NPORT-EX 2 MW91TCW123122.htm
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
1
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
90
.76
%
ASSET-BACKED
SECURITIES
—
0
.30
%
**
AMMC
CLO
18
Ltd.,
Series
2016-18A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
6.34%
05/26/31
1,2,3
$
1,165,000‌
$
1,122,478‌
Total
Asset-Backed
Securities
(Cost
$1,120,445)
BANK
LOANS
—
89
.08
%
*
Automotive
—
0
.47
%
Clarios
Global
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
04/30/26
2
461,302‌
453,615‌
First
Brands
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
8.37%
03/30/27
2
1,354,533‌
1,288,838‌
1,742,453‌
Communications
—
6
.01
%
Altice
Financing
SA,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
6.83%
01/31/26
2
148,026‌
143,215‌
(SOFR
plus
3.25%)
9.32%
10/31/27
2
1,200,000‌
1,152,000‌
Altice
SA,
Term
Loan
B13,
1st
Lien
(France)
(LIBOR
plus
4.00%)
8.65%
08/14/26
2,3
480,000‌
447,802‌
Banijay
Group
U.S.
Holding,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
7.89%
03/01/25
2
477,447‌
476,354‌
CCI
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.58%
12/17/27
2
976,282‌
935,278‌
CenturyLink,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
6.63%
03/15/27
2
790,040‌
751,735‌
Consolidated
Communications,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
10/02/27
2
1,250,000‌
1,107,812‌
Coralus
Co-Borrower
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.25%)
6.57%
01/31/28
2
2,250,000‌
2,183,062‌
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.75%)
8.87%
04/27/27
2
801,370‌
784,004‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Communications
(continued)
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
6.82%
04/15/27
2
$
977,387‌
$
875,983‌
Cyxtera
DC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.00%)
7.36%
05/01/24
2
500,000‌
428,595‌
Dawn
Acquisition
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.48%
12/31/25
2
256,691‌
169,691‌
Diamond
Sports
Group,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
2.25%)
7.57%
08/24/26
2
166,993‌
21,431‌
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.50%
05/01/28
2
231,294‌
221,485‌
Global
Tel*Link
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.49%
11/29/25
2
975,146‌
845,637‌
Gray
Television,
Inc.,
Term
Loan
D,
1st
Lien
(LIBOR
plus
3.00%)
7.12%
12/01/28
2
490,025‌
476,907‌
Intelsat
Jackson
Holdings
SA,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.25%)
7.44%
02/01/29
2,3
3,513,484‌
3,399,296‌
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
09/13/24
2
2,307,028‌
2,246,884‌
National
CineMedia
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
8.00%)
12.50%
12/20/24
2
575,428‌
152,969‌
Term
Loan
B,
1st
Lien
(Luxembourg)
(LIBOR
plus
4.00%)
8.50%
06/20/25
2,3
1,233,644‌
314,030‌
NEP
Group,
Inc.,
Term
Loan
B,
1st
Lien
(PRIME
plus
4.00%)
10.50%
10/20/25
2
247,500‌
216,718‌
NEP/NCP
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
10/20/25
2
479,028‌
415,358‌
Term
Loan,
2nd
Lien
(LIBOR
plus
7.00%)
11.38%
10/19/26
2
440,000‌
329,450‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
2
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Communications
(continued)
New
Insight
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
5.50%)
8.84%
12/20/24
2
$
475,000‌
$
359,615‌
Numericable
U.S.
LLC,
Term
Loan
B12,
1st
Lien
(LIBOR
plus
3.69%)
7.77%
01/31/26
2
981,832‌
912,289‌
Terrier
Media
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
12/17/26
2
1,008,736‌
947,314‌
UPC
Financing
Partnership,
Term
Loan
AT,
1st
Lien
(LIBOR
plus
2.25%)
6.57%
04/30/28
2
250,000‌
244,531‌
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.38%
03/09/27
2
1,504,276‌
1,225,263‌
(SOFR
plus
3.25%)
8.57%
03/09/27
2
496,250‌
414,213‌
22,198,921‌
Consumer
Discretionary
—
4
.12
%
ADMI
Corp.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
3.38%)
7.76%
12/23/27
2
1,228,125‌
1,117,287‌
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
7.84%
-
8.63%
07/31/28
2,4
849,537‌
802,103‌
(SOFR
plus
3.75%)
4.39%
07/30/28
2
1,147,125‌
1,083,316‌
Arterra
Wines
Canada,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
11/24/27
2
1,182,203‌
1,109,793‌
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.79%
04/05/28
2
988,737‌
443,696‌
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.25%)
7.93%
01/24/29
2,3
497,500‌
447,404‌
Term
Loan,
2nd
Lien
(SOFR
plus
6.50%)
10.68%
01/24/30
2
2,100,000‌
1,697,388‌
New
Trojan
Parent,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.54%
-
7.63%
01/06/28
2
1,477,500‌
1,037,944‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Pegasus
Bidco
BV,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
8.52%
07/12/29
2
$
1,000,000‌
$
970,000‌
Playa
Hotels
&Amp;
Resorts
B.V.,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.58%
01/05/29
2
625,000‌
610,419‌
Prometric
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.39%
01/29/25
2
955,263‌
844,219‌
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.48%
10/01/26
2
2,210,625‌
2,122,509‌
Triton
Water
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
03/31/28
2
1,477,502‌
1,379,063‌
Waystar
technologies,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
10/22/26
2
950,014‌
935,763‌
Weber-Stephen
Products
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
8.61%
10/30/27
2
709,388‌
610,074‌
15,210,978‌
Electric
—
1
.11
%
CommScope,
Inc.,
Term
Loan
B2,
1st
Lien
(France)
(LIBOR
plus
3.25%)
7.63%
04/06/26
2
1,939,950‌
1,833,737‌
Endure
Digital,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.72%
02/10/28
2
1,970,000‌
1,777,925‌
Pike
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.82%
01/21/28
2
498,750‌
495,219‌
4,106,881‌
Energy
—
1
.00
%
Apro
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
7.92%
11/14/26
2
1,322,742‌
1,288,568‌
Calpine
Corp.,
Term
Loan
B10,
1st
Lien
(LIBOR
plus
2.00%)
6.38%
08/12/26
2
187,441‌
185,368‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
3
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Energy
(continued)
EG
America
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
02/07/25
2
$
497,391‌
$
470,969‌
Parkway
Generation
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
9.07%
02/16/29
2
912,231‌
899,232‌
Term
Loan
C,
1st
Lien
(SOFR
plus
4.75%)
9.07%
02/16/29
2
128,677‌
127,337‌
TransMontaigne
Operating
Co.
