NPORT-EX 2 kio2.htm KIO SOI


Income Opportunities Fund
     
July 31, 2024

       

Schedule of Investments (Unaudited)
                       
(Stated in United States Dollars, unless otherwise noted)
                 
(in thousands, except share data)
                         
Issuer
 
Asset
 
Reference Rate & Spread
 
Maturity
Date
 
Currency
Par
   
Fair Value
Footnotes
Leveraged Loans - 60.13%
                         
                           
    Aerospace & Defense - 0.72%
                         
        Amentum Services Inc
 
TL 2L B 12/21
 
SOFR + 7.50%
 
2/15/2030
 
USD
1,949
  $
             1,961
 
        Vertex Aerospace Services LLC
 
TL 1L B 12/21
 
SOFR + 2.75%
 
12/6/2030
 
USD
676
   
679
 
                           
    Alternative Carriers - 2.03%
                         
        Level 3 Financing Inc
 
TL 1L B1 03/24 (2029 Maturity)
 
SOFR + 6.56%
 
4/15/2029
 
USD
2,868
   
2,850
 
        Level 3 Financing Inc
 
TL 1L B2 03/24 (2030 Maturity)
 
SOFR + 6.56%
 
4/15/2030
 
USD
4,680
   
4,633
 
                           
    Apparel, Accessories & Luxury Goods - 4.68%
                         
        Varsity Brands LLC
 
TL 1L 02/23
 
SOFR + 5.00%
 
12/15/2026
 
USD
16,425
   
17,254
 
                           
    Application Software - 5.63%
                         
        Solera LLC
 
TL 2L 06/21 (PIK Toggle)
 
SOFR + 9.00%
 
6/4/2029
 
USD
11,527
   
11,527
(a) (b) (d)
        TIBCO Software Inc
 
TL 1L B 05/24 USD
 
SOFR + 4.00%
 
3/30/2029
 
USD
9,253
   
9,260
 
                           
    Automotive Parts & Equipment - 3.67%
                         
        Innovative XCessories & Services LLC
 
TL 1L 02/20
 
SOFR + 4.25%
 
3/5/2027
 
USD
7,904
   
7,749
 
        Parts Authority Inc
 
TL 1L 10/20
 
SOFR + 3.75%
 
10/28/2027
 
USD
5,339
   
4,879
 
        Wheel Pros Inc
 
TL 1L 09/23 (FILO)
 
SOFR + 8.88%
 
2/10/2028
 
USD
508
   
537
(a) (e)
        Wheel Pros Inc
 
TL 1L 09/23 (NewCo)
 
SOFR + 4.50%
 
5/11/2028
 
USD
690
   
379
(a) (e)
                           
    Broadcasting - 4.43%
                         
        NEP Broadcasting LLC
 
TL 1L 12/23 (2020 A&E)
 
1.50% PIK, SOFR + 8.25%
 
6/1/2026
 
USD
1,608
   
1,640
(b) (d)
        NEP Broadcasting LLC
 
TL 1L B 12/23 (2019 A&E EUR)
 
1.50% PIK, EURIBOR + 3.50%
 
8/19/2026
 
EUR
6,764
   
6,856
(d)
        NEP Broadcasting LLC
 
TL 1L B 12/23 (2019 A&E)
 
1.50% PIK, SOFR + 3.25%
 
8/19/2026
 
USD
1,784
   
1,689
(d)
        NEP Broadcasting LLC
 
TL 2L 09/18
 
SOFR + 7.00%
 
10/19/2026
 
USD
7,495
   
6,175
 
                           
    Building Products - 0.38%
                         
        DiversiTech Holdings Inc
 
TL 2L B 12/21
 
SOFR + 6.75%
 
12/21/2029
 
USD
1,381
   
1,407
 
                           
    Cable & Satellite - 2.20%
                         
        Astound Broadband (RCN/Radiate)
 
TL 1L B 10/21
 
SOFR + 3.25%
 
9/25/2026
 
USD
8,603
   
7,186
 
        Virgin Media Inc
 
TL 1L 09/19
 
SOFR + 2.50%
 
1/31/2028
 
USD
947
   
914
 
                           
    Casinos & Gaming - 0.11%
                         
        Entain PLC
 
TL 1L B 04/24
 
SOFR + 2.75%
 
10/31/2029
 
USD
391
   
392
 
                           
    Commercial Printing - 1.50%
                         
        Multi-Color Corp
 
TL 1L B 10/21 EUR
 
EURIBOR + 5.00%
 
10/29/2028
 
EUR
5,399
   
5,531
 
                           
    Commodity Chemicals - 1.83%
                         
        Plaskolite, LLC
 
TL 1L 04/21
 
SOFR + 4.00%
 
12/15/2025
 
USD
6,933
   
6,744
 
                           
    Construction & Engineering - 0.75%
                         
        Brand Energy & Infrastructure Services Inc
 
TL 1L B 04/24
 
SOFR + 4.50%
 
8/1/2030
 
USD
2,750
   
2,757
 
                           
    Construction Machinery & Heavy Transportation Equipment - 1.28%
                         
        Accuride Corp
 
TL 1L 06/24
 
SOFR + 8.00%
 
9/30/2024
 
USD
972
   
926
(a) (b)
        Accuride Corp
 
TL 1L B 07/23
 
1.62% PIK, SOFR + 5.25%
 
5/18/2026
 
USD
5,537
   
3,787
(a) (d) (e)
                           
    Data Processing & Outsourced Services - 2.39%
                         
        West Corp
 
TL 1L B3 01/23
 
SOFR + 4.00%
 
4/10/2027
 
USD
9,065
   
8,807
 
                           
    Diversified Metals & Mining - 0.58%
                         
        Foresight Energy LLC
 
TL 1L A 06/20 (Exit)
 
SOFR + 8.00%
 
6/30/2027
 
USD
2,131
   
2,131
(a) (b)
                           
