Pioneer Floating Rate Fund | |||
Schedule of Investments | January 31, 2020 | |||
Ticker Symbols: | |||
Class A Class C Class Y | FLARX FLRCX FLYRX | ||
Schedule of Investments | 1/31/20 (unaudited)
Principal Amount USD ($) | Value | ||||
UNAFFILIATED ISSUERS - 103.0% | |||||
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 88.0% of Net Assets*(a) | |||||
Aerospace & Defense - 2.9% | |||||
1,944,940 | Air Canada Replacement Term Loan, 3.408% (LIBOR + 175 bps), 10/6/23 | $1,953,450 | |||
485,000 | American Airlines, Inc., 2017 Class B Term Loan, 3.649% (LIBOR + 200 bps), 4/28/23 | 485,515 | |||
854,371 | American Airlines, Inc., 2017 Class B Term Loan, 3.676% (LIBOR + 200 bps), 12/14/23 | 855,279 | |||
2,851,421 | American Airlines, Inc., 2018 Replacement Term Loan, 3.411% (LIBOR + 175 bps), 6/27/25 | 2,831,150 | |||
1,496,250 | Jazz Acquisition, Inc., First Lien Initial Term Loan, 6.19% (LIBOR + 425 bps), 6/19/26 | 1,492,509 | |||
652,886 | MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 3.895% (LIBOR + 225 bps), 5/17/24 | 634,932 | |||
1,706,250 | Peraton Corp. (fka MHVC Acquisition Corp.), First Lien Initial Term Loan, 6.9% (LIBOR + 525 bps), 4/29/24 | 1,698,785 | |||
1,638,055 | United AirLines, Inc., Refinanced Term Loan, 3.395% (LIBOR + 175 bps), 4/1/24 | 1,644,599 | |||
2,320,625 | WP CPP Holdings LLC, First Lien Initial Term Loan, 5.53% (LIBOR + 375 bps), 4/30/25 | 2,272,279 | |||
Total Aerospace & Defense | $13,868,498 | ||||
Automobile - 4.2% | |||||
1,115,101 | American Axle & Manufacturing, Inc., Tranche B Term Loan, 3.92% (LIBOR + 225 bps), 4/6/24 | $1,116,582 | |||
903,829 | Commercial Vehicle Group, Inc., (CVG) Initial Term Loan, 7.645% (LIBOR + 600 bps), 4/12/23 | 908,348 | |||
1,508,853 | Cooper-Standard Automotive, Inc., Additional Term B-1 Loan, 3.65% (LIBOR + 200 bps), 11/2/23 | 1,451,516 | |||
876,434 | CWGS Group LLC, (aka Camping World, Inc.), Term Loan, 4.484% (LIBOR + 275 bps), 11/8/23 | 835,899 | |||
1,162,754 | Dana, Inc., 2018 New Term Loan B Advance, 3.9% (LIBOR + 225 bps), 2/27/26 | 1,168,930 | |||
3,325,000 | Goodyear Tire & Rubber Co., Second Lien Term Loan, 3.66% (LIBOR + 200 bps), 3/3/25 | 3,327,078 | |||
508,550 | KAR Auction Services, Inc., Tranche B-6 Term Loan, 3.938% (LIBOR + 225 bps), 9/19/26 | 513,397 | |||
2,868,232 | Navistar, Inc., Tranche B Term Loan, 5.17% (LIBOR + 350 bps), 11/6/24 | 2,879,865 | |||
1,475,593 | Superior Industries International, Inc., Replacement Term Loan, 5.645% (LIBOR + 400 bps), 5/22/24 | 1,457,148 | |||
2,579,524 | Thor Industries, Inc., Initial USD Term Loan, 5.438% (LIBOR + 375 bps), 2/1/26 | 2,591,325 | |||
2,377,581 | TI Group Automotive Systems LLC, Initial US Term Loan, 4.145% (LIBOR + 250 bps), 6/30/22 | 2,386,991 | |||
1,807,917 | Visteon Corp., New Term Loan, 3.438% (LIBOR + 175 bps), 3/25/24 | 1,819,216 | |||
Total Automobile | $20,456,295 | ||||
Banking - 0.8% | |||||
997,500 | Azalea TopCo, Inc., First Lien Initial Term Loan, 5.145% (LIBOR + 350 bps), 7/24/26 | $1,001,708 | |||
1,643,246 | EWT Holdings III Corp. (fka WTG Holdings III Corp.), Refinancing 2017-2 First Lien Term Loan, 4.645% (LIBOR + 300 bps), 12/20/24 | 1,653,260 | |||
1,300,000(b) | Nouryon Finance B.V. (aka AkzoNobel), Initial Dollar Term Loan (LIBOR + 325 bps), 10/1/25 | 1,302,925 | |||
Total Banking | $3,957,893 | ||||
Beverage, Food & Tobacco - 2.3% | |||||
2,351,029 | Albertson's LLC, 2019 Term B-8 Loan, 4.395% (LIBOR + 275 bps), 8/17/26 | $2,358,797 | |||
471,094 | Albertson's LLC, 2019-1 Term B-7 Loan, 4.395% (LIBOR + 275 bps), 11/17/25 | 471,977 | |||
598,500 | B&G Foods, Inc., Tranche B-4 Term Loan, 4.145% (LIBOR + 250 bps), 10/10/26 | 601,118 | |||
3,770,505 | Chobani LLC (Chobani Idaho LLC), First Lien New Term Loan, 5.145% (LIBOR + 350 bps), 10/10/23 | 3,774,434 | |||
2,100,000(b) | Froneri International Plc, Term Loan, 1/29/27 | 2,107,875 | |||
1,543,117 | JBS USA Lux SA (fka JBS USA LLC) New Term Loan, 3.645% (LIBOR + 200 bps), 5/1/26 | 1,553,371 | |||
498,750 | US Foods, Inc. (aka US Foodservice, Inc.), Incremental B-2019 Term Loan, 3.645% (LIBOR + 200 bps), 9/13/26 | 501,672 | |||
Total Beverage, Food & Tobacco | $11,369,244 | ||||
Broadcasting & Entertainment - 2.7% | |||||
2,353,404 | Charter Communications Operating LLC (aka CCO Safari LLC), Term B-2 Loan, 3.4% (LIBOR + 175 bps), 2/1/27 | $2,366,153 | |||
1,500,000 | Creative Artists Agency LLC, Closing Date Term Loan, 5.395% (LIBOR + 375 bps), 11/27/26 | 1,513,593 | |||
3,081,456 | Gray Television, Inc., Term B-2 Loan, 4.031% (LIBOR + 225 bps), 2/7/24 | 3,094,296 | |||
528,021 | Gray Television, Inc., Term C Loan, 4.281% (LIBOR + 250 bps), 1/2/26 | 531,266 | |||
4,624,059 | Sinclair Television Group, Inc., Tranche B Term Loan, 3.9% (LIBOR + 225 bps), 1/3/24 | 4,645,214 | |||
822,938 | Sinclair Television Group, Inc., Tranche B-2b Term Loan, 4.18% (LIBOR + 250 bps), 9/30/26 | 827,052 | |||
Total Broadcasting & Entertainment | $12,977,574 | ||||
Building Materials - 1.3% | |||||
1,665,860 | Circor International, Inc., Initial Term Loan, 5.184% (LIBOR + 350 bps), 12/11/24 | $1,671,587 | |||
2,061,358 | Summit Materials LLC, New Term Loan, 3.645% (LIBOR + 200 bps), 11/21/24 | 2,072,953 | |||
2,242,500 | WKI Holding Co., Inc. (aka World Kitchen), Initial Term Loan, 5.645% (LIBOR + 400 bps), 5/1/24 | 2,248,106 | |||
Total Building Materials | $5,992,646 | ||||
Buildings & Real Estate - 3.5% | |||||
2,693,798 | Beacon Roofing Supply, Inc., Initial Term Loan, 3.895% (LIBOR + 225 bps), 1/2/25 | $2,699,972 | |||
366,591 | Builders FirstSource, Inc., Refinancing Term Loan, 4.645% (LIBOR + 300 bps), 2/29/24 | 368,948 | |||
2,360,125 | Cushman & Wakefield US Borrower LLC, Replacement Term Loan, 4.4% (LIBOR + 275 bps), 8/21/25 | 2,374,581 | |||
1,299,718 | Penn Engineering & Manufacturing Corp., Tranche B Term Loan, 4.395% (LIBOR + 275 bps), 6/27/24 | 1,297,281 | |||
3,034,294 | Southwire Co. LLC (fka Southwire Co.), Initial Term Loan, 3.395% (LIBOR + 175 bps), 5/19/25 | 3,039,510 | |||
