Ticker Symbol: PHD |
Principal Amount USD ($) | Value | |||||
UNAFFILIATED ISSUERS — 147.2% | ||||||
Senior Secured Floating Rate Loan Interests — 121.8% of Net Assets*(a) | ||||||
Advanced Materials — 1.7% | ||||||
936,686 | Gemini HDPE LLC, 2027 Advance, 5.81% (LIBOR + 300 bps), 12/31/27 | $ 923,572 | ||||
1,386,993 | Groupe Solmax, Inc., Initial Term Loan, 7.00% (LIBOR + 475 bps), 5/29/28 | 1,251,761 | ||||
Total Advanced Materials | $2,175,333 | |||||
Advertising Sales — 1.5% | ||||||
2,070,209 | Clear Channel Outdoor Holdings, Inc., Term B Loan, 6.306% (LIBOR + 350 bps), 8/21/26 | $ 1,920,982 | ||||
Total Advertising Sales | $1,920,982 | |||||
Advertising Services — 1.8% | ||||||
920,000 | CB Poly US Holdings, Inc., Initial Term Loan, 7.554% (Term SOFR + 550 bps), 5/18/29 | $ 878,600 | ||||
496,250 | Dotdash Meredith, Inc., Term Loan B, 6.407% (Term SOFR + 400 bps), 12/1/28 | 462,753 | ||||
992,500 | Summer BC Holdco B S.a r.l. USD Additional Facility B2, 6.75% (LIBOR + 450 bps), 12/4/26 | 962,725 | ||||
Total Advertising Services | $2,304,078 | |||||
Aerospace & Defense — 2.2% | ||||||
890,625 | ADS Tactical, Inc., Initial Term Loan, 8.118% (LIBOR + 575 bps), 3/19/26 | $ 814,922 | ||||
689,539 | Spirit AeroSystems, Inc., (fka Mid-Western Aircraft Systems, Inc. and Onex Wind Finance LP.), 2021 Refinancing Term Loan, 6.274% (LIBOR + 375 bps), 1/15/25 | 686,091 | ||||
1,533,971 | WP CPP Holdings, LLC, First Lien Initial Term Loan, 6.56% (LIBOR + 375 bps), 4/30/25 | 1,373,671 | ||||
Total Aerospace & Defense | $2,874,684 | |||||
Airlines — 1.8% | ||||||
500,000 | AAdvantage Loyalty IP, Ltd. (American Airlines, Inc.), Initial Term Loan, 7.46% (LIBOR + 475 bps), 4/20/28 | $ 494,062 | ||||
188,851 | LATAM Airlines Group SA, Tranche A Facility, 9.666% (Term SOFR + 750 bps), 10/14/22 | 190,149 |
Principal Amount USD ($) | Value | |||||
Airlines — (continued) | ||||||
1,250,000 | Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 7.313% (LIBOR + 525 bps), 6/21/27 | $ 1,272,500 | ||||
340,000 | SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 6.46% (LIBOR + 375 bps), 10/20/27 | 345,313 | ||||
Total Airlines | $2,302,024 | |||||
Airport Development & Maintenance — 0.2% | ||||||
250,000 | KKR Apple Bidco LLC, Second Lien Initial Term Loan, 8.274% (LIBOR + 575 bps), 9/21/29 | $ 245,000 | ||||
Total Airport Development & Maintenance | $245,000 | |||||
Applications Software — 1.0% | ||||||
335,000 | Central Parent Inc., First Lien Initial Term Loan, 6.61% (Term SOFR + 450 bps), 7/6/29 | $ 326,695 | ||||
249,375 | EP Purchaser LLC, First Lien Closing Date Term Loan, 5.75% (LIBOR + 350 bps), 11/6/28 | 245,634 | ||||
962,500 | Loyalty Ventures, Inc., Term B Loan, 7.024% (LIBOR + 450 bps), 11/3/27 | 714,175 | ||||
Total Applications Software | $1,286,504 | |||||
Auction House & Art Dealer — 0.4% | ||||||
495,000 | Sotheby's, 2021 Second Refinancing Term Loan, 7.012% (LIBOR + 450 bps), 1/15/27 | $ 486,750 | ||||
Total Auction House & Art Dealer | $486,750 | |||||
Auto Parts & Equipment — 3.6% | ||||||
643,500 | Adient US LLC, Term B-1 Loan, 5.774% (LIBOR + 325 bps), 4/10/28 | $ 631,703 | ||||
594,000 | Autokiniton US Holdings, Inc., (aka L&W, Inc.) Closing Date Term B Loan, 6.873% (LIBOR + 450 bps), 4/6/28 | 577,108 | ||||
1,710,914 | First Brands Group LLC, First Lien 2021 Term Loan, 8.368% (Term SOFR + 500 bps), 3/30/27 | 1,661,725 | ||||
1,573,519 | IXS Holdings, Inc., Initial Term Loan, 6.774% (LIBOR + 425 bps), 3/5/27 | 1,156,537 | ||||
744,375 | Wheel Pros, Inc., First Lien Initial Term Loan, 6.868% (LIBOR + 450 bps), 5/11/28 | 632,408 | ||||
Total Auto Parts & Equipment | $4,659,481 | |||||
Auto-Truck Trailers — 1.8% | ||||||
1,487,487 | American Trailer World Corp., First Lien Initial Term Loan, 6.305% (Term SOFR + 375 bps), 3/3/28 | $ 1,397,123 |
Principal Amount USD ($) | Value | |||||
Auto-Truck Trailers — (continued) | ||||||
221,667 | Novae LLC, Delayed Draw Term Loan, 7.727% (Term SOFR + 500 bps), 12/22/28 | $ 207,812 | ||||
775,833 | Novae LLC, Tranche B Term Loan, 7.727% (Term SOFR + 500 bps), 12/22/28 | 727,344 | ||||
Total Auto-Truck Trailers | $2,332,279 | |||||
Beverages — 0.5% | ||||||
166,667 | Naked Juice LLC, First Lien Initial Term Loan, 5.405% (Term SOFR + 325 bps), 1/24/29 | $ 160,625 | ||||
500,000 | Pegasus BidCo BV, Initial Dollar Term Loan, 6.962% (Term SOFR + 425 bps), 7/12/29 | 486,875 | ||||
Total Beverages | $647,500 | |||||
Broadcast Service & Programing — 0.6% | ||||||
748,125 | Univision Communications, Inc., First Lien Initial Term Loan, 5.774% (LIBOR + 325 bps), 1/31/29 | $ 728,720 | ||||
Total Broadcast Service & Programing | $728,720 | |||||
Building & Construction — 1.4% | ||||||
445,515 | DG Investment Intermediate Holdings 2, Inc., First Lien Closing Date Initial Term Loan, 6.274% (LIBOR + 375 bps), 3/31/28 | $ 415,999 | ||||
500,000 | DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 9.274% (LIBOR + 675 bps), 3/30/29 | 466,875 | ||||
966,090 | Service Logic Acquisition, Inc., First Lien Closing Date Initial Term Loan, 6.806% (LIBOR + 400 bps), 10/29/27 | 938,316 | ||||
Total Building & Construction | $1,821,190 | |||||
Building & Construction Products — 1.8% | ||||||
1,462,452 | Cornerstone Building Brands, Inc., Tranche B Term Loan, 5.641% (LIBOR + 325 bps), 4/12/28 | $ 1,322,057 | ||||
1,137,328 | CP Atlas Buyer, Inc., Term B Loan, 6.274% (LIBOR + 375 bps), 11/23/27 | 1,058,730 | ||||
Total Building & Construction Products | $2,380,787 | |||||
Building Production — 1.7% | ||||||
497,500 | Chariot Buyer LLC., First Lien Initial Term Loan, 6.024% (LIBOR + 350 bps), 11/3/28 | $ 475,423 | ||||
995,000 | Pelican Products, Inc., First Lien Initial Term Loan, 6.50% (LIBOR + 425 bps), 12/29/28 | 905,450 | ||||
845,750 | Vector WP HoldCo., Inc. (Vector Canada Acquisition ULC), Initial Term B Loan, 7.438% (LIBOR + 500 bps), 10/12/28 | 828,835 | ||||
