UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21574
Eaton Vance Floating-Rate Income Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
May 31
Date of Fiscal Year End
November 30, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 06/29/2004 | (0.38)% | (5.26)% | 2.64% | 4.21% |
Fund at Market Price | — | (1.41) | (14.98) | 2.59 | 3.02 |
Morningstar® LSTA® US Leveraged Loan IndexSM | — | 1.44% | (0.41)% | 3.30% | 3.70% |
% Premium/Discount to NAV3 | |
(8.27)% |
Distributions 4 | |
Total Distributions per share for the period | $0.466 |
Distribution Rate at NAV | 7.38% |
Distribution Rate at Market Price | 8.04 |
% Total Leverage5 | |
Borrowings | 21.36% |
Variable Rate Term Preferred Shares (VRTP Shares) | 14.01 |
Top 10 Issuers (% of total investments)1 | |
Ultimate Software Group, Inc. (The) | 1.1% |
Uber Technologies, Inc. | 1.1 |
Virgin Media SFA Finance Limited | 1.0 |
Magenta Buyer, LLC | 0.9 |
Finastra USA, Inc. | 0.9 |
Clarios Global LP | 0.9 |
Carnival Corporation | 0.9 |
Banff Merger Sub, Inc. | 0.8 |
Les Schwab Tire Centers | 0.8 |
RealPage, Inc. | 0.8 |
Total | 9.2% |
Top 10 Industries (% of total investments)1 | |
Software | 17.2% |
Machinery | 4.8 |
Health Care Providers & Services | 4.7 |
Commercial Services & Supplies | 3.5 |
IT Services | 3.4 |
Chemicals | 3.2 |
Specialty Retail | 3.0 |
Capital Markets | 2.8 |
Hotels, Restaurants & Leisure | 2.6 |
Diversified Telecommunication Services | 2.6 |
Total | 47.8% |
Credit Quality (% of bonds, loans and asset-backed securities)2 |
1 | Excludes cash and cash equivalents. |
2 | Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P. |
1 | Morningstar® LSTA® US Leveraged Loan IndexSM is an unmanaged index of the institutional leveraged loan market. Morningstar® LSTA® Leveraged Loan indices are a product of Morningstar, Inc. (“Morningstar”) and have been licensed for use. Morningstar® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association® and LSTA® are trademarks of the LSTA licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar® LSTA® US Leveraged Loan IndexSM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index. |
2 | Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the ten-year period is the impact of the 2013 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 98% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance would have been lower. |
3 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance. com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
5 | Leverage represents the liquidation value of the Fund’s VRTP Shares and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus VRTP Shares and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage |
rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. |
Fund profile subject to change due to active management. |
Asset-Backed Securities — 7.4% |
Security | Principal Amount (000's omitted) | Value | |
AIG CLO, Ltd., Series 2019-1A, Class ER, 10.629%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2) | $ | 1,000 | $ 828,543 |
Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class D, 10.456%, (3 mo. USD LIBOR + 5.85%), 5/15/30(1)(2) | 2,000 | 1,621,340 | |
Ares XXXIV CLO, Ltd., Series 2015-2A, Class ER, 10.929%, (3 mo. USD LIBOR + 6.85%), 4/17/33(1)(2) | 1,300 | 1,117,489 | |
Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, Class E, 11.099%, (3 mo. USD LIBOR + 7.02%), 1/15/33(1)(2) | 750 | 688,944 | |
Benefit Street Partners CLO XVIII, Ltd., Series 2019-18A, Class ER, 10.829%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2) | 1,000 | 901,675 | |
Benefit Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 10.893%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2) | 1,000 | 869,850 | |
BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 11.373%, (3 mo. USD LIBOR + 7.13%), 10/20/34(1)(2) | 1,500 | 1,329,537 | |
Canyon Capital CLO, Ltd.: | |||
Series 2019-2A, Class ER, 10.829%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2) | 400 | 349,693 | |
Series 2022-1A, Class E, 10.329%, (3 mo. SOFR + 6.40%), 4/15/35(1)(2) | 1,250 | 1,067,437 | |
Carlyle Global Market Strategies CLO, Ltd.: | |||
Series 2012-3A, Class DR2, 10.511%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2) | 1,200 | 1,014,868 | |
Series 2015-5A, Class DR, 10.943%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(2) | 500 | 416,203 | |
Cedar Funding X CLO, Ltd., Series 2019-10A, Class ER, 10.743%, (3 mo. USD LIBOR + 6.50%), 10/20/32(1)(2) | 1,000 | 894,271 | |
Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 10.724%, (3 mo. USD LIBOR + 6.645%), 10/15/30(1)(2) | 1,000 | 841,975 | |
Galaxy XXI CLO, Ltd., Series 2015-21A, Class ER, 9.493%, (3 mo. USD LIBOR + 5.25%), 4/20/31(1)(2) | 1,000 | 818,374 | |
Galaxy XXV CLO, Ltd., Series 2018-25A, Class E, 10.308%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) | 250 | 206,841 | |
Golub Capital Partners CLO 23M, Ltd., Series 2015-23A, Class ER, 9.993%, (3 mo. USD LIBOR + 5.75%), 1/20/31(1)(2) | 1,200 | 961,982 | |
Golub Capital Partners CLO 50B-R, Ltd., Series 2020-50A, Class ER, 11.063%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2) | 1,000 | 857,529 |
Security | Principal Amount (000's omitted) | Value | |
Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 10.914%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2) | $ | 1,000 | $ 883,738 |
Neuberger Berman Loan Advisers CLO 48, Ltd., Series 2022-48A, Class E, 10.56%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2) | 1,000 | 873,299 | |
Palmer Square CLO, Ltd.: | |||
Series 2013-2A, Class DRR, 9.929%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2) | 900 | 776,994 | |
Series 2014-1A, Class DR2, 9.779%, (3 mo. USD LIBOR + 5.70%), 1/17/31(1)(2) | 1,500 | 1,255,188 | |
Series 2015-1A, Class DR4, 11.175%, (3 mo. USD LIBOR + 6.50%), 5/21/34(1)(2) | 500 | 425,846 | |
Series 2019-1A, Class DR, 11.15%, (3 mo. USD LIBOR + 6.50%), 11/14/34(1)(2) | 1,000 | 896,939 | |
RAD CLO 5, Ltd., Series 2019-5A, Class E, 11.025%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2) | 1,000 | 837,764 | |
RAD CLO 7, Ltd., Series 2020-7A, Class E, 10.579%, (3 mo. USD LIBOR + 6.50%), 4/17/33(1)(2) | 1,275 | 1,180,788 | |
Regatta XIV Funding, Ltd., Series 2018-3A, Class E, 10.308%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2) | 700 | 589,839 | |
Regatta XVI Funding, Ltd., Series 2019-2A, Class E, 11.079%, (3 mo. USD LIBOR + 7.00%), 1/15/33(1)(2) | 750 | 690,082 | |
Vibrant CLO X, Ltd., Series 2018-10A, Class D, 10.433%, (3 mo. USD LIBOR + 6.19%), 10/20/31(1)(2) | 850 | 669,872 | |
Vibrant CLO XI, Ltd., Series 2019-11A, Class D, 11.013%, (3 mo. USD LIBOR + 6.77%), 7/20/32(1)(2) | 1,000 | 839,054 | |
Voya CLO, Ltd., Series 2013-1A, Class DR, 10.559%, (3 mo. USD LIBOR + 6.48%), 10/15/30(1)(2) | 2,000 | 1,521,848 | |
Wellfleet CLO, Ltd., Series 2020-1A, Class D, 11.319%, (3 mo. USD LIBOR + 7.24%), 4/15/33(1)(2) | 1,300 | 1,146,526 | |
Total Asset-Backed Securities (identified cost $31,859,023) | $ 27,374,328 |
Closed-End Funds — 2.0% |
Security | Shares | Value | |
BlackRock Floating Rate Income Strategies Fund, Inc. | 111,292 | $ 1,326,601 | |
Invesco Senior Income Trust | 402,161 | 1,584,514 | |
Nuveen Credit Strategies Income Fund | 406,731 | 2,176,011 | |
Nuveen Floating Rate Income Fund | 164,907 | 1,401,709 | |
Nuveen Floating Rate Income Opportunity Fund | 115,017 | 966,143 | |
Total Closed-End Funds (identified cost $9,825,291) | $ 7,454,978 |
Common Stocks — 0.8% |
Security | Shares | Value | |
Aerospace and Defense — 0.1% | |||
IAP Global Services, LLC(3)(4)(5) | 58 | $ 252,076 | |
$ 252,076 | |||
Electronics/Electrical — 0.0%(6) | |||
Riverbed Technology, Inc.(5) | 326 | $ 164 | |
Skillsoft Corp.(4)(5) | 56,469 | 108,420 | |
$ 108,584 | |||
Investment Companies — 0.2% | |||
Aegletes B.V.(5) | 15,179 | $ 561,623 | |
$ 561,623 | |||
Oil and Gas — 0.1% | |||
Nine Point Energy Holdings, Inc.(3)(4)(7) | 758 | $ 0 | |
QuarterNorth Energy, Inc.(5) | 3,820 | 525,250 | |
$ 525,250 | |||
Radio and Television — 0.2% | |||
Clear Channel Outdoor Holdings, Inc.(4)(5) | 86,335 | $ 97,558 | |
Cumulus Media, Inc., Class A(4)(5) | 42,499 | 311,093 | |
iHeartMedia, Inc., Class A(4)(5) | 36,714 | 295,181 | |
$ 703,832 | |||
Retailers (Except Food and Drug) — 0.1% | |||
Phillips Pet Holding Corp.(3)(4)(5) | 613 | $ 193,440 | |
$ 193,440 | |||
Telecommunications — 0.1% | |||
GEE Acquisition Holdings Corp.(3)(4)(5) | 46,236 | $ 430,920 | |
$ 430,920 | |||
Total Common Stocks (identified cost $3,948,283) | $ 2,775,725 |
Convertible Preferred Stocks — 0.0%(6) |
Security | Shares | Value | |
Electronics/Electrical — 0.0%(6) | |||
Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(5) | 107 | $ 107 | |
$ 107 |
Security | Shares | Value | |
Oil and Gas — 0.0% | |||
Nine Point Energy Holdings, Inc., Series A, 12.00%, (PIK)(3)(4)(7) | 14 | $ 0 | |
$ 0 | |||
Total Convertible Preferred Stocks (identified cost $17,197) | $ 107 |
Corporate Bonds — 7.4% |
Security | Principal Amount (000's omitted) | Value | |
Aerospace and Defense — 0.2% | |||
TransDigm, Inc., 4.875%, 5/1/29 | $ | 700 | $ 611,884 |
$ 611,884 | |||
Automotive — 0.3% | |||
Clarios Global, L.P./Clarios U.S. Finance Co., 8.50%, 5/15/27(1) | $ | 1,000 | $ 979,952 |
$ 979,952 | |||
Building and Development — 0.3% | |||
Smyrna Ready Mix Concrete, LLC, 6.00%, 11/1/28(1) | $ | 625 | $ 557,388 |
Standard Industries, Inc., 4.75%, 1/15/28(1) | 625 | 567,375 | |
$ 1,124,763 | |||
Business Equipment and Services — 0.7% | |||
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(1) | $ | 1,000 | $ 956,557 |
Prime Security Services Borrower, LLC/Prime Finance, Inc.: | |||
5.25%, 4/15/24(1) | 750 | 741,563 | |
