NPORT-EX 2 kio5.htm SOI

Income Opportunities Fund
     
July 31, 2023
         

SCHEDULE OF INVESTMENTS (Unaudited)
                                  
(Stated in United States Dollars unless otherwise noted)
                                  
Issuer
 
Asset
 
Reference Rate & Spread
 
Interest
 Rate
 
Maturity
Date
 
Currency
 
 
Par
 
Fair Value
 
Footnotes
Leveraged Loans - 64.18%
                          
 
      
                                   
    Aerospace & Defense - 1.09%
                                  
        Amentum Services Inc
  
TL 2L B 12/21
  
SOFR (1M) + 7.60%
  
12.82%
  
2/15/2030
  
USD
    
1,965,870
  
$
  1,846,542  
(b)
        EaglePicher Technologies LLC
  
TL 2L 02/18
  
SOFR (1M) + 7.25%
  
12.68%
  
3/8/2026
  
USD
    
1,957,223
  
1,038,963
    
        Vertex Aerospace Services Corp
  
TL 1L B 12/21
  
SOFR (3M) + 3.75%
  
9.17%
  
12/6/2028
  
USD
    
994,093
  
997,200
    
                                   
    Alternative Carriers - 1.37%
                                  
        Segra
  
TL 1L B 08/21
  
SOFR (3M) + 4.76%
  
10.00%
  
10/4/2028
  
USD
    
5,166,510
  
4,886,640
    
                                   
    Apparel, Accessories & Luxury Goods - 4.56%
                                  
        Varsity Brands Inc
  
TL 1L 02/23
  
SOFR (1M) + 5.11%
  
10.43%
  
12/15/2026
  
USD
    
16,682,697
  
16,251,783
  
(a)
                                   
    Application Software - 6.56%
                                  
        Misys Ltd
  
TL 2L 04/17
  
LIBOR (3M) + 7.25%
  
12.98%
  
6/13/2025
  
USD
    
6,478,671
  
5,948,230
  
(a)
        Solera LLC
  
TL 2L 06/21 PIK Toggle
  
SOFR (3M) + 9.35%
  
14.61%
  
6/4/2029
  
USD
    
11,477,762
  
10,731,708
  
(d)
        TIBCO Software Inc
  
TL 1L B 09/22
  
SOFR (3M) + 4.60%
  
9.84%
  
3/30/2029
  
USD
    
6,983,896
  
6,702,550
    
                                   
    Automotive Parts & Equipment - 5.39%
                                  
        Innovative XCessories & Services LLC
  
TL 1L 02/20
  
SOFR (6M) + 4.35%
  
9.48%
  
3/5/2027
  
USD
    
6,443,952
  
5,660,625
    
        Parts Authority Inc
  
TL 1L 10/20
  
SOFR (3M) + 3.75%
  
9.38%
  
10/28/2027
  
USD
    
5,661,514
  
5,313,331
    
        Rough Country LLC
  
TL 2L 07/21
  
SOFR (3M) + 6.60%
  
11.84%
  
7/30/2029
  
USD
    
841,950
  
790,381
    
        Truck Hero Inc
  
TL 1L 01/21
  
SOFR (1M) + 3.86%
  
9.18%
  
1/31/2028
  
USD
    
7,361,293
  
6,944,681
    
        Wheel Pros Inc
  
TL 1L B 05/21
  
SOFR (3M) + 4.76%
  
10.11%
  
5/11/2028
  
USD
    
763,950
  
514,269
  
(a)
                                   
    Broadcasting - 3.74%
                                  
        NEP Broadcasting LLC
  
TL 1L 05/20
  
SOFR (1M) + 8.36%
  
13.68%
  
6/1/2025
  
USD
    
1,577,831
  
1,577,831
  
(b)
        NEP Broadcasting LLC
  
TL 1L B 09/18
  
SOFR (1M) + 3.36%
  
8.68%
  
10/20/2025
  
USD
    
4,433,086
  
4,112,530
    
        NEP Broadcasting LLC
  
TL 1L B 09/18
  
EURIBOR (1M) + 3.50%
  
7.07%
  
10/20/2025
  
EUR
    
2,166,796
  
2,159,053
    
        NEP Broadcasting LLC
  
TL 2L 09/18
  
SOFR (1M) + 7.11%
  
12.43%
  
10/19/2026
  
USD
    
7,494,510
  
5,492,876
    
                                   
    Broadline Retail - 1.55%
                                  
        AutoScout24 GmbH
  
TL 1L B 02/20
  
EURIBOR (6M) + 3.00%
  
6.29%
  
3/31/2027
  
EUR
    
2,421,160
  
2,578,901
    
        AutoScout24 GmbH
  
TL 2L 01/20
  
EURIBOR (6M) + 6.00%
  
9.29%
  
3/31/2028
  
EUR
    
1,408,001
  
1,454,111
    
        Belk Inc
  
TL 1L 02/21
  
LIBOR (3M) + 7.50%
  
12.98%
  
7/31/2025
  
USD
    
459,875
  
395,492
  
(a)
        Belk Inc
  
TL 1L EXIT 02/21 PIK Toggle
          
7/31/2025
  
USD
    
8,703,049
  
1,077,002
  
(a) (d) (e)
                                   
    Building Products - 0.82%
                                  
        DiversiTech Holdings Inc
  
TL 2L B 12/21
  
SOFR (3M) + 7.01%
  
12.25%
  
12/21/2029
  
USD
    
1,381,023
  
1,215,300
    
        VC GB Holdings Inc (Visual Comfort)
  
TL 2L 06/21
  
LIBOR (3M) + 6.75%
  
12.23%
  
7/23/2029
  
USD
    
1,927,630
  
1,709,567
    
                                   
    Cable & Satellite - 1.54%
                                  
        RCN Grande (Radiate)
  