Total Building Production | $2,209,708 |
Principal Amount USD ($) | Value | |||||
Building-Heavy Construction — 0.5% | ||||||
496,250 | Aegion Corp., Initial Term Loan, 7.127% (LIBOR + 475 bps), 5/17/28 | $ 463,993 | ||||
248,744 | Artera Services LLC, First Lien Tranche B Term Loan, 5.75% (LIBOR + 350 bps), 3/6/25 | 204,592 | ||||
Total Building-Heavy Construction | $668,585 | |||||
Building-Maintenance & Service — 0.5% | ||||||
744,375 | ArchKey Holdings, Inc., First Lien Initial Term Loan, 8.056% (LIBOR + 525 bps), 6/29/28 | $ 707,156 | ||||
Total Building-Maintenance & Service | $707,156 | |||||
Cable & Satellite Television — 1.6% | ||||||
559,500 | DIRECTV Financing LLC, Closing Date Term Loan, 7.524% (LIBOR + 500 bps), 8/2/27 | $ 536,858 | ||||
1,044,875 | Radiate Holdco LLC, Amendment No. 6 Term Loan, 5.774% (LIBOR + 325 bps), 9/25/26 | 998,974 | ||||
500,000 | Virgin Media Bristol LLC, Facility Q, 5.641% (LIBOR + 325 bps), 1/31/29 | 494,271 | ||||
Total Cable & Satellite Television | $2,030,103 | |||||
Casino Hotels — 0.9% | ||||||
619,361 | Caesars Resort Collection LLC, Term B-1 Loan, 6.024% (LIBOR + 350 bps), 7/21/25 | $ 615,490 | ||||
498,750 | Century Casinos, Inc., Term B Facility Loan, 8.407% (Term SOFR + 600 bps), 4/2/29 | 483,788 | ||||
Total Casino Hotels | $1,099,278 | |||||
Casino Services — 1.5% | ||||||
544,021 | Everi Holdings, Inc., Term B Loan, 4.75% (LIBOR + 250 bps), 8/3/28 | $ 537,825 | ||||
496,250 | J&J Ventures Gaming LLC, Initial Term Loan, 6.25% (LIBOR + 400 bps), 4/26/28 | 473,298 | ||||
1,072,252 | Lucky Bucks LLC, Initial Term Loan, 8.306% (LIBOR + 550 bps), 7/30/27 | 979,771 | ||||
Total Casino Services | $1,990,894 | |||||
Cellular Telecom — 3.4% | ||||||
1,941,889 | Altice France SA, USD TLB-13 Incremental Term Loan, 6.905% (LIBOR + 400 bps), 8/14/26 | $ 1,883,632 | ||||
547,229 | CCI Buyer, Inc., First Lien Initial Term Loan, 6.054% (Term SOFR + 400 bps), 12/17/27 | 527,506 | ||||
993,741 | Gogo Intermediate Holdings LLC, Initial Term Loan, 6.556% (LIBOR + 375 bps), 4/30/28 | 976,350 |
Principal Amount USD ($) | Value | |||||
Cellular Telecom — (continued) | ||||||
744,375 | Xplornet Communications, Inc., First Lien Refinancing Term Loan, 6.524% (LIBOR + 400 bps), 10/2/28 | $ 690,408 | ||||
350,000 | Xplornet Communications, Inc., Second Lien Initial Term Loan, 9.524% (LIBOR + 700 bps), 10/1/29 | 325,500 | ||||
Total Cellular Telecom | $4,403,396 | |||||
Chemicals-Diversified — 2.4% | ||||||
1,000,000 | ARC Falcon I, Inc., Second Lien Initial Term Loan, 9.524% (LIBOR + 700 bps), 9/30/29 | $ 965,000 | ||||
744,375 | Geon Performance Solutions LLC (Fka. Echo US Holdings, LLC), Initial Term Loan, 7.024% (LIBOR + 450 bps), 8/18/28 | 735,070 | ||||
445,000 | Hexion Holdings Corporation, First Lien Initial Term Loan, 7.413% (Term SOFR + 450 bps), 3/15/29 | 413,850 | ||||
990,000 | Schweitzer-Mauduit International, Inc., Term B Loan, 6.313% (LIBOR + 375 bps), 4/20/28 | 945,450 | ||||
Total Chemicals-Diversified | $3,059,370 | |||||
Chemicals-Specialty — 1.7% | ||||||
500,000(b) | Avient Corporation, Term B-6 Loan, 8/29/29 | $ 498,984 | ||||
1,086,250 | CPC Acquisition Corp., First Lien Initial Term Loan, 6.00% (LIBOR + 375 bps), 12/29/27 | 950,469 | ||||
715,983 | LSF11 Skyscraper Holdco S.a r.l. USD Facility B3, 5.75% (LIBOR + 350 bps), 9/29/27 | 698,083 | ||||
18,787 | Nouryon USA LLC, Initial Dollar Term Loan, 5.00% (LIBOR + 275 bps), 10/1/25 | 18,351 | ||||
Total Chemicals-Specialty | $2,165,887 | |||||
Commercial Services — 2.9% | ||||||
744,375 | CoreLogic, Inc. (fka First American Corporation), First Lien Initial Term Loan, 6.063% (LIBOR + 350 bps), 6/2/28 | $ 640,907 | ||||
592,522 | Indy US Bidco LLC, 2021 Refinancing Dollar Term Loan, 6.274% (LIBOR + 375 bps), 3/6/28 | 568,081 | ||||
640,250 | TruGreen LP, First Lien Second Refinancing Term Loan, 6.524% (LIBOR + 400 bps), 11/2/27 | 617,308 | ||||
1,896,080 | Verscend Holding Corp., Term B-1 Loan, 6.524% (LIBOR + 400 bps), 8/27/25 | 1,887,784 | ||||
Total Commercial Services | $3,714,080 | |||||
Commercial Services — 0.4% | ||||||
500,000(b) | Corporation Service Company, Term Loan B, 8/31/29 | $ 495,000 | ||||
Total Commercial Services | $495,000 |
Principal Amount USD ($) | Value | |||||
Communications Software — 0.3% | ||||||
497,500 | Mavenir Systems, Inc., Initial Term Loan, 7.711% (LIBOR + 475 bps), 8/18/28 | $ 450,238 | ||||
Total Communications Software | $450,238 | |||||
Computer Data Security — 1.5% | ||||||
1,141,375 | Magenta Buyer LLC, First Lien Initial Term Loan, 7.25% (LIBOR + 475 bps), 7/27/28 | $ 1,091,916 | ||||
893,996 | Vision Solutions, Inc. (Precisely Software Incorporated), First Lien Third Amendment Term Loan, 6.783% (LIBOR + 400 bps), 4/24/28 | 850,135 | ||||
Total Computer Data Security | $1,942,051 | |||||
Computer Services — 2.0% | ||||||
1,123,650 | Ahead DB Holdings LLC, First Lien Term B Loan, 6.01% (LIBOR + 375 bps), 10/18/27 | $ 1,097,104 | ||||
969,612 | Peraton Corp., First Lien Term B Loan, 6.274% (LIBOR + 375 bps), 2/1/28 | 943,756 | ||||
595,500 | Sitel Group, Initial Dollar Term Loan, 6.01% (LIBOR + 375 bps), 8/28/28 | 584,706 | ||||
Total Computer Services | $2,625,566 | |||||
Computer Software — 3.0% | ||||||
1,246,875 | Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 6.274% (LIBOR + 375 bps), 10/16/28 | $ 1,173,621 | ||||
497,456 | Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Loan, 6.559% (Term SOFR + 400 bps), 11/19/26 | 482,325 | ||||
496,231 | Idera, Inc., First Lien Term B-1 Loan, 6.13% (LIBOR + 375 bps), 3/2/28 | 481,034 | ||||
900,000 | McAfee Corp., Tranche B-1 Term Loan, 6.157% (Term SOFR + 375 bps), 3/1/29 | 858,150 | ||||
1,036,875 | Rackspace Technology Global, Inc., First Lien 2021 Term B Loan, 5.617% (LIBOR + 275 bps), 2/15/28 | 850,756 | ||||
Total Computer Software | $3,845,886 | |||||
Computers-Integrated Systems — 0.5% | ||||||
