# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014428
**Filing Date:** 2025-11
**Character Count:** 147816
**Document Hash:** ca5dc33797c14e09122ad60bb331c17b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014428.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014428

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOTCHKIS & WILEY FUNDS /DE/
- **CENTRAL INDEX KEY:** 0001145022

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 251514162

**BUSINESS ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704
- **BUSINESS PHONE:** 2134301000

**MAIL ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704

## Series and Classes Contracts Data

### Hotchkis & Wiley High Yield Fund (Series ID: S000025241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075208 | Class A      | HWHAX           |
| C000075210 | Class I      | HWHIX           |
| C000199806 | Class Z      | HWHZX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hotchkis & Wiley High Yield Fund** | **Hotchkis & Wiley High Yield Fund** | **Hotchkis & Wiley High Yield Fund** | **Hotchkis & Wiley High Yield Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **CORPORATE BONDS - 87.2%** | **CORPORATE BONDS - 87.2%** | **Par** | **Value**  |
| **Advertising - 0.7%** | **Advertising - 0.7%** | **Advertising - 0.7%** | **Advertising - 0.7%** |
|  Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)</sup> | Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)</sup> | $5291000 | $5144195 |
| **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032 <sup>(a)</sup> | Amentum Holdings, Inc., 7.25%, 08/01/2032 <sup>(a)</sup> | 2980000 | 3096700 |
|  Spirit AeroSystems, Inc., 9.75%, 11/15/2030 <sup>(a)</sup> | Spirit AeroSystems, Inc., 9.75%, 11/15/2030 <sup>(a)</sup> | 2408000 | 2651314 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp; 7.13%, 12/01/2031 <sup>(a)</sup> | &nbsp;&nbsp; 7.13%, 12/01/2031 <sup>(a)</sup> | 1854000 | 1936206 |
| &nbsp;&nbsp; 6.75%, 01/31/2034 <sup>(a)</sup> | &nbsp;&nbsp; 6.75%, 01/31/2034 <sup>(a)</sup> | 5772000 | 5972138 |
|  |  |  | 13656358 |
| **Auto Parts & Equipment - 3.1%** | **Auto Parts & Equipment - 3.1%** | **Auto Parts & Equipment - 3.1%** | **Auto Parts & Equipment - 3.1%** |
|  Adient Global Holdings Ltd., 8.25%, 04/15/2031 <sup>(a)</sup> | Adient Global Holdings Ltd., 8.25%, 04/15/2031 <sup>(a)</sup> | 3606000 | 3784739 |
|  American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 <sup>(f)</sup> | American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 <sup>(f)</sup> | 3897000 | 3911033 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 3815000 | 3970354 |
|  Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 | Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 | 2743000 | 2578920 |
|  Phinia Holdings Jersey Ltd., 5.00%, 10/01/2025 <sup>(a)</sup> | Phinia Holdings Jersey Ltd., 5.00%, 10/01/2025 <sup>(a)</sup> | 1596000 | 1596000 |
|  Phinia, Inc., 6.63%, 10/15/2032 <sup>(a)</sup> | Phinia, Inc., 6.63%, 10/15/2032 <sup>(a)</sup> | 3808000 | 3928020 |
|  ZF North America Capital, Inc., 6.88%, 04/23/2032 <sup>(a)</sup> | ZF North America Capital, Inc., 6.88%, 04/23/2032 <sup>(a)</sup> | 4288000 | 4108319 |
|  |  |  | 23877385 |
| **Automakers - 0.6%** | **Automakers - 0.6%** | **Automakers - 0.6%** | **Automakers - 0.6%** |
|  New Flyer Holdings, Inc., 9.25%, 07/01/2030 <sup>(a)</sup> | New Flyer Holdings, Inc., 9.25%, 07/01/2030 <sup>(a)</sup> | 4352000 | 4661377 |
| **Banking - 3.8%** | **Banking - 3.8%** | **Banking - 3.8%** | **Banking - 3.8%** |
|  BNP Paribas SA, 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual <sup>(a)</sup> | BNP Paribas SA, 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual <sup>(a)</sup> | 5756000 | 6014139 |
|  BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual <sup>(a)</sup> | BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual <sup>(a)</sup> | 4522000 | 4685195 |
|  Citigroup, Inc., 6.88% to 08/15/2030 then 5 yr. CMT Rate + 2.89%, Perpetual | Citigroup, Inc., 6.88% to 08/15/2030 then 5 yr. CMT Rate + 2.89%, Perpetual | 3752000 | 3870740 |
|  ING Groep NV, 7.00% to 11/16/2032 then USISSO05 + 3.59%, Perpetual | ING Groep NV, 7.00% to 11/16/2032 then USISSO05 + 3.59%, Perpetual | 5844000 | 6031129 |
|  Rocket Cos., Inc., 6.38%, 08/01/2033 <sup>(a)</sup> | Rocket Cos., Inc., 6.38%, 08/01/2033 <sup>(a)</sup> | 3762000 | 3887515 |
|  Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | 1945000 | 2051347 |
|  Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | 3489000 | 3439294 |
|  |  |  | 29979359 |
| **Brokerage - 0.5%** | **Brokerage - 0.5%** | **Brokerage - 0.5%** | **Brokerage - 0.5%** |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 <sup>(a)</sup> | Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 <sup>(a)</sup> | 3853000 | 3969039 |
| **Building & Construction - 2.0%** | **Building & Construction - 2.0%** | **Building & Construction - 2.0%** | **Building & Construction - 2.0%** |
|  Adams Homes, Inc., 9.25%, 10/15/2028 <sup>(a)</sup> | Adams Homes, Inc., 9.25%, 10/15/2028 <sup>(a)</sup> | 3957000 | 4142821 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030 <sup>(a)</sup> | Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030 <sup>(a)</sup> | 3807000 | 3574030 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 4353000 | 4221640 |
|  LGI Homes, Inc., 7.00%, 11/15/2032 <sup>(a)</sup> | LGI Homes, Inc., 7.00%, 11/15/2032 <sup>(a)</sup> | 4108000 | 4015570 |
|  |  |  | 15954061 |
| **Building Materials - 2.6%** | **Building Materials - 2.6%** | **Building Materials - 2.6%** | **Building Materials - 2.6%** |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | BlueLinx Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 3918000 | 3869894 |
|  Knife River Corp., 7.75%, 05/01/2031 <sup>(a)</sup> | Knife River Corp., 7.75%, 05/01/2031 <sup>(a)</sup> | 3126000 | 3284804 |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033 <sup>(a)</sup> | Quikrete Holdings, Inc., 6.75%, 03/01/2033 <sup>(a)</sup> | 3782000 | 3934977 |
|  Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 <sup>(a)</sup> | Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 <sup>(a)</sup> | 3901000 | 3966295 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup> | Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup> | 5348000 | 5492642 |
|  |  |  | 20548612 |
| **Cable & Satellite TV - 5.8%** | **Cable & Satellite TV - 5.8%** | **Cable & Satellite TV - 5.8%** | **Cable & Satellite TV - 5.8%** |
|  Bausch Health Cos., Inc., 11.00%, 09/30/2028 <sup>(a)</sup> | Bausch Health Cos., Inc., 11.00%, 09/30/2028 <sup>(a)</sup> | 1770000 | 1842462 |
|  Block Communications, Inc., 4.88%, 03/01/2028 <sup>(a)</sup> | Block Communications, Inc., 4.88%, 03/01/2028 <sup>(a)</sup> | 4808000 | 4608805 |
|  Cable One, Inc., 4.00%, 11/15/2030 <sup>(a)</sup> | Cable One, Inc., 4.00%, 11/15/2030 <sup>(a)</sup> | 5702000 | 4836610 |
| CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. |
| &nbsp;&nbsp; 5.38%, 06/01/2029 <sup>(a)</sup> | &nbsp;&nbsp; 5.38%, 06/01/2029 <sup>(a)</sup> | 5556000 | 5523145 |
| &nbsp;&nbsp; 4.75%, 02/01/2032 <sup>(a)</sup> | &nbsp;&nbsp; 4.75%, 02/01/2032 <sup>(a)</sup> | 13275000 | 12287563 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp; 11.75%, 01/31/2029 <sup>(a)</sup> | &nbsp;&nbsp; 11.75%, 01/31/2029 <sup>(a)</sup> | 2414000 | 2031548 |
| &nbsp;&nbsp; 5.75%, 01/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; 5.75%, 01/15/2030 <sup>(a)</sup> | 11102000 | 4239966 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup> | Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup> | 925000 | 924661 |
|  DISH DBS Corp., 7.75%, 07/01/2026 | DISH DBS Corp., 7.75%, 07/01/2026 | 973000 | 965042 |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 <sup>(a)</sup> | Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 <sup>(a)</sup> | 3200000 | 3195069 |
|  Ziggo BV, 4.88%, 01/15/2030 <sup>(a)</sup> | Ziggo BV, 4.88%, 01/15/2030 <sup>(a)</sup> | 5428000 | 5128004 |
|  |  |  | 45582875 |
| **Chemicals - 6.1%** | **Chemicals - 6.1%** | **Chemicals - 6.1%** | **Chemicals - 6.1%** |
|  Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031 <sup>(a)</sup> | Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031 <sup>(a)</sup> | 2752000 | 2882636 |
|  Celanese US Holdings LLC, 6.75%, 04/15/2033 | Celanese US Holdings LLC, 6.75%, 04/15/2033 | 3951000 | 3936800 |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 <sup>(a)</sup> | Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 <sup>(a)</sup> | 2741000 | 2752128 |
|  INEOS Finance PLC, 7.50%, 04/15/2029 <sup>(a)</sup> | INEOS Finance PLC, 7.50%, 04/15/2029 <sup>(a)</sup> | 3846000 | 3746571 |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029 <sup>(a)</sup> | Mativ Holdings, Inc., 8.00%, 10/01/2029 <sup>(a)</sup> | 4281000 | 4243795 |
|  NOVA Chemicals Corp., 7.00%, 12/01/2031 <sup>(a)</sup> | NOVA Chemicals Corp., 7.00%, 12/01/2031 <sup>(a)</sup> | 4397000 | 4636342 |
|  Olin Corp., 6.63%, 04/01/2033 <sup>(a)</sup> | Olin Corp., 6.63%, 04/01/2033 <sup>(a)</sup> | 5962000 | 6000205 |
|  Rain Carbon, Inc., 12.25%, 09/01/2029 <sup>(a)</sup> | Rain Carbon, Inc., 12.25%, 09/01/2029 <sup>(a)</sup> | 3538000 | 3793153 |
