02/27/2026 | Press release | Distributed by Public on 02/27/2026 11:41
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09013
Eaton Vance Senior Income Trust
(Exact Name of Registrant as Specified in Charter)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant's Telephone Number)
June 30
Date of Fiscal Year End
December 31, 2025
Date of Reporting Period
Item 1. Reports to Stockholders
(a)
| Table of Contents | |
| Performance | 2 |
| Fund Profile | 3 |
| Endnotes and Additional Disclosures | 4 |
| Financial Statements | 5 |
| Annual Meeting of Shareholders | 34 |
| Officers and Trustees | 35 |
| U.S. Customer Privacy Notice | 36 |
| Important Notices | 39 |
| % Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
| Fund at NAV | 10/30/1998 | 2.16% | 3.75% | 6.17% | 6.92% |
| Fund at Market Price | - | (3.28) | (6.22) | 5.26 | 6.90 |
| Morningstar® LSTA® US Leveraged Loan IndexSM | - | 3.01% | 5.90% | 6.42% | 5.82% |
| % Premium/Discount to NAV3 | |
| As of period end | (9.76)% |
| Distributions 4 | |
| Total Distributions per share for the period | $0.24 |
| Distribution Rate at NAV | 8.01% |
| Distribution Rate at Market Price | 8.88 |
| % Total Leverage5 | |
| Auction Preferred Shares (APS) | 22.94% |
| Borrowings | 12.20 |
| Top 10 Issuers (% of total investments)1 | |
| Asurion LLC | 0.9% |
| UKG, Inc. | 0.8 |
| Great Outdoors Group LLC | 0.8 |
| Boxer Parent Co., Inc. | 0.7 |
| Serta Simmons Bedding LLC | 0.7 |
| Virgin Media Bristol LLC | 0.7 |
| Cloud Software Group, Inc. | 0.7 |
| Greystar Real Estate Partners LLC | 0.6 |
| Imprivata, Inc. | 0.6 |
| Allied Universal Holdco LLC | 0.6 |
| Total | 7.1% |
| Top 10 Industries (% of total investments)1 | |
| Software | 10.8% |
| Health Care Providers & Services | 5.9 |
| Machinery | 5.5 |
| Professional Services | 4.8 |
| Capital Markets | 4.0 |
| Hotels, Restaurants & Leisure | 3.5 |
| Commercial Services & Supplies | 3.5 |
| Chemicals | 3.3 |
| IT Services | 3.2 |
| Insurance | 3.1 |
| Total | 47.6% |
| Credit Quality (% of bonds, loans and asset-backed securities)2 |
| 1 | Excludes cash and cash equivalents. |
| 2 | Credit ratings are categorized using S&P Global Ratings ("S&P"). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" (if any) are not rated by S&P. |
| 1 | Morningstar® LSTA® US Leveraged Loan IndexSM is an unmanaged index of the institutional leveraged loan market. Morningstar® LSTA® Leveraged Loan indices are a product of Morningstar, Inc. ("Morningstar") and have been licensed for use. Morningstar® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association® and LSTA® are trademarks of the LSTA licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar® LSTA® US Leveraged Loan IndexSM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the ten-year period is the impact of the 2017 and 2019 tender and repurchase of a portion of the Fund's APS at 95% and 92% of the Fund's APS per share liquidation preference, respectively. Had these transactions not occurred, the total return at NAV would be lower for the Fund.Included in the average annual total return at NAV for the five- and ten-year periods is the impact of the 2021 tender offer by the Fund for a portion of its common shares at 99% of the Fund's NAV. Had this tender offer not occurred, the total return at NAV would be lower for the Fund. |
| 3 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
| 4 | The Distribution Rate is based on the Fund's last regular distribution per share in the period (annualized) divided by the Fund's NAV or market price at the end of the period. The Fund's distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Pricing and Performance - Distributions on the Fund's webpage available at eatonvance.com. The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
| 5 | Leverage represents the liquidation value of the Fund's APS and borrowings outstanding as a percentage of Fund net assets applicable |
| to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. |
| Fund profile subject to change due to active management. |
| Asset-Backed Securities - 8.1% |
|
Security |
Principal Amount (000's omitted) |
Value | |
| ARES Loan Funding IX Ltd., Series 2025-ALF9A, Class E, 8.905%, (3 mo. SOFR + 5.00%), 3/31/38(1)(2) | $ | 950 | $ 934,413 |
| ARES LXXII CLO Ltd., Series 2024-72A, Class E, 9.905%, (3 mo. SOFR + 6.00%), 7/15/36(1)(2) | 500 | 502,735 | |
| Ballyrock CLO Ltd., Series 2019-2A, Class DR3, 10.039%, (3 mo. SOFR + 6.15%), 10/25/38(1)(2) | 1,000 | 994,018 | |
| Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class ER2, 8.605%, (3 mo. SOFR + 4.70%), 10/15/38(1)(2) | 500 | 494,714 | |
| BlueMountain CLO XXVI Ltd., Series 2019-26A, Class ER, 11.276%, (3 mo. SOFR + 7.392%), 10/20/34(1)(2) | 1,000 | 984,721 | |
| Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class DR, 10.846%, (3 mo. SOFR + 6.962%), 1/20/32(1)(2) | 500 | 495,642 | |
| Octagon 70 Alto Ltd., Series 2023-1A, Class E, 10.544%, (3 mo. SOFR + 6.66%), 10/20/36(1)(2) | 500 | 494,506 | |
| Palmer Square CLO Ltd., Series 2019-1A, Class ER2, 8.753%, (3 mo. SOFR + 4.90%), 8/14/38(1)(2) | 500 | 496,090 | |
| RR 27 Ltd., Series 2023-27A, Class DR, 8.755%, (3 mo. SOFR + 4.85%), 10/15/40(1)(2) | 1,000 | 1,007,554 | |
| RR 29 Ltd., Series 2024-29RA, Class DR, 9.755%, (3 mo. SOFR + 5.85%), 7/15/39(1)(2) | 250 | 253,062 | |
| TRESTLES CLO Ltd., Series 2017-1A, Class ERR, 9.808%, (3 mo. SOFR + 5.95%), 7/25/37(1)(2) | 500 | 506,625 | |
| Vibrant CLO XI Ltd., Series 2019-11A, Class D, 10.916%, (3 mo. SOFR + 7.032%), 7/20/32(1)(2) | 500 | 503,163 | |
| Voya CLO Ltd., Series 2013-1A, Class DR, 10.646%, (3 mo. SOFR + 6.742%), 10/15/30(1)(2) | 1,000 | 922,173 | |
|
Total Asset-Backed Securities (identified cost $8,676,361) |
$ 8,589,416 | ||
| Common Stocks - 1.7% |
| Security | Shares | Value | |
| Aerospace and Defense - 0.0% | |||
| IAP Worldwide Services LLC(3)(4)(5) | 29 | $ 0 | |
| $ 0 | |||
| Commercial Services & Supplies - 0.1% | |||
| Monitronics International, Inc.(4)(5) | 4,716 | $ 52,661 | |
| $ 52,661 | |||
| Security | Shares | Value | |
| Electronic Equipment, Instruments & Components - 0.0%† | |||
| Luxco Co. Ltd.(4)(5) | 1,968 | $ 35,444 | |
| $ 35,444 | |||
| Electronics/Electrical - 0.0%† | |||
| Skillsoft Corp.(4)(5) | 1,256 | $ 11,681 | |
| $ 11,681 | |||
| Health Care - 0.4% | |||
| Cano Health, Inc.(4)(5) | 42,627 | $ 130,012 | |
| Envision Parent, Inc.(4)(5) | 19,128 | 288,718 | |
| $ 418,730 | |||
| Household Durables - 0.3% | |||
| Serta Simmons Bedding, Inc.(4)(5) | 35,996 | $ 350,961 | |
| Serta SSB Equipment Co.(3)(4)(5) | 35,996 | 0 | |
| $ 350,961 | |||
| Investment Companies - 0.0% | |||
| Aegletes BV(3)(4)(5) | 6,311 | $ 0 | |
| $ 0 | |||
| Machinery - 0.0% | |||
| Apex Tool Ultimate Holdings LLC(3)(4)(5) | 1,922 | $ 0 | |
| $ 0 | |||
| Pharmaceuticals - 0.9% | |||
| Mallinckrodt International Finance SA(4)(5) | 8,609 | $ 886,727 | |
| Par Health, Inc.(4) | 8,609 | 80,709 | |
| $ 967,436 | |||
| Retail - 0.0% | |||
| Jubilee Enterprise PCL, Class A1(3)(4)(5) | 995 | $ 0 | |
| $ 0 | |||
| Retailers (Except Food and Drug) - 0.0% | |||
| Phillips Pet Holding Corp.(3)(4)(5) | 269 | $ 0 | |
| $ 0 | |||
| Telecommunications - 0.0% | |||
| Anuvu (3)(4)(5) | 21,114 | $ 0 | |
| $ 0 | |||
|
Total Common Stocks (identified cost $2,493,607) |
$ 1,836,913 | ||
| Corporate Bonds - 5.4% |
|
Security |
Principal Amount (000's omitted) |
Value | |
| Airlines - 0.1% | |||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30(1) | $ | 135 | $ 128,575 |
| $ 128,575 | |||
| Automotive - 0.2% | |||
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 9/15/32(1) | $ | 260 | $ 269,773 |
| $ 269,773 | |||
| Building and Development - 0.1% | |||
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1) | $ | 135 | $ 135,728 |
| $ 135,728 | |||
| Commercial Services - 0.6% | |||
| Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.875%, 6/15/30(1) | $ | 260 | $ 270,855 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29(1) | 130 | 128,814 | |
| NESCO Holdings II, Inc., 5.50%, 4/15/29(1) | 260 | 256,323 | |
| $ 655,992 | |||
| Computers - 0.3% | |||
| Amentum Holdings, Inc., 7.25%, 8/1/32(1) | $ | 260 | $ 274,217 |
| $ 274,217 | |||
| Entertainment - 0.3% | |||
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30(1) | $ | 260 | $ 271,714 |
| $ 271,714 | |||
| Food Service - 0.3% | |||
| Chobani Holdco II LLC, 9.50% PIK to 4/1/26, 10/1/29(1) | $ | 272 | $ 291,386 |
| $ 291,386 | |||
| Health Care - 0.4% | |||
| LifePoint Health, Inc., 5.375%, 1/15/29(1) | $ | 135 | $ 133,034 |
| Team Health Holdings, Inc., 8.375%, 6/30/28(1) | 260 | 263,605 | |
| $ 396,639 | |||
|
Security |
Principal Amount (000's omitted) |
Value | |
| Health Care Technology - 0.1% | |||
| athenahealth Group, Inc., 6.50%, 2/15/30(1) | $ | 135 | $ 134,708 |
| $ 134,708 | |||
| Media - 0.5% | |||
| Sinclair Television Group, Inc., 8.125%, 2/15/33(1) | $ | 260 | $ 271,731 |
| Univision Communications, Inc., 9.375%, 8/1/32(1) | 260 | 279,638 | |
| $ 551,369 | |||
| Metals/Mining - 0.3% | |||
| Compass Minerals International, Inc., 8.00%, 7/1/30(1) | $ | 260 | $ 272,280 |
| $ 272,280 | |||
| Oil and Gas - 0.1% | |||
| Civitas Resources, Inc., 8.375%, 7/1/28(1) | $ | 100 | $ 103,164 |
| $ 103,164 | |||
| Packaging & Containers - 0.5% | |||
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30(1) | $ | 260 | $ 264,525 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30(1) | 260 | 259,880 | |
| $ 524,405 | |||
| Pharmaceuticals - 0.5% | |||
| 1261229 BC Ltd., 10.00%, 4/15/32(1) | $ | 260 | $ 270,599 |
| Amneal Pharmaceuticals LLC, 6.875%, 8/1/32(1) | 260 | 274,966 | |
| $ 545,565 | |||
| Pipelines - 0.6% | |||