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.43%)
7.85%
-
7.89%
11/17/28
2
738,769‌
726,073‌
3,697,547‌
Entertainment
—
1
.86
%
Alpha
Topco
Ltd.
-
Delta
2
(Lux)
Sarl,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
7.57%
01/15/30
2
1,500,000‌
1,501,125‌
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
1st
Lien
(France)
(LIBOR
plus
3.00%)
7.27%
04/22/26
2
520,941‌
284,835‌
Crown
Finance
U.S.,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
9.00%)
14.28%
-
14.42%
09/07/23
2
1,822,543‌
1,794,831‌
NAI
Entertainment
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
6.89%
05/08/25
2
1,391,572‌
1,335,909‌
SMG
US
Midco 2,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
6.91%
01/23/25
2
987,284‌
964,251‌
WMG
Acquisition
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
2.00%)
7.32%
01/20/28
2
1,000,000‌
992,915‌
6,873,866‌
Finance
—
3
.85
%
Auris
Lux
III
SA,
Term
Loan
B2,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.75%)
8.50%
-
8.68%
02/27/26
2,3
1,203,132‌
1,079,811‌
Camelot
Finance
SA,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.38%
10/30/26
2
868,214‌
855,734‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Finance
(continued)
DCG
Acquisition
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
8.92%
09/30/26
2
$
692,162‌
$
654,092‌
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.07%
04/09/27
2
1,489,815‌
1,395,078‌
Term
Loan,
2nd
Lien
(LIBOR
plus
6.75%)
11.13%
04/07/28
2
250,000‌
239,062‌
Delos
Finance
Sarl,
Term
Loan,
1st
Lien
(LIBOR
plus
1.75%)
6.47%
10/06/23
2
1,000,000‌
999,810‌
First
Eagle
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
7.23%
02/01/27
2
1,416,370‌
1,383,971‌
Fiserv
Investment
Solutions,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.32%
02/18/27
2
989,848‌
942,216‌
Focus
Financial
Partners
LLC,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.25%)
7.57%
06/30/28
2
498,750‌
493,867‌
Guggenheim
Partners
Investment
Management
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.25%)
7.57%
12/12/29
2
750,000‌
742,504‌
Hertz
Corp.
(The),
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
06/30/28
2
1,248,467‌
1,226,270‌
Term
Loan
C,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
06/30/28
2
238,871‌
234,624‌
Jane
Street
Group
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.13%
01/26/28
2
1,715,000‌
1,667,434‌
Mozart
Borrower,
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
10/23/28
2
1,036,516‌
986,872‌
Telenet
Financing
USD
LLC,
Term
Loan
AR,
1st
Lien
(LIBOR
plus
2.00%)
6.32%
04/28/28
2
500,000‌
487,875‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Finance
(continued)
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
09/15/28
2
$
864,829‌
$
832,554‌
14,221,774‌
Food
—
3
.93
%
8th
Avenue
Food
&
Provisions,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
10/01/25
2
497,409‌
418,058‌
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.75%)
9.13%
10/01/25
2
493,750‌
415,779‌
Chobani
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
10/25/27
2
968,795‌
953,856‌
Dessert
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
06/09/28
2
2,473,141‌
2,275,290‌
Flora
Food
Group,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
3.00%)
5.90%
07/02/25
2
1,934,487‌
1,761,960‌
Froneri
U.S.,
Inc.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
2.25%)
6.64%
01/29/27
2
498,721‌
486,323‌
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.69%)
8.07%
05/23/25
2
248,698‌
222,180‌
Hostess
Brands
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
6.63%
-
6.66%
08/03/25
2
362,189‌
361,642‌
Matterhorn
Merger
Sub
LLC,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
05/23/25
2
1,466,064‌
1,314,744‌
Shearer's
Foods
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
09/23/27
2
2,018,925‌
1,930,597‌
Snacking
Investments
Bidco,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
8.32%
12/18/26
2
1,228,616‌
1,200,973‌
Sovos
Brands
Intermediate,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.91%
06/08/28
2
1,536,207‌
1,500,367‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Food
(continued)
TKC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
5.50%)
9.89%
05/15/28
2
$
973,571‌
$
819,625‌
Utz
Quality
Foods
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
7.44%
01/20/28
2
861,575‌
855,652‌
14,517,046‌
Gaming
—
2
.65
%
Bally's
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.54%
10/02/28
2
493,753‌
458,203‌
Entain
PLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
2.50%)
8.18%
10/31/29
2
400,000‌
398,750‌
Flutter
Entertainment
PLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.25%)
8.09%
07/22/28
2
997,500‌
994,592‌
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.32%
01/26/29
2
1,977,525‌
1,884,097‌
GVC
Holdings
Gibraltar
Ltd.,
Term
Loan
B4,
1st
Lien
(LIBOR
plus
2.50%)
7.23%
03/29/27
2
1,723,750‌
1,713,787‌
J&J
Ventures
Gaming
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
04/26/28
2
1,496,187‌
1,438,210‌
Penn
National
Gaming,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.75%)
7.17%
05/03/29
2
995,000‌
986,776‌
Scientific
Games
Holdings
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.10%
04/04/29
2
1,998,990‌
1,911,224‌
9,785,639‌
Health
Care
—
13
.23
%
ADMI
Corp.,
Term
Loan
B,
1st
Lien
(France)
(LIBOR
plus
3.00%)
7.38%
04/30/25
2
955,138‌
902,085‌
Bausch
&
Lomb
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.25%)
7.84%
05/10/27
2
2,488,747‌
2,374,041‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
5
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Bella
Holding
Co.
