XAI Octagon Floating Rate & Alternative Income Term Trust
Schedule of Investments
December 31, 2020 (Unaudited)
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
COLLATERALIZED LOAN OBLIGATIONS DEBT(b)(c)- 13.76%* (9.71% of Total Investments) | ||||||||||||||||
Apidos CLO XXVII, CLO 2017-27A, D(d) | 6.62% | 3M US L + 6.40% | 07/17/2030 | $ | 375,000 | $ | 353,038 | |||||||||
Apidos CLO XXXII, CLO 2020-32A, E(d) | 6.97% | 3M US L + 6.75% | 01/20/2033 | 250,000 | 247,866 | |||||||||||
Atrium XIV LLC, CLO 2018-14A, E(d) | 5.88% | 3M US L + 5.65% | 08/23/2030 | 500,000 | 448,880 | |||||||||||
Carlyle US CLO 2019-4, Ltd., CLO 2020-4A, D(d) | 7.89% | 3M US L + 7.65% | 01/15/2033 | 600,000 | 597,028 | |||||||||||
CIFC Funding 2015-I, Ltd., CLO 2015-1A, ERR(d) | 6.22% | 3M US L + 6.00% | 01/22/2031 | 500,000 | 464,724 | |||||||||||
CIFC Funding 2019-VI, Ltd., CLO 2019-6A, E(d) | 7.63% | 3M US L + 7.40% | 01/16/2033 | 500,000 | 503,344 | |||||||||||
GoldenTree Loan Management US CLO 1, Ltd., CLO 2017-1A, F(d) | 5.82% | 3M US L + 5.60% | 04/20/2029 | 1,000,000 | 811,345 | |||||||||||
HPS Loan Management 11-2017, Ltd., CLO 2017-11A, F(d) | 8.08% | 3M US L + 7.85% | 05/06/2030 | 1,000,000 | 831,882 | |||||||||||
Madison Park Funding XVII, Ltd., CLO 2015-17A, FR(d) | 7.69% | 3M US L + 7.48% | 07/21/2030 | 1,000,000 | 873,632 | |||||||||||
Madison Park Funding XXXVI, Ltd., CLO 2019-36A, E(d) | 7.49% | 3M US L + 7.25% | 01/15/2033 | 250,000 | 250,308 | |||||||||||
Magnetite XXIV, Ltd., CLO 2019-24A, E(d) | 7.19% | 3M US L + 6.95% | 01/15/2033 | 500,000 | 500,010 | |||||||||||
Neuberger Berman Loan Advisers CLO 24, Ltd., CLO 2017-24A, E(d) | 6.24% | 3M US L + 6.02% | 04/19/2030 | 1,000,000 | 959,046 | |||||||||||
OHA Credit Funding 5, Ltd., CLO 2020-5A, E(d) | 6.47% | 3M US L + 6.25% | 04/18/2033 | 1,000,000 | 950,287 | |||||||||||
Regatta XIV Funding, Ltd., CLO 2018-3A, E(d) | 6.16% | 3M US L + 5.95% | 10/25/2031 | 750,000 | 718,493 | |||||||||||
Regatta XVI Funding, Ltd., CLO 2019-2A, E(d) | 7.24% | 3M US L + 7.00% | 01/15/2033 | 1,000,000 | 967,066 | |||||||||||
Sound Point CLO II, Ltd., CLO 2013-1A, B2R(d) | 5.71% | 3M US L + 5.50% | 01/26/2031 | 250,000 | 219,324 | |||||||||||
Sound Point CLO XVIII, Ltd., CLO 2017-4A, D(d) | 5.72% | 3M US L + 5.50% | 01/20/2031 | 500,000 | 440,571 | |||||||||||
Symphony CLO XXI, Ltd., CLO 2019-21A, E(d) | 6.99% | 3M US L + 6.75% | 07/15/2032 | 1,000,000 | 986,728 | |||||||||||
THL Credit Wind River 2017-4 CLO, Ltd., CLO 2017-4A, E(d) | 6.02% | 3M US L + 5.80% | 11/20/2030 | 500,000 | 447,429 | |||||||||||
THL Credit Wind River 2019-1 CLO, Ltd., CLO 2019-1A, E(d) | 6.94% | 3M US L + 6.72% | 04/20/2031 | 750,000 | 739,041 | |||||||||||
Voya CLO 2020-3, Ltd., CLO 2020-3A, E(d) | 6.48% | 3M US L + 6.28% | 10/20/2031 | 2,000,000 | 1,972,560 | |||||||||||
Total Collateralized Loan Obligations Debt (Cost $14,836,342) | $ | 15,225,000 | $ | 14,282,602 | ||||||||||||
COLLATERALIZED LOAN OBLIGATIONS EQUITY(c)(e)- 59.61%* (42.10% of Total Investments) | ||||||||||||||||
Anchorage Capital CLO 1-R, Ltd., CLO 2018-1RA, SUB(d) | N/A | Estimated yield of 16.71% | 04/13/2031 | 4,150,000 | 2,646,347 | |||||||||||
Anchorage Capital CLO 3-R, Ltd., CLO 2014-3RA, SUB(d) | N/A | Estimated yield of 12.53% | 01/28/2031 | 1,400,000 | 1,032,357 | |||||||||||
Anchorage Capital CLO 4-R, Ltd., CLO 2018-4RA, SUB(d) | N/A | Estimated yield of 12.82% | 01/28/2031 | 3,000,000 | 2,127,726 | |||||||||||
Anchorage Capital CLO 7, Ltd., CLO 2015-7A, SUBA(d) | N/A | Estimated yield of 32.84% | 01/28/2031 | 1,750,000 | 938,000 | |||||||||||
Anchorage Capital CLO 9, Ltd., CLO 2016-9A, SUB(d) | N/A | Estimated yield of 18.48% | 07/15/2032 | 2,500,000 | 1,120,240 | |||||||||||
Apidos CLO XXVII, CLO 2017-27A, SUB(d) | N/A | Estimated yield of 9.82% | 07/17/2030 | 1,300,000 | 605,033 | |||||||||||
Apidos CLO XXVIII, CLO 2017-28A, SUB(d) | N/A | Estimated yield of 7.80% | 01/20/2031 | 3,500,000 | 1,985,200 | |||||||||||
ARES LI CLO, Ltd., CLO 2019-51A, INC(d) | N/A | Estimated yield of 15.99% | 04/15/2031 | 1,699,959 | 1,147,981 | |||||||||||
ARES LI CLO, Ltd., CLO 2019-51A, SUB(d) | N/A | Estimated yield of 15.99% | 04/15/2031 | 2,300,041 | 1,553,215 | |||||||||||
Battalion Clo XV, Ltd., CLO 2020-15A, SUB(d) | N/A | Estimated yield of 18.26% | 01/17/2033 | 4,500,000 | 3,821,238 | |||||||||||
Battalion Clo XVI, Ltd., CLO 2019-16A, SUB(d) | N/A | Estimated yield of 15.73% | 12/19/2032 | 3,500,000 | 3,042,742 | |||||||||||
Carlyle Global Market Strategies CLO 2013-1, Ltd., CLO 2013-1A, SUB(d) | N/A | Estimated yield of 6.39% | 08/14/2030 | 3,500,000 | 1,382,300 | |||||||||||
Carlyle Global Market Strategies CLO 2016-1, Ltd., CLO 2016-1A, SUBA(d) | N/A | Estimated yield of 0.00% | 04/20/2027 | 598,000 | 312,510 | |||||||||||
Carlyle US CLO 2018-2, Ltd., CLO 2018-2A, SUB(d) | N/A | Estimated yield of 12.10% | 10/15/2031 | 933,000 | 668,929 | |||||||||||
Carlyle US CLO 2019-4, Ltd., CLO 2020-4A, SUBA(d) | N/A | Estimated yield of 17.20% | 01/15/2033 | 4,000,000 | 3,397,696 | |||||||||||
