Pioneer Floating Rate Fund | |||
Schedule of Investments | January 31, 2021 | |||
Ticker Symbols: | |||
Class A Class C Class Y | FLARX FLRCX FLYRX | ||
Schedule of Investments | 1/31/21 (unaudited)
Principal Amount USD ($) | Value | ||||
UNAFFILIATED ISSUERS - 93.7% | |||||
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 87.9% of Net Assets*(a) | |||||
Aerospace & Defense - 4.7% | |||||
629,832 | Air Canada, Replacement Term Loan, 1.879% (LIBOR + 175 bps), 10/6/23 | $622,943 | |||
845,563 | American Airlines, Inc., 2017 Class B Term Loan, 2.127% (LIBOR + 200 bps), 12/15/23 | 789,091 | |||
2,822,619 | American Airlines, Inc., 2018 Replacement Term Loan, 1.878% (LIBOR + 175 bps), 6/27/25 | 2,557,998 | |||
995,000 | Delta Air Lines, Inc., Term Loan, 5.75% (LIBOR + 475 bps), 4/29/23 | 1,007,644 | |||
975,000 | Grupo Aeroméxico, SAB de CV, DIP Tranche 1 Term Loan, 9.0% (LIBOR + 800 bps), 12/31/21 | 993,281 | |||
973,819 | Jazz Acquisition, Inc., First Lien Initial Term Loan, 4.37% (LIBOR + 425 bps), 6/19/26 | 927,563 | |||
390,000 | JetBlue Airways Corp., Term Loan, 6.25% (LIBOR + 525 bps), 6/17/24 | 404,527 | |||
1,296,750 | MAG DS Corp., Initial Term Loan, 6.5% (LIBOR + 550 bps), 4/1/27 | 1,241,638 | |||
500,000 | Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 6.25% (LIBOR + 525 bps), 6/21/27 | 533,889 | |||
1,688,750 | Peraton Corp., First Lien Initial Term Loan, 6.25% (LIBOR + 525 bps), 4/29/24 | 1,688,750 | |||
260,000 | SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 4.75% (LIBOR + 375 bps), 10/20/27 | 273,179 | |||
600,000 | Spirit Aerosystems, Inc. (fka Mid-Western Aircraft Systems, Inc and Onex Wind Finance LP), Initial Term Loan, 6.0% (LIBOR + 525 bps), 1/15/25 | 609,000 | |||
598,282 | United AirLines, Inc., Refinanced Term Loan, 1.895% (LIBOR + 175 bps), 4/1/24 | 588,667 | |||
2,298,407 | WP CPP Holdings LLC, First Lien Initial Term Loan, 4.75% (LIBOR + 375 bps), 4/30/25 | 2,217,005 | |||
Total Aerospace & Defense | $14,455,175 | ||||
Automobile - 4.7% | |||||
1,021,303 | American Axle & Manufacturing, Inc., Tranche B Term Loan, 3.0% (LIBOR + 225 bps), 4/6/24 | $1,019,005 | |||
856,264 | Commercial Vehicle Group, Inc. (CVG), Initial Term Loan, 7.0% (LIBOR + 600 bps), 4/12/23 | 843,420 | |||
562,754 | Dana, Inc., 2018 New Term Loan B Advance, 2.371% (LIBOR + 225 bps), 2/27/26 | 560,878 | |||
188,176 | Goodyear Tire & Rubber Co., Second Lien Term Loan, 2.13% (LIBOR + 200 bps), 3/3/25 | 186,960 | |||
916,667 | Highline Aftermarket Acquisition LLC, First Lien Term Loan, 5.25% (LIBOR + 450 bps), 11/9/27 | 917,813 | |||
1,339,620 | IXS Holdings, Inc., Initial Term Loan, 5.25% (LIBOR + 425 bps), 3/5/27 | 1,348,551 | |||
1,000,000 | Mavis Tire Express Services Corp., First Lien Term B-2 Loan, 5.0% (LIBOR + 400 bps), 3/20/25 | 1,006,667 | |||
2,341,528 | Navistar, Inc., Tranche B Term Loan, 3.63% (LIBOR + 350 bps), 11/6/24 | 2,340,065 | |||
686,913 | Superior Industries International, Inc., Replacement Term Loan, 4.121% (LIBOR + 400 bps), 5/22/24 | 681,761 | |||
1,970,640 | Thor Industries, Inc., Initial USD Term Loan, 3.938% (LIBOR + 375 bps), 2/1/26 | 1,977,105 | |||
2,103,888 | TI Group Automotive Systems LLC, Initial US Term Loan, 4.5% (LIBOR + 375 bps), 12/16/24 | 2,108,711 | |||
1,207,917 | Visteon Corp., New Term Loan, 1.887% (LIBOR + 175 bps), 3/25/24 | 1,199,863 | |||
171,849 | Wabash National Corp., Initial Term Loan, 4.0% (LIBOR + 325 bps), 9/28/27 | 171,849 | |||
Total Automobile | $14,362,648 | ||||
Banking - 0.9% | |||||
987,500 | Azalea TopCo, Inc., First Lien Initial Term Loan, 3.711% (LIBOR + 350 bps), 7/24/26 | $988,117 | |||
627,293 | EWT Holdings III Corp. (fka WTG Holdings III Corp.), Refinancing 2020 First Lien Term Loan, 2.621% (LIBOR + 250 bps), 12/20/24 | 629,776 | |||
1,286,558 | Nouryon Finance BV (aka AkzoNobel), Initial Dollar Term Loan, 3.129% (LIBOR + 300 bps), 10/1/25 | 1,284,414 | |||
Total Banking | $2,902,307 | ||||
Beverage, Food & Tobacco - 0.3% | |||||
1,031,357 | JBS USA Lux SA (fka JBS USA LLC), New Term Loan, 2.121% (LIBOR + 200 bps), 5/1/26 | $1,032,646 | |||
Total Beverage, Food & Tobacco | $1,032,646 | ||||
Beverage, Food and Tobacco - 0.2% | |||||
500,000 | Arterra Wines Canada, Inc. (fka 9941762 Canada, Inc.), Initial Tranche B-1 Term Loan, 4.25% (LIBOR + 350 bps), 11/24/27 | $503,594 | |||
Total Beverage, Food and Tobacco | $503,594 | ||||
Broadcasting & Entertainment - 2.1% | |||||
1,337,349 | Charter Communications Operating LLC (aka CCO Safari LLC), Term B-2 Loan, 1.88% (LIBOR + 175 bps), 2/1/27 | $1,337,349 | |||
487,519 | Creative Artists Agency LLC, Closing Date Term Loan, 3.871% (LIBOR + 375 bps), 11/27/26 | 484,980 | |||
1,581,456 | Gray Television, Inc., Term B-2 Loan, 2.394% (LIBOR + 225 bps), 2/7/24 | 1,578,689 | |||
528,021 | Gray Television, Inc., Term C Loan, 2.644% (LIBOR + 250 bps), 1/2/26 | 528,351 | |||
1,785,783 | Sinclair Television Group, Inc., Tranche B Term Loan, 2.38% (LIBOR + 225 bps), 1/3/24 | 1,779,979 | |||
814,688 | Sinclair Television Group, Inc., Tranche B-2b Term Loan, 2.63% (LIBOR + 250 bps), 9/30/26 | 814,433 | |||
Total Broadcasting & Entertainment | $6,523,781 | ||||
Building Materials - 1.4% | |||||
1,616,578 | Circor International, Inc., New Term Loan, 4.25% (LIBOR + 325 bps), 12/11/24 | $1,599,065 | |||
580,699 | CPG International LLC (fka CPG International, Inc.), New Term Loan, 4.75% (LIBOR + 375 bps), 5/5/24 | 582,272 | |||
2,219,500 | WKI Holding Co., Inc. (aka World Kitchen), Initial Term Loan, 5.0% (LIBOR + 400 bps), 5/1/24 | 2,225,049 | |||