TL 1L B 10/21
  
SOFR (1M) + 3.25%
  
8.68%
  
9/25/2026
  
USD
    
4,900,872
  
4,143,271
    
        Virgin Media Inc
  
TL 1L 09/19
  
SOFR (1M) + 2.61%
  
7.84%
  
1/31/2028
  
USD
    
1,386,006
  
1,351,966
    
                                   
    Casinos & Gaming - 0.16%
                                  
        Entain PLC
  
TL 1L B2 10/22
  
SOFR (6M) + 3.60%
  
8.44%
  
10/31/2029
  
USD
    
566,010
  
566,568
    
                                   
    Commodity Chemicals - 0.30%
                                  
        Ineos Finance PLC
  
TL 1L B 11/22
  
SOFR (1M) + 3.85%
  
9.17%
  
11/8/2027
  
USD
    
1,065,280
  
1,058,516
    
                                   
    Construction & Engineering - 2.93%
                                  
        Brand Energy & Infrastructure Services Inc
  
TL 1L B 07/23
  
SOFR (3M) + 5.50%
  
6.00%
  
8/1/2030
  
USD
    
2,249,334
  
2,185,599
    
        Total Safety US Inc
  
TL 1L B 07/19
  
SOFR (3M) + 6.26%
  
11.50%
  
8/18/2025
  
USD
    
5,019,083
  
4,773,374
    
        USIC Holdings Inc
  
TL 2L 05/21
  
SOFR (1M) + 6.61%
  
11.93%
  
5/14/2029
  
USD
    
431,521
  
402,933
    
        Yak Access LLC
  
TL 1L 03/23
  
SOFR (6M) + 6.50%
  
11.82%
  
3/10/2028
  
USD
    
3,393,205
  
3,070,850
    
                                   
    Construction Machinery & Heavy Transportation Equipment - 2.35%
                                  
        Accuride Corp
  
TL 1L B 07/23
  
1.62% PIK, SOFR (1M) + 5.25%
  
12.35%
  
7/7/2026
  
USD
    
5,375,161
  
4,757,017
  
(d)
        American Trailer Works Inc
  
TL 1L 02/21
  
SOFR (1M) + 3.85%
  
9.17%
  
3/3/2028
  
USD
    
3,229,070
  
3,018,163
    
        CentroMotion
  
TL 1L B 07/23
  
SOFR (3M) + 6.00%
  
6.00%
  
7/25/2030
  
USD
    
626,160
  
614,420
    
                                   
    Data Processing & Outsourced Services - 2.44%
                                  
        West Corp
  
TL 1L B3 01/23
  
SOFR (1M) + 4.25%
  
9.57%
  
4/10/2027
  
USD
    
9,057,068
  
8,690,348
    
                                   
    Diversified Metals & Mining - 0.61%
                                  
        Foresight Energy LLC
  
TL 1L A 06/20
  
SOFR (3M) + 8.10%
  
13.34%
  
6/30/2027
  
USD
    
2,158,026
  
2,158,026
  
(a) (b)
                                   