807,313 | Uniti Group, Inc., Shortfall Term Loan, 6.645% (LIBOR + 500 bps), 10/24/22 | 803,277 | |||
2,931,818 | VICI Properties 1 LLC, Term B Loan, 3.409% (LIBOR + 175 bps), 12/20/24 | 2,950,142 | |||
2,971,790 | WireCo WorldGroup, Inc. (WireCo WorldGroup Finance LP), First Lien Initial Term Loan, 6.645% (LIBOR + 500 bps), 9/29/23 | 2,839,299 | |||
Total Buildings & Real Estate | $16,373,010 | ||||
Principal Amount USD ($) | Value | ||||
Chemicals, Plastics & Rubber - 4.4% | |||||
2,068,542 | Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems US Holdings, Inc.), Term B-3 Dollar Loan, 3.695% (LIBOR + 175 bps), 6/1/24 | $2,070,913 | |||
1,746,797 | Berry Global, Inc. (fka Berry Plastics Corp.), Term W Loan, 3.677% (LIBOR + 200 bps), 10/1/22 | 1,759,353 | |||
486,056 | Berry Global, Inc. (fka Berry Plastics Corp.), Term X Loan, 3.677% (LIBOR + 200 bps), 1/19/24 | 489,215 | |||
2,443,750 | Core & Main LP, Initial Term Loan, 4.572% (LIBOR + 275 bps), 8/1/24 | 2,448,821 | |||
1,183,915 | Element Solutions, Inc. (Macdermid, Inc.), Tranche B-1 Term Loan, 3.645% (LIBOR + 200 bps), 1/31/26 | 1,191,314 | |||
1,529,094 | Omnova Solutions, Inc., Term B-2 Loan, 4.895% (LIBOR + 325 bps), 8/25/23 | 1,531,961 | |||
1,000,845 | Orion Engineered Carbons GmbH, Initial Dollar Term Loan, 3.945% (LIBOR + 200 bps), 7/25/24 | 1,002,722 | |||
804,416 | PQ Corp., Third Amendment Tranche B-1 Term Loan, 4.277% (LIBOR + 250 bps), 2/8/25 | 807,851 | |||
2,275,429 | Reynolds Group Holdings, Inc., Incremental US Term Loan, 4.395% (LIBOR + 275 bps), 2/5/23 | 2,283,429 | |||
249,375 | Tank Holding Corp., 2020 Refinancing First Lien Term Loan, 5.155% (LIBOR + 350 bps), 3/26/26 | 250,466 | |||
1,336,312 | Tata Chemicals North America, Term Loan, 4.438% (LIBOR + 275 bps), 8/7/20 | 1,336,312 | |||
2,108,040 | Tronox Finance LLC, First Lien Initial Dollar Term Loan, 4.519% (LIBOR + 275 bps), 9/23/24 | 2,111,113 | |||
2,443,969 | Twist Beauty International Holdings SA, Facility B2, 4.907% (LIBOR + 300 bps), 4/22/24 | 2,430,221 | |||
884,831 | Univar USA, Inc., Term B-3 Loan, 3.895% (LIBOR + 225 bps), 7/1/24 | 889,808 | |||
Total Chemicals, Plastics & Rubber | $20,603,499 | ||||
Computers & Electronics - 3.4% | |||||
2,383,765 | Applied Systems, Inc., First Lien Closing Date Term Loan, 5.195% (LIBOR + 325 bps), 9/19/24 | $2,395,472 | |||
910,000 | Celestica, Inc., Incremental Term B–2 Loan, 4.161% (LIBOR + 250 bps), 6/27/25 | 913,129 | |||
985,000 | Celestica, Inc., Term B Loan, 3.786% (LIBOR + 213 bps), 6/27/25 | 975,766 | |||
1,000,000(b) | Cobham Plc, USD Term Loan B 12/30/99 | 1,002,500 | |||
2,000,000(b) | Edgewell Personal Care Co., Term B Loan, 9/18/26 | 2,015,000 | |||
597,840 | Energizer Holdings, Inc., Term B Loan, 4.063% (LIBOR + 225 bps), 12/17/25 | 600,363 | |||
1,142,442 | Energy Acquisition LP (aka Electrical Components International), First Lien Initial Term Loan, 6.195% (LIBOR + 425 bps), 6/26/25 | 1,072,468 | |||
2,063,250 | Iron Mountain Information Management LLC, Incremental Term B Loan, 3.395% (LIBOR + 175 bps), 1/2/26 | 2,061,531 | |||
1,408,484 | Microchip Technology, Inc., Initial Term Loan, 3.65% (LIBOR + 200 bps), 5/29/25 | 1,415,879 | |||
1,234,446 | ON Semiconductor Corp., 2019 New Replacement Term B-4 Loan, 3.645% (LIBOR + 200 bps), 9/19/26 | 1,243,101 | |||
800,000(b) | Pitney Bowes, Inc., Term Loan B, 1/17/25 | 796,660 | |||
1,650,000 | Ultra Clean Holdings, Inc., Term Loan B, 6.145% (LIBOR + 450 bps), 8/27/25 | 1,655,156 | |||
Total Computers & Electronics | $16,147,025 | ||||
Construction & Building - 0.4% | |||||
1,635,746 | Quikrete Holdings, Inc., First Lien Initial Term Loan, 4.145% (LIBOR + 250 bps), 2/1/27 | $1,641,113 | |||
Total Construction & Building | $1,641,113 | ||||
Consumer Nondurables - 0.3% | |||||
1,500,000 | Sunshine Luxembourg VII S.a.r.l, Facility B1, 6.195% (LIBOR + 425 bps), 10/1/26 | $1,507,688 | |||
Total Consumer Nondurables | $1,507,688 | ||||
Consumer Services - 0.8% | |||||
3,916,485 | Prime Security Services Borrower LLC (aka Protection 1 Security Solutions), First Lien 2019 Refinancing Term B-1 Loan, 5.013% (LIBOR + 325 bps), 9/23/26 | $3,929,813 | |||
Total Consumer Services | $3,929,813 | ||||
Containers, Packaging & Glass - 0.6% | |||||
3,095,417 | Plastipak Holdings, Inc., Tranche B Term Loan, 4.15% (LIBOR + 250 bps), 10/14/24 | $3,096,382 | |||
Total Containers, Packaging & Glass | $3,096,382 | ||||
Diversified & Conglomerate Manufacturing - 0.9% | |||||
471,607 | Delos Finance S.a.r.l., New Term Loan, 3.695% (LIBOR + 175 bps), 10/6/23 | $473,755 | |||
1,895,713 | Garda World Security Corp., Initial Term Loan, 6.66% (LIBOR + 475 bps), 10/30/26 | 1,913,011 | |||
1,887,584 | Pelican Products, Inc., First Lien Term Loan, 5.17% (LIBOR + 350 bps), 5/1/25 | 1,802,643 | |||
Total Diversified & Conglomerate Manufacturing | $4,189,409 | ||||
Diversified & Conglomerate Service - 8.5% | |||||
1,956,344 | Albany Molecular Research, Inc., First Lien Initial Term Loan, 4.895% (LIBOR + 325 bps), 8/30/24 | $1,949,618 | |||
564,333 | Alion Science and Technology Corp., First Lien Term Loan, 6.145% (LIBOR + 450 bps), 8/19/21 | 565,391 | |||
119,416 | ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-3 Loan, 3.395% (LIBOR + 175 bps), 4/2/25 | 120,411 | |||
781,395 | Avis Budget Car Rental LLC, Tranche B Term Loan, 3.65% (LIBOR + 200 bps), 2/13/25 | 783,831 | |||
1,655,540 | AVSC Holding Corp. (aka PSAV, Inc.), First Lien Initial Term Loan, 4.984% (LIBOR + 325 bps), 3/3/25 | 1,661,748 | |||
2,154,825 | CB Poly Investments LLC, First Lien Closing Date Term Loan, 6.145% (LIBOR + 450 bps), 8/16/23 | 2,158,876 | |||
2,501,914 | Change Healthcare Holdings, Inc. (fka Emdeon, Inc.), Closing Date Term Loan, 4.145% (LIBOR + 250 bps), 3/1/24 | 2,507,125 | |||
1,524,540 | DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings LLC), First Lien Initial Term Loan, 4.645% (LIBOR + 300 bps), 2/3/25 | 1,515,964 | |||
2,289,856 | DTI Holdco, Inc., Replacement B-1 Term Loan, 6.527% (LIBOR + 475 bps), 9/29/23 | 2,158,189 | |||
