# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001049169-25-000120
**Filing Date:** 2025-8
**Character Count:** 202362
**Document Hash:** 132f8875886bd61b8a35b4a7902f120b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000120.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001049169-25-000120

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS Series Trust
- **CENTRAL INDEX KEY:** 0001558107

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22747
- **FILM NUMBER:** 251262333

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
- **BUSINESS PHONE:** 303.623.2577

**MAIL ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203

## Series and Classes Contracts Data

### Brigade High Income Fund (Series ID: S000079888)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000241324 | Founders Class      | BHIMX           |
| C000241325 | Institutional Class | BHIIX           |

## Nport-Ex

**BRIGADE HIGH INCOME FUND**

**SCHEDULE OF INVESTMENTS**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS (1.58%)** |  |  |
| ***Communications (0.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Beasley Broadcast Group, Inc.<sup>(a)(b)(c)(d)</sup> | 2640 | $9313 |
| &nbsp;&nbsp;&nbsp;XPLORE INC/STONEPEAK FALCON<sup>(a)(b)(d)</sup> | 71771 | 851185 |
| ***Total Communications*** |  | 860498 |
| ***Consumer, Cyclical (0.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Libbey Glass Inc.<sup>(b)(d)</sup> | 166360 | 831800 |
| ***Consumer, Non-cyclical (1.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aquity Holdings Inc.<sup>(a)(b)(d)</sup> | 122254 | 18662 |
| &nbsp;&nbsp;&nbsp;Envision Healthcare Corp.<sup>(b)(d)</sup> | 481845 | 7649290 |
| ***Total Consumer, Non-cyclical*** |  | 7667952 |
| ***Technology (0.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Applogic<sup>(b)(c)(d)</sup> | 212291 | 721789 |
| &nbsp;&nbsp;&nbsp;Avaya Holdings Corp.<sup>(a)(b)(c)(d)</sup> | 48689 | 846702 |
| &nbsp;&nbsp;&nbsp;Matrix Parent, Inc.<sup>(b)(d)</sup> | 88734 | 1158866 |
| ***Total Technology*** |  | 2727357 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $9,903,665)** |  | 12087607 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| **BANK LOANS (35.96%)** |  |  |  |  |
| ***Basic Materials (1.48%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC<sup>(e)</sup> | 1M SOFR + 2.75% | 8/19/2030 | $2311441 | $2306240 |
| &nbsp;&nbsp;&nbsp;Domtar Corp.<sup>(e)</sup> | 1M SOFR + 5.50%, 0.75% Floor | 11/30/2028 | 485433 | 450695 |
| &nbsp;&nbsp;&nbsp;Spectrum Group Buyer, Inc.<sup>(e)</sup> | 3M SOFR + 6.50%, 0.75% Floor | 5/19/2028 | 2445660 | 2078811 |
| &nbsp;&nbsp;&nbsp;TPC Group<sup>(e)</sup> | 6M SOFR + 6.00% | 11/22/2031 | 4047556 | 3885654 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc.<sup>(e)</sup> | 3M SOFR + 4.25%, 0.50% Floor | 4/23/2029 | 2956304 | 2575266 |
| ***Total Basic Materials*** |  |  |  | 11296666 |
| ***Communications (3.28%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BL_CORAL-US_TL1_B7<sup>(e)</sup> | 3M SOFR + 3.25% | 1/30/2032 | 1500000 | 1481715 |
| &nbsp;&nbsp;&nbsp;Cox Media Group TL<sup>(e)</sup> | 3M SOFR + 3.50% | 6/18/2029 | 5800294 | 5605346 |
| &nbsp;&nbsp;&nbsp;Hubbard Radio LLC<sup>(e)</sup> | 1M SOFR + 4.33%, 1.00% Floor | 9/30/2027 | 2830152 | 1599036 |
| &nbsp;&nbsp;&nbsp;Plusgrade, Inc.<sup>(e)</sup> | 3M SOFR + 3.50% | 3/3/2031 | 2155179 | 2139015 |
| &nbsp;&nbsp;&nbsp;StubHub Holdco Sub LLC<sup>(e)</sup> | 1M SOFR + 4.75% | 3/12/2030 | 2365467 | 2290553 |
| &nbsp;&nbsp;&nbsp;Syniverse Holdings LLC<sup>(e)</sup> | 3M SOFR + 7.00%, 0.50% Floor | 5/13/2027 | 5464732 | 5161877 |
| &nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC<sup>(e)</sup> | 1M SOFR + 2.50% | 1/31/2028 | 2000000 | 1972300 |
| &nbsp;&nbsp;&nbsp;Xplore TL<sup>(e)</sup> | 1M SOFR + 5.00% | 10/24/2029 | 381154 | 360190 |
| &nbsp;&nbsp;&nbsp;Xplore TL<sup>(e)</sup> | 1M SOFR + 1.50% | 10/24/2031 | 1273096 | 939965 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(c)(d)(e)</sup> | 1M SOFR + 3.00% | 3/9/2027 | 3711222 | 3522692 |
| ***Total Communications*** |  |  |  | 25072689 |
| ***Consumer, Cyclical (9.32%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alterra Mountain<sup>(e)</sup> | 1M SOFR + 2.75% | 5/2/2028 | 2064724 | 2072466 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 7.00%, 2.00% Floor | 1/4/2029 | 2837888 | 2862719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;Century Casinos, Inc.<sup>(e)</sup> | 1M SOFR + 6.00%, 0.75% Floor | 4/2/2029 | 3019360 | 2654018 |
| &nbsp;&nbsp;&nbsp;Delivery Hero<sup>(e)</sup> | 3M SOFR + 5.00% | 12/12/2029 | 1975621 | 1989214 |
| &nbsp;&nbsp;&nbsp;DS Parents, INC.<sup>(e)</sup> | 3M SOFR + 5.50% | 12/13/2030 | 2875950 | 2570380 |
| &nbsp;&nbsp;&nbsp;ECL Entertainment LLC<sup>(e)</sup> | 1M SOFR + 3.50%, 0.75% Floor | 8/16/2030 | 3024104 | 3020323 |
| &nbsp;&nbsp;&nbsp;Gabe's DDTL<sup>(a)(d)(e)(f)</sup> | 3M SOFR + 7.00% | 10/26/2028 | 756161 | 283560 |
| &nbsp;&nbsp;&nbsp;Gabe's TL<sup>(a)(d)(e)</sup> | 3M SOFR + 7.00% | 10/26/2028 | 264799 | 264799 |
| &nbsp;&nbsp;&nbsp;Gategroup TL B<sup>(e)</sup> | 1M SOFR + 4.25% | 5/28/2032 | 2286295 | 2290593 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.<sup>(e)</sup> | 1M SOFR + 2.75% | 3/8/2032 | 1920188 | 1923394 |
| &nbsp;&nbsp;&nbsp;Harrah's Oklahoma TL<sup>(e)</sup> | 1M SOFR + 9.00%, 2.00% Floor | 10/10/2030 | 2403094 | 2391079 |
| &nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC<sup>(c)(d)(e)</sup> | 1M SOFR + 3.50%, 0.75% Floor | 4/26/2030 | 1707782 | 1686042 |
| &nbsp;&nbsp;&nbsp;Jack Entertainment<sup>(e)</sup> | 1M SOFR + 4.00% | 1/27/2032 | 2598488 | 2575751 |
| &nbsp;&nbsp;&nbsp;Libbey Glass LLC<sup>(e)</sup> | 3M SOFR + 6.50%, 0.75% Floor | 11/22/2027 | 1775007 | 1708444 |
| &nbsp;&nbsp;&nbsp;Mad Engine Global LLC<sup>(e)</sup> | 3M SOFR + 7.00%, 1.00% Floor | 7/15/2027 | 2238141 | 1932254 |
| &nbsp;&nbsp;&nbsp;Mountaineer Merger Corp.<sup>(d)(e)(g)</sup> | 6M SOFR + 0.00%, 0.75% Floor | 10/26/2028 | 2726907 | 1363454 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness<sup>(e)</sup> | 3M SOFR + 3.25%, 0.75% Floor | 3/6/2028 | 2617717 | 2405734 |
| &nbsp;&nbsp;&nbsp;PetSmart<sup>(e)</sup> | 1M SOFR + 3.75% | 2/14/2028 | 2023005 | 1998142 |
| &nbsp;&nbsp;&nbsp;Regal Cineworld TL<sup>(e)</sup> | 1M SOFR + 5.25% | 10/31/2031 | 2488763 | 2485652 |
| &nbsp;&nbsp;&nbsp;Restoration Hardware Inc.<sup>(e)</sup> | 1M SOFR + 2.50%, 0.50% Floor | 10/20/2028 | 2999562 | 2910595 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC<sup>(e)</sup> | 1M SOFR + 5.00%, 0.50% Floor | 3/11/2028 | 1744156 | 1705645 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 3.50%, 0.50% Floor | 12/17/2027 | 953356 | 934966 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 4.25%, 0.50% Floor | 6/30/2028 | 87501 | 86101 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e)</sup> | 1M SOFR + 6.00%, 0.50% Floor | 11/15/2029 | 1521414 | 1514567 |
| &nbsp;&nbsp;&nbsp;Sizzling Platter DD<sup>(e)(f)</sup> | 1M SOFR + 5.00% | 6/25/2032 | 629703 | 0 |
| &nbsp;&nbsp;&nbsp;SIZZLING PLATTER LLC TERM (06/25) 1LIEN USD<sup>(e)</sup> | 1M SOFR + 5.00% | 6/25/2032 | 7320297 | 7100688 |
| &nbsp;&nbsp;&nbsp;Socotec TL<sup>(e)</sup> | 1M SOFR + 4.00% | 6/2/2028 | 2970000 | 2972465 |
| &nbsp;&nbsp;&nbsp;Swissport<sup>(e)</sup> | 3M SOFR + 3.75% | 5/2/2028 | 1686263 | 1694694 |
| &nbsp;&nbsp;&nbsp;Travelport Finance Luxembourg Sarl<sup>(e)</sup> | 3M SOFR + 7.00%, 1.00% Floor | 9/29/2028 | 3156704 | 2420813 |
| &nbsp;&nbsp;&nbsp;US LBM TL<sup>(e)</sup> | 1M SOFR + 3.75% | 6/6/2031 | 2304399 | 2145971 |
| &nbsp;&nbsp;&nbsp;Veritiv TL<sup>(e)</sup> | 3M SOFR + 4.50% | 12/2/2030 | 2230090 | 2236223 |
| &nbsp;&nbsp;&nbsp;Vista Management Holding, Inc.<sup>(e)</sup> | 3M SOFR + 3.75% | 4/1/2031 | 2939758 | 2944667 |
| &nbsp;&nbsp;&nbsp;Warhorse Gaming, LLC<sup>(e)</sup> | 1M SOFR + 9.25% | 6/15/2028 | 3880191 | 4025698 |
| ***Total Consumer, Cyclical*** |  |  |  | 71171111 |
| ***Consumer, Non-cyclical (10.60%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphia<sup>(e)</sup> | 1M SOFR + 5.00% | 5/2/2028 | 2476412 | 2451920 |
| &nbsp;&nbsp;&nbsp;Bausch Health<sup>(e)</sup> | 1M SOFR + 6.25% | 10/8/2030 | 3981899 | 3831941 |
| &nbsp;&nbsp;&nbsp;Carestream Health, Inc.<sup>(e)</sup> | 3M SOFR + 7.50%, 1.00% Floor | 9/30/2027 | 8082350 | 3536028 |
| &nbsp;&nbsp;&nbsp;Celsius<sup>(e)</sup> | 3M SOFR + 3.00% | 4/1/2032 | 1855000 | 1863811 |
| &nbsp;&nbsp;&nbsp;Colosseum Dental Finance BV<sup>(e)</sup> | 3M SOFR + 3.75% | 2/25/2032 | 1960565 | 2306568 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals<sup>(e)</sup> | 1M SOFR + 2.25% | 5/2/2028 | 2306696 | 2315554 |
| &nbsp;&nbsp;&nbsp;LGC Group<sup>(e)</sup> | 1M SOFR + 4.00% | 1/31/2030 | 2288875 | 2294597 |
| &nbsp;&nbsp;&nbsp;LifeScan Global Corp.<sup>(c)(d)(e)</sup> | 3M SOFR + 6.50% | 12/31/2026 | 8636583 | 5613779 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP<sup>(e)(h)</sup> | 1M SOFR + 2.25%, 0.50% Floor | 10/23/2028 | 1151860 | 1152425 |
| &nbsp;&nbsp;&nbsp;MODIVCARE<sup>(e)</sup> | 3M SOFR + 4.75% | 6/20/2031 | 2810801 | 2042525 |
| &nbsp;&nbsp;&nbsp;ModivCare Add-On<sup>(e)</sup> | 3M SOFR + 7.50% | 12/31/2049 | 1516177 | 1146230 |
| &nbsp;&nbsp;&nbsp;Naked Juice TL<sup>(e)</sup> | 3M SOFR + 3.25% | 1/24/2029 | 5522405 | 4381090 |
| &nbsp;&nbsp;&nbsp;Naked Juice TL<sup>(e)</sup> | 3M SOFR + 5.50% | 1/24/2029 | 1503885 | 1488094 |
| &nbsp;&nbsp;&nbsp;Nutrisystem TL<sup>(e)</sup> | 1M SOFR + 5.00% | 4/19/2030 | 4064527 | 4034043 |
| &nbsp;&nbsp;&nbsp;Nutrisystem TL<sup>(e)</sup> | 1M SOFR + 5.25% | 10/19/2030 | 5747149 | 4762950 |
| &nbsp;&nbsp;&nbsp;Opal US LLC<sup>(e)</sup> | 6M SOFR + 3.25% | 4/23/2032 | 3990000 | 4003726 |
| &nbsp;&nbsp;&nbsp;Pluto Acquisition I, Inc.<sup>(e)</sup> | 3M SOFR + 4.00% | 9/20/2028 | 6439404 | 5602281 |
| &nbsp;&nbsp;&nbsp;Radiology Partners<sup>(e)(h)</sup> | 3M SOFR + 5.00% | 1/31/2029 | 737997 | 736566 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(e)</sup> | 1M SOFR + 4.50% | 6/30/2032 | 9538846 | 9455381 |
| &nbsp;&nbsp;&nbsp;RXB Holdings, Inc.<sup>(e)</sup> | 1M SOFR + 4.50%, 0.75% Floor | 12/20/2027 | 2735751 | 2723796 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 5.25%, 1.00% Floor | 2/2/2027 | 8952795 | 8895407 |
| &nbsp;&nbsp;&nbsp;Two Kings Casino TL<sup>(e)</sup> | 1M SOFR + 5.00% | 12/12/2031 | 2425000 | 2450268 |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises<sup>(e)</sup> | 3M SOFR + 4.50% | 10/7/2031 | 76666 | 76858 |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises TL<sup>(e)</sup> | 3M SOFR + 4.50% | 10/7/2031 | 1678228 | 1682424 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;Vaco Holdings TL B<sup>(e)</sup> | 3M SOFR + 5.00% | 1/22/2029 | 2353373 | 2152160 |
| ***Total Consumer, Non-cyclical*** |  |  |  | 81000422 |
| ***Energy (2.03%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodnight<sup>(e)</sup> | 1M SOFR + 4.50% | 5/23/2029 | 2193396 | 2193396 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I TL B<sup>(e)</sup> | 1M SOFR + 2.25% | 2/5/2030 | 3156654 | 3156654 |
| &nbsp;&nbsp;&nbsp;IMTT<sup>(e)</sup> | 1M SOFR + 2.725%, 0.50% Floor | 5/2/2028 | 1975000 | 1976975 |
| &nbsp;&nbsp;&nbsp;Long Ridge Energy TL B<sup>(e)</sup> | 1M SOFR + 4.50% | 2/6/2032 | 2598488 | 2556262 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(e)</sup> | 3M SOFR + 5.50%, 0.75% Floor | 10/30/2028 | 2882883 | 1550357 |
| &nbsp;&nbsp;&nbsp;Spencer Spirit<sup>(e)</sup> | 1M SOFR + 4.75% | 6/25/2031 | 4163538 | 4121902 |
| ***Total Energy*** |  |  |  | 15555546 |
| ***Financials (2.91%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acrisure LLC<sup>(e)</sup> | 1M SOFR + 3.00% | 11/6/2030 | 5465137 | 5445626 |
| &nbsp;&nbsp;&nbsp;Altera TL B<sup>(e)</sup> | 1M SOFR + 3.00% | 6/21/2032 | 1500000 | 1498755 |
| &nbsp;&nbsp;&nbsp;Asurion<sup>(e)</sup> | 1M SOFR + 4.25% | 9/12/2030 | 5560363 | 5416127 |
| &nbsp;&nbsp;&nbsp;Equiniti/AST TL B<sup>(e)</sup> | 1M SOFR + 3.75% | 12/11/2028 | 2326672 | 2335979 |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd.<sup>(e)</sup> | 3M SOFR + 2.50%, 0.75% Floor | 6/20/2030 | 3174341 | 3183134 |
| &nbsp;&nbsp;&nbsp;OID-OL Intermediate I LLC<sup>(e)</sup> | 3M SOFR + 6.00% | 2/1/2029 | 220394 | 226455 |
| &nbsp;&nbsp;&nbsp;OID-OL Intermediate I LLC<sup>(e)</sup> | 3M SOFR + 4.25% | 2/1/2029 | 2294990 | 1913448 |
| &nbsp;&nbsp;&nbsp;WHP TL B<sup>(e)</sup> | 3M SOFR + 4.75% | 2/12/2032 | 2200000 | 2196788 |
| ***Total Financials*** |  |  |  | 22216312 |
| ***Industrials (1.65%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ACProducts Holdings, Inc.<sup>(e)</sup> | 3M SOFR + 4.25%, 0.50% Floor | 5/17/2028 | 2557374 | 1924424 |
| &nbsp;&nbsp;&nbsp;Apple Bidco LLC<sup>(e)</sup> | 1M SOFR + 2.50% | 9/22/2031 | 1974731 | 1969637 |
| &nbsp;&nbsp;&nbsp;Flynn Canada Ltd., TL<sup>(e)</sup> | 1M SOFR + 4.50% | 7/31/2028 | 3361842 | 3328224 |
| &nbsp;&nbsp;&nbsp;Leaf Home Solutions<sup>(e)</sup> | 1M SOFR + 4.75% | 2/20/2029 | 2050252 | 1871716 |
