NPORT-EX 2 MW91MWFloatingRateIncomeFund.htm DOS

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BONDS – 94.18%

 

   

BANK LOANS — 83.67%*

 

   

Automotive — 0.32%

 

   

Oeconnection LLC,

 

   

Term Loan B

 

   

(LIBOR plus 4.00%)

 

   

5.07%

      09/25/26 1,2    $ 679,927      $ 645,931  
Panther BF Aggregator 2 LP
Term Loan B, 1st Lien

 

     

(LIBOR plus 3.50%)

 

   

3.68%

      04/30/26 2      248,125        237,269  
       

 

 

  
     883,200  
       

 

 

  

Communications — 13.06%

 

   

A-L Parent LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.25%

      12/01/23 2      496,144        376,821  

Altice Financing SA,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      01/31/26 2      975,000        923,812  

Altice SA,

 

   

Term Loan B13, 1st Lien (France)

 

   

(LIBOR plus 4.00%)

 

   

4.18%

      08/14/26 2,3      492,500        475,526  

Beasley Mezzanine Holdings LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

5.00%

      11/01/23 2      205,722        161,878  

CenturyLink, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.43%

      03/15/27 2      1,741,250        1,647,780  

Charter Communications Operating LLC,

 

   

Term Loan B1, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      04/30/25 2      950,000        918,925  

Charter Communications Operating LLC,

 

   

Term Loan B2, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      02/01/27 2      397,282        383,403  

Clear Channel Outdoor Holdings

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.26%

      08/21/26 2      490,016        446,894  

CommScope, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

3.43%

      04/04/26 2      1,987,487        1,889,773  

Connect Finco SARL,

 

   

Term Loan B

 

   

(LIBOR plus 4.50%)

 

   

5.50%

      12/12/26 2      1,296,750        1,224,625  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Communications (continued)

 

   

Coralus Co-Borrower LLC,

 

   

Term Loan B5, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.43%

      01/31/28 2    $ 1,250,000      $ 1,191,019  

Cox Media Group,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

4.43%

      12/17/26 2      1,044,750        1,000,348  

CSC Holdings LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.43%

      01/15/26 2      987,500        938,569  

Dawn Acquisition LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

4.06%

      10/27/25 2      490,031        448,869  

Diamond Sports Group LLC

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

3.43%

      08/24/26 2      804,918        659,026  

Frontier Communications Corp.,

 

   

Term Loan B, 1st Lien

 

   

(PRIME plus 2.75%)

 

   

6.00%

      06/17/24 2      3,980        3,892  

(LIBOR plus 3.75%)

 

   

5.35%

      06/17/24 2      1,190,905        1,164,747  

Global Tel*Link Corp.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

4.43%

      11/29/25 2      1,000,000        870,985  

Gray Television, Inc.,

 

   

Term Loan C, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

2.67%

      11/02/25 2      767,889        745,862  

GTT Communications, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      05/31/25 2      1,471,228        1,094,998  

Intelsat Jackson Holdings SA,

 

   

Term Loan B5, 1st Lien (Luxembourg)

 

   

8.63%

      01/02/24 2,3      500,000        501,407  

Intelsat Jackson Holdings,

 

   

Delayed-Draw Term Loan, 1st Lien

 

   

(Luxembourg)

 

   

(LIBOR plus 5.50%)

 

   

6.50%

      07/13/21 2,3,4      53,889        54,849  

Level 3 Parent LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      03/01/27 2      2,337,328        2,217,960  
 

 

June 2020 / 1

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Communications (continued)

 

   

MacDonald Dettwiler & Associates Ltd.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      10/05/24 2    $ 736,668      $ 692,700  

Mediarena Acquisition BV,

 

   

Term Loan, 1st Lien (Netherlands)

 

   

(LIBOR plus 5.75%)

 

   

7.20%

      08/13/21 2,3      307,661        303,431  

Mission Broadcasting, Inc.,

 

   

Term Loan B3, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.42%

      01/17/24 2      67,747        64,614  

National Cinemedia LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

4.00%

      06/20/25 2,5      490,000        384,650  

NEP/NCP Holdco, Inc.,

 

   

Term Loan, 2nd Lien

 

   

(LIBOR plus 7.00%)

 

   

7.18%

      10/19/26 2      440,000        331,467  

New Insight Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 5.50%)

 

   

6.50%

      12/20/24 2      487,500        452,690  

Nexstar Broadcasting, Inc.

 

   

Term Loan B3, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.43%

      01/17/24 2      264,012        251,801  

Nexstar Broadcasting,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.92%

      09/18/26 2      960,625        917,229  

Radiate Holdco LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

3.75%

      02/01/24 2      1,960,892        1,877,927  

Sinclair Television Group, Inc.,

 

   

Term Loan B2, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.43%

      01/03/24 2      1,920,380        1,837,161  

T-Mobile USA, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

3.18%

      04/01/27 2      2,500,000        2,498,863  

Virgin Media Bristol LLC,

 

   

Term Loan N, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

2.68%

      01/31/28 2      2,000,000        1,915,250  

Windstream Services LLC,

 

   

Term Loan B6, 1st Lien

 

   

(PRIME plus 5.00%)

 

   

8.25%

      03/29/21 2,5,6      1,003,049        620,135  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Communications (continued)

 

   

Zayo Group Holdings, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

3.18%

      03/09/27 2    $ 2,244,375      $ 2,137,655  

Ziggo BV

 

   

Term Loan I, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

2.68%

      04/30/28 2      2,000,000        1,894,170  
       

 

