NPORT-EX 2 pio-81766.htm SOI




     
     
   
Pioneer Floating
Rate Trust
     
     
     
     
     
     
     
     
   
Schedule of Investments | February 28, 2021
     
     
   
Ticker Symbol:    PHD
     



Schedule of Investments | 2/28/2021 (unaudited)



Principal
Amount
USD ($)
      
Value
  
   
UNAFFILIATED ISSUERS - 148.7%
      
   
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 123.8% of Net Assets*(a)
  
   
Aerospace & Defense - 5.1%
      
 
662,075
  
Delta Air Lines, Inc., Term Loan, 5.75% (LIBOR + 475 bps), 4/29/23
  
$
668,541
  
 
258,473
  
JetBlue Airways Corp., Term Loan, 6.25% (LIBOR + 525 bps), 6/17/24
    
267,269
  
 
773,063
  
MAG DS Corp., Initial Term Loan, 6.5% (LIBOR + 550 bps), 4/1/27
    
759,534
  
 
1,250,000
  
Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 6.25% (LIBOR + 525 bps), 6/21/27
    
1,337,735
  
 
1,220,614
  
MRO Holdings, Inc., Initial Term Loan, 5.254% (LIBOR + 500 bps), 6/4/26
    
1,159,583
  
 
637,669
(b)
Peraton Corp., Cov-Lite Delayed Draw Term Loan, 2/1/28
    
640,857
  
 
362,331
(b)
Peraton Corp., First Lien Term B Loan, 2/1/28
    
364,143
  
 
700,000
  
Spirit Aerosystems, Inc. (fka Mid-Western Aircraft Systems, Inc & Onex Wind Finance LP.), Initial Term Loan, 6.0% (LIBOR + 525 bps), 1/15/25
    
707,000
  
 
1,556,805
  
WP CPP Holdings LLC, First Lien Initial Term Loan, 4.75% (LIBOR + 375 bps), 4/30/25
    
1,503,095
  
     
Total Aerospace & Defense
  
$
7,407,757
  
     
Airlines - 2.7%
        
 
1,283,943
  
Allegiant Travel Co., Replacement Term Loan, 3.198% (LIBOR + 300 bps), 2/5/24
  
$
1,277,523
  
 
1,170,000
  
Grupo Aeromexico, SAB de CV, DIP Tranche 1 Term Loan, 9.0% (LIBOR + 800 bps), 12/31/21
    
1,191,937
  
 
1,033,333
  
Highline Aftermarket Acquisition LLC, First Lien Initial Term Loan, 5.25% (LIBOR + 450 bps), 11/9/27
    
1,038,500
  
 
340,000
  
SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 4.75% (LIBOR + 375 bps), 10/20/27
    
359,945
  
     
Total Airlines
  
$
3,867,905
  
     
All Other - 0.7%
        
 
1,000,000
(b)
Adevinta ASA Facility B2, Term Loan, 10/22/27
  
$
1,008,542
  
     
Total All Other
  
$
1,008,542
  
     
Automobile - 5.5%
        
 
1,776,272
  
American Axle & Manufacturing, Inc., Tranche B Term Loan, 3.0% (LIBOR + 225 bps), 4/6/24
  
$
1,778,493
  
 
1,503,707
  
Commercial Vehicle Group, Inc., Initial Term Loan, 7.0% (LIBOR + 600 bps), 4/12/23
    
1,486,790
  
 
1,000,000
  
Drive Chassis Holdco LLC, Second Lien Term B Loan, 8.484% (LIBOR + 825 bps), 4/10/26
    
1,016,667
  
 
1,496,384
  
IXS Holdings, Inc., Initial Term Loan, 5.0% (LIBOR + 425 bps), 3/5/27
    
1,509,477
  
 
1,217,749
  
Navistar, Inc., Tranche B Term Loan, 3.62% (LIBOR + 350 bps), 11/6/24
    
1,220,793
  
 
750,000
  
RVR Dealership Holdings LLC, Term Loan, 6.25% (PRIME + 300 bps), 2/8/28
    
749,063
  
 
5,801
  
Thor Industries, Inc., Initial USD Term Loan, 3.875% (LIBOR + 375 bps), 2/1/26
    
5,828
  
 
210,908
  
Wabash National Corp., Initial Term Loan, 4.0% (LIBOR + 325 bps), 9/28/27
    
211,171
  
     
Total Automobile
  
$
7,978,282
  
     
Banking - 0.4%
        
 
500,000
  
Azalea TopCo, Inc., First Lien 2020 Incremental Term Loan, 4.75% (LIBOR + 400 bps), 7/24/26
  
$
504,375
  
 
24,227
  
Nouryon Finance BV (aka AkzoNobel), Initial Dollar Term Loan, 3.111% (LIBOR + 300 bps), 10/1/25
    
24,199
  
     
Total Banking
  
$
528,574
  
     
Building Materials - 1.8%
        
 
763,083
  
CPG International LLC (fka CPG International, Inc.), New Term Loan, 3.25% (LIBOR + 250 bps), 5/5/24
  
$
766,230
  
 
253,435
(b)
Foundation Building Materials, Inc., First Lien Initial Term Loan, 1/31/28
    
253,316
  
 
146,565
(b)
Foundation Building Materials, Inc., First Lien Sailor Term Loan, 1/31/28
    
146,496
  
 
1,447,500
  
WKI Holding Co., Inc. (aka World Kitchen), Initial Term Loan, 5.0% (LIBOR + 400 bps), 5/1/24
    
1,451,119
  
     
Total Building Materials
  
$
2,617,161
  
     
Buildings & Real Estate - 2.1%
        
 
1,484,772
  
Ply Gem Midco, Inc., Initial Term Loan, 3.86% (LIBOR + 375 bps), 4/12/25
  
$
1,489,720
  
 
1,510,069
  
WireCo WorldGroup, Inc. (WireCo WorldGroup Finance LP), First Lien Initial Term Loan, 6.0% (LIBOR + 500 bps), 9/29/23
    
1,478,924
  
     
Total Buildings & Real Estate
  
$
2,968,644
  
     
Chemicals - 1.7%
        
 
500,000
  
CPC Acquisition Corp., First Lien Initial Term Loan, 4.5% (LIBOR + 375 bps), 12/29/27
  
$
501,250
  
 
710,254
  
Graham Packaging Co., Inc. Initial Term Loan (2021), 3.75% (LIBOR + 300 bps), 8/4/27
    