| Global Partners LP/GLP Finance Corp., 8.25%, 1/15/32(1) | $ | 260 | $ 274,899 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.375%, 2/15/32(1) | 260 | 269,417 | |
| Venture Global LNG, Inc., 8.375%, 6/1/31(1) | 119 | 118,406 | |
| $ 662,722 | |||
| Software - 0.5% | |||
| Clarivate Science Holdings Corp., 4.875%, 7/1/29(1) | $ | 260 | $ 246,068 |
| Cloud Software Group, Inc., 9.00%, 9/30/29(1) | 260 | 270,972 | |
| $ 517,040 | |||
|
Total Corporate Bonds (identified cost $5,705,535) |
$ 5,735,277 | ||
| Preferred Stocks - 0.2% |
| Security | Shares | Value | |
| Beverages - 0.1% | |||
| Citybrewing Topco LLC(3)(4)(5) | 18,535 | $ 99,904 | |
| $ 99,904 | |||
| Technology - 0.1% | |||
| Cohesity Global, Inc.: | |||
| Series G(4) | 1,574 | $ 38,169 | |
| Series G1(4) | 1,088 | 26,112 | |
| $ 64,281 | |||
|
Total Preferred Stocks (identified cost $218,379) |
$ 164,185 | ||
| Senior Floating-Rate Loans - 134.0%(6) |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Aerospace and Defense - 2.6% | |||
| Air Comm Corp. LLC: | |||
| Term Loan, 6.44% - 6.572%, (3 mo. USD Term SOFR + 2.75%), 12/11/31 | 426 | $ 428,152 | |
| Term Loan, 12/11/31(7) | 21 | 20,872 | |
| HDI Aerospace Intermediate Holding III Corp., Term Loan, 7.687%, (3 mo. USD Term SOFR + 3.75%), 2/11/32 | 174 | 174,990 | |
| IAP Worldwide Services, Inc., Term Loan - Second Lien, 0.00%, 7/18/23(3)(8) | 202 | 121,612 | |
| Kaman Corp.: | |||
| Term Loan, 6.322% - 6.544%, (3 mo. USD Term SOFR + 2.50%, 6 mo. USD Term SOFR + 2.50%), 2/26/32 | 455 | 457,001 | |
| Term Loan, 6.427%, (3 mo. USD Term SOFR + 2.50%), 2/26/32(7) | 43 | 43,309 | |
| Novaria Holdings LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 6/6/31 | 346 | 346,363 | |
| TransDigm, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 2/28/31 | 989 | 993,567 | |
| Vista Management Holding, Inc., Term Loan, 7.735%, (3 mo. USD Term SOFR + 3.75%), 4/1/31 | 173 | 175,163 | |
| $ 2,761,029 | |||
| Air Freight & Logistics - 0.6% | |||
| AIT Worldwide Logistics, Inc., Term Loan, 7.887%, (3 mo. USD Term SOFR + 4.00%), 4/8/30 | 371 | $ 374,035 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Air Freight & Logistics (continued) | |||
| Stonepeak Nile Parent LLC, Term Loan, 6.162%, (3 mo. USD Term SOFR + 2.25%), 4/9/32 | 225 | $ 225,281 | |
| $ 599,316 | |||
| Airlines - 0.6% | |||
| American Airlines, Inc., Term Loan, 6.134%, (3 mo. USD Term SOFR + 2.25%), 4/20/28 | 598 | $ 600,412 | |
| $ 600,412 | |||
| Apparel & Luxury Goods - 0.6% | |||
| Gloves Buyer, Inc., Term Loan, 7.716%, (1 mo. USD Term SOFR + 4.00%), 5/21/32 | 625 | $ 623,047 | |
| $ 623,047 | |||
| Auto Components - 3.2% | |||
| Adient U.S. LLC, Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 1/31/31 | 317 | $ 318,338 | |
| Autokiniton U.S. Holdings, Inc., Term Loan, 7.831%, (1 mo. USD Term SOFR + 4.00%), 4/6/28 | 717 | 711,759 | |
| Clarios Global LP, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 | 617 | 618,811 | |
| DexKo Global, Inc.: | |||
| Term Loan, 5.901%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 91 | 106,081 |
| Term Loan, 5.901%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 134 | 155,788 |
| Term Loan, 7.581%, (1 mo. USD Term SOFR + 3.75%), 10/4/28 | 193 | 191,477 | |
| First Brands Group LLC: | |||
| DIP Loan, 13.843%, (1 mo. USD Term SOFR + 10.00%), 5.393% cash, 8.45% PIK, 6/29/26 | 31 | 6,081 | |
| Term Loan, 3/30/27(9) | 250 | 1,348 | |
| Garrett LX I SARL, Term Loan, 5.84%, (3 mo. USD Term SOFR + 2.00%), 1/30/32 | 312 | 312,975 | |
| LTI Holdings, Inc., Term Loan, 7.466%, (1 mo. USD Term SOFR + 3.75%), 7/29/29 | 494 | 497,409 | |
| RealTruck Group, Inc.: | |||
| Term Loan, 7.581%, (1 mo. USD Term SOFR + 3.75%), 1/31/28 | 484 | 374,714 | |
| Term Loan, 8.831%, (1 mo. USD Term SOFR + 5.00%), 1/31/28 | 197 | 153,859 | |
| $ 3,448,640 | |||
| Automobiles - 0.2% | |||
| MajorDrive Holdings IV LLC, Term Loan, 9.322%, (3 mo. USD Term SOFR + 5.50%), 6/1/29 | 251 | $ 230,184 | |
| $ 230,184 | |||
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Beverages - 1.4% | |||
| Arterra Wines Canada, Inc., Term Loan, 7.434%, (3 mo. USD Term SOFR + 3.50%), 11/24/27 | 474 | $ 467,375 | |
| City Brewing Co. LLC, Term Loan, 10.822%, (3 mo. USD Term SOFR + 7.00%), 9/30/30 | 35 | 14,261 | |
| Primo Brands Corp., Term Loan, 5.922%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 | 717 | 719,385 | |
| Sazerac Co., Inc., Term Loan, 6.50%, (1 mo. USD Term SOFR + 2.50%), 7/9/32 | 299 | 300,206 | |
| $ 1,501,227 | |||
| Biotechnology - 0.4% | |||
| Alltech, Inc., Term Loan, 8.081%, (1 mo. USD Term SOFR + 4.25%), 8/13/30 | 441 | $ 444,865 | |
| $ 444,865 | |||
| Broadline Retail - 0.8% | |||
| Peer Holding III BV: | |||
| Term Loan, 4.776%, (3 mo. EURIBOR + 2.75%), 11/26/31 | EUR | 150 | $ 177,721 |
| Term Loan, 6.172%, (3 mo. USD Term SOFR + 2.50%), 10/28/30 | 319 | 321,142 | |
| Term Loan, 6.172%, (3 mo. USD Term SOFR + 2.50%), 7/1/31 | 371 | 373,299 | |
| $ 872,162 | |||
| Building Products - 1.4% | |||
| Cornerstone Building Brands, Inc., Term Loan, 7.10%, (1 mo. USD Term SOFR + 3.25%), 4/12/28 | 442 | $ 348,303 | |
| LBM Acquisition LLC: | |||
| Term Loan, 7.584%, (1 mo. USD Term SOFR + 3.75%), 6/6/31 | 124 | 116,997 | |
| Term Loan, 8.734%, (1 mo. USD Term SOFR + 5.00%), 6/6/31 | 125 | 124,836 | |
| MI Windows & Doors LLC, Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 3/28/31 | 690 | 691,045 | |
| Oscar AcquisitionCo LLC, Term Loan, 7.922%, (3 mo. USD Term SOFR + 4.25%), 4/29/29 | 352 | 254,136 | |
| $ 1,535,317 | |||
| Capital Markets - 6.2% | |||
| Advisor Group, Inc., Term Loan, 6.595%, (6 mo. USD Term SOFR + 3.00%), 7/30/32 | 464 | $ 466,042 | |
| AllSpring Buyer LLC, Term Loan, 6.688%, (3 mo. USD Term SOFR + 3.00%), 11/1/30 | 386 | 388,854 | |
| Aretec Group, Inc., Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 8/9/30 | 251 | 252,385 | |
| Citco Funding LLC, Term Loan, 6.511%, (1 mo. USD Term SOFR + 2.75%), 4/27/28 | 220 | 221,671 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Capital Markets (continued) | |||
| Edelman Financial Center LLC, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 4/7/28 | 802 | $ 807,647 | |
| EIG Management Co. LLC, Term Loan, 8.716%, (1 mo. USD Term SOFR + 5.00%), 5/17/29 | 103 | 102,949 | |
| Focus Financial Partners LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 9/15/31 | 989 | 991,865 | |
| Franklin Square Holdings LP, Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 4/25/31 | 271 | 264,103 | |
| HighTower Holdings LLC, Term Loan, 6.651%, (3 mo. USD Term SOFR + 2.75%), 2/3/32 | 805 | 807,443 | |
| Kestra Advisor Services Holdings A, Inc., Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 3/22/31 | 469 | 470,540 | |
| Mariner Wealth Advisors LLC , Term Loan, 5.936%, (3 mo. USD Term SOFR + 2.25%), 12/31/30 | 170 | 170,756 | |
| NEXUS Buyer LLC, Term Loan, 7.216%, (1 mo. USD Term SOFR + 3.50%), 7/31/31 | 323 | 319,347 | |
| Orion Advisor Solutions, Inc., Term Loan, 7.11%, (3 mo. USD Term SOFR + 3.25%), 9/24/30 | 173 | 174,169 | |
| Orion U.S. Finco, Inc., Term Loan, 7.427%, (3 mo. USD Term SOFR + 3.50%), 10/8/32 | 225 | 226,318 | |
| Saphilux SARL, Term Loan, 6.73% - 6.91%, (3 mo. USD Term SOFR + 3.00%, 6 mo. USD Term SOFR + 3.00%), 7/18/28 | 572 | 576,596 | |
| Victory Capital Holdings, Inc., Term Loan, 5.672%, (3 mo. USD Term SOFR + 2.00%), 9/23/32 | 299 | 301,352 | |
| $ 6,542,037 | |||
| Chemicals - 5.1% | |||
| Aruba Investments Holdings LLC: | |||
| Term Loan, 5.901%, (1 mo. EURIBOR + 4.00%), 11/24/27 | EUR | 238 | $ 253,143 |
| Term Loan, 7.816%, (1 mo. USD Term SOFR + 4.00%), 11/24/27 | 333 | 307,190 | |
| Charter NEX U.S., Inc., Term Loan, 6.50%, (1 mo. USD Term SOFR + 2.75%), 11/29/30 | 806 | 808,186 | |
| Chemours Co., Term Loan, 10/15/32(9) | 350 | 346,937 | |
| CP Iris HoldCo I, Inc.: | |||
| Term Loan, 7.716%, (1 mo. USD Term SOFR + 4.00%), 10/27/32 | 267 | 266,032 | |
| Term Loan, 10/27/32(7) | 33 | 32,843 | |
| Discovery Purchaser Corp., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 10/4/29 | 470 | 452,398 | |
| INEOS Quattro Holdings U.K. Ltd., Term Loan, 7.566%, (1 mo. USD Term SOFR + 3.75%), 3/14/30 | 97 | 66,726 | |
| INEOS U.S. Finance LLC: | |||
| Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 2/7/31 | 296 | 238,667 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Chemicals (continued) | |||
| INEOS U.S. Finance LLC: (continued) | |||
| Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 2/18/30 | 709 | $ 577,444 | |
| Lonza Group AG, Term Loan, 7.697%, (3 mo. USD Term SOFR + 3.93%), 7/3/28 | 246 | 216,155 | |
| Minerals Technologies, Inc., Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 11/26/31 | 149 | 149,242 | |
| Nouryon Finance BV, Term Loan, 7.162%, (3 mo. USD Term SOFR + 3.25%), 4/3/28 | 172 | 171,896 | |
| Olympus Water U.S. Holding Corp., Term Loan, 6.672%, (3 mo. USD Term SOFR + 3.00%), 6/20/31 | 625 | 620,560 | |
| Rohm Holding GmbH, Term Loan, 9.697%, (6 mo. USD Term SOFR + 5.50%), 1/31/29 | 0 (10) | 149 | |
| SCUR-Alpha 1503 GmbH, Term Loan, 9.34%, (3 mo. USD Term SOFR + 5.50%), 3/29/30 | 146 | 136,337 | |
| Tronox Finance LLC, Term Loan, 5.922%, (3 mo. USD Term SOFR + 2.25%), 4/4/29 | 645 | 530,309 | |
| W.R. Grace & Co.-Conn., Term Loan, 6.689%, (3 mo. USD Term SOFR + 3.00%), 8/19/32 | 200 | 200,061 | |
| $ 5,374,275 | |||
| Commercial Services & Supplies - 5.5% | |||
| Albion Financing 3 SARL, Term Loan, 6.868%, (3 mo. USD Term SOFR + 3.00%), 5/21/31 | 383 | $ 386,590 | |
| Allied Universal Holdco LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 8/20/32 | 748 | 752,917 | |
| Belfor Holdings, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 11/1/30 | 152 | 152,584 | |