 

  
     35,521,711  
       

 

 

  

Consumer Discretionary — 7.31%

 

   

AI Aqua Merger Sub, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.32%

      12/13/23 2      1,462,500        1,409,484  

AI Aqua Merger Sub, Inc.,

 

   

Term Loan B1, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.32%

      12/13/23 2      492,366        474,518  

Allied Universal Holdco LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

4.43%

      07/10/26 2      746,250        726,452  

Arterra Wines Canada, Inc.,

 

   

Term Loan B1, 1st Lien (Canada)

 

   

(LIBOR plus 2.75%)

 

   

3.75%

      12/15/23 2,3      2,421,094        2,354,514  

Boing U.S. Holdco, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.25%

      10/03/24 2      975,056        916,553  

CityCenter Holdings LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

3.00%

      04/18/24 2      2,188,639        1,996,860  

Four Seasons Hotels, Ltd.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.18%

      11/30/23 2      965,000        917,054  

KUEHG Corp.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

4.75%

      02/21/25 2      337,030        288,763  

Landry’s

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 12.00%)

 

   

13.00%

      10/06/23 2      710,000        781,000  

Nielsen Finance LLC,

 

   

Term Loan B4, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.18%

      10/04/23 2      1,206,438        1,168,736  
 

 

2 / June 2020

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

     

Consumer Discretionary (continued)

 

     

Prometric Holdings, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.00%)

 

     

4.00%

      01/29/25 2    $ 980,075      $ 888,193  

Refresco,

 

     

Term Loan B3, 1st Lien

 

     

(LIBOR plus 3.25%)

 

     

3.67%

      03/28/25 2      1,960,200        1,911,195  

Reynolds Group Holdings, Inc.,

 

   

Term Loan B, 1st Lien

 

     

(LIBOR plus 2.75%)

 

     

2.92%

      02/06/23 2      1,423,785        1,363,886  

Spin Holdco, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.25%)

 

     

4.25%

      11/14/22 2      1,946,139        1,869,354  

Whatabrands LLC,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 2.75%)

 

     

2.93%

      08/03/26 2      1,491,256        1,436,967  

Wyndham Hotels & Resorts, Inc.

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 1.75%)

 

     

1.93%

      05/30/25 2      491,250        465,275  

Yum! Brands,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 1.75%)

 

     

1.94%

      04/03/25 2      941,931        909,750  
       

 

 

  
       19,878,554  
       

 

 

  

Consumer Products — 0.14%

 

   

Hoffmaster Group, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.00%)

 

     

5.00%

      11/21/23 2      471,419        381,409  
       

 

 

  

Electric — 0.94%

 

     

Hamilton Projects Acquiror, LLC,

 

   

Term Loan B, 1st Lien

 

     

(LIBOR plus 4.75%)

 

     

5.75%

      06/26/27 2      750,000        736,249  

Vistra Operations Co., LLC,

 

     

Term Loan B3, 1st Lien

 

     

(LIBOR plus 1.75%)

 

     

1.93%

      12/31/25 2      1,515,241        1,466,132  

1.94%

      12/31/25 2      363,903        352,109  
       

 

 

  
       2,554,490  
       

 

 

  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Energy — 1.47%

 

   

Centurion Pipeline Co., LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

3.43%

      09/29/25 2    $ 985,000      $ 941,414  

EG Finco Ltd., Term Loan B,

 

   

1st Lien (United Kingdom)

 

   

(LIBOR plus 4.00%)

 

   

5.07%

      02/07/25 2,3      569,714        536,483  

Epic Y-Grade Services LP,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 6.00%)

 

   

7.00%

      06/07/25 2      250,000        187,083  

Glass Mountain Pipeline Holdings LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

5.50%

      12/23/24 2,5,6      488,750        227,618  

KAMC Holdings, Inc.

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

4.17%

      08/14/26 2,5,6      744,375        657,841  

Stonepeak Lonestar Holdings, LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

5.63%

      10/19/26 2      633,126        611,362  

Traverse Midstream Partners LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

5.00%

      09/27/24 2      982,500        828,370  
       

 

 

  
     3,990,171  
       

 

 

  

Entertainment — 1.64%

 

   

CineWorld Finance US, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

3.32%

      02/28/25 2      1,768,378        1,343,498  

Hornblower Sub LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

5.50%

      04/28/25 2      1,500,000        1,211,250  

NAI Entertainment Holdings LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

3.50%

      05/08/25 2      649,375        571,992  

Nascar Holdings, Inc.

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.75%

      10/19/26 2      941,117        904,145  
 

 

June 2020 / 3

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Entertainment (continued)

 

   

SMG U.S. Midco 2, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

2.68%

      01/23/25 2    $ 143,417      $ 127,283  

3.52%

      01/23/25 2      345,376        306,522  
  

 

 

  
     4,464,690  
  

 

 

  

Finance — 3.19%

 

   

Auris Lux III SA,

 

   

Term Loan B, 1st Lien (Luxembourg)

 

   

(LIBOR plus 3.75%)

 

   

3.93%

      02/27/26 2,3      1,234,377        1,086,252  

Avolon TLB Borrower 1 US LLC,

 

   

Term Loan B3, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

2.50%

      01/15/25 2      789,836        737,956  

Camelot Finance SA,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

3.18%

      10/30/26 2      995,000        966,239  

CBAC Borrower LLC, Term Loan B,

 

   

1st Lien

 

   

(LIBOR plus 4.00%)

 

   