712,676
  
 
300,000
  
INEOS Styrolution Group GmbH, 2026 Tranche B Dollar Term Loan, 3.25% (LIBOR + 275 bps), 1/29/26
    
300,723
  
 
997,500
  
Plaze, Inc., 2020-1 Term Loan, 5.25% (LIBOR + 425 bps), 8/3/26
    
997,916
  
     
Total Chemicals
  
$
2,512,565
  
     
Chemicals, Plastics & Rubber - 1.9%
        
 
750,000
  
Avantor Funding, Inc., Incremental B-4 Dollar Term Loan, 3.5% (LIBOR + 250 bps), 11/8/27
  
$
755,273
  
 
1,000,000
  
Gemini HDPE LLC, 2027 Advance Term Loan, 3.5% (LIBOR + 300 bps), 12/31/27
    
999,062
  
 
1,035,307
  
Hexion, Inc., USD Term Loan, 3.74% (LIBOR + 350 bps), 7/1/26
    
1,032,719
  
     
Total Chemicals, Plastics & Rubber
  
$
2,787,054
  
     
Computers & Electronics - 8.5%
        
 
1,135,000
  
Ahead DB Holdings LLC, First Lien Initial Term Loan, 6.0% (LIBOR + 500 bps), 10/18/27
  
$
1,147,769
  
 
984,704
  
Applied Systems, Inc., Second Lien Initial Term Loan, 8.0% (LIBOR + 700 bps), 9/19/25
    
994,551
  
 
1,311,855
  
Cornerstone OnDemand, Inc. Term Loan, 4.361% (LIBOR + 425 bps), 4/22/27
    
1,321,858
  
 
1,751,158
  
Energy Acquisition LP (aka Electrical Components International), First Lien Initial Term Loan, 4.365% (LIBOR + 425 bps), 6/26/25
    
1,719,782
  
 
1,250,000
  
LogMeIn, Inc., First Lien Initial Term Loan, 4.874% (LIBOR + 475 bps), 8/31/27
    
1,252,214
  
 
600,000
(b)
Nielsen Consumer LLC, Term Loan, 2/5/28
    
601,687
  
 
1,591,343
  
Pitney Bowes, Inc., Incremental Tranche B Term Loan, 5.62% (LIBOR + 550 bps), 1/7/25
    
1,592,338
  
 
2,205,447
  
Signify Health LLC, Initial Term Loan, 5.5% (LIBOR + 450 bps), 12/23/24
    
2,213,717
  
 
1,446,333
  
Ultra Clean Holdings, Inc., Term B Loan, 4.615% (LIBOR + 450 bps), 8/27/25
    
1,449,949
  
     
Total Computers & Electronics
  
$
12,293,865
  
Principal
Amount
USD ($)
      
Value
  
     
Construction & Building - 0.9%
        
 
1,000,000
  
CP Atlas Buyer, Inc. (aka American Bath), Term B Loan, 4.25% (LIBOR + 375 bps), 11/23/27
  
$
1,001,042
  
 
284,247
  
Pike Corp., 2028 Initial Term Loan, 3.12% (LIBOR + 300 bps), 1/21/28
    
285,003
  
     
Total Construction & Building
  
$
1,286,045
  
     
Consumer Nondurables - 0.5%
        
 
784,091
  
Sunshine Luxembourg VII S.a.r.l., Facility B1, 5.0% (LIBOR + 400 bps), 10/1/26
  
$
788,072
  
     
Total Consumer Nondurables
  
$
788,072
  
     
Consumer Services - 1.3%
        
 
1,826,872
  
Prime Security Services Borrower LLC (aka Protection 1 Security Solutions), First Lien 2021 Refinancing Term B-1 Loan, 3.5% (LIBOR + 275 bps), 9/23/26
  
$
1,830,982
  
     
Total Consumer Services
  
$
1,830,982
  
     
Containers, Packaging & Glass - 0.6%
        
 
795,341
  
Pregis TopCo LLC, First Lien Initial Term Loan, 3.865% (LIBOR + 375 bps), 7/31/26
  
$
797,661
  
     
Total Containers, Packaging & Glass
  
$
797,661
  
     
Diversified & Conglomerate Manufacturing - 2.1%
        
 
1,964,719
  
Garda World Security Corp., Initial Term Loan, 4.99% (LIBOR + 475 bps), 10/30/26
  
$
1,972,906
  
 
1,000,049
  
Pelican Products, Inc., First Lien Term Loan, 4.5% (LIBOR + 350 bps), 5/1/25
    
993,174
  
     
Total Diversified & Conglomerate Manufacturing
  
$
2,966,080
  
     
Diversified & Conglomerate Service - 9.8%
        
 
1,141,150
  
Alion Science and Technology Corp., First Lien Replacement Term Loan, 3.5% (LIBOR + 275 bps), 7/23/24
  
$
1,147,569
  
 
1,991,274
  
CB Poly Investments LLC, First Lien Closing Date Term Loan, 5.5% (LIBOR + 450 bps), 8/16/23
    
1,926,558
  
 
997,228
  
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings LLC), First Lien Initial Term Loan, 3.75% (LIBOR + 300 bps), 2/3/25
    
994,319
  
 
2,261,459
  
DTI Holdco, Inc., Replacement B-1 Term Loan, 5.75% (LIBOR + 475 bps), 9/29/23
    
2,161,308
  
 
1,522,416
  
First Brands Group LLC, First Lien Tranche B-3 Term Loan, 8.5% (LIBOR + 750 bps), 2/2/24
    
1,554,292
  
 
1,153,115
  
Gates Global LLC, Initial B-3 Dollar Term Loan, 3.5% (LIBOR + 275 bps), 3/31/27
    
1,154,920
  
 
952,642
  
Intrado Corp., Initial Term B Loan, 5.0% (LIBOR + 400 bps), 10/10/24
    
940,287
  
 
500,000
(b)
Ozark Holdings LLC (aka Royal Oak), 2020 Refinancing Term Loan, 12/16/27
    
502,917
  
 
3,945,260
  
Team Health Holdings, Inc., Initial Term Loan, 3.75% (LIBOR + 275 bps), 2/6/24
    
3,696,488
  
     
Total Diversified & Conglomerate Service
  
$
14,078,658
  
     
Electric & Electrical - 0.7%
        
 
1,050,000
  
Rackspace Technology Global, Inc., First Lien 2021 Term B Loan, 3.5% (LIBOR + 275 bps), 2/15/28
  