| EnergySolutions LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 9/20/30 | 654 | 659,276 | |
| Foundever Group, Term Loan, 7.758%, (3 mo. USD Term SOFR + 3.75%), 8/28/28 | 367 | 247,558 | |
| Garda World Security Corp., Term Loan, 6.75%, (1 mo. USD Term SOFR + 3.00%), 2/1/29 | 783 | 786,805 | |
| Gategroup Fin Luxembourg SA, Term Loan, 7.201%, (3 mo. USD Term SOFR + 3.50%), 6/10/32 | 174 | 175,468 | |
| GFL Environmental, Inc., Term Loan, 6.273%, (3 mo. USD Term SOFR + 2.50%), 3/3/32 | 424 | 426,269 | |
| Heritage-Crystal Clean, Inc., Term Loan, 7.48%, (1 mo. USD Term SOFR + 3.75%), 10/17/30 | 445 | 447,139 | |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan, 7.373%, (1 mo. USD Term SOFR + 3.50%), 12/2/31 | 559 | 562,817 | |
| Monitronics International, Inc., Term Loan, 11.434% - 11.478%, (1 mo. USD Term SOFR + 7.50%, 3 mo. USD Term SOFR + 7.50%), 6/30/28 | 210 | 210,018 | |
| MV Holding GmbH, Term Loan, 5.721%, (1 mo. USD Term SOFR + 2.00%), 3/17/32 | 174 | 175,070 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Commercial Services & Supplies (continued) | |||
| Prime Security Services Borrower LLC, Term Loan, 6.129%, (6 mo. USD Term SOFR + 2.00%), 10/13/30 | 222 | $ 222,347 | |
| Reworld Holding Corp.: | |||
| Term Loan, 1/15/31(9) | 366 | 366,354 | |
| Term Loan, 1/15/31(9) | 59 | 59,532 | |
| Tidal Waste & Recycling Holdings LLC, Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 10/24/31 | 199 | 200,388 | |
| $ 5,831,132 | |||
| Communications Equipment - 0.2% | |||
| Viavi Solutions, Inc., Term Loan, 6.394%, (3 mo. USD Term SOFR + 2.50%), 10/16/32 | 200 | $ 201,500 | |
| $ 201,500 | |||
| Construction Materials - 1.0% | |||
| Quikrete Holdings, Inc.: | |||
| Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 3/19/29 | 414 | $ 416,209 | |
| Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 2/10/32 | 397 | 398,173 | |
| Smyrna Ready Mix Concrete LLC, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 4/2/29 | 299 | 301,491 | |
| $ 1,115,873 | |||
| Consumer Staples Distribution & Retail - 0.6% | |||
| Boots Group Bidco Ltd., Term Loan, 7.206%, (3 mo. USD Term SOFR + 3.50%), 8/30/32 | 625 | $ 629,166 | |
| $ 629,166 | |||
| Containers & Packaging - 2.1% | |||
| Altium Packaging LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 6/11/31 | 123 | $ 119,277 | |
| Berlin Packaging LLC, Term Loan, 7.123% - 7.235%, (1 mo. USD Term SOFR + 3.25%, 3 mo. USD Term SOFR+ 3.25%), 6/7/31 | 510 | 511,466 | |
| Clydesdale Acquisition Holdings, Inc., Term Loan, 6.891%, (1 mo. USD Term SOFR + 3.18%), 4/13/29 | 530 | 530,724 | |
| Owens-Illinois, Inc., Term Loan, 6.838%, (3 mo. USD Term SOFR + 3.00%), 9/30/32 | 450 | 454,430 | |
| Pretium PKG Holdings, Inc., Term Loan - Second Lien, 10.855%, (3 mo. USD Term SOFR + 6.75%), 10/1/29 | 100 | 3,822 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Containers & Packaging (continued) | |||
| Proampac PG Borrower LLC, Term Loan, 7.878% - 7.905%, (3 mo. USD Term SOFR + 4.00%), 9/15/28 | 368 | $ 369,486 | |
| Trivium Packaging BV, Term Loan, 5.81%, (3 mo. EURIBOR + 3.75%), 5/28/30 | EUR | 175 | 206,902 |
| $ 2,196,107 | |||
| Distributors - 0.4% | |||
| BradyPlus Holdings LLC, Term Loan, 7.172%, (3 mo. USD Term SOFR + 3.50%), 12/29/32 | 350 | $ 346,864 | |
| Phillips Feed Service, Inc., Term Loan, 10.816%, (1 mo. USD Term SOFR + 7.00%), 11/13/26(3) | 48 | 29,512 | |
| $ 376,376 | |||
| Diversified Consumer Services - 2.7% | |||
| Ascend Learning LLC, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 12/11/28 | 562 | $ 565,091 | |
| Fugue Finance BV, Term Loan, 6.572%, (3 mo. USD Term SOFR + 2.75%), 1/9/32 | 593 | 595,322 | |
| KUEHG Corp., Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 | 414 | 403,030 | |
| Lernen Bidco Ltd., Term Loan, 7.41%, (6 mo. USD Term SOFR + 3.50%), 10/27/31 | 149 | 149,062 | |
| Spring Education Group, Inc., Term Loan, 6.922%, (3 mo. USD Term SOFR + 3.25%), 10/4/30 | 491 | 494,645 | |
| Wand NewCo 3, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 1/30/31 | 707 | 708,230 | |
| $ 2,915,380 | |||
| Diversified Financial Services - 0.3% | |||
| Concorde Midco Ltd., Term Loan, 5.517%, (3 mo. EURIBOR + 3.50%), 3/1/30 | EUR | 250 | $ 283,150 |
| $ 283,150 | |||
| Diversified Telecommunication Services - 2.3% | |||
| Altice France SA, Term Loan, 10.86%, (3 mo. USD Term SOFR + 6.88%), 5/31/31 | 335 | $ 335,213 | |
| Anuvu Holdings 2 LLC, Term Loan, 12.051%, (3 mo. USD Term SOFR + 8.25%), 3/23/26(3) | 518 | 9,531 | |
| Level 3 Financing, Inc., Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 3/29/32 | 650 | 652,681 | |
| Lumen Technologies, Inc., Term Loan, 6.181%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 | 320 | 318,754 | |
| Virgin Media Bristol LLC, Term Loan, 7.115%, (1 mo. USD Term SOFR + 3.25%), 1/31/29 | 1,075 | 1,078,359 | |
| $ 2,394,538 | |||
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Electric Utilities - 0.6% | |||
| MRP Buyer LLC: | |||
| Term Loan, 6.922%, (3 mo. USD Term SOFR + 3.25%), 6/4/32 | 575 | $ 571,936 | |
| Term Loan, 6.922%, (3 mo. USD Term SOFR + 3.25%), 6/4/32(7) | 73 | 72,864 | |
| $ 644,800 | |||
| Electrical Equipment - 1.6% | |||
| Kohler Energy Co. LLC, Term Loan, 7.422%, (3 mo. USD Term SOFR + 3.75%), 5/1/31 | 572 | $ 576,584 | |
| Nvent Electric PLC, Term Loan, 6.843%, (1 mo. USD Term SOFR + 3.00%), 1/30/32 | 324 | 326,721 | |
| WEC U.S. Holdings Ltd., Term Loan, 5.873%, (1 mo. USD Term SOFR + 2.00%), 1/27/31 | 839 | 841,742 | |
| $ 1,745,047 | |||
| Electronic Equipment, Instruments & Components - 1.5% | |||
| Chamberlain Group, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 9/8/32 | 753 | $ 755,529 | |
| Creation Technologies, Inc., Term Loan, 9.696%, (3 mo. USD Term SOFR + 5.50%), 10/5/28 | 387 | 387,211 | |
| Ingram Micro, Inc., Term Loan, 5.982%, (1 mo. USD Term SOFR + 2.25%), 9/22/31 | 244 | 245,924 | |
| Verifone Systems, Inc., Term Loan, 9.352%, (3 mo. USD Term SOFR + 5.25%), 8/18/28 | 224 | 213,166 | |
| $ 1,601,830 | |||
| Energy Equipment & Services - 0.3% | |||
| Ameriforge Group, Inc., Term Loan, 14.842%, (1 mo. USD Term SOFR + 11.00%), 3.842% cash, 11.00% PIK, 12/31/25(3) | 31 | $ 610 | |
| PG Investment Co. 59 SARL, Term Loan, 5.922%, (3 mo. USD Term SOFR + 2.25%), 3/26/31 | 297 | 298,375 | |
| $ 298,985 | |||
| Engineering & Construction - 2.6% | |||
| American Residential Services LLC, Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 2/2/32 | 288 | $ 289,415 | |
| Artera Services LLC, Term Loan, 8.172%, (3 mo. USD Term SOFR + 4.50%), 2/15/31 | 123 | 99,990 | |
| Azuria Water Solutions, Inc.: | |||
| Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 5/17/28 | 421 | 423,477 | |
| Term Loan, 5/17/28(7) | 19 | 19,606 | |
| Construction Partners, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 11/3/31 | 149 | 149,799 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Engineering & Construction (continued) | |||
| Crown Subsea Communications Holding, Inc., Term Loan, 7.216%, (1 mo. USD Term SOFR + 3.50%), 1/30/31 | 600 | $ 605,400 | |
| Green Infrastructure Partners, Inc., Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 9/24/32 | 275 | 276,031 | |
| Northstar Group Services, Inc., Term Loan, 8.59%, (3 mo. USD Term SOFR + 4.75%), 5/31/30 | 666 | 671,963 | |
| Platea BC Bidco AB: | |||
| Term Loan, 5.518%, (3 mo. EURIBOR + 3.50%), 4/3/31 | EUR | 188 | 223,222 |
| Term Loan, 5.518%, (3 mo. EURIBOR + 3.50%), 4/3/31(7) | EUR | 38 | 44,645 |
| $ 2,803,548 | |||
| Entertainment - 2.4% | |||
| Creative Artists Agency LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 10/1/31 | 721 | $ 724,360 | |
| EOC Borrower LLC, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 3/24/32 | 995 | 1,001,965 | |
| Pretzel Parent, Inc., Term Loan, 8.216%, (1 mo. USD Term SOFR + 4.50%), 10/1/31 | 273 | 270,208 | |
| Varsity Brands, Inc., Term Loan, 6.672%, (3 mo. USD Term SOFR + 3.00%), 8/26/31 | 498 | 499,910 | |
| Vue Entertainment International Ltd., Term Loan, 10.103%, (6 mo. EURIBOR + 8.00%), 2.103% cash, 8.00% PIK, 12/31/27 | EUR | 34 | 25,910 |
| $ 2,522,353 | |||
| Financial Services - 1.6% | |||
| CPI Holdco B LLC, Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 | 320 | $ 321,172 | |
| NCR Atleos LLC, Term Loan, 6.701%, (3 mo. USD Term SOFR + 3.00%), 4/16/29 | 160 | 160,900 | |
| Nuvei Technologies Corp., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 11/17/31 | 149 | 149,242 | |
| Planet U.S. Buyer LLC, Term Loan, 6.822%, (3 mo. USD Term SOFR + 3.00%), 2/7/31 | 320 | 322,611 | |
| Synechron, Inc., Term Loan, 7.572%, (3 mo. USD Term SOFR + 3.75%), 10/3/31 | 323 | 322,129 | |
| Walker & Dunlop, Inc., Term Loan, 5.734%, (1 mo. USD Term SOFR + 2.00%), 3/14/32 | 199 | 199,741 | |
| WEX, Inc., Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 3/5/32 | 248 | 248,540 | |
| $ 1,724,335 | |||
| Food Products - 2.1% | |||
| CHG PPC Parent LLC, Term Loan, 6.831%, (1 mo. USD Term SOFR + 3.00%), 12/8/28 | 120 | $ 120,869 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Food Products (continued) | |||
| Del Monte Foods, Inc.: | |||
| DIP Loan, 13.35%, (1 mo. USD Term SOFR + 9.50%), 4/2/26 | 143 | $ 137,162 | |
| Term Loan, 0.00%, 8/2/28(8) | 42 | 20,865 | |
| Term Loan, 0.00%, 8/2/28(8) | 37 | 18,546 | |
| Term Loan, 13.35% - 13.559%, (1 mo. USD Term SOFR + 9.60%), 4/2/26 | 201 | 166,823 | |
| Term Loan - Second Lien, 0.00%, 8/2/28(8) | 294 | 13,963 | |
| Froneri Lux Finco SARL, Term Loan, 5.922%, (3 mo. USD Term SOFR + 2.25%), 9/30/32 | 250 | 250,349 | |
| Newly Weds Foods, Inc., Term Loan, 5.984%, (1 mo. USD Term SOFR + 2.25%), 3/15/32 | 348 | 349,265 | |
