NPORT-EX 2 MW91_Floating_rate.htm HTML

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues

      Maturity  
Date		       Principal  
Amount		      Value  

BONDS – 89.64%

 

   

BANK LOANS — 81.99%*

 

   

Automotive — 0.39%

 

   
Oeconnection LLC, Term Loan B

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      09/25/26 1,2,3    $ 683,352      $ 687,623  
Panther BF Aggregator 2 LP Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      04/30/26 2,3      249,375        250,700  
       

 

 

  
          938,323  
       

 

 

  

Communications — 12.75%

 

   
A-L Parent LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      12/01/23 2,3      498,715        443,607  
Altice Financing SA, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.51%

      01/31/26 2,3      980,000        976,942  
Altice SA, Term Loan B13, 1st Lien (France)

 

   
(LIBOR plus 4.00%)

 

   

5.74%

      08/14/26 2,3,4      495,000        496,908  
Beasley Mezzanine Holdings LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.78%

      11/01/23 2,3      457,637        458,639  
CenturyLink, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      01/31/25 2,3      1,473,703        1,481,992  
Charter Communications Operating LLC, Term Loan B1, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.55%

      04/30/25 2,3      1,960,000        1,975,925  
Clear Channel Outdoor Holdings Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      08/21/26 2,3      1,745,625        1,758,246  
CommScope, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      04/04/26 2,3      997,500        1,004,981  
Connect Finco SARL, Term Loan B

 

   
(LIBOR plus 4.50%)

 

   

6.29%

      12/11/26 2,3,5      413,419        416,486  
Cox Media Group, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.15%

      12/12/26 2,3      500,000        505,628  

Issues

      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Communications (continued)

 

   
CSC Holdings LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

3.99%

      01/15/26 2,3    $ 992,500      $ 995,229  
Dawn Acquisition LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.69%

      10/27/25 2,3      492,519        470,764  
Diamond Sports Group LLC Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.03%

      08/24/26 2,3      808,973        809,648  
Frontier Communications Corp., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      06/17/24 2,3      997,442        1,004,440  
Gray Television, Inc., Term Loan C, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.20%

      11/02/25 2,3      767,889        773,828  
GTT Communications, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      05/30/25 2,3      1,478,734        1,244,251  
Intelsat Jackson Holdings SA, Term Loan B5, 1st Lien (Luxembourg)

 

   

6.63%

      01/02/24 2,3,4      500,000        507,770  
Lamar Media Corp., Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.56%

      03/14/25 2,3      1,424,625        1,435,310  
Level 3 Parent LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.55%

      03/01/27 2,3      337,328        338,910  
Mediarena Acquisition BV, Term Loan, 1st Lien (Netherlands)

 

   
(LIBOR plus 5.75%)

 

   

7.84%

      08/13/21 2,3,4      309,293        310,882  
Mission Broadcasting, Inc., Term Loan B3, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

3.94%

      01/17/24 2,3      68,264        68,629  
National Cinemedia LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.81%

      06/20/25 2,3      492,500        493,320  
NEP/NCP Holdco, Inc., Term Loan, 2nd Lien

 

   
(LIBOR plus 7.00%)

 

   

8.80%

      10/19/26 2,3      440,000        399,300  
 

 

December 2019 / 1

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Communications (continued)

 

   
New Insight Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 5.50%)

 

   

7.41%

      12/20/24 2,3    $ 490,000      $ 490,674  
Nexstar Broadcasting, Inc. Term Loan B3, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      01/17/24 2,3      343,544        345,379  
Nexstar Broadcasting, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.45%

      09/18/26 2,3      1,000,000        1,006,990  
Radiate Holdco LLC, Term Loan , 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      02/01/24 2,3      497,500        501,480  
Radiate Holdco LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.80%

      02/01/24 2,3      1,473,504        1,480,967  
Sable International Finance Ltd., Term Loan B4, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      02/02/26 2,3      437,333        440,954  
Sinclair Television Group, Inc., Term Loan B2, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      01/03/24 2,3      1,930,330        1,930,330  
Sprint Communications, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.31%

      02/02/24 2,3      1,962,134        1,948,399  
Virgin Media Bristol LLC, Term Loan N, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.24%

      01/31/28 2,3      2,000,000        2,015,130  
Windstream Services LLC, Term Loan B6, 1st Lien

 

   
(PRIME plus 5.00%)

 

   

9.75%

      03/29/21 2,3      1,003,049        963,724  
Ziggo Secured Finance Partnership, Term Loan E, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.24%

      04/15/25 2,3      945,114        949,489  
       

 

 

  
     30,445,151  
       

 

 

  

Consumer Discretionary — 8.47%

 

   
AI Aqua Merger Sub, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      12/13/23 2,3      1,470,000        1,432,023  
Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Consumer Discretionary (continued)

 

   
AI Aqua Merger Sub, Inc., Term Loan B1, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      12/13/23 2,3    $ 494,911      $ 482,125  
Allied Universal Holdco LLC, Delayed-Draw Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.05%

      07/10/26 2,3      67,568        68,060  
Allied Universal Holdco LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.05%

      07/10/26 2,3      682,432        687,407  
Arterra Wines Canada, Inc., Term Loan B1, 1st Lien (Canada)

 

   
(LIBOR plus 2.75%)

 

   

4.65%

      12/15/23 2,3,4      2,433,639        2,433,687  
Boing U.S. Holdco, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