$
1,051,378
  
     
Total Electric & Electrical
  
$
1,051,378
  
     
Electronics - 2.9%
        
 
2,307,003
  
Natel Engineering Co., Inc., Initial Term Loan, 6.0% (LIBOR + 500 bps), 4/30/26
  
$
2,206,071
  
 
2,021,282
  
Scientific Games International, Inc., Initial Term B-5 Loan, 2.865% (LIBOR + 275 bps), 8/14/24
    
1,992,016
  
     
Total Electronics
  
$
4,198,087
  
     
Entertainment - 0.5%
        
 
660,000
(b)
Enterprise Development Authority, Term Loan B, 2/18/28
  
$
664,950
  
     
Total Entertainment
  
$
664,950
  
     
Entertainment & Leisure - 0.8%
        
 
1,100,000
(b)
Great American Outdoors Group LLC, Term Loan B, 2/25/28
  
$
1,104,466
  
     
Total Entertainment & Leisure
  
$
1,104,466
  
     
Finance - 1.0%
        
 
1,500,000
(b)
EFS Cogen Holdings I LLC, Advance Term B Loan, 10/1/27
  
$
1,504,687
  
     
Total Finance
  
$
1,504,687
  
     
Financial Services - 1.2%
        
 
655,075
  
Cardtronics USA, Inc., Initial Term Loan, 5.0% (LIBOR + 400 bps), 6/29/27
  
$
657,736
  
 
1,016,067
  
Everi Payments, Inc., Term B Loan, 3.5% (LIBOR + 275 bps), 5/9/24
    
1,011,621
  
 
99,500
  
Everi Payments, Inc., Term Loan, 11.5% (LIBOR + 1,050 bps), 5/9/24
    
104,475
  
     
Total Financial Services
  
$
1,773,832
  
     
Forest Products - 2.8%
        
 
1,745,625
  
Chobani LLC, 2020 New Term Loan, 4.5% (LIBOR + 350 bps), 10/25/27
  
$
1,758,172
  
 
1,310,814
  
ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan, 5.0% (LIBOR + 400 bps), 11/3/25
    
1,314,296
  
 
1,000,000
(b)
Schweitzer-Mauduit International, Inc., Term Loan B, 1/27/28
    
1,000,000
  
     
Total Forest Products
  
$
4,072,468
  
     
Healthcare - 3.1%
        
 
1,000,000
(b)
ADMI Corp. (aka Aspen Dental), Amendment, No. 4 Refinancing Term Loan, 12/23/27
  
$
998,047
  
 
879,118
  
Milano Acquisition Corp., First Lien Term B Loan, 4.75% (LIBOR + 400 bps), 10/1/27
    
877,652
  
 
1,000,000
  
Option Care Health, Inc., Term B Loan, 3.865% (LIBOR + 375 bps), 8/6/26
    
1,002,500
  
 
1,600,000
  
Sotera Health Holdings LLC, Refinancing, First Lien Term Loan, 3.25% (LIBOR + 275 bps), 12/11/26
    
1,603,333
  
     
Total Healthcare
  
$
4,481,532
  
     
Healthcare & Pharmaceuticals - 6.3%
        
 
2,051,122
  
Endo Luxembourg Finance Co. I S.a.r.l., Initial Term Loan, 5.0% (LIBOR + 425 bps), 4/29/24
  
$
2,047,918
  
 
1,485,000
  
FC Compassus LLC, Term B-1 Loan, 5.0% (LIBOR + 425 bps), 12/31/26
    
1,494,281
  
 
1,567,031
  
Kindred Healthcare LLC, Closing Date Term Loan, 4.625% (LIBOR + 450 bps), 7/2/25
    
1,572,907
  
 
1,262,455
  
NMN Holdings III Corp., First Lien Closing Date Term Loan, 3.615% (LIBOR + 350 bps), 11/13/25
    
1,257,721
  
 
218,069
  
NMN Holdings III Corp., First Lien Delayed Draw Term Loan, 3.615% (LIBOR + 350 bps), 11/13/25
    
217,251
  
 
250,000
  
PetVet Care Centers LLC (fka Pearl Intermediate Parent LLC), 2021 First Lien Replacement Term Loan, 4.25% (LIBOR + 350 bps), 2/14/25
    
250,703
  
 
1,481,269
  
Upstream Newco, Inc., First Lien Initial Term Loan, 4.615% (LIBOR + 450 bps), 11/20/26
    
1,444,237
  
Principal
Amount
USD ($)
      
Value
  
     
Healthcare & Pharmaceuticals - (continued)
        
 
750,000
  
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Initial Term Loan, 6.25% (LIBOR + 550 bps), 12/15/27
  
$
757,266
  
     
Total Healthcare & Pharmaceuticals
  
$
9,042,284
  
     
Healthcare, Education & Childcare - 4.9%
        
 
11,964
  
Alliance HealthCare Services, Inc., Second Lien Initial Term Loan, 12.0% (LIBOR + 1,100 bps), 4/24/24
  
$
5,444
  
 
1,536,259
  
ATI Holdings Acquisition, Inc., First Lien Initial Term Loan, 4.5% (LIBOR + 350 bps), 5/10/23
    
1,537,538
  
 
1,091,729
  
KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare), Term B-3 Loan, 4.75% (LIBOR + 375 bps), 2/21/25
    
1,063,298
  
 
1,805,211
  
Quorum Health Corp., Exit Term Loan, 9.25% (LIBOR + 825 bps), 4/29/25
    
1,844,135
  
 
535,950
  
Surgery Center Holdings, Inc., 2020 Incremental Term Loan, 9.0% (LIBOR + 800 bps), 9/3/24
    
551,359
  
 
2,075,438
  
U.S. Renal Care, Inc., Initial Term Loan, 5.125% (LIBOR + 500 bps), 6/26/26
    
2,074,141
  
     
Total Healthcare, Education & Childcare
  
$
7,075,915
  
     
Home Furnishings - 0.4%
        
 
500,000
(b)
Weber-Stephen Products LLC, Initial Term B Loan, 10/30/27
  
$
502,902
  
     
Total Home Furnishings
  
$
502,902
  
     
Hotel, Gaming & Leisure - 3.8%
        
 
2,114,988
  
Caesars Resort Collection LLC, Term B Loan, 2.865% (LIBOR + 275 bps), 12/23/24
  
$
2,098,392
  
 
1,097,250
  
Caesars Resort Collection LLC, Term B-1 Loan, 4.615% (LIBOR + 450 bps), 7/21/25
    
1,102,051
  
 
18,875
  
Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 13.0% (LIBOR + 1,200 bps), 10/4/23
    