Total Building Materials | $4,406,386 | ||||
Buildings & Real Estate - 2.3% | |||||
992,292 | C.H.I. Overhead Doors, Inc., First Lien Third Amendment Initial Term Loan, 4.5% (LIBOR + 350 bps), 7/31/25 | $1,000,974 | |||
900,000 | PAE, Inc., First Lien Initial Term Loan, 5.25% (LIBOR + 450 bps), 10/19/27 | 907,875 | |||
992,366 | Ply Gem Midco, Inc., Initial Term Loan, 3.876% (LIBOR + 375 bps), 4/12/25 | 996,088 | |||
1,331,818 | VICI Properties 1 LLC, Term B Loan, 1.879% (LIBOR + 175 bps), 12/20/24 | 1,325,714 | |||
2,920,475 | WireCo WorldGroup, Inc. (WireCo WorldGroup Finance LP), First Lien Initial Term Loan, 6.0% (LIBOR + 500 bps), 9/29/23 | 2,871,800 | |||
Total Buildings & Real Estate | $7,102,451 | ||||
Chemicals, Plastics & Rubber - 3.3% | |||||
554,695 | Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems US Holdings, Inc.), Term B-3 Dollar Loan, 2.004% (LIBOR + 175 bps), 6/1/24 | $553,863 | |||
Principal Amount USD ($) | Value | ||||
Chemicals, Plastics & Rubber - (continued) | |||||
1,395,425 | Core & Main LP, Initial Term Loan, 3.75% (LIBOR + 275 bps), 8/1/24 | $1,396,298 | |||
500,000 | CPC Acquisition Corp., First Lien Initial Term Loan, 4.5% (LIBOR + 375 bps), 12/29/27 | 501,875 | |||
219,450 | Emerald Performance Materials LLC, Initial Term Loan, 5.0% (LIBOR + 400 bps), 8/12/25 | 220,410 | |||
1,750,000 | Gemini HDPE LLC, 2027 Advance, 3.5% (LIBOR + 300 bps), 12/31/27 | 1,741,250 | |||
994,950 | Hexion, Inc., USD Term Loan, 3.74% (LIBOR + 350 bps), 7/1/26 | 998,059 | |||
600,000(b) | Ineos US Petrochem LLC, Term Loan B, 1/21/26 | 602,813 | |||
357,300 | Innophos Holdings, Inc., Initial Term Loan, 3.621% (LIBOR + 350 bps), 2/5/27 | 358,193 | |||
405,089 | Pactiv Evergreen, Inc., Tranche B-1 US Term Loan, 2.871% (LIBOR + 275 bps), 2/5/23 | 405,704 | |||
825,000 | Pactiv Evergreen, Inc., Tranche B-2 US Term Loan, 3.371% (LIBOR + 325 bps), 2/5/26 | 825,774 | |||
500,000 | Tank Holding Corp., First Lien 2020 Incremental Term Loan, 5.75% (LIBOR + 500 bps), 3/26/26 | 504,166 | |||
246,875 | Tank Holding Corp., First Lien 2020 Refinancing Term Loan, 3.371% (LIBOR + 325 bps/PRIME + 225 bps), 3/26/26 | 244,509 | |||
1,875,481 | Tronox Finance LLC, First Lien Initial Dollar Term Loan, 3.183% (LIBOR + 300 bps), 9/23/24 | 1,878,495 | |||
Total Chemicals, Plastics & Rubber | $10,231,409 | ||||
Computers & Electronics - 2.7% | |||||
992,500 | AI Convoy (Luxembourg) S.a.r.l., Facility B, 4.5% (LIBOR + 350 bps), 1/18/27 | $995,136 | |||
675,113 | Cornerstone OnDemand, Inc., Term Loan, 4.379% (LIBOR + 425 bps), 4/22/27 | 679,839 | |||
275,000 | ECi Macola/MAX Holding LLC (ECI Software Solution, Inc.), First Lien Initial Term Loan, 4.5% (LIBOR + 375 bps), 11/9/27 | 276,856 | |||
96,875(b) | Endurance International Group, Inc., Delayed Term Loan, 1/27/28 | 96,875 | |||
403,125(b) | Endurance International Group, Inc., Term Loan, 1/27/28 | 403,125 | |||
1,130,844 | Energy Acquisition LP (aka Electrical Components International), First Lien Initial Term Loan, 4.371% (LIBOR + 425 bps), 6/26/25 | 1,107,755 | |||
1,000,000 | LogMeIn, Inc., First Lien Initial Term Loan, 4.881% (LIBOR + 475 bps), 8/31/27 | 1,000,156 | |||
900,000 | Netsmart, Inc., First Lien Initial Term Loan, 4.75% (LIBOR + 400 bps), 10/1/27 | 905,906 | |||
1,251,250 | Pitney Bowes, Inc., Incremental Tranche B Term Loan, 5.63% (LIBOR + 550 bps), 1/7/25 | 1,250,208 | |||
1,500,320 | Ultra Clean Holdings, Inc., Term B Loan, 4.621% (LIBOR + 450 bps), 8/27/25 | 1,492,819 | |||
Total Computers & Electronics | $8,208,675 | ||||
Construction & Building - 0.9% | |||||
750,000 | CP Atlas Buyer, Inc. (aka American Bath), Initial Tranche B-1 Term Loan, 5.25% (LIBOR + 450 bps), 11/23/27 | $751,406 | |||
250,000 | CP Atlas Buyer, Inc. (aka American Bath), Initial Tranche B-2 Term Loan, 5.25% (LIBOR + 450 bps), 11/23/27 | 251,537 | |||
100,000(b) | LBM Acquisition LLC, First Lien Initial Delayed Draw Term Loan, 12/17/27 | 100,344 | |||
450,000(b) | LBM Acquisition LLC, First Lien Initial Term Loan, 12/17/27 | 451,547 | |||
1,250,000 | Potters Industries LLC, Initial Term Loan, 4.75% (LIBOR + 400 bps), 12/14/27 | 1,254,687 | |||
Total Construction & Building | $2,809,521 | ||||
Consumer Nondurables - 0.5% | |||||
1,485,000 | Sunshine Luxembourg VII S.a.r.L., Facility B1, 5.0% (LIBOR + 400 bps), 10/1/26 | $1,491,265 | |||
Total Consumer Nondurables | $1,491,265 | ||||
Containers, Packaging & Glass - 1.2% | |||||
602,492 | Graham Packaging Co., Inc., Initial Term Loan, 4.5% (LIBOR + 375 bps), 8/4/27 | $605,672 | |||
991,179 | Plastipak Holdings, Inc., Tranche B Term Loan, 2.63% (LIBOR + 250 bps), 10/14/24 | 992,949 | |||
1,000,000 | Pregis TopCo LLC, First Lien Incremental Amendment No. 2 Term Loan, 5.0% (LIBOR + 425 bps), 7/31/26 | 1,007,500 | |||
994,975 | Pregis TopCo LLC, First Lien Initial Term Loan, 3.871% (LIBOR + 375 bps), 7/31/26 | 999,016 | |||
Total Containers, Packaging & Glass | $3,605,137 | ||||
Diversified & Conglomerate Manufacturing - 1.6% | |||||
2,895,713 | Garda World Security Corp., Initial Term Loan, 4.99% (LIBOR + 475 bps), 10/30/26 | $2,906,572 | |||
1,868,421 | Pelican Products, Inc., First Lien Term Loan, 4.5% (LIBOR + 350 bps), 5/1/25 | 1,859,079 | |||
Total Diversified & Conglomerate Manufacturing | $4,765,651 | ||||
Diversified & Conglomerate Service - 7.1% | |||||
1,936,330 | Albany Molecular Research, Inc., First Lien Initial Term Loan, 4.25% (LIBOR + 325 bps), 8/30/24 | $1,945,205 | |||