4.18%

      07/08/24 2      238,597        215,632  

Cushman & Wakefield

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      08/21/25 2      640,270        606,016  

Delos Finance SARL,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

2.06%

      10/06/23 2      1,300,000        1,248,403  

First Eagle Holdings, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

2.81%

      02/01/27 2      1,492,500        1,443,524  

RPI 2019 Intermediate Finance Trust,

 

   

Term Loan B1, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      02/05/27 2      796,000        777,760  

RPI Intermediate Finance Trust,

 

   

Term Loan B1, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      02/11/27 2      165,260        160,509  

Telenet Financing USD LLC,

 

   

Term Loan AR, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.18%

      04/30/28 2      1,500,000        1,418,910  
  

 

 

  
     8,661,201  
  

 

 

  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Food — 5.78%

 

   

8th Avenue Food & Provisions,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

3.68%

      10/01/25 2    $ 246,250      $ 240,068  

Agro Merchants Intermediate Holdings, LLC.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

4.75%

      12/06/24 2      1,507,448        1,447,150  

CH Guenther Parent LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      03/31/25 2      481,272        459,615  

Chobani LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.50%

      10/10/23 2      965,054        932,638  

Flora Food Group,

 

   

Term Loan B

 

   

(LIBOR plus 3.00%)

 

   

4.45%

      07/02/25 2      980,000        943,598  

H-Food Holdings LLC,

 

   

Term Loan B3, 1st Lien

 

   

(LIBOR plus 5.00%)

 

   

6.00%

      05/31/25 2      1,000,000        977,500  

Hostess Brands LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

3.00%

      08/03/25 2      662,283        641,090  

3.01%

      08/03/25 2      1,784,514        1,727,410  

Houston Foods, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

3.93%

      07/20/25 2      1,274,000        1,186,413  

JBS USA LUX SA,

 

   

Term Loan B, 1st Lien (Canada)

 

   

(LIBOR plus 2.00%)

 

   

3.07%

      05/01/26 2,3      1,234,375        1,185,346  

Matterhorn Merger Sub LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

4.18%

      05/23/25 2      488,778        469,037  

Shearer’s Foods LLC,

 

   

Term Loan B

 

   

(LIBOR plus 4.25%)

 

   

5.25%

      03/31/22 2      1,490,035        1,469,547  

Snacking Investments Bidco,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

5.00%

      12/18/26 2      498,750        490,541  
 

 

4 / June 2020

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Food (continued)

 

   

U.S. Foods, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

3.07%

      09/13/26 2    $ 1,985,000      $ 1,860,114  

Utz Quality Foods LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

3.68%

      11/21/24 2      1,716,199        1,691,177  
  

 

 

  
     15,721,244  
  

 

 

  

Gaming — 4.56%

 

   

Affinity Gaming LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.25%

      07/03/23 2      461,387        399,291  

Caesars Entertainment LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.18%

      10/07/24 2      811,849        809,187  

Caesars Resort Collection LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

4.50%

      06/19/25 2      1,000,000        942,970  

Caesars Resort Collection LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      12/23/24 2      1,462,500        1,305,969  

Churchill Downs, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.18%

      12/27/24 2      2,023,324        1,966,104  

Gateway Casinos & Entertainment Ltd.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

3.31%

      03/13/25 2      980,000        802,375  

Golden Entertainment, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

3.75%

      10/21/24 2      1,447,500        1,322,653  

Golden Nugget

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

3.25%

      10/04/23 2      952,103        764,063  

GVC Holdings PLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

3.31%

      03/29/24 2      1,466,250        1,426,844  

Penn National Gaming, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

3.00%

      10/15/25 2      1,383,925        1,298,004  
Issues   

Maturity
Date

     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Gaming (continued)

 

   

Station Casinos LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.50%

      02/08/27 2    $ 1,490,216      $ 1,365,411  
  

 

 

  
     12,402,871  
  

 

 

  

Health Care — 13.42%

 

   

Acadia Healthcare Co., Inc.,

 

   

Term Loan B3, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

2.68%

      02/11/22 2      908,922        893,015  

Acadia Healthcare Co., Inc.,

 

   

Term Loan B4, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

2.68%

      02/16/23 2      275,647        270,823  

Admi Corp.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      04/30/25 2      980,138        917,502  

Aldevron LLC,

 

   

Term Loan B

 

   

(LIBOR plus 4.25%)

 

   

4.43%

      10/12/26 2      997,500        986,278  

Alphabet Holding Co., Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

3.68%

      09/26/24 2      486,250        459,049  

BCPE Eagle Buyer LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

5.25%

      03/13/24 2      1,355,229        1,208,417  

Catalent Pharma Solutions, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

3.25%

      05/10/26 2      987,500        980,508  

CCS-CMGC Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 5.50%)

 

   

6.26%

      10/01/25 2      185,000        171,434  

6.57%

      10/01/25 2      307,500        284,951  

Change Healthcare Holdings LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.50%)

 

   

3.50%

      03/01/24 2      2,386,899        2,300,863  

Civitas Solutions, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

4.43%

      03/09/26 2      472,560        457,793  

4.43%

      03/09/26 2      21,516        20,844  
 

 

June 2020 / 5

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Health Care (continued)

 

   

Da Vinci Purchaser Corp.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

5.24%

      01/08/27 2    $ 1,750,000      $ 1,708,437  

Dentalcorp Health Services,

 

   

Term Loan, 1st Lien (Australia)

 

   

(LIBOR plus 3.75%)

 

   