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
05/10/28
2
$
987,500‌
$
934,669‌
Cano
Health,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
8.42%
11/23/27
2
1,997,717‌
1,594,179‌
Carestream
Dental,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
8.88%
09/01/24
2
1,564,013‌
1,556,193‌
CCS-CMGC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
5.50%)
9.91%
10/01/25
2
480,000‌
382,099‌
Certara
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(LIBOR
plus
3.50%)
7.88%
08/15/26
2
1,970,000‌
1,949,069‌
Charlotte
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.25%)
9.05%
02/11/28
2
950,000‌
902,899‌
Curia
Global, Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.16%
08/30/26
2
2,164,220‌
1,792,927‌
CVET
Midco
2
LP,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.58%
10/13/29
2
1,300,000‌
1,221,350‌
Da
Vinci
Purchaser
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
01/08/27
2
2,194,972‌
2,004,745‌
Dermatology
Intermediate
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.57%
04/02/29
2,5
251,873‌
246,206‌
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.00%)
6.38%
11/15/27
2
925,556‌
897,021‌
Heartland
Dental
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.39%
04/30/25
2
2,503‌
2,332‌
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
04/30/25
2
1,469,285‌
1,361,660‌
Horizon
Therapeutics
USA,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.00%)
6.44%
05/22/26
2
500,000‌
500,312‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
05/05/28
2
$
1,826,449‌
$
1,813,180‌
LSCS
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
8.88%
12/16/28
2
2,425,500‌
2,323,932‌
National
Seating
&
Mobility,
Term
Loan,
1st
Lien
(SOFR
plus
5.25%)
9.67%
11/16/26
2
1,952,277‌
1,760,300‌
NMN
Holdings
III
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
11/13/25
2,6
1,191,750‌
1,042,781‌
Option
Care
Health,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.13%
10/27/28
2
1,980,000‌
1,968,862‌
Organon
&
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.75%
06/02/28
2
1,429,667‌
1,419,330‌
Pacific
Dental
Services,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.85%
05/05/28
2
985,000‌
965,916‌
Pathway
Vet
Alliance
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
03/31/27
2
2,439,526‌
2,045,128‌
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
02/01/28
2
2,411,531‌
2,359,285‌
Perrigo
Investments
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
6.92%
04/20/29
2
1,990,000‌
1,982,537‌
PetVet
Care
Centers
LLC,
Term
Loan
B3,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.50%)
7.88%
02/14/25
2
1,708,779‌
1,611,208‌
Phoenix
Guarantor,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
03/05/26
2
1,963,772‌
1,852,632‌
Phoenix
Newco,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
11/15/28
2
2,481,250‌
2,395,101‌
Pluto
Acquisition
I,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
06/22/26
2
486,216‌
330,627‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
6
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Premise
Health
Holding
Corp.,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.75%)
7.92%
07/10/25
2,3
$
2,099,494‌
$
2,036,509‌
Resonetics
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.41%
04/28/28
2
1,729,362‌
1,651,541‌
Sharp
Midco
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
12/29/28
2
1,736,875‌
1,654,373‌
Surgery
Center
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.05%
08/31/26
2
1,073,204‌
1,062,354‌
48,897,383‌
Industrials
—
12
.33
%
Alliance
Laundry
Systems,
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.41%
10/08/27
2
1,484,683‌
1,457,587‌
Anchor
Packaging
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
07/18/26
2
458,306‌
439,401‌
Arterrsa
Services  LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.50%)
8.23%
03/06/25
2
1,477,500‌
1,215,251‌
ASP
Blade
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
10/13/28
2
1,238,235‌
992,910‌
AZZ,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.67%
05/11/29
2
1,614,588‌
1,616,356‌
BCPE
Empire
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
06/11/26
2
493,763‌
482,344‌
Charter
Next
generation,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
12/01/27
2
1,246,827‌
1,213,419‌
Compass
Power
Generation
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.69%
04/14/29
2
902,134‌
896,685‌
Conserve
Merger
Sub,
Inc.,
Term
Loan,
1st
Lien
(France)
(LIBOR
plus
3.50%)
7.77%
08/08/25
2,3
1,915,000‌
1,811,475‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Convergint
Technologies,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.07%
03/31/28
2
$
492,516‌
$
472,200‌
CSC
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
6.57%
01/15/26
2
306,260‌
286,880‌
Dermatology
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.57%
04/02/29
2
1,508,953‌
1,475,001‌
DG
Investment
Intermediate
Holdings
2,
Inc.,
Term
Loan,
2nd
Lien
(LIBOR
plus
6.75%)
11.07%
03/30/29
2
250,000‌
222,083‌
DIRECTV
Financing
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
5.00%)
9.38%
08/02/27
2
1,043,544‌
1,018,217‌
DTI
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.84%
04/26/29
2
1,995,000‌
1,842,881‌
Eagle
4
Ltd.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.98%
07/12/28
2
494,893‌
493,039‌
Energizer
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
6.63%
12/22/27
2
468,561‌
460,947‌
Gates
Global
LLC,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.50%)
7.82%
11/16/29
2
498,750‌
496,102‌
Golden
Entertainment,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.39%
10/21/24
2
1,078,125‌
1,076,777‌
Hyland
Software,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
07/01/24
2
744,171‌
735,706‌
II-VI,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.13%
07/02/29
2
489,821‌
485,903‌
Ingram
Micro,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
06/30/28
2
236,899‌
233,938‌
KAMC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
08/14/26
2,7,8
725,625‌
589,570‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
7
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Liqui-Box
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.50%)
9.23%
02/26/27
2
$
975,000‌
$
966,059‌
Michaels
Cos.,
Inc.
