Ticker Symbol: PHD |
Principal Amount USD ($) | Value | |||||
UNAFFILIATED ISSUERS — 154.1% | ||||||
Senior Secured Floating Rate Loan Interests — 124.0% of Net Assets*(a) | ||||||
Advanced Materials — 1.7% | ||||||
957,062 | Gemini HDPE LLC, 2027 Advance, 3.50% (LIBOR + 300 bps), 12/31/27 | $ 951,230 | ||||
1,393,998(b) | Groupe Solmax, Inc., Initial Term Loan, 5.50% (LIBOR + 475 bps), 5/29/28 | 1,391,384 | ||||
Total Advanced Materials | $2,342,614 | |||||
Advertising Sales — 1.5% | ||||||
2,080,853 | Clear Channel Outdoor Holdings, Inc., Term B Loan, 3.799% (LIBOR + 350 bps), 8/21/26 | $ 2,047,328 | ||||
Total Advertising Sales | $2,047,328 | |||||
Advertising Services — 2.5% | ||||||
1,963,216 | CB Poly Investments LLC, First Lien Closing Date Term Loan, 5.50% (LIBOR + 450 bps), 8/16/23 | $ 1,952,173 | ||||
500,000 | Dotdash Meredith, Inc., Term Loan B, 4.05% (SOFR + 400 bps), 12/1/28 | 498,334 | ||||
997,500 | Summer BC Holdco B S.a r.l. USD Additional Facility B2, 5.25% (LIBOR + 450 bps), 12/4/26 | 993,759 | ||||
Total Advertising Services | $3,444,266 | |||||
Aerospace & Defense — 2.2% | ||||||
914,375 | ADS Tactical, Inc., Initial Term Loan, 6.75% (LIBOR + 575 bps), 3/19/26 | $ 893,801 | ||||
693,013 | Spirit AeroSystems, Inc., (fka Mid-Western Aircraft Systems, Inc. and Onex Wind Finance LP.), 2021 Refinancing Term Loan, 4.25% (LIBOR + 375 bps), 1/15/25 | 691,642 | ||||
1,541,582 | WP CPP Holdings, LLC, First Lien Initial Term Loan, 4.75% (LIBOR + 375 bps), 4/30/25 | 1,482,809 | ||||
Total Aerospace & Defense | $3,068,252 | |||||
Airlines — 3.3% | ||||||
500,000 | AAdvantage Loyalty IP, Ltd. (American Airlines, Inc.), Initial Term Loan, 5.50% (LIBOR + 475 bps), 4/20/28 | $ 510,375 | ||||
1,270,841 | Allegiant Travel Co., Replacement Term Loan, 3.469% (LIBOR + 300 bps), 2/5/24 | 1,262,104 | ||||
1,170,000^ | Grupo Aeromexico SAB de CV, DIP Tranche 1 Facility, 9.00% (LIBOR + 800 bps), 3/31/22 | 1,178,775 |
Principal Amount USD ($) | Value | |||||
Airlines — (continued) | ||||||
1,250,000 | Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 6.25% (LIBOR + 525 bps), 6/21/27 | $ 1,311,329 | ||||
340,000 | SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 4.75% (LIBOR + 375 bps), 10/20/27 | 356,268 | ||||
Total Airlines | $4,618,851 | |||||
Airport Development & Maintenance — 0.2% | ||||||
250,000 | KKR Apple Bidco LLC, Second Lien Initial Term Loan, 6.25% (LIBOR + 575 bps), 9/21/29 | $ 251,875 | ||||
Total Airport Development & Maintenance | $251,875 | |||||
Apparel Manufacturers — 0.2% | ||||||
346,507 | Canada Goose, Inc., 2021 Refinancing Term Loan, 4.25% (LIBOR + 350 bps), 10/7/27 | $ 345,568 | ||||
Total Apparel Manufacturers | $345,568 | |||||
Appliances — 0.3% | ||||||
406,960 | Weber-Stephen Products LLC, Initial Term B Loan, 4.00% (LIBOR + 325 bps), 10/30/27 | $ 396,481 | ||||
Total Appliances | $396,481 | |||||
Applications Software — 0.9% | ||||||
250,000 | EP Purchaser LLC, First Lien Closing Date Term Loan, 4.00% (LIBOR + 350 bps), 11/6/28 | $ 248,973 | ||||
1,000,000 | Loyalty Ventures, Inc., Term B Loan, 5.00% (LIBOR + 450 bps), 11/3/27 | 990,833 | ||||
Total Applications Software | $1,239,806 | |||||
Auction House & Art Dealer — 0.4% | ||||||
497,500 | Sotheby's, 2021 Second Refinancing Term Loan, 5.00% (LIBOR + 450 bps), 1/15/27 | $ 497,189 | ||||
Total Auction House & Art Dealer | $497,189 | |||||
Auto Parts & Equipment — 3.5% | ||||||
646,750 | Adient US LLC, Term B-1 Loan, 3.459% (LIBOR + 350 bps), 4/10/28 | $ 644,845 | ||||
597,000 | Autokiniton US Holdings, Inc., (aka L&W, Inc.) Closing Date Term B Loan, 5.00% (LIBOR + 450 bps), 4/6/28 | 594,761 | ||||
1,468,945 | First Brands Group LLC, First Lien 2021 Term Loan, 6.00% (LIBOR + 500 bps), 3/30/27 | 1,463,895 |
Principal Amount USD ($) | Value | |||||
Auto Parts & Equipment — (continued) | ||||||
1,581,776(b) | IXS Holdings, Inc., Initial Term Loan, 5.00% (LIBOR + 425 bps), 3/5/27 | $ 1,502,687 | ||||
748,125 | Wheel Pros, Inc., First Lien Initial Term Loan, 5.25% (LIBOR + 450 bps), 5/11/28 | 740,644 | ||||
Total Auto Parts & Equipment | $4,946,832 | |||||
Auto-Truck Trailers — 1.6% | ||||||
1,495,000 | American Trailer World Corp., First Lien Initial Term Loan, 4.60% (SOFR + 375 bps), 3/3/28 | $ 1,472,109 | ||||
777,778 | Novae LLC, Tranche B Term Loan, 5.75% (SOFR + 500 bps), 12/22/28 | 771,944 | ||||
Total Auto-Truck Trailers | $2,244,053 | |||||
Beverages — 0.7% | ||||||
27,273 | Naked Juice LLC, First Lien Delayed Draw Term Loan, 3.75% (SOFR + 325 bps), 1/24/29 | $ 27,079 | ||||
472,727 | Naked Juice LLC, First Lien Initial Term Loan, 3.75% (SOFR + 325 bps), 1/24/29 | 469,367 | ||||
497,500 | Triton Water Holdings, Inc., First Lien Initial Term Loan, 4.00% (LIBOR + 350 bps), 3/31/28 | 486,866 | ||||
Total Beverages | $983,312 | |||||
Broadcast Service & Programing — 0.5% | ||||||
750,000 | Univision Communications, Inc., First Lien Initial Term Loan, 4.00% (LIBOR + 325 bps), 1/31/29 | $ 744,766 | ||||
Total Broadcast Service & Programing | $744,766 | |||||
Building & Construction — 1.3% | ||||||
447,765 | DG Investment Intermediate Holdings 2, Inc., First Lien Closing Date Initial Term Loan, 4.25% (LIBOR + 375 bps), 3/31/28 | $ 450,004 | ||||
500,000 | DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 7.50% (LIBOR + 675 bps), 3/30/29 | 502,500 | ||||
917,508 | Service Logic Acquisition, Inc., First Lien Closing Date Initial Term Loan, 4.75% (LIBOR + 400 bps), 10/29/27 | 912,920 | ||||
Total Building & Construction | $1,865,424 | |||||
Building & Construction Products — 1.7% | ||||||
1,469,857 | Cornerstone Building Brands, Inc., Tranche B Term Loan, 3.75% (LIBOR + 325 bps), 4/12/28 | $ 1,442,910 |
Principal Amount USD ($) | Value | |||||
Building & Construction Products — (continued) | ||||||
992,566 | CP Atlas Buyer, Inc., Term B Loan, 4.25% (LIBOR + 375 bps), 11/23/27 | $ 976,127 | ||||