5.75%, 4/15/26(1) | 750 | 743,396 | |
$ 2,441,516 | |||
Chemicals and Plastics — 0.3% | |||
NOVA Chemicals Corp., 4.875%, 6/1/24(1) | $ | 1,000 | $ 974,365 |
$ 974,365 | |||
Conglomerates — 0.2% | |||
Spectrum Brands, Inc., 5.50%, 7/15/30(1) | $ | 1,000 | $ 858,190 |
$ 858,190 |
Security | Principal Amount (000's omitted) | Value | |
Consumer Products — 0.1% | |||
Central Garden & Pet Co., 4.125%, 10/15/30 | $ | 625 | $ 521,384 |
$ 521,384 | |||
Cosmetics/Toiletries — 0.2% | |||
Edgewell Personal Care Co., 5.50%, 6/1/28(1) | $ | 625 | $ 589,706 |
$ 589,706 | |||
Distribution & Wholesale — 0.4% | |||
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1) | $ | 625 | $ 565,909 |
Performance Food Group, Inc., 5.50%, 10/15/27(1) | 1,000 | 966,415 | |
$ 1,532,324 | |||
Diversified Financial Services — 0.1% | |||
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(1) | $ | 625 | $ 513,281 |
$ 513,281 | |||
Engineering & Construction — 0.1% | |||
TopBuild Corp., 3.625%, 3/15/29(1) | $ | 625 | $ 507,994 |
$ 507,994 | |||
Entertainment — 0.3% | |||
Caesars Entertainment, Inc., 8.125%, 7/1/27(1) | $ | 1,000 | $ 1,005,180 |
$ 1,005,180 | |||
Financial Intermediaries — 0.2% | |||
Ford Motor Credit Co., LLC, 3.625%, 6/17/31 | $ | 1,000 | $ 821,306 |
$ 821,306 | |||
Food Service — 0.1% | |||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons, LLC, 3.50%, 3/15/29(1) | $ | 625 | $ 521,392 |
$ 521,392 | |||
Health Care — 0.7% | |||
Centene Corp., 3.375%, 2/15/30 | $ | 1,000 | $ 853,093 |
LifePoint Health, Inc., 5.375%, 1/15/29(1) | 625 | 367,697 | |
Tenet Healthcare Corp., 6.875%, 11/15/31 | 1,000 | 876,710 | |
US Acute Care Solutions, LLC, 6.375%, 3/1/26(1) | 625 | 567,911 | |
$ 2,665,411 | |||
Home Furnishings — 0.1% | |||
Tempur Sealy International, Inc., 4.00%, 4/15/29(1) | $ | 625 | $ 518,955 |
$ 518,955 |
Security | Principal Amount (000's omitted) | Value | |
Insurance — 0.3% | |||
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(1) | $ | 625 | $ 576,563 |
AmWINS Group, Inc., 4.875%, 6/30/29(1) | 600 | 519,172 | |
$ 1,095,735 | |||
Leisure Goods/Activities/Movies — 0.1% | |||
Viking Cruises, Ltd., 5.875%, 9/15/27(1) | $ | 625 | $ 525,106 |
$ 525,106 | |||
Media — 0.5% | |||
Audacy Capital Corp., 6.50%, 5/1/27(1) | $ | 625 | $ 160,197 |
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1) | 3,160 | 517,557 | |
iHeartCommunications, Inc.: | |||
6.375%, 5/1/26 | 208 | 196,728 | |
8.375%, 5/1/27 | 376 | 335,554 | |
Sirius XM Radio, Inc., 4.00%, 7/15/28(1) | 625 | 553,012 | |
$ 1,763,048 | |||
Nonferrous Metals/Minerals — 0.1% | |||
New Gold, Inc., 7.50%, 7/15/27(1) | $ | 500 | $ 443,965 |
$ 443,965 | |||
Oil and Gas — 0.6% | |||
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1) | $ | 1,000 | $ 983,246 |
Permian Resources Operating, LLC, 5.375%, 1/15/26(1) | 625 | 580,911 | |
Tap Rock Resources, LLC, 7.00%, 10/1/26(1) | 500 | 468,398 | |
$ 2,032,555 | |||
Pipelines — 0.1% | |||
EQM Midstream Partners, L.P., 4.75%, 1/15/31(1) | $ | 625 | $ 526,910 |
$ 526,910 | |||
Real Estate Investment Trusts (REITs) — 0.2% | |||
HAT Holdings I, LLC/HAT Holdings II, LLC, 3.375%, 6/15/26(1) | $ | 625 | $ 544,459 |
$ 544,459 | |||
Retail — 0.2% | |||
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30(1) | $ | 625 | $ 527,106 |
$ 527,106 |
Security | Principal Amount (000's omitted) | Value | |
Retailers (Except Food and Drug) — 0.3% | |||
Dave & Buster's, Inc., 7.625%, 11/1/25(1) | $ | 500 | $ 503,125 |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29(1) | 500 | 463,118 | |
$ 966,243 | |||
Technology — 0.1% | |||
athenahealth Group, Inc., 6.50%, 2/15/30(1) | $ | 625 | $ 468,817 |
$ 468,817 | |||
Telecommunications — 0.3% | |||
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(1) | $ | 1,000 | $ 946,635 |
$ 946,635 | |||
Utilities — 0.2% | |||
NRG Energy, Inc., 3.625%, 2/15/31(1) | $ | 1,000 | $ 800,835 |
$ 800,835 | |||
Wireless Telecommunication Services — 0.1% | |||
Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24(1) | $ | 600 | $ 525,828 |
$ 525,828 | |||
Total Corporate Bonds (identified cost $31,373,518) | $ 27,354,845 |
Senior Floating-Rate Loans — 133.6%(8) |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Aerospace and Defense — 2.3% | |||
Aernnova Aerospace S.A.U.: | |||
Term Loan, 4.10%, (3 mo. EURIBOR + 3.00%), 2/22/27 | EUR | 107 | $ 101,273 |
Term Loan, 5.436%, (6 mo. EURIBOR + 3.00%), 2/26/27 | EUR | 418 | 394,963 |
AI Convoy (Luxembourg) S.a.r.l.: | |||
Term Loan, 5.532%, (6 mo. EURIBOR + 3.50%), 1/18/27 | EUR | 450 | 447,637 |
Term Loan, 8.173%, (USD LIBOR + 3.50%), 1/18/27(9) | 1,727 | 1,703,385 | |
Dynasty Acquisition Co., Inc.: | |||
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 4/6/26 | 1,283 | 1,234,463 | |
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 4/6/26 | 690 | 664,041 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Aerospace and Defense (continued) | |||
IAP Worldwide Services, Inc., Term Loan - Second Lien, 10.174%, (3 mo. USD LIBOR + 6.50%), 7/18/23(3) | 412 | $ 321,399 | |
WP CPP Holdings, LLC, Term Loan, 8.169%, (USD LIBOR + 3.75%), 4/30/25(9) | 4,257 | 3,730,311 | |
$ 8,597,472 | |||
Airlines — 1.0% | |||
American Airlines, Inc., Term Loan, 8.993%, (3 mo. USD LIBOR + 4.75%), 4/20/28 | 3,050 | $ 3,034,750 | |
Mileage Plus Holdings, LLC, Term Loan, 8.777%, (3 mo. USD LIBOR + 5.25%), 6/21/27 | 760 | 782,642 | |
$ 3,817,392 | |||
Auto Components — 3.1% | |||
Adient US, LLC, Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 4/10/28 | 2,027 | $ 2,005,315 | |
Chassix, Inc., Term Loan, 9.817%, (USD LIBOR + 5.50%), 11/15/23(9) | 1,429 | 1,299,567 | |
Clarios Global, L.P.: | |||
Term Loan, 4.742%, (1 mo. EURIBOR + 3.25%), 4/30/26 | EUR | 947 | 951,787 |
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 4/30/26 | 3,042 | 3,006,187 | |
DexKo Global, Inc.: | |||
Term Loan, 5.324%, (EURIBOR + 4.00%), 10/4/28(9) | EUR | 461 | 406,607 |
Term Loan, 5.492%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 74 | 65,425 |
Term Loan, 5.492%, (1 mo. EURIBOR + 4.00%), 10/4/28 | EUR | 240 | 211,447 |
Term Loan, 7.682%, (USD LIBOR + 3.75%), 10/4/28(9) | 697 | 630,332 | |
Garrett LX I S.a.r.l., Term Loan, 7.67%, (3 mo. USD LIBOR + 3.25%), 4/30/28 | 767 | 761,495 | |
LTI Holdings, Inc., Term Loan, 8.821%, (1 mo. USD LIBOR + 4.75%), 7/24/26 | 595 | 567,955 | |
Truck Hero, Inc., Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 1/31/28 | 1,833 | 1,556,004 | |
Wheel Pros, LLC, Term Loan, 8.825%, (3 mo. USD LIBOR + 4.50%), 5/11/28 | 115 | 77,356 | |
$ 11,539,477 | |||
Automobiles — 0.6% | |||
MajorDrive Holdings IV, LLC: | |||
Term Loan, 7.125%, (3 mo. USD LIBOR + 4.00%), 6/1/28 | 667 | $ 631,985 | |
Term Loan, 8.597%, (SOFR + 5.65%), 6/1/29 | 1,493 | 1,432,800 | |
$ 2,064,785 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Beverages — 1.0% | |||
Arterra Wines Canada, Inc., Term Loan, 7.142%, (3 mo. USD LIBOR + 3.50%), 11/24/27 | 1,081 | $ 1,010,501 | |
City Brewing Company, LLC, Term Loan, 7.379%, (1 mo. USD LIBOR + 3.50%), 4/5/28 | 767 | 482,898 | |
Triton Water Holdings, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 3/31/28 | 2,469 | 2,289,768 | |
$ 3,783,167 | |||
Biotechnology — 0.2% | |||
Alkermes, Inc., Term Loan, 6.44%, (1 mo. USD LIBOR + 2.50%), 3/12/26 | 387 | $ 373,171 | |
Alltech, Inc., Term Loan, 8.029%, (1 mo. USD LIBOR + 4.00%), 10/13/28 | 422 | 396,504 | |
$ 769,675 | |||
Building Products — 2.8% | |||
ACProducts, Inc., Term Loan, 7.325%, (USD LIBOR + 4.25%), 5/17/28(9) | 2,098 | $ 1,538,272 | |
Cornerstone Building Brands, Inc., Term Loan, 7.123%, (1 mo. USD LIBOR + 3.25%), 4/12/28 | 2,421 | 2,177,094 | |
Gardner Denver, Inc., Term Loan, 5.937%, (SOFR + 1.75%), 3/1/27 | 1,271 | 1,258,756 | |
Ingersoll-Rand Services Company, Term Loan, 5.937%, (SOFR + 1.75%), 3/1/27 | 1,389 | 1,376,350 | |
LHS Borrower, LLC, Term Loan, 8.937%, (SOFR + 4.75%), 2/16/29 | 1,687 | 1,366,085 | |
MI Windows and Doors, LLC, Term Loan, 7.687%, (SOFR + 3.50%), 12/18/27 | 1,540 | 1,522,257 | |
Standard Industries, Inc., Term Loan, 6.425%, (6 mo. USD LIBOR + 2.25%), 9/22/28 | 949 | 938,448 | |
$ 10,177,262 | |||
Capital Markets — 4.2% | |||
Advisor Group, Inc., Term Loan, 8.571%, (1 mo. USD LIBOR + 4.50%), 7/31/26 | 2,380 | $ 2,320,030 | |
AllSpring Buyer, LLC, Term Loan, 6.688%, (3 mo. USD LIBOR + 3.00%), 11/1/28 | 1,346 | 1,329,794 | |
Aretec Group, Inc., Term Loan, 8.437%, (SOFR + 4.25%), 10/1/25 | 3,471 | 3,378,175 | |
Edelman Financial Center, LLC, Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 4/7/28 | 2,521 | 2,410,979 | |
EIG Management Company, LLC, Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 2/22/25 | 263 | 256,060 | |
Focus Financial Partners, LLC: | |||
Term Loan, 6/30/28(10) | 325 | 319,922 | |
Term Loan, 6.587%, (1 mo. USD LIBOR + 2.50%), 6/30/28 | 1,482 | 1,441,772 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Capital Markets (continued) | |||
Hudson River Trading, LLC, Term Loan, 7.201%, (SOFR + 3.00%), 3/20/28 | 1,742 | $ 1,626,273 | |
Mariner Wealth Advisors, LLC, Term Loan, 7.096%, (SOFR + 3.25%), 8/18/28 | 1,685 | 1,617,348 | |
Victory Capital Holdings, Inc., Term Loan, 5.962%, (SOFR + 2.25%), 7/1/26 | 929 | 919,686 | |
$ 15,620,039 | |||
Chemicals — 4.9% | |||
Aruba Investments, Inc.: | |||
Term Loan, 5.462%, (1 mo. EURIBOR + 4.00%), 11/24/27 | EUR | 517 | $ 513,905 |
Term Loan, 8.044%, (1 mo. USD LIBOR + 4.00%), 11/24/27 | 788 | 766,369 | |
Charter NEX US, Inc., Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 12/1/27 | 491 | 480,022 | |
Chemours Company (The), Term Loan, 3.20%, (3 mo. EURIBOR + 2.00%), 4/3/25 | EUR | 618 | 621,590 |
CPC Acquisition Corp., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 12/29/27 | 813 | 696,149 | |