1,492,462 | Allied Universal Holdco LLC (fka USAGM Holdco LLC), Initial Term Loan, 4.371% (LIBOR + 425 bps), 7/10/26 | 1,494,950 | |||
1,000,000 | Camelot US Acquisition 1 Co. (aka Thomson Reuters Intellectual Property & Science), Amendment No. 2 Incremental Term Loan, 4.0% (LIBOR + 300 bps), 10/30/26 | 1,005,625 | |||
2,132,581 | CB Poly Investments LLC, First Lien Closing Date Term Loan, 5.5% (LIBOR + 450 bps), 8/16/23 | 2,025,952 | |||
460,891 | Change Healthcare Holdings LLC, Closing Date Term Loan, 3.5% (LIBOR + 250 bps), 3/1/24 | 462,140 | |||
1,509,023 | DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings LLC), First Lien Initial Term Loan, 3.75% (LIBOR + 300 bps), 2/3/25 | 1,513,739 | |||
2,266,163 | DTI Holdco, Inc., Replacement B-1 Term Loan, 5.75% (LIBOR + 475 bps), 9/29/23 | 2,150,588 | |||
2,445,557 | First Brands Group LLC, First Lien Tranche B-3 Term Loan, 8.5% (LIBOR + 750 bps), 2/2/24 | 2,489,117 | |||
957,190 | GHX Ultimate Parent Corp., First Lien Initial Term Loan, 4.25% (LIBOR + 325 bps), 6/28/24 | 958,386 | |||
410,614 | Intrado Corp., Incremental Term B-1 Loan, 4.5% (LIBOR + 350 bps), 10/10/24 | 401,546 | |||
1,279,917 | Intrado Corp., Initial Term B Loan, 5.0% (LIBOR + 400 bps), 10/10/24 | 1,260,718 | |||
977,387 | Mitchell International, Inc., First Lien Initial Term Loan, 3.371% (LIBOR + 325 bps), 11/29/24 | 967,002 | |||
1,000,000 | Ozark Holdings LLC (aka Royal Oak), 2020 Refinancing Term Loan, 4.75% (LIBOR + 400 bps), 12/16/27 | 1,005,312 | |||
997,442 | Sound Inpatient Physicians, Inc., First Lien Initial Term Loan, 2.871% (LIBOR + 275 bps), 6/27/25 | 998,689 | |||
500,000 | Sound Inpatient Physicians, Inc., Second Lien Initial Term Loan, 6.871% (LIBOR + 675 bps), 6/26/26 | 502,917 | |||
Principal Amount USD ($) | Value | ||||
Diversified & Conglomerate Service - (continued) | |||||
2,887,500 | Team Health Holdings, Inc., Initial Term Loan, 3.75% (LIBOR + 275 bps), 2/6/24 | $2,708,836 | |||
Total Diversified & Conglomerate Service | $21,890,722 | ||||
Electric & Electrical - 1.1% | |||||
3,399,741 | Rackspace Technology Global, Inc., First Lien Term B Loan, 4.0% (LIBOR + 300 bps), 11/3/23 | $3,405,881 | |||
Total Electric & Electrical | $3,405,881 | ||||
Electronics - 0.8% | |||||
2,567,547 | Scientific Games International, Inc., Initial Term B-5 Loan, 2.871% (LIBOR + 275 bps), 8/14/24 | $2,534,852 | |||
Total Electronics | $2,534,852 | ||||
Entertainment & Leisure - 0.3% | |||||
746,250 | Carnival Corp., Initial Advance, 8.5% (LIBOR + 750 bps), 6/30/25 | $771,809 | |||
Total Entertainment & Leisure | $771,809 | ||||
Environmental Services - 0.4% | |||||
1,173,534 | GFL Environmental, Inc., 2020 Refinancing Term Loan, 3.5% (LIBOR + 300 bps), 5/30/25 | $1,180,554 | |||
Total Environmental Services | $1,180,554 | ||||
Finance - 0.8% | |||||
1,835,000 | Bank of Industry, Ltd., 12/11/27 | $1,820,504 | |||
500,000(b) | Citadel Securities LP, Term Loan B, 2/29/28 | 497,500 | |||
Total Finance | $2,318,004 | ||||
Financial Services - 2.5% | |||||
1,852,500 | Blackhawk Network Holdings, Inc., First Lien Term Loan, 3.121% (LIBOR + 300 bps), 6/15/25 | $1,831,081 | |||
796,000 | Cardtronics USA, Inc., Initial Term Loan, 5.0% (LIBOR + 400 bps), 6/29/27 | 798,985 | |||
592,677 | EFS Cogen Holdings I LLC, Term Loan B Advance, 4.5% (LIBOR + 350 bps), 10/1/27 | 592,995 | |||
1,830,441 | Everi Payments, Inc., Term B Loan, 3.75% (LIBOR + 275 bps), 5/9/24 | 1,832,401 | |||
2,475,651 | Vistra Group Holdings (BVI) II, Ltd., First Lien 2020 Dollar Term Loan, 4.75% (LIBOR + 375 bps), 10/27/25 | 2,483,774 | |||
Total Financial Services | $7,539,236 | ||||
Food and Beverage - 0.6% | |||||
1,750,000 | Woof Holdings, Inc. (aka WellPet), First Lien Initial Term Loan, 4.5% (LIBOR + 375 bps), 12/21/27 | $1,760,938 | |||
Total Food and Beverage | $1,760,938 | ||||
Forest Products - 0.9% | |||||
1,047,375 | Chobani LLC, 2020 New Term Loan, 4.5% (LIBOR + 350 bps), 10/25/27 | $1,053,528 | |||
1,697,365 | ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan, 5.0% (LIBOR + 400 bps), 11/3/25 | 1,707,266 | |||
Total Forest Products | $2,760,794 | ||||
Healthcare - 1.0% | |||||
1,000,000 | ADMI Corp. (aka Aspen Dental), Amendment No. 3 Incremental Term Loan, 4.75% (LIBOR + 400 bps), 12/23/27 | $1,010,312 | |||
1,200,000 | Sotera Health Holdings LLC, First Lien Refinancing Term Loan, 3.25% (LIBOR + 275 bps), 12/11/26 | 1,201,500 | |||
1,000,000(b) | US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Initial Term Loan, 12/15/27 | 1,007,812 | |||
Total Healthcare | $3,219,624 | ||||
Healthcare & Pharmaceuticals - 4.1% | |||||
1,080,536 | Alkermes, Inc., 2023 Term Loan, 2.38% (LIBOR + 225 bps), 3/27/23 | $1,080,536 | |||
2,442,938 | Alphabet Holding Co., Inc. (aka Nature’s Bounty), First Lien Initial Term Loan, 3.621% (LIBOR + 350 bps), 9/26/24 | 2,443,509 | |||
987,500 | Curium BidCo S.a.r.l., Facility B, 4.004% (LIBOR + 375 bps), 7/9/26 | 981,328 | |||
1,745,333 | Endo Luxembourg Finance Co. I S.a r.l., Initial Term Loan, 5.0% (LIBOR + 425 bps), 4/29/24 | 1,739,879 | |||
2,336,533 | Kindred Healthcare LLC, Closing Date Term Loan, 5.125% (LIBOR + 500 bps), 7/2/25 | 2,342,375 | |||
662,506 | Loire UK Midco 3, Ltd., Facility B, 3.121% (LIBOR + 300 bps), 4/21/27 | 661,954 | |||
1,417,308 | NMN Holdings III Corp., First Lien Closing Date Term Loan, 3.621% (LIBOR + 350 bps), 11/13/25 | 1,411,993 | |||
303,764 | NMN Holdings III Corp., First Lien Delayed Draw Term Loan, 3.621% (LIBOR + 350 bps), 11/13/25 | 302,625 | |||