1,382,500 | DynCorp International, Inc., Term Loan, 7.67% (LIBOR + 600 bps), 8/18/25 | 1,368,675 | |||
1,944,935 | Filtration Group Corp., Initial Dollar Term Loan, 4.645% (LIBOR + 300 bps), 3/29/25 | 1,955,471 | |||
572,398 | Gates Global LLC, Initial B-2 Dollar Term Loan, 4.395% (LIBOR + 275 bps), 4/1/24 | 571,563 | |||
2,467,347 | GHX Ultimate Parent Corp., First Lien Initial Term Loan, 5.211% (LIBOR + 325 bps), 6/28/24 | 2,467,347 | |||
1,477,500 | Iqvia, Inc. (Quintiles IMS), Term B-3 Dollar Loan, 3.695% (LIBOR + 175 bps), 6/11/25 | 1,489,505 | |||
1,831,308 | Jaguar Holding Co. I LLC (fka Jaguar Holding Co. I) (aka Pharmaceutical Product Development LLC), 2018 Term Loan, 4.145% (LIBOR + 250 bps), 8/18/22 | 1,833,760 | |||
987,437 | Mitchell International, Inc., First Lien Initial Term Loan, 4.895% (LIBOR + 325 bps), 11/29/24 | 979,291 | |||
Principal Amount USD ($) | Value | ||||
Diversified & Conglomerate Service - (continued) | |||||
3,227,450 | NVA Holdings, Inc., First Lien Term B3 Loan, 6.5% (PRIME + 175 bps), 2/2/25 | $3,230,729 | |||
1,726,471 | Outfront Media Capital LLC (Outfront Media Capital Corp.), Extended Term Loan, 3.434% (LIBOR + 175 bps), 11/18/26 | 1,737,082 | |||
1,970,000 | Sound Inpatient Physicians, Inc., First Lien Initial Term Loan, 4.395% (LIBOR + 275 bps), 6/27/25 | 1,978,619 | |||
500,000 | Sound Inpatient Physicians, Inc., Second Lien Initial Term Loan, 8.395% (LIBOR + 675 bps), 6/26/26 | 500,625 | |||
2,917,500 | Team Health Holdings, Inc., Initial Term Loan, 4.395% (LIBOR + 275 bps), 2/6/24 | 2,335,823 | |||
1,268,250 | Tempo Acquisition LLC, Initial Term Loan, 4.395% (LIBOR + 275 bps), 5/1/24 | 1,274,789 | |||
1,354,513 | Trico Group LLC, First Lien Tranche B-2 Term Loan, 8.945% (LIBOR + 700 bps), 2/2/24 | 1,362,979 | |||
716,588 | West Corp., Incremental Term B-1 Loan, 5.145% (LIBOR + 350 bps), 10/10/24 | 609,995 | |||
2,586,223 | West Corp., Initial Term B Loan, 5.645% (LIBOR + 400 bps), 10/10/24 | 2,213,991 | |||
1,380,909 | WEX, Inc., Term B-3 Loan, 3.895% (LIBOR + 225 bps), 5/15/26 | 1,391,783 | |||
Total Diversified & Conglomerate Service | $40,723,180 | ||||
Electric & Electrical - 0.9% | |||||
2,455,730 | Dell International LLC (EMC Corp.), Refinancing Term B-1 Loan, 3.65% (LIBOR + 200 bps), 9/19/25 | $2,470,312 | |||
2,157,979 | Rackspace Hosting, Inc., First Lien Term B Loan, 4.902% (LIBOR + 300 bps), 11/3/23 | 2,082,450 | |||
Total Electric & Electrical | $4,552,762 | ||||
Electronics - 3.0% | |||||
654,291 | Avast Software BV, 2018 Refinancing Dollar Term Loan, 4.195% (LIBOR + 225 bps), 9/29/23 | $656,744 | |||
1,551,749 | Cabot Microelectronics Corp., Term B-1 Loan, 3.688% (LIBOR + 200 bps), 11/17/25 | 1,565,327 | |||
498,744 | Mirion Technologies (Finance) LLC (Mirion Technologies, Inc.), Initial Dollar Term Loan, 5.945% (LIBOR + 400 bps), 3/6/26 | 504,432 | |||
1,643,403 | nThrive, Inc. (fka Precyse Acquisition Corp.), Additional Term B-2 Loan, 6.145% (LIBOR + 450 bps), 10/20/22 | 1,495,497 | |||
270,000(b) | Presidio LLC (fka Presidio, Inc.) Term Loan B, 1/22/27 | 271,800 | |||
5,093,949 | Scientific Games International, Inc., Initial Term B-5 Loan, 4.395% (LIBOR + 275 bps), 8/14/24 | 5,099,257 | |||
1,593,188 | Verint System, Inc., Refinancing Term Loan, 3.843% (LIBOR + 200 bps), 6/28/24 | 1,605,137 | |||
2,670,103 | Western Digital Corp., US Term B-4 Loan, 3.395% (LIBOR + 175 bps), 4/29/23 | 2,672,305 | |||
Total Electronics | $13,870,499 | ||||
Entertainment & Leisure - 0.2% | |||||
883,838 | Motion Acquisition, Ltd., Facility B1, 5.151% (LIBOR + 325 bps), 11/12/26 | $892,014 | |||
116,162(b) | Motion Acquisition, Ltd., Facility B2, 11/12/26 | 117,468 | |||
Total Entertainment & Leisure | $1,009,482 | ||||
Environmental Services - 0.9% | |||||
3,560,495 | GFL Environmental, Inc., Effective Date Incremental Term Loan, 4.645% (LIBOR + 300 bps), 5/30/25 | $3,561,831 | |||
945,000(b) | Terra Bidco B.C., Ltd., Term Loan, 11/25/26 | 949,725 | |||
Total Environmental Services | $4,511,556 | ||||
Financial Services - 1.6% | |||||
2,494,816 | Baring Private Equity Asia VI Holdings, Ltd., First Lien Initial Dollar Term Loan, 4.645% (LIBOR + 300 bps), 10/26/22 | $2,487,805 | |||
1,871,500 | Blackhawk Network Holdings, Inc., First Lien Term Loan, 4.645% (LIBOR + 300 bps), 6/15/25 | 1,876,647 | |||
1,087,051 | Everi Payments, Inc., Term B Loan, 4.395% (LIBOR + 275 bps), 5/9/24 | 1,092,989 | |||
500,000(b) | Hudson River Trading LLC, Term Loan B, 1/29/27 | 501,250 | |||
1,567,626 | RPI Finance Trust, Initial Term Loan B-6, 3.645% (LIBOR + 200 bps), 3/27/23 | 1,572,525 | |||
494,032 | Trans Union LLC, 2019 Replacement Term B-5 Loan, 3.395% (LIBOR + 175 bps), 11/16/26 | 496,379 | |||
Total Financial Services | $8,027,595 | ||||
Forest Products - 0.7% | |||||
1,710,591 | ProAmpac PG Borrower LLC, First Lien Initial Term Loan, 5.295% (LIBOR + 350 bps), 11/20/23 | $1,693,485 | |||
1,470,000(b) | Reynolds Consumer Products, Inc., Term Loan, 1/29/27 | 1,477,875 | |||
Total Forest Products | $3,171,360 | ||||
Grocery - 0.2% | |||||
792,116 | Diplomat Pharmacy, Inc., Initial Term B Loan, 6.41% (LIBOR + 450 bps), 12/20/24 | $781,555 | |||
Total Grocery | $781,555 | ||||
Healthcare & Pharmaceuticals - 4.1% | |||||
1,121,791 | Acadia Healthcare Co., Inc., Tranche B-4 Term Loan, 4.145% (LIBOR + 250 bps), 2/16/23 | $1,127,499 | |||
1,354,763 | Agiliti Health, Inc., Initial Term Loan, 4.813% (LIBOR + 300 bps), 1/4/26 | 1,354,762 | |||
1,845,483 | Alkermes, Inc., 2023 Term Loan, 3.92% (LIBOR + 225 bps), 3/27/23 | 1,844,330 | |||
2,468,188 | Alphabet Holding Co., Inc. (aka Nature's Bounty), First Lien Initial Term Loan, 5.145% (LIBOR + 350 bps), 9/26/24 | 2,362,776 | |||
997,500 | Curium BidCo S.a.r.l., Facility B (USD), 5.945% (LIBOR + 400 bps), 7/9/26 | 1,003,099 | |||
1,763,419 | Endo Luxembourg Finance Co. I S.a.r.l., Initial Term Loan, 5.938% (LIBOR + 425 bps), 4/29/24 | 1,709,194 | |||