Catamaran CLO 2015-1, Ltd., CLO 2015-1A, SUB(d) | N/A | Estimated yield of 0.00% | 04/22/2027 | 750,000 | 172,350 | |||||||||||
CIFC Funding 2017-III, Ltd., CLO 2017-3A, SUB(d) | N/A | Estimated yield of 12.35% | 07/30/2030 | 1,400,000 | 771,645 | |||||||||||
CIFC Funding 2017-V, Ltd., CLO 2017-5A, SUB(d) | N/A | Estimated yield of 10.60% | 11/16/2030 | 3,000,000 | 1,799,568 | |||||||||||
CIFC Funding 2018-I, Ltd., CLO 2018-1A, SUB(d) | N/A | Estimated yield of 13.64% | 04/18/2031 | 3,250,000 | 2,113,501 | |||||||||||
CIFC Funding 2018-III, Ltd., CLO 2018-3A, SUB(d) | N/A | Estimated yield of 19.14% | 07/18/2031 | 3,000,000 | 1,881,422 | |||||||||||
CIFC Funding 2019-III, Ltd., CLO 2019-3A, SUB(d) | N/A | Estimated yield of 13.00% | 07/16/2032 | 750,000 | 519,619 | |||||||||||
CIFC Funding 2020-III, Ltd., CLO 2020-3A, SUB(d) | N/A | Estimated yield of 16.81% | 10/20/2031 | 150,000 | 144,720 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
COLLATERALIZED LOAN OBLIGATIONS EQUITY(c)(e) (continued) | ||||||||||||||||
CIFC Funding, Ltd., CLO 2020-2A, INC(d) | N/A | Estimated yield of 16.61% | 08/24/2032 | $ | 1,000,000 | $ | 976,604 | |||||||||
Madison Park Funding XVIII, Ltd., CLO 2015-18A, SUB(d) | N/A | Estimated yield of 8.15% | 10/21/2027 | 4,000,000 | 2,220,000 | |||||||||||
Madison Park Funding XX, Ltd., CLO 2016-20A, SUB(d) | N/A | Estimated yield of 22.64% | 07/27/2030 | 1,740,000 | 1,080,380 | |||||||||||
Madison Park Funding XXIX, Ltd., CLO 2018-29A, SUB(d) | N/A | Estimated yield of 16.91% | 10/18/2047 | 3,750,000 | 2,765,933 | |||||||||||
Madison Park Funding XXXVII, Ltd., CLO 2019-37A, SUB(d) | N/A | Estimated yield of 16.25% | 07/15/2032 | 5,500,000 | 4,705,344 | |||||||||||
Niagara Park Clo, Ltd., CLO 2019-1A, SUB(d) | N/A | Estimated yield of 17.40% | 07/17/2032 | 2,648,000 | 1,795,897 | |||||||||||
Oak Hill Credit Partners X-R, Ltd., CLO 2014-10RA, SUB(d) | N/A | Estimated yield of 14.76% | 12/20/2030 | 4,800,000 | 1,855,680 | |||||||||||
OHA Credit Partners XI, Ltd., CLO 2015-11A, SUB(d) | N/A | Estimated yield of 14.34% | 01/20/2032 | 2,750,000 | 1,705,440 | |||||||||||
OHA Credit Partners XII, Ltd., CLO 2016-12A, SUB(d) | N/A | Estimated yield of 17.96% | 07/23/2030 | 1,500,000 | 1,124,798 | |||||||||||
Sound Point CLO III, Ltd., CLO 2017-3A, SUB(d) | N/A | Estimated yield of 9.88% | 10/20/2030 | 1,500,000 | 836,345 | |||||||||||
Sound Point CLO III-R, Ltd., CLO 2013-2RA, SUB(d) | N/A | Estimated yield of 0.00% | 04/15/2029 | 1,000,000 | 165,842 | |||||||||||
Sound Point CLO VI-R, Ltd., CLO 2014-2RA, SUB(d) | N/A | Estimated yield of 9.57% | 10/20/2031 | 2,000,000 | 467,794 | |||||||||||
Symphony CLO XVI, Ltd., CLO 2015-16A, SUB(d) | N/A | Estimated yield of 17.39% | 10/15/2031 | 5,750,000 | 2,278,748 | |||||||||||
Thacher Park CLO, Ltd., CLO 2014-1A, SUB(d) | N/A | Estimated yield of 0.00% | 10/20/2026 | 6,000,000 | 1,113,000 | |||||||||||
THL Credit Wind River 2018-2 CLO, Ltd., CLO 2018-2A, SUB(d) | N/A | Estimated yield of 14.35% | 07/15/2030 | 2,500,000 | 1,721,391 | |||||||||||
THL Credit Wind River 2018-3 CLO, Ltd., CLO 2018-3A, SUB(d) | N/A | Estimated yield of 19.28% | 01/20/2031 | 3,000,000 | 2,103,495 | |||||||||||
Wind River 2016-1 CLO, Ltd., CLO 2016-1A, SUB(d) | N/A | Estimated yield of 0.00% | 07/15/2028 | 4,000,000 | 1,787,852 | |||||||||||
Total Collateralized Loan Obligations Equity (Cost $72,726,247) | $ | 104,369,000 | $ | 61,888,882 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
CORPORATE BONDS - 2.90%* (2.05% of Total Investments) | ||||||||||||||||
Automobiles - 0.71% (0.50% of Total Investments) | ||||||||||||||||
Ford Motor Co., Senior Unsecured | 9.00% | N/A | 04/22/2025 | 467,000 | 573,873 | |||||||||||
Ford Motor Co., Senior Unsecured | 9.63% | N/A | 04/22/2030 | 116,000 | 163,847 | |||||||||||
Total Automobiles | 583,000 | 737,720 | ||||||||||||||
Building Products - 0.35% (0.24% of Total Investments) | ||||||||||||||||
White Cap Buyer LLC, Subordinated(d) | 6.88% | N/A | 10/15/2028 | 335,000 | 356,775 | |||||||||||
Diversified Telecommunication Services - 0.46% (0.33% of Total Investments) | ||||||||||||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., Senior Secured(d) | 7.75% | N/A | 08/15/2028 | 480,000 | 481,200 | |||||||||||
Hotels, Restaurants & Leisure - 0.71% (0.50% of Total Investments) | ||||||||||||||||
Affinity Gaming, Senior Secured(d) | 6.88% | N/A | 12/15/2027 | 60,000 | 63,000 | |||||||||||
AMC Entertainment Holdings, Inc., Senior Secured(d) | 10.50% | N/A | 04/15/2025 | 963,000 | 672,535 | |||||||||||
Total Hotels, Restaurants & Leisure | 1,023,000 | 735,535 | ||||||||||||||
IT Services - 0.35% (0.25% of Total Investments) | ||||||||||||||||
Avaya, Inc., Senior Secured(d) | 6.13% | N/A | 09/15/2028 | 345,000 | 366,699 | |||||||||||
Transportation Infrastructure - 0.32% (0.23% of Total Investments) | ||||||||||||||||
Uber Technologies, Inc., Senior Unsecured(d) | 6.25% | N/A | 01/15/2028 | 305,000 | 331,688 | |||||||||||