4.75%

      06/06/25 2,3      648,346        581,080  

Elanco Animal Health, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.75%

      02/04/27 2      2,358,000        2,254,837  

Emerald Topco, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.26%

      07/27/26 2      994,987        965,138  

Endo Luxembourg Finance I Co. SARL,

 

   

Term Loan B, 1st Lien (Luxembourg)

 

   

(LIBOR plus 4.25%)

 

   

5.00%

      04/29/24 2,3      497,436        472,019  

Femur Buyer, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

4.81%

      03/05/26 2      635,845        574,381  

Gentiva Health Services, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

3.44%

      07/02/25 2      1,444,118        1,404,405  

Grifols Worldwide Operations USA, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.11%

      11/15/27 2      995,000        960,737  

Heartland Dental LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

3.68%

      04/30/25 2      249,364        223,908  

Med Parentco LP,

 

   

Delayed-Draw Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

4.61%

      08/31/26 2,7      209,329        190,789  

Med Parentco LP,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

4.61%

      08/31/26 2      1,193,060        1,087,391  

Medical Solutions Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

5.50%

      06/14/24 2      972,724        899,770  

Medplast Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

3.93%

      07/02/25 2      982,500        878,846  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

     

Health Care (continued)

 

     

MPH Acquisition Holdings LLC,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 2.75%)

 

     

4.20%

      06/07/23 2    $ 275,000      $ 262,243  

NMN Holdings III Corp.,

 

     

Delayed-Draw Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

     

3.93%

      11/13/25 2      261,795        247,396  

NMN Holdings III Corp.

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 3.75%)

 

     

3.92%

      11/13/25 2      1,220,344        1,153,225  

NMSC Holdings, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 5.00%)

 

     

6.00%

      04/19/23 2,5,6      1,168,212        996,876  

NSM Top Holdings Corp.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 5.25%)

 

     

5.56%

      11/16/26 2      995,018        930,342  

Pathway Vet Alliance LLC,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.00%)

 

     

4.18%

      03/31/27 2,8      1,387,254        1,350,839  

Premise Health Holding Corp.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 3.50%)

 

     

3.81%

      07/10/25 2,9      1,146,619        1,100,754  

Romulus Merger Sub LLC,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 2.75%)

 

     

2.93%

      02/14/25 2      1,958,005        1,869,894  

Surgery Center Holdings, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 3.25%)

 

     

4.25%

      09/02/24 2      1,218,050        1,077,974  

(LIBOR plus 8.00%)

 

     

9.00%

      09/03/24 2      224,438        226,261  

Tecomet, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.50%)

 

     

4.68%

      05/01/24 2      197,985        188,333  

U.S. Renal Care, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 5.00%)

 

     

5.19%

      06/26/26 2      992,500        957,624  

UIC Merger Sub, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 3.25%)

 

     

4.25%

      08/30/24 2      1,718,717        1,668,445  
 

 

6 / June 2020

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Health Care (continued)

 

   

Valeant Pharmaceuticals International, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.94%

      11/27/25 2    $ 482,353      $ 467,682  

(LIBOR plus 3.00%)

 

   

3.19%

      06/02/25 2      1,704,441        1,661,412  

Wink Holdco, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

4.00%

      12/02/24 2      973,121        936,026  

Wink Holdco, Inc.,

 

   

Term Loan, 2nd Lien

 

   

(LIBOR plus 6.75%)

 

   

7.75%

      12/01/25 2      250,000        241,250  
  

 

 

  
     36,489,791  
  

 

 

  

Industrials — 9.71%

 

   

BCPE Empire Holdings, Inc.,

 

   

Delayed-Draw Term Loan, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

4.18%

      06/11/26 2,10      162,883        158,200  

BCPE Empire Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

4.18%

      06/11/26 2      1,036,472        1,006,673  

Berry Plastics Group, Inc.,

 

   

Term Loan Y, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.18%

      07/01/26 2      2,328,808        2,232,896  

Clean Harbors, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      06/30/24 2      1,804,298        1,771,225  

Conserve Merger Sub, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

3.68%

      08/08/25 2      1,965,000        1,823,363  

Curie Merger Sub LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

4.43%

      11/04/26 2      997,500        965,081  

Energizer Holdings, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.44%

      12/17/25 2      563,500        538,143  

Engineered Machinery Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

5.70%

      07/19/24 2      746,212        716,364  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Industrials (continued)

 

   

Jade Germany GMBH,

 

   

Term Loan, 1st Lien (Germany)

 

   

(LIBOR plus 5.50%)

 

   

6.50%

      05/31/23 2,3    $ 970,000      $ 834,200  

Liqui-Box Corp.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

5.50%

      02/26/27 2      1,000,000        847,500  

Mauser Packaging Solutions Holdings,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.56%

      04/03/24 2      1,017,378        920,727  

Mirion Technologies, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.00%)

 

   

5.07%

      03/06/26 2      994,962        973,043  

Patriot Container Corp.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.50%

      03/20/25 2      1,492,366        1,453,893  

Pelican Products, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.50%

      05/01/25 2      490,000        452,432  

Plaze, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.57%

      07/30/26 2      1,243,750        1,184,672  

Road Infrastructure Investment Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.50%

      06/13/23 2      748,057        661,282  

Spectrum Holdings III Corp.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.32%

      01/31/25 2      1,427,175        1,263,349  

Technimark LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

5.34%

      08/08/25 2      985,000        920,975  

Titan Acquisition, Ltd.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

3.36%

      03/28/25 2      495,615        455,349  

Transcendia Holdings, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

4.57%

      05/30/24 2      1,458,844        1,035,779  
 

 

June 2020 / 7

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

     

Industrials (continued)

 

     

TransDigm, Inc.,

 

     

Term Loan E, 1st Lien

 

     

(LIBOR plus 2.25%)

 

     

2.43%

      05/30/25 2    $ 496,253      $ 448,295  

TricorBraun, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 3.75%)

 

     

5.20%

      11/30/23 2      1,426,473        1,376,903  

TruGreen Limited Partnership,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.75%)

 

     

3.93%

      03/19/26 2      987,500        962,813  

U.S. Ecology, Inc.