    Diversified Support Services - 1.35%
                         
        USIC Holdings Inc
 
TL 2L 05/21
 
SOFR + 6.50%
 
5/14/2029
 
USD
5,162
   
4,973
(a)
                           
    Education Services - 0.44%
                         
        Jostens Inc
 
TL 1L 12/18
 
SOFR + 5.50%
 
12/19/2025
 
USD
1,619
   
1,628
 
                           
    Electronic Components - 0.07%
                         
        CommScope Inc
 
TL 1L B2 01/19
 
SOFR + 3.25%
 
4/6/2026
 
USD
287
   
270
 
                           
    Environmental & Facilities Services - 0.75%
                         
        Brock Group LLC/The
 
TL 1L B 04/24
 
SOFR + 6.00%
 
5/2/2030
 
USD
2,741
   
2,765
 
                           
    Health Care Equipment - 2.42%
                         
        Drive DeVilbiss Healthcare LLC
 
TL 1L 03/21
 
4.00% PIK, SOFR + 5.50%
 
6/1/2026
 
USD
7,871
   
7,758
(d)
        Drive DeVilbiss Healthcare LLC
 
TL 1L 09/22 (PIK)
 
9.00% PIK, SOFR + 10.00%
 
6/1/2026
 
USD
1,132
   
1,151
(b) (d)
                           
    Health Care Facilities - 0.22%
                         
        ScionHealth
 
TL 1L B 12/21
 
SOFR + 5.25%
 
12/23/2028
 
USD
1,703
   
817
 
                           
    Health Care Services - 0.25%
                         
        CHG Healthcare Services Inc
 
TL 1L 09/21
 
SOFR + 3.25%
 
9/29/2028
 
USD
909
   
911
 
        Paradigm Acquisition Corp
 
TL 1L 03/24
 
SOFR + 4.25%
 
5/6/2031
 
USD
6
   
6
 
                           
    Hotels, Resorts & Cruise Lines - 0.55%
                         
        Playa Resorts Holding BV
 
TL 1L B 11/22
 
SOFR + 2.75%
 
1/5/2029
 
USD
1,265
   
1,267
 
        Travel + Leisure Co
 
TL 1L B1 12/23
 
SOFR + 3.25%
 
12/14/2029
 
USD
763
   
767
 
                           
    Human Resource & Employment Services - 0.62%
                         
        SIRVA Worldwide Inc
 
TL 1L 03/24
 
SOFR + 8.00%
 
3/6/2026
 
USD
146
   
139
(a) (b)
        SIRVA Worldwide Inc
 
TL 1L 07/18
 
SOFR + 5.50%
 
8/4/2025
 
USD
1,909
   
1,380
(a)
        SIRVA Worldwide Inc
 
TL 1L DD 03/24
 
SOFR + 8.00%
 
3/6/2026
 
USD
151
   
144
(a) (b)
        SIRVA Worldwide Inc
 
TL 2L 07/18
 
9.50% PIK
 
8/3/2026
 
USD
1,239
   
641
(a) (e)
                           
    Industrial Machinery & Supplies & Components - 0.23%
                         
        Engineered Machinery Holdings Inc
 
TL 2L 08/21
 
SOFR + 6.00%
 
5/21/2029
 
USD
290
   
291
 
        ProMach Group Inc
 
TL 1L B 08/21
 
SOFR + 3.50%
 
8/31/2028
 
USD
541
   
543
 
                           
    Insurance Brokers - 0.69%
                         
        Ardonagh Group Ltd/The
 
TL 1L B 06/24 EUR
 
EURIBOR + 4.25%
 
2/27/2031
 
EUR
2,365
   
2,554
 
                           
    IT Consulting & Other Services - 3.73%
                         
        PSAV Inc (aka Encore)
 
TL 1L B1 12/20
 
0.25% PIK, SOFR + 3.00%
 
3/3/2025
 
USD
6,637
   
6,620
(d)
        PSAV Inc (aka Encore)
 
TL 1L B3 12/20
 
10.00% PIK, 5.00%
 
10/15/2026
 
USD
2,466
   
2,530
(d)
        PSAV Inc (aka Encore)
 