1,488,750 | Upstream Newco, Inc., First Lien Initial Term Loan, 4.621% (LIBOR + 450 bps), 11/20/26 | 1,451,531 | |||
Total Healthcare & Pharmaceuticals | $12,415,730 | ||||
Healthcare, Education & Childcare - 4.4% | |||||
633,728 | Alliance HealthCare Services, Inc., First Lien Initial Term Loan, 5.5% (LIBOR + 450 bps), 10/24/23 | $580,917 | |||
512,746 | Alliance HealthCare Services, Inc., Second Lien Initial Term Loan, 12.0% (LIBOR + 1,100 bps), 4/24/24 | 240,990 | |||
754,711 | ATI Holdings Acquisition, Inc., First Lien Initial Term Loan, 4.5% (LIBOR + 350 bps), 5/10/23 | 752,038 | |||
750,000 | Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals International, Inc.), First Incremental Term Loan, 2.877% (LIBOR + 275 bps), 11/27/25 | 750,803 | |||
1,187,049 | Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals International, Inc.), Initial Term Loan, 3.121% (LIBOR + 300 bps), 6/2/25 | 1,190,982 | |||
450,000 | CNT Holdings I Corp., First Lien Initial Term Loan, 4.5% (LIBOR + 375 bps), 11/8/27 | 453,551 | |||
742,500 | FC Compassus LLC, Initial Term Loan, 6.0% (LIBOR + 500 bps), 12/31/26 | 740,025 | |||
1,620,503 | Gentiva Health Services, Inc., First LienTerm B Loan, 3.375% (LIBOR + 325 bps), 7/2/25 | 1,624,049 | |||
2,465,868 | KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare), Term B-3 Loan, 4.75% (LIBOR + 375 bps), 2/21/25 | 2,400,370 | |||
613,384 | LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.), First Lien Term B Loan, 3.871% (LIBOR + 375 bps), 11/16/25 | 613,808 | |||
1,000,000 | Milano Acquisition Corp., First Lien Term B Loan, 4.75% (LIBOR + 400 bps), 10/1/27 | 1,003,750 | |||
750,000 | Phoenix Guarantor, Inc. (aka Brightspring), First Lien Tranche B-2 Term Loan, 4.25% (LIBOR + 375 bps), 3/5/26 | 754,031 | |||
Principal Amount USD ($) | Value | ||||
Healthcare, Education & Childcare - (continued) | |||||
909,672 | Quorum Health Corp., Term Loan, 9.25% (LIBOR + 825 bps), 4/29/25 | $922,937 | |||
1,481,250 | U.S. Renal Care, Inc., Initial Term Loan, 5.125% (LIBOR + 500 bps), 6/26/26 | 1,485,879 | |||
Total Healthcare, Education & Childcare | $13,514,130 | ||||
Home Furnishings - 0.2% | |||||
500,000 | Weber-Stephen Products LLC, Initial Term B Loan, 4.0% (LIBOR + 325 bps), 10/30/27 | $502,500 | |||
Total Home Furnishings | $502,500 | ||||
Hotel, Gaming & Leisure - 3.4% | |||||
823,098 | 1011778 B.C. Unlimited Liability Co. (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1.871% (LIBOR + 175 bps), 11/19/26 | $818,571 | |||
684,930 | Boyd Gaming Corp., Refinancing Term B Loan, 2.342% (LIBOR + 225 bps), 9/15/23 | 683,693 | |||
1,488,491 | Caesars Resort Collection LLC, Term B Loan, 2.871% (LIBOR + 275 bps), 12/23/24 | 1,473,353 | |||
997,500 | Caesars Resort Collection LLC, Term B-1 Loan, 4.621% (LIBOR + 450 bps), 7/21/25 | 999,103 | |||
568,904 | Flutter Entertainment Plc, USD Term Loan, 3.754% (LIBOR + 350 bps), 7/10/25 | 571,525 | |||
1,983,214 | Golden Nugget, Inc. (aka Landry’s, Inc.), Initial B Term Loan, 3.25% (LIBOR + 250 bps), 10/4/23 | 1,948,508 | |||
1,179,090 | Marriott Ownership Resorts, Inc., 2019 Refinancing Term Loan, 1.871% (LIBOR + 175 bps), 8/29/25 | 1,172,089 | |||
1,308,306 | Penn National Gaming, Inc., Term B-1 Facility Loan, 3.0% (LIBOR + 225 bps), 10/15/25 | 1,305,943 | |||
1,398,649 | Spectacle Gary Holdings LLC, Closing Date Term Loan, 11.0% (LIBOR + 900 bps), 12/23/25 | 1,423,999 | |||
101,351 | Spectacle Gary Holdings LLC, Delayed Draw Term Loan, 11.0% (LIBOR + 900 bps), 12/23/25 | 103,188 | |||
Total Hotel, Gaming & Leisure | $10,499,972 | ||||
Insurance - 2.8% | |||||
447,750 | AqGen Ascensus, Inc., First Lien Seventh Amendment Replacement Term Loan, 5.0% (LIBOR + 400 bps), 12/3/26 | $450,269 | |||
1,826,682 | Asurion LLC (fka Asurion Corp.), New B-7 Term Loan, 3.121% (LIBOR + 300 bps), 11/3/24 | 1,822,442 | |||
1,540,265 | Confie Seguros Holding II Co., Term B Loan, 5.75% (LIBOR + 475 bps), 4/19/22 | 1,524,862 | |||
1,379,704 | Integro Parent, Inc., First Lien Initial Term Loan, 6.75% (LIBOR + 575 bps), 10/31/22 | 1,345,212 | |||
727,019 | MPH Acquisition Holdings LLC, Initial Term Loan, 3.75% (LIBOR + 275 bps), 6/7/23 | 727,473 | |||
748,125 | Navicure, Inc., First Lien 2020 Incremental Term Loan, 4.75% (LIBOR + 400 bps), 10/22/26 | 751,866 | |||
985,000 | Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2019 Term Loan, 4.121% (LIBOR + 400 bps), 9/3/26 | 989,105 | |||
848,480 | USI, Inc. (fka Compass Investors, Inc.), 2017 New Term Loan, 3.254% (LIBOR + 300 bps), 5/16/24 | 843,707 | |||
Total Insurance | $8,454,936 | ||||
Leasing - 1.3% | |||||
1,254,600 | Avolon TLB Borrower 1 (US) LLC, Term B-4 Loan, 2.25% (LIBOR + 150 bps), 2/12/27 | $1,250,286 | |||
812,687 | Fly Funding II S.a.r.l., Replacement Term Loan, 2.0% (LIBOR + 175 bps), 8/11/25 | 782,042 | |||
592,500 | Fly Funding II S.a.r.l., Term Loan B, 7.0% (LIBOR + 600 bps), 10/8/25 | 593,241 | |||
1,512,238 | IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche B-1 Term Loan, 3.986% (LIBOR + 375 bps), 9/11/23 | 1,513,497 | |||
Total Leasing | $4,139,066 | ||||
Leisure & Entertainment - 0.9% | |||||
1,000,000(b) | AMC Entertainment Holdings, Inc. (fka AMC Entertainment, Inc.), Term B-1 Loan, 4/22/26 | $837,222 | |||
1,487,659 | Fitness International LLC, Term B Loan, 4.25% (LIBOR + 325 bps), 4/18/25 | 1,341,062 | |||
500,000 | Sabre GLBL, Inc., 2020 Other Term B Loan, 4.75% (LIBOR + 400 bps), 12/17/27 | 505,937 | |||
Total Leisure & Entertainment | $2,684,221 | ||||
Machinery - 2.3% | |||||