5,554 | Thor Industries, Inc., Term B-1 USD Loan, 3.25% (LIBOR + 300 bps), 2/1/26 | 5,544 | ||||
Total Building & Construction Products | $2,424,581 | |||||
Building Production — 1.7% | ||||||
500,000 | Chariot Buyer LLC., First Lien Initial Term Loan, 4.00% (LIBOR + 350 bps), 11/3/28 | $ 496,172 | ||||
1,000,000(b) | Pelican Products, Inc., First Lien Initial Term Loan, 12/29/28 | 987,500 | ||||
850,000 | Vector WP HoldCo., Inc. (Vector Canada Acquisition ULC), Initial Term B Loan, 5.75% (LIBOR + 500 bps), 10/12/28 | 837,250 | ||||
Total Building Production | $2,320,922 | |||||
Building-Heavy Construction — 0.5% | ||||||
498,750 | Aegion Corp., Initial Term Loan, 5.50% (LIBOR + 475 bps), 5/17/28 | $ 496,880 | ||||
250,000 | Artera Services LLC, First Lien Tranche B Term Loan, 4.50% (LIBOR + 350 bps), 3/6/25 | 241,875 | ||||
Total Building-Heavy Construction | $738,755 | |||||
Building-Maintenance & Service — 0.5% | ||||||
748,125 | ArchKey Holdings, Inc., First Lien Initial Term Loan, 6.00% (LIBOR + 525 bps), 6/29/28 | $ 745,787 | ||||
Total Building-Maintenance & Service | $745,787 | |||||
Cable & Satellite Television — 1.5% | ||||||
586,500 | DIRECTV Financing LLC, Closing Date Term Loan, 5.75% (LIBOR + 500 bps), 8/2/27 | $ 585,553 | ||||
1,000,000 | Radiate Holdco LLC, Amendment No. 6 Term Loan, 4.00% (LIBOR + 325 bps), 9/25/26 | 991,001 | ||||
500,000 | Virgin Media Bristol LLC, Facility Q, 3.441% (LIBOR + 325 bps), 1/31/29 | 497,143 | ||||
Total Cable & Satellite Television | $2,073,697 | |||||
Casino Hotels — 0.8% | ||||||
1,086,250 | Caesars Resort Collection LLC, Term B-1 Loan, 3.709% (LIBOR + 350 bps), 7/21/25 | $ 1,083,534 | ||||
Total Casino Hotels | $1,083,534 | |||||
Casino Services — 1.5% | ||||||
546,761 | Everi Holdings, Inc., Term B Loan, 3.00% (LIBOR + 250 bps), 8/3/28 | $ 543,192 |
Principal Amount USD ($) | Value | |||||
Casino Services — (continued) | ||||||
498,750 | J&J Ventures Gaming LLC, Initial Term Loan, 4.75% (LIBOR + 400 bps), 4/26/28 | $ 497,659 | ||||
1,100,000 | Lucky Bucks LLC, Initial Term Loan, 6.25% (LIBOR + 550 bps), 7/30/27 | 1,081,437 | ||||
Total Casino Services | $2,122,288 | |||||
Cellular Telecom — 2.9% | ||||||
1,951,977 | Altice France SA, USD TLB-13 Incremental Term Loan, 4.506% (LIBOR + 400 bps), 8/14/26 | $ 1,938,354 | ||||
550,000(b) | CCI Buyer, Inc., First Lien Initial Term Loan, 12/17/27 | 546,047 | ||||
497,500 | Gogo Intermediate Holdings LLC, Initial Term Loan, 4.50% (LIBOR + 375 bps), 4/30/28 | 494,080 | ||||
748,125 | Xplornet Communications, Inc., First Lien Refinancing Term Loan, 4.50% (LIBOR + 400 bps), 10/2/28 | 742,233 | ||||
350,000 | Xplornet Communications, Inc., Second Lien Initial Term Loan, 7.50% (LIBOR + 700 bps), 10/1/29 | 353,500 | ||||
Total Cellular Telecom | $4,074,214 | |||||
Chemicals-Diversified — 1.2% | ||||||
1,000,000 | ARC Falcon I, Inc., Second Lien Initial Term Loan, 7.50% (LIBOR + 700 bps), 9/30/29 | $ 982,500 | ||||
748,125 | Geon Performance Solutions LLC (Fka. Echo US Holdings, LLC), Initial Term Loan, 5.50% (LIBOR + 475 bps), 8/18/28 | 746,255 | ||||
Total Chemicals-Diversified | $1,728,755 | |||||
Chemicals-Plastics — 0.4% | ||||||
600,000(b) | Bakelite UK Intermediate Ltd., Term Loan, 2/2/29 | $ 594,750 | ||||
Total Chemicals-Plastics | $594,750 | |||||
Chemicals-Specialty — 1.7% | ||||||
1,091,750 | Cpc Acquisition Corp., First Lien Initial Term Loan, 4.50% (LIBOR + 375 bps), 12/29/27 | $ 1,067,186 | ||||
597,000 | Herens US Holdco Corp., USD Facility B, 4.75% (LIBOR + 400 bps), 7/3/28 | 593,866 | ||||
719,576 | LSF11 Skyscraper Holdco S.a r.l. USD Facility B3, 4.25% (LIBOR + 350 bps), 9/29/27 | 715,978 | ||||
18,914 | Nouryon USA LLC, Initial Dollar Term Loan, 3.209% (LIBOR + 300 bps), 10/1/25 | 18,708 | ||||
Total Chemicals-Specialty | $2,395,738 | |||||
Commercial Services — 2.8% | ||||||
748,125 | CoreLogic, Inc. (fka First American Corporation), First Lien Initial Term Loan, 4.00% (LIBOR + 350 bps), 6/2/28 | $ 737,371 |
Principal Amount USD ($) | Value | |||||
Commercial Services — (continued) | ||||||
595,508 | Indy US Bidco LLC, 2021 Refinancing Dollar Term Loan, 3.959% (LIBOR + 375 bps), 3/6/28 | $ 592,158 | ||||
643,500 | TruGreen LP, First Lien Second Refinancing Term Loan, 4.75% (LIBOR + 400 bps), 11/2/27 | 643,902 | ||||
1,905,819 | Verscend Holding Corp., Term B-1 Loan, 4.209% (LIBOR + 400 bps), 8/27/25 | 1,905,024 | ||||
Total Commercial Services | $3,878,455 | |||||
Communications Software — 0.4% | ||||||
500,000 | Mavenir Systems, Inc., Initial Term Loan, 5.25% (LIBOR + 475 bps), 8/18/28 | $ 496,250 | ||||
Total Communications Software | $496,250 | |||||
Computer Data Security — 1.4% | ||||||
1,147,125 | Magenta Buyer, LLC, First Lien Initial Term Loan, 5.75% (LIBOR + 500 bps), 7/27/28 | $ 1,139,238 | ||||
898,500 | Vision Solutions, Inc. (Precisely Software Incorporated), First Lien Third Amendment Term Loan, 4.75% (LIBOR + 400 bps), 4/24/28 | 891,200 | ||||
Total Computer Data Security | $2,030,438 | |||||
Computer Services — 1.9% | ||||||
1,129,325 | Ahead DB Holdings LLC, First Lien Term B Loan, 4.50% (LIBOR + 375 bps), 10/18/27 | $ 1,126,678 | ||||
992,500 | Peraton Corp., First Lien Term B Loan, 4.50% (LIBOR + 375 bps), 2/1/28 | 989,916 | ||||
598,500 | Sitel Group, Initial Dollar Term Loan, 4.25% (LIBOR + 375 bps), 8/28/28 | 596,442 | ||||
Total Computer Services | $2,713,036 | |||||
Computer Software — 2.9% | ||||||
1,250,000 | Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 4.25% (LIBOR + 375 bps), 10/16/28 | $ 1,241,406 | ||||
500,000(b) | Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Loan, 11/19/26 | 496,719 | ||||
498,744 | Idera, Inc., First Lien Term B-1 Loan, 4.50% (LIBOR + 375 bps), 3/2/28 | 495,253 | ||||
900,000(b) | McAfee Corp., Tranche B-1 Term Loan, 3/1/29 | 889,875 | ||||