(The),
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.98%
04/15/28
2
985,000‌
853,941‌
Osmose
Utilities
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
06/23/28
2
987,481‌
940,048‌
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.17%
03/20/25
2
1,454,198‌
1,253,337‌
Peacock
Merger
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.42%
-
8.98%
12/29/28
2
1,485,000‌
1,343,925‌
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
08/03/26
2
490,000‌
439,775‌
Term
Loan
B,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.50%)
7.88%
08/03/26
2
1,751,265‌
1,571,761‌
Proampac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
7.83%
-
8.43%
11/03/25
2
1,906,097‌
1,830,244‌
Project
Castle,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.50%)
10.08%
06/01/29
2
748,125‌
608,787‌
Protective
Industrial
Products,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
12/29/27
2
1,766,204‌
1,624,907‌
Refficiency
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
8.13%
12/16/27
2,9
1,646,912‌
1,563,545‌
Spirit
Aerosystems,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.82%
01/15/27
2
997,500‌
990,956‌
SPX
FLOW,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
8.92%
04/05/29
2
997,500‌
934,269‌
Standard
Industries,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.25%)
6.68%
09/22/28
2
747,037‌
738,902‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Transcendia
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
05/30/24
2
$
2,403,913‌
$
1,799,930‌
TransDigm,
Inc.,
Term
Loan
E,
1st
Lien
(LIBOR
plus
2.25%)
6.98%
05/30/25
2
483,784‌
479,443‌
TricorBraun
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
03/03/28
2
1,972,923‌
1,887,120‌
Vantage
Elevator
Solutions,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.10%
11/17/28
2
2,481,250‌
2,090,453‌
Wrench
Group
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
04/30/26
2
2,221,228‌
2,147,661‌
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.58%
08/12/24
2
1,717,420‌
1,497,591‌
45,577,326‌
Information
Technology
—
16
.84
%
AppLovin
Corp.,
Term
Loan
B,
1st
Lien
(PRIME
plus
3.00%)
2.00%
10/25/28
2
994,994‌
947,732‌
(PRIME
plus
3.25%)
2.25%
08/15/25
2
997,403‌
963,012‌
AQA
Acquisition
Holding,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.98%
03/03/28
2
1,477,500‌
1,420,867‌
Arches
Buyer,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
12/06/27
2
1,000,000‌
928,440‌
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.50%)
7.82%
02/15/29
2,10
72,464‌
65,606‌
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.50%)
7.82%
02/15/29
2
1,701,594‌
1,540,555‌
Azalea
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
8.17%
07/24/26
2
496,250‌
457,791‌
Barracuda
Parent  LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.82%
08/15/29
2
750,000‌
724,583‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
8
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Bifm
CA
Buyer,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
06/01/26
2
$
982,701‌
$
940,936‌
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
07/21/25
2
1,710,367‌
1,708,323‌
Castle
U.S.