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 2.50%)

 

     

2.68%

      11/02/26 2      497,500        485,063  

VM Consolidated, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.25%)

 

     

3.56%

      02/28/25 2      1,438,635        1,377,493  

WP Deluxe Merger Sub, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 3.00%)

 

     

4.00%

      07/19/24 2      975,000        931,934  

Zep, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 4.00%)

 

     

5.07%

      08/12/24 2      729,375        619,969  
       

 

 

  
       26,417,616  
       

 

 

  

Information Technology — 10.59%

 

   

Ascend Learning LLC, Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

     

4.00%

      07/12/24 2      972,500        932,895  

AVSC Holding Corp.,

 

     

Term Loan B

 

     

(LIBOR plus 4.50%)

 

     

5.50%

      10/15/26 2,5,6      497,500        353,225  

Broadcom, Inc.,

 

     

Delayed-Draw Term Loan A3

 

     

(LIBOR plus 1.13%)

 

     

1.30%

      11/04/22 2      625,000        623,047  

Buzz Merger Sub, Ltd.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 2.75%)

 

     

2.93%

      01/29/27 2      498,750        484,411  

Castle U.S. Holding Corp.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.75%)

 

     

4.06%

      01/29/27 2      997,917        915,589  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

     

Information Technology (continued)

 

   

Cornerstone Ondemand, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 4.25%)

 

     

5.35%

      04/22/27 2    $ 1,000,000      $ 985,630  

DCert Buyer, Inc.

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.00%)

 

     

4.18%

      10/16/26 2      997,500        967,989  

Dell International LLC,

 

     

Term Loan B1

 

     

(LIBOR plus 2.00%)

 

     

2.75%

      09/19/25 2      1,278,970        1,248,537  

EagleView Technology Co.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.50%)

 

     

3.86%

      08/14/25 2      991,234        942,114  

GlobalLogic Holdings, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 2.75%)

 

     

2.93%

      08/01/25 2      431,016        414,672  

Helios Software Holdings, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.25%)

 

     

5.32%

      10/24/25 2      994,961        963,122  

Imperva, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.00%)

 

     

5.00%

      11/20/25 2      1,485,000        1,420,402  

IQVIA, Inc.,

 

     

Term Loan B2, 1st Lien

 

     

(LIBOR plus 1.75%)

 

     

1.93%

      01/17/25 2      965,001        936,659  

IQVIA, Inc.,

 

     

Term Loan B3, 1st Lien

 

     

(LIBOR plus 1.75%)

 

     

2.06%

      06/11/25 2      1,484,924        1,445,640  

Microchip Technology, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 2.00%)

 

     

2.18%

      05/29/25 2      284,444        276,887  

Navicure, Inc.,

 

     

Term Loan B

 

     

(LIBOR plus 4.00%)

 

     

4.18%

      10/22/26 2      1,496,250        1,440,141  

Oberthur Technologies Group SAS,

 

     

Term Loan B1, 1st Lien

 

     

(LIBOR plus 3.75%)

 

     

4.06%

      01/10/24 2      458,942        424,343  

Perspecta, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 2.25%)

 

     

2.43%

      05/30/25 2      490,000        478,157  
 

 

8 / June 2020

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Information Technology (continued)

 

   

Playtika Holding Corp.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 6.00%)

 

   

7.07%

      12/10/24 2    $ 975,000      $ 976,526  

Project Alpha Intermediate Holdings Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

5.38%

      04/26/24 2      970,000        937,665  

Scientific Games International, Inc.,

 

   

Term Loan B5, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

2.93%

      08/14/24 2      5,022        4,465  

3.06%

      08/14/24 2      384,980        342,247  

3.61%

      08/14/24 2      1,573,703        1,399,022  

Sophia LP,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.25%

      09/30/22 2      2,095,603        2,051,071  

SS&C Technologies, Inc.,

 

   

Term Loan B3, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      04/16/25 2      877,886        843,732  

SS&C Technologies, Inc.,

 

   

Term Loan B4, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      04/16/25 2      616,776        592,781  

SS&C Technologies, Inc.,

 

   

Term Loan B5, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      04/16/25 2      1,983,488        1,899,874  

Surf Holdings LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

3.83%

      03/05/27 2      1,300,000        1,251,945  

TierPoint LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

4.75%

      05/06/24 2      475,978        455,538  

VT Topco, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.50%)

 

   

3.68%

      08/01/25 2      983,055        909,326  

Web.Com Group, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

3.94%

      10/10/25 2      1,000,000        951,250  

Zotec Partners LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

4.82%

      02/14/24 2      953,859        939,551  
  

 

 

  
     28,808,453  
  

 

 

  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

     

Insurance — 0.65%

 

     

AssuredPartners, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 4.50%)

 

     

5.50%

      02/12/27 2    $ 498,750      $ 491,892  

Kwor Acquisition, Inc.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.00%)

 

     

4.18%

      06/03/26 2,11      1,352,055        1,270,931  
    

 

 

  
       1,762,823  
    

 