| &nbsp;&nbsp;&nbsp;LRS Holdings LLC<sup>(e)</sup> | 1M SOFR + 4.25%, 0.75% Floor | 8/31/2028 | 2940672 | 2874507 |
| &nbsp;&nbsp;&nbsp;Trinseo<sup>(e)</sup> | 3M SOFR + 2.50% | 12/12/2029 | 1486502 | 635271 |
| ***Total Industrials*** |  |  |  | 12603779 |
| ***Technology (4.69%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Applogic PIK EXIT<sup>(d)(e)(h)</sup> | 6M SOFR + 1.00% | 3/4/2030 | 2832816 | 2606191 |
| &nbsp;&nbsp;&nbsp;Avaya Inc.<sup>(c)(d)(e)(h)</sup> | 1M SOFR + 7.50% | 8/1/2028 | 7172857 | 5584571 |
| &nbsp;&nbsp;&nbsp;BCP V Everise Acquisition LLC<sup>(e)</sup> | 3M SOFR + 6.00% | 12/20/2029 | 2475156 | 1980125 |
| &nbsp;&nbsp;&nbsp;Bingo Holdings I LLC<sup>(e)</sup> | 1M SOFR + 4.75% | 6/14/2032 | 3150000 | 3098813 |
| &nbsp;&nbsp;&nbsp;Cision Second Out B-1<sup>(e)</sup> | 3M SOFR + 4.25% | 5/31/2030 | 2119495 | 1147177 |
| &nbsp;&nbsp;&nbsp;Cision Second Out B-1<sup>(e)</sup> | 1M SOFR + 4.50% | 5/31/2030 | 1558512 | 830687 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC First Out<sup>(e)</sup> | 3M SOFR + 6.75% | 7/27/2028 | 2813405 | 2346070 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Second Out<sup>(e)</sup> | 3M SOFR + 1.50% | 7/27/2028 | 5539395 | 2550892 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Third Out<sup>(e)</sup> | 3M SOFR + 1.50% | 7/27/2028 | 8851 | 2257 |
| &nbsp;&nbsp;&nbsp;Mavenir<sup>(a)(c)(d)(e)</sup> | 3M SOFR + 10.00% | 6/30/2025 | 769267 | 1135438 |
| &nbsp;&nbsp;&nbsp;Mavenir Bridge Facility<sup>(a)(c)(d)(e)</sup> | 3M SOFR + 10.00% | 6/30/2025 | 621588 | 917464 |
| &nbsp;&nbsp;&nbsp;Mavenir Bridge Facility DD<sup>(a)(c)(d)(e)</sup> | 3M SOFR + 10.00% | 6/30/2025 | 200082 | 295321 |
| &nbsp;&nbsp;&nbsp;Mavenir Systems, Inc.<sup>(a)(c)(d)(e)</sup> | 3M SOFR + 4.75%, 0.50% Floor | 6/30/2025 | 5129884 | 1903187 |
| &nbsp;&nbsp;&nbsp;Mavenir TL<sup>(a)(c)(d)(e)</sup> | 3M SOFR + 10.00% | 6/30/2025 | 859758 | 1269003 |
| &nbsp;&nbsp;&nbsp;Mobileum PIK EXIT<sup>(d)(e)(h)</sup> | 3M SOFR + 1.00% | 9/12/2029 | 3489892 | 3196148 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes TL B<sup>(e)</sup> | 1M SOFR + 3.50% | 1/23/2032 | 2493750 | 2486468 |
| &nbsp;&nbsp;&nbsp;Sandisk TL<sup>(e)</sup> | 1M SOFR + 3.00% | 12/15/2031 | 2620000 | 2603625 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies<sup>(e)</sup> | 1M SOFR + 2.00% | 5/9/2031 | 1924749 | 1933372 |
| ***Total Technology*** |  |  |  | 35886809 |
| **TOTAL BANK LOANS** |  |  |  |  |
| **(Cost 284,923,616)** |  |  |  | 274803334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| **CONVERTIBLE CORPORATE BOND (0.02%)** |  |  | | |
| ***Consumer, Cyclical (0.02%)*** |  |  | | |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 4.000% | 11/15/2029 | 270000 | 27057 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 3.750% | 2/15/2030 | 840000 | 78400 |
| ***Total Consumer, Cyclical*** |  |  |  | 105457 |
| **TOTAL CONVERTIBLE CORPORATE BOND** |  |  |  |  |
| **(Cost 356,947)** |  |  |  | 105457 |
| **CORPORATE BOND (58.96%)** |  |  |  |  |
| ***Basic Materials (6.05%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ASP Unifrax Holdings, Inc.<sup>(h)(i)</sup> | 7.100% | 9/30/2029 | 2078028 | 944371 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC<sup>(i)</sup> | 3.375% | 2/15/2029 | 3605000 | 3408096 |
| &nbsp;&nbsp;&nbsp;Baffinland Iron Mines Corp. / Baffinland Iron Mines LP<sup>(i)</sup> | 8.750% | 7/15/2026 | 4385000 | 4067946 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(i)</sup> | 7.000% | 3/15/2032 | 2210000 | 2084805 |
| &nbsp;&nbsp;&nbsp;Domtar Corp.<sup>(i)</sup> | 6.750% | 10/1/2028 | 6745000 | 6086351 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(i)</sup> | 8.625% | 6/1/2031 | 3615000 | 3748755 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(i)</sup> | 9.375% | 3/1/2029 | 270000 | 286335 |
| &nbsp;&nbsp;&nbsp;INEOS Finance PLC<sup>(i)</sup> | 7.500% | 4/15/2029 | 1830000 | 1834575 |
| &nbsp;&nbsp;&nbsp;Innophos Holdings, Inc.<sup>(i)</sup> | 11.500% | 6/15/2029 | 5408750 | 5462837 |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc.<sup>(i)</sup> | 6.250% | 3/15/2032 | 2915000 | 2901008 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd.<sup>(i)</sup> | 8.500% | 5/1/2030 | 3400000 | 3385869 |
| &nbsp;&nbsp;&nbsp;Rain Carbon, Inc.<sup>(i)</sup> | 12.250% | 9/1/2029 | 6145000 | 6589516 |
| &nbsp;&nbsp;&nbsp;Tronox, Inc.<sup>(i)</sup> | 4.625% | 3/15/2029 | 6290000 | 5422202 |
| ***Total Basic Materials*** |  |  |  | 46222666 |
| ***Communications (11.46%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Altice Financing SA<sup>(i)</sup> | 5.750% | 8/15/2029 | 2730000 | 1992302 |
| &nbsp;&nbsp;&nbsp;Altice France SA<sup>(i)</sup> | 5.500% | 10/15/2029 | 1435000 | 1191050 |
| &nbsp;&nbsp;&nbsp;Beasley Mezzanine Holdings LLC<sup>(i)</sup> | 9.200% | 8/1/2028 | 3026000 | 1078012 |
| &nbsp;&nbsp;&nbsp;C&W Senior Finance, Ltd.<sup>(i)</sup> | 9.000% | 1/15/2033 | 2005000 | 2050112 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc.<sup>(i)</sup> | 4.000% | 11/15/2030 | 3830000 | 3011338 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(i)</sup> | 4.500% | 8/15/2030 | 3215000 | 3064956 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(i)</sup> | 4.250% | 2/1/2031 | 2975000 | 2777906 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(i)</sup> | 4.250% | 1/15/2034 | 5960000 | 5304996 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(i)</sup> | 5.375% | 6/1/2029 | 1445000 | 1439581 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 6.550% | 6/1/2034 | 1560000 | 1663475 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(i)</sup> | 4.000% | 1/31/2030 | 3050000 | 2885709 |
| &nbsp;&nbsp;&nbsp;CMG Media Corp.<sup>(i)</sup> | 8.875% | 6/18/2029 | 4130000 | 3921150 |
| &nbsp;&nbsp;&nbsp;CommScope LLC<sup>(i)</sup> | 8.250% | 3/1/2027 | 1915000 | 1910320 |
| &nbsp;&nbsp;&nbsp;CommScope LLC<sup>(i)</sup> | 7.125% | 7/1/2028 | 595000 | 584409 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC<sup>(i)</sup> | 7.500% | 4/1/2028 | 915000 | 682188 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC<sup>(i)</sup> | 6.500% | 2/1/2029 | 1970000 | 1598866 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp. | 7.750% | 7/1/2026 | 450000 | 399778 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp.<sup>(i)</sup> | 5.250% | 12/1/2026 | 2425000 | 2200688 |
| &nbsp;&nbsp;&nbsp;Dish DBS Corp., Series WI | 5.125% | 6/1/2029 | 565000 | 377138 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(i)</sup> | 4.750% | 10/15/2030 | 2440000 | 1848300 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(i)</sup> | 10.500% | 7/15/2029 | 3325000 | 3572855 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.<sup>(i)</sup> | 5.375% | 11/15/2031 | 3560000 | 2652200 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc.<sup>(c)(d)(i)</sup> | 5.500% | 7/1/2027 | 4755000 | 4613444 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU<sup>(i)</sup> | 8.500% | 4/15/2031 | 2500000 | 2678227 |
| &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC<sup>(i)</sup> | 6.750% | 10/15/2027 | 2335000 | 1570288 |
| &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC<sup>(i)</sup> | 5.125% | 7/15/2029 | 1195000 | 702262 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 3.875% | 10/15/2030 | 2280000 | 1983294 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 3.625% | 1/15/2029 | 800000 | 684000 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 3.750% | 7/15/2029 | 735000 | 621294 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 4.875% | 6/15/2029 | 675000 | 630281 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.<sup>(i)</sup> | 4.500% | 4/1/2030 | 590000 | 533950 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(i)</sup> | 4.125% | 4/15/2030 | 423226 | 412328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(i)</sup> | 4.125% | 4/15/2029 | 423184 | 412216 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., Series U | 7.650% | 3/15/2042 | 1591000 | 1336440 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., Series P | 7.600% | 9/15/2039 | 2075000 | 1763802 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc.<sup>(i)</sup> | 5.750% | 8/1/2028 | 2800000 | 2814041 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc.<sup>(i)</sup> | 7.375% | 9/1/2031 | 800000 | 833000 |
| &nbsp;&nbsp;&nbsp;Paramount Global | 5.500% | 5/15/2033 | 3000000 | 2899021 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC<sup>(i)</sup> | 3.875% | 9/1/2031 | 4217000 | 3748702 |
| &nbsp;&nbsp;&nbsp;Spanish Broadcasting System, Inc.<sup>(i)</sup> | 9.750% | 3/1/2026 | 4390000 | 3051050 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc.<sup>(i)</sup> | 7.375% | 2/1/2028 | 7255000 | 4069524 |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(i)</sup> | 4.250% | 1/31/2031 | 2475000 | 2272978 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(c)(d)(i)</sup> | 4.000% | 3/1/2027 | 1455000 | 1365493 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc.<sup>(c)(d)(i)</sup> | 6.125% | 3/1/2028 | 2775000 | 2395103 |
| ***Total Communications*** |  |  |  | 87598067 |
| ***Consumer, Cyclical (7.66%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance, Inc.<sup>(i)</sup> | 4.375% | 1/15/2028 | 1500000 | 1470859 |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance, Inc.<sup>(i)</sup> | 3.875% | 1/15/2028 | 2500000 | 2434425 |
| &nbsp;&nbsp;&nbsp;Academy, Ltd.<sup>(i)</sup> | 6.000% | 11/15/2027 | 1750000 | 1754410 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc.<sup>(i)</sup> | 6.625% | 10/1/2030 | 2890000 | 2980990 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(i)</sup> | 7.000% | 2/15/2030 | 2455000 | 2539391 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(i)</sup> | 6.000% | 5/1/2029 | 3000000 | 3029062 |
| &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.<sup>(i)</sup> | 7.750% | 11/1/2026 | 2665000 | 2621694 |
| &nbsp;&nbsp;&nbsp;Genting New York LLC / GENNY Capital, Inc.<sup>(i)</sup> | 7.250% | 10/1/2029 | 2250000 | 2341500 |
| &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(i)</sup> | 4.000% | 5/1/2031 | 4005000 | 3765661 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC<sup>(i)</sup> | 6.250% | 1/15/2027 | 925000 | 935084 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC<sup>(i)</sup> | 5.250% | 1/15/2029 | 1440000 | 1427803 |
| &nbsp;&nbsp;&nbsp;Jacobs Entertainment, Inc.<sup>(i)</sup> | 6.750% | 2/15/2029 | 3970000 | 3833138 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 8.500% | 7/15/2029 | 4220000 | 533830 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC | 8.250% | 2/1/2030 | 665000 | 80332 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd.<sup>(i)</sup> | 5.375% | 12/4/2029 | 3740000 | 3513431 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC / RWLV Capital, Inc.<sup>(i)</sup> | 4.625% | 4/6/2031 | 2665000 | 2188631 |
| &nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC / RWLV Capital, Inc.<sup>(i)</sup> | 4.625% | 4/16/2029 | 125000 | 110726 |
| &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.<sup>(i)</sup> | 6.625% | 2/1/2033 | 2285000 | 2281287 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd.<sup>(i)</sup> | 5.625% | 9/30/2031 | 1770000 | 1783275 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.<sup>(i)</sup> | 10.750% | 11/15/2029 | 200000 | 205657 |
| &nbsp;&nbsp;&nbsp;Studio City Finance, Ltd.<sup>(i)</sup> | 5.000% | 1/15/2029 | 3530000 | 3238966 |
| &nbsp;&nbsp;&nbsp;SWF Holdings I Corp.<sup>(i)</sup> | 6.500% | 10/1/2029 | 930000 | 365954 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc.<sup>(i)</sup> | 4.375% | 4/15/2026 | 2570000 | 2552889 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.<sup>(i)</sup> | 4.625% | 7/15/2029 | 3045000 | 2839960 |
| &nbsp;&nbsp;&nbsp;Wynn Macau, Ltd.<sup>(i)</sup> | 5.125% | 12/15/2029 | 800000 | 768832 |
| &nbsp;&nbsp;&nbsp;Wynn Macau, Ltd.<sup>(i)</sup> | 5.625% | 8/26/2028 | 1845000 | 1813133 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(i)</sup> | 7.125% | 2/15/2031 | 2045000 | 2179192 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(i)</sup> | 6.250% | 3/15/2033 | 1360000 | 1368311 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 6.875% | 11/15/2037 | 2335000 | 2509120 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 3.625% | 3/15/2031 | 1135000 | 1047696 |
| ***Total Consumer, Cyclical*** |  |  |  | 58515239 |
| ***Consumer, Non-cyclical (10.87%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(i)</sup> | 7.375% | 3/15/2033 | 2500000 | 2594669 |
| &nbsp;&nbsp;&nbsp;Akumin, Inc.<sup>(i)</sup> | 8.000% | 8/1/2028 | 305000 | 275856 |
| &nbsp;&nbsp;&nbsp;Akumin, Inc.<sup>(h)(i)</sup> | 9.000% | 8/1/2027 | 8275000 | 7814703 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC<sup>(i)</sup> | 7.875% | 2/15/2031 | 1940000 | 2027855 |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(i)</sup> | 4.875% | 6/1/2028 | 1510000 | 1279151 |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(i)</sup> | 5.000% | 1/30/2028 | 880000 | 725794 |