Flint Group GmbH, Term Loan, 9.324%, (3 mo. USD LIBOR + 5.00%), 8.574% cash, 0.75% PIK, 9/21/23 | 107 | 80,222 | |
Flint Group US LLC, Term Loan, 9.324%, (3 mo. USD LIBOR + 5.00%), 8.574% cash, 0.75% PIK, 9/21/23 | 649 | 485,278 | |
Gemini HDPE, LLC, Term Loan, 7.42%, (3 mo. USD LIBOR + 3.00%), 12/31/27 | 764 | 747,214 | |
Groupe Solmax, Inc., Term Loan, 8.392%, (3 mo. USD LIBOR + 4.75%), 5/29/28 | 1,531 | 1,255,113 | |
INEOS Enterprises Holdings II Limited, Term Loan, 5.204%, (3 mo. EURIBOR + 3.25%), 8/31/26 | EUR | 200 | 198,299 |
INEOS Enterprises Holdings US Finco, LLC, Term Loan, 8.235%, (3 mo. USD LIBOR + 3.50%), 8/28/26 | 219 | 210,456 | |
INEOS Finance PLC, Term Loan, 4.242%, (1 mo. EURIBOR + 2.75%), 11/8/28 | EUR | 625 | 610,268 |
INEOS Styrolution US Holding, LLC, Term Loan, 6.821%, (1 mo. USD LIBOR + 2.75%), 1/29/26 | 1,975 | 1,935,500 | |
INEOS US Finance, LLC: | |||
Term Loan, 5.492%, (1 mo. EURIBOR + 4.00%), 11/8/27 | EUR | 4 | 3,883 |
Term Loan, 6.571%, (1 mo. USD LIBOR + 2.50%), 11/8/28 | 522 | 501,480 | |
Kraton Corporation, Term Loan, 6.718%, (SOFR + 3.25%), 3/15/29 | 398 | 394,393 | |
Kraton Polymers Holdings B.V., Term Loan, 4.25%, (3 mo. EURIBOR + 3.25%), 3/15/29 | EUR | 300 | 295,010 |
Lonza Group AG, Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 7/3/28 | 2,494 | 2,303,558 | |
LSF11 Skyscraper Holdco S.a.r.l., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 9/29/27 | 665 | 651,639 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Chemicals (continued) | |||
Momentive Performance Materials, Inc., Term Loan, 7.33%, (1 mo. USD LIBOR + 3.25%), 5/15/24 | 460 | $ 454,536 | |
Olympus Water US Holding Corporation, Term Loan, 8.153%, (SOFR + 4.50%), 11/9/28 | 348 | 337,628 | |
Orion Engineered Carbons GmbH, Term Loan, 5.924%, (3 mo. USD LIBOR + 2.25%), 9/24/28 | 322 | 312,366 | |
Rohm Holding GmbH, Term Loan, 8.121%, (6 mo. USD LIBOR + 4.75%), 7/31/26 | 1,475 | 1,198,419 | |
Starfruit Finco B.V., Term Loan, 3.189%, (EURIBOR + 3.00%), 10/1/25(9) | EUR | 448 | 446,138 |
W.R. Grace & Co.-Conn., Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 9/22/28 | 2,456 | 2,414,216 | |
$ 17,913,651 | |||
Commercial Services & Supplies — 5.3% | |||
Allied Universal Holdco, LLC, Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 5/12/28 | 4,024 | $ 3,812,625 | |
Belfor Holdings, Inc., Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 4/6/26 | 556 | 553,879 | |
EnergySolutions, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/9/25 | 1,775 | 1,656,351 | |
Garda World Security Corporation, Term Loan, 8.93%, (3 mo. USD LIBOR + 4.25%), 10/30/26 | 2,426 | 2,339,246 | |
GFL Environmental, Inc., Term Loan, 7.415%, (3 mo. USD LIBOR + 3.00%), 5/30/25 | 49 | 49,118 | |
LABL, Inc., Term Loan, 9.071%, (1 mo. USD LIBOR + 5.00%), 10/29/28 | 620 | 591,187 | |
Monitronics International, Inc., Term Loan, 11.915%, (3 mo. USD LIBOR + 7.50%), 3/29/24 | 1,559 | 1,045,991 | |
PECF USS Intermediate Holding III Corporation, Term Loan, 8.321%, (1 mo. USD LIBOR + 4.25%), 12/15/28 | 546 | 433,288 | |
Phoenix Services International, LLC: | |||
DIP Loan, 16.019%, (SOFR + 12.00%), 3/28/23 | 97 | 97,394 | |
DIP Loan, 16.087%, (SOFR + 12.00%), 4/29/23 | 134 | 133,568 | |
Term Loan, 9.75%, (USD Prime + 2.75%), 3/1/25 | 615 | 143,868 | |
Prime Security Services Borrower, LLC, Term Loan, 6.505%, (3 mo. USD LIBOR + 2.75%), 9/23/26 | 2,121 | 2,096,124 | |
SITEL Worldwide Corporation, Term Loan, 7.83%, (1 mo. USD LIBOR + 3.75%), 8/28/28 | 2,311 | 2,293,010 | |
Tempo Acquisition, LLC, Term Loan, 7.087%, (SOFR + 3.00%), 8/31/28 | 1,632 | 1,623,181 | |
TruGreen Limited Partnership, Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 11/2/27 | 2,120 | 1,893,229 | |
Werner FinCo, L.P., Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 7/24/24 | 1,093 | 946,314 | |
$ 19,708,373 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Communications Equipment — 0.1% | |||
Digi International, Inc., Term Loan, 9.071%, (1 mo. USD LIBOR + 5.00%), 11/1/28 | 339 | $ 336,317 | |
$ 336,317 | |||
Construction Materials — 0.9% | |||
Oscar AcquisitionCo, LLC, Term Loan, 8.153%, (SOFR + 4.50%), 4/29/29 | 825 | $ 763,125 | |
Quikrete Holdings, Inc., Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 6/11/28 | 2,488 | 2,455,297 | |
$ 3,218,422 | |||
Containers & Packaging — 2.0% | |||
Berlin Packaging, LLC, Term Loan, 7.515%, (USD LIBOR + 3.75%), 3/11/28(9) | 1,040 | $ 1,002,468 | |
BWAY Holding Company, Term Loan, 7.018%, (1 mo. USD LIBOR + 3.25%), 4/3/24 | 2,451 | 2,382,550 | |
Clydesdale Acquisition Holdings, Inc., Term Loan, 8.362%, (SOFR + 4.18%), 4/13/29 | 1,521 | 1,468,551 | |
Pregis TopCo Corporation, Term Loan, 8.201%, (1 mo. USD LIBOR + 4.00%), 7/31/26 | 656 | 631,719 | |
Pretium PKG Holdings, Inc.: | |||
Term Loan, 7.60%, (3 mo. USD LIBOR + 4.00%), 10/2/28 | 521 | 442,903 | |
Term Loan - Second Lien, 10.205%, (3 mo. USD LIBOR + 6.75%), 10/1/29 | 300 | 237,750 | |
Proampac PG Borrower, LLC, Term Loan, 7.869%, (USD LIBOR + 3.75%), 11/3/25(9) | 617 | 596,605 | |
Trident TPI Holdings, Inc., Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 10/17/24 | 739 | 734,988 | |
$ 7,497,534 | |||
Distributors — 1.5% | |||
Autokiniton US Holdings, Inc., Term Loan, 8.379%, (1 mo. USD LIBOR + 4.50%), 4/6/28 | 3,287 | $ 3,168,813 | |
Phillips Feed Service, Inc., Term Loan, 10.939%, (1 mo. USD LIBOR + 7.00%), 11/13/24(3) | 113 | 90,064 | |
White Cap Buyer, LLC, Term Loan, 7.837%, (SOFR + 3.75%), 10/19/27 | 2,328 | 2,245,605 | |
$ 5,504,482 | |||
Diversified Consumer Services — 1.2% | |||
Ascend Learning, LLC, Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 12/11/28 | 571 | $ 541,361 | |
Corporation Service Company, Term Loan, 7.437%, (SOFR + 3.25%), 11/2/29 | 350 | 345,479 | |
KUEHG Corp.: | |||
Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 2/21/25 | 2,664 | 2,560,008 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Diversified Consumer Services (continued) | |||
KUEHG Corp.: (continued) | |||
Term Loan - Second Lien, 12.321%, (1 mo. USD LIBOR + 8.25%), 8/22/25 | 425 | $ 413,180 | |
Sotheby's, Term Loan, 8.579%, (3 mo. USD LIBOR + 4.50%), 1/15/27 | 459 | 449,407 | |
$ 4,309,435 | |||
Diversified Financial Services — 0.6% | |||
Concorde Midco Ltd., Term Loan, 5.16%, (3 mo. EURIBOR + 4.00%), 3/1/28 | EUR | 575 | $ 563,192 |
Sandy BidCo B.V., Term Loan, 6.038%, (6 mo. EURIBOR + 4.00%), 8/17/29 | EUR | 950 | 950,881 |
Zephyr Bidco Limited, Term Loan, 7.677%, (SONIA + 4.75%), 7/23/25 | GBP | 775 | 758,931 |
$ 2,273,004 | |||
Diversified Telecommunication Services — 3.9% | |||
Altice France S.A.: | |||
Term Loan, 7.767%, (3 mo. USD LIBOR + 3.69%), 1/31/26 | 2,246 | $ 2,159,220 | |
Term Loan, 8.65%, (3 mo. USD LIBOR + 4.00%), 8/14/26 | 1,704 | 1,647,614 | |
GEE Holdings 2, LLC: | |||
Term Loan, 11.604%, (3 mo. USD LIBOR + 8.00%), 3/24/25 | 408 | 409,569 | |
Term Loan - Second Lien, 11.854%, (3 mo. USD LIBOR + 8.25%), 5.104% cash, 6.75% PIK, 3/23/26 | 870 | 655,752 | |
Numericable Group S.A., Term Loan, 4.605%, (3 mo. EURIBOR + 3.00%), 7/31/25 | EUR | 473 | 459,355 |
UPC Broadband Holding B.V.: | |||
Term Loan, 2.863%, (6 mo. EURIBOR + 2.50%), 4/30/29 | EUR | 775 | 769,670 |
Term Loan, 6.123%, (1 mo. USD LIBOR + 2.25%), 4/30/28 | 900 | 878,400 | |
UPC Financing Partnership, Term Loan, 6.798%, (1 mo. USD LIBOR + 2.93%), 1/31/29 | 660 | 645,118 | |
Virgin Media Bristol, LLC, Term Loan, 7.123%, (1 mo. USD LIBOR + 3.25%), 1/31/29 | 5,775 | 5,680,122 | |
Zayo Group Holdings, Inc., Term Loan, 4.742%, (1 mo. EURIBOR + 3.25%), 3/9/27 | EUR | 1,429 | 1,185,563 |
$ 14,490,383 | |||
Electrical Equipment — 0.1% | |||
AZZ, Inc., Term Loan, 8.437%, (SOFR + 4.25%), 5/13/29 | 333 | $ 332,759 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Electrical Equipment (continued) | |||
II-VI Incorporated, Term Loan, 6.586%, (1 mo. USD LIBOR + 2.75%), 7/2/29 | 16 | $ 15,511 | |
$ 348,270 | |||
Electronic Equipment, Instruments & Components — 1.9% | |||
Chamberlain Group, Inc., Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 11/3/28 | 1,340 | $ 1,256,133 | |
Creation Technologies, Inc., Term Loan, 9.248%, (3 mo. USD LIBOR + 5.50%), 10/5/28 | 1,346 | 1,096,786 | |
DG Investment Intermediate Holdings 2, Inc., Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 3/31/28 | 988 | 949,652 | |
Mirion Technologies, Inc., Term Loan, 5.627%, (6 mo. USD LIBOR + 2.75%), 10/20/28 | 620 | 610,684 | |
Robertshaw US Holding Corp., Term Loan, 7.625%, (1 mo. USD LIBOR + 3.50%), 2/28/25 | 1,027 | 765,264 | |
Verifone Systems, Inc., Term Loan, 8.359%, (3 mo. USD LIBOR + 4.00%), 8/20/25 | 1,225 | 1,113,056 | |
Verisure Holding AB: | |||
Term Loan, 3.473%, (6 mo. EURIBOR + 3.25%), 3/27/28 | EUR | 850 | 828,565 |
Term Loan, 3.753%, (6 mo. EURIBOR + 3.25%), 7/20/26 | EUR | 325 | 321,990 |
$ 6,942,130 | |||
Energy Equipment & Services — 0.0%(6) | |||
Ameriforge Group, Inc., Term Loan, 15.38%, (1 mo. USD LIBOR + 13.00%), 12/29/23(11) | 55 | $ 27,132 | |
$ 27,132 | |||
Engineering & Construction — 1.5% | |||
Aegion Corporation, Term Loan, 8.821%, (1 mo. USD LIBOR + 4.75%), 5/17/28 | 544 | $ 509,107 | |
Amentum Government Services Holdings, LLC, Term Loan, 7.393%, (SOFR + 4.00%), 2/15/29 | 673 | 664,896 | |
American Residential Services, LLC, Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 10/15/27 | 614 | 603,316 | |
Northstar Group Services, Inc., Term Loan, 9.571%, (1 mo. USD LIBOR + 5.50%), 11/12/26 | 1,533 | 1,504,390 | |
USIC Holdings, Inc., Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 5/12/28 | 2,376 | 2,296,181 | |
$ 5,577,890 | |||
Entertainment — 1.4% | |||
Alchemy Copyrights, LLC, Term Loan, 6.768%, (1 mo. USD LIBOR + 3.00%), 3/10/28 | 515 | $ 512,594 | |