 

  

Materials — 2.67%

 

     

Archroma Finance SARL,

 

     

Term Loan B2, 1st Lien (Switzerland)

 

     

(LIBOR plus 4.25%)

 

     

4.56%

      08/12/24 2,3      1,875        1,732  

5.48%

      08/12/24 2,3      727,500        672,028  

Cyanco Intermediate Corp.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 3.50%)

 

     

3.68%

      03/16/25 2      449,849        437,760  

DCG Acquisition Corp.,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.50%)

 

     

4.68%

      09/30/26 2      1,490,432        1,333,936  

Israel Chemicals Ltd.,

 

     

Term Loan, 1st Lien (Israel)

 

     

(LIBOR plus 3.00%)

 

     

4.78%

      03/28/25 2,3      997,450        928,356  

Nouryon USA LLC,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 3.00%)

 

     

3.19%

      10/01/25 2      962,154        906,831  

Polar U.S. Borrower LLC,

 

     

Term Loan, 1st Lien

 

     

(LIBOR plus 4.75%)

 

     

4.93%

      10/15/25 2      582,229        550,206  

4.93%

      10/15/25 2      8,771        8,289  

SCIH Salt Holdings, Inc.,

 

     

Term Loan B, 1st Lien

 

     

(LIBOR plus 4.50%)

 

     

5.50%

      03/16/27 2      500,000        489,165  

WR Grace & Co.,

 

     

Term Loan B1, 1st Lien

 

     

(LIBOR plus 1.75%)

 

     

2.06%

      04/03/25 2      723,947        707,774  

WR Grace & Co.,

 

     

Term Loan B2, 1st Lien

 

     

(LIBOR plus 1.75%)

 

     

2.06%

      04/03/25 2      1,241,053        1,213,327  
    

 

 

  
       7,249,404  
    

 

 

  
 

 

June 2020 / 9

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Real Estate Investment Trust (REIT) — 0.84%

 

   

SBA Senior Finance II LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      04/11/25 2    $ 999,575      $ 965,320  

VICI Properties 1 LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.94%

      12/20/24 2      1,409,091        1,317,063  
       

 

 

  
     2,282,383  
       

 

 

  

Retail — 0.84%

 

   

BC ULC/New Red Finance, Inc.,

 

   

Term Loan B, 1st Lien (Canada)

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      11/19/26 2,3      1,146,008        1,088,851  

BJ’s Wholesale Club, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 2.25%)

 

   

2.43%

      02/03/24 2      912,707        885,243  

Go Wireless, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 6.50%)

 

   

7.50%

      12/22/24 2      364,583        307,298  
       

 

 

  
     2,281,392  
       

 

 

  

Services — 4.46%

 

   

Aramark Services, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      03/11/25 2      1,865,325        1,771,863  

Ensemble RCM LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

4.44%

      08/01/26 2      498,744        488,021  

GFL Environmental, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

4.00%

      05/30/25 2      2,557,092        2,493,165  

Guidehouse LLP,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

4.68%

      05/01/25 2      496,202        482,557  

PowerTeam Services LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

4.25%

      03/06/25 2      500,000        479,530  

PowerTeam Services LLC,

 

   

Term Loan, 2nd Lien

 

   

(LIBOR plus 7.25%)

 

   

8.25%

      03/06/26 2,5,6      750,000        645,000  
Issues    Maturity
Date		     Principal
Amount		      Value  

BANK LOANS (continued)

 

   

Services (continued)

 

   

Prime Security Services Borrower LLC,

 

   

Term Loan B

 

   

(LIBOR plus 3.25%)

 

   

4.25%

      09/23/26 2    $ 622,437      $ 600,070  

SRS Distribution, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.50%)

 

   

5.57%

      05/23/25 2      497,500        485,063  

TKC Holdings, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.75%)

 

   

4.75%

      02/01/23 2      1,391,494        1,308,554  

University Support Services LLC,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 3.25%)

 

   

3.43%

      07/17/25 2      1,930,392        1,872,481  

Worldstrides,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.25%)

 

   

5.25%

      12/16/24 2,5,6      1,468,706        769,602  

Zelis Payments Buyer, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 4.75%)

 

   

4.93%

      09/30/26 2      746,245        734,451  
       

 

 

  
     12,130,357  
       

 

 

  

Transportation — 2.08%

 

   

American Airlines, Inc.,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 1.75%)

 

   

1.93%

      01/29/27 2      273,833        210,303  

Genesee & Wyoming, Inc.,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 2.00%)

 

   

2.31%

      12/30/26 2      2,493,750        2,407,815  

Kestrel Bidco, Inc.

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 3.00%)

 

   

4.00%

      12/11/26 2      497,500        404,219  

PODS LLC,

 

   

Term Loan, 1st Lien

 

   

(LIBOR plus 2.75%)

 

   

3.75%

      12/06/24 2      1,443,742        1,389,154  

United Air,

 

   

Term Loan B, 1st Lien

 

   

(LIBOR plus 5.25%)

 

   

6.25%

      06/20/27 2      1,250,000        1,242,319  
       

 

 

  
     5,653,810  
       

 

 

  

Total Bank Loans

 

   

(Cost $237,623,044)

 

      227,535,570  
       

 

 

  
 

 

10 / June 2020

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		     Principal
Amount		      Value  

CORPORATES — 10.51%*

 

   

Banking — 0.50%

 

   

Bank of America Corp.

 

   

3.00%

      12/20/23 12    $ 1,300,000      $ 1,366,185  
  

 

 

  

Communications — 1.28%

 

   

T-Mobile USA, Inc.