1,042,125 | Rackspace Technology Global, Inc., First Lien 2021 Term B Loan, 3.50% (LIBOR + 275 bps), 2/15/28 | 1,011,839 | ||||
Total Computer Software | $4,135,092 |
Principal Amount USD ($) | Value | |||||
Computers-Integrated Systems — 0.5% | ||||||
558,111 | Atlas CC Acquisition Corp., First Lien Term B Loan, 5.00% (LIBOR + 425 bps), 5/25/28 | $ 556,890 | ||||
113,514 | Atlas CC Acquisition Corp., First Lien Term C Loan, 5.00% (LIBOR + 425 bps), 5/25/28 | 113,265 | ||||
Total Computers-Integrated Systems | $670,155 | |||||
Consulting Services — 1.2% | ||||||
1,044,750 | Ankura Consulting Group LLC, First Lien Closing Date Term Loan, 5.25% (SOFR + 450 bps), 3/17/28 | $ 1,041,812 | ||||
738,653 | MAG DS Corp., Initial Term Loan, 6.50% (LIBOR + 550 bps), 4/1/27 | 688,794 | ||||
Total Consulting Services | $1,730,606 | |||||
Consumer Products — 0.9% | ||||||
1,381,188 | Instant Brands Holdings, Inc., Initial Loan, 5.75% (LIBOR + 500 bps), 4/12/28 | $ 1,298,316 | ||||
Total Consumer Products | $1,298,316 | |||||
Containers-Metal & Glass — 0.7% | ||||||
987,525 | Plaze, Inc., 2021-1 Term Loan, 4.50% (LIBOR + 375 bps), 8/3/26 | $ 967,775 | ||||
Total Containers-Metal & Glass | $967,775 | |||||
Containers-Paper & Plastic — 2.8% | ||||||
496,241 | Charter Next Generation, Inc., First Lien 2021 Initial Term Loan, 4.50% (LIBOR + 375 bps), 12/1/27 | $ 494,768 | ||||
704,927 | Graham Packaging Co., Inc., 2021 Initial Term Loan, 3.75% (LIBOR + 300 bps), 8/4/27 | 698,955 | ||||
787,307 | Pregis TopCo, LLC, First Lien Initial Term Loan, 4.209% (LIBOR + 400 bps), 7/31/26 | 785,339 | ||||
1,301,000 | ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan, 4.50% (LIBOR + 375 bps), 11/3/25 | 1,296,771 | ||||
611,511 | Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loan, 4.50% (LIBOR + 400 bps), 9/15/28 | 609,382 | ||||
54,521 | Trident TPI Holdings, Inc., Tranche B-3 Term Loan, 4.50% (LIBOR + 400 bps), 9/15/28 | 54,331 | ||||
Total Containers-Paper & Plastic | $3,939,546 | |||||
Cosmetics & Toiletries — 0.6% | ||||||
778,210 | Sunshine Luxembourg VII S.a r.l. Facility B3, 4.50% (LIBOR + 375 bps), 10/1/26 | $ 777,584 | ||||
Total Cosmetics & Toiletries | $777,584 |
Principal Amount USD ($) | Value | |||||
Cruise Lines — 1.1% | ||||||
1,625,250 | Carnival Corp., Initial Advance, 3.75% (LIBOR + 300 bps), 6/30/25 | $ 1,610,216 | ||||
Total Cruise Lines | $1,610,216 | |||||
Data Processing & Management — 1.7% | ||||||
2,237,815 | DTI Holdco, Inc., Replacement B-1 Term Loan, 5.75% (LIBOR + 475 bps), 9/29/23 | $ 2,213,199 | ||||
166,667(b) | Dun & Bradstreet Corp., 2022 Incremental Term B-2 Loan, 1/18/29 | 164,948 | ||||
Total Data Processing & Management | $2,378,147 | |||||
Dialysis Centers — 1.4% | ||||||
2,054,421 | US Renal Care, Inc., Initial Term Loan, 5.209% (LIBOR + 500 bps), 6/26/26 | $ 1,984,351 | ||||
Total Dialysis Centers | $1,984,351 | |||||
Distribution & Wholesale — 1.2% | ||||||
600,000 | AIP RD Buyer Corp., First Lien Term Loan B, 4.75% (SOFR + 425 bps), 12/22/28 | $ 597,750 | ||||
1,103,661 | Patriot Container Corp. (aka Wastequip), First Lien Closing Date Term Loan, 4.75% (LIBOR + 375 bps), 3/20/25 | 1,062,274 | ||||
Total Distribution & Wholesale | $1,660,024 | |||||
E-Commerce — 0.7% | ||||||
496,250 | CNT Holdings I Corp., First Lien Initial Term Loan, 4.25% (LIBOR + 375 bps), 11/8/27 | $ 494,522 | ||||
454,779 | Trader Corp., First Lien 2017 Refinancing Term Loan, 4.00% (LIBOR + 300 bps), 9/28/23 | 451,937 | ||||
Total E-Commerce | $946,459 | |||||
Electric-Generation — 1.4% | ||||||
1,589,066 | Eastern Power, LLC (Eastern Covert Midco, LLC), Term Loan, 4.75% (LIBOR + 375 bps), 10/2/25 | $ 1,047,989 | ||||
985,000 | Hamilton Projects Acquiror LLC, Term Loan, 5.25% (LIBOR + 450 bps), 6/17/27 | 979,583 | ||||
Total Electric-Generation | $2,027,572 | |||||
Electric-Integrated — 2.2% | ||||||
1,221,870 | Constellation Renewables, LLC, Loan, 3.50% (LIBOR + 250 bps), 12/15/27 | $ 1,218,816 |
Principal Amount USD ($) | Value | |||||
Electric-Integrated — (continued) | ||||||
1,433,175 | PG&E Corp., Term Loan, 3.50% (LIBOR + 300 bps), 6/23/25 | $ 1,410,483 | ||||
479,452 | Pike Corp., 2028 Initial Term Loan, 3.21% (LIBOR + 300 bps), 1/21/28 | 475,899 | ||||
Total Electric-Integrated | $3,105,198 | |||||
Electronic Composition — 3.5% | ||||||
1,088,812 | Compass Power Generation LLC, Tranche B-1 Term Loan, 4.50% (LIBOR + 350 bps), 12/20/24 | $ 1,078,378 | ||||
1,709,789 | Energy Acquisition Co., Inc., First Lien Initial Term Loan, 4.459% (LIBOR + 425 bps), 6/26/25 | 1,691,978 | ||||
2,227,969 | Natel Engineering Co., Inc., Initial Term Loan, 7.25% (LIBOR + 625 bps), 4/30/26 | 2,181,554 | ||||
Total Electronic Composition | $4,951,910 | |||||
E-Marketing & Information — 0.2% | ||||||
331,220 | Trader Interactive LLC (fka Dominion Web Solutions LLC), Initial Term Loan, 4.50% (LIBOR + 400 bps), 7/28/28 | $ 329,563 | ||||
Total E-Marketing & Information | $329,563 | |||||
Engines — 0.9% | ||||||
1,300,000 | Arcline FM Holdings LLC, Second Lien Term Loan, 9.00% (LIBOR + 825 bps), 6/25/29 | $ 1,290,250 | ||||
Total Engines | $1,290,250 | |||||
Enterprise Software & Services — 0.3% | ||||||
498,750 | Skopima Consilio Parent LLC, First Lien Initial Term Loan, 4.50% (LIBOR + 400 bps), 5/12/28 | $ 493,918 | ||||
Total Enterprise Software & Services | $493,918 | |||||
Finance-Leasing Company — 1.0% | ||||||
1,366,705 | Fly Willow Funding Ltd., Term Loan B, 7.00% (LIBOR + 600 bps), 10/8/25 | $ 1,370,976 | ||||
Total Finance-Leasing Company | $1,370,976 | |||||
Food-Dairy Products — 1.2% | ||||||
1,728,125 | Chobani LLC., 2020 New Term Loan, 4.50% (LIBOR + 350 bps), 10/25/27 | $ 1,725,244 | ||||
Total Food-Dairy Products | $1,725,244 | |||||
Footwear & Related Apparel — 0.5% | ||||||
750,000 | Crocs, Inc., Term B Loan, 4.00% (SOFR + 350 bps), 2/20/29 | $ 742,835 | ||||
