA      | $1732156.69   | 0.11%             | 2027-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                   | Teleflex Inc                                                                     | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   3093000 | PA      | $3064155.61   | 0.19%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS        | TransMontaigne Partners LLC                                                      | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1532000 | PA      | $1594988.18   | 0.10%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DANA INC                       | Dana Inc                                                                         | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   4179000 | PA      | $4121467.71   | 0.26%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DCERT BUYER INC                | Dcert Buyer Inc                                                                  | CUSIP: 24022KAB5<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |   4791235 | PA      | $4756282.76   | 0.30%             | 2026-10-16      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP          | Playtika Holding Corp                                                            | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |   5621487 | PA      | $5539750.11   | 0.35%             | 2028-03-13      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO FINCO LLC        | Delivery Hero Finco LLC                                                          | CUSIP: D2007ZAE7<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |   4347316 | PA      | $4394875.20   | 0.28%             | 2029-12-12      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP          | Dun & Bradstreet Corp/The                                                        | CUSIP: 26483NAW0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |   7362773 | PA      | $7365534.45   | 0.46%             | 2029-01-18      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC               | Under Armour Inc                                                                 | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   1787000 | PA      | $1814172.46   | 0.11%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC         | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   4482000 | PA      | $4885393.45   | 0.31%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD             | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   3835000 | PA      | $3871029.83   | 0.24%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI       | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4321000 | PA      | $4302627.24   | 0.27%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC          | Williams Scotsman Inc                                                            | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1169517.38   | 0.07%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REALPAGE INC                   | RealPage Inc                                                                     | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |   2143228 | PA      | $2130914.93   | 0.13%             | 2028-04-24      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC       | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   1296000 | PA      | $1258050.14   | 0.08%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN       | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5849000 | PA      | $6108016.88   | 0.38%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP            | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5072000 | PA      | $4865694.22   | 0.31%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BF7<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   3549000 | PA      | $3560488.47   | 0.22%             | 2026-05-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC         | Group 1 Automotive Inc                                                           | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |   5749000 | PA      | $5553718.54   | 0.35%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS              | Iliad Holding SASU                                                               | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   6303000 | PA      | $6423092.19   | 0.40%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN       | Live Nation Entertainment Inc                                                    | CUSIP: 538034AN9<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   7419000 | PA      | $7427059.26   | 0.47%             | 2026-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION          | McGraw-Hill Education Inc                                                        | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   6332000 | PA      | $6374513.05   | 0.40%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                    | McAfee Corp                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   3617000 | PA      | $3419380.65   | 0.22%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC         | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2579000 | PA      | $2604681.68   | 0.16%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC         | Cloud Software Group Inc                                                         | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |   2215259 | PA      | $2220165.55   | 0.14%             | 2029-03-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3901000 | PA      | $3955027.45   | 0.25%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC           | Fortrea Holdings Inc                                                             | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |   2758000 | PA      | $2499921.25   | 0.16%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH        | International Game Technology PLC                                                | CUSIP: 460599AF0<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |  18230000 | PA      | $18231328.97  | 1.15%             | 2026-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |  11206000 | PA      | $11150133.61  | 0.70%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING       | JH North America Holdings Inc                                                    | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   3185000 | PA      | $3214802.01   | 0.20%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO       | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAJ3<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   5227000 | PA      | $5234861.41   | 0.33%             | 2025-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                                     | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2038548.10   | 0.13%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                 | VOC Escrow Ltd                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2159000 | PA      | $2149443.40   | 0.14%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAN8<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1322446.86   | 0.08%             | 2027-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS INC    | Surgery Center Holdings Inc                                                      | CUSIP: 86880NBB8<br>LEI: 54930054EVI5HWPPW113 | Long             | LON              | CORP              | US        |   2364120 | PA      | $2375455.96   | 0.15%             | 2030-12-19      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| JAZZ FINANCING LUX SARL        | Jazz Financing Lux Sarl                                                          | CUSIP: N/A<br>LEI: 635400WUEO2NSG5OIU34       | Long             | LON              | CORP              | LU        |   5555402 | PA      | $5585900.97   | 0.35%             | 2028-05-05      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                  | LGI Homes Inc                                                                    | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   6265000 | PA      | $6516627.46   | 0.41%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC           | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |  10509000 | PA      | $11606623.01  | 0.73%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4503000 | PA      | $4664170.93   | 0.29%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN             | Seagate HDD Cayman                                                               | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   7806000 | PA      | $8332889.39   | 0.52%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS       | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1074000 | PA      | $1077444.32   | 0.07%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   4771000 | PA      | $4766468.55   | 0.30%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                                                    | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   4346000 | PA      | $4267393.85   | 0.27%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   9746000 | PA      | $9758757.51   | 0.61%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                    | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |   1153000 | PA      | $1156399.04   | 0.07%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC        | Standard Industries Inc/NY                                                       | CUSIP: 85350EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    988319 | PA      | $991817.62    | 0.06%             | 2028-09-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| TEMPO