Holding
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
01/29/27
2
977,083‌
608,845‌
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.50%)
9.08%
07/06/29
2
1,650,000‌
1,637,906‌
CHG
Healthcare
Services, Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
09/29/28
2
740,625‌
726,175‌
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.63%
12/16/25
2
1,612,915‌
1,484,132‌
E2open
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.68%
02/04/28
2
208,876‌
205,679‌
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
08/14/25
2
2,680,362‌
2,363,328‌
Electron
Bidco,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.00%)
7.38%
11/01/28
2
992,500‌
967,812‌
Emerald
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
07/24/26
2
1,461,042‌
1,342,792‌
Ensemble
RCM
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
7.94%
08/03/26
2
976,054‌
966,904‌
EQT
Box
Merger
Sub,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
7.82%
-
8.29%
04/17/28
2
1,489,355‌
1,424,195‌
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
10/01/27
2
1,473,684‌
1,387,105‌
Imperva,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.59%
01/12/26
2
1,245,799‌
1,024,047‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
ION
Analytics,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
8.73%
02/16/28
2
$
677,083‌
$
666,927‌
Logmein,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.75%)
9.14%
08/31/27
2
1,462,444‌
947,663‌
Magenta
Buyer
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
9.17%
07/27/28
2
1,980,000‌
1,704,661‌
Magenta
Buyer,
LLC,
Term
Loan,
2nd
Lien
(LIBOR
plus
8.25%)
12.67%
07/27/29
2
446,493‌
354,962‌
Match
Group,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
1.75%)
6.07%
02/13/27
2
1,000,000‌
983,125‌
MeridianLink,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.73%
-
8.15%
11/10/28
2
491,269‌
473,922‌
Mitnick
Corporate
Purchaser,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.75%)
8.94%
05/02/29
2
1,995,000‌
1,874,063‌
Monotype
Imaging
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
9.68%
10/09/26
2
1,481,250‌
1,459,031‌
NCR
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
6.92%
08/28/26
2
1,978,386‌
1,926,453‌
Northwest
Fiber
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
7.98%
04/30/27
2
282,395‌
274,911‌
Nouryon
USA
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.16%
10/01/25
2
736,640‌
727,985‌
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.86%
11/16/29
2
1,000,000‌
979,125‌
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
3.50%)
7.63%
09/25/28
2
1,728,125‌
1,708,087‌
Panther
Purchaser
LP,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.66%
01/07/28
2
1,477,500‌
1,335,291‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
9
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Playtika
Holding
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.13%
03/13/28
2
$
992,443‌
$
949,644‌
Precision
Medicine
Group
LLC,
Delayed-Draw
Term
Loan,
1st
Lien
(LIBOR
plus
3.00%)
7.35%
11/20/27
2
129,231‌
120,507‌
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.73%
11/18/27
2
2,801,204‌
2,612,123‌
Pretium
Packaging
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
7.74%
-
8.73%
10/02/28
2
1,734,987‌
1,391,712‌
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.39%
04/26/24
2
865,163‌
846,130‌
Project
Boost
Purchaser,
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
06/01/26
2
1,484,655‌
1,435,008‌
Proofpoint,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(LIBOR
plus
3.25%)
7.98%
08/31/28
2
1,487,487‌
1,433,975‌
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.38%
04/24/28
2
1,976,237‌
1,883,354‌
Renaissance
Learning,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
8.72%
03/30/29
2
993,753‌
957,978‌
Sitel
Worldwide
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.14%
08/28/28
2
488,788‌
483,778‌
Skillsoft
Finance
II,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
9.58%
07/14/28
2
1,176,227‌
987,172‌
Sophia
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
10/07/27
2
1,461,438‌
1,413,948‌
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.77%
03/04/28
2
1,965,000‌
1,667,303‌
Sunshine
Software
Merger
Sub,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
10/16/28
2
1,487,506‌
1,335,037‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Surf
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
03/05/27
2
$
1,005,005‌
$
977,011‌
TIBCO
Software,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
2.25%)
9.09%
09/30/28
2
315,000‌
280,744‌
Veeam
Software,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.38%
02/28/27
2
1,722,215‌
1,678,084‌
VT
Topco,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
08/01/25
2
1,685,488‌
1,635,100‌
Zotec
Partners
LLC,
Term
Loan
B,
1st
Lien
(France)
(LIBOR
plus
3.75%)
8.48%
02/14/24
2,3
929,953‌
883,460‌
62,225,039‌
Insurance
—
2
.42
%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
02/15/27
2
2,944,508‌
2,770,208‌
AssuredPartners,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
7.82%
02/12/27
2
1,241,247‌
1,208,354‌
Asurion
LLC,
Term
Loan
B10,
1st
Lien
(SOFR
plus
3.00%)
8.68%
08/21/28
2
498,750‌
446,256‌
Term
Loan
B3,
2nd
Lien
(LIBOR
plus
5.25%)
9.63%
01/31/28
2
1,000,000‌
785,830‌
Term
Loan
B9,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
07/31/27
2
1,732,424‌
1,521,294‌
Howden
Group
Holdings
Ltd.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.69%
11/12/27
2
982,443‌
958,407‌
HUB
International
Ltd.,
Term
Loan,
1st
Lien
(SOFR
plus
3.00%)
8.22%
11/10/29
2
1,250,000‌
1,238,544‌
8,928,893‌
Materials
—
3
.50
%
American
Rock
Salt
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
06/09/28
2
736,263‌
694,848‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
10
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Materials
(continued)
Cyanco
Intermediate
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
03/16/25
2
$
403,463‌
$
388,838‌
Geon
Performance
Solutions,
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.50%)
9.23%
08/18/28
2
1,185,000‌
1,155,375‌
Herens
U.S.
Holdco
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
07/03/28
2
523,934‌
482,806‌
INEOS
U.S.
Finance
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
6.92%
11/08/28
2
496,250‌
479,501‌
INEOS
U.S.
Quattro
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.13%
01/29/26
2
1,231,250‌
1,212,781‌
Iris
Holding,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
8.94%
06/28/28
2
997,500‌
909,680‌
LSF11
A5
HoldCo
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
7.94%
10/15/28
2
1,488,750‌
1,441,854‌
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
06/30/27
2
1,372,183‌
1,317,296‌
Plaskolite
PPC
Intermediate
II
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.41%
12/15/25
2
976,288‌
876,707‌
Polar
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
9.02%
10/15/25
2
2,024,790‌
1,646,154‌
Potters
Borrower
LP,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
12/14/27
2
1,467,437‌
1,441,757‌
TMS
International
Corp.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
2.75%)
7.13%
-
7.16%
08/14/24
2
468,912‌
452,500‌
U.S.