TL 2L 02/18
 
SOFR + 7.25%
 
9/1/2025
 
USD
4,610
   
4,625
 
                           
    Leisure Facilities - 5.22%
                         
        Aimbridge Acquisition Co Inc
 
TL 1L B 09/20
 
SOFR + 4.75%
 
2/2/2026
 
USD
873
   
864
 
        Aimbridge Acquisition Co Inc
 
TL 1L B 10/19
 
SOFR + 3.75%
 
2/2/2026
 
USD
9,861
   
9,663
 
        ClubCorp Club Operations Inc
 
TL 1L 10/23
 
SOFR + 5.00%
 
9/18/2026
 
USD
8,650
   
8,717
 
                           
    Leisure Products - 0.12%
                         
        Topgolf Callaway Brands Corp
 
TL 1L B 03/23
 
SOFR + 3.00%
 
3/15/2030
 
USD
441
   
443
 
                           
    Oil & Gas Equipment & Services - 0.45%
                         
        WaterBridge NDB Operating LLC
 
TL 1L B 04/24
 
SOFR + 4.50%
 
5/10/2029
 
USD
1,649
   
1,657
 
                           
    Oil & Gas Storage & Transportation - 2.83%
                         
        Brazos Midstream Holdings LLC
 
TL 1L B 04/24
 
SOFR + 3.50%
 
2/11/2030
 
USD
1,038
   
1,045
 
        NGL Energy Partners LP / NGL Energy Finance Corp
 
TL 1L B 01/24
 
SOFR + 4.50%
 
2/3/2031
 
USD
2,678
   
2,679
 
        NGL Energy Partners LP / NGL Energy Finance Corp
 
TL 1L B 07/24
 
SOFR + 4.00%
 
2/2/2031
 
USD
1,224
   
1,224
 
        Oryx Midstream Services LLC
 
TL 1L B 01/24
 
SOFR + 3.00%
 
10/5/2028
 
USD
1,797
   
1,806
 
        UGI Energy Services LLC
 
TL 1L B 06/24
 
SOFR + 2.50%
 
2/22/2030
 
USD
934
   
938
 
        WaterBridge Midstream Operating LLC
 
TL 1L B 06/24
 
SOFR + 4.75%
 
6/27/2029
 
USD
2,754
   
2,747
 
                           
    Publishing - 0.41%
                         
        Emerald Expositions Holding Inc
 
TL 1L B 05/17
 
SOFR + 5.00%
 
5/22/2026
 
USD
1,482
   
1,494
 
                           
    Renewable Electricity  - 0.75%
                         
        WIN Waste Innovations
 
TL 1L B 03/21
 
SOFR + 2.75%
 
3/24/2028
 
USD
2,972
   
2,780
 
                           
    Research & Consulting Services - 0.10%
                         
        KBR Inc
 
TL 1L 01/24
 
SOFR + 2.25%
 
1/17/2031
 
USD
355
   
356
 
                           
    Specialized Finance - 0.18%
                         
        Alter Domus Sarl
 
TL 1L B 05/24
 
SOFR + 3.50%
 
7/17/2031
 
USD
649
   
653
 
        Alter Domus Sarl
 
TL 1L DD 05/24
 
SOFR + 3.50%
 
5/14/2031
 
USD
48
   
-
(h)
                           
    Specialty Chemicals - 6.13%
                         
        Aruba Investments Inc
 
TL 2L 10/20
 
SOFR + 7.75%
 
11/24/2028
 
USD
1,437
   
1,386
 
        Champion/DSM engg
 
TL 1L B1 03/23
 
EURIBOR + 5.50%
 
3/29/2030
 
EUR
1,942
   
2,036
 
        Champion/DSM engg
 
TL 1L B1 03/23 (USD)
 
SOFR + 5.50%
 
3/29/2030
 
USD
7,798
   
7,342
 
        Flint Group GmbH
 
TL 1L 09/23 PIK (HoldCo) EUR
 
6.90% PIK, EURIBOR + 10.00%
 
12/30/2027
 
EUR
421
   
407
(d)
        Flint Group GmbH
 
TL 2L B 09/23 PIK (HoldCo) EUR
 
6.90% PIK, EURIBOR + 10.00%
 
12/30/2027
 
EUR
561
   
118
(d)
        Vantage Specialty Chemicals Inc
 
TL 1L B 02/23
 
SOFR + 4.75%
 
10/26/2026
 
USD
11,307
   
11,314
 
                           
    Systems Software - 0.25%
                         
        SolarWinds Holdings Inc
 
TL 1L B 06/24
 
SOFR + 2.75%
 
2/5/2030
 
USD
934
   
939
 
                           
    Trading Companies & Distributors - 0.21%
                         
        FleetPride Corporation
 
TL 2L 01/19
 
SOFR + 8.75%
 
12/21/2026
 
USD
309
   
308
 
        Univar Inc
 
TL 1L B 03/24
 
SOFR + 4.00%
 
8/1/2030
 
USD
479
   
484
 
TOTAL LEVERAGED LOANS (Amortized cost $223,258)
                    $
        221,830
 
                           
High Yield Securities - 76.35%
                         
                           
    Aerospace & Defense - 0.31%
                         
        Amentum Services Inc
 
7.250% 08/2032
     
8/1/2032
 
USD
711
  $
727
(f)
        Aviation Capital Group LLC
 
5.500% 12/2024
     
12/15/2024
 
USD
410
   
409
(f)
                           
    Air Freight & Logistics - 0.23%
                         
        SGL International A/S
 
4.75% 04/2030 FRN EUR
     
4/22/2030
 
EUR
787
   
860
 
                           
    Alternative Carriers - 4.48%
                         
        iliad SA
 
8.500% 04/2031  (USD)
     
4/15/2031
 
USD
2,446
   
2,550
(f)
        Level 3 Financing Inc
 
11.000% 11/2029
     
11/15/2029
 
USD
6,720
   
7,122
(f)
        Level 3 Financing Inc
 
4.000% 04/2031
     
4/15/2031
 
USD
5,089
   
3,257
(f)
        Zayo Group LLC
 
4.000% 03/2027
     
3/1/2027
 
USD
4,221
   
3,594
(f)
                           
    Application Software - 2.11%
                         
        Cision Ltd
 
9.500% 02/2028
     
2/15/2028
 
USD
6,449
   
3,074
(f)
        Dye & Durham Ltd
 
8.625% 04/2029
     
4/15/2029
 
USD
1,965
   
2,012
(f)
        TeamSystem SpA
 
3.500% 02/2028
     
2/15/2028
 
EUR
640
   
666
(f)
        TIBCO Software Inc
 
9.000% 09/2029
     
9/30/2029
 
USD
2,044
   
2,034
(f)
                           
    Asset Management & Custody Banks - 0.43%
                         
        Hightower Holding LLC
 
9.125% 01/2030
     
1/31/2030
 
USD
1,564
   
1,590
(f)
                           
    Automotive Parts & Equipment - 1.79%
                         
        Clarios Global LP
 
4.375% 05/2026
     
5/15/2026
 
EUR
816
   
883
(f)
        Garrett Motion Inc
 
7.750% 05/2032
     
5/31/2032
 
USD
650
   
661
(f)
        IHO Verwaltungs GmbH
 
3.750% 09/2026
     
9/15/2026
 
EUR
851
   
912
(d) (f)
        Truck Hero Inc
 
6.250% 02/2029
     
2/1/2029
 
USD
2,910
   
2,502
(f)
        Wheel Pros Inc
 
6.500% 05/2028
     
5/11/2028
 
USD
5,638
   
1,635
(a) (b) (e) (f)
                           
    Automotive Retail - 1.25%
                         
        Mavis Discount Tire Inc
 
6.500% 05/2029
     
5/15/2029
 
USD
4,846
   
4,623
(f)
                           
    Building Products - 10.86%
                         
        Acproducts Inc (aka Cabinetworks)
 