ACQUISITION LLC          | Tempo Acquisition LLC                                                            | CUSIP: 88023HAJ9<br>LEI: 549300VV0B2RPMHQGA61 | Long             | LON              | CORP              | US        |   2239434 | PA      | $2232794.55   | 0.14%             | 2028-08-31      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| ASSUREDPARTNERS INC            | AssuredPartners Inc                                                              | CUSIP: 04624VAB5<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |   1024000 | PA      | $1021924.76   | 0.06%             | 2029-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                 | Bombardier Inc                                                                   | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    507000 | PA      | $510245.31    | 0.03%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12910000 | PA      | $12877312.27  | 0.81%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CAMELOT FINANCE SA             | Camelot Finance SA                                                               | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   2453000 | PA      | $2416889.63   | 0.15%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC          | Ellucian Holdings Inc                                                            | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |   4666000 | PA      | $4783555.20   | 0.30%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FORD HOLDINGS LLC              | Ford Holdings LLC                                                                | CUSIP: 345277AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4316000 | PA      | $4910863.32   | 0.31%             | 2030-03-01      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2983000 | PA      | $3067421.88   | 0.19%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C       | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9023000 | PA      | $8983557.76   | 0.57%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC         | Penn Entertainment Inc                                                           | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6886000 | PA      | $6869897.78   | 0.43%             | 2027-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD       | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6677000 | PA      | $6729084.21   | 0.42%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP           | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |  12110000 | PA      | $11996129.67  | 0.76%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                 | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6350000 | PA      | $6474809.25   | 0.41%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC         | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6897000 | PA      | $6723981.86   | 0.42%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST       | Service Properties Trust                                                         | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   5192000 | PA      | $5147469.77   | 0.32%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC            | Sirius XM Radio LLC                                                              | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |  13021000 | PA      | $12785249.85  | 0.80%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2385000 | PA      | $2421788.63   | 0.15%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM           | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    811000 | PA      | $823735.94    | 0.05%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC       | Team Health Holdings Inc                                                         | CUSIP: 87817AAB3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |   3696000 | PA      | $4014780.00   | 0.25%             | 2028-06-30      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                     | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3105669.00   | 0.20%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                           | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   1878000 | PA      | $1902603.47   | 0.12%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP           | Western Digital Corp                                                             | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   2794000 | PA      | $2788729.90   | 0.18%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS       | Wyndham Hotels & Resorts Inc                                                     | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |   3282000 | PA      | $3212714.68   | 0.20%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                    | Asurion LLC                                                                      | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2968885 | PA      | $2969700.96   | 0.19%             | 2027-07-30      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| EDELMAN FINANCIAL CENTER       | Edelman Financial Engines Center LLC/The                                         | CUSIP: 27943TAC3<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |   1700000 | PA      | $1709137.50   | 0.11%             | 2028-10-06      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78571YBK5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |   1118218 | PA      | $1118218.32   | 0.07%             | 2029-11-15      | Floating      | 10.43%                | No            |                  2 | On Loan: No      |
| WAYSTAR TECHNOLOGIES INC       | Waystar Technologies Inc                                                         | CUSIP: 63939WAM5<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |   2617470 | PA      | $2630570.60   | 0.17%             | 2029-10-22      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK       | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1002000 | PA      | $981442.82    | 0.06%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC            | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $997419.29    | 0.06%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                 | Brink's Co/The                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1996017.69   | 0.13%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9300000 | PA      | $9302473.80   | 0.59%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                    | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   6459000 | PA      | $6808309.18   | 0.43%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC          | Chobani Holdco II LLC                                                            | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500090 | PA      | $536782.10    | 0.03%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC            | Churchill Downs Inc                                                              | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   1988000 | PA      | $1963615.35   | 0.12%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC            | Churchill Downs Inc                                                              | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |  14168000 | PA      | $14149548.87  | 0.89%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIE       | Compass Group Diversified Holdings LLC                                           | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   2343000 | PA      | $2105053.82   | 0.13%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                    | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   2709000 | PA      | $3116860.24   | 0.20%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                         | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $970486.54    | 0.06%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                       | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   1742000 | PA      | $1797061.97   | 0.11%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                  | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    553000 | PA      | $574411.61    | 0.04%             | 2030-09-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC         | Cloud Software Group Inc                                                         | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |      5580 | PA      | $5592.36      | 0.00%             | 2029-03-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST       | Service Properties Trust                                                         | CUSIP: 44106MAV4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   5874000 | PA      | $5850670.82   | 0.37%             | 2026-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP        | Penske Automotive Group Inc                                                      | CUSIP: 70959WAJ2<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   6517000 | PA      | $6502672.38   | 0.41%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SLM CORP                       | SLM Corp                                                                         | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2174328.00   | 0.14%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                 | SNF Group SACA                                                                   | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   2885000 | PA      | $2810742.70   | 0.18%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON           | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp   | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1541000 | PA      | $1510055.35   | 0.10%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP       | Olympus Water US Holding Corp                                                    | CUSIP: 16308NAA2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   2962000 | PA      | $3017982.84   | 0.19%             | 2027-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                  | CoreLogic Inc                                                                    | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2119550.11   | 0.13%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD          | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1216000 | PA      | $1263940.80   | 0.08%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO            | Go Daddy Operating Co LLC / GD Finance Co Inc                                    | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4082000 | PA      | $4081987.35   | 0.26%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   4951000 | PA      | $5128572.57   | 0.32%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC         | Lumen Technologies Inc                                                           | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   1577934 | PA      | $1540458.07   | 0.10%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                                                | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |   2366000 | PA      | $2476267.43   | 0.16%             | 2029-03-30      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR       | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   3688000 | PA      | $3544284.17   | 0.22%             | 2029-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO       | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2209000 | PA      | $2272031.61   | 0.14%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE        | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 654740BT5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   3407000 | PA      | $3112704.02   | 0.20%             | 2028-03-09      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP            | NOVA Chemicals Corp                                                              | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   3446000 | PA      | $3430221.01   | 0.22%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C       | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2560774.02   | 0.16%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                      | Pike Corp                                                                        | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   5263000 | PA      | $5263218.41   | 0.33%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H       | SCIL IV LLC / SCIL USA Holdings LLC                                              | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2710000 | PA      | $2694122.14   | 0.17%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC        | Light & Wonder International Inc                                                 | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   4046000 | PA      | $4170943.35   | 0.26%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC            | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1735000 | PA      | $1667575.30   | 0.10%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU       | Specialty Building Products Holdings LLC / SBP Finance Corp                      | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3081000 | PA      | $3030568.96   | 0.19%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK       | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   4935000 | PA      | $4565778.11   | 0.29%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC       | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   5557000 | PA      | $5524747.12   | 0.35%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                  | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $1038531.09   | 0.07%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                               | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    861000 | PA      | $902314.65    | 0.06%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DANA INC                       | Dana Inc                                                                         | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   7597000 | PA      | $7627790.64   | 0.48%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP       | Olympus Water US Holding Corp                                                    | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   5550000 | PA      | $5851254.00   | 0.37%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC          | eG Global Finance PLC                                                            | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |   4876000 | PA      | $5387877.60   | 0.34%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ELASTIC NV                     | Elastic NV                                                                       | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |   6069000 | PA      | $5804277.14   | 0.37%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7918000 | PA      | $7920327.89   | 0.50%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                      | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   2568000 | PA      | $2526171.39   | 0.16%             | 2026-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  22837000 | PA      | $22850392.76  | 1.44%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                | Thor Industries Inc                                                              | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1252717.28   | 0.08%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   7421000 | PA      | $7622788.12   | 0.48%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY           | Garda World Security Corp                                                        | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   2841000 | PA      | $2941423.10   | 0.19%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                                | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   8685000 | PA      | $8692686.23   | 0.55%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC       | Trident TPI Holdings Inc                                                         | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |   3854000 | PA      | $4093067.47   | 0.26%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                    | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   4576000 | PA      | $4578412.01   | 0.29%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC              | INEOS Finance PLC                                                                | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   3001000 | PA      | $2983297.40   | 0.19%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA       | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   1828000 | PA      | $1949795.82   | 0.12%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS       | Univision Communications Inc                                                     | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   6339000 | PA      | $6327539.02   | 0.40%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC       | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |   7415000 | PA      | $7414732.17   | 0.47%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC         | Match Group Holdings II LLC                                                      | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   1216000 | PA      | $1207939.38   | 0.08%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC         | Penn Entertainment Inc                                                           | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2292000 | PA      | $2125218.04   | 0.13%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   8801000 | PA      | $8903232.42   | 0.56%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC         | SCIH Salt Holdings Inc                                                           | CUSIP: 78397GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    746338 | PA      | $747464.61    | 0.05%             | 2029-01-31      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC              | Post Holdings Inc                                                                | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   8197000 | PA      | $8166790.78   | 0.51%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RFNA LP                        | Rfna LP                                                                          | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |   3482000 | PA      | $3566072.89   | 0.22%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| POLARIS NEWCO LLC              | Polaris Newco LLC                                                                | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |  11195748 | PA      | $10925930.61  | 0.69%             | 2028-06-05      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC         | Lumen Technologies Inc                                                           | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |   2300000 | PA      | $2275574.00   | 0.14%             | 2029-04-16      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   