|  SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 <sup>(a)</sup> | SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 <sup>(a)</sup> | 3892000 | 3892091 |
|  Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC <sup>(a)</sup> | Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC <sup>(a)</sup> | 7003420 | 2696317 |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| &nbsp;&nbsp; 5.63%, 08/15/2029 <sup>(a)</sup> | &nbsp;&nbsp; 5.63%, 08/15/2029 <sup>(a)</sup> | 7708000 | 7170658 |
| &nbsp;&nbsp; 6.63%, 08/15/2032 <sup>(a)</sup> | &nbsp;&nbsp; 6.63%, 08/15/2032 <sup>(a)</sup> | 1947000 | 1926372 |
|  |  |  | 47677068 |
| **Consumer/Commercial/Lease Financing - 1.8%** | **Consumer/Commercial/Lease Financing - 1.8%** | **Consumer/Commercial/Lease Financing - 1.8%** | **Consumer/Commercial/Lease Financing - 1.8%** |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033 <sup>(a)</sup> | Burford Capital Global Finance LLC, 7.50%, 07/15/2033 <sup>(a)</sup> | 5787000 | 5896085 |
|  Credit Acceptance Corp., 6.63%, 03/15/2030 <sup>(a)</sup> | Credit Acceptance Corp., 6.63%, 03/15/2030 <sup>(a)</sup> | 3919000 | 3932853 |
|  PennyMac Financial Services, Inc., 6.88%, 02/15/2033 <sup>(a)</sup> | PennyMac Financial Services, Inc., 6.88%, 02/15/2033 <sup>(a)</sup> | 3697000 | 3822188 |
|  |  |  | 13651126 |
| **Consumer-Products - 0.5%** | **Consumer-Products - 0.5%** | **Consumer-Products - 0.5%** | **Consumer-Products - 0.5%** |
|  Winnebago Industries, Inc., 6.25%, 07/15/2028 <sup>(a)</sup> | Winnebago Industries, Inc., 6.25%, 07/15/2028 <sup>(a)</sup> | 3928000 | 3925829 |
| **Diversified Capital Goods - 1.4%** | **Diversified Capital Goods - 1.4%** | **Diversified Capital Goods - 1.4%** | **Diversified Capital Goods - 1.4%** |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 <sup>(a)</sup> | EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 <sup>(a)</sup> | 3674000 | 3781277 |
|  Patrick Industries, Inc., 6.38%, 11/01/2032 <sup>(a)</sup> | Patrick Industries, Inc., 6.38%, 11/01/2032 <sup>(a)</sup> | 3762000 | 3820341 |
|  Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 <sup>(a)</sup> | Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 <sup>(a)</sup> | 3658000 | 3703835 |
|  |  |  | 11305453 |
| **Electric-Generation - 1.0%** | **Electric-Generation - 1.0%** | **Electric-Generation - 1.0%** | **Electric-Generation - 1.0%** |
|  Alpha Generation LLC, 6.75%, 10/15/2032 <sup>(a)</sup> | Alpha Generation LLC, 6.75%, 10/15/2032 <sup>(a)</sup> | 3734000 | 3857224 |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup> | NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup> | 3581000 | 3673089 |
|  |  |  | 7530313 |
| **Electric-Integrated - 0.5%** | **Electric-Integrated - 0.5%** | **Electric-Integrated - 0.5%** | **Electric-Integrated - 0.5%** |
|  Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 <sup>(a)</sup> | Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 <sup>(a)</sup> | 3877000 | 3913123 |
| **Electronics - 0.5%** | **Electronics - 0.5%** | **Electronics - 0.5%** | **Electronics - 0.5%** |
|  Sensata Technologies, Inc., 6.63%, 07/15/2032 <sup>(a)</sup> | Sensata Technologies, Inc., 6.63%, 07/15/2032 <sup>(a)</sup> | 3681000 | 3813343 |
| **Energy - Exploration & Production - 3.4%** | **Energy - Exploration & Production - 3.4%** | **Energy - Exploration & Production - 3.4%** | **Energy - Exploration & Production - 3.4%** |
|  Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 <sup>(a)</sup> | Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 <sup>(a)</sup> | 3183000 | 3321909 |
|  California Resources Corp., 7.00%, 01/15/2034 <sup>(a)(f)</sup> | California Resources Corp., 7.00%, 01/15/2034 <sup>(a)(f)</sup> | 3135000 | 3115379 |
|  Chord Energy Corp., 6.75%, 03/15/2033 <sup>(a)</sup> | Chord Energy Corp., 6.75%, 03/15/2033 <sup>(a)</sup> | 3857000 | 3910279 |
|  Civitas Resources, Inc., 8.75%, 07/01/2031 <sup>(a)</sup> | Civitas Resources, Inc., 8.75%, 07/01/2031 <sup>(a)</sup> | 2910000 | 2984965 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031 <sup>(a)</sup> | Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031 <sup>(a)</sup> | 4213000 | 4073171 |
|  Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 <sup>(a)</sup> | Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 <sup>(a)</sup> | 2247000 | 2229016 |
|  Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 <sup>(a)</sup> | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 <sup>(a)</sup> | 4118000 | 4229062 |
|  Talos Production, Inc., 9.38%, 02/01/2031 <sup>(a)</sup> | Talos Production, Inc., 9.38%, 02/01/2031 <sup>(a)</sup> | 2566000 | 2674596 |
|  |  |  | 26538377 |
| **Environmental - 0.5%** | **Environmental - 0.5%** | **Environmental - 0.5%** | **Environmental - 0.5%** |
|  Waste Pro USA, Inc., 7.00%, 02/01/2033 <sup>(a)</sup> | Waste Pro USA, Inc., 7.00%, 02/01/2033 <sup>(a)</sup> | 3598000 | 3735793 |
| **Food - Wholesale - 0.4%** | **Food - Wholesale - 0.4%** | **Food - Wholesale - 0.4%** | **Food - Wholesale - 0.4%** |
|  Central Garden & Pet Co., 4.13%, 04/30/2031 <sup>(a)</sup> | Central Garden & Pet Co., 4.13%, 04/30/2031 <sup>(a)</sup> | 3363000 | 3142005 |
| **Forestry/Paper - 1.0%** | **Forestry/Paper - 1.0%** | **Forestry/Paper - 1.0%** | **Forestry/Paper - 1.0%** |
|  Ahlstrom Holding 3 Oy, 4.88%, 02/04/2028 <sup>(a)</sup> | Ahlstrom Holding 3 Oy, 4.88%, 02/04/2028 <sup>(a)</sup> | 3925000 | 3809512 |
| Mercer International, Inc. | Mercer International, Inc. | Mercer International, Inc. | Mercer International, Inc. |
| &nbsp;&nbsp; 12.88%, 10/01/2028 <sup>(a)</sup> | &nbsp;&nbsp; 12.88%, 10/01/2028 <sup>(a)</sup> | 784000 | 714464 |
| &nbsp;&nbsp; 5.13%, 02/01/2029 | &nbsp;&nbsp; 5.13%, 02/01/2029 | 4691000 | 3461842 |
|  |  |  | 7985818 |
| **Gaming - 2.1%** | **Gaming - 2.1%** | **Gaming - 2.1%** | **Gaming - 2.1%** |
|  Jacobs Entertainment, Inc., 6.75%, 02/15/2029 <sup>(a)</sup> | Jacobs Entertainment, Inc., 6.75%, 02/15/2029 <sup>(a)</sup> | 2658000 | 2596720 |
|  MGM Resorts International, 6.50%, 04/15/2032 | MGM Resorts International, 6.50%, 04/15/2032 | 4171000 | 4251997 |
|  Penn Entertainment, Inc., 5.63%, 01/15/2027 <sup>(a)</sup> | Penn Entertainment, Inc., 5.63%, 01/15/2027 <sup>(a)</sup> | 4150000 | 4150255 |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 <sup>(a)</sup> | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 <sup>(a)</sup> | 5963000 | 5548113 |
|  |  |  | 16547085 |
| **Gas Distribution - 3.4%** | **Gas Distribution - 3.4%** | **Gas Distribution - 3.4%** | **Gas Distribution - 3.4%** |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033 <sup>(a)</sup> | CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033 <sup>(a)</sup> | 3320000 | 3605055 |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 3494000 | 3657271 |
|  Golar LNG Ltd., 7.50%, 10/02/2030 <sup>(a)(f)</sup> | Golar LNG Ltd., 7.50%, 10/02/2030 <sup>(a)(f)</sup> | 3128000 | 3101555 |
|  Harvest Midstream I LP, 7.50%, 09/01/2028 <sup>(a)</sup> | Harvest Midstream I LP, 7.50%, 09/01/2028 <sup>(a)</sup> | 3733000 | 3776045 |
|  ITT Holdings LLC, 6.50%, 08/01/2029 <sup>(a)</sup> | ITT Holdings LLC, 6.50%, 08/01/2029 <sup>(a)</sup> | 2538000 | 2497010 |
|  Rockies Express Pipeline LLC, 6.75%, 03/15/2033 <sup>(a)</sup> | Rockies Express Pipeline LLC, 6.75%, 03/15/2033 <sup>(a)</sup> | 3646000 | 3810307 |
|  Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035 <sup>(a)</sup> | Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035 <sup>(a)</sup> | 5519000 | 6232790 |
|  |  |  | 26680033 |
| **Health Facilities - 1.6%** | **Health Facilities - 1.6%** | **Health Facilities - 1.6%** | **Health Facilities - 1.6%** |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 <sup>(a)</sup> | Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 <sup>(a)</sup> | 3906000 | 4060049 |
|  CHS/Community Health Systems, Inc., 9.75%, 01/15/2034 <sup>(a)</sup> | CHS/Community Health Systems, Inc., 9.75%, 01/15/2034 <sup>(a)</sup> | 4679000 | 4799484 |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032 <sup>(a)</sup> | Concentra Health Services, Inc., 6.88%, 07/15/2032 <sup>(a)</sup> | 3610000 | 3753071 |
|  |  |  | 12612604 |
| **Health Services - 1.0%** | **Health Services - 1.0%** | **Health Services - 1.0%** | **Health Services - 1.0%** |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 <sup>(a)</sup> | Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 <sup>(a)</sup> | 6123000 | 5954618 |
|  Sotera Health Holdings LLC, 7.38%, 06/01/2031 <sup>(a)</sup> | Sotera Health Holdings LLC, 7.38%, 06/01/2031 <sup>(a)</sup> | 1815000 | 1908051 |
|  |  |  | 7862669 |
| **Hotels - 1.2%** | **Hotels - 1.2%** | **Hotels - 1.2%** | **Hotels - 1.2%** |
|  Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033 <sup>(a)</sup> | Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033 <sup>(a)</sup> | 5869000 | 5846342 |
|  Park Intermediate Holdings LLC /PK Domestic Property LLC /PK Finance Co.-Issuer, 4.88%, 05/15/2029 <sup>(a)</sup> | Park Intermediate Holdings LLC /PK Domestic Property LLC /PK Finance Co.-Issuer, 4.88%, 05/15/2029 <sup>(a)</sup> | 3920000 | 3825103 |
|  |  |  | 9671445 |