6.375% 05/2029
     
5/15/2029
 
USD
11,955
   
7,203
(f)
        Cornerstone (Ply Gem Holdings Inc)
 
6.125% 01/2029
     
1/15/2029
 
USD
12,085
   
9,969
(f)
        LBM Borrower LLC
 
6.250% 01/2029
     
1/15/2029
 
USD
2,171
   
1,920
(f)
        Oldcastle Buildingenvelope Inc
 
9.500% 04/2030
     
4/15/2030
 
USD
13,393
   
12,549
(f)
        PrimeSource Building Products Inc
 
5.625% 02/2029
     
2/1/2029
 
USD
4,654
   
3,797
(f)
        PrimeSource Building Products Inc
 
6.750% 08/2029
     
8/1/2029
 
USD
4,980
   
4,187
(f)
        Specialty Building Products Holdings LLC
 
6.375% 09/2026
     
9/30/2026
 
USD
426
   
420
(a) (f)
                           
    Cable & Satellite - 4.67%
                         
        Block Communications Inc
 
4.875% 03/2028
     
3/1/2028
 
USD
4,580
   
4,189
(f)
        Cable One Inc
 
0.000% 03/2026 (Convertible)
     
3/15/2026
 
USD
6,731
   
6,024
(c)
        Cable One Inc
 
4.000% 11/2030
     
11/15/2030
 
USD
1,799
   
1,385
(f)
        Cablevision Lightpath LLC
 
5.625% 09/2028
     
9/15/2028
 
USD
1,048
   
891
(f)
        CSC Holdings LLC (Altice USA)
 
11.750% 01/2029
     
1/31/2029
 
USD
608
   
550
(f)
        CSC Holdings LLC (Altice USA)
 
4.125% 12/2030
     
12/1/2030
 
USD
5,589
   
3,875
(f)
        CSC Holdings LLC (Altice USA)
 
5.000% 11/2031
     
11/15/2031
 
USD
806
   
324
(f)
                           
    Casinos & Gaming - 0.49%
                         
        Allwyn International AS
 
3.875% 02/2027
     
2/15/2027
 
EUR
821
   
879
(f)
        Cirsa Funding Luxembourg SA
 
5.000% 03/2027
     
3/15/2027
 
EUR
856
   
917
(f)
                           
    Commercial Printing - 2.25%
                         
        Multi-Color Corp
 
10.500% 07/2027
     
7/15/2027
 
USD
3,714
   
3,621
(f)
        Multi-Color Corp
 
5.875% 10/2028
     
11/1/2028
 
USD
1,197
   
1,108
(f)
        Multi-Color Corp
 
6.750% 07/2026
     
7/15/2026
 
USD
1,899
   
1,890
(f)
        Multi-Color Corp
 
8.250% 11/2029
     
11/1/2029
 
USD
432
   
379
(f)
        Multi-Color Corp
 
9.500% 11/2028
     
11/1/2028
 
USD
1,302
   
1,317
(f)
                           
    Commodity Chemicals - 0.94%
                         
        Ineos Quattro Holdings Ltd
 
2.500% 01/2026
     
1/15/2026
 
EUR
858
   
905
(f)
        Nobian Finance BV
 
3.625% 07/2026
     
7/15/2026
 
EUR
819
   
874
(f)
        SI Group Inc
 
6.750% 05/2026
     
5/15/2026
 
USD
6,041
   
1,689
(a) (f)
                           
    Construction & Engineering - 4.55%
                         
        Brand Energy & Infrastructure Services Inc
 
10.375% 06/2029
     
8/1/2030
 
USD
5,146
   
5,657
(f)
        Maxim Crane Works LP / Maxim Finance Corp
 
11.500% 09/2028
     
9/1/2028
 
USD
9,923
   
10,220
(f)
        thyssenkrupp Elevator AG
 
6.625% 07/2028 SUN
     
7/15/2028
 
EUR
862
   
912
(f)
                           
    Consumer Finance - 0.11%
                         
        Navient Corp
 
5.875% 10/2024
     
10/25/2024
 
USD
413
   
412
 
                           
    Diversified Chemicals - 0.62%
                         
        Chemours Co/The
 
4.000% 05/2026 SUN EUR
     
5/15/2026
 
EUR
845
   
893
 
        Chemours Co/The
 
4.625% 11/2029
     
11/15/2029
 
USD
1,245
   
1,092
(f)
        Chemours Co/The
 
5.375% 05/2027
     
5/15/2027
 
USD
320
   
308
 
                           
    Diversified Support Services - 0.21%
                         
        Allied Universal Holdco LLC
 
6.625% 07/2026
     
7/15/2026
 
USD
11
   
11
(f)
        Techem Energy Services GmbH/Germany
 
6.000% 07/2026
     
7/30/2026
 
EUR
710
   
770
(f)
                           
    Electronic Components - 1.73%
                         
        CommScope Inc
 
6.000% 03/2026
     
3/1/2026
 
USD
1,545
   
1,452
(f)
        CommScope Inc
 
6.000% 06/2025
     
6/15/2025
 
USD
5,260
   
4,944
(f)
                           
    Hotels, Resorts & Cruise Lines - 11.63%
                         
        Marriott Ownership Resorts Inc
 
0.000% 01/2026 (Convertible)
     
1/15/2026
 
USD
5,995
   
5,520
(c)
        NCL Corp Ltd
 
1.125% 02/2027 (Convertible)
     
2/15/2027
 
USD
9,778
   
9,136
 
        NCL Corp Ltd
 
3.625% 12/2024
     
12/15/2024
 
USD
13,111
   
12,991
(f)
        Sani/Ikos Financial Holdings 1 Sarl
 
7.250% 07/2030
     
7/31/2030
 
EUR
1,252
   
1,368
(f)
        Viking Cruises Ltd
 
6.250% 05/2025
     
5/15/2025
 
USD
414
   
415
(f)
        Viking Cruises Ltd
 
7.000% 02/2029
     
2/15/2029
 
USD
3,548
   
3,586
(f)
        Viking Cruises Ltd
 
9.125% 07/2031
     
7/15/2031
 
USD
9,057
   
9,882
(f)
                           