City Football Group Limited, Term Loan, 7.457%, (1 mo. USD LIBOR + 3.50%), 7/21/28 | 993 | 937,912 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Entertainment (continued) | |||
Crown Finance US, Inc.: | |||
DIP Loan, 13.895%, (SOFR + 10.00%), 9/7/23 | 1,529 | $ 1,479,236 | |
Term Loan, 0.00%, 9/30/26(12) | 1,511 | 327,935 | |
Renaissance Holding Corp.: | |||
Term Loan, 8.294%, (SOFR + 4.50%), 3/30/29 | 150 | 144,201 | |
Term Loan - Second Lien, 11.071%, (1 mo. USD LIBOR + 7.00%), 5/29/26 | 200 | 191,000 | |
UFC Holdings, LLC, Term Loan, 7.11%, (3 mo. USD LIBOR + 2.75%), 4/29/26 | 1,184 | 1,164,802 | |
Vue International Bidco PLC: | |||
Term Loan, 5.66%, (2 mo. EURIBOR + 4.75%), 7/3/26 | EUR | 678 | 399,549 |
Term Loan, 9.766%, (6 mo. EURIBOR + 8.00%), 6/30/27 | EUR | 76 | 73,171 |
$ 5,230,400 | |||
Food Products — 1.0% | |||
8th Avenue Food & Provisions, Inc., Term Loan, 8.821%, (1 mo. USD LIBOR + 4.75%), 10/1/25 | 495 | $ 428,175 | |
Badger Buyer Corp., Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 9/30/24 | 356 | 308,156 | |
CHG PPC Parent, LLC, Term Loan, 7.125%, (1 mo. USD LIBOR + 3.00%), 12/8/28 | 398 | 384,070 | |
Del Monte Foods, Inc., Term Loan, 8.261%, (SOFR + 4.35%), 5/16/29 | 400 | 388,000 | |
Monogram Food Solutions, LLC, Term Loan, 8.125%, (1 mo. USD LIBOR + 4.00%), 8/28/28 | 447 | 437,693 | |
Shearer's Foods, Inc., Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 9/23/27 | 441 | 420,150 | |
Sovos Brands Intermediate, Inc., Term Loan, 7.915%, (3 mo. USD LIBOR + 3.50%), 6/8/28 | 601 | 585,318 | |
United Petfood Group B.V., Term Loan, 4.558%, (3 mo. EURIBOR + 3.00%), 4/23/28 | EUR | 775 | 747,996 |
$ 3,699,558 | |||
Gas Utilities — 0.8% | |||
CQP Holdco, L.P., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 6/5/28 | 2,943 | $ 2,910,474 | |
$ 2,910,474 | |||
Health Care Equipment & Supplies — 1.8% | |||
Bayou Intermediate II, LLC, Term Loan, 8.96%, (3 mo. USD LIBOR + 4.50%), 8/2/28 | 868 | $ 842,384 | |
CryoLife, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 6/1/27 | 500 | 477,560 | |
Gloves Buyer, Inc., Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 12/29/27 | 1,680 | 1,526,647 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Health Care Equipment & Supplies (continued) | |||
Journey Personal Care Corp., Term Loan, 7.924%, (3 mo. USD LIBOR + 4.25%), 3/1/28 | 2,019 | $ 1,410,315 | |
Medline Borrower, L.P., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 10/23/28 | 2,488 | 2,366,429 | |
$ 6,623,335 | |||
Health Care Providers & Services — 7.2% | |||
AEA International Holdings (Lux) S.a.r.l., Term Loan, 7.438%, (3 mo. USD LIBOR + 3.75%), 9/7/28 | 893 | $ 879,851 | |
Biogroup-LCD, Term Loan, 4.742%, (3 mo. EURIBOR + 3.00%), 2/9/28 | EUR | 250 | 239,338 |
BW NHHC Holdco, Inc., Term Loan, 9.674%, (3 mo. USD LIBOR + 5.00%), 5/15/25 | 2,460 | 1,564,858 | |
Cano Health, LLC, Term Loan, 8.187%, (SOFR + 4.00%), 11/23/27 | 2,512 | 1,805,427 | |
CCRR Parent, Inc., Term Loan, 7.83%, (1 mo. USD LIBOR + 3.75%), 3/6/28 | 591 | 569,934 | |
Cerba Healthcare S.A.S.: | |||
Term Loan, 4.742%, (1 mo. EURIBOR + 3.25%), 6/30/28 | EUR | 450 | 438,028 |
Term Loan, 5.492%, (1 mo. EURIBOR + 4.00%), 2/15/29 | EUR | 525 | 521,185 |
CHG Healthcare Services, Inc., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 9/29/28 | 941 | 924,210 | |
Covis Finco S.a.r.l., Term Loan, 10.203%, (SOFR + 6.50%), 2/18/27 | 829 | 559,406 | |
Electron BidCo, Inc., Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 11/1/28 | 697 | 677,491 | |
Envision Healthcare Corporation: | |||
Term Loan, 12.01%, (SOFR + 7.88%), 3/31/27 | 349 | 319,914 | |
Term Loan - Second Lien, 7.994%, (SOFR + 4.25%), 3/31/27 | 2,472 | 1,021,882 | |
IVC Acquisition, Ltd., Term Loan, 6.294%, (6 mo. EURIBOR + 4.00%), 2/13/26 | EUR | 1,350 | 1,330,619 |
LSCS Holdings, Inc., Term Loan, 8.174%, (3 mo. USD LIBOR + 4.50%), 12/16/28 | 645 | 619,320 | |
MDVIP, Inc., Term Loan, 7.266%, (1 mo. USD LIBOR + 3.25%), 10/16/28 | 249 | 238,644 | |
Medical Solutions Holdings, Inc., Term Loan, 6.377%, (USD LIBOR + 3.50%), 11/1/28(9) | 1,270 | 1,222,236 | |
National Mentor Holdings, Inc.: | |||
Term Loan, 7.43%, (3 mo. USD LIBOR + 3.75%), 3/2/28 | 65 | 46,790 | |
Term Loan, 7.609%, (USD LIBOR + 3.75%), 3/2/28(9) | 2,252 | 1,608,905 | |
Option Care Health, Inc., Term Loan, 6.821%, (1 mo. USD LIBOR + 2.75%), 10/27/28 | 372 | 370,152 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Health Care Providers & Services (continued) | |||
Pacific Dental Services, LLC, Term Loan, 7.439%, (1 mo. USD LIBOR + 3.50%), 5/5/28 | 593 | $ 578,058 | |
Pearl Intermediate Parent, LLC, Term Loan - Second Lien, 10.321%, (1 mo. USD LIBOR + 6.25%), 2/13/26 | 175 | 164,609 | |
Pediatric Associates Holding Company, LLC: | |||
Term Loan, 5.281%, (USD LIBOR + 3.25%), 12/29/28(11) | 66 | 62,672 | |
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 12/29/28 | 432 | 412,598 | |
PetVet Care Centers, LLC, Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 2/14/25 | 345 | 320,780 | |
Phoenix Guarantor, Inc.: | |||
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 3/5/26 | 2,962 | 2,820,621 | |
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 3/5/26 | 1,531 | 1,457,556 | |
Radiology Partners, Inc., Term Loan, 8.281%, (1 mo. USD LIBOR + 4.25%), 7/9/25 | 1,305 | 1,132,697 | |
Sound Inpatient Physicians, Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 6/27/25 | 479 | 390,256 | |
Surgery Center Holdings, Inc., Term Loan, 7.63%, (1 mo. USD LIBOR + 3.75%), 8/31/26 | 2,493 | 2,453,288 | |
Synlab Bondco PLC, Term Loan, 2.778%, (6 mo. EURIBOR + 2.50%), 7/1/27 | EUR | 325 | 327,944 |
U.S. Anesthesia Partners, Inc., Term Loan, 8.018%, (1 mo. USD LIBOR + 4.25%), 10/1/28 | 965 | 924,468 | |
WP CityMD Bidco, LLC, Term Loan, 6.924%, (3 mo. USD LIBOR + 3.25%), 12/22/28 | 572 | 570,178 | |
$ 26,573,915 | |||
Health Care Technology — 2.9% | |||
Bracket Intermediate Holding Corp., Term Loan, 7.998%, (3 mo. USD LIBOR + 4.25%), 9/5/25 | 912 | $ 880,840 | |
Certara, L.P., Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 8/15/26 | 950 | 940,558 | |
eResearchTechnology, Inc., Term Loan, 8.571%, (1 mo. USD LIBOR + 4.50%), 2/4/27 | 345 | 316,092 | |
Imprivata, Inc.: | |||
Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 12/1/27 | 990 | 946,392 | |
Term Loan, 8.337%, (SOFR + 4.25%), 12/1/27 | 200 | 190,921 | |
MedAssets Software Intermediate Holdings, Inc.: | |||
Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 12/18/28 | 970 | 876,750 | |
Term Loan - Second Lien, 10.821%, (1 mo. USD LIBOR + 6.75%), 12/17/29 | 625 | 533,594 | |
Navicure, Inc., Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 10/22/26 | 1,560 | 1,535,301 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Health Care Technology (continued) | |||
PointClickCare Technologies, Inc., Term Loan, 5.938%, (6 mo. USD LIBOR + 3.00%), 12/29/27 | 665 | $ 658,226 | |
Project Ruby Ultimate Parent Corp., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 3/10/28 | 1,231 | 1,172,766 | |
Symplr Software, Inc., Term Loan, 8.694%, (SOFR + 4.50%), 12/22/27 | 1,036 | 965,330 | |
Verscend Holding Corp., Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 8/27/25 | 1,574 | 1,566,700 | |
$ 10,583,470 | |||
Hotels, Restaurants & Leisure — 4.0% | |||
Carnival Corporation: | |||
Term Loan, 5.877%, (6 mo. USD LIBOR + 3.00%), 6/30/25 | 1,369 | $ 1,322,313 | |
Term Loan, 6.127%, (6 mo. USD LIBOR + 3.25%), 10/18/28 | 3,629 | 3,420,435 | |
ClubCorp Holdings, Inc., Term Loan, 6.424%, (3 mo. USD LIBOR + 2.75%), 9/18/24 | 1,481 | 1,341,853 | |
Dave & Buster's, Inc., Term Loan, 9.188%, (SOFR + 5.00%), 6/29/29 | 698 | 694,468 | |
Great Canadian Gaming Corporation, Term Loan, 7.602%, (3 mo. USD LIBOR + 4.00%), 11/1/26 | 1,521 | 1,491,905 | |
IRB Holding Corp., Term Loan, 6.894%, (SOFR + 3.00%), 12/15/27 | 2,311 | 2,224,199 | |
Oravel Stays Singapore Pte, Ltd., Term Loan, 11.86%, (3 mo. USD LIBOR + 8.25%), 6/23/26 | 642 | 564,850 | |
Playa Resorts Holding B.V., Term Loan, 6.82%, (1 mo. USD LIBOR + 2.75%), 4/29/24 | 1,082 | 1,081,276 | |
SeaWorld Parks & Entertainment, Inc., Term Loan, 7.125%, (1 mo. USD LIBOR + 3.00%), 8/25/28 | 767 | 754,494 | |
SMG US Midco 2, Inc., Term Loan, 6.915%, (3 mo. USD LIBOR + 2.50%), 1/23/25 | 239 | 231,555 | |
Travel Leaders Group, LLC, Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 1/25/24 | 1,690 | 1,546,255 | |
$ 14,673,603 | |||
Household Durables — 1.2% | |||
Libbey Glass, Inc., Term Loan, 11.941%, (3 mo. USD LIBOR + 8.00%), 11/13/25 | 687 | $ 703,283 | |
Serta Simmons Bedding, LLC: | |||
Term Loan, 10.793%, (1 mo. USD LIBOR + 7.50%), 8/10/23 | 1,151 | 1,122,713 | |
Term Loan - Second Lien, 10.793%, (1 mo. USD LIBOR + 7.50%), 8/10/23 | 2,659 | 1,266,986 | |
Solis IV B.V., Term Loan, 2/26/29(10) | 1,500 | 1,318,437 | |
$ 4,411,419 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Household Products — 0.5% | |||
Kronos Acquisition Holdings, Inc.: | |||
Term Loan, 8.485%, (3 mo. USD LIBOR + 3.75%), 12/22/26 | 1,400 | $ 1,334,117 | |
Term Loan, 10.509%, (SOFR + 6.00%), 12/22/26 | 347 | 332,611 | |
$ 1,666,728 | |||
Industrial Conglomerates — 0.6% | |||
SPX Flow, Inc., Term Loan, 8.687%, (SOFR + 4.50%), 4/5/29 | 2,225 | $ 2,087,328 | |
$ 2,087,328 | |||
Insurance — 2.2% | |||
AssuredPartners, Inc.: | |||
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 2/12/27 | 1,382 | $ 1,331,387 | |
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 2/12/27 | 1,383 | 1,334,977 | |
Financiere CEP S.A.S., Term Loan, 4.225%, (6 mo. EURIBOR + 4.00%), 6/18/27 | EUR | 550 | 545,681 |
NFP Corp., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 2/15/27 | 2,172 | 2,073,047 | |