| &nbsp;&nbsp;&nbsp;Bellis Acquisition Co. PLC<sup>(i)</sup> | 8.125% | 5/14/2030 | 1645000 | 2122756 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(i)</sup> | 3.750% | 3/15/2029 | 1600000 | 1501282 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(i)</sup> | 4.000% | 3/15/2031 | 615000 | 562817 |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(i)</sup> | 5.250% | 5/15/2030 | 3115000 | 2764562 |
| &nbsp;&nbsp;&nbsp;CPI CG, Inc.<sup>(i)</sup> | 10.000% | 7/15/2029 | 2105000 | 2236562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(i)</sup> | 3.750% | 2/15/2031 | 2485000 | 2259958 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(i)</sup> | 6.875% | 9/1/2032 | 630000 | 652675 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp.<sup>(i)</sup> | 8.125% | 9/15/2029 | 3170000 | 3274794 |
| &nbsp;&nbsp;&nbsp;Embecta Corp.<sup>(i)</sup> | 5.000% | 2/15/2030 | 310000 | 279977 |
| &nbsp;&nbsp;&nbsp;Embecta Corp.<sup>(i)</sup> | 6.750% | 2/15/2030 | 2590000 | 2494818 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc.<sup>(h)(i)</sup> | 9.500% | 10/31/2028 | 4978832 | 4977276 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP<sup>(i)</sup> | 3.875% | 4/1/2029 | 2150000 | 2062929 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(i)</sup> | 3.875% | 11/15/2030 | 2735000 | 2540034 |
| &nbsp;&nbsp;&nbsp;New Albertsons LP | 8.000% | 5/1/2031 | 2500000 | 2692161 |
| &nbsp;&nbsp;&nbsp;New Albertsons LP | 7.450% | 8/1/2029 | 4000000 | 4250500 |
| &nbsp;&nbsp;&nbsp;Nidda Healthcare Holding GmbH<sup>(e)(i)</sup> | 3M EUR L + 3.75% | 10/23/2030 | 2660000 | 3138069 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co., Series USD | 6.125% | 9/30/2032 | 2400000 | 2423712 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 6.875% | 5/15/2034 | 2130000 | 2339773 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(i)</sup> | 6.250% | 2/15/2032 | 1855000 | 1907899 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(h)(i)</sup> | 9.781% | 2/15/2030 | 4550453 | 4500967 |
| &nbsp;&nbsp;&nbsp;Radiology Partners, Inc.<sup>(i)</sup> | 8.500% | 7/15/2032 | 3635000 | 3635000 |
| &nbsp;&nbsp;&nbsp;Raven Acquisition Holdings LLC<sup>(i)</sup> | 6.875% | 11/15/2031 | 1980000 | 1986188 |
| &nbsp;&nbsp;&nbsp;StoneMor, Inc.<sup>(i)</sup> | 8.500% | 5/15/2029 | 3430000 | 3165241 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.<sup>(h)(i)</sup> | 13.500% | 6/30/2028 | 3065172 | 3325712 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.625% | 6/15/2028 | 4770000 | 4710423 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. | 4.000% | 7/15/2030 | 2700000 | 2577061 |
| ***Total Consumer, Non-cyclical*** |  |  |  | 83101174 |
| ***Energy (7.01%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Partners LP / Antero Midstream Finance Corp.<sup>(i)</sup> | 5.375% | 6/15/2029 | 2060000 | 2043113 |
| &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp.<sup>(i)</sup> | 6.625% | 7/15/2033 | 1875000 | 1900219 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp.<sup>(i)</sup> | 7.375% | 3/15/2032 | 3715000 | 3540856 |
| &nbsp;&nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(i)</sup> | 7.000% | 7/15/2029 | 1235000 | 1289155 |
| &nbsp;&nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(i)</sup> | 7.250% | 7/15/2032 | 960000 | 1016956 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.<sup>(i)</sup> | 8.625% | 11/1/2030 | 2890000 | 2933973 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 8.875% | 4/15/2030 | 1030000 | 1093495 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 8.000% | 5/15/2033 | 4590000 | 4798414 |
| &nbsp;&nbsp;&nbsp;Greenfire Resources, Ltd.<sup>(i)</sup> | 12.000% | 10/1/2028 | 2955000 | 3111738 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co.<sup>(i)</sup> | 7.250% | 2/15/2035 | 2655000 | 2595271 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(i)</sup> | 6.500% | 9/30/2026 | 2215000 | 1211605 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(i)</sup> | 8.750% | 3/15/2029 | 1875000 | 646406 |
| &nbsp;&nbsp;&nbsp;NFE Financing LLC<sup>(i)</sup> | 12.000% | 11/15/2029 | 2320000 | 1100535 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 1900000 | 1967923 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 5.375% | 6/1/2029 | 970000 | 985929 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc.<sup>(i)</sup> | 6.500% | 9/1/2030 | 1260000 | 1334802 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 5.600% | 4/1/2044 | 1015000 | 924225 |
| &nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC<sup>(i)</sup> | 6.750% | 3/15/2033 | 2000000 | 2085000 |
| &nbsp;&nbsp;&nbsp;Shelf Drilling Holdings, Ltd.<sup>(i)</sup> | 9.625% | 4/15/2029 | 2756000 | 2225720 |
| &nbsp;&nbsp;&nbsp;Sunoco LP<sup>(i)</sup> | 6.250% | 7/1/2033 | 2500000 | 2540300 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc. | 7.500% | 4/15/2031 | 1795000 | 1470051 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc.<sup>(i)</sup> | 8.000% | 2/1/2027 | 829000 | 817021 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc.<sup>(i)</sup> | 8.750% | 2/15/2030 | 1980000 | 2037239 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.<sup>(i)</sup> | 8.375% | 4/30/2030 | 3100000 | 3179205 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(i)</sup> | 4.125% | 8/15/2031 | 3635000 | 3368718 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(i)</sup> | 3.875% | 11/1/2033 | 1490000 | 1301888 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.<sup>(i)</sup> | 8.375% | 6/1/2031 | 1940000 | 2015175 |
| ***Total Energy*** |  |  |  | 53534932 |
| ***Financials (11.34%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc.<sup>(i)</sup> | 4.625% | 6/15/2029 | 3670000 | 3483411 |
| &nbsp;&nbsp;&nbsp;Barclays PLC<sup>(e)(j)</sup> | 9.625% | 12/31/2049 | 3380000 | 3744702 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 4.375% | 3/1/2031 | 7300000 | 6149306 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 4.750% | 2/15/2028 | 655000 | 606546 |
| &nbsp;&nbsp;&nbsp;Finance of America Funding LLC<sup>(i)</sup> | 7.875% | 11/30/2026 | 1937142 | 1759894 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;Finance of America Funding LLC<sup>(i)</sup> | 10.000% | 11/30/2029 | 1452000 | 1701744 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp.<sup>(c)(d)(i)</sup> | 7.625% | 5/1/2026 | 500000 | 499565 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp.<sup>(c)(d)(i)</sup> | 6.625% | 1/15/2027 | 2310000 | 2316329 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp.<sup>(c)(d)(i)</sup> | 12.000% | 10/1/2028 | 1620000 | 1741445 |
| &nbsp;&nbsp;&nbsp;Genworth Holdings, Inc.<sup>(e)</sup> | 3M CME TERM SOFR + 2.26% | 11/15/2036 | 2000000 | 1713780 |
| &nbsp;&nbsp;&nbsp;Genworth Holdings, Inc. | 6.500% | 6/15/2034 | 1500000 | 1491450 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 9.000% | 6/15/2030 | 5235000 | 4881637 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp.<sup>(i)</sup> | 10.000% | 11/15/2029 | 715000 | 707850 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA<sup>(e)(i)</sup> | 1Y US TI + 2.75% | 6/1/2042 | 4250000 | 3440905 |
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC / JFIN Co.-Issuer Corp.<sup>(i)</sup> | 6.625% | 10/15/2031 | 2415000 | 2406681 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.<sup>(i)</sup> | 4.250% | 2/1/2027 | 1890000 | 1863107 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.<sup>(i)</sup> | 4.750% | 6/15/2029 | 1380000 | 1343342 |
| &nbsp;&nbsp;&nbsp;LD Holdings Group LLC<sup>(i)</sup> | 8.750% | 11/1/2027 | 1336000 | 1216363 |
| &nbsp;&nbsp;&nbsp;LD Holdings Group LLC<sup>(i)</sup> | 6.125% | 4/1/2028 | 3580000 | 2936800 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC<sup>(e)(j)</sup> | 7.500% | 12/31/2049 | 3670000 | 3683135 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(i)</sup> | 6.500% | 5/1/2028 | 2350000 | 2325135 |
| &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust<sup>(i)</sup> | 5.625% | 1/15/2030 | 2235000 | 2070169 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 5.625% | 8/1/2033 | 2110000 | 1937715 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 5.500% | 3/15/2029 | 805000 | 788552 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 7.500% | 5/15/2031 | 2810000 | 2934792 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 7.125% | 11/15/2031 | 735000 | 764335 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 5.375% | 11/15/2029 | 2115000 | 2081329 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.<sup>(i)</sup> | 7.875% | 12/15/2029 | 410000 | 435411 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.<sup>(i)</sup> | 4.250% | 2/15/2029 | 2890000 | 2775882 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.<sup>(i)</sup> | 5.750% | 9/15/2031 | 2500000 | 2451879 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.<sup>(i)</sup> | 6.375% | 8/1/2033 | 2170000 | 2220886 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 4.950% | 10/1/2029 | 485000 | 423162 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 4.375% | 2/15/2030 | 3880000 | 3266960 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 5.500% | 12/15/2027 | 1080000 | 1071519 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust<sup>(i)</sup> | 8.625% | 11/15/2031 | 1490000 | 1599441 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.<sup>(i)</sup> | 3.625% | 7/15/2026 | 4335000 | 4261002 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA<sup>(e)(i)</sup> | US SWAP + 3.703% | 6/19/2032 | 2500000 | 2520450 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC<sup>(i)</sup> | 6.000% | 1/15/2030 | 935000 | 875450 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<sup>(i)</sup> | 10.500% | 2/15/2028 | 1247000 | 1318703 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC<sup>(i)</sup> | 6.500% | 2/15/2029 | 880000 | 851978 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc.<sup>(i)</sup> | 6.625% | 4/1/2033 | 1975000 | 2030940 |
| ***Total Financials*** |  |  |  | 86693682 |
| ***Industrials (2.50%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 3.125% | 9/15/2031 | 2900000 | 2603598 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(i)</sup> | 6.375% | 3/1/2034 | 2050000 | 2088437 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(i)</sup> | 5.000% | 12/15/2029 | 3045000 | 2992230 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC<sup>(i)</sup> | 6.750% | 4/1/2032 | 2170000 | 2224311 |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC<sup>(i)</sup> | 8.875% | 11/15/2031 | 2000000 | 2095000 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc.<sup>(i)</sup> | 7.125% | 12/1/2031 | 5050000 | 5296240 |
| &nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV<sup>(i)</sup> | 8.250% | 7/15/2030 | 1730000 | 1829475 |
| ***Total Industrials*** |  |  |  | 19129291 |
| ***Technology (0.99%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc.<sup>(i)</sup> | 9.000% | 9/30/2029 | 335000 | 347179 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc.<sup>(i)</sup> | 8.250% | 6/30/2032 | 1690000 | 1798245 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc.<sup>(i)</sup> | 9.250% | 6/1/2030 | 2465000 | 2520734 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<sup>(i)</sup> | 6.875% | 3/15/2027 | 1190000 | 1200829 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity Date** | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<sup>(i)</sup> | 7.250% | 3/15/2029 | 1660000 | 1684547 |
| ***Total Technology*** |  |  |  | 7551534 |
| ***Utilities (1.08%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Calpine Corp.<sup>(i)</sup> | 4.625% | 2/1/2029 | 1770000 | 1747061 |
| &nbsp;&nbsp;&nbsp;Edison International, Series A<sup>(e)(j)</sup> | 5Y US TI + 4.698% | 12/31/2049 | 2460000 | 2315370 |
| &nbsp;&nbsp;&nbsp;Vistra Corp.<sup>(e)(i)(j)</sup> | 5Y US TI + 5.74% | 12/31/2049 | 3400000 | 3441637 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC<sup>(i)</sup> | 5.625% | 2/15/2027 | 725000 | 724987 |
| ***Total Utilities*** |  |  |  | 8229055 |
| **TOTAL CORPORATE BOND** |  |  |  |  |
| **(Cost 441,152,814)** |  |  |  | 450575640 |
| **RIGHT (0.00%)** |  |  |  |  |
| ***Technology (0.00%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;XPLORE CVR, Strike Price: $–<sup>(a)(d)</sup> |  | 12/31/2049 | $5390 | $0 |
| **TOTAL RIGHT** |  |  |  |  |
| **(Cost $393)** |  |  |  | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (*6.34%*)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Premier Class | 4.263% | 48468668 | $48468668 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $48,468,668)** |  |  | 48468668 |
| **TOTAL INVESTMENTS (102.86%)** |  |  |  |
| **(Cost $784,806,103)** |  |  | $786040706 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.86%)** |  |  | (21838969) |
| **NET ASSETS (100.00%)** |  |  | $764201737 |