4.99%

      10/03/24 2,3      980,044        961,261  
CityCenter Holdings LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      04/18/24 2,3      2,199,921        2,212,119  
Four Seasons Hotels, Ltd., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.70%

      11/30/23 2,3      970,000        978,977  
KUEHG Corp., Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.69%

      02/21/25 2,3      738,750        742,289  
Mister Car Wash Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.41%

      05/14/26 2,3,6      1,184,524        1,191,436  
Nielsen Finance LLC, Term Loan B4, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.71%

      10/04/23 2,3      1,212,656        1,218,441  
Prometric Holdings, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.80%

      01/29/25 2,3      985,038        985,653  
Refresco, Term Loan B3, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.16%

      03/28/25 2,3      1,980,000        1,986,197  
Reynolds Group Holdings, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      02/06/23 2,3      929,893        933,966  
 

 

2 / December 2019

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Consumer Discretionary (continued)

 

   
Spin Holdco, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.25%

      11/14/22 2,3    $ 1,956,171      $ 1,944,297  
Whatabrands LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

4.94%

      08/02/26 2,3      498,750        502,224  
Wyndham Hotels & Resorts, Inc. Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.55%

      05/30/25 2,3      493,750        496,836  
Yum! Brands, Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.49%

      04/03/25 2,3      946,750        951,190  
       

 

 

  
     20,208,188  
       

 

 

  

Consumer Products — 0.94%

 

   
Consolidated Container Co., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      06/15/26 2,3      995,000        1,004,950  
Edgewell Personal Care, Term Loan B

 

   
(LIBOR plus 3.00%)

 

   

3.00%

      09/18/26 2,3      750,000        755,625  
Hoffmaster Group, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      11/21/23 2,3      473,862        473,270  
       

 

 

  
     2,233,845  
       

 

 

  

Electric — 0.75%

 

   
Chief Power Finance LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.75%)

 

   

6.55%

      12/31/20 2,3,7,8      717,787        399,567  
Vistra Operations Co., LLC, Term Loan B3, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.49%

      12/31/25 2,3      267,606        269,583  

3.55%

      12/31/25 2,3      1,121,888        1,130,174  
       

 

 

  
     1,799,324  
       

 

 

  

Energy — 1.69%

 

   
Centurion Pipeline Co., LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      09/29/25 2,3      990,000        992,475  
Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Energy (continued)

 

   
EG America LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.96%

      02/07/25 2,3    $ 233,194      $ 232,734  
EG Finco Ltd., Term Loan B, 1st Lien (United Kingdom)

 

   
(LIBOR plus 4.00%)

 

   

5.96%

      02/07/25 2,3,4      493,719        492,744  
Epic Y-Grade Services LP, Term Loan B, 1st Lien

 

   
(LIBOR plus 6.00%)

 

   

8.04%

      06/07/25 2,3      250,000        244,531  
Glass Mountain Pipeline Holdings LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.50%)

 

   

6.30%

      12/23/24 2,3      491,250        437,213  
KAMC Holdings, Inc. Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.91%

      08/14/26 2,3      748,125        744,852  
Traverse Midstream Partners LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      09/27/24 2,3      987,500        896,650  
       

 

 

  
     4,041,199  
       

 

 

  

Entertainment — 1.68%

 

   
CineWorld Finance US, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      02/28/25 2,3      817,086        818,010  
Hornblower Sub LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 4.50%)

 

   

6.44%

      04/28/25 2,3      1,000,000        1,004,790  
NAI Entertainment Holdings LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.30%

      05/08/25 2,3      740,625        741,554  
Nascar Holdings, Inc. Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.49%

      10/19/26 2,3      945,745        957,571  
SMG U.S. Midco 2, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.80%

      01/23/25 2,3      491,250        494,016  
       

 

 

  
     4,015,941  
       

 

 

  
 

 

December 2019 / 3

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Finance — 3.61%

 

   
Auris Lux III SA, Term Loan B, 1st Lien (Luxembourg)

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      02/27/26 2,3,4    $ 1,240,626      $ 1,248,901  
Avolon TLB Borrower 1 US LLC, Term Loan B3, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.51%

      01/15/25 2,3      1,424,235        1,434,917  
Camelot Finance SA, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      10/30/26 2,3      1,000,000        1,007,750  
CBAC Borrower LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      07/08/24 2,3      775,813        757,388  
Cushman & Wakefield, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      08/21/25 2,3      641,875        643,579  
Delos Finance SARL, Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.69%

      10/06/23 2,3      1,050,000        1,055,360  
RPI Finance Trust, Term Loan B6, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.80%

      03/27/23 2,3      950,219        959,279  
Telenet Financing USD LLC, Term Loan AN, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

3.99%

      08/15/26 2,3      1,500,000        1,509,998  
       

 

 

  
     8,617,172  
       

 

 

  

Food — 6.95%

 

   
8th Avenue Food & Provisions, Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.49%

      10/01/25 2,3      247,500        248,943  
Agro Merchants Intermediate Holdings, LLC., Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.69%

      12/06/24 2,3      1,514,958        1,499,809  
American Seafoods Group LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

6.50%

      08/21/23 2,3      36,755        37,031  
(LIBOR plus 2.75%)

 

   

4.45%

      08/21/23 2,3      1,157,786        1,166,469  
Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Food (continued)

 