 

   

3.88%

      04/15/30 13      1,280,000        1,426,989  

6.00%

      03/01/23       1,000,000        1,005,870  

Walt Disney Co. (The)

 

   

2.65%

      01/13/31       990,000        1,053,576  
  

 

 

  
     3,486,435  
  

 

 

  

Consumer Discretionary — 1.25%

 

   

Anheuser-Busch InBev Worldwide, Inc.

 

   

3.50%

      06/01/30       640,000        721,130  

NIKE, Inc.

 

   

2.85%

      03/27/30       2,400,000        2,675,642  
  

 

 

  
     3,396,772  
  

 

 

  

Energy — 0.18%

 

   

USA Compression Partners LP/USA

 

   

Compression Finance Corp.

 

   

6.88%

      09/01/27       500,000        477,975  
  

 

 

  

Finance — 2.61%

 

   

Citigroup, Inc.

 

   

(LIBOR USD 3-Month plus 0.55%)

 

   

0.91%

      08/25/36 2      1,800,000        1,403,443  

Ford Motor Credit Co. LLC

 

   

(LIBOR USD 3-Month plus 0.81%)

 

   

1.11%

      04/05/21 2      2,500,000        2,407,773  

GE Capital International Funding Co. (Ireland)

 

   

4.42%

      11/15/35 3      75,000        75,490  

Goldman Sachs Group, Inc. (The)

 

   

3.27%

      09/29/25 12      980,000        1,057,100  

Park Aerospace Holdings Ltd.

 

   

(Cayman Islands)

 

   

4.50%

      03/15/23 3,13      750,000        684,643  

Raymond James Financial, Inc.

 

   

4.65%

      04/01/30       1,225,000        1,462,949  
  

 

 

  
     7,091,398  
  

 

 

  

Health Care — 1.55%

 

   

Cigna Corp.

 

   

(LIBOR USD 3-Month plus 0.89%)

 

   

2.11%

      07/15/23 2      2,700,000        2,714,848  

CVS Health Corp.

 

   

(LIBOR USD 3-Month plus 0.72%)

 

   

1.03%

      03/09/21 2      1,000,000        1,003,904  
Issues    Maturity
Date		     Principal
Amount		      Value  

CORPORATES (continued)

 

   

Health Care (continued)

 

   

Tenet Healthcare Corp.

 

   

4.63%

      09/01/24 13    $ 500,000      $ 494,539  
  

 

 

  
     4,213,291  
  

 

 

  

Industrials — 1.53%

 

   

General Electric Co. (MTN)

 

   

(LIBOR USD 3-Month plus 0.48%)

 

   

0.87%

      08/15/36 2      850,000        550,156  

PowerTeam Services LLC

 

   

9.03%

      12/04/25 13      1,500,000        1,530,745  

Sealed Air Corp.

 

   

5.25%

      04/01/23 13      1,500,000        1,573,657  

Titan Acquisition Ltd./Titan Co-Borrower LLC

 

   

(Canada)

 

   

7.75%

      04/15/26 3,13      250,000        237,807  

Trident TPI Holdings, Inc.

 

   

9.25%

      08/01/24 13      250,000        258,580  
  

 

 

  
     4,150,945  
  

 

 

  

Information Technology — 0.80%

 

   

NCR Corp.

 

   

8.13%

      04/15/25 13      750,000        796,764  

NVIDIA Corp.

 

   

2.85%

      04/01/30       1,250,000        1,393,532  
  

 

 

  
     2,190,296  
  

 

 

  

Real Estate Investment Trust (REIT) — 0.49%

 

   

SL Green Operating Partnership LP

 

   

(LIBOR USD 3-Month plus 0.98%)

 

   

1.37%

      08/16/21 2      1,350,000        1,330,504  
  

 

 

  

Services — 0.19%

 

   

Emory University, Series 2020

 

   

2.14%

      09/01/30       500,000        521,175  
  

 

 

  

Transportation — 0.13%

 

   

American Airlines Pass-Through Trust,

 

   

Series 2013-2, Class B

 

   

5.60%

      07/15/20 5,6,13      356,949        357,308  
  

 

 

  

Total Corporates

 

   

(Cost $27,648,990)

 

      28,582,284  
  

 

 

  
 

 

June 2020 / 11

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Issues    Maturity
Date		      Principal
Amount		      Value  

MUNICIPAL BONDS — 0.00%*

 

   

California — 0.00%

 

   

State of California, Build America Bonds,

 

   

School Improvements, General Obligation

 

   

7.95%

      03/01/36        $42        $41  
        

 

 

  

Total Municipal Bonds

 

   

(Cost $42)

 

   

Total Bonds – 94.18%

 

   

(Cost $265,272,076)

 

      256,117,895  
        

 

 

  
        
Issues    Maturity
Date		      Principal
Amount/Shares		      Value  

SHORT-TERM INVESTMENTS — 8.71%

 

   

Money Market Funds — 3.20%

 

   

Dreyfus Government Cash Management Fund

 

   

8.42%14

 

      8,392,000        8,392,000  

Fidelity Investments Money Market

Funds - Government Portfolio

 

 

   

5.23%14

 

      304,563        304,563  
        

 

 

  
     8,696,563  
        

 

 

  

U.S. Treasury Bills — 5.51%

 

   

U.S. Cash Management Bills

 

   

0.16%15

      11/03/20        1,000,000        999,427  

U.S. Cash Management Bills (WI)

 

   