Renal
Care,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
5.00%)
9.44%
06/26/26
2
766,565‌
432,630‌
12,932,727‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Real
Estate
Investment
Trust
(REIT)
—
0
.68
%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.14%
07/17/28
2
$
111,795‌
$
86,586‌
Avison
Young
Canada,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.75%)
10.19%
01/31/26
2
1,480,720‌
1,240,103‌
Rent-A-Center,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.69%
02/17/28
2
1,229,981‌
1,188,469‌
2,515,158‌
Retail
—
4
.31
%
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
8.99%
04/20/28
2
1,750,000‌
1,745,354‌
BCPE
Empire
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
06/11/26
2
1,210,142‌
1,177,620‌
BW
Gas
&
Convenience
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
03/31/28
2
1,231,250‌
1,188,156‌
Curium
Bidco
SARL,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.25%)
8.98%
12/02/27
2
1,476,344‌
1,443,126‌
Term
Loan
B,
1st
Lien
(Canada)
(LIBOR
plus
3.99%)
8.73%
07/09/26
2,3
977,273‌
957,727‌
Dave
&
Buster's,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.44%
06/29/29
2
1,496,250‌
1,491,110‌
Harbor
Freight
Tools
USA,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.13%
10/19/27
2
492,462‌
470,412‌
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.09%
03/15/28
2
498,731‌
493,120‌
LSF9
Atlantis
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
6.25%)
11.83%
03/31/29
2
395,000‌
384,829‌
MIC
Glen
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
7.83%
07/21/28
2
720,108‌
686,803‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
11
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Retail
(continued)
SRS
Distribution,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
06/02/28
2
$
738,759‌
$
708,090‌
(SOFR
plus
2.50%)
7.92%
06/02/28
2
744,375‌
713,204‌
Staples,
Inc.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
4.50%)
8.94%
09/12/24
2
300,941‌
298,183‌
Tacala
Investment
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
02/05/27
2
1,169,422‌
1,127,615‌
Term
Loan
B,
2nd
Lien
(LIBOR
plus
7.50%)
11.88%
02/04/28
2
735,000‌
669,861‌
Whatabrands LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
08/03/28
2
1,482,513‌
1,436,184‌
Woof
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.10%
12/21/27
2
987,406‌
934,333‌
15,925,727‌
Services
—
8
.72
%
Allied
Universal
Holdco
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.17%
05/12/28
2
1,180,280‌
1,123,633‌
Alterra
Mountain
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
08/17/28
2
1,226,894‌
1,215,011‌
Amentum
Government
Services
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
7.56%
-
8.76%
02/15/29
2
2,736,250‌
2,672,974‌
ArchKey
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
5.25%)
9.63%
-
9.66%
06/29/28
2
493,750‌
469,887‌
Arcis
Golf
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.25%)
8.63%
11/24/28
2
992,500‌
972,650‌
CH
Gunther
PPC
Parent
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.44%
12/08/28
2
992,500‌
962,725‌
CoreLogic,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.94%
06/02/28
2
2,221,875‌
1,861,520‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Corp.
Service
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.25%)
7.67%
11/02/29
2
$
1,675,000‌
$
1,660,344‌
Covanta
Holding
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
6.82%
11/30/28
2
923,336‌
917,898‌
Term
Loan
C,
1st
Lien
(LIBOR
plus
2.50%)
6.82%
11/30/28
2
69,686‌
69,276‌
Dodge
Data
&
Analytics,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.75%)
9.79%
02/23/29
2
995,000‌
788,538‌
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.25%)
8.80%
06/22/29
2,11
1,026,316‌
1,005,364‌
Filtration
Group
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
10/21/28
2
497,481‌
489,603‌
Iridium
Satellite
LLC,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
2.50%)
6.92%
11/04/26
2
1,151,798‌
1,143,056‌
Lakeland
Holdings
LLC,
Term
Loan,
1st
Lien
(Fixed)
13.25%
09/25/27
2,7,8
595,162‌
381,898‌
Lakeland
Tours
LLC,
Term
Loan,
1st
Lien
(EURIBOR
plus
6.00%)
10.41%
09/25/25
2,7,8
508,499‌
416,122‌
Madison
IAQ
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.99%
06/21/28
2
248,737‌
232,042‌
Mavenir
Systems,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.75%)
9.42%
08/18/28
2
645,125‌
526,583‌
Med
Parentco
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.25%)
8.63%
08/31/26
2
1,454,657‌
1,247,936‌
NAB
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
7.73%
11/23/28
2
1,485,000‌
1,448,989‌
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
5.50%
04/11/29
2
500,000‌
448,128‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
12
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Olympus
Water
US
Holding
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.50%
11/09/28
2
$
738,769‌
$
711,168‌
PowerTeam
Services
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
7.98%
03/06/25
2
146,947‌
120,288‌
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
12/15/28
2
2,481,250‌
2,391,751‌
Safe
Fleet
Holdings,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.75%)
8.17%
02/23/29
2
1,736,875‌
1,683,692‌
Technimark
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.10%
07/07/28
2
466,354‌
424,382‌
Trans
Union
LLC,
Term
Loan
B6,
1st
Lien
(Luxembourg)
(LIBOR
plus
2.25%)
6.63%
12/01/28
2
458,538‌
454,813‌
Trugreen
LP,
Term
Loan
B,
2nd
Lien
(LIBOR
plus
8.50%)
13.43%
11/02/28
2,7
500,000‌
370,000‌
TruGreen
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
11/02/27
2
1,982,304‌
1,765,499‌
University
Support
Services,
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.63%
02/10/29
2
1,829,292‌
1,783,559‌
Vaco
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.50%)
9.73%
01/19/29
2
985,025‌
953,421‌
Verscend
Holding
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
08/27/25
2
984,916‌
980,607‌
WW
International,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(LIBOR
plus
3.50%)
7.89%
04/13/28
2,3
945,000‌
545,738‌
32,239,095‌
Transportation
—
2
.05
%
Air
Canada,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.13%
08/11/28
2
497,500‌
493,224‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Transportation
(continued)
Delta
Air
Lines,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.48%
10/20/27
2
$
950,000‌
$
970,130‌
Kenan
Advantage
Group,
Inc.