   
CH Guenther Parent LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      03/31/25 2,3    $ 985,000      $ 989,925  
Chobani LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      10/10/23 2,3      970,050        971,748  
Flora Food Group, Term Loan B

 

   
(LIBOR plus 3.00%)

 

   

5.09%

      07/02/25 2,3      985,000        987,773  
Hearthside Group Holdings LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 3.69%)

 

   

5.49%

      05/23/25 2,3      985,000        978,105  
Hostess Brands LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      08/03/25 2,3      449,454        451,982  

4.18%

      08/03/25 2,3      1,009,669        1,015,349  
Houston Foods, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      07/20/25 2,3      1,280,500        1,248,488  
JBS USA LUX SA, Term Loan B, 1st Lien (Canada)

 

   
(LIBOR plus 2.00%)

 

   

3.70%

      05/01/26 2,3,4      1,240,625        1,253,546  
Matterhorn Merger Sub LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      05/23/25 2,3      491,259        491,262  
Shearer’s Foods LLC, Term Loan B

 

   
(LIBOR plus 4.25%)

 

   

6.05%

      03/31/22 2,3      1,520,131        1,522,032  
Snacking Investments Bidco, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.78%

      10/16/26 2,3      500,000        501,565  
U.S. Foods, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.80%

      09/13/26 2,3      1,995,000        2,006,541  
Utz Quality Foods LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      11/21/24 2,3      1,225,000        1,223,163  
       

 

 

  
     16,593,731  
       

 

 

  
 

 

4 / December 2019

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Gaming — 4.59%

 

   
Affinity Gaming LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      07/03/23 2,3    $ 463,887      $ 445,912  
Caesars Entertainment LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.80%

      10/07/24 2,3      814,353        821,042  
Caesars Resort Collection LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      12/23/24 2,3      1,470,000        1,474,748  
Churchill Downs, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.80%

      12/27/24 2,3      1,533,700        1,545,203  
Gateway Casinos & Entertainment Ltd., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.94%

      12/01/23 2,3      985,000        982,946  
Golden Entertainment, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.80%

      10/21/24 2,3      1,447,500        1,454,289  
Golden Nugget, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      10/04/23 2,3      28,320        28,455  

4.68%

      10/04/23 2,3      704,590        707,955  

4.72%

      10/04/23 2,3      622,380        625,352  
GVC Holdings, Term Loan B2, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.45%

      03/29/24 2,3      1,473,750        1,483,889  
Penn National Gaming, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      10/15/25 2,3      1,390,950        1,398,600  
       

 

 

  
     10,968,391  
       

 

 

  

Health Care — 10.19%

 

   
Acadia Healthcare Co., Inc., Term Loan B3, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.30%

      02/11/22 2,3      913,695        917,203  
Acadia Healthcare Co., Inc., Term Loan B4, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.30%

      02/16/23 2,3      277,093        278,157  
Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Health Care (continued)

 

   
Admi Corp., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      04/30/25 2,3    $ 985,000      $ 988,083  
Alphabet Holding Co., Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      09/26/24 2,3      488,750        473,650  
BCPE Eagle Buyer LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.05%

      03/13/24 2,3      1,362,233        1,317,967  
Catalent Pharma Solutions, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      05/18/26 2,3      992,500        998,083  
CCS-CMGC Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 5.50%)

 

   

7.30%

      10/01/25 2,3      308,750        301,803  

7.43%

      10/01/25 2,3      186,250        182,059  
Change Healthcare Holdings LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.30%

      03/01/24 2,3      390,455        392,407  
Civitas Solutions, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      03/09/26 2,3      29,240        29,525  

6.12%

      03/09/26 2,3      467,230        471,785  
Da Vinci Purchaser Corp., Term Loan B, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

4.00%

      12/11/26 2,3      1,750,000        1,754,375  
Grifols Worldwide Operations USA, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.74%

      11/15/27 2,3      1,000,000        1,009,740  
Kindred at Home, Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.56%

      07/02/25 2,3      1,447,737        1,457,242  
Med Parentco LP Delayed-Draw Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.05%

      08/31/26 2,3,9      42,507        42,581  
Med Parentco LP Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.05%

      08/31/26 2,3      798,189        799,562  
 

 

December 2019 / 5

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Health Care (continued)

 

   
Medical Solutions Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 4.50%)

 

   

6.30%

      06/14/24 2,3    $ 977,625      $ 976,100  
Medplast Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.69%

      07/02/25 2,3      987,500        970,525  
NMN Holdings III Corp. Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      11/13/25 2,3,10      1,226,063        1,203,074  
NMSC Holdings, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 5.00%)

 

   

6.80%

      04/19/23 2,3      1,174,296        1,169,893  
NSM Top Holdings Corp., Term Loan, 1st Lien

 

   
(LIBOR plus 5.25%)

 

   

7.19%

      11/16/26 2,3      1,000,000        997,500  
Premise Health Holding Corp., Term Loan, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

3.50%

      07/10/25 2,3,11      689,644        682,462  
Romulus Merger Sub LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      02/14/25 2,3      1,968,019        1,947,423  
Surgery Center Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      09/02/24 2,3      1,224,312        1,221,509  
Tecomet, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

4.99%

      05/01/24 2,3      199,005        199,710  
U.S. Renal Care, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 5.00%)

 

   

6.81%

      06/12/26 2,3      997,500        992,652  
UIC Merger Sub, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      08/30/24 2,3      727,554        725,739  
Valeant Pharmaceuticals International, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.49%