7416000 | PA      | $7446880.22   | 0.47%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS WORLDWIDE OPERAT       | Grifols Worldwide Operations USA Inc                                             | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4575000 | PA      | $4566742.13   | 0.29%             | 2027-11-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                   | MH Sub I LLC                                                                     | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     15343 | PA      | $13372.47     | 0.00%             | 2031-12-31      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| LS GROUP OPCO ACQUISITIO       | LS Group OpCo Acquistion LLC                                                     | CUSIP: 50220KAD6<br>LEI: 549300GJM1TKHPYFPF83 | Long             | LON              | CORP              | US        |   2684814 | PA      | $2685659.90   | 0.17%             | 2031-04-23      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| HEARTLAND DENTAL LLC           | Heartland Dental LLC                                                             | CUSIP: 42236WAW7<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   1958055 | PA      | $1962960.35   | 0.12%             | 2028-04-28      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP            | Medline Borrower LP                                                              | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |      8714 | PA      | $8733.67      | 0.00%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4205000 | PA      | $4401462.81   | 0.28%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP          | AAdvantage Loyalty IP Ltd                                                        | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   3630821 | PA      | $3612376.79   | 0.23%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1528287.77   | 0.10%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   4002000 | PA      | $4236845.36   | 0.27%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BG5<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1543370.03   | 0.10%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                             | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1471438 | PA      | $1473887.56   | 0.09%             | 2031-07-01      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| HRT DNT / HRT DNT FIN          | Heartland Dental LLC / Heartland Dental Finance Corp                             | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10772000 | PA      | $11387522.85  | 0.72%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 43734LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7484000 | PA      | $7459202.51   | 0.47%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                      | IQVIA Inc                                                                        | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |  16900000 | PA      | $16893927.83  | 1.06%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH        | International Game Technology PLC                                                | CUSIP: 460599AD5<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |  10438000 | PA      | $10567994.85  | 0.67%             | 2027-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL               | MGM Resorts International                                                        | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   4048000 | PA      | $4001972.22   | 0.25%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                                                | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |   2069000 | PA      | $2069275.18   | 0.13%             | 2030-03-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                                     | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1559080.80   | 0.10%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES INC           | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3049000 | PA      | $3064351.72   | 0.19%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                   | Teleflex Inc                                                                     | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   4134000 | PA      | $4041736.56   | 0.25%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                    | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |   2928000 | PA      | $2898624.55   | 0.18%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                    | Tenneco Inc                                                                      | CUSIP: 88037HAN4<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |    616650 | PA      | $601878.13    | 0.04%             | 2028-11-17      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI        | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    301000 | PA      | $292360.46    | 0.02%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                                                               | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1328000 | PA      | $1398361.09   | 0.09%             | 2029-06-13      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| ASCENSUS HOLDINGS INC          | Ascensus Holdings Inc                                                            | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7022769 | PA      | $7044714.90   | 0.44%             | 2028-08-02      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD          | HUB International Ltd                                                            | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   6434000 | PA      | $6439983.62   | 0.41%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RXO INC                        | RXO Inc                                                                          | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |   2054000 | PA      | $2104174.93   | 0.13%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC          | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1988000 | PA      | $2061532.14   | 0.13%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1849516.11   | 0.12%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC           | Chart Industries Inc                                                             | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   2980000 | PA      | $3183295.60   | 0.20%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP       | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3341000 | PA      | $3485705.39   | 0.22%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                        | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   8052000 | PA      | $8059448.10   | 0.51%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ETSY INC                       | Etsy Inc                                                                         | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |   5155000 | PA      | $4437166.25   | 0.28%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                         | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3707000 | PA      | $3682664.69   | 0.23%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL        | Global Net Lease Inc / Global Net Lease Operating Partnership LP                 | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2414000 | PA      | $2310849.30   | 0.15%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   3477000 | PA      | $3401667.67   | 0.21%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL        | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1849056.00   | 0.12%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                  | Methanex Corp                                                                    | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |   1809000 | PA      | $1804096.71   | 0.11%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                    | CUSIP: 693070AD6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1077000 | PA      | $1139845.10   | 0.07%             | 2027-06-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP             | Regal Rexnord Corp                                                               | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   6813000 | PA      | $6853386.10   | 0.43%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC       | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12798000 | PA      | $12490073.72  | 0.79%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                   | MH Sub I LLC                                                                     | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   5639718 | PA      | $5301335.16   | 0.33%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| CIRQUE DU SOLEIL HOLDING       | Cirque Du Soleil Holding USA Newco Inc                                           | CUSIP: 17276YAJ5<br>LEI: 5493008BEUGNEZWEQK62 | Long             | LON              | CORP              | US        |   1328942 | PA      | $1296821.24   | 0.08%             | 2030-03-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY           | Garda World Security Corp                                                        | CUSIP: C4000KAG9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |   3165435 | PA      | $3175089.81   | 0.20%             | 2029-02-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC        | Darling Ingredients Inc                                                          | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   