    Diversified Support Services - 0.35%
                                  
        Access CIG LLC
  
TL 2L 02/18
  
SOFR (1M) + 7.86%
  
13.01%
  
2/27/2026
  
USD
    
1,292,375
  
1,240,680
    
                                   
    Education Services - 0.71%
                                  
        Jostens Inc
  
TL 1L 12/18
  
LIBOR (6M) + 5.50%
  
10.71%
  
12/19/2025
  
USD
    
2,512,579
  
2,515,092
    
                                   
    Financial Exchanges & Data - 0.16%
                                  
        IntraFi Network LLC
  
TL 2L 11/21
  
SOFR (1M) + 6.35%
  
11.67%
  
11/5/2029
  
USD
    
623,220
  
567,909
    
                                   
    Health Care Equipment - 3.51%
                                  
        Drive DeVilbiss Healthcare LLC
  
TL 1L 03/21
  
4.00% PIK, SOFR (3M) + 9.50%
  
14.74%
  
6/1/2025
  
USD
    
7,683,956
  
6,211,210
  
(d)
        Drive DeVilbiss Healthcare LLC
  
TL 1L 09/22
  
9.00% PIK, SOFR (3M) + 10.10%
  
15.24%
  
6/1/2025
  
USD
    
1,050,191
  
1,050,191
  
(b) (d)
        Orchid Orthopedic Solutions LLC
  
TL 1L 02/19
  
SOFR (3M) + 4.76%
  
10.00%
  
3/5/2026
  
USD
    
5,613,675
  
5,241,769
    
                                   
    Health Care Facilities - 0.20%
                                  
        ScionHealth
  
TL 1L B 12/21
  
SOFR (1M) + 5.36%
  
10.68%
  
12/23/2028
  
USD
    
1,720,677
  
696,874
    
                                   
    Health Care Services - 0.38%
                                  
        CHG Healthcare Services Inc
  
TL 1L 09/21
  
SOFR (1M) + 3.36%
  
8.68%
  
9/29/2028
  
USD
    
1,335,053
  
1,334,058
    
        Paradigm Acquisition Corp
  
TL 2L 10/18 LC
  
SOFR (3M) + 7.50%
  
13.02%
  
10/26/2026
  
USD
    
6,120
  
6,097
    
                                   
    Health Care Technology - 0.52%
                                  
        GoodRx Inc
  
TL 1L 10/18
  
SOFR (1M) + 2.85%
  
8.17%
  
10/10/2025
  
USD
    
1,859,103
  
1,859,596
    
                                   
    Hotels, Resorts & Cruise Lines - 0.79%
                                  
        Playa Resorts Holding BV
  
TL 1L B 11/22
  
SOFR (1M) + 4.25%
  
9.47%
  
1/5/2029
  
USD
    
1,864,958
  
1,863,886
    
        Travel + Leisure Co
  
TL 1L 12/22
  
SOFR (3M) + 4.10%
  
9.35%
  
12/14/2029
  
USD
    
956,356
  
958,451
    
                                   
    Human Resource & Employment Services - 0.73%
                                  
        SIRVA Worldwide Inc
  
TL 1L 07/18
  
LIBOR (3M) + 5.50%
  
11.01%
  
8/4/2025
  
USD
    
1,791,764
  
1,617,963
    
        SIRVA Worldwide Inc
  
TL 2L 07/18
  
LIBOR (3M) + 9.50%
  
15.04%
  
8/3/2026
  
USD
    
1,149,740
  
994,525
    
                                   
    Industrial Machinery & Supplies & Components - 3.74%
                                  
        Chart Industries Inc
  
TL 1L B 12/22
  
SOFR (1M) + 3.85%
  
9.10%
  
3/15/2030
  
USD
    
2,228,061
  
2,235,024
    
        CPM Holdings Inc
  
TL 2L 10/18
  
SOFR (1M) + 8.36%
  
13.48%
  
11/16/2026
  
USD
    
1,321,319
  
1,318,841
    
        Dexko Global Inc
  
Dexko Global Inc - TL 1L 10/21
  
EURIBOR (3M) + 4.00%
  
7.60%
  
10/4/2028
  
EUR
    
2,357,925
  
2,440,887
    
        Dexko Global Inc
  
TL 1L B 09/21
  
EURIBOR (3M) + 4.00%
  
7.60%
  
10/4/2028
  
EUR
    
1,226,186
  
1,269,328
    
        Dexko Global Inc
  
TL 1L DD 10/21
  
EURIBOR (3M) + 4.00%
  
7.60%
  
10/4/2028
  
EUR
    
379,399
  
392,748
    
        Engineered Machinery Holdings Inc
  
TL 2L 08/21
  
LIBOR (3M) + 6.00%
  
11.54%
  
5/21/2029
  
USD
    
289,880
  
276,835
    
        ProMach Group Inc
  
TL 1L B 08/21
  
SOFR (1M) + 4.11%
  
9.43%
  
8/31/2028
  
USD
    
786,764
  
788,550
    
        SPX FLOW Inc
  
TL 1L B 03/22
  
SOFR (1M) + 4.60%
  
9.92%
  
4/5/2029
  
USD
    
2,787,357
  
2,764,710
    
        WireCo WorldGroup Inc
  
TL 1L B 10/21
  
SOFR (1M) + 4.36%
  
9.59%
  
11/13/2028
  
USD
    
1,844,025
  
1,844,320
    
                                   
    IT Consulting & Other Services - 3.65%
                                  
        PSAV Inc
  
TL 1L B1 12/20
  
0.25% PIK, SOFR (1M) + 3.60%
  
8.76%
  
3/3/2025
  
USD
    
6,689,705
  
6,614,446
  
(d)
        PSAV Inc
  
TL 1L B3 12/20
  
10.00% PIK, 5.00%
  
15.00%
  
10/15/2026
  
USD
    
2,231,881
  
2,312,786
  
(d)
        PSAV Inc
  
TL 2L 02/18
  
SOFR (1M) + 7.36%
  
12.53%
  
9/1/2025
  
USD
    
4,448,850
  
4,085,512
    
                                   
    Leisure Facilities - 2.59%
                                  
        Aimbridge Acquisition Co Inc
  
TL 1L B 09/20
  
SOFR (1M) + 4.86%
  
10.17%
  
2/2/2026
  
USD
    
7,710
  
7,532
    
        Aimbridge Acquisition Co Inc
  
TL 1L B 10/19
  
SOFR (1M) + 3.86%
  
9.18%
  
2/2/2026
  
USD
    
6,448,436
  
6,280,196
    
        ClubCorp Club Operations Inc
  
TL 1L B 08/17
  
LIBOR (3M) + 2.75%
  
8.29%
  
9/18/2024
  
USD
    
2,883,840
  
2,820,987
    
        Life Time Fitness Inc
  
TL 1L B 05/23
  
SOFR (3M) + 5.01%
  
10.05%
  
1/15/2026
  
USD
    
125,710
  
126,391
    
                                   
    Leisure Products - 0.19%
                                  
        Topgolf Callaway Brands Corp
  
TL 1L B 03/23
  
SOFR (1M) + 3.60%
  
8.92%
  
3/15/2030
  
USD
    
673,123
  
673,002
    
                                   
    Life Sciences Tools & Services - 1.57%
                                  
        PAREXEL International Corp
  
TL 2L 07/21
  
SOFR (1M) + 6.61%
  
11.93%
  
11/15/2029
  
USD
    
5,637,180
  
5,597,156
  
(b)
                                   