731,590 | Blount International, Inc., New Refinancing Term Loan, 4.75% (LIBOR + 375 bps), 4/12/23 | $732,962 | |||
1,702,857 | CTC AcquiCo GmbH, Facility B2, 2.871% (LIBOR + 275 bps), 3/7/25 | 1,663,833 | |||
2,227,498 | MHI Holdings LLC, Initial Term Loan, 5.121% (LIBOR + 500 bps), 9/21/26 | 2,242,812 | |||
62,609 | NN, Inc., Tranche B Term Loan, 6.5% (LIBOR + 575 bps), 10/19/22 | 62,583 | |||
347,836 | Terex Corp., Incremental US Term Loan, 2.75% (LIBOR + 200 bps), 1/31/24 | 347,944 | |||
1,946,741 | Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B Loan, 2.621% (LIBOR + 250 bps), 10/23/25 | 1,864,005 | |||
Total Machinery | $6,914,139 | ||||
Media - 2.1% | |||||
2,974,645 | Altice France SA, USD TLB-13 Incremental Term Loan, 4.127% (LIBOR + 400 bps), 8/14/26 | $2,981,618 | |||
2,576,327 | CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), October 2018 Incremental Term Loan, 2.377% (LIBOR + 225 bps), 1/15/26 | 2,568,276 | |||
1,015,000 | Ziggo Financing Partnership, Term Loan I Facility, 2.627% (LIBOR + 250 bps), 4/30/28 | 1,011,828 | |||
Total Media | $6,561,722 | ||||
Metals & Mining - 1.3% | |||||
994,820 | Atkore International, Inc., First Lien Initial Incremental Term Loan, 3.75% (LIBOR + 275 bps), 12/22/23 | $999,173 | |||
2,203,613 | Phoenix Services International LLC, Term B Loan, 4.75% (LIBOR + 375 bps), 3/1/25 | 2,200,858 | |||
743,548 | TMS International Corp. (aka Tube City IMS Corp.), Term B-2 Loan, 3.75% (LIBOR + 275 bps), 8/14/24 | 745,175 | |||
Total Metals & Mining | $3,945,206 | ||||
Oil & Gas - 2.3% | |||||
1,960,000 | Centurion Pipeline Co. LLC (fka Lotus Midstream LLC), Initial Term Loan, 3.371% (LIBOR + 325 bps), 9/29/25 | $1,957,550 | |||
2,514 | Delek US Holdings, Inc., Initial Term Loan, 2.371% (LIBOR + 225 bps), 3/31/25 | 2,468 | |||
1,344,063 | NorthRiver Midstream Finance LP, Initial Term B Loan, 3.488% (LIBOR + 325 bps), 10/1/25 | 1,343,895 | |||
423,349 | Summit Midstream Partners Holdings LLC, Term Loan Credit Facility, 5/13/22 | 95,253 | |||
3,713,817 | Traverse Midstream Partners LLC, Advance Term Loan, 6.5% (LIBOR + 550 bps), 9/27/24 | 3,658,110 | |||
Total Oil & Gas | $7,057,276 | ||||
Principal Amount USD ($) | Value | ||||
Personal and Non Durable Consumer Products (Mfg. Only) - 0.6% | |||||
850,000(b) | Kronos Acquisition Holdings, 12/17/26 | $856,375 | |||
850,000(b) | Kronos Acquisition Holdings, Inc., Cov-Lite TLB, 12/22/26 | 850,425 | |||
Total Personal and Non Durable Consumer Products (Mfg. Only) | $1,706,800 | ||||
Personal, Food & Miscellaneous Services - 2.1% | |||||
967,564 | IRB Holding Corp. (aka Arby’s/Buffalo Wild Wings), 2020 Replacement Term B Loan, 3.75% (LIBOR + 275 bps), 2/5/25 | $968,017 | |||
2,722,500 | Option Care Health, Inc., Term B Loan, 3.871% (LIBOR + 375 bps), 8/6/26 | 2,737,814 | |||
2,800,479 | Parfums Holding Co., Inc., First Lien Initial Term Loan, 4.233% (LIBOR + 400 bps), 6/30/24 | 2,809,813 | |||
Total Personal, Food & Miscellaneous Services | $6,515,644 | ||||
Personal, Food and Miscellaneous Services - 0.1% | |||||
300,000 | IRB Holding Corp. (aka Arby’s/Buffalo Wild Wings), Fourth Amendment Incremental Term Loan, 4.25% (LIBOR + 325 bps), 12/15/27 | $302,000 | |||
Total Personal, Food and Miscellaneous Services | $302,000 | ||||
Printing & Publishing - 0.7% | |||||
1,240,625 | Nielsen Finance LLC, Dollar Term B-5 Loan, 4.75% (LIBOR + 375 bps), 6/4/25 | $1,252,644 | |||
753,303 | Trader Corp., First Lien 2017 Refinancing Term Loan, 4.0% (LIBOR + 300 bps), 9/28/23 | 752,361 | |||
Total Printing & Publishing | $2,005,005 | ||||
Professional & Business Services - 4.5% | |||||
541,993 | Alion Science & Technology Corp., First Lien Replacement Term Loan, 6.0% (PRIME + 275 bps), 7/23/24 | $545,154 | |||
1,400,000 | Amentum Government Services Holdings LLC, First Lien Tranche 2 Term Loan, 5.5% (LIBOR + 475 bps), 1/29/27 | 1,408,750 | |||
990,000 | APi Group DE, Inc., Initial Term Loan, 2.621% (LIBOR + 250 bps), 10/1/26 | 994,331 | |||
992,424 | athenahealth, Inc., First Lien Term B Loan, 4.633% (LIBOR + 450 bps), 2/11/26 | 996,973 | |||
1,000,000 | Avantor Funding, Inc., Incremental B-4 Dollar Term Loan, 3.5% (LIBOR + 250 bps), 11/8/27 | 1,007,292 | |||
1,979,962 | Clear Channel Outdoor Holdings, Inc., Term B Loan, 3.711% (LIBOR + 350 bps), 8/21/26 | 1,932,113 | |||
974,108 | Elanco Animal Health, Inc., Term Loan, 1.894% (LIBOR + 175 bps), 8/1/27 | 973,093 | |||
333,333(b) | First Advantage Holdings LLC, First Lien Term B-1 Loan, 1/31/27 | 333,021 | |||
208,333 | PPD, Inc., Initial Term Loan, 2.75% (LIBOR + 225 bps), 1/13/28 | 209,391 | |||
1,259,716 | Pre-Paid Legal Services, Inc. (aka LegalShield), First Lien Initial Term Loan, 3.371% (LIBOR + 325 bps), 5/1/25 | 1,260,372 | |||
249,375(b) | Pre-Paid Legal Services, Inc. (aka LegalShield), First Lien New Term Loan, 5/1/25 | 251,869 | |||
961,727 | SIWF Holdings, Inc. (aka Spring Window Fashions), First Lien Initial Term Loan, 4.371% (LIBOR + 425 bps), 6/15/25 | 957,821 | |||
373,125 | STG-Fairway Holdings LLC, First Lien Term Facility, 3.371% (LIBOR + 325 bps), 1/31/27 | 373,591 | |||
615,000 | Tosca Services LLC, First Lien Term Loan, 5.25% (LIBOR + 425 bps), 8/18/27 | 618,844 | |||
1,794,589 | Verscend Holding Corp., Term B Loan, 4.621% (LIBOR + 450 bps), 8/27/25 | 1,799,075 | |||
Total Professional & Business Services | $13,661,690 | ||||
Retail - 3.8% | |||||
2,188,010 | Bass Pro Group LLC, Initial Term Loan, 5.75% (LIBOR + 500 bps), 9/25/24 | $2,194,261 | |||