555,306 | Atlas CC Acquisition Corp., First Lien Term B Loan, 7.32% (LIBOR + 425 bps), 5/25/28 | $ 527,541 | ||||
112,944 | Atlas CC Acquisition Corp., First Lien Term C Loan, 7.32% (LIBOR + 425 bps), 5/25/28 | 107,297 | ||||
Total Computers-Integrated Systems | $634,838 |
Principal Amount USD ($) | Value | |||||
Consulting Services — 1.3% | ||||||
1,039,866 | Ankura Consulting Group LLC, First Lien Closing Date Term Loan, 7.074% (Term SOFR + 450 bps), 3/17/28 | $ 995,672 | ||||
721,448 | MAG DS Corp., Initial Term Loan, 7.75% (LIBOR + 550 bps), 4/1/27 | 660,125 | ||||
Total Consulting Services | $1,655,797 | |||||
Consumer Products — 0.8% | ||||||
1,327,375 | Instant Brands Holdings, Inc., Initial Loan, 7.076% (LIBOR + 500 bps), 4/12/28 | $ 1,041,989 | ||||
Total Consumer Products | $1,041,989 | |||||
Containers-Metal & Glass — 0.7% | ||||||
982,537 | Plaze, Inc., 2021-1 Term Loan, 7.50% (LIBOR + 375 bps), 8/3/26 | $ 935,867 | ||||
Total Containers-Metal & Glass | $935,867 | |||||
Containers-Paper & Plastic — 2.4% | ||||||
493,734 | Charter Next Generation, Inc., First Lien 2021 Initial Term Loan, 6.556% (LIBOR + 375 bps), 12/1/27 | $ 479,848 | ||||
783,290 | Pregis TopCo, LLC, First Lien Initial Term Loan, 6.806% (Term SOFR + 400 bps), 7/31/26 | 763,219 | ||||
1,294,478 | ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan, 6.035% (LIBOR + 375 bps), 11/3/25 | 1,262,925 | ||||
54,249(c) | Trident TPI Holdings, Inc., Tranche B-3 Delayed Draw Term Loan, 6.25% (LIBOR + 400 bps), 9/15/28 | 52,723 | ||||
608,446 | Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loan, 6.25% (LIBOR + 400 bps), 9/15/28 | 591,333 | ||||
Total Containers-Paper & Plastic | $3,150,048 | |||||
Cosmetics & Toiletries — 0.6% | ||||||
774,290 | Sunshine Luxembourg VII S.a r.l. Facility B3, 6.00% (LIBOR + 375 bps), 10/1/26 | $ 748,710 | ||||
Total Cosmetics & Toiletries | $748,710 | |||||
Cruise Lines — 1.2% | ||||||
1,617,000 | Carnival Corp., Initial Advance, 5.877% (LIBOR + 300 bps), 6/30/25 | $ 1,547,065 | ||||
Total Cruise Lines | $1,547,065 | |||||
Data Processing & Management — 0.5% | ||||||
550,000 | DTI Holdco, Inc., First Lien Initial Term Loan, 7.327% (Term SOFR + 475 bps), 4/26/29 | $ 527,656 | ||||
166,250 | Dun & Bradstreet Corp., 2022 Incremental Term B-2 Loan, 5.69% (Term SOFR + 325 bps), 1/18/29 | 162,821 | ||||
Total Data Processing & Management | $690,477 |
Principal Amount USD ($) | Value | |||||
Dialysis Centers — 1.2% | ||||||
2,043,912 | US Renal Care, Inc., Initial Term Loan, 7.563% (LIBOR + 500 bps), 6/26/26 | $ 1,584,741 | ||||
Total Dialysis Centers | $1,584,741 | |||||
Distribution & Wholesale — 1.2% | ||||||
598,500 | AIP RD Buyer Corp., First Lien Term Loan B, 6.705% (SOFR + 425 bps), 12/22/28 | $ 581,667 | ||||
1,097,928 | Patriot Container Corp. (aka Wastequip), First Lien Closing Date Term Loan, 6.274% (LIBOR + 375 bps), 3/20/25 | 957,942 | ||||
Total Distribution & Wholesale | $1,539,609 | |||||
E-Commerce — 1.3% | ||||||
493,750 | CNT Holdings I Corp., First Lien Initial Term Loan, 5.812% (Term SOFR + 350 bps), 11/8/27 | $ 484,404 | ||||
274,313 | Olaplex, Inc., Initial Term Loan, 6.391% (Term SOFR + 375 bps), 2/23/29 | 266,769 | ||||
500,000 | TA TT Buyer LLC, First Lien Initial Term Loan, 7.304% (Term SOFR + 525 bps), 4/2/29 | 477,500 | ||||
454,779 | Trader Corp., First Lien 2017 Refinancing Term Loan, 5.493% (LIBOR + 300 bps), 9/28/23 | 451,368 | ||||
Total E-Commerce | $1,680,041 | |||||
Electric-Generation — 1.6% | ||||||
1,248,427 | Eastern Power, LLC (Eastern Covert Midco, LLC), Term Loan, 6.00% (LIBOR + 375 bps), 10/2/25 | $ 1,072,737 | ||||
966,000 | Hamilton Projects Acquiror LLC, Term Loan, 6.75% (LIBOR + 450 bps), 6/17/27 | 952,959 | ||||
Total Electric-Generation | $2,025,696 | |||||
Electric-Integrated — 2.3% | ||||||
1,153,093 | Constellation Renewables, LLC, Loan, 5.57% (LIBOR + 250 bps), 12/15/27 | $ 1,140,841 | ||||
1,425,900 | PG&E Corp., Term Loan, 5.563% (LIBOR + 300 bps), 6/23/25 | 1,401,541 | ||||
479,452 | Pike Corp., 2028 Initial Term Loan, 5.53% (LIBOR + 300 bps), 1/21/28 | 469,735 | ||||
Total Electric-Integrated | $3,012,117 | |||||
Electronic Composition — 2.8% | ||||||
1,037,620 | Compass Power Generation, L.L.C., Tranche B-2 Term Loan, 6.819% (Term SOFR + 425 bps), 4/14/29 | $ 1,013,069 |
Principal Amount USD ($) | Value | |||||
Electronic Composition — (continued) | ||||||
1,704,815 | Energy Acquisition LP, First Lien Initial Term Loan, 6.774% (LIBOR + 425 bps), 6/26/25 | $ 1,619,575 | ||||
1,033,597 | Natel Engineering Co., Inc., Initial Term Loan, 7.743% (LIBOR + 625 bps), 4/30/26 | 966,413 | ||||
Total Electronic Composition | $3,599,057 | |||||
E-Marketing & Information — 0.2% | ||||||
311,585 | Trader Interactive LLC (fka Dominion Web Solutions LLC), Initial Term Loan, 6.274% (LIBOR + 375 bps), 7/28/28 | $ 304,575 | ||||
Total E-Marketing & Information | $304,575 | |||||
Engines — 1.0% | ||||||
1,300,000 | Arcline FM Holdings LLC, Second Lien Term Loan, 11.127% (LIBOR + 825 bps), 6/25/29 | $ 1,241,500 | ||||
Total Engines | $1,241,500 | |||||
Enterprise Software & Services — 0.8% | ||||||
500,000(b) | First Advantage Holdings, LLC, First Lien Term B-1 Loan, 1/31/27 | $ 492,656 | ||||
496,250 | Skopima Consilio Parent LLC, First Lien Initial Term Loan, 6.524% (LIBOR + 400 bps), 5/12/28 | 480,122 | ||||
Total Enterprise Software & Services | $972,778 | |||||
Food-Dairy Products — 1.3% | ||||||
1,719,375 | Chobani LLC., 2020 New Term Loan, 6.024% (LIBOR + 350 bps), 10/25/27 | $ 1,664,570 | ||||
Total Food-Dairy Products | $1,664,570 | |||||
Footwear & Related Apparel — 0.6% | ||||||
748,125 | Crocs, Inc., Term Loan, 4.00% (Term SOFR + 350 bps), 2/20/29 | $ 722,408 | ||||
Total Footwear & Related Apparel | $722,408 | |||||
Human Resources — 3.1% | ||||||
987,500 | CCRR Parent, Inc., First Lien Initial Term Loan, 6.01% (LIBOR + 375 bps), 3/6/28 | $ 952,937 | ||||
