Issuer
(1) | |
Investment
(2) | |
Acquisition
Date
(3) | |
Principal
Amount | | |
Cost | | |
Fair
Value
(4) | | |
%
of
Net
Assets | |
Investments
at Fair Value (5) | |
| |
| |
| | | |
| | | |
| | | |
| | |
CLO
Debt (6) | |
| |
| |
| | | |
| | | |
| | | |
| | |
Structured Finance | |
| |
| |
| | | |
| | | |
| | | |
| | |
United States | |
| |
| |
| | | |
| | | |
| | | |
| | |
Tralee
CLO VII, Ltd. | |
Secured
Note - Class E, 12.94% (3M SOFR + 7.65%, due 04/25/2034) | |
06/02/22 | |
$ | 550,000 | | |
$ | 494,009 | | |
$ | 539,770 | | |
| 0.59 | % |
Total
CLO Debt | |
| |
| |
| | | |
| 494,009 | | |
| 539,770 | | |
| 0.59 | % |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
CLO
Equity (7) | |
| |
| |
| | | |
| | | |
| | | |
| | |
Structured Finance | |
| |
| |
| | | |
| | | |
| | | |
| | |
United States | |
| |
| |
| | | |
| | | |
| | | |
| | |
Ares LXII CLO Ltd. | |
Subordinated Note (effective
yield 19.25%, maturity 01/25/2034) (8) | |
01/18/24 | |
| 4,750,000 | | |
| 3,158,488 | | |
| 3,077,520 | | |
| 3.34 | % |
Ares LXIV CLO Ltd. | |
Subordinated Note (effective
yield 17.52%, maturity 04/15/2035) (8) | |
01/26/23 | |
| 837,500 | | |
| 566,760 | | |
| 594,387 | | |
| 0.65 | % |
Ares LXV CLO Ltd. | |
Subordinated Note (effective
yield 19.87%, maturity 07/25/2034) (8) | |
04/16/24 | |
| 1,050,000 | | |
| 725,160 | | |
| 754,711 | | |
| 0.82 | % |
Ares LXIX CLO Ltd. | |
Income Note (effective yield
23.24%, maturity 04/15/2037) (8) (9) | |
01/31/24 | |
| 4,850,000 | | |
| 3,495,686 | | |
| 4,339,903 | | |
| 4.71 | % |
Ares LXXII CLO Ltd. | |
Income Note (effective yield
20.75%, maturity 07/15/2036) (8) (9) | |
06/21/24 | |
| 4,050,000 | | |
| 2,982,779 | | |
| 2,940,747 | | |
| 3.19 | % |
Ares Loan Funding IV, Ltd. | |
Subordinated Note (effective
yield 16.47%, maturity 10/15/2036) (8) | |
04/23/24 | |
| 4,925,000 | | |
| 3,513,946 | | |
| 3,528,461 | | |
| 3.83 | % |
Bain Capital Credit CLO
2021-2, Limited | |
Subordinated Note (effective
yield 20.35%, maturity 07/16/2034) (8) | |
08/09/23 | |
| 4,250,000 | | |
| 2,071,426 | | |
| 1,879,439 | | |
| 2.04 | % |
Bain Capital Credit CLO
2021-7, Limited | |
Subordinated Note (effective
yield 17.10%, maturity 01/22/2035) (8) | |
09/05/23 | |
| 3,450,000 | | |
| 1,986,648 | | |
| 1,559,738 | | |
| 1.69 | % |
Bardot CLO, Ltd. | |
Subordinated Note (effective
yield 33.20%, maturity 10/22/2032) (8) (9) | |
11/22/22 | |
| 275,000 | | |
| 150,670 | | |
| 106,070 | | |
| 0.12 | % |
Barings CLO Ltd. 2021-II | |
Subordinated Note (effective
yield 15.68%, maturity 07/15/2034) (8) | |
09/07/22 | |
| 600,000 | | |
| 404,462 | | |
| 317,248 | | |
| 0.34 | % |
Barings CLO Ltd. 2022-II | |
Income Note (effective yield
34.57%, maturity 07/15/2072) (8) (9) | |