Total Footwear & Related Apparel | $742,835 |
Principal Amount USD ($) | Value | |||||
Gambling (Non-Hotel) — 1.9% | ||||||
635,250 | Enterprise Development Authority, Term B Loan, 5.00% (LIBOR + 425 bps), 2/28/28 | $ 634,654 | ||||
2,000,497 | Scientific Games International, Inc., Initial Term B-5 Loan, 2.96% (LIBOR + 275 bps), 8/14/24 | 1,990,381 | ||||
Total Gambling (Non-Hotel) | $2,625,035 | |||||
Housewares — 0.3% | ||||||
483,750 | Ozark Holdings LLC, 2020 Refinancing Term Loan, 4.25% (LIBOR + 375 bps), 12/16/27 | $ 482,440 | ||||
Total Housewares | $482,440 | |||||
Human Resources — 3.4% | ||||||
992,500 | CCRR Parent, Inc., First Lien Initial Term Loan, 4.50% (LIBOR + 375 bps), 3/6/28 | $ 997,153 | ||||
3,904,271 | Team Health Holdings, Inc., Initial Term Loan, 3.75% (LIBOR + 275 bps), 2/6/24 | 3,723,698 | ||||
Total Human Resources | $4,720,851 | |||||
Independ Power Producer — 1.0% | ||||||
1,462,400 | EFS Cogen Holdings I LLC, Term B Advance, 4.50% (LIBOR + 350 bps), 10/1/27 | $ 1,427,059 | ||||
Total Independ Power Producer | $1,427,059 | |||||
Internet Content — 0.3% | ||||||
410,719 | Hunter US Bidco, Inc., First Lien Initial Dollar Term Loan, 4.75% (LIBOR + 425 bps), 8/19/28 | $ 409,692 | ||||
Total Internet Content | $409,692 | |||||
Internet Gambling — 0.0%† | ||||||
18,875 | Golden Nugget Online Gaming LLC, 2020 Initial Term Loan, 13.00% (LIBOR + 1,200 bps), 10/4/23 | $ 20,291 | ||||
Total Internet Gambling | $20,291 | |||||
Investment Management & Advisory Services — 1.1% | ||||||
497,500 | Edelman Financial Engines Center LLC, First Lien 2021 Initial Term Loan, 4.25% (LIBOR + 350 bps), 4/7/28 | $ 494,321 | ||||
1,000,000(b) | LHS Borrower LLC, Term Loan B, 2/25/29 | 990,000 | ||||
Total Investment Management & Advisory Services | $1,484,321 | |||||
Lottery Services — 0.6% | ||||||
800,000(b) | Scientific Games Corp., Term Loan, 2/4/29 | $ 795,666 | ||||
Total Lottery Services | $795,666 | |||||
Machinery — 1.6% | ||||||
785,714 | East West Manufacturing LLC, Initial Term Loan, 6.50% (SOFR + 575 bps), 12/22/28 | $ 779,822 |
Principal Amount USD ($) | Value | |||||
Machinery — (continued) | ||||||
1,155,963 | Engineered Components & Systems LLC, First Lien Initial Term Loan, 6.50% (LIBOR + 600 bps), 8/2/28 | $ 1,140,069 | ||||
344,037 | Engineered Components and Systems LLC, First Lien Delayed Draw Term Loan, 6.50% (LIBOR + 600 bps), 8/2/28 | 340,166 | ||||
Total Machinery | $2,260,057 | |||||
Machinery-Pumps — 0.7% | ||||||
987,972 | Circor International, Inc., Initial Term Loan, 5.00% (LIBOR + 450 bps), 12/20/28 | $ 983,032 | ||||
Total Machinery-Pumps | $983,032 | |||||
Medical Diagnostic Imaging — 0.6% | ||||||
844,375 | US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Closing Date Term Loan, 5.75% (LIBOR + 550 bps), 12/15/27 | $ 841,209 | ||||
Total Medical Diagnostic Imaging | $841,209 | |||||
Medical Information Systems — 0.9% | ||||||
769,565 | athenahealth, Inc., Initial Term Loan, 4.00% (SOFR + 350 bps), 2/15/29 | $ 763,794 | ||||
496,257 | Azalea TopCo, Inc., First Lien 2021 Term Loan, 4.50% (LIBOR + 375 bps), 7/24/26 | 494,395 | ||||
Total Medical Information Systems | $1,258,189 | |||||
Medical Labs & Testing Services — 2.4% | ||||||
1,168,235 | Envision Healthcare Corp., Initial Term Loan, 3.959% (LIBOR + 375 bps), 10/10/25 | $ 857,923 | ||||
496,222 | eResearchTechnology, Inc., First Lien Initial Term Loan, 5.50% (LIBOR + 450 bps), 2/4/27 | 496,648 | ||||
1,470,150 | FC Compassus LLC, Term B-1 Loan, 5.00% (LIBOR + 425 bps), 12/31/26 | 1,457,286 | ||||
497,500 | Sound Inpatient Physicians Holdings LLC, First Lien 2021 Incremental Term Loan, 3.50% (LIBOR + 300 bps), 6/27/25 | 494,546 | ||||
Total Medical Labs & Testing Services | $3,306,403 | |||||
Medical Products — 1.0% | ||||||
1,250,567 | NMN Holdings III Corp., First Lien Closing Date Term Loan, 3.959% (LIBOR + 375 bps), 11/13/25 | $ 1,219,303 | ||||
216,038 | NMN Holdings III Corp., First Lien Delayed Draw Term Loan, 3.959% (LIBOR + 375 bps), 11/13/25 | 210,637 | ||||
Total Medical Products | $1,429,940 |
Principal Amount USD ($) | Value | |||||
Medical-Biomedical & Generation — 1.0% | ||||||
1,400,000 | ANI Pharmaceuticals, Inc., Initial Term Loan, 6.75% (LIBOR + 600 bps), 11/19/27 | $ 1,403,500 | ||||
Total Medical-Biomedical & Generation | $1,403,500 | |||||
Medical-Drugs — 1.9% | ||||||
1,485,475 | Endo Luxembourg Finance Company I S.a r.l., 2021 Term Loan, 5.75% (LIBOR + 500 bps), 3/27/28 | $ 1,440,354 | ||||
497,500 | Jazz Financing Lux S.a r.l. Initial Dollar Term Loan, 4.00% (LIBOR + 350 bps), 5/5/28 | 496,443 | ||||
705,882 | Padagis LLC, Term B Loan, 5.25% (LIBOR + 475 bps), 7/6/28 | 702,794 | ||||
Total Medical-Drugs | $2,639,591 | |||||
Medical-HMO — 0.7% | ||||||
995,000 | One Call Corp., First Lien Term B Loan, 6.25% (LIBOR + 550 bps), 4/22/27 | $ 990,025 | ||||
Total Medical-HMO | $990,025 | |||||
Medical-Hospitals — 1.1% | ||||||
1,508,209 | Quorum Health Corp., Exit Term Loan, 8.75% (LIBOR + 775 bps), 4/29/25 | $ 1,349,847 | ||||
208,425 | Surgery Center Holdings, Inc., 2021 New Term Loan, 4.50% (LIBOR + 375 bps), 8/31/26 | 206,905 | ||||
Total Medical-Hospitals | $1,556,752 | |||||
Medical-Outpatient & Home Medicine — 0.3% | ||||||
420,000 | Medical Solutions Holdings, Inc., First Lien Initial Term Loan, 4.00% (LIBOR + 350 bps), 11/1/28 | $ 417,178 | ||||
Total Medical-Outpatient & Home Medicine | $417,178 | |||||
Medical-Wholesale Drug Distribution — 0.6% | ||||||
870,947 | Gainwell Acquisition Corp., First Lien Term B Loan, 4.75% (LIBOR + 400 bps), 10/1/27 | $ 868,225 | ||||
Total Medical-Wholesale Drug Distribution | $868,225 | |||||
Metal Processors & Fabrication — 1.5% | ||||||
498,750 | Grinding Media, Inc. (Molycop Ltd.), First Lien Initial Term Loan, 4.75% (LIBOR + 400 bps), 10/12/28 | $ 495,945 | ||||