| Nomad Foods Europe Midco Ltd., Term Loan, 6.276%, (6 mo. USD Term SOFR + 2.50%), 10/28/32 | 582 | 586,032 | |
| PFI Lower Midco LLC, Term Loan, 7.873%, (1 mo. USD Term SOFR + 4.00%), 12/1/32 | 200 | 201,750 | |
| United Petfood Finance BV, Term Loan, 4.577%, (6 mo. EURIBOR + 2.50%), 2/26/32 | EUR | 350 | 415,507 |
| $ 2,281,131 | |||
| Gas Utilities - 0.5% | |||
| CQP Holdco LP, Term Loan, 5.672%, (3 mo. USD Term SOFR + 2.00%), 12/31/30 | 500 | $ 502,345 | |
| $ 502,345 | |||
| Ground Transportation - 0.3% | |||
| Student Transportation of America Holdings, Inc., Term Loan, 6.939%, (3 mo. USD Term SOFR + 3.25%), 6/24/32 | 274 | $ 274,766 | |
| $ 274,766 | |||
| Health Care Equipment & Supplies - 1.4% | |||
| Bausch & Lomb Corp., Term Loan, 7.966%, (1 mo. USD Term SOFR + 4.25%), 1/15/31 | 657 | $ 664,820 | |
| Journey Personal Care Corp., Term Loan, 7.466%, (1 mo. USD Term SOFR + 3.75%), 3/1/28 | 342 | 342,334 | |
| Medline Borrower LP, Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 10/23/30 | 439 | 440,690 | |
| $ 1,447,844 | |||
| Health Care Providers & Services - 8.5% | |||
| AEA International Holdings (Lux) SARL, Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 9/7/28 | 555 | $ 558,653 | |
| Cano Health LLC, Term Loan, 13.172%, (3 mo. USD Term SOFR + 9.50%), 6/28/29 | 215 | 155,537 | |
| CCRR Parent, Inc., Term Loan, 8.334%, (3 mo. USD Term SOFR + 4.25%), 3/6/28 | 675 | 198,354 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Health Care Providers & Services (continued) | |||
| CNT Holdings I Corp., Term Loan, 6.09%, (3 mo. USD Term SOFR + 2.25%), 11/8/32 | 671 | $ 672,909 | |
| Electron BidCo, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 11/1/28 | 194 | 194,769 | |
| Ensemble RCM LLC, Term Loan, 6.84%, (3 mo. USD Term SOFR + 3.00%), 8/1/29 | 320 | 322,056 | |
| Global Medical Response, Inc., Term Loan, 7.384%, (3 mo. USD Term SOFR + 3.50%), 10/1/32 | 650 | 654,826 | |
| Hanger, Inc.: | |||
| Term Loan, 7.216%, (1 mo. USD Term SOFR + 3.50%), 10/23/31 | 330 | 331,230 | |
| Term Loan, 7.216%, (1 mo. USD Term SOFR + 3.50%), 10/23/31(7) | 43 | 42,874 | |
| Heartland Dental LLC, Term Loan, 7.466%, (1 mo. USD Term SOFR + 3.75%), 8/25/32 | 348 | 350,117 | |
| IVC Acquisition Ltd.: | |||
| Term Loan, 6.035%, (3 mo. EURIBOR + 4.00%), 12/12/28 | EUR | 400 | 474,898 |
| Term Loan, 7.422%, (3 mo. USD Term SOFR + 3.75%), 12/12/28 | 270 | 271,433 | |
| MDVIP, Inc., Term Loan, 6.73%, (1 mo. USD Term SOFR + 3.00%), 10/14/31 | 149 | 149,903 | |
| MED ParentCo LP, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 4/15/31 | 348 | 349,701 | |
| Midwest Physician Administrative Services LLC, Term Loan, 6.934%, (3 mo. USD Term SOFR + 3.00%), 3/12/28 | 248 | 226,308 | |
| National Mentor Holdings, Inc.: | |||
| Term Loan, 9.716%, (1 mo. USD Term SOFR + 6.00%), 12/12/30 | 414 | 415,043 | |
| Term Loan, 12/12/30(7) | 177 | 177,293 | |
| Pacific Dental Services LLC, Term Loan, 6.236%, (1 mo. USD Term SOFR + 2.50%), 3/15/31 | 320 | 321,685 | |
| Phoenix Guarantor, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 2/21/31 | 442 | 444,817 | |
| Radnet Management, Inc., Term Loan, 6.072%, (3 mo. USD Term SOFR + 2.25%), 4/18/31 | 197 | 197,973 | |
| Raven Acquisition Holdings LLC: | |||
| Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 | 417 | 418,690 | |
| Term Loan, 11/19/31(7) | 30 | 30,132 | |
| Reverb Buyer, Inc., Term Loan, 7.44%, (3 mo. USD Term SOFR + 3.50%), 11/1/28 | 628 | 452,278 | |
| Select Medical Corp., Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 12/3/31 | 272 | 272,250 | |
| Surgery Center Holdings, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 12/19/30 | 634 | 637,338 | |
| Synlab Bondco PLC: | |||
| Term Loan, 4.551%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | 150 | 177,341 |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Health Care Providers & Services (continued) | |||
| Synlab Bondco PLC: (continued) | |||
| Term Loan, 5.816%, (3 mo. EURIBOR + 3.75%), 4/16/31 | EUR | 150 | $ 178,026 |
| U.S. Anesthesia Partners, Inc., Term Loan, 7.987%, (1 mo. USD Term SOFR + 4.00%), 10/1/28 | 396 | 398,247 | |
| $ 9,074,681 | |||
| Health Care Technology - 4.2% | |||
| athenahealth Group, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 | 771 | $ 773,324 | |
| Cotiviti Corp., Term Loan - Second Lien, 6.623%, (1 mo. USD Term SOFR + 2.75%), 3/26/32 | 995 | 957,693 | |
| Imprivata, Inc., Term Loan, 6.672%, (3 mo. USD Term SOFR + 3.00%), 12/1/27 | 1,034 | 1,040,245 | |
| PointClickCare Technologies, Inc., Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 11/3/31 | 461 | 462,604 | |
| Press Ganey Holdings, Inc., Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 4/30/31 | 420 | 421,015 | |
| Project Ruby Ultimate Parent Corp., Term Loan, 6.581%, (1 mo. USD Term SOFR + 2.75%), 3/10/28 | 527 | 528,793 | |
| Symplr Software, Inc., Term Loan, 8.44%, (3 mo. USD Term SOFR + 4.50%), 12/22/27 | 279 | 237,735 | |
| $ 4,421,409 | |||
| Hotels, Restaurants & Leisure - 5.1% | |||
| Betclic Everest Group, Term Loan, 5.005%, (3 mo. EURIBOR + 3.00%), 12/10/31 | EUR | 125 | $ 148,629 |
| Caesars Entertainment, Inc., Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 2/6/31 | 639 | 633,835 | |
| Fertitta Entertainment LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 1/27/29 | 879 | 879,529 | |
| Herschend Entertainment Co. LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 5/27/32 | 149 | 150,478 | |
| Horizon U.S. Finco LP, Term Loan, 8.198%, (6 mo. USD Term SOFR + 4.50%), 10/31/31 | 544 | 534,340 | |
| IRB Holding Corp., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 12/16/30 | 345 | 345,967 | |
| Ontario Gaming GTA LP, Term Loan, 7.922%, (3 mo. USD Term SOFR + 4.25%), 8/1/30 | 418 | 387,482 | |
| Scientific Games Holdings LP, Term Loan, 6.934%, (3 mo. USD Term SOFR + 3.00%), 4/4/29 | 593 | 582,875 | |
| SeaWorld Parks & Entertainment, Inc., Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 12/4/31 | 707 | 703,887 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Hotels, Restaurants & Leisure (continued) | |||
| Turquoise Topco Ltd., Term Loan, 12/30/32(9) | 325 | $ 321,344 | |
| Voyager Parent LLC, Term Loan, 8.422%, (3 mo. USD Term SOFR + 4.75%), 7/1/32 | 773 | 774,586 | |
| $ 5,462,952 | |||
| Household Durables - 1.7% | |||
| Libbey Glass, Inc., Term Loan, 10.509%, (3 mo. USD Term SOFR + 6.50%), 11/22/27 | 280 | $ 270,722 | |
| Madison Safety & Flow LLC, Term Loan, 6.227%, (1 mo. USD Term SOFR + 2.50%), 9/26/31 | 186 | 187,548 | |
| PHRG Intermediate LLC, Term Loan, 7.672%, (3 mo. USD Term SOFR + 4.00%), 2/20/32 | 274 | 272,485 | |
| Serta Simmons Bedding LLC: | |||
| Term Loan, 11.286%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 | 693 | 655,478 | |
| Term Loan, 11.484%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 | 75 | 75,357 | |
| Somnigroup International, Inc., Term Loan, 5.91%, (1 mo. USD Term SOFR + 2.25%), 10/24/31 | 367 | 369,477 | |
| $ 1,831,067 | |||
| Household Products - 0.3% | |||
| Kronos Acquisition Holdings, Inc., Term Loan, 7.672%, (3 mo. USD Term SOFR + 4.00%), 7/8/31 | 494 | $ 323,777 | |
| $ 323,777 | |||
| Independent Power and Renewable Electricity Producers - 1.4% | |||
| Cogentrix Finance Holdco I LLC, Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 2/26/32 | 642 | $ 646,921 | |
| Invenergy Thermal Operating I LLC: | |||
| Term Loan, 6.41%, (3 mo. USD Term SOFR + 2.75%), 5/17/32 | 302 | 303,725 | |
| Term Loan, 6.41%, (3 mo. USD Term SOFR + 2.75%), 5/17/32 | 19 | 19,188 | |
| Talen Energy Supply LLC, Term Loan, 6.353%, (3 mo. USD Term SOFR + 2.50%), 12/15/31 | 497 | 500,440 | |
| $ 1,470,274 | |||
| Insurance - 4.8% | |||
| Acrisure LLC, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 11/6/30 | 796 | $ 796,354 | |
| Alera Group, Inc., Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 5/31/32 | 574 | 576,972 | |
| Alliant Holdings Intermediate LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 | 613 | 615,074 | |
| AmWINS Group, Inc., Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 1/30/32 | 155 | 155,830 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Insurance (continued) | |||
| Broadstreet Partners, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 6/13/31 | 591 | $ 593,978 | |
| IMA Financial Group, Inc., Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 11/1/28 | 400 | 401,468 | |
| Ryan Specialty Group LLC, Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 9/15/31 | 347 | 347,548 | |
| Siaci Saint Honore, Term Loan, 5.526%, (3 mo. EURIBOR + 3.50%), 7/26/32 | EUR | 325 | 387,056 |
| Trucordia Insurance Holdings LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 6/17/32 | 399 | 397,005 | |
| Truist Insurance Holdings LLC: | |||
| Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 5/6/31 | 230 | 230,510 | |
| Term Loan - Second Lien, 8.422%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 | 132 | 133,607 | |
| USI, Inc., Term Loan, 5.922%, (3 mo. USD Term SOFR + 2.25%), 9/29/30 | 493 | 493,983 | |
| $ 5,129,385 | |||
| Interactive Media & Services - 1.3% | |||
| Arches Buyer, Inc., Term Loan, 7.066%, (1 mo. USD Term SOFR + 3.25%), 12/6/27 | 776 | $ 778,213 | |
| X Corp., Term Loan, 10.448%, (3 mo. USD Term SOFR + 6.50%), 10/26/29 | 648 | 637,666 | |
| $ 1,415,879 | |||
| IT Services - 4.9% | |||
| Asurion LLC: | |||
| Term Loan, 7.816%, (1 mo. USD Term SOFR + 4.00%), 8/19/28 | 492 | $ 493,538 | |
| Term Loan - Second Lien, 9.081%, (1 mo. USD Term SOFR + 5.25%), 1/31/28 | 750 | 748,714 | |
| Term Loan - Second Lien, 9.081%, (1 mo. USD Term SOFR + 5.25%), 1/20/29 | 325 | 320,080 | |
| Gainwell Acquisition Corp., Term Loan, 7.772%, (3 mo. USD Term SOFR + 4.00%), 10/1/27 | 420 | 413,819 | |