5219000 | PA      | $5212935.00   | 0.33%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP            | NOVA Chemicals Corp                                                              | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    237000 | PA      | $256246.13    | 0.02%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1259000 | PA      | $1233383.91   | 0.08%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS         | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3579000 | PA      | $3683018.30   | 0.23%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI       | PetSmart Inc / PetSmart Finance Corp                                             | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3326000 | PA      | $3246223.69   | 0.20%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETSMART INC                   | PetSmart LLC                                                                     | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2454641 | PA      | $2434696.88   | 0.15%             | 2028-02-14      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| CTR PARTNERSHIP/CARETRST       | CTR Partnership LP / CareTrust Capital Corp                                      | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1715000 | PA      | $1638276.22   | 0.10%             | 2028-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER       | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $795482.22    | 0.05%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                       | EQT Corp                                                                         | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237315.74    | 0.01%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY           | Garda World Security Corp                                                        | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    585000 | PA      | $581765.42    | 0.04%             | 2027-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2092000 | PA      | $2172004.36   | 0.14%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC           | Aramark Services Inc                                                             | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   2236000 | PA      | $2229148.67   | 0.14%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                 | Brink's Co/The                                                                   | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   2247000 | PA      | $2234299.73   | 0.14%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS       | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  16193000 | PA      | $15959909.70  | 1.00%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US         | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   2953000 | PA      | $2980067.20   | 0.19%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC          | SS&C Technologies Inc                                                            | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   6159000 | PA      | $6168681.95   | 0.39%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   3675000 | PA      | $3848643.75   | 0.24%             | 2030-07-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING       | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4243000 | PA      | $4344178.58   | 0.27%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE        | Global Medical Response Inc                                                      | CUSIP: 37960BAB1<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |   5979798 | PA      | $6005810.12   | 0.38%             | 2028-10-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR        | Great Canadian Gaming Corp/Raptor LLC                                            | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1891000 | PA      | $1852280.45   | 0.12%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                      | Sunoco LP                                                                        | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3176000 | PA      | $3309687.37   | 0.21%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP         | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2140000 | PA      | $2140753.07   | 0.13%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALIXPARTNERS LLP               | AlixPartners LLP                                                                 | CUSIP: 01642PBB1<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |   4538878 | PA      | $4561027.74   | 0.29%             | 2028-02-04      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                  | CoreLogic Inc                                                                    | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |   3167606 | PA      | $3139398.37   | 0.20%             | 2028-06-02      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2124000 | PA      | $2112600.28   | 0.13%             | 2027-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4815000 | PA      | $4934405.26   | 0.31%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP        | Asbury Automotive Group Inc                                                      | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3063020.74   | 0.19%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP            | Buckeye Partners LP                                                              | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   4292000 | PA      | $4217952.27   | 0.27%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP            | Buckeye Partners LP                                                              | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   1632000 | PA      | $1695292.08   | 0.11%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2496000 | PA      | $2474709.32   | 0.16%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                   | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   2357000 | PA      | $2339366.46   | 0.15%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                    | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   4984000 | PA      | $5028266.54   | 0.32%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG       | ContourGlobal Power Holdings SA                                                  | CUSIP: 21220LAB9<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |   2564000 | PA      | $2645048.04   | 0.17%             | 2030-02-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP          | Freedom Mortgage Corp                                                            | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |   1188000 | PA      | $1278357.17   | 0.08%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |  10986000 | PA      | $11189592.55  | 0.70%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                   | Acrisure LLC                                                                     | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |     32000 | PA      | $31962.40     | 0.00%             | 2030-11-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS       | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2532000 | PA      | $2591304.50   | 0.16%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC       | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1317000 | PA      | $1229038.51   | 0.08%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN       | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3411000 | PA      | $3348204.85   | 0.21%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS         | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6162000 | PA      | $6158025.51   | 0.39%             | 2028-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                      | TEGNA Inc                                                                        | CUSIP: 87901JAF2<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   3284000 | PA      | $3281144.56   | 0.21%             | 2026-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                      | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   7479000 | PA      | $7296437.61   | 0.46%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC          | Uber Technologies Inc                                                            | CUSIP: 90353TAE0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   3942000 | PA      | $3979753.83   | 0.25%             | 2027-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC         | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   6165000 | PA      | $6375651.89   | 0.40%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC           | WR Grace Holdings LLC                                                            | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    911000 | PA      | $906875.72    | 0.06%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                  | M/I Homes Inc                                                                    | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1277742.32   | 0.08%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC         | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   1627000 | PA      | $1588805.85   | 0.10%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AHP HEALTH PARTN               | AHP Health Partners Inc                                                          | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |   2449000 | PA      | $2390201.71   | 0.15%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC         | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2410000 | PA      | $2495789.69   | 0.16%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   4672000 | PA      | $4818953.09   | 0.30%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED       | AmeriTex HoldCo Intermediate LLC                                                 | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3772000 | PA      | $4006023.37   | 0.25%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4162000 | PA      | $4134538.29   | 0.26%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1297000 | PA      | $1298302.19   | 0.08%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                       | CUSIP: 380355AF4<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   5183000 | PA      | $5115548.96   | 0.32%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                       | CUSIP: 380355AM9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   1969000 | PA      | $1981394.86   | 0.12%             | 2030-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GRAHAM HOLDINGS CO             | Graham Holdings Co                                                               | CUSIP: 384637AA2<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |   3792000 | PA      | $3792341.28   | 0.24%             | 2026-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   6710000 | PA      | $6753857.83   | 0.43%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP        | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   6478000 | PA      | $6382781.17   | 0.40%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    249000 | PA      | $256792.72    | 0.02%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC         | SCIH Salt Holdings Inc                                                           | CUSIP: 78397GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    151162 | PA      | $151390.62    | 0.01%             | 2029-01-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78571YBH2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |   3118111 | PA      | $3084591.20   | 0.19%             | 2028-06-30      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78571YBJ8<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    542075 | PA      | $539500.03    | 0.03%             | 2028-06-30      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE        | Global Medical Response Inc                                                      | CUSIP: 00169QAG4<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |   2206354 | PA      | $2212178.98   | 0.14%             | 2028-10-02      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP           | Reworld Holding Corp                                                             | CUSIP: 22282GAM9<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |   1993482 | PA      | $1999462.35   | 0.13%             | 2028-11-30      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION          | McGraw-Hill Education Inc                                                        | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   5764000 | PA      | $5872778.21   | 0.37%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                     | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   5758000 | PA      | $5785999.25   | 0.36%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                   | Novelis Corp                                                                     | CUSIP: 670001AG1<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   7533000 | PA      | $7417371.46   | 0.47%             | 2026-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1681000 | PA      | $1763869.94   | 0.11%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                 | Open Text Corp                                                                   | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   7761000 | PA      | $8041342.84   | 0.51%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER       | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2502385.80   | 0.16%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                                                               | CUSIP: 02005NBR0<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2794000 | PA      | $2945850.04   | 0.19%             | 2027-11-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                                | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  10557000 | PA      | $10561524.73  | 0.66%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC               | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3887000 | PA      | $3964199.71   | 0.25%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC            | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   2231000 | PA      | $2299848.66   | 0.14%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC               | Berry Global Inc                                                                 | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   4576000 | PA      | $4574029.12   | 0.29%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP               | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |   4914000 | PA      | $4886763.66   | 0.31%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP            | Buckeye Partners LP                                                              | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   4529000 | PA      | $4478982.27   | 0.28%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                        | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   4411000 | PA      | $4213299.07   | 0.27%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN       | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2274000 | PA      | $2336155.24   | 0.15%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST       | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   4335000 | PA      | $4602720.93   | 0.29%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA       | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   1429000 | PA      | $1515680.28   | 0.10%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                                | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   7022000 | PA      | $6972574.95   | 0.44%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC         | Lumen Technologies Inc                                                           | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    511041 | PA      | $500820.18    | 0.03%             | 2030-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                | Madison IAQ LLC                                                                  | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   4082000 | PA      | $4018317.13   | 0.25%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR       | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1478517.86   | 0.09%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  10407000 | PA      | $10977366.04  | 0.69%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                                     | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   4622000 | PA      | $4606526.61   | 0.29%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    591000 | PA      | $622152.20    | 0.04%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                     | Phinia Inc                                                                       | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   2639000 | PA      | $2727221.77   | 0.17%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE       | Prime Healthcare Services Inc                                                    | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3965000 | PA      | $3938077.65   | 0.25%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6511000 | PA      | $6483606.27   | 0.41%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC        | Light & Wonder International Inc                                                 | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |  13422000 | PA      | $13469486.23  | 0.85%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                 | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    826000 | PA      | $833784.03    | 0.05%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| XPO INC                        | XPO Inc                                                                          | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   5607000 | PA      | $5701236.85   | 0.36%             | 2028-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC         | First Brands Group LLC                                                           | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2804586 | PA      | $2657443.02   | 0.17%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO        | Allied Universal Holdco LLC                                                      | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |   4504459 | PA      | $4531013.01   | 0.29%             | 2028-05-15      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| CORP SERVICE CO                | Corp Service Co                                                                  | CUSIP: 22006VAJ8<br>LEI: 549300NOPSIMGJNT8J31 | Long             | LON              | CORP              | US        |    255385 | PA      | $255384.55    | 0.02%             | 2027-11-03      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC         | First Brands Group LLC                                                           | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1662837 | PA      | $1573808.98   | 0.10%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                 | Proofpoint Inc                                                                   | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |   3835128 | PA      | $3841992.52   | 0.24%             | 2028-08-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP           | Reworld Holding Corp                                                             | CUSIP: 22282GAN7<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |    153145 | PA      | $153604.92    | 0.01%             | 2028-11-30      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| X CORP                         | X Corp                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1699000 | PA      | $1654401.25   | 0.10%             | 2029-10-29      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN       | Live Nation Entertainment Inc                                                    | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    453000 | PA      | $460000.66    | 0.03%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVI       | Mavis Tire Express Services Topco Corp                                           | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |   6497000 | PA      | $6387003.84   | 0.40%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6781000 | PA      | $6792541.26   | 0.43%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                   | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1587000 | PA      | $1641840.29   | 0.10%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC         | Option Care Health Inc                                                           | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |   6942000 | PA      | $6686618.40   | 0.42%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC         | Patrick Industries Inc                                                           | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   1591000 | PA      | $1546359.24   | 0.10%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC         | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4372000 | PA      | $4562444.32   | 0.29%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON           | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp   | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5235000 | PA      | $5232640.06   | 0.33%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST       | Service Properties Trust                                                         | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    624000 | PA      | $615792.78    | 0.04%             | 2026-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                 | NCR Voyix Corp                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   7111000 | PA      | $7044746.10   | 0.44%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC           | Neptune Bidco US Inc                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   2349000 | PA      | $2289100.50   | 0.14%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC              | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   8916000 | PA      | $8900892.64   | 0.56%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP          | Playtika Holding Corp                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |   1515000 | PA      | $1376263.88   | 0.09%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SLM CORP                       | SLM Corp                                                                         | CUSIP: 78442PGE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5205000 | PA      | $5105328.41   | 0.32%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1214000 | PA      | $1243597.32   | 0.08%             | 2027-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME          | Six Flags Entertainment Corp                                                     | CUSIP: 83001WAC8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   2451000 | PA      | $2451000.00   | 0.15%             | 2025-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC            | Station Casinos LLC                                                              | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   4362000 | PA      | $4280120.68   | 0.27%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   2502000 | PA      | $2497586.72   | 0.16%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14245000 | PA      | $15110989.30  | 0.95%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD             | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   1710000 | PA      | $1712024.64   | 0.11%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                                                    | CUSIP: 89364MCC6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   4894257 | PA      | $4917063.95   | 0.31%             | 2028-08-24      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1895000 | PA      | $2008495.34   | 0.13%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DANA INC                       | Dana Inc                                                                         | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   1163000 | PA      | $1170595.55   | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DIGITALOCEAN HOLDINGS          | DigitalOcean Holdings Inc                                                        | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |   8719000 | PA      | $8162945.78   | 0.51%             | 2026-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                       | EQT Corp                                                                         | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   7341000 | PA      | $7476302.71   | 0.47%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                       | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  46418458 | NS      | $46418457.52  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIFF DAVIS INC                 | Ziff Davis Inc                                                                   | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2195578.45   | 0.14%             | 2030-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY       | Standard Industries Inc/NY                                                       | CUSIP: 853496AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7469000 | PA      | $7457338.65   | 0.47%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP         | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10948000 | PA      | $11303525.35  | 0.71%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC               | TKC Holdings Inc                                                                 | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4894000 | PA      | $4869277.47   | 0.31%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM           | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |   1084000 | PA      | $1103001.44   | 0.07%             | 2027-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE        | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   6051000 | PA      | $5937248.46   | 0.37%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                           | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   3894000 | PA      | $4011139.31   | 0.25%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC          | Williams Scotsman Inc                                                            | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |   6115000 | PA      | $6281468.65   | 0.40%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                  | ZF North America Capital Inc                                                     | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2563000 | PA      | $2573121.29   | 0.16%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP              | CI Financial Corp                                                                | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |   2592000 | PA      | $2736122.85   | 0.17%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1584000 | PA      | $1560927.46   | 0.10%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CROWN CORK & SEAL CO INC       | Crown Cork & Seal Co Inc                                                         | CUSIP: 228255AH8<br>LEI: 7HLDMDH0ZXNUH6PT7Z42 | Long             | DBT              | CORP              | US        |   2096000 | PA      | $2178810.86   | 0.14%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL               | MGM Resorts International                                                        | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   3121000 | PA      | $3176478.24   | 0.20%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC       | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd        | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2598187 | PA      | $2603219.49   | 0.16%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP            | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2793000 | PA      | $2773266.90   | 0.17%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3058000 | PA      | $3125517.58   | 0.20%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                                     | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   1476000 | PA      | $1494762.91   | 0.09%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN       | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12407000 | PA      | $12484605.79  | 