Total Corporate Bonds (Cost $3,053,837) | $ | 3,071,000 | $ | 3,009,617 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SECURED SECOND LIEN LOANS(b) - 3.33%* (2.36% of Total Investments) | ||||||||||||||||
Aerospace & Defense - 0.07% (0.05% of Total Investments) | ||||||||||||||||
New Constellis Borrower LLC, B(f) | 12.00% | 1M US L + 11.00% | 03/27/2025 | 107,755 | 76,147 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SECURED SECOND LIEN LOANS(b) (continued) | ||||||||||||||||
Commercial Services & Supplies - 0.48% (0.34% of Total Investments) | ||||||||||||||||
AVSC Holding Corp., Initial(f) | 8.25% | 1M US L + 7.25% | 09/01/2025 | $ | 805,556 | $ | 498,099 | |||||||||
Communications Equipment - 0.23% (0.16% of Total Investments) | ||||||||||||||||
Global Tel*Link Corp.(f) | 8.40% | 3M US L + 8.25% | 11/29/2026 | 347,222 | 240,972 | |||||||||||
Diversified Consumer Services - 0.50% (0.35% of Total Investments) | ||||||||||||||||
Travelport Finance S.à.r.l., Initial(f) | 5.25% | 1M US L + 5.00% | 05/29/2026 | 579,911 | 391,318 | |||||||||||
TruGreen LP, Initial(f) | 9.25% | 1M US L + 8.50% | 11/02/2028 | 125,392 | 125,392 | |||||||||||
Total Diversified Consumer Services | 705,303 | 516,710 | ||||||||||||||
Diversified Financial Services - 0.48% (0.34% of Total Investments) | ||||||||||||||||
Edelman Financial Center LLC, Initial(f) | 6.90% | 3M US L + 6.75% | 07/20/2026 | 500,000 | 500,000 | |||||||||||
Food Products - 0.30% (0.21% of Total Investments) | ||||||||||||||||
Froneri International, Ltd., Facility(f) | 5.90% | 3M US L + 5.75% | 01/31/2028 | 309,478 | 311,026 | |||||||||||
Hotels, Restaurants & Leisure - 0.04% (0.03% of Total Investments) | ||||||||||||||||
CEC Entertainment, Inc. Term Loan(f) | 7.50% | 6M US L + 6.50% (1.00% Floor) | 12/30/2027 | 44,030 | 41,828 | |||||||||||
Internet Software & Services - 0.03% (0.03% of Total Investments) | ||||||||||||||||
GTT Communications, Inc., Closing Date U.S.(f) | 3.00% | 1M US L + 2.75% | 05/31/2025 | 45,421 | 35,357 | |||||||||||
Software - 1.20% (0.85% of Total Investments) | ||||||||||||||||
EagleView Technology Corp.(f) | 8.50% | 3M US L + 7.50% | 08/14/2026 | 264,991 | 237,167 | |||||||||||
MH Sub I LLC, Amendment No. 2 Initial(f) | 7.65% | 1M US L + 7.50% | 09/15/2025 | 1,000,000 | 1,003,750 | |||||||||||
Total Software | 1,264,991 | 1,240,917 | ||||||||||||||
Total Secured Second Lien Loans (Cost $4,070,539) | $ | 4,129,756 | $ | 3,461,056 | ||||||||||||
SENIOR SECURED FIRST LIEN LOANS(b) - 60.21%* (42.51% of Total Investments) | ||||||||||||||||
Aerospace & Defense - 0.43% (0.31% of Total Investments) | ||||||||||||||||
Amentum Government Services Holdings LLC, Tranche 2(f) | 5.50% | 3M US L + 4.75% | 01/29/2027 | 334,432 | 336,104 | |||||||||||
Constellis Holdings LLC, Priority(f) | 8.50% | 1M US L + 7.50% | 03/27/2024 | 119,765 | 115,373 | |||||||||||
Total Aerospace & Defense | 454,197 | 451,477 | ||||||||||||||
Airlines - 1.41% (1.00% of Total Investments) | ||||||||||||||||
Allegiant Travel Company, Replacement(f) | 3.21% | 3M US L + 3.00% | 02/05/2024 | 385,885 | 374,671 | |||||||||||
Delta Air Lines, Inc.(f) | 5.75% | 1M US L + 4.75% | 04/29/2023 | 526,320 | 533,747 | |||||||||||
JetBlue Airways Corp.(f) | 6.25% | 3M US L + 5.25% | 06/17/2024 | 545,609 | 560,018 | |||||||||||
Total Airlines | 1,457,814 | 1,468,436 | ||||||||||||||
Auto Components - 2.34% (1.66% of Total Investments) | ||||||||||||||||
Dealer Tire LLC, B-1(f) | 4.40% | 1M US L + 4.25% | 12/12/2025 | 1,121,788 | 1,111,502 | |||||||||||
First Brands Group LLC, Tranche B-3(f) | 8.50% | 1M US L + 7.50% | 02/02/2024 | 126,893 | 126,258 | |||||||||||
IXS Holdings, Inc., Initial(f) | 6.00% | 3M US L + 5.00% | 03/05/2027 | 867,846 | 868,930 | |||||||||||
LS Group Opco Acquisition LLC, Initial(f) | 4.25% | 3M US L + 3.50% | 11/02/2027 | 328,093 | 327,683 | |||||||||||
Total Auto Components | 2,444,620 | 2,434,373 | ||||||||||||||
Automobiles - 0.48% (0.34% of Total Investments) | ||||||||||||||||
Truck Hero, Inc., Initial(f) | 3.90% | 3M US L + 3.75% | 04/22/2024 | 496,144 | 495,122 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SENIOR SECURED FIRST LIEN LOANS(b) (continued) | ||||||||||||||||
Beverages - 0.07% (0.05% of Total Investments) | ||||||||||||||||
Arterra Wines Canada, Inc., Initial Tranche B-1(f) | 4.25% | 1M US L + 3.50% | 11/24/2027 | $ | 68,047 | $ | 68,345 | |||||||||
Building Products - 0.37% (0.26% of Total Investments) | ||||||||||||||||
LBM Acquisition LLC | ||||||||||||||||
Initial(f) | N/A | L + 3.75% | 12/17/2027 | 90,931 | 90,837 | |||||||||||
Initial Delayed Draw(f) | N/A | L + 3.75% | 12/17/2027 | 20,207 | 20,186 | |||||||||||
MI Windows and Doors LLC, Initial(f) | 4.50% | 1M US L + 3.75% | 12/18/2027 | 47,673 | 47,732 | |||||||||||
White Cap Buyer LLC, Initial Closing Date(f) | 4.50% | 1M US L + 4.00% | 10/19/2027 | 222,564 | 222,286 | |||||||||||
Total Building Products | 381,375 | 381,041 | ||||||||||||||