746,250 | Tiger Acquisition LLC, First Lien Initial Term Loan, 3.758% (LIBOR + 325 bps), 6/1/28 | 728,410 | ||||
835,000 | WireCo WorldGroup, Inc., Initial Term Loan, 4.75% (LIBOR + 425 bps), 11/13/28 | 829,259 | ||||
Total Metal Processors & Fabrication | $2,053,614 |
Principal Amount USD ($) | Value | |||||
Metal-Iron — 0.7% | ||||||
10,056 | TMS International Corp., Term B-2 Loan, 3.75% (LIBOR + 275 bps), 8/14/24 | $ 9,994 | ||||
990,000 | TMS International Corp., Term B-3 Loan, 3.75% (LIBOR + 275 bps), 8/14/24 | 983,812 | ||||
Total Metal-Iron | $993,806 | |||||
Multimedia — 0.3% | ||||||
416,875 | EW Scripps Co., The Tranche B-3 Term Loan, 3.75% (LIBOR + 300 bps), 1/7/28 | $ 415,051 | ||||
Total Multimedia | $415,051 | |||||
Networking Products — 1.0% | ||||||
1,432,501 | GoTo Group, Inc., First Lien Initial Term Loan, 4.887% (LIBOR + 475 bps), 8/31/27 | $ 1,411,573 | ||||
Total Networking Products | $1,411,573 | |||||
Office Automation & Equipment — 0.6% | ||||||
893,250 | Pitney Bowes, Inc., Refinancing Tranche B Term Loan, 4.21% (LIBOR + 400 bps), 3/17/28 | $ 885,992 | ||||
Total Office Automation & Equipment | $885,992 | |||||
Paper & Related Products — 1.1% | ||||||
995,000 | Schweitzer-Mauduit International, Inc., Term B Loan, 4.50% (LIBOR + 375 bps), 4/20/28 | $ 975,100 | ||||
512,500 | Sylvamo Corp., Term Loan B, 5.00% (LIBOR + 450 bps), 8/18/28 | 510,017 | ||||
Total Paper & Related Products | $1,485,117 | |||||
Pastoral & Agricultural — 0.5% | ||||||
650,000 | Alltech, Inc., Term B Loan, 4.50% (LIBOR + 400 bps), 10/13/28 | $ 650,406 | ||||
Total Pastoral & Agricultural | $650,406 | |||||
Pharmacy Services — 0.2% | ||||||
350,000 | Option Care Health, Inc., First Lien 2021 Refinancing Term Loan, 3.25% (LIBOR + 275 bps), 10/27/28 | $ 347,725 | ||||
Total Pharmacy Services | $347,725 | |||||
Physical Therapy & Rehabilitation Centers — 2.2% | ||||||
933,333 | Summit Behavioral Healthcare LLC, First Lien Initial Term Loan, 5.50% (LIBOR + 475 bps), 11/24/28 | $ 915,833 | ||||
2,212,688 | Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, 4.46% (LIBOR + 425 bps), 11/20/26 | 2,201,624 | ||||
Total Physical Therapy & Rehabilitation Centers | $3,117,457 |
Principal Amount USD ($) | Value | |||||
Pipelines — 2.4% | ||||||
3,441,413 | Traverse Midstream Partners LLC, Advance, 5.25% (SOFR + 425 bps), 9/27/24 | $ 3,434,244 | ||||
Total Pipelines | $3,434,244 | |||||
Property & Casualty Insurance — 1.5% | ||||||
250,000(b) | Asurion LLC, New B-7 Term Loan, 11/3/24 | $ 247,156 | ||||
496,250 | Asurion LLC, New B-9 Term Loan, 3.459% (LIBOR + 325 bps), 7/31/27 | 488,124 | ||||
1,250,000 | Asurion LLC, Second Lien New B-4 Term Loan, 5.459% (LIBOR + 525 bps), 1/20/29 | 1,237,500 | ||||
121,875 | Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2020 Term Loan, 5.25% (LIBOR + 425 bps), 9/3/26 | 122,047 | ||||
Total Property & Casualty Insurance | $2,094,827 | |||||
Protection-Safety — 1.1% | ||||||
1,496,250 | APX Group, Inc., Initial Term Loan, 4.00% (LIBOR + 350 bps), 7/10/28 | $ 1,489,393 | ||||
Total Protection-Safety | $1,489,393 | |||||
Publishing — 0.8% | ||||||
349,125 | Cengage Learning, Inc., First Lien Term B Loan, 5.75% (LIBOR + 475 bps), 7/14/26 | $ 348,841 | ||||
748,125 | McGraw-Hill Education, Inc., Initial Term Loan, 5.554% (LIBOR + 475 bps), 7/28/28 | 742,982 | ||||
Total Publishing | $1,091,823 | |||||
Publishing-Periodicals — 0.3% | ||||||
375,000(b) | MJH Healthcare Holdings LLC, Initial Term B Loan, 1/28/29 | $ 375,000 | ||||
Total Publishing-Periodicals | $375,000 | |||||
Recycling — 0.6% | ||||||
846,500 | LTR Intermediate Holdings, Inc., Initial Term Loan, 5.50% (LIBOR + 450 bps), 5/5/28 | $ 841,209 | ||||
Total Recycling | $841,209 | |||||
Rental Auto & Equipment — 0.7% | ||||||
955,000(b) | PECF USS Intermediate Holding III Corp., Term Loan B, 12/15/28 | $ 951,760 | ||||
Total Rental Auto & Equipment | $951,760 | |||||
Retail — 6.7% | ||||||
498,750 | At Home Group, Inc., Initial Term Loan, 4.75% (LIBOR + 425 bps), 7/24/28 | $ 485,658 |
Principal Amount USD ($) | Value | |||||
Retail — (continued) | ||||||
398,000 | Foundation Building Materials, Inc., First Lien Initial Term Loan, 3.75% (LIBOR + 325 bps), 1/31/28 | $ 391,097 | ||||
1,089,021 | Great Outdoors Group LLC, Term B-2 Loan, 4.50% (LIBOR + 375 bps), 3/6/28 | 1,086,185 | ||||
1,025,583 | Highline Aftermarket Acquisition LLC, First Lien Initial Term Loan, 5.25% (LIBOR + 450 bps), 11/9/27 | 1,011,481 | ||||
1,044,750 | Michaels Cos, Inc., The Term B Loan, 5.00% (LIBOR + 425 bps), 4/15/28 | 974,229 | ||||
496,250 | Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 4.00% (LIBOR + 325 bps), 3/3/28 | 493,459 | ||||
1,044,750 | PetSmart LLC, Initial Term Loan, 4.50% (LIBOR + 375 bps), 2/11/28 | 1,040,941 | ||||
744,375 | RVR Dealership Holdings, LLC, Term Loan, 4.50% (SOFR + 375 bps), 2/8/28 | 739,723 | ||||
696,500 | SRS Distribution, Inc., 2021 Refinancing Term Loan, 4.25% (LIBOR + 375 bps), 6/2/28 | 690,013 | ||||
2,110,796 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, 4.817% (LIBOR + 450 bps), 9/12/24 | 2,052,749 | ||||
493,750 | Torrid LLC, Closing Date Term Loan, 6.25% (LIBOR + 550 bps), 6/14/28 | 486,344 | ||||
Total Retail | $9,451,879 | |||||
Rubber & Plastic Products — 0.8% | ||||||
1,141,584 | Gates Global LLC, Initial B-3 Dollar Term Loan, 3.25% (LIBOR + 250 bps), 3/31/27 | $ 1,128,741 | ||||
Total Rubber & Plastic Products | $1,128,741 | |||||
Satellite Telecom — 0.5% | ||||||
750,000 | Intelsat Jackson Holdings SA, Term B Loan, 5.022% (SOFR + 425 bps), 2/1/29 | $ 740,156 | ||||
Total Satellite Telecom | $740,156 | |||||
Schools — 0.8% | ||||||
1,080,532 | KUEHG Corp. (fka MergerSub, Inc.), Term B-3 Loan, 4.75% (LIBOR + 375 bps), 2/21/25 | $ 1,056,026 | ||||
Total Schools | $1,056,026 | |||||
Security Services — 1.4% | ||||||
1,964,719 | Garda World Security Corp., Term B-2 Loan, 4.43% (LIBOR + 425 bps), 10/30/26 | $ 1,949,371 | ||||