500,000(b) | CBI Buyer, Inc., Term Loan, 1/6/28 | 500,000 | |||
1,856,250 | Dealer Tire LLC, Term B-1 Loan, 4.371% (LIBOR + 425 bps), 12/12/25 | 1,853,930 | |||
798,000 | Harbor Freight Tools USA, Inc., Initial Term Loan, 4.0% (LIBOR + 325 bps), 10/19/27 | 800,138 | |||
500,000 | Mattress Firm, Inc., Term Loan, 6.25% (LIBOR + 525 bps), 11/26/27 | 505,625 | |||
1,630,690 | Michaels Stores, Inc., 2020 Refinancing Term B Loan, 4.25% (LIBOR + 350 bps), 10/1/27 | 1,633,136 | |||
1,150,000(b) | PetSmart, Inc., 1/29/28 | 1,150,000 | |||
848,348 | PetSmart, Inc., Amended Term Loan, 4.5% (LIBOR + 350 bps), 3/11/22 | 849,277 | |||
591,045 | Service Logic Acquisition, Inc., First Lien Closing Date Initial Term Loan, 4.75% (LIBOR + 400 bps), 10/29/27 | 594,000 | |||
5,597 | Service Logic Acquisition, Inc., First Lien Delayed Draw Term Loan, 2.097% (LIBOR + 400 bps), 10/29/27 | 5,625 | |||
689,500 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, 4.714% (LIBOR + 450 bps), 9/12/24 | 683,812 | |||
500,000 | TruGreen, Ltd. Partnership, First Lien Second Refinancing Term Loan, 4.75% (LIBOR + 400 bps), 11/2/27 | 503,125 | |||
500,000(b) | United Natural Foods, Inc., Initial Term Loan (LIBOR + 425 bps), 10/22/25 | 501,562 | |||
Total Retail | $11,774,491 | ||||
Services: Consumer - 0.9% | |||||
2,612,518 | Prime Security Services Borrower LLC (aka Protection 1 Security Solutions), First Lien 2021 Refinancing Term B-1 Loan, 3.5% (LIBOR + 275 bps), 9/23/26 | $2,617,417 | |||
Total Services: Consumer | $2,617,417 | ||||
Telecommunications - 3.6% | |||||
2,273,269 | CenturyLink, Inc., Term B Loan, 2.371% (LIBOR + 225 bps), 3/15/27 | $2,269,163 | |||
1,732,456 | Commscope, Inc., Initial Term Loan, 3.371% (LIBOR + 325 bps), 4/6/26 | 1,733,075 | |||
698,250 | Consolidated Communications, Inc., Initial Term Loan, 5.75% (LIBOR + 475 bps), 10/2/27 | 705,312 | |||
1,973,981 | Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1.871% (LIBOR + 175 bps), 3/1/27 | 1,965,874 | |||
1,045,876 | Virgin Media Bristol LLC, N Facility, 2.627% (LIBOR + 250 bps), 1/31/28 | 1,043,424 | |||
350,000(b) | Virgin Media Bristol LLC, Term Loan Q, 1/31/29 | 350,787 | |||
696,495 | Windstream Services II LLC, Initial Term Loan, 7.25% (LIBOR + 625 bps), 9/21/27 | 687,354 | |||
2,318,724 | Xplornet Communications, Inc., Initial Term Loan, 4.871% (LIBOR + 475 bps), 6/10/27 | 2,344,810 | |||
Total Telecommunications | $11,099,799 | ||||
Textile & Apparel - 0.9% | |||||
1,465,822 | Adient US LLC, Initial Term Loan, 4.394% (LIBOR + 425 bps), 5/6/24 | $1,462,157 | |||
900,000 | Ahead DB Holdings LLC, First Lien Initial Term Loan, 6.0% (LIBOR + 500 bps), 10/18/27 | 907,875 | |||
300,000 | Canada Goose, Inc., 2020 Refinancing Term Loan, 5.0% (LIBOR + 425 bps), 10/7/27 | 303,000 | |||
Total Textile & Apparel | $2,673,032 | ||||
Principal Amount USD ($) | Value | ||||
Transportation - 0.7% | |||||
1,470,000 | Envision Healthcare Corp., Initial Term Loan, 3.871% (LIBOR + 375 bps), 10/10/25 | $1,264,935 | |||
496,250 | Genesee & Wyoming, Inc., Initial Term Loan, 2.254% (LIBOR + 200 bps), 12/30/26 | 496,737 | |||
547,234 | Syncreon Group BV, Second Out Term Loan, 7.0% (LIBOR + 600 bps), 4/1/25 | 540,394 | |||
Total Transportation | $2,302,066 | ||||
Utilities - 2.6% | |||||
702,628 | Calpine Construction Finance Co., LP, Term B Loan, 2.121% (LIBOR + 200 bps), 1/15/25 | $701,093 | |||
772,456 | Compass Power Generation LLC, Tranche B-1 Term Loan, 4.5% (LIBOR + 350 bps), 12/20/24 | 770,847 | |||
2,519,890 | Eastern Power LLC (Eastern Covert Midco LLC) (aka TPF II LC LLC), Term Loan, 4.75% (LIBOR + 375 bps), 10/2/25 | 2,412,343 | |||
485,376 | Edgewater Generation LLC, Term Loan, 3.871% (LIBOR + 375 bps), 12/13/25 | 484,238 | |||
1,000,000 | Exgen Renewables IV LLC, Term Loan, 3.75% (LIBOR + 275 bps), 12/15/27 | 1,007,031 | |||
796,000 | Hamilton Projects Acquiror LLC, Term Loan, 5.75% (LIBOR + 475 bps), 6/17/27 | 804,623 | |||
995,000 | PG&E Corp., Term Loan, 6.75% (PRIME + 350 bps), 6/23/25 | 1,006,401 | |||
929,771 | Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 2018 Incremental Term Loan, 1.872% (LIBOR + 175 bps), 12/31/25 | 931,515 | |||
Total Utilities | $8,118,091 | ||||
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS | |||||
(Cost $268,326,585) | $269,247,993 | ||||
Shares | |||||
COMMON STOCKS - 0.2% of Net Assets | |||||
Energy Equipment & Services - 0.2% | |||||
28,836(c) | FTS International, Inc. | $486,175 | |||
Total Energy Equipment & Services | $486,175 | ||||
Specialty Retail - 0.0%† | |||||
54,675^(c) | Targus Cayman SubCo., Ltd. | $72,171 | |||
Total Specialty Retail | $72,171 | ||||
TOTAL COMMON STOCKS | |||||
(Cost $1,009,887) | $558,346 | ||||
Principal Amount USD ($) | |||||
ASSET BACKED SECURITY - 0.3% of Net Assets | |||||
875,000(a) | Palmer Square Loan Funding, Ltd., Series 2018-1A, Class D, 4.191% (3 Month USD LIBOR + 395 bps), 4/15/26 (144A) | $849,850 | |||
TOTAL ASSET BACKED SECURITY | |||||
(Cost $875,000) | $849,850 | ||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.4% of Net Assets | |||||
422,939(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 6.374% (1 Month USD LIBOR + 623 bps), 1/25/27 (144A) | $416,002 | |||
500,000(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, 9.144% (1 Month USD LIBOR + 900 bps), 7/25/30 (144A) | 508,307 | |||
625,000(a) | Morgan Stanley Capital I Trust, Series 2019-BPR, Class D, 4.126% (1 Month USD LIBOR + 400 bps), 5/15/36 (144A) | 419,215 | |||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | |||||