| **Insurance Brokerage - 2.5%** | **Insurance Brokerage - 2.5%** | **Insurance Brokerage - 2.5%** | **Insurance Brokerage - 2.5%** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 <sup>(a)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 <sup>(a)</sup> | 3290000 | 3401920 |
|  AmWINS Group, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | AmWINS Group, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 3992000 | 3882423 |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032 <sup>(a)</sup> | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032 <sup>(a)</sup> | 2273000 | 2360278 |
|  Jones Deslauriers Insurance Management, Inc., 6.88%, 10/01/2033 <sup>(a)</sup> | Jones Deslauriers Insurance Management, Inc., 6.88%, 10/01/2033 <sup>(a)</sup> | 3132000 | 3117540 |
|  Ryan Specialty LLC, 5.88%, 08/01/2032 <sup>(a)</sup> | Ryan Specialty LLC, 5.88%, 08/01/2032 <sup>(a)</sup> | 2616000 | 2647238 |
|  USI, Inc./NY, 7.50%, 01/15/2032 <sup>(a)</sup> | USI, Inc./NY, 7.50%, 01/15/2032 <sup>(a)</sup> | 3910000 | 4105220 |
|  |  |  | 19514619 |
| **Investments & Miscellaneous Financial Services - 1.5%** | **Investments & Miscellaneous Financial Services - 1.5%** | **Investments & Miscellaneous Financial Services - 1.5%** | **Investments & Miscellaneous Financial Services - 1.5%** |
|  Armor Holdco, Inc., 8.50%, 11/15/2029 <sup>(a)</sup> | Armor Holdco, Inc., 8.50%, 11/15/2029 <sup>(a)</sup> | 3966000 | 3960709 |
|  Osaic Holdings, Inc., 8.00%, 08/01/2033 <sup>(a)</sup> | Osaic Holdings, Inc., 8.00%, 08/01/2033 <sup>(a)</sup> | 4205000 | 4361624 |
|  WEX, Inc., 6.50%, 03/15/2033 <sup>(a)</sup> | WEX, Inc., 6.50%, 03/15/2033 <sup>(a)</sup> | 3195000 | 3265571 |
|  |  |  | 11587904 |
| **Leisure - 0.5%** | **Leisure - 0.5%** | **Leisure - 0.5%** | **Leisure - 0.5%** |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030 <sup>(a)</sup> | Lindblad Expeditions LLC, 7.00%, 09/15/2030 <sup>(a)</sup> | 3860000 | 3936872 |
| **Machinery - 1.6%** | **Machinery - 1.6%** | **Machinery - 1.6%** | **Machinery - 1.6%** |
|  Arcosa, Inc., 6.88%, 08/15/2032 <sup>(a)</sup> | Arcosa, Inc., 6.88%, 08/15/2032 <sup>(a)</sup> | 3670000 | 3836317 |
|  JB Poindexter & Co., Inc., 8.75%, 12/15/2031 <sup>(a)</sup> | JB Poindexter & Co., Inc., 8.75%, 12/15/2031 <sup>(a)</sup> | 4210000 | 4414618 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 4195000 | 4111394 |
|  |  |  | 12362329 |
| **Media - Broadcast - 1.6%** | **Media - Broadcast - 1.6%** | **Media - Broadcast - 1.6%** | **Media - Broadcast - 1.6%** |
|  CMG Media Corp., 8.88%, 12/15/2027 <sup>(a)</sup> | CMG Media Corp., 8.88%, 12/15/2027 <sup>(a)</sup> | 2132000 | 1953445 |
|  EW Scripps Co., 9.88%, 08/15/2030 <sup>(a)</sup> | EW Scripps Co., 9.88%, 08/15/2030 <sup>(a)</sup> | 3901000 | 3665236 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> | &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> | 1763000 | 1907709 |
| &nbsp;&nbsp; 5.38%, 11/15/2031 <sup>(a)</sup> | &nbsp;&nbsp; 5.38%, 11/15/2031 <sup>(a)</sup> | 6306000 | 4741371 |
|  |  |  | 12267761 |
| **Media - Services - 0.3%** | **Media - Services - 0.3%** | **Media - Services - 0.3%** | **Media - Services - 0.3%** |
|  Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | 2392000 | 2312104 |
| **Medical Products - 2.3%** | **Medical Products - 2.3%** | **Medical Products - 2.3%** | **Medical Products - 2.3%** |
|  Grifols SA, 4.75%, 10/15/2028 <sup>(a)</sup> | Grifols SA, 4.75%, 10/15/2028 <sup>(a)</sup> | 4331000 | 4210954 |
|  Insulet Corp., 6.50%, 04/01/2033 <sup>(a)</sup> | Insulet Corp., 6.50%, 04/01/2033 <sup>(a)</sup> | 3774000 | 3926968 |
|  Medline Borrower LP, 5.25%, 10/01/2029 <sup>(a)</sup> | Medline Borrower LP, 5.25%, 10/01/2029 <sup>(a)</sup> | 3111000 | 3086402 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 <sup>(a)</sup> | Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 <sup>(a)</sup> | 2934000 | 3012205 |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup> | Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup> | 3778000 | 3858486 |
|  |  |  | 18095015 |
| **Metals/Mining Excluding Steel - 0.5%** | **Metals/Mining Excluding Steel - 0.5%** | **Metals/Mining Excluding Steel - 0.5%** | **Metals/Mining Excluding Steel - 0.5%** |
|  Kaiser Aluminum Corp., 4.50%, 06/01/2031 <sup>(a)</sup> | Kaiser Aluminum Corp., 4.50%, 06/01/2031 <sup>(a)</sup> | 3925000 | 3702415 |
| **Oil Field Equipment & Services - 5.6%** | **Oil Field Equipment & Services - 5.6%** | **Oil Field Equipment & Services - 5.6%** | **Oil Field Equipment & Services - 5.6%** |
|  Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028 <sup>(a)</sup> | Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028 <sup>(a)</sup> | 4094703 | 4077375 |
|  Enerflex Ltd., 9.00%, 10/15/2027 <sup>(a)</sup> | Enerflex Ltd., 9.00%, 10/15/2027 <sup>(a)</sup> | 3186000 | 3255060 |
|  Kodiak Gas Services LLC, 6.75%, 10/01/2035 <sup>(a)</sup> | Kodiak Gas Services LLC, 6.75%, 10/01/2035 <sup>(a)</sup> | 3873000 | 3979048 |
|  Noble Finance II LLC, 8.00%, 04/15/2030 <sup>(a)</sup> | Noble Finance II LLC, 8.00%, 04/15/2030 <sup>(a)</sup> | 5240000 | 5427613 |
|  SESI LLC, 7.88%, 09/30/2030 <sup>(a)</sup> | SESI LLC, 7.88%, 09/30/2030 <sup>(a)</sup> | 2936000 | 2938202 |
|  Transocean International Ltd., 8.75%, 02/15/2030 <sup>(a)</sup> | Transocean International Ltd., 8.75%, 02/15/2030 <sup>(a)</sup> | 2149500 | 2263286 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/2027 <sup>(a)</sup> | Transocean Poseidon Ltd., 6.88%, 02/01/2027 <sup>(a)</sup> | 1759050 | 1762583 |
|  Valaris Ltd., 8.38%, 04/30/2030 <sup>(a)</sup> | Valaris Ltd., 8.38%, 04/30/2030 <sup>(a)</sup> | 4256000 | 4420066 |
|  WBI Operating LLC, 6.50%, 10/15/2033 <sup>(a)</sup> | WBI Operating LLC, 6.50%, 10/15/2033 <sup>(a)</sup> | 4844000 | 4837945 |
| Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
| &nbsp;&nbsp; 8.63%, 04/30/2030 <sup>(a)</sup> | &nbsp;&nbsp; 8.63%, 04/30/2030 <sup>(a)</sup> | 4770000 | 4879500 |
| &nbsp;&nbsp; 6.75%, 10/15/2033 <sup>(a)(f)</sup> | &nbsp;&nbsp; 6.75%, 10/15/2033 <sup>(a)(f)</sup> | 5859000 | 5866737 |
|  |  |  | 43707415 |
| **Oil Refining & Marketing - 1.7%** | **Oil Refining & Marketing - 1.7%** | **Oil Refining & Marketing - 1.7%** | **Oil Refining & Marketing - 1.7%** |
|  Civitas Resources, Inc., 9.63%, 06/15/2033 <sup>(a)</sup> | Civitas Resources, Inc., 9.63%, 06/15/2033 <sup>(a)</sup> | 964000 | 1018955 |
|  International Petroleum Corp., 7.50%, 10/10/2030 <sup>(f)</sup> | International Petroleum Corp., 7.50%, 10/10/2030 <sup>(f)</sup> | 1954000 | 1954000 |
|  Parkland Corp., 6.63%, 08/15/2032 <sup>(a)</sup> | Parkland Corp., 6.63%, 08/15/2032 <sup>(a)</sup> | 3663000 | 3766359 |
| PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. |
| &nbsp;&nbsp; 9.88%, 03/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; 9.88%, 03/15/2030 <sup>(a)</sup> | 1975000 | 2071542 |
| &nbsp;&nbsp; 7.88%, 09/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; 7.88%, 09/15/2030 <sup>(a)</sup> | 4197000 | 4147429 |
|  |  |  | 12958285 |
| **Packaging - 2.5%** | **Packaging - 2.5%** | **Packaging - 2.5%** | **Packaging - 2.5%** |
|  Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 <sup>(a)</sup> | Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 <sup>(a)</sup> | 3830000 | 3904187 |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 <sup>(a)</sup> | Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 <sup>(a)</sup> | 3826000 | 3927753 |
|  Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031 <sup>(a)</sup> | Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031 <sup>(a)</sup> | 3384000 | 3555122 |
| Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
| &nbsp;&nbsp; 8.25%, 07/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; 8.25%, 07/15/2030 <sup>(a)</sup> | 2949000 | 3148349 |
| &nbsp;&nbsp; 12.25%, 01/15/2031 <sup>(a)</sup> | &nbsp;&nbsp; 12.25%, 01/15/2031 <sup>(a)</sup> | 769000 | 833047 |
|  Veritiv Operating Co., 10.50%, 11/30/2030 <sup>(a)</sup> | Veritiv Operating Co., 10.50%, 11/30/2030 <sup>(a)</sup> | 3860000 | 4147485 |
|  |  |  | 19515943 |
| **Personal & Household Products - 1.0%** | **Personal & Household Products - 1.0%** | **Personal & Household Products - 1.0%** | **Personal & Household Products - 1.0%** |
|  Energizer Holdings, Inc., 6.00%, 09/15/2033 <sup>(a)</sup> | Energizer Holdings, Inc., 6.00%, 09/15/2033 <sup>(a)</sup> | 3924000 | 3842673 |
|  Scotts Miracle-Gro Co., 4.38%, 02/01/2032 | Scotts Miracle-Gro Co., 4.38%, 02/01/2032 | 4147000 | 3834475 |
|  |  |  | 7677148 |
| **Pharmaceuticals - 1.8%** | **Pharmaceuticals - 1.8%** | **Pharmaceuticals - 1.8%** | **Pharmaceuticals - 1.8%** |
|  1261229 BC Ltd., 10.00%, 04/15/2032 <sup>(a)</sup> | 1261229 BC Ltd., 10.00%, 04/15/2032 <sup>(a)</sup> | 2234000 | 2291731 |
|  Bausch + Lomb Corp., 8.38%, 10/01/2028 <sup>(a)</sup> | Bausch + Lomb Corp., 8.38%, 10/01/2028 <sup>(a)</sup> | 3218000 | 3357782 |
|  Harrow, Inc., 8.63%, 09/15/2030 <sup>(a)</sup> | Harrow, Inc., 8.63%, 09/15/2030 <sup>(a)</sup> | 3070000 | 3194719 |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV | Organon & Co. / Organon Foreign Debt Co.-Issuer BV | Organon & Co. / Organon Foreign Debt Co.-Issuer BV | Organon & Co. / Organon Foreign Debt Co.-Issuer BV |