21,942
  
 
2,211,085
  
Golden Nugget, Inc. (aka Landry's, Inc.), Initial Term B Loan, 3.25% (LIBOR + 250 bps), 10/4/23
    
2,193,257
  
     
Total Hotel, Gaming & Leisure
  
$
5,415,642
  
     
Insurance - 4.0%
        
 
516,556
  
Alliant Holdings Intermediate LLC, 2019 New Term Loan, 3.365% (LIBOR + 325 bps), 5/9/25
  
$
513,876
  
 
522,375
  
AqGen Ascensus, Inc., First Lien Seventh Amendment Replacement Term Loan, 5.0% (LIBOR + 400 bps), 12/3/26
    
525,705
  
 
500,000
(b)
Asurion LLC (fka Asurion Corp.), New B-9 Term Loan, 7/31/27
    
498,875
  
 
1,590,930
  
Confie Seguros Holding II Co., Term B Loan, 5.75% (LIBOR + 475 bps), 4/19/22
    
1,573,529
  
 
1,243,241
  
Integro Parent, Inc., First Lien Initial Term Loan, 6.75% (LIBOR + 575 bps), 10/31/22
    
1,212,160
  
 
1,246,875
  
Navicure, Inc., First Lien 2020 Incremental Term Loan, 4.75% (LIBOR + 400 bps), 10/22/26
    
1,253,109
  
 
248,750
  
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2020 Term Loan, 5.25% (LIBOR + 425 bps), 9/3/26
    
250,927
  
     
Total Insurance
  
$
5,828,181
  
     
Leasing - 1.1%
        
 
1,530,625
  
Fly Funding II S.a.r.l., Term B Loan, 7.0% (LIBOR + 600 bps), 10/8/25
  
$
1,534,452
  
     
Total Leasing
  
$
1,534,452
  
     
Leisure & Entertainment - 2.2%
        
 
1,068,987
  
AMC Entertainment Holdings, Inc. (fka AMC Entertainment, Inc.), Term B-1 Loan, 3.23% (LIBOR + 300 bps/PRIME + 200 bps), 4/22/26
  
$
916,657
  
 
1,641,750
  
Carnival Corp., Initial Advance, 8.5% (LIBOR + 750 bps), 6/30/25
    
1,703,316
  
 
500,000
(b)
E.W. Scripps Co., Tranche B-3 Term Loan, 1/7/28
    
501,562
  
     
Total Leisure & Entertainment
  
$
3,121,535
  
     
Machinery - 1.5%
        
 
762,584
  
Blount International, Inc., New Refinancing Term Loan, 4.75% (LIBOR + 375 bps), 4/12/23
  
$
764,014
  
 
1,237,499
  
MHI Holdings LLC, Initial Term Loan, 5.115% (LIBOR + 500 bps), 9/21/26
    
1,247,554
  
 
97,196
  
NN, Inc., Tranche B Term Loan, 6.5% (LIBOR + 575 bps), 10/19/22
    
97,165
  
     
Total Machinery
  
$
2,108,733
  
     
Media - 1.4%
        
 
1,972,152
  
Altice France SA, USD TLB-13 Incremental Term Loan, 4.198% (LIBOR + 400 bps), 8/14/26
  
$
1,976,836
  
     
Total Media
  
$
1,976,836
  
     
Metals & Mining - 2.4%
        
 
884,680
  
Atkore International, Inc., First Lien Initial Incremental Term Loan, 3.75% (LIBOR + 275 bps), 12/22/23
  
$
889,288
  
 
1,517,840
  
Phoenix Services International LLC, Term B Loan, 4.75% (LIBOR + 375 bps), 3/1/25
    
1,515,943
  
 
11,160
  
TMS International Corp. (aka Tube City IMS Corp.), Term B-2 Loan, 3.75% (LIBOR + 275 bps), 8/14/24
    
11,174
  
 
1,000,000
  
TMS International Corp., Term Loan B3, 3.75% (LIBOR + 275 bps), 8/14/24
    
1,001,250
  
     
Total Metals & Mining
  
$
3,417,655
  
     
Oil & Gas - 2.7%
        
 
1,609,222
+(b)
Summit Midstream Partners Holdings LLC, Term Loan Credit Facility (LIBOR + 600 bps), 5/13/22
  
$
362,075
  
 
3,552,554
  
Traverse Midstream Partners LLC, Advance, 6.5% (LIBOR + 550 bps), 9/27/24
    
3,531,458
  
     
Total Oil & Gas
  
$
3,893,533
  
     
Personal, Food & Miscellaneous Services - 2.1%
        
 
1,334,447
  
IRB Holding Corp. (aka Arby's/Buffalo Wild Wings), 2020 Replacement Term B Loan, 3.75% (Libor + 275 bps), 2/5/25
  
$
1,335,178
  
 
989,507
  
Knowlton Development Corp., Inc., Initial Term Loan, 3.865% (LIBOR + 375 bps), 12/22/25
    
986,260
  
 
750,000
  
Kronos Acquisition Holdings Inc., Tranche B-1 Term Loan, 4.25% (LIBOR + 375 bps), 12/22/26
    
749,906
  
     
Total Personal, Food & Miscellaneous Services
  
$
3,071,344
  
     
Printing & Publishing - 0.3%
        
 
454,779
  
Trader Corp., First Lien 2017 Refinancing Term Loan, 4.0% (LIBOR + 300 bps), 9/28/23
  
$
457,622
  
     
Total Printing & Publishing
  
$
457,622
  
     
Professional & Business Services - 10.3%
        
 
1,800,000
  
Amentum Government Services Holdings LLC, First Lien Tranche 2 Term Loan, 5.5% (LIBOR + 475 bps), 1/29/27
  
$
1,822,500
  
Principal
Amount
USD ($)
      
Value
  
     
Professional & Business Services - (continued)
        
 
1,488,750
  
APX Group, Inc., Initial Loan, 5.116% (LIBOR + 500 bps/PRIME + 400 bps), 12/31/25
  
$
1,496,061
  
 
1,532,052
  
Athenahealth, Inc., First Lien Term B-1 Loan, 4.453% (LIBOR + 425 bps), 2/11/26
    
1,543,543
  
 
985,000
  
Blackstone CQP Holdco LP, Initial Term Loan, 3.736% (LIBOR + 350 bps), 9/30/24
    
986,847
  
 
2,102,140
  
Clear Channel Outdoor Holdings, Inc., Term B Loan, 3.711% (LIBOR + 350 bps), 8/21/26
    