Total Security Services | $1,949,371 |
Principal Amount USD ($) | Value | |||||
Semiconductor Equipment — 0.9% | ||||||
1,278,854 | Ultra Clean Holdings, Inc., Second Amendment Term B Loan, 3.959% (LIBOR + 375 bps), 8/27/25 | $ 1,279,853 | ||||
Total Semiconductor Equipment | $1,279,853 | |||||
Shipbuilding — 0.9% | ||||||
1,224,993 | MHI Holdings LLC, Initial Term Loan, 5.209% (LIBOR + 500 bps), 9/21/26 | $ 1,222,442 | ||||
Total Shipbuilding | $1,222,442 | |||||
Soap & Cleaning Preparation — 0.9% | ||||||
1,000,000 | Knight Health Holdings LLC, Term B Loan, (LIBOR + 525 bps), 12/23/28 | $ 918,750 | ||||
306,136 | Kronos Acquisition Holdings, Inc., Tranche B-1 Term Loan, 4.25% (LIBOR + 375 bps), 12/22/26 | 283,814 | ||||
Total Soap & Cleaning Preparation | $1,202,564 | |||||
Steel Producers — 1.1% | ||||||
1,502,232 | Phoenix Services International LLC, Term B Loan, (LIBOR + 375 bps), 3/1/25 | $ 1,479,230 | ||||
Total Steel Producers | $1,479,230 | |||||
Telecom Services — 0.7% | ||||||
1,035,379 | Windstream Services II, LLC, Initial Term Loan, 7.25% (LIBOR + 625 bps), 9/21/27 | $ 1,035,056 | ||||
Total Telecom Services | $1,035,056 | |||||
Textile-Home Furnishings — 0.7% | ||||||
1,000,000 | Runner Buyer, Inc., Initial Term Loan, 6.25% (LIBOR + 550 bps), 10/20/28 | $ 977,500 | ||||
Total Textile-Home Furnishings | $977,500 | |||||
Theaters — 0.7% | ||||||
1,058,107 | AMC Entertainment Holdings, Inc. (fka AMC Entertainment, Inc.), Term B-1 Loan, 3.125% (LIBOR + 300 bps), 4/22/26 | $ 961,555 | ||||
Total Theaters | $961,555 | |||||
Transportation - Trucks — 0.4% | ||||||
498,750 | Carriage Purchaser, Inc., Term B Loan, 5.00% (LIBOR + 425 bps), 9/30/28 | $ 498,230 | ||||
Total Transportation - Trucks | $498,230 | |||||
Transportation Services — 2.0% | ||||||
1,197,000 | AIT Worldwide Logistics Holdings, Inc., First Lien Initial Term Loan, 5.50% (LIBOR + 475 bps), 4/6/28 | $ 1,189,519 |
Principal Amount USD ($) | Value | |||||
Transportation Services — (continued) | ||||||
500,000 | Echo Global Logistics, Inc., Term Loan, 4.25% (LIBOR + 375 bps), 11/23/28 | $ 496,458 | ||||
547,794 | First Student Bidco, Inc., Initial Term B Loan, 3.50% (LIBOR + 300 bps), 7/21/28 | 541,403 | ||||
202,206 | First Student Bidco, Inc., Initial Term C Loan, 3.50% (LIBOR + 300 bps), 7/21/28 | 199,847 | ||||
349,125 | LaserShip, Inc., First Lien Initial Term Loan, 5.25% (LIBOR + 450 bps), 5/7/28 | 348,961 | ||||
Total Transportation Services | $2,776,188 | |||||
Total Senior Secured Floating Rate Loan Interests (Cost $173,375,344) | $173,910,798 | |||||
Shares | ||||||
Common Stocks — 0.4% of Net Assets | ||||||
Oil, Gas & Consumable Fuels — 0.3% | ||||||
23,920(c) | Summit Midstream Partners LP | $ 375,066 | ||||
Total Oil, Gas & Consumable Fuels | $375,066 | |||||
Specialty Retail — 0.1% | ||||||
91,346(c)+^ | Targus Cayman SubCo., Ltd. | $ 139,759 | ||||
Total Specialty Retail | $139,759 | |||||
Total Common Stocks (Cost $503,696) | $514,825 | |||||
Principal Amount USD ($) | ||||||
Asset Backed Securities — 3.4% of Net Assets | ||||||
1,000,000(a) | 522 Funding CLO, Ltd., Series 2019-4A, Class E, 7.254% (3 Month USD LIBOR + 700 bps), 4/20/30 (144A) | $ 975,276 | ||||
1,000,000(a) | Goldentree Loan Management US CLO 2, Ltd., Series 2017-2A, Class E, 4.954% (3 Month USD LIBOR + 470 bps), 11/28/30 (144A) | 932,348 | ||||
1,000,000 | JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class G, 9.812%, 2/26/29 (144A) | 970,692 |
Principal Amount USD ($) | Value | |||||
Asset Backed Securities — (continued) | ||||||
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) | $ 982,226 | ||||
1,000,000(a) | Octagon Investment Partners XXI, Ltd., Series 2014-1A, Class DRR, 7.395% (3 Month USD LIBOR + 700 bps), 2/14/31 (144A) | 973,179 | ||||
Total Asset Backed Securities (Cost $4,946,389) | $4,833,721 | |||||
Collateralized Mortgage Obligations—2.0% of Net Assets | ||||||
370,000(a) | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 6.049% (SOFR30A + 600 bps), 10/25/41 (144A) | $ 341,067 | ||||
230,000(a) | Freddie Mac STACR Trust, Series 2021-DNA7, Class B2, 7.849% (SOFR30A + 780 bps), 11/25/41 (144A) | 225,189 | ||||
750,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class B2, 5.549% (SOFR30A + 550 bps), 1/25/34 (144A) | 678,825 | ||||
240,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B2, 6.299% (SOFR30A + 625 bps), 9/25/41 (144A) | 212,674 | ||||
250,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA1, Class B2, 7.149% (SOFR30A + 710 bps), 1/25/42 (144A) | 231,882 | ||||
320,000(a) | Freddie Mac STACR Trust, Series 2022-DNA2, Class B2, 8.549% (SOFR30A + 850 bps), 2/25/42 (144A) | 313,592 | ||||
710,000(a) | STACR Trust, Series 2018-HRP2, Class B2, 10.687% (1 Month USD LIBOR + 1,050 bps), 2/25/47 (144A) | 777,186 | ||||
Total Collateralized Mortgage Obligations (Cost $2,978,719) | $2,780,415 | |||||
Commercial Mortgage-Backed Securities—1.3% of Net Assets | ||||||
315,000(a) | Capital Funding Mortgage Trust, Series 2021-8, Class B, 14.35% (1 Month USD LIBOR + 1,310 bps), 6/22/23 (144A) | $ 315,000 | ||||
189,611(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 6.357% (1 Month USD LIBOR + 625 bps), 1/25/27 (144A) | 189,503 |
Principal Amount USD ($) | Value | |||||
Commercial Mortgage-Backed Securities—(continued) | ||||||
625,000(a) | Morgan Stanley Capital I Trust, Series 2019-BPR, Class D, 4.191% (1 Month USD LIBOR + 400 bps), 5/15/36 (144A) | $ 535,825 | ||||
1,000,000 | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00% , 5/15/48 (144A) | 726,695 | ||||
Total Commercial Mortgage-Backed Securities (Cost $1,911,715) | $1,767,023 | |||||
Corporate Bonds — 15.7% of Net Assets | ||||||
Advertising — 0.2% | ||||||
255,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 264,443 | ||||