    Oil & Gas Storage & Transportation - 1.59%
                                  
        Brazos Midstream Holdings LLC
  
TL 1L B 01/23
  
SOFR (1M) + 3.75%
  
8.94%
  
1/31/2030
  
USD
    
1,610,147
  
1,605,784
    
        Oryx Midstream Services LLC
  
TL 1L B 01/23
  
SOFR (1M) + 3.36%
  
8.51%
  
10/5/2028
  
USD
    
2,662,820
  
2,668,279
    
        UGI Energy Services LLC
  
TL 1L B 02/23
  
SOFR (1M) + 3.25%
  
8.67%
  
2/22/2030
  
USD
    
1,375,205
  
1,375,294
    
                                   
    Publishing - 0.61%
                                  
        Emerald Expositions Holding Inc
  
TL 1L B 05/17
  
SOFR (1M) + 5.10%
  
10.42%
  
5/22/2026
  
USD
    
2,186,902
  
2,183,490
    
                                   
    Specialty Chemicals - 5.78%
                                  
        Aruba Investments Inc
  
TL 2L 10/20
  
SOFR (1M) + 7.85%
  
13.17%
  
11/24/2028
  
USD
    
1,841,010
  
1,675,319
    
        Champion/DSM engg
  
TL 1L B1 03/23
  
EURIBOR (3M) + 5.50%
  
9.21%
  
3/29/2030
  
EUR
    
1,942,190
  
2,035,797
    
        Champion/DSM engg
  
TL 1L B1 03/23
  
SOFR (3M) + 5.50%
  
10.87%
  
3/29/2030
  
USD
    
7,776,550
  
7,297,009
    
        Flint Group GmbH
  
TL 1L B 04/14
  
0.75% PIK, EURIBOR (3M) + 4.25%
  
0.75%
  
9/21/2023
  
EUR
    
100,254
  
74,819
  
(a) (d)
        Flint Group GmbH
  
TL 1L B 04/14
  
0.75% PIK, EURIBOR (3M) + 4.25%
  
0.75%
  
9/21/2023
  
EUR
    
1,143,228
  
853,178
  
(a) (d)
        Flint Group GmbH
  
TL 1L B3 05/15
  
0.75% PIK, EURIBOR (3M) + 4.25%
  
0.75%
  
9/21/2023
  
EUR
    
9,299
  
6,939
  
(a) (d)
        Flint Group GmbH
  
TL 1L B4 11/15
  
0.75% PIK, EURIBOR (3M) + 4.25%
  
0.75%
  
9/21/2023
  
EUR
    
87,071
  
64,980
  
(a) (d)
        Flint Group GmbH
  
TL 1L B5 02/17
  
0.75% PIK, EURIBOR (3M) + 4.25%
  
0.75%
  
9/21/2023
  
EUR
    
144,470
  
107,817
  
(a) (d)
        Flint Group GmbH
  
TL 1L B6 03/17
  
0.75% PIK, EURIBOR (3M) + 4.25%
  
0.75%
  
9/21/2023
  
EUR
    
105,107
  
78,441
  
(a) (d)
        Vantage Specialty Chemicals Inc
  
TL 1L B 02/23
  
SOFR (1M) + 4.75%
  
9.97%
  
10/26/2026
  
USD
    
8,554,382
  
8,401,131
    
                                   
    Systems Software - 1.52%
                                  
        Dedalus Finance GmbH
  
TL 1L B 06/21
  
EURIBOR (3M) + 3.75%
  
6.97%
  
7/17/2027
  
EUR
    
4,048,320
  
4,034,477
    
        SolarWinds Holdings Inc
  
TL 1L B 11/22
  
SOFR (1M) + 3.75%
  
9.07%
  
2/17/2027
  
USD
    
1,369,996
  
1,372,435
    
                                   
    Trading Companies & Distributors - 0.20%
                                  
        Univar Inc
  
TL 1L B 06/23
  
SOFR (3M) + 4.50%
  
0.00%
  
8/1/2030
  
USD
    
706,875
  
705,698
  
(h)
TOTAL LEVERAGED LOANS (Amortized cost $241,653,061)
                            
$
  228,739,056    
                                   
High Yield Securities - 75.15%
                                  
                                   
    Alternative Carriers - 1.27%
                                  
        Level 3 Financing Inc
  
3.750% 07/2029
          
7/15/2029
  
USD
    
4,611,000
  
$
  3,027,747  
(f)
        Zayo Group LLC
  
4.000% 03/2027
          
3/1/2027
  
USD
    
2,113,000
  
1,513,776
  
(f)
                                   
    Apparel, Accessories & Luxury Goods - 0.10%
                                  
        Varsity Brands Inc
  
L+8.000% 12/2024
          
12/22/2024
  
USD
    
364,000
  
364,000
  
(a) (b) (f)
                                   
    Application Software - 1.41%
                                  
        Cision Ltd
  
9.500% 02/2028
          
2/15/2028
  
USD
    
6,449,000
  
3,683,152
  
(f)
        Cvent Holding Corp
  
8.000% 06/2030
          
6/15/2030
  
USD
    
1,363,000
  
1,350,610
  
(f)
                                   
    Automobile Manufacturers - 0.66%
                                  
        Thor Industries Inc
  
4.000% 10/2029
          
10/15/2029
  
USD
    
2,728,000
  
2,346,837
  
(f)
                                   
    Automotive Parts & Equipment - 1.77%
                                  
        Patrick Industries Inc
  
1.750% 12/2028
          
12/1/2028
  
USD
    
2,097,000
  
2,132,649
    
        Truck Hero Inc
  
6.250% 02/2029
          
2/1/2029
  
USD
    
2,806,000
  
2,266,675
  
(f)
        Wheel Pros Inc
  
6.500% 05/2029
          
5/15/2029
  
USD
    
5,638,000
  
1,895,778
  
(a) (f)
                                   
    Automotive Retail - 1.16%
                                  
        Mavis Discount Tire Inc
  
6.500% 05/2029
          
5/15/2029
  
USD
    
4,846,000
  
4,123,989
  
(f)
                                   
    Biotechnology - 1.23%
                                  
        Grifols SA
  
1.625% 02/2025
          
2/15/2025
  
EUR
    
4,120,000
  
4,377,963
  
(f)
                                   
    Building Products - 9.64%
                                  
        Acproducts Inc (aka Cabinetworks)
  
6.375% 05/2029
          
5/15/2029
  
USD
    
11,955,000
  
8,466,439
  
(f)
        LBM Borrower LLC
  
6.250% 01/2029
          
1/15/2029
  
USD
    
3,520,000
  
3,039,960
  
(f)
        Oldcastle Buildingenvelope Inc
  
9.500% 04/2030
          
4/15/2030
  
USD
    
7,326,000
  
6,989,114
  
(f)
        PrimeSource Building Products Inc
  
5.625% 02/2029
          
2/1/2029
  
USD
    
4,654,000
  
3,729,599
  
(f)
        PrimeSource Building Products Inc
  
6.750% 08/2029
          
8/1/2029
  
USD
    
4,980,000
  
4,041,142
  
(f)
        SRS Distribution Inc
  
6.000% 12/2029
          
12/1/2029
  
USD
    
7,576,000
  
6,582,521
  
(f)
        SRS Distribution Inc
  
6.125% 07/2029
          
7/1/2029
  
USD
    
1,706,000
  
1,498,649
  
(f)
                                   