0.79%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1728000 | PA      | $1727687.06   | 0.11%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                  | CommScope LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   4136000 | PA      | $4043077.36   | 0.25%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION       | Consensus Cloud Solutions Inc                                                    | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2096000 | PA      | $2087115.68   | 0.13%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI       | Consolidated Communications Inc                                                  | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   6811000 | PA      | $6949148.88   | 0.44%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                         | CUSIP: 345397C50<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3445000 | PA      | $3477665.42   | 0.22%             | 2026-03-06      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC          | GFL Environmental Inc                                                            | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   1914000 | PA      | $1857843.99   | 0.12%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2111000 | PA      | $2205957.72   | 0.14%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH           | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   1784000 | PA      | $1832298.23   | 0.12%             | 2030-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   2441000 | PA      | $2423465.32   | 0.15%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE        | Global Medical Response Inc                                                      | CUSIP: 00169QAG4<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |     49715 | PA      | $49846.12     | 0.00%             | 2028-10-02      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION       | Consensus Cloud Solutions Inc                                                    | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5001000 | PA      | $4979120.63   | 0.31%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT VACATION WORLDW       | Marriott Vacations Worldwide Corp                                                | CUSIP: 57164YAF4<br>LEI: 549300WA6BT5H4F7IO94 | Long             | DBT              | CORP              | US        |   3334000 | PA      | $3112289.00   | 0.20%             | 2027-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2292000 | PA      | $2437048.17   | 0.15%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   4189000 | PA      | $4451243.97   | 0.28%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI       | PetSmart Inc / PetSmart Finance Corp                                             | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1653627.57   | 0.10%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1444000 | PA      | $1492119.86   | 0.09%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD          | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   2262000 | PA      | $2365531.74   | 0.15%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC              | INEOS Finance PLC                                                                | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   1072000 | PA      | $1075561.18   | 0.07%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC       | Allison Transmission Inc                                                         | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   7496000 | PA      | $7432508.95   | 0.47%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN       | Allwyn Entertainment Financing UK PLC                                            | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |   7666000 | PA      | $8003984.36   | 0.50%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                 | Bombardier Inc                                                                   | CUSIP: 097751BV2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   2344000 | PA      | $2350370.99   | 0.15%             | 2026-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI       | Charles River Laboratories International Inc                                     | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |   3171000 | PA      | $3079021.66   | 0.19%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN       | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1553000 | PA      | $1616031.61   | 0.10%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC         | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   5682000 | PA      | $5894821.58   | 0.37%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                      | Block Inc                                                                        | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   3801000 | PA      | $3723870.11   | 0.23%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC              | Triumph Group Inc                                                                | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |   6719000 | PA      | $7025823.14   | 0.44%             | 2028-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC               | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2026000 | PA      | $2030008.38   | 0.13%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   2609000 | PA      | $2534800.30   | 0.16%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   5304000 | PA      | $5312375.02   | 0.33%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   5052000 | PA      | $5049151.38   | 0.32%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3212721.28   | 0.20%             | 2025-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC       | Virgin Media Bristol LLC                                                         | CUSIP: N/A<br>LEI: 213800IQ982XX69LE276       | Long             | LON              | CORP              | US        |   5438443 | PA      | $5376145.51   | 0.34%             | 2028-01-31      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR RENTAL LLC     | Avis Budget Car Rental LLC                                                       | CUSIP: 05377JAR3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |   4759370 | PA      | $4726649.75   | 0.30%             | 2027-08-06      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC         | AthenaHealth Group Inc                                                           | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |   2983053 | PA      | $2983426.31   | 0.19%             | 2029-02-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| CIRQUE DU SOLEIL HOLDING       | Cirque Du Soleil Holding USA Newco Inc                                           | CUSIP: 17276YAJ5<br>LEI: 5493008BEUGNEZWEQK62 | Long             | LON              | CORP              | US        |   2631119 | PA      | $2567525.24   | 0.16%             | 2030-03-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                      | Esab Corp                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |   1656000 | PA      | $1697583.82   | 0.11%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1826000 | PA      | $1778732.16   | 0.11%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2909000 | PA      | $2987132.83   | 0.19%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION       | Hess Midstream Operations LP                                                     | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3178612.03   | 0.20%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG          | Illuminate Buyer LLC / Illuminate Holdings IV Inc                                | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3387000 | PA      | $3405916.40   | 0.21%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                      | IQVIA Inc                                                                        | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |  10696000 | PA      | $10666829.87  | 0.67%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1274000 | PA      | $1252569.28   | 0.08%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN       | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   5931000 | PA      | $5871087.41   | 0.37%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                | Madison IAQ LLC                                                                  | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   6561000 | PA      | $6378613.39   | 0.40%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC         | Match Group Holdings II LLC                                                      | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   8040000 | PA      | $8001683.77   | 0.50%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENSONO INC                     | Ensono Inc                                                                       | CUSIP: 29359DAB3<br>LEI: 5493003GTMBHX0VZAW67 | Long             | LON              | CORP              | US        |   2249351 | PA      | $2253715.20   | 0.14%             | 2028-05-30      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| LS GROUP OPCO ACQUISITIO       | LS Group OpCo Acquistion LLC                                                     | CUSIP: 50220KAD6<br>LEI: 549300GJM1TKHPYFPF83 | Long             | LON              | CORP              | US        |    315186 | PA      | $315285.10    | 0.02%             | 2031-04-23      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-24

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President