| &nbsp;&nbsp; 5.13%, 04/30/2031 <sup>(a)</sup> | &nbsp;&nbsp; 5.13%, 04/30/2031 <sup>(a)</sup> | 4634000 | 4063295 |
| &nbsp;&nbsp; 7.88%, 05/15/2034 <sup>(a)</sup> | &nbsp;&nbsp; 7.88%, 05/15/2034 <sup>(a)</sup> | 1442000 | 1337672 |
|  |  |  | 14245199 |
| **Printing & Publishing - 0.6%** | **Printing & Publishing - 0.6%** | **Printing & Publishing - 0.6%** | **Printing & Publishing - 0.6%** |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | 4648000 | 4637610 |
| **Real Estate Development & Management - 0.5%** | **Real Estate Development & Management - 0.5%** | **Real Estate Development & Management - 0.5%** | **Real Estate Development & Management - 0.5%** |
|  Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031 <sup>(a)</sup> | Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031 <sup>(a)</sup> | 3489000 | 3726643 |
| **Recreation & Travel - 2.0%** | **Recreation & Travel - 2.0%** | **Recreation & Travel - 2.0%** | **Recreation & Travel - 2.0%** |
|  Boyne USA, Inc., 4.75%, 05/15/2029 <sup>(a)</sup> | Boyne USA, Inc., 4.75%, 05/15/2029 <sup>(a)</sup> | 3809000 | 3739519 |
|  Carnival Corp., 6.13%, 02/15/2033 <sup>(a)</sup> | Carnival Corp., 6.13%, 02/15/2033 <sup>(a)</sup> | 9453000 | 9695621 |
|  Motion Bondco DAC, 6.63%, 11/15/2027 <sup>(a)</sup> | Motion Bondco DAC, 6.63%, 11/15/2027 <sup>(a)</sup> | 1998000 | 1957517 |
|  |  |  | 15392657 |
| **Reinsurance - 0.1%** | **Reinsurance - 0.1%** | **Reinsurance - 0.1%** | **Reinsurance - 0.1%** |
|  Enstar Group Ltd., 7.50% to 04/01/2035 then 5 yr. CMT Rate + 3.19%, 04/01/2045 <sup>(a)</sup> | Enstar Group Ltd., 7.50% to 04/01/2035 then 5 yr. CMT Rate + 3.19%, 04/01/2045 <sup>(a)</sup> | 875000 | 916513 |
| **REITs - 0.8%** | **REITs - 0.8%** | **REITs - 0.8%** | **REITs - 0.8%** |
|  Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)</sup> | Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)</sup> | 2416000 | 2474798 |
|  Service Properties Trust, 8.63%, 11/15/2031 <sup>(a)</sup> | Service Properties Trust, 8.63%, 11/15/2031 <sup>(a)</sup> | 3513000 | 3742993 |
|  |  |  | 6217791 |
| **Restaurants - 0.9%** | **Restaurants - 0.9%** | **Restaurants - 0.9%** | **Restaurants - 0.9%** |
|  Papa John's International, Inc., 3.88%, 09/15/2029 <sup>(a)</sup> | Papa John's International, Inc., 3.88%, 09/15/2029 <sup>(a)</sup> | 3498000 | 3359962 |
|  Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 <sup>(a)</sup> | Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 <sup>(a)</sup> | 3484000 | 3661663 |
|  |  |  | 7021625 |
| **Software/Services - 4.6%** | **Software/Services - 4.6%** | **Software/Services - 4.6%** | **Software/Services - 4.6%** |
|  Boost Newco Borrower LLC, 7.50%, 01/15/2031 <sup>(a)</sup> | Boost Newco Borrower LLC, 7.50%, 01/15/2031 <sup>(a)</sup> | 3641000 | 3865428 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 <sup>(a)</sup> | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 <sup>(a)</sup> | 7073000 | 6241966 |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 <sup>(a)</sup> | Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 <sup>(a)</sup> | 4075000 | 4096561 |
|  Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 <sup>(a)</sup> | Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 <sup>(a)</sup> | 3543000 | 3714095 |
|  Sonic Automotive, Inc., 4.88%, 11/15/2031 <sup>(a)</sup> | Sonic Automotive, Inc., 4.88%, 11/15/2031 <sup>(a)</sup> | 4065000 | 3890070 |
|  Titan International, Inc., 7.00%, 04/30/2028 | Titan International, Inc., 7.00%, 04/30/2028 | 3870000 | 3877883 |
|  UKG, Inc., 6.88%, 02/01/2031 <sup>(a)</sup> | UKG, Inc., 6.88%, 02/01/2031 <sup>(a)</sup> | 3489000 | 3602706 |
|  Virtusa Corp., 7.13%, 12/15/2028 <sup>(a)</sup> | Virtusa Corp., 7.13%, 12/15/2028 <sup>(a)</sup> | 2518000 | 2469202 |
|  VM Consolidated, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | VM Consolidated, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 3868000 | 3864653 |
|  |  |  | 35622564 |
| **Specialty Retail - 0.8%** | **Specialty Retail - 0.8%** | **Specialty Retail - 0.8%** | **Specialty Retail - 0.8%** |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 <sup>(a)</sup> | Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 <sup>(a)</sup> | 2268000 | 2414599 |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032 <sup>(a)</sup> | Wand NewCo 3, Inc., 7.63%, 01/30/2032 <sup>(a)</sup> | 3443000 | 3630299 |
|  |  |  | 6044898 |
| **Steel Producers/Products - 0.5%** | **Steel Producers/Products - 0.5%** | **Steel Producers/Products - 0.5%** | **Steel Producers/Products - 0.5%** |
|  Calderys Financing LLC, 11.25%, 06/01/2028 <sup>(a)</sup> | Calderys Financing LLC, 11.25%, 06/01/2028 <sup>(a)</sup> | 3733000 | 3962871 |
| **Support-Services - 3.0%** | **Support-Services - 3.0%** | **Support-Services - 3.0%** | **Support-Services - 3.0%** |
|  Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030 <sup>(a)</sup> | Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030 <sup>(a)</sup> | 3873000 | 4015526 |
|  EquipmentShare.com, Inc., 8.63%, 05/15/2032 <sup>(a)</sup> | EquipmentShare.com, Inc., 8.63%, 05/15/2032 <sup>(a)</sup> | 3825000 | 4134420 |
|  Herc Holdings, Inc., 7.25%, 06/15/2033 <sup>(a)</sup> | Herc Holdings, Inc., 7.25%, 06/15/2033 <sup>(a)</sup> | 5767000 | 6024768 |
|  Sotheby's, 7.38%, 10/15/2027 <sup>(a)</sup> | Sotheby's, 7.38%, 10/15/2027 <sup>(a)</sup> | 1938000 | 1942228 |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029 <sup>(a)</sup> | Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029 <sup>(a)</sup> | 2516000 | 2305112 |
|  ZipRecruiter, Inc., 5.00%, 01/15/2030 <sup>(a)</sup> | ZipRecruiter, Inc., 5.00%, 01/15/2030 <sup>(a)</sup> | 6145000 | 4952619 |
|  |  |  | 23374673 |
| **Technology Hardware & Equipment - 0.8%** | **Technology Hardware & Equipment - 0.8%** | **Technology Hardware & Equipment - 0.8%** | **Technology Hardware & Equipment - 0.8%** |
|  Seagate Data Storage Technology Pte Ltd., 8.50%, 07/15/2031 <sup>(a)</sup> | Seagate Data Storage Technology Pte Ltd., 8.50%, 07/15/2031 <sup>(a)</sup> | 3594000 | 3813802 |
|  Xerox Holdings Corp., 8.88%, 11/30/2029 <sup>(a)</sup> | Xerox Holdings Corp., 8.88%, 11/30/2029 <sup>(a)</sup> | 4700000 | 2562681 |
|  |  |  | 6376483 |
| **Telecom - Satellite - 1.1%** | **Telecom - Satellite - 1.1%** | **Telecom - Satellite - 1.1%** | **Telecom - Satellite - 1.1%** |
|  Telesat Canada / Telesat LLC, 5.63%, 12/06/2026 <sup>(a)</sup> | Telesat Canada / Telesat LLC, 5.63%, 12/06/2026 <sup>(a)</sup> | 5575000 | 4487875 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 3895000 | 3849483 |
|  |  |  | 8337358 |
| **Telecom - Wireline Integrated & Services - 0.3%** | **Telecom - Wireline Integrated & Services - 0.3%** | **Telecom - Wireline Integrated & Services - 0.3%** | **Telecom - Wireline Integrated & Services - 0.3%** |
|  Frontier Communications Holdings LLC, 8.63%, 03/15/2031 <sup>(a)</sup> | Frontier Communications Holdings LLC, 8.63%, 03/15/2031 <sup>(a)</sup> | 2380000 | 2511116 |
| **Tobacco - 0.5%** | **Tobacco - 0.5%** | **Tobacco - 0.5%** | **Tobacco - 0.5%** |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(a)</sup> | Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(a)</sup> | 3773000 | 4002021 |
| **TOTAL CORPORATE BONDS** (Cost $685,248,488) | **TOTAL CORPORATE BONDS** (Cost $685,248,488) | **TOTAL CORPORATE BONDS** (Cost $685,248,488) | 679993177 |
| **BANK LOANS - 5.8%** | **BANK LOANS - 5.8%** | **Par** | **Value**  |
| **Advertising - 0.4%** | **Advertising - 0.4%** | **Advertising - 0.4%** | **Advertising - 0.4%** |
|  AP Core Holdings II LLC, 9.78% (1 mo. Term SOFR + 5.50%), 09/01/2027 (Acquired 7/21/2021 - 2/10/2023, Cost $3,062,595) <sup>(d)</sup> | AP Core Holdings II LLC, 9.78% (1 mo. Term SOFR + 5.50%), 09/01/2027 (Acquired 7/21/2021 - 2/10/2023, Cost $3,062,595) <sup>(d)</sup> | 3086098 | 3011831 |
| **Building Materials - 0.9%** | **Building Materials - 0.9%** | **Building Materials - 0.9%** | **Building Materials - 0.9%** |
|  Covia Holdings LLC, First Lien, 6.95% (3 mo. Term SOFR + 2.75%), 02/26/2032 <sup>(d)</sup> | Covia Holdings LLC, First Lien, 6.95% (3 mo. Term SOFR + 2.75%), 02/26/2032 <sup>(d)</sup> | 3929153 | 3956166 |
|  Foundation Building Materials, Inc., First Lien, 8.31% (3 mo. Term SOFR + 4.00%), 01/29/2031 (Acquired 1/25/2024 - 1/31/2024, Cost $2,700,230) <sup>(d)</sup> | Foundation Building Materials, Inc., First Lien, 8.31% (3 mo. Term SOFR + 4.00%), 01/29/2031 (Acquired 1/25/2024 - 1/31/2024, Cost $2,700,230) <sup>(d)</sup> | 2712328 | 2720343 |
|  |  |  | 6676509 |
| **Cable & Satellite TV - 0.0%<sup>(e)</sup>** | **Cable & Satellite TV - 0.0%<sup>(e)</sup>** | **Cable & Satellite TV - 0.0%<sup>(e)</sup>** | **Cable & Satellite TV - 0.0%<sup>(e)</sup>** |
|  Directv Financing LLC, First Lien, 9.57% (3 mo. Term SOFR + 5.00%), 08/02/2027 (Acquired 8/17/2022, Cost $104,842) <sup>(d)</sup> | Directv Financing LLC, First Lien, 9.57% (3 mo. Term SOFR + 5.00%), 08/02/2027 (Acquired 8/17/2022, Cost $104,842) <sup>(d)</sup> | 105886 | 106092 |
| **Chemicals - 1.0%** | **Chemicals - 1.0%** | **Chemicals - 1.0%** | **Chemicals - 1.0%** |