    Cable & Satellite - 3.30%
                                  
        Cable One Inc
  
0.000% 03/2026
          
3/15/2026
  
USD
    
6,731,000
  
5,566,537
  
(c)
        Cablevision Lightpath LLC
  
5.625% 09/2028
          
9/15/2028
  
USD
    
1,048,000
  
799,154
  
(f)
        CSC Holdings LLC (Altice USA)
  
5.000% 11/2031
          
11/15/2031
  
USD
    
806,000
  
408,068
  
(f)
        CSC Holdings LLC (Altice USA)
  
5.750% 01/2030
          
1/15/2030
  
USD
    
4,702,000
  
2,439,760
  
(f)
        RCN Grande (Radiate)
  
6.500% 09/2028
          
9/15/2028
  
USD
    
4,251,000
  
2,553,077
  
(f)
                                   
    Commercial Printing - 1.78%
                                  
        Multi-Color Corp
  
10.500% 07/2027
          
7/15/2027
  
USD
    
3,714,000
  
3,541,544
  
(f)
        Multi-Color Corp
  
5.875% 10/2028
          
11/1/2028
  
USD
    
1,197,000
  
1,094,086
  
(f)
        Multi-Color Corp
  
8.250% 11/2029
          
11/1/2029
  
USD
    
432,000
  
359,266
  
(f)
        Multi-Color Corp
  
9.500% 11/2028
          
11/1/2028
  
USD
    
1,302,000
  
1,336,178
  
(f)
                                   
    Commodity Chemicals - 0.99%
                                  
        SI Group Inc
  
6.750% 05/2026
          
5/15/2026
  
USD
    
6,041,000
  
3,527,914
  
(f)
                                   
    Construction & Engineering - 3.05%
                                  
        Brand Energy & Infrastructure Services Inc
  
10.375% 06/2029
          
8/1/2030
  
USD
    
2,891,000
  
2,952,492
  
(f)
        Maxim Crane Works LP / Maxim Finance Corp
  
10.125% 08/2024
          
8/1/2024
  
USD
    
7,899,000
  
7,935,493
  
(a) (f)
                                   
    Data Processing & Outsourced Services - 1.29%
                                  
        Xerox Business Services /Conduent
  
6.000% 11/2029
          
11/1/2029
  
USD
    
5,451,000
  
4,584,945
  
(f)
                                   
    Electronic Components - 2.26%
                                  
        CommScope Inc
  
6.000% 06/2025
          
6/15/2025
  
USD
    
6,801,000
  
6,176,061
  
(f)
        CommScope Inc
  
7.125% 07/2028
          
7/1/2028
  
USD
    
2,826,000
  
1,868,269
  
(f)
                                   
    Health Care Facilities - 0.41%
                                  
        CHS/Community Health Systems, Inc.
  
6.875% 04/2028
          
4/1/2028
  
USD
    
2,365,000
  
1,456,180
  
(f)
                                   
    Hotels, Resorts & Cruise Lines - 11.15%
                                  
        Carnival Corp
  
5.750% 03/2027
          
3/1/2027
  
USD
    
7,101,000
  
6,574,890
  
(f)
        Carnival Corp
  
6.000% 05/2029
          
5/1/2029
  
USD
    
4,931,000
  
4,436,861
  
(f)
        NCL Corp Ltd
  
1.125% 02/2027
          
2/15/2027
  
USD
    
5,950,000
  
5,590,520
    
        NCL Corp Ltd
  
3.625% 12/2024
          
12/15/2024
  
USD
    
13,111,000
  
12,603,195
  
(f)
        Royal Caribbean Cruises Ltd
  
5.500% 04/2028
          
4/1/2028
  
USD
    
42,000
  
39,624
  
(f)
        Viking Cruises Ltd
  
7.000% 02/2029
          
2/15/2029
  
USD
    
3,548,000
  
3,347,183
  
(f)
        Viking Cruises Ltd
  
9.125% 07/2031
          
7/15/2031
  
USD
    
6,941,000
  
7,142,983
  
(f)
                                   
    Industrial Conglomerates - 0.97%
                                  
        Unifrax I LLC / Unifrax Holding Co
  
5.250% 09/2028
          
9/30/2028
  
USD
    
2,959,000
  
2,208,494
  
(f)
        Unifrax I LLC / Unifrax Holding Co
  
7.500% 09/2029
          
9/30/2029
  
USD
    
2,137,000
  
1,245,034
  
(f)
                                   
    Industrial Machinery & Supplies & Components - 2.87%
                                  
        SPX FLOW Inc
  
8.750% 04/2030
          
4/1/2030
  
USD
    
11,070,000
  
10,222,481
  
(f)
                                   
    Insurance Brokers - 3.45%
                                  
        National Financial Partners Corp
  
6.875% 08/2028
          
8/15/2028
  
USD
    
13,892,000
  
12,312,245
  
(f)
                                   
    Leisure Facilities - 3.65%
                                  
        Life Time Fitness Inc
  
5.750% 01/2026
          
1/15/2026
  
USD
    
1,713,000
  
1,680,771
  
(f)
        Merlin Entertainments PLC
  
4.500% 11/2027
          
11/15/2027
  
EUR
    
2,000,000
  
1,918,762
  
(f)
        Merlin Entertainments PLC
  
6.625% 11/2027
          
11/15/2027
  
USD
    
5,811,000
  
5,376,744
  
(f)
        Six Flags Entertainment Corp
  
7.250% 05/2031
          
5/15/2031
  
USD
    
4,213,000
  
4,028,422
  
(f)
                                   