Ryan Specialty Group, LLC, Term Loan, 7.187%, (SOFR + 3.00%), 9/1/27 | 2,962 | 2,950,368 | |
$ 8,235,460 | |||
Interactive Media & Services — 2.2% | |||
Arches Buyer, Inc., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 12/6/27 | 2,000 | $ 1,826,458 | |
Buzz Finco, LLC: | |||
Term Loan, 6.821%, (1 mo. USD LIBOR + 2.75%), 1/29/27 | 585 | 575,494 | |
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 1/29/27 | 67 | 66,597 | |
Camelot U.S. Acquisition, LLC, Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 10/30/26 | 2,397 | 2,359,327 | |
Foundational Education Group, Inc., Term Loan, 7.565%, (SOFR + 3.75%), 8/31/28 | 1,464 | 1,427,339 | |
Getty Images, Inc., Term Loan, 8.625%, (1 mo. USD LIBOR + 4.50%), 2/19/26 | 1,178 | 1,172,737 | |
Match Group, Inc., Term Loan, 5.654%, (1 mo. USD LIBOR + 1.75%), 2/13/27 | 775 | 761,438 | |
$ 8,189,390 | |||
Internet & Direct Marketing Retail — 1.1% | |||
Adevinta ASA: | |||
Term Loan, 4.443%, (3 mo. EURIBOR + 3.25%), 6/26/28 | EUR | 1,125 | $ 1,145,380 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Internet & Direct Marketing Retail (continued) | |||
Adevinta ASA: (continued) | |||
Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 6/26/28 | 321 | $ 315,081 | |
CNT Holdings I Corp., Term Loan, 7.239%, (SOFR + 3.50%), 11/8/27 | 1,580 | 1,530,706 | |
Hoya Midco, LLC, Term Loan, 7.337%, (SOFR + 3.25%), 2/3/29 | 982 | 972,611 | |
$ 3,963,778 | |||
IT Services — 5.1% | |||
Asurion, LLC: | |||
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 12/23/26 | 1,317 | $ 1,155,959 | |
Term Loan, 7.653%, (SOFR + 4.00%), 8/19/28 | 1,236 | 1,083,879 | |
Term Loan - Second Lien, 9.321%, (1 mo. USD LIBOR + 5.25%), 1/31/28 | 2,070 | 1,612,013 | |
Endure Digital, Inc., Term Loan, 7.347%, (1 mo. USD LIBOR + 3.50%), 2/10/28 | 4,058 | 3,689,513 | |
EP Purchaser, LLC, Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 11/6/28 | 348 | 345,928 | |
Gainwell Acquisition Corp., Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 10/1/27 | 4,261 | 4,178,633 | |
Indy US Bidco, LLC: | |||
Term Loan, 5.242%, (1 mo. EURIBOR + 3.75%), 3/6/28 | EUR | 617 | 594,090 |
Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 3/5/28 | 788 | 694,953 | |
NAB Holdings, LLC, Term Loan, 6.703%, (SOFR + 3.00%), 11/23/28 | 968 | 943,495 | |
Rackspace Technology Global, Inc., Term Loan, 7.38%, (3 mo. USD LIBOR + 2.75%), 2/15/28 | 2,970 | 2,022,515 | |
Sedgwick Claims Management Services, Inc., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 12/31/25 | 1,234 | 1,202,740 | |
Skopima Merger Sub, Inc., Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 5/12/28 | 1,559 | 1,483,723 | |
$ 19,007,441 | |||
Leisure Products — 0.5% | |||
Amer Sports Oyj, Term Loan, 5.131%, (6 mo. EURIBOR + 4.50%), 3/30/26 | EUR | 1,813 | $ 1,741,881 |
Fender Musical Instruments Corporation, Term Loan, 7.896%, (SOFR + 4.00%), 12/1/28 | 272 | 223,045 | |
$ 1,964,926 | |||
Life Sciences Tools & Services — 1.3% | |||
Cambrex Corporation, Term Loan, 7.687%, (SOFR + 3.50%), 12/4/26 | 313 | $ 304,811 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Life Sciences Tools & Services (continued) | |||
Curia Global, Inc., Term Loan, 8.164%, (USD LIBOR + 3.75%), 8/30/26(9) | 1,967 | $ 1,642,322 | |
LGC Group Holdings, Ltd., Term Loan, 4.242%, (1 mo. EURIBOR + 2.75%), 4/21/27 | EUR | 500 | 481,408 |
Loire Finco Luxembourg S.a.r.l., Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 4/21/27 | 367 | 348,314 | |
Packaging Coordinators Midco, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 11/30/27 | 1,479 | 1,429,447 | |
Sotera Health Holdings, LLC, Term Loan, 7.165%, (1 mo. USD LIBOR + 2.75%), 12/11/26 | 675 | 629,437 | |
$ 4,835,739 | |||
Machinery — 7.3% | |||
AI Aqua Merger Sub, Inc., Term Loan, 7.544%, (SOFR + 3.75%), 7/31/28 | 2,195 | $ 2,102,605 | |
Albion Financing 3 S.a.r.l., Term Loan, 9.575%, (3 mo. USD LIBOR + 5.25%), 8/17/26 | 1,365 | 1,293,041 | |
Alliance Laundry Systems, LLC, Term Loan, 7.409%, (3 mo. USD LIBOR + 3.50%), 10/8/27 | 2,178 | 2,128,739 | |
American Trailer World Corp., Term Loan, 7.937%, (SOFR + 3.75%), 3/3/28 | 1,295 | 1,136,045 | |
Apex Tool Group, LLC, Term Loan, 9.146%, (SOFR + 5.25%), 2/8/29 | 2,266 | 1,975,859 | |
Conair Holdings, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/17/28 | 2,178 | 1,844,041 | |
Delachaux Group S.A., Term Loan, 8.915%, (3 mo. USD LIBOR + 4.50%), 4/16/26 | 444 | 399,713 | |
Engineered Machinery Holdings, Inc., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 5/19/28 | 2,794 | 2,707,601 | |
Filtration Group Corporation: | |||
Term Loan, 4.992%, (1 mo. EURIBOR + 3.50%), 3/29/25 | EUR | 383 | 384,182 |
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 10/21/28 | 644 | 629,155 | |
Gates Global, LLC, Term Loan, 6.571%, (1 mo. USD LIBOR + 2.50%), 3/31/27 | 2,617 | 2,564,579 | |
Granite Holdings US Acquisition Co., Term Loan, 7.688%, (3 mo. USD LIBOR + 4.00%), 9/30/26 | 1,403 | 1,403,626 | |
Icebox Holdco III, Inc., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 12/22/28 | 722 | 667,245 | |
Illuminate Buyer, LLC, Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 6/30/27 | 889 | 855,344 | |
Madison IAQ, LLC, Term Loan, 6.815%, (3 mo. USD LIBOR + 3.25%), 6/21/28 | 2,469 | 2,349,771 | |
Penn Engineering & Manufacturing Corp., Term Loan, 6.174%, (3 mo. USD LIBOR + 2.50%), 6/27/24 | 181 | 179,766 | |
Titan Acquisition Limited, Term Loan, 5.877%, (6 mo. USD LIBOR + 3.00%), 3/28/25 | 1,979 | 1,866,428 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Machinery (continued) | |||
TK Elevator Topco GmbH, Term Loan, 4.256%, (6 mo. EURIBOR + 3.63%), 7/29/27 | EUR | 525 | $ 519,227 |
Vertical US Newco, Inc., Term Loan, 6.871%, (6 mo. USD LIBOR + 3.50%), 7/30/27 | 1,323 | 1,271,236 | |
Zephyr German BidCo GmbH, Term Loan, 4.216%, (3 mo. EURIBOR + 3.40%), 3/10/28 | EUR | 650 | 624,308 |
$ 26,902,511 | |||
Media — 2.6% | |||
Diamond Sports Group, LLC, Term Loan, 11.894%, (SOFR + 8.10%), 5/26/26 | 529 | $ 504,978 | |
Gray Television, Inc.: | |||
Term Loan, 6.268%, (1 mo. USD LIBOR + 2.50%), 2/7/24 | 148 | 147,779 | |
Term Loan, 6.268%, (1 mo. USD LIBOR + 2.50%), 1/2/26 | 637 | 619,576 | |
Term Loan, 6.768%, (1 mo. USD LIBOR + 3.00%), 12/1/28 | 844 | 822,996 | |
Hubbard Radio, LLC, Term Loan, 8.33%, (1 mo. USD LIBOR + 4.25%), 3/28/25 | 638 | 565,443 | |
Magnite, Inc., Term Loan, 9.10%, (USD LIBOR + 5.00%), 4/28/28(9) | 765 | 727,047 | |
MJH Healthcare Holdings, LLC, Term Loan, 7.687%, (SOFR + 3.50%), 1/28/29 | 249 | 241,443 | |
Nexstar Broadcasting, Inc., Term Loan, 6.571%, (1 mo. USD LIBOR + 2.50%), 9/18/26 | 294 | 292,656 | |
Recorded Books, Inc., Term Loan, 8.019%, (SOFR + 4.00%), 8/29/25 | 2,520 | 2,484,564 | |
Sinclair Television Group, Inc.: | |||
Term Loan, 6.58%, (1 mo. USD LIBOR + 2.50%), 9/30/26 | 655 | 628,969 | |
Term Loan, 7.08%, (1 mo. USD LIBOR + 3.00%), 4/1/28 | 446 | 421,028 | |
Univision Communications, Inc., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 3/15/26 | 2,173 | 2,139,007 | |
$ 9,595,486 | |||
Metals/Mining — 0.5% | |||
Dynacast International, LLC, Term Loan, 13.699%, (3 mo. USD LIBOR + 9.00%), 10/22/25 | 366 | $ 303,706 | |
WireCo WorldGroup, Inc., Term Loan, 8.938%, (3 mo. USD LIBOR + 4.25%), 11/13/28 | 435 | 426,001 | |
Zekelman Industries, Inc., Term Loan, 5.604%, (3 mo. USD LIBOR + 2.00%), 1/24/27 | 1,036 | 1,014,870 | |
$ 1,744,577 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Oil, Gas & Consumable Fuels — 3.6% | |||
Centurion Pipeline Company, LLC: | |||
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 9/29/25 | 266 | $ 262,570 | |
Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 9/28/25 | 247 | 243,172 | |
CITGO Petroleum Corporation, Term Loan, 10.321%, (1 mo. USD LIBOR + 6.25%), 3/28/24 | 4,072 | 4,084,068 | |
Freeport LNG Investments, LLLP, Term Loan, 7.743%, (3 mo. USD LIBOR + 3.50%), 12/21/28 | 591 | 562,571 | |
Matador Bidco S.a.r.l., Term Loan, 8.571%, (1 mo. USD LIBOR + 4.50%), 10/15/26 | 4,023 | 3,968,591 | |
Oryx Midstream Services Permian Basin, LLC, Term Loan, 7.924%, (3 mo. USD LIBOR + 3.25%), 10/5/28 | 720 | 711,959 | |
Oxbow Carbon, LLC, Term Loan, 7.878%, (3 mo. USD LIBOR + 4.25%), 10/17/25 | 698 | 694,884 | |
QuarterNorth Energy Holding, Inc., Term Loan - Second Lien, 12.071%, (1 mo. USD LIBOR + 8.00%), 8/27/26 | 783 | 780,946 | |
UGI Energy Services, LLC, Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 8/13/26 | 1,974 | 1,969,554 | |
$ 13,278,315 | |||
Personal Products — 0.5% | |||
HLF Financing S.a.r.l., Term Loan, 6.571%, (1 mo. USD LIBOR + 2.50%), 8/18/25 | 723 | $ 692,668 | |
Sunshine Luxembourg VII S.a.r.l., Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 10/1/26 | 1,231 | 1,172,765 | |
$ 1,865,433 | |||
Pharmaceuticals — 2.8% | |||
Akorn, Inc., Term Loan, 11.243%, (3 mo. USD LIBOR + 7.50%), 10/1/25 | 312 | $ 295,995 | |
Amneal Pharmaceuticals, LLC, Term Loan, 7.409%, (USD LIBOR + 3.50%), 5/4/25(9) | 1,817 | 1,664,233 | |
Bausch Health Companies, Inc., Term Loan, 9.046%, (SOFR + 5.25%), 2/1/27 | 1,694 | 1,264,704 | |
Elanco Animal Health Incorporated, Term Loan, 5.518%, (1 mo. USD LIBOR + 1.75%), 8/1/27 | 604 | 585,781 | |
Jazz Financing Lux S.a.r.l., Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 5/5/28 | 2,227 | 2,213,670 | |
Mallinckrodt International Finance S.A.: | |||
Term Loan, 8.733%, (3 mo. USD LIBOR + 5.25%), 9/30/27 | 2,100 | 1,668,343 | |
Term Loan, 8.983%, (3 mo. USD LIBOR + 5.50%), 9/30/27 | 3,015 | 2,409,503 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Pharmaceuticals (continued) | |||
PharmaZell GmbH, Term Loan, 5.193%, (1 mo. EURIBOR + 4.00%), 5/12/27 | EUR | 125 | $ 124,709 |
$ 10,226,938 | |||
Professional Services — 3.5% | |||
AlixPartners, LLP, Term Loan, 4.443%, (3 mo. EURIBOR + 3.25%), 2/4/28 | EUR | 517 | $ 519,286 |