|  Fortis 333, Inc., First Lien, 7.50% (3 mo. Term SOFR + 3.50%), 04/02/2032 <sup>(b)(d)(f)</sup> | Fortis 333, Inc., First Lien, 7.50% (3 mo. Term SOFR + 3.50%), 04/02/2032 <sup>(b)(d)(f)</sup> | 6889733 | 6863896 |
|  Mativ Holdings, Inc., 8.03% (1 mo. Term SOFR + 3.75%), 04/20/2028 (Acquired 2/23/2021, Cost $1,166,473) <sup>(d)</sup> | Mativ Holdings, Inc., 8.03% (1 mo. Term SOFR + 3.75%), 04/20/2028 (Acquired 2/23/2021, Cost $1,166,473) <sup>(d)</sup> | 1178256 | 1172365 |
|  |  |  | 8036261 |
| **Machinery - 1.3%** | **Machinery - 1.3%** | **Machinery - 1.3%** | **Machinery - 1.3%** |
|  Cleanova US Holdings LLC, 8.81% (1 mo. Term SOFR + 4.75%), 06/14/2032 <sup>(d)</sup> | Cleanova US Holdings LLC, 8.81% (1 mo. Term SOFR + 4.75%), 06/14/2032 <sup>(d)</sup> | 5874000 | 5874000 |
|  TK Elevator US Newco, Inc., First Lien, 7.20% (1 mo. Term SOFR + 3.00%), 04/30/2030 <sup>(d)(f)</sup> | TK Elevator US Newco, Inc., First Lien, 7.20% (1 mo. Term SOFR + 3.00%), 04/30/2030 <sup>(d)(f)</sup> | 3868584 | 3882569 |
|  |  |  | 9756569 |
| **Metals/Mining Excluding Steel - 0.2%** | **Metals/Mining Excluding Steel - 0.2%** | **Metals/Mining Excluding Steel - 0.2%** | **Metals/Mining Excluding Steel - 0.2%** |
|  Arsenal AIC Parent LLC, First Lien, 6.91% (1 mo. Term SOFR + 2.75%), 08/18/2030 <sup>(d)</sup> | Arsenal AIC Parent LLC, First Lien, 6.91% (1 mo. Term SOFR + 2.75%), 08/18/2030 <sup>(d)</sup> | 1619001 | 1621025 |
| **Oil Field Equipment & Services - 0.1%** | **Oil Field Equipment & Services - 0.1%** | **Oil Field Equipment & Services - 0.1%** | **Oil Field Equipment & Services - 0.1%** |
|  Iracore International, Inc., 13.45% (3 mo. Term SOFR + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,162,631) <sup>(c)(d)</sup> | Iracore International, Inc., 13.45% (3 mo. Term SOFR + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,162,631) <sup>(c)(d)</sup> | 1162631 | 1162631 |
| **Oil Refining & Marketing - 0.5%** | **Oil Refining & Marketing - 0.5%** | **Oil Refining & Marketing - 0.5%** | **Oil Refining & Marketing - 0.5%** |
|  Par Petroleum LLC, First Lien, 8.03% (3 mo. Term SOFR + 3.75%), 02/28/2030 (Acquired 2/14/2023, Cost $3,657,445) <sup>(d)</sup> | Par Petroleum LLC, First Lien, 8.03% (3 mo. Term SOFR + 3.75%), 02/28/2030 (Acquired 2/14/2023, Cost $3,657,445) <sup>(d)</sup> | 3697263 | 3697651 |
| **Personal & Household Products - 0.5%** | **Personal & Household Products - 0.5%** | **Personal & Household Products - 0.5%** | **Personal & Household Products - 0.5%** |
|  Journey Personal Care Corp., 7.91% (1 mo. Term SOFR + 3.75%), 03/01/2028 (Acquired 2/19/2021, Cost $4,028,408) <sup>(d)</sup> | Journey Personal Care Corp., 7.91% (1 mo. Term SOFR + 3.75%), 03/01/2028 (Acquired 2/19/2021, Cost $4,028,408) <sup>(d)</sup> | 4048652 | 4027153 |
| **Restaurants - 0.5%** | **Restaurants - 0.5%** | **Restaurants - 0.5%** | **Restaurants - 0.5%** |
|  Dave & Buster's, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 06/29/2029 (Acquired 8/2/2022 - 9/27/2024, Cost $4,142,505) <sup>(d)</sup> | Dave & Buster's, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 06/29/2029 (Acquired 8/2/2022 - 9/27/2024, Cost $4,142,505) <sup>(d)</sup> | 4177306 | 3916225 |
| **Support-Services - 0.4%** | **Support-Services - 0.4%** | **Support-Services - 0.4%** | **Support-Services - 0.4%** |
|  Summer BC Holdco B SARL, First Lien, 9.26% (3 mo. Term SOFR + 5.00%), 02/15(/2029 <sup>(d)(f)</sup> | Summer BC Holdco B SARL, First Lien, 9.26% (3 mo. Term SOFR + 5.00%), 02/15(/2029 <sup>(d)(f)</sup> | 3337103 | 3298176 |
| **TOTAL BANK LOANS** (Cost $45,356,604) | **TOTAL BANK LOANS** (Cost $45,356,604) | **TOTAL BANK LOANS** (Cost $45,356,604) | 45310123 |
| **CONVERTIBLE BONDS - 1.4%** | **CONVERTIBLE BONDS - 1.4%** | **Par** | **Value**  |
| **Investments & Miscellaneous Financial Services - 0.1%** | **Investments & Miscellaneous Financial Services - 0.1%** | **Investments & Miscellaneous Financial Services - 0.1%** | **Investments & Miscellaneous Financial Services - 0.1%** |
|  Euronet Worldwide, Inc., 0.63%, 10/01/2030 <sup>(a)</sup> | Euronet Worldwide, Inc., 0.63%, 10/01/2030 <sup>(a)</sup> | 1161000 | 1108755 |
| **Specialty Retail - 1.3%** | **Specialty Retail - 1.3%** | **Specialty Retail - 1.3%** | **Specialty Retail - 1.3%** |
|  Authentic Brands Group LLC, 5.00%, 09/01/2029 (Acquired 7/11/2013 - 7/1/2025, Cost $29,807,664) <sup>(c)(d)</sup> | Authentic Brands Group LLC, 5.00%, 09/01/2029 (Acquired 7/11/2013 - 7/1/2025, Cost $29,807,664) <sup>(c)(d)</sup> | 10076183 | 10129587 |
| **TOTAL CONVERTIBLE BONDS** (Cost $30,968,664) | **TOTAL CONVERTIBLE BONDS** (Cost $30,968,664) | **TOTAL CONVERTIBLE BONDS** (Cost $30,968,664) | 11238342 |
| **COMMON STOCKS - 1.2%** | **COMMON STOCKS - 1.2%** | **Shares** | **Value**  |
| **Advertising - 0.1%** | **Advertising - 0.1%** | **Advertising - 0.1%** |  |
| National CineMedia, Inc. | National CineMedia, Inc. | 207497 | 935812 |
| National CineMedia, Inc. 5.75% SNR PERP NTS USD (SEC (Acquired 8/17/2023, Cost $0) <sup>(c)(d)</sup> | National CineMedia, Inc. 5.75% SNR PERP NTS USD (SEC (Acquired 8/17/2023, Cost $0) <sup>(c)(d)</sup> | 6230000 | 0 |
|  |  |  | 935812 |
| **Electronics - 0.1%** | **Electronics - 0.1%** | **Electronics - 0.1%** |  |
| Avnet, Inc. | Avnet, Inc. | 15129 | 790944 |
| **Food - Wholesale - 0.1%** | **Food - Wholesale - 0.1%** | **Food - Wholesale - 0.1%** |  |
| Conagra Brands, Inc. | Conagra Brands, Inc. | 41026 | 751186 |
| **Health Care Providers & Services - 0.1%** | **Health Care Providers & Services - 0.1%** | **Health Care Providers & Services - 0.1%** |  |
| Elevance Health, Inc. | Elevance Health, Inc. | 2517 | 813293 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |  |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | 10222 | 759801 |
| **Metals/Mining Excluding Steel - 0.0%<sup>(e)</sup>** | **Metals/Mining Excluding Steel - 0.0%<sup>(e)</sup>** | **Metals/Mining Excluding Steel - 0.0%<sup>(e)</sup>** |  |
| Metals Recovery Holdings LLC (Acquired 7/19/2012 - 12/10/2019, Cost $27,352,487) <sup>(c)(d)(g)</sup> | Metals Recovery Holdings LLC (Acquired 7/19/2012 - 12/10/2019, Cost $27,352,487) <sup>(c)(d)(g)</sup> | 116127 | 38322 |
| **Oil Field Equipment & Services - 0.7%** | **Oil Field Equipment & Services - 0.7%** | **Oil Field Equipment & Services - 0.7%** |  |
| Iracore Investments Holdings, Inc. (Acquired 4/13/2017, Cost $4,753,500) <sup>(c)(d)(g)</sup> | Iracore Investments Holdings, Inc. (Acquired 4/13/2017, Cost $4,753,500) <sup>(c)(d)(g)</sup> | 22361 | 5369994 |
| **TOTAL COMMON STOCKS** (Cost $37,171,801) | **TOTAL COMMON STOCKS** (Cost $37,171,801) | **TOTAL COMMON STOCKS** (Cost $37,171,801) | 9459352 |
| **CONVERTIBLE PREFERRED STOCKS - 0.7%** | **CONVERTIBLE PREFERRED STOCKS - 0.7%** | **Shares** | **Value**  |
| **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** |  |
|  Boeing Co., 6.00%, 10/15/2027 <sup>(b)</sup> | Boeing Co., 6.00%, 10/15/2027 <sup>(b)</sup> | 76930 | 5352020 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $3,981,790) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $3,981,790) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $3,981,790) | 5352020 |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.4%** | **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.4%** | **Shares** | **Value**  |
| **Hotels - 0.4%** | **Hotels - 0.4%** | **Hotels - 0.4%** |  |
|  Pebblebrook Hotel Trust, Series F, 6.30%, Perpetual | Pebblebrook Hotel Trust, Series F, 6.30%, Perpetual | 142464 | 2877773 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $2,984,049) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $2,984,049) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $2,984,049) | 2877773 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 2.3%** | **MONEY MARKET FUNDS - 2.3%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05% <sup>(h)</sup> | First American Government Obligations Fund - Class X, 4.05% <sup>(h)</sup> | 305522 | 305522 |
| JPMorgan US Government Money Market Fund - Class IM, 4.09% <sup>(h)</sup> | JPMorgan US Government Money Market Fund - Class IM, 4.09% <sup>(h)</sup> | 18111856 | 18111856 |
| **TOTAL MONEY MARKET FUNDS** (Cost $18,417,378) | **TOTAL MONEY MARKET FUNDS** (Cost $18,417,378) | **TOTAL MONEY MARKET FUNDS** (Cost $18,417,378) | 18417378 |
| **TIME DEPOSITS - 2.0%** | **TIME DEPOSITS - 2.0%** | **Par** | **Value**  |
| Royal Bank of Canada, 3.44%, 10/01/2025 <sup>(i)</sup> | Royal Bank of Canada, 3.44%, 10/01/2025 <sup>(i)</sup> | 15458907 | 15458907 |
| JPMorgan Chase and Company, 3.44%, 10/01/2025 <sup>(i)</sup>  | JPMorgan Chase and Company, 3.44%, 10/01/2025 <sup>(i)</sup>  | 24892 | 24892 |
| **TOTAL TIME DEPOSITS** (Cost $15,483,799) | **TOTAL TIME DEPOSITS** (Cost $15,483,799) | **TOTAL TIME DEPOSITS** (Cost $15,483,799) | 15483799 |
| **TOTAL INVESTMENTS - 101.0% (**Cost $839,612,573**)** | **TOTAL INVESTMENTS - 101.0% (**Cost $839,612,573**)** | **TOTAL INVESTMENTS - 101.0% (**Cost $839,612,573**)** | 788131964 |
| Liabilities in Excess of Other Assets - (1.0)% | Liabilities in Excess of Other Assets - (1.0)% | Liabilities in Excess of Other Assets - (1.0)% | (7847699) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $780284265 |