      11/27/25 2,3      212,500        213,895  
(LIBOR plus 3.00%)

 

   

4.74%

      06/02/25 2,3      385,465        388,156  
Wink Holdco, Inc., Term Loan, 1st Lien

 

   
Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Health Care (continued)

 

   
(LIBOR plus 3.00%)

 

   

4.80%

      12/02/24 2,3    $ 978,111      $ 981,173  
Wink Holdco, Inc., Term Loan, 2nd Lien

 

   
(LIBOR plus 6.75%)

 

   

8.55%

      12/01/25 2,3      250,000        251,250  
       

 

 

  
     24,335,283  
       

 

 

  

Industrials — 8.42%

 

   
American Traffic Solutions Consolidated, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      02/28/25 2,3      1,478,687        1,490,398  
BCPE Empire Holdings, Inc., Delayed-Draw Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      06/11/26 2,3,12      26,042        26,148  
BCPE Empire Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      06/11/26 2,3      1,041,693        1,045,928  
Clean Harbors, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.55%

      06/30/24 2,3      1,813,598        1,828,787  
Conserve Merger Sub, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.19%

      08/08/25 2,3      1,975,000        1,960,188  
Curie Merger Sub LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.19%

      11/04/26 2,3      1,000,000        1,004,375  
Energizer Holdings, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.00%

      12/17/25 2,3      660,000        664,396  
Jade Germany GMBH, Term Loan, 1st Lien (Germany)

 

   
(LIBOR plus 5.50%)

 

   

7.42%

      05/31/23 2,3,4      975,000        887,250  
Liqui-Box Corp., Term Loan B, 1st Lien

 

   
(LIBOR plus 4.50%)

 

   

4.50%

      06/03/26 2,3      1,000,000        978,750  
Pelican Products, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.24%

      05/01/25 2,3      492,500        453,100  
Penn Engineering & Manufacturing Corp., Term Loan B, 1st Lien

 

   
 

 

6 / December 2019

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Industrials (continued)

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      06/27/24 2,3    $ 625,454      $ 626,236  
Plaze, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.19%

      07/30/26 2,3      1,250,000        1,252,344  
Spectrum Holdings III Corp., Term Loan, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      01/31/25 2,3      1,434,475        1,335,259  
Technimark LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.60%

      08/08/25 2,3      990,000        971,438  
Transcendia Holdings, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      05/30/24 2,3      1,466,325        1,087,837  
TricorBraun, Inc., Term Loan, 1st Lien

 

   
(PRIME plus 2.75%)

 

   

7.50%

      11/30/23 2,3      3,750        3,723  
(LIBOR plus 3.75%)

 

   

5.68%

      11/30/23 2,3      119,846        118,977  

5.69%

      11/30/23 2,3      1,332,426        1,322,766  
TruGreen Limited Partnership, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      03/19/26 2,3      992,500        1,004,906  
U.S. Ecology, Inc. Term Loan B, 1st Lien

 

   
(LIBOR plus 2.50%)

 

   

4.30%

      11/02/26 2,3      500,000        504,533  
WP Deluxe Merger Sub, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.94%

      07/19/24 2,3      980,000        972,038  
Zep, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.94%

      08/12/24 2,3      733,125        570,738  
       

 

 

  
     20,110,115  
       

 

 

  

Information Technology — 8.93%

 

   
Ascend Learning LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.80%

      07/12/24 2,3      977,500        985,139  
AVSC Holding Corp., Term Loan B

 

   
(LIBOR plus 4.50%)

 

   

6.49%

      10/15/26 2,3      500,000        500,625  
Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Information Technology (continued)

 

   
Broadcom, Inc., Delayed-Draw Term Loan A3

 

   
(LIBOR plus 1.25%)

 

   

1.25%

      11/04/22 2,3    $ 1,000,000      $ 996,040  
Ciena Corp., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.76%

      09/26/25 2,3      495,000        498,032  
DCert Buyer, Inc. Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      10/16/26 2,3      1,000,000        1,005,000  
Dell International LLC, Term Loan B1

 

   
(LIBOR plus 2.00%)

 

   

3.80%

      09/19/25 2,3      1,295,159        1,305,851  
EagleView Technology Co., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.41%

      08/14/25 2,3      495,000        469,324  
GlobalLogic Holdings, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      08/01/25 2,3      432,109        435,350  
Helios Software Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.18%

      10/24/25 2,3      1,000,000        994,690  
Imperva, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.99%

      11/20/25 2,3      1,492,500        1,411,159  
Inovalon Holdings, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.25%

      04/02/25 2,3      936,480        943,503  
IQVIA, Inc., Term Loan B2, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.69%

      01/01/25 2,3      969,963        976,025  
IQVIA, Inc., Term Loan B3, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.69%

      06/11/25 2,3      492,500        495,733  
Microchip Technology, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.80%

      05/29/25 2,3      287,446        289,513  
Navicure, Inc., Term Loan B

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      10/22/26 2,3      1,000,000        1,006,875  
 

 

December 2019 / 7

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues

      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Information Technology (continued)

 

   
Oberthur Technologies Group SAS, Term Loan B1, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.69%

      01/10/24 2,3    $ 461,314      $ 457,183  
Perspecta, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

3.95%

      05/30/25 2,3      492,500        494,963  
Project Alpha Intermediate Holdings Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.49%