06/21/22 | |
| 1,000,000 | | |
| 352,464 | | |
| 569,639 | | |
| 0.62 | % |
Barings CLO Ltd. 2024-II | |
Income Note (effective yield
19.90%, maturity 07/15/2039) (8) (9) | |
05/31/24 | |
| 4,300,000 | | |
| 2,971,900 | | |
| 3,412,129 | | |
| 3.70 | % |
Battalion CLO XXIII Ltd. | |
Income Note (effective yield
19.17%, maturity 07/15/2036) (8) (9) | |
05/19/22 | |
| 1,225,000 | | |
| 609,472 | | |
| 555,064 | | |
| 0.60 | % |
Bear Mountain Park CLO,
Ltd. | |
Income Note (effective yield
29.44%, maturity 07/15/2035) (8) (9) | |
07/13/22 | |
| 550,000 | | |
| 447,144 | | |
| 630,140 | | |
| 0.68 | % |
Belmont Park CLO, Ltd. | |
Income Note (effective yield
17.16%, maturity 04/15/2037) (8) (9) | |
02/21/24 | |
| 3,450,000 | | |
| 2,499,629 | | |
| 2,670,426 | | |
| 2.90 | % |
BlueMountain CLO XXIV Ltd. | |
Subordinated Note (effective
yield 16.38%, maturity 04/20/2034) (8) | |
05/31/22 | |
| 750,000 | | |
| 445,735 | | |
| 316,312 | | |
| 0.34 | % |
Carlyle US CLO 2021-6 Ltd. | |
Subordinated Note (effective
yield 22.18%, maturity 07/15/2034) (8) | |
09/06/24 | |
| 5,000,000 | | |
| 2,356,250 | | |
| 2,371,467 | | |
| 2.57 | % |
Carlyle US CLO 2021-10,
Ltd. | |
Subordinated Note (effective
yield 14.86%, maturity 10/20/2034) (8) | |
08/16/23 | |
| 1,400,000 | | |
| 871,042 | | |
| 717,603 | | |
| 0.78 | % |
Carlyle US CLO 2022-2, Ltd. | |
Subordinated Note (effective
yield 16.82%, maturity 04/20/2035) (8) | |
08/15/23 | |
| 2,775,000 | | |
| 1,919,741 | | |
| 1,687,809 | | |
| 1.83 | % |
Carlyle US CLO 2023-3, Ltd. | |
Income Note (effective yield
10.90%, maturity 10/15/2036) (8) (9) | |
07/06/23 | |
| 1,000,000 | | |
| 718,935 | | |
| 607,073 | | |
| 0.66 | % |
CIFC Funding 2019-II Ltd | |
Subordinated Note (effective
yield 19.71%, maturity 04/17/2030) (8) | |
09/10/24 | |
| 4,510,000 | | |
| 3,214,503 | | |
| 3,223,421 | | |
| 3.50 | % |
CIFC Funding 2019-V, Ltd. | |
Subordinated Note (effective
yield 18.10%, maturity 01/15/2035) (8) | |
02/07/23 | |
| 800,000 | | |
| 564,203 | | |
| 550,579 | | |
| 0.60 | % |
CIFC Funding 2019-VI Ltd | |
Subordinated Note (effective
yield 16.08%, maturity 01/16/2033) (8) | |
09/10/24 | |
| 3,700,000 | | |
| 3,033,075 | | |
| 3,011,679 | | |
| 3.27 | % |
CIFC Funding 2020-II, Ltd. | |
Subordinated Note (effective
yield 20.68%, maturity 10/20/2034) (8) | |
12/14/22 | |
| 650,000 | | |
| 447,564 | | |
| 444,402 | | |
| 0.48 | % |
CIFC Funding 2022-IV, Ltd. | |
Subordinated Note (effective
yield 17.17%, maturity 07/16/2035) (8) | |
10/23/23 | |
| 2,400,000 | | |
| 1,899,984 | | |
| 1,879,610 | | |
| 2.04 | % |
CIFC Funding 2022-VI, Ltd. | |
Income Note (effective yield
11.79%, maturity 07/16/2035) (8) (9) | |
08/01/22 | |