0.14%15

      10/27/20        5,000,000        4,997,869  

U.S. Treasury Bills

 

   

0.16%15

      11/27/20        5,000,000        4,996,689  

0.17%15

      12/03/20        1,000,000        999,376  

1.53%15

      07/16/20        3,000,000        2,999,853  
        

 

 

  
     14,993,214  
        

 

 

  

Total Short-Term Investments

 

   

(Cost $23,687,870)

 

      23,689,777  
        

 

 

  

Total Investments – 102.89%

 

   

(Cost $288,959,946)

 

      279,807,672  
        

 

 

  

Net unrealized depreciation on

unfunded commitments (0.00)%

 

 

      (18,798 ) 

Liabilities in Excess of Other

 

   

Assets – (2.89)%

 

      (7,858,181 ) 
        

 

 

  

Net Assets – 100.00%

 

    $ 271,930,693  
        

 

 

  
1 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $61,688, at an interest rate of 4.00% 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 June 30, 2020.

 

3 

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

 

4 

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 5.50% and a maturity of July 13, 2021. The investment is not accruing an unused commitment fee.

 

5 

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

 

6 

Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $4,627,605, which is 1.70% of total net assets.

 

7 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $81,684, 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.

 

8 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $109,786, at an interest rate of 1.00% and a maturity of March 31, 2027. The investment is not accruing an unused commitment fee.

 

9 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $88,912, 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.

 

10 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $40,725, at an interest rate of 4.00% and a maturity of June 11, 2026. The investment is not accruing an unused commitment fee.

 

11 

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $128,377, at an interest rate of 4.00% and a maturity of June 03, 2026. The investment is accruing an unused commitment fee of 0.75% per annum.

 

12 

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.

 

13 

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.

 

14 

Represents the current yield as of June 30, 2020.

 

15 

Represents annualized yield at date of purchase.

 

*

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.

(LIBOR): London InterBank Offer Rate

(MTN): Medium-term note

(USD): U.S. dollar

(WI): When issued

    

 

 

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.

 

12 / June 2020

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

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.

Fair Value 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.

 

June 2020 / 13

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

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 June 30, 2020 is as follows:

 

  FLOATING RATE INCOME FUND            LEVEL 1                    LEVEL 2                    LEVEL 3                    TOTAL        

  Investments in Securities

                    

  Assets

                    

  Short-Term Investments:

                    

  Money Market Funds

      $ 8,696,563      $ —        $ —        $ 8,696,563

  U.S. Treasury Bills

        14,993,214        —          —          14,993,214

  Long-Term Investments:

                    

  Bank Loans

        —          222,880,623        4,654,947        227,535,570

  Corporates

        —          28,224,976        357,308        28,582,284

  Municipal Bonds

        —          41        —          41
    

 

 

       

 

 

       

 

 

       

 

 

  

  Total

      $ 23,689,777      $ 251,105,640      $ 5,012,255      $ 279,807,672
    

 

 

       

 

 

       

 

 

       

 

 

  

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.

For the period ended June 30, 2020, a reconciliation of Level 3 investments is presented when the Fund had a significant amount of level 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		   CORPORATES    

  Balance as of

           

  April 1, 2020

      $ 2,905,819     $ —    

  Accrued discounts/premiums

        1,852       —    

  Realized gain

        65       —    

  Change in unrealized appreciation/(depreciation)*

        55,267       (538 )  

  Purchases

        —         —    

  Sales

        (17,401 )       —    

  Transfers into Level 3**

        2,090,754       357,846  

  Transfers out of Level 3**

        (381,409 )       —    
    

 

 

      

 

 

    

  Balance as of

  June 30, 2020

      $ 4,654,947     $ 357,308  
    

 

 

      

 

 

    

* The change in unrealized appreciation/(depreciation) on securities still held at June 30, 2020 was $328,670 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, 2020, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2020, 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 $2,448,600 transferred from level 2 to level 3, and $381,409 transferred from level 3 to level 2 in the disclosure hierarchy.

 

14 / June 2020

Floating Rate Income Fund

Schedule of Portfolio Investments

June 30, 2020 (Unaudited)

 

Significant unobservable valuations inputs for Level 3 investments as of June 30, 2020, are as follows:

 

  FLOATING RATE INCOME FUND    FAIR VALUE
AT 6/30/20		    VALUATION
TECHNIQUE*		    UNOBSERVABLE
INPUT		    RANGE    WEIGHTED    
AVERAGE    

  Bank Loans

    $4,654,947    Third-party Vendor    Vendor Prices    $46.57 - $88.38    $73.73

  Corporate Securities

    $357,308    Third-party Vendor    Vendor Prices    100.10    100.10

* 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 June 30, 2020

 

  UNFUNDED COMMITMENTS    MATURITY    AMOUNT    UNREALIZED    
GAIN/(LOSS)    

  Intelsat Jackson Holdings, Delayed-Draw Term Loan, 1st Lien (Luxembourg)

        July        2021      $ 54,849      $ 1,352

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

        July        2025        88,912        (3,147 )

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

        June        2026        128,377        (7,087 )

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

        June        2026        40,725        (1,205 )

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

        August        2026        81,684        (5,613 )

  Oeconnection LLC, Term Loan B

        September        2026        61,688        (2,957 )

  Pathway Vet Alliance LLC, Term Loan, 1st Lien

        March        2027        109,786        (141 )
              

 

 

       

 

 

  

  Total Unfunded Commitments

                $ 566,021      $ (18,798 )
              

 

 

       

 

 

  

 

June 2020 / 15