3,470,739 | Team Health Holdings, Inc., Extended Term Loan, 7.705% (Term SOFR + 525 bps), 3/2/27 | 3,101,973 | ||||
Total Human Resources | $4,054,910 | |||||
Independ Power Producer — 1.1% | ||||||
1,458,604 | EFS Cogen Holdings I LLC, Term B Advance, 5.76% (LIBOR + 350 bps), 10/1/27 | $ 1,409,376 | ||||
Total Independ Power Producer | $1,409,376 |
Principal Amount USD ($) | Value | |||||
Internet Content — 0.3% | ||||||
410,719 | Hunter US Bidco, Inc., First Lien Initial Dollar Term Loan, 6.50% (LIBOR + 425 bps), 8/19/28 | $ 403,018 | ||||
Total Internet Content | $403,018 | |||||
Investment Management & Advisory Services — 1.1% | ||||||
495,000 | Edelman Financial Engines Center LLC, First Lien 2021 Initial Term Loan, 6.024% (LIBOR + 350 bps), 4/7/28 | $ 476,128 | ||||
997,500 | LHS Borrower LLC, Initial Term Loan, 7.305% (Term SOFR + 475 bps), 2/16/29 | 903,985 | ||||
Total Investment Management & Advisory Services | $1,380,113 | |||||
Lottery Services — 0.6% | ||||||
800,000 | Scientific Games Corp., First Lien Initial Dollar Term Loan, 5.617% (Term SOFR + 350 bps), 4/4/29 | $ 773,286 | ||||
Total Lottery Services | $773,286 | |||||
Machinery — 1.7% | ||||||
783,750 | East West Manufacturing LLC, Initial Term Loan, 8.205% (Term SOFR + 575 bps), 12/22/28 | $ 752,400 | ||||
1,492,500 | Engineered Components & Systems LLC, First Lien Initial Term Loan, 8.38% (LIBOR + 600 bps), 8/2/28 | 1,432,800 | ||||
Total Machinery | $2,185,200 | |||||
Machinery-Pumps — 0.7% | ||||||
974,987 | Circor International, Inc., Initial Term Loan, 7.944% (LIBOR + 550 bps), 12/20/28 | $ 938,425 | ||||
Total Machinery-Pumps | $938,425 | |||||
Medical Diagnostic Imaging — 0.6% | ||||||
840,153 | US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Closing Date Term Loan, 7.563% (LIBOR + 525 bps), 12/15/27 | $ 805,850 | ||||
Total Medical Diagnostic Imaging | $805,850 | |||||
Medical Information Systems — 0.9% | ||||||
769,565 | athenahealth, Inc., Initial Term Loan, 5.80% (Term SOFR + 350 bps), 2/15/29 | $ 735,897 | ||||
493,763 | Azalea TopCo, Inc., First Lien 2021 Term Loan, 6.274% (LIBOR + 375 bps), 7/24/26 | 478,332 | ||||
Total Medical Information Systems | $1,214,229 | |||||
Medical Labs & Testing Services — 2.4% | ||||||
375,000 | Charlotte Buyer, Inc., First Lien Initial Term Loan B, 7.98% (Term SOFR + 525 bps), 2/11/28 | $ 361,406 | ||||
90,956 | Envision Healthcare Corporation, First Out Term Loan, 9.952% (Term SOFR + 788 bps), 3/31/27 | 88,682 |
Principal Amount USD ($) | Value | |||||
Medical Labs & Testing Services — (continued) | ||||||
317,945 | Envision Healthcare Corporation, Second Out Term Loan, 6.825% (Term SOFR + 425 bps), 3/31/27 | $ 159,767 | ||||
777,893 | Envision Healthcare Corporation, Third Out Term Loan, 6.325% (Term SOFR + 375 bps), 3/31/27 | 233,368 | ||||
493,703 | eResearchTechnology, Inc., First Lien Initial Term Loan, 7.024% (LIBOR + 450 bps), 2/4/27 | 471,354 | ||||
1,462,725 | FC Compassus LLC, Term B-1 Loan, 7.127% (LIBOR + 425 bps), 12/31/26 | 1,329,251 | ||||
495,000 | Sound Inpatient Physicians Holdings LLC, First Lien 2021 Incremental Term Loan, 5.493% (LIBOR + 300 bps), 6/27/25 | 472,313 | ||||
Total Medical Labs & Testing Services | $3,116,141 | |||||
Medical Products — 1.1% | ||||||
1,244,623 | NMN Holdings III Corp., First Lien Closing Date Term Loan, 6.274% (LIBOR + 375 bps), 11/13/25 | $ 1,155,943 | ||||
215,023 | NMN Holdings III Corp., First Lien Delayed Draw Term Loan, 6.274% (LIBOR + 375 bps), 11/13/25 | 199,703 | ||||
Total Medical Products | $1,355,646 | |||||
Medical-Biomedical & Generation — 1.0% | ||||||
1,393,000 | ANI Pharmaceuticals, Inc., Initial Term Loan, 8.524% (LIBOR + 600 bps), 11/19/27 | $ 1,340,182 | ||||
Total Medical-Biomedical & Generation | $1,340,182 | |||||
Medical-Drugs — 1.9% | ||||||
1,477,992 | Endo Luxembourg Finance Company I S.a r.l., 2021 Term Loan, 11.50% (LIBOR + 400 bps), 3/27/28 | $ 1,296,321 | ||||
495,000 | Jazz Pharmaceuticals Public Limited Company, Initial Dollar Term Loan, 6.024% (LIBOR + 350 bps), 5/5/28 | 486,647 | ||||
705,882 | Padagis LLC, Term B Loan, 7.043% (LIBOR + 475 bps), 7/6/28 | 652,941 | ||||
Total Medical-Drugs | $2,435,909 | |||||
Medical-HMO — 0.6% | ||||||
990,000 | One Call Corp., First Lien Term B Loan, 8.313% (LIBOR + 550 bps), 4/22/27 | $ 815,100 | ||||
Total Medical-HMO | $815,100 | |||||
Medical-Hospitals — 1.2% | ||||||
375,000(b) | EyeCare Partners, LLC, Incremental First Lien Term Loan, 11/15/28 | $ 352,500 |
Principal Amount USD ($) | Value | |||||
Medical-Hospitals — (continued) | ||||||
1,508,209 | Quorum Health Corp., Exit Term Loan, 10.598% (LIBOR + 825 bps), 4/29/25 | $ 1,025,582 | ||||
207,375 | Surgery Center Holdings, Inc., 2021 New Term Loan, 6.14% (LIBOR + 375 bps), 8/31/26 | 201,672 | ||||
Total Medical-Hospitals | $1,579,754 | |||||
Medical-Outpatient & Home Medicine — 0.3% | ||||||
429,950 | Medical Solutions Holdings, Inc., First Lien Initial Term Loan, 6.377% (LIBOR + 350 bps), 11/1/28 | $ 420,706 | ||||
Total Medical-Outpatient & Home Medicine | $420,706 | |||||
Medical-Wholesale Drug Distribution — 0.7% | ||||||
866,548 | Gainwell Acquisition Corp., First Lien Term B Loan, 6.25% (LIBOR + 400 bps), 10/1/27 | $ 848,676 | ||||
Total Medical-Wholesale Drug Distribution | $848,676 | |||||
Metal Processors & Fabrication — 1.6% | ||||||
496,250 | Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 4.796% (LIBOR + 400 bps), 10/12/28 | $ 478,881 | ||||
742,500 | Tiger Acquisition LLC, First Lien Initial Term Loan, 5.774% (LIBOR + 325 bps), 6/1/28 | 711,037 | ||||
825,181 | WireCo WorldGroup, Inc., Initial Term Loan, 7.188% (LIBOR + 425 bps), 11/13/28 | 814,350 | ||||
Total Metal Processors & Fabrication | $2,004,268 | |||||
Metal-Iron — 0.8% | ||||||
9,992 | TMS International Corp., Term B-2 Loan, 5.556% (LIBOR + 275 bps), 8/14/24 | $ 9,880 | ||||