974,748 | Explorer Holdings, Inc., Initial Term Loan, 5.599% (LIBOR + 375 bps), 5/2/23 | 986,932 | |||
694,501 | Grifols Worldwide Operations, Ltd., Dollar Tranche B Term Loan, 3.561% (LIBOR + 200 bps), 11/15/27 | 699,028 | |||
929,770 | Horizon Therapeutics USA, Inc., Seventh Amendment Refinancing Term Loan, 4.0% (LIBOR + 225 bps), 5/22/26 | 937,905 | |||
1,728,125 | Kindred Healthcare LLC, Closing Date Term Loan, 6.688% (LIBOR + 500 bps), 7/2/25 | 1,743,255 | |||
1,430,654 | NMN Holdings III Corp., First Lien Closing Date Term Loan, 5.395% (LIBOR + 375 bps), 11/13/25 | 1,416,347 | |||
433,774 | Prestige Brands, Inc., Term B-4 Loan, 3.645% (LIBOR + 200 bps), 1/26/24 | 437,260 | |||
2,435,000 | Sotera Health Holdings LLC, First Lien Initial Term Loan, 6.145% (LIBOR + 450 bps), 12/11/26 | 2,447,175 | |||
1,500,000 | Upstream Newco, Inc., First Lien Initial Term Loan, 6.145% (LIBOR + 450 bps), 11/20/26 | 1,507,500 | |||
Total Healthcare & Pharmaceuticals | $19,577,062 | ||||
Principal Amount USD ($) | Value | ||||
Healthcare, Education & Childcare - 4.3% | |||||
855,000 | Alliance HealthCare Services, Inc., First Lien Initial Term Loan, 6.145% (LIBOR + 450 bps), 10/24/23 | $825,075 | |||
500,000 | Alliance HealthCare Services, Inc., Second Lien Initial Term Loan, 11.645% (LIBOR + 1,000 bps), 4/24/24 | 452,500 | |||
2,762,614 | ATI Holdings Acquisition, Inc., First Lien Initial Term Loan, 5.145% (LIBOR + 350 bps), 5/10/23 | 2,742,756 | |||
850,000 | Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals International, Inc.), First Incremental Term Loan, 4.42% (LIBOR + 275 bps), 11/27/25 | 854,174 | |||
1,392,756 | Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals International, Inc.), Initial Term Loan, 4.67% (LIBOR + 300 bps), 6/2/25 | 1,400,591 | |||
750,000 | FC Compassus LLC, Initial Term Loan, 6.645% (LIBOR + 500 bps), 12/31/26 | 751,875 | |||
1,827,417 | Gentiva Health Services, Inc., First Lien Term B Loan, 4.938% (LIBOR + 325 bps), 7/2/25 | 1,836,555 | |||
1,739,251 | KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare), Term B-3 Loan, 5.695% (LIBOR + 375 bps), 2/21/25 | 1,749,578 | |||
1,670,925 | Life Time Fitness, Inc., 2017 Refinancing Term Loan, 4.659% (LIBOR + 275 bps), 6/10/22 | 1,676,320 | |||
978,195 | Quorum Health Corp., Term Loan, 8.527% (LIBOR + 675 bps), 4/29/22 | 979,723 | |||
1,708,793 | Regionalcare Hospital Partners Holdings, Inc., First Lien Term B Loan, 8.25% (PRIME + 350 bps), 11/16/25 | 1,720,275 | |||
3,697,808 | Select Medical Corp., Tranche B Term Loan, 4.58% (LIBOR + 250 bps), 3/6/25 | 3,722,428 | |||
1,496,250 | U.S. Renal Care, Inc., Initial Term Loan, 6.645% (LIBOR + 500 bps), 6/26/26 | 1,488,235 | |||
331,486 | Universal Health Services, Inc., Incremental Tranche B Facility, 3.395% (LIBOR + 175 bps), 10/31/25 | 334,525 | |||
Total Healthcare, Education & Childcare | $20,534,610 | ||||
Hotel, Gaming & Leisure - 3.2% | |||||
2,833,918 | 1011778 BC Unlimited Liability Co. (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 3.395% (LIBOR + 175 bps), 11/19/26 | $2,837,903 | |||
1,696,338 | Boyd Gaming Corp., Refinancing Term B Loan, 3.811% (LIBOR + 225 bps), 9/15/23 | 1,704,360 | |||
450,000 | Hanjin International Corp. (aka Wilshire Grand Center), Initial Term Loan, 4.145% (LIBOR + 250 bps), 10/19/20 | 450,000 | |||
869,636 | Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 3.411% (LIBOR + 175 bps), 6/22/26 | 877,313 | |||
1,191,000 | Marriott Ownership Resorts, Inc. 2019 Refinancing Term Loan, 3.395% (LIBOR + 175 bps), 8/29/25 | 1,192,459 | |||
1,928,729 | MGM Growth Properties Operating Partnership LP, Term B Loan, 3.566% (LIBOR + 200 bps), 3/21/25 | 1,938,523 | |||
2,475,000 | Penn National Gaming, Inc., Term B-1 Facility Loan, 3.895% (LIBOR + 225 bps), 10/15/25 | 2,488,781 | |||
1,718,252 | Stars Group Holdings BV, USD Term Loan, 5.445% (LIBOR + 350 bps), 7/10/25 | 1,731,592 | |||
1,923,874 | Station Casinos LLC, Term B Facility Loan, 4.15% (LIBOR + 250 bps), 6/8/23 | 1,931,525 | |||
Total Hotel, Gaming & Leisure | $15,152,456 | ||||
Insurance - 2.7% | |||||
2,006,213 | Alliant Holdings Intermediate LLC, Initial Term Loan, 4.645% (LIBOR + 300 bps), 5/9/25 | $2,005,460 | |||
2,845,417 | Asurion LLC (fka Asurion Corp.), New Term Loan B7, 4.645% (LIBOR + 300 bps), 11/3/24 | 2,853,953 | |||
567,692 | Asurion LLC (fka Asurion Corp.), Replacement B-6 Term Loan, 4.645% (LIBOR + 300 bps), 11/3/23 | 570,176 | |||
2,226,638 | Confie Seguros Holding II Co., Term B Loan, 6.659% (LIBOR + 475 bps), 4/19/22 | 2,190,455 | |||
1,401,039 | Integro Parent, Inc., First Lien Initial Term Loan, 7.4% (LIBOR + 575 bps), 10/31/22 | 1,387,029 | |||
841,615 | MPH Acquisition Holdings LLC, Initial Term Loan, 4.695% (LIBOR + 275 bps), 6/7/23 | 830,744 | |||
995,000 | Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2019 Term Loan, 5.645% (LIBOR + 400 bps), 9/3/26 | 1,003,551 | |||
1,857,250 | USI, Inc. (fka Compass Investors, Inc.), 2017 New Term Loan, 4.945% (LIBOR + 300 bps), 5/16/24 | 1,852,897 | |||
Total Insurance | $12,694,265 | ||||
Leasing - 1.4% | |||||
1,883,673 | Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 3.408% (LIBOR + 175 bps), 1/15/25 | $1,894,852 | |||
2,492,331 | Fly Funding II S.a.r.l., Replacement Loan, 3.65% (LIBOR + 175 bps), 8/9/25 | 2,501,159 | |||
974,160 | Hertz Corp., Tranche Term B-1 Loan, 4.395% (LIBOR + 275 bps), 6/30/23 | 981,264 | |||
1,527,788 | IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche B-1 Term Loan, 5.649% (LIBOR + 375 bps), 9/11/23 | 1,529,697 | |||
Total Leasing | $6,906,972 | ||||
Leisure & Entertainment - 1.5% | |||||
1,748,375 | 24 Hour Fitness Worldwide, Inc., Term Loan, 5.145% (LIBOR + 350 bps), 5/30/25 | $1,368,978 | |||
1,932,634 | CityCenter Holdings LLC, Term B Loan, 3.895% (LIBOR + 225 bps), 4/18/24 | 1,938,665 | |||
1,487,659 | Fitness International LLC, Term B Loan, 4.895% (LIBOR + 325 bps), 4/18/25 | 1,489,332 | |||
931,711 | MCC Iowa LLC, Tranche M Term Loan, 3.57% (LIBOR + 200 bps), 1/15/25 | 937,825 | |||