2,049,150
  
 
500,000
(b)
eResearch Technology, Inc., First Lien Initial Term Loan, 2/4/27
    
502,947
  
 
333,333
  
First Advantage Holdings LLC, First Lien Term B-1 Loan, 3.123% (LIBOR + 300 bps), 1/31/27
    
332,917
  
 
1,050,000
  
PAE Incorporated, First Lien Initial Term Loan, 5.25% (LIBOR + 450 bps), 10/19/27
    
1,058,367
  
 
104,167
  
PPD, Inc., Initial Term Loan, 2.75% (LIBOR + 225 bps), 1/13/28
    
104,655
  
 
1,133,915
  
SIWF Holdings, Inc. (aka Spring Window Fashions), First Lien Initial Term Loan, 4.365% (LIBOR + 425 bps), 6/15/25
    
1,132,781
  
 
1,915,396
  
Verscend Holding Corp., Term B Loan, 4.615% (LIBOR + 450 bps), 8/27/25
    
1,926,170
  
 
1,915,396
(b)
Verscend Holding Corp., Term Loan B, 8/27/25
    
1,929,761
  
     
Total Professional & Business Services
  
$
14,885,699
  
     
Retail - 7.2%
        
 
939,459
  
Bass Pro Group LLC, Initial Term Loan, 5.75% (LIBOR + 500 bps), 9/25/24
  
$
942,787
  
 
972,563
  
Harbor Freight Tools USA, Inc., Initial Term Loan, 4.0% (LIBOR + 325 bps), 10/19/27
    
978,033
  
 
1,500,000
  
Mattress Firm, Inc. Term Loan, 6.25% (LIBOR + 525 bps), 11/26/27
    
1,530,000
  
 
1,137,607
  
Michaels Stores, Inc., 2020 Refinancing Term B Loan, 4.25% (LIBOR + 350 bps), 10/1/27
    
1,140,024
  
 
500,000
(b)
Petco Animal Supplies, Inc., Term Loan B, 2/25/28
    
500,313
  
 
1,050,000
  
PetSmart LLC, Initial Term Loan, 4.5% (LIBOR + 375 bps), 2/11/28
    
1,058,694
  
 
500,000
  
Rent-A-Center, Inc., Initial Term Loan, 4.75 (LIBOR + 400 bps), 3/17/21
    
504,375
  
 
788,060
(b)
Service Logic Acquisition, Inc., First Lien Closing Date Initial Term Loan, 10/29/27
    
794,463
  
 
204,478
(b)
Service Logic Acquisition, Inc., First Lien Delayed Draw Term Loan, 10/29/27
    
206,139
  
 
2,132,501
  
Staples, Inc., 2019 Refinancing New Term B-2 Loan, 4.705% (LIBOR + 450 bps), 9/12/24
    
2,111,709
  
 
650,000
  
TruGreen LP, First Lien Second Refinancing Term Loan, 4.75% (LIBOR + 400 bps), 11/2/27
    
655,687
  
     
Total Retail
  
$
10,422,224
  
     
Securities & Trusts - 2.5%
        
 
1,510,403
  
KSBR Holding Corp., Initial Term Loan, 3.365% (LIBOR + 325 bps), 4/15/26
  
$
1,513,243
  
 
1,861,004
  
Spectacle Gary Holdings LLC, Closing Date Term Loan, 11.0% (LIBOR + 900 bps), 12/23/25
    
1,921,486
  
 
138,996
  
Spectacle Gary Holdings LLC, Delayed Draw Term Loan, 11.0% (LIBOR + 900 bps/PRIME + 800), 12/23/25
    
143,514
  
     
Total Securities & Trusts
  
$
3,578,243
  
     
Telecommunications - 3.3%
        
 
798,000
  
Consolidated Communications, Inc., Initial Term Loan, 5.75% (LIBOR + 475 bps), 10/2/27
  
$
804,650
  
 
675,000
  
Frontier Communications Corp., Initial Term Loan, 5.75% (LIBOR + 475 bps), 10/8/21
    
681,750
  
 
500,000
(b)
Virgin Media Bristol LLC, Term Q Loan, 1/31/29
    
501,289
  
 
795,994
  
Windstream Services II LLC, Initial Term Loan, 7.25% (LIBOR + 625 bps), 9/21/27
    
799,974
  
 
1,993,466
  
Xplornet Communications, Inc., Initial Term Loan, 4.865% (LIBOR + 475 bps), 6/10/27
    
2,007,795
  
     
Total Telecommunications
  
$
4,795,458
  
     
Textile & Apparel - 1.2%
        
 
1,309,560
  
Adient US LLC, Initial Term Loan, 4.384% (LIBOR + 425 bps), 5/6/24
  
$
1,307,923
  
 
350,000
  
Canada Goose, Inc., 2020 Refinancing Term Loan, 5.0% (LIBOR + 425 bps), 10/7/27
    
352,625
  
     
Total Textile & Apparel
  
$
1,660,548
  
     
Transport - 0.8%
        
 
1,115,128
  
Patriot Container Corp. (aka Wastequip), First Lien Closing Date Term Loan, 4.5% (LIBOR + 350 bps), 3/20/25
  
$
1,113,734
  
     
Total Transport
  
$
1,113,734
  
     
Transportation - 0.7%
        
 
1,180,279
  
Envision Healthcare Corp., Initial Term Loan, 3.865% (LIBOR + 375 bps), 10/10/25
  
$
1,018,833
  
     
Total Transportation
  
$
1,018,833
  
     
Utilities - 6.1%
        
 
1,149,313
  
Compass Power Generation LLC, Tranche B-1 Term Loan, 4.5% (LIBOR + 350 bps), 12/20/24
  
$
1,148,595
  
 
1,929,719
  
Eastern Power LLC (Eastern Covert Midco LLC) (aka TPF II LC LLC), Term Loan, 4.75% (LIBOR + 375 bps), 10/2/25
    
1,831,855
  
 
1,946,408
  
Edgewater Generation LLC, Term Loan, 3.865% (LIBOR + 375 bps), 12/13/25
    
1,939,870
  
 
1,250,000
(b)
Exgen Renewables IV LLC, Term Loan, 12/15/27
    
1,258,594
  
 
995,000
  
Hamilton Projects Acquiror LLC, Term Loan, 5.75% (LIBOR + 475 bps), 6/17/27
    
1,005,448
  
 
1,447,725
  
PG&E Corp., Term Loan, 3.5% (LIBOR + 300 bps), 6/23/25
    
1,455,567
  
 
215,753
  
Pike Corp., 2028 Delayed Draw Term Loan, 0.0%, 1/15/28
    
216,327
  
     
Total Utilities
  
$
8,856,256
  
     
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
        
     
(Cost $175,195,560)
  
$
178,346,876
  
Shares
      
Value
  
     
COMMON STOCKS - 1.0% of Net Assets
  
     
Energy Equipment & Services - 0.9%
        
 
72,091
(c)
FTS International, Inc.
  