APFS Staffing Holdings, Inc., Term Loan, 8.135%, (SOFR + 4.00%), 12/29/28(9) | 249 | 240,044 | |
Blitz 20-487 GmbH, Term Loan, 4.805%, (3 mo. EURIBOR + 3.20%), 4/28/28 | EUR | 825 | 826,301 |
Brown Group Holding, LLC: | |||
Term Loan, 6.571%, (1 mo. USD LIBOR + 2.50%), 6/7/28 | 2,197 | 2,154,188 | |
Term Loan, 7.842%, (SOFR + 3.75%), 7/2/29 | 225 | 224,056 | |
CoreLogic, Inc., Term Loan, 7.625%, (1 mo. USD LIBOR + 3.50%), 6/2/28 | 3,106 | 2,561,000 | |
Deerfield Dakota Holding, LLC, Term Loan, 7.837%, (SOFR + 3.75%), 4/9/27 | 2,299 | 2,178,947 | |
Employbridge, LLC, Term Loan, 8.424%, (3 mo. USD LIBOR + 4.75%), 7/19/28 | 2,035 | 1,666,255 | |
Techem Verwaltungsgesellschaft 675 mbH, Term Loan, 2.638%, (6 mo. EURIBOR + 2.38%), 7/15/25 | EUR | 801 | 802,237 |
Trans Union, LLC, Term Loan, 6.321%, (1 mo. USD LIBOR + 2.25%), 12/1/28 | 1,554 | 1,530,832 | |
Vaco Holdings, LLC, Term Loan, 8.72%, (SOFR + 5.00%), 1/21/29 | 248 | 238,510 | |
$ 12,941,656 | |||
Road & Rail — 3.9% | |||
Grab Holdings, Inc., Term Loan, 8.58%, (1 mo. USD LIBOR + 4.50%), 1/29/26 | 2,487 | $ 2,443,600 | |
Kenan Advantage Group, Inc., Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 3/24/26 | 2,604 | 2,545,044 | |
PODS, LLC, Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 3/31/28 | 3,459 | �� 3,309,944 | |
Uber Technologies, Inc.: | |||
Term Loan, 8.235%, (3 mo. USD LIBOR + 3.50%), 4/4/25 | 6,061 | 6,056,490 | |
Term Loan, 8.235%, (3 mo. USD LIBOR + 3.50%), 2/25/27 | 5 | 5,226 | |
$ 14,360,304 | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Altar Bidco, Inc.: | |||
Term Loan, 5.256%, (SOFR + 3.10%), 2/1/29 | 1,097 | $ 1,039,782 | |
Term Loan - Second Lien, 7.355%, (SOFR + 5.60%), 2/1/30 | 475 | 399,792 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
Bright Bidco B.V., Term Loan, 12.094%, (SOFR + 8.00%), 10/31/27 | 442 | $ 400,035 | |
MKS Instruments, Inc., Term Loan, 4.425%, (1 mo. EURIBOR + 3.00%), 8/17/29 | EUR | 350 | 356,926 |
Ultra Clean Holdings, Inc., Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 8/27/25 | 1,170 | 1,162,472 | |
$ 3,359,007 | |||
Software — 26.3% | |||
AppLovin Corporation: | |||
Term Loan, 6.674%, (3 mo. USD LIBOR + 3.00%), 10/25/28 | 1,294 | $ 1,218,154 | |
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 8/15/25 | 2,172 | 2,111,799 | |
Aptean, Inc., Term Loan, 8.985%, (3 mo. USD LIBOR + 4.25%), 4/23/26 | 2,078 | 1,995,319 | |
AQA Acquisition Holding, Inc., Term Loan, 8.983%, (USD LIBOR + 4.25%), 3/3/28(9) | 963 | 927,911 | |
Astra Acquisition Corp.: | |||
Term Loan, 9.321%, (1 mo. USD LIBOR + 5.25%), 10/25/28 | 935 | 849,731 | |
Term Loan - Second Lien, 12.946%, (1 mo. USD LIBOR + 8.88%), 10/25/29 | 1,450 | 1,319,183 | |
Banff Merger Sub, Inc.: | |||
Term Loan, 5.492%, (1 mo. EURIBOR + 4.00%), 10/2/25 | EUR | 290 | 285,842 |
Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 10/2/25 | 3,705 | 3,563,193 | |
Term Loan - Second Lien, 9.571%, (1 mo. USD LIBOR + 5.50%), 2/27/26 | 775 | 718,167 | |
CDK Global, Inc., Term Loan, 8.112%, (SOFR + 4.50%), 7/6/29 | 2,100 | 2,078,870 | |
CentralSquare Technologies, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 8/29/25 | 890 | 775,932 | |
Ceridian HCM Holding, Inc., Term Loan, 6.571%, (1 mo. USD LIBOR + 2.50%), 4/30/25 | 1,026 | 1,006,560 | |
Cloudera, Inc.: | |||
Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 10/8/28 | 2,382 | 2,265,506 | |
Term Loan - Second Lien, 10.071%, (1 mo. USD LIBOR + 6.00%), 10/8/29 | 650 | 544,916 | |
ConnectWise, LLC, Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 9/29/28 | 1,985 | 1,911,059 | |
Constant Contact, Inc., Term Loan, 7.909%, (3 mo. USD LIBOR + 4.00%), 2/10/28 | 2,030 | 1,799,419 | |
Cornerstone OnDemand, Inc., Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 10/16/28 | 1,169 | 1,050,264 | |
Delta TopCo, Inc.: | |||
Term Loan, 5.836%, (6 mo. USD LIBOR + 3.75%), 12/1/27 | 1,543 | 1,452,917 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Software (continued) | |||
Delta TopCo, Inc.: (continued) | |||
Term Loan - Second Lien, 9.336%, (3 mo. USD LIBOR + 7.25%), 12/1/28 | 2,250 | $ 1,927,501 | |
E2open, LLC, Term Loan, 6.644%, (3 mo. USD LIBOR + 3.50%), 2/4/28 | 960 | 947,182 | |
ECI Macola Max Holding, LLC, Term Loan, 7.424%, (3 mo. USD LIBOR + 3.75%), 11/9/27 | 1,401 | 1,355,516 | |
Epicor Software Corporation: | |||
Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 7/30/27 | 2,487 | 2,405,977 | |
Term Loan - Second Lien, 11.821%, (1 mo. USD LIBOR + 7.75%), 7/31/28 | 925 | 917,402 | |
Finastra USA, Inc.: | |||
Term Loan, 6.871%, (6 mo. USD LIBOR + 3.50%), 6/13/24 | 4,911 | 4,458,633 | |
Term Loan - Second Lien, 10.621%, (6 mo. USD LIBOR + 7.25%), 6/13/25 | 1,000 | 777,500 | |
GoTo Group, Inc., Term Loan, 8.766%, (1 mo. USD LIBOR + 4.75%), 8/31/27 | 2,014 | 1,312,958 | |
Greeneden U.S. Holdings II, LLC, Term Loan, 8.071%, (1 mo. USD LIBOR + 4.00%), 12/1/27 | 2,390 | 2,324,244 | |
Hyland Software, Inc., Term Loan - Second Lien, 10.321%, (1 mo. USD LIBOR + 6.25%), 7/7/25 | 3,806 | 3,593,500 | |
Imperva, Inc., Term Loan, 8.592%, (3 mo. USD LIBOR + 4.00%), 1/12/26 | 2,365 | 1,915,256 | |
Ivanti Software, Inc., Term Loan, 7.332%, (3 mo. USD LIBOR + 4.25%), 12/1/27 | 1,266 | 977,646 | |
MA FinanceCo., LLC, Term Loan, 7.418%, (3 mo. USD LIBOR + 4.25%), 6/5/25 | 1,660 | 1,653,358 | |
Magenta Buyer, LLC: | |||
Term Loan, 9.17%, (3 mo. USD LIBOR + 4.75%), 7/27/28 | 4,604 | 4,166,167 | |
Term Loan - Second Lien, 12.67%, (3 mo. USD LIBOR + 8.25%), 7/27/29 | 1,250 | 1,070,312 | |
Marcel LUX IV S.a.r.l., Term Loan, 7.915%, (SOFR + 4.00%), 12/31/27 | 112 | 110,258 | |
McAfee, LLC, Term Loan, 7.636%, (SOFR + 3.75%), 3/1/29 | 2,494 | 2,374,778 | |
Mediaocean, LLC, Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 12/15/28 | 547 | 514,825 | |
MH Sub I, LLC, Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 9/13/24 | 346 | 338,289 | |
Mitnick Corporate Purchaser, Inc., Term Loan, 8.944%, (SOFR + 4.75%), 5/2/29 | 400 | 382,000 | |
Open Text Corporation, Term Loan, 11/16/29(10) | 1,350 | 1,313,296 | |
Panther Commercial Holdings, L.P., Term Loan, 8.665%, (3 mo. USD LIBOR + 4.25%), 1/7/28 | 988 | 893,809 | |
Polaris Newco, LLC, Term Loan, 7.674%, (3 mo. USD LIBOR + 4.00%), 6/2/28 | 2,871 | 2,627,479 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Software (continued) | |||
Proofpoint, Inc., Term Loan, 7.985%, (3 mo. USD LIBOR + 3.25%), 8/31/28 | 2,978 | $ 2,871,427 | |
RealPage, Inc., Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 4/24/28 | 4,628 | 4,439,649 | |
Redstone Holdco 2 L.P., Term Loan, 9.108%, (3 mo. USD LIBOR + 4.75%), 4/27/28 | 2,426 | 1,666,665 | |
Sabre GLBL, Inc.: | |||
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 12/17/27 | 1,517 | 1,400,117 | |
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 12/17/27 | 952 | 878,334 | |
Term Loan, 8.437%, (SOFR + 4.25%), 6/30/28 | 1,003 | 936,175 | |
Seattle Spinco, Inc., Term Loan, 6.821%, (1 mo. USD LIBOR + 2.75%), 6/21/24 | 1,730 | 1,716,588 | |
SolarWinds Holdings, Inc., Term Loan, 2/5/27(10) | 1,675 | 1,651,096 | |
Sophia, L.P., Term Loan, 7.174%, (3 mo. USD LIBOR + 3.50%), 10/7/27 | 4,195 | 4,049,989 | |
Sovos Compliance, LLC, Term Loan, 8.571%, (1 mo. USD LIBOR + 4.50%), 8/11/28 | 621 | 607,775 | |
Sportradar Capital S.a.r.l., Term Loan, 4.948%, (1 mo. EURIBOR + 3.50%), 11/22/27 | EUR | 288 | 296,794 |
SurveyMonkey, Inc., Term Loan, 7.83%, (1 mo. USD LIBOR + 3.75%), 10/10/25 | 900 | 874,093 | |
Turing Midco, LLC, Term Loan, 6.571%, (1 mo. USD LIBOR + 2.50%), 3/24/28 | 269 | 267,064 | |
Ultimate Software Group, Inc. (The): | |||
Term Loan, 6.998%, (3 mo. USD LIBOR + 3.25%), 5/4/26 | 4,545 | 4,397,988 | |
Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 5/4/26 | 1,708 | 1,669,560 | |
Veritas US, Inc.: | |||
Term Loan, 5.943%, (3 mo. EURIBOR + 4.75%), 9/1/25 | EUR | 365 | 272,082 |
Term Loan, 8.674%, (3 mo. USD LIBOR + 5.00%), 9/1/25 | 2,143 | 1,567,095 | |
Vision Solutions, Inc., Term Loan, 8.358%, (3 mo. USD LIBOR + 4.00%), 4/24/28 | 2,475 | 2,052,188 | |
VS Buyer, LLC, Term Loan, 7.071%, (1 mo. USD LIBOR + 3.00%), 2/28/27 | 1,219 | 1,199,453 | |
$ 97,046,760 | |||
Specialty Retail — 4.6% | |||
Belron Finance US, LLC, Term Loan, 7.063%, (3 mo. USD LIBOR + 2.50%), 4/13/28 | 985 | $ 976,688 | |
Boels Topholding B.V., Term Loan, 4.86%, (EURIBOR + 3.25%), 2/6/27(9) | EUR | 600 | 605,824 |
Great Outdoors Group, LLC, Term Loan, 7.821%, (1 mo. USD LIBOR + 3.75%), 3/6/28 | 2,899 | 2,793,522 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Specialty Retail (continued) | |||
Harbor Freight Tools USA, Inc., Term Loan, 6.821%, (1 mo. USD LIBOR + 2.75%), 10/19/27 | 2,715 | $ 2,582,652 | |
Les Schwab Tire Centers, Term Loan, 6.58%, (3 mo. USD LIBOR + 3.25%), 11/2/27 | 4,653 | 4,540,012 | |
LIDS Holdings, Inc., Term Loan, 8.99%, (SOFR + 5.50%), 12/14/26 | 408 | 383,344 | |
Mattress Firm, Inc., Term Loan, 8.433%, (6 mo. USD LIBOR + 4.25%), 9/25/28 | 2,313 | 1,966,042 | |
PetSmart, Inc., Term Loan, 7.82%, (1 mo. USD LIBOR + 3.75%), 2/11/28 | 3,234 | 3,119,716 | |
$ 16,967,800 | |||
Trading Companies & Distributors — 3.3% | |||
DXP Enterprises, Inc., Term Loan, 9.955%, (6 mo. USD LIBOR + 4.75%), 12/16/27 | 938 | $ 898,901 | |
Electro Rent Corporation, Term Loan, 9.278%, (3 mo. USD LIBOR + 5.00%), 1/31/24 | 1,709 | 1,674,711 | |
Hillman Group, Inc. (The): | |||
Term Loan, 3.071%, (1 mo. USD LIBOR + 2.75%), 7/14/28(11) | 84 | 81,833 | |
Term Loan, 6.794%, (1 mo. USD LIBOR + 2.75%), 7/14/28 | 349 | 338,508 | |
Park River Holdings, Inc., Term Loan, 6.993%, (3 mo. USD LIBOR + 3.25%), 12/28/27 | 714 | 619,881 | |
Patagonia Bidco Limited, Term Loan, 7.435%, (SONIA + 5.25%), 3/5/29 | GBP | 1,350 | 1,326,077 |