---

*<sup>(a)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. Additional information on Level 3 assets can be found in Note 2. Significant Accounting Policies in the Notes to Portfolio of Investments section.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *Security deemed to be restricted as of June 30, 2025. As of June 30, 2025, the fair value of restricted securities in the aggregate was $36,436,680 representing 4.77% of the Fund's net assets. Additional information on restricted securities can be found in Note 2. Significant Accounting Policies in the Notes to Financial Statements section.*

*<sup>(d)</sup>* *Security deemed to be illiquid under the procedures utilized by the valuation designee. As of June 30, 2025, the fair value of illiquid securities in the aggregate was $54,660,635, representing 7.15% of the Fund's net assets.*

*<sup>(e)</sup>* *Floating or variable rate security. The reference rate is described below. The rate in effect as of June 30, 2025 is based on the reference rate plus the displayed spread as of the securities last reset date.*

*<sup>(f)</sup>* *The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market. At June 30, 2025, the Fund had unfunded commitments shown below:*

---

| | |
|:---|:---|
| ***Investment*** | ***As of June 30, 2025*** |
| *Gabe's DDTL* | $*472601* |
| *Sizzling Platter DD* | *629703* |
| ***Total*** | $*1102304* |

---

*<sup>(g)</sup>* *Security is currently in default.*

*<sup>(h)</sup>* *Payment in-kind.*

*<sup>(i)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the fair value of securities restricted under Rule 144A in the aggregate was $367,273,453, representing 48.06% of net assets.*

*<sup>(j)</sup>* *Security is a perpetual bond.*

**Investment Abbreviations:**

SOFR - Standard Overnight Financing Rate

**Rates:**

3M EUR L - 3 Month EURIOBOR as of June 30, 2025 was 1.94%

1M SOFR - 1 Month SOFR as of June 30, 2025 was 4.32%

3M SOFR - 3 Month SOFR as of June 30, 2025 was 4.34%

6M SOFR - 6 Month SOFR as of June 30, 2025 was 4.37%

1Y US TI - 1 Year US Treasury Index as of June 30, 2025 was 3.96%

5Y US TI - 5 Year US Treasury Index as of June 30, 2025 was 3.79%

3M CME SOFR - 3 Month CME SOFR as of June 30, 2025 was 4.29%

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indices or ratings group indices, and/or as defined by Fund's management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of the Fund's net assets. (Unaudited)*

**<u>DERIVATIVE INSTRUMENTS</u>**

**CREDIT DEFAULT SWAP CONTRACTS - BUY PROTECTION (OVER THE COUNTER)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligations** | **Fixed Deal <br> Receive<br> Rate** | **Currency** | **Maturity Date** | **Implied<br> Credit Spread<br> at June 30,<br> 2025** **<sup>(a)</sup>** | **Notional<br> Amount** **<sup>(b)</sup>** | **Value** | **Upfront<br> Premiums<br> Received/(Paid)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Markit NA High Yield Index, Series 44 ICE | 5.00% | USD | 6/20/30 | 3.19% | $30900000 | $(2316922) | $1692325 | $(624597) |
|  |  |  |  |  |  | $(2316922) | $1692325 | $(624597) |

---

*Credit default swaps pay quarterly.*

*<sup>(a)</sup>* *Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.*

*<sup>(b)</sup>* *The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.*

**OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Receiving<br> Currency** | **Receiving<br> Value** | **Delivering<br> Currency** | **Delivering<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| State Street | 09/18/25 | EUR | 28420 | USD | 28059 | $361 |
|  |  |  |  |  |  | $361 |
| State Street | 09/18/25 | USD | 2119554 | GBP | 2146553 | $(26999) |
| State Street | 09/18/25 | USD | 5363670 | EUR | 5526549 | (162879) |
| State Street | 09/18/25 | USD | 851004 | CAD | 854516 | (3512) |
|  |  |  |  |  |  | $(193390) |

---

*See Notes to Quarterly Portfolio of Investments.*

**Notes to Quarterly Portfolio of Investments**

**June 30, 2025 (Unaudited)**

**1. ORGANIZATION**

ALPS Series Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Brigade High Income Fund (the "Fund"). The Fund is diversified, and its investment objective is current income, with capital appreciation as a secondary objective. The Fund currently offers Founders Class shares that commenced operations on May 2, 2023 and Institutional Class shares that commenced operations on May 5, 2023. Each share class has identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. The Board of Trustees (the "Board" or "Trustees") may establish additional funds and classes of shares at any time in the future without shareholder approval.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies ("U.S. GAAP"). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

**Investment Valuation:** The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE), normally 4:00p.m. Eastern Time, on each day the NYSE is open.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable or otherwise not representative of market conditions at the time of the valuation determination, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security. High yield bonds and notes are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Loans are primarily valued by using a composite loan price from a nationally recognized loan pricing service. The methodology used by the Fund's nationally recognized loan pricing provider for composite loan prices is to value loans at the mean of the bid and ask prices from one or more third party pricing services or dealers.

For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day.

Money market funds, representing short-term investments, are valued at their Net Asset Value ("NAV").

When such prices or quotations are not available, or when the valuation designee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

**Cash & Cash Equivalents:** The Fund considers its investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high quality financial institution.

**Concentration of Credit Risk:** The Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the period, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities.

**Trust Expenses:** Some expenses of the Trust can be directly attributed to a fund in the Trust and are apportioned among classes based on average net assets of each class. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees' fees and expenses.

**I** **nvestment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date. All of the realized and unrealized gains and losses and net investment income are allocated daily to each class in proportion to its average daily net assets. Paydown gains and losses on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income in the Statement of Operations.

**Distributions to Shareholders:** The Fund normally pays dividends, if any, monthly, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. The Fund may make additional distributions and dividends at other times if its investment advisor has determined that doing so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

**Loan Assignments:** The Fund acquires loans via loan assignments. The Fund considers loans acquired via assignment to be investments in debt instruments. When the Fund purchases loans from lenders via assignment, the Fund will acquire direct rights against the borrower on the loan except that under certain circumstances such rights may be more limited than those held by the assigning lender. Loans and debt instruments are subject to credit risk. Credit risk relates to the ability of the borrower under such fixed income instruments to make interest and principal payments as they become due.

**Liquidity Risk:** Liquidity risk exists when particular investments are difficult to sell. The Fund may not be able to sell these investments at the best prices or at the value the Fund places on them. In such a market, the value of such investments, and as a result the Fund's share price, may fall dramatically, even during periods of declining interest rates. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for high yield securities in particular may be less liquid than higher quality fixed income securities, and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

**Currency Risk**. The Fund's investments that are denominated in a non-U.S. currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments.