| 600,000 | | |
| 477,226 | | |
| 536,650 | | |
| 0.58 | % |
CIFC Funding 2023-I, Ltd. | |
Income Note (effective yield
17.16%, maturity 10/15/2037) (8) (9) | |
09/14/23 | |
| 4,350,000 | | |
| 3,270,264 | | |
| 3,533,246 | | |
| 3.84 | % |
Clover CLO 2019-1 Ltd. | |
Subordinated Note (effective
yield 16.65%, maturity 04/18/2035) (8) | |
02/15/24 | |
| 1,831,800 | | |
| 1,288,584 | | |
| 1,295,898 | | |
| 1.41 | % |
Clover CLO 2021-2, Ltd. | |
Subordinated Note (effective
yield 21.02%, maturity 07/20/2034) (8) | |
08/09/23 | |
| 2,150,000 | | |
| 1,403,024 | | |
| 1,493,601 | | |
| 1.62 | % |
Dryden 78 CLO Ltd. | |
Subordinated Note (effective
yield 18.71%, maturity 04/17/2033) (8) | |
07/31/24 | |
| 5,950,000 | | |
| 2,989,875 | | |
| 2,828,818 | | |
| 3.07 | % |
Dryden 94 CLO, Ltd. | |
Income Note (effective yield
12.77%, maturity 07/15/2037) (8) (9) | |
04/28/22 | |
| 4,775,000 | | |
| 2,823,846 | | |
| 2,266,322 | | |
| 2.46 | % |
Dryden 109 CLO, Ltd. | |
Subordinated Note (effective
yield 18.30%, maturity 04/20/2035) (8) | |
02/15/23 | |
| 2,550,000 | | |
| 1,669,901 | | |
| 1,424,370 | | |
| 1.55 | % |
Eaton Vance CLO 2020-1,
Ltd. | |
Subordinated Note (effective
yield 17.19%, maturity 10/15/2034) (8) (9) | |
08/08/23 | |
| 2,435,000 | | |
| 1,629,196 | | |
| 1,709,204 | | |
| 1.86 | % |
Eaton Vance CLO 2020-2,
Ltd. | |
Subordinated Note (effective
yield 16.98%, maturity 01/15/2035) (8) (9) | |
09/16/22 | |
| 800,000 | | |
| 509,111 | | |
| 502,317 | | |
| 0.55 | % |
Elmwood CLO 14 Ltd. | |
Subordinated Note (effective
yield 16.26%, maturity 04/20/2035) (8) | |
06/06/23 | |
| 1,000,000 | | |
| 685,818 | | |
| 709,082 | | |
| 0.77 | % |
Elmwood CLO 17 Ltd. | |
Subordinated Note (effective
yield 21.24%, maturity 07/17/2035) (8) | |
04/25/23 | |
| 650,000 | | |
| 451,951 | | |
| 560,066 | | |
| 0.61 | % |
Elmwood CLO 21 Ltd. | |
Subordinated Note (effective
yield 11.60%, maturity 10/20/2036) (8) | |
10/26/23 | |
| 2,900,000 | | |
| 1,832,736 | | |
| 1,699,433 | | |
| 1.85 | % |
Generate CLO 3 Ltd. | |
Subordinated Note (effective
yield 14.48%, maturity 10/20/2036) (8) | |
04/23/24 | |
| 5,874,000 | | |
| 3,338,235 | | |
| 2,845,748 | | |
| 3.09 | % |
Generate CLO 4 Ltd. | |
Subordinated Note (effective
yield 16.58%, maturity 04/20/2032) (8) | |
09/24/24 | |
| 1,125,000 | | |
| 862,031 | | |
| 860,279 | | |
| 0.93 | % |
Generate CLO 9 Ltd. | |
Subordinated Note (effective
yield 21.21%, maturity 10/20/2034) (8) | |
05/31/22 | |
| 600,000 | | |
| 433,978 | | |
| 427,034 | | |
| 0.46 | % |
Invesco CLO 2022-2, Ltd. | |
Subordinated Note (effective
yield 20.16%, maturity 07/20/2035) (8) | |
08/14/24 | |
| 1,550,000 | | |
| 933,875 | | |
| 923,800 | | |
| 1.00 | % |
Invesco CLO 2022-2, Ltd. | |