      04/26/24 2,3      975,000        978,661  
Scientific Games International, Inc., Term Loan B5, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.45%

      08/14/24 2,3      1,186,295        1,191,159  

4.55%

      08/14/24 2,3      287,455        288,634  
Sophia LP, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.19%

      09/30/22 2,3      1,095,603        1,099,519  
SS&C Technologies Holdings Europe SARL, Term Loan B4, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      04/16/25 2,3      650,159        655,471  
SS&C Technologies, Inc., Term Loan B3, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      04/16/25 2,3      937,708        945,369  
SS&C Technologies, Inc., Term Loan B5, 1st Lien

 

   
(LIBOR plus 2.25%)

 

   

4.05%

      04/16/25 2,3      493,682        497,621  
TierPoint LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      05/06/24 2,3      462,391        451,890  
VT Topco, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.69%

      08/01/25 2,3      988,055        987,131  
Zotec Partners LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 5.00%)

 

   

6.80%

      02/14/24 2,3      956,250        961,031  
       

 

 

  
     21,321,491  
       

 

 

  

Insurance — 0.38%

 

   
Kwor Acquisition, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 4.00%)

 

   

5.80%

      06/03/26 2,3,13      904,545        893,239  
       

 

 

  

Issues

      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Materials — 2.80%

 

   
AkzoNobel Specialty Chemicals, Term Loan B, 1st Lien (Netherlands)

 

   
(LIBOR plus 3.25%)

 

   

4.96%

      10/01/25 2,3,4    $ 967,154      $ 969,171  
Angus Chemical, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.05%

      02/02/22 2,3      397,918        399,410  
Archroma Finance SARL, Term Loan B2, 1st Lien (Switzerland)

 

   
(LIBOR plus 4.00%)

 

   

5.94%

      08/12/24 2,3,4      5,625        5,604  

5.98%

      08/12/24 2,3,4      727,500        724,772  
Cyanco Intermediate Corp., Term Loan, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      03/16/25 2,3      452,201        454,179  
DCG Acquisition Corp., Term Loan, 1st Lien

 

   
(LIBOR plus 4.50%)

 

   

6.51%

      09/30/26 2,3,14      1,073,500        1,080,209  
Plaskolite PPC Intermediate II LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.04%

      12/15/25 2,3      483,778        463,822  
Polar U.S. Borrower LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 4.75%)

 

   

6.69%

      10/15/25 2,3      5,878        5,863  

6.79%

      10/15/25 2,3      582,229        580,773  

6.85%

      10/15/25 2,3      5,893        5,878  
WR Grace & Co., Term Loan B1, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.69%

      04/03/25 2,3      727,632        731,997  
WR Grace & Co., Term Loan B2, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.69%

      04/03/25 2,3      1,247,368        1,254,853  
       

 

 

  
     6,676,531  
       

 

 

  

Real Estate Investment Trust (REIT) — 1.08%

 

   
MGM Growth Properties, Term Loan B, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.80%

      03/21/25 2,3      392,054        394,367  
SBA Senior Finance II LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.55%

      04/11/25 2,3      1,004,675        1,009,648  
 

 

8 / December 2019

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Real Estate Investment Trust (REIT) (continued)

 

   
VICI Properties 1 LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.79%

      12/20/24 2,3    $ 1,159,091      $ 1,166,167  
       

 

 

  
     2,570,182  
       

 

 

  

Retail — 1.22%

 

   
Albertson’s LLC, Term Loan B7, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.55%

      11/17/25 2,3      113,063        114,220  
BC ULC/New Red Finance, Inc., Term Loan B, 1st Lien (Canada)

 

   
(LIBOR plus 1.75%)

 

   

3.55%

      11/19/26 2,3,4      651,767        653,312  
Go Wireless, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 6.50%)

 

   

8.30%

      12/22/24 2,3      675,000        650,811  
IRB Holding Corp., Term Loan, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.22%

      02/05/25 2,3      1,478,687        1,490,088  
  

 

 

  
     2,908,431  
  

 

 

  

Services — 4.90%

 

   
Aramark Services, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 1.75%)

 

   

3.55%

      03/11/25 2,3      1,865,325        1,875,817  
GFL Environmental, Inc., Term Loan B, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.80%

      05/30/25 2,3      1,476,675        1,481,548  
Guidehouse LLP, Term Loan, 1st Lien

 

   
(LIBOR plus 4.50%)

 

   

6.30%

      05/01/25 2,3      498,734        495,929  
PowerTeam Services LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 3.25%)

 

   

5.19%

      03/06/25 2,3      1,459,653        1,315,148  
PowerTeam Services LLC, Term Loan, 2nd Lien

 

   
(LIBOR plus 7.25%)

 

   

9.19%

      03/06/26 2,3,7,8      750,000        540,000  
Prime Security Services Borrower LLC, Term Loan B

 

   
(LIBOR plus 3.25%)

 

   

4.94%

      09/23/26 2,3      625,573        628,272  
Issues      Maturity  
Date		       Principal  
Amount		      Value  

BANK LOANS (continued)

 

   

Services (continued)

 

   
SRS Distribution Inc, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.50%)

 

   

6.30%

      05/23/25 2,3    $ 500,000      $ 502,500  
TKC Holdings, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 3.75%)

 

   