**Derivatives Risk**. The Fund may invest in derivative securities for bona fide hedging purposes. A derivative security is a financial contract whose value is based on (or "derived from") a traditional security (such as a bond) or a market index. The use of futures, options, repurchase agreements and other derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and include leverage, volatility, liquidity, credit and tracking risks. Long options positions may expire worthless.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ALPS SERIES TRUST

- **b. Investment Company Act file number:** 811-22747

- **c. CIK number of Registrant:** 0001558107

- **d. LEI of Registrant:** 5493000QN25IZZPUSL66

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

  - **Street Address 1:** 1290 BROADWAY SUITE 1000

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 3036235277

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

- **a. Name of Series:** Brigade High Income Fund

- **b. EDGAR series identifier (if any):** S000079888

- **c. LEI of Series:** 549300M4AWUVZOD7IZ62

**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:** $800294031.54

**Total Liabilities:** $33254043.78

**Net Assets:** $767039987.76

**Cash Not Reported:** $2107519.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 140.17357900 | **1-Year:** 1569.56475200 | **5-Year:** 5579.59570200 | **10-Year:** 6158.75290600 | **30-Year:** 1470.60057300

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

- **3-Month:** 2672.46471200 | **1-Year:** 30472.97646700 | **5-Year:** 111037.08260200 | **10-Year:** 21492.69920200 | **30-Year:** 926.39988700