(The),
Term
Loan,
2nd
Lien
(LIBOR
plus
7.25%)
11.63%
09/01/27
2
2,350,000‌
2,181,587‌
Kestrel
Bidco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.35%
12/11/26
2
1,472,273‌
1,350,583‌
Ozark
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
12/16/27
2
974,346‌
897,617‌
United
Airlines,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.11%
04/21/28
2
1,719,375‌
1,702,542‌
7,595,683‌
Total
Bank
Loans
(Cost
$349,962,859)
329,192,136‌
CORPORATES
—
1
.38
%
*
Automotive
—
0
.01
%
Allison
Transmission,
Inc.
3.75%
01/30/31
1
50,000‌
41,375‌
Banking
—
0
.37
%
Bank
of
America
Corp.
3.42%
12/20/28
12
500,000‌
453,709‌
Bank
of
New
York
Mellon
Corp.
(The)
(MTN)
3.44%
02/07/28
12
500,000‌
470,163‌
Credit
Suisse
Group
AG
(Switzerland)
2.59%
09/11/25
1,3,12
500,000‌
444,301‌
1,368,173‌
Communications
—
0
.16
%
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
1
1,000,000‌
118,750‌
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
8.50%
10/15/24
†,1,3,7,8,13,14
1,000,000‌
—‌
T-Mobile
USA,
Inc.
3.75%
04/15/27
500,000‌
471,820‌
590,570‌
Finance
—
0
.25
%
Intercontinental
Exchange,
Inc.
4.00%
09/15/27
500,000‌
483,269‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
13
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
JPMorgan
Chase
&
Co.
2.95%
02/24/28
12
$
500,000‌
$
453,204‌
936,473‌
Food
—
0
.05
%
Pilgrim's
Pride
Corp.
3.50%
03/01/32
1
250,000‌
195,672‌
Health
Care
—
0
.17
%
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
1,3
50,000‌
43,291‌
HCA,
Inc.
5.25%
06/15/26
500,000‌
494,806‌
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
1
100,000‌
84,375‌
622,472‌
Industrials
—
0
.08
%
OT
Merger
Corp.
7.88%
10/15/29
1
500,000‌
258,685‌
Titan
Acquisition
Ltd./Titan
Co-Borrower
LLC
(Canada)
7.75%
04/15/26
1,3
50,000‌
45,245‌
303,930‌
Information
Technology
—
0
.18
%
Central
Parent,
Inc./CDK
Global,
Inc.
7.25%
06/15/29
1
250,000‌
244,849‌
NCR
Corp.
5.13%
04/15/29
1
50,000‌
41,872‌
Oracle
Corp.
6.15%
11/09/29
380,000‌
395,264‌
681,985‌
Materials
—
0
.06
%
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
1,3
250,000‌
202,265‌
Retail
—
0
.05
%
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
1
250,000‌
167,487‌
Total
Corporates
(Cost
$6,275,711)
5,110,402‌
Total
Bonds
—
90
.76
%
(Cost
$357,359,015)
335,425,016‌
Issues
Shares
Value
COMMON
STOCK
—
0
.06
%
Communications
—
0
.06
%
Intelsat
Emergence
SA
3,7,8,13
(Luxembourg)
9,662‌
233,820‌
Total
Common
Stock
(Cost
$323,677)
Issues
Shares
Value
RIGHTS
—
0
.00
%
Communications
—
0
.00
%
Intelsat
Jackson
Holdings
SA,
Series
A
†,3,7,8,13
(Luxembourg)
1,011‌
$
—‌
Intelsat
Jackson
Holdings
SA,
Series
B
†,3,7,8,13
(Luxembourg)
1,011‌
—‌
—‌
Total
Rights
(Cost
$–)
—‌
WARRANT
—
0
.01
%
Entertainment
—
0
.01
%
Cineworld
Group
PLC
3,13
(United
Kingdom)
229,579‌
13,808‌
Total
Warrant
(Cost
$–)
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
8
.18
%
Money
Market
Funds
—
2
.85
%
Dreyfus
Government
Cash
Management
Fund
4.19%
15
5,765,000‌
5,765,000‌
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.06%
15
2,660,383‌
2,660,383‌
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
4.12%
15
2,108,000‌
2,108,000‌
10,533,383‌
U.S.
Treasury
Bills
—
5
.33
%
U.S.
Treasury
Bills
4.50%
16
05/11/23
$
15,000,000‌
14,760,137‌
4.56%
16
05/25/23
5,000,000‌
4,911,793‌
19,671,930‌
Total
Short-Term
Investments
(Cost
$30,209,379)
30,205,313‌
Total
Investments
-
99.01%
(Cost
$387,892,071)
365,877,957‌
Net
unrealized
depreciation
on
unfunded
commitments
-
(0.02)%
(
64,901‌
)
Cash
and
Other
Assets,
Less
Liabilities
-
1.01%
3,746,808‌
Net
Assets
-
100.00%
$
369,559,864‌
1
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
2
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2022.
3
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
14
4
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$139,876,
at
an
interest
rate
of
8.32%
and
a
maturity
of
July
31,
2028.
The
investment
is
accruing
an
unused
commitment
fee
of
0.48%
per
annum.