| Go Daddy Operating Co. LLC, Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 11/9/29 | 491 | 492,124 | |
| NAB Holdings LLC, Term Loan, 6.172%, (3 mo. USD Term SOFR + 2.50%), 11/23/28 | 774 | 742,111 | |
| Newfold Digital Holdings Group, Inc.: | |||
| Term Loan, 7.384%, (1 mo. USD Term SOFR + 3.50%), 4/30/29 | 799 | 670,495 | |
| Term Loan, 7.384%, (1 mo. USD Term SOFR + 3.50%), 4/30/29 | 141 | 89,932 | |
| Nielsen Consumer, Inc., Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 10/31/30 | 348 | 349,218 | |
| Plano HoldCo, Inc., Term Loan, 7.172%, (3 mo. USD Term SOFR + 3.50%), 10/2/31 | 149 | 144,781 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| IT Services (continued) | |||
| Rackspace Finance LLC: | |||
| Term Loan, 10.115%, (1 mo. USD Term SOFR + 6.25%), 5/15/28 | 189 | $ 192,756 | |
| Term Loan - Second Lien, 6.615%, (1 mo. USD Term SOFR + 2.75%), 5/15/28 | 275 | 102,855 | |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | 495 | 497,122 | |
| $ 5,257,545 | |||
| Leisure Products - 0.6% | |||
| Recess Holdings, Inc., Term Loan, 7.615%, (3 mo. USD Term SOFR + 3.75%), 2/20/30 | 664 | $ 669,565 | |
| $ 669,565 | |||
| Life Sciences Tools & Services - 1.7% | |||
| Loire Finco Luxembourg SARL: | |||
| Term Loan, 5.901%, (1 mo. EURIBOR + 4.00%), 1/21/30 | EUR | 225 | $ 267,602 |
| Term Loan, 7.716%, (1 mo. USD Term SOFR + 4.00%), 1/21/30 | 142 | 142,710 | |
| Parexel International Corp., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 12/12/31 | 598 | 601,237 | |
| Sotera Health Holdings LLC, Term Loan, 6.34%, (3 mo. USD Term SOFR + 2.50%), 5/30/31 | 801 | 806,071 | |
| $ 1,817,620 | |||
| Machinery - 8.5% | |||
| AAG U.S. GSI Bidco, Inc., Term Loan, 8.672%, (3 mo. USD Term SOFR + 5.00%), 10/31/31 | 199 | $ 199,868 | |
| AI Aqua Merger Sub, Inc., Term Loan, 6.854% - 6.873%, (1 mo. USD Term SOFR + 3.00%, 3 mo. USD Term SOFR + 3.00%), 7/31/28 | 582 | 584,060 | |
| Apex Tool Group LLC: | |||
| Term Loan, 8.966%, (1 mo. USD Term SOFR + 5.25%), 4/8/30 | 95 | 81,409 | |
| Term Loan, 9.716%, (1 mo. USD Term SOFR + 6.00%), 4/8/31 | 215 | 64,521 | |
| Term Loan, 9.716%, (1 mo. USD Term SOFR + 6.00%), 4/8/31 | 2 | 586 | |
| Term Loan, 10.716%, (1 mo. USD Term SOFR + 7.00%), 1/7/30 | 4 | 3,850 | |
| Term Loan, 13.716%, (1 mo. USD Term SOFR + 10.00%), 1/7/30 | 63 | 31,398 | |
| Astro Acquisition LLC, Term Loan, 7.122%, (6 mo. USD Term SOFR + 3.25%), 8/30/32 | 200 | 201,328 | |
| Barnes Group, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 1/27/32 | 363 | 364,254 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Machinery (continued) | |||
| BG MS U.S. Holding LLC, Term Loan, 8.422%, (3 mo. USD Term SOFR + 4.75%), 10/22/32 | 250 | $ 250,000 | |
| Cleanova U.S. Holdings LLC, Term Loan, 8.483%, (3 mo. USD Term SOFR + 4.75%), 6/14/32 | 274 | 275,684 | |
| Conair Holdings LLC, Term Loan, 7.581%, (1 mo. USD Term SOFR + 3.75%), 5/17/28 | 350 | 184,233 | |
| CoorsTek, Inc., Term Loan, 6.859%, (3 mo. USD Term SOFR + 3.00%), 10/28/32 | 275 | 277,579 | |
| CPM Holdings, Inc., Term Loan, 8.343%, (1 mo. USD Term SOFR + 4.50%), 9/28/28 | 491 | 489,590 | |
| Cube Industrials Buyer, Inc., Term Loan, 6.912%, (3 mo. USD Term SOFR + 3.00%), 10/17/31 | 423 | 425,820 | |
| EMRLD Borrower LP: | |||
| Term Loan, 6.072%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 | 213 | 213,518 | |
| Term Loan, 6.122%, (6 mo. USD Term SOFR + 2.25%), 8/4/31 | 272 | 272,446 | |
| Engineered Machinery Holdings, Inc., Term Loan, 6.922%, (3 mo. USD Term SOFR + 3.25%), 11/26/32 | 931 | 938,420 | |
| Filtration Group Corp., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 10/21/28 | 162 | 162,788 | |
| Gates Global LLC, Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 6/4/31 | 691 | 693,770 | |
| Icebox Holdco III, Inc., Term Loan, 6.922%, (3 mo. USD Term SOFR + 3.25%), 12/22/31 | 589 | 594,625 | |
| Jennmar Inter III LLC, Term Loan, 8.734%, (3 mo. USD Term SOFR + 5.00%), 12/16/30 | 200 | 199,000 | |
| Madison IAQ LLC, Term Loan, 6.702%, (6 mo. USD Term SOFR + 2.50%), 6/21/28 | 244 | 245,716 | |
| Roper Industrial Products Investment Co. LLC, Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 11/22/29 | 539 | 542,400 | |
| SPX Flow, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 4/5/29 | 444 | 445,270 | |
| TK Elevator Midco GmbH: | |||
| Term Loan, 5.121%, (6 mo. EURIBOR + 3.00%), 4/30/30 | EUR | 400 | 475,500 |
| Term Loan, 6.947%, (6 mo. USD Term SOFR + 2.75%), 4/30/30 | 410 | 412,971 | |
| Zephyr German BidCo GmbH, Term Loan, 5.169%, (3 mo. EURIBOR + 3.15%), 3/10/28 | EUR | 300 | 356,288 |
| $ 8,986,892 | |||
| Media - 1.2% | |||
| ABG Intermediate Holdings 2 LLC: | |||
| Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 12/21/28 | 565 | $ 566,095 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Media (continued) | |||
| ABG Intermediate Holdings 2 LLC: (continued) | |||
| Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 2/13/32 | 174 | $ 174,057 | |
| Charter Communications Operating LLC, Term Loan, 6.235%, (3 mo. USD Term SOFR + 2.25%), 12/15/31 | 173 | 173,575 | |
| Fleet Midco I Ltd., Term Loan, 6.792%, (6 mo. USD Term SOFR + 2.75%), 2/21/31 | 181 | 181,681 | |
| Gray Television, Inc., Term Loan, 6.987%, (1 mo. USD Term SOFR + 3.00%), 12/1/28 | 129 | 129,796 | |
| Hubbard Radio LLC, Term Loan, 8.216%, (1 mo. USD Term SOFR + 4.50%), 9/30/27 | 178 | 40,109 | |
| $ 1,265,313 | |||
| Metals/Mining - 0.5% | |||
| Arsenal AIC Parent LLC, Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 8/19/30 | 415 | $ 416,270 | |
| WireCo WorldGroup, Inc., Term Loan, 7.607%, (3 mo. USD Term SOFR + 3.75%), 11/13/28 | 107 | 107,319 | |
| $ 523,589 | |||
| Oil, Gas & Consumable Fuels - 2.0% | |||
| Freeport LNG Investments LLLP, Term Loan, 7.12%, (3 mo. USD Term SOFR + 3.25%), 12/21/28 | 331 | $ 332,339 | |
| Hilcorp Energy I LP, Term Loan, 5.736%, (1 mo. USD Term SOFR + 2.00%), 2/11/30 | 248 | 248,902 | |
| ITT Holdings LLC, Term Loan, 6.191%, (1 mo. USD Term SOFR + 2.48%), 10/11/30 | 244 | 246,154 | |
| Matador Bidco SARL, Term Loan, 8.066%, (1 mo. USD Term SOFR + 4.25%), 7/30/29 | 582 | 583,827 | |
| Natgasoline LLC, Term Loan, 9.216%, (1 mo. USD Term SOFR + 5.50%), 3/29/30 | 147 | 148,720 | |
| Oryx Midstream Services Permian Basin LLC, Term Loan, 5.977%, (1 mo. USD Term SOFR + 2.25%), 10/5/28 | 239 | 240,749 | |
| Oxbow Carbon LLC, Term Loan, 7.216%, (1 mo. USD Term SOFR + 3.50%), 5/10/30 | 138 | 138,292 | |
| Whitewater Matterhorn Holdings LLC, Term Loan, 5.983%, (3 mo. USD Term SOFR + 2.25%), 6/16/32 | 150 | 150,781 | |
| $ 2,089,764 | |||
| Passenger Airlines - 0.2% | |||
| WestJet Loyalty LP, Term Loan, 6.922%, (3 mo. USD Term SOFR + 3.25%), 2/14/31 | 246 | $ 247,045 | |
| $ 247,045 | |||
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Pharmaceuticals - 1.0% | |||
| Amneal Pharmaceuticals LLC, Term Loan, 7.216%, (1 mo. USD Term SOFR + 3.50%), 8/1/32 | 175 | $ 176,308 | |
| Bausch Health Cos., Inc., Term Loan, 9.966%, (1 mo. USD Term SOFR + 6.25%), 10/8/30 | 249 | 243,590 | |
| Jazz Financing Lux SARL, Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 5/5/28 | 462 | 464,753 | |
| Padagis LLC, Term Loan, 8.949%, (3 mo. USD Term SOFR + 4.75%), 7/6/28 | 150 | 142,125 | |
| $ 1,026,776 | |||
| Professional Services - 7.1% | |||
| AAL Delaware Holdco, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 7/30/31 | 421 | $ 424,088 | |
| Amspec Parent LLC, Term Loan, 7.172%, (3 mo. USD Term SOFR + 3.50%), 12/22/31 | 572 | 575,101 | |
| Camelot U.S. Acquisition LLC, Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 1/31/31 | 395 | 390,203 | |
| Citrin Cooperman Advisors LLC, Term Loan, 6.672%, (3 mo. USD Term SOFR + 3.00%), 4/1/32 | 399 | 400,662 | |
| CohnReznick LLP: | |||
| Term Loan, 7.172%, (3 mo. USD Term SOFR + 3.50%), 3/31/32 | 193 | 194,598 | |
| Term Loan, 3/31/32(7) | 31 | 31,001 | |
| CoreLogic, Inc., Term Loan, 7.331%, (1 mo. USD Term SOFR + 3.50%), 6/2/28 | 484 | 484,683 | |
| EAB Global, Inc., Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 8/16/30 | 783 | 698,154 | |
| Employbridge Holding Co.: | |||
| Term Loan, 9.172%, (3 mo. USD Term SOFR + 5.50%), 1/19/30 | 346 | 266,678 | |
| Term Loan - Second Lien, 8.684%, (3 mo. USD Term SOFR + 4.75%), 1/19/30 | 544 | 109,572 | |
| First Advantage Holdings LLC, Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 10/31/31 | 396 | 392,531 | |
| Galaxy Bidco Ltd., Term Loan, 5.867%, (6 mo. EURIBOR + 3.75%), 12/19/29 | EUR | 200 | 238,399 |
| Grant Thornton Advisors LLC, Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 6/2/31 | 617 | 619,151 | |
| Heron Bidco, Term Loan, 7.738%, (3 mo. USD Term SOFR + 4.00%), 12/10/32 | 225 | 223,312 | |
| Highspring Holdings LLC, Term Loan, 8.822%, (3 mo. USD Term SOFR + 5.00%), 1/22/29 | 342 | 279,618 | |
| iSolved, Inc., Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 10/15/30 | 147 | 148,105 | |
| Mermaid Bidco, Inc., Term Loan, 7.151%, (3 mo. USD Term SOFR + 3.25%), 7/3/31 | 597 | 599,962 | |
| Neptune Bidco U.S., Inc., Term Loan, 9.027%, (3 mo. USD Term SOFR + 5.00%), 4/11/29 | 585 | 579,808 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Professional Services (continued) | |||
| Techem Verwaltungsgesellschaft 675 GmbH, Term Loan, 5.255%, (3 mo. EURIBOR + 3.25%), 7/15/32 | EUR | 425 | $ 504,532 |
| Tempo Acquisition LLC, Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 8/31/28 | 398 | 383,358 | |
| $ 7,543,516 | |||
| Real Estate Management & Development - 1.3% | |||
| Greystar Real Estate Partners LLC, Term Loan, 6.322%, (3 mo. USD Term SOFR + 2.50%), 8/21/30 | 1,056 | $ 1,063,006 | |