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241325 | -0.68%               | 1.73%                | 1.70%                |
| Class ID C000241324 | -0.68%               | 1.62%                | 1.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1272636.62             | $-9265612.87                               |
| Month 2  | $235068.95               | $6477893.69                                |
| Month 3  | $-760135.38              | $8684813.99                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pitney Bowes Inc                                           | Pitney Bowes, Inc.                                                              | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1200829.00   | 0.16%             | 2027-03-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hanesbrands Inc                                            | Hanesbrands, Inc.                                                               | CUSIP: 410346AY6<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | LON              | CORP              | US        |   1925000 | PA      | $1928214.75   | 0.25%             | 2032-03-08      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                 | DaVita, Inc.                                                                    | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    630000 | PA      | $652675.28    | 0.09%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Gray Media Inc                                             | Gray Media, Inc.                                                                | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $1848300.00   | 0.24%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean Inc                                             | Transocean, Inc.                                                                | CUSIP: 893830AF6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   1795000 | PA      | $1470051.15   | 0.19%             | 2031-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cco Hldgs Llc/cap Corp                                     | CCO Holdings LLC / CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3215000 | PA      | $3064955.95   | 0.40%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies Inc                                     | Lumen Technologies, Inc.                                                        | CUSIP: 156700AM8<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $1763802.08   | 0.23%             | 2039-09-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co Inc                                   | Acadia Healthcare Co., Inc.                                                     | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2594668.75   | 0.34%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Occidental Petroleum Cor                                   | Occidental Petroleum Corp.                                                      | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1967922.91   | 0.26%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Century Casinos Inc                                        | Century Casinos, Inc.                                                           | CUSIP: 15649EAF1<br>LEI: 549300H2L4Y24HXY7M50 | Long             | LON              | CORP              | US        |   3027243 | PA      | $2660946.86   | 0.35%             | 2029-04-02      | Floating      | 10.41%                | No            |                  2 | On Loan: No      |
| Hilton Domestic Operatin                                   | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   4005000 | PA      | $3765661.20   | 0.49%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| International Game Tech                                    | International Game Technology PLC                                               | CUSIP: 460599AD5<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    925000 | PA      | $935084.26    | 0.12%             | 2027-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Ladder Cap Fin Lllp/corp                                   | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.             | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1863107.38   | 0.24%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Forward Contracts: CAD 09/18/2025                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-854516.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Cco Hldgs Llc/cap Corp                                     | CCO Holdings LLC / CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1439581.25   | 0.19%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response                                    | Global Medical Response, Inc.                                                   | CUSIP: 37960BAB1<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |   4978832 | PA      | $4977276.12   | 0.65%             | 2028-10-31      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands Inc                                            | Yum! Brands, Inc.                                                               | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1047695.80   | 0.14%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Ld Holdings Group Llc                                      | LD Holdings Group LLC                                                           | CUSIP: 521088AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1336000 | PA      | $1216362.67   | 0.16%             | 2027-11-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Leaf Home Solutions                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2055637 | PA      | $1876631.79   | 0.24%             | 2029-02-20      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Vaco Holdings TL B                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2359470 | PA      | $2157735.58   | 0.28%             | 2029-01-22      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                      | Level 3 Financing, Inc.                                                         | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    675000 | PA      | $630281.25    | 0.08%             | 2029-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Forward Contracts: GBP 09/18/2025                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-2146553.00  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                        | Alphia                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2482681 | PA      | $2458127.31   | 0.32%             | 2028-05-02      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| Spectrum Group Buyer Inc                                   | Spectrum Group Buyer, Inc.                                                      | CUSIP: 84762UAB1<br>LEI: 254900D4L3B6RODNRE33 | Long             | LON              | CORP              | US        |   2445660 | PA      | $2078811.37   | 0.27%             | 2028-05-19      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| Cpi Cg Inc                                                 | CPI CG, Inc.                                                                    | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2236562.50   | 0.29%             | 2029-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Acrisure Llc                                               | Acrisure LLC                                                                    | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   5478868 | PA      | $5459308.62   | 0.71%             | 2030-11-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Transocean Inc                                             | Transocean, Inc.                                                                | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    829000 | PA      | $817020.95    | 0.11%             | 2027-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Team Health Holdings Inc                                   | Team Health Holdings, Inc.                                                      | CUSIP: 87817AAB3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |   3065172 | PA      | $3325711.62   | 0.43%             | 2028-06-30      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Aquity Holdings Inc.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    122254 | NS      | $18662.17     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Service Properties Trust                                   | Service Properties Trust                                                        | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    485000 | PA      | $423162.50    | 0.06%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Sandisk TL                                                                      | CUSIP: BLSNDTLB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2620000 | PA      | $2603625.00   | 0.34%             | 2031-12-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concret                                   | Smyrna Ready Mix Concrete LLC                                                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2095000.00   | 0.27%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Grp Inc                                     | Cloud Software Group, Inc.                                                      | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    335000 | PA      | $347179.43    | 0.05%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Gabe's DDTL UNF S+700 10/26/28                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |   -472601 | PA      | $-472600.71   | -0.06%            | 2028-10-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                        | SS&C Technologies                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1924749 | PA      | $1933371.84   | 0.25%             | 2031-05-09      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Sabre Glbl Inc                                             | Sabre GLBL, Inc.                                                                | CUSIP: 78571YBK5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |   1525236 | PA      | $1518372.85   | 0.20%             | 2029-11-15      | Floating      | 10.43%                | No            |                  2 | On Loan: No      |
| Domtar Corp                                                | Domtar Corp.                                                                    | CUSIP: 25755FAK6<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | LON              | CORP              | US        |    492448 | PA      | $457208.28    | 0.06%             | 2028-11-30      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                           | Paramount Global                                                                | CUSIP: 925524AV2<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2899020.90   | 0.38%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Liberty Interactive Llc                                    | Liberty Interactive LLC                                                         | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |    665000 | PA      | $80332.00     | 0.01%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Regal Cineworld TL                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2488762 | PA      | $2485651.55   | 0.32%             | 2031-10-31      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Pilgrim's Pride Corp                                       | Pilgrim's Pride Corp.                                                           | CUSIP: 72147KAL2<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   2130000 | PA      | $2339772.62   | 0.31%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Vista Management Holding                                   | Vista Management Holding, Inc.                                                  | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |   2939758 | PA      | $2944666.95   | 0.38%             | 2031-04-01      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Uniti Grp/uniti Hld/csl                                    | Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC                   | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    935000 | PA      | $875450.22    | 0.11%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Matrix Parent Inc                                          | Matrix Parent, Inc.                                                             | CUSIP: N/A<br>LEI: 2549009K043518TH7A68       | Long             | EC               | CORP              | US        |     88734 | NS      | $1158866.04   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                        | Applogic PIK EXIT                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2832816 | PA      | $2606190.50   | 0.34%             | 2030-03-04      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Two Kings Casino TL                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2425000 | PA      | $2450268.50   | 0.32%             | 2031-12-12      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Gabe's TL S+700 10/26/28                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    264799 | PA      | $264798.52    | 0.03%             | 2028-10-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Freedom Mortgage Corp                                      | Freedom Mortgage Corp.                                                          | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2316329.40   | 0.30%             | 2027-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Akumin Inc                                                 | Akumin, Inc.                                                                    | CUSIP: 01021XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $275856.12    | 0.04%             | 2028-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Transocean Inc                                             | Transocean, Inc.                                                                | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   1980000 | PA      | $2037239.23   | 0.27%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Syniverse Holdings Inc                                     | Syniverse Holdings LLC                                                          | CUSIP: 87168TAB7<br>LEI: 549300CYZBHMZC8VLL59 | Long             | LON              | CORP              | US        |   5464732 | PA      | $5161876.98   | 0.67%             | 2027-05-13      | Floating      | 11.30%                | No            |                  2 | On Loan: No      |
| Asurion Llc                                                | Asurion                                                                         | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   5574369 | PA      | $5429769.67   | 0.71%             | 2030-09-12      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Cco Hldgs Llc/cap Corp                                     | CCO Holdings LLC / CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2975000 | PA      | $2777906.25   | 0.36%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Grp Inc                                     | Cloud Software Group, Inc.                                                      | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1798244.50   | 0.23%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Hubbard Radio Llc                                          | Hubbard Radio LLC                                                               | CUSIP: 44344HAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2830152 | PA      | $1599035.95   | 0.21%             | 2027-09-30      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Altera TL B S+300 6/21/32                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1498755.00   | 0.20%             | 2032-06-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sabre Glbl Inc                                             | Sabre GLBL, Inc.                                                                | CUSIP: 78571YBH2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     87501 | PA      | $86100.93     | 0.01%             | 2028-06-30      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Iliad Holding Sas                                          | Iliad Holding SASU                                                              | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2678227.00   | 0.35%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Sabre Glbl Inc                                             | Sabre GLBL, Inc.                                                                | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205657.50    | 0.03%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Level 3 Financing Inc                                      | Level 3 Financing, Inc.                                                         | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    590000 | PA      | $533950.00    | 0.07%             | 2030-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower Lp                                        | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2062929.30   | 0.27%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Barclays Plc                                               | Barclays PLC                                                                    | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3380000 | PA      | $3744702.00   | 0.49%             | 2049-12-31      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Charles River Laboratori                                   | Charles River Laboratories International, Inc.                                  | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1501282.08   | 0.20%             | 2029-03-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Cmg Media Corporation                                      | CMG Media Corp.                                                                 | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4130000 | PA      | $3921150.03   | 0.51%             | 2029-06-18      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Amc Entertainment Hldgs                                    | AMC Entertainment Holdings, Inc.                                                | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |   2845000 | PA      | $2869893.75   | 0.37%             | 2029-01-04      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| Service Properties Trust                                   | Service Properties Trust                                                        | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1599440.50   | 0.21%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies Inc                                     | Lumen Technologies, Inc.                                                        | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    423184 | PA      | $412216.47    | 0.05%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | BCP V Everise Acquisition LLC                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2491125 | PA      | $1992900.00   | 0.26%             | 2029-12-20      | Floating      | 10.30%                | No            |                  2 | On Loan: No      |
| Midcap Financial                                           | Midcap Financial Issuer Trust                                                   | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2235000 | PA      | $2070168.75   | 0.27%             | 2030-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | MODIVCARE                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2817865 | PA      | $2047658.13   | 0.27%             | 2031-06-20      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Avaya Inc.                                                 | Avaya Inc.                                                                      | CUSIP: N/A<br>LEI: J6LB5QIFSP2MFEFG4U76       | Long             | LON              | CORP              | US        |   7189655 | PA      | $5597650.07   | 0.73%             | 2028-08-01      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Corp                                      | Freedom Mortgage Corp.                                                          | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1741445.41   | 0.23%             | 2028-10-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Perrigo Finance Unlimite                                   | Perrigo Finance Unlimited Co.                                                   | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   2400000 | PA      | $2423712.00   | 0.32%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | PetSmart                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2023005 | PA      | $1998141.84   | 0.26%             | 2028-02-14      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Alterra Mountain Company                                   | Alterra Mountain                                                                | CUSIP: 46124CAQ0<br>LEI: 549300C5O4FSVNUEI843 | Long             | LON              | CORP              | US        |   2069912 | PA      | $2077673.67   | 0.27%             | 2028-05-02      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Onemain Finance Corp                                       | OneMain Finance Corp.                                                           | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    735000 | PA      | $764334.73    | 0.10%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Rain Carbon Inc                                            | Rain Carbon, Inc.                                                               | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   6145000 | PA      | $6589515.78   | 0.86%             | 2029-09-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco                                    | Allied Universal Holdco LLC                                                     | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $2027854.84   | 0.26%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| J&j Ventures Gaming Llc                                    | J&J Ventures Gaming LLC                                                         | CUSIP: 46604BAH1<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |   1712062 | PA      | $1690267.94   | 0.22%             | 2030-04-26      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| 1011778 Bc / New Red Fin                                   | 1011778 BC ULC / New Red Finance, Inc.                                          | CUSIP: 68245XAH2<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2434425.00   | 0.32%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Nutrisystem TL                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5744159 | PA      | $4760472.12   | 0.62%             | 2030-10-19      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| Grubhub Holdings Inc                                       | GrubHub Holdings, Inc.                                                          | CUSIP: 40010PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4755000 | PA      | $4613443.65   | 0.60%             | 2027-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Ciena Corp                                                 | Ciena Corp.                                                                     | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $2885709.31   | 0.38%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Jacobs Entertainment Inc                                   | Jacobs Entertainment, Inc.                                                      | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |   3970000 | PA      | $3833137.82   | 0.50%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Commscope Llc                                              | CommScope LLC                                                                   | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    595000 | PA      | $584409.00    | 0.08%             | 2028-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group Plc                                   | Lloyds Banking Group PLC                                                        | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   3670000 | PA      | $3683134.93   | 0.48%             | 2049-12-31      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corp                                              | Carnival Corp.                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   3000000 | PA      | $3029062.50   | 0.39%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tronox Inc                                                 | Tronox, Inc.                                                                    | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |   6290000 | PA      | $5422202.04   | 0.71%             | 2029-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| S&s Holdings Llc                                           | S&S Holdings LLC                                                                | CUSIP: 78524HAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1744156 | PA      | $1705644.88   | 0.22%             | 2028-03-11      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| New Fortress Energy Inc                                    | New Fortress Energy, Inc.                                                       | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |   2380000 | PA      | $1301860.00   | 0.17%             | 2026-09-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources Inc                                      | Civitas Resources, Inc.                                                         | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2933972.80   | 0.38%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Route 66 Development Aut                                   | Harrah's Oklahoma TL                                                            | CUSIP: 77929HAB4<br>LEI: 2549001S3OC1V69A1Q52 | Long             | LON              | CORP              | US        |   2403094 | PA      | $2391078.47   | 0.31%             | 2030-10-10      | Floating      | 13.33%                | No            |                  2 | On Loan: No      |
| Opal Us Llc                                                | Opal US LLC                                                                     | CUSIP: F7000QAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3990000 | PA      | $4003725.60   | 0.52%             | 2032-04-23      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Finance Of America Fundi                                   | Finance of America Funding LLC                                                  | CUSIP: 317386AD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1452000 | PA      | $1701744.00   | 0.22%             | 2029-11-30      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co Llc                                   | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    725000 | PA      | $724987.24    | 0.09%             | 2027-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy Lp/fin                                      | Genesis Energy LP / Genesis Energy Finance Corp.                                | CUSIP: 37185LAR3<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |   4590000 | PA      | $4798413.54   | 0.63%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                | Vistra Corp.                                                                    | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3441637.42   | 0.45%             | 2049-12-31      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners Inc                                     | Radiology Partners, Inc.                                                        | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   4550453 | PA      | $4500966.82   | 0.59%             | 2030-02-15      | Fixed         | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Oid-ol Intermediate                                        | OID-OL Intermediate I LLC                                                       | CUSIP: 67089SAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2366464 | PA      | $1973039.53   | 0.26%             | 2029-02-01      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Academy Ltd                                                | Academy, Ltd.                                                                   | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1754410.00   | 0.23%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratori                                   | Charles River Laboratories International, Inc.                                  | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    615000 | PA      | $562817.25    | 0.07%             | 2031-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Ld Holdings Group Llc                                      | LD Holdings Group LLC                                                           | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3580000 | PA      | $2936800.37   | 0.38%             | 2028-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Oneok Inc                                                  | ONEOK, Inc.                                                                     | CUSIP: 682680CW1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $924224.49    | 0.12%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance Llc                                   | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.                           | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1368310.69   | 0.18%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Navient Corp                                               | Navient Corp.                                                                   | CUSIP: 78442FAZ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   2110000 | PA      | $1937714.70   | 0.25%             | 2033-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Embecta Corp                                               | Embecta Corp.                                                                   | CUSIP: 29082KAB1<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2494817.50   | 0.33%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp                                      | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   4770000 | PA      | $4710422.70   | 0.61%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Genesis Energy Lp/fin                                      | Genesis Energy LP / Genesis Energy Finance Corp.                                | CUSIP: 37185LAN2<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1093495.28   | 0.14%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu                                   | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   3635000 | PA      | $3368718.08   | 0.44%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Resorts World/rwlv Cap                                     | Resorts World Las Vegas LLC / RWLV Capital, Inc.                                | CUSIP: 76120HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $110726.13    | 0.01%             | 2029-04-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Shelf Drill Hold Ltd                                       | Shelf Drilling Holdings, Ltd.                                                   | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |   2756000 | PA      | $2225719.69   | 0.29%             | 2029-04-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Wynn Macau Ltd                                             | Wynn Macau, Ltd.                                                                | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1845000 | PA      | $1813132.79   | 0.24%             | 2028-08-26      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Lrs Holdings Llc                                           | LRS Holdings LLC                                                                | CUSIP: 50205HAC4<br>LEI: 2549000MQSLNQZB32779 | Long             | LON              | CORP              | US        |   2948290 | PA      | $2881953.48   | 0.38%             | 2028-08-31      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo Spa                                        | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   4250000 | PA      | $3440905.40   | 0.45%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Csc Holdings Llc                                           | CSC Holdings LLC                                                                | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    915000 | PA      | $682187.95    | 0.09%             | 2028-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | BL_CORAL-US_TL1_B7                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1481715.00   | 0.19%             | 2032-01-30      | Floating      | 7.51%                 | 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        |   1247000 | PA      | $1318702.50   | 0.17%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| C&w Senior Finance Ltd                                     | C&W Senior Finance, Ltd.                                                        | CUSIP: 12665MAA0<br>LEI: 213800CG16G1YMJRCG10 | Long             | DBT              | CORP              | KY        |   2005000 | PA      | $2050112.50   | 0.27%             | 2033-01-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Fin Svcs Inc                                      | PennyMac Financial Services, Inc.                                               | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    410000 | PA      | $435410.86    | 0.06%             | 2029-12-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Ladder Cap Fin Lllp/corp                                   | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.             | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1343341.54   | 0.18%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing Inc                                      | Level 3 Financing, Inc.                                                         | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $1983294.48   | 0.26%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Mad Engine Global Llc                                      | Mad Engine Global LLC                                                           | CUSIP: 55616UAB9<br>LEI: 254900ARFE8UATLZC010 | Long             | LON              | CORP              | US        |   2253576 | PA      | $1945579.80   | 0.25%             | 2027-07-15      | Floating      | 11.56%                | No            |                  2 | On Loan: No      |