    Oil & Gas Exploration & Production - 0.67%
                                  
        Matador Resources Co
  
5.875% 09/2026
          
9/15/2026
  
USD
    
2,452,000
  
2,388,369
    
                                   
    Oil & Gas Storage & Transportation - 4.84%
                                  
        Genesis Energy
  
6.500% 10/2025
          
10/1/2025
  
USD
    
2,842,000
  
2,817,942
    
        Genesis Energy
  
8.000% 01/2027
          
1/15/2027
  
USD
    
356,000
  
350,680
    
        Genesis Energy
  
8.875% 04/2030
          
4/15/2030
  
USD
    
1,420,000
  
1,418,025
    
        NGL Energy Partners LP / NGL Energy Finance Corp
  
7.500% 02/2026
          
2/1/2026
  
USD
    
12,766,000
  
12,660,850
  
(f)
                                   
    Other Specialty Retail - 5.09%
                                  
        Douglas Holding AG
  
6.000% 04/2026
          
4/8/2026
  
EUR
    
9,661,000
  
10,077,671
  
(f)
        Douglas Holding AG
  
8.250% 10/2026 SUN
          
10/1/2026
  
EUR
    
8,325,774
  
8,061,674
  
(d) (f)
                                   
    Passenger Airlines - 4.62%
                                  
        American Airlines Group Inc
  
3.750% 03/2025
          
3/1/2025
  
USD
    
11,463,000
  
10,915,082
  
(f)
        JetBlue Airways Corp
  
0.500% 04/2026
          
4/1/2026
  
USD
    
6,812,000
  
5,557,195
    
                                   
    Real Estate Services - 1.83%
                                  
        Anywhere Real Estate Group LLC
  
0.250% 06/2026
          
6/15/2026
  
USD
    
4,295,000
  
3,312,734
    
        Redfin Corp
  
0.000% 10/2025
          
10/15/2025
  
USD
    
3,864,000
  
3,210,984
  
(c)
                                   
    Restaurants - 2.22%
                                  
        Golden Nugget Inc.
  
6.750% 07/2030
          
1/15/2030
  
USD
    
9,187,000
  
7,893,389
  
(f)
                                   
    Security & Alarm Services - 0.76%
                                  
        Verisure Holding AB
  
3.875% 07/2026
          
7/15/2026
  
EUR
    
2,592,000
  
2,696,575
  
(f)
                                   
    Trading Companies & Distributors - 2.73%
                                  
        AerCap Holdings
  
6.500% 06/2045
          
6/15/2045
  
USD
    
1,756,000
  
1,716,439
  
(f)
        Neon Holdings Inc (GPD Cos Inc)
  
10.125% 04/2026
          
4/1/2026
  
USD
    
3,350,000
  
3,116,292
  
(f)
        TruckPro LLC
  
11.000% 10/2024
          
10/15/2024
  
USD
    
4,919,000
  
4,899,547
  
(f)
TOTAL HIGH YIELD SECURITIES (Amortized cost $295,084,716)
                            