Class Y Note (effective
yield 20.16%, maturity 07/20/2035) (8) | |
08/14/24 | |
| 120,000 | | |
| 24,000 | | |
| 33,546 | | |
| 0.04 | % |
Kings Park CLO, Ltd. | |
Subordinated Note (effective
yield 24.92%, maturity 01/21/2035) (8) | |
04/27/23 | |
| 925,000 | | |
| 532,958 | | |
| 605,193 | | |
| 0.66 | % |
Madison Park Funding XXXIV,
Ltd. | |
Subordinated Note (effective
yield 21.09%, maturity 04/25/2048) (8) | |
09/27/22 | |
| 850,000 | | |
| 478,312 | | |
| 494,177 | | |
| 0.54 | % |
Madison Park Funding LII,
Ltd. | |
Subordinated Note (effective
yield 14.36%, maturity 01/22/2035) (8) | |
03/13/24 | |
| 4,200,000 | | |
| 2,795,273 | | |
| 2,320,284 | | |
| 2.52 | % |
Madison Park Funding LXII,
Ltd. | |
Subordinated Note (effective
yield 12.03%, maturity 07/17/2036) (8) | |
07/27/23 | |
| 1,300,000 | | |
| 950,931 | | |
| 796,311 | | |
| 0.86 | % |
Morgan Stanley Eaton Vance CLO 2023-20, Ltd. | |
Subordinated Note (effective
yield 13.29%, maturity 01/20/2037) (8) | |
05/08/24 | |
| 3,780,000 | | |
| 2,980,144 | | |
| 2,646,527 | | |
| 2.87 | % |
OCP CLO 2019-17, Ltd. | |
Preferred Share (effective
yield 14.49%, maturity 07/20/2037) (8) | |
09/03/24 | |
| 4,940,000 | | |
| 2,976,350 | | |
| 2,946,488 | | |
| 3.20 | % |
OCP CLO 2020-20, Ltd. | |
Subordinated Note (effective
yield 14.50%, maturity 04/18/2037) (8) | |
04/25/24 | |
| 2,000,000 | | |
| 1,523,110 | | |
| 1,437,161 | | |
| 1.56 | % |
OCP CLO 2021-22, Ltd. | |
Preferred Share (effective
yield 12.30%, maturity 12/02/2034) (8) | |
05/08/24 | |
| 1,650,000 | | |
| 1,204,157 | | |
| 1,011,322 | | |
| 1.10 | % |
OCP CLO 2021-22, Ltd. | |
Subordinated Note (effective
yield 12.30%, maturity 12/02/2034) (8) | |
05/08/24 | |
| 1,500,000 | | |
| 1,094,688 | | |
| 919,384 | | |
| 1.00 | % |
OCP CLO 2023-30, Ltd. | |
Subordinated Note (effective
yield 12.36%, maturity 01/24/2037) (8) | |
05/10/24 | |
| 4,425,000 | | |
| 3,448,932 | | |
| 3,252,574 | | |
| 3.53 | % |
Octagon Investment Partners
45, Ltd. | |
Subordinated Note (effective
yield 18.10%, maturity 04/15/2035) (8) | |
07/27/23 | |
| 1,600,000 | | |
| 901,065 | | |
| 751,482 | | |
| 0.82 | % |
Octagon 58, Ltd. | |
Income Note (effective yield
17.74%, maturity 07/15/2037) (8) (9) | |
04/21/22 | |
| 3,000,000 | | |
| 1,987,503 | | |
| 1,711,413 | | |
| 1.86 | % |
Point Au Roche Park CLO,
Ltd. | |
Subordinated Note (effective
yield 21.71%, maturity 07/20/2034) (8) | |
08/07/23 | |
| 2,275,000 | | |
| 1,410,976 | | |
| 1,467,884 | | |
| 1.59 | % |
Regatta XXI Funding Ltd. | |
Subordinated Note (effective
yield 14.96%, maturity 10/20/2034) (8) | |
06/10/22 | |
| 650,000 | | |
| 440,399 | | |
| 397,088 | | |
| 0.43 | % |
Regatta XXII Funding Ltd. | |