---

---

| |
|:---|
| Par amount is in USD unless otherwise indicated. |
| Percentages are stated as a percent of net assets. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PIK - Payment in Kind |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of September 30, 2025, the value of these securities total $633,280,159 or 81.2% of the Fund's net assets.

(b) Non-income producing security.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $16,700,534 or 2.1% of net assets as of September 30, 2025.

(d) As of September 30, 2025, the value of these securities total $62,317,108 or 8.0% of the Fund's net assets.

(e) Represents less than 0.05% of net assets.

(f) Security or a portion of the security purchased on a when-issued or delayed delivery basis.

(g) <br> Affiliated security as defined by the Investment Company Act of 1940

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Net Change in | | | |
|  | | | | | Unrealized | | | |
|  | Value at | | | Net Realized | Appreciation/ | Value at | | Shares Held at |
| Issuer Name | June 30, 2025 | Purchases | Sales | Gains (Losses) | Depreciation | September 30, 2025 | Dividends | September 30, 2025 |
| Iracore Investments Holdings, Inc. | $5425226 | $- | $- | $- | $(55232) | $5369994 | $- | $22361 |
| Metals Recovery Holdings LLC | 69676 | - | - |  | (31354) | 38322 | 31090 | 116127 |
|  | $5494902 | $- | $- | $- | $(86586) | $5408316 | $31090 |  |

---

(h) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(i) Invested through a cash management account administered by Brown Brothers Harriman & Co.

Hotchkis & Wiley High Yield Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $679993177 | $– | $679993177 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 44147492 | 1162631 | 45310123 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 1108755 | 10129587 | 11238342 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 4051036 | – | 5408316 | 9459352 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 5352020 | – | – | 5352020 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Preferred | 2877773 | – | – | 2877773 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 18417378 | – | – | 18417378 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | – | 15483799 | – | 15483799 |
| Total Investments | $30698207 | $740733223 | $16700534 | $788131964 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: | The following table provides information about the Level 3 values, as well as their inputs, as of September 30, 2025: |  |  |
|  | Fair Value at<br> September 30, 2025 | Valuation Techniques | Unobservable Inputs | Input Values (Weighted Average)\* | Impact to Valuation from an<br> Increase to Input |
| Bank Loans | $1162631 | Market comparable securities | N/A | $100.00 | Increase |
| Convertible Bonds | 10129587 | Market comparable securities | EBIT multiple | 19.2x | Increase |
| Common Stocks | 38322 | Estimated recovery value | Probability of asset recovery | $0.00 - $0.60 ($0.60) | Increase |
|  | 5369994 | Market comparable companies | EBIT multiple | 10.1x | Increase |
| Total Common Stocks | 5408316 |  |  |  |  |
|  | $16700534 |  |  |  |  |
| \* Unobservable inputs were weighted by the fair value of the investments. | \* Unobservable inputs were weighted by the fair value of the investments. | \* Unobservable inputs were weighted by the fair value of the investments. |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: |  |
|  | Bank Loans | Convertible Bonds | Common Stocks | Total |
| Balance at June 30, 2025 | $1162631 | $9962745 | $5494902 | $16620278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | - | 113438 | - | 113438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued discounts (premiums) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/depreciation | - | 53404 | (86586) | (33182) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | - | - | - | - |
| Balance at September 30, 2025 | $1162631 | $10129587 | $5408316 | $16700534 |
| Change in unrealized appreciation/depreciation for Level 3 assets held at September 30, 2025 | $- | $53404 | $(86586) | $(33182) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** HOTCHKIS & WILEY FUNDS/DE/