1,410,658 | Six Flags Theme Parks, Inc., Tranche B Term Loan, 3.4% (LIBOR + 175 bps), 4/17/26 | 1,416,385 | |||
Total Leisure & Entertainment | $7,151,185 | ||||
Machinery - 3.1% | |||||
601,946 | Advanced Drainage Systems, Inc., Initial Term Loan, 4.063% (LIBOR + 225 bps), 7/31/26 | $607,213 | |||
1,989,075 | Blount International, Inc., New Refinancing Term Loan, 5.395% (LIBOR + 375 bps), 4/12/23 | 2,006,221 | |||
1,321,352 | Clark Equipment Co. (aka Doosan Bobcat, Inc.), Repriced 2019 Term Loan, 3.695% (LIBOR + 175 bps), 5/18/24 | 1,324,036 | |||
1,702,857 | CTC AcquiCo GmbH, Facility B2, 4.664% (LIBOR + 275 bps), 3/7/25 | 1,685,828 | |||
1,713,700 | Gardner Denver, Inc., Tranche B-1 Dollar Term Loan, 4.395% (LIBOR + 275 bps), 7/30/24 | 1,722,625 | |||
2,250,000 | MHI Holdings LLC, Initial Term Loan, 6.645% (LIBOR + 500 bps), 9/21/26 | 2,254,219 | |||
690,408 | NN, Inc., Tranche B Term Loan, 6.895% (LIBOR + 525 bps), 10/19/22 | 678,326 | |||
2,009,975 | Shape Technologies Group, Inc., Initial Term Loan, 4.806% (LIBOR + 300 bps), 4/21/25 | 1,839,127 | |||
351,450 | Terex Corp., Incremental US Term Loan, 3.645% (LIBOR + 200 bps), 1/31/24 | 352,768 | |||
Principal Amount USD ($) | Value | ||||
Machinery - (continued) | |||||
1,946,741 | Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B Loan, 4.145% (LIBOR + 250 bps), 10/23/25 | $1,955,235 | |||
Total Machinery | $14,425,598 | ||||
Manufacturing - 0.3% | |||||
1,244,277 | Aristocrat Leisure, Ltd., Term B-3 Loan, 3.577% (LIBOR + 175 bps), 10/19/24 | $1,249,225 | |||
Total Manufacturing | $1,249,225 | ||||
Media - 2.3% | |||||
3,720,120 | CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), March 2017 Refinancing Term Loan, 3.926% (LIBOR + 225 bps), 7/17/25 | $3,736,381 | |||
2,602,616 | CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), October 2018 Incremental Term Loan, 3.926% (LIBOR + 225 bps), 1/15/26 | 2,617,581 | |||
345,625 | CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), September 2019 Initial Term Loan, 4.176% (LIBOR + 250 bps), 4/15/27 | 347,785 | |||
1,995,000 | Diamond Sports Group LLC, Term Loan, 4.91% (LIBOR + 325 bps), 8/24/26 | 1,992,506 | |||
1,359,870 | Quincy Media, Inc. (fka Quincy Newspapers, Inc.), Term Loan B, 4.724% (LIBOR + 300 bps/PRIME + 200 bps), 11/2/22 | 1,364,969 | |||
1,015,000 | Ziggo Financing Partnership, Term Loan I Facility, 4.133% (LIBOR + 250 bps), 4/30/28 | 1,016,798 | |||
Total Media | $11,076,020 | ||||
Metals & Mining - 2.6% | |||||
985,000 | Aleris International, Inc., Initial Term Loan, 6.395% (LIBOR + 475 bps), 2/27/23 | $987,155 | |||
2,097,894 | Atkore International, Inc., First Lien Initial Incremental Term Loan, 4.7% (LIBOR + 275 bps), 12/22/23 | 2,110,020 | |||
1,764,412 | Big River Steel LLC, Closing Date Term Loan, 6.945% (LIBOR + 500 bps), 8/23/23 | 1,776,543 | |||
2,238,055 | BWay Holding Co., Initial Term Loan, 5.084% (LIBOR + 325 bps), 4/3/24 | 2,224,766 | |||
1,350,000 | Oxbow Calcining LLC, First Lien Tranche B Term Loan, 5.395% (LIBOR + 375 bps), 1/4/23 | 1,353,375 | |||
2,226,272 | Phoenix Services International LLC, Term Loan B, 5.408% (LIBOR + 375 bps), 3/1/25 | 2,150,207 | |||
1,821,012 | TMS International Corp. (aka Tube City IMS Corp.), Term B-2 Loan, 4.475% (LIBOR + 275 bps), 8/14/24 | 1,811,907 | |||
Total Metals & Mining | $12,413,973 | ||||
Oil & Gas - 2.8% | |||||
1,393,000 | BCP Raptor II LLC, Initial Term Loan, 6.395% (LIBOR + 475 bps), 11/3/25 | $1,269,952 | |||
1,980,000 | Centurion Pipeline Co. LLC, Initial Term Loan, 4.895% (LIBOR + 325 bps), 9/29/25 | 1,986,188 | |||
2,652,815 | Delek US Holdings, Inc., Initial Term Loan, 3.895% (LIBOR + 225 bps), 3/31/25 | 2,642,867 | |||
931,754 | Encino Acquisition Partners Holdings LLC, Second Lien Initial Term Loan, 8.395% (LIBOR + 675 bps), 10/29/25 | 661,546 | |||
1,051,393 | Gulf Finance LLC, Tranche B Term Loan, 7.1% (LIBOR + 525 bps), 8/25/23 | 829,725 | |||
1,357,813 | NorthRiver Midstream Finance LP, Initial Term B Loan, 5.159% (LIBOR + 325 bps), 10/1/25 | 1,356,398 | |||
934,218 | St. Joseph Energy Center LLC, Term B Advance, 5.15% (LIBOR + 350 bps), 4/10/25 | 926,043 | |||
440,533 | Summit Midstream Partners Holdings LLC, Term Loan Credit Facility, 7.645% (LIBOR + 600 bps), 5/13/22 | 413,826 | |||
3,900,625 | Traverse Midstream Partners LLC, Advance Term Loan, 5.65% (LIBOR + 400 bps), 9/27/24 | 3,466,680 | |||
Total Oil & Gas | $13,553,225 | ||||
Personal, Food & Miscellaneous Services - 1.5% | |||||
1,500,000 | Aramark Intermediate HoldCo Corp., US Term B-4 Loan, 3.47% (LIBOR + 175 bps), 1/15/27 | $1,507,175 | |||
2,750,000 | Option Care Health, Inc., Term B Loan, 6.145% (LIBOR + 450 bps), 8/6/26 | 2,767,188 | |||
2,893,311 | Parfums Holding Co., Inc., First Lien Initial Term Loan, 6.159% (LIBOR + 425 bps), 6/30/24 | 2,886,981 | |||
Total Personal, Food & Miscellaneous Services | $7,161,344 | ||||
Printing & Publishing - 1.0% | |||||
1,614,563 | Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-2 Loan, 4.161% (LIBOR + 250 bps), 11/8/24 | $1,617,880 | |||
3,149,888 | Trader Corp., First Lien 2017 Refinancing Term Loan, 4.66% (LIBOR + 300 bps), 9/28/23 | 3,143,982 | |||
Total Printing & Publishing | $4,761,862 | ||||
Professional & Business Services - 1.9% | |||||
1,000,000 | APi Group DE, Inc., Initial Term Loan, 4.145% (LIBOR + 250 bps), 10/1/26 | $1,006,667 | |||
997,500 | Clear Channel Outdoor Holdings, Inc., Term B Loan, 5.145% (LIBOR + 350 bps), 8/21/26 | 1,003,318 | |||
375,000(b) | First Advantage Corp., Term Loan B, 1/22/27 | 378,281 | |||
1,000,000 | LPL Holdings, Inc., Tranche B-1 Term Loan, 3.411% (LIBOR + 175 bps), 11/12/26 | 1,005,417 | |||
1,268,548 | Pre-Paid Legal Services, Inc. (aka Legal/shield), First Lien Initial Term Loan, 4.895% (LIBOR + 325 bps), 5/1/25 | 1,277,269 | |||
1,970,000 | SIWF Holdings, Inc. (aka Spring Window Fashions), First Lien Initial Term Loan, 5.895% (LIBOR + 425 bps), 6/15/25 | 1,984,160 | |||
2,567,500 | Verscend Holding Corp., Term B Loan, 6.145% (LIBOR + 450 bps), 8/27/25 | 2,586,985 | |||