    Household Products - 0.09%
                         
        Energizer Holdings Inc
 
6.500% 12/2027
     
12/31/2027
 
USD
313
   
316
(f)
                           
    Industrial Machinery & Supplies & Components - 3.31%
                         
        SPX FLOW Inc
 
8.750% 04/2030
     
4/1/2030
 
USD
11,704
   
12,205
(f)
                           
    Insurance Brokers - 0.58%
                         
        Ardonagh Group Ltd/The
 
6.875% 02/2031  (EUR)
     
2/15/2031
 
EUR
1,977
   
2,125
(f)
                           
    Interactive Media & Services - 0.24%
                         
        Kantar Group Ltd/The
 
5.750% 10/2026
     
10/31/2026
 
EUR
819
   
883
(f)
                           
    Leisure Facilities - 2.92%
                         
        Cedar Fair LP
 
5.375% 04/2027
     
4/15/2027
 
USD
433
   
432
 
        Merlin Entertainments PLC
 
4.500% 11/2027
     
11/15/2027
 
EUR
2,000
   
2,063
(f)
        Merlin Entertainments PLC
 
6.625% 11/2027
     
11/15/2027
 
USD
5,811
   
5,727
(f)
        Merlin Entertainments PLC
 
7.375% 02/2031
     
2/15/2031
 
USD
1,332
   
1,381
(f)
        Six Flags Entertainment Corp
 
7.250% 05/2031
     
5/15/2031
 
USD
1,116
   
1,151
(f)
                           
    Leisure Products - 0.06%
                         
        Inter Media and Communication SpA
 
6.750% 02/2027
     
2/9/2027
 
EUR
221
   
238
(f)
                           
    Metal, Glass & Plastic Containers - 0.25%
                         
        Trivium Packaging Finance BV
 
3.750% 08/2026
     
8/15/2026
 
EUR
851
   
908
(f)
                           
    Oil & Gas Equipment & Services - 0.23%
                         
        Archrock Partners LP / Archrock Partners Finance Corp
 
6.875% 04/2027
     
4/1/2027
 
USD
412
   
414
(f)
        Aris Water (fka Solaris Midstream Holdings LLC)
 
7.625% 04/2026
     
4/1/2026
 
USD
421
   
424
(f)
                           
    Oil & Gas Exploration & Production - 0.19%
                         
        Sitio Royalties Corp
 
7.875% 11/2028
     
11/1/2028
 
USD
660
   
691
(f)
                           
    Oil & Gas Storage & Transportation - 2.86%
                         
        Genesis Energy
 
8.000% 01/2027
     
1/15/2027
 
USD
356
   
364
 
        Genesis Energy
 
8.875% 04/2030
     
4/15/2030
 
USD
1,420
   
1,504
 
        Global Partners LP / GLP Finance Corp
 
7.000% 08/2027
     
8/1/2027
 
USD
420
   
424
 
        NGL Energy Partners LP / NGL Energy Finance Corp
 
8.125% 02/2029
     
2/15/2029
 
USD
2,580
   
2,616
(f)
        NGL Energy Partners LP / NGL Energy Finance Corp
 
8.375% 02/2032
     
2/15/2032
 
USD
3,473
   
3,551
(f)
        Rockies Express Pipeline LLC
 
3.600% 05/2025
     
5/15/2025
 
USD
316
   
310
(f)
        Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
 
6.000% 03/2027
     
3/1/2027
 
USD
317
   
315
(f)
        Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
 
7.375% 02/2029
     
2/15/2029
 
USD
1,266
   
1,283
(f)
        Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
 
9.000% 08/2029
     
8/1/2029
 
USD
190
   
196
(f)
                           
    Paper & Plastic Packaging Products & Materials - 0.11%
                         
        Novolex Holdings LLC
 
8.750% 04/2030
     
4/15/2030
 
USD
424
   
416
(f)
                           
    Paper Products - 0.54%
                         
        Fiber Bidco Spa
 
10.000% 06/2029 SUN
     
6/15/2029
 
EUR
1,826
   
1,992
(d) (f)
                           
    Passenger Airlines - 8.87%
                         
        American Airlines Group Inc
 
3.750% 03/2025
     
3/1/2025
 
USD
11,463
   
11,286
(f)
        JetBlue Airways Corp
 
0.500% 04/2026  (Convertible)
     
4/1/2026
 
USD
23,134
   
21,452
 
                           
    Pharmaceuticals - 0.24%
                         
        Nidda Healthcare Holding AG
 
7.500% 08/2026
     
8/21/2026
 
EUR
780
   
867
(f)
                           
    Real Estate Services - 1.89%
                         
        Anywhere Real Estate Group LLC
 
0.250% 06/2026 (Convertible)
     
6/15/2026
 
USD
8,312
   
6,957
 
                           
    Restaurants - 3.03%
                         
        Golden Nugget Inc.
 
6.750% 07/2030
     
1/15/2030
 
USD
12,591
   
11,180
(f)
                           
    Security & Alarm Services - 0.37%
                         
        Garda World Security Corp
 
8.250% 08/2032
     
8/1/2032
 
USD
1,363
   
1,366
(f)
                           
    Trading Companies & Distributors - 1.92%
                         
        AerCap Holdings
 
6.500% 06/2045
     
6/15/2045
 
USD
2,029
   
2,028
(f)
        Neon Holdings Inc (GPD Cos Inc)
 
10.125% 04/2026
     
4/1/2026
 
USD
2,413
   
2,253
(f)
        White Cap Construction Supply Inc
 
8.250% 03/2026  (9% PIK Toggle)
     
3/15/2026
 
USD
2,795
   
2,804
(d) (f)
TOTAL HIGH YIELD SECURITIES (Amortized cost $294,008)
                    $
 281,664
 