(Cost $1,573,682) | $1,343,524 | ||||
CORPORATE BONDS - 4.3% of Net Assets | |||||
Banks - 0.3% | |||||
1,000,000(d)(e) | Citigroup, Inc., 4.7% (SOFRRATE + 323 bps) | $1,022,500 | |||
Total Banks | $1,022,500 | ||||
Chemicals - 0.3% | |||||
500,000 | Olin Corp., 5.625%, 8/1/29 | $535,625 | |||
376,000 | Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A) | 387,280 | |||
Total Chemicals | $922,905 | ||||
Commercial Services - 0.5% | |||||
500,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | $545,000 | |||
1,000,000 | APX Group, Inc., 6.75%, 2/15/27 (144A) | 1,065,000 | |||
Total Commercial Services | $1,610,000 | ||||
Diversified Financial Services - 0.4% | |||||
1,000,000 | Avation Capital SA, 6.5%, 5/15/21 (144A) | $735,000 | |||
440,000 | Nationstar Mortgage Holdings, Inc., 5.5%, 8/15/28 (144A) | 454,300 | |||
Total Diversified Financial Services | $1,189,300 | ||||
Entertainment - 0.2% | |||||
520,000 | Mohegan Gaming & Entertainment, 8.0%, 2/1/26 (144A) | $520,457 | |||
Total Entertainment | $520,457 | ||||
Environmental Control - 0.3% | |||||
925,000 | Covanta Holding Corp., 5.0%, 9/1/30 | $971,250 | |||
Total Environmental Control | $971,250 | ||||
Healthcare-Services - 0.1% | |||||
145,000 | Molina Healthcare, Inc., 4.375%, 6/15/28 (144A) | $151,605 | |||
Total Healthcare-Services | $151,605 | ||||
Housewares - 0.0%† | |||||
70,000 | CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (144A) | $75,075 | |||
Total Housewares | $75,075 | ||||
Principal Amount USD ($) | Value | ||||
Iron & Steel - 0.2% | |||||
625,000 | Carpenter Technology Corp., 6.375%, 7/15/28 | $683,381 | |||
Total Iron & Steel | $683,381 | ||||
Lodging - 0.3% | |||||
1,000,000 | Station Casinos LLC, 4.5%, 2/15/28 (144A) | $980,000 | |||
Total Lodging | $980,000 | ||||
Mining - 0.1% | |||||
390,000 | Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) | $413,400 | |||
Total Mining | $413,400 | ||||
Oil & Gas - 0.3% | |||||
1,000,000 | Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) | $1,036,200 | |||
Total Oil & Gas | $1,036,200 | ||||
Pharmaceuticals - 0.4% | |||||
1,000,000 | Teva Pharmaceutical Finance Netherlands III BV, 6.0%, 4/15/24 | $1,053,150 | |||
Total Pharmaceuticals | $1,053,150 | ||||
REITs - 0.3% | |||||
750,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%, 2/15/25 (144A) | $808,129 | |||
Total REITs | $808,129 | ||||
Retail - 0.2% | |||||
205,000 | Asbury Automotive Group, Inc., 4.5%, 3/1/28 | $210,637 | |||
221,000 | Asbury Automotive Group, Inc., 4.75%, 3/1/30 | 232,426 | |||
95,000 | L Brands, Inc., 6.625%, 10/1/30 (144A) | 106,875 | |||
Total Retail | $549,938 | ||||
Transportation - 0.4% | |||||
1,343,928(a) | Golar LNG Partners LP, 8.321% (3 Month USD LIBOR + 810 bps), 11/15/22 (144A) | $1,323,769 | |||
Total Transportation | $1,323,769 | ||||
TOTAL CORPORATE BONDS | |||||
(Cost $13,046,569) | $13,311,059 | ||||
INSURANCE-LINKED SECURITIES - 0.6% of Net Assets# | |||||
Event Linked Bonds - 0.1% | |||||
Windstorm - U.S. Regional - 0.1% | |||||
250,000(a) | Matterhorn Re, 7.048% (3 Month U.S. Treasury Bill + 700 bps), 12/7/21 (144A) | $255,600 | |||
Total Event Linked Bonds | $255,600 | ||||
Face Amount USD ($) | Value | ||||
Collateralized Reinsurance - 0.0%† | |||||
Multiperil - Worldwide - 0.0%† | |||||
12,000+(f) | Limestone Re 2016-1, 8/31/21 | $600 | |||
300,000+(c)(f) | Resilience Re, 4/6/21 | 30 | |||
$630 | |||||
Windstorm - Florida - 0.0%† | |||||
300,000+(c)(f) | Formby Re 2018, 2/28/22 | $53,075 | |||
Total Collateralized Reinsurance | $53,705 | ||||
Reinsurance Sidecars - 0.5% | |||||
Multiperil - U.S. - 0.0%† | |||||
600,000+(c)(f) | Carnoustie Re 2017, 11/30/21 | $79,080 | |||
400,000+(c)(g) | Harambee Re 2018, 12/31/21 | 7,440 | |||
400,000+(g) | Harambee Re 2019, 12/31/22 | 3,680 | |||
$90,200 | |||||
Multiperil - Worldwide - 0.5% | |||||
4,860+(g) | Alturas Re 2019-2, 3/10/22 | $22,568 | |||
395,000+(g) | Alturas Re 2020-2, 3/10/23 | 422,847 | |||
250,000+(c)(f) | Bantry Re 2016, 3/31/21 | 20,150 | |||
1,635,886+(c)(f) | Berwick Re 2018-1, 12/31/21 | 199,087 | |||
739,764+(c)(f) | Berwick Re 2019-1, 12/31/22 | 88,402 | |||
30,000+(f) | Eden Re II, 3/22/22 (144A) | 20,656 | |||
5,700+(f) | Eden Re II, 3/22/23 (144A) | 22,206 | |||
50,000+(c)(f) | Eden Re II, 3/22/24 (144A) | 113,400 | |||
350,000+(c)(f) | Gleneagles Re 2016, 11/30/21 | 10,920 | |||
700,000+(c)(g) | Lorenz Re 2018, 7/1/21 | 8,330 | |||
400,000+(c)(f) | Merion Re 2018-2, 12/31/21 | 66,200 | |||
600,000+(c)(f) | Pangaea Re 2018-1, 12/31/21 | 12,633 | |||
600,000+(c)(f) | Pangaea Re 2018-3, 7/1/22 | 12,446 | |||
491,548+(c)(f) | Pangaea Re 2019-1, 2/1/23 | 10,243 | |||
441,188+(c)(f) | Pangaea Re 2019-3, 7/1/23 | 15,870 | |||
486,388+(c)(f) | Pangaea Re 2020-1, 2/1/24 | 56,080 | |||
150,000+(c)(f) | Sector Re V, 12/1/23 (144A) | 45,511 | |||
10,000+(c)(f) | Sector Re V, 12/1/24 (144A) | 25,064 | |||
600,000+(c)(f) | St. Andrews Re 2017-1, 2/1/21 | 40,680 | |||
695,194+(c)(f) | St. Andrews Re 2017-4, 6/1/21 | 68,407 | |||
253,645+(c)(f) | Woburn Re 2018, 12/31/21 | 23,370 | |||
Face Amount USD ($) | Value | ||||
Multiperil - Worldwide - (continued) | |||||
74,914+(c)(f) | Woburn Re 2019, 12/31/22 | $25,224 | |||
$1,330,294 | |||||
Total Reinsurance Sidecars | $1,420,494 | ||||
TOTAL INSURANCE-LINKED SECURITIES | |||||
(Cost $2,023,388) | $1,729,799 | ||||
Principal Amount USD ($) | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 93.7% | |||||
(Cost $286,855,111) | $287,040,571 | ||||
OTHER ASSETS AND LIABILITIES - 6.3% | $19,346,188 | ||||