- **b. Investment Company Act file number:** 811-10487

- **c. CIK number of Registrant:** 0001145022

- **d. LEI of Registrant:** 549300DFU8YF1PWZ5A57

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

  - **Street Address 1:** 601 South Figueroa Street

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90017-5704

  - **Telephone number:** 213-430-1000

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

- **a. Name of Series:** Hotchkis and Wiley High Yield Fund

- **b. EDGAR series identifier (if any):** S000025241

- **c. LEI of Series:** 549300Q9KIJE8HOUVV59

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $799391798.58

**Total Liabilities:** $20599773.25

**Net Assets:** $778792025.33

**Delayed Delivery Securities:** $14855259.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 616.175561000000 | **10-Year:** 4339.861732000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 65357.397882000000 | **1-Year:** 94836.772946000000 | **5-Year:** 43478.990939000000 | **10-Year:** 6798.842626000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075208 | 0.33%                | 1.17%                | 0.40%                |
| Class ID C000075210 | 0.25%                | 1.28%                | 0.42%                |
| Class ID C000199806 | 0.36%                | 1.19%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28652.86                | $-1517565.89                               |
| Month 2  | $222004.59               | $5069269.58                                |
| Month 3  | $947952.89               | $-1850858.90                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                               | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VAREX IMAGING CORPORATIO           | Varex Imaging Corp                                                               | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |   3778000 | PA      | $3858486.51   | 0.50%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN            | Aethon United BR LP / Aethon United Finance Corp                                 | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3183000 | PA      | $3321909.30   | 0.43%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC               | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |   3734000 | PA      | $3857223.72   | 0.50%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC               | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |   2980000 | PA      | $3096699.78   | 0.40%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC            | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   3897000 | PA      | $3911032.71   | 0.50%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                   | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3992000 | PA      | $3882422.79   | 0.50%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Avnet Inc                          | Avnet Inc                                                                        | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     15129 | NS      | $790944.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC HOLDINGS LLC                   | CSC Holdings LLC                                                                 | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |  11102000 | PA      | $4239965.93   | 0.54%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN           | CQP Holdco LP / BIP-V Chinook Holdco LLC                                         | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3320000 | PA      | $3605055.20   | 0.46%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC               | Cascades Inc/Cascades USA Inc                                                    | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3830000 | PA      | $3904187.10   | 0.50%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC           | Celanese US Holdings LLC                                                         | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   3951000 | PA      | $3936799.91   | 0.51%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   3752000 | PA      | $3870739.54   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                 | Conagra Brands Inc                                                               | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     41026 | NS      | $751186.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT ACCEPTANC                   | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3919000 | PA      | $3932853.67   | 0.50%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE              | Fortress Intermediate 3 Inc                                                      | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |   3543000 | PA      | $3714095.01   | 0.48%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HARROW INC                         | Harrow Inc                                                                       | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3070000 | PA      | $3194718.75   | 0.41%             | 2030-09-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                   | Knife River Corp                                                                 | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3126000 | PA      | $3284803.93   | 0.42%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                      | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   4108000 | PA      | $4015570.00   | 0.52%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR           | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   5869000 | PA      | $5846342.02   | 0.75%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOTION BONDCO DAC                  | Motion Bondco DAC                                                                | CUSIP: 61978XAA5<br>LEI: 635400KFD3IETNQLA755 | Long             | DBT              | CORP              | IE        |   1998000 | PA      | $1957517.12   | 0.25%             | 2027-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC               | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5240000 | PA      | $5427612.96   | 0.70%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR           | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1442000 | PA      | $1337672.74   | 0.17%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA           | Papa John's International Inc                                                    | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |   3498000 | PA      | $3359962.48   | 0.43%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC              | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   3697000 | PA      | $3822187.81   | 0.49%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO           | Scientific Games Holdings LP/Scientific Games US FinCo Inc                       | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5963000 | PA      | $5548112.71   | 0.71%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO               | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   3860000 | PA      | $4147484.96   | 0.53%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| METALS RECOVERY HOLDINGS LLC       | METALS RECOVERY HOLDINGS LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    116127 | NS      | $38322.01     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Iracore International Holdings Inc | Iracore Investments Holdings Inc                                                 | CUSIP: N/A<br>LEI: 5493001MEBLCGW71EE69       | Long             | EC               | CORP              | US        |     22361 | NS      | $5369994.15   | 0.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DAVE & BUSTER'S INC                | Dave & Buster's Inc                                                              | CUSIP: 23833EAX2<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |   4177306 | PA      | $3916224.48   | 0.50%             | 2029-06-29      | Floating      | 7.56%                 | Yes           |                  2 | On Loan: No      |
| CLEANOVA US HOLDINGS LLC           | Cleanova US Holdings LLC                                                         | CUSIP: N/A<br>LEI: 254900Q8HEK85N92G859       | Long             | LON              | CORP              | US        |   5874000 | PA      | $5874000.00   | 0.75%             | 2032-05-13      | Floating      | 8.81%                 | Yes           |                  2 | On Loan: No      |
| BW REAL ESTATE INC                 | BW Real Estate Inc                                                               | CUSIP: 05614HAA7<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   4522000 | PA      | $4685194.46   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP             | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13275000 | PA      | $12287563.02  | 1.58%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS           | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   4679000 | PA      | $4799484.25   | 0.62%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                   | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2414000 | PA      | $2031547.81   | 0.26%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC              | Civitas Resources Inc                                                            | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   2910000 | PA      | $2984964.60   | 0.38%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                      | DISH DBS Corp                                                                    | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    973000 | PA      | $965042.20    | 0.12%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC             | Energizer Holdings Inc                                                           | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   3924000 | PA      | $3842672.51   | 0.49%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC             | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $4134419.55   | 0.53%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP             | Harvest Midstream I LP                                                           | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |   3733000 | PA      | $3776045.22   | 0.48%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                   | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   2538000 | PA      | $2497010.28   | 0.32%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC            | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   5291000 | PA      | $5144194.86   | 0.66%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   3111000 | PA      | $3086401.95   | 0.40%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                 | Rithm Capital Corp                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   2416000 | PA      | $2474798.19   | 0.32%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                 | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4197000 | PA      | $4147428.94   | 0.53%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                     | Ryan Specialty LLC                                                               | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |   2616000 | PA      | $2647237.66   | 0.34%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                 | Mativ Holdings Inc                                                               | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   4281000 | PA      | $4243794.81   | 0.54%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                  | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   3594000 | PA      | $3813801.85   | 0.49%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST           | Service Properties Trust                                                         | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   3517000 | PA      | $3747254.47   | 0.48%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC               | Sonic Automotive Inc                                                             | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   4065000 | PA      | $3890070.04   | 0.50%             | 2031-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU           | Specialty Building Products Holdings LLC / SBP Finance Corp                      | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3901000 | PA      | $3966294.94   | 0.51%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION              | CMG Media Corp                                                                   | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2132000 | PA      | $1953445.00   | 0.25%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN              | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    769000 | PA      | $833046.93    | 0.11%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC           | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   3773000 | PA      | $4002021.10   | 0.51%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKG INC                            | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   3489000 | PA      | $3602706.51   | 0.46%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                  | Waste Pro USA Inc                                                                | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   3598000 | PA      | $3735792.61   | 0.48%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COVIA HOLDINGS LLC                 | Covia Holdings LLC                                                               | CUSIP: 22305CAF6<br>LEI: 213800IE4YGTGVTQ1806 | Long             | LON              | CORP              | US        |   3939001 | PA      | $3966081.43   | 0.51%             | 2032-02-26      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC              | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $924660.53    | 0.12%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                       | Enerflex Ltd                                                                     | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   3186000 | PA      | $3255059.74   | 0.42%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER           | Kraken Oil & Gas Partners LLC                                                    | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |   2247000 | PA      | $2229015.69   | 0.29%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN           | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4118000 | PA      | $4229062.46   | 0.54%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M              | Foundation Building Materials Inc                                                | CUSIP: 35039KAD8<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |   2719212 | PA      | $2727247.28   | 0.35%             | 2031-01-29      | Floating      | 8.36%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                 | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   3218000 | PA      | $3357781.88   | 0.43%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                      | Cable One Inc                                                                    | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   5702000 | PA      | $4836609.74   | 0.62%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC            | Champions Financing Inc                                                          | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   2392000 | PA      | $2312103.85   | 0.30%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC              | Civitas Resources Inc                                                            | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    964000 | PA      | $1018954.86   | 0.13%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION           | Consensus Cloud Solutions Inc                                                    | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4075000 | PA      | $4096560.87   | 0.53%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                      | TransDigm Inc                                                                    | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5772000 | PA      | $5972138.50   | 0.77%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PHINIA HOLDINGS JERSEY             | Phinia Holdings Jersey Ltd                                                       | CUSIP: 24718PAA5<br>LEI: 549300SEU65CJHRH6V04 | Long             | DBT              | CORP              | JE        |   1596000 | PA      | $1596000.00   | 0.20%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                     | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2234000 | PA      | $2291731.12   | 0.29%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PHINIA INC                         | Phinia Inc                                                                       | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   3808000 | PA      | $3928020.54   | 0.50%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC              | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   3782000 | PA      | $3934977.02   | 0.51%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R            | Railworks Holdings LP / Railworks Rally Inc                                      | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3658000 | PA      | $3703834.74   | 0.48%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                     | Transocean International Ltd                                                     | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   2149500 | PA      | $2263285.97   | 0.29%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VIRTUSA CORP                       | Virtusa Corp                                                                     | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |   2518000 | PA      | $2469201.92   | 0.32%             | 2028-12-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC               | WR Grace Holdings LLC                                                            | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   7708000 | PA      | $7170658.36   | 0.92%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC               | WR Grace Holdings LLC                                                            | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   1947000 | PA      | $1926371.54   | 0.25%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                   | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |   3443000 | PA      | $3630299.20   | 0.47%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA           | Weatherford International Ltd                                                    | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   5859000 | PA      | $5866737.45   | 0.75%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WEX INC                            | WEX Inc                                                                          | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |   3195000 | PA      | $3265571.16   | 0.42%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                | Xerox Holdings Corp                                                              | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $2562681.16   | 0.33%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                      | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   4288000 | PA      | $4108319.08   | 0.53%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZIPRECRUITER INC                   | ZipRecruiter Inc                                                                 | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |   6145000 | PA      | $4952618.67   | 0.64%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL            | Summer BC Holdco B SARL                                                          | CUSIP: N/A<br>LEI: 984500NRF59D5DB9B654       | Long             | LON              | CORP              | LU        |   3345552 | PA      | $3306525.78   | 0.42%             | 2029-02-21      | Floating      | 9.56%                 | Yes           |                  2 | On Loan: No      |
| ADAMS HOMES INC                    | Adams Homes Inc                                                                  | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3957000 | PA      | $4142820.72   | 0.53%             | 2028-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                 | Osaic Holdings Inc                                                               | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   4205000 | PA      | $4361623.64   | 0.56%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc                | Elevance Health Inc                                                              | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      2517 | NS      | $813293.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYNE USA INC                      | Boyne USA Inc                                                                    | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3809000 | PA      | $3739518.81   | 0.48%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE           | Concentra Health Services Inc                                                    | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |   3610000 | PA      | $3753071.52   | 0.48%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER             | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   2743000 | PA      | $2578919.77   | 0.33%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                  | INEOS Finance PLC                                                                | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   3846000 | PA      | $3746570.90   | 0.48%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA           | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   3132000 | PA      | $3117539.87   | 0.40%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC            | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   3873000 | PA      | $3979047.70   | 0.51%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                     | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3581000 | PA      | $3673089.00   | 0.47%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| National CineMedia Inc             | National CineMedia Inc                                                           | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |    207497 | NS      | $935811.47    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc             | National CineMedia Inc                                                           | CUSIP: N/A<br>LEI: 5493000MOLIVSOGKEB48       | Long             | EC               | CORP              | US        |   6230000 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPBOUND GROUP INC                  | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   3895000 | PA      | $3849483.03   | 0.49%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                      | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   3901000 | PA      | $3665235.54   | 0.47%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC               | Talos Production Inc                                                             | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   2566000 | PA      | $2674595.69   | 0.34%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                         | USI Inc/NY                                                                       | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |   3910000 | PA      | $4105219.89   | 0.53%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM            | International Petroleum Corp                                                     | CUSIP: YK4418884<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |   1954000 | PA      | $1954000.00   | 0.25%             | 2030-10-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD              | Sotheby's/Bidfair Holdings Inc                                                   | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2516000 | PA      | $2305111.90   | 0.30%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN POSEIDON LTD            | Transocean Poseidon Ltd                                                          | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1759050 | PA      | $1762583.58   | 0.23%             | 2027-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                | VM Consolidated Inc                                                              | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |   3868000 | PA      | $3864653.02   | 0.50%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE              | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   5519000 | PA      | $6232790.37   | 0.80%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WINNEBAGO INDUSTRIES               | Winnebago Industries Inc                                                         | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |   3928000 | PA      | $3925828.60   | 0.50%             | 2028-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                     | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1763000 | PA      | $1907709.07   | 0.24%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP               | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3925000 | PA      | $3702414.82   | 0.48%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC              | Directv Financing LLC                                                            | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    301834 | PA      | $302421.04    | 0.04%             | 2027-08-02      | Floating      | 9.54%                 | Yes           |                  2 | On Loan: No      |