Chemicals - 1.16% (0.82% of Total Investments) | ||||||||||||||||
Ascend Performance Materials Operations LLC, Initial(f) | 6.25% | 3M US L + 5.25% | 08/27/2026 | 694,131 | 695,867 | |||||||||||
Illuminate Buyer LLC, B(f) | 4.15% | 3M US L + 4.00% | 06/30/2027 | 52,791 | 52,769 | |||||||||||
INEOS Enterprises Holdings, Ltd., Refinancing Tranche B Dollar(f) | 4.50% | 1M US L + 3.50% | 08/28/2026 | 217,115 | 215,690 | |||||||||||
Innovative Water Care Global Corp., Initial(f) | 6.00% | 3M US L + 5.00% | 02/27/2026 | 221,891 | 198,593 | |||||||||||
Potters Industries LLC, Initial(f) | 4.75% | 3M US L + 4.00% | 12/14/2027 | 42,617 | 42,617 | |||||||||||
Total Chemicals | 1,228,545 | 1,205,536 | ||||||||||||||
Commercial Services & Supplies - 1.27% (0.90% of Total Investments) | ||||||||||||||||
Belfor Holdings, Inc., Initial(f) | 4.15% | 1M US L + 4.00% | 04/06/2026 | 643,324 | 641,748 | |||||||||||
Dun & Bradstreet Corp., Incremental(f) | N/A | L + 3.75% | 02/06/2026 | 134,505 | 134,448 | |||||||||||
Harland Clarke Holdings Corp., Initial(f) | 5.75% | 1M US L + 4.75% | 11/03/2023 | 528,154 | 465,373 | |||||||||||
STG-Fairway Holdings LLC, Facility(f) | 3.40% | 3M US L + 3.25% | 01/31/2027 | 81,128 | 79,708 | |||||||||||
Total Commercial Services & Supplies | 1,387,111 | 1,321,277 | ||||||||||||||
Communications Equipment - 1.21% (0.85% of Total Investments) | ||||||||||||||||
Casa Systems, Inc., Initial(f) | 5.00% | 1M US L + 4.00% | 12/20/2023 | 498,701 | 483,740 | |||||||||||
CCI Buyer, Inc., Initial(f) | N/A | L + 4.00% | 12/17/2027 | 200,428 | 200,093 | |||||||||||
Global Tel*Link Corp., 2018(f) | 4.40% | 1M US L + 4.25% | 11/29/2025 | 454,799 | 420,771 | |||||||||||
MLN US HoldCo LLC, B(f) | 4.65% | 3M US L + 4.50% | 11/30/2025 | 170,156 | 153,460 | |||||||||||
Total Communications Equipment | 1,324,084 | 1,258,064 | ||||||||||||||
Construction & Engineering - 0.27% (0.19% of Total Investments) | ||||||||||||||||
TRC Companies, Inc., 2019 Incremental(f) | 6.00% | 3M US L + 5.00% | 06/21/2024 | 277,525 | 276,138 | |||||||||||
Containers & Packaging - 1.13% (0.80% of Total Investments) | ||||||||||||||||
Pregis TopCo LLC | ||||||||||||||||
Incremental Amendment No. 2(f) | 5.00% | 3M US L + 4.25% | 07/31/2026 | 91,667 | 90,979 | |||||||||||
Initial(f) | 3.90% | 1W US L + 3.75% | 07/31/2026 | 299,693 | 298,195 | |||||||||||
Pretium PKG Holdings, Inc., Initial(f) | 4.75% | 1M US L + 4.00% | 11/05/2027 | 228,920 | 228,634 | |||||||||||
ProAmpac PG Borrower LLC, 2020-1(f) | 5.00% | 3M US L + 4.00% | 11/03/2025 | 69,875 | 69,657 | |||||||||||
Sabert Corp., Initial(f) | 5.50% | 2M US L + 4.50% | 12/10/2026 | 489,281 | 487,241 | |||||||||||
Total Containers & Packaging | 1,179,436 | 1,174,706 | ||||||||||||||
Distributors - 0.29% (0.20% of Total Investments) | ||||||||||||||||
BCPE Empire Holdings, Inc., Amendment No. 1(f) | 5.00% | 1M US L + 4.25% | 06/11/2026 | 95,000 | 94,466 | |||||||||||
United Natural Foods, Inc., Initial(f) | 4.40% | 3M US L + 4.25% | 10/22/2025 | 203,289 | 201,905 | |||||||||||
Total Distributors | 298,289 | 296,371 | ||||||||||||||
Diversified Consumer Services - 3.53% (2.49% of Total Investments) | ||||||||||||||||
Learning Care Group No. 2, Inc., 2020 Incremental(f) | 9.50% | 1M US L + 8.50% | 03/13/2025 | 389,992 | 389,992 | |||||||||||
Mileage Plus Holdings LLC, Initial(f) | 6.25% | 3M US L + 5.25% | 06/21/2027 | 376,743 | 391,579 | |||||||||||
Pug LLC, B-1(f) | 8.75% | 3M US L + 8.00% | 02/12/2027 | 533,547 | 540,659 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SENIOR SECURED FIRST LIEN LOANS(b) (continued) | ||||||||||||||||
Diversified Consumer Services (continued) | ||||||||||||||||
Sabre GLBL, Inc., 2020 Other B(f) | N/A | L + 4.00% | 12/17/2027 | $ | 9,413 | $ | 9,425 | |||||||||
SkyMiles IP, Ltd., Initial(f) | 4.75% | 3M US L + 3.75% | 10/20/2027 | 155,123 | 160,605 | |||||||||||
Sotheby's, Initial(f) | 6.50% | 3M US L + 5.50% | 01/15/2027 | 423,130 | 424,188 | |||||||||||
Staples, Inc., 2019 Refinancing New B-1(f) | 5.21% | 6M US L + 5.00% | 04/16/2026 | 982,764 | 950,038 | |||||||||||
Travelport Finance S.à r.l., Initial (Priority)(f) | 8.50% | 3M US L + 8.00% | 02/28/2025 | 622,789 | 613,154 | |||||||||||
Trugreen Limited Partnership Tl, Second Refinancing(f) | 4.15% | 3M US L + 4.00% | 11/02/2027 | 183,748 | 184,438 | |||||||||||
Total Diversified Consumer Services | 3,677,249 | 3,664,078 | ||||||||||||||
Diversified Financial Services - 0.65% (0.46% of Total Investments) | ||||||||||||||||
Nexus Buyer LLC, B(f) | 3.90% | 1M US L + 3.75% | 11/09/2026 | 156,986 | 155,678 | |||||||||||
Orion Advisor Solutions, Inc., Initial(f) | 5.00% | 3M US L + 4.00% | 09/24/2027 | 39,800 | 39,910 | |||||||||||
VeriFone Systems, Inc., Initial(f) | 4.22% | 3M US L + 4.00% | 08/20/2025 | 500,000 | 482,220 | |||||||||||
Total Diversified Financial Services | 696,786 | 677,808 | ||||||||||||||
Diversified Telecommunication Services - 4.40% (3.10% of Total Investments) | ||||||||||||||||