| Genworth Holdings Inc                                      | Genworth Holdings, Inc.                                                         | CUSIP: 37247DAG1<br>LEI: PXDECZED7L8SRUP41R09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1713780.00   | 0.22%             | 2036-11-15      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                              | TransDigm, Inc.                                                                 | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5050000 | PA      | $5296240.02   | 0.69%             | 2031-12-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-cliffs Inc                                       | Cleveland-Cliffs, Inc.                                                          | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2084805.27   | 0.27%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Vmed O2 Uk Finan                                           | Vmed O2 UK Financing I PLC                                                      | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   2475000 | PA      | $2272978.13   | 0.30%             | 2031-01-31      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare Inc                                      | Molina Healthcare, Inc.                                                         | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2735000 | PA      | $2540034.16   | 0.33%             | 2030-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Rivers Enterprise                                          | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.                | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2285000 | PA      | $2281286.88   | 0.30%             | 2033-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Gray Media Inc                                             | Gray Media, Inc.                                                                | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3560000 | PA      | $2652200.00   | 0.35%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Gabe's DDTL S+700 10/26/28                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    756161 | PA      | $756161.14    | 0.10%             | 2028-10-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Radiology Partners Inc                                     | Radiology Partners, Inc.                                                        | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |   5005000 | PA      | $4961206.25   | 0.65%             | 2032-06-30      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Naked Juice TL S+325 1/24/29                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5522405 | PA      | $4381089.72   | 0.57%             | 2029-01-24      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Cision Second Out B-1 S+425 5/31/30                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1562418 | PA      | $832768.67    | 0.11%             | 2030-05-31      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| Spanish Broadcasting Sys                                   | Spanish Broadcasting System, Inc.                                               | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   4390000 | PA      | $3051050.00   | 0.40%             | 2026-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Flynn Canada Ltd., TL                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   3384868 | PA      | $3351019.72   | 0.44%             | 2028-07-31      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd                                    | Studio City Finance, Ltd.                                                       | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |   3530000 | PA      | $3238965.62   | 0.42%             | 2029-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Onemain Finance Corp                                       | OneMain Finance Corp.                                                           | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2115000 | PA      | $2081329.20   | 0.27%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Fortress Energy Inc                                    | New Fortress Energy, Inc.                                                       | CUSIP: 644393AC4<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $646406.25    | 0.08%             | 2029-03-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Forward Contracts: EUR 09/18/2025                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-5526548.00  | -0.72%            |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Interactive Llc                                    | Liberty Interactive LLC                                                         | CUSIP: 530715AL5<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |    840000 | PA      | $78400.56     | 0.01%             | 2030-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Coherent Corp                                              | Coherent Corp.                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   3045000 | PA      | $2992230.45   | 0.39%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Spencer Spirit                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4174025 | PA      | $4132284.75   | 0.54%             | 2031-06-25      | Floating      | 9.06%                 | No            |                  2 | On Loan: No      |
| Mcgraw-hill Education                                      | McGraw-Hill Education, Inc.                                                     | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    800000 | PA      | $833000.00    | 0.11%             | 2031-09-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Naked Juice TL S+550 1/24/29                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1503885 | PA      | $1488093.79   | 0.19%             | 2029-01-24      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc                                          | Post Holdings, Inc.                                                             | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1855000 | PA      | $1907899.41   | 0.25%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Wynn Macau Ltd                                             | Wynn Macau, Ltd.                                                                | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $768832.00    | 0.10%             | 2029-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Mountaineer Merger Corp                                    | Mountaineer Merger Corp.                                                        | CUSIP: 62450LAB4<br>LEI: 254900GJKZ8ZX0D5KG41 | Long             | LON              | CORP              | US        |   2726907 | PA      | $1363453.64   | 0.18%             | 2028-10-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Charter Comm Opt Llc/cap                                   | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CR3<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1663474.80   | 0.22%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Nutrisystem TL                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4064527 | PA      | $4034043.45   | 0.53%             | 2030-04-19      | Floating      | 9.44%                 | No            |                  2 | On Loan: No      |
| Equiniti                                                   | Equiniti/AST TL B S+375 12/11/28                                                | CUSIP: 04225VAH5<br>LEI: 254900X6HLK0YPTHHF09 | Long             | LON              | CORP              | US        |   2326672 | PA      | $2335979.10   | 0.30%             | 2028-12-11      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Liberty Interactive Llc                                    | Liberty Interactive LLC                                                         | CUSIP: 530715AD3<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |   4220000 | PA      | $533830.00    | 0.07%             | 2029-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                              | Markit NA High Yield Index, Series 44                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |         1 | NC      | $-2316922.18  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| New Albertsons Lp                                          | New Albertsons LP                                                               | CUSIP: 013104AF1<br>LEI: 549300NTX8OHLI2I0Q54 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4250500.00   | 0.55%             | 2029-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| 1011778 Bc / New Red Fin                                   | 1011778 BC ULC / New Red Finance, Inc.                                          | CUSIP: 68245XAJ8<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1470859.35   | 0.19%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Resorts World/rwlv Cap                                     | Resorts World Las Vegas LLC / RWLV Capital, Inc.                                | CUSIP: 76120HAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2665000 | PA      | $2188631.25   | 0.29%             | 2031-04-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Liberty Interactive Llc                                    | Liberty Interactive LLC                                                         | CUSIP: 530715AG6<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |    270000 | PA      | $27056.70     | 0.00%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Acproducts Holdings Inc                                    | ACProducts Holdings, Inc.                                                       | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |   2564034 | PA      | $1929435.80   | 0.25%             | 2028-05-17      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Caesars Entertain Inc                                      | Caesars Entertainment, Inc.                                                     | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2455000 | PA      | $2539390.63   | 0.33%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Greenfire Resources Ltd                                    | Greenfire Resources, Ltd.                                                       | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |   2955000 | PA      | $3111738.22   | 0.41%             | 2028-10-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Altice France Sa                                           | Altice France SA                                                                | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1435000 | PA      | $1191050.00   | 0.16%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Cable One Inc                                              | Cable One, Inc.                                                                 | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   3830000 | PA      | $3011337.50   | 0.39%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Xplore Inc/nb                                              | Xplore TL                                                                       | CUSIP: C9875EAB5<br>LEI: 254900V3NB5MGOZS4O08 | Long             | LON              | CORP              | CA        |    381154 | PA      | $360190.70    | 0.05%             | 2029-10-24      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Applogic                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    212291 | NS      | $721789.40    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Swissport Stratosphere U                                   | Swissport                                                                       | CUSIP: L7781HAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1690489 | PA      | $1698941.57   | 0.22%             | 2028-05-02      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Gategroup TL B S+425 5/28/32                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2286295 | PA      | $2290593.31   | 0.30%             | 2032-05-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu                                   | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1301887.50   | 0.17%             | 2033-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Pmhc Ii Inc                                                | Vibrantz Technologies, Inc.                                                     | CUSIP: 69346EAG2<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |   2963903 | PA      | $2581885.95   | 0.34%             | 2029-04-23      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| Petco Health & Wellness                                    | Petco Health & Wellness                                                         | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |   2617717 | PA      | $2405733.96   | 0.31%             | 2028-03-06      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd                                      | Mineral Resources, Ltd.                                                         | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   3400000 | PA      | $3385868.92   | 0.44%             | 2030-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Pitney Bowes Inc                                           | Pitney Bowes, Inc.                                                              | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   1660000 | PA      | $1684547.08   | 0.22%             | 2029-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works Inc                                      | Bath & Body Works, Inc.                                                         | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2980989.92   | 0.39%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | WHP TL B                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2200000 | PA      | $2196788.00   | 0.29%             | 2032-02-12      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Stonemor Inc                                               | StoneMor, Inc.                                                                  | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3430000 | PA      | $3165241.39   | 0.41%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Beasley Mez Hldgs Llc                                      | Beasley Mezzanine Holdings LLC                                                  | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   3026000 | PA      | $1078012.50   | 0.14%             | 2028-08-01      | Fixed         | 9.20%                 | Yes           |                  2 | On Loan: No      |
| Chs/community Health Sys                                   | CHS/Community Health Systems, Inc.                                              | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3115000 | PA      | $2764562.50   | 0.36%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Team Health Holdings Inc                                   | Team Health Holdings, Inc.                                                      | CUSIP: 87817JAG3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |   8952795 | PA      | $8895407.26   | 1.16%             | 2027-02-02      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| Walker & Dunlop Inc                                        | Walker & Dunlop, Inc.                                                           | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1975000 | PA      | $2030939.51   | 0.26%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing Sa                                        | Altice Financing SA                                                             | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2730000 | PA      | $1992302.13   | 0.26%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Colosseum Dental Finance BV                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |   1960565 | PA      | $2306567.64   | 0.30%             | 2032-02-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Dish Dbs Corp                                              | Dish DBS Corp.                                                                  | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $399778.20    | 0.05%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Stubhub Holdco Sub Llc                                     | StubHub Holdco Sub LLC                                                          | CUSIP: 74530DAH8<br>LEI: 549300NL9JUFIOARLW93 | Long             | LON              | CORP              | US        |   2371531 | PA      | $2296424.76   | 0.30%             | 2030-03-12      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare T                                   | Diversified Healthcare Trust                                                    | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    655000 | PA      | $606546.38    | 0.08%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Edison International                                       | Edison International                                                            | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2315369.96   | 0.30%             | 2049-12-31      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline                                   | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2085000.00   | 0.27%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Empire Resorts Inc                                         | Empire Resorts, Inc.                                                            | CUSIP: 292052AF4<br>LEI: 549300WBFN23L9HI5N68 | Long             | DBT              | CORP              | US        |   2665000 | PA      | $2621693.75   | 0.34%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Coreweave Inc                                              | CoreWeave, Inc.                                                                 | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   2465000 | PA      | $2520733.65   | 0.33%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Deluxe Corp                                                | Deluxe Corp.                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3274793.86   | 0.43%             | 2029-09-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Miter Brand / Miwd Borr                                    | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC                       | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2224310.54   | 0.29%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | US LBM TL                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2310218 | PA      | $2151390.42   | 0.28%             | 2031-06-06      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio Llc                                        | Sirius XM Radio LLC                                                             | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   4217000 | PA      | $3748702.15   | 0.49%             | 2031-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Corp                                      | Freedom Mortgage Corp.                                                          | CUSIP: 35640YAH0<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499565.00    | 0.07%             | 2026-05-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Part/fi                                   | Antero Midstream Partners LP / Antero Midstream Finance Corp.                   | CUSIP: 03690AAH9<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $2043112.53   | 0.27%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| State Street Institutional Us Government Money Market Fund | State Street Institutional US Government Money Market Fund                      | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  48468668 | NS      | $48468668.09  | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Raven Acquisition Holdin                                   | Raven Acquisition Holdings LLC                                                  | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1980000 | PA      | $1986187.50   | 0.26%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Unicredit Spa                                              | UniCredit SpA                                                                   | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   2500000 | PA      | $2520450.00   | 0.33%             | 2032-06-19      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Jazz Pharmaceuticals                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   2315978 | PA      | $2324871.16   | 0.30%             | 2028-05-02      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Pennymac Fin Svcs Inc                                      | PennyMac Financial Services, Inc.                                               | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2451879.50   | 0.32%             | 2031-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | TPC Group                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4057700 | PA      | $3895392.00   | 0.51%             | 2031-11-22      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                      | Level 3 Financing, Inc.                                                         | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    735000 | PA      | $621293.52    | 0.08%             | 2029-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Baffinland Iron Corp/lp                                    | Baffinland Iron Mines Corp. / Baffinland Iron Mines LP                          | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4385000 | PA      | $4067945.64   | 0.53%             | 2026-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| New Albertsons Lp                                          | New Albertsons LP                                                               | CUSIP: 013104AL8<br>LEI: 549300NTX8OHLI2I0Q54 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2692161.50   | 0.35%             | 2031-05-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Mavenir TL                                                                      | CUSIP: BLMAMEND3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    575873 | PA      | $849989.24    | 0.11%             | 2025-07-31      | Floating      | 14.32%                | Yes           |                  3 | On Loan: No      |
| Avaya Holdings Corp                                        | Avaya Holdings Corp.                                                            | CUSIP: 05351X507<br>LEI: 549300NZS2OZN6Q63A60 | Long             | EC               | CORP              | US        |     34691 | NS      | $603276.49    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Venture Global Lng Inc                                     | Venture Global LNG, Inc.                                                        | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $2015175.00   | 0.26%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Oneok Inc                                                  | ONEOK, Inc.                                                                     | CUSIP: 682680CR2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1334802.42   | 0.17%             | 2030-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Hilcorp Energy I TL B                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3156654 | PA      | $3156654.40   | 0.41%             | 2030-02-05      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation                            | Envision Healthcare Corp.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    481845 | NS      | $7649289.38   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                     | Lumen Technologies, Inc.                                                        | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    423226 | PA      | $412327.93    | 0.05%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  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        |   1235000 | PA      | $1289154.75   | 0.17%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Genworth Holdings Inc                                      | Genworth Holdings, Inc.                                                         | CUSIP: 37247DAB2<br>LEI: PXDECZED7L8SRUP41R09 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1491450.00   | 0.19%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | SIZZLING PLATTER LLC TERM (06/25) 1LIEN USD                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3975000 | PA      | $3855750.00   | 0.50%             | 2032-06-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust                                    | Starwood Property Trust, Inc.                                                   | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   4335000 | PA      | $4261001.55   | 0.56%             | 2026-07-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Fin                                      | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   1730000 | PA      | $1829475.00   | 0.24%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North Am                                    | United Rentals North America, Inc.                                              | CUSIP: 911365BN3<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2577060.63   | 0.34%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Of America Fundi                                   | Finance of America Funding LLC                                                  | CUSIP: 317386AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1937142 | PA      | $1759893.51   | 0.23%             | 2026-11-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Diversified Healthcare T                                   | Diversified Healthcare Trust                                                    | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7300000 | PA      | $6149306.11   | 0.80%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Valaris Ltd                                                | Valaris, Ltd.                                                                   | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3100000 | PA      | $3179205.00   | 0.41%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | US Fertility Enterprises TL                                                     | CUSIP: BLUSFETL1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1682445 | PA      | $1686651.17   | 0.22%             | 2031-10-07      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Pluto Acquisition I Inc                                    | Pluto Acquisition I, Inc.                                                       | CUSIP: 72941DAK8<br>LEI: 254900MOXD90LKQ6AY47 | Long             | LON              | CORP              | US        |   6455747 | PA      | $5616500.12   | 0.73%             | 2028-09-20      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Mobileum PIK EXIT                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3489892 | PA      | $3196147.80   | 0.42%             | 2029-09-12      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Jack Entertainment                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2605000 | PA      | $2582206.25   | 0.34%             | 2032-01-27      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Dish Dbs Corp                                              | Dish DBS Corp.                                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2200687.50   | 0.29%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Libbey Glass Inc.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    166360 | NS      | $831800.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                        | Trinseo                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   1490373 | PA      | $636925.80    | 0.08%             | 2029-12-12      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Calpine Corp                                               | Calpine Corp.                                                                   | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1747060.80   | 0.23%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos Inc                                      | Bausch Health Cos., Inc.                                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1510000 | PA      | $1279151.20   | 0.17%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Navient Corp                                               | Navient Corp.                                                                   | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    805000 | PA      | $788551.52    | 0.10%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Celsius Holdings Inc                                       | Celsius                                                                         | CUSIP: 15118XAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1855000 | PA      | $1863811.25   | 0.24%             | 2032-04-01      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Oneok Inc                                                  | ONEOK, Inc.                                                                     | CUSIP: 682680CQ4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    970000 | PA      | $985929.34    | 0.13%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lifescan Global Corp                                       | LifeScan Global Corp.                                                           | CUSIP: 53227PAP5<br>LEI: 549300VL0F83S4LR4105 | Long             | LON              | CORP              | US        |   8989593 | PA      | $5843235.37   | 0.76%             | 2026-12-31      | Floating      | 10.92%                | Yes           |                  2 | On Loan: No      |