5.55%

      02/01/23 2,3      1,398,770        1,304,353  
University Support Services LLC, Term Loan B, 1st Lien

 

   
(LIBOR plus 3.50%)

 

   

5.30%

      06/20/25 2,3      2,044,939        2,066,667  
Worldstrides, Term Loan B, 1st Lien

 

   
(LIBOR plus 4.25%)

 

   

6.15%

      12/16/24 2,3      1,476,219        1,475,606  
  

 

 

  
     11,685,840  
  

 

 

  

Transportation — 2.25%

 

   
Commercial Barge Line Co., Term Loan B, 1st Lien

 

   
(LIBOR plus 8.75%)

 

   

10.60%

      11/12/20 2,3      2,632        1,368  

10.68%

      11/12/20 2,3      171,053        88,947  
Genesee & Wyoming, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 2.00%)

 

   

3.91%

      11/06/26 2,3      2,250,000        2,274,503  
International Seaways, Inc., Term Loan, 1st Lien

 

   
(LIBOR plus 6.00%)

 

   

7.80%

      06/22/22 2,3      1,017,235        1,022,321  
Kestrel Bidco, Inc. Term Loan, 1st Lien

 

   
(LIBOR plus 3.00%)

 

   

4.72%

      12/11/26 2,3      500,000        505,135  
PODS LLC, Term Loan, 1st Lien

 

   
(LIBOR plus 2.75%)

 

   

4.49%

      12/06/24 2,3      1,473,627        1,483,066  
  

 

 

  
     5,375,340  
  

 

 

  

Total Bank Loans

(Cost $196,770,824)

 

 

      195,737,717  
  

 

 

  
 

 

December 2019 / 9

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		       Principal  
Amount		      Value  

CORPORATES — 7.48%*

 

   

Communications — 0.43%

 

   
T-Mobile USA, Inc.

 

   

6.00%

      03/01/23     $ 1,000,000      $ 1,020,085  
       

 

 

  

Consumer Discretionary — 0.41%

 

   
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA

 

   

5.75%

      10/15/20       969,108        971,530  
       

 

 

  

Energy — 0.22%

 

   
USA Compression Partners LP/USA Compression Finance Corp.

 

   

6.88%

      09/01/27       500,000        521,725  
       

 

 

  

Finance — 2.86%

 

   
Citigroup, Inc.

 

   
(LIBOR USD 3-Month plus 0.55%)

 

   

2.46%

      08/25/36 2      1,800,000        1,443,127  
Ford Motor Credit Co. LLC

 

   

3.22%

      01/09/22       835,000        841,416  

3.81%

      10/12/21       170,000        173,197  
(LIBOR USD 3-Month plus 0.81%)

 

   

2.71%

      04/05/21 2      2,500,000        2,490,375  
GE Capital International Funding Co. (Ireland)

 

   

4.42%

      11/15/35 4      75,000        80,364  
Goldman Sachs Group, Inc. (The)

 

   

3.27%

      09/29/25 15      980,000        1,014,012  
Park Aerospace Holdings Ltd. (Cayman Islands)

 

   

4.50%

      03/15/23 3,4      750,000        789,539  
       

 

 

  
     6,832,030  
       

 

 

  

Health Care — 1.78%

 

   
Cigna Corp.

 

   
(LIBOR USD 3-Month plus 0.89%)

 

   

2.89%

      07/15/23 2      2,700,000        2,716,203  
CVS Health Corp.

 

   
(LIBOR USD 3-Month plus 0.72%)

 

   

2.61%

      03/09/21 2      1,000,000        1,006,366  
Tenet Healthcare Corp.

 

   

4.63%

      09/01/24 3      500,000        521,925  
       

 

 

  
     4,244,494  
       

 

 

  

Industrials — 1.05%

 

   
General Electric Co. (MTN)

 

   
(LIBOR USD 3-Month plus 0.48%)

 

   

2.39%

      08/15/36 2      850,000        671,117  
Sealed Air Corp.

 

   

5.25%

      04/01/23 3      1,500,000        1,601,873  
Issues      Maturity  
Date		       Principal  
Amount		      Value  

CORPORATES (continued)

 

   

Industrials (continued)

 

   
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada)

 

   

7.75%

      04/15/26 3,4    $ 250,000      $ 249,063  
       

 

 

  
     2,522,053  
       

 

 

  

Real Estate Investment Trust (REIT) — 0.56%

 

   
SL Green Operating Partnership LP

 

   
(LIBOR USD 3-Month plus 0.98%)

 

   

2.88%

      08/16/21 2      1,350,000        1,350,286  
       

 

 

  

Transportation — 0.17%

 

   
American Airlines Pass-Through Trust, Series 2013-2, Class B

 

   

5.60%

      07/15/20 3      391,837        397,608  
       

 

 

  

Total Corporates

(Cost $17,665,032)

 

 

      17,859,811  
       

 

 

  

MUNICIPAL BONDS — 0.17%*

 

   

California — 0.17%

 

   
State of California, Build America Bonds, School Improvements, General Obligations

 

   

7.95%

      03/01/36       400,000        403,792  
       

 

 

  

Total Municipal Bonds

(Cost $403,565)

 

 

   

Total Bonds – 89.64%

(Cost $214,839,421)

 

 

      214,001,320  
       

 

 

  
       
Issues      Maturity  
Date		     Principal
Amount/Shares		      Value  

SHORT-TERM INVESTMENTS — 9.59%

 