Altice France S.A., USD TLB-13 Incremental(f) | 4.24% | 1M US L + 4.00% | 08/14/2026 | 1,051,831 | 1,045,699 | |||||||||||
Consolidated Communications, Inc., Term Loan B(f) | 5.75% | 3M US L + 4.75% | 10/02/2027 | 884,683 | 887,496 | |||||||||||
LCPR Loan Financing LLC, Initial(f) | 5.16% | 1M US L + 5.00% | 10/15/2026 | 1,242,661 | 1,246,029 | |||||||||||
Northwest Fiber LLC, B(f) | 5.65% | 1M US L + 5.50% | 04/30/2027 | 216,750 | 217,088 | |||||||||||
Syniverse Holdings, Inc., Tranche C(f) | 6.00% | 1M US L + 5.00% | 03/09/2023 | 610,784 | 550,298 | |||||||||||
Windstream Services II LLC, Initial(f) | 7.25% | 1M US L + 6.25% | 09/21/2027 | 365,992 | 357,299 | |||||||||||
Xplornet Communications, Inc., Initial(f) | 4.90% | 1M US L + 4.75% | 06/10/2027 | 260,759 | 260,824 | |||||||||||
Total Diversified Telecommunication Services | 4,633,460 | 4,564,733 | ||||||||||||||
Electric Utilities - 0.21% (0.15% of Total Investments) | ||||||||||||||||
PG&E Corp., Term Loan(f) | 5.50% | PRIME + 4.50% | 06/23/2025 | 213,375 | 215,562 | |||||||||||
Electronic Equipment, Instruments & Components - 2.43% (1.72% of Total Investments) | ||||||||||||||||
Cardtronics USA, Inc., Initial(f) | 5.00% | 1M US L + 4.00% | 06/29/2027 | 32,405 | 32,351 | |||||||||||
Corsair Gaming, Inc., Term Loan(f) | 4.75% | 1M US L + 3.75% | 08/28/2024 | 73,640 | 73,548 | |||||||||||
Mavenir Systems, Inc., Initial(f) | 7.00% | 3M US L + 6.00% | 05/08/2025 | 908,693 | 901,878 | |||||||||||
Mirion Technologies LLC, Initial Dollar(f) | 4.26% | 3M US L + 4.00% | 03/06/2026 | 494,975 | 493,737 | |||||||||||
Natel Engineering Company, Inc., Initial(f) | 6.00% | 1M US L + 5.00% | 04/30/2026 | 492,084 | 463,174 | |||||||||||
Triton Solar US Acquisition Co., Initial(f) | 6.25% | 1M US L + 6.00% | 10/29/2024 | 275,938 | 247,655 | |||||||||||
Xperi Holding Corp., Initial B(f) | 4.15% | 3M US L + 4.00% | 06/02/2025 | 313,543 | 313,869 | |||||||||||
Total Electronic Equipment, Instruments & Components | 2,591,278 | 2,526,212 | ||||||||||||||
Energy Equipment & Services - 0.78% (0.55% of Total Investments) | ||||||||||||||||
ChampionX Holding, Inc, Term Loan(f) | 6.00% | 6M US L + 5.00% | 06/03/2027 | 174,397 | 177,013 | |||||||||||
Lealand Finance Company B.V. | ||||||||||||||||
Make-Whole(f) | 3.15% | 1M US L + 3.00% | 06/28/2024 | 8,469 | 6,775 | |||||||||||
Take-Back(f) | 4.15% | 1M US L + 4.00% | 06/30/2025 | 44,880 | 29,060 | |||||||||||
WaterBridge Midstream Operating LLC, Initial(f) | 6.75% | 1M US L + 5.75% | 06/22/2026 | 695,560 | 595,142 | |||||||||||
Total Energy Equipment & Services | 923,306 | 807,990 | ||||||||||||||
Food Products - 0.17% (0.12% of Total Investments) | ||||||||||||||||
H-Food Holdings LLC, 2020 Incremental B-3(f) | 6.00% | 3M US L + 5.00% | 05/23/2025 | 62,188 | 62,239 | |||||||||||
Ozark Holdings LLC, 2020 Refinancing(f) | N/A | L + 4.00% | 12/16/2027 | 34,483 | 34,483 | |||||||||||
Zaxby's Operating Company LP, Initial(f) | 4.50% | 1M US L + 4.25% | 12/28/2027 | 79,247 | 79,247 | |||||||||||
Total Food Products | 175,918 | 175,969 | ||||||||||||||
Health Care Equipment & Supplies - 0.51% (0.36% of Total Investments) | ||||||||||||||||
ASP Navigate Acquisition Corp., Initial(f) | 5.50% | 3M US L + 4.50% | 10/06/2027 | 421,053 | 420,000 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SENIOR SECURED FIRST LIEN LOANS(b) (continued) | ||||||||||||||||
Health Care Equipment & Supplies (continued) | ||||||||||||||||
Curium BidCo S.a r.l., Term Loan(f) | N/A | L + 4.25% | 10/27/2027 | $ | 106,007 | $ | 105,344 | |||||||||
Total Health Care Equipment & Supplies | 527,060 | 525,344 | ||||||||||||||
Health Care Providers & Services - 5.92% (4.18% of Total Investments) | ||||||||||||||||
ADMI Corp., Amendment No. 3 Incremental(f) | N/A | L + 4.00% | 12/23/2027 | 209,931 | 209,879 | |||||||||||
Albany Molecular Research, Inc., 2020(f) | 4.50% | 3M US L + 3.50% | 08/30/2024 | 155,199 | 155,491 | |||||||||||
BW NHHC Holdco, Inc., Initial(f) | 5.22% | 1M US L + 5.00% | 05/15/2025 | 344,094 | 300,735 | |||||||||||
Cambrex Corp., Tranche B-1 Dollar(f) | 5.50% | 3M US L + 4.50% | 12/04/2026 | 233,850 | 235,604 | |||||||||||
EyeCare Partners LLC | ||||||||||||||||
Initial Delayed Draw Term Loan(f) | 3.90% | 3M US L + 3.75% | 02/18/2027 | 110,945 | 107,853 | |||||||||||
Initial Term Loan(f) | 3.90% | 1M US L + 3.75% | 02/18/2027 | 471,914 | 458,762 | |||||||||||
Global Medical Response, Inc. | ||||||||||||||||
2018 New(f) | 5.25% | 1M US L + 4.25% | 03/14/2025 | 489,902 | 484,479 | |||||||||||
2020 Refinancing(f) | 5.75% | 3M US L + 4.75% | 10/02/2025 | 150,000 | 148,750 | |||||||||||
Heartland Dental, LLC Term Loan, Initial(f) | N/A | L + 3.50% | 04/30/2025 | 500,000 | 487,030 | |||||||||||
Maravai Intermediate Holdings LLC, Initial(f) | 5.25% | 3M US L + 4.25% | 10/19/2027 | 69,276 | 69,882 | |||||||||||
Pathway Vet Alliance LLC | ||||||||||||||||
Initial(f) | 4.15% | 1M US L + 4.00% | 03/31/2027 | 109,830 | 109,665 | |||||||||||