Spin Holdco, Inc., Term Loan, 7.144%, (3 mo. USD LIBOR + 4.00%), 3/4/28 | 4,593 | 4,130,043 | |
SRS Distribution, Inc.: | |||
Term Loan, 7.571%, (1 mo. USD LIBOR + 3.50%), 6/2/28 | 2,160 | 2,079,132 | |
Term Loan, 7.687%, (SOFR + 3.50%), 6/2/28 | 347 | 333,480 | |
TricorBraun Holdings, Inc., Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 3/3/28 | 791 | 756,358 | |
$ 12,238,924 | |||
Transportation Infrastructure — 0.4% | |||
KKR Apple Bidco, LLC, Term Loan, 6.821%, (1 mo. USD LIBOR + 2.75%), 9/23/28 | 1,638 | $ 1,608,796 | |
$ 1,608,796 | |||
Wireless Telecommunication Services — 0.5% | |||
CCI Buyer, Inc., Term Loan, 7.553%, (SOFR + 4.00%), 12/17/27 | 372 | $ 360,443 |
Borrower/Description | Principal Amount* (000's omitted) | Value | |
Wireless Telecommunication Services (continued) | |||
Digicel International Finance Limited, Term Loan, 7.321%, (1 mo. USD LIBOR + 3.25%), 5/28/24 | 1,734 | $ 1,478,039 | |
$ 1,838,482 | |||
Total Senior Floating-Rate Loans (identified cost $531,286,859) | $ 493,148,245 |
Warrants — 0.0% |
Security | Shares | Value | |
Leisure Goods/Activities/Movies — 0.0% | |||
Cineworld Group PLC, Exp. 11/23/25(4)(5) | 154,246 | $ 0 | |
$ 0 | |||
Retailers (Except Food and Drug) — 0.0% | |||
David’s Bridal, LLC, Exp. 12/31/28(3)(4)(5) | 4,543 | $ 0 | |
$ 0 | |||
Total Warrants (identified cost $0) | $ 0 |
Short-Term Investments — 1.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.62%(13) | 4,058,821 | $ 4,058,821 | |
Total Short-Term Investments (identified cost $4,058,821) | $ 4,058,821 | ||
Total Investments — 152.3% (identified cost $612,368,992) | $ 562,167,049 | ||
Less Unfunded Loan Commitments — (0.0)%(6) | $ (124,252) | ||
Net Investments — 152.3% (identified cost $612,244,740) | $ 562,042,797 | ||
Notes Payable — (33.1)% | $ (122,000,000) | ||
Variable Rate Term Preferred Shares, at Liquidation Value (net of unamortized deferred debt issuance costs) — (21.7)% | $ (79,962,303) | ||
Other Assets, Less Liabilities — 2.5% | $ 8,969,003 | ||
Net Assets Applicable to Common Shares — 100.0% | $ 369,049,497 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares. | |
* | In U.S. dollars unless otherwise indicated. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2022, the aggregate value of these securities is $50,512,514 or 13.7% of the Trust's net assets applicable to common shares. |
(2) | Variable rate security. The stated interest rate represents the rate in effect at November 30, 2022. |
(3) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11). |
(4) | Non-income producing security. |
(5) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(6) | Amount is less than 0.05% or (0.05)%, as applicable. |
(7) | Restricted security (see Note 7). |
(8) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
(9) | The stated interest rate represents the weighted average interest rate at November 30, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. |
(10) | This Senior Loan will settle after November 30, 2022, at which time the interest rate will be determined. |
(11) | Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At November 30, 2022, the total value of unfunded loan commitments is $109,393. See Note 1F for description. |
(12) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
(13) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of November 30, 2022. |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 8,928,782 | EUR | 9,015,019 | Standard Chartered Bank | 12/2/22 | $ — | $ (452,247) |
USD | 732,903 | EUR | 719,178 | Bank of America, N.A. | 12/30/22 | — | (17,311) |
USD | 1,315,942 | EUR | 1,348,423 | Bank of America, N.A. | 12/30/22 | — | (90,671) |
USD | 1,316,242 | EUR | 1,348,423 | State Street Bank and Trust Company | 12/30/22 | — | (90,372) |
USD | 1,309,124 | EUR | 1,348,422 | State Street Bank and Trust Company | 12/30/22 | — | (97,490) |
USD | 1,653,114 | EUR | 1,693,749 | State Street Bank and Trust Company | 12/30/22 | — | (113,730) |
USD | 1,974,614 | EUR | 2,022,634 | State Street Bank and Trust Company | 12/30/22 | — | (135,307) |
USD | 9,309,480 | EUR | 9,015,019 | Standard Chartered Bank | 1/4/23 | — | (98,793) |
USD | 825,897 | EUR | 820,123 | Bank of America, N.A. | 1/31/23 | — | (31,598) |
USD | 825,129 | EUR | 820,123 | Bank of America, N.A. | 1/31/23 | — | (32,365) |
USD | 1,319,292 | EUR | 1,312,197 | Bank of America, N.A. | 1/31/23 | — | (52,699) |
USD | 55,846 | EUR | 55,405 | Standard Chartered Bank | 1/31/23 | — | (2,083) |
USD | 826,843 | EUR | 820,123 | Standard Chartered Bank | 1/31/23 | — | (30,652) |
USD | 825,093 | EUR | 820,123 | State Street Bank and Trust Company | 1/31/23 | — | (32,402) |
USD | 1,321,166 | EUR | 1,312,197 | State Street Bank and Trust Company | 1/31/23 | — | (50,826) |
USD | 1,320,324 | EUR | 1,312,197 | State Street Bank and Trust Company | 1/31/23 | — | (51,668) |
USD | 1,319,163 | EUR | 1,312,197 | State Street Bank and Trust Company | 1/31/23 | — | (52,829) |
USD | 1,432,411 | EUR | 1,422,869 | State Street Bank and Trust Company | 1/31/23 | — | (55,296) |
USD | 1,111,279 | GBP | 957,732 | State Street Bank and Trust Company | 1/31/23 | — | (45,311) |
USD | 1,464,543 | GBP | 1,260,592 | State Street Bank and Trust Company | 1/31/23 | — | (57,792) |
USD | 75,108 | GBP | 63,499 | The Toronto-Dominion Bank | 1/31/23 | — | (1,576) |
$ — | $(1,593,018) |
Abbreviations: | |
DIP | – Debtor In Possession |
EURIBOR | – Euro Interbank Offered Rate |
LIBOR | – London Interbank Offered Rate |
OTC | – Over-the-counter |
PIK | – Payment In Kind |
SOFR | – Secured Overnight Financing Rate |
SONIA | – Sterling Overnight Interbank Average |
Currency Abbreviations: | |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – United States Dollar |
November 30, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $608,185,919) | $ 557,983,976 |
Affiliated investment, at value (identified cost $4,058,821) | 4,058,821 |
Cash | 1,620,573 |
Deposits for derivatives collateral — forward foreign currency exchange contracts | 1,150,000 |
Foreign currency, at value (identified cost $3,349,904) | 3,496,475 |
Interest and dividends receivable | 4,136,902 |
Dividends receivable from affiliated investment | 14,228 |
Receivable for investments sold | 9,506,626 |
Prepaid upfront fees on notes payable and variable rate term preferred shares | 103,488 |
Prepaid expenses | 9,235 |
Total assets | $582,080,324 |
Liabilities | |
Notes payable | $ 122,000,000 |
Variable rate term preferred shares, at liquidation value (net of unamortized deferred debt issuance costs of $37,697) | 79,962,303 |
Payable for investments purchased | 7,613,816 |
Payable for open forward foreign currency exchange contracts | 1,593,018 |
Payable to affiliates: | |
Investment adviser fee | 354,783 |
Trustees' fees | 7,296 |
Interest expense and fees payable | 1,286,621 |
Accrued expenses | 212,990 |
Total liabilities | $213,030,827 |
Net assets applicable to common shares | $369,049,497 |
Sources of Net Assets | |
Common shares, $0.01 par value, unlimited number of shares authorized | $ 290,904 |
Additional paid-in capital | 466,834,966 |
Accumulated loss | (98,076,373) |
Net assets applicable to common shares | $369,049,497 |
Common Shares Issued and Outstanding | 29,090,415 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding | $ 12.69 |
Six Months Ended | |
November 30, 2022 | |
Investment Income | |
Dividend income | $ 395,927 |
Dividend income from affiliated investment | 47,835 |
Interest and other income | 21,606,741 |
Total investment income | $ 22,050,503 |
Expenses | |
Investment adviser fee | $ 2,237,929 |
Trustees’ fees and expenses | 24,075 |
Custodian fee | 90,631 |
Transfer and dividend disbursing agent fees | 7,618 |
Legal and accounting services | 70,446 |
Printing and postage | 35,589 |
Interest expense and fees | 4,499,126 |
Miscellaneous | 33,242 |
Total expenses | $ 6,998,656 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 3,117 |
Total expense reductions | $ 3,117 |
Net expenses | $ 6,995,539 |
Net investment income | $ 15,054,964 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (6,255,067) |
Foreign currency transactions | (209,486) |
Forward foreign currency exchange contracts | 3,222,772 |
Net realized loss | $ (3,241,781) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (12,926,489) |
Foreign currency | 171,448 |
Forward foreign currency exchange contracts | (1,747,993) |
Net change in unrealized appreciation (depreciation) | $(14,503,034) |
Net realized and unrealized loss | $(17,744,815) |
Net decrease in net assets from operations | $ (2,689,851) |
Six Months Ended November 30, 2022 (Unaudited) | Year Ended May 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 15,054,964 | $ 21,665,970 |
Net realized gain (loss) | (3,241,781) | 4,304,314 |
Net change in unrealized appreciation (depreciation) | (14,503,034) | (38,809,832) |
Net decrease in net assets from operations | $ (2,689,851) | $ (12,839,548) |
Distributions to common shareholders | $ (13,556,133) | $ (24,895,091) |
Tax return of capital to common shareholders | $ — | $ (3,656,110) |
Capital share transactions: | ||
Proceeds from shelf offering, net of offering costs (see Note 6) | $ — | $ 11,259,418 |
Reinvestment of distributions to common shareholders | — | 590,888 |
Cost of shares repurchased in tender offer (see Note 6) | — | (165,754,367) |
Net decrease in net assets from capital share transactions | $ — | $(153,904,061) |
Net decrease in net assets | $ (16,245,984) | $(195,294,810) |
Net Assets Applicable to Common Shares | ||
At beginning of period | $ 385,295,481 | $ 580,590,291 |
At end of period | $369,049,497 | $ 385,295,481 |
Six Months Ended | |