                           
Asset Backed Securities - 10.87%
                         
                           
    Specialized Finance - 10.87%
                         
        Adagio X Eur Clo DAC
 
ADAGI X-A DR
 
EURIBOR + 5.50%
 
10/20/2037
 
EUR
458
  $
503
(b) (f)
        AGL CLO 24 Ltd
 
AGL 2023-24A D
 
SOFR + 5.50%
 
7/25/2036
 
USD
1,137
   
1,180
(b) (f)
        AGL CLO 24 Ltd
 
AGL 2023-24A E
 
SOFR + 8.65%
 
7/25/2036
 
USD
1,250
   
1,305
(b) (f)
        Anchorage Capital CLO 6 Ltd
 
ANCHC 2015-6A DR3
 
SOFR + 4.20%
 
4/22/2034
 
USD
507
   
507
(b) (f)
        Anchorage Capital CLO 6 Ltd
 
ANCHC 2015-6A ER3
 
SOFR + 7.29%
 
4/22/2034
 
USD
329
   
331
(b) (f)
        Apidos CLO XLV Ltd
 
APID 2023-45A D
 
SOFR + 5.20%
 
4/26/2036
 
USD
392
   
403
(b) (f)
        Apidos CLO XLVI Ltd
 
APID 2023-46A D
 
SOFR + 5.00%
 
10/24/2036
 
USD
318
   
330
(b) (f)
        Arbour CLO III DAC
 
ARBR 3A DRR
 
EURIBOR + 3.10%
 
7/15/2034
 
EUR
678
   
740
(b) (f)
        Arbour Clo XI DAC
 
ARBR 11A DR
 
EURIBOR + 3.80%
 
5/15/2038
 
EUR
453
   
490
(b) (f)
        Ares Loan Funding V Ltd
 
ARES 2024-ALF5A E
 
SOFR + 6.60%
 
7/27/2037
 
USD
380
   
384
(b) (f)
        Ares LXVIII CLO Ltd
 
ARES 2023-68A D
 
SOFR + 5.75%
 
4/25/2035
 
USD
992
   
1,020
(b) (f)
        Ares XXXIX CLO Ltd
 
ARES 2016-39A ER3
 
SOFR + 6.75%
 
7/18/2037
 
USD
1,386
   
1,423
(b) (f)
        Benefit Street Partners CLO XXXIV Ltd
 
BSP 2024-34A E
 
SOFR + 6.70%
 
7/25/2037
 
USD
323
   
327
(b) (f)
        Birch Grove CLO 6 Ltd
 
BGCLO 2023-6A D
 
SOFR + 5.83%
 
7/20/2035
 
USD
1,121
   
1,161
(b) (f)
        Bluemountain Euro 2021-2 CLO DAC
 
BLUME 2021-2A D
 
EURIBOR + 3.10%
 
10/15/2035
 
EUR
351
   
383
(b) (f)
        Brookhaven Park CLO Ltd
 
BROOKP 2024-1A E
 
SOFR + 6.50%
 
4/19/2037
 
USD
606
   
615
(b) (f)
        Cairn CLO
 
CRNCL 2023-17A D
 
EURIBOR + 5.30%
 
10/18/2036
 
EUR
338
   
375
(b) (f)
        Carbone Clo Ltd
 
CRBN 2017-1A C
 
SOFR + 2.60%
 
1/20/2031
 
USD
367
   
368
(b) (f)
        Carlyle US CLO 2024-2 Ltd
 
CGMS 2024-2A E
 
SOFR + 6.85%
 
4/25/2037
 
USD
395
   
397
(b) (f)
        Cedar Funding XVIII CLO Ltd
 
CEDF 2024-18A E
 
SOFR + 6.65%
 
4/23/2037
 
USD
532
   
540
(b) (f)
        CIFC Funding 2019-I Ltd
 
CIFC 2019-1A E
 
SOFR + 7.09%
 
4/20/2032
 
USD
386
   
390
(b) (f)
        Clonmore Park CLO DAC
 
CLONP 1A ER
 
EURIBOR + 6.82%
 
8/21/2035
 
EUR
350
   
387
(b) (f)
        Contego CLO XII DAC
 
CONTE 12A D
 
EURIBOR + 5.60%
 
1/25/2038
 
EUR
805
   
890
(b) (f)
        CVC Cordatus Loan Fund XXXI DAC
 
CORDA 31A E
 
EURIBOR + 6.64%
 
6/15/2037
 
EUR
402
   
437
(b) (f)
        CVC Cordatus Opportunity Loan Fund DAC
 
COLFR 1A E Mtge
 
EURIBOR + 6.31%
 
8/15/2033
 
EUR
356
   
387
(b) (f)
        Dillon's Park CLO DAC
 
DILPK 1A D
 
EURIBOR + 3.00%
 
10/15/2034
 
EUR
374
   
406
(b) (f)
        Empower CLO 2023-1 Ltd
 
EMPWR 2023-1A D
 
SOFR + 5.50%
 
4/25/2036
 
USD
1,500
   
1,540
(b) (f)
        Empower CLO 2023-2 Ltd
 
EMPWR 2023-2A D
 
SOFR + 5.40%
 
7/15/2036
 
USD
341
   
354
(b) (f)
        Fernhill Park CLO DAC
 
FRNPK 1A D
 
EURIBOR + 3.75%
 
4/15/2037
 
EUR
276
   
302
(b) (f)
        Fernhill Park CLO DAC
 
FRNPK 1A E
 
EURIBOR + 6.68%
 
4/15/2037
 
EUR
301
   
325
(b) (f)
        Galaxy 33 CLO Ltd
 
GALXY 2024-33A E
 
SOFR + 6.65%
 
4/20/2037
 
USD
376
   
380
(b) (f)
        Galaxy XXV CLO Ltd
 
GALXY 2018-25A ER
 
SOFR + 6.50%
 
4/25/2036
 
USD
465
   
465
(b) (f)
        Generate CLO 3 Ltd
 
GNRT 3A D2R
 
SOFR + 4.90%
 
10/20/2036
 
USD
958
   
984
(b) (f)
        Generate CLO Ltd
 
GNRT 2024-15A E
 
SOFR + 6.70%
 
7/20/2037
 
USD
388
   
393
(b) (f)
        Glenbrook Park Clo DAC
 
GLNBR 1A D
 
EURIBOR + 5.75%
 