Total Professional & Business Services | $9,242,097 | ||||
Retail - 3.4% | |||||
1,710,625 | Bass Pro Group LLC, Initial Term Loan, 6.645% (LIBOR + 500 bps), 9/25/24 | $1,709,200 | |||
2,186,710 | CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW Corp.), Term Loan, 3.4% (LIBOR + 175 bps), 10/13/26 | 2,200,836 | |||
1,875,000(b) | Dealer Tire LLC, Term Loan B1, 12/12/25 | 1,884,375 | |||
1,902,642 | Global Appliance, Inc. (aka SharkNinja Operating LLC), Tranche B Term Loan, 5.65% (LIBOR + 400 bps), 9/29/24 | 1,903,831 | |||
1,185,000 | HD Supply, Inc., Term B-5 Loan, 3.395% (LIBOR + 175 bps), 10/17/23 | 1,193,695 | |||
1,160,088 | KFC Holdings Co. (aka Yum! Brands), 2018 Term Loan B, 3.408% (LIBOR + 175 bps), 4/3/25 | 1,166,610 | |||
1,117,385 | Men's Wearhouse, Inc., Tranche B-2 Term Loan, 5.031% (LIBOR + 325 bps), 4/9/25 | 924,636 | |||
1,648,287 | Michaels Stores, Inc., 2018 New Replacement Term B Loan, 4.153% (LIBOR + 250 bps), 1/30/23 | 1,598,250 | |||
1,818,852 | PetSmart, Inc., Amended Term Loan, 5.67% (LIBOR + 400 bps), 3/11/22 | 1,817,270 | |||
Principal Amount USD ($) | Value | ||||
Retail - (continued) | |||||
990,000 | Resideo Funding, Inc., Tranche B Term Loan, 4.2% (LIBOR + 225 bps), 10/24/25 | $989,587 | |||
696,500 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, 6.281% (LIBOR + 450 bps), 9/12/24 | 686,923 | |||
Total Retail | $16,075,213 | ||||
Retailing - 0.2% | |||||
977,513(b) | IRB Holding Corp., (aka Arby's/Buffalo Wild Wings) 2020 Replacement Term B Loan 12/30/99 | $980,876 | |||
Total Retailing | $980,876 | ||||
Securities & Trusts - 0.8% | |||||
200,000 | LCPR Loan Financing LLC, Initial Term Loan, 6.676% (LIBOR + 500 bps), 10/15/26 | $203,000 | |||
2,650,000(b) | Pug LLC, Term Loan (USD) 12/30/99 | 2,648,344 | |||
978,750 | Stonepeak Lonestar Holdings LLC, Initial Term Loan, 6.336% (LIBOR + 450 bps), 10/19/26 | 966,516 | |||
Total Securities & Trusts | $3,817,860 | ||||
Telecommunications - 3.5% | |||||
3,050,000(b) | CenturyLink, Inc., Term B Loan, 3/15/27 | $3,050,000 | |||
2,277,000 | Ciena Corp., Refinancing Term Loan, 3.41% (LIBOR + 175 bps), 9/26/25 | 2,288,385 | |||
1,467,372 | Go Daddy Operating Co. LLC (GD Finance Co., Inc.), Tranche B-1 Term Loan, 3.395% (LIBOR + 175 bps), 2/15/24 | 1,471,840 | |||
2,473,981 | Level 3 Financing, Inc., Tranche B 2027 Term Loan, 3.395% (LIBOR + 175 bps), 3/1/27 | 2,475,527 | |||
4,863,753 | Sprint Communications, Inc., Initial Term Loan, 4.188% (LIBOR + 250 bps), 2/2/24 | 4,804,473 | |||
1,045,876 | Virgin Media Bristol LLC, Facility N, 4.176% (LIBOR + 250 bps), 1/31/28 | 1,048,164 | |||
731,311 | Windstream Services LLC (fka Windstream Corp.), Tranche B-6 Term Loan, 9.75% (PRIME + 500 bps), 3/29/21 | 717,066 | |||
948,360 | Windstream Services LLC (fka Windstream Corp.), Tranche B-7 Term Loan, 9.0% (PRIME + 425 bps), 2/17/24 | 904,499 | |||
Total Telecommunications | $16,759,954 | ||||
Transportation - 0.9% | |||||
1,485,000 | Envision Healthcare Corp., Initial Term Loan, 5.395% (LIBOR + 375 bps), 10/10/25 | $1,256,415 | |||
1,500,000 | Genesee & Wyoming, Inc., Initial Term Loan, 3.961% (LIBOR + 200 bps), 12/30/26 | 1,513,907 | |||
260,000(b) | Rockwood Service Corp., Term Loan B, 12/20/26 | 262,925 | |||
530,918 | Syncreon Group BV, Second Out Term Loan, 7.645% (LIBOR + 600 bps), 4/1/25 | 464,553 | |||
798,000 | Travelport Finance (Luxembourg) S.à.r.l., Initial Term Loan, 6.945% (LIBOR + 500 bps), 5/29/26 | 728,175 | |||
Total Transportation | $4,225,975 | ||||
Utilities - 2.0% | |||||
1,783,594 | APLP Holdings, Ltd. Partnership, Term Loan, 4.395% (LIBOR + 275 bps), 4/13/23 | $1,791,023 | |||
1,715,000 | Calpine Construction Finance Co., LP, Term B Loan, 3.645% (LIBOR + 200 bps), 1/15/25 | 1,720,538 | |||
1,813,354 | Compass Power Generation LLC, Tranche B-1 Term Loan, 5.145% (LIBOR + 350 bps), 12/20/24 | 1,807,970 | |||
2,578,265 | Eastern Power LLC (Eastern Covert Midco LLC) (aka TPF II LC LLC), Term Loan, 5.395% (LIBOR + 375 bps), 10/2/25 | 2,573,753 | |||
497,487 | Edgewater Generation LLC, Term Loan, 5.395% (LIBOR + 375 bps), 12/13/25 | 489,818 | |||
940,071 | Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 2018 Incremental Term Loan, 3.4% (LIBOR + 175 bps), 12/31/25 | 946,828 | |||
Total Utilities | $9,329,930 | ||||
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS | |||||
(Cost $421,656,942) | $419,847,780 | ||||
Shares | Value | ||||
COMMON STOCKS - 0.1% of Net Assets | |||||
Specialty Retail - 0.0%† | |||||
54,675^(c) | Targus Cayman SubCo., Ltd. | $65,063 | |||
Total Specialty Retail | $65,063 | ||||
Transportation Infrastructure - 0.1% | |||||
20,199(c) | Syncreon Group BV | $252,488 | |||
Total Transportation Infrastructure | $252,488 | ||||
TOTAL COMMON STOCKS | |||||
(Cost $421,771) | $317,551 | ||||
PREFERRED STOCK - 0.1% of Net Assets | |||||
Consumer Finance - 0.1% | |||||
10,902(d) | GMAC Capital Trust I, 7.695% (3 Month USD LIBOR + 579 bps), 2/15/40 | $290,538 | |||
Total Consumer Finance | $290,538 | ||||
TOTAL PREFERRED STOCK | |||||
(Cost $286,178) | $290,538 | ||||
Principal Amount USD ($) | Value | ||||
ASSET BACKED SECURITIES - 0.3% of Net Assets | |||||
667,567(a) | Hertz Fleet Lease Funding LP, Series 2016-1, Class E, 5.215% (1 Month USD LIBOR + 350 bps), 4/10/30 (144A) | $668,029 | |||
875,000(a) | Palmer Square Loan Funding, Ltd., Series 2018-1A, Class D, 5.781% (3 Month USD LIBOR + 395 bps), 4/15/26 (144A) | 839,614 | |||
TOTAL ASSET BACKED SECURITIES | |||||
(Cost $1,546,906) | $1,507,643 | ||||
COLLATERALIZED MORTGAGE OBLIGATION - 0.1% of Net Assets | |||||
625,000(a) | Morgan Stanley Capital I Trust, Series 2019-BPR, Class D, 5.676% (1 Month USD LIBOR + 400 bps), 5/15/36 (144A) | $622,644 | |||
TOTAL COLLATERALIZED MORTGAGE OBLIGATION | |||||
(Cost $625,000) | $622,644 | ||||
Principal Amount USD ($) | Value | ||||
CORPORATE BONDS - 3.0% of Net Assets | |||||
Advertising - 0.1% | |||||
340,000 | MDC Partners, Inc., 6.5%, 5/1/24 (144A) | $307,700 | |||