November 30, 2022 | |
Cash Flows From Operating Activities | |
Net decrease in net assets from operations | $ (2,689,851) |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | |
Investments purchased | (36,232,221) |
Investments sold and principal repayments | 60,529,952 |
Decrease in short-term investments, net | 243,129 |
Net amortization/accretion of premium (discount) | (946,065) |
Amortization of deferred debt issuance costs on variable rate term preferred shares | 16,104 |
Amortization of prepaid upfront fees on notes payable and variable rate term preferred shares | 167,445 |
Increase in interest and dividends receivable | (1,265,309) |
Increase in dividends receivable from affiliated investment | (10,705) |
Decrease in receivable for open forward foreign currency exchange contracts | 617,909 |
Increase in payable for open forward foreign currency exchange contracts | 1,130,084 |
Decrease in payable to affiliate for investment adviser fee | (41,285) |
Increase in payable to affiliate for Trustees' fees | 1,958 |
Increase in interest expense and fees payable | 657,944 |
Decrease in accrued expenses | (34,439) |
Decrease in unfunded loan commitments | (843,354) |
Net change in unrealized (appreciation) depreciation from investments | 12,926,489 |
Net realized loss from investments | 6,255,067 |
Net cash provided by operating activities | $ 40,482,852 |
Cash Flows From Financing Activities | |
Cash distributions paid to common shareholders | $ (13,556,133) |
Proceeds from notes payable | 9,000,000 |
Repayments of notes payable | (34,000,000) |
Net cash used in financing activities | $(38,556,133) |
Net increase in cash and restricted cash* | $ 1,926,719 |
Cash and restricted cash at beginning of period (including foreign currency) | $ 4,340,329 |
Cash and restricted cash at end of period (including foreign currency) | $ 6,267,048 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest and fees on borrowings and variable rate term preferred shares | $ 3,657,633 |
* | Includes net change in unrealized appreciation (depreciation) on foreign currency of $131,131. |
November 30, 2022 | |
Cash | $ 1,620,573 |
Deposits for derivatives collateral — forward foreign currency exchange contracts | 1,150,000 |
Foreign currency | 3,496,475 |
Total cash and restricted cash as shown on the Statement of Cash Flows | $6,267,048 |
Six Months Ended November 30, 2022 (Unaudited) | Year Ended May 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period (Common shares) | $ 13.240 | $ 14.560 | $ 13.030 | $ 15.210 | $ 15.610 | $ 15.570 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.518 | $ 0.705 | $ 0.718 | $ 0.843 | $ 0.847 | $ 0.792 |
Net realized and unrealized gain (loss) | (0.602) | (1.159) | 1.545 | (2.016) | (0.373) | 0.076 |
Total income (loss) from operations | $ (0.084) | $ (0.454) | $ 2.263 | $ (1.173) | $ 0.474 | $ 0.868 |
Less Distributions to Common Shareholders | ||||||
From net investment income | $ (0.466) | $ (0.804) | $ (0.733) | $ (1.007) | $ (0.874) | $ (0.828) |
Tax return of capital | — | (0.126) | — | — | — | — |
Total distributions to common shareholders | $ (0.466) | $ (0.930) | $ (0.733) | $ (1.007) | $ (0.874) | $ (0.828) |
Premium from common shares sold through shelf offering (see Note 6)(1) | $ — | $ 0.009 | $ — | $ — | $ — | $ — |
Discount on tender offer (see Note 6)(1) | $ — | $ 0.055 | $ — | $ — | $ — | $ — |
Net asset value — End of period (Common shares) | $12.690 | $13.240 | $14.560 | $13.030 | $15.210 | $15.610 |
Market value — End of period (Common shares) | $11.640 | $12.280 | $14.280 | $11.240 | $13.480 | $14.850 |
Total Investment Return on Net Asset Value(2) | (0.38)% (3) | (2.81)% | 18.25% | (7.36)% | 3.77% | 6.03% |
Total Investment Return on Market Value(2) | (1.41)% (3) | (8.10)% | 34.36% | (9.83)% | (3.32)% | 3.67% |
Six Months Ended November 30, 2022 (Unaudited) | Year Ended May 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Ratios/Supplemental Data | ||||||
Net assets applicable to common shares, end of period (000’s omitted) | $369,049 | $385,295 | $580,590 | $519,465 | $606,408 | $622,241 |
Ratios (as a percentage of average daily net assets applicable to common shares):† | ||||||
Expenses excluding interest and fees | 1.33% (4)(5) | 1.25% | 1.33% | 1.26% | 1.28% | 1.28% |
Interest and fee expense(6) | 2.40% (5) | 0.92% | 0.91% | 1.79% | 2.00% | 1.52% |
Total expenses | 3.73% (4)(5) | 2.17% | 2.24% | 3.05% | 3.28% | 2.80% |
Net investment income | 8.03% (5) | 4.91% | 5.08% | 5.85% | 5.49% | 5.09% |
Portfolio Turnover | 6% (3) | 53% | 32% | 34% | 24% | 34% |
Senior Securities: | ||||||
Total notes payable outstanding (in 000’s) | $122,000 | $147,000 | $250,000 | $190,000 | $248,000 | $254,000 |
Asset coverage per $1,000 of notes payable(7) | $ 4,681 | $ 4,165 | $ 3,642 | $ 4,155 | $ 3,768 | $ 3,765 |
Total preferred shares outstanding | 800 | 800 | 800 | 800 | 800 | 800 |
Asset coverage per preferred share(8) | $282,698 | $269,734 | $275,936 | $292,394 | $284,880 | $286,300 |
Involuntary liquidation preference per preferred share(9) | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
Approximate market value per preferred share(9) | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
(1) | Computed using average common shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Trust's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended November 30, 2022). |
(5) | Annualized. |
(6) | Interest and fee expense relates to variable rate term preferred shares (see Note 2) and the notes payable (see Note 9). |
(7) | Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands. |
(8) | Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 283%, 270%, 276%, 292%, 285% and 286% at November 30, 2022 and May 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
(9) | Plus accumulated and unpaid dividends. |
† | Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios for periods less than one year are annualized. |
Six Months Ended November 30, 2022 (Unaudited) | Year Ended May 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Expenses excluding interest and fees | 0.84% | 0.84% | 0.85% | 0.81% | 0.83% | 0.83% |
Interest and fee expense | 1.51% | 0.62% | 0.58% | 1.16% | 1.31% | 1.00% |
Total expenses | 2.35% | 1.46% | 1.43% | 1.97% | 2.14% | 1.83% |
Net investment income | 5.05% | 3.32% | 3.25% | 3.79% | 3.58% | 3.33% |
Aggregate cost | $ 612,285,704 |
Gross unrealized appreciation | $ 1,655,934 |
Gross unrealized depreciation | (53,491,859) |
Net unrealized depreciation | $ (51,835,925) |
Description | Date(s) of Acquisition | Shares | Cost | Value |
Common Stocks | ||||
Nine Point Energy Holdings, Inc. | 7/15/14, 10/21/14 | 758 | $ 34,724 | $ 0 |
Total Common Stocks | $34,724 | $0 | ||
Convertible Preferred Stocks | ||||
Nine Point Energy Holdings, Inc., Series A, 12.00%, (PIK) | 5/26/17 | 14 | $ 14,000 | $ 0 |
Total Convertible Preferred Stocks | $14,000 | $0 | ||
Total Restricted Securities | $48,724 | $0 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Forward foreign currency exchange contracts | $ — | $(1,593,018) |
(1) | Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(b) |
Bank of America, N.A. | $ (224,644) | $ — | $ — | $ 190,000 | $ (34,644) |
Standard Chartered Bank | (583,775) | — | — | 260,000 | (323,775) |
State Street Bank and Trust Company | (783,023) | — | — | 700,000 | (83,023) |
The Toronto-Dominion Bank | (1,576) | — | — | — | (1,576) |
$(1,593,018) | $ — | $ — | $1,150,000 | $(443,018) |
(a) | In some instances, the total collateral pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount payable to the counterparty in the event of default. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Forward foreign currency exchange contracts | $3,222,772 | $(1,747,993) |
(1) | Statement of Operations location: Net realized gain (loss) - Forward foreign currency exchange contracts. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) - Forward foreign currency exchange contracts. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $4,301,950 | $70,659,727 | $(70,902,856) | $ — | $ — | $4,058,821 | $47,835 | 4,058,821 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Asset-Backed Securities | $ — | $ 27,374,328 | $ — | $ 27,374,328 |
Closed-End Funds | 7,454,978 | — | — | 7,454,978 |
Common Stocks | 812,252 | 1,087,037 | 876,436 | 2,775,725 |
Convertible Preferred Stocks | — | 107 | 0 | 107 |
Corporate Bonds | — | 27,354,845 | — | 27,354,845 |
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | — | 492,612,530 | 411,463 | 493,023,993 |
Warrants | — | 0 | 0 | 0 |
Short-Term Investments | 4,058,821 | — | — | 4,058,821 |
Total Investments | $12,326,051 | $ 548,428,847 | $1,287,899 | $ 562,042,797 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (1,593,018) | $ — | $ (1,593,018) |
Total | $ — | $ (1,593,018) | $ — | $ (1,593,018) |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust. |
Officers | |
Eric A. Stein President | Nicholas Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser(1) | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser(2) |
* | Interested Trustee |
(1) | Mr. Bowser began serving as a Trustee effective January 4, 2023. |
(2) | Ms. Wiser began serving as a Trustee effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
State Street Financial Center, One Lincoln Street
Boston, MA 02111
6201 15th Avenue
Brooklyn, NY 11219
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Floating-Rate Income Trust
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: January 30, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: January 30, 2023
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: January 30, 2023