985,000 | TMS International Corp., Term B-3 Loan, 5.556% (LIBOR + 275 bps), 8/14/24 | 972,687 | ||||
Total Metal-Iron | $982,567 | |||||
Multimedia — 0.3% | ||||||
414,375 | EW Scripps Co., The Tranche B-3 Term Loan, 5.274% (LIBOR + 275 bps), 1/7/28 | $ 409,270 | ||||
Total Multimedia | $409,270 | |||||
Networking Products — 0.9% | ||||||
1,425,266 | GoTo Group, Inc., First Lien Initial Term Loan, 7.118% (LIBOR + 475 bps), 8/31/27 | $ 1,118,834 | ||||
Total Networking Products | $1,118,834 |
Principal Amount USD ($) | Value | |||||
Office Automation & Equipment — 0.6% | ||||||
888,750 | Pitney Bowes, Inc., Refinancing Tranche B Term Loan, 6.53% (LIBOR + 400 bps), 3/17/28 | $ 827,648 | ||||
Total Office Automation & Equipment | $827,648 | |||||
Oil-Field Services — 1.4% | ||||||
1,820,200 | ProFrac Holdings II, LLC, Term Loan, 10.007% (Term SOFR + 850 bps), 3/4/25 | $ 1,772,420 | ||||
Total Oil-Field Services | $1,772,420 | |||||
Paper & Related Products — 0.3% | ||||||
406,250 | Sylvamo Corp., Term Loan B, 7.024% (LIBOR + 450 bps), 8/18/28 | $ 396,263 | ||||
Total Paper & Related Products | $396,263 | |||||
Pastoral & Agricultural — 0.5% | ||||||
646,750 | Alltech, Inc., Term B Loan, 6.524% (LIBOR + 400 bps), 10/13/28 | $ 625,461 | ||||
Total Pastoral & Agricultural | $625,461 | |||||
Pharmacy Services — 0.3% | ||||||
348,250 | Option Care Health, Inc., First Lien 2021 Refinancing Term Loan, 5.274% (LIBOR + 275 bps), 10/27/28 | $ 345,420 | ||||
Total Pharmacy Services | $345,420 | |||||
Physical Therapy & Rehabilitation Centers — 2.3% | ||||||
931,000 | Summit Behavioral Healthcare LLC, First Lien Initial Term Loan, 7.73% (LIBOR + 475 bps), 11/24/28 | $ 889,105 | ||||
2,201,568 | Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, 6.82% (Term SOFR + 425 bps), 11/20/26 | 2,097,912 | ||||
Total Physical Therapy & Rehabilitation Centers | $2,987,017 | |||||
Pipelines — 3.2% | ||||||
500,000(b) | Centurion Pipeline Company, LLC, Initial Term Loan, 9/29/25 | $ 494,297 | ||||
400,000(b) | M6 Etx Holdings II Midco, LLC, Term Loan B, 8/10/29 | 394,500 | ||||
3,227,475 | Traverse Midstream Partners LLC, Advance, 5.25% (Term SOFR + 425 bps), 9/27/24 | 3,210,331 | ||||
Total Pipelines | $4,099,128 | |||||
Property & Casualty Insurance — 2.0% | ||||||
248,705 | Asurion LLC, New B-7 Term Loan, 5.524% (LIBOR + 300 bps), 11/3/24 | $ 240,000 | ||||
493,750 | Asurion LLC, New B-9 Term Loan, 5.774% (LIBOR + 325 bps), 7/31/27 | 453,633 |
Principal Amount USD ($) | Value | |||||
Property & Casualty Insurance — (continued) | ||||||
1,250,000 | Asurion LLC, Second Lien New B-4 Term Loan, 7.774% (LIBOR + 525 bps), 1/20/29 | $ 1,073,438 | ||||
225,000 | Asurion, LLC, New B-10 Term Loan, 6.401% (Term SOFR + 400 bps), 8/19/28 | 210,881 | ||||
620,625 | Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2020 Term Loan, 6.774% (LIBOR + 425 bps), 9/3/26 | 613,798 | ||||
Total Property & Casualty Insurance | $2,591,750 | |||||
Protection-Safety — 1.1% | ||||||
1,488,750 | APX Group, Inc., Initial Term Loan, 5.877% (LIBOR + 350 bps), 7/10/28 | $ 1,454,632 | ||||
Total Protection-Safety | $1,454,632 | |||||
Publishing — 1.2% | ||||||
347,375 | Cengage Learning, Inc., First Lien Term B Loan, 7.814% (LIBOR + 475 bps), 7/14/26 | $ 329,138 | ||||
500,000 | Houghton Mifflin Harcourt Company, First Lien Term B Loan, 7.805% (Term SOFR + 525 bps), 4/9/29 | 477,250 | ||||
744,375 | McGraw-Hill Education, Inc., Initial Term Loan, 7.274% (LIBOR + 475 bps), 7/28/28 | 721,299 | ||||
Total Publishing | $1,527,687 | |||||
Publishing-Periodicals — 0.3% | ||||||
374,063 | MJH Healthcare Holdings LLC, Initial Term B Loan, 6.055% (Term SOFR + 350 bps), 1/28/29 | $ 360,970 | ||||
Total Publishing-Periodicals | $360,970 | |||||
Recycling — 0.6% | ||||||
842,246 | LTR Intermediate Holdings, Inc., Initial Term Loan, 6.75% (LIBOR + 450 bps), 5/5/28 | $ 778,025 | ||||
Total Recycling | $778,025 | |||||
Rental Auto & Equipment — 0.7% | ||||||
950,225 | PECF USS Intermediate Holding III Corp., Initial Term Loan, 6.774% (LIBOR + 425 bps), 12/15/28 | $ 887,985 | ||||
Total Rental Auto & Equipment | $887,985 | |||||
Retail — 5.5% | ||||||
541,781 | Great Outdoors Group LLC, Term B-2 Loan, 6.274% (LIBOR + 375 bps), 3/6/28 | $ 526,408 | ||||
1,020,417 | Highline Aftermarket Acquisition LLC, First Lien Initial Term Loan, 7.024% (LIBOR + 450 bps), 11/9/27 | 982,151 | ||||
1,039,500 | Michaels Cos, Inc., The Term B Loan, 6.50% (LIBOR + 425 bps), 4/15/28 | 866,423 |
Principal Amount USD ($) | Value | |||||
Retail — (continued) | ||||||
493,750 | Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 5.50% (LIBOR + 325 bps), 3/3/28 | $ 479,678 | ||||
1,039,500 | PetSmart LLC, Initial Term Loan, 6.27% (LIBOR + 375 bps), 2/11/28 | 1,017,735 | ||||
740,653 | RVR Dealership Holdings, LLC, Term Loan, 6.147% (Term SOFR + 375 bps), 2/8/28 | 694,362 | ||||
693,000 | SRS Distribution, Inc., 2021 Refinancing Term Loan, 6.306% (LIBOR + 350 bps), 6/2/28 | 667,229 | ||||
1,406,962 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, 7.282% (LIBOR + 450 bps), 9/12/24 | 1,341,890 | ||||
481,250 | Torrid LLC, Closing Date Term Loan, 6.739% (LIBOR + 550 bps), 6/14/28 | 451,172 | ||||
Total Retail | $7,027,048 | |||||
Retail — 0.6% | ||||||
750,000(b) | White Cap Supply Holdings, LLC, Initial Closing Date Term Loan, 10/19/27 | $ 726,188 | ||||
Total Retail | $726,188 | |||||
Rubber & Plastic Products — 0.9% | ||||||
1,135,818 | Gates Global LLC, Initial B-3 Dollar Term Loan, 5.024% (LIBOR + 250 bps), 3/31/27 | $ 1,116,155 | ||||
Total Rubber & Plastic Products | $1,116,155 | |||||
Schools — 0.8% | ||||||
1,074,933 | KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 Loan, 6.00% (LIBOR + 375 bps), 2/21/25 | $ 1,049,404 | ||||
Total Schools | $1,049,404 | |||||
Security Services — 1.5% | ||||||
1,964,719 | Garda World Security Corp., Term B-2 Loan, 7.24% (LIBOR + 425 bps), 10/30/26 | $ 1,913,965 | ||||