Total Advertising | $307,700 | ||||
Beverages - 0.1% | |||||
359,000 | Pernod Ricard SA, 4.45%, 1/15/22 (144A) | $377,189 | |||
Total Beverages | $377,189 | ||||
Chemicals - 0.1% | |||||
376,000 | Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A) | $372,240 | |||
Total Chemicals | $372,240 | ||||
Commercial Services - 0.6% | |||||
2,740,000 | Garda World Security Corp., 4.625%, 2/15/27 (144A) | $2,712,189 | |||
Total Commercial Services | $2,712,189 | ||||
Distribution & Wholesale - 0.2% | |||||
855,000 | Wolverine Escrow LLC, 8.5%, 11/15/24 (144A) | $879,222 | |||
Total Distribution & Wholesale | $879,222 | ||||
Diversified Finance Services - 0.3% | |||||
1,000,000 | Avation Capital SA, 6.5%, 5/15/21 (144A) | $1,032,500 | |||
385,000 | Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/26 (144A) | 427,523 | |||
Total Diversified Finance Services | $1,460,023 | ||||
Food - 0.2% | |||||
775,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.875%, 2/15/30 (144A) | $795,522 | |||
550,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.5%, 1/15/30 (144A) | 594,000 | |||
Total Food | $1,389,522 | ||||
Healthcare-Services - 0.1% | |||||
600,000 | CHS/Community Health Systems, Inc., 6.25%, 3/31/23 | $612,000 | |||
Total Healthcare-Services | $612,000 | ||||
Miscellaneous Manufacturers - 0.2% | |||||
794,000 | EnPro Industries, Inc., 5.75%, 10/15/26 | $837,670 | |||
Total Miscellaneous Manufacturers | $837,670 | ||||
Oil & Gas - 0.3% | |||||
485,000 | Gulfport Energy Corp., 6.625%, 5/1/23 | $329,800 | |||
947,000 | Oasis Petroleum, Inc., 6.875%, 3/15/22 | 909,120 | |||
Total Oil & Gas | $1,238,920 | ||||
Oil & Gas Services - 0.3% | |||||
1,000,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.0%, 10/1/22 | $1,001,250 | |||
1,000,000 | FTS International, Inc., 6.25%, 5/1/22 | �� 555,000 | |||
Total Oil & Gas Services | $1,556,250 | ||||
Packaging & Containers - 0.2% | |||||
1,150,000(a) | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 5.331% (3 Month USD LIBOR + 350 bps), 7/15/21 (144A) | $1,150,012 | |||
Total Packaging & Containers | $1,150,012 | ||||
Transportation - 0.3% | |||||
1,400,000(a) | Golar LNG Partners LP, 8.16% (3 Month USD LIBOR + 625 bps), 5/18/21 (144A) | $1,379,050 | |||
Total Transportation | $1,379,050 | ||||
TOTAL CORPORATE BONDS | |||||
(Cost $14,763,215) | $14,271,987 | ||||
INSURANCE-LINKED SECURITIES - 1.1% of Net Assets(e) | |||||
Event Linked Bonds - 0.1% | |||||
Multiperil - U.S. - 0.1% | |||||
300,000+(a) | Panthera Re 2018-1, 5.046% (3 Month U.S. Treasury Bill + 350 bps), 3/9/20 (144A) | $300,510 | |||
Total Event Linked Bonds | $300,510 | ||||
Face Amount USD ($) | Value | ||||
Collateralized Reinsurance - 0.1% | |||||
Multiperil - Worldwide - 0.1% | |||||
368,836+(c)(f) | Kilarney Re 2018, 4/15/20 | $186,189 | |||
12,000+(f) | Limestone Re 2016-1, 8/31/21 | 9,673 | |||
300,000+(c)(f) | Resilience Re, 4/6/20 | 30 | |||
$195,892 | |||||
Windstorm - Florida - 0.0%† | |||||
102,242+(c)(f) | Formby Re 2018, 3/31/20 | $838 | |||
300,000+(c)(f) | Formby Re 2018, 2/28/21 | 95,059 | |||
$95,897 | |||||
Total Collateralized Reinsurance | $291,789 | ||||
Reinsurance Sidecars - 0.9% | |||||
Multiperil - U.S. - 0.1% | |||||
600,000+(c)(f) | Carnoustie Re 2016, 11/30/20 | $16,200 | |||
600,000+(c)(f) | Carnoustie Re 2017, 11/30/21 | 81,510 | |||
400,000+(c)(g) | Harambee Re 2018, 12/31/21 | 26,000 | |||
400,000+(c)(g) | Harambee Re 2019, 12/31/22 | 444,200 | |||
$567,910 | |||||
Multiperil - Worldwide - 0.8% | |||||
400,000+(c)(f) | Alturas Re 2019-2, 3/10/22 | $437,480 | |||
Face Amount USD ($) | Value | ||||
Multiperil - Worldwide - (continued) | |||||
250,000+(c)(f) | Bantry Re 2016, 3/31/20 | $20,150 | |||
1,635,886+(c)(f) | Berwick Re 2018-1, 12/31/21 | 199,087 | |||
739,764+(c)(f) | Berwick Re 2019-1, 12/31/22 | 770,401 | |||
30,000+(f) | Eden Re II, 3/22/22 (144A) | 39,390 | |||
5,700+(c)(f) | Eden Re II, 3/22/23 (144A) | 18,639 | |||
500,000+(c)(f) | Eden Re II, 3/22/24 (144A) | 505,000 | |||
350,000+(f) | Gleneagles Re 2016, 11/30/20 | 10,920 | |||
12,000+(f) | Limestone Re 2018, 3/1/22 | 26,311 | |||
700,000+(c)(g) | Lorenz Re 2018, 7/1/21 | 71,050 | |||
400,000+(c)(f) | Merion Re 2018-2, 12/31/21 | 411,280 | |||
600,000+(f) | Pangaea Re 2016-1, 11/30/20 | 1,332 | |||
600,000+(c)(f) | Pangaea Re 2017-1, 11/30/21 | 9,660 | |||
600,000+(c)(f) | Pangaea Re 2018-1, 12/31/21 | 35,280 | |||
600,000+(c)(f) | Pangaea Re 2018-3, 7/1/22 | 12,446 | |||
491,548+(c)(f) | Pangaea Re 2019-1, 2/1/23 | 10,243 | |||
441,188+(c)(f) | Pangaea Re 2019-3, 7/1/23 | 429,144 | |||
486,388+(c)(f) | Pangaea Re 2020-1, 2/1/24 | 489,783 | |||
150,000+(c)(f) | Sector Re V, 12/1/23 (144A) | 103,078 | |||
100,000+(f) | Sector Re V, 12/1/24 (144A) | 101,986 | |||
600,000+(c)(f) | St. Andrews Re 2017-1, 2/1/20 | 40,680 | |||
695,194+(c)(f) | St. Andrews Re 2017-4, 6/1/20 | 68,407 | |||
253,645+(c)(f) | Woburn Re 2018, 12/31/21 | 50,780 | |||
74,914+(c)(f) | Woburn Re 2019, 12/31/22 | 77,498 | |||
$3,940,025 | |||||
Total Reinsurance Sidecars | $4,507,935 | ||||
TOTAL INSURANCE-LINKED SECURITIES | |||||
(Cost $5,664,832) | $5,100,234 | ||||
Principal Amount USD ($) | Value | ||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.8% of Net Assets | |||||
10,000,000(h) | U.S. Treasury Bills, 2/18/20 | $9,993,927 | |||
2,500,000(h) | U.S. Treasury Bills, 2/25/20 | 2,497,783 | |||
4,000,000(h) | U.S. Treasury Bills, 3/3/20 | 3,995,062 | |||
11,000,000(h) | U.S. Treasury Bills, 3/10/20 | 10,983,348 | |||
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS | |||||
(Cost $27,467,710) | $27,470,120 | ||||
Shares | Value | ||||
INVESTMENT COMPANIES - 1.4% of Net Assets | |||||
50,000 | BlackRock Floating Rate Income Strategies Fund, Inc. | $673,500 | |||
50,000 | Eaton Vance Floating-Rate Income Trust | 699,000 | |||
50,000 | First Trust Senior Floating Rate Income Fund II | 629,500 | |||
37,155 | Invesco Senior Income Trust | 158,652 | |||
211,300 | Invesco Senior Loan ETF | 4,777,493 | |||
TOTAL INVESTMENT COMPANIES | |||||