| Metropolis Technologies, Inc., Term Loan, 8.98%, (6 mo. USD Term SOFR + 5.25%), 11/3/32 | 325 | 322,563 | |
| $ 1,385,569 | |||
| Road & Rail - 0.4% | |||
| First Student Bidco, Inc.: | |||
| Term Loan, 6.172%, (3 mo. USD Term SOFR + 2.50%), 8/15/30 | 236 | $ 237,312 | |
| Term Loan, 6.172%, (3 mo. USD Term SOFR + 2.50%), 8/15/30 | 43 | 43,393 | |
| Hertz Corp., Term Loan, 7.466%, (1 mo. USD Term SOFR + 3.75%), 6/30/28 | 196 | 163,906 | |
| $ 444,611 | |||
| Semiconductors & Semiconductor Equipment - 0.1% | |||
| Bright Bidco BV, Term Loan, 0.00%, 10/31/27(8) | 199 | $ 71,461 | |
| $ 71,461 | |||
| Software - 16.1% | |||
| Applied Systems, Inc., Term Loan, 6.172%, (3 mo. USD Term SOFR + 2.50%), 2/24/31 | 196 | $ 196,872 | |
| Astra Acquisition Corp.: | |||
| DIP Loan, 12.627%, (3 mo. USD Term SOFR + 8.75%), 4/1/26(7) | 26 | 26,332 | |
| Term Loan, 0.00%, 2/25/28(8) | 152 | 31,892 | |
| Term Loan, 0.00%, 10/25/28(8) | 213 | 900 | |
| Term Loan, 0.00%, 10/25/29(8) | 329 | 1,662 | |
| Term Loan, 12.735%, (3 mo. USD Term SOFR + 8.75%), 4/1/26 | 11 | 10,987 | |
| Avalara, Inc., Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 3/26/32 | 124 | 125,058 | |
| Boost Newco Borrower LLC, Term Loan, 5.672%, (3 mo. USD Term SOFR + 2.00%), 1/31/31 | 842 | 843,885 | |
| Boxer Parent Co., Inc.: | |||
| Term Loan, 5.401%, (1 mo. EURIBOR + 3.50%), 7/30/31 | EUR | 118 | 140,143 |
| Term Loan, 6.822%, (3 mo. USD Term SOFR + 3.00%), 7/30/31 | 951 | 949,281 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Software (continued) | |||
| Calabrio, Inc., Term Loan, 7.822%, (3 mo. USD Term SOFR + 4.00%), 11/26/32 | 325 | $ 307,125 | |
| Cloud Software Group, Inc., Term Loan, 3/21/31(9) | 800 | 801,936 | |
| Cloudera, Inc.: | |||
| Term Loan, 7.566%, (1 mo. USD Term SOFR + 3.75%), 10/8/28 | 495 | 475,106 | |
| Term Loan - Second Lien, 9.816%, (1 mo. USD Term SOFR + 6.00%), 10/8/29 | 200 | 175,302 | |
| Constant Contact, Inc., Term Loan, 8.166%, (3 mo. USD Term SOFR + 4.00%), 2/10/28 | 394 | 376,485 | |
| Dayforce, Inc., Term Loan, 8/20/32(9) | 500 | 499,110 | |
| Dragon Buyer, Inc., Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 9/30/31 | 396 | 396,778 | |
| Drake Software LLC, Term Loan, 7.922%, (3 mo. USD Term SOFR + 4.25%), 6/26/31 | 398 | 391,723 | |
| ECI Macola Max Holding LLC, Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 5/9/30 | 620 | 623,667 | |
| Epicor Software Corp., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 | 967 | 970,765 | |
| Fiserv Investment Solutions, Inc., Term Loan, 7.889%, (3 mo. USD Term SOFR + 4.00%), 2/18/27 | 438 | 433,712 | |
| Marcel LUX IV SARL, Term Loan, 6.93%, (1 mo. USD Term SOFR + 3.00%), 11/12/30 | 646 | 650,303 | |
| McAfee LLC, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 | 679 | 629,003 | |
| OceanKey (U.S.) II Corp., Term Loan, 7.316%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 | 417 | 411,426 | |
| OID-OL Intermediate I LLC: | |||
| Term Loan, 8.24%, (3 mo. USD Term SOFR + 4.25%), 2/1/29 | 359 | 300,817 | |
| Term Loan, 9.84%, (3 mo. USD Term SOFR + 6.00%), 2/1/29 | 88 | 90,351 | |
| Open Text Corp., Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 | 408 | 408,916 | |
| Project Alpha Intermediate Holding, Inc., Term Loan, 6.922%, (3 mo. USD Term SOFR + 3.25%), 10/26/30 | 697 | 696,676 | |
| Project Boost Purchaser LLC, Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 7/16/31 | 470 | 471,967 | |
| Proofpoint, Inc., Term Loan, 6.672%, (3 mo. USD Term SOFR + 3.00%), 8/31/28 | 960 | 966,929 | |
| Quartz Acquireco LLC, Term Loan, 5.922%, (3 mo. USD Term SOFR + 2.25%), 6/28/30 | 711 | 711,144 | |
| RealPage, Inc.: | |||
| Term Loan, 6.934%, (3 mo. USD Term SOFR + 3.00%), 4/24/28 | 791 | 791,034 | |
| Term Loan, 7.422%, (3 mo. USD Term SOFR + 3.75%), 4/24/28 | 124 | 124,618 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Software (continued) | |||
| Sabre GLBL, Inc.: | |||
| Term Loan, 9.816%, (1 mo. USD Term SOFR + 6.00%), 11/15/29 | 482 | $ 428,543 | |
| Term Loan, 10.066%, (1 mo. USD Term SOFR + 6.25%), 7/30/29 | 92 | 82,630 | |
| SkillSoft Corp., Term Loan, 9.081%, (1 mo. USD Term SOFR + 5.25%), 7/14/28 | 292 | 211,847 | |
| SolarWinds Holdings, Inc., Term Loan, 7.701%, (3 mo. USD Term SOFR + 4.00%), 4/16/32 | 599 | 598,874 | |
| UKG, Inc., Term Loan, 6.338%, (3 mo. USD Term SOFR + 2.50%), 2/10/31 | 1,302 | 1,305,085 | |
| Vision Solutions, Inc., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 4/24/28 | 464 | 432,918 | |
| $ 17,091,802 | |||
| Specialty Retail - 4.1% | |||
| Apro LLC, Term Loan, 7.677%, (3 mo. USD Term SOFR + 3.75%), 7/9/31 | 371 | $ 373,125 | |
| Boels Topholding BV, Term Loan, 4.685%, (1 mo. EURIBOR + 2.75%), 5/23/31 | EUR | 237 | 281,597 |
| EG America LLC, Term Loan, 7.322%, (3 mo. USD Term SOFR + 3.50%), 2/7/28 | 398 | 400,032 | |
| Great Outdoors Group LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 1/23/32 | 1,236 | 1,244,639 | |
| Harbor Freight Tools USA, Inc., Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 6/11/31 | 593 | 587,635 | |
| Homeserve USA Holding Corp., Term Loan, 5.734%, (1 mo. USD Term SOFR + 2.00%), 10/21/30 | 270 | 271,033 | |
| Les Schwab Tire Centers, Term Loan, 6.216% - 6.322%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 4/23/31 | 581 | 582,593 | |
| Mavis Tire Express Services Corp., Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 5/4/28 | 397 | 398,900 | |
| Speedster Bidco GmbH, Term Loan, 6.676% - 6.689%, (3 mo. USD Term SOFR + 3.00%), 12/11/31 | 248 | 249,991 | |
| $ 4,389,545 | |||
| Trading Companies & Distributors - 2.9% | |||
| CD&R Hydra Buyer, Inc., Term Loan, 7.816%, (1 mo. USD Term SOFR + 4.00%), 3/25/31 | 368 | $ 368,806 | |
| DXP Enterprises, Inc.: | |||
| Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 10/11/30 | 196 | 197,980 | |
| Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 10/11/30 | 199 | 201,000 | |
| Kodiak Building Partners, Inc., Term Loan, 7.466%, (1 mo. USD Term SOFR + 3.75%), 12/4/31 | 318 | 311,032 | |
| Paint Intermediate III LLC, Term Loan, 6.87%, (3 mo. USD Term SOFR + 3.00%), 10/9/31 | 149 | 149,852 | |
|
Borrower/Description |
Principal Amount* (000's omitted) |
Value | |
| Trading Companies & Distributors (continued) | |||
| Quimper AB, Term Loan, 5.859%, (6 mo. EURIBOR + 3.75%), 3/29/30 | EUR | 125 | $ 148,946 |
| Spin Holdco, Inc., Term Loan, 8.022%, (3 mo. USD Term SOFR + 4.00%), 3/4/28 | 703 | 545,911 | |
| White Cap Buyer LLC, Term Loan, 6.966%, (1 mo. USD Term SOFR + 3.25%), 10/19/29 | 859 | 863,239 | |
| Windsor Holdings III LLC, Term Loan, 6.466%, (1 mo. USD Term SOFR + 2.75%), 8/1/30 | 318 | 318,948 | |
| $ 3,105,714 | |||
| Transportation Infrastructure - 1.0% | |||
| Brown Group Holding LLC, Term Loan, 6.466% - 6.59%, (1 mo. USD Term SOFR + 2.75%, 3 mo. USD Term SOFR + 2.75%), 7/1/31 | 618 | $ 621,604 | |
| KKR Apple Bidco LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 | 491 | 494,357 | |
| $ 1,115,961 | |||
|
Total Senior Floating-Rate Loans (identified cost $146,706,522) |
$142,484,429 | ||
| Warrants - 0.0% |
| Security | Shares | Value | |
| Health Care - 0.0% | |||
| Cano Health, Inc., Exp. 6/28/29(3)(4) | 1,346 | $ 0 | |
|
Total Warrants (identified cost $0) |
$ 0 | ||
| Miscellaneous - 0.0% |
| Security | Shares | Value | |
| Cable and Satellite Television - 0.0% | |||
| ACC Claims Holdings LLC(3) | 200,340 | $ 0 | |
|
Total Miscellaneous (identified cost $0) |
$ 0 | ||
| Short-Term Investments - 2.0% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%(11) | 2,105,614 | $ 2,105,614 | |
|
Total Short-Term Investments (identified cost $2,105,613) |
$ 2,105,614 | ||
|
Total Investments - 151.4% (identified cost $165,906,017) |
$160,915,834 | ||
| Less Unfunded Loan Commitments - (0.4)% | $ (422,904) | ||
|
Net Investments - 151.0% (identified cost $165,483,113) |
$160,492,930 | ||
| Other Assets, Less Liabilities - (51.0)% | $ (54,175,758) | ||
| Net Assets Applicable to Common Shares - 100.0% | $106,317,172 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| * | In U.S. dollars unless otherwise indicated. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2025, the aggregate value of these securities is $14,324,693 or 13.5% of the Trust's net assets applicable to common shares. |
| (2) | Variable rate security. The stated interest rate represents the rate in effect at December 31, 2025. |
| (3) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (4) | Non-income producing security. |
| (5) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
| (6) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
| (7) | Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At December 31, 2025, the total value of unfunded loan commitments is $425,305. See Note 1F for description. |
| (8) | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
| (9) | This Senior Loan will settle after December 31, 2025, at which time the interest rate will be determined. |
| (10) | Principal amount is less than $500. |
| (11) | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| Forward Foreign Currency Exchange Contracts (OTC) | |||||||
| Currency Purchased | Currency Sold | Counterparty |
Settlement Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
||
| USD | 3,630,611 | EUR | 3,122,552 | Standard Chartered Bank | 1/5/26 | $ - | $ (39,011) |
| USD | 3,672,264 | EUR | 3,122,551 | Standard Chartered Bank | 2/3/26 | - | (2,403) |
| USD | 1,357,980 | EUR | 1,167,347 | HSBC Bank USA, N.A. | 2/27/26 | - | (17,317) |
| USD | 1,556,756 | EUR | 1,337,521 | Standard Chartered Bank | 2/27/26 | - | (19,030) |
| USD | 661,034 | GBP | 501,286 | Standard Chartered Bank | 2/27/26 | - | (14,599) |
| USD | 2,851,812 | EUR | 2,411,004 | Deutsche Bank AG | 3/31/26 | 7,174 | - |