Total Security Services | $1,913,965 | |||||
Semiconductor Equipment — 1.0% | ||||||
1,260,775 | Ultra Clean Holdings, Inc., Second Amendment Term B Loan, 6.274% (LIBOR + 375 bps), 8/27/25 | $ 1,247,380 | ||||
Total Semiconductor Equipment | $1,247,380 | |||||
Shipbuilding — 0.8% | ||||||
1,044,312 | MHI Holdings LLC, Initial Term Loan, 7.524% (LIBOR + 500 bps), 9/21/26 | $ 1,035,174 | ||||
Total Shipbuilding | $1,035,174 |
Principal Amount USD ($) | Value | |||||
Soap & Cleaning Preparation — 0.6% | ||||||
995,000 | Knight Health Holdings LLC, Term B Loan, 7.774% (LIBOR + 525 bps), 12/23/28 | $ 746,250 | ||||
Total Soap & Cleaning Preparation | $746,250 | |||||
Steel Producers — 0.7% | ||||||
1,494,429 | Phoenix Services International LLC, Term B Loan, 6.673% (LIBOR + 375 bps), 3/1/25 | $ 881,713 | ||||
Total Steel Producers | $881,713 | |||||
Telecom Services — 1.2% | ||||||
650,000 | Patagonia Holdco LLC, Amendment No.1 Term Loan, 8.386% (Term SOFR + 575 bps), 8/1/29 | $ 554,937 | ||||
1,030,036 | Windstream Services II, LLC, Initial Term Loan, 8.774% (LIBOR + 625 bps), 9/21/27 | 995,916 | ||||
Total Telecom Services | $1,550,853 | |||||
Textile-Home Furnishings — 0.6% | ||||||
997,500 | Runner Buyer, Inc., Initial Term Loan, 8.57% (LIBOR + 550 bps), 10/20/28 | $ 733,163 | ||||
Total Textile-Home Furnishings | $733,163 | |||||
Theaters — 0.7% | ||||||
1,052,667 | AMC Entertainment Holdings, Inc. (fka AMC Entertainment, Inc.), Term B-1 Loan, 5.38% (LIBOR + 300 bps), 4/22/26 | $ 909,993 | ||||
Total Theaters | $909,993 | |||||
Transportation - Trucks — 0.4% | ||||||
496,250 | Carriage Purchaser, Inc., Term B Loan, 6.774% (LIBOR + 425 bps), 9/30/28 | $ 461,926 | ||||
Total Transportation - Trucks | $461,926 | |||||
Transportation Services — 2.0% | ||||||
1,191,000 | AIT Worldwide Logistics Holdings, Inc., First Lien Initial Term Loan, 7.043% (LIBOR + 475 bps), 4/6/28 | $ 1,130,458 | ||||
498,750 | Echo Global Logistics, Inc., First Lien Initial Term Loan, 6.024% (LIBOR + 350 bps), 11/23/28 | 471,568 | ||||
545,055 | First Student Bidco, Inc., Initial Term B Loan, 5.232% (LIBOR + 300 bps), 7/21/28 | 525,978 | ||||
202,206 | First Student Bidco, Inc., Initial Term C Loan, 5.232% (LIBOR + 300 bps), 7/21/28 | 195,129 | ||||
347,375 | LaserShip, Inc., First Lien Initial Term Loan, 7.377% (LIBOR + 450 bps), 5/7/28 | 310,104 | ||||
Total Transportation Services | $2,633,237 |
Principal Amount USD ($) | Value | |||||
Wireless Equipment — 0.2% | ||||||
335,000 | Maxar Technologies Inc., Initial Term Loan, 6.805% (Term SOFR + 425 bps), 6/14/29 | $ 323,833 | ||||
Total Wireless Equipment | $323,833 | |||||
Total Senior Secured Floating Rate Loan Interests (Cost $165,340,415) | $156,926,541 | |||||
Shares | ||||||
Common Stocks — 0.7% of Net Assets | ||||||
Airlines — 0.3% | ||||||
40,684(d) | Grupo Aeromexico SAB de CV | $ 401,822 | ||||
Total Airlines | $401,822 | |||||
Oil, Gas & Consumable Fuels — 0.3% | ||||||
23,920(d) | Summit Midstream Partners LP | $ 398,268 | ||||
Total Oil, Gas & Consumable Fuels | $398,268 | |||||
Specialty Retail — 0.1% | ||||||
91,346(d)+^ | Targus Cayman SubCo., Ltd. | $ 112,355 | ||||
Total Specialty Retail | $112,355 | |||||
Total Common Stocks (Cost $1,168,696) | $912,445 | |||||
Principal Amount USD ($) | ||||||
Asset Backed Securities — 3.5% of Net Assets | ||||||
1,000,000(a) | 522 Funding CLO, Ltd., Series 2019-4A, Class E, 9.71% (3 Month USD LIBOR + 700 bps), 4/20/30 (144A) | $ 869,621 | ||||
1,000,000(a) | Goldentree Loan Management US CLO 2, Ltd., Series 2017-2A, Class E, 7.41% (3 Month USD LIBOR + 470 bps), 11/28/30 (144A) | 852,350 | ||||
1,000,000 | JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class G, 9.812%, 2/26/29 (144A) | 925,971 |
Principal Amount USD ($) | Value | |||||
Asset Backed Securities — (continued) | ||||||
1,000,000(a) | Madison Park Funding XXII, Ltd., Series 2016-22A, Class ER, 9.212% (3 Month USD LIBOR + 670 bps), 1/15/33 (144A) | $ 905,696 | ||||
1,000,000(a) | Octagon Investment Partners XXI, Ltd., Series 2014-1A, Class DRR, 9.905% (3 Month USD LIBOR + 700 bps), 2/14/31 (144A) | 915,411 | ||||
Total Asset Backed Securities (Cost $4,951,303) | $4,469,049 | |||||
Collateralized Mortgage Obligations—2.3% of Net Assets | ||||||
370,000(a) | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 8.183% (SOFR30A + 600 bps), 10/25/41 (144A) | $ 344,501 | ||||
750,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class B2, 7.683% (SOFR30A + 550 bps), 1/25/34 (144A) | 641,944 | ||||
230,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class B2, 9.983% (SOFR30A + 780 bps), 11/25/41 (144A) | 214,045 | ||||
490,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B2, 8.433% (SOFR30A + 625 bps), 9/25/41 (144A) | 425,866 | ||||
250,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA1, Class B2, 9.283% (SOFR30A + 710 bps), 1/25/42 (144A) | 222,077 | ||||
320,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class B2, 10.683% (SOFR30A + 850 bps), 2/25/42 (144A) | 299,498 | ||||
710,000(a) | STACR Trust, Series 2018-HRP2, Class B2, 12.944% (1 Month USD LIBOR + 1,050 bps), 2/25/47 (144A) | 773,613 | ||||
Total Collateralized Mortgage Obligations (Cost $3,200,251) | $2,921,544 | |||||
Commercial Mortgage-Backed Securities—1.3% of Net Assets | ||||||
600,000(a) | BX Trust, Series 2022-PSB, Class F, 9.64% (1 Month Term SOFR + 733 bps), 8/15/39 (144A) | $ 602,417 | ||||
315,000(a) | Capital Funding Mortgage Trust, Series 2021-8, Class B, 15.47% (1 Month USD LIBOR + 1,310 bps), 6/22/23 (144A) | 315,000 |
Principal Amount USD ($) | Value | |||||
Commercial Mortgage-Backed Securities—(continued) | ||||||
139,916(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 8.612% (1 Month USD LIBOR + 625 bps), 1/25/27 (144A) | $ 136,190 | ||||
1,000,000 | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A) | 702,051 | ||||