(Cost $7,138,038) | $6,938,145 | ||||
Principal Amount USD ($) | Value | ||||
TEMPORARY CASH INVESTMENTS - 3.1% of Net Assets | |||||
REPURCHASE AGREEMENTS - 3.1% | |||||
5,000,000 | $5,000,000 Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.59%, dated 1/31/20 plus accrued interest on 2/3/20 collateralized by $5,100,000 Federal National Mortgage Association, 3.0% - 4.5%, 5/20/32 - 1/20/50. | $5,000,000 | |||
5,000,000 | $5,000,000 RBC Capital Market LLC, 1.59%, dated 1/31/20 plus accrued interest on 2/3/20 collateralized by the following: $2,850,374 Freddie Mac Giant, 3.0% - 4.0%, 7/1/42 - 10/1/49 $2,250,302 Federal National Mortgage Association, 3.5% - 4.0%, 2/1/48 - 6/1/49. | 5,000,000 | |||
5,000,000 | $5,000,000 ScotiaBank, 1.58%, dated 1/31/20 plus accrued interest on 2/3/20 collateralized by the following: $3,196,558 Federal National Mortgage Association, 3.2% - 4.5%, 6/1/29 - 11/1/47 $1,922,826 U.S. Treasury Notes, 3.4%, 5/15/44. | 5,000,000 | |||
$15,000,000 | |||||
TOTAL TEMPORARY CASH INVESTMENTS | |||||
(Cost $15,000,000) | $15,000,000 | ||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 103.0% | |||||
(Cost $494,570,592) | $491,366,642 | ||||
OTHER ASSETS AND LIABILITIES - (3.0)% | $(14,179,361) | ||||
NET ASSETS - 100.0% | $477,187,281 | ||||
bps | Basis Points. |
LIBOR | London Interbank Offered Rate. |
PRIME | U.S. Federal Funds Rate. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At January 31, 2020, the value of these securities amounted to $13,226,037, or 2.8% of net assets. |
† | Amount rounds to less than 0.1%. |
* | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at January 31, 2020. |
+ | Security that used significant unobservable inputs to determine its value. |
^ | Security is valued using fair value methods (other than supplied by independent pricing services). |
(a) | Floating rate note. Coupon rate, reference index and spread shown at January 31, 2020. |
(b) | This term loan will settle after January 31, 2020, at which time the interest rate will be determined. |
(c) | Non-income producing security. |
(d) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at January 31, 2020. |
(e) | Securities are restricted as to resale. |
(f) | Issued as participation notes. |
(g) | Issued as preference shares. |
(h) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
SWAP CONTRACTS | |||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION | |||||||
Notional Amount ($)(1) | Reference Obligation/Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums Paid/ (Received) | Unrealized Appreciation | Market Value |
12,416,600 | Markit CDX North America High Yield Index Series 32 | Receive | 5.00% | 6/20/24 | $748,579 | $389,061 | $1,137,640 |
5,000,000 | Markit CDX North America Investment Grade Series 32 | Receive | 1.00% | 6/20/24 | 108,568 | 15,844 | 124,412 |
4,672,800 | Markit CDX North America High Yield Index Series 33 | Receive | 5.00% | 12/20/24 | (18,821) | 436,907 | 418,086 |
TOTAL SWAP CONTRACTS | $838,326 | $841,812 | $1,680,138 | ||||
(1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. | ||||||
(2) | Receive quarterly | ||||||
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. |
Level 1 - quoted prices in active markets for identical securities. |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments). |
The following is a summary of the inputs used as of January 31, 2020, in valuing the Fund's investments: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Senior Secured Floating Rate Loan Interests | $ | – | $ | 419,847,780 | $ | – | $ | 419,847,780 | ||||||||
Common Stocks | ||||||||||||||||
Specialty Retail | – | – | 65,063 | 65,063 | ||||||||||||
Transportation Infrastructure | – | 252,488 | – | 252,488 | ||||||||||||
Preferred Stock | 290,538 | – | – | 290,538 | ||||||||||||
Asset Backed Securities | – | 1,507,643 | – | 1,507,643 | ||||||||||||
Collateralized Mortgage Obligation | – | 622,644 | – | 622,644 | ||||||||||||
Corporate Bonds | – | 14,271,987 | – | 14,271,987 | ||||||||||||
Insurance-Linked Securities | – | – | – | – | ||||||||||||
Event Linked Bonds | ||||||||||||||||
Multiperil - U.S. | – | – | 300,510 | 300,510 | ||||||||||||
Collateralized Reinsurance | ||||||||||||||||
Multiperil - Worldwide | – | – | 195,892 | 195,892 | ||||||||||||
Windstorm - Florida | – | – | 95,897 | 95,897 | ||||||||||||
Reinsurance Sidecars | ||||||||||||||||
Multiperil - U.S. | – | – | 567,910 | 567,910 | ||||||||||||
Multiperil - Worldwide | – | – | 3,940,025 | 3,940,025 | ||||||||||||
U.S. Government and Agency Obligations | – | 27,470,120 | – | 27,470,120 | ||||||||||||
Investment Companies | 6,938,145 | – | – | 6,938,145 | ||||||||||||
Repurchase Agreements | – | 15,000,000 | – | 15,000,000 | ||||||||||||
Total Investments in Securities | $ | 7,228,683 | $ | 478,972,662 | $ | 5,165,297 | $ | 491,366,642 | ||||||||
Other Financial Instruments | ||||||||||||||||
Swap contracts, at value | $ | – | $ | 1,680,138 | $ | – | $ | 1,680,138 | ||||||||
Total Other Financial Instruments | $ | – | $ | 1,680,138 | $ | – | $ | 1,680,138 |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Common Stocks | Insurance-Linked Securities | Total | ||||||||||
Balance as of 10/31/19 | $ | 65,063 | $ | 5,478,587 | $ | 5,543,650 | ||||||
Realized gain (loss) | -- | -- | -- | |||||||||
Change in unrealized appreciation (depreciation) | 7,157 | 22,646 | 29,803 | |||||||||
Accrued discounts/premiums | -- | -- | -- | |||||||||
Purchases | -- | 1,086,388 | 1,086,388 | |||||||||
Sales | (7,157 | ) | (1,487,387 | ) | (1,494,544 | ) | ||||||
Transfers in to Level 3* | -- | -- | -- | |||||||||
Transfers out of Level 3* | -- | -- | -- | |||||||||
Balance as of 1/31/20 | $ | 65,063 | $ | 5,100,234 | $ | 5,165,297 |
* | Transfers are calculated on the beginning of period value. For the three months ended January 31, 2020, there were no transfers between Levels 1, 2 and 3. |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at January 31, 2020: $29,803.