| $7,174 | $(92,360) | ||||||
| Abbreviations: | |
| DIP | - Debtor In Possession |
| EURIBOR | - Euro Interbank Offered Rate |
| OTC | - Over-the-counter |
| PCL | - Public Company Limited |
| PIK | - Payment In Kind |
| SOFR | - Secured Overnight Financing Rate |
| Currency Abbreviations: | |
| EUR | - Euro |
| GBP | - British Pound Sterling |
| USD | - United States Dollar |
| December 31, 2025 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $163,377,499) | $ 158,387,316 |
| Affiliated investments, at value (identified cost $2,105,614) | 2,105,614 |
| Cash | 1,188,648 |
| Foreign currency, at value (identified cost $3,605,967) | 3,618,505 |
| Interest receivable | 977,348 |
| Dividends receivable from affiliated investments | 9,079 |
| Receivable for investments sold | 1,596,947 |
| Receivable for open forward foreign currency exchange contracts | 7,174 |
| Trustees' deferred compensation plan | 97,002 |
| Prepaid upfront fees on notes payable | 5,742 |
| Prepaid expenses | 1,046 |
| Total assets | $167,994,421 |
| Liabilities | |
| Notes payable | $ 20,000,000 |
| Payable for investments purchased | 3,493,508 |
| Payable for open forward foreign currency exchange contracts | 92,360 |
| Payable to affiliates: | |
| Investment adviser fee | 95,658 |
| Administration fee | 34,787 |
| Trustees' fees | 2,860 |
| Trustees' deferred compensation plan | 97,002 |
| Accrued expenses | 244,464 |
| Total liabilities | $ 24,060,639 |
| Auction preferred shares (1,504 shares outstanding) at liquidation value plus cumulative unpaid dividends | $ 37,616,610 |
| Commitments and contingencies (see Note 12) | |
| Net assets applicable to common shares | $106,317,172 |
| Sources of Net Assets | |
| Common shares, $0.01 par value, unlimited number of shares authorized | $ 181,703 |
| Additional paid-in capital | 143,023,081 |
| Accumulated loss | (36,887,612) |
| Net assets applicable to common shares | $106,317,172 |
| Common Shares Issued and Outstanding | 18,170,289 |
| Net Asset Value Per Common Share | |
| Net assets ÷ common shares issued and outstanding | $ 5.85 |
| Six Months Ended | |
| December 31, 2025 | |
| Investment Income | |
| Dividend income | $ 767 |
| Dividend income from affiliated investments | 64,220 |
| Interest income | 6,546,038 |
| Other income | 43,840 |
| Total investment income | $ 6,654,865 |
| Expenses | |
| Investment adviser fee | $ 570,541 |
| Administration fee | 206,718 |
| Trustees' fees and expenses | 5,745 |
| Custodian fee | 43,644 |
| Transfer and dividend disbursing agent fees | 7,600 |
| Legal and accounting services | 55,236 |
| Printing and postage | 13,198 |
| Interest expense and fees | 523,086 |
| Preferred shares service fee | 16,393 |
| Miscellaneous | 84,536 |
| Total expenses | $ 1,526,697 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 2,278 |
| Total expense reductions | $ 2,278 |
| Net expenses | $ 1,524,419 |
| Net investment income | $ 5,130,446 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (1,918,406) |
| Foreign currency transactions | 8,222 |
| Forward foreign currency exchange contracts | (65,978) |
| Net realized loss | $(1,976,162) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ (275,322) |
| Foreign currency | (10,466) |
| Forward foreign currency exchange contracts | 217,446 |
| Net change in unrealized appreciation (depreciation) | $ (68,342) |
| Net realized and unrealized loss | $(2,044,504) |
| Distributions to preferred shareholders | $ (990,504) |
| Net increase in net assets from operations | $ 2,095,438 |
|
Six Months Ended December 31, 2025 (Unaudited) |
Year Ended June 30, 2025 |
|
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 5,130,446 | $ 12,028,343 |
| Net realized loss | (1,976,162) | (1,311,662) |
| Net change in unrealized appreciation (depreciation) | (68,342) | (1,407,192) |
| Distributions to preferred shareholders | (990,504) | (2,225,912) |
| Net increase in net assets from operations | $ 2,095,438 | $ 7,083,577 |
| Distributions to common shareholders* | $ (4,342,699) | $ (9,942,253) |
| Tax return of capital to common shareholders | $ - | $ (568,405) |
| Capital share transactions: | ||
| Proceeds from shelf offering, net of offering costs (see Note 6) | $ - | $ 4,721,030 |
| Reinvestment of distributions to common shareholders | - | 134,698 |
| Net increase in net assets from capital share transactions | $ - | $ 4,855,728 |
| Net increase (decrease) in net assets | $ (2,247,261) | $ 1,428,647 |
| Net Assets Applicable to Common Shares | ||
| At beginning of period | $ 108,564,433 | $ 107,135,786 |
| At end of period | $106,317,172 | $108,564,433 |
| * | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 3. |
| Six Months Ended | |
| December 31, 2025 | |
| Cash Flows From Operating Activities | |
| Net increase in net assets from operations | $ 2,095,438 |
| Distributions to preferred shareholders | 990,504 |
| Net increase in net assets from operations excluding distributions to preferred shareholders | $ 3,085,942 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
| Investments purchased | (34,725,561) |
| Investments sold and principal repayments | 40,278,571 |
| Increase in short-term investments, net | (400,865) |
| Net amortization/accretion of premium (discount) | (271,010) |
| Amortization of prepaid upfront fees on notes payable | 8,832 |
| Decrease in interest receivable | 96,528 |
| Increase in dividends receivable from affiliated investments | (89) |
| Increase in Trustees' deferred compensation plan | (2,555) |
| Decrease in prepaid expenses | 1,626 |
| Decrease in payable to affiliates for investment adviser fee | (379) |
| Decrease in payable to affiliates for administration fee | (120) |
| Increase in payable to affiliates for Trustees' fees | 25 |
| Increase in payable to affiliates for Trustees' deferred compensation plan | 2,555 |
| Decrease in accrued expenses | (75,822) |
| Decrease in unfunded loan commitments | (32,165) |
| Net change in unrealized (appreciation) depreciation from investments | 275,322 |
| Net change in unrealized (appreciation) depreciation from forward foreign currency exchange contracts (OTC) | (217,446) |
| Net realized loss from investments | 1,918,406 |
| Net cash provided by operating activities | $ 9,941,795 |
| Cash Flows From Financing Activities | |
| Cash distributions paid to common shareholders | $ (4,342,699) |
| Cash distributions paid to preferred shareholders | (1,002,115) |
| Proceeds from notes payable | 5,000,000 |
| Repayments of notes payable | (8,000,000) |
| Net cash used in financing activities | $ (8,344,814) |
| Net increase in cash* | $ 1,596,981 |
| Cash at beginning of period (including foreign currency) | $ 3,210,172 |
| Cash at end of period (including foreign currency) | $ 4,807,153 |
| Supplemental disclosure of cash flow information: | |
| Cash paid for interest and fees on borrowings | $ 543,101 |
| * | Includes net change in unrealized (appreciation) depreciation on foreign currency of $(7,128). |
|
Six Months Ended December 31, 2025 (Unaudited) |
Year Ended June 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value - Beginning of period (Common shares) | $ 5.97 | $ 6.16 | $ 6.11 | $ 6.06 | $ 6.90 | $ 6.20 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.28 | $ 0.67 | $ 0.79 | $ 0.67 | $ 0.36 | $ 0.41 |
| Net realized and unrealized gain (loss) | (0.11) | (0.17) | 0.09 | 0.04 | (0.87) | 0.70 |
|
Distributions to preferred shareholders: From net investment income(1) |
(0.05) | (0.12) | (0.15) | (0.10) | (0.01) | (0.00) (2) |
| Total income (loss) from operations | $ 0.12 | $ 0.38 | $ 0.73 | $ 0.61 | $ (0.52) | $ 1.11 |
| Less Distributions to Common Shareholders | ||||||
| From net investment income | $ (0.24)* | $ (0.56) | $ (0.68) | $ (0.56) | $ (0.37) | $ (0.41) |
| Tax return of capital | - | (0.02) | (0.02) | - | (0.02) | - |
| Total distributions to common shareholders | $(0.24) | $(0.58) | $ (0.70) | $ (0.56) | $ (0.39) | $ (0.41) |
| Premium from common shares sold through shelf offering (see Note 6)(1) | $ - | $ 0.01 | $ 0.01 | $ - | $ - | $ - |
| Discount on tender offer (see Note 6)(1) | $ - | $ - | $ 0.01 | $ - | $ 0.07 | $ - |
| Net asset value - End of period (Common shares) | $ 5.85 | $ 5.97 | $ 6.16 | $ 6.11 | $ 6.06 | $ 6.90 |
| Market value - End of period (Common shares) | $ 5.27 | $ 5.69 | $ 6.34 | $ 5.46 | $ 5.46 | $ 6.80 |
| Total Investment Return on Net Asset Value(3) | 2.16% (4) | 6.76% | 13.22% | 11.71% | (6.68)% (5) | 18.65% |
| Total Investment Return on Market Value(3) | (3.28)% (4) | (1.13)% | 30.40% | 10.80% | (14.68)% | 36.01% |
|
Six Months Ended December 31, 2025 (Unaudited) |
Year Ended June 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Ratios/Supplemental Data | ||||||
| Net assets applicable to common shares, end of period (000's omitted) | $106,317 | $108,564 | $107,136 | $107,079 | $106,208 | $261,425 |
| Ratios (as a percentage of average daily net assets applicable to common shares):(6)(7)† | ||||||
| Expenses excluding interest and fees | 1.85% (8) | 1.85% | 2.00% | 1.99% | 1.91% | 1.96% |
| Interest and fee expense(9) | 0.97% (8) | 1.04% | 1.21% | 1.05% | 0.47% | 0.57% |
| Total expenses | 2.82% (8) | 2.89% | 3.21% | 3.04% | 2.38% | 2.53% |
| Net expenses | 2.82% (8)(10) | 2.89% (10) | 3.21% (10) | 3.04% (10) | 2.38% | 2.53% |
| Net investment income | 9.48% (8) | 10.99% | 12.72% | 11.15% | 5.31% | 6.08% |
| Portfolio Turnover | 22% (4) | 24% | 34% | 27% | 43% | 40% |
| Senior Securities: | ||||||
| Total notes payable outstanding (in 000's) | $ 20,000 | $ 23,000 | $ 12,000 | $ 20,000 | $ 26,000 | $103,000 |