7/21/2036
 
EUR
500
   
553
(b) (f)
        Golub Capital Partners CLO 53B Ltd
 
GCBSL 2021-53A E
 
SOFR + 6.70%
 
7/20/2034
 
USD
169
   
171
(b) (f)
        Harvest CLO XXVIII DAC
 
HARVT 28A DR
 
EURIBOR + 3.60%
 
10/25/2034
 
EUR
273
   
299
(b) (f)
        Harvest Clo XXXI DAC
 
HARVT 31A D
 
EURIBOR + 5.60%
 
10/15/2036
 
EUR
710
   
793
(b) (f)
        Henley CLO III DAC
 
HNLY 3A DR
 
EURIBOR + 3.30%
 
12/25/2035
 
EUR
769
   
840
(b) (f)
        Henley CLO X DAC
 
HNLY 10A E
 
EURIBOR + 6.65%
 
7/20/2037
 
EUR
187
   
202
(b) (f)
        Madison Park Euro Funding XV DAC
 
MDPKE 15A DR
 
EURIBOR + 4.50%
 
7/15/2036
 
EUR
321
   
350
(b) (f)
        Madison Park Funding LXIII Ltd
 
MDPK 2023-63A D
 
SOFR + 5.50%
 
4/21/2035
 
USD
947
   
975
(b) (f)
        Madison Park Funding XXVIII Ltd
 
MDPK 2018-28A E
 
SOFR + 5.25%
 
7/15/2030
 
USD
958
   
962
(b) (f)
        Magnetite XXXI Ltd
 
MAGNE 2021-31A E
 
SOFR + 6.00%
 
7/15/2034
 
USD
1,500
   
1,511
(b) (f)
        Neuberger Berman Loan Advisers CLO 55 Ltd
 
NEUB 2024-55A E
 
SOFR + 6.50%
 
4/22/2038
 
USD
343
   
348
(b) (f)
        Oaktree CLO 2019-3 Ltd
 
OAKCL 2019-3A ER
 
SOFR + 7.04%
 
10/20/2034
 
USD
331
   
333
(b) (f)
        Oaktree CLO 2023-1 Ltd
 
OAKCL 2023-1A D
 
SOFR + 5.25%
 
4/15/2036
 
USD
558
   
572
(b) (f)
        Palmer Square European CLO 2021-1 DAC
 
PLMER 2021-1A E
 
EURIBOR + 5.71%
     
EUR
460
   
500
(b) (f)
        Palmer Square European CLO 2022-2 DAC
 
PLMER 2022-2A DR
 
EURIBOR + 4.00%
     
EUR
691
   
757
(b) (f)
        Palmer Square European CLO 2023-1 DAC
 
PLMER 2023-1A E
 
EURIBOR + 7.59%
 
7/15/2036
 
EUR
1,000
   
1,106
(b) (f)
        Palmer Square European CLO 2024-1 DAC
 
PLMER 2024-1A D
 
EURIBOR + 3.75%
 
5/15/2037
 
EUR
260
   
281
(b) (f)
        Palmer Square European CLO 2024-1 DAC
 
PLMER 2024-1A E
 
EURIBOR + 6.68%
 
5/15/2037
 
EUR
301
   
334
(b) (f)
        Palmer Square European Loan Funding 2024-1 DAC
 
PSTET 2024-1A E
 
EURIBOR + 6.75%
 
8/15/2033
 
EUR
312
   
339
(b) (f)
        Penta CLO 12 DAC
 
PENTA 2022-12A ER
 
EURIBOR + 7.09%
 
5/9/2037
 
EUR
563
   
624
(b) (f)
        Penta CLO 16 DAC
 
PENTA 2024-16A E
 
EURIBOR + 6.79%
 
10/18/2036
 
EUR
362
   
401
(b) (f)
        Penta CLO 5 DAC
 
PENTA 2018-5A ER
 
EURIBOR + 5.92%
 
4/20/2035
 
EUR
335
   
367
(b) (f)
        Penta Clo 9 DAC
 
PENTA 2021-9A E
 
EURIBOR + 6.04%
 
7/25/2036
 
EUR
306
   
336
(b) (f)
        Providus Clo VI DAC
 
PRVD 6A D
 
EURIBOR + 3.20%
 
5/20/2034
 
EUR
553
   
603
(b) (f)
        Providus Clo X DAC
 
PRVD 10A E
 
EURIBOR + 6.74%
 
11/18/2038
 
EUR
304
   
333
(b) (f)
        RAD CLO 21 Ltd
 
RAD 2023-21A E
 
SOFR + 7.90%
 
1/25/2033
 
USD
431
   
441
(b) (f)
        Rad CLO 4 Ltd
 
RAD 2019-4A ER
 
SOFR + 6.50%
 
4/25/2032
 
USD
419
   
421
(b) (f)
        Regatta XXVIII Funding Ltd
 
REG28 2024-2A E
 
SOFR + 7.00%
 
4/25/2037
 
USD
376
   
384
(b) (f)
        Romark Credit Funding II Ltd
 
RCF 2021-2A E
 
7.08%
 
10/25/2039
 
USD
1,200
   
1,103
(b) (f)
        Shackleton 2019-XV CLO Ltd
 
SHACK 2019-15A D1R
 
SOFR + 3.45%
 
1/15/2032
 
USD
367
   
368
(b) (f)
        Sutton Park CLO DAC
 
STNPK 1A C
 
EURIBOR + 3.30%
     
EUR
1,178
   
1,280
(b) (f)
        Symphony CLO 37 Ltd
 
SYMP 2022-37A DR
 
SOFR + 4.90%
 
1/20/2037
 
USD
551
   
559
(b) (f)
        TRESTLES CLO III LTD
 
TREST 2020-3A D
 
SOFR + 3.25%
 
1/20/2033
 
USD
500
   
501
(b) (f)
        TRESTLES CLO III LTD
 
TREST 2020-3A E
 
SOFR + 6.76%
 
1/20/2033
 
USD
453
   
451
(b) (f)
        Trinitas Euro Clo VII DAC
 
TRNTE 7A E
 
EURIBOR + 6.55%
 
7/25/2037
 
EUR
264
   
286
(b) (f)
TOTAL ASSET BACKED SECURITIES (Amortized cost $38,650)
                    $
 40,106
 