Total Advertising | $264,443 | |||||
Aerospace & Defense — 0.4% | ||||||
500,000 | Bombardier, Inc., 7.125%, 6/15/26 (144A) | $ 499,375 | ||||
Total Aerospace & Defense | $499,375 | |||||
Banks — 1.0% | ||||||
1,000,000(d)(e) | Citigroup, Inc., 4.70% (SOFR + 323 bps) | $ 978,800 | ||||
391,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 390,022 | ||||
Total Banks | $1,368,822 | |||||
Building Materials — 1.8% | ||||||
500,000 | CP Atlas Buyer, Inc., 7.00%, 12/1/28 (144A) | $ 450,625 | ||||
1,000,000 | Koppers, Inc., 6.00%, 2/15/25 (144A) | 1,003,640 | ||||
996,000 | Patrick Industries, Inc., 7.50%, 10/15/27 (144A) | 1,036,751 | ||||
Total Building Materials | $2,491,016 | |||||
Chemicals — 0.7% | ||||||
1,000,000 | Hexion, Inc., 7.875%, 7/15/27 (144A) | $ 1,053,000 | ||||
Total Chemicals | $1,053,000 | |||||
Commercial Services — 0.6% | ||||||
205,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | $ 194,688 | ||||
200,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | 187,146 | ||||
500,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 453,750 | ||||
Total Commercial Services | $835,584 |
Principal Amount USD ($) | Value | |||||
Computers — 0.1% | ||||||
100,000 | Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) | $ 104,127 | ||||
Total Computers | $104,127 | |||||
Diversified Financial Services — 1.1% | ||||||
200,000 | Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 8/15/28 (144A) | $ 192,500 | ||||
1,500,000 | VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30 (144A) | 1,427,310 | ||||
Total Diversified Financial Services | $1,619,810 | |||||
Engineering & Construction — 0.7% | ||||||
1,000,000 | Artera Services LLC, 9.033%, 12/4/25 (144A) | $ 1,002,700 | ||||
Total Engineering & Construction | $1,002,700 | |||||
Entertainment — 0.7% | ||||||
1,005,000 | Mohegan Gaming & Entertainment, 8.00%, 2/1/26 (144A) | $ 1,015,050 | ||||
Total Entertainment | $1,015,050 | |||||
Healthcare-Products — 0.3% | ||||||
342,000 | Varex Imaging Corp., 7.875%, 10/15/27 (144A) | $ 367,650 | ||||
Total Healthcare-Products | $367,650 | |||||
Healthcare-Services — 0.7% | ||||||
1,000,000 | RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc., 9.75%, 12/1/26 (144A) | $ 1,048,890 | ||||
Total Healthcare-Services | $1,048,890 | |||||
Iron & Steel — 1.2% | ||||||
1,087,000 | Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A) | $ 1,206,570 | ||||
500,000 | Metinvest BV, 7.75%, 10/17/29 (144A) | 161,000 | ||||
265,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 254,813 | ||||
Total Iron & Steel | $1,622,383 | |||||
Leisure Time — 0.4% | ||||||
105,000 | Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A) | $ 109,594 | ||||
500,000 | Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) | 466,245 | ||||
Total Leisure Time | $575,839 | |||||
Lodging — 0.7% | ||||||
1,000,000 | Station Casinos LLC, 4.50%, 2/15/28 (144A) | $ 961,250 | ||||
Total Lodging | $961,250 |
Principal Amount USD ($) | Value | |||||
Media — 0.9% | ||||||
510,000 | McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | $ 457,725 | ||||
1,000,000 | Sinclair Television Group, Inc., 5.50%, 3/1/30 (144A) | 877,500 | ||||
Total Media | $1,335,225 | |||||
Mining — 0.5% | ||||||
500,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $ 441,100 | ||||
219,000 | Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28 (144A) | 236,908 | ||||
Total Mining | $678,008 | |||||
Oil & Gas — 1.1% | ||||||
1,500,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | $ 1,567,530 | ||||
Total Oil & Gas | $1,567,530 | |||||
REITs — 1.5% | ||||||
1,000,000 | iStar, Inc., 4.75%, 10/1/24 | $ 1,006,250 | ||||
1,065,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%, 2/15/25 (144A) | 1,108,388 | ||||
Total REITs | $2,114,638 | |||||
Retail — 0.5% | ||||||
500,000 | LBM Acquisition LLC, 6.25%, 1/15/29 (144A) | $ 463,750 | ||||
221,000 | Party City Holdings, Inc., 8.75%, 2/15/26 (144A) | 221,132 | ||||
Total Retail | $684,882 | |||||
Telecommunications — 0.6% | ||||||
500,000 | Altice France Holding SA, 6.00%, 2/15/28 (144A) | $ 441,250 | ||||
500,000 | Lumen Technologies, Inc., 4.50%, 1/15/29 (144A) | 417,500 | ||||
Total Telecommunications | $858,750 | |||||
Total Corporate Bonds (Cost $21,965,703) | $22,068,972 | |||||
Insurance-Linked Securities — 1.1% of Net Assets# | ||||||
Event Linked Bonds — 0.7% | ||||||
Multiperil - Japan — 0.2% | ||||||
250,000(a) | Akibare Re, 2.134%, (3 Month USD LIBOR + 193 bps), 4/7/22 (144A) | $ 249,475 | ||||
Multiperil - Texas — 0.2% | ||||||
250,000(a) | Alamo Re, 5.349%, (1 Month U.S. Treasury Bill + 504 bps), 6/8/22 (144A) | $ 251,073 | ||||
Multiperil – U.S. — 0.1% | ||||||
250,000(a) | Residential Reinsurance 2021, 5.809%, (3 Month U.S. Treasury Bill + 550 bps), 12/6/25 (144A) | $ 249,150 |
Principal Amount USD ($) | Value | |||||
Multiperil – U.S. Regional — 0.2% | ||||||
250,000(a) | Long Point Re III 2018, 3.059%, (3 Month U.S. Treasury Bill + 275 bps), 6/1/22 (144A) | $ 250,250 | ||||
Total Event Linked Bonds | $999,948 |
Face Amount USD ($) | ||||||
Collateralized Reinsurance — 0.0%† | ||||||
Multiperil – Worldwide — 0.0%† | ||||||
27,000(c)(f)+ | Limestone Re, 3/1/23 (144A) | $ 3,496 | ||||
Windstorm – Florida — 0.0%† | ||||||
250,000(c)(f)+ | Formby Re 2018, 2/28/23 | $ 30,700 | ||||
Total Collateralized Reinsurance | $34,196 | |||||
Reinsurance Sidecars — 0.4% | ||||||
Multiperil – U.S. — 0.0%† | ||||||
250,000(c)(g)+ | Harambee Re 2018, 12/31/22 | $ 200 | ||||
250,000(g)+ | Harambee Re 2019, 12/31/22 | 150 | ||||
$350 | ||||||
Multiperil – Worldwide — 0.4% | ||||||
3,037(g)+ | Alturas Re 2019-2, 3/10/23 | $ 4,276 | ||||
29,558(c)(g)+ | Alturas Re 2020-2, 3/10/23 | 24,705 | ||||
250,000(c)(f)+ | Bantry Re 2016, 3/31/23 | 20,150 | ||||
1,270,809(c)(f)+ | Berwick Re 2018-1, 12/31/22 | 98,233 | ||||
907,913(c)(f)+ | Berwick Re 2019-1, 12/31/22 | 108,496 | ||||