5
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$30,881,
at
an
interest
rate
of
8.57%
and
a
maturity
of
April
02,
2029.
The
investment
is
not
accruing
an
unused
commitment
fee.
6
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$223,763,
at
an
interest
rate
of
8.13%
and
a
maturity
of
November
13,
2025.
The
investment
is
accruing
an
unused
commitment
fee
of
0.25%
per
annum.
7
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
8
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$1,621,410,
which
is
0.44%
of
total
net
assets.
9
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$98,660,
at
an
interest
rate
of
8.13%
and
a
maturity
of
December
16,
2027.
The
investment
is
accruing
an
unused
commitment
fee
of
0.12%
per
annum.
10
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$196,817,
at
an
interest
rate
of
7.82%
and
a
maturity
of
February
15,
2029.
The
investment
is
accruing
an
unused
commitment
fee
of
0.63%
per
annum.
11
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$464,014,
at
an
interest
rate
of
8.80%
and
a
maturity
of
June
22,
2029.
The
investment
is
not
accruing
an
unused
commitment
fee.
12
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
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.
13
Non-income producing
security.
14
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
15
Represents
the
current
yield
as
of
December
31,
2022.
16
Represents
annualized
yield
at
date
of
purchase.
†
Fair
valued
security.
The
aggregate
value
of
fair
valued
securities
is
$0,
which
is
0.00%
of
total
net
assets.
Fair
valued
securities
were
not
valued
utilizing
an
independent
quote
but
were
valued
pursuant
to
guidelines
approved
by
the
Board
of
Trustees.
See
Notes
to
Financial
Statements.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CLO):
Collateralized
Loan
Obligation
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(SOFR):
Secured
Overnight
Financing
Rate
(USD):
U.S.
Dollar
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
EUR
584,000
USD
601,005
Goldman
Sachs
International
01/13/23
$
22,884‌
EUR
584,000
USD
622,286
Citibank
N.A.
01/13/23
1,603‌
24,487‌
USD
1,179,308
EUR
1,168,000
Goldman
Sachs
International
01/13/23
(
68,470‌
)
NET
UNREALIZED
DEPRECIATION
$
(
43,983‌
)
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
15
/
December
2022
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
approved
by
the
Board
of
Trustees
for
the
period included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
approved
by
the
Board,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
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
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
16
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
December
31,
2022
is
as
follows:
FLOATING
RATE
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
10,533,383‌
$
—‌
$
—‌
$
10,533,383‌
U.S.
Treasury
Bills
19,671,930‌
—‌
—‌
19,671,930‌
Long-Term
Investments:
Asset-Backed
Securities
—‌
1,122,478‌
—‌
1,122,478‌
Bank
Loans
—‌
327,434,546‌
1,757,590‌
329,192,136‌
Common
Stock
—‌
—‌
233,820‌
233,820‌
Corporates
—‌
5,110,402‌
—‌
5,110,402‌
Rights
—‌
—‌
—‌
—‌
Warrant
—‌
13,808‌
—‌
13,808‌
Other
Financial
Instruments
*
Assets:
Foreign
currency
exchange
contracts
—‌
24,487‌
—‌
24,487‌
Liabilities:
Foreign
currency
exchange
contracts
—‌
(68,470‌)
—‌
(68,470‌)
Total
$
30,205,313‌
$
333,637,251‌
$
1,991,410‌
$
365,833,974‌
*Other
financial
instruments
include
foreign
currency
exchange
contracts.
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
17
/
December
2022
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
December
31,
2022
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
COMMITMENTS
AND
CONTINGENCIES
The
Floating
Rate
Income
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
December
31,
2022:
FLOATING
RATE
INCOME
FUND
BANK
LOANS
COMMON
STOCK
Balance
as
of
April
1,
2022
$
3,781,017‌
$
289,860‌
Accrued
discounts/premiums
(5,956‌)
—‌
Realized
(loss)
(383,115‌)
—‌
Change
in
unrealized
(depreciation)*
(168,496‌)
(56,040‌)
Purchases
505,195‌
—‌
Sales
(1,971,055‌)
—‌
Transfers
into
Level
3**
—‌
—‌
Transfers
out
of
Level
3**
—‌
—‌
Balance
as
of
December
31,
2022
$
1,757,590‌
$
233,820‌
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2022
was
$(224,536)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**There
were
no
transfers
between
level
2
and
3
for
the
period
ended
December
31,
2022.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2022,
are
as
follows:
FLOATING
RATE
INCOME
FUND
FAIR
VALUE
AT
12/31/22
VALUATION
TECHNIQUE*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Bank
Loans
$1,757,590
Third-Party
Vendor
Vendor
Prices
$64.17
-
$81.83
$76.15
Increase
Common
Stock
$233,820
Third-Party
Vendor
Vendor
Prices
$24.20
$24.20
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Rights
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.
FLOATING
RATE
INCOME
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
GAIN
(LOSS)
NMN
Holdings
III
Corp.,
Delayed-Draw
Term
Loan,
1st
Lien
November
2025
$
223,763‌
$
(31,663‌)
Refficiency
Holdings
LLC,
Delayed-Draw
Term
Loan,
1st
Lien
December
2027
98,660‌
(5,490‌)
AI
Aqua
Merger
Sub,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
July
2028
139,877‌
(8,272‌)
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
February
2029
196,817‌
(19,358‌)
Dermatology
Intermediate
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
April
2029
30,881‌
(711‌)
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
June
2029
464,014‌
593‌
Total
Unfunded
Commitments
$
1,154,012‌
$
(64,901‌)