                           
Issuer
 
Asset
         
Currency
 
Fair Value
Footnotes
Equity & Other Investments - 1.58%
                         
                           
    Broadline Retail - 0.35%
                         
        Belk Inc
 
Common Stock
         
USD
82,904
  $
 1,285
(a) (e)
                           
    Construction & Engineering - 0.01%
                         
        Yak Access LLC
 
Common Stock
         
USD
9,358
   
21
(a) (e)
                           
    Diversified Metals & Mining - 0.98%
                         
        Foresight Energy LLC
 
Common Stock
         
USD
320,381
   
3,597
(a) (b) (e)
                           
    Oil & Gas Equipment & Services - 0.14%
                         
        Proserv Group Parent LLC
 
Common Stock
         
USD
114,010
   
105
(b) (e)
        Proserv Group Parent LLC
 
Preferred Stock
         
USD
36,249
   
409
(b) (e)
                           
    Health Care Facilities - 0.12%
                         
        Quorum Health Corp
 
Trade Claim
         
USD
3,964,000
   
427
(b) (e)
TOTAL EQUITY & OTHER INVESTMENTS (Cost $8,751)
                    $
             5,844
 
                           
TOTAL INVESTMENTS (Cost $564,667)
                    $
  549,444
 
                           
Money Market Funds - 5.76%
                         
U.S. Government Securities - 5.76%
                         
        Morgan Stanley Institutional Liquidity Fund - Government Portfolio
Class IN
         
USD
        21,260,016
  $
      21,260
(g)
TOTAL MONEY MARKET FUNDS (Cost $21,260)
                    $
         21,260
 
                           
TOTAL INVESTMENTS INCLUDING MONEY MARKET FUNDS (Cost $585,927) - 154.71%
                    $
        570,704
 
LIABILITIES EXCEEDING OTHER ASSETS, NET - (54.71%)
                $
        (201,804)
 
NET ASSETS - 100.00%
                    $
        368,900
 
                           
                           

TL
 
Term loan.
                     
DD
 
Delayed draw term loan.
                 
1L
 
First lien.
                     
2L
 
Second lien.
                     
EURIBOR
 
Euro Interbank Offered Rate as of July 31, 2024 was 3.63%.
SOFR
 
Secured Overnight Financing Rate as of July 31, 2024 was 5.34%.
(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)
 
The money market fund's average 7-day yield as of July 31, 2024 was 5.21%.
(h)
 
Investment is an unfunded or partially funded commitment.


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
                           
        Accuride Corp
 
TL 1L 06/24
 
                                 972
  $
                              952
  $
                              926
 
7/15/2024
 
0.25%
        Accuride Corp
 
TL 1L B 07/23
 
                              5,537
   
                              5,375
   
                              3,787
 
4/27/2023
 
1.03%
        Foresight Energy LLC
 
TL 1L A 06/20 (Exit)
 
                              2,131
   
                              2,131
   
                              2,131
 
6/30/2020
 
0.58%
        SIRVA Worldwide Inc
 
TL 1L 03/24
 
                                 146
   
                                 133
   
                                 139
 
3/11/2024
 
0.04%
        SIRVA Worldwide Inc
 
TL 1L 07/18
 
                              1,909
   
                              1,848
   
                              1,380
 
7/31/2018
 
0.37%
        SIRVA Worldwide Inc
 
TL 1L DD 03/24
 
                                 151
   
                                 151
   
                                 144
 
3/6/2024
 
0.04%
        SIRVA Worldwide Inc
 
TL 2L 07/18
 
                              1,239
   
                              1,113
   
                                 641
 
7/31/2018
 
0.17%
        Solera LLC
 
TL 2L 06/21 (PIK Toggle)
 
                            11,527
   
                            11,323
   
                            11,527
 
6/4/2021
 
3.12%
        USIC Holdings Inc
 
TL 2L 05/21
 
                              5,162
   
                              5,088
   
                              4,973
 
5/7/2021
 
1.35%
        Wheel Pros Inc
 
TL 1L 09/23 (FILO)
 
                                 508
   
                                 477
   
                                 537
 
9/7/2023
 
0.15%
        Wheel Pros Inc
 
TL 1L 09/23 (NewCo)
 
                                 690
   
                                 670
   
                                 379
 
9/11/2023
 
0.10%
                             
High Yield Securities
                           
        SI Group Inc
 
6.750% 05/2026
 
                              6,041
   
                              6,041
   
                              1,689
 
5/11/2021
 
0.46%
        Specialty Building Products Holdings LLC
 
6.375% 09/2026
 
                                 426
   
                                 411
   
                                 420
 
8/21/2023
 
0.11%
        Wheel Pros Inc
 
6.500% 05/2028
 
                              5,638
   
                              5,413
   
                              1,635
 
9/11/2023
 
0.44%
                             
Equity & Other Investments
                           
        Foresight Energy LLC
 
Common Stock
 
                          320,381
   
                              3,666
   
                              3,597
 
6/30/2020
 
0.98%
        Yak Access LLC
 
Common Stock
 
                              9,358
   
                                   -
   
                                   21
 
3/10/2023
 
0.01%
        Belk Inc
 
Common Stock
 
                            82,904
   
                              1,285
 
 
                              1,285
 
7/22/2024
 
0.35%
Total
          $
                         44,792
 
$
                        35,211