$
1,380,542
  
     
Total Energy Equipment & Services
  
$
1,380,542
  
     
Specialty Retail - 0.1%
        
91,346
 +^(c)
Targus Cayman SubCo., Ltd.
  
$
120,577
  
     
Total Specialty Retail
  
$
120,577
  
     
TOTAL COMMON STOCKS
        
     
(Cost $2,065,469)
  
$
1,501,119
  
Principal
Amount
USD ($)
      
Value
  
     
ASSET BACKED SECURITIES - 2.7% of Net Assets
  
 
1,000,000
(a)
522 Funding CLO, Ltd., Series 2019-4A, Class E, 7.224% (3 Month USD LIBOR + 700 bps), 4/20/30 (144A)
  
$
981,201
  
 
1,000,000
(a)
Goldentree Loan Management US CLO 2, Ltd., Series 2017-2A, Class E, 4.924% (3 Month USD LIBOR + 470 bps), 11/28/30 (144A)
    
927,684
  
 
1,000,000
(a)
Madison Park Funding XXII, Ltd., Series 2016-22A, Class ER, 6.941% (3 Month USD LIBOR + 670 bps), 1/15/33 (144A)
    
999,925
  
 
1,000,000
(a)
Octagon Investment Partners XXI, Ltd., Series 2014-1A, Class DRR, 7.194% (3 Month USD LIBOR + 700 bps), 2/14/31 (144A)
    
1,000,434
  
     
TOTAL ASSET BACKED SECURITIES
        
     
(Cost $3,937,580)
  
$
3,909,244
  
     
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.5% of Net Assets
  
 
4,100,000
(a)
Connecticut Avenue Securities Trust, Series 2019-HRP1, Class B1, 9.38% (1 Month USD LIBOR + 925 bps), 11/25/39 (144A)
  
$
4,141,065
  
 
760,000
(a)
Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2, 12.368% (1 Month USD LIBOR + 1,225 bps), 2/25/49 (144A)
    
884,503
  
     
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
        
     
(Cost $4,860,000)
  
$
5,025,568
  
     
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9% of Net Assets
  
 
211,445
(a)
FREMF Mortgage Trust, Series 2020-KF74, Class C, 6.35% (1 Month USD LIBOR + 623 bps), 1/25/27 (144A)
  
$
208,010
  
 
625,000
(a)
Morgan Stanley Capital I Trust, Series 2019-BPR, Class D, 4.112% (1 Month USD LIBOR + 400 bps), 5/15/36 (144A)
    
426,323
  
 
1,000,000
  
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.0%, 5/15/48 (144A)
    
667,682
  
     
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
        
     
(Cost $1,608,366)
  
$
1,302,015
  
     
CORPORATE BONDS - 16.0% of Net Assets
  
     
Advertising - 0.9%
        
 
1,250,000
(d)
MDC Partners, Inc., 7.5%, 5/1/24 (144A)
  
$
1,259,375
  
     
Total Advertising
  
$
1,259,375
  
     
Banks - 0.7%
        
 
1,000,000
(e)(f)
Citigroup, Inc., 4.7% (SOFRRATE + 323 bps)
  
$
1,010,200
  
     
Total Banks
  
$
1,010,200
  
     
Building Materials - 0.8%
        
 
996,000
  
Patrick Industries, Inc., 7.5%, 10/15/27 (144A)
  
$
1,086,885
  
     
Total Building Materials
  
$
1,086,885
  
     
Chemicals - 0.7%
        
 
1,000,000
  
Hexion, Inc., 7.875%, 7/15/27 (144A)
  
$
1,060,000
  
     
Total Chemicals
  
$
1,060,000
  
     
 Coal - 1.4%
        
 
2,000,000
  
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/25 (144A)
  
$
2,075,600
  
     
Total Coal
  
$
2,075,600
  
     
Computers - 0.1%
        
 
100,000
  
Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A)
  
$
111,750
  
     
Total Computers
  
$
111,750
  
     
Diversified Financial Services - 1.1%
        
 
1,520,000
  
VistaJet Malta Finance Plc/XO Management Holding, Inc., 10.5%, 6/1/24 (144A)
  
$
1,618,800
  
     
Total Diversified Financial Services
  
$
1,618,800
  
     
Engineering & Construction - 0.8%
        
 
1,000,000
  
PowerTeam Services LLC, 9.033%, 12/4/25 (144A)
  
$
1,107,500
  
     
Total Engineering & Construction
  
$
1,107,500
  
     
Entertainment - 1.0%
        
 
892,000
  
Enterprise Development Authority, 12.0%, 7/15/24 (144A)
  
$
1,007,068
  
 
505,000
  
Mohegan Gaming & Entertainment, 8.0%, 2/1/26 (144A)
    
498,122
  
     
Total Entertainment
  
$
1,505,190
  
     
Healthcare-Products - 0.3%
        
 
380,000
  
Varex Imaging Corp., 7.875%, 10/15/27 (144A)
  
$
418,000
  
     
Total Healthcare-Products
  
$
418,000
  
     
Healthcare-Services - 0.7%
        
 
1,000,000
  
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26 (144A)
  
$
1,077,720
  
     
Total Healthcare-Services
  
$
1,077,720
  
     
Iron & Steel - 0.9%
        
 
1,087,000
  
Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A)
  
$
1,270,431
  
     
Total Iron & Steel
  
$
1,270,431
  
     
Leisure Time - 0.1%
        
 
105,000
  
Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A)
  
$
115,238
  
     
Total Leisure Time
  
$
115,238
  
     
Lodging - 0.7%
        
 
1,000,000
  
Station Casinos LLC, 4.5%, 2/15/28 (144A)
  
$
996,250
  
     
Total Lodging
  
$
996,250
  
     
Media - 0.7%
        
 
1,000,000
  
Sinclair Television Group, Inc., 5.5%, 3/1/30 (144A)
  