   

Foreign Government Obligations — 2.02%

 

   
Japan Treasury Discount Bill, Series 808 (Japan)

 

   

0.00%4,16

      01/20/20       135,000,000        1,242,436  
Japan Treasury Discount Bill, Series 861 (Japan)

 

   

0.00%4,16

      01/14/20       125,000,000        1,150,271  
Japan Treasury Discount Bill, Series 865 (Japan)

 

   

0.00%4,16

      01/27/20       265,000,000        2,438,931  
       

 

 

  
     4,831,638  
       

 

 

  

Money Market Funds — 6.32%

 

   
Dreyfus Government Cash Management Fund

 

   

1.52%17

 

     3,249,000        3,249,000  
Fidelity Investments Money Market Funds - Government Portfolio

 

   

1.50%17

 

     217,547        217,547  
 

 

10 / December 2019

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Issues      Maturity  
Date		      Principal
Amount/Shares		            Value        

SHORT-TERM INVESTMENTS (continued)

 

   

Money Market Funds (continued)

 

   
Morgan Stanley Institutional Liquidity Funds-Government Portfolio

 

   

1.52%17

 

      11,611,000      $ 11,611,000  
        

 

 

  
     15,077,547  
        

 

 

  

U.S. Treasury Bills — 1.25%

 

   
U.S. Treasury Bills

 

   

1.56%16

      02/18/20      $ 3,000,000        2,994,184  
        

 

 

  

Total Short-Term Investments

(Cost $22,924,584)

 

 

      22,903,369  
        

 

 

  

Total Investments – 99.23%

(Cost $237,764,005)

 

 

      236,904,689  
        

 

 

  
Net unrealized depreciation on unfunded commitments (0.00)%

 

      16,046  

Cash and Other Assets, Less

Liabilities – 0.77%

 

 

      1,846,849  
        

 

 

  

Net Assets – 100.00%

 

    $ 238,767,584  
        

 

 

  

 

1 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $65,341, at an interest rate of 2.00% and a maturity of September 25, 2026. The investment is accruing an unused commitment fee of 0.50% per annum.

2 

Floating rate security. The rate disclosed was in effect at December 31, 2019.

3 

Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

4 

U.S. dollar-denominated security issued by foreign-domiciled entity.

5 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $893,160, at an interest rate of 0.50% and a maturity of December 11, 2026.The investment is not accruing an unused commitment fee.

6 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $59,871, at an interest rate of 3.50% and a maturity of May 14, 2026.The investment is not accruing an unused commitment fee.

7 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

8 

Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $939,567, which is 0.39% of total net assets.

9 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $157,467, at an interest rate of 4.25% and a maturity of August 31, 2026. The investment is accruing an unused commitment fee of 1.00% per annum.

10 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $257,578, at an interest rate of 3.75% and a maturity of November 13, 2025. The investment is accruing an unused commitment fee of 0.25% per annum.

11 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $54,849, at an interest rate of 1.00% and a maturity of July 10, 2025. The investment is accruing an unused commitment fee of 0.25% per annum.

12 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $180,319, at an interest rate of 4.00% and a maturity of June 11, 2026.The investment is not accruing an unused commitment fee.

13 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $89,773, at an interest rate of 4.00% and a maturity of June 03, 2026.The investment is not accruing an unused commitment fee.

14 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $174,896, at an interest rate of 6.51% and a maturity of September 30, 2026. The investment is accruing an unused commitment fee of 0.50% per annum.

15 

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

16 

Represents annualized yield at date of purchase.

17 

Represents the current yield as of December 31, 2019.

 

*

Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(JPY): Japanese Yen

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(USD): U.S. dollar

 

 

December 2019 / 11

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

Currency to

be Purchased

   

Currency to

be Sold

    Counterparty   

    Settlement    

Date

   

Unrealized

Appreciation

FOREIGN CURRENCY EXCHANGE CONTRACT

                

USD 1,171,998

    JPY 125,000,000    Goldman Sachs International        01/14/20      $ 20,886

USD 1,262,910

    JPY 135,000,000    Goldman Sachs International        01/21/20        19,226

USD 1,252,371

    JPY 135,000,000    Citigroup Global Markets, Inc.        01/27/20        8,273

USD 1,201,523

    JPY 130,000,000    Goldman Sachs International        01/27/20        3,503
               
               

 

 

  
NET UNREALIZED APPRECIATION                 $ 51,888
               

 

 

  

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund:

Net Asset Value:

The Net Asset Value (“NAV”) of each class of the Fund is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of the class of the Fund on each business day as of 4 p.m. ET.

Security Valuation:

Fixed-income securities for which market quotations are readily available are valued at prices as provided by independent pricing vendors or broker quotes. The Fund receives pricing information from independent pricing vendors approved by the Board of Trustees (the “Board” or the “Board of Trustees”). Securities with a demand feature exercisable within one to seven days are valued at par. The Fund also uses a benchmark pricing system to the extent vendors’ prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy composed of a relevant security (i.e., U.S. Treasury Note) or benchmark (e.g., LIBOR) and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. S&P 500 Index futures contracts are valued at the first sale price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures contracts are valued at the official settlement price of the exchange where it is traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market’s closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and asked prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Equity options are valued at the average of the bid and asked prices. Securities and other assets that cannot be valued as described above will be valued at their fair value as determined by the Adviser under guidelines established by and under the general supervision and responsibility of the Board.