$
  267,851,281    
                                   
Asset Backed Securities - 8.58%
                                  
                                   
    Specialized Finance - 8.58%
                                  
        AGL CLO Ltd
  
AGL 2023-24A D
  
SOFR (3M) + 5.50%
  
10.58%
  
7/25/2036
  
USD
    
1,137,230
  
$
  1,141,583  
(b) (f)
        AGL CLO Ltd
  
AGL 2023-24A E
  
SOFR (3M) + 8.65%
  
8.42%
  
7/25/2036
  
USD
    
1,250,000
  
1,256,362
  
(b) (f)
        AMMC CLO 22 Ltd
  
AMMC 2018-22A D
  
LIBOR (3M) + 2.70%
  
7.96%
  
4/25/2031
  
USD
    
606,540
  
582,869
  
(b) (f)
        Anchorage Capital CLO 4-R Ltd
  
ANCHC 2014-4RA D
  
LIBOR (3M) + 2.60%
  
8.22%
  
1/28/2031
  
USD
    
1,145,000
  
1,060,265
  
(b) (f)
        Apidos CLO XLV Ltd
  
Apidos XLV Class D
  
SOFR (3M) + 5.20%
  
10.36%
  
4/26/2036
  
USD
    
391,780
  
394,487
  
(b) (f)
        Apidos CLO XLVI Ltd
  
Apidos XLVI Class D Notes
  
SOFR (3M) + 5.00%
  
0.00%
  
10/24/2036
  
USD
    
317,550
  
317,586
  
(b) (f) (h)
        Apidos CLO XXXI
  
APID 2019-31A DR
  
LIBOR (3M) + 3.10%
  
8.67%
  
4/15/2031
  
USD
    
633,620
  
614,199
  
(b) (f)
        Ares LXVIII CLO Ltd
  
ARES 2023-68A D
  
SOFR (3M) + 5.75%
  
10.83%
  
4/25/2035
  
USD
    
991,910
  
1,008,438
  
(b) (f)
        Ballyrock CLO Ltd
  
BALLY 2019-2A CR
  
LIBOR (3M) + 3.15%
  
8.53%
  
11/20/2030
  
USD
    
250,000
  
247,890
  
(b) (f)
        Benefit Street Partners CLO XIX Ltd
  
BSP 2019-19A D
  
LIBOR (3M) + 3.80%
  
9.37%
  
1/15/2033
  
USD
    
250,000
  
246,579
  
(b) (f)
        Birch Grove CLO 6 Ltd
  
BGCLO 2023-6A D
  
SOFR (3M) + 5.83%
  
11.11%
  
7/20/2035
  
USD
    
1,120,730
  
1,128,590
  
(b) (f)
        Bosphorus CLO IV DAC
  
BOPHO 4A D
  
EURIBOR (3M) + 2.60%
  
6.13%
  
12/15/2030
  
EUR
    
1,111,000
  
1,145,417
  
(b) (f)
        Cairn Clo XVII DAC
  
CRNCL 2023-17A
  
EURIBOR (3M) + 5.30%
  
0.00%
  
10/18/2036
  
EUR
    
338,000
  
371,633
  
(b) (f) (h)
        Carbone Clo Ltd
  
CRBN 2017-1A C
  
LIBOR (3M) + 2.60%
  
8.18%
  
1/20/2031
  
USD
    
367,030
  
348,214
  
(b) (f)
        Dryden 107 CLO Ltd
  
DRSLF 2023-107A D
  
SOFR (3M) + 5.15%
  
0.00%
  
8/15/2035
  
USD
    
325,939
  
325,939
  
(b) (f) (h)
        Empower CLO Ltd
  
EMPWR 2023-1A D
  
SOFR (3M) + 5.50%
  
10.85%
  
4/25/2036
  
USD
    
1,500,000
  
1,506,589
  
(b) (f)
        Empower CLO Ltd
  
EMPWR 2023-2A D
  
SOFR (3M) + 5.40%
  
0.00%
  
7/15/2036
  
USD
    
341,268
  
341,268
  
(b) (f) (h)
        Galaxy XXI CLO Ltd
  
GALXY 2015-21A DR
  
LIBOR (3M) + 2.65%
  
8.23%
  
4/20/2031
  
USD
    
2,900,000
  
2,779,120
  
(b) (f)
        Glenbrook Park Clo DAC
  
GLNBR 1A D
  
EURIBOR (3M) + 5.75%
  
9.44%
  
7/21/2036
  
EUR
    
500,000
  
549,661
  
(b) (f)
        Henley CLO III DAC
  
HNLY 3A DR
  
EURIBOR (3M) + 3.30%
  
7.02%
  
12/25/2035
  
EUR
    
769,000
  
780,376
  
(b) (f)
        Henley CLO IX DAC
  
HNLY 9A D
  
EURIBOR (3M) + 6.12%
  
9.83%
  
4/20/2032
  
EUR
    
477,000
  
529,360
  
(b) (f)
        Madison Park Funding Ltd
  
MDPK 2023-63A D
  
SOFR (3M) + 5.50%
  
10.58%
  
4/21/2035
  
USD
    
946,840
  
958,891
  
(b) (f)
        Madison Park Funding XI Ltd
  
MDPK 2013-11A DR
  
LIBOR (3M) + 3.25%
  
8.85%
  
7/23/2029
  
USD
    
1,690,300
  
1,696,698
  
(b) (f)
        Madison Park Funding XXVIII Ltd
  
MDPK 2018-28A E
  
LIBOR (3M) + 5.25%
  
10.82%
  
7/15/2030
  
USD
    
957,530
  
901,748
  
(b) (f)
        Magnetite XXXI Ltd
  
MAGNE 2021-31A E
  
LIBOR (3M) + 6.00%
  
11.57%
  
7/15/2034
  
USD
    
1,500,000
  
1,428,503
  
(b) (f)
        Oak Hill Credit Partners
  
OAKC 2017-15A D
  
LIBOR (3M) + 2.45%
  
8.03%
  
1/20/2030
  
USD
    
489,370
  
470,228
  
(b) (f)
        OCP CLO 2020-18 Ltd
  
OCP 2020-18A DR
  
LIBOR (3M) + 3.20%
  
8.78%
  
7/20/2032
  
USD
    
250,000
  
240,409
  
(b) (f)
        Octagon Investment Partners 39 Ltd
  
OCT39 2018-3A D
  
SOFR (3M) + 2.95%
  
8.54%
  
10/20/2030
  
USD
    
398,400
  
391,431
  
(b) (f)
        Palmer Square European CLO 2022-2 DAC
  
PLMER 2022-2A D
  
EURIBOR (3M) + 6.26%
  
9.92%
  
1/15/2036
  
EUR
    
691,000
  
769,621
  
(b) (f)
        Palmer Square European CLO 2023-1 DAC
  
PLMER 2023-1A E
  
EURIBOR (3M) + 7.59%
  
9.25%
  
7/15/2036
  
EUR
    
1,000,000
  
1,033,700
  
(b) (f)
        Palmer Square Loan Funding 2023-1 Ltd
  
PSTAT 2023-1A D
  
SOFR (3M) + 8.00%
  
13.23%
  
7/20/2031
  
USD
    
2,000,000
  
2,004,471
  
(b) (f)
        Providus Clo VI DAC
  
PRVD 6A D
  
EURIBOR (3M) + 3.20%
  
6.58%
  
5/20/2034
  
EUR
    
553,000
  
553,072
  
(b) (f)
        Regatta Funding Ltd
  
REG16 2019-2A D
  
SOFR (3M) + 3.90%
  
9.47%
  
1/15/2033
  
USD
    
442,219
  
438,970
  
(b) (f)
        ROMARK CLO LLC
  
RCF 2021-2A E
  
7.08%
  
7.08%
  
10/25/2039
  
USD
    
1,200,000
  
943,255
  
(b) (f)
        Shackleton CLO Ltd
  
SHACK 2019-15A D1R
  
LIBOR (3M) + 3.45%
  
9.02%
  
1/15/2032
  
USD
    
366,700
  
355,258
  
(b) (f)
        Sutton Park CLO DAC
  
STNPK 1A C
  
EURIBOR (3M) + 3.30%
  
6.62%
  
11/15/2031
  
EUR
    
1,178,000
  
1,241,725
  
(b) (f)
        TRESTLES CLO III LTD
  
TREST 2020-3A D
  
LIBOR (3M) + 3.25%
  
8.50%
  
1/20/2033
  
USD
    
500,000
  
484,833
  
(b) (f)
TOTAL ASSET BACKED SECURITIES (Amortized cost $29,928,866)
                            
$
  30,589,238    
                                   
Issuer
 
Asset
 
 
 
 
 
 
 
Currency
 
 
Shares
 
Fair Value
 
Footnotes
Equity & Other Investments - 1.99%
                          
 
      