NET ASSETS - 100.0% | $306,386,759 | ||||
bps | Basis Points. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
LIBOR | London Interbank Offered Rate. |
PRIME | U.S. Federal Funds Rate. |
REIT | Real Estate Investment Trust. |
SOFRRATE | Secured Overnight Financing 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, 2021, the value of these securities amounted to $11,277,901, or 3.7% 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, 2021. |
+ | 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, 2021. |
(b) | This term loan will settle after January 31, 2021, 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, 2021. |
(e) | Security is perpetual in nature and has no stated maturity date. |
(f) | Issued as participation notes. |
(g) | Issued as preference shares. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Alturas Re 2019-2 | 12/19/2018 | $ 4,860 | $ 22,568 |
Alturas Re 2020-2 | 1/1/2020 | 395,000 | 422,847 |
Bantry Re 2016 | 2/6/2019 | 20,150 | 20,150 |
Berwick Re 2018-1 | 1/10/2018 | 311,660 | 199,087 |
Berwick Re 2019-1 | 12/31/2018 | 88,396 | 88,402 |
Carnoustie Re 2017 | 1/5/2017 | 142,655 | 79,080 |
Eden Re II | 12/23/2019 | 50,000 | 113,400 |
Eden Re II | 1/22/2019 | 668 | 22,206 |
Eden Re II | 12/15/2017 | 1,793 | 20,656 |
Formby Re 2018 | 7/9/2018 | 44,415 | 53,075 |
Gleneagles Re 2016 | 1/14/2016 | – | 10,920 |
Harambee Re 2018 | 12/19/2017 | 31,219 | 7,440 |
Harambee Re 2019 | 12/20/2018 | – | 3,680 |
Limestone Re 2016-1 | 12/15/2016 | 990 | 600 |
Lorenz Re 2018 | 6/26/2018 | 160,964 | 8,330 |
Matterhorn Re | 4/30/2020 | 250,000 | 255,600 |
Merion Re 2018-2 | 12/28/2017 | 16,461 | 66,200 |
Pangaea Re 2018-1 | 12/26/2017 | 85,805 | 12,633 |
Pangaea Re 2018-3 | 5/31/2018 | 144,517 | 12,446 |
Pangaea Re 2019-1 | 1/9/2019 | 5,160 | 10,243 |
Pangaea Re 2019-3 | 7/25/2019 | 13,236 | 15,870 |
Pangaea Re 2020-1 | 1/21/2020 | 4,699 | 56,080 |
Resilience Re | 4/13/2017 | 980 | 30 |
Sector Re V | 12/4/2018 | 81,971 | 45,511 |
Sector Re V | 1/1/2020 | 10,000 | 25,064 |
St. Andrews Re 2017-1 | 1/5/2017 | 40,649 | 40,680 |
St. Andrews Re 2017-4 | 3/31/2017 | – | 68,407 |
Woburn Re 2018 | 3/20/2018 | 94,515 | 23,370 |
Woburn Re 2019 | 2/14/2019 | 22,625 | 25,224 |
Total Restricted Securities | $1,729,799 | ||
% of Net assets | 0.6% | ||
SWAP CONTRACT | ||||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT - SELL PROTECTION | ||||||||
Notional Amount ($)(1) | Reference Obligation/Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums (Paid) | Unrealized Appreciation | Market Value | |
4,600,000 | Markit CDX North America High Yield Series 34 | Receive | 5.00% | 6/20/25 | $ (8,306) | $ 412,112 | $ 403,806 | |
TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT - SELL PROTECTION | $ (8,306) | $ 412,112 | $ 403,806 | |||||
TOTAL SWAP CONTRACT | $ (8,306) | $ 412,112 | $ 403,806 | |||||
(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) | Receives quarterly |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted. |
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 - unadjusted quoted prices in active markets for identical securities. |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). |
The following is a summary of the inputs used as of January 31, 2021, in valuing the Fund’s investments: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Senior Secured Floating Rate Loan Interests | $ | – | $ | 269,247,993 | $ | – | $ | 269,247,993 | ||||||||
Common Stocks | ||||||||||||||||
Specialty Retail | – | – | 72,171 | 72,171 | ||||||||||||
All Other Common Stock | 486,175 | – | – | 486,175 | ||||||||||||
Asset Backed Security | – | 849,850 | – | 849,850 | ||||||||||||
Commercial Mortgage-Backed Securities | – | 1,343,524 | – | 1,343,524 | ||||||||||||
Corporate Bonds | – | 13,311,059 | – | 13,311,059 | ||||||||||||
Insurance-Linked Securities | ||||||||||||||||
Collateralized Reinsurance | ||||||||||||||||
Multiperil - Worldwide | – | – | 630 | 630 | ||||||||||||
Windstorm - Florida | – | – | 53,075 | 53,075 | ||||||||||||
Reinsurance Sidecars | ||||||||||||||||
Multiperil - U.S. | – | – | 90,200 | 90,200 | ||||||||||||
Multiperil - Worldwide | – | – | 1,330,294 | 1,330,294 | ||||||||||||
All Other Insurance-Linked Security | – | 255,600 | – | 255,600 | ||||||||||||
Total Investments in Securities | $ | 486,175 | $ | 285,008,026 | $ | 1,546,370 | $ | 287,040,571 | ||||||||
Other Financial Instruments | ||||||||||||||||
Swap contracts, at value | $ | – | $ | 403,806 | $ | – | $ | 403,806 | ||||||||
Total Other Financial Instruments | $ | – | $ | 403,806 | $ | – | $ | 403,806 |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Common Stocks | Insurance-Linked Securities | Total | ||||||||||
Balance as of 10/31/20 | $ | 72,171 | $ | 2,915,717 | $ | 2,987,888 | ||||||
Realized gain (loss) | -- | -- | -- | |||||||||
Change in unrealized appreciation (depreciation) | -- | (4,108 | ) | (4,108 | ) | |||||||
Accrued discounts/premiums | -- | -- | -- | |||||||||
Purchases | -- | -- | -- | |||||||||
Sales | -- | (1,437,410 | ) | (1,437,410 | ) | |||||||
Transfers in to Level 3* | -- | -- | -- | |||||||||
Transfers out of Level 3* | -- | -- | -- | |||||||||
Balance as of 1/31/21 | $ | 72,171 | $ | 1,474,199 | $ | 1,546,370 |
* | Transfers are calculated on the beginning of period value. For the three months ended January 31, 2021, there were no transfers in and out of level 3. |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at January 31, 2021: $(4,108).