$
1,003,960
  
     
Total Media
  
$
1,003,960
  
     
Mining - 0.3%
        
 
331,000
  
Joseph T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A)
  
$
362,445
  
     
Total Mining
  
$
362,445
  
Principal
Amount
USD ($)
      
Value
  
     
Miscellaneous Manufacturers - 0.7%
        
 
1,000,000
  
Koppers, Inc., 6.0%, 2/15/25 (144A)
  
$
1,031,250
  
     
Total Miscellaneous Manufacturers
  
$
1,031,250
  
     
Oil & Gas - 1.1%
        
 
1,500,000
  
MEG Energy Corp., 7.125%, 2/1/27 (144A)
  
$
1,584,045
  
     
Total Oil & Gas
  
$
1,584,045
  
     
REITs - 1.5%
        
 
1,000,000
  
iStar, Inc., 4.75%, 10/1/24
  
$
1,026,250
  
 
1,065,000
  
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%, 2/15/25 (144A)
    
1,147,537
  
     
Total REITs
  
$
2,173,787
  
     
Retail - 1.1%
        
 
1,250,000
  
Michaels Stores, Inc., 8.0%, 7/15/27 (144A)
  
$
1,334,375
  
 
221,000
  
Party City Holdings, Inc., 8.75%, 2/15/26 (144A)
    
225,420
  
     
Total Retail
  
$
1,559,795
  
     
Transportation - 0.4%
        
 
612,565
(a)
Golar LNG Partners LP, 8.294% (3 Month USD LIBOR + 810 bps), 11/15/22 (144A)
  
$
603,377
  
     
Total Transportation
  
$
603,377
  
     
TOTAL CORPORATE BONDS
        
     
(Cost $20,598,986)
  
$
23,031,598
  
     
INSURANCE-LINKED SECURITIES - 0.8% of Net Assets#
  
     
Event Linked Bonds - 0.2%
        
     
Windstorm - U.S. Regional - 0.2%
        
 
250,000
(a)
Matterhorn Re, 7.035% (3 Month U.S. Treasury Bill + 700 bps), 12/7/21 (144A)
  
$
255,275
  
     
Total Event Linked Bonds
  
$
255,275
  
Face
Amount
USD ($)
      
Value
  
     
Collateralized Reinsurance - 0.1%
        
     
Multiperil - Worldwide - 0.0%†
        
 
27,000
+(c)(g)
Limestone Re 2019-2, 3/1/23 (144A)
  
$
44,131
  
 
300,000
+(c)(g)
Resilience Re, 4/6/21
    
30
  
          
$
44,161
  
     
Windstorm - Florida - 0.1%
        
 
250,000
+(c)(g)
Formby Re 2018, 2/28/22
  
$
44,229
  
     
Total Collateralized Reinsurance
  
$
88,390
  
     
Reinsurance Sidecars - 0.5%
        
     
Multiperil - U.S. - 0.0%†
        
 
250,000
+(c)(g)
Carnoustie Re 2017, 11/30/21
  
$
32,950
  
 
250,000
+(c)(h)
Harambee Re 2018, 12/31/21
    
4,625
  
 
250,000
+(h)
Harambee Re 2019, 12/31/22
    
2,750
  
          
$
40,325
  
     
Multiperil - Worldwide - 0.5%
        
 
3,037
+(h)
Alturas Re 2019-2, 3/10/22
  
$
14,103
  
 
29,558
+(h)
Alturas Re 2020-2, 3/10/23
    
37,060
  
 
250,000
+(c)(g)
Bantry Re 2016, 3/31/21
    
20,150
  
 
1,270,809
+(c)(g)
Berwick Re 2018-1, 12/31/21
    
122,102
  
 
907,913
+(c)(g)
Berwick Re 2019-1, 12/31/22
    
108,496
  
 
20,000
+(g)
Eden Re II, 3/22/22 (144A)
    
16,300
  
 
3,800
+(g)
Eden Re II, 3/22/23 (144A)
    
21,982
  
 
250,000
+(c)(g)
Gleneagles Re 2016, 11/30/21
    
7,800
  
 
300,000
+(c)(h)
Lorenz Re 2018, 7/1/21
    
4,140
  
 
199,590
+(c)(h)
Lorenz Re 2019, 6/30/22
    
10,658
  
 
300,000
+(c)(g)
Merion Re 2018-2, 12/31/21
    
49,650
  
 
400,000
+(c)(g)
Pangaea Re 2018-1, 12/31/21
    
8,422
  
 
400,000
+(c)(g)
Pangaea Re 2018-3, 7/1/22
    
8,297
  
 
327,699
+(c)(g)
Pangaea Re 2019-1, 2/1/23
    
6,828
  
 
294,125
+(c)(g)
Pangaea Re 2019-3, 7/1/23
    
10,580
  
 
324,259
+(g)
Pangaea Re 2020-1, 2/1/24
    
6,881
  
 
150,000
+(g)
Sector Re V, 12/1/23 (144A)
    
60,125
  
 
10,000
+(c)(g)
Sector Re V, 12/1/24 (144A)
    
23,747
  
 
400,000
+(c)(g)
St. Andrews Re 2017-1, 2/1/22
    
27,120
  
 
347,597
+(c)(g)
St. Andrews Re 2017-4, 6/1/21
    
34,204
  
 
253,645
+(c)(g)
Woburn Re 2018, 12/31/21
    
23,370
  
 
244,914
+(c)(g)
Woburn Re 2019, 12/31/22
    
82,465
  
          
$
704,480
  
     
Total Reinsurance Sidecars
  
$
744,805
  
     
TOTAL INSURANCE-LINKED SECURITIES
        
     
(Cost $1,360,601)
  
$
1,088,470
  
     
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 148.7%
        
     
(Cost $209,626,562)
  
$
214,204,890
  
     
OTHER ASSETS AND LIABILITIES - (48.7)%  
  
$
(70,127,733
)
     
NET ASSETS - 100.0%
  
$
144,077,157
  
   

bps
Basis Points.
FREMF
Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR
London Interbank Offered Rate.
PRIME
U.S. Federal Funds Rate.
REIT
Real Estate Investment Trust.
SOFRRATE
Secured Overnight Financing Rate.
(144A)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At February 28, 2021, the value of these securities amounted to $31,653,535, or 22.0% of net assets.
 