Total Commercial Mortgage-Backed Securities (Cost $1,837,134) | $1,755,658 | |||||
Corporate Bonds — 13.5% of Net Assets | ||||||
Advertising — 0.2% | ||||||
255,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 205,014 | ||||
Total Advertising | $205,014 | |||||
Aerospace & Defense — 0.4% | ||||||
500,000 | Bombardier, Inc., 7.125%, 6/15/26 (144A) | $ 476,440 | ||||
Total Aerospace & Defense | $476,440 | |||||
Airlines — 1.2% | ||||||
1,690,000 | Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | $ 1,541,480 | ||||
Total Airlines | $1,541,480 | |||||
Banks — 0.9% | ||||||
1,000,000(e)(f) | Citigroup, Inc., 4.70% (SOFR + 323 bps) | $ 848,125 | ||||
391,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 338,264 | ||||
Total Banks | $1,186,389 | |||||
Building Materials — 1.8% | ||||||
500,000 | CP Atlas Buyer, Inc., 7.00%, 12/1/28 (144A) | $ 408,125 | ||||
1,000,000 | Koppers, Inc., 6.00%, 2/15/25 (144A) | 938,300 | ||||
996,000 | Patrick Industries, Inc., 7.50%, 10/15/27 (144A) | 933,551 | ||||
Total Building Materials | $2,279,976 | |||||
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) | $ 172,738 | ||||
200,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | 167,587 | ||||
500,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 387,500 | ||||
Total Commercial Services | $727,825 |
Principal Amount USD ($) | Value | |||||
Computers — 0.1% | ||||||
100,000 | Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) | $ 82,070 | ||||
Total Computers | $82,070 | |||||
Diversified Financial Services — 1.1% | ||||||
200,000 | Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 8/15/28 (144A) | $ 170,918 | ||||
1,500,000 | VistaJet Malta Finance Plc/XO Management Holding, Inc., 6.375%, 2/1/30 (144A) | 1,290,000 | ||||
Total Diversified Financial Services | $1,460,918 | |||||
Engineering & Construction — 0.6% | ||||||
1,000,000 | Artera Services LLC, 9.033%, 12/4/25 (144A) | $ 821,720 | ||||
Total Engineering & Construction | $821,720 | |||||
Entertainment — 0.3% | ||||||
505,000 | Mohegan Gaming & Entertainment, 8.00%, 2/1/26 (144A) | $ 444,274 | ||||
Total Entertainment | $444,274 | |||||
Iron & Steel — 0.3% | ||||||
500,000 | Metinvest BV, 7.75%, 10/17/29 (144A) | $ 232,500 | ||||
265,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 184,838 | ||||
Total Iron & Steel | $417,338 | |||||
Leisure Time — 0.4% | ||||||
105,000 | Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A) | $ 105,852 | ||||
500,000 | Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) | 403,260 | ||||
Total Leisure Time | $509,112 | |||||
Lodging — 0.7% | ||||||
1,000,000 | Station Casinos LLC, 4.50%, 2/15/28 (144A) | $ 861,427 | ||||
Total Lodging | $861,427 | |||||
Media — 0.9% | ||||||
510,000 | McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | $ 442,450 | ||||
1,000,000 | Sinclair Television Group, Inc., 5.50%, 3/1/30 (144A) | 783,857 | ||||
Total Media | $1,226,307 | |||||
Mining — 0.3% | ||||||
500,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $ 364,088 | ||||
Total Mining | $364,088 | |||||
Oil & Gas — 1.2% | ||||||
1,500,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | $ 1,515,750 | ||||
Total Oil & Gas | $1,515,750 |
Principal Amount USD ($) | Value | |||||
REITs — 1.6% | ||||||
1,000,000 | iStar, Inc., 4.75%, 10/1/24 | $ 1,000,390 | ||||
1,065,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%, 2/15/25 (144A) | 1,052,108 | ||||
Total REITs | $2,052,498 | |||||
Retail — 0.4% | ||||||
500,000 | LBM Acquisition LLC, 6.25%, 1/15/29 (144A) | $ 373,630 | ||||
221,000 | Party City Holdings, Inc., 8.75%, 2/15/26 (144A) | 144,755 | ||||
Total Retail | $518,385 | |||||
Telecommunications — 0.5% | ||||||
500,000 | Altice France Holding SA, 6.00%, 2/15/28 (144A) | $ 339,047 | ||||
500,000 | Lumen Technologies, Inc., 4.50%, 1/15/29 (144A) | 372,995 | ||||
Total Telecommunications | $712,042 | |||||
Total Corporate Bonds (Cost $19,530,033) | $17,403,053 | |||||
Insurance-Linked Securities — 1.5% of Net Assets# | ||||||
Event Linked Bonds — 1.0% | ||||||
Multiperil – U.S. — 0.6% | ||||||
250,000(a) | Matterhorn Re, 7.32%, (SOFR + 532 bps), 3/24/25 (144A) | $ 240,000 | ||||
250,000(a) | Residential Reinsurance 2021, 8.065%, (3 Month U.S. Treasury Bill + 550 bps), 12/6/25 (144A) | 241,750 | ||||
250,000(a) | Sanders Re III, 3.50%, (3 Month U.S. Treasury Bill + 350 bps), 4/7/26 (144A) | 248,250 | ||||
$730,000 | ||||||
Windstorm - North Carolina — 0.2% | ||||||
250,000(a) | Cape Lookout Re, 7.887%, (3 Month U.S. Treasury Bill + 500 bps), 3/28/25 (144A) | $ 248,175 | ||||
Windstorm – U.S. Regional — 0.2% | ||||||
250,000(a) | Commonwealth Re, 3.50%, (3 Month U.S. Treasury Bill + 350 bps), 7/8/25 (144A) | $ 249,700 | ||||
Total Event Linked Bonds | $1,227,875 |
Face Amount USD ($) | ||||||
Collateralized Reinsurance — 0.0%† | ||||||
Multiperil – Worldwide — 0.0%† | ||||||
27,000(d)(g)+ | Limestone Re, 3/1/23 (144A) | $ — |
Face Amount USD ($) | Value | ||||||
Windstorm – Florida — 0.0%† | |||||||
250,000(d)(g)+ | Formby Re 2018, 2/28/23 | $ 16,634 | |||||
Total Collateralized Reinsurance | $16,634 | ||||||
Reinsurance Sidecars — 0.3% | |||||||
Multiperil – U.S. — 0.0%† | |||||||
250,000(d)(h)+ | Harambee Re 2018, 12/31/22 | $ — | |||||
250,000(h)+ | Harambee Re 2019, 12/31/22 | 100 | |||||
$100 | |||||||
Multiperil – Worldwide — 0.3% | |||||||
3,037(h)+ | Alturas Re 2019-2, 3/10/23 | $ 1,033 | |||||
29,558(h)+ | Alturas Re 2020-2, 1/31/23 | 6,266 | |||||
250,000(d)(g)+ | Bantry Re 2016, 3/31/23 | 15,113 | |||||
1,270,809(d)(g)+ | Berwick Re 2018-1, 12/31/22 | 98,234 | |||||
907,913(d)(g)+ | Berwick Re 2019-1, 12/31/22 | 108,496 | |||||
3,800(g)+ | Eden Re 2019 Class B, 3/22/23 (144A) | 9,673 | |||||
199,590(d)(h)+ | Lorenz Re 2019, 6/30/23 | 19,061 | |||||
300,000(d)(g)+ | Merion Re 2018-2, 12/31/22 | 45,420 | |||||
400,000(d)(g)+ | Pangaea Re 2018-1, 12/31/22 | 8,422 | |||||