Initial Delayed Draw Term Loan(f) | 4.15% | 3M US L + 4.00% | 03/31/2027 | 8,971 | 8,958 | |||||||||||
Radiology Partners, Inc., B(f) | 4.81% | 1M US L + 4.25% | 07/09/2025 | 754,358 | 740,689 | |||||||||||
Southern Veterinary Partners LLC, Initial(f)(g) | 5.00% | 6M US L + 4.00% | 10/05/2027 | 59,552 | 59,254 | |||||||||||
Unified Women's Healthcare LLC, Initial(f) | N/A | L + 4.25% | 12/18/2027 | 111,359 | 110,524 | |||||||||||
Verscend Holding Corp., B(f) | 4.65% | 3M US L + 4.50% | 08/27/2025 | 1,240,327 | 1,237,846 | |||||||||||
WCG Purchaser Corp., Initial(f) | 5.00% | 3M US L + 4.00% | 01/08/2027 | 455,814 | 456,575 | |||||||||||
WP CityMD Bidco LLC, Initial(f) | 5.50% | 3M US L + 4.50% | 08/13/2026 | 762,251 | 760,666 | |||||||||||
Total Health Care Providers & Services | 6,237,573 | 6,142,642 | ||||||||||||||
Health Care Technology - 2.39% (1.69% of Total Investments) | ||||||||||||||||
athenahealth, Inc., B(f) | 4.65% | 3M US L + 4.50% | 02/11/2026 | 1,230,138 | 1,226,755 | |||||||||||
Milano Acquisition Corp., B(f) | 4.75% | 1M US L + 4.00% | 10/01/2027 | 298,766 | 298,267 | |||||||||||
Navicure, Inc., 2020 Incremental(f) | 4.75% | 2M US L + 4.00% | 10/22/2026 | 73,145 | 72,962 | |||||||||||
Zelis Cost Management Buyer, Inc., Initial(f) | 4.90% | 1M US L + 4.75% | 09/30/2026 | 880,578 | 881,925 | |||||||||||
Total Health Care Technology | 2,482,627 | 2,479,909 | ||||||||||||||
Hotels, Restaurants & Leisure - 4.00% (2.82% of Total Investments) | ||||||||||||||||
Alterra Mountain Company, Additional(f) | 5.50% | 1M US L + 4.50% | 08/01/2026 | 352,021 | 353,341 | |||||||||||
Caesars Resort Collection LLC, B-1(f) | 4.65% | 3M US L + 4.50% | 07/21/2025 | 141,378 | 141,422 | |||||||||||
Carnival Corp., Initial Advance(f) | 8.50% | 1M US L + 7.50% | 06/30/2025 | 65,450 | 67,250 | |||||||||||
Casablanca US Holdings, Inc., Amendment No. 2 Initial(f) | 4.21% | 6M US L + 4.00% | 03/29/2024 | 822,950 | 659,735 | |||||||||||
CCM Merger, Inc., B(f) | 4.50% | 3M US L + 3.75% | 11/04/2025 | 32,893 | 32,797 | |||||||||||
CEC Entertainment, Inc. Term Loan(f) | N/A | L + 11.25% | 12/29/2025 | 53,286 | 63,943 | |||||||||||
Herschend Entertainment Company LLC, Initial(f) | 6.75% | 1M US L + 5.75% | 08/25/2025 | 174,179 | 175,050 | |||||||||||
Kingpin Intermediate Holdings LLC, 2018 Refinancing(f) | 4.50% | 1M US L + 3.50% | 07/03/2024 | 682,465 | 646,636 | |||||||||||
Red Lobster Management LLC, Initial(f) | 6.25% | 1M US L + 5.25% | 07/28/2021 | 254,507 | 249,417 | |||||||||||
Seaworld Parks & Entertainment, Inc., B-5(f) | 3.75% | 1M US L + 3.00% | 04/01/2024 | 748,057 | 725,615 | |||||||||||
Tacala, LLC Term Loan, Initial(f) | 4.50% | 3M US L + 3.75% | 02/05/2027 | 199,487 | 197,534 | |||||||||||
United PF Holdings LLC | ||||||||||||||||
Incremental Term Loan(f) | 9.50% | 1M US L + 8.50% | 12/30/2026 | 359,100 | 358,202 | |||||||||||
Initial(f) | 4.25% | 3M US L + 4.00% | 12/30/2026 | 516,031 | 481,458 | |||||||||||
Total Hotels, Restaurants & Leisure | 4,401,804 | 4,152,400 | ||||||||||||||
Household Durables - 0.68% (0.48% of Total Investments) | ||||||||||||||||
Samsonite International S.A., 2020 Incremental Tranche B(f) | 5.50% | 1M US L + 4.50% | 04/25/2025 | 480,831 | 477,528 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SENIOR SECURED FIRST LIEN LOANS(b) (continued) | ||||||||||||||||
Household Durables (continued) | ||||||||||||||||
Weber-Stephen Products LLC, Initial B(f) | 4.00% | 3M US L + 3.25% | 10/30/2027 | $ | 228,600 | $ | 228,714 | |||||||||
Total Household Durables | 709,431 | 706,242 | ||||||||||||||
Independent Power/Renewable Electricity Producers - 0.11% (0.08% of Total Investments) | ||||||||||||||||
Array Technologies, Inc., Initial(f) | 5.00% | 1M US L + 4.00% | 10/14/2027 | 115,459 | 113,006 | |||||||||||
Industrial Conglomerates - 0.33% (0.23% of Total Investments) | ||||||||||||||||
Star US Bidco LLC, Initial(f) | 5.25% | 3M US L + 4.25% | 03/17/2027 | 351,096 | 343,635 | |||||||||||
Insurance - 0.73% (0.51% of Total Investments) | ||||||||||||||||
OneDigital Borrower LLC, Initial(f)(g) | 5.25% | 3M US L + 4.50% | 11/16/2027 | 474,036 | 474,036 | |||||||||||
Ryan Specialty Group LLC, Initial(f) | 4.00% | 1M US L + 3.25% | 09/01/2027 | 281,436 | 280,381 | |||||||||||
Total Insurance | 755,472 | 754,417 | ||||||||||||||
Internet Software & Services - 4.34% (3.07% of Total Investments) | ||||||||||||||||
Castle US Holding Corp., Initial Dollar(f) | 4.00% | 3M US L + 3.75% | 01/29/2027 | 1,490,625 | 1,459,411 | |||||||||||
GTT Communications B.V., Delayed Draw(f) | 7.74% | 1M US L + 7.50% | 12/28/2021 | 6,308 | 6,308 | |||||||||||
GTT Communications, Inc., Priming Facility(f) | 7.74% | 1M US L + 7.50% | 12/28/2021 | 3,604 | 3,298 | |||||||||||
Imperva, Inc.(f) | 5.00% | 1M US L + 4.00% | 01/12/2026 | 410,604 | 410,091 | |||||||||||
Playtika Holding Corp., B(f) | 7.00% | 1M US L + 6.00% | 12/10/2024 | 1,902,663 | 1,911,967 | |||||||||||