| Asset coverage per $1,000 of notes payable(11) | $ 8,197 | $ 7,356 | $ 13,064 | $ 8,235 | $ 6,531 | $ 3,903 |
| Total preferred shares outstanding | 1,504 | 1,504 | 1,504 | 1,504 | 1,504 | 1,504 |
| Asset coverage per preferred share(12) | $ 71,152 | $ 69,799 | $ 79,014 | $ 71,481 | $ 66,752 | $ 71,484 |
| Involuntary liquidation preference per preferred share(13) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred share(13) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
| (1) | Computed using average common shares outstanding. |
| (2) | Amount is less than $(0.005). |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust's dividend reinvestment plan. |
| (4) | Not annualized. |
| (5) | The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its common shares at 99% of the Trust's net asset value per common share. Absent this transaction, the total return based on net asset value would have been (7.90)%. |
| (6) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Trust. |
| (7) | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
| (8) | Annualized. |
| (9) | Interest and fee expense relates to the notes payable to partially redeem the Trust's Auction Preferred Shares and/or to fund investments (see Note 8). |
| (10) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Trust's investment in the Liquidity Fund (equal to less than 0.005%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the six months ended December 31, 2025 and the years ended June 30, 2025, 2024 and 2023, respectively). |
| (11) | Calculated by subtracting the Trust's total liabilities (not including the notes payable and preferred shares) from the Trust's total assets, and dividing the result by the notes payable balance in thousands. |
| (12) | Calculated by subtracting the Trust's total liabilities (not including the notes payable and preferred shares) from the Trust's total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. |
| (13) | Plus accumulated and unpaid dividends. |
| * | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 3. |
| † | Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios for periods less than one year are annualized. |
|
Six Months Ended December 31, 2025 (Unaudited) |
Year Ended June 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Expenses excluding interest and fees | 1.21% | 1.22% | 1.30% | 1.29% | 1.28% | 1.25% |
| Interest and fee expense | 0.63% | 0.68% | 0.78% | 0.68% | 0.32% | 0.36% |
| Total expenses | 1.84% | 1.90% | 2.08% | 1.97% | 1.60% | 1.61% |
| Net investment income | 6.21% | 7.22% | 8.23% | 7.23% | 3.57% | 3.87% |
|
APS Issued and Outstanding |
|
| Series A | 752 |
| Series B | 752 |
|
APS Dividend Rates at December 31, 2025 |
Dividends Accrued to APS Shareholders |
Average APS Dividend Rates |
Dividend Rate Ranges (%) |
|
| Series A | 4.57% | $495,752 | 5.16% | 4.54-5.46 |
| Series B | 4.57 | 494,752 | 5.15 | 4.54-5.46 |
| Aggregate cost | $165,494,144 |
| Gross unrealized appreciation | $ 1,987,167 |
| Gross unrealized depreciation | (7,073,567) |
| Net unrealized depreciation | $ (5,086,400) |
| Fair Value | ||
| Derivative | Asset Derivative(1) | Liability Derivative(2) |
| Forward foreign currency exchange contracts | $ 7,174 | $ (92,360) |
| Total Derivatives subject to master netting or similar agreements | $7,174 | $(92,360) |
| (1) | Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. |
| (2) | Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
| Counterparty |
Derivative Assets Subject to Master Netting Agreement |
Derivatives Available for Offset |
Non-cash Collateral Received(a) |
Cash Collateral Received(a) |
Net Amount of Derivative Assets(b) |
| Deutsche Bank AG | $7,174 | $ - | $ - | $ - | $7,174 |
| Counterparty |
Derivative Liabilities Subject to Master Netting Agreement |
Derivatives Available for Offset |
Non-cash Collateral Pledged(a) |
Cash Collateral Pledged(a) |
Net Amount of Derivative Liabilities(c) |
| HSBC Bank USA, N.A. | $ (17,317) | $ - | $ - | $ - | $ (17,317) |
| Standard Chartered Bank | (75,043) | - | - | - | (75,043) |
| $(92,360) | $ - | $ - | $ - | $(92,360) |
| (a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
| (b) | Net amount represents the net amount due from the counterparty in the event of default. |
| (c) | Net amount represents the net amount payable to the counterparty in the event of default. |
| Derivative |
Realized Gain (Loss) on Derivatives Recognized in Income(1) |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
| Forward foreign currency exchange contracts | $(65,978) | $217,446 |
| (1) | Statement of Operations location: Net realized gain (loss): Forward foreign currency exchange contracts. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Forward foreign currency exchange contracts. |
| Name |
Value, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $1,704,749 | $30,022,829 | $(29,621,964) | $ - | $ - | $2,105,614 | $64,220 | 2,105,614 |
| • | Level 1 - quoted prices in active markets for identical investments |
| • | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3* | Total |
| Asset-Backed Securities | $ - | $ 8,589,416 | $ - | $ 8,589,416 |
| Common Stocks | 11,681 | 1,825,232 | 0 | 1,836,913 |
| Corporate Bonds | - | 5,735,277 | - | 5,735,277 |
| Preferred Stocks | - | 64,281 | 99,904 | 164,185 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | - | 141,900,260 | 161,265 | 142,061,525 |
| Warrants | - | - | 0 | 0 |
| Miscellaneous | - | - | 0 | 0 |
| Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
| Short-Term Investments | $ 2,105,614 | $ - | $ - | $ 2,105,614 |
| Total Investments | $ 2,117,295 | $ 158,114,466 | $ 261,169 | $ 160,492,930 |
| Forward Foreign Currency Exchange Contracts | $ - | $ 7,174 | $ - | $ 7,174 |
| Total | $ 2,117,295 | $ 158,121,640 | $ 261,169 | $ 160,500,104 |
| Liability Description | ||||
| Forward Foreign Currency Exchange Contracts | $ - | $ (92,360) | $ - | $ (92,360) |
| Total | $ - | $ (92,360) | $ - | $ (92,360) |
| * | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust. |
| Number of Shares | ||||
| Nominees for Trustee | For | Withheld | ||
| Alan C. Bowser | 12,023,676 | 734,124 | ||
| George J. Gorman | 12,220,868 | 716,932 | ||
| Marcus L. Smith | 12,233,220 | 704,580 | ||
| Number of Shares | ||||
| Nominiee for Trustee | For | Withheld | ||
| Nancy Wiser Stefani | 1,089 | 84 | ||
| Officers | |
|
Kenneth A. Topping President |
Nicholas S. Di Lorenzo Secretary |
|
Deidre E. Walsh Vice President and Chief Legal Officer |
Laura T. Donovan Chief Compliance Officer |
|
James F. Kirchner Treasurer |
|
| Trustees |
|
Scott E. Wennerholm Chairperson |
|
| Alan C. Bowser | |
| Cynthia E. Frost | |
| George J. Gorman | |
| Valerie A. Mosley |
| Keith Quinton | |
| Marcus L. Smith | |
| Nancy Wiser Stefani | |
| Susan J. Sutherland |
| U.S. Customer Privacy Notice | March 2024 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information |
Does Eaton Vance share? |
Can you limit this sharing? |
| For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes - to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don't share |
| For our affiliates' everyday business purposes - information about your transactions and experiences | Yes | No* |
| For our affiliates' everyday business purposes - information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| For nonaffiliates to market to you | No | We don't share |
|
To limit our sharing |
Call toll-free 1-800-262-1122 or email: [email protected] note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: [email protected] |
| U.S. Customer Privacy Notice - continued | March 2024 |
| Who we are | |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates ("Eaton Vance") (see Affiliates definition below.) |
| What we do | |
|
How does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
|
How does Eaton Vance collect my personal information? |
We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can't I limit all sharing? |
Federal law gives you the right to limit only■ sharing for affiliates' everyday business purposes - information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
|
What happens when I limit sharing for an account I hold jointly with someone else? |
Your choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the "Morgan Stanley Affiliates"). |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance does not jointly market. |
| Other important information | |
| U.S. Customer Privacy Notice - continued | March 2024 |
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
(b) Not applicable.
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
| (a) |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. |
| (b) |
Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.
Item 16. Controls and Procedures
| (a) |
It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| (b) |
There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant's most recent fiscal year end.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
| (a)(1) |
Registrant's Code of Ethics - Not applicable (please see Item 2). |
| (a)(2)(i) |
| (a)(2)(ii) |
| (b) |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Senior Income Trust
| By: | /s/ Kenneth A. Topping | |
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Kenneth A. Topping |
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Principal Executive Officer |
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Date: |
February 24, 2026 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Principal Financial Officer | ||
| Date: | February 24, 2026 | |
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | February 24, 2026 | |