                                   
    Construction & Engineering - 0.02%
                                  
        Yak Access LLC
  
Common Stock
              
USD
    
9,358
  
$
  749  
(a) (e)
        Yak Access LLC
  
Preferred Stock
              
USD
    
2,244,306
  
84,161
  
(a)
                                   
    Diversified Metals & Mining - 1.70%
                                  
        Foresight Energy LLC
  
Common Stock
              
USD
    
320,381
  
6,055,193
  
(a) (b) (e)
                                   
    Oil & Gas Equipment & Services - 0.14%
                                  
        Proserv Group Parent LLC
  
Common Stock
              
USD
    
114,010
  
87,799
  
(b) (e)
        Proserv Group Parent LLC
  
Preferred Stock
              
USD
    
36,249
  
409,048
  
(b)
                                   
    Packaged Foods & Meats - 0.00%
                                  
        CTI Foods Holding Co LLC
  
Common Stock
              
USD
    
955
  
-
  
(a) (b) (e)
                                   
    Health Care Facilities - 0.13%
                                  
        Quorum Health Corp
  
Trade Claim
              
USD
    
3,964,000
  
470,527
  
(a) (b) (e)
TOTAL EQUITY & OTHER INVESTMENTS (Cost $9,604,946)
                            
$
  7,107,477    
                                   
Money Market Funds - 4.51%
          
5.25%
                      
                                   
U.S. Government Securities - 4.51%
                                  
        Morgan Stanley Institutional Liquidity Fund - Government Portfolio
                  
USD
    
16,059,560
  
16,059,560
  
(g)
TOTAL MONEY MARKET FUNDS (Cost $16,059,560)
                            
$
  16,059,560    
                                   
TOTAL INVESTMENTS (Cost $592,331,149) - 154.41%
                            
$
  550,346,612    
LIABILITIES EXCEEDING OTHER ASSETS, NET - (54.41%)
                            
            (193,930,719)
    
NET ASSETS - 100.00%
                            
$
   356,415,893    
                                   
                                   
                                   
                                   
                                   
TL 
Term loan.
                              
1L 
First lien.
                              
2L 
Second lien.
                              
(a) 
Security considered restricted.
                              
(b) 
Value determined using significant unobservable inputs.
                          
(c) 
Zero coupon bond.
                              
(d) 
Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
                      
(e) 
Non-income producing security.
                              
(f) 
Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional buyers in transactions exempt from registration.
(g) 
Rate represents the money market fund's average 7-day yield as of July 31, 2023.
                          
(h) 
Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
                        

 
The following are the details of the restricted securities held by the Fund:
 
Issuer
  
Asset
  
Par/Shares
    
Cost
    
Fair Value
  
Acquisition Date
  
% of Net Assets
                             
Leveraged Loans
                            
        Belk Inc
  
TL 1L 02/21
    
459,875
      
656,513
      
395,492
  
2/24/2021
    
0.11%
        Belk Inc
  
TL 1L EXIT 02/21 PIK Toggle
    
8,703,049
      
8,415,433
      
1,077,002
  
2/24/2021
    
0.30%
        Flint Group GmbH
  
TL 1L B 04/14
    
100,254
      
117,083
      
74,819
  
9/28/2021
    
0.02%
        Flint Group GmbH
  
TL 1L B6 03/17
    
105,107
      
122,754
      
78,441
  
9/28/2021
    
0.02%
        Flint Group GmbH
  
TL 1L B4 11/15
    
87,071
      
101,714
      
64,980
  
9/28/2021
    
0.02%
        Flint Group GmbH
  
TL 1L B5 02/17
    
144,470
      
169,132
      
107,817
  
11/20/2020
    
0.03%
        Flint Group GmbH
  
TL 1L B 04/14
    
1,143,228
      
1,335,050
      
853,178
  
11/20/2020
    
0.24%
        Flint Group GmbH
  
TL 1L B3 05/15
    
9,299
      
10,861
      
6,939
  
9/28/2021
    
0.00%
        Foresight Energy LLC
  
TL 1L A 06/20
    
2,158,026
      
2,158,026
      
2,158,026
  
6/30/2020
    
0.61%
        Misys Ltd
  
TL 2L 04/17
    
6,478,671
      
6,509,120
      
5,948,230
  
9/6/2017
    
1.67%
        Varsity Brands Inc
  
TL 1L 02/23
    
16,682,697
      
15,238,935
      
16,251,783
  
5/22/2020
    
4.56%
        Wheel Pros Inc
  
TL 1L B 05/21
    
763,950
      
672,019
      
514,269
  
6/7/2022
    
0.14%
High Yield Securities
                                    
        Maxim Crane Works LP / Maxim Finance Corp
  
10.125% 08/2024
    
7,899,000
      
7,811,856
      
7,935,493
  
5/6/2020
    
2.23%
        Varsity Brands Inc
  
L +8.000% 12/2024
    
364,000
      
363,374
      
364,000
  
6/11/2020
    
0.10%
        Wheel Pros Inc
  
6.500% 05/2029
    
5,638,000
      
5,366,279
      
1,895,778
  
4/23/2021
    
0.53%
Equity & Other Investments
                                      
        CTI Foods Holding Co LLC
  
Common Stock
    
955
      
112,798
      
-
  
5/3/2019
    
0.00%
        Foresight Energy LLC
  
Common Stock
    
320,381
      
3,665,560
      
6,055,193
  
6/30/2020
    
1.70%
        Yak Access LLC
  
Common Stock
    
9,358
      
-
      
749
  
3/10/2023
    
0.00%
        Yak Access LLC
  
Preferred Stock
    
2,244,306
      
2,139,021
      
84,161
  
3/10/2023
    
0.02%
        Quorum Health Corp
  
Trade Claim
    
3,964,000
      
1,868,416
      
470,527
  
7/7/2020
    
0.13%
Total
                
$
56,833,946
    
$
44,336,877