Shutterfly, Inc., B(f) | 7.00% | 1M US L + 6.00% | 09/25/2026 | 678,728 | 673,882 | |||||||||||
Ultimate Software Group, Inc., 2020 Incremental(f) | 4.75% | 3M US L + 4.00% | 05/04/2026 | 43,131 | 43,322 | |||||||||||
Total Internet Software & Services | 4,535,663 | 4,508,279 | ||||||||||||||
IT Services - 0.84% (0.59% of Total Investments) | ||||||||||||||||
Ahead DB Holdings LLC, Initial(f) | 6.00% | 2M US L + 5.00% | 10/18/2027 | 180,369 | 177,044 | |||||||||||
Imprivata, Inc., Initial(f) | 4.25% | 3M US L + 3.75% | 12/01/2027 | 207,159 | 207,159 | |||||||||||
Intrado Corp., Initial B(f) | 5.00% | 3M US L + 4.00% | 10/10/2024 | 467,760 | 452,169 | |||||||||||
Virtusa Corp., Closing Date(f) | N/A | L + 4.25% | 12/09/2027 | 39,617 | 39,320 | |||||||||||
Total IT Services | 894,905 | 875,692 | ||||||||||||||
Life Sciences Tools & Services - 0.12% (0.08% of Total Investments) | ||||||||||||||||
Precision Medicine Group LLC, Initial(f)(g) | 4.50% | 3M US L + 3.75% | 11/18/2027 | 119,955 | 119,955 | |||||||||||
Machinery - 0.09% (0.06% of Total Investments) | ||||||||||||||||
Hayward Industries, Inc., 2020 Incremental(f) | 4.50% | 3M US L + 3.75% | 08/04/2026 | 95,826 | 95,347 | |||||||||||
Media - 5.20% (3.67% of Total Investments) | ||||||||||||||||
Arches Buyer, Inc., Initial(f) | 4.50% | 6M US L + 4.00% | 12/06/2027 | 257,876 | 258,005 | |||||||||||
Banijay Entertainment S.A.S., Facility B(f) | 3.90% | 3M US L + 3.75% | 03/01/2025 | 347,765 | 342,548 | |||||||||||
Creative Artists Agency LLC | ||||||||||||||||
Closing Date(f) | 3.90% | 1M US L + 3.75% | 11/27/2026 | 679,351 | 670,295 | |||||||||||
Incremental B-1(f) | 5.25% | 1M US L + 4.25% | 11/27/2026 | 373,592 | 368,612 | |||||||||||
Cumulus Media New Holdings, Inc., Initial(f) | 4.75% | 1M US L + 3.75% | 03/31/2026 | 963,345 | 944,878 | |||||||||||
Houghton Mifflin Harcourt Publishers, Inc., B(f) | 7.25% | 3M US L + 6.25% | 11/22/2024 | 481,169 | 460,921 | |||||||||||
ProQuest LLC, Initial(f) | N/A | L + 3.50% | 10/23/2026 | 29,012 | 28,940 | |||||||||||
Recorded Books, Inc., Initial(f) | 4.40% | 1M US L + 4.25% | 08/29/2025 | 938,541 | 931,896 | |||||||||||
Terrier Media Buyer, Inc., B(f) | 4.40% | 1M US L + 4.25% | 12/17/2026 | 885,043 | 884,769 | |||||||||||
William Morris Endeavor Entertainment LLC, B-2(f) | 9.50% | 3M US L + 8.50% | 05/18/2025 | 496,250 | 508,656 | |||||||||||
Total Media | 5,451,944 | 5,399,520 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SENIOR SECURED FIRST LIEN LOANS(b) (continued) | ||||||||||||||||
Oil, Gas & Consumable Fuels - 0.05% (0.04% of Total Investments) | ||||||||||||||||
Permian Production Partners, LLC Term Loan(c)(f) | 9.00% | 1M US L + 8.00% (2.00% PIK/1.00% Floor) | 11/20/2025 | $ | 136,765 | $ | 54,706 | |||||||||
Personal Products - 0.95% (0.67% of Total Investments) | ||||||||||||||||
Knowlton Development Corp., Inc., Initial (2020)(f) | 4.75% | 1M US L + 3.75% | 12/22/2025 | 989,924 | 981,263 | |||||||||||
Pharmaceuticals - 0.23% (0.16% of Total Investments) | ||||||||||||||||
Amneal Pharmaceuticals, LLC, Initial Term Loan(f) | 3.69% | 3M US L + 3.50% | 05/04/2025 | 245,997 | 239,283 | |||||||||||
Professional Services - 1.25% (0.88% of Total Investments) | ||||||||||||||||
AQ Carver Buyer, Inc., Initial(f) | 6.00% | 1M US L + 5.00% | 09/23/2025 | 462,041 | 455,111 | |||||||||||
Globallogic Holdings, Inc., 2020 Incremental B-2(f) | 4.50% | 1M US L + 3.75% | 09/14/2027 | 105,370 | 104,843 | |||||||||||
IG Investments Holdings, LLC (fka Igloo Merger Sub, LLC), Refinancing Term Loan(f) | 5.00% | 1M US L + 4.00% | 05/23/2025 | 742,386 | 739,973 | |||||||||||
Total Professional Services | 1,309,797 | 1,299,927 | ||||||||||||||
Semiconductors & Semiconductor Equipment - 0.00%(h) (0.00% of Total Investments) | ||||||||||||||||
Allegro MicroSystems, Inc., Cov-Lite Term Loan B(f) | 4.50% | 3M US L + 4.00% | 09/30/2027 | 619 | 617 | |||||||||||
Software - 6.89% (4.86% of Total Investments) | ||||||||||||||||
Cambium Learning Group, Inc., Initial(f) | 4.75% | 1M US L + 4.50% | 12/18/2025 | 989,883 | 982,664 | |||||||||||
Cardinal Parent, Inc., Initial(f) | N/A | L + 4.50% | 11/12/2027 | 182,050 | 179,470 | |||||||||||
CommerceHub, Inc., Initial(f) | N/A | L + 4.00% | 12/29/2027 | 81,847 | 81,745 | |||||||||||
Conservice Midco LLC, Initial(f) | 4.50% | 1M US L + 4.25% | 05/13/2027 | 122,769 | 122,769 | |||||||||||
Cornerstone OnDemand, Inc.(f) | 4.39% | 1M US L + 4.25% | 04/22/2027 | 304,035 | 305,066 | |||||||||||
CT Technologies Intermediate Holdings, Inc., Initial(f) | 6.00% | 1M US L + 5.00% | 12/16/2025 | 169,022 | 168,177 | |||||||||||
DCert Buyer, Inc., Initial(f) | 4.15% | 3M US L + 4.00% | 10/16/2026 | 294,516 | 293,833 | |||||||||||
DiscoverOrg LLC, Initial(f) | 3.90% | 3M US L + 3.75% | 02/02/2026 | 866,118 | 865,036 | |||||||||||
EagleView Technology Corp.(f) | 3.73% | 1M US L + 3.50% | 08/14/2025 | 279,590 | 274,347 | |||||||||||
Fiserv Investment Solutions, Inc., Initial(f) | 4.97% | 3M US L + 4.75% | 02/18/2027 | 445,335 | 448,306 | |||||||||||