Subordinated Note (effective
yield 20.71%, maturity 07/20/2035) (8) | |
06/20/23 | |
| 1,000,000 | | |
| 683,566 | | |
| 773,855 | | |
| 0.84 | % |
Regatta XXIV Funding Ltd. | |
Subordinated Note (effective
yield 17.14%, maturity 01/20/2035) (8) | |
02/14/23 | |
| 700,000 | | |
| 426,171 | | |
| 406,339 | | |
| 0.44 | % |
Rockford Tower CLO 2022-3,
Ltd. | |
Subordinated Note (effective
yield 43.08%, maturity 01/20/2035) (8) | |
07/27/23 | |
| 1,400,000 | | |
| 605,240 | | |
| 1,033,195 | | |
| 1.12 | % |
RR 23 Ltd. | |
Subordinated Note (effective
yield 14.46%, maturity 10/15/2035) (8) | |
10/12/23 | |
| 3,250,000 | | |
| 1,895,943 | | |
| 1,927,129 | | |
| 2.09 | % |
Shackleton 2019-XIV CLO,
Ltd. | |
Subordinated Note (effective
yield 18.00%, maturity 07/20/2034) (8) | |
01/24/24 | |
| 3,800,000 | | |
| 2,816,260 | | |
| 2,603,489 | | |
| 2.83 | % |
Venture 45 CLO, Ltd. | |
Subordinated Note (effective
yield 22.82%, maturity 07/20/2035) (8) | |
09/19/22 | |
| 1,275,000 | | |
| 692,828 | | |
| 426,580 | | |
| 0.46 | % |
Wind River 2022-1 CLO Ltd. | |
Subordinated Note (effective
yield 18.44%, maturity 07/20/2035) (8) | |
08/15/23 | |
| 3,118,610 | | |
| 1,955,461 | | |
| 1,367,468 | | |
| 1.48 | % |
Wind
River 2022-2 CLO Ltd. | |
Income
Note (effective yield 17.47%, maturity 07/20/2035) (8) (9) | |
06/03/22 | |
| 600,000 | | |
| 400,400 | | |
| 276,916 | | |
| 0.30 | % |
Total
CLO Equity | |
| |
| |
| | | |
| 98,231,984 | | |
| 94,967,250 | | |
| 103.09 | % |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Loan
Accumulation Facilities (10) | |
| |
| |
| | | |
| | | |
| | | |
| | |
Structured Finance | |
| |
| |
| | | |
| | | |
| | | |
| | |
United States | |
| |
| |
| | | |
| | | |
| | | |
| | |
Steamboat XLVIII Ltd. | |
Loan Accumulation Facility (8) | |
04/08/24 | |
| 1,706,250 | | |
| 1,706,250 | | |
| 1,716,925 | | |
| 1.86 | % |
Steamboat XLIX Ltd. | |
Loan Accumulation Facility (8) | |
06/03/24 | |
| 1,425,000 | | |
| 1,425,000 | | |
| 1,427,191 | | |
| 1.55 | % |
Steamboat
LI Ltd. | |
Loan
Accumulation Facility (8) | |
09/27/24 | |
| 356,250 | | |
| 356,250 | | |
| 356,332 | | |
| 0.39 | % |
Total
Loan Accumulation Facilities | |
| |
| |
| | | |
| 3,487,500 | | |
| 3,500,448 | | |
| 3.80 | % |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Total
investments at fair value as of September 30, 2024 | |
| |
| |
| | | |
$ | 102,213,493 | | |
$ | 99,007,468 | | |
| 107.48 | % |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Net
assets above (below) fair value of investments | |
| |
| |
| | | |
| | | |
| (6,900,422 | ) | |
| | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Net
Assets as of September 30, 2024 | |
| |
| |
| | | |
| | | |
$ | 92,107,046 | | |
| | |