20,000(f)+ | Eden Re II, 3/22/22 (144A) | 5,984 | ||||
3,800(f)+ | Eden Re II, 3/22/23 (144A) | 7,477 | ||||
300,000(c)(g)+ | Lorenz Re 2018, 7/1/22 | — | ||||
199,590(c)(g)+ | Lorenz Re 2019, 6/30/22 | 6,547 | ||||
300,000(c)(f)+ | Merion Re 2018-2, 12/31/22 | 49,650 | ||||
400,000(c)(f)+ | Pangaea Re 2018-1, 12/31/22 | 8,422 | ||||
400,000(c)(f)+ | Pangaea Re 2018-3, 7/1/22 | 8,297 | ||||
327,699(c)(f)+ | Pangaea Re 2019-1, 2/1/23 | 6,828 | ||||
294,125(c)(f)+ | Pangaea Re 2019-3, 7/1/23 | 10,580 | ||||
324,259(f)+ | Pangaea Re 2020-1, 2/1/24 | 6,881 | ||||
150,000(f)+ | Sector Re V, 12/1/23 (144A) | 18,247 | ||||
10,000(c)(f)+ | Sector Re V, 12/1/24 (144A) | 29,102 |
Face Amount USD ($) | Value | |||||
Multiperil – Worldwide — (continued) | ||||||
253,645(c)(f)+ | Woburn Re 2018, 12/31/22 | $ 16,844 | ||||
244,914(c)(f)+ | Woburn Re 2019, 12/31/22 | 62,299 | ||||
$493,018 | ||||||
Total Reinsurance Sidecars | $493,368 | |||||
Total Insurance-Linked Securities (Cost $1,861,390) | $1,527,512 | |||||
Shares | ||||||
SHORT TERM INVESTMENTS — 6.2% of Net Assets | ||||||
Open-End Fund — 6.2% | ||||||
8,751,996(h) | Dreyfus Government Cash Management, Institutional Shares, 0.03% | $ 8,751,996 | ||||
$8,751,996 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $8,751,996) | $8,751,996 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 154.1% (Cost $216,294,952) | $216,155,262 | |||||
OTHER ASSETS AND LIABILITIES — (54.1)% | $(75,870,198) | |||||
net assets — 100.0% | $140,285,064 |
bps | Basis Points. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
LIBOR | London Interbank Offered Rate. |
SOFR | Secured Overnight Financing Rate. |
SOFR30A | Secured Overnight Financing Rate 30 Day Average. |
(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, 2022, the value of these securities amounted to $30,529,335, or 21.8% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at February 28, 2022. |
(b) | This term loan will settle after February 28, 2022, at which time the interest rate will be determined. |
(c) | Non-income producing security. |
(d) | Security is perpetual in nature and has no stated maturity date. |
(e) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at February 28, 2022. |
(f) | Issued as participation notes. |
(g) | Issued as preference shares. |
(h) | Rate periodically changes. Rate disclosed is the 7-day yield at February 28, 2022. |
* | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) 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, 2022. |
^ | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). |
† | Amount rounds to less than 0.1%. |
+ | Security that used significant unobservable inputs to determine its value. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Akibare Re | 1/24/2022 | $249,740 | $249,475 |
Alamo Re | 1/24/2022 | 252,725 | 251,073 |
Alturas Re 2019-2 | 12/19/2018 | 3,037 | 4,276 |
Alturas Re 2020-2 | 1/1/2020 | 29,558 | 24,705 |
Bantry Re 2016 | 2/6/2019 | 20,150 | 20,150 |
Berwick Re 2018-1 | 1/10/2018 | 185,623 | 98,233 |
Berwick Re 2019-1 | 12/31/2018 | 108,488 | 108,496 |
Eden Re II | 12/15/2017 | 1,195 | 5,984 |
Eden Re II | 1/22/2019 | 446 | 7,477 |
Formby Re 2018 | 7/9/2018 | 23,470 | 30,700 |
Harambee Re 2018 | 12/19/2017 | 5,311 | 200 |
Harambee Re 2019 | 12/20/2019 | — | 150 |
Limestone Re | 6/20/2018 | 230 | 3,496 |
Long Point Re III 2018 | 1/24/2022 | 250,500 | 250,250 |
Lorenz Re 2018 | 6/26/2018 | 57,291 | — |
Lorenz Re 2019 | 6/26/2019 | 62,773 | 6,547 |
Merion Re 2018-2 | 12/28/2017 | 12,346 | 49,650 |
Pangaea Re 2018-1 | 1/11/2018 | 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 |
Residential Reinsurance 2021 | 10/28/2021 | 250,000 | 249,150 |
Sector Re V | 12/4/2018 | 30,884 | 18,247 |
Sector Re V | 1/1/2020 | 10,000 | 29,102 |
Restricted Securities | Acquisition date | Cost | Value |
Woburn Re 2018 | 10/19/2018 | $87,980 | $16,844 |
Woburn Re 2019 | 2/14/2019 | 53,831 | 62,299 |
Total Restricted Securities | $1,527,512 | ||
% of Net assets | 1.1% |
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 Fund's own assumptions in determining fair value of investments). |
Level 1 | Level 2 | Level 3 | Total | |
Senior Secured Floating Rate Loan Interests | $— | $173,910,798 | $— | $173,910,798 |
Common Stocks | ||||
Oil, Gas & Consumable Fuels | 375,066 | — | — | 375,066 |
Specialty Retail | — | — | 139,759 | 139,759 |
Asset Backed Securities | — | 4,833,721 | — | 4,833,721 |
Collateralized Mortgage Obligations | — | 2,780,415 | — | 2,780,415 |
Commercial Mortgage-Backed Securities | — | 1,767,023 | — | 1,767,023 |
Corporate Bonds | — | 22,068,972 | — | 22,068,972 |
Insurance-Linked Securities | ||||
Collateralized Reinsurance | ||||
Multiperil – Worldwide | — | — | 3,496 | 3,496 |
Windstorm – Florida | — | — | 30,700 | 30,700 |
Reinsurance Sidecars | ||||
Multiperil – U.S. | — | — | 350 | 350 |
Multiperil – Worldwide | — | — | 493,018 | 493,018 |
All Other Insurance-Linked Securities | — | 999,948 | — | 999,948 |
Open-End Fund | 8,751,996 | — | — | 8,751,996 |
Total Investments in Securities | $9,127,062 | $206,360,877 | $667,323 | $216,155,262 |
Common Stocks | Insurance- Linked Securities | Total | |
Balance as of 11/30/21 | $139,759 | $595,777 | $735,536 |
Realized gain (loss) | — | (59,439) | (59,439) |
Changed in unrealized appreciation (depreciation) | — | 18,360 | 18,360 |
Accrued discounts/premiums | — | (27,134) | (27,134) |
Purchases | — | — | — |
Sales | — | — | — |
Transfers in to Level 3* | — | — | — |
Transfers out of Level 3* | — | — | — |
Balance as of 2/28/22 | $139,759 | $527,564 | $667,323 |
* | Transfers are calculated on the beginning of period value. For the three months ended February 28, 2022, there were no transfers in and out of Level 3. | ||
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at February 28, 2022: | $(8,129) |