†
Amount rounds to less than 0.1%.
*
Senior secured floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (h) the lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at February 28, 2021.
^
Security is valued using fair value methods (other than supplied by independent pricing services).
+
Security that used significant unobservable inputs to determine its value.
(a)
Floating rate note. Coupon rate, reference index and spread shown at February 28, 2021.
(b)
This term loan will settle after February 28, 2021, at which time the interest rate will be determined.
(c)
Non-income producing security.
(d)
Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date.  The rate shown is the rate at February 28, 2021.
(e)
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at February 28, 2021.
(f)
Security is perpetual in nature and has no stated maturity date.
(g)
Issued as participation notes.
(h)
Issued as preference shares.
#
Securities are restricted as to resale.



Restricted Securities
Acquisition date
  
Cost
    
Value
  
Alturas Re 2019-2
12/19/2018
  
$
3,037
    
$
14,103
  
Alturas Re 2020-2
1/1/2020
    
29,558
      
37,060
  
Bantry Re 2016
2/6/2019
    
20,150
      
20,150
  
Berwick Re 2018-1
1/10/2018
    
209,553
      
122,102
  
Berwick Re 2019-1
12/31/2018
    
108,488
      
108,496
  
Carnoustie Re 2017
1/5/2017
    
59,439
      
32,950
  
Eden Re II
12/15/2017
    
1,195
      
16,300
  
Eden Re II
1/22/2019
    
446
      
21,982
  
Formby Re 2018
7/9/2018
    
37,013
      
44,229
  
Gleneagles Re 2016
1/14/2016
    
–
      
7,800
  
Harambee Re 2018
12/19/2017
    
16,457
      
4,625
  
Harambee Re 2019
12/20/2018
    
–
      
2,750
  
Limestone Re
6/20/2018
    
24,542
      
44,131
  
Lorenz Re 2018
6/26/2018
    
68,985
      
4,140
  
Lorenz Re 2019
6/26/2019
    
64,926
      
10,658
  
Matterhorn Re
4/30/2020
    
250,000
      
255,275
  
Merion Re 2018-2
12/28/2017
    
12,346
      
49,650
  
Pangaea Re 2018-1
12/26/2017
    
57,203
      
8,422
  
Pangaea Re 2018-3
5/31/2018
    
96,345
      
8,297
  
Pangaea Re 2019-1
1/9/2019
    
3,440
      
6,828
  
Pangaea Re 2019-3
7/25/2019
    
8,824
      
10,580
  
Pangaea Re 2020-1
1/21/2020
    
–
      
6,881
  
Resilience Re
4/13/2017
    
980
      
30
  
Sector Re V
1/1/2020
    
10,000
      
23,747
  
Sector Re V, Series 8, Class C
12/4/2018
    
82,093
      
60,125
  
St. Andrews Re 2017-1
1/5/2017
    
27,099
      
27,120
  
St. Andrews Re 2017-4
3/31/2017
    
–
      
34,204
  
Woburn Re 2018
3/20/2018
    
94,515
      
23,370
  
Woburn Re 2019
1/30/2019
    
73,967
      
82,465
  
Total Restricted Securities
            
$
1,088,470
  
% of Net assets
              
0.8
%

Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels below.
  
   
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 risks, etc.).
  
Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments).
  
   
The following is a summary of the inputs used as of February 28, 2021, in valuing the Trust's investments:
  
   
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Senior Secured Floating Rate Loan
   Interests
                        
Oil & Gas
  
$
–
    
$
3,531,458
    
$
362,075
    
$
3,893,533
  
All Other Senior Secured Floating Rate
   Loan Interests
    
–
      
174,453,343
      
–
      
174,453,343
  
Common Stocks
                                
Specialty Retail
    
–
      
–
      
120,577
      
120,577
  
All Other Common Stock
    
1,380,542
      
–
      
–
      
1,380,542
  
Asset Backed Securities
    
–
      
3,909,244
      
–
      
3,909,244
  
Collateralized Mortgage Obligations
    
–
      
5,025,568
      
–
      
5,025,568
  
Commercial Mortgage-Backed Securities
    
–
      
1,302,015
      
–
      
1,302,015
  
Corporate Bonds
    
–
      
23,031,598
      
–
      
23,031,598
  
Insurance-Linked Securities
                                
Collateralized Reinsurance
                                
Multiperil - Worldwide
    
–
      
–
      
44,161
      
44,161
  
Windstorm - Florida
    
–
      
–
      
44,229
      
44,229
  
Reinsurance Sidecars
                                
Multiperil - U.S.
    
–
      
–
      
40,325
      
40,325
  
Multiperil - Worldwide
    
–
      
–
      
704,480
      
704,480
  
All Other Insurance-Linked Security
    
–
      
255,275
      
–
      
255,275
  
Total Investments in Securities
  
$
1,380,542
    
$
211,508,501
    
$
1,315,847
    
$
214,204,890
  
   

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
 


 
Balance
as of
11/30/20
   
Realized
gain
(loss)
   
Change in
unrealized
appreciation
(depreciation)
   
Purchases
    
Sales
   
Accrued
discounts/
premiums
   
Transfer
in to
Level 3*
   
Balance
as of
2/28/21
 
Senior Secured Floating Rate Loan Interests
                                                
  Oil & Gas
   $ –    
$
–
    
$
(243
)
  
$
–
    
$
–
    
$
243
    
$
362,075
    
$
362,075
  
Common Stocks
                                                                
  Specialty Retail
     120,576
 		     
–
      
1
     
–
      
–
              
–
      
120,577
 
Insurance-Linked Securities
      Collateralized
                                                                
      Reinsurance
                                                                
        Multiperil -
          Worldwide
    
42,442
      
–
     
4,177
      
–
     
(2,458
)
    
–
     
–
      
44,161
 
        Windstorm -
           Florida
    
44,229
      
–
      
–
              
–
      
–
      
–
      
44,229
  
 Reinsurance
     Sidecars
                                                                
         Multiperil - U.S.
   
41,662
      
–
      
1,719
      
–
      
(3,056
)
    
–
      
–
     
40,325
  
         Multiperil -
               Worldwide
    
1,690,975
      
–
      
(23,049
)
    
–
       (963,446 )
                   
704,480
  
 Total   $ 1,939,884     $ –     $ (17,395 )   $ –     $ (968,960 )   $ 243     $ 362,075     $ 1,315,847  
*        Transfers are calculated on the beginning of period values. For the three months ended February 28, 2021, securities with an aggregate market value of $362,075 transferred from Level 2 to Level 3 as there were no longer observable inputs available to determine their value. There were no other transfers in or out of Level 3.
 
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at February 28, 2021: $(17,395).