| BLOCK COMMUNICATIONS INC           | Block Communications Inc                                                         | CUSIP: 093645AJ8<br>LEI: M5G68A9OHJWIL4SFC742 | Long             | DBT              | CORP              | US        |   4808000 | PA      | $4608805.04   | 0.59%             | 2028-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /           | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   3873000 | PA      | $4015526.40   | 0.52%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER           | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3290000 | PA      | $3401920.08   | 0.44%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARMOR HOLDCO INC                   | Armor Holdco Inc                                                                 | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |   3966000 | PA      | $3960709.36   | 0.51%             | 2029-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP           | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4213000 | PA      | $4073171.37   | 0.52%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG              | Illuminate Buyer LLC / Illuminate Holdings IV Inc                                | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2741000 | PA      | $2752128.46   | 0.35%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC           | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |   3860000 | PA      | $3936871.90   | 0.51%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                | NOVA Chemicals Corp                                                              | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   4397000 | PA      | $4636341.90   | 0.60%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                          | Olin Corp                                                                        | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |   5962000 | PA      | $6000204.50   | 0.77%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR           | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4634000 | PA      | $4063295.05   | 0.52%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                      | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |   3663000 | PA      | $3766358.87   | 0.48%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST            | Pebblebrook Hotel Trust                                                          | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    142464 | NS      | $2877772.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RAIN CARBON INC                    | Rain Carbon Inc                                                                  | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   3538000 | PA      | $3793153.48   | 0.49%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| ROCKET COS INC                     | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3762000 | PA      | $3887515.37   | 0.50%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L           | Telesat Canada / Telesat LLC                                                     | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5575000 | PA      | $4487875.00   | 0.58%             | 2026-12-06      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                      | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1854000 | PA      | $1936205.80   | 0.25%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                 | Mativ Holdings Inc                                                               | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |   1178256 | PA      | $1172364.58   | 0.15%             | 2028-04-20      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| BLUELINX HOLDING                   | BlueLinx Holdings Inc                                                            | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   3918000 | PA      | $3869894.40   | 0.50%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                      | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     76930 | NS      | $5352020.10   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA RESOURCES CRP           | California Resources Corp                                                        | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   3135000 | PA      | $3115378.66   | 0.40%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                      | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   9453000 | PA      | $9695620.70   | 1.24%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS           | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3674000 | PA      | $3781277.13   | 0.49%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                   | Enstar Group Ltd                                                                 | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    875000 | PA      | $916513.50    | 0.12%             | 2045-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN              | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3690000 | PA      | $3862429.86   | 0.50%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                     | Gray Media Inc                                                                   | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   6306000 | PA      | $4741371.30   | 0.61%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                  | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   5767000 | PA      | $6024767.60   | 0.77%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC           | Jacobs Entertainment Inc                                                         | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |   2658000 | PA      | $2596719.81   | 0.33%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan US Government Money M     | JPMorgan US Government Money Market Fund                                         | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |  18111856 | NS      | $18111856.31  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO           | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2934000 | PA      | $3012204.77   | 0.39%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                    | Mercer International Inc                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   4691000 | PA      | $3461842.13   | 0.44%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC              | NESCO Holdings II Inc                                                            | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   4195000 | PA      | $4111393.65   | 0.53%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN           | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |   3484000 | PA      | $3661663.10   | 0.47%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE           | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   3646000 | PA      | $3810306.99   | 0.49%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZIGGO BV                           | Ziggo BV                                                                         | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |   5428000 | PA      | $5128004.16   | 0.66%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JOURNEY PERSONAL CARE CO           | Journey Personal Care Corp                                                       | CUSIP: 48114NAF8<br>LEI: 5493000G9KGROJ41TP46 | Long             | LON              | CORP              | US        |   4058876 | PA      | $4037323.63   | 0.52%             | 2028-03-01      | Floating      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC           | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   3906000 | PA      | $4060048.73   | 0.52%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                         | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3836317.06   | 0.49%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS D           | Axalta Coating Systems Dutch Holding B BV                                        | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |   2752000 | PA      | $2882636.06   | 0.37%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC              | Bausch Health Cos Inc                                                            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1770000 | PA      | $1842462.33   | 0.24%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN            | Borr IHC Ltd / Borr Finance LLC                                                  | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4094703 | PA      | $4077375.39   | 0.52%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN           | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   5787000 | PA      | $5896084.95   | 0.76%             | 2033-07-15      | Fixed         | 7.50%                 | 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        |   5556000 | PA      | $5523145.15   | 0.71%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS            | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2380000 | PA      | $2511116.58   | 0.32%             | 2031-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GOLAR LNG LTD                      | Golar LNG Ltd                                                                    | CUSIP: 38046YAE1<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |   3128000 | PA      | $3101554.54   | 0.40%             | 2030-10-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                | Insulet Corp                                                                     | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |   3774000 | PA      | $3926967.77   | 0.50%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC             | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4414618.63   | 0.57%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                    | Mercer International Inc                                                         | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    784000 | PA      | $714464.10    | 0.09%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                 | New Flyer Holdings Inc                                                           | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4352000 | PA      | $4661376.63   | 0.60%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                  | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   3857000 | PA      | $3910279.44   | 0.50%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                 | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1975000 | PA      | $2071541.95   | 0.27%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PARADIGM PRNT/CO-ISSUER            | Paradigm Parent LLC and Paradigm Parent CO-Issuer Inc                            | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6123000 | PA      | $5954617.50   | 0.76%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS             | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3920000 | PA      | $3825103.07   | 0.49%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC             | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3762000 | PA      | $3820341.10   | 0.49%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO              | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   4147000 | PA      | $3834475.44   | 0.49%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US           | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3384000 | PA      | $3555122.11   | 0.46%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                          | Sotheby's                                                                        | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |   1938000 | PA      | $1942228.52   | 0.25%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC            | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   1815000 | PA      | $1908051.42   | 0.25%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC             | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   2408000 | PA      | $2651313.95   | 0.34%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI           | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   5348000 | PA      | $5492642.17   | 0.71%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC           | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3853000 | PA      | $3969038.60   | 0.51%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES           | Texas Capital Bancshares Inc                                                     | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   3489000 | PA      | $3439294.35   | 0.44%             | 2031-05-06      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC            | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   3870000 | PA      | $3877883.19   | 0.50%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN              | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   2949000 | PA      | $3148349.45   | 0.40%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                        | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4256000 | PA      | $4420065.69   | 0.57%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA           | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   4770000 | PA      | $4879500.12   | 0.63%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC             | Arsenal AIC Parent LLC                                                           | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2770020 | PA      | $2773482.21   | 0.36%             | 2030-08-19      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC           | TK Elevator US Newco Inc                                                         | CUSIP: N/A<br>LEI: 549300C2AFWPAYWS5574       | Long             | LON              | CORP              | US        |   3878280 | PA      | $3892299.98   | 0.50%             | 2030-04-30      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT           | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3807000 | PA      | $3574030.64   | 0.46%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC             | Calderys Financing LLC                                                           | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |   3733000 | PA      | $3962870.67   | 0.51%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN            | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                    | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7073000 | PA      | $6241965.65   | 0.80%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                       | Cimpress PLC                                                                     | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   4648000 | PA      | $4637609.77   | 0.60%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION             | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   3826000 | PA      | $3927752.47   | 0.50%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US             | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   3489000 | PA      | $3726642.77   | 0.48%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Authentic Brands Group LLC         | Authentic Brands Group LLC                                                       | CUSIP: N/A<br>LEI: 549300KVW8YK7XYOKV49       | Long             | DBT              | CORP              | US        |  10076183 | PA      | $10129586.80  | 1.30%             | 2029-09-01      | Variable      | 5.00%                 | Yes           |                  3 | On Loan: No      |
| MGM RESORTS INTL                   | MGM Resorts International                                                        | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   4171000 | PA      | $4251996.65   | 0.55%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC             | Penn Entertainment Inc                                                           | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4150000 | PA      | $4150255.64   | 0.53%             | 2027-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H           | SCIL IV LLC / SCIL USA Holdings LLC                                              | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3892000 | PA      | $3892091.07   | 0.50%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC           | Sensata Technologies Inc                                                         | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |   3681000 | PA      | $3813342.99   | 0.49%             | 2032-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AHLSTROM HLDG 3 OY                 | Ahlstrom Holding 3 Oy                                                            | CUSIP: 84612JAA0<br>LEI: 743700UEY0YM039XN974 | Long             | DBT              | CORP              | FI        |   3925000 | PA      | $3809511.82   | 0.49%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc         | Stanley Black & Decker Inc                                                       | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     10222 | NS      | $759801.26    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP             | Synovus Financial Corp                                                           | CUSIP: 87161CAM7<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $2051347.23   | 0.26%             | 2029-02-07      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| TRINSEO LUX/TRINSEO NA             | Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC                      | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   7003420 | PA      | $2696316.70   | 0.35%             | 2029-05-03      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE           | Telenet Finance Luxembourg Notes Sarl                                            | CUSIP: AQ2322842<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |   3200000 | PA      | $3195068.96   | 0.41%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC            | AP Core Holdings II LLC                                                          | CUSIP: 00187GAC3<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |   3135859 | PA      | $3060394.46   | 0.39%             | 2027-09-01      | Floating      | 9.97%                 | Yes           |                  2 | On Loan: No      |
| PAR PETROLEUM LLC                  | Par Petroleum LLC                                                                | CUSIP: 69889PAE5<br>LEI: 984500CCF05C2FB39F45 | Long             | LON              | CORP              | US        |   3706721 | PA      | $3707109.98   | 0.48%             | 2030-02-28      | Floating      | 8.04%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS             | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   3606000 | PA      | $3784738.60   | 0.49%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                        | BNP Paribas SA                                                                   | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   5756000 | PA      | $6014139.33   | 0.77%             | 2035-06-27      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO            | Central Garden & Pet Co                                                          | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   3363000 | PA      | $3142004.89   | 0.40%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC           | Cougar JV Subsidiary LLC                                                         | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2268000 | PA      | $2414598.94   | 0.31%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                     | Dcli Bidco LLC                                                                   | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |   3815000 | PA      | $3970354.43   | 0.51%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EURONET WORLDWIDE INC              | Euronet Worldwide Inc                                                            | CUSIP: 298736AM1<br>LEI: YG3575C4DSHJPA5KET68 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $1108755.00   | 0.14%             | 2030-10-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC           | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   3641000 | PA      | $3865427.60   | 0.50%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK            | Great Lakes Dredge & Dock Corp                                                   | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |   4353000 | PA      | $4221639.95   | 0.54%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                         | Grifols SA                                                                       | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |   4331000 | PA      | $4210953.69   | 0.54%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO                   | Hawaiian Electric Co Inc                                                         | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |   3877000 | PA      | $3913122.98   | 0.50%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US           | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2273000 | PA      | $2360278.65   | 0.30%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                       | ING Groep NV                                                                     | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   5844000 | PA      | $6031128.50   | 0.77%             | 2032-11-16      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| FORTIS 333 INC                     | Fortis 333 Inc                                                                   | CUSIP: 34958SAB5<br>LEI: 254900SLITS19RU1VB55 | Long             | LON              | CORP              | US        |   6907000 | PA      | $6881098.75   | 0.88%             | 2032-02-06      | Floating      | 7.80%                 | Yes           |                  2 | On Loan: No      |
| Iracore International Holdings Inc | Iracore International Inc                                                        | CUSIP: N/A<br>LEI: 5493001MEBLCGW71EE69       | Long             | LON              | CORP              | US        |   1162631 | PA      | $1162631.02   | 0.15%             | 2026-04-12      | Floating      | 13.48%                | Yes           |                  3 | On Loan: No      |
| Brown Brothers Harriman and Co.    | Citigroup, Inc.                                                                  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |  14602622 | PA      | $14602622.41  | 1.88%             | 2025-09-30      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Brown Brothers Harriman and Co.    | Royal Bank of Canada                                                             | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |     24892 | PA      | $24892.36     | 0.00%             | 2025-09-30      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** HOTCHKIS & WILEY FUNDS/DE/

**Signature:** /s/ James Menvielle

**Name of Signer:** James Menvielle

**Title:** Treasurer / Principal Financial Officer