Flexera Software LLC(f) | N/A | L + 3.75% | 01/26/2028 | 23,506 | 23,477 | |||||||||||
Greeneden U.S. Holdings I LLC, Initial Dollar (2020)(f) | 4.75% | 1M US L + 4.00% | 12/01/2027 | 445,740 | 446,159 | |||||||||||
LegalZoom.com, Inc., 2018(f) | 4.71% | 1M US L + 4.50% | 11/21/2024 | 400,000 | 400,000 | |||||||||||
MH Sub I LLC, 2020 June New(f) | 4.75% | PRIME + 3.75% | 09/13/2024 | 231,975 | 231,047 | |||||||||||
Micro Holding Corp. & MH Sub I, LLC, Term Loan(f) | 3.65% | 1M US L + 3.50% | 09/13/2024 | 245,546 | 241,956 | |||||||||||
Planview Parent, Inc. | ||||||||||||||||
Closing Date(f) | N/A | L + 4.00% | 12/17/2027 | 110,691 | 110,414 | |||||||||||
Delayed Draw(f) | N/A | L + 4.00% | 12/17/2027 | 25,862 | 25,798 | |||||||||||
Project Alpha Intermediate Holding, Inc., 2019 Incremental(f) | 4.48% | 3M US L + 4.25% | 04/26/2024 | 587,638 | 584,700 | |||||||||||
Redstone Holdco 2 LP, Initial(f) | 6.00% | 1M US L + 5.00% | 09/01/2027 | 386,041 | 387,126 | |||||||||||
Upland Software, Inc., Initial(f) | 3.90% | 3M US L + 3.75% | 08/06/2026 | 987,500 | 979,274 | |||||||||||
Total Software | 7,179,664 | 7,151,364 | ||||||||||||||
Specialty Retail - 1.89% (1.34% of Total Investments) | ||||||||||||||||
Bass Pro Group LLC, Initial(f) | 5.75% | 1M US L + 5.00% | 09/25/2024 | 1,243,636 | 1,245,862 | |||||||||||
Jo-Ann Stores LLC, Initial(f) | 6.00% | 3M US L + 5.00% | 10/20/2023 | 750,000 | 720,315 | |||||||||||
Total Specialty Retail | 1,993,636 | 1,966,177 | ||||||||||||||
Textiles, Apparel & Luxury Goods - 1.09% (0.77% of Total Investments) | ||||||||||||||||
Champ Acquisition Corp., Initial(f) | 5.76% | 3M US L + 5.50% | 12/19/2025 | 520,476 | 517,092 |
Coupon(a) | Reference Rate & Spread | Maturity Date | Principal Amount | Value | ||||||||||||
SENIOR SECURED FIRST LIEN LOANS(b) (continued) | ||||||||||||||||
Textiles, Apparel & Luxury Goods (continued) | ||||||||||||||||
Elevate Textiles, Inc., Initial(f) | 5.26% | 3M US L + 5.00% | 05/01/2024 | $ | 685,381 | $ | 612,847 | |||||||||
Total Textiles, Apparel & Luxury Goods | 1,205,857 | 1,129,939 | ||||||||||||||
Total Senior Secured First Lien Loans (Cost $62,482,522) | $ | 63,649,633 | $ | 62,502,902 |
Shares | Value | |||||||
COMMON STOCK - 0.13%* (0.09% of Total Investments) | ||||||||
Aerospace & Defense - 0.01% (0.01% of Total Investments) | ||||||||
New Constellis Borrower LLC(c)(i) | 6,795 | $ | 11,046 | |||||
Energy Equipment & Services - 0.03% (0.02% of Total Investments) | ||||||||
Mcdermott International, Ltd.(i) | 35,710 | 28,925 | ||||||
Food & Staples Retailing - 0.09% (0.06% of Total Investments) | ||||||||
CEC Brands, LLC - EQ(i) | 10,454 | 92,779 | ||||||
Oil, Gas & Consumable Fuels - –% (–% of Total Investments) | ||||||||
PERMIAN PRODUCTION PARTNERS - EQ(c)(i) | 18,995 | - | ||||||
Total Common Stock (Cost $119,245) | 71,954 | $ | 132,750 | |||||
MONEY MARKET MUTUAL FUNDS - 1.68%* (1.18% of Total Investments) | ||||||||
Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class (0.010% 7-Day Yield) | 1,743,026 | $ | 1,743,026 | |||||
Total Money Market Mutual Funds (Cost $1,743,026) | 1,743,026 | $ | 1,743,026 | |||||
Total Investments - 141.62% (Cost $159,031,758) | $ | 147,020,835 | ||||||
Liabilities in Excess of Other Assets - (0.58)% | (599,336 | ) | ||||||
Leverage Facility (Net of $40,929 Deferred Leverage Costs) - (41.04)% | (42,609,071 | ) | ||||||
Net Assets - 100.00% | $ | 103,812,428 |
* | Amounts above are shown as a percentage of net assets as of December 31, 2020. |
(a) | The rate shown is the coupon as of the end of the reporting period. |
(b) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(c) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $78,443,381, which represents approximately 75.56% of the Trust's net assets as of December 31, 2020. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration. |
(e) | CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield is estimated based upon the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. Effective yields for the CLO equity positions are updated generally once a quarter or on a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. Estimated yields shown are based on rates that existed as of December 31, 2020. |
(f) | When-issued or delivery-delayed security. All or a portion of this position has not settled as of December 31, 2020. The interest rate shown represents the stated spread over the London Interbank Offered Rate ("LIBOR" or "L") or the applicable LIBOR floor; the Trust will not accrue interest until the settlement date, at which point LIBOR will be established. The total cost of securities purchased on a when-issued or delivery-delayed basis was $1,475,665 as of December 31, 2020. |
(g) | This investment has an unfunded commitment as of December 31, 2020. |
(h) | Amount represents less than 0.005% of net assets. |
(i) | Non-income producing security. |
All securities held as of December 31, 2020 are pledged as collateral for the leverage facility.