| Ecl Entertainment Llc                                      | ECL Entertainment LLC                                                           | CUSIP: 26826TAF0<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |   3031740 | PA      | $3027950.44   | 0.39%             | 2030-08-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Loire Finco Luxembourg                                     | LGC Group                                                                       | CUSIP: L7000HAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   2294612 | PA      | $2300348.29   | 0.30%             | 2030-01-31      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| International Game Tech                                    | International Game Technology PLC                                               | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |   1440000 | PA      | $1427803.20   | 0.19%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Innophos Holdings Inc                                      | Innophos Holdings, Inc.                                                         | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |   5408750 | PA      | $5462837.50   | 0.71%             | 2029-06-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Carestream Health Inc                                      | Carestream Health, Inc.                                                         | CUSIP: 14173VAT0<br>LEI: 5493008C1W5RQW9E4I05 | Long             | LON              | CORP              | US        |   8148944 | PA      | $3565162.92   | 0.46%             | 2027-09-30      | Floating      | 11.90%                | No            |                  2 | On Loan: No      |
| Medline Borrower Lp                                        | Medline Borrower LP                                                             | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   1154762 | PA      | $1155327.72   | 0.15%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Socotec TL                                                                      | CUSIP: BLHLDTLB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2970000 | PA      | $2972465.10   | 0.39%             | 2028-06-02      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals L                                   | First Quantum Minerals, Ltd.                                                    | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   3615000 | PA      | $3748755.00   | 0.49%             | 2031-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group/csl Capital                                    | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC               | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $851977.54    | 0.11%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                    | Zayo Group Holdings, Inc.                                                       | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1365492.91   | 0.18%             | 2027-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Radiology Partners                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    737997 | PA      | $736565.61    | 0.10%             | 2029-01-31      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance Llc                                   | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.                           | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2045000 | PA      | $2179192.08   | 0.28%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Beasley Broadcast Group Inc                                | Beasley Broadcast Group, Inc.                                                   | CUSIP: 074014200<br>LEI: 549300R5FEOSY86VTY76 | Long             | EC               | CORP              | US        |      2640 | NS      | $9312.60      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Lumen Technologies Inc                                     | Lumen Technologies, Inc.                                                        | CUSIP: 156700AT3<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   1591000 | PA      | $1336440.00   | 0.17%             | 2042-03-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Csc Holdings Llc                                           | CSC Holdings LLC                                                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1598865.79   | 0.21%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Gray Media Inc                                             | Gray Media, Inc.                                                                | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3325000 | PA      | $3572855.48   | 0.47%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| New Fortress Energy Inc                                    | New Fortress Energy, Inc.                                                       | CUSIP: 64439HAC3<br>LEI: 254900EICTYTCHA5X705 | Long             | LON              | CORP              | US        |   2890108 | PA      | $1554242.36   | 0.20%             | 2028-10-30      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| Mavenir Systems Inc                                        | Mavenir Systems, Inc.                                                           | CUSIP: 57767EAE2<br>LEI: 549300Q70CXM8TJLTD42 | Long             | LON              | CORP              | US        |   5129884 | PA      | $1903187.07   | 0.25%             | 2025-07-31      | Floating      | 9.53%                 | Yes           |                  3 | On Loan: No      |
| Axalta Coating Systems                                     | Axalta Coating Systems LLC                                                      | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |   3605000 | PA      | $3408095.98   | 0.44%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Rxb Holdings Inc                                           | RXB Holdings, Inc.                                                              | CUSIP: 74980MAB6<br>LEI: 25490096I1KYBKEVNJ51 | Long             | LON              | CORP              | US        |   2742876 | PA      | $2730889.28   | 0.36%             | 2027-12-20      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| United Airlines Inc                                        | United Airlines, Inc.                                                           | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2552888.94   | 0.33%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Mavenir Bridge Facility                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    621588 | PA      | $917464.33    | 0.12%             | 2025-07-31      | Floating      | 14.33%                | Yes           |                  3 | On Loan: No      |
| Baytex Energy Corp                                         | Baytex Energy Corp.                                                             | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |   3715000 | PA      | $3540856.40   | 0.46%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Magenta Security Holdings, LLC Third Out                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      8851 | PA      | $2257.11      | 0.00%             | 2028-07-27      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Delivery Hero                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1980623 | PA      | $1994249.58   | 0.26%             | 2029-12-12      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| Arsenal Aic Parent Llc                                     | Arsenal AIC Parent LLC                                                          | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2317248 | PA      | $2312034.47   | 0.30%             | 2030-08-19      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Rocket Cos Inc                                             | Rocket Cos., Inc.                                                               | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2220886.50   | 0.29%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| 1261229 Bc Ltd                                             | Bausch Health                                                                   | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   3981899 | PA      | $3831941.01   | 0.50%             | 2030-10-08      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| Ball Corp                                                  | Ball Corp.                                                                      | CUSIP: 058498AX4<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2603597.96   | 0.34%             | 2031-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Cco Hldgs Llc/cap Corp                                     | CCO Holdings LLC / CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5960000 | PA      | $5304996.00   | 0.69%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Ineos Finance Plc                                          | INEOS Finance PLC                                                               | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   1830000 | PA      | $1834575.00   | 0.24%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                    | Zayo Group Holdings, Inc.                                                       | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |   3711222 | PA      | $3522691.96   | 0.46%             | 2027-03-09      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Domtar Corp                                                | Domtar Corp.                                                                    | CUSIP: 70478JAA2<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |   6745000 | PA      | $6086350.75   | 0.79%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Goodnight Water Solution                                   | Goodnight                                                                       | CUSIP: 38238YAC3<br>LEI: 254900CZJ6KUEVU9QV27 | Long             | LON              | CORP              | US        |   2199229 | PA      | $2199229.34   | 0.29%             | 2029-05-23      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Genting Ny Llc/genny Cap                                   | Genting New York LLC / GENNY Capital, Inc.                                      | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2341500.08   | 0.31%             | 2029-10-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Victoria's Secret & Co                                     | Victoria's Secret & Co.                                                         | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |   3045000 | PA      | $2839959.75   | 0.37%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Asp Unifrax Holdings Inc                                   | ASP Unifrax Holdings, Inc.                                                      | CUSIP: 00218LAH4<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |   2078028 | PA      | $944371.05    | 0.12%             | 2029-09-30      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Hub International Ltd                                      | HUB International, Ltd.                                                         | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |   3182317 | PA      | $3191131.72   | 0.42%             | 2030-06-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Mcgraw-hill Education                                      | McGraw-Hill Education, Inc.                                                     | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2814041.44   | 0.37%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing Inc                                      | Level 3 Financing, Inc.                                                         | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    800000 | PA      | $684000.00    | 0.09%             | 2029-01-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Embecta Corp                                               | Embecta Corp.                                                                   | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    310000 | PA      | $279976.50    | 0.04%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Midcap Financial Issr Tr                                   | Midcap Financial Issuer Trust                                                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2325134.65   | 0.30%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | ModivCare Add-On                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1516177 | PA      | $1146230.18   | 0.15%             | 2049-12-31      | Floating      | 12.71%                | No            |                  2 | On Loan: No      |
| Sabre Glbl Inc                                             | Sabre GLBL, Inc.                                                                | CUSIP: 78571YBG4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    770949 | PA      | $756077.76    | 0.10%             | 2027-12-17      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Blue Racer Mid Llc/finan                                   | Blue Racer Midstream LLC / Blue Racer Finance Corp.                             | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    960000 | PA      | $1016956.13   | 0.13%             | 2032-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Magenta Security Holdings, LLC First Out                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2813405 | PA      | $2346069.92   | 0.31%             | 2028-07-27      | Floating      | 11.29%                | No            |                  2 | On Loan: No      |
| Apollo Cmmrl Real Est Fi                                   | Apollo Commercial Real Estate Finance, Inc.                                     | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3483410.59   | 0.45%             | 2029-06-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | US Fertility Enterprises                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     76666 | PA      | $76858.11     | 0.01%             | 2031-10-07      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Oid-ol Intermediate                                        | OID-OL Intermediate I LLC                                                       | CUSIP: 67089SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    220394 | PA      | $226455.05    | 0.03%             | 2029-02-01      | Floating      | 10.33%                | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                    | Zayo Group Holdings, Inc.                                                       | CUSIP: 98919VAB1<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $2395102.50   | 0.31%             | 2028-03-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Plusgrade Inc                                              | Plusgrade, Inc.                                                                 | CUSIP: C6902LAE6<br>LEI: 2549008CGP2130G9RA20 | Long             | LON              | CORP              | CA        |   2178571 | PA      | $2162232.15   | 0.28%             | 2031-03-03      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Veritiv TL                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2230090 | PA      | $2236222.81   | 0.29%             | 2030-12-02      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Akumin Inc                                                 | Akumin, Inc.                                                                    | CUSIP: 01021XAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8275000 | PA      | $7814703.13   | 1.02%             | 2027-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Avaya Holdings Corp                                        | Avaya Holdings Corp.                                                            | CUSIP: 05351X408<br>LEI: 549300NZS2OZN6Q63A60 | Long             | EC               | CORP              | US        |     13998 | NS      | $243425.22    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ascent Resources/aru Fin                                   | Ascent Resources Utica Holdings LLC / ARU Finance Corp.                         | CUSIP: 04364VBA0<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1900218.75   | 0.25%             | 2033-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Itt Holdings Llc                                           | IMTT                                                                            | CUSIP: 45070BAJ4<br>LEI: 549300TH2PHOLK31LB42 | Long             | LON              | CORP              | US        |   1980000 | PA      | $1981980.00   | 0.26%             | 2028-05-02      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Urban One Inc                                              | Urban One, Inc.                                                                 | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   7255000 | PA      | $4069523.93   | 0.53%             | 2028-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Swf Holdings I Corp                                        | SWF Holdings I Corp.                                                            | CUSIP: 78500AAA6<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | DBT              | CORP              | US        |    930000 | PA      | $365954.26    | 0.05%             | 2029-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bingo Holdings I Llc                                       | Bingo Holdings I LLC                                                            | CUSIP: 09081AAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3150000 | PA      | $3098812.50   | 0.40%             | 2032-06-14      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises/fin                                      | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                          | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    715000 | PA      | $707850.00    | 0.09%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Yum! Brands Inc                                            | Yum! Brands, Inc.                                                               | CUSIP: 988498AD3<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   2335000 | PA      | $2509119.78   | 0.33%             | 2037-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dish Dbs Corp                                              | Dish DBS Corp.                                                                  | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $377137.50    | 0.05%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                 | DaVita, Inc.                                                                    | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   2485000 | PA      | $2259958.40   | 0.29%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Libbey Glass Inc                                           | Libbey Glass LLC                                                                | CUSIP: 52989XAC7<br>LEI: A7JTTZYG0P336HI4K290 | Long             | LON              | CORP              | US        |   1779484 | PA      | $1712752.92   | 0.22%             | 2027-11-22      | Floating      | 10.93%                | No            |                  2 | On Loan: No      |
| Lcpr Sr Secured Fin Dac                                    | LCPR Senior Secured Financing DAC                                               | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |   2335000 | PA      | $1570287.50   | 0.20%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Apple Bidco Llc                                            | Apple Bidco LLC                                                                 | CUSIP: 48254EAG6<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |   1979693 | PA      | $1974585.48   | 0.26%             | 2031-09-22      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Qvc Inc                                                    | QVC, Inc.                                                                       | CUSIP: 747262BA0<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    590000 | PA      | $247800.00    | 0.03%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Sabre Glbl Inc                                             | Sabre GLBL, Inc.                                                                | CUSIP: 78571YBF6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    184887 | PA      | $181320.95    | 0.02%             | 2027-12-17      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I/hilcorp                                   | Hilcorp Energy I LP / Hilcorp Finance Co.                                       | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |   2655000 | PA      | $2595271.26   | 0.34%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | DS Parents, INC.                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2883212 | PA      | $2576871.17   | 0.34%             | 2030-12-13      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Cox Media Group TL                                                              | CUSIP: BLTETL1B2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5814934 | PA      | $5619493.96   | 0.73%             | 2029-06-18      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                   | Service Properties Trust                                                        | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   3880000 | PA      | $3266960.00   | 0.43%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Mavenir TL                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    283885 | PA      | $419014.26    | 0.05%             | 2025-07-31      | Floating      | 14.31%                | Yes           |                  3 | On Loan: No      |
| Restoration Hardware Inc                                   | Restoration Hardware Inc.                                                       | CUSIP: 76133MAB7<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |   3007354 | PA      | $2918155.42   | 0.38%             | 2028-10-20      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Magenta Security Holdings, LLC Second Out                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5306431 | PA      | $2443611.31   | 0.32%             | 2028-07-27      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Mavenir Bridge Facility DD                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    200082 | PA      | $295321.14    | 0.04%             | 2025-07-31      | Floating      | 14.33%                | Yes           |                  3 | On Loan: No      |
| Lcpr Sr Secured Fin Dac                                    | LCPR Senior Secured Financing DAC                                               | CUSIP: 50201DAD5<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |   1195000 | PA      | $702261.71    | 0.09%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Onemain Finance Corp                                       | OneMain Finance Corp.                                                           | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2810000 | PA      | $2934792.10   | 0.38%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Commscope Llc                                              | CommScope LLC                                                                   | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1910320.12   | 0.25%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Melco Resorts Finance                                      | Melco Resorts Finance, Ltd.                                                     | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   3740000 | PA      | $3513430.80   | 0.46%             | 2029-12-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Fin Svcs Inc                                      | PennyMac Financial Services, Inc.                                               | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2775882.28   | 0.36%             | 2029-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Fin Llc / Jfin                                   | Jefferies Finance LLC / JFIN Co.-Issuer Corp.                                   | CUSIP: 47232MAG7<br>LEI: 549300SKVB18YSSIDT75 | Long             | DBT              | CORP              | US        |   2415000 | PA      | $2406681.29   | 0.31%             | 2031-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Builders Firstsource Inc                                   | Builders FirstSource, Inc.                                                      | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2088437.50   | 0.27%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Travelport Finance Luxem                                   | Travelport Finance Luxembourg Sarl                                              | CUSIP: L9308UAU4<br>LEI: 2221005SGFWYZHL40F77 | Long             | LON              | CORP              | LU        |   3156704 | PA      | $2420813.11   | 0.32%             | 2028-09-29      | Floating      | 12.18%                | No            |                  2 | On Loan: No      |
| N/A                                                        | Cision Second Out B-1 S+425 5/31/30                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2124807 | PA      | $1150051.75   | 0.15%             | 2030-05-31      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| Nidda Healthcare Holding                                   | Nidda Healthcare Holding GmbH                                                   | CUSIP: YU3428460<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |   2660000 | PA      | $3138068.67   | 0.41%             | 2030-10-23      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| First Quantum Minerals L                                   | First Quantum Minerals, Ltd.                                                    | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    270000 | PA      | $286335.00    | 0.04%             | 2029-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Sunoco Lp                                                  | Sunoco LP                                                                       | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2540300.00   | 0.33%             | 2033-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | XPLORE CVR                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      5390 | PA      | $0.54         | 0.00%             | 2049-12-31      | Floating      | 1.76%                 | No            |                  3 | On Loan: No      |
| Methanex Us Operations                                     | Methanex US Operations, Inc.                                                    | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2915000 | PA      | $2901008.00   | 0.38%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bellis Acquisition Co Pl                                   | Bellis Acquisition Co. PLC                                                      | CUSIP: ZB7830837<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |   1645000 | PA      | $2122755.63   | 0.28%             | 2030-05-14      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Mavenir                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    769267 | PA      | $1135438.14   | 0.15%             | 2025-07-31      | Floating      | 14.32%                | Yes           |                  3 | On Loan: No      |
| Icahn Enterprises/fin                                      | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                          | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |   5235000 | PA      | $4881637.50   | 0.64%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Forward Contracts: EUR 09/18/2025                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $28420.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Virgin Media Bristol Llc                                   | Virgin Media Bristol LLC                                                        | CUSIP: G9368PBC7<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   2000000 | PA      | $1972300.00   | 0.26%             | 2028-01-31      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                                      | Bausch Health Cos., Inc.                                                        | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    880000 | PA      | $725794.08    | 0.09%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Long Ridge Energy TL B                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2605000 | PA      | $2562668.75   | 0.33%             | 2032-02-06      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises                                    | Royal Caribbean Cruises, Ltd.                                                   | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1770000 | PA      | $1783275.00   | 0.23%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Pitney Bowes TL B                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2500000 | PA      | $2492700.00   | 0.32%             | 2032-01-23      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Nfe Financing Llc                                          | NFE Financing LLC                                                               | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2320000 | PA      | $1100534.92   | 0.14%             | 2029-11-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                        | Xplore TL                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1273096 | PA      | $939964.70    | 0.12%             | 2031-10-24      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                   | Service Properties Trust                                                        | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1071519.08   | 0.14%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | Warhorse Gaming, LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5035467 | PA      | $5224297.41   | 0.68%             | 2028-06-15      | Floating      | 13.48%                | No            |                  2 | On Loan: No      |
| N/A                                                        | XPLORE INC/STONEPEAK FALCON                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     71771 | NS      | $851185.35    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** ALPS SERIES TRUST

**Signature:** Jill McFate

**Name of Signer:** Jill McFate

**Title:** Treasurer