400,000(d)(g)+ | Pangaea Re 2018-3, 7/1/23 | 8,297 | |||||
327,699(d)(g)+ | Pangaea Re 2019-1, 2/1/23 | 6,829 | |||||
294,125(d)(g)+ | Pangaea Re 2019-3, 7/1/23 | 10,580 | |||||
10,000(g)+ | Sector Re V, 12/1/24 (144A) | 28,745 | |||||
253,645(d)(g)+ | Woburn Re 2018, 12/31/22 | 13,337 | |||||
244,914(d)(g)+ | Woburn Re 2019, 12/31/22 | 52,227 | |||||
$431,733 | |||||||
Total Reinsurance Sidecars | $431,833 | ||||||
Industry Loss Warranties — 0.2% | |||||||
Windstorm – U.S. Regional — 0.2% | |||||||
250,000(g)+ | Flavescent Re 2022, 11/30/27 | $ 237,380 | |||||
Total Industry Loss Warranties | $237,380 | ||||||
Total Insurance-Linked Securities (Cost $2,211,816) | $1,913,722 | ||||||
Shares | Value | |||||
SHORT TERM INVESTMENTS — 2.6% of Net Assets | ||||||
Open-End Fund — 2.6% | ||||||
3,346,048(i) | Dreyfus Government Cash Management, Institutional Shares, 2.11% | $ 3,346,048 | ||||
$3,346,048 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $3,346,048) | $3,346,048 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 147.2% (Cost $201,585,696) | $189,648,060 | |||||
OTHER ASSETS AND LIABILITIES — (47.2)% | $(60,770,271) | |||||
net assets — 100.0% | $128,877,789 | |||||
bps | Basis Points. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
LIBOR | London Interbank Offered Rate. |
REIT | Real Estate Investment Trust. |
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 August 31, 2022, the value of these securities amounted to $25,967,082, or 20.1% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at August 31, 2022. |
(b) | This term loan will settle after August 31, 2022, at which time the interest rate will be determined. |
(c) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
(d) | Non-income producing security. |
(e) | Security is perpetual in nature and has no stated maturity date. |
(f) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at August 31, 2022. |
(g) | Issued as participation notes. |
(h) | Issued as preference shares. |
(i) | Rate periodically changes. Rate disclosed is the 7-day yield at August 31, 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 or SOFR, (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 August 31, 2022. |
+ | Security is valued using significant unobservable inputs (Level 3). |
^ | 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%. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Alturas Re 2019-2 | 12/19/2018 | $3,037 | $1,033 |
Alturas Re 2020-2 | 1/1/2020 | 29,558 | 6,266 |
Bantry Re 2016 | 2/6/2019 | 15,112 | 15,113 |
Berwick Re 2018-1 | 1/10/2018 | 185,623 | 98,234 |
Berwick Re 2019-1 | 12/31/2018 | 108,488 | 108,496 |
Cape Lookout Re | 3/16/2022 | 250,000 | 248,175 |
Commonwealth Re | 6/15/2022 | 250,000 | 249,700 |
Eden Re 2019 Class B | 1/22/2019 | 446 | 9,673 |
Flavescent Re 2022 | 7/26/2022 | 225,625 | 237,380 |
Formby Re 2018 | 7/9/2018 | 9,405 | 16,634 |
Harambee Re 2018 | 12/19/2017 | 5,311 | — |
Harambee Re 2019 | 12/20/2018 | — | 100 |
Limestone Re | 6/20/2018 | 230 | — |
Lorenz Re 2019 | 6/26/2019 | 62,584 | 19,061 |
Matterhorn Re | 3/10/2022 | 250,000 | 240,000 |
Merion Re 2018-2 | 12/28/2017 | 12,346 | 45,420 |
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 | 6,829 |
Pangaea Re 2019-3 | 7/25/2019 | 8,824 | 10,580 |
Residential Reinsurance 2021 | 10/28/2021 | 250,000 | 241,750 |
Sanders Re III | 3/22/2022 | 250,000 | 248,250 |
Sector Re V | 1/1/2020 | 10,000 | 28,745 |
Woburn Re 2018 | 3/20/2018 | 84,479 | 13,337 |
Woburn Re 2019 | 1/30/2019 | 43,760 | 52,227 |
Total Restricted Securities | $1,913,722 | ||
% of Net assets | 1.5% |
Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized (Depreciation) |
USD | 676,379 | MXN | 13,970,000 | State Street Bank & Trust Co. | 9/23/22 | $(13,942) |
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $(13,942) |
USD | United States Dollar |
MXN | Mexican Peso |
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 | $— | $156,926,541 | $— | $156,926,541 |
Common Stocks | ||||
Specialty Retail | — | — | 112,355 | 112,355 |
All Other Common Stocks | 800,090 | — | — | 800,090 |
Asset Backed Securities | — | 4,469,049 | — | 4,469,049 |
Collateralized Mortgage Obligations | — | 2,921,544 | — | 2,921,544 |
Commercial Mortgage-Backed Securities | — | 1,755,658 | — | 1,755,658 |
Corporate Bonds | — | 17,403,053 | — | 17,403,053 |
Insurance-Linked Securities | ||||
Collateralized Reinsurance | ||||
Multiperil – Worldwide | — | — | — | — |
Windstorm – Florida | — | — | 16,634 | 16,634 |
Reinsurance Sidecars | ||||
Multiperil – U.S. | — | — | 100 | 100 |
Multiperil – Worldwide | — | — | 431,733 | 431,733 |
Industry Loss Warranties | ||||
Windstorm – U.S. Regional | — | — | 237,380 | 237,380 |
All Other Insurance-Linked Securities | — | 1,227,875 | — | 1,227,875 |
Open-End Fund | 3,346,048 | — | — | 3,346,048 |
Total Investments in Securities | $4,146,138 | $184,703,720 | $798,202 | $189,648,060 |
Level 1 | Level 2 | Level 3 | Total | |
Other Financial Instruments | ||||
Net unrealized depreciation on forward foreign currency exchange contracts | $— | $(13,942) | $— | $(13,942) |
Total Other Financial Instruments | $— | $(13,942) | $— | $(13,942) |
Common Stocks | Insurance- Linked Securities | Total | |
Balance as of 11/30/21 | $139,759 | $595,777 | $735,536 |
Realized gain (loss) | — | (128,437) | (128,437) |
Changed in unrealized appreciation (depreciation) | (27,404) | 73,251 | 45,847 |
Accrued discounts/premiums | — | (59,998) | (59,998) |
Purchases | — | 225,625 | 225,625 |
Sales | — | (20,371) | (20,371) |
Transfers in to Level 3* | — | — | — |
Transfers out of Level 3* | — | — | — |
Balance as of 8/31/22 | $112,355 | $685,847 | $798,202 |
* | Transfers are calculated on the beginning of period values. During the nine months ended August 31, 2022, there were no transfers in or out of level 3. | ||
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at August 31, 2022: | $(39,435) |