Investments in registered open-ended investment companies, including those classified as money market funds, are valued based upon the reported NAV of such investments.

Fair value methods approved by the Board of Trustees include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influenced the market in which the investments are purchased and sold. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used. In the event that the security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or asset will be determined in good faith by the Pricing Committee of the Board, generally based upon recommendation provided by the Adviser. When the Fund uses these fair valuation methods applied by the Adviser that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at their direction believe accurately reflect fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of its NAV that fairly reflects security values as of the time of pricing, the Fund cannot guarantee that values determined by the Board or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

 

12 / December 2019

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

FairValue Measurements:

Various inputs are used in determining the fair value of investments, which are as follows:

* Level 1 - unadjusted quoted prices in active markets for identical securities

* Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

* Level 3 - significant unobservable inputs that are not corroborated by observable market data

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The summary of inputs used to value the Fund’s investments and other financial instruments carried at fair value as of December 31, 2019 is as follows:

 

    FLOATING RATE INCOME FUND        LEVEL 1          LEVEL 2      LEVEL 3      TOTAL  

Investments in Securities

                                                               

Assets

                        

Short-Term Investments:

                        

Foreign Government Obligations

       $ —           $ 4,831,638         $ —           $ 4,831,638  

Money Market Funds

         15,077,547           —             —             15,077,547  

U.S. Treasury Bills

         2,994,184           —             —             2,994,184  

Long-Term Investments:

                        

Bank Loans

         —             194,798,150           939,567           195,737,717  

Corporates

         —             17,859,811           —             17,859,811  

Municipal Bonds

         —             403,792           —             403,792  

Other Financial Instruments *

                        

Assets:

                        

Foreign currency exchange contracts

         —             51,888           —             51,888  
     

 

 

        

 

 

        

 

 

        

 

 

  

Total

       $ 18,071,731         $ 217,945,279         $ 939,567         $ 236,956,577  
     

 

 

        

 

 

        

 

 

        

 

 

  

* Other financial instruments include foreign currency exchange contracts.

Certain of the Fund’s investments are categorized as Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment for which such inputs are unobservable. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.

 

December 2019 / 13

Floating Rate Income Fund

Schedule of Portfolio Investments

December 31, 2019 (Unaudited)

 

For the period ended December 31, 2019, a reconciliation of Level 3 investments is presented when the Fund had a significant amount of 1evel 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

    FLOATING RATE

    INCOME FUND

   

BANK

LOANS

                                                                                                                               

Balance as of

April 1, 2019

    $ 2,478,928                

Accrued discounts/premiums

      1,214                

Realized loss

      (93,784 )               

Change in unrealized (depreciation)*

      (452,309 )               

Purchases

      —                  

Sales

      (1,721,982 )               

Transfers into Level 3**

      727,500                

Transfers out of Level 3**

      —                  
  

 

 

                

Balance as of

December 31, 2019

    $ 939,567                
  

 

 

                

* The change in unrealized appreciation/(depreciation) on securities still held at December 31, 2019 was $(268,971) and is included in the related net realized gains/(losses) and net change in appreciation/(depreciation) in the Statements of Operations.

** Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of March 31, 2019, the Fund used observable inputs in determining the value of certain investments. As of December 31, 2019, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with an end of period value of $727,500 transferred from level 2 to level 3 in the disclosure hierarchy.

Significant unobservable valuations inputs for Level 3 investments as of December 31, 2019, are as follows:

 

    FLOATING RATE INCOME FUND    FAIR VALUE
AT 12/31/19		    VALUATION
    TECHNIQUE*    		   

UNOBSERV-

ABLE

INPUT

    RANGE   

    WEIGHTED    

AVERAGE

Bank Loans

      $ 939,567    Third-party Vendor        Vendor Prices    $55.67 - $72.00    $65.05

* The valuation technique employed on the Level 3 securities involves the use of vendor prices, broker quotes and benchmark pricing. The Adviser monitors the third-party brokers and vendors using the valuation process.

COMMITMENTS AND CONTINGENCIES

The Floating Rate Income Fund had the following unfunded commitments and unrealized gain/(loss) by investment as of December 31, 2019

 

    UNFUNDED COMMITMENTS    MATURITY    AMOUNT    UNREALIZED (LOSS)

Connect Finco SARL, Term Loan B

        December       2026      $ 893,160      $ 12,346

BCPE Empire Holdings, Inc., Delayed-Draw Term Loan, 1st Lien

        June       2026        180,319        730

Med Parentco LP Delayed-Draw Term Loan, 1st Lien

        August       2026        157,467        1,774

Premise Health Holding Corp., Term Loan, 1st Lien

        July       2025        54,849        (577 )

NMN Holdings III Corp. Term Loan, 1st Lien

        November       2025        257,578        (4,322 )

Mister Car Wash Holdings, Inc., Term Loan, 1st Lien

        May       2026        59,871        347

Kwor Acquisition, Inc., Term Loan, 1st Lien

        June       2026        89,773        (296 )

Oeconnection LLC, Term Loan B

        September       2026        65,341        719

DCG Acquisition Corp., Term Loan, 1st Lien

        September       2026        174,896        5,325
             

 

 

       

 

 

  

Total Unfunded Commitments

               $ 1,933,254      $ 16,046
             

 